WEDNESDAY 20 APRIL 2022 NATIONAL NEWSPAPER OF THE YEAR UK £3.10 Channel Islands £3.20; Republic of Ireland €3.

50

Hold off the brakes Addicted to Russia High-stakes hybrids

Now is not the time to be raising What will it take to wean Europe off Toyota bets on dual power as world
interest rates — MARTIN SANDBU, PAGE 23 the country’s gas? — BIG READ, PAGE 21 shifts to electric — JUNE YOON, PAGE 9

Office politics Briefing

Top Tory hits i Robinhood to buy crypto group Ziglu

out at Johnson
The US retail brokerage has agreed to purchase the
company founded by Mark Hipperson, who helped
set up digital lender Starling Bank, in Robinhood’s
second attempt at pushing into the UK.— PAGE 12
Boris Johnson speaks in the House of
Commons yesterday for the first time i China in Solomon Islands security pact
since being handed a £50 fine by the Beijing has signed an agreement with the South
Metropolitan police for breaking lock- Pacific nation days ahead of a visit by the top White
down laws by attending a party. House Asia official, exacerbating western fears over
As the prime minister continued to China’s growing influence in the region.— PAGE 8
insist he was unaware he was at a social
gathering during the peak of the pan- i Patel defends Rwanda asylum proposal
demic in June 2020, one senior Tory MP Home secretary Priti Patel has
accused him of being “no longer wor- defended the government’s
thy” of high office. migration policy, following a
MPs will vote tomorrow on whether sharp backlash from human
Johnson deliberately misled them in the rights groups and senior
“partygate” scandal — after he jets off to Conservative MPs.— PAGE 2
India on a trade tour.
Opposition leader Sir Keir Starmer i Stakes rise as yen reaches new depths
called Johnson’s apology “a joke”, saying The currency has hit a new 20-year low after its
he was “a man without shame”. 13th consecutive daily slide, ratcheting up the
News & analysis page 2 stakes for the Bank of Japan on whether to maintain
Parliamentlive.tv
its ultra-loose monetary policy.— PAGE 13; LEX, PAGE 24

i Blackstone in $13bn student home deal

Britain poised for slowest growth

The private equity group has struck an agreement
that gives it a presence in institutions including
Princeton and UC Berkeley among the 100 sites
owned by American Campus Communities.— PAGE 9

among G7 nations, predicts IMF

i Amazon investigates ‘racial impacts’
The retailer has commissioned a probe led by ex-US
attorney-general Loretta Lynch after it was accused
of putting a disproportionate number of workers of
colour in harm’s way in its warehouses.— PAGE 9

i Gunvor joins commodities bonanza

3 GDP to rise just 1.2% next year 3 ‘Horrific’ surge in energy bills 3 Inflation to outstrip peers’
ChrIs GIles ANd JIm PICkArd
The UK will be the worst performing G7
economy next year, according to a new
IMF forecast, as energy bosses warned
MPs of a “truly horrific” surge in bills
that could put up to 40 per cent of
households into fuel poverty.
The IMF predicted that Britain’s econ-
omy would increase by just 1.2 per cent
in 2023, with the cost-of-living crisis and
tax increases projected to slow eco-
nomic activity to a crawl. The US, Japan,
Germany, France, Italy and Canada
were forecast to grow faster.
The forecast undermines Boris John-
son’s recent claims that the UK was the
fastest growing G7 economy, because of
its swift recovery from the pandemic.
In a speech to a Conservative party
conference last month, the prime minis-
ter said: “Thanks to the speed of that
booster rollout, we have the fastest
growing economy in the G7.”
The IMF also forecast that UK infla-
tion would be higher than every other
G7 member and slower to return to its
2 per cent target.
Pierre-Olivier Gourinchas, IMF chief
economist, said: “What we are seeing is
that the UK is facing elevated inflation,
and tight monetary policy is weighing
down on economic activity this year and
next.”
Britain’s economic performance over
the Covid-19 crisis has been average
among the G7, according to economists.
That has been masked by greater vola-
tility after a relatively big contraction in
2020 followed by a faster recovery last
The Geneva-based group has reported a more than
doubling of profits, the latest commodity trader to
reveal bumper earnings for 2021 when it cashed in
year, with the IMF forecasting more of a energy cap expected to rise again. on rising demand as lockdowns eased.— PAGE 10
hangover in 2023 as taxes rise. Anderson told the Commons’ energy
Weak growth next year as households select committee that ScottishPower
deal with the rising cost of living and had received 8,000 calls last week from Datawatch
companies face an increase in the corpo- people expressing worries over their
rate tax rate from 19 to 25 per cent next capacity to pay their energy bills.
April will make it difficult for chancellor Rishi Sunak He said customers were expressing “a Green or greenbacks? Americans’ views
Rishi Sunak to put the economy centre will struggle to huge amount of anxiety”, adding: % of US adults favouring prioritisation on the economy
stage in any early general election. put the economy “There are a lot of people for the first of environment or economy versus the
80 environment are
With slow growth in 2023, the IMF centre stage time facing this issue; they’ve never Financial
crisis tied to economic
forecast that unemployment would rise in any early been in this position before.” wellbeing. In times
60
to 4.6 per cent after it hit a multi-decade general election Michael Lewis, chief executive of Eon, Environmental of crisis the share
low of 3.8 per cent at the start of the year, as the cost of warned the committee that without fur- protection 40 prioritising the
according to official data. living soars and ther intervention a large proportion of economy rises. As
Surging energy prices will also weigh the corporate Britain’s 27mn households were likely to 20 the US recovers
on growth. Keith Anderson, chief execu- tax rate rises end up in fuel poverty from October. Economic growth Covid-19 from Covid-19, the
tive of ScottishPower, told MPs yester- Autumn crunch looms page 2 0 share favouring
day that people would “really, really ImF cuts global forecast page 4 1984 2000 10 22 protection of the
struggle” this autumn, with the weather Beijing buoys economy page 8 Source: Gallup environment rises
turning cold and the household melinda French Gates page 23

Biden administration urged to ban

sinn Féin focuses on cost
of living in election push
Irish reunification is barely mentioned
in Sinn Féin’s pitch for May’s elections
as the party that served as the IRA’s
mouthpiece homes in on a historic win.
It focuses instead on the cost of living
crisis and putting Northern Ireland’s
power-sharing executive back to work
after it was torpedoed by Democratic
Unionists in February. The strategy has
put the party in sight of winning power
on both sides of the border after 2025
elections in the Republic of Ireland.
Power beckons i PAGE 3
UK lawyers who ‘enabled’ oligarchs
kIrAN stACey — WASHINGTON
kAte BeIoley — LONDON
A US member of Congress has urged
the Biden administration to place
travel bans on senior British lawyers
who acted for wealthy Russian clients
against investigative journalists.
Steve Cohen, a Democratic representa-
tive from Tennessee, has written to
Antony Blinken, US secretary of state,
urging him to impose sanctions against
the lawyers for having “enabled malign
activities of Russian oligarchs”.
His letter comes as the Biden adminis-
tration looks to increase its support for
Ukraine in its war against Russia and
tighten sanctions against those who
have supported the Russian regime.
Cohen wrote: “Oligarchs who hire
lawyers to engage in abusive cases
against journalists to silence them can-
not exert malign influence in our sys-
tem . . . the United States must estab-
lish deterrents for foreign enablers serv-
ing individuals who are undermining
democracy.” The state department did
not respond to a request for comment.
Cohen singled out several lawyers he
believed should be subject to bans on
visas for travel to the US: Nigel Tait of
Carter-Ruck; John Kelly of Harbottle &
Lewis; barrister Hugh Tomlinson; Ger-
aldine Proudler of CMS; Keith Schilling
of Schillings; and Shlomo Rechtschaffen
of SR law. The lawyers are well known in
London legal circles.
Tait, Kelly, Tomlinson and Proudler
all worked on recent cases against the
former Financial Times journalist Cath-
erine Belton or her publisher Harper-
Collins, or both. Belton and HarperCol-
lins were sued last year by several Rus-
sian oligarchs including Roman Abram-
ovich over her book Putin’s People, which
details the rise to power of Russia’s pres-
ident Vladimir Putin. The lawsuits were
later settled or withdrawn. Cohen cited
Schillings’ work for Malaysian business-
man and fugitive Jho Low.
A spokesperson for Tomlinson said he
had “never acted as Mr Cohen suggests”.
Carter-Ruck called the claims “mis-
conceived” and “rejected entirely”.
Cohen cited Rechtschaffen for repre-
senting businessman Walter Soriano,
who he alleged was an “enabler” of oli-
garchs including Abramovich. Rech-
tschaffen said: “Walter Soriano is not an
enabler of any oligarch.”
Harbottle & Lewis said it had acted in
accordance with its legal obligations.
Schillings said it did not act for any
sanctioned entities.
CMS said it rejected any “allegations
of impropriety”.

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2 ★
lockdown gatherings
Senior Tory attacks PM ahead of key vote
Former chief whip says
premier wants party to
‘defend the indefensible’
george Parker and Jim Pickard
Boris Johnson was accused by a senior
Conservative MP of being “no longer
worthy” of high office, as MPs prepared
to vote on whether he deliberately mis-
led the House of Commons in the “par-
tygate” scandal.
The prime minister yesterday offered
a “wholehearted apology” for breaching
Covid-19 lockdown, but Mark Harper,
former Tory chief whip, said Johnson
Full of beans
Dance meets
club style at
V&A Dundee
Glaswegian fashion designer Charles
Jeffrey will co-curate an after-hours
event at V&A Dundee celebrating the
groundbreaking dancer and
choreographer Michael Clark.
Tay Late: Because We Must aims to
bring to life the museum’s current
exhibition Michael Clark: Cosmic
Dancer, exploring the next
generation of multidisciplinary
creators who share Clark’s radical
approach combining dance, design,
fashion, art and music. Jeffrey, below,
runs cult club night LOVERBOY, in
east London, which
forms the primary
research for his
fashion collections.
The evening of
music, film and
performance takes
place on May 27.
Johnson’s fate over ‘partygate’ scandal tied to local election results
sebastian Payne — whitehall editor
Boris Johnson told parliament several
times last year that no Covid-19 rules
were broken in Whitehall, despite mul-
tiple media reports about Downing
Street parties held during coronavirus
lockdowns.
The Metropolitan Police’s move last
week to fine the prime minister for
attending a surprise birthday party in
Number 10 in June 2020 confirmed that
Covid rules were breached.
Johnson apologised to the House of
Commons yesterday for breaking Covid
rules by attending the social gathering,
but denied deliberately misleading par-
liament over the partygate scandal. It
was the third time he formally apolo-
gised to MPs over the affair.
Why does misleading parliament
matter?
Misleading the House of Commons is a
serious matter, and sometimes consti-
tutes a resignation issue. The ministe-
rial code states that it is of “paramount
importance” that “accurate and truthful
information” is given to parliament.
It adds: “Ministers who knowingly
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was asking his MPs to “defend the inde-
fensible”.
Johnson flies to India today on a trade
and diplomatic mission, leaving behind
a Westminster swirling with criticism of
his conduct and a key vote looming.
Commons Speaker Sir Lindsay Hoyle
has granted a debate tomorrow on
whether MPs should refer Johnson to
the Commons privileges committee to
consider whether he deliberately lied to
MPs. Harper told the Commons that
many Tory MPs would be forced to
reluctantly back Johnson in a subse-
quent vote. “I think he is no longer wor-
thy of the great office he holds,” he said.
Johnson, making a statement to MPs
mislead parliament will be expected to
offer their resignation to the prime min-
ister.” The code also says that ministers
who mislead MPs inadvertently should
remedy this “at the earliest opportu-
nity”.
Sometimes ministers quit even when
they have not deliberately misled par-
liament. In 2018 Amber Rudd, then
home secretary, resigned after she
“inadvertently misled” MPs about
immigration policy.
What do the opposition parties say
about Johnson?
Opposition parties at Westminster have
called on Johnson to resign over party-
gate, arguing that he knowingly misled
parliament when he told MPs on
December 8 last year that “the [Covid]
rules were followed at all times”.
Labour and other opposition parties
argue this represents a clear breach of
the ministerial code because they
believe Johnson knew the coronavirus
restrictions had been broken.
They have cited evidence in newspa-
per reports about Downing Street and
Whitehall social gatherings in 2020 and
2021 that flouted the rules that applied
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NATIONAL
after the Easter break, struck a contrite
tone, repeating his assertion that “peo-
ple have a right to expect better of their
prime minister”.
He insisted last December that “all
guidance was followed completely”, but
this month police issued him with a £50
fine after he attended a surprise birth-
day party in Number 10 in June 2020
when coronavirus restrictions were in
place.
The prime minister insisted “it didn’t
occur to me then or subsequently” that
his attendance at the event in the cabi-
net room would breach lockdown rules.
This argument is Johnson’s defence
against claims he misled MPs that
at the time. Alice Lilly, senior researcher
at the Institute for Government, a think-
tank, said the most “concrete route” for
MPs to hold a minister to account for
misleading the Commons was a parlia-
mentary motion for debate about
whether the statement was knowingly
or accidentally incorrect.
But she added “the outcome of any
vote on whether a minister has commit-
ted a contempt by making a false state-
ment is likely to depend on the size of
‘Ministers who knowingly
mislead parliament
will be expected to
offer their resignation’
the government’s majority. So that is
also a limited mechanism”.
Opposition parties have secured a
parliamentary vote tomorrow on the
case for the Commons privileges com-
mittee to investigate Johnson’s conduct,
including whether he has deliberately
misled parliament.
But Johnson is likely to win the vote,
and avoid being probed by the commit-
cost of living
Energy chiefs warn of ‘truly horrific’ autumn for households
Jim Pickard
chief political correspondent
Energy chiefs have warned of a “truly
horrific” rise in bills in the autumn that
could leave up to 40 per cent of house-
holds in Britain in fuel poverty unless
the government offers further help.
Keith Anderson, chief executive of Scot-
tishPower, told MPs people were going
to “really, really struggle” in the autumn
with the weather turning cold and the
household energy cap expected to rise
again. Anderson told the Commons’
energy committee that ScottishPower
had received 8,000 calls last week alone
from people expressing worries about
their ability to pay their energy bills.
He said customers were expressing “a
huge amount of anxiety”, adding:
“There are a lot of people for the first
time facing this issue; they’ve never
been in this position before.”
Michael Lewis, chief executive of Eon,
warned the committee that a large pro-
portion of Britain’s 27mn households
were likely to end up in fuel poverty
from October without further govern-
rules were not broken. Sir Keir Starmer,
Labour leader, called Johnson’s
partygate statement “a joke” and said
the prime minister was “a man without
shame”.
In a powerful intervention, listened to
in silence by Tory MPs, Starmer claimed
Johnson’s behaviour was intended to
“drag everyone else down with him” and
to make voters think all politicians were
the same.
He urged Tory MPs to topple the
prime minister “to bring decency, hon-
esty and integrity back into our poli-
tics”. Many Tory MPs left the chamber
long before Johnson finished answering
questions.
tee, because the Tories have a big Com-
mons majority.
What do the prime minister and
his allies say?
Johnson’s supporters have for weeks
focused on two arguments: first, that he
did not knowingly mislead parliament
and second, that his partygate fine is a
relatively minor offence.
In his first Commons statement since
being fined, Johnson yesterday apolo-
gised “unreservedly” for attending the
birthday party in June 2020. Veteran
Tory MP Sir Peter Bone asked Johnson
whether he knowingly lied to parlia-
ment. “No,” said the prime minister.
Jacob Rees-Mogg, the Brexit opportu-
nities and government efficiency minis-
ter, said last week the “prime minister
spoke to parliament in good faith”, add-
ing “the ministerial code is not a legisla-
tive part of our constitution, it is a set of
guidelines produced by the prime min-
ister”. Brandon Lewis, Northern Ireland
secretary, likened Johnson’s fine for
attending the birthday party in June
2020 to a speeding ticket.
Johnson’s allies have also sought to
put his fine in the context of his signa-
ment intervention. “We are looking at
up to 30 or 40 per cent of people going
into fuel poverty when the price goes up
again in October,” he said, adding that
the situation required “unprecedented
action from the government”.
Hayden Wood, chief executive of Bulb
Energy, told MPs he was still being paid
the same £250,000 salary he received
before the company collapsed in
November and was rescued in the big-
gest state bailout since Royal Bank of
Scotland more than a decade ago.
Bulb was the biggest supplier out of
the 29 companies that failed as a result
of the sharp rise in energy prices since
the middle of last year. The Bulb bailout
is expected to cost the taxpayer more
than £2bn. Wood, who founded the
company, said he was no longer an
“active director” although administra-
tors have asked him to continue tempo-
rarily as chief executive.
At the start of the month, energy bills
for the 22mn British households not on
fixed-term deals rose 54 per cent as reg-
ulator Ofgem increased the price cap to
just under £2,000 a year on average.
However, the prime minister is not in
imminent danger. In spite of Harper’s
comments, most Tory MPs are sticking
with Johnson for now, albeit with some
nervousness.
MPs fear Johnson will be issued with
new fines relating to lockdown gather-
ings, while local elections on May 5 will
give voters a chance to give their verdict.
Johnson denies that he deliberately
misled MPs and his allies expect the
Commons to reject a committee probe
because the Conservatives have a
majority of almost 80.
But opposition parties are likely to use
the debate to depict Tory MPs as being
prepared to defend a “liar”.
Michael Clark Company performs I
Am Curious, Orange with post-punk
band The Fall in 1988 — Richard Haughton
ture domestic and foreign policies,
including the UK’s early use of Covid-19
vaccines and Britain’s support for
Ukraine after the invasion by Russia.
Will the PM be forced to resign?
Johnson finds himself in the peculiar sit-
uation of being the arbiter of the minis-
terial code that governs his conduct.
The prime minister could opt to refer
himself to Lord Christopher Geidt, the
independent adviser on ministerial
standards, in relation to partygate but
has so far shown no inclination to do so.
Johnson’s political future lies in the
hands of Conservative MPs: they have
the power to remove him through a vote
of no confidence, although most are cur-
rently showing little or no appetite to
make this move.
But senior Tories fear Johnson could
face more fines over partygate and he is
braced for criticism in a report about
social gatherings in Downing Street and
Whitehall by senior civil servant Sue
Gray.
If the Conservatives sustain major
losses in the May 5 local elections, the
party’s MPs might finally be persuaded
to oust him.
Analysts have warned of a further
jump in the price cap in October by as
much as £600. In an attempt to help,
Chancellor Rishi Sunak in February
announced a £150 rebate on council tax
bills for those in property bands A to D
from April and a £200 loan to house-
holds in October. But Lewis said Sunak’s
intervention in February was “not
8,000 716,000
Calls last week to Centrica
ScottishPower customers late
from those with payments
worried over bills over the past year
nearly enough” to mitigate the impact.
Anderson said he expected most fam-
ilies to cope during the summer when
consumption usually fell because of
warmer weather but warned: “Come
October, that’s going to get horrific,
truly horrific.”
He called for a “deficit fund” under
which the government would knock
£1,000 off the bills of anyone consid-
ered “vulnerable” or in “fuel poverty”,
wednesday 20 april 2022
Home secretary
Patel defends
Rwanda plan
for migrants
after outcry
Jasmine cameron-cHilesHe
political correspondent
Home secretary Priti Patel was yester-
day forced to defend the government’s
policy to send some asylum seekers to
Rwanda following criticism from the
Conservative backbenches citing
“grave concerns”.
Patel told the House of Commons the
UK had a “long and proud history of
offering sanctuary to refugees” but
argued that illegal migration driven by
organised criminals placed “unsustain-
able pressure” on public services.
The move was welcomed by several
backbench MPs, such as former minis-
ter Sir Edward Leigh and veteran back-
bencher Peter Bone, who argued the
policy was “the right thing to do” in light
of the scale of migrant channel
crossings.
Last week, the government
announced the plan to transport some
migrants who enter the UK by irregular
routes, or who have not sought asylum
in a safe third country, to Rwanda to be
processed for resettlement there.
Yesterday, a handful of Conservatives
spoke against the policy. Former prime
minister Theresa May, herself an ex-
home secretary, said she opposed the
Priti Patel: says
illegal migration
places an
‘unsustainable
pressure’ on UK
public services
plan: “From what I have heard and seen
so far of this policy, I do not support the
removal to Rwanda on the grounds of
legality, practicality and efficacy,” May
told the Commons, adding that there
was little clarity about who was eligible
for the policy.
She added: “I understand that those
who will be removed will only be young
men. Does she [Patel] not believe, and
where is her evidence, that this will not
simply lead to an increase in the traf-
ficking of women and children?”
But the home secretary insisted that
“everyone who is considered for reloca-
tion will be screened and interviewed,
including an age assessment, and have
access to legal service”.
May’s concerns were echoed by
former cabinet minister Andrew Mitch-
ell, who asked the home secretary if she
accepted the “grave concerns” held by
“many of us” that the policy “simply will
not work”.
He added that before the policy is
brought to a parliamentary vote today,
the government ought to clarify the cost
per asylum seeker to the UK.
Over the weekend, the government
came under fierce criticism from
leading religious figures.
In his Easter Sunday sermon, the
Archbishop of Canterbury, Justin
Welby, said the policy raised “serious
ethical questions”, arguing that it was
“the opposite of the nature of God”.
Archbishop of York Stephen Cottrell
described the decision as “depressing
and distressing”.
Defending the announcement, Patel
argued that “fairness” was at the heart
of the government’s new Rwanda
migrant policy.
“Our new plan for immigration will
improve and support those directly flee-
ing oppression, persecution and tyr-
anny through safe and legal routes,” she
said.
with the money repaid over 10 years.
Lewis said he backed the proposal but
also called for short-term measures,
such as cutting value added tax on bills.
Chris O’Shea, chief executive of Cen-
trica, owner of British Gas, said the situ-
ation would get “much worse” from
October without further intervention.
The number of Centrica customers late
with payments had risen by 125,000 to
716,000 over the past year.
Simone Rossi, chief executive of EDF,
said his most vulnerable customers
would see the proportion of their
income spent on energy rising from £1
in £12 to £1 in £6 later this year.
Fuel poverty is generally classed as
households that must spend a high pro-
portion of income to keep their home at
a reasonable temperature. Latest esti-
mates suggest it affects about 13 per
cent of households in England, 25 per
cent in Scotland, 12 per cent in Wales.
The Treasury said the chancellor had
promised to review the situation before
October and would decide on an “appro-
priate course of action at that time”.
Additional reporting by Leke Oso Alabi
Wednesday 20 april 2022
Sinn Féin sticks
to grassroots
concerns as
power beckons
Northern Ireland nationalists lead DUP in polls
and play down unification goal ahead of election
Jude Webber — Belfast
We will “roll up our sleeves” and
“deliver real change”. We are “progres-
sive, modern, caring”. Sinn Féin’s pitch
ahead of May’s Northern Ireland assem-
bly elections could almost have come
from an election manifesto anywhere.
But it is significant as much for what it
does not say as for what it does. Irish
reunification, the fundamental goal of a
party once discredited as the mouth-
piece of the IRA nationalist paramilitary
group, is reduced to a blink-and-you-
miss-it image of the island of Ireland in
campaign videos.
Instead, tackling the cost of living cri-
sis and getting Northern Ireland’s para-
lysed power-sharing executive back to
work after the pro-UK Democratic
Unionist party torpedoed it in February
are top of the agenda for the May 5 vote,
when polls indicate Sinn Féin could for
the first time defeat unionists a century
after Ireland was partitioned.
“People are focused on the here and
now and the need to get by,” said Mary
Lou McDonald, Sinn Féin president, as
she presented the candidates. “We are
very much in real time with the people.”
Sinn Féin’s relentless focus on grass-
roots voter concerns such as housing,
health and jobs has propelled it to the
top of polls and in sight of winning
power on both sides of the border by
2025, when Irish elections are due.
Such a result in Northern Ireland
would be a humiliation for the DUP, long
the region’s largest political force. The
posts of first and deputy first minister
are equal, and until February were held
by the DUP and Sinn Féin respectively.
But the unionists have refused to com-
mit to rejoining the executive if the
nationalist party wins.
“There’s one problem party and one
outlier in the whole of our political situ-
ation here, and that is the DUP, who
refuse to accept democracy,” Michelle
O’Neill, Sinn Féin’s leader in the north
and deputy first minister until Febru-
ary, told the Financial Times. “I just
think it’s intolerable that . . . while peo-
ple are worried about heating their
homes and putting food on their table,
fuel in their cars, the DUP are threaten-
ing to not go into an executive to actu-
ally allow us to deal with those things.”
The DUP is also demanding the
removal of post-Brexit trade checks,
which it says undermine the region’s UK
status. Party leader Sir Jeffrey Donald-
son has made the issue a key electoral
priority, while claiming that Sinn Féin
remained focused on “divisive” plans
for a vote on Irish reunification.
Recent polls put Sinn Féin up to 7 per-
centage points clear of the DUP, which is
only about 3 points in front of the cen-
trist Alliance party. But little more than
a third of the region’s voters say they
back a united Ireland. Only a slightly
higher number say they would vote for
reunification in 10 to 15 years’ time,
★ FINANCIAL TIMES
NATIONAL
Shift in focus: even though McDonald says Ireland is
Sinn Féin living “the end days of partition” and a
president Mary poll on Irish reunification could happen
Lou McDonald in five to 10 years.
leads northern Similarly, the DUP’s cherished causes,
chief Michelle commitment to union with the UK and
O’Neill as they abolishing the Northern Ireland proto-
arrive at the col, ranked only fifth and sixth respec-
party’s tively among top election concerns
candidate among voters overall.
launch in Belfast Agnès Maillot, a lecturer at Dublin
this month City University and author of a new
Charles McQuillan/Getty
book on Sinn Féin, Rebels in Government,
Images
said that while its commitment to Irish
unity was unwavering, “they’re trying
to pull back a bit, to be seen as a nonsec-
tarian party”.
A typically slick election ad hammers
home the pitch for voters from the mid-
dle ground. John Finucane, an MP and
Sinn Féin elections director, stressed
that his father grew up in a unionist area
and his mother a nationalist one, and
that he had relatives who were in the
Orange Order, a pro-UK association
known for its marching bands. He did
not mention how his father Pat, a prom-
inent lawyer, was shot in front of him in
1989 by loyalist paramilitaries in the
family’s Belfast home.
According to Maillot, Sinn Féin “will
adapt to whatever the circumstances” in
pursuit of its ultimate prize; a united
Ireland. So as unionist parties oppose
the Northern Ireland protocol, Sinn Féin
repeatedly stresses the benefits it can
bring.
In a business-friendly address to the
Northern Ireland Chamber of Com-
merce, O’Neill stressed that “the proto-
col is here to stay” and the region’s
unique access to the EU single market
for goods was eliciting “very strong
interest in the US” and was “a key selling
point”.
Because of Sinn Féin’s republicanism,
its MPs refuse to take up their seats at
Westminster, and a recent poll by Liver-
pool university found that two-thirds of
people in the region believed politicians
had not moved on from the divisions of
the past.
In a reminder of the Troubles, petrol
bombs were thrown at police by dissi-
dent republicans during a parade on
Easter Monday. But Eoin Ó Broin, Sinn
Féin’s housing spokesman in Dublin,
dismissed any suggestion that the party
had lingering paramilitary links. “There
are no shadowy figures,” he said.
3
‘They’re Unlike some party figures, O’Neill was
never in the IRA and belongs to the
trying to “Good Friday Agreement generation”
pull back which came of age when the 1998 peace
deal ended three decades of violence
a bit, to be between republicans waging war to oust
seen as a the UK and loyalists battling to remain
British.
nonsectarian She said the pact was now “under
party’ attack” from the DUP and rejected any
move to reform mandatory power-
Agnès Maillot, sharing, even though divisions between
lecturer both communities have repeatedly led
to the Stormont executive’s collapse.
A former local councillor and mayor,
who had the first of her two children
aged 16, O’Neill said she preferred to
focus on issues people could relate to.
Brendan Hagan, a chef, praised Sinn
Féin for “doing good things the last few
years, keeping local areas clean, no van-
dalism . . . They’ll most definitely be
first minister,” he said.
But some voters may take some con-
vincing: polls show a high number
remain undecided. As one former
unionist voter, now plumping for the
centrist Alliance party, put it: “Sinn Féin
let everybody make all the mistakes; we
need to be smarter.”
4 ★ FINANCIAL TIMES Wednesday 20 april 2022

INTERNATIONAL

World Economic Outlook French election

War forces IMF to cut global growth forecast Le Pen softens

Fund’s hopes of strong The IMF’s forecasts showed global
growth of gross domestic product this
recovery this year dashed year of 3.6 per cent, down 0.8 percent-
amid surging inflation age points since the fund’s January pro-
period of low economic expansion and
rapidly rising prices.
“The notion of stagflation comes with
some baggage, and I want to be a little
zone average inflation rate has been rev-
ised up from 1.7 per cent to 5.3 per cent.
With the forecast rise in US inflation
set alongside a relatively moderate eco-
poll pledge to
demand worse. That’s never a good situ- ban Islamic
headscarves
ation to be in as a policymaker.”
The IMF forecast a 35 per cent collapse
in Ukraine’s GDP and an 8.5 per cent

cHRiS GiLES — LOndOn

cOLBy SMiTH — WashingtOn
The global economy’s prospects have
“worsened significantly” since Russia’s
invasion of Ukraine, with growth taking
a big hit as inflation continues to surge
this year, the IMF warned yesterday.
In its World Economic Outlook, the
fund said those countries closest to the
war were likely to be hit the hardest. But
it warned that risks had intensified
across the world, overturning the fund’s
view that there would be a strong recov-
ery from the pandemic this year.
jections and 1.3 percentage points lower
than those six months ago. In 2021, glo-
bal growth was estimated at 6.1 per cent,
the fund said.
In a simulation exercise, the IMF said
an immediate oil and gas embargo
against Russia would raise inflation fur-
ther, hit European and emerging econo-
mies hard and require even higher
interest rates, including in the US.
Pierre-Olivier Gourinchas, the IMF’s
new chief economist, told the Financial
Times that despite the prospect of a
slowdown in growth and elevated infla-
tion, he was keen to avoid the word
“stagflation”, meaning a prolonged
White house. green policy
bit careful about whether we really want
to put ourselves in a frame of mind of
‘If [the ECB] starts to
address inflation, it’s going
to make the softening of
aggregate demand worse’
the stagflation of the 1970s,” he said.
Gourinchas pointed to the problem of
soaring inflation this year. The fund has
increased its forecast for US inflation to
7.7 per cent this year, against last Octo-
ber’s 3.5 per cent estimate. The euro-
nomic hit from the Ukraine conflict, the
IMF recommended the Federal Reserve
continue to raise interest rates rapidly.
But the war was likely to have a bigger
impact on European growth, complicat-
ing the monetary policy response. The
European Central Bank was in a “much
less comfortable position” than the Fed,
Gourinchas said.
“The signals are aligning in the US
that something needs to be done about
inflation, and because the economy is
strong there is room to do that . . . The
ECB is facing a situation where if it starts
to address inflation, then it’s going to
make the softening of aggregate
drop for Russia.
Emerging economies would under-
perform even more in 2022 and 2023
than advanced economies, the IMF said,
as energy and food prices rose, because
most commodity importers were
harder hit by high prices for energy and
food imports.
If Europe and the US went further
with sanctions they could intensify the
economic pain on Russia, the IMF said
in its scenario examining the effects of
an oil and gas embargo.
Fed’s tightening see Markets
See Big Read and FT view
Martin Sandbu see Opinion
in public
LEiLa aBBOud — Paris
French far-right presidential candidate
Marine Le Pen has sought to soften a
campaign pledge to ban women from
wearing the Islamic headscarf in public
ahead of a run-off round of voting
against Emmanuel Macron on Sunday.
The shift comes after both candidates
encountered women wearing head-
scarves on the campaign trail, reigniting
a longstanding debate in France over
the place of religious garb in a staunchly
secular republic.
President Macron congratulated a
young woman in Strasbourg who said
she wore the veil by choice and called
herself a feminist, while Le Pen faced

Biden’s climate agenda defended after setbacks
Renewed environmental focus
comes as president attacked
for failing to deliver on pledges
aiME WiLLiaMS — WashingtOn
Senior US officials are set to defend
President Joe Biden’s record on combat-
ing climate change after a string of blows
have thwarted his sweeping agenda.
“The press and the pundits may like
to declare President Biden’s climate ag-
enda dead, but this week we’ll show how
it is very much alive and well,” an official
told reporters, adding that the adminis-
tration is to use the days leading to Fri-
day’s Earth Day, which marks the birth
of the modern environmental move-
ment, to provide “updates” on the pro-
gress to date in tackling climate change.
Biden will travel to Seattle on Friday
to tout his efforts to extend clean energy
across the US.
The renewed focus on climate comes
as the administration has come under
fire from environmentalists for failing
to deliver on election pledges, with flag-
ship climate vows stalled in Congress as
the window to pass legislation narrows
ahead of November’s midterm elec-
tions. Legal challenges are also threat-
ening to curtail key regulatory plans.
Reuters and the New York Times have
reported that Gina McCarthy, Biden’s
top climate adviser, plans to resign in
the coming months after telling confi-
dants she is frustrated by the slow pace
of progress. The White House said there
were “no such plans under way”.
Spiralling oil and gas prices prompted
by Russia’s invasion of Ukraine have
further blocked Biden’s agenda, forcing
him to eye slashing fuel taxes, release
180mn barrels of oil from the US emer-
gency stockpile, and plead with US oil
producers to boost production.
On Monday, senior administration
officials insisted that the US was still on
track to meet Biden’s aim of reducing US
carbon emissions by at least 50 per cent
by 2030. But there have been other sig-
nificant setbacks, notably the failure to
secure Senate confirmation for Sarah
Bloom Raskin, who was blocked as vice-
chair of the Federal Reserve after con-
servative Democratic Senator Joe Man-
chin took issue with her calls for regula-
tors to more proactively address cli-
mate-related financial risks.
On the up: Two legal cases have also foiled Biden.
Republican The Supreme Court, which has a con-
Cathy McMorris servative majority, is hearing a case that
Rodgers refers could limit the ability of his environ-
to a chart on mental regulator to reduce pollution.
rising gas prices Further, one of Biden’s earliest acts in
during a hearing office, a moratorium on new oil and gas
in Washington leasing on federal land, was reversed
this month after a federal court last summer order-
Tom Brenner/Reuters
ed the administration to restart the leas-
ing programme. About 144,000 acres of
public land will now be put up for sale,
the interior department has said.
The Federal Energy Regulatory Com-
mission, the energy watchdog, also
pulled back on plans to assess the cli-
mate impacts of new natural gas pipe-
lines after Manchin and top Republi-
cans including John Barrasso and Mitch
McConnell applied pressure. Critics said
the new rules would hamstring the
industry at the same time that the
White House was promoting exports to
Europe.
But while Russia’s invasion of Ukraine
has complicated Biden’s climate plans, it
has pushed energy security up the polit-
ical agenda, giving US officials and Dem-
ocrats a chance to position climate fund-
ing as a national security imperative.
“We actually have to meet the energy
challenges with what we have now,
which has been more oil heading out to
the EU and other places,” McCarthy said
earlier this month at Brown University.
“But it also has to mean that we have
to pivot even more quickly to clean
energy, as we cannot give up our long-
term understanding of the vulnerability
that we’re facing.
“The fundamental flaw is our depend-
ence on fossil fuels and how vulnerable
it makes us.”
State department officials are simi-
larly hoping that the renewed focus on
energy security in Europe will super-
charge the deployment of renewable
energy overseas as countries try to
break their dependency on Russian gas.
On Capitol Hill, the national security
argument has found unlikely champi-
ons among climate advocates on the
progressive wing of the Democratic
party. “It is clear now more than ever:
addressing climate change and energy
independence is not just an environ-
‘We have to mental issue, it is a matter of national
security,” Bernie Sanders, the Democrat
meet the senator from Vermont, tweeted.
energy Biden has shown he is willing to use
the Defense Production Act to secure
challenges green energy supply chains. Last month
with what the White House invoked it to make
funding available to domestic mining
we have linked to minerals crucial for electric
now, which vehicles and large-capacity batteries.
Most of Biden’s legislative climate
has been proposals have been wrapped into the
more oil $1.75tn Build Back Better package,
which Manchin and a key swing vote in
heading to the narrowly divided chamber effec-
the EU and tively torpedoed late last year.
Any new climate measures will prob-
other places’ ably need his backing. “The latest focus
is the national security supply chain and
saying this is important not just for the
short term, but the long term for energy
security,” said Ben Koltun, director of
research at Beacon Policy Advisors.
Koltun said the administration’s “orig-
inal sin” on climate was to “overpromise
and underdeliver”, adding: “They were
so optimistic . . . but the reality of a
50:50 Senate is there’s a limit.”
questions from a grandmother in a mar-
ket in southern France over why she
should not be able to wear a headscarf.
Soon after Le Pen appeared to soften
her stance, although she reiterated her
opposition to the garment in general,
which she has called “an Islamist uni-
form” that she said amounted to sup-
porting an extreme anti-western inter-
pretation of the Muslim faith.
On Saturday she said she recognised
that these were “complex problems”
and that “there will be debate” in parlia-
ment before any new ban was intro-
duced.
“The National Assembly will be able
to weigh in,” she said. Legislative elec-
tions are taking place on June 12 and 19.
The measure would come only after
focusing on other initiatives designed to
fight the threat posed by Islamist
extremists, Le Pen’s campaign lieuten-
ants then insisted in the media.
“Our goal is not to fight against
women, it is to protect and liberate
those on whom the [Islamic headscarf]
is imposed either by social or family
pressure,” said campaign spokesman
Sébastien Chenu on BFM TV. “The tar-
get is not the 70-year-old grandmother
. . . but the Islamist movement.”
The move to calm the controversy is
one sign of how Le Pen is seeking to
smooth the harsh edges of her platform
in a bid to broaden her appeal ahead of
the April 24 run-off.
Polls now show Macron’s lead over Le
Pen widening slightly to 54 per cent to
46 per cent ahead of a televised debate
today. Analysts predict that the debate
will be key to sway undecided voters or
those who may abstain.
In the final week of campaigning, Le
Pen has stuck with her strategy of focus-
ing on cost of living issues, instead of
playing up immigration and security,
the issues her far-right movement has
long been known for.
Macron has courted leftwing voters
with pledges on green transition and
promised not to be “dogmatic” about his
plan to boost the retirement age to 65,
hinting it could be scaled back to 64.
Although France does not collect data
on its population by race or religion,
studies have estimated that there are
about 5.7mn Muslims among its total
population of 67mn, making it the
biggest Muslim community in western
Europe.
Many moved from France’s former
colonies in Africa starting in the
1950s when workers were needed in
industries from mining to cars, with
successive generations now having
become French.

Medical innovation

Cancer research derailed as clinicians focus on fighting Covid

SaRaH nEviLLE and HannaH KucHLER
LOndOn
In early 2020, UK oncologist Dr Sheeba
Irshad was preparing to start a trial of
three treatments for patients with an
aggressive form of breast cancer. Then
Covid-19 derailed years of planning.
Only three of the study’s nine prospec-
tive sites have since resumed recruit-
ment. The remainder have faced staff
shortages as hard-pressed teams in Eng-
land’s NHS have focused on caring for
Covid-19 patients and clearing lengthy
MAKE A WISE INVESTMENT waiting lists for non-urgent treatments.
In wealthy nations the health emer-
gency has disrupted studies such as
Irshad’s, which pave the way for break-
Choose the Financial Times subscription for you throughs and can offer a last chance to
• React to trusted global news everywhere you patients when other treatments have
go, with ft.com and FT apps failed. Drops in cancer diagnosis created
• Get the iconic FT newspaper delivered to your a backlog of cases that also made it
home or office from Monday to Saturday harder to recruit trial participants.
• Enjoy our award-winning lifestyle journalism Irshad said the patients potentially
with FTWeekend eligible for her study had had their can-
cers detected early and “had all the
Subscribe today at ft.com/subscribetoday
treatments that we could offer”. Yet
because such “triple negative” tumours
tended to be resistant to chemotherapy,
they were at high risk of a recurrence.
“To go away from an oncology clinic
without having . . . options like these
trials is actually quite cruel,” said
Irshad, who is based at Guy’s & St Tho-
mas’ NHS Trust in central London.
Although there have been notable
pockets of innovation, experts fear the
legacy of disrupted trials may last long
after the pandemic fades. Cancer
Research UK, one of the field’s biggest
funders globally, said about 75 per cent
of all new trials sponsored by the charity
had opened 40 per cent or fewer sites
than originally planned.
One result of the slowdown may be a
brain drain. A survey of clinical resear-
chers by the charity found three in 10
respondents were more likely to leave
clinical cancer research within the next
five years, citing increased workloads
during the pandemic as a big factor. “We
need to treat the growing crisis facing
clinical research with the same urgency
as the pandemic,” said Prof Charles
Swanton at Cancer Research UK.
Researchers elsewhere in Europe
have had similar frustrations. Prof
Giuseppe Curigliano, who leads a unit
specialising in early drug development
at the European Institute of Oncology in
Milan, said the number of patients
enrolled in trials fell by 90 per cent dur-
ing 2020. As in the UK, the overriding
factor was pressure on the workforce.
Recruitment had returned to 70 per
cent of pre-pandemic levels in 2021 and
enrolment levels in the first three
months of 2022 were identical to those
in the first three months of 2019, he said.
Oncologist Sheeba
Irshad says:
‘Without having
options like these
trials is actually
quite cruel’
But for some patients it will have
come too late. Curigliano cited a late-
stage trial of a new drug, conditionally
approved in the US and Europe, to treat
metastatic breast cancer. Owing to pan-
demic disruption, few patients in Eur-
ope had been able to join the study. “The
reduction [in recruitment] also im-
pacted their overall survival,” he said.
However, the difficulties have spawn-
ed innovation among clinical research-
ers and big pharma in parts of Europe
and the US. Dr Josep Tabernero, director
of the Vall d’Hebron Institute of Oncol-
ogy in Barcelona, said oncology drug tri-
als run under its auspices had increased
during the pandemic, rising from 570 in
2019 to 655 in 2021.
Charles Fuchs, global head of oncol-
ogy at Basel-based Roche, said his com-
pany changed the way it delivered med-
icines, from reducing the number of
infusions to using local sites so patients
did not have to travel as far. Enrolment
in trials declined in 2020 but Roche was
able to catch up in 2021, he said.
Swiss neighbour Novartis said it had
also managed to keep 95 per cent of its
roughly 120 oncology trials on schedule.
However, Samit Hirawat, chief medi-
cal officer at drugmaker Bristol-Myers
Squibb, warned that disruption might
persist despite enrolment almost back
to pre-pandemic levels by the end of last
year. Some trials in oncology, hematol-
ogy and cell therapy still lagged behind
pre-pandemic rates, he added.
For Irshad, frustration is magnified by
the difference it could make to women
who have run out of options. “Being able
to hold out some hope to these patients,
when you would otherwise have nothing
to offer them . . . It’s huge.”
Wednesday 20 April 2022 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Wednesday 20 April 2022

WAR IN UKRAINE

Changing tactics

Zelenskyy remains defiant as Putin Lavr

offensive
i tto secure Donbas begins
e ‘another
Suspected 80,000-strong force amassed but victory by May 9 target is far from certain
ROMAN OLEARCHYK — SLOVYANSK
JOHN REED — DNIPRO
In the deserted central square in Slovy- v
ansk in Ukraine’s eastern Donbas
region, a few
f w elderly residents are trying
to find a way out of the city while they
still can.
“Where are the evacuation buses?”
asks Nadyezhda Ivanovna, 78, as artil-
leryy fire booms in the distance. “I want
to leave
a now. w There will be a big war.”
r beginning and I am sure this will be a
Russia president Vladimir Putin’s
forces have
a begun an offensive to take
the Donbas, having been repelled by
Ukrainian forces around Kyiv and
blocked in their push south-west
towards the coastal city of Odesa.
Volodymyr Zelensky, Ukraine presi-
dent, confirmed the start of the offen-
sive late on Monday afterr a sharp rise in
attacks on Ukrainian troops and infra-
structure in the territoryy thatt for eight
years has been at the centre of the bitter
conflict with Russia-backed k separatists.
“A very large part of the entire Rus-
sian army is now focused on this offen-
sive,” he said in a video address to the
nation. “No matter how many Russian
soldiers are driven there, we will fight.”
Kyiv and foreign defence officials
believe the campaign marks the start of
a new w phase of the almost two-month-
long conflict, as Moscow seeks to cap-
ture territory in the two Donbas areas it
does not yet control, including the bat-
tered port of Mariupol.
Many Ukrainians believe Putin, who
invaded their country on the pretext of
liberating it from “Nazis”, wants to
notch up a victory in the Donbas before
the May 9 holiday that marks the Soviet
Union’s defeat of Nazi Germany.
“At minimum, we understand that
Putin wants to take the Donetsk and
Luhansk k regions,”
, said Tatiana Ihnatch-
enko, spokesperson for the military
administration in Donetsk. “The maxi-
mum goal is to make a corridor to Cri-
mea. And we understand that as long as
Putin is alive, he wants all of Ukraine.”
Before Zelensky’s announcement that
the Donbas assaultt was under way, a John
Kirby, the Pentagon’s press secretary,
said Moscow had been preparing the
ground ffor the offensive, moving troops,
heavy artillery, command and control
enablers and air support into the region.
Former Ukraine defence minister
Andriyy Zagorodnyuk, an adviserr to the
country’s government and chair of the
Centre for Defence Strategies think-
tank, said that after failing to take Kyiv,
strategic cities such as Odesa and Mar-
iupol, and “terrorisingg the population”
with air strikes, Moscow was shifting to
a fourth plan.
“Plan D is to collectt forces in one loca-
tion to capture that location,” he added.
“It was a huge surprise to the world that
the Russian army can’tt fight properly —
they want to show they can. If they
amass troops of 80,000, which is what
we are hearing, that’s a huge force.”
That would be the largest concentra-
tion of Russian troops in one area since
Moscow launched its full-blown inva-
sion of Ukraine on February 24. How-
ever, Zagorodnyuk said the Russian
forces were “bringing in old equipment,
including some that goes back to the
1960s. “To say that the outcome is
already known is not the case.”
a ovv says
conflict is in
a r stage’
as ffighting
g
shifts to east
MAX SEDDON — RIGA
JOHN REED —DNIPRO
ROMAN OLEARCHYK — KYIV
Russia said it had begun a new phase of
its invasion of Ukraine yesterday as
officials in the eastern border region of
Donbas urged civilians to flee a
renewed offensive.
“Another stage of this operation is
very importantt moment off this entire
special operation,” Sergei Lavr a ov,v Rus-
sia’s foreign minister, told the India
Today TV channel.
His comments were the first Russian
confirmation that it had begun a new
offensive to capture the Donbas after
partially regrouping its forces and
appointing a new field commander for
the invasion.
Volodymyr Zelensky, k Ukraine’s presi-
dent, warned late on Monday that “Rus-
sian forces have
a started the battle for
Donbas they spent so long preparing
for” after concentrating a “significant
part” of its forces there. As Ukraine’s
armed forces reported coming under
intensifying rocket and artillery fire
across the frontline in the east, local offi-
cials urged civilians in government-con-
trolled territory to evacuate.
“Get out!” Serhiyy Hayday,
a governorr of
Luhansk, wrote in a Telegram post.
“There is no time for f reflection. Save
your lives, don’tt become cheap labour
or mobilised into the opposition troops.
The Russians are killing everyone who’s
against them on the spot.”
Lavr
a ov said Russia wanted to “fully
liberate the Donetsk and Luhansk
republics” — two Ukrainian separatist-
held territories that lay claim to the
entire Donbas.
Although Russian president Vladimir
Putin has longg claimed the aim of Mos-
cow’s invasion was to take over Donbas,
On alert: UK military intelligence said on Mon- ‘As long as forces in the north-east around Izyum Vadym Lyakh, Slovyansk’s mayor. He Ukrainian officials worryy the new offen-
Ukrainian day that Ukrainian resistance had and Kharkiv, and in the south byy about estimated at least 60 per cent of resi- sive could precede more attacks to cap-
soldiers near the “tested Russian forces and diverted men Putin is 2,000 Ukrainian fighters holdingg out in dents had already left. ture territory in the rest of the country.
front line in the and material”, and that Russian com- alive, he Mariupol. In Kramatorsk, the Donetsk k region’s Russian forces only withdrew from
Kharkiv region manders would be “concerned by the Ihnatchenko, who works in Krama- biggest Ukrainian-controlled city, a central Ukraine in late March after fail-
await the time it’s taking to subdue Mariupol”. wants all of torsk, said residents in the Donbas had Russian missile attack on the railway a ing to take major cities including Kyiv,
Russian advance Just as in the assault on Kyiv,
v analysts Ukraine’ noticed the build-up of Russian armour. station this month killed 58, including the capital, while Moscow has carried
Anatolii Stepanov/AFP
/ via
Getty Images
said Russia’s
a advance towards the Don- “With theirr eyes they can see in Donetsk children, and injured 114 as they tried to out air strikes on targets across the
bas had been thwarted by Ukrainian how many tanks, Grads [rocket launch- leave
a . country since then.
ers] are coming. They understand they Oleksandr Goncharenko, the city’s Lavr
a ovv hinted thatt Russia had aban-
are heading toward us.” mayo
a r, estimated about only a quarter doned its undeclared initial goal of
Battle for the east People in Slovyansk, which sits on the of the town’s 157,0
7 00 people remained. decapitating the governmentt in Kyiv, v
orod R U S S I A 100km Ukrainian side of the “line of contact” — “We have
a evacuated most of the popula- saying Russia was “not up for regime
Valuyki the trenches and fortifications sliced tion to prevent a humanitarian catastro- change in Ukraine” and wanted
Extent of territories through Donbas since 2014 — have been phe as happened in Mariupol,” he said, “Ukrainians themselves to decide how
Kharkkivv
Kharkiv fleeing the city in recent weeks. speaking from a basement bunker. they want to live”.
Slovyansk k was the first significant Some servicemen protecting the He also said Russia would only use
Po Ukrainian cityy to fall to Russia when the
t region said they were confident of their conventional weapons in the conflict —
KHARKIV ssian military separatists’ war began, and the firstt to ability to repel invading Russian troops. the clearest assertion from Moscow that a
K
U K R A I N be recaptured by Ukraine’s troops that “Our formation in Donbas is the most it would not use chemical, biological or
skk -claimed July.
y capable part of our fforces,” said Ole- tactical nuclear weapons in Ukraine.
r When Kyiv
K regained control, officials ksandr V Danylyuk, a security and Analysts say Russia is refocusing its
Kr
Kr Assessed Russian found mass graves of civilians, and defence adviser to the Ukrainian gov- campaign on the east, attacking
advance heard accounts of the sort of atrocities ernment, and veteran of the 2014 battle Kharkiv and other cities, while in the
Dnip
Dnipro
proo ns
nsk
sk
Ukrainian-claimed now beingg uncovered on a larger scale in to recapture Slovyansk. south tryingg to seize Mariupol, which is
counter-offensive Kyiv’s suburbs. “They know the terrain and are used almost entirely under the control of
Zaporizhzh
Z
Za
a a In the 2014 conflict loyalties in the to fighting in this operational environ- Russian and separatist troops.
Donbas were divided, with some in the ment. It is highly unlikelyy thatt the Rus- The city’s local government said on
Territory h gion that
t borders Russia feelingg closer sians can achieve any significant victo- Monday that Russian forces were
Russia-ba Russia than Ukraine. But not any ries before Mayy 9, their national Victory attackingg the steelworks, where the last
separatist ore, officials say.
a Day,
a before which they so badly want to Ukrainian troops are holdingg out, with
“The majority of people here con- score some kind of victory in Ukraine.” heavy bombs. Itt said there were also at
Melitopol M emn the Russian forces, having seen Additional reporting
e byy Felicia Schwartz
w in least 1,000 civilians, mostly women,
eir atrocities in Russian-speaking cit- Neww York children and elderly people, in the
Berdyansk
ies such as Kharkiv and Mariupol,” said See Big Read and FT View plant’s shelters.

Germany Foreign currency

Scholz
c defends decision not to send Kyivv heavy weapons
GUY CHAZAN — BERLIN
German chancellor Olaf Scholz has
defended his decision not to export
heavy weapons to Ukraine, saying Ber-
lin’s closest allies had also concluded
that supplying such arms at the present
time made little sense.
Scholz has come under mounting
domestic pressure to supplyy tanks and
armoured personnel carriers to
Ukraine, which is bracingg for a big Rus-
sian offensive in the eastern border
region of Donbas.
Butt the chancellorr said Germanyy was
nott alone in opposing the export of such
weapons to Ukraine. “Look att what our
close allies are doing,”
, he told reporters.
They “and their armies had reached
similar conclusions [to us]”.
Politicians from within Scholz’s Social
Democratic party, as well as his Greens
and liberal coalition partners, are
among those who have a called for him to
rethink his opposition to supplying
tanks to Ukraine.
Green MP Anton Hofreiter, who vis-
ited Kyivv last week, said Germany must
“finally deliver what Ukraine needs, and
that is heavy
v weapons”. He lashed outt at
Scholz directly, saying “the problem is
in the chancellery”.
The sense of urgency has increased as
Russia launched its expected offensive
in eastern Ukraine. Ukrainian President
Volodymyr Zelensky said on Sunday
that countries withholdingg the weapons
and ammunition thatt Kyiv needs “must
know that the fate of this battle also
depends on them”.
Scholz said the west needed to supply
Ukraine with weapons systems that
were “available immediately”. “It’s no
coincidence that everyone reached the
same conclusion — that it makes the
most sense iff we deploy systems [in
Ukraine] thatt our Nato partners in east-
ern Europe havea aavailable,” he said.
“It’s helpful to look
k at the wider world
— and doing so reveals thatt those who
are in a comparable starting point to
Germany act as we do,” , he added.
Scholz’s position on arming Ukraine
has evolved since the start of Russia’s
invasion. Initially he refused point
blank k to provide any arms, reiterating
Berlin’s longstanding ban on the export
of lethal weapons to conflict zones.
Days
a after the outbreak off war he per-
formed a volte-face, agreeingg to provide
Kyiv with hundreds of anti-tank and
anti-aircraftt missiles. Germany has also
shipped machine guns, night-vision
goggles, protective equipment and some
vehicles to Ukraine. Scholz has also
ramped up the financial aid Germany is
providing to Kyiv.
v A special fund
f to help
crisis-hit countries invest in their mili-
tary is being increased from €225mn to
€2bn, with the bulk k going to Ukraine,
the government said on Friday.
a member states to speed up and broaden
Other
t EU countries are readying more
supplies. Mark Rutte, the Dutch prime
minister, said on Monday after a call
with Zelensky that the Netherlands
would send armoured vehicles to Kyiv
in response to demands.
“I expressed our support as Russia
begins a renewed offensive. [The Neth-
erlands] will be sending heavierr mater-
Funding: Chancellor Olaf Scholz has
stepped up financial aid to Ukraine
iel to [Ukraine], including armoured
vehicles. Along with allies, we are look-
ing into supplying additional heavy
materiel,” he tweeted.
The heads of Nato and the European
Commission have also urged their
weapons supplies.
Scholz is not the only seniorr German
politician who is uneasyy about acceding
to such demands. Robertt Habeck, the
Green economy minister, said Germany
had a responsibility “to not itself
become a target” of Russian aggression.
Thatt might happen iff it sent Ukraine big
tanks or fighter jets, he pointed out.
Senior Social Democrats have a also
come to the defence of Scholz. Rolf
Mützenich, head of the SPD parliamen-
tary group, said the demands made by
Hofreiter and other coalition politicians
could have
a “far-reaching consequences
for the security of our country and that
of Nato”.
Scholz also received backing over the
weekend from Sigmar Gabriel, an SPD
grandee and former
f foreign minister.
“Leadership in Europe means being
aware of the consequences of expanding
this war,”
r he wrote in Der Spiegel.
Additional reporting byy Henry Foy o in
Brussels
Russia plans legal action
a over
v
frozen central
a bank reserves
r
MAX SEDDON — RIGA
HENRY FOY — BRUSSELS
Russia plans to take legal steps to
recover $300bn of its fforeign currency
reserves ffrozen by the west in a bid to
overturn one of the most painful meas-
ures imposed on Moscow in response
to its inva
n sion of Ukraine.
The pledge to mount a legal challenge
against the measure was announced by
the head of Russia’s
a central bank with-
out any details or timeframe.
“Of course, this is an unprecedented
freeze, so we will be preparing lawsuits,
and we are preparing to apply them, as
this is unprecedented on a global scale,”
, annexation of Crimea have
Elvira Nabiullinaa was quoted as saying
byy Interfax yesterday.
a “The European sanctions are based
Two days after Russia invaded
Ukraine in late February, G7 countries
and the European Commission said
they would impose sanctions on Russia’sa
central bank to block it from accessing
its foreign exchange holdings.
The bank is unable to access nearly
half of its $609.4bn in reserves to sup-
port the rouble, which fell sharply after
the invasion. The bank declined to say a
which jurisdictions Russiaa was planning
to sue in or what grounds it would claim
for the action.
Russia has also threatened legal
action if the sanctions force it to default
on its sovereign debt. It missed two pay-
ments on dollar-denominated debt
when the US refused to let its banks
process them.
There have been few examples of suc-
cessful efforts byy individuals or govern-
ments to overturn western economic
sanctions. While some individuals have
challenged EU sanctions that affect
them personally, no EU sectoral sanc-
tions imposed on Russiaa since the 2014
a been over-
turned byy a legal challenge.
on a very clear legal framework and part
of the EU sanctions mechanism is the
ability forr all those who have
a been sanc-
tioned to appeal the sanctions decision
at the European Court,” the European
Commission said. “The reasons ffor us to
impose the sanctions are very clear.
They are based on a clear legal frame-
f
work, and the reasons are the illegal
aggression against Ukraine.”
Wednesday 20 April 2022 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES wednesday 20 april 2022

INTERNATIONAL
global insighT
Growth concerns

Beijing buoys lockdown-hit economy

Taipei

Central bank unveils aid
amid worst coronavirus
outbreak in two years
tHOmaS HalE — hoNg KoNg
China’s central bank has unveiled meas-
ures to support the economy after offi-
cial data highlighted the worsening
impact of a wave of lockdowns on con-
bated in recent weeks by a spate of lock-
downs that aim to curb its worst Cov-
id-19 outbreak in two years.
Shanghai, the biggest city and finan-
cial hub, imposed a citywide lockdown
in late March and remains largely sealed
off, while restrictions have since spread
to dozens of other cities.
On Friday, the People’s Bank of China
cut the reserve requirement ratio for
banks by 25 basis points, a method of
Kathrin
Hille
ture”. On Monday, data published by the Shanghai, will most likely be negative in April,”
National Bureau of Statistics showed noted Ting Lu, chief China economist at
the biggest
China’s economy grew 4.8 per cent in
the first quarter compared with the
same period last year, beating expecta-
city and
Nomura. He thought there could be
“notable downside risks” to the bank’s
own forecast of 4.3 per cent growth.
Omicron variant forces
tions and surpassing the year-on-year
growth rate in the previous quarter.
financial
hub,
“We still believe global markets
underestimate China’s growth slow-
Taiwan to revisit
But statistics for March revealed a
contraction in retail sales for the first
time since July 2020, highlighting the
remains
down and supply chain stress, which we
feel are set to ripple to the rest of the Covid-19 strategy
effect of the zero-Covid approach.
largely world,” he added.
Analysts at Goldman Sachs said they

sumer activity.
The 23 measures encouraged finan-
cial institutions to support local govern-
ment infrastructure projects and the
struggling property sector, as well as
provide financial services to industries
hit by the pandemic.
China’s monetary policy has come
under growing pressure from a property
slowdown and wider loss of economic
momentum, which has been exacer-
injecting more liquidity into the finan- Economists expect activity in April to
cial system that is part of a gradual eas- worsen and several banks have lowered
ing cycle. The PBoC has stopped short of their projections for growth for 2022.
any dramatic shifts in policy. Standard Chartered this week cut its
Alicia Garcia Herrero, chief econo- forecast for the second quarter to 3.5 per
mist for Asia Pacific at Natixis, the cent from 5 per cent, while Barclays cut
French investment bank, said the PBoC its full-year estimate from 4.5 to 4.3 per
“has been quite cautious” and pointed cent. The government has set a target of
to an expectation “that fiscal policy 5.5 per cent, its lowest in three decades.
could also share more responsibility of “If there is a monthly year-on-year
supporting growth at the current junc- real GDP growth measure, we believe it
FT series. baby bust
T
sealed off “continue to expect fast credit growth
and more expansionary fiscal policies to
help buffer downward pressures on
growth from strict anti-pandemic meas-
ures”. But they suggested the PBoC
move reduced the chance of a broad
interest rate cut and easing was more
likely to come via targeted measures.
The PBoC in January reduced the
benchmark rate for mortgage lending
for the first time in nearly two years.
here has hardly been a better place to live
through the Covid-19 pandemic than in Tai-
wan. With strict border controls, meticulous
tracking and tracing and near-universal use of
face masks, it recorded among the lowest in-
fection and death rates, achieved even without lockdowns.
However, that recipe for success has run its course. The
Omicron variant is forcing Taipei to move from preventing
infections to coexisting with the virus. As they observe
many western countries allowing the virus to pass through
society, and China clinging to a zero Covid approach, Tai-
wan’s officials are adamant there must be a better way.
“Those countries that failed to prevent the spread, or
opened up quickly, have to tolerate a high death toll. China
is the other extreme, which we will not follow either,” said
Chen Chien-jen, an epidemiologist who oversaw Taiwan’s

Pandemic quickens fall in China birth rate
Experts fear population will
halve by end of the century
without drastic measures
ElEanOr OlCOtt — Taipei
FEdEriCa COCCO — LoNDoN
Before the coronavirus pandemic,
China was already the centre of the glo-
bal baby bust — but the fall in birth rates
has accelerated in the two years since
the virus first struck.
China’s birth rate — the number of
births per 1,000 in the total population
— fell by just under 30 per cent between
2019 and 2021, the largest two-year fall
since the country’s Great Famine
between 1959 and 1961. Just 10.6mn
babies were born in China in 2021,
the lowest number recorded since the
Communist party took power in 1949.
John Wilmoth, head of the UN popu-
lation division, said the fall in births
reported in late 2020 was “inconsistent
with the usual seasonal fluctuations in
fertility” and “telling evidence” of the
impact on birth rates of the pandemic.
China was already teetering on the
edge of population decline, according to
many analysts. Decades of strict birth
controls, along with women entering
higher education and the salaried work-
force, have transformed attitudes
towards raising children.
“China is in an absolute fertility disas-
ter at the moment,” said Darrell Bricker,
author of Empty Planet, a book about
global population decline.
Demographers warn that if drastic
measures are not taken to reverse this
trend, the country’s population could
halve by the end of the century, from
1.4bn to 730mn, as forecast by one influ-
ential study in The Lancet. That creates
a policy problem for Beijing: how to pay
for the rising pension and medical costs
of the elderly with the tax contributions
of a shrinking working-age population.
“The falling birth rate will result in
fewer workers and consumers contrib-
uting to economic growth,” said Rory
Green, chief China economist at the UK-
based research firm TS Lombard.
Experts say the health and economic
uncertainties wrought by the pandemic
have forced couples to delay or drop
decisions to marry and have children.
There was a 12 per cent fall in the
number of weddings, with 8.13mn reg-
pandemic control effort when vice-president until late
2020 and who continues to advise the health ministry.
“We want to keep severe cases and deaths to an absolute
minimum. Mild cases should be able to live without fear,
but we won’t release them into the community with no re-
As a result, most families have a strictions either,” he said. “This is our new Taiwan model.”
Births in China “4-2-1” structure whereby parents who While health experts agree that Taiwan can be proud of
Mn lack siblings support two sets of grand- its pandemic control record, adjusting its approach is a
parents and one child, said Yi, who is a highly challenging exercise. Only about four in every
30
longstanding critic of the one-child pol- 100,000 in Taiwan have died from Covid compared with
25 icy. “Chinese society has adapted to suit fewer than one per 100,000 in China and 301 in the US.
the one-child structure,” he said. But that was before Omicron. After slipping into Taiwan
20 The country’s inflated house prices in December, the variant is spreading quickly. On Friday
15 and expensive education raised the bar the number of new cases soared past 1,000 a day for the
for having a larger family, creating pow- first time and Taiwan reg-
10 erful economic incentives to have fewer istered a weekly record of
Famine Pandemic children, he said. “The burden of look- 7,097 new cases over the
Two years without
5
ing after four grandparents means past week. “Taiwanese the virus has left
households don’t have enough money to are used to getting 100
0
raise more than one child.” per cent grades on their
natural immunity
1949 60 70 80 90 2000 10 21
Policymakers have tried to boost pandemic control effort. levels far lower than
China’s ageing population birth rates. Last year they increased the But this is Omicron, you
Population by age and sex (mn) number of children couples are allowed have to let go,” said Jason
most other nations
to have from two to three. Incentives are Wang, a professor of pae-
Men Women on offer for parents who have more than diatrics and health policy at Stanford University. “It is a
1950 2000 2020 2050 one child, including cash payments and different problem set, a different phase of the pandemic.”
95 plus 95 plus extended maternity leave. Even as case rates are climbing, health minister Chen
90 to 94 90 to 94 Their efforts are having little effect. Shih-chung plans to gradually lift an entry ban for non-res-
85 to 89 85 to 89 “No government policy could move idents and ease quarantine requirements for returning
80 to 84 80 to 84 me to have a second child. You have to residents. The biggest difficulty is getting the pace right.
75 to 79 75 to 79 sacrifice too much of yourself to take Ho Mei-shang, an adjunct fellow at Academia Sinica, the
70 to 74 70 to 74
65 to 69 65 to 69 care of a child,” said Leah Zhao, a 31- state scientific research academy, said Taiwan was rela-
60 to 64 60 to 64 year-old mother of one from Nanjing. tively lucky to have its outbreak now: antiviral medication
55 to 59 55 to 59 The former accountant also cited is available, a milder variant is spreading and winter, when
50 to 54 50 to 54 social factors for her reluctance to have more are prone to sickness, is over. But she stressed the
45 to 49 45 to 49 more children. She fears it will make it need to avoid overwhelming the medical system.
40 to 44 40 to 44
35 to 39 35 to 39 harder to find work. “It would be a failure if some even did not get the chance
30 to 34 30 to 34 “Employers will assume that I want a to get into the health facilities,” she said. “We must pre-
25 to 29 25 to 29 second child or that family responsibili- serve the capacity of our health system for those in need.”
20 to 24 20 to 24 ties mean I can’t work hard,” she said. Officials must flatten the curve. “In countries that chose
15 to 19 15 to 19 Zhao said her former employer asked to coexist with the virus like the UK and South Korea, the
10 to 14 10 to 14
5 to 9 5 to 9 female job applicants about their rela- curve was too steep,” said ex-vice president Chen.
0 to 4 0 to 4 tionship status and whether they That risk matters even more in Taiwan as vaccine short-
planned to have children. “They never ages delayed its inoculation campaign, and fear about side-
70 40 0 40 70 70 40 0 40 70 70 40 0 40 70 70 40 0 40 70
ask men these questions,” she said. effects made many elderly hesitant to be jabbed.
Sources: National Bureau of Statistics; The Lancet
Lu Pin, a Chinese feminist activist, Only 55 per cent of the population have received a
argued that policies designed to boost booster dose. And while almost 80 per cent have had two
istered marriages in 2020, which But the sharp fall in births began long the birth rate through cash incentives shots, that rate is only 71.7 per cent among those over 75 —
experts warn will have a knock-on before the pandemic and owes much to failed to address the reason women higher than in China and Hong Kong but low enough to
impact on the birth rate because it is China’s history of population control, were reluctant to have more children. leave vulnerable a large group of elderly.
rare for people to have children out of according to demographers. Beijing’s “You have to tackle workplace discrimi- “We need two more months to push the booster rate to
wedlock. one-child policy, which was imposed in nation against young mothers before 70 per cent before we can fully open up,” said Chen.
China is tackling the largest surge in 1980, pushed down birth rates. giving people certainty that it won’t Yet time is running out as two years without the virus
Covid-19 cases for two years. Some cit- Beijing dropped the policy in 2016 but impact their careers,” said Lu. has left natural immunity levels far lower than most other
ies, including Shanghai, have imposed that did not reverse the demographic But even greater equality may not be countries. Of tests last week, only 1.37 per cent came back
lockdown measures. Yi Fuxian, a senior decline — the number of infants born enough to stem China’s demographic positive. In South Korea, which just had a big Omicron out-
scientist at the University of Wisconsin- has fallen every year since then. decline, some experts warn. break, the rate was 58 per cent. “If it is still this low in sum-
Madison, said the government’s pursuit “This is a slow storm that has gained “Women of child-bearing age [in mer, we are in trouble,” said Ho, adding that vaccines alone
of zero-Covid would exacerbate low fer- strength over the past few years,” said China] today have been told throughout were not enough to help build herd immunity.
tility and marriage rates this year. Wang Feng, an expert on China’s demo- their lives to have fewer children,” said Experts warn that health authorities must up their
“Many young couples are scared of graphic change at the University of Cali- Yi. “This kind of ingrained mentality game. “They need to do less contact tracing and more
becoming pregnant because China’s fornia, Irvine, in the US. He said the cannot be changed overnight.” modelling, to make sure they have an accurate picture of
lockdown measures are so strict,” said “historical footprint” left by the policy Additional reporting by Nian Liu in Beijing capacities and timing,” said Wang.
Yi, with anxiety about the ability to meant families have grown accustomed This is the second in the series on the fall in
access medical care a big deterrent. to having a single child. the global birth rate kathrin.hille@ft.com

South Pacific Pakistan

China and Solomon Islands sign security pact Sharif coalition fights calls for early polls
KatHrin HillE — Taipei
China has signed a security deal with
the Solomon Islands just days ahead of
a visit by US government officials to the
South Pacific nation, increasing west-
ern fears over Beijing’s growing influ-
ence in the region.
Wang Yi, China’s foreign minister, and
his Solomon Islands counterpart Jere-
miah Manele signed the deal “in recent
days”, Beijing’s foreign ministry said
yesterday.
The announcement came just hours
after the White House confirmed that
Kurt Campbell, its top Asia official, and
Daniel Kritenbrink, assistant secretary
of state for East Asian and Pacific affairs,
would visit the Solomon Islands this
week.
The US visit follows concerns in Aus-
tralia and New Zealand — countries that
traditionally have close co-operation
with South Pacific nations — over Chi-
nese moves to step up its military pres-
ence in the region.
Beijing has claimed the security deal
does not have a military element. But
according to a draft document leaked
last month by Solomon Island opposi-
tion politicians, the pact could allow
China to send police, paramilitary
forces and soldiers to the country and
have naval ships stop in its ports for
resupply and crew transfers.
US officials have said the agreement
appeared to leave the door open for
China to send military forces to the
Australia is ‘deeply
disappointed’ by the deal,
including the ‘potential
to undermine stability’
islands. They expressed concern that
such deployments could raise tensions if
done in a non-transparent manner.
It is unclear whether any changes
were made to the deal before it was
signed as neither China nor the Solomon
Islands have published the final text.
Australia said it was “deeply disap-
pointed” by the security deal, including
the “lack of transparency” and “potent-
ial to undermine stability” in the region.
But Canberra also welcomed what it
said was a commitment from Manele
that the Solomon Islands would “never
be used for military bases or other mili-
tary institutions of foreign powers”.
The Solomon Islands had a security
deal with Australia from 2003, when
Canberra began a 14-year peace mis-
sion in response to ethnic riots. A new
security treaty was signed in 2017.
When unrest erupted in Honiara, the
capital, last year, Australia, New Zea-
land and Papua New Guinea sent forces
to support local police at the request of
the Solomon Islands. But soon after-
wards, China sent police to train riot
control forces for the first time.
That mission and the new security
agreement are part of a wider Chinese
push to step up political, economic and
security ties with South Pacific nations,
which, while small and mostly impover-
ished, control huge areas of ocean.
In 2019, Beijing forged diplomatic
relations with the Solomon Islands and
with Kiribati, both of which had previ-
ously recognised Taiwan. Gaining a
foothold in certain territories in the
region could allow China to spy on US
forces based in Hawaii and Guam.
FarHan BOKHari — isLamabaD
BEnjamin ParKin — New DeLhi
The cabinet of Pakistan’s new prime
minister, Shehbaz Sharif, was sworn in
yesterday as his coalition of erstwhile
political rivals prepared to fight calls
for elections from Imran Khan, who
was ousted from office a little more
than a week ago.
Sharif, head of the Pakistan Muslim
League-Nawaz, was chosen as prime
minister by parliament after Khan was
ejected from office in a no-confidence
vote brought by an assortment of dispa-
rate parties including the PML-N.
But the new 34-person cabinet, made
up of ministers from a range of parties
who until recently were opponents,
faces daunting challenges. Pakistan is
struggling through one of its worst eco-
nomic crises in years, with double-digit
inflation causing widespread distress,
along with concern about its foreign
debt obligations and the future of a $6bn
IMF programme.
Khan, who was elected in 2018 and
ruled with a slim majority, has been
holding rallies across the country
demanding fresh elections as he claims
he was the victim of a US-backed con-
spiracy to remove him over his ties with
Russia. National elections are not man-
dated until mid-2023 but many analysts
expect the new government will be
forced to go to the polls earlier as it grap-
ples with the economic situation and
Khan’s allegations.
Shehbaz Sharif
was chosen as
prime minister by
parliament after
Imran Khan was
ejected from office
Fahd Husain, a political commentator
for the Dawn Media Group, said the
future appeared uncertain for both the
government and opposition. “The gov-
ernment only has two alternative
options to carry on until the end of the
parliament’s term next year,” he said.
“Either they provide an alternative
way forward, that’s able to tackle all the
challenges, or they’re able to exhaust
Imran Khan.”
From the PLM-N, Miftah Ismail, a
Karachi businessman, was chosen as
finance minister and Ahsan Iqbal plan-
ning minister, with responsibility for
Beijing’s $60bn Belt and Road invest-
ment, the China-Pakistan Economic
Corridor. Both men have previously
served in the same positions.
Hina Rabbani Khar, a former foreign
minister with the Pakistan People’s
party, was appointed as junior minister
for foreign affairs. But Bilawal Bhutto
Zardari, the party’s leader and son of
assassinated former prime minister
Benazir Bhutto, was not in the cabinet
with officials saying he would be
brought in as foreign minister later.
The cabinet also includes four mem-
bers of the hardline Jamiat Ulema-e-
Islam, led by ultra conservative pro-
Taliban cleric Fazlur Rehman.
The new government has taken
charge as Pakistan faces disagreement
with the IMF over the future of its loan
programme.
Sharif has said he will not remove fuel
and electricity subsidies introduced by
Khan this year, which have raised
the annual fiscal deficit above agreed
levels.
wednesday 20 april 2022 ★ FINANCIAL TIMES 9

lack of energy Billion-dollar ‘green’ hydrogen projects await policy shift from fossil fuel-friendly australia y Page 10

Blackstone Masks ruling Big US airlines axe face-covering

requirement after judge throws out mandate
Amazon to
audit racial
taps university equality at US
warehouses
housing sector dAVe lee — saN FraNCisCo

Amazon has commissioned an audit to

in $13bn deal
look into “disparate racial impacts”
from its employment practices on its
US frontline workforce.
The decision to conduct an audit, which
will be led by former US attorney-gen-
eral Loretta Lynch, follows accusations

3 Buyout firm acquires ACC portfolio from shareholders that the company
was putting a disproportionate number

3 Foray into US real estate continues
MArk VANdeVelde — New York
Blackstone has struck a $13bn deal to
buy one of the biggest portfolios of stu-
dent housing in the US, extending a
streak of real estate transactions that
has already made the buyout firm one of
the biggest owners of inner-city apart-
ment blocks and suburban homes.
The purchase of American Campus
Communities will give Blackstone an
on-campus presence at Princeton Uni-
versity, UC Berkeley and other institu-
tions where it owns more than 100 halls
of residence and housing units.
Blackstone executive Jacob Werner
said that the transaction also presented
an opportunity to use capital from the
Wall Street group’s $279bn real estate
The push into university
housing is a bet that
students will keep showing
up for in-person learning
unit to build new university facilities in
areas that were not adequately served.
The deal underscores how Black-
stone, one of the biggest real estate
investors in the US, is seizing on pan-
demic-related disruptions to make
large-scale investments in US housing, a
strategy the firm pioneered during the
last financial crisis, when it set up a new
venture called Invitation Homes.
That venture involved dispatching
executives to foreclosure auctions to
make piecemeal acquisitions of recently
vacated homes. But Blackstone’s recent
deals have largely focused instead on
buying ready-made portfolios from
other real estate developers.
Last July, Blackstone acquired a
$5.1bn portfolio of apartments that have
received government subsidies geared
towards low-income families in a trans-
action that prompted unease among
non-profit groups that provide afforda-
ble housing.
The same month, Blackstone spent
$6bn to buy Home Partners of America,
which operates a rent-to-buy scheme
for suburban houses, and promises a
path to home ownership for families
with low credit ratings. Some critics of
that deal said that the Home Partners
business model was primarily a way of
sourcing properties to create a new
breed of corporate landlord. The group
now owns 17,000 houses across the US.
ACC’s sale to Blackstone comes after
months of pressure exerted on the hous-
ing company’s board by Land & Build-
ings Investment Management, a real
estate-focused activist fund led by
former Citigroup analyst Jonathan Litt.
Just last week, Litt wrote to the board
stating that there was “significant
untapped potential in ACC’s assets”,
adding that he had been “seriously con-
cerned that the board . . . were not suf-
ficiently focused” on creating share-
holder value.
For Blackstone, the new push into
university housing represents a bet that
students will keep showing up for in-
person learning at leading US universi-
ties, despite high tuition costs, the rise of
distance learning during the pandemic
and a long-term decline in enrolment.
About 2.1mn students embarked on a
US university education last autumn,
according to data from the National Stu-
dent Clearinghouse Research Center.
This represents only a slight rebound
from pandemic-hit 2020 and a decline
of 22 per cent since 2015.
But the most prestigious universities
have fared far better and nearby land-
lords have benefited. Students were
paying rent of $791 per bedroom last
December at 200 sought-after institu-
tions tracked by Yardi Matrix, a real
estate research company.
American, United, Delta, Southwest and Alaska announced the change for staff and passengers — Michael Reynolds/epa-EFE
steff ChAVez — ChiCago
philip georgiAdis — LoNDoN
Some airlines have dropped a
requirement for passengers to wear
masks on flights to and from the US
after a judge threw out a Biden
administration mandate.
Judge Kathryn Kimball Mizelle, a
Donald Trump appointee who sits on
the federal bench in Florida, deemed
the public transport mask mandate
unlawful on Monday.
She ruled that the US Centers for
Disease Control and Prevention
exceeded its legal authority with the
order. The CDC had extended the
mask rule until May 3.
After the ruling, carriers including
American, United, Delta, Southwest
and Alaska announced that masks
would be optional for employees,
crew members and customers in US
airports and on board.
The change applies to domestic
flights and some international ones,
depending on the destination, and
came despite a majority of people in
the US supporting a continuation of
the mandate.
Videos posted on social media
showed some US passengers applaud-
ing when crew members told them
masks were optional.
UK carriers have followed suit,
while French and German airlines are
maintaining their mandates.
British Airways said it had moved
immediately to give passengers per-
UK carriers followed
suit but German and
French peers have not
changed their policies
sonal choice over whether to wear a
mask on a flight to the US, as did Vir-
gin Atlantic.
The US joined a host of Virgin’s Car-
ibbean destinations where on-board
masking is optional, but passengers
must wear masks on flights to desti-
nations including South Africa, Hong
Kong and India.
of workers of colour in harm’s way in its
warehouses, where injury rates are
higher than the industry average.
Ahead of Amazon’s annual meeting in
May, the New York State Common
Retirement Fund, one of the largest
public pension funds in the US, put for-
ward a shareholder proposal that called
for an independent audit that would
break down safety data by race, gender
and ethnicity.
“There is no public evidence that
Amazon is assessing the potential or
actual negative impacts of its policies,
practices, products and services
through a racial equality lens,” the fund
said in its proposal.
Amazon urged shareholders to reject
the proposal, according to a recent regu-
latory filing, saying it had already com-
missioned its own audit, to be con-
ducted by attorneys at Paul, Weiss, Rif-
kind, Wharton and Garrison. Lynch, a
partner at the firm, who was US attor-
Lufthansa and Air France have not ney-general during the Obama adminis-
changed their policies. They require tration and was the first black woman to
passengers to wear a surgical face hold the job, will lead the effort.
mask on board, regardless of where “The focus of the audit will be to eval-
they are flying. uate any disparate racial impacts on our
In the US, Uber, Lyft and Amtrak nearly 1mn US hourly employees result-
lifted mask rules, as the CDC order ing from our policies, programmes and
applied to ride-sharing and rail pas- practices,” the filing said.
sengers. Amazon said in the filing that it would
New York’s Metropolitan Transit release the results from the audit when
Authority and the Chicago Transit completed, but did not offer a timeline.
Authority, which oversee the coun- Subsidiaries, such as Whole Foods
try’s two largest public transport sys- Market will not be included, nor will any
tems, are keeping mask orders in of the company’s delivery drivers who
place. are hired via third-party contractor
The Biden administration is con- groups, a spokesperson said.
templating whether to appeal against The audit is the latest announced by a
the judge’s ruling. big company to act on investor pressure
Several UK carriers including Brit- regarding civil rights in the wake of the
ish Airways and Virgin Atlantic, as murder of George Floyd in 2020.
well as Heathrow airport, dropped In March, Apple’s investors voted in
blanket rules requiring passengers to support of calls to conduct an audit ana-
wear masks last month, as govern- lysing the company’s policies and to pro-
ment measures against Covid-19 were vide “recommendations for improving
dropped. the company’s civil rights impact”.
Ryanair, Europe’s largest airline by Meat-packing giant Tyson Foods and
passenger numbers, has kept the financial services group JPMorgan have
requirement to wear a mask. announced similar moves.

Toyota has a winning hybrid strategy but its future is less certain
ruptions have pushed out delivery
inside Business times of electric cars. Fewer chips go
into hybrid cars, which use older tech-
asia nology. Consumers who cannot wait for
chip-intensive electric cars to become
June more available and affordable have
given a boost to sales of hybrids.
Yoon Rising car prices, both new and used,
are another factor.
As demand for vehicles outpaces
supply, average monthly payments in
Neither the petrol engine nor the
electric motor in hybrids can equal the
performance of cars that are solely
powered by petrol or batteries.
The engineering of hybrids is far
morecomplex, resulting in many more-
drivetrain parts.
Given that the highest running cost
comes from repairs to engines and Notice to Advertisers legal Notices
replacing electric car batteries, hybrids Calls to the Financial Times advertising
can be expensive to maintain.

I
t is dangerous to defy a trend, but
sometimes it can pay off. Toyota is a
prime example. It is benefiting
from its punchy bet on hybrid cars,
a strategy at odds with the global
shift towards battery electric cars. But
will it run out of road?
The decades-old bet has rewarded the
Japanese carmaker in the past year. Toy-
ota has topped global sales rankings in
the first quarter, even as peers around
the world continue to struggle with
component shortages.
A reliance on hybrid models, which
account for more than a quarter of Toy-
ota’s sales, has given it an unexpected
edge. Sales of hybrid versions of the
RAV4, its top-selling SUV, rose by dou-
ble digits, even as overall sales fell. The
main difference between a hybrid and
an electric is that the hybrid combines a
conventional combustion engine with
an electric motor to power the car.
Because they have two fuel sources,
hybrids offer improved fuel efficiency.
That comes in useful during a time of
steep petrol prices. Consumers have
flocked to hybrids and electric vehicles
as Russia’s invasion of Ukraine results in
a spike in the cost of energy. In the US,
hybrid vehicle sales have closely
tracked oil prices since last year, when
hybrid car sales rose 76 per cent to a
record high.
Chip shortages and supply chain dis-
the US for a new car are up 13 per cent
in the first quarter, according to car
information website Edmunds.com.
This adds to steep hikes from last year.
Among low and middle-income house-
holds, the demographic most affected
by rising petrol prices, the base-level
Prius hybrid’s price tag of just over
$24,000 is more than a fifth cheaper
than comparable electric cars.
For manufactur-
ers such as Toyota, US tax credits for the
hybrids are a hard
habit to give up. vehicles will be phased out
The older technol- while new UK sales face a
ogy used in hybrids
— the first Prius ban from 2035, five years
was launched in after pure petrol and diesel
1997 — compared
to battery electric counterparts means
that the cost of production is predicta-
ble. The profit margin Toyota and
Honda make on each hybrid car sold
reached parity with traditional petrol
cars in 2009.
In contrast, the margins on electric
cars remain razor-thin, with the
exception of a handful of high-end
models. Even General Motors, maker of
the Chevrolet Bolt EV, one of the most
popular electric cars last year, only
expects electric car margins to match
what they are today for combustion-
engine cars by the middle or later part of
the decade.
Yet the drawbacks are hard to ignore.
Department may be monitored.
Nonetheless, renewed interest in the
vehicles has persuaded investors to acceptance of any advertisement for publication
will be subject to the then current terms and
value Toyota at almost 10 times next
conditions of insertion of advertisements in FT
year’s earnings. That is more than publications.
double the valuation of European
peers Volkswagen and BMW, both of a copy of the terms and conditions of insertion
which have proven success in battery of advertisements in FT publications can be
obtained from
electric cars. +44 (0)20 7873 3000, or viewed at
Hybrids are cleaner than petrol cars, www.FT.com/advertising
but still burn petrol. Most large econo-
mies want all cars on their roads to be
electric eventually.
From June, federal tax credits for pur-
chasers of Toyota hybrids in the US will
be phased out. In the UK, new sales of
hybrids will be banned from 2035, five
years after pure petrol and diesel.
The EU has announced plans to end
the sale of non-electric cars by 2035.
It has been 25 years since the first
Prius was launched, but the market
Businesses For Sale
remains niche.
Hybrids still make up just 5 per cent of
annual US light vehicle sales. It has
taken less than four years for EVs to
reach 3 per cent.
Toyota’s strategy therefore looks
risky. Its pipeline of new battery electric
cars is drawn-out. It remains heavily
wedded to hybrids.
As the global shift accelerates, share- Business for Sale, Business Opportunities, Business Services,
holders may start to penalise any appar- Business Wanted, Franchises
ent slackening in a carmaker’s commit- Runs Daily
.........................................................................................................................................................................................................................................................................
ment to battery electric vehicles. Classified Business Advertising
UK: +44 20 7873 4000 | Email: advertising@ft.com
june.yoon@ft.com
10 ★ FINANCIAL TIMES wednesday 20 April 2022

COMPANIES & MARKETS

Basic resources Technology

Gunvor profits soar on strong demand LG Energy

Swiss-based commodity
trader joins rivals in
reporting bumper year
Neil hume
Gunvor has reported a more than dou-
bling of its full-year profits, becoming
the latest commodity trader to reveal
bumper earnings for 2021 when it
cashed in on rising demand for energy
as lockdown restrictions eased.
The Geneva-based company control-
led by billionaire Torbjorn Tornqvist
said yesterday its net income hit
$726mn in the year to December, with
trading volumes jumping 25 per cent to
240mn tonnes. The figure is the highest
profit recorded by the company other
than for 2015, when it banked a large
gain from the sale of a majority stake in
a Russian oil terminal. Gross profit was
$1.54bn.
“Underlying profit drivers included
natural gas and LNG, which generated
sustainable earnings throughout the
year,” the company said in a statement.
“Gunvor continued to strengthen its
balance sheet and maintains a healthy
liquidity position.”
Revenue hit $135bn, up sharply from
$50bn, as oil and gas prices rebounded
following the pandemic and Gunvor
shipped more commodities around the
world. Brent crude rose more than 50
per cent in 2021, while gas prices rallied
sharply in the second half of the year
amid an energy crisis in Europe.
Gunvor joins rivals Vitol, Mercuria,
‘Underlying drivers
included natural gas and
LNG, which generated
sustainable earnings’
Trafigura and Glencore in reporting
huge profits for 2021 on the back of
booming demand for raw materials and
supply chain disruptions created by the
coronavirus pandemic.
Analysts reckon 2022 could be
Energy. Renewables
another strong year for the industry but
only for traders that have access to large
credit lines and can manage the volatil-
ity caused by the war in Ukraine and
sanctions on Russia.
Measures imposed on Moscow have
created lucrative arbitrage opportuni-
ties and a reordering of trade flows but
financing trading positions has become
more capital-intensive.
Gunvor cut trading positions in the
autumn after a gas price leap triggered
margin calls — demands for extra cash
to cover its hedging positions — from
brokers and exchanges.
However, over the past five months it
has secured more than $3bn of credit
facilities and loans and has been trading
leads $9bn
electric-car
normally in spite of “erratic” prices.
Gunvor itself has pulled back from battery project
in Indonesia
Russia since 2014 when the US imposed
sanctions on Gennady Timchenko, its
Russian co-founder, for his alleged ties
to President Vladimir Putin.
Timchenko sold his stake to Tornqvist
just before the sanctions were SoNg JuNg-a — SEoul
announced and has left the company.
In the past five years, Russian-origin
A South Korean consortium will invest
$9bn in Indonesia to build a mines-to-
commodities have accounted for just
manufacturing electric-vehicle supply
6-11 per cent of Gunvor’s trading activi-
chain, as battery makers look to reduce
ties. Like many of its rivals, the com-
their reliance on Chinese suppliers and
pany says it is legally obliged to fulfil
mitigate commodity price rises follow-
existing trading contracts, which are not
ing Russia’s invasion of Ukraine.
under sanctions, with Russian oil and
gas producers. However, it has decided The group, led by LG Energy Solution
not to open any new business. (LGES), the world’s second-biggest EV
battery maker, has signed an agreement
with local mining company PT Aneka
Tamban (Antam) and Indonesia Bat-
tery Corporation.
The project will handle the entire bat-
tery production process including

Investors wary of Australia green hydrogen hype
Vaunted $188bn pipeline of
projects has yet to translate to
a single molecule being sold
JameS FerNyhough — MElbouRnE
In the vast expanses of sun-drenched
north-west Australia, one of the most
ambitious energy ventures in history is
being planned as part of a pipeline of
billion-dollar hydrogen projects across
the country.
The Asian Renewable Energy Hub is
expected to cover 6,500 square kilome-
tres in the Pilbara mining region with
solar panels and wind turbines to gener-
ate 26 gigawatts of power, an amount
equal to one-third of the present capac-
ity of the entire country.
The $30bn project, which will power
electrolysers to turn water into “green”
hydrogen — made using only renewable
energy — and ammonia for export, is
one of a series of renewables ventures in
Australia estimated by PwC to cost
$188bn.
The projects are premised on the
country using its plentiful land and sun-
light to transform from one of the
world’s top coal and gas exporters into a
clean energy superpower.
But these projects share a glaring
characteristic: the billions of dollars
required to finance them have not mate-
rialised and not a single molecule of
hydrogen has been sold as investors sit
on the sidelines waiting for a shift in
policy from the fossil fuel-friendly gov-
ernment.
“Australia has a huge supply-side
opportunity in producing and exporting
green energy,” said Paul Burke, energy
economist at the Australian National
University. “A key thing we will need is
large capital inflows into this sector.”
Burke said the federal government
“could be doing much more to realise its
potential in green energy and clean
exports”, such as introducing carbon
pricing, tax breaks and a clear renewa-
bles strategy.
Australia has committed to invest just
over A$1bn ($741mn) in developing
hydrogen projects, though that includes
“blue” hydrogen made from natural gas
with carbon capture and storage, as well
as “green” hydrogen.
Unlike the EU, UK and Canada, Aus-
tralia’s federal government has no
market-based policies, such as an emis-
sions trading scheme or carbon tax, to
push investment into renewables and
low-carbon industry.
As a result, big institutional investors
have been slow to invest in Australian
renewables and hydrogen projects. IFM
Investors, a A$180bn infrastructure
specialist that manages Australian pen-
sion money, has only this year launched
a clean energy fund, with about A$4bn
to invest in renewable energy.
Iron artworks Meanwhile, Australia’s fossil fuel total electricity generation capacity.
outside Marble economy is booming. This financial Under the authors’ model, 20 per cent of
Bar in Western year, the country will export A$180bn of that electricity would be exported
Australia’s coal and gas, mostly to east Asian mar- directly to Asia by undersea cable — as
Pilbara region kets, and no clean energy products at all, the A$20bn Sun Cable project plans to
Steve Waters/Alamy
according to government figures. do — while 80 per cent would be
But with Australia’s Asian trading exported as green hydrogen.
partners committed to net zero by the Green hydrogen is manufactured by
middle of the century, the shift to feeding demineralised water through a
renewables is expected to accelerate, renewably powered electrolyser, a proc-
said David Leitch, Sydney-based energy ess that splits the water into hydrogen
analyst and principal at ITK Services. and oxygen. The process is carbon free,
“We’re going to lose our coal, oil and in contrast with “grey hydrogen”, which
gas exports — that’s locked in,” he said. is made using natural gas and emits car-
Experts agree Australia has potential bon dioxide.
as a clean energy exporter. A March Arguably Australia’s most vocal green
study by energy researchers at the Aus- hydrogen proponent is Andrew
tralian National University estimated “Twiggy” Forrest, an iron ore magnate
that 2 per cent of its landmass could be and the country’s second-richest per-
covered with wind and solar farms and son, who has spent the past two years
produce 26 times the country’s current touring the world to drum up support
for his Fortescue Future Industries ven-
Projected cost of green hydrogen production ture. He claims he can produce 15mn
tonnes of green hydrogen a year by
in Australia 2030, a huge undertaking that would
A$ per kg require building about 200GW of new
wind and solar capacity at a cost of hun-
5.7-6.1
6 dreds of billions of dollars.
At present, hydrogen use is limited to
4.1-4.5 areas such as fertiliser production and
4 oil refining. But Forrest envisages it
becoming a mainstream energy source.
2.0-2.45 FFI has signed a long list of non-bind-
1.65-2.05 2 ing agreements, most recently with Ger-
man energy distributor Eon, to provide
5mn tonnes of green hydrogen by 2030
0 to replace natural gas in Dutch and Ger-
man industry. Forrest said the deal
2025 2030 2040 2050
would replace one-third of Russian gas
Source: PwC Australia
imports to Germany.
‘We’re going But for all this, FFI is yet to put up a
single solar array or wind turbine or
to lose our produce any green hydrogen.
coal, oil and “You can talk about heads of agree-
ment all you like, but they’re not worth
gas exports the paper they’re printed on,” said ITK
— that’s Services’ Leitch. “They [FFI] are
nowhere at the moment.”
locked in’ Forrest dismissed the criticism. “I’d
say to those people that they’ve got no
idea how to build an industry,” he said.
“When you start a new industry . . . you
secure the markets first, then you
secure the apparatus to build it, then
you secure the finance.”
While Forrest is bullish about ship-
ping liquid hydrogen around the world,
the Asian Renewable Energy Hub is bet-
ting on exporting “green” ammonia,
which is made by mixing green hydro-
gen with nitrogen extracted from air. It
is much easier to ship in liquid form
than hydrogen, which must be cooled to
minus 253C to become liquefied.
But the fuels are still in their infancy
while Australia’s pension sector, a tradi-
tional player in infrastructure projects,
has been reluctant to make big bets on
renewable energy.
Two of the three biggest pension
funds in Australia, AustralianSuper and
Aware Super, with a collective A$400bn
under management, said that so far
they had invested only a few billion dol-
lars in renewable energy projects.
“I don’t want to invest as a fashion or a
fad,” said Paul Schroder, chief executive
of AustralianSuper. “But I do anticipate
that we will be heavily invested in the
decarbonisation of the planet.”
smelting and refining nickel, manufac-
turing precursors, cathode materials
and cells, and final assembly.
Indonesia is the world’s largest nickel
producer, with about 21mn tonnes of
reserves, according to US Geological Sur-
vey data. The deal comes as South
Korean battery makers have increased
investment in the chemicals and materi-
als used in EV batteries to reduce their
dependence on China, the world’s biggest
processor of the necessary minerals.
The war in Ukraine has added to the
pressure to improve supply chain secu-
rity. Russia accounts for 11 per cent of
the world’s nickel production and prices
of crucial commodities have increased
‘The stable supply of raw
materials has become
much more important for
battery producers’
significantly since the invasion. The
London Metal Exchange’s three-month
nickel price has risen about 60 per cent
this year to $33,175 a tonne as of April
14, increasing concern about the grow-
ing cost burden for battery makers.
The auto industry’s pivot away from
fossil fuel-powered vehicles has been
complicated by its reliance on refineries
and factories in China, which processes
about 80 per cent of battery materials.
“The stable supply of raw materials
has become much more important for
battery producers amid the deepening
crisis in Ukraine,” said Yoon Hyuk-jin,
an analyst at SK Securities. “Korean bat-
tery makers need more of these
upstream investments for their long-
term competitiveness in order to reduce
their reliance on Chinese materials.”
The consortium includes LG Chem,
the parent group of LGES, steelmaker
Posco, LX International, the commodity
trader and miner, and Chinese company
Zhejiang Huayou Cobalt.
“We expect the project to improve our
battery business capability and profita-
bility by securing competitive raw
materials in a stable manner,” LGES
said. The company is also building a
$1.1bn battery cell plant in Karawang,
65km south-east of Jakarta, in a joint
venture with Hyundai Motor group.
The consortium’s investment was
announced days after China’s Contem-
porary Amperex Technology (CATL),
the world’s biggest EV battery maker,
signed a $6bn deal with Indonesian
companies including Antam to produce
a similar project.
The project aims to tap Indonesia’s
significant nickel reserves

media media

InfoWars files for Chapter 11 protection
aNNa Nicolaou — nEw YoRk
Companies owned by Alex Jones have
filed for bankruptcy after being hit by
defamation lawsuits over his claims
that the Sandy Hook school shooting
was a hoax.
Three companies, including Jones’s
InfoWars media outlet, filed for
Chapter 11 protection in southern Texas
on Sunday.
InfoWars, which has been criticised
for promoting conspiracy theories and
hate speech, said it had up to $10mn in
liabilities and less than $50,000 in
assets, according to court filings.
Chapter 11 status gives businesses
protection from creditors in order to
restructure under court supervision.
InfoWars has previously claimed that
the 2012 massacre in Sandy Hook, Con-
necticut, which killed 20 children and
six teachers, was a hoax arranged by
anti-gun activists and that the victims’
families were actors.
Families of the pupils killed have sued
Jones, saying they have been targeted by
death threats and online harassment.
Jones filed a motion to dismiss a law-
suit in Texas, arguing that the suit was a
device to “silence free speech”. Lawyers
representing Jones said:
“The goal of this lawsuit is to silence
[Jones], as well as anyone else who
refuses to accept what the mainstream
media and government tell them, and
prevent them from expressing any
doubt or raising questions.”
Jones was found liable in three law-
suits filed in Texas and Connecticut
because he failed to provide documents,
including financial information,
requested by the court.
Jones faces trials in Texas and Con-
necticut this year to determine how
much he will pay the families in
damages.
Social media groups including Apple,
Facebook and YouTube have blocked
content from InfoWars. Donald Trump
has praised Jones and been a guest on his
InfoWars web show.
Despite the bans, InfoWars has con-
tinued to attract millions of viewers.
The company drew 10.3mn visits to its
website in February, according to data
company Similarweb.
Kahn picked as next editor of New York Times
aNNa Nicolaou — nEw YoRk
The New York Times has promoted
veteran journalist Joseph Kahn to suc-
ceed Dean Baquet for the top job at one
of the world’s largest newsrooms.
Kahn, a two-time Pulitzer Prize winner
and Baquet’s deputy for the past five
years, had been widely expected to suc-
ceed him as executive editor.
He will take over the newsroom at a
time when the company boasts the
world’s largest online subscriber base
for news. But he will face a polarised
audience that has become distrustful of
the news media, while pushing forth an
ambitious plan to add millions more
digital subscribers.
Kahn, who is known internally to be
more reserved than Baquet, said that
securing the public’s trust “in a time of
polarisation and partisanship” was one
of his top priorities.
The 57-year-old will take the reins on
June 14, marking the end of an eight-
year tenure during which Baquet, the
first black editor of the NYT, oversaw
coverage of the rise of Donald Trump
and a once in a century pandemic.
“Dean has fearlessly led The Times
through an unbelievably challenging
and consequential period,” said AG
Sulzberger, publisher and chair of
the NYT. Sulzberger said that Baquet
would remain at the paper to “lead
an exciting new venture”, but did not
provide specifics.
Kahn studied at Harvard, where he
succeeded former CNN president Jeff
Zucker as head of the university’s news-
paper, The Crimson.
“Joe was very aloof and hard to read,
he never even looked you in the eye. But
he was clearly the smartest guy in the
room — in a room full of people who
thought they were brilliant — and a fab-
ulous journalist,” said a former col-
league at The Crimson.
Kahn said: “I’m deeply humbled to
lead a global newsroom of immensely
talented journalists who provide origi-
nal, on the ground, indispensable
reporting about the most important
news of our time. The New York Times
will continue to play an essential role in
producing and protecting independent
journalism.”
wednesday 20 April 2022 ★ FINANCIAL TIMES 11

COMPaNiEs & MarKETs

Putin reaps rewards of payments

Automobiles

bulwark against western duopoly
Moscow anticipated threat from Visa and Mastercard by building domestic system from scratch
sIddHARtH veNKAtARAMAKRIsHNAN
ANd PoLINA IvANovA — LoNdoN
IMANI MoIse — New York
In 2014, Gennady Timchenko, the
tycoon and ally of Vladimir Putin, sang
the praises of a UnionPay card he had
obtained after sanctions rendered his
Visa and Mastercards useless.
“It works perfectly,” he told Tass. “It is
accepted in a lot of places. In some
sense, it will be more reliable than Visa.
At least the Americans won’t be able to
grab it.”
Timchenko’s wallet refresh mirrors
Putin’s push to reshape the country’s
payments system after sanctions were
imposed on Russian banks.
Moscow built a domestic payments
system from scratch as a bulwark
against the western duopoly pulling
their services again, while alternatives
were explored to protect the ability to
send and receive money across borders.
Anastasia Nesvetailova, a macroeco-
nomic and development policy expert
at the United Nations Conference on
Trade and Development, said: “For the
first time in post-Soviet Russia, the
events of that year demonstrated how
financial sanctions can impact not only
individuals but the wider economy. The
risk . . . suddenly potentially became an
everyday reality, not just for oligarchs.”
Russia is reaping the rewards of
creating an alternative payments sys-
tem that has helped mitigate the effect
of sanctions.
Russia’s planning has also highlighted
the risk for western powers of sanctions
reordering the payments landscape,
shifting the system away from the US
and towards China.
Mastercard and Visa suspended serv-
ices in Russia at the start of March,
where they make up about 70 per cent
of the debit card market, going further
than sanctions that required networks
to stop processing payments from cer-
tain Russian banks.
American Express, PayPal, JCB and
Western Union have also suspended
services in Russia, as well as digital wal-
lets Apple Pay and Google Pay.
However, while international transac-
tions have been limited, ordinary Rus-
sians have not felt much change.
Domestic transactions run as normal,
including for cards bearing the Visa and
Mastercard logos.
“The majority of people hit by this
either left the country in the past couple
of weeks or have been living abroad ear-
lier,” said a Moscow-based employee of a
payments company.
The resilience is largely down to the
development of the National Card Pay-
ment System, which recreates the
plumbing needed to process card trans-
actions in Russia. NSPK launched in
August 2014, and by 2015 had signed
deals with Mastercard and Visa to han-
dle all domestic payments.
Adoption was helped by Moscow’s
threatening hefty fines if the payment
networks did not ensure processing of
Russia transactions was done in-coun-
try. The drive to localisation of data
pushed them to work with NSPK, said
Nigel Cory, associate director covering
trade policy at the Information Technol-
ogy and Innovation Foundation.
Russia’s domestic card scheme Mir
also runs on NSPK’s infrastructure. Mir
was launched in 2015 after three options
Russia’s were considered for the scheme: of replacing one external power with
domestic card importing China’s UnionPay, which had another, although the hardware back-
scheme Mir runs operated in parts of Russia since 2008; bone of Mir is supplied by Huawei in col-
on local extending the network of the largest pri- laboration with a Russian IT company.
infrastructure vate bank, Sberbank; or creating a new One of the meanings of the Russian
FT montage/Alamy/
AFP/Getty Images
system. word “mir” is “peace”. Among the thou-
Putin chose the last option amid fears sands of Russians detained for various
forms of antiwar protest was a young
Mir gains momentum man who stood alone in Moscow hold-
ing up his Mir card.
Debit cards issued (mn)
More than 100mn Mir cards are in cir-
120 culation, about a third of the market,
Mastercard thanks to mandates for use by civil serv-
100 ants and pensioners. A digital wallet,
Visa Mir Pay, launched in 2019, continues to
80 run on Android devices.
The systems mean that for many Rus-
60 sians, domestic transactions have kept
Mir flowing, even if some creative thinking
40 has been required. An executive at a
payments company said banks had
20 been issuing Visa and Mastercard cards
Golden Crown without expiry dates to reduce demand
0 Others
for new cards, undermining anti-fraud
2016 17 18 19 20 measures.
Other banks said they faced materials
UnionPay’s progress shortages. Olga Biryukova, a Moscow-
Share of cards in circulation (%) based psychologist, found that the cost
of quickly acquiring a UnionPay card
100
was 50,000 roubles ($628), which her
Other
bank blamed on high demand and a
80 shortage of plastic.
Visa
Mir’s success is limited to Russia and
60 nine other countries, most of which are
Mastercard
former Soviet republics, as well as Geor-
gia’s breakaway regions of South Ossetia
40
and Abkhazia. That has made deepen-
UnionPay ing ties with Chinese payments compa-
20 nies, capable of offering international
reach, the more tempting.
0 While UnionPay was rejected as the
2016 17 18 19 20 basis of a national payments system in
2014, analysts expect it to play a much
Sources: GlobalData; RBR
larger role.
While It accounts for about 1 per cent share
of cards in circulation in 2020, or
UnionPay roughly 2.7mn cards, according to UK-
was not based data firm RBR. Before the inva-
sion, only nine Russian banks had
picked as issued UnionPay cards. But lenders
the basis of including Sberbank and Alfa-Bank are
among those which said in March that
a national they would explore using the system.
set-up, One payments executive estimated
that issuance of UnionPay cards could
analysts increase 100 to 1,000 times in Russia.
expect it to That could be a strategic win for Beijing,
whose efforts to export UnionPay have
play a much been slow despite schemes offering dis-
larger role counts for shopping and hospitality.
Of the 9bn UnionPay cards in circula-
tion — half the total of bank cards and
about 2bn more than Mastercard and
Visa combined — only 150mn are out-
side mainland China.
The growing list of countries, includ-
ing Brazil and India, embracing alterna-
tive payment networks could also
reduce the power of western sanctions,
a fear expressed in a report by the US
Treasury last year.
“A number of countries have a critical
dependence on Mastercard and Visa,”
said Nicolas Véron, senior fellow at the
Peterson Institute for International Eco-
nomics and Brussels-based think-tank
Bruegel. “After these were weaponised,
maybe the consensus will emerge that
UnionPay is more reliable.”
Ola Oyetayo, chief executive of pay-
ments platform Verto, said Russian
banks that had found themselves scrab-
bling might not give the US networks
another chance.
“In the long term, they may say, ‘Once
bitten, twice shy.’ They may not switch
back even if they become an option
again.”
Stellantis calls
halt to Russia
output after
parts snarl-up
RobeRt WRIgHt — LoNdoN
sARAH WHIte — Paris
Stellantis has halted operations in Rus-
sia as the car and truck manufacturer
suspended remaining production at a
plant south of Moscow because of prob-
lems obtaining parts.
The company, the latest to stop
operations in Russia, declared that
the “rapid daily increase” in sanctions
and logistical difficulties had prompted
the move.
The group, formed last year through
the merger of Peugeot owner PSA and
Fiat Chrysler, had already suspended
some of its business with Russia after
the invasion of Ukraine.
This included imports and exports of
vans and people carriers built at the
Russian Kaluga plant for brands such as
Fiat and Opel.
Some of that production shifted to
factories in Britain and France.
For Stellantis, hitting pause on the
Kaluga operations, where it produced
about 11,000 vans last year, affects only
a small part of its operations.
But its latest step, affecting the rump
of its business for the Russian market,
shows the increasing difficulties in
maintaining operations in the country,
even locally, as shipments of compo-
nents are disrupted and western suppli-
ers back away.
Carmakers had already run into prob-
lems sourcing semiconductors because
of the pandemic, which disrupted man-
ufacturing and pushed up demand from
industries competing for parts, such as
electronics makers.
High-quality chips for cars will be
hard to source from within Russia,
industry executives say, even if metal
parts and other elements can be made
locally.
France’s Renault, one of the carmak-
ers most exposed to Russia through its
Avtovaz unit that makes Lada cars, has
had to halt production temporarily at
that division as it tries to build up stocks
of electronic parts.
Renault has also indicated that it was
prepared to walk away from its invest-
ment in Avtovaz, Russia’s biggest car-
maker, although it has yet to outline
concrete exit plans.
Russia was previously responsible for
10 per cent of Renault’s sales.
A number of carmakers including
Volkswagen and Ford said that they
were suspending operations or joint
ventures right after Russia invaded
Ukraine at the end of February,
although few have outlined longer-term
plans over how they will deal with those
businesses.
Many are still paying employees in
Russia, while activity is frozen, ratchet-
ing up costs.
Stellantis said it condemned violence
and supported “all actions capable of
restoring peace”.
It said that it had suspended its manu-
facturing operations in Kaluga “to
ensure full compliance” with all
sanctions” imposed by the EU, US and
other countries, and to protect its
employees.
Chief executive Carlos Tavares had
played down the expected impact of a
war on the company’s operations before
the invasion.
The company sold 2mn light com-
mercial vehicles in 2021.

Pharmaceuticals Media

Moderna and Pfizer urged to share jab tech
HANNAH KucHLeR
Pressure is mounting on Moderna and
Pfizer to share vaccine technology with
the developing world after the two big-
gest proxy advisers lent support to
shareholder resolutions.
Institutional Shareholder Services has
recommended that investors vote for
proposals by Oxfam America that
would compel Moderna and Pfizer to
commission third-party reports about
transferring their vaccine technology.
The drive to expand access to the well-
performing mRNA vaccines comes as
Moderna unveiled strong trial results
for a new “bivalent” vaccine.
Oxfam is lobbying to create a more
equal distribution of Covid-19 vaccines,
arguing that not sharing the IP and tech-
nical knowhow creates reputational
risks and could slow the end of the pan-
demic.
ISS said the companies had “fallen
short” on transparency, failing to show
how managers make decisions about
partnering with manufacturers globally.
ISS pointed to criticism of Moderna and
Pfizer’s “alleged prioritisation of prof-
its” over global public health, and signif-
icant support for a waiver of patent
protection for Covid-19 vaccines at the
World Trade Organization.
But ISS acknowledged that the pro-
posal to commission a report would not
force the companies to transfer the
technology.
Glass Lewis also recommended inves-
tors vote for the proposal at Moderna.
But it sided with the board at Pfizer, sug-
ISS pointed to criticism of
the groups over an ‘alleged
prioritisation of profits’
over global public health
gesting a third-party report might not
give shareholders more insight than the
company’s own disclosures.
ISS and Glass Lewis also suggested
shareholders refuse to ratify Moderna’s
auditors EY, raising concerns that the
Boston-based biotech has spent too
much on fees unrelated to the audit,
which could cause a potential conflict of
interest. ISS said shareholders should
not support the re-election of incum-
bent board members including Mod-
erna chief executive Stéphane Bancel
because of concerns over the auditor.
Glass Lewis disagreed, noting it was only
the first year that Moderna’s non-audit
fees were higher than the audit fees.
Moderna, Pfizer and EY did not
respond to a request for comment.
Moderna has argued against the
Oxfam proposal, saying it already sends
25 per cent of its vaccines to low and
middle-income countries and has
promised not to enforce patents during
the pandemic. Pfizer recommended
shareholders vote against the proposal,
saying it has rapidly expanded produc-
tion and will send 1bn doses to develop-
ing countries this year.
The increased pressure on Moderna
comes as it unveiled the first clinical
data on a vaccine that combines the
original strain of Sars-Cov-2 with the
Beta variant. The new jab elicited more
than twice the number of neutralising
antibodies against Omicron than the
original jab, with Bancel saying the data
validated the “bivalent strategy” Mod-
erna has been working on since Febru-
ary, showing it could induce higher anti-
body levels. But he said Moderna was
pursuing a vaccine that combined the
original strain with the Omicron variant
as its lead candidate for an autumn
booster in the northern hemisphere.
Deezer plans Paris listing via Spac merger
NIKou AsgARI ANd ANNA NIcoLAou
New York
French music streaming company
Deezer is planning to go public by
merging with a Spac backed by billion-
aire François Pinault’s investment
group and investment banker Mat-
thieu Pigasse.
The deal values Deezer at €1.05bn and
comes as music companies including
Spotify and Universal have tried to capi-
talise upon the streaming music boom
with public offerings in recent years.
Deezer is merging with I2PO, a Paris-
listed special purpose acquisition com-
pany sponsored by several French
banking and media figures.
France’s Pinault family backed the
blank-cheque company through its
Artemis investment arm, alongside Iris
Knobloch, a director at Lazard and
former president of WarnerMedia in
France and Germany, and Pigasse, head
of Centerview Partners in France.
François-Henri Pinault, the son of
François Pinault and founder of luxury
group Kering, represents the family on
the board. Pigasse, a punk rock aficio-
nado and co-owner of the Le Monde
newspaper, was head of Lazard France
before he joined Centerview in 2020.
The Spac deal has raised €135mn in
the form of Private Investment in Public
Equity (Pipe) financing and a non-
redemption agreement, in which inves-
tors agree not to withdraw funds from
the deal, from Deezer’s existing inves-
tors including Universal Music Group,
Warner Music and Orange.
Investor appetite for Spac deals has
dried up in recent months and blank-
cheque teams have been forced to
sweeten terms to investors to minimise
the amount of withdrawals. Investors
who dislike a merger target can pull
their funds, and soaring withdrawals
have led to the collapse of several deals.
With 9.6mn paying subscribers com-
Kanye West is among artists who
feature on streaming service Deezer
pared with Spotify’s 180mn, Deezer is a
small player in the sector, where it com-
petes with some of the largest technol-
ogy companies. Deezer last year made
up about 2 per cent of global music
streaming subscribers, compared with
Spotify’s 31 per cent, Apple’s 15 per cent
and Amazon’s 13 per cent, according to
research group Midia.
Deezer in 2015 attempted to go public
via an IPO, but scrapped the plans.
In 2015, streaming earned $2.8bn in
revenue for the global recorded music
industry, but that surged to $16.9bn last
year, said the IFPI, a trade group. Total
recorded music revenue last year grew
to $25.9bn, an 18 per cent rise on 2020.
Some of the world’s last music compa-
nies, including industry leader Univer-
sal Music, have also gone public in
recent years as they look to cash in on
the jump in revenue.
Leonard Blavatnik, who has been
rewarded by betting on the industry
revival, is also set to benefit from the
listing of Deezer, which he majority
owns via his holding company, Access
Industries. The billionaire bought
Warner for $3.3bn in 2011, and it now
trades publicly at a valuation of $17.9bn.
see Lex
12
Glencore’s ‘deadly addiction’ is a burning problem
Helen
Thomas
G
lencore seemed to have
won the argument on coal
last year. It just set up a
series of further debates.
ISS and Glass Lewis, the
influential proxy advisers, have recom-
mended investors vote against Glen-
core’s climate progress report at its
annual meeting next week.
That is despite ISS backing Glencore’s
climate plan last year (when Glass Lewis
suggested abstaining), where it won
94 per cent support and said it would
align with Paris climate goals setting a
significant net zero emissions target for
2050.
It was a big victory: as miners such
as BHP and Anglo American tried to
Financials
Robinhood
targets UK with
deal for crypto
start-up Ziglu
US online broker steps up
global expansion plans
after retail trading cools
JOShua OliVer anD SiDDharTh
VenkaTaramakriShnan
Robinhood has agreed to buy UK crypto
company Ziglu, as the US retail broker-
age steps up its expansion beyond share
trading and makes a second attempt to
push into Britain.
The Californian company said yester-
day that London-based Ziglu’s “impres-
Ziglu, which was valued at
£85mn last November,
said its customer base
grew fourfold last year
sive team of deeply experienced finan-
cial services and crypto experts” will
help it “accelerate our global expansion
efforts”.
Ziglu, founded in 2014 by entrepre-
neur Mark Hipperson who helped
establish UK digital lender Starling
Bank, allows retail investors to
buy cryptocurrencies. Robinhood did
not say how much it was paying for
Ziglu.
The group, which was valued at
£85mn last November when it raised
£7mn, said its customer base grew four-
fold last year as investors’ enthusiasm
for crypto exploded and the sector
attracted ever more investment from
mainstream financial firms.
The acquisition by Robinhood comes
just over two months after the broker-
age warned that the pandemic-driven
retail trading boom was cooling. Shares
shed coal, investors blessed Glencore’s
view that it was better to hold on to it.
This, of course, was self-interest talk-
ing. In a normal year, Glencore makes
about 10 to 15 per cent of group earnings
before interest, tax, depreciation and
amortisation (ebitda) from coal, the use
of which has been called as a “deadly
addiction” by the UN Secretary General.
Stopping the burning of coal to generate
electricity is the single most important
factor in curbing global warming.
But the miner’s position was also
right. Selling assets into unscrutinised
private hands, or spinning them into
smaller pure-play companies, carries
the risk mines will be extended, corners
cut, rehabilitation short-changed or
mining communities cut adrift.
Glencore’s pitch was to be the respon-
sible owner of coal assets. Broadly, the
bargain was this: allow us to be the cus-
todian that runs down these assets in
line with society’s demands, and we’ll all
make a boat load of money on the way.
The latter bit is working almost
in Robinhood have fallen more than 40
per cent this year.
Capturing Ziglu also hands Robin-
hood one of the few crypto groups to
have won approval from the UK’s finan-
cial regulator.
The Financial Conduct Authority’s
registration regime, which focuses on an
applicant’s money laundering controls
and has been plagued by delays, has
given the green light to just 33 of the
more than 100 crypto firms that have
applied since early last year. The regula-
tor has put new applications on hold
while it deals with the backlog.
Ziglu is the third UK crypto firm with
FCA approval to draw the interest of a
potential buyer this year. In February,
Austrian exchange Bitpanda bought
Trustology. The following month,
Binance announced a partnership with
exchange Eqonex, which owns an FCA-
registered unit, in a deal the companies
said could lead to a tie-up.
The UK regulator has said that while it
does not have the authority to investi-
gate any change in ownership of regis-
tered crypto businesses before a deal is
completed, it can “take steps to suspend
or cancel the registration of a crypto
asset business if it is not satisfied the
firm or its beneficial owner is fit and
proper” following a transaction.
Robinhood said it eventually planned
to integrate Ziglu and expand its opera-
tions into Europe. The deal is the first
time the US brokerage has targeted the
UK since it abandoned a plan to expand
into the market in July 2020.
The UK government earlier this
month laid out plans to become a “glo-
bal hub” for crypto as competition
among countries to grab a share of the
fast-growing but controversial industry
intensifies.
★ FINANCIAL TIMES
UK COMPANIES
embarrassingly well thanks to soaring
global coal prices, which spiked again
after Russia’s invasion of Ukraine. Glen-
core in February estimated that coal
would provide nearly 40 per cent of this
year’s ebitda at spot prices. Chris
LaFemina at Jefferies notes that the
miner’s coal business has gone from a
$1bn-a-year ebitda run rate in late 2020
to nearly $20bn on current spot prices.
Coal has taken on new strategic impor-
tance. Still, it is clear that Glencore’s vic-
tory on coal was the beginning rather
than the end of the wrangling.
Its strategy hasn’t changed. It bought
out joint venture partners in Colombia’s
Cerrejón mine — something it said it
might do but which means a 17 per cent
rise in its coal production this year. It
expects to close three mines soon.
Where it is seeking expansion permits,
it says those were part of the original
mine plan rather than extra tonnage.
One problem is Glencore last year got
credit as an early mover in putting its
strategy to a vote and in setting its net
In the money
Coins and
stamps tipped
to rise in value
zero target. Now more scrutiny is inevi-
table. Another is that Glencore faced a
test in establishing its credibility and its
willingness to leave money on the table
as it winds coal down. Extending mines
into the 2040s hardly helps. It makes a
huge difference to the planet whether
coal tonnage disappears in 2025 or
2049. Glencore’s desire to be judged on
It is clear that Glencore’s
victory on coal was the
beginning rather than the
end of the wrangling
actions can be met with the response
that, by then, it may be too late.
Meanwhile, society’s bar for an ambi-
tious or even credible climate strategy is
rising all the time. “A lot of corporates
are failing to realise the speed of the
change of sentiment on this issue,” says
Guiseppe Bivona, co-founder of activist
Bluebell Capital which wants Glencore
Stanley Gibbons expects stamp and
coin enthusiasts to benefit from rising
prices for their collections, as
inflationary pressures push investors
to hedge against inflation.
Graham Shircore, chief executive of
the collectibles dealer, said yesterday
there was “some evidence that real
assets tend to do reasonably well
during periods of heightened
inflation . . . stamps and coins have
shown to be at the better end of the
spectrum.”
Talk of the increasing potential for
investors to hedge against inflation by
buying real assets comes as gold rose to
its highest level in more than a month
on Monday, reaching a peak of $1,998 a
troy ounce before falling back to $1,977.
Shircore said any tangible increase in
value for stamps and coins would
become clear by the end of the year
to separate its coal mines and this week
wrote to BlackRock, Glencore’s largest
shareholder, urging it to reject the
miner’s climate report.
More details would help. The ACCR,
an Australian shareholder advocacy
group, argues that to be truly aligned
with the Paris goals Glencore must cut
coal faster. Attention in the climate
world has also shifted to 2030 targets
whereas Glencore’s 50 per cent emis-
sions reductions goal is for 2035, the
year after Cerrejón, with output at 20
per cent of current levels, is due to close.
One concern about “say on climate”
votes, flagged by the UN Principles for
Responsible Investors, is that once plans
are approved it could “ease pres-
sure . . . to take further action”. That
shouldn’t be the case. Investors who
blessed Glencore keeping coal, and will
benefit from the current bonanza,
should also be pressing each year to be
sure of its speedy demise.
helen.thomas@ft.com
and the company said it was “by no
means taking this for granted”.
However, he said a series of record
sales “would suggest the higher end
is going through a period of price
appreciation”.
A US coin sold last year for
$18.9mn at Sotheby’s in New York,
breaking its own record set in 2002
when it went for $7.6mn. Stanley
Gibbons bought the world’s most
valuable stamp, pictured above, for
$8.3mn at the same auction.
Shircore also said the company
had worked on the concept of non-
fungible tokens of stamps and coins,
as part of “the changing ways of
people collecting things”.
Stanley Gibbons revenue fell to
£10mn in the 12 months to March
31 2021 from £13mn the previous
year. Ian Johnston
EPA-EFE/Neil Hall Images
Wednesday 20 April 2022
Technology
Uber pension
provider to
recast scheme
after omission
of sharia plan
Delphine STrauSS, JOSephine CumBO
anD Tim BraDShaw
Uber’s UK pension provider is to
redraw its new workforce scheme
within months of its launch after a
union complained that the lack of a
sharia-compliant investment option in
effect excluded much of the app’s Mus-
lim-majority workforce.
Auto-enrolment in a workplace pension
scheme was one of the main practical
benefits to drivers of Uber’s decision last
year to reclassify them as workers, fol-
lowing a landmark ruling by the UK’s
Supreme Court. It means drivers earn-
ing more than £10,000 a year receive
contributions to their retirement fund
worth 8 per cent of pensionable salary,
with 3 per cent paid by their employer,
and 5 per cent by the worker.
The UK pension scheme was a world
first for Uber, which has since urged
other ride-hailing services to offer simi-
lar benefits. But despite claiming to set
new standards for workers in the gig
economy, Uber has been prompted to
make changes by the threat of legal
action from the App Drivers & Couriers
Union, the same antagonist that
brought the Supreme Court case.
Last September, Uber selected NOW
Pensions, the UK’s third largest pension
plan, to run its new retirement scheme,
covering the company’s UK workforce
of about 70,000. Uber also agreed to
make back-payments dated from May
2017, or the date of a driver’s first trip for
those who had joined since that date.
Unlike most workplace pension plans
Uber confirmed it was
working with NOW
Pensions to make a sharia-
compliant fund available
NOW Pensions offers only one invest-
ment fund to its millions of auto-
enrolled members, which was not shar-
ia-compliant. This meant that drivers
who did not want to lose their employer
contribution had to stay put in the non-
sharia fund.
The ADCU said yesterday that the
omission of a sharia option — avoiding
investment in areas such as tobacco,
armaments, pork and certain financial
services — “effectively makes the pen-
sion scheme inaccessible for the vast
majority of the workforce”. Its legal rep-
resentatives wrote to Uber seeking more
information and threatening legal
action if there was no response.
As news of the legal action became
public yesterday, NOW Pensions said
that it would be launching a sharia-
compliant fund this year as members
had been inquiring about the option.
Uber confirmed it was working with
NOW Pensions to make a sharia-
compliant fund available, and expected
it to be available this summer. The
ADCU said it had first contacted Uber
about the issue in December and that
several drivers had contacted it sepa-
rately through the app to ask if a sharia-
compliant option was available, without
receiving a satisfactory response.
The Pensions Regulator said: “We
encourage employers to consider the
particular needs of all their workforce
when choosing a pension scheme and
there are many available that offer
sharia pension funds as an option.”
wednesday 20 april 2022 ★ FINANCIAL TIMES 13

COMPANIES & MARKETS

Fixed income. Monetary policy Currencies

Yen’s slide
Fed’s tightening sends US real to 20-year
yields near positive territory low raises
stakes for BoJ
Hudson LoCkett — HOng KOng
Leo Lewis And eri sugiurA — TOKyO

The yen hit a fresh 20-year low

yesterday as it slid for the 13th straight
day, ratcheting up the stakes for the
Bank of Japan on whether to maintain
its ultra-loose monetary policy stance.
The slump in the yen past ¥128
against the US dollar came as a Tokyo
Shoko Research survey of almost 5,400
companies found that about 40 per cent
said that yen weakness had a “negative
impact” on their business.
Just 29 per cent had taken that view in
December when the yen was at ¥113
against the dollar.
The highest proportion hurt by the
weaker yen was in the clothing and
textile industries, followed by food and
furniture equipment manufacturers.
Tadashi Yanai, chief executive of Fast
Retailing, Asia’s largest clothing retailer,
said in a press conference last
week that the weak yen had “no merit
whatsoever”, arguing it only brought
disadvantages to the Japanese economy.
Foreign exchange analysts said that,
with the yen at ¥128.25 against the
dollar, it was “inevitable” speculators
would test the ¥130 line in the coming
days, particularly because the market
appeared to be taking little notice of

With the yen at ¥128.25

Surge in inflation-adjusted
Treasury payouts marks latest
headwinds for riskier assets
eriC PLAtt — new yOrK
CoLby smitH — wasHingTOn
US inflation-adjusted bond yields are on
the verge of turning positive for the first
time since March 2020 in a surge that is
heaping further pressure on riskier
corners of financial markets.
So-called 10-year real Treasury yields
have soared more than 1 percentage
point since early March, hitting a high of
minus 0.04 per cent yesterday, in a sign
that bond payouts are coming close to
exceeding medium-term inflation
expectations.
The jump in real yields has been
triggered by US Federal Reserve moves
to slow rapid price growth by aggres-
sively tightening monetary policy.
This is already eroding one of the
pillars that has underpinned a powerful
rally in stocks and riskier corporate
bonds from the depths of the
coronavirus crisis two years ago.
“The Federal Reserve is going to
be draining liquidity,” said David
Lefkowitz, the head of US equities in
UBS’s chief investment office. “It is
those more speculative parts of the
market that benefit the most when the
Fed is adding liquidity and they [may]
face some . . . headwinds when the Fed
is going the other way and pulling back.”
The plunge in real yields on ultra low
risk US government bonds deep into
negative territory in 2020 set off a race
by investors to hunt down assets that
US real yields shoot higher
Yield on Treasury inflation adjusted securities, by maturity (%)
30-year
10-year
5-year
2019 20
Source: Bloomberg
could provide higher returns when
accounting for the effects of inflation.
Prices of lossmaking start-ups and
fast-growing technology groups sky-
rocketed from the March 2020 nadir
until late 2021 as a result with risky cor-
porate debt also rallying sharply higher.
This year’s jump in real yields has
prompted investors to reassess the
value of owning businesses that may not
generate big profits for many years.
Some private start-ups such as
Instacart have agreed to cut their
valuations while shares of lossmaking
technology companies have dropped
more than 30 per cent this year,
according to Goldman Sachs.
Even America’s S&P 500 index,
home to the country’s blue-chip listed
companies, has declined more than 7
per cent so far in 2022 with rising real
yields combining with uncertainty over
the war in Ukraine and intense inflation
to spook investors.
In the corporate debt market, an Ice
2.0
1.0
0 financial
-1.0
-2.0
21 22
Data Services index tracking the returns
on US junk bonds has dropped 6.3 per
cent over the same period.
This year’s jump in real yields reflects
a surge in nominal, or non-inflation
adjusted, borrowing costs spurred by
the Fed, which is raising interest rates
and moving rapidly to reduce its $9tn
balance sheet as policymakers attempt
to damp down intensifying consumer
price pressures.
Treasury yields have risen more
sharply than inflation expectations, a
divergence that indicates investors have
confidence in the Fed’s ability to reduce
troubling inflation levels in the years
ahead.
The 10-year break-even rate, a
market-based gauge of investor’s
inflation forecasts over the next 10
years, has held in a roughly 2.75 to
3 per cent range in recent weeks, far
lower than the March 2022 inflation
rate of 8.5 per cent.
“There is a reasonable amount of faith
Policy steps: the in the Fed’s ability and willingness to
jump in real combat inflation,” said Ian Lyngen, a
yields shows strategist at BMO Capital Markets.
how much the “What’s at issue isn’t whether
US Federal the Fed’s response is appropriately
Reserve has calibrated to inflation at the moment
been able but a belief on the part of market
to change participants that the Fed will adjust
policy as necessary,” he added.
conditions The uptick in real yields also shows
over time how much the Fed has been able to
Joshua Roberts/Reuters
tighten financial conditions over time, a
shift that Lael Brainard, a governor
tapped to be the next vice-chair,
acknowledged last week.
“The communications about our
policy plans have already been
tightening those broader financial
conditions over the past really four to
five months, considerably more than
you might be able to discern from just
looking at the policy rate alone,” she
said at an event hosted by the Wall
Street Journal.
Borrowing costs for companies have
shot higher, as have mortgage rates for
consumers, which hit 5 per cent for
the first time since 2011 last week,
according to Freddie Mac.
‘There is a Despite the uptick, financial
reasonable conditions are “still pretty loose”, said
John Madziyire, a portfolio manager at
amount Vanguard. “It could mean the Fed would
of faith in need to do more but it’s too early to
know.”
the Fed’s Economists are divided over how
ability and much further real yields could rise given
the rapid move already. But some are
willingness warning they could jump again as the
to combat Fed attempts to rein in inflation.
“The $64,000 question is how high do
inflation’ real yields go,” Lefkowitz said.
against the dollar, it was
‘inevitable’ speculators
would test the ¥130 line
remarks from Japanese authorities
designed to calm the yen’s descent.
The yen is down 10 per cent against
the dollar this year. The market reaction
to comments from the BoJ and the Min-
istry of Finance was likely to be limited
as long as US rates continued to march
higher and Japan’s ultra-loose monetary
policy was maintained, said JPMorgan
forex strategist Benjamin Shatil.
As the yen fell yesterday, Japan’s
finance minister Shunichi Suzuki
declared the speed and abruptness of
the yen’s move “undesirable”.
While acknowledging that, for Japan’s
trade-dependent economy, there were
positive aspects to a weaker currency,
he said “there are strong negative
aspects in the current economic
climate”.
Echoing previous comments, Suzuki
added that the government was care-
fully watching forex moves.
His remarks came ahead of his depar-
ture yesterday to the US where both he
and the BoJ governor Haruhiko Kuroda
are attending G7 and G20 meetings.
The policy split has widened the gap
in yields on Japanese and US govern-
ment bonds with those on 10-year US
Treasuries more than 2.6 percentage
points higher than those on the
equivalent Japanese sovereign bonds.
Our global The yen’s steady losses have made it
team gives you
market-moving
by far the worst-performing leading
currency this year in dollar terms.
news and views, The drop of almost 1 per cent took its
24 hours a day
ft.com/markets
exchange rate to the lowest level since
May 2002.
see Lex

equities Asset management

UK plans to strip Moscow’s bourse of Thematic funds triple share of global

status enabling tax relief on dealing
evA szALAy
The UK plans to strip Russia’s stock
exchange of a status that allows
investors to claim tax relief on trades,
in a move aimed at further isolating
Moscow from global financial markets.
HM Revenue & Customs said yesterday
that it intended to revoke Moscow
Exchange’s status as a recognised
exchange, removing investors’ ability to
access UK tax benefits when trading
securities on the bourse.
The announcement kicks off a two-
week consultation period, which will
determine if HMRC goes ahead with the
proposal.
The move comes alongside the
sanctions introduced by the UK
government and other western allies on
Russia in the wake of its invasion of
Ukraine in late February.
“As we continue to isolate Russia in
response to their illegal war on Ukraine,
revoking Moscow Stock Exchange’s
recognised status sends a clear message
— there is no case for new investments
in Russia,” said Lucy Frazer, financial
secretary to the UK Treasury.
Stock exchanges can apply to become
recognised by HMRC, a status that
encourages investment on their
platforms by allowing investors to
benefit from tax relief.
The reversal of this status would
probably lead to a decline in activity on
the platform and further reduce the
amount of money channelled into
Russian assets.
HMRC said it had drafted its proposal
because, in late February 2022,
Moscow Exchange banned the sale of
assets by non-resident investors,
“which means that it is no longer
Moscow Exchange placed curbs on
non-resident investors in February
operating in line with the normal
commercial standards expected of a
recognised exchange”.
The UK authority said it would
withdraw the Russian exchange’s status
as long as restrictions on foreign
investors remained in place.
Despite the curbs on foreigners selling
shares, Moscow’s stock market has lost
40 per cent of its value this year in local
currency terms, leaving it on track for
the worst annual run since the global
financial crisis in 2008.
“HMRC intends to take these actions
alongside the sanctions that the UK is
placing on Russia because of the illegal
war on Ukraine. HMRC has acted in the
interests of all those who value fair and
open trading on global stock markets,”
HMRC said.
The UK, US and EU have imposed
severe sanctions on Russia, its biggest
companies and dozens of individuals, as
they seek to inflict pain on the country’s
economy in retaliation for the war in
Ukraine.
The country is at risk of defaulting on
its debt for the first time since 1998 after
the US stopped banks from handling
dollar bond payments from Russia.
investment trade over past decade
steve JoHnson
Thematic funds have tripled their
share of the global investment market
to 2.7 per cent of all equity funds in the
past decade as investors increased bets
on trends from artificial intelligence to
Generation Z.
More than $800bn is now invested
worldwide in equity-based thematic
funds following “dramatic” growth
since the onset of the Covid-19
pandemic, according to Morningstar.
This compares with just $71bn at the
end of 2011, equivalent to 0.8 per cent of
all equity funds at the time.
The stellar growth comes despite
research suggesting US-listed thematic
exchange traded funds often launch at
or near the top of the market for their
theme.
As a result, they have on average
underperformed the wider stock
market on a risk-adjusted basis by
about 4 percentage points a year for
the first five years of their existence,
according to a recent paper.
“Some have delivered phenomenal
performance, others have been duds
[but] most thematic funds don’t beat
global equities over longer periods,” said
Kenneth Lamont, senior fund analyst
for passive strategies at Morningstar.
Analysis by Morningstar found that
“many thematic funds have chalked up
impressive returns” since the start of
the pandemic in March 2020.
More than half of thematic funds
outperformed the Morningstar Global
Markets index in the three years to the
‘Some have delivered
phenomenal performance,
others have been duds’
Kenneth Lamont, Morningstar
end of 2021, it said. But the longer record
“isn’t nearly as compelling,” Lamont
said, with only 39 per cent of thematic
funds beating the index over five years.
In the past 15 years, more than
three-quarters of thematic funds have
closed while just one in 10 survived and
outperformed.
Ben Johnson, director of global ETF
research at Morningstar, said: “The
issues plaguing thematic funds are
by no means unique to them” with
survivorship and outperformance rates
tending to be low for all types of
active strategies.
Lamont said the lacklustre long-term
performance of thematic funds was in
part a product of them tending to have
higher fees than non-thematic vehicles,
creating a larger drag on returns.
He also pointed to the weaknesses in a
“hallmark of thematic funds” — an “on-
the-fly tweaking of funds’ investment
strategies as themes evolve”.
After a brief and messy flirtation with
internet-focused funds in the 1990s, the
thematic concept took off in the 2000s
with widespread adoption of ETFs,
which boomed from just one in 2005 to
50 in 2010.
There were a record 589 thematic
launches last year, according to
Morningstar, more than double the pre-
vious record of 271 in 2020, taking the
total to 1,952.
Assets tripled from $255bn to $806bn
in the two years to the end of 2021,
although inflows have slowed since
peaking in the first quarter of last year
when the pandemic threw up new
investment themes and gave an army of
retail investors the time to trade them.
14 ★ FINANCIAL TIMES Wednesday 20 April 2022

COMPANIES & MARKETS

Politicians wake The day in the markets

up to the value of What you need to know
votes in crypto 3 US stocks outperform, led higher by
UK 10-year gilt yield hits highest level since 2015
Nasdaq technology groups
3 Europe’s equities and bonds dip as Per cent

Eva Szalay Ukraine conflict damps sentiment

3 Gold surrenders some recent haven-
driven gains
2.5

Markets Insight US stocks rallied yesterday even as

government debt sold off after the IMF
2.0

warned that the Ukraine war would hit

J
ane Hume, Australia’s minister
for financial services, argued in
a speech last month that
the rapidly growing crypto
industry had the potential to
create hundreds of thousands of new
jobs and boost Australia’s economic
growth by more than 50 per cent.
But if the country voted for the
opposition Labor party at the May 21
national election, she said, none of this
would happen.
Australia would lose out because the
opposition would ban digital assets “out
of timidity [and] an obsession with
removing all risks and protecting
consumers from themselves”.
The contrast, she said, could not
be more stark with the current
government, which wanted Australians
to take part in the digital gold rush.
“There is a political reality here. I
would love support of the crypto
industry to be a bipartisan issue but it
simply isn’t,” she told her audience.
This is the sound of politicians waking
up to the voter potential of crypto
enthusiasts. Bitcoin and its peers have
surged in popularity since the start of
the pandemic and millions of people
around the world now own digital assets
worth more than $2tn in total.
As their popularity increased, so did
attention from elected officers: crypto is
becoming a minor hot button issue as
political parties across the world won-
der whether a stance on digital assets
and their regulation could win votes.
“It wouldn’t surprise me if crypto
becomes an issue at the next election,”
said Sheila Warren, chief executive of
Crypto Council for Innovation, a US
lobby group.
The digital asset industry is already
flexing its lobbying muscles in
growth while simultaneously stoking 1.5
Washington and Westminster, and sector to date. On the same day, UK inflation.
cross-party supporters of the chancellor Rishi Sunak tasked the Royal Wall Street’s broad S&P 500 share
technology, known as the “crypto Mint with issuing a non-fungible token. index rose 1.3 per cent and the
caucus” are set to become among the The appeal of crypto as a potential technology-heavy Nasdaq Composite 1.0
leading power operators on Capitol Hill. vote winner is easy to understand when added 1.8 per cent with robotic surgery
The original ideology of crypto cuts looking at the numbers, especially since group Intuitive Surgical and workplace
across party lines and places emphasis digital assets are primarily held by software company Okta among the 0.5
on libertarian ideas as well as social younger people. Globally, more than biggest risers.
goals such as financial inclusion. 80mn individual crypto wallets are at By contrast, the pan-regional Stoxx
But regulation and the extent to present active, according to data Europe 600 gauge dipped 0.8 per cent.
which these tokens should be overseen website Blockchain.com. Frankfurt’s Xetra Dax lost 0.1 per cent and 0
by authorities is emerging as a dividing A survey from crypto exchange London’s FTSE 100 fell 0.2 per cent. 2015 16 17 18 19 20 21 22
line between parties. The politically Gemini found that 18 per cent of UK Eurozone bonds were also hard hit. The Source: Refinitiv
conservative parties tend to take a more adults own digital assets while, in the IMF said commodity-importing nations in
liberal approach while liberals argue for US, a comparable number of adults hold Europe would be more affected than the
stricter regulation. such coins. They are mostly young, with US by fuel and food price surges caused Bank lifting interest rates. The equivalent chair Jay Powell, which may offer signs
more than 40 per cent of crypto owners by the conflict. UK gilt yield rose 9bp to 1.98 per cent. about how aggressively the central bank
in the US aged under 35. “Europe is in more of a precarious “There is more concern about inflation will raise interest rates this year after the
The original ideology of The numbers are rising. Almost half situation than the US,” said Mary Nicola, in Europe, and expectations of the ECB annual pace of consumer price growth hit
crypto cuts across party of all crypto owners in the US, Latin multi-asset portfolio manager at raising interest rates are being baked in,” 8.5 per cent in March.
America and Asia-Pacific bought digital PineBridge. “We see impacts on said Brian Nick, chief investment The price of gold, which reached its
lines and places emphasis tokens over the course of last year, the sentiment and economic activity that strategist at Nuveen. highest point in a month on Monday as
on libertarian ideas Gemini study shows. aren’t going to go away.” US Treasuries also came under economic growth concerns drove
“The recent Russian invasion of The yield on Germany’s 10-year Bund pressure with the yield on the policy- investors to buy up the haven asset,
Ukraine and the sanctions by the US jumped 8 basis points to 0.92 per cent, its sensitive two-year note adding 7bp to slipped 1.3 per cent lower to $1,953 a
In the US, at least two states have government have brought digital assets highest level since July 2015, as prospects 2.53 per cent. At the longer end, the yield troy ounce.
candidates running on a pro-blockchain to the attention of many voters,” said of sustained inflation in the eurozone on the 30-year Treasury note rose above Brent crude oil dropped 4.8 per cent to
platform in this year’s Senate votes, Richard Levin, chair of the FinTech and damped the appeal of bonds’ fixed 3 per cent for the first time since 2019. $107.76 a barrel after rallying in recent
including former child actor Brock Regulation Practice at law firm Nelson income payments and raised The moves came as traders awaited a days. Naomi Rovnick, Harriet Clarfelt
Pierce in Vermont. Mullins Riley & Scarborough. expectations of the European Central speech tomorrow by US Federal Reserve and William Langley
“Everyone should support innovation He added that the presidential
and better technology. Unfortunately, it executive order on digital assets had
has become a partisan issue for some, as also brought the issue of crypto- Markets update
we’ve seen from recent efforts to currencies to the attention of candidates
increase regulation,” said Bruce Fenton, running for Congress. There were
a well-known figure in the crypto indus- already some, such as Wyoming’s
try who is running for the Republican Cynthia Lummis, who are outspoken US Eurozone Japan UK China Brazil
nomination in New Hampshire. supporters of blockchain and whose Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
Crypto is seeping into politics all campaigns would probably benefit from Level 4450.82 1785.05 26985.09 7601.28 3194.03 114551.18
around the world. In early April, the the support of crypto enthusiasts. % change on day 1.35 -0.76 0.69 -0.20 -0.05 -0.98
UK’s Conservative government With the number of crypto-curios Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
announced a range of measures rising, interest from politicians is only Level 100.836 1.079 128.835 1.299 6.378 4.681
designed to turn the country into a going to follow. % change on day 0.055 0.000 1.721 -0.230 0.130 0.134
global hub for digital asset businesses, Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
issuing its strongest endorsement of the eva.szalay@ft.com Yield 2.893 0.905 0.243 1.968 2.849 11.857
Basis point change on day 4.850 6.900 0.330 8.100 0.300 -5.200
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 456.75 107.24 101.98 1963.25 25.66 5130.40
% change on day 0.63 -5.04 -5.07 -0.68 0.06 0.33
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
4640 1840 7680

4480 1760 7360

4320 1680 7040

| | | | | | | | |
4160 || | | | | | | | | | | | | | | | | | | 1600 | |
| | | | | | | | | | | | | | | | | | 6720 | | | | | | | | | | |

Feb 2022 Apr Feb 2022 Apr Feb 2022 Apr

Biggest movers
% US Eurozone UK
Abiomed 7.54 A.p. Moller - Maersk B 5.12 Smith & Nephew 3.31
Citizens Fin 7.14 Continental 3.91 Royal Mail 2.86
Ups

Intuitive Surgical 6.30 Saipem 3.81 Ferguson 2.30

Wynn Resorts 6.29 Infineon Tech 3.07 Rolls-royce Holdings 2.22
American Airlines 6.20 Grifols 2.99 Smurfit Kappa 2.01
%
Dentsply Sirona -12.81 Merck -3.74 Intermediate Capital -4.55
Travelers Companies (the) -4.93 Hermes Intl -3.62 Itv -3.61
Downs

Hartford Fin Services (the) -3.60 Unicredit -3.30 Informa -3.36

Cf Industries Holding -2.68 L'oreal -2.90 Jd Sports Fashion -3.02
Pioneer Natural Resource Co -2.60 Colruyt -2.78 Rentokil Initial -2.80
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

A downgrade to guidance pushed Polish games developer CD Projekt fell Spectris, which provides test equipment
computer networking equipment more than 10 per cent after delaying and software, jumped more than 4 per
provider Netgear sharply lower. some releases. cent on news that it had sold its specialist
It forecast first-quarter net revenue of Credit Suisse noted that the Warsaw sensors business, Omega, to US private
between $202mn and $212mn against a group’s expansion pack for its equity firm Arcline for $525mn.
previous estimate of $225mn to $240mn. blockbuster title Cyberpunk 2077, which Shore Capital said shareholders should
This was due, in part, to a decline in the had been scheduled for 2022, had been “be encouraged” by the divestment,
US consumer WiFi market, which ended moved to next year. which achieved a valuation equivalent to
the first quarter flat compared with 2019 That followed a tweet last week “20 times [2021] earnings multiple for a
levels. revealing that CD Projekt’s in-house team business, which could be considered to be
Zendesk rallied following a Bloomberg would carry out the remaining work on lower quality than the average across the
report that said it was working with an the next-generation version of The Spectris portfolio”.
adviser to investigate a potential sale. Witcher 3: Wild Hunt, its other high- Providing a further fillip was news of a
The provider of software-as-a-service profile franchise. share buyback programme of up to
products related to customer support had A warning about the effects of the £300mn with an initial tranche of £150mn
invited approaches from possible buyers, Ukraine war weighed on Scor, the French due “to be launched shortly”.
although Zendesk could still elect to reinsurance group. Retailer WHSmith, which owns Funky
remain independent, the article said. It expected a first-quarter charge “in Pigeon, dipped after revealing that its
Better than expected results lifted the high double-digit euro million range online greetings card group had been the
healthcare group Johnson & Johnson. for potential claims” related to the victim of a “cyber security incident
It reported a 3.1 per cent year-on-year conflict. affecting part of its systems” last
rise in earnings to $2.67 per share, which Scor PO, a subsidiary that it owns in Thursday.
was 11 cents above the Refinitiv-compiled Russia, was “directly impacted” by the Orders from Funky Pigeon had been
estimate. hostilities and had stopped underwriting “temporarily suspended” as WHSmith
But given the uncertainty surrounding new business, it added. looked into the “incident with external IT
the path of the pandemic, J&J said it was French veterinary pharmaceuticals specialists”, it said. “No customer payment
suspending its sales guidance for Covid- supplier Virbac jumped after announcing data, such as bank account or credit card
19 vaccines. “very strong” growth in first-quarter details, has been placed at risk.”
Hydrogen fuel cell group Plug Power revenue. A well-received boardroom reshuffle
rallied on news that it had signed an Sales advanced 16.2 per cent buoyed Chill Brands, a producer of
agreement with retail behemoth Walmart year-on-year on a constant currency cannabidiol products.
to deliver liquid green hydrogen, a type of basis to €318mn, “driven by [a] good It appointed Callum Sommerton,
clean fuel produced from renewable performance in all areas”, said the group. previously its international brand director,
energy. Ray Douglas Ray Douglas as its chief executive. Ray Douglas
Wednesday 20 April 2022 ★ FINANCIAL TIMES 15

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.20% -0.76% -2.28% -0.230% -1.71% -0.68%

No change
1.35% 1.94% 1.22% 0.69% 0.63% 1.721% 0.121%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Mar 20 - - Index All World Mar 20 - Apr 19 Index All World Mar 20 - Apr 19 Index All World Mar 20 - Apr 19 Index All World Mar 20 - Apr 19 Index All World Mar 20 - Apr 19 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
7,601.28
21,875.96 2,718.89
4,461.18 4,450.82 21,818.47 7,385.34 14,388.06 26,985.09 2,686.05
14,153.46 26,827.43

Day 1.35% Month -0.26% Year 6.92% Day 0.45% Month 0.74% Year 14.45% Day -0.20% Month 2.74% Year 8.68% Day -0.07% Month -0.28% Year NaN% Day 0.69% Month 0.58% Year -9.10% Day 0.95% Month 0.44% Year -15.00%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
8,694.00
1,785.05
13,893.84 54,266.55 1,760.18 8,412.00 3,330.63 3,307.13
13,590.73 21,221.34 21,027.76
53,411.88
Day 1.94% Month -2.17% Year -2.32% Day 0.37% Month -2.00% Year 13.08% Day -0.76% Month 0.57% Year 4.99% Day -0.06% Month 3.28% Year 0.93% Day -2.28% Month -1.84% Year -27.45% Day 0.12% Month -0.48% Year 3.53%

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

24,624.41
34,754.93 34,830.91 116,154.53 114,886.03 6,612.52 24,123.58 3,215.04
6,534.79 3,194.03 56,816.65 56,463.15
Day 1.22% Month 0.24% Year 2.23% Day -0.98% Month -0.62% Year -5.24% Day -0.83% Month -1.29% Year 3.94% Day -0.96% Month 1.56% Year -0.58% Day -0.05% Month -1.75% Year -6.79% Day -1.23% Month -2.92% Year 15.03%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 91215.23 91239.22 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 26866.42 27123.32 Philippines Manila Comp 7037.74 6996.11 Taiwan Weighted Pr 16993.40 16898.87 Cross-Border DJ Global Titans ($) 497.93 492.29
Australia All Ordinaries 7867.90 7822.20 Czech Republic
PX 1362.95 1375.87 FTSE Italia Mid Cap 43237.78 43366.71 Poland Wig 63327.44 63760.06 Thailand Bangkok SET 1675.62 1668.06 Euro Stoxx 50 (Eur) 3832.23 3848.68
S&P/ASX 200 7565.20 7523.40 Denmark OMXC Copenahgen 20 1779.38 1777.96 FTSE MIB 24624.41 24862.35 Portugal PSI 20 6106.57 6133.52 Turkey BIST 100 2514.75 2510.31 Euronext 100 ID 1255.95 1262.52
S&P/ASX 200 Res 6321.60 6253.10 Egypt EGX 30 10724.80 10707.93 Japan 2nd Section 7228.27 7239.06 PSI General 4455.51 4477.22 UAE Abu Dhabi General Index 8333.19 8358.50 FTSE 4Good Global ($) 10711.86 10627.30
Austria ATX 3259.46 3259.75 Estonia OMX Tallinn 1914.33 1938.40 Nikkei 225 26985.09 26799.71 Romania BET Index 12988.58 13068.60 UK FT 30 2592.00 2572.00 FTSE All World ($) 456.75 453.87
Belgium BEL 20 4210.15 4216.29 Finland OMX Helsinki General 11296.00 11173.72 S&P Topix 150 1642.33 1629.75 Russia Micex Index 2297.91 2342.63 FTSE 100 7601.28 7616.38 FTSE E300 1785.05 1798.76
BEL Mid 10431.52 10531.06 France CAC 40 6534.79 6589.35 Topix 1895.70 1880.08 RTX 923.10 926.08 FTSE 4Good UK 6953.05 6981.10 FTSE Eurotop 100 3446.68 3477.29
Brazil IBovespa 114551.18 115687.25 SBF 120 5071.68 5110.74 Jordan Amman SE 2436.96 2449.37 Saudi-Arabia TADAWUL All Share Index 13733.14 13682.39 FTSE All Share 4219.72 4232.12 FTSE Global 100 ($) 2854.67 2828.34
Canada S&P/TSX 60 1328.02 1321.81 Germany M-DAX 30724.08 30669.35 Kenya NSE 20 1872.39 1860.99 Singapore FTSE Straits Times 3307.13 3303.07 FTSE techMARK 100 6106.93 6098.22 FTSE Gold Min ($) 2549.07 2548.01
S&P/TSX Comp 21977.82 21878.41 TecDAX 3209.16 3200.97 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 380.18 380.18 USA DJ Composite 11823.65 11654.60 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1689.60 1639.24 XETRA Dax 14153.46 14163.85 Latvia OMX Riga 1076.67 1070.03 Slovenia SBI TOP - - DJ Industrial 34830.91 34411.69 FTSE Multinationals ($) 2975.89 2977.86
Chile S&P/CLX IGPA Gen 25199.34 24967.90 Greece Athens Gen 926.00 918.96 Lithuania OMX Vilnius 921.20 915.29 South Africa FTSE/JSE All Share 73830.27 73382.83 DJ Transport 15176.43 14798.43 FTSE World ($) 828.88 822.31
China FTSE A200 10919.99 11008.90 FTSE/ASE 20 2243.26 2227.50 Luxembourg LuxX 1809.01 1836.93 FTSE/JSE Res 20 82910.44 82425.13 DJ Utilities 1058.72 1054.81 FTSEurofirst 100 (Eur) 4640.66 4664.33
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 21027.76 21518.08 Malaysia FTSE Bursa KLCI 1581.14 1589.01 FTSE/JSE Top 40 66867.43 66481.94 Nasdaq 100 14173.22 13910.76 FTSEurofirst 80 (Eur) 5317.81 5342.00
Shanghai A 3347.55 3349.13 HS China Enterprise 7167.67 7385.58 Mexico IPC 54339.37 54139.69 South Korea Kospi 2718.89 2693.21 Nasdaq Cmp 13590.73 13332.36 MSCI ACWI Fr ($) 688.63 690.21
Shanghai B 294.11 290.84 HSCC Red Chip 4054.35 4115.29 Morocco MASI 12999.31 12971.89 Kospi 200 357.36 353.63 NYSE Comp 16623.32 16466.21 MSCI All World ($) 2954.15 2959.67
Shanghai Comp 3194.03 3195.52 Hungary Bux 43026.80 42999.39 Netherlands AEX 716.57 719.70 Spain IBEX 35 8694.00 8699.00 S&P 500 4450.82 4391.69 MSCI Europe (Eur) 1823.41 1823.42
Shenzhen A 2113.76 2116.11 India BSE Sensex 56463.15 57166.74 AEX All Share 983.68 988.23 Sri Lanka CSE All Share 8135.25 8249.70 Wilshire 5000 44872.64 44086.60 MSCI Pacific ($) 2814.29 2848.19
Shenzhen B 1062.24 1060.04 Nifty 500 14726.65 14926.05 New Zealand NZX 50 11835.88 11891.58 Sweden OMX Stockholm 30 2101.31 2098.58 Venezuela IBC 5962.54 5951.31 S&P Euro (Eur) 1778.13 1785.60
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 7199.23 7275.29 Nigeria SE All Share 47510.38 47367.31 OMX Stockholm AS 879.21 879.02 Vietnam VNI 1406.45 1432.60 S&P Europe 350 (Eur) 1836.29 1848.83
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7197.62 7245.37 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 12281.42 12475.08 S&P Global 1200 ($) 3280.46 3256.54
Israel Tel Aviv 125 2125.85 2119.93 Pakistan KSE 100 46333.36 46539.59 Stoxx 50 (Eur) 3747.60 3783.10
(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 Apr 19 %Chg %Chg Apr 19 %Chg %Chg Apr 19 %Chg %Chg Apr 19 %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 92.5 1029.05 24.76 Shell 346.4 2228.00 36.00 Bbva 898.4 5.08 0.05 Nippon Yusen Kabushiki Kaisha 810.3 9910.00 330.00 Int Consolidated Airlines S.a. 144.82 7.1 0.9 Wood (john) 192.45 9.3 2.0 Enquest 36.50 11.1 95.4 Travel & Leisure 6821.98 2.9 -
Nvidia 59.8 222.61 4.78 Unilever 186.7 3421.50 -7.50 Roche Gs 731.3 368.44 -13.53 Softbank . 781.6 5547.00 -106.00 Rolls-royce Holdings 95.50 6.4 - Discoverie 826.00 9.0 - Petrofac 128.50 9.4 13.7 Electronic & Electrical Equip. 9434.39 2.6 -22.0
Apple 46.3 167.00 1.93 Glencore 176.1 535.60 8.80 Nestle N 595.7 118.80 -2.44 Tokyo Electron 507.8 55420.00 1240.00 Intercontinental Hotels 5184.00 5.9 8.8 Harbour Energy 530.00 6.3 51.0 Norcros 261.00 8.3 - Oil & Gas Producers 7547.20 2.6 32.1
Advanced Micro Devices 38.7 96.43 2.54 Astrazeneca 170.9 10500.00 -36.00 Novartis N 407.4 85.06 -0.27 Toyota Motor 460.8 2177.00 22.00 Ferguson 10250.00 4.9 - Oxford Instruments 2200.00 6.0 - Lamprell 27.90 7.7 - Automobiles & Parts 2305.13 2.0 -
Amazon.com 37.9 3151.73 96.03 Diageo 161.9 3867.50 -96.00 Asml Holding 390.5 561.60 2.90 Fast Retailing Co., 417.5 62900.00 -1100.00 Smurfit Kappa 3204.00 3.7 - Carnival 1378.00 5.7 -3.8 Wickes 211.60 7.7 - Banks 3181.78 1.7 4.6
Microsoft 24.5 284.29 3.77 Glaxosmithkline 152.7 1759.60 -13.40 Santander 351.2 3.16 0.01 Kawasaki Kisen Kaisha, 410.9 7550.00 260.00 Whitbread 2910.00 3.6 -3.4 Renishaw 4054.00 5.4 - Slf Realisation Fund 11.80 7.3 - Personal Goods 28835.42 1.6 -
Twitter 24.0 48.11 -0.34 Bp 146.1 401.05 1.60 Sap Se O.n. 308.3 97.17 0.01 Tokyo Electric Power ,orporated 339.4 487.00 15.00 Smiths 1453.50 3.3 -8.2 Spectris 2632.00 5.4 - Xps Pensions 136.00 7.1 -4.6 General Retailers 2928.74 1.6 1.2
Meta Platforms 19.9 216.87 6.10 Rio Tinto 140.4 6142.00 -70.00 Totalenergies 280.5 47.34 0.66 Inpex 295.6 1668.00 61.00 Shell 2228.00 2.9 28.0 Tui Ag 238.30 5.3 3.7 Kenmare Resources 526.00 6.4 16.1 General Industrials 6128.48 1.4 -13.4
Alphabet 15.0 2585.54 32.01 Relx 126.4 2399.00 -40.00 Sanofi 257.9 102.54 -0.60 Sony 283.0 11280.00 140.00 Lloyds Banking 45.37 2.8 -6.6 Watches Of Switzerland 1127.00 5.1 -24.5 Wanton 424.00 6.0 17.4 Real Estate Investment Trusts 3326.49 1.2 -3.6
Johnson & Johnson 15.0 183.57 5.91 Hsbc Holdings 112.9 525.60 3.20 Allianz Se Na O.n. 234.0 218.05 -1.05 Mitsui O.s.k.lines, 251.3 3235.00 110.00 Royal Mail 338.50 2.6 - Biffa 339.20 4.2 -7.1 Pharos Energy 29.10 5.8 15.5 Industrial Metals 8340.24 1.0 31.1
Entain 1574.00 2.4 -7.0 Blackrock World Mining Trust 791.00 4.1 34.3 Anglo-eastern Plantations 926.00 5.0 35.8 Industrial Engineering 15057.76 0.8 -
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
Melrose Industries 121.45 2.1 -22.3 Tbc Bank 1220.00 3.6 - Kier 82.90 4.9 - Construction & Materials 6725.18 0.6 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Abiomed 324.25 22.74 7.54 Darktrace 384.20 19.30 5.29 A.p. Møller - Mærsk B A/s 2583.18 128.39 5.23 Pacific Metals Co., 4035.00 285.00 7.60 Dechra Pharmaceuticals 3800.00 -6.7 - Darktrace 384.20 -15.1 - Dignity 527.00 -13.3 - Nonlife Insurance 2877.77 -3.2 -
Citizens Fin 44.18 2.95 7.14 Spectris 2632.00 117.00 4.65 A.p. Møller - Mærsk A A/s 2500.50 114.27 4.79 Sumitomo Osaka Cement Co., 3415.00 165.00 5.08 Itv 74.24 -6.1 -33.1 Jtc 713.00 -11.6 - Treatt 1024.00 -8.6 -20.6 Chemicals 12772.60 -2.6 -
Intuitive Surgical 293.76 17.41 6.30 Wood (john) 192.45 7.50 4.06 Dsv A/s 154.74 6.12 4.12 Fujikura 566.00 27.00 5.01 Abrdn 193.20 -4.6 -7.2 Trustpilot 139.60 -8.8 -58.8 Mcbride 33.00 -8.3 - General Financial 12907.57 -2.5 11.4
Wynn Resorts 78.08 4.62 6.29 Smith & Nephew 1234.00 39.50 3.31 Volvo, Ab Ser. B 15.31 0.53 3.55 Mazda Motor 920.00 43.00 4.90 Hargreaves Lansdown 959.20 -4.2 - Provident Fin 261.00 -6.9 - Aptitude Software 311.00 -7.4 - Beverages 29200.15 -2.1 -5.9
American Airlines 19.69 1.15 6.20 Royal Mail 338.50 9.40 2.86 Infineon Tech.ag Na O.n. 27.71 0.89 3.32 Sumitomo Metal Mining Co., 6614.00 264.00 4.16 Bt 185.85 -4.1 10.6 Aj Bell 285.00 -6.5 - Photo-me Int 70.00 -6.7 14.8 Gas Water & Multiutilities index 6381.32 -2.0 7.2
Croda Int 7418.00 -4.0 - Pets At Home 307.60 -6.3 - Pendragon 25.00 -6.4 11.1 Real Estate & Investment Servic 2701.36 -1.8 -
Downs Downs Downs Downs
Ocado 1143.00 -3.5 - Liontrust Asset Management 1208.00 -5.9 - Saga 239.40 -5.7 - Mobile Telecommunications 3235.27 -1.3 12.3
Dentsply Sirona 42.48 -6.24 -12.81 Jtc 713.00 -98.00 -12.08 Swiss Re N 80.50 -6.60 -7.58 Sumitomo Dainippon Pharma Co Ltd 1088.00 -26.00 -2.33
Rentokil Initial 514.00 -3.0 - Integrafin Holdings 402.80 -4.8 - Mckay Securities 280.00 -5.7 21.7 Software & Computer Services 1837.22 -0.9 -
Travelers Companies (the) 176.08 -9.14 -4.93 Ssp 229.10 -15.50 -6.34 Sartorius Ag Vzo O.n. 370.20 -21.50 -5.49 M3,. 4478.00 -101.00 -2.21
Intermediate Capital 1614.50 -3.0 - Tullow Oil 58.25 -4.5 28.2 Dfs Furniture 170.40 -5.2 - Food Producers 6310.58 -0.9 -6.4
Hartford Fin Services (the) 72.35 -2.70 -3.60 Syncona 163.80 -9.60 -5.54 Stellantis 13.35 -0.73 -5.16 Softbank . 5547.00 -106.00 -1.88
Jd Sports Fashion 143.05 -3.0 - Greggs 2270.00 -4.5 - Sabre Insurance 217.50 -5.0 19.7 Mining 11716.53 -0.6 -
Cf Industries Holding 107.08 -2.95 -2.68 Ferrexpo 181.70 -10.60 -5.51 Prosus 44.88 -2.14 -4.56 Fast Retailing Co., 62900.00 -1100.00 -1.72
Rightmove 623.40 -2.8 -22.0 Mitchells & Butlers 232.00 -4.4 -6.7 Superdry 169.60 -4.8 - Pharmaceuticals & Biotech. 21420.20 -0.5 14.2
Pioneer Natural Resource Co 250.00 -6.67 -2.60 Wizz Air Holdings 2949.00 -167.00 -5.36 Hermes Intl 1237.00 -46.50 -3.62 Nexon Co., 2928.00 -50.00 -1.68
Intertek 4943.00 -2.7 - Countryside Partnerships 244.20 -4.4 - Marston's 74.35 -4.7 -1.8 Equity Investment Instruments 12478.89 -0.4 -
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
Apr 19 Currency Mid Change Mid Change Mid Change Apr 19 Currency Mid Change Mid Change Mid Change Apr 19 Currency Mid Change Mid Change Mid Change Apr 19 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 113.7860 -0.0220 122.7359 -0.1032 147.8201 -0.3404 Indonesia Indonesian Rupiah 14342.5000 -11.0000 15470.6321 -21.8827 18632.4525 -53.6178 Poland Polish Zloty 4.3083 0.0261 4.6472 0.0252 5.5969 0.0222 ..Three Month 0.7698 0.0016 0.8300 0.0012 - -
Australia Australian Dollar 1.3564 -0.0028 1.4631 -0.0039 1.7621 -0.0073 Israel Israeli Shekel 3.2353 0.0003 3.4898 -0.0019 4.2030 -0.0084 Romania Romanian Leu 4.5818 0.0061 4.9421 0.0033 5.9522 -0.0047 ..One Year 0.7702 0.0017 0.8286 0.0012 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4067 -0.0003 0.4898 -0.0010 Japan Japanese Yen 128.8350 2.1800 138.9686 2.2630 167.3704 2.4850 Russia Russian Ruble 80.6250 -1.5000 86.9666 -1.6754 104.7404 -2.1737 United States United States Dollar - - 1.0787 -0.0007 1.2991 -0.0027
Bolivia Bolivian Boliviano 6.9100 - 7.4535 -0.0048 8.9768 -0.0189 ..One Month 128.8349 2.1798 138.9686 2.2631 167.3702 2.4847 Saudi Arabia Saudi Riyal 3.7500 - 4.0450 -0.0026 4.8716 -0.0103 ..One Month - - 1.0785 -0.2232 1.2991 -0.0027
Brazil Brazilian Real 4.6808 0.0062 5.0489 0.0035 6.0808 -0.0047 ..Three Month 128.8346 2.1792 138.9687 2.2633 167.3698 2.4840 Singapore Singapore Dollar 1.3679 0.0065 1.4754 0.0060 1.7770 0.0046 ..Three Month - - 1.0782 -0.2232 1.2991 -0.0027
Canada Canadian Dollar 1.2627 0.0004 1.3620 -0.0005 1.6403 -0.0030 ..One Year 128.8319 2.1739 138.9685 2.2629 167.3702 2.4815 South Africa South African Rand 14.9700 0.2538 16.1475 0.2634 19.4476 0.2893 ..One Year - - 1.0760 -0.2233 1.2996 -0.0027
Chile Chilean Peso 818.3000 2.2500 882.6639 1.8569 1063.0586 0.6871 Kenya Kenyan Shilling 115.4000 -0.1000 124.4769 -0.1885 149.9169 -0.4464 South Korea South Korean Won 1236.8000 2.3500 1334.0813 1.6725 1606.7347 -0.3292 Vietnam Vietnamese Dong 22957.5000 30.0000 24763.2632 16.3621 29824.3050 -23.8574
China Chinese Yuan 6.3781 0.0083 6.8798 0.0044 8.2859 -0.0067 Kuwait Kuwaiti Dinar 0.3057 0.0004 0.3297 0.0002 0.3971 -0.0003 Sweden Swedish Krona 9.5645 -0.0239 10.3168 -0.0325 12.4253 -0.0573 European Union Euro 0.9271 0.0006 - - 1.2044 -0.0018
Colombia Colombian Peso 3757.0550 24.5500 4052.5683 23.8727 4880.8154 21.6675 Malaysia Malaysian Ringgit 4.2545 - 4.5891 -0.0030 5.5270 -0.0117 Switzerland Swiss Franc 0.9493 0.0058 1.0239 0.0056 1.2332 0.0049 ..One Month 0.9270 0.0006 - - 1.2043 -0.0018
Costa Rica Costa Rican Colon 653.3950 1.2850 704.7882 0.9305 848.8296 -0.1172 Mexico Mexican Peso 20.0425 0.1075 21.6190 0.1020 26.0373 0.0850 Taiwan New Taiwan Dollar 29.2395 0.0345 31.5393 0.0168 37.9852 -0.0352 ..Three Month 0.9266 0.0006 - - 1.2040 -0.0018
Czech Republic Czech Koruna 22.6654 -0.0131 24.4482 -0.0299 29.4448 -0.0791 New Zealand New Zealand Dollar 1.4850 -0.0012 1.6018 -0.0024 1.9292 -0.0057 Thailand Thai Baht 33.7475 0.0800 36.4019 0.0628 43.8416 0.0117 ..One Year 0.9244 0.0005 - - 1.2027 -0.0018
Denmark Danish Krone 6.8961 0.0049 7.4385 0.0005 8.9588 -0.0125 Nigeria Nigerian Naira 416.0000 - 448.7207 -0.2906 540.4282 -1.1398 Tunisia Tunisian Dinar 3.0481 0.0053 3.2879 0.0035 3.9598 -0.0015
Egypt Egyptian Pound 18.4647 -0.1203 19.9171 -0.1427 23.9876 -0.2072 Norway Norwegian Krone 8.8126 -0.0402 9.5058 -0.0495 11.4486 -0.0764 Turkey Turkish Lira 14.6668 0.0152 15.8204 0.0062 19.0537 -0.0203
Hong Kong Hong Kong Dollar 7.8420 -0.0010 8.4588 -0.0066 10.1875 -0.0228 Pakistan Pakistani Rupee 184.3500 1.9750 198.8502 2.0029 239.4902 2.0661 United Arab Emirates UAE Dirham 3.6731 - 3.9620 -0.0026 4.7717 -0.0101
Hungary Hungarian Forint 345.0610 -1.6153 372.2019 -1.9845 448.2708 -3.0483 Peru Peruvian Nuevo Sol 3.7342 -0.0028 4.0279 -0.0057 4.8511 -0.0139 United Kingdom Pound Sterling 0.7698 0.0016 0.8303 0.0012 - -
India Indian Rupee 76.5050 0.2425 82.5225 0.2083 99.3881 0.1061 Philippines Philippine Peso 52.4650 0.2150 56.5917 0.1954 68.1576 0.1362 ..One Month 0.7697 0.0016 0.8302 0.0012 - -
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 Apr 14 Apr 13 Apr 12 Apr 11 Apr 08 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 2592.00 2572.00 2579.30 2598.90 2605.00 0.00 2880.10 2300.60 Oil & Gas Producers 32.00 NON FINANCIALS Index 1.77 Personal Goods -13.92 FTSE 100 Price Change FTSE 100 Price Change
Apr 19 chge% Index Apr 14 Apr 13 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 31.80 Health Care Eq & Srv 0.50 Industrials -14.74 3I Group PLC 1334.5 2.00 Intertek Group PLC 4943 -139.00
FTSE 100 (100) 7601.28 -0.20 7136.68 7616.38 7580.80 7000.08 3.31 2.00 15.10 89.24 7619.60 P/E Ratio net - - - - - 0.00 19.44 14.26 Mining 30.41 FTSE All{HY-}Share Index 0.28 Food & Drug Retailer -14.75 Abrdn PLC 193.20 -4.45 Itv PLC 74.24 -2.78
FTSE 250 (250) 20962.17 -0.75 19680.94 21121.61 20984.45 22490.86 2.32 2.69 15.99 153.31 17094.22 FT 30 hourly changes Basic Materials 21.24 Beverages 31.66 Real Est Invest & Se -15.90 Admiral Group PLC 2444 -49.00 Jd Sports Fashion PLC 143.05 -4.45
FTSE 250 ex Inv Co (179) 21584.18 -0.68 20264.92 21732.93 21593.27 23413.39 2.32 1.00 43.37 160.04 17944.99 8 9 10 11 12 13 14 15 16 High Low Tobacco 16.70 Real Est Invest & Tr -3.37 Household Goods & Ho -15.97 Airtel Africa PLC 149.40 0.90 Kingfisher PLC 259.80 1.50
FTSE 350 (350) 4251.45 -0.29 3991.60 4263.64 4242.50 4016.12 3.15 2.08 15.24 46.92 8462.17 2572 2567.8 2569.3 2574.2 2573.4 2578 2584.3 2585.8 2587.9 2592.7 2564.6 Pharmace & Biotech 14.10 Media -4.20 Software & Comp Serv -16.93 Anglo American PLC 4155 -13.50 Land Securities Group PLC 757.20 -13.60
FTSE 350 ex Investment Trusts (277) 4174.29 -0.25 3919.15 4184.76 4164.10 3917.38 3.21 1.82 17.09 47.15 4292.36 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Mobile Telecomms 14.05 Financials -4.82 Technology -17.26 Antofagasta PLC 1687 10.50 Legal & General Group PLC 271.70 -2.70
FTSE 350 Higher Yield (113) 3629.68 -0.08 3407.83 3632.45 3619.03 3228.98 4.16 1.62 14.82 51.43 8082.26 Health Care 13.19 Food Producers -5.82 Support Services -18.97 Ashtead Group PLC 4592 14.00 Lloyds Banking Group PLC 45.37 0.39
FTSE 350 Lower Yield (237) 4474.63 -0.54 4201.13 4498.95 4469.73 4538.23 1.92 3.31 15.78 32.28 5433.20 FT WILSHIRE 5000 INDEX SERIES Aerospace & Defense 12.75 Financial Services -5.95 Industrial Eng -19.15 Associated British Foods PLC 1630.5 -1.00 London Stock Exchange Group PLC 7960 -190.00
FTSE SmallCap (253) 6906.09 -0.52 6483.98 6942.14 6948.76 7091.34 2.83 3.27 10.82 53.17 11343.76 Oil Equipment & Serv 12.54 Beverages -6.08 Construct & Material -19.98 Astrazeneca PLC 10500 -36.00 M&G PLC 209.60 -0.20
FTSE SmallCap ex Inv Co (135) 5844.65 -0.33 5487.42 5863.71 5858.35 5953.47 2.39 1.47 28.56 30.62 9976.54 Apr 14 Apr 14 Telecommunications 12.41 Consumer Goods -6.15 Tech Hardware & Eq -20.62 Auto Trader Group PLC 642.00 -2.80 Meggitt PLC 765.80 -2.20
FTSE All-Share (603) 4219.72 -0.29 3961.81 4232.12 4211.90 3996.65 3.14 2.11 15.05 46.14 8481.35 Electricity 10.76 Travel & Leisure -7.37 Industrial Transport -21.05
FT Wilshire 5000 44811.95 FT Wilshire Mid Cap 5905.97 Avast PLC 547.80 -0.20 Melrose Industries PLC 121.45 -1.45
FTSE All-Share ex Inv Co (412) 4106.80 -0.25 3855.79 4117.15 4097.11 3859.45 3.20 1.82 17.21 45.98 4287.59 Fixed Line Telecomms 8.54 FTSE SmallCap Index -7.42 Leisure Goods -21.41
FT Wilshire 2500 5736.56 FT Wilshire Small Cap 5438.95 Aveva Group PLC 2421 5.00 Mondi PLC 1443 7.50
FTSE All-Share ex Multinationals (535) 1208.90 -0.60 941.50 1216.20 1209.47 1311.87 3.07 2.70 12.08 11.05 2508.92 Utilities 8.07 Life Insurance -9.07 General Retailers -22.20
FT Wilshire Mega Cap 5748.40 FT Wilshire Micro Cap 5476.10 Aviva PLC 435.80 1.50 National Grid PLC 1168 -15.50
FTSE Fledgling (78) 13311.19 0.21 12497.60 13283.59 13242.79 12252.95 2.62 5.97 6.40 89.37 28210.04 Gas Water & Multi 7.17 Consumer Services -10.37 Electronic & Elec Eq -22.55
FT Wilshire Large Cap 5774.94 B&M European Value Retail S.A. 543.60 6.00 Natwest Group PLC 220.40 1.40
FTSE Fledgling ex Inv Co (31) 18738.89 0.40 17593.55 18663.40 18587.78 16165.75 2.08 -2.69 -17.84 72.55 38504.01 Banks 4.32 FTSE 250 Index -10.73 Chemicals -22.58
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Bae Systems PLC 760.00 -5.40 Next PLC 6238 48.00
FTSE All-Small (331) 4824.72 -0.48 4529.83 4848.06 4851.66 4924.96 2.82 3.40 10.44 36.88 10165.38 FTSE 100 Index 2.94 Equity Invest Instr -10.90 Automobiles & Parts -36.46
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Barclays PLC 145.70 -0.16 Ocado Group PLC 1143 4.50
FTSE All-Small ex Inv Co (166) 4406.93 -0.30 4137.57 4420.18 4415.66 4460.81 2.38 1.34 31.39 22.89 9527.06 Nonlife Insurance -12.96 Industrial Metals & -76.64
mark. Copyright ©2022 Wilshire. All rights reserved. Barratt Developments PLC 515.20 6.60 Pearson PLC 767.00 -5.00
FTSE AIM All-Share (772) 1055.72 -0.42 991.19 1060.16 1056.81 1251.85 1.10 1.78 50.95 3.04 1226.79
Berkeley Group Holdings (The) PLC 3987 19.00 Pershing Square Holdings LTD 2960 30.00
FTSE All-Share Technology (22) 1968.71 -0.27 1763.12 1974.02 1977.21 2313.37 1.83 0.56 97.12 18.44 2819.24
BP PLC 401.05 1.60 Persimmon PLC 2185 15.00
FTSE All-Share Telecommunications (6) 2069.71 -1.12 1853.57 2093.08 2093.80 2016.96 4.39 0.23 97.05 0.76 2994.73 FTSE GLOBAL EQUITY INDEX SERIES British American Tobacco PLC 3277 15.00 Phoenix Group Holdings PLC 616.40 2.20
FTSE All-Share Health Care (13) 14932.04 -0.31 13372.69 14978.77 14995.66 11389.29 2.75 0.89 40.99 196.32 13658.73
Apr 19 No of US $ Day Mth YTDYTD Gr Div Apr 19
Total No of US $ Day Mth YTD Total YTD Gr Div British Land Company PLC 512.40 -8.60 Prudential PLC 1056 -13.00
FTSE All-Share Financials (256) 4688.99 -0.50 4199.32 4712.56 4681.49 4820.60 3.31 3.85 7.84 73.88 5114.99
Regions & countries stocks indices % % % % Yield Sectors
retn stocks indices % % % retn % Yield Bt Group PLC 185.85 -1.25 Reckitt Benckiser Group PLC 5950 -106.00
FTSE All-Share Real Estate (53) 1174.22 -1.07 1100.09 1186.93 1173.42 1059.53 2.66 3.57 10.54 9.72 1207.85
FTSE Global All Cap 9463 772.74 -0.3 -2.0 -8.8
-8.2 1220.33
2.0 Oil Equipment & Services 23 301.61 0.3 0.3 28.9 543.21 30.2 3.8 Bunzl PLC 3067 2.00 Relx PLC 2399 -40.00
FTSE All-Share Consumer Discretionary (92) 4846.45 -0.77 4340.34 4884.20 4816.76 5645.24 1.87 0.58 92.72 29.87 5052.08
FTSE Global All Cap 9463 772.74 -0.3 -2.0 -8.8
-8.2 1220.33
2.0 Basic Materials 371 705.65 -0.2 -0.2 4.9 1263.06 6.3 3.9 Burberry Group PLC 1611 -4.50 Rentokil Initial PLC 514.00 -14.80
FTSE All-Share Consumer Staples (25)18923.61 -0.67 16947.42 19052.15 18988.91 19169.72 3.96 1.65 15.26 174.30 16897.22
FTSE Global Large Cap 1874 690.94 -0.2 -2.0 -9.0
-8.4 1124.64
2.0 Chemicals 181 893.63 -0.4 -0.4 -7.7 1546.98 -7.2 2.4 Coca-Cola Hbc AG 1571.5 -11.50 Rightmove PLC 623.40 -13.80
FTSE All-Share Industrials (90) 6326.30 0.09 5665.64 6320.72 6289.36 6575.21 1.95 1.74 29.34 40.32 7209.27
FTSE Global Mid Cap 2253 996.96 -0.3 -1.2 -7.1
-6.6 1480.69
2.0 Forestry & Paper 20 311.24 -0.4 -0.4 2.0 620.32 3.9 3.1 Compass Group PLC 1669.5 -7.50 Rio Tinto PLC 6142 -70.00
FTSE All-Share Basic Materials (22) 9958.79 -0.03 8918.80 9962.06 9950.48 8462.34 4.95 2.44 8.27 201.75 13046.10
FTSE Global Small Cap 5336 1033.17 -0.5 -2.9 -9.7
-9.3 1469.24
1.7 Industrial Metals & Mining 94 604.13 0.2 0.2 9.2 1117.90 11.1 5.9 Crh PLC 3037 17.00 Rolls-Royce Holdings PLC 95.50 2.07
FTSE All-Share Energy (14) 7817.18 1.26 7000.83 7720.28 7682.01 5184.31 2.96 1.90 17.75 66.61 9240.39
FTSE All-World 4127 453.87 -0.2 -1.8 -8.7
-8.1 758.97
2.0 Mining 76 1171.17 -0.2 -0.2 25.8 2197.31 28.5 4.9 Croda International PLC 7418 -176.00 Royal Mail PLC 338.50 9.40
FTSE All-Share Utilities (10) 9391.27 -1.08 8410.54 9494.20 9506.31 7495.21 3.84 0.54 48.02 32.86 13787.17
FTSE World 2670 822.31 -0.2 -2.0 -8.4
-7.9 1845.86
2.0 Industrials 781 518.89 -0.6 -0.6 -13.6 816.67 -13.1 1.8 Dcc PLC 5900 44.00 Sage Group PLC 720.20 -3.20
FTSE All-Share Software and Computer Services (20) 2117.25 -0.35 1896.15 2124.67 2130.97 2497.16 1.83 0.55 100.30 20.52 3208.57
FTSE Global All Cap ex UNITED KINGDOM In 9168 815.87 -0.3 -2.1 -9.0
-8.5 1264.11
1.9 Construction & Materials 146 609.43 -0.8 -0.8 -17.5 1009.55 -17.1 2.1 Dechra Pharmaceuticals PLC 3800 -22.00 Sainsbury (J) PLC 244.90 3.10
FTSE All-Share Technology Hardware and Equipment (2) 5476.54 2.11 4904.63 5363.29 5156.69 5382.37 1.87 1.06 50.62 0.00 6962.49
FTSE Global All Cap ex USA 7613 546.75 -0.4 -1.9 -8.9
-8.1 951.62
2.8 Aerospace & Defense 34 888.65 -0.1 -0.1 10.6 1371.65 11.0 1.3 Diageo PLC 3867.5 -96.00 Schroders PLC 3112 -36.00
FTSE All-Share Telecommunications Equipment (1) 508.77 -1.98 455.64 519.06 517.27 595.32 2.22 2.15 20.88 6.68 721.64
FTSE Global All Cap ex JAPAN 8068 809.90 -0.2 -1.6 -8.4
-7.9 1290.22
1.9 General Industrials 72 243.86 -0.6 -0.6 -12.1 425.01 -11.2 2.4 Electrocomponents PLC 1043 -8.00 Scottish Mortgage Investment Trust PLC 939.80 -16.20
FTSE All-Share Telecommunications Service Providers (5) 3230.37 -1.09 2893.03 3266.09 3267.54 3128.85 4.45 0.21 107.50 0.00 4252.27
FTSE Global All Cap ex Eurozone 8797 820.76 -0.3 -1.9 -8.3
-7.7 1269.08
1.9 Electronic & Electrical Equipment 159 629.08 -0.6 -0.6 -21.8 893.01 -21.5 1.4 Endeavour Mining PLC 2044 8.00 Segro PLC 1355 -3.50
FTSE All-Share Health Care Providers (3) 9305.76 0.08 8333.96 9298.00 9312.48 6647.70 0.11 -10.73 -83.71 0.00 8591.05
FTSE Developed 2221 753.12 -0.2 -2.0 -8.7
-8.2 1198.87
1.9 Industrial Engineering 152 989.35 -0.3 -0.3 -14.5 1553.55 -13.9 1.8 Entain PLC 1574 22.50 Severn Trent PLC 3029 -41.00
FTSE All-Share Medical Equipment and Services (2) 5943.78 2.74 5323.07 5785.43 5783.61 6505.63 2.22 1.32 34.03 84.76 5676.05
FTSE Developed All Cap 5887 785.33 -0.2 -2.1 -8.8
-8.3 1231.84
1.9 Industrial Transportation 128 999.98 -0.7 -0.7 -10.0 1591.09 -9.2 2.4 Experian PLC 2711 -28.00 Shell PLC 2228 36.00
FTSE All-Share Pharmaceuticals and Biotechnology (8)21344.40 -0.48 19115.40 21446.82 21472.57 15910.25 2.81 0.87 40.91 281.80 17578.25
FTSE Developed Large Cap 860 705.37 -0.2 -2.1 -9.0
-8.4 1143.06
1.9 Support Services 90 583.26 -0.9 -0.9 -17.9 860.51 -17.5 1.3 Ferguson PLC 10250 230.00 Smith & Nephew PLC 1234 39.50
FTSE All-Share Banks (11) 3139.69 0.50 2811.81 3123.98 3092.52 2881.71 3.71 3.65 7.39 80.10 2737.93
FTSE Developed Europe Large Cap 227 407.58 0.0 -1.1 -9.3
-8.3 791.55
2.8 Consumer Goods 562 618.17 -0.2 -0.2 -10.3 1024.69 -9.8 2.1 Flutter Entertainment PLC 8500 -126.00 Smith (Ds) PLC 315.30 -0.50
FTSE All-Share Finance and Credit Services (7)11100.11 -2.06 9940.92 11333.97 11296.06 10677.37 1.43 2.28 30.63 48.14 14701.34
FTSE Developed Europe Mid Cap 358 660.14 0.0 -2.9 -14.4
-13.9 1110.63
2.5 Automobiles & Parts 131 661.51 0.7 0.7 -14.4 1056.50 -14.2 1.5 Fresnillo PLC 796.00 -8.00 Smiths Group PLC 1453.5 19.50
FTSE All-Share Investment Banking and Brokerage Services (34) 9373.93 -1.15 8395.01 9482.99 9428.98 10513.44 4.35 2.16 10.63 132.97 12773.16
FTSE Dev Europe Small Cap 742 953.03 -0.1 -2.1 -13.7
-13.1 1542.05
2.3 Beverages 71 778.68 -0.5 -0.5 -3.4 1304.13 -2.9 2.2 Glaxosmithkline PLC 1759.6 -13.40 Smurfit Kappa Group PLC 3204 63.00
FTSE All-Share Closed End Investments (191)12709.64 -0.90 11382.37 12824.67 12779.94 13435.60 2.35 8.03 5.31 90.23 7823.28
FTSE North America Large Cap 245 950.80 -0.1 -2.0 -8.8
-8.4 1413.77
1.4 Food Producers 133 776.99 -0.3 -0.3 -1.1 1324.15 0.0 2.3 Glencore PLC 535.60 8.80 Spirax-Sarco Engineering PLC 12465 -145.00
FTSE All-Share Life Insurance (6) 7073.71 -0.65 6335.00 7119.87 7058.79 8384.94 3.90 1.52 16.83 105.06 8424.42
FTSE North America Mid Cap 429 1240.45 -0.3 -0.4 -5.1
-4.7 1702.90
1.7 Household Goods & Home Construction 63 567.51 -0.8 -0.8 -13.3 938.83 -12.7 2.5 Halma PLC 2496 -25.00 Sse PLC 1785 -7.50
FTSE All-Share Nonlife Insurance (7) 3289.33 -1.81 2945.82 3349.86 3354.34 3695.43 4.79 1.48 14.11 50.55 6843.58
FTSE North America Small Cap 1357 1206.81 -0.5 -3.2 -8.5
-8.2 1591.57
1.4 Leisure Goods 53 271.13 -1.2 -1.2 -14.9 380.75 -14.4 1.2 Hargreaves Lansdown PLC 959.20 -8.80 St. James's Place PLC 1357.5 -14.50
FTSE All-Share Real Estate Investment and Services (12) 2642.43 -1.65 2366.48 2686.85 2688.17 2573.52 1.94 3.46 14.95 10.01 7776.96
FTSE North America 674 622.36 -0.1 -1.7 -8.1
-7.8 945.80
1.5 Personal Goods 97 948.75 -0.3 -0.3 -17.8 1440.49 -17.6 1.6 Hikma Pharmaceuticals PLC 2081 11.00 Standard Chartered PLC 508.40 -
FTSE All-Share Real Estate Investment Trusts (41) 2982.86 -0.96 2671.36 3011.65 2970.35 2650.79 2.80 3.59 9.96 27.34 4415.03
FTSE Developed ex North America 1547 283.66 -0.4 -2.5 -10.0
-9.1 532.68
2.8 Tobacco 14 1022.91 -0.5 -0.5 6.4 2807.73 8.0 5.8 Howden Joinery Group PLC 762.60 4.60 Taylor Wimpey PLC 132.10 0.20
FTSE All-Share Automobiles and Parts (2) 2316.94 1.95 2074.98 2272.58 2237.49 4894.09 2.20 -3.97 -11.45 0.00 2392.89
FTSE Japan Large Cap 165 390.95 -1.4 -6.6 -14.2
-13.3 566.96
2.6 Health Care 347 757.93 -0.9 -0.9 -4.0 1196.49 -3.4 1.7 HSBC Holdings PLC 525.60 3.20 Tesco PLC 270.30 4.00
FTSE All-Share Consumer Services (3) 2759.77 -0.46 2471.57 2772.45 2714.38 2662.25 0.84 1.64 72.39 23.08 3482.52
FTSE Japan Mid Cap 342 529.45 -1.4 -8.7 -13.8
-12.7 729.49
2.6 Health Care Equipment & Services 135 1504.61 -0.8 -0.8 -9.6 1834.52 -9.3 0.9 Imperial Brands PLC 1675.5 15.00 Unilever PLC 3421.5 -7.50
FTSE All-Share Household Goods and Home Construction (14)11127.76 0.55 9965.69 11066.55 10961.28 16021.81 6.35 1.86 8.49 299.13 9551.04
FTSE Global wi JAPAN Small Cap 888 587.86 -1.4 -8.4 -15.5
-14.4 840.14
2.7 Pharmaceuticals & Biotechnology 212 498.60 -1.0 -1.0 0.3 844.29 1.3 2.2 Informa PLC 597.40 -20.80 United Utilities Group PLC 1112.5 -21.00
FTSE All-Share Leisure Goods (2) 19953.78 0.40 17870.01 19874.95 19965.14 27290.34 2.64 1.89 20.03 381.27 21758.39
FTSE Japan 507 159.64 -1.4 -7.0 -14.2
-13.2 259.25
2.6 Consumer Services 434 617.52 -0.5 -0.5 -12.3 875.00 -12.1 1.0 Intercontinental Hotels Group PLC 5184 -8.00 Vodafone Group PLC 130.38 -1.76
FTSE All-Share Personal Goods (5) 25038.72 -0.53 22423.93 25171.22 24696.59 30362.49 2.08 1.80 26.61 16.03 19270.40
FTSE Asia Pacific Large Cap ex Japan 1081 762.69 -0.7 -1.8 -8.5
-8.0 2.6 Food & Drug Retailers
1358.08 66 343.71 -0.4 -0.4 -0.2 537.45 0.4 2.1 Intermediate Capital Group PLC 1614.5 -77.00 Whitbread PLC 2910 -5.00
FTSE All-Share Media (11) 9739.72 -1.58 8722.60 9895.61 9836.96 8970.71 1.93 1.73 29.96 29.63 6714.47
FTSE Asia Pacific Mid Cap ex Japan 858 1062.61 -0.8 -0.3 -6.2
-5.7 1823.49
3.1 General Retailers 150 1113.16 -0.2 -0.2 -12.9 1511.96 -12.7 0.8 International Consolidated Airlines Group S.A. 144.82 -0.66 Wpp PLC 977.80 -0.20
FTSE All-Share Retailers (22) 2190.02 -0.20 1961.32 2194.47 2190.03 2682.83 1.85 3.80 14.25 6.16 2786.03
FTSE All-Share Travel and Leisure (33) 6750.39 -1.02 6045.45 6819.70 6630.47 9089.24 0.28 -35.61 -10.19 14.31 6951.95 FTSE Asia Pacific Small Cap ex Japan 2053 647.31 -0.8 -1.4 -11.1
-10.7 2.4 Media
1080.42 78 381.76 -1.5 -1.5 -18.7 544.20 -18.4 1.0
FTSE All-Share Beverages (5) 29317.02 -2.30 26255.44 30007.53 29777.14 25386.25 1.96 1.53 33.21 207.44 23195.22 FTSE Asia Pacific Ex Japan 1939 606.21 -0.7 -1.6 -8.3
-7.8 2.7 Travel & Leisure
1147.16 140 463.99 -0.5 -0.5 -9.5 672.56 -9.2 1.0
FTSE All-Share Food Producers (10) 6510.80 -0.83 5830.88 6565.43 6500.99 7899.47 2.32 2.32 18.51 0.00 6186.04 FTSE Emerging All Cap 3576 808.17 -0.5 -0.7 -8.2
-7.7 2.9 Telecommunication
1371.97 87 154.11 -0.6 -0.6 4.0 355.20 5.6 3.6 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 34180.10 0.54 30610.67 33997.59 34042.50 30717.67 6.89 1.63 8.90 641.29 30998.40 FTSE Emerging Large Cap 1014 748.89 -0.6 -1.0 -9.0
-8.4 2.8 Fixed Line Telecommuniations
1278.78 32 119.13 -0.2 -0.2 5.7 313.75 7.7 4.5 Apr 19 Apr 14 Apr 13 Apr 12 Apr 11 Yr Ago
FTSE All-Share Construction and Materials (15) 7194.59 0.38 6443.26 7167.02 7171.91 8233.64 2.82 0.64 55.51 132.72 8659.44 FTSE Emerging Mid Cap 892 1130.14 -0.4 1.3 -1.7
-0.9 3.5 Mobile Telecommunications
1929.81 55 183.15 -0.7 -0.7 3.0 364.73 4.5 3.1 Order Book Turnover (m) 103.79 217.06 217.06 217.06 110.41 421.35
FTSE All-Share Aerospace and Defense (9) 4980.45 0.04 4460.34 4978.58 4924.76 3955.74 1.90 2.05 25.60 3.08 5951.98 FTSE Emerging Small Cap 1670 876.80 -0.5 -0.6 -9.5
-9.1 2.6 Utilities
1423.12 193 349.50 -0.3 -0.3 1.8 800.06 2.6 3.1 Order Book Bargains 892090.00 765637.00 765637.00 765637.00 765341.00 841905.00
FTSE All-Share Electronic and Electrical Equipment (10)11131.83 0.40 9969.33 11087.29 10972.36 12557.78 1.48 2.47 27.37 44.47 10884.44 FTSE Emerging Europe 49 107.61 0.3 6.7 -74.0
-73.7 2.9 Electricity
219.01 137 394.75 -0.2 -0.2 2.4 891.72 3.3 3.1 Order Book Shares Traded (m) 1472.00 2009.00 2009.00 2009.00 1817.00 1457.00
FTSE All-Share General Industrials (9) 4938.22 0.46 4422.52 4915.56 4886.72 5617.12 2.72 1.04 35.25 63.90 6414.78 FTSE Latin America All Cap 264 855.99 0.2 4.6 20.7
22.9 7.5 Gas Water & Multiutilities
1588.14 56 346.70 -0.3 -0.3 0.5 817.35 1.1 3.1 Total Equity Turnover (£m) 8765.48 12823.83 12823.83 12823.83 8381.51 8566.99
FTSE All-Share Industrial Engineering (5)16532.84 0.07 14806.31 16521.17 16476.10 17811.62 1.17 2.53 33.83 35.77 21892.73 FTSE Middle East and Africa All Cap 331 905.67 -0.1 3.0 13.7
15.2 2.6 Financials
1632.33 858 288.79 0.0 0.0 -3.7 543.66 -3.0 2.8 Total Mkt Bargains 1099624.00 959190.00 959190.00 959190.00 940556.00 1010245.00
FTSE All-Share Industrial Support Services (33)10168.78 -0.32 9106.86 10201.23 10152.54 10620.48 1.68 2.03 29.34 48.84 11528.97 FTSE Global wi UNITED KINGDOM All Cap In 295 350.50 -0.2 1.2 -2.6
-1.5 3.2 Banks
700.67 269 217.60 0.3 0.3 -3.9 454.04 -2.8 3.7 Total Shares Traded (m) 4709.00 6137.00 6137.00 6137.00 5690.00 4911.00
FTSE All-Share Industrial Transportation (9) 5386.64 0.54 4824.11 5357.50 5369.17 5742.14 1.64 3.34 18.30 8.24 5544.52 FTSE Global wi USA All Cap 1850 1064.08 -0.2 -2.0 -8.7
-8.3 1.4 Nonlife Insurance
1525.48 71 367.02 0.0 0.0 4.7 600.03 5.5 2.8 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)16253.03 0.00 552.97 16253.03 16578.09 21003.92 1.96 1.41 36.11 0.00 20111.99 FTSE Europe All Cap 1450 470.30 0.0 -1.4 -12.2
-11.3 2.7 Life Insurance
876.49 51 242.38 -0.1 -0.1 0.3 453.55 1.1 3.5 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (9) 8982.74 0.12 8044.67 8972.40 8962.64 7073.50 5.27 2.43 7.81 201.70 13218.82 FTSE Eurozone All Cap 666 443.57 0.2 -3.2 -14.4
-14.1 2.5 Financial Services
816.34 211 470.32 -0.3 -0.3 -5.8 706.03 -5.3 1.6
FTSE All-Share Precious Metals and Mining (5)11262.63 -0.26 10086.48 11292.46 11417.05 22804.33 2.66 2.58 14.56 63.66 7701.34 FTSE EDHEC-Risk Efficient All-World 4127 514.96 -0.3 -0.6 -5.7
-5.1 2.3 Technology
797.65 367 554.95 0.1 0.1 -18.2 719.11 -18.0 0.9
FTSE All-Share Chemicals (7) 14266.58 -1.54 12776.72 14489.04 14390.76 16925.42 2.30 2.79 15.58 32.45 14001.08 FTSE EDHEC-Risk Efficient Developed Europe 585 358.42 0.0 -2.7 -13.2
-12.5 2.7 Software & Computer Services
617.35 194 855.34 -0.2 -0.2 -20.0 1030.15 -19.9 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE All-Share Oil. Gas and Coal (13) 7586.66 1.25 6794.39 7492.65 7455.55 5031.32 2.96 1.90 17.75 64.64 9300.44 Oil & Gas 127 401.51 0.8 8.0 22.5
24.0 3.8 Technology Hardware & Equipment
795.63 173 481.05 0.4 0.4 -16.1 668.74 -15.8 1.2 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas Producers 84 391.19 0.9 8.8 23.1
24.8 4.0 Alternative Energy
794.31 20 195.66 0.2 0.2 -6.1 279.85 -6.1 0.4 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Sector Indices Real Estate Investment & Services 153 307.11 -0.5 -0.5 -6.7 585.07 -6.2 3.0
Non Financials (347) 5161.35 -0.23 4845.88 5173.48 5151.41 4772.34 3.09 1.59 20.32 49.44 9119.17 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 103 559.69 -0.3 -0.3 -6.2 1281.89 -5.4 3.0
For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE Global Large Cap 1874 690.94 -0.2 -0.2 -9.0 1124.64 -8.4 2.0
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day 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/
FTSE 100 7610.32 7607.95 7583.74 7575.57 7589.39 7588.47 7586.80 7612.49 7613.14 7624.56 7566.07 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® Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 21091.79 21034.94 20990.13 20936.07 20945.90 20929.03 20901.62 20897.30 20988.37 21099.17 20865.21 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.
FTSE SmallCap 6939.78 6933.01 6921.11 6911.35 6907.97 6909.14 6904.43 6902.55 6912.29 6941.49 6898.32 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 4228.42 4225.48 4212.89 4207.35 4213.87 4212.95 4211.27 4222.77 4226.02 4232.57 4203.35 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,
Time of FTSE 100 Day's high:14:48:45 Day's Low09:41:15 FTSE 100 2010/11 High: 7672.40(10/02/2022) Low: 6959.48(07/03/2022) 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 All-Share Day's high:07:06:00 Day's Low09:42:00 FTSE 100 2010/11 High: 4296.96(10/02/2022) Low: 3862.39(07/03/2022)
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 Crossword Cybersecurity Pre 2.171 1.628 2.446L 2.273L 3.000L 5.000L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Gunsynd Int 0.000 0.000 0.310L 1.032 0.069L 0.341 0.00000 0.00000 - 0.000 0.000 04/08 10.00 ARA Aura Renewable Acquisitions PLC 14.50 -0.75 18.50 11.00 152.3
There are currently no rights offers by any companies listed on the LSE. 04/08 1000.00 FINS Financials Acquisition Corp 1002.50 2.50 1000.20 989.90 15488.6
04/08 0.30 1SN First Tin PLC 30.50 0.60 31.50 28.26 8098.8
04/07 4.00 AJAX Ajax Resources PLC 5.10 0.00 5.20 4.50 239.0
03/25 100.00 BRS Beacon Rise Holdings PLC 250.00 - 0.00 0.00 280.5
03/23 6.20 RCGH RC365 Holding PLC 10.00 1.50 10.00 7.80 1075.3
03/17 30.00 AIM CTL CleanTech Lithium PLC 28.00 0.85 36.70 27.00 2212.9
03/11 1000.00 NEOA New Energy One Acquisition Corp PLC 1010.00 19.00 1010.00 986.00 17675.0
03/09 10.00 CODX Codex Acquisitions PLC 15.00 0.00 20.00 20.00 127.5

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
16 ★ FINANCIAL TIMES Wednesday 20 April 2022

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 (€) Denso 7357 164.00 9575 6584 2.04 19.24 44994.85 Novartis 87.09 -0.28 88.07 73.01 3.46 9.00 223348.67 Boeing 186.26 6.41 258.40 167.58 - -27.16 109965.08 Lilly (E) 295.72 -3.11 314.00 178.58 1.10 50.38 281623.33
ANZ Bank 27.75 0.33 29.64 24.65 3.57 14.31 57163.79 Nokia 4.87 0.02 5.71 3.45 - 16.60 29910.5 EastJpRwy 7020 -18.00 8569 6373 1.53 -6.72 20592.89 Richemont 119.60 0.10 146.10 92.40 1.64 27.12 65768.98 Booking Holdings 2247.87 48.56 2715.66 1796.45 - 83.20 92305.38 Linde 317.27 -0.27 346.50 267.51 1.28 45.19 162618.24
BHP Group 53.17 0.67 54.55 35.56 7.31 13.20 198441.25 SampoA 47.36 0.03 47.61 35.85 3.72 35.19 28308.92 Fanuc 20845 335.00 28165 18740 2.33 23.67 32668.15 Roche 377.25 -13.85 404.20 296.25 2.33 24.04 279211.78 Bristol-Myers♦ 76.43 -0.33 78.13 53.22 2.52 25.54 166584.55 Lockheed 461.43 -6.01 479.99 324.23 2.20 21.14 122985.66
CmwBkAu 107.01 0.51 110.19 86.90 3.09 21.27 134622.76 France (€) FastRetail 62900-1100.00 93000 54310 0.85 29.92 51787.43 Swiss Re♦ 82.42 -6.76 102.20 72.44 7.03 21.23 27567.16 Broadcom 595.20 8.70 677.76 419.14 2.42 35.05 243008.95 Lowes 202.45 4.73 263.31 182.08 1.20 22.31 133843.95
CSL 262.35 -2.60 319.78 240.10 1.09 39.70 93170.58 Airbus Grpe 104.22 -0.40 121.00 90.24 - - - Fuji Hvy Ind 1836.5 38.50 2413 1664.5 3.27 20.14 10964.35 Swisscom 568.60 -7.60 577.60 473.10 3.87 16.09 31029.32 Cadence Design 154.50 3.89 192.70 118.11 - 64.43 42804.43 Lyondell 109.63 0.68 118.02 84.17 3.88 6.82 35914.13
NatAusBk 33.25 0.40 33.29 25.08 2.56 18.72 78892.09 AirLiquide 160.90 -2.00 164.88 136.04 - - - Hitachi 5871 58.00 7460 4750 2.10 8.21 44122.39 UBS 16.82 0.14 19.90 13.10 4.00 8.67 65604.16 CapOne 140.90 2.92 177.95 122.43 1.36 5.45 57998.75 Marathon Ptl 90.41 0.30 91.21 50.19 2.46 46.66 50500.72
Telstra 4.03 0.01 4.20 3.30 2.35 34.64 34652.53 AXA 26.59 -0.41 29.09 20.78 - - - HondaMtr 3314 58.00 3724 3043 4.18 6.69 46595.05 Zurich Fin 449.00 -10.90 461.70 352.80 4.46 14.23 71168.41 CardinalHlth 62.88 -0.10 64.12 45.85 2.99 33.97 17421.62 Marsh&M 171.20 0.75 175.12 126.53 1.12 29.12 86063.29
Wesfarmers 48.51 0.18 67.20 47.45 3.47 26.35 40550.72 BNP Parib 49.75 0.24 68.07 43.07 - - - JapanTob 2161 8.00 2417 2000 7.31 8.82 33546.78 Taiwan (NT$) Carnival 19.99 0.95 31.52 14.94 - -2.41 19779.17 MasterCard♦ 361.73 4.93 401.50 305.61 0.58 46.18 350780.24
Westpac Bank 24.40 0.29 27.12 20.00 3.44 18.76 62981.54 ChristianDior 606.00 -4.50 733.50 513.00 - - - KDDI 4218 13.00 4252 3237 3.05 13.49 75437.8 Chunghwa Telecom 129.50 -0.50 130.50 108.50 3.36 28.15 34357.27 Caterpillar 230.24 0.32 246.69 179.67 1.78 20.29 123382.86 McDonald's 255.09 4.03 269.72 217.68 1.97 26.49 188665.92
Woolworths 38.61 0.13 42.66 32.82 2.65 46.53 34554.04 Cred Agr 10.05 0.07 14.27 8.97 - - - Keyence 54760 380.00 76210 49560 0.39 43.68 103372.94 Formosa PetChem 92.20 -0.10 117.50 90.30 0.65 17.54 30037.92 Centene Corp 86.38 1.50 89.79 59.33 - 39.50 50348.75 McKesson 325.05 -1.61 329.39 180.42 0.53 38.38 48691.21
Belgium (€) Danone 52.63 -0.04 65.30 46.48 - - - MitsbCp 4519 102.00 4749 2869 3.28 9.62 52113.04 HonHaiPrc 102.00 -1.00 122.00 96.50 3.97 10.03 48360.07 CharlesSch 76.80 1.86 96.24 63.46 0.90 28.29 139469.25 Medtronic♦ 111.26 3.18 135.89 98.38 2.15 31.65 149259.65
AnBshInBv 54.58 -0.03 65.86 46.66 - - - EDF 8.65 0.14 12.67 6.64 - - - MitsubEst 1845.5 13.00 1980 1546 1.69 17.15 19932.26 MediaTek 838.00 -16.00 1200 821.00 4.48 11.77 45829.38 Charter Comms 558.29 24.81 825.62 533.25 - 23.79 106908.45 Merck 85.66 -0.41 91.40 69.46 2.96 18.38 216532.33
KBC Grp 64.00 0.74 86.50 49.75 - - - Engie SA 11.69 0.03 14.61 9.79 - - - MitsubishiEle 1370 25.00 1817 1225.5 3.13 11.69 22832.83 TaiwanSem 565.00 -1.00 650.00 518.00 1.88 24.23 501084.22 Chevron Corp 171.65 -2.24 174.76 92.86 2.97 21.99 337252.66 Meta 216.87 6.10 384.33 185.82 - 16.42 499162.72
EssilorLuxottica 165.25 -2.00 195.00 133.60 - - - MitsuiFud 2739.5 16.50 2816.5 2211 1.72 15.93 20401.91 Chipotle Mexic. 1629.98 40.22 1958.55 1277.41 - 74.21 45671.13 Metlife 71.39 0.16 72.55 55.21 2.55 10.18 58902.34
Brazil (R$) Thailand (THB)
Hermes Intl 1237 -46.50 1678 1001 - - - MitUFJFin 755.30 3.20 828.30 564.40 3.69 7.31 77866.23 Chubb 210.36 -1.55 218.99 155.78 1.45 11.38 89116.05 Microsoft 284.29 3.77 349.67 238.07 0.78 31.57 2131308.9
Ambev 14.54 -0.17 19.86 13.06 2.79 17.58 48908.29 PTT Explor♦ 37.75 0.50 42.00 34.00 5.19 10.28 31950.57
LOreal 350.95 -10.50 433.65 322.50 - - - Mizuho Fin 1581.5 3.00 1716 1397 5.26 6.28 31170.28 Cigna 259.73 0.77 272.81 191.74 1.48 17.21 82690.4 Mnstr Bvrg 83.81 1.37 99.89 71.78 - 34.00 44365.57
Bradesco 16.13 -1.94 22.34 16.04 2.80 12.12 16784.16 United Arab Emirates (Dhs)
LVMH 634.10 -5.90 741.60 543.90 - - - Murata Mfg 7693 123.00 10535 7008 1.67 14.74 40352.84 Cintas Corp 420.43 7.25 461.44 338.00 0.79 39.98 43020.46 MondelezInt 64.71 1.14 69.47 57.63 1.97 22.19 89494.22
Cielo 3.56 -0.09 4.45 2.01 3.97 12.39 2066.3 Emirtestele 36.58 -0.42 38.98 11.60 2.11 35.41 86611.22
Orange 11.17 -0.09 11.30 8.93 - - - Nippon T&T 3779 38.00 3799 2754 2.98 11.35 106241.2 Cisco♦ 51.56 0.45 64.29 50.10 2.78 19.09 214188.9 Monsanto 9.82 0.00 10.00 9.61 - - 245.50
ItauHldFin 22.26 -0.41 30.15 18.91 3.38 9.06 23579.89
PernodRic 191.15 -5.30 214.50 169.00 - - - NipponTT 3779 38.00 3799 2754 2.98 11.35 106241.2 United Kingdom (p) Citigroup 52.76 0.45 80.29 49.04 3.71 5.42 104512.2 MorganStly 87.99 1.51 109.73 76.25 2.29 11.42 154524.57
Petrobras♦ 34.80 0.68 38.08 22.48 5.95 3.92 55332.49
Renault 22.75 0.52 38.07 20.47 - - - Nissan Mt 526.30 19.80 654.30 436.50 - 15.95 17241.92 Anglo American 4155 -13.50 4292.5 2350 4.29 8.23 75818.12 CME Grp 234.05 -2.20 256.94 185.79 1.48 33.47 84120.33 Netflix 350.87 13.01 700.99 329.82 - 32.55 155880.14
Vale 87.66 -2.91 120.45 61.85 14.02 5.55 93620.87
Safran 102.80 -1.08 127.74 91.48 - - - Nomura 509.90 6.50 614.80 460.30 4.84 -32.73 12797.73 AscBrFd 1630.5 -1.00 2477 1462.5 0.38 26.95 16769.19 Coca-Cola 64.85 0.41 65.57 52.28 2.48 30.05 281124.42 NextEraE 81.44 -0.27 92.91 69.79 1.81 46.91 159983.98
Canada (C$) Nppn Stl 2138 47.00 2381 1690.5 4.02 3.15 15770.46 AstraZen 10500 -36.00 11000 6499.8 1.971777.85 172751.41 Cognizant 85.21 0.60 93.47 66.19 1.08 21.94 44695.61 Nike 136.82 5.19 179.10 116.75 0.81 36.57 173591.77
Sanofi 102.54 -0.60 106.66 80.95 - - -
Bausch Hlth 27.45 0.94 42.45 26.44 - -8.59 7807.75 Panasonic 1124 3.50 1541 1018.5 2.39 10.60 21408.36 Aviva♦ 435.80 1.50 461.00 361.10 4.90 57.34 22720.96 ColgtPlm 80.47 0.46 85.18 72.20 2.13 32.90 67638.35 NorfolkS 264.63 2.12 296.87 238.62 1.51 22.78 63452.31
Sant Gbn 51.58 -0.32 64.93 45.76 - - -
BCE 72.98 -0.13 74.05 57.66 4.60 25.46 52583.4 Seven & I 5553 3.00 6083 4440 1.99 19.72 38207.1 Barclays 145.70 -0.16 217.63 140.06 2.06 3.54 32298.29 Comcast♦ 47.75 0.89 61.80 44.27 2.01 16.38 216010.78 Northrop 465.05 -0.54 490.82 336.03 1.27 11.14 72409.31
Schneider 140.74 -0.58 173.78 121.60 - - -
BkMontrl 143.57 0.55 154.47 112.34 3.02 11.51 76345.89 ShnEtsuCh 17495 345.00 21480 15860 1.78 15.64 56580.24 BP 401.05 1.60 419.15 275.85 3.87 16.66 103840.11 ConocPhil 101.63 -1.84 107.52 47.85 1.84 17.46 131717.69 NXP 178.00 4.75 239.91 164.75 1.21 27.33 46734.38
SocGen 23.17 0.31 37.68 18.34 - - -
BkNvaS♦ 85.68 1.04 95.00 75.84 4.15 11.17 81658.03 Softbank 5547 -106.00 10220 4210 0.85 4.45 74181.89 BrAmTob 3277 15.00 3456.5 2507.5 6.58 11.09 79372.84 Constellation 255.56 2.74 255.56 207.35 1.16-722.94 41998.52 Occid Pet 60.61 -0.77 63.24 21.62 0.06 30.67 56781.38
Total 47.35 0.66 52.50 34.27 - - -
Brookfield 69.16 1.30 79.04 53.88 0.90 26.69 89894.67 Sony 11280 140.00 14745 9989 0.57 13.44 110412.57 BT 185.85 -1.25 206.70 134.85 - 18.04 23955.34 Corning 34.55 0.68 46.82 33.52 2.67 28.14 29217.07 Oracle♦ 79.42 1.20 106.34 70.23 1.56 31.31 211905.03
UnibailR 70.23 -0.76 85.65 52.04 - - -
CanadPcR♦ 97.34 1.25 105.46 82.12 0.75 24.29 71674.03 SumitomoF 3917 21.00 4461 3641 5.48 7.11 41785.05 Compass 1669.5 -7.50 1823 1395.5 - 83.48 35668.82 Corteva 61.21 0.26 61.83 40.60 0.83 26.92 44485.81 Pepsico 171.60 1.18 177.24 141.73 2.37 32.59 237263.25
Vinci 89.24 -0.73 103.74 80.74 - - -
CanImp♦ 145.51 0.60 167.50 123.26 3.96 10.50 51983.22 Takeda Ph 3723 -10.00 3842 2993 5.19 12.47 45723.03 Diageo 3867.5 -96.00 4364.1 3158 1.88 29.75 126483.83 Corteva 61.21 0.26 61.83 40.60 0.83 26.92 44485.81 Perrigo 35.57 0.18 50.90 34.53 2.59 -37.84 4785.67
Vivendi 11.89 -0.04 12.16 5.58 - - -
CanNatRs 84.34 -0.34 85.46 36.23 2.09 17.74 77762.6 TokioMarine 6750 -103.00 7565 4907 3.50 10.24 35626.97 GlaxoSmh 1759.6 -13.40 1801.6 1215.83 4.55 20.67 112417.61 Costco 591.97 9.85 612.27 365.29 0.52 49.27 262375.48 Pfizer 50.86 -0.99 61.71 37.96 2.94 13.49 287217.57
CanNatRy 159.95 0.57 171.48 125.00 1.47 24.21 88004.3 Germany (€)
Toyota 2177 22.00 2375.5 1622 2.51 9.16 275683.81 Glencore 535.60 8.80 540.20 288.40 1.65 19.61 100367.49 CrownCstl 193.13 2.18 208.69 157.16 2.71 75.41 83628.85 Phillips66 88.80 1.64 94.34 63.19 3.91 31.17 42720.47
Enbridge 58.54 0.25 58.97 45.76 5.47 21.27 93910.2 Allianz 218.05 -1.05 232.50 178.30 4.45 13.62 96069.64
Mexico (Mex$) HSBC♦ 525.60 3.20 567.20 329.55 3.07 11.48 136904.31 CSX 35.10 0.35 38.63 29.49 1.02 21.78 76468.17 PhilMorris 101.37 0.32 112.48 85.64 4.64 18.13 157131.82
GtWesLif 36.92 0.23 41.50 34.61 4.68 11.46 27218.42 BASF 52.19 0.53 72.84 47.23 6.39 8.54 51705.79
AmerMvl 22.17 0.02 22.49 13.95 1.62 15.34 48256.37 Imperial Brands 1675.5 15.00 1822 1434.23 8.24 5.60 20759.53 CVS 103.63 0.21 111.25 74.97 1.85 18.16 136086.26 PNCFin 177.26 1.51 217.60 170.14 2.60 14.55 74175.3
ImpOil 64.32 -0.74 65.50 30.64 1.54 19.28 34086.5 Bayer 66.42 -0.88 67.99 43.91 3.04 64.40 70385.09
FEMSA UBD 157.77 0.20 180.66 145.77 2.14 870.60 17012.29 Jardine Mathes.♦ 62.50 - 66.12 52.26 2.60 99.20 44618.7 Danaher♦ 274.66 -0.41 333.96 238.32 0.29 33.69 196478.74 PPG Inds 129.37 2.88 182.97 111.32 1.68 22.75 30550.48
Manulife 26.86 -0.04 28.09 22.76 4.18 7.91 41031.73 BMW 78.02 1.78 97.60 67.58 2.52 4.21 50661.94
WalMrtMex 76.77 -0.82 82.93 61.51 0.74 34.00 66883.46 LlydsBkg♦ 45.37 0.39 54.50 38.10 2.73 6.05 42478.18 Deere♦ 435.94 -2.51 445.53 320.50 0.87 24.96 133739.56 ProctGmbl 158.06 1.00 165.35 130.30 2.06 29.06 382504.94
Nutrien 141.43 -3.04 147.93 66.05 1.58 21.16 61825.83 Continental 65.98 2.48 132.68 56.78 - 13.33 14234.36
LSE Group 7960 -190.00 8546 6230 0.94 73.43 35779.46 Delta 43.45 1.32 48.54 29.75 - 102.96 27854.77 Prudntl 118.51 0.01 124.22 94.51 3.72 6.33 44559.76
RylBkC 137.75 0.57 149.60 114.91 3.10 12.75 154564.51 Deut Bank 11.00 0.03 14.64 8.16 - 11.70 24527.16 Netherlands (€)
Natl Grid 1168 -15.50 1235.49 880.60 4.21 27.23 50931.09 Devon Energy 63.04 -0.50 64.43 20.14 3.00 15.69 41871.17 PublStor 413.01 3.40 416.31 265.59 1.86 43.63 72424.08
SHOP 768.30 34.87 2228.73 654.69 - 27.70 69479.81 Deut Tlkm 17.14 -0.16 18.92 14.47 3.54 19.48 92168.9 ASML Hld 561.60 2.90 777.50 492.15 - - -
Natwest Group♦ 220.40 1.40 258.10 182.85 2.72 9.62 34261.38 Digital Realty 148.71 3.67 176.53 130.10 2.99 26.10 42202.03 Qualcomm 140.90 1.58 192.68 122.17 1.83 16.83 158523.99
Suncor En 43.39 0.18 43.69 21.90 2.32 16.34 49180.47 DeutsPost 41.41 0.34 61.38 38.49 3.38 10.36 55338.54 Heineken 89.34 -0.68 103.80 77.50 - - -
Prudential 1056 -13.00 1592.27 991.40 1.12 17.15 35493.81 DiscFinServ 118.33 1.90 135.69 94.91 1.52 6.92 33712.65 Raytheon 104.84 0.54 105.66 76.07 1.83 42.37 156239.74
ThmReut 133.55 0.49 156.62 111.72 1.47 9.59 51428.1 E.ON 10.10 -0.04 12.54 9.62 4.82 6.46 28775.64 ING 9.55 0.10 14.00 7.90 - - -
ReckittB 5950 -106.00 6709 4905.16 2.93 -25.75 54432.8 Disney 132.72 4.95 190.33 126.82 - 80.45 241634.47 Regen Pharm 719.73 -3.47 747.42 478.40 - 10.43 76089.66
TntoDom♦ 94.00 0.32 109.08 80.68 3.33 12.27 134407.62 Fresenius Med 62.46 -0.10 71.14 50.98 2.17 18.66 19740.53 Unilever 41.21 -0.25 51.05 39.36 - - -
RELX 2399 -40.00 2634.82 1582.5 1.99 31.65 60139.48 Dollar General 254.51 4.33 256.69 185.15 0.60 26.25 58228.04 S&P Global 394.32 3.76 484.21 363.54 0.75 32.86 136839.63
TrnCan♦ 72.59 0.33 74.39 57.71 4.60 40.71 56413.49 Fresenius SE 34.36 0.27 47.60 26.69 2.65 10.74 16797.27 Norway (Kr) RioTinto 6142 -70.00 6876.26 4354 8.18 6.42 107017.2 DominRes 86.66 -0.17 88.78 70.37 2.79 28.32 70253 Salesforce 191.77 4.76 311.75 184.44 - 133.82 189852.3
HenkelKgaA 58.30 -1.20 85.50 57.25 3.17 15.33 16337.42 DNB 194.15 -2.75 220.50 173.75 8.59 12.94 34353.8
China (HK$) RollsRoyce 95.50 2.07 161.91 83.49 - 64.97 2307.41 DukeEner 114.15 -0.09 115.96 95.48 3.28 24.14 87884.02 Schlmbrg 43.34 -0.34 46.27 24.52 1.11 34.23 61240.26
Linde 293.15 -2.75 306.00 235.25 1.29 45.04 162073.84 Equinor 340.00 -2.90 347.60 161.82 1.18 47.11 125684.52
AgricBkCh 3.00 0.01 3.18 2.54 7.28 4.01 11759.44 Shell PLC 2228 36.00 2259.5 1282.78 2.72 11.74 133059.92 DuPont 69.64 1.04 86.28 66.37 1.65 22.48 35415.98 Sempra Energy 171.51 0.39 172.84 119.56 2.46 44.59 54158.06
Mercedes-Benz 64.28 0.96 91.63 48.05 2.12 6.36 103.47 Telenor 131.00 -0.80 159.95 125.15 9.88 11.98 20802.94
Bk China 3.12 - 3.20 2.67 7.31 3.92 33269.96 StandCh♦ 508.40 - 590.00 406.20 1.74 11.40 21774.12 Eaton 144.28 3.62 175.72 137.56 2.02 28.17 57649.95 Shrwin-Will 252.39 6.22 354.15 233.32 0.84 37.70 65759.62
MuenchRkv 238.50 -3.00 282.25 205.15 4.25 14.21 36041.76
BkofComm 5.64 -0.02 5.74 4.35 6.57 4.23 25180.88 Qatar (QR) Tesco 270.30 4.00 304.10 219.40 3.70 20.63 28751.01 eBay 54.97 0.41 81.19 49.53 1.26 150.82 32296.46 SimonProp 131.02 3.13 171.12 112.61 4.28 19.97 43019.41
SAP 97.17 0.01 129.74 94.48 1.93 21.55 128763.16
BOE Tech 0.68 -0.11 1.21 0.57 - -59.60 17.25 QatarNtBk 23.66 -0.20 27.00 17.37 1.83 18.64 60007.97 Unilever 3421.5 -7.50 4924 3267.5 4.23 17.57 54750.72 Ecolab 179.99 4.95 238.93 154.85 1.04 47.99 51530.42 SouthCpr 72.66 -0.57 83.29 54.92 4.22 17.26 56168.86
Siemens 117.12 0.12 156.98 105.92 3.02 17.42 107382.32
Ch Coms Cons 4.47 -0.03 5.17 3.57 4.67 3.16 2518.58 Saudi Arabia (SR) Vodafone 130.38 -1.76 142.74 106.30 5.93-291.68 45179.29 Edwards Lifesc. 123.56 4.28 131.73 87.32 - 54.13 76766.78 Starbucks 81.37 1.77 126.32 78.88 2.17 22.93 93599.91
Volkswgn 214.60 5.10 314.00 180.10 2.26 7.17 68307.24
Ch Evrbrght 2.95 0.01 3.49 2.63 8.32 3.88 4769.49 AlRajhiBnk 182.60 5.00 182.80 93.60 1.26 32.24 121733.33 WPP 977.80 -0.20 1231.5 868.80 2.45 24.84 16082.98 Eli Lilly 295.72 -3.11 314.00 178.58 1.10 50.38 281623.33 StateSt 75.60 1.22 103.76 72.40 2.77 10.96 27778.79
Ch Rail Cons 5.32 -0.11 5.99 4.39 5.05 2.77 1408.56 Hong Kong (HK$) Emerson 95.05 1.08 105.99 86.72 2.05 21.64 56542.27 Stryker♦ 272.09 13.13 281.16 236.09 0.91 54.45 102768.41
Natnlcombnk 74.70 -0.40 76.80 52.40 1.86 26.11 59760 United States of America ($)
Ch Rail Gp 5.19 0.07 5.26 3.53 4.06 4.42 2784.58 AIA 78.35 -1.80 104.80 70.15 1.64 18.64 120866.48 EOG Res♦ 121.67 -1.65 127.95 62.81 1.27 15.88 71222.93 Sychrony Fin 40.75 0.72 52.49 33.76 2.07 5.79 20628.58
SaudiBasic 128.60 -1.00 141.40 106.80 2.43 17.42 102879.99 21stC Fox A 39.23 0.24 44.95 34.16 1.15 16.56 12389.08
ChConstBk 5.75 -0.11 6.56 5.03 6.62 4.20 176283.6 BOC Hold 29.45 -0.15 32.75 22.20 4.00 13.75 39705.44 Equinix 750.06 19.40 885.26 662.26 1.47 141.41 68265.83 T-MobileUS 132.22 1.46 150.20 101.51 - 57.20 165181.12
SaudiTelec 115.00 0.20 139.80 103.20 3.34 21.16 61333.34 3M 149.43 3.25 208.95 139.74 3.80 15.39 85051.36
China Vanke 20.45 -0.55 28.45 13.06 7.14 5.28 4957.86 Ch OSLnd&Inv 26.65 -0.50 27.35 15.42 4.30 5.81 37194.75 EquityResTP 90.90 1.28 93.03 71.37 2.54 27.66 34170.88 Target 244.46 5.07 268.98 184.00 1.25 17.91 113042.72
Singapore (S$) AbbottLb♦ 119.80 3.51 142.60 105.36 1.44 31.70 211256.36
ChinaCitic 4.03 -0.04 4.29 3.28 7.38 3.67 7647.94 ChngKng 55.15 0.15 56.05 41.35 3.10 11.73 25624.2 Exelon 49.24 0.01 50.29 29.10 2.98 29.50 48258.61 TE Connect 123.77 1.77 166.44 120.73 1.53 17.53 40386.17
DBS♦ 33.00 - 37.49 28.27 3.01 12.99 62082.31 Abbvie♦ 155.81 -3.55 175.91 105.56 3.20 25.19 275204.32
ChinaLife 11.98 -0.18 16.64 10.86 6.10 4.88 11367.73 Citic Ltd 8.63 -0.09 10.24 6.96 5.37 3.58 32013.54 ExxonMb 87.60 -0.95 91.51 52.10 3.82 16.94 370862.7 Tesla Mtrs 1029.05 24.76 1243.49 546.98 - 218.961033438.75
JardnMt US$ 56.03 0.49 67.86 49.98 2.89 88.93 39999.77 Accenture♦ 317.76 4.16 417.37 276.88 1.12 33.64 210495.13
ChinaMBank 52.90 -6.85 72.45 50.75 2.77 10.31 30969.16 Citic Secs 17.66 -0.80 21.52 15.74 2.65 9.87 5900.39 Fedex 208.97 5.71 319.90 199.03 1.32 11.72 54160.45 TexasInstr 178.78 2.22 202.26 161.04 2.26 22.57 164992.05
OCBC 11.90 -0.06 13.54 10.98 3.34 11.08 39072.99 Activision Bli.♦ 79.01 -0.05 99.46 56.40 0.57 23.95 61700.72
ChinaMob 55.40 0.05 58.65 45.90 5.96 8.76 144541.52 CK Hutchison 57.10 0.35 65.80 48.80 3.85 6.73 27920.23 Fidelity NIS 104.19 1.71 155.96 85.00 1.44 162.13 63632.03 TheTrvelers 176.08 -9.14 187.98 144.44 1.90 12.67 42251.08
SingTel 2.58 - 2.68 2.21 3.92 79.64 31140.25 Adobe 435.35 9.88 699.54 407.94 - 44.25 205702.88
ChinaPcIns 18.72 -0.46 30.60 17.70 7.43 5.58 6625.09 CNOOC 11.64 0.08 11.84 7.55 3.75 9.44 66271.11 Fiserv 102.19 2.30 127.34 89.91 - 53.54 66630.77 ThrmoFshr 571.50 -0.64 668.94 438.72 0.17 30.62 223705.71
UOB 30.43 0.15 33.33 24.73 3.17 13.14 37196.09 Advanced Micro 96.43 2.54 164.46 72.50 - 39.12 156231.82
ChMinsheng 3.01 - 4.54 2.56 8.37 3.84 3193.58 HangSeng 152.00 0.90 169.50 131.00 3.87 22.73 37057.11 FordMtr 16.16 0.49 21.50 11.14 0.59 3.79 63579.01 TJX Cos 65.10 2.66 76.94 57.92 1.14 31.37 76507.35
AEP 102.01 0.35 104.81 80.22 2.82 21.44 51468.82
ChMrchSecs 14.46 -0.11 21.06 13.76 5.08 13.34 16826.58 HK Exc&Clr 331.00 -10.80 544.00 314.00 2.67 34.69 53513.99 South Africa (R) Franklin 26.45 0.77 38.27 25.33 4.10 7.30 13281.19 Truist Financial Corp 52.08 -0.58 66.10 50.29 3.43 12.15 69213.97
Aflac 65.22 -0.30 66.97 51.28 1.94 10.64 42383.93
Chna Utd Coms 3.54 0.03 4.57 3.39 1.80 17.81 17070 MTR 42.20 0.45 47.45 39.35 2.81 28.40 33328.94 Firstrand 69.99 0.11 79.34 48.97 3.38 13.88 26226.32 GenDyn♦ 245.04 1.18 254.99 182.66 1.83 22.12 68154.56 Twitter 48.11 -0.34 73.34 31.30 - -179.14 36735.72
AirProd♦ 249.16 3.16 316.39 216.24 2.31 27.29 55243.1
ChShenEgy 25.95 -0.35 26.55 14.30 8.09 9.51 11176.53 SandsCh 18.30 -0.74 38.30 13.52 - -16.90 18886.27 MTN Grp 173.85 -1.25 211.49 86.79 - 25.97 21882.46 GenElectric♦ 91.87 1.47 116.17 85.29 0.33 -29.47 100989.2 UnionPac 244.93 2.81 278.94 195.68 1.68 25.66 153910.83
Allstate 140.58 0.85 144.41 106.11 2.21 8.63 39129.89
ChShpbldng 3.88 - 5.08 3.72 - -290.85 13434.24 SHK Props 95.30 0.30 124.30 87.15 4.93 10.90 35215.53 Naspers N 1509.83 -13.35 3579.65 1262.66 0.36 8.90 43924.33 GenMills♦ 71.59 0.75 71.63 56.67 2.80 20.08 43109.35 UPS 190.64 3.48 233.72 174.70 2.05 13.54 139809.02
Alphabet 2585.54 32.01 3030.93 2193.62 - 24.03 777622.76
ChStConEng 6.09 0.15 6.24 4.38 3.35 5.12 38990.43 Tencent 364.00 -10.40 640.00 297.00 0.42 16.02 446182.03 South Korea (KRW) GenMotors 42.02 1.39 65.18 37.60 - 6.54 61048.69 USBancorp 52.51 -0.23 63.01 49.78 3.21 10.73 77979.38
Altria♦ 55.05 0.45 55.33 42.53 6.13 42.83 99780.58
ChUncHK 3.87 -0.01 4.73 3.60 4.34 7.95 15100.17 India (Rs) HyundMobis♦ 211000 -500.00 308000 201500 1.89 8.24 16134.32 Amazon 3151.73 96.03 3773.08 2671.45 - 50.701603044.23 GileadSci 62.29 0.71 74.12 57.19 4.37 13.17 78098.33 UtdHlthcre 537.80 3.72 553.29 383.12 1.00 31.01 506015.56
CNNC Intl 7.99 0.35 8.92 4.62 1.55 21.06 23050.03 Bhartiartl 723.50 -6.00 781.80 509.14 - 156.68 55647.38 KoreaElePwr 21700 -150.00 27450 20050 5.64 -12.70 11263.44 AmerAir 19.69 1.15 26.04 12.44 - -6.64 12782.16 GoldmSchs 334.55 4.67 426.16 308.20 1.66 5.72 113051.11 ValeroEngy 108.76 -1.59 111.52 58.85 3.46 49.95 44528.16
CSR 2.90 -0.03 4.04 2.78 7.31 6.53 1616.46 HDFC Bk 1342.2 -53.25 1725 1297.05 - 23.08 97290.69 SK Hynix 112500 3500 138500 90500 1.37 8.06 66219.49 AmerExpr♦ 186.78 2.30 199.55 140.68 0.88 19.43 141446.42 Halliburton 41.12 -0.52 42.60 17.82 0.42 26.30 37030.98 Verizon♦ 53.78 0.39 59.85 49.69 4.52 10.54 225758.96
Daqin 6.99 0.17 7.25 5.80 6.53 10.50 16293.09 Hind Unilevr 2113.05 -64.60 2859.3 1927 1.49 57.42 64895.15 SmsungEl 67300 600.00 84000 66100 2.14 11.67 324843.45 AmerIntGrp 63.74 -0.16 64.90 44.54 1.93 6.14 51390.22 HCA Hold 262.12 2.21 272.26 192.20 0.70 12.92 79165.06 VertexPharm 282.71 -0.29 292.75 176.36 - 32.71 72240.73
GuosenSec 10.02 0.14 13.29 9.41 2.18 12.40 13867.32 HsngDevFin 2140.2 -123.30 3021.1 2098.2 1.06 18.48 50718.83 Spain (€) AmerTower♦ 257.53 3.62 303.72 220.00 1.94 47.44 117495.49 Hew-Pack 38.55 0.12 41.47 26.11 2.09 7.25 40607.25 VF Cp 57.26 1.56 90.79 51.02 3.30 19.57 22268.51
HaitongSecs 5.87 -0.12 7.81 5.56 10.59 4.65 2552.2 ICICI Bk 766.30 8.50 867.00 546.90 0.26 24.66 69601.69 BBVA 5.08 0.05 6.29 4.22 1.20 8.93 36551.55 Amgen 254.39 2.46 261.00 198.64 2.65 25.80 135789.52 Hilton Worldwi. 159.77 3.20 160.96 114.70 - 114.09 44611.29 Visa Inc 214.18 1.01 252.67 186.67 0.60 36.97 355201.17
Hngzh HikVDT 41.52 -0.22 70.44 36.39 1.83 25.49 59516.76 Infosys 1562 -59.40 1923.3 1311.3 1.92 31.30 85888.86 BcoSantdr 3.16 0.01 3.51 2.49 2.43 7.17 59143.9 Amphenol Corp 71.03 0.60 88.45 64.13 1.05 29.50 42443.15 HiltonWwde 159.77 3.20 160.96 114.70 - 114.09 44611.29 Walgreen 45.43 0.93 55.96 42.90 4.09 6.72 39236.91
Hunng Pwr 3.67 0.16 5.74 2.53 5.57 -45.95 2199.78 ITC 261.55 -8.55 273.15 199.10 4.06 22.04 42129.88 CaixaBnk♦ 3.04 -0.01 3.43 2.22 0.89 4.57 26388.3 Analog Devices 162.39 2.05 191.95 143.81 1.65 56.85 84981.14 HomeDep 305.98 5.77 420.61 293.59 2.00 21.57 316189.23 WalMartSto 157.26 1.38 158.41 132.01 1.35 33.35 436220.13
IM Baotou Stl 2.21 0.02 4.14 1.46 - 26.54 10976.15 L&T 1705.75 -32.60 2035 1307.25 1.04 28.70 31324.22 Iberdrola 10.47 -0.04 11.74 8.47 4.08 17.75 72668.05 Anthem 515.96 3.01 526.62 355.43 0.84 21.75 130674.3 Honywell 196.55 4.48 236.86 174.42 1.84 25.91 134731.43 Walt Disney 132.72 4.95 190.33 126.82 - 80.45 241634.47
In&CmBkCh 4.72 -0.03 5.50 4.08 6.60 4.44 52240.47 OilNatGas 177.15 1.35 189.80 101.60 5.07 5.09 29130.01 Inditex 20.77 0.23 32.85 18.55 1.08 21.66 69824.47 Aon Cp 327.08 -1.97 336.41 223.19 0.58 61.44 72066.32 HumanaInc♦ 463.01 9.04 475.44 363.73 0.58 21.29 58682.77 Waste Manage. 159.13 1.12 168.04 133.81 1.39 38.67 66064.38
IndstrlBk 21.45 -0.23 23.77 17.08 3.56 6.16 69864.44 RelianceIn 2640.8 96.95 2751.35 1876.7 0.26 30.65 233548.65 Repsol 13.65 -0.13 14.07 8.69 4.45 8.23 22480.61 Apple 167.00 1.93 182.13 122.25 0.50 28.872725346.65 IBM 128.02 1.85 152.84 114.56 4.91 25.62 115129.66 WellsFargo 47.66 0.49 60.30 41.47 1.21 10.04 181183.71
Kweichow 1790.3 -0.52 2320 1525.5 1.02 47.17 352605.58 SBI NewA 511.80 2.30 549.00 323.30 0.77 14.48 59703.51 Telefonica 4.94 -0.05 5.00 3.59 7.08 3.57 30812.67 Applied Materi. 116.59 1.72 163.02 112.34 0.78 16.77 102994.98 IDEXX Laborato. 501.42 14.61 706.95 460.36 - 60.79 42243.75 Williams Cos 35.30 -0.01 35.82 23.21 4.46 29.68 42910.43
Midea 0.49 0.01 0.72 0.44 - 46.22 18.62 SunPhrmInds 922.00 -5.50 948.00 630.15 0.80 34.85 28915.59 Sweden (SKr) Aptiv 110.09 4.31 180.81 94.75 - 59.16 29825.07 IllinoisTool 201.42 4.79 248.11 195.25 2.25 24.68 62821.34 Workday 224.47 4.97 307.81 205.90 - 1931.89 43996.12
New Ch Life Ins 22.50 -0.30 30.95 19.06 7.22 3.97 2967.04 Tata Cons 3471.9 -56.15 3989.9 3004 1.00 34.59 166052.69 AtlasCpcoB 414.40 7.40 534.40 384.60 1.81 29.12 16906.98 ArcherDan 94.48 -1.98 97.70 56.91 1.50 20.56 53142.93 Illumina 340.00 4.15 526.00 302.79 - 70.33 53409.78 Yum!Brnds 124.45 1.28 139.85 111.63 1.54 24.90 35866.49
PetroChina 4.12 0.04 4.49 2.68 6.20 7.74 11084.94 Israel (ILS) Ericsson 81.83 -2.29 121.80 72.56 2.57 12.84 26286.19 AT&T 19.57 0.11 25.57 16.62 10.20 7.39 139750.7 Intcntl Exch 122.41 -0.21 139.79 109.04 1.03 17.77 68602.96 Zoetis 185.60 2.79 249.27 165.22 0.52 45.32 87566.07
PingAnIns 54.95 -2.35 90.85 45.80 4.83 6.87 52186.59 TevaPha 33.15 -0.20 36.32 24.02 - 28.12 11355.63 H&M 131.00 2.00 218.10 124.90 - 23.39 20006.06 Autodesk 204.22 7.68 344.39 186.29 - 94.15 44377.55 Intel 47.71 1.07 64.74 43.63 2.79 10.23 195049.58 Zoom 111.69 5.95 406.48 94.51 - 25.63 27619.74
PngAnBnk 15.81 -0.09 25.16 13.22 1.08 9.84 48102.02 Investor 208.95 0.60 228.75 173.70 1.26 2.49 39802.78 AutomData 227.65 0.45 248.96 184.85 1.61 36.74 95623.3 Intuit 480.53 11.49 716.86 385.66 0.51 62.74 135899.88 Venezuela (VEF)
Italy (€)
Pwr Cons Corp 7.59 0.02 9.96 3.77 1.16 15.91 13261.84 Nordea Bk 99.68 1.32 114.64 84.14 8.27 10.06 40572.16 AutoZone 2178.5 3.85 2221.57 1367.96 - 21.69 43240.76 John&John 183.57 5.91 185.94 155.72 2.19 24.51 482654.76 Bco de Vnzla 0.41 - 594.00 0.19 230.43 - 336.89
Enel 6.18 -0.02 8.77 5.29 6.00 28.43 67782.98
SaicMtr 16.73 -0.22 23.45 16.18 3.52 8.44 30645.95 SEB 107.15 0.85 141.85 91.64 7.75 8.97 24310.49 Avago Tech 595.20 8.70 677.76 419.14 2.42 35.05 243008.95 JohnsonCn 63.32 1.46 81.69 59.82 1.74 30.14 44501.28 Bco Provncl 1.99 - 798000 1.70 - 0.00 168.12
ENI 14.15 -0.05 14.85 9.33 4.90 34.17 55032.12
ShenwanHong 0.08 0.00 0.11 0.05 - -14.08 84.87 SvnskaHn 93.32 1.46 108.15 82.92 4.45 9.68 18975.02 BakerHu 36.76 -0.68 39.78 18.75 1.88-141.93 35552.86 JPMrgnCh♦ 130.66 2.20 172.96 125.02 2.79 8.87 384110.38
Generali 18.75 -0.52 21.55 15.30 7.93 10.42 31976.79
ShgPdgBk 8.14 0.11 10.62 7.52 5.61 5.25 37460.12 Swedbank 156.00 -0.05 196.70 130.80 9.45 8.30 18463.36 Bank of NY 46.52 0.31 64.63 44.99 2.68 11.71 37542.55 Kimb-Clark 126.10 1.14 144.50 117.32 3.47 24.57 42486.67 Closing prices and highs & lows are in traded currency (with variations for that
IntSPaolo 1.97 0.00 2.92 1.68 1.87 60.47 41351.72
Sinopec Corp 4.00 - 4.33 3.25 3.73 4.49 13013.89 Telia Co 39.34 -0.34 39.97 33.61 5.15 13.82 16821.19 BankAm 39.53 0.68 50.11 36.51 1.83 12.28 318803.71 KinderM 19.62 0.07 19.74 15.01 5.24 26.23 44488.05 country indicated by stock), market capitalisation is in USD. Highs & lows are
Unicred 9.29 -0.32 15.93 7.75 1.31 13.64 22414.12
Sinopec Oil 2.00 0.03 2.90 1.88 - 234.34 4254.95 Volvo 157.94 5.42 230.00 151.66 3.85 9.67 26230.55 Baxter 76.27 1.30 89.70 73.12 1.36 31.43 38376.32 KLA Corp 337.11 9.24 442.44 285.89 1.11 18.09 50807.65 based on intraday trading over a rolling 52 week period.
Japan (¥) Kraft Heinz 42.63 0.47 44.95 32.79 3.60 54.20 52211.11
Denmark (kr) Switzerland (SFr) BectonDick 262.60 2.50 277.29 229.24 1.23 47.37 74780.88 ♦ ex-dividend
AstellasPh 2033.5 -3.50 2105 1590 2.43 29.22 28976.62 Kroger 58.17 0.35 62.78 35.60 1.22 45.46 42074.84
DanskeBk 112.90 -0.60 133.25 93.56 1.79 7.65 14115.32 BerkshHat 521830 2331544389.26 401748.5 - 9.15 320764.73 ■ ex-capital redistribution
Bridgestne 4639 38.00 5467 4042 3.48 14.03 25698.35 ABB 29.80 0.43 35.30 27.54 2.59 14.29 64454.91 LasVegasSd 38.50 1.85 62.85 31.26 - -26.58 29413.71
MollerMrsk 19215 955.00 24070 14480 1.79 3.10 24820.32 Biogen 222.47 9.93 468.55 192.67 - 22.30 32694.81 # price at time of suspension
Canon 3075 48.00 3075 2418.5 3.08 13.88 31833.92 CredSuisse 7.28 0.10 10.18 6.21 1.37 -10.87 20323.57 LibertyGbl 25.51 0.47 30.58 23.00 - 1.13 4446.03
NovoB 793.80 -16.20 834.50 435.50 1.19 37.85 204037.25 BlackRock 699.57 19.57 973.16 660.15 2.26 19.08 106142.7
CntJpRwy 16010 -125.00 18455 14660 0.87 -28.65 25599.1 Nestle 121.64 -2.50 128.90 105.80 2.26 20.09 360723.31

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
AmerAir 19.69 18.54 1.15 6.20 2.56 14.9 17.64 BOE Tech 0.68 0.79 -0.11 -13.92 -0.11 -13.9 -6.94 Apr 19 date Coupon S* M* F* price yield yield yield US Apr 19 date Coupon S* M* F* price yield yield yield US
Delta 43.45 42.13 1.32 3.13 4.83 12.5 15.39 ChinaMBank 52.90 59.75 -6.85 -11.46 -8.40 -13.7 -13.52 High Yield US$ US$
Ch Rail Gp 5.19 5.12 0.07 1.37 0.54 11.6 13.82 HsngDevFin 2140.20 2263.50 -123.30 -5.45 -284.50 -11.7 -11.39 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 -
Hngzh HikVDT 41.52 41.74 -0.22 -0.53 4.16 11.1 -4.27 Infosys 1562.00 1621.40 -59.40 -3.66 -204.55 -11.6 -15.78 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Hunng Pwr 3.67 3.51 0.16 4.56 0.35 10.5 -1.08 HDFC Bk 1342.20 1395.45 -53.25 -3.82 -153.95 -10.3 -9.31 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 -
Sychrony Fin 40.75 40.03 0.72 1.80 3.88 10.5 8.47 Ericsson 81.83 84.12 -2.29 -2.72 -7.98 -8.9 -4.11 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
HiltonWwde 159.77 156.57 3.20 2.04 14.89 10.3 5.29 StateSt 75.60 74.38 1.22 1.64 -6.65 -8.1 -14.83 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Hilton Worldwi. 159.77 156.57 3.20 2.04 14.89 10.3 5.29 Bradesco 16.13 18.07 -1.94 -10.74 -1.38 -7.9 -7.83 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 -
LasVegasSd 38.50 36.65 1.85 5.05 3.47 9.9 -1.28 CSR 2.90 2.93 -0.03 -1.02 -0.24 -7.6 -11.31 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
Nike 136.82 131.63 5.19 3.94 11.78 9.4 4.26 Abbvie 155.81 159.36 -3.55 -2.23 -11.50 -6.9 -2.22 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
MollerMrsk 19215.00 18260.00 955.00 5.23 1585.00 9.0 -15.91 Swiss Re 82.42 89.18 -6.76 -7.58 -5.94 -6.7 -3.98 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 -
Phillips66 88.80 87.16 1.64 1.88 6.83 8.3 12.76 HK Exc&Clr 331.00 341.80 -10.80 -3.16 -23.80 -6.7 -12.57 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Twitter 48.11 48.45 -0.34 -0.70 3.63 8.2 27.23 Pwr Cons Corp 7.59 7.57 0.02 0.26 -0.50 -6.2 2.43 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
Carnival 19.99 19.04 0.95 4.96 1.48 8.0 2.67 Vale 87.66 90.57 -2.91 -3.21 -5.71 -6.1 -8.67
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
ValeroEngy 108.76 110.35 -1.59 -1.44 7.97 7.9 20.38 Tata Cons 3471.90 3528.05 -56.15 -1.59 -224.50 -6.1 -5.47
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
FastRetail 62900.00 64000.00 -1100.00 -1.72 4370.00 7.5 4.72 Petrobras 34.80 34.12 0.68 1.99 -1.84 -5.0 4.95
NXP 178.00 173.25 4.75 2.74 11.77 7.1 -7.51 AIA 78.35 80.15 -1.80 -2.25 -3.95 -4.8 -2.25 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Biogen 222.47 212.54 9.93 4.67 14.41 6.9 6.59 TheTrvelers 176.08 185.22 -9.14 -4.93 -8.86 -4.8 -2.14 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
CapOne 140.90 137.98 2.92 2.12 8.67 6.6 2.07 Bhartiartl 723.50 729.50 -6.00 -0.82 -34.55 -4.6 0.08 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
AmerExpr 186.78 184.48 2.30 1.25 11.24 6.4 -1.98 L&T 1705.75 1738.35 -32.60 -1.88 -75.75 -4.3 -4.59 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
Apr 19 Rate Current Since Last Mnth Ago Day's Month's Year Return Return Apr 19 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.33 17-03-2022 0.08 0.08 Index change change change 1 month 1 year VIX 20.95 -1.22 22.17 38.93 14.10 Apr 19 Price £ Yield Day Week Month Year High Low £m
US Prime 3.50 17-03-2022 3.25 3.25 Markit IBoxx VXD 18.72 -0.69 19.41 45.37 2.67 Tr 1.75pc '22 100.33 0.88 1.15 2.33 62.96 8700.00 103.51 100.33 29.68
US Discount 0.50 17-03-2022 0.25 0.25 ABF Pan-Asia unhedged 209.92 -0.55 -1.82 -4.49 -2.71 -4.34 VXN 28.75 -0.78 29.53 44.05 18.01 Tr 0.75pc '23 99.10 1.47 2.80 6.52 20.49 3575.00 101.08 99.08 33.73
Euro Repo 0.00 16-03-2016 0.00 0.00 Corporates( £) 363.16 0.03 -1.73 -8.25 -1.73 -8.07 VDAX 26.08 0.91 25.17 93.30 - Tr 0.125pc '24 97.36 1.63 3.16 5.84 21.64 1064.29 100.03 97.31 34.12
UK Repo 0.75 17-03-2022 0.50 0.25 Corporates(€) 225.56 0.01 -1.33 -6.61 -1.66 -7.08 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 101.18 1.64 4.46 7.19 27.13 763.16 118.61 99.56 38.33
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 Eurozone Sov(€) 234.84 0.01 -2.55 -7.70 -3.70 -8.38 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 94.43 1.65 4.43 7.84 29.92 415.63 99.56 94.43 33.89
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 Gilts( £) 323.04 0.02 -2.89 -10.14 -3.78 -8.99 Tr 1.25pc '27 97.78 1.69 4.97 8.33 28.03 259.57 105.60 97.78 39.34
Overall( £) 327.63 0.02 -2.55 -9.49 -3.26 -8.62 BONDS: BENCHMARK GOVERNMENT Tr 0.875pc '29 93.34 1.83 5.78 9.58 28.87 161.43 103.32 93.34 41.87
INTEREST RATES: MARKET Overall(€) 228.20 0.01 -2.19 -7.49 -3.22 -8.20 Red Bid Bid Day chg Wk chg Month Year Tr 4.25pc '32 120.73 1.98 5.88 10.00 26.11 125.00 138.01 120.73 38.71
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 125.00 2.16 5.37 10.20 23.43 103.77 147.98 125.00 30.41
Apr 19 (Libor: Apr 14) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia 11/22 2.25 100.89 0.71 0.00 -0.04 0.22 0.64 Tr 4.5pc '42 138.12 2.19 4.78 9.50 20.99 78.05 169.96 138.12 27.21
US$ Libor 0.32229 -0.005 -0.005 0.040 0.59443 1.06271 1.55671 2.22157 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 85.04 2.98 0.00 -0.04 0.39 - Tr 3.75pc '52 136.06 2.13 4.93 9.79 19.66 69.05 180.27 136.06 24.10
Euro Libor -0.64957 -0.064 0.000 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 743.19 -18.77 - - 6.75 18.30 02/50 1.00 108.22 0.95 0.00 0.01 0.25 0.53 Tr 4pc '60 151.95 2.02 5.21 10.99 19.53 69.75 213.01 151.95 24.12
£ Libor 0.18063 -0.005 0.000 0.026 0.83070 1.12450 1.53840 0.81363 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 96.51 1.03 0.00 -0.02 0.50 1.26 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Swiss Fr Libor -0.002 -0.77540 -0.75300 -0.70280 -0.55320 02/47 1.50 100.34 1.48 0.01 0.09 0.46 0.98
CREDIT INDICES Day's Week's Month's Series Series
Yen Libor
Euro Euribor
0.000
-0.004
-0.04803
-0.54700
-0.01538
-0.45200
0.03220
-0.31700
0.04867
0.00300
Index change change change high low
Belgium 06/27 0.80 100.18 0.76 0.00 -0.06 0.51 1.14 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 96.10 1.79 0.00 0.11 0.45 1.03
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day's Total Return Return
Canada 03/25 1.25 96.51 2.52 0.01 0.00 0.59 1.83
US$ CDs 0.040 0.71000 1.10000 1.55000 Crossover 5Y 380.71 6.78 10.34 - 385.60 330.24 Fixed Coupon Apr 14 chg % Return 1 month 1 year Yield
06/30 1.25 89.10 2.76 0.04 0.09 0.64 1.29
Euro CDs -0.030 -0.64000 -0.62000 -0.37000 Europe 5Y 80.02 1.53 2.44 - 81.47 70.55 1 Up to 5 Years 84.30 -0.10 2408.22 -0.34 -2.66 1.56
12/48 2.75 99.96 2.75 0.03 0.08 0.34 0.80
Japan 5Y 58.97 -0.31 -1.62 - 64.33 57.71 2 5 - 10 Years 166.09 -0.41 3470.71 -1.56 -5.95 1.73
Short 7 Days One Three Six One Denmark 11/29 0.50 96.18 1.03 0.00 -0.01 0.53 1.15
Senior Financials 5Y 89.66 1.99 2.68 - 90.60 79.74 3 10 - 15 Years 188.79 -0.76 4256.00 -2.68 -8.19 1.99
Apr 19 term notice month month month year 11/52 0.25 74.62 1.25 0.00 0.07 0.47 0.80
Markit CDX Finland 09/24 0.00 99.26 0.31 0.00 -0.07 0.45 0.93 4 5 - 15 Years 170.61 -0.53 3660.37 -1.94 -6.66 1.84
Euro -0.80 -0.50 -0.82 -0.52 -0.79 -0.49 -0.77 -0.47 -0.52 -0.22 -0.19 0.11 5 Over 15 Years 303.99 -1.73 5133.12 -4.88 -12.67 2.00
Emerging Markets 5Y 260.65 1.50 11.75 27.62 260.65 219.01 09/29 0.50 96.09 1.05 0.00 0.00 0.53 1.24
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 162.64 -0.90 3578.38 -2.71 -8.14 1.94
Nth Amer High Yld 5Y 409.36 3.19 0.36 - 409.36 362.83 France 05/28 0.75 99.13 0.90 0.00 -0.05 0.52 1.16
US Dollar 0.15 0.35 0.27 0.47 0.61 0.81 1.00 1.20 1.45 1.65 2.11 2.31
Nth Amer Inv Grade 5Y 73.68 1.06 1.04 1.67 73.68 63.80 05/48 2.00 105.97 1.71 0.00 0.08 0.47 0.98
Japanese Yen -0.10 0.10 -0.20 0.00 -0.15 0.05 -0.10 0.10 -0.05 0.25 0.00 0.30 Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Germany 08/29 0.00 95.08 0.69 0.00 -0.01 0.50 1.08
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked Apr 14 chg % chg % chg % Return 1 month 1 year
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 08/50 0.00 76.04 0.97 0.00 0.07 0.46 0.68
1 Up to 5 Years 321.14 -0.13 -0.10 6.18 2693.07 -0.10 7.37
Greece 01/23 3.50 102.68 0.06 0.01 -0.04 0.03 0.29 2 Over 5 years 771.14 -1.62 -8.09 -2.59 5856.70 -8.09 -2.25
01/28 3.75 111.01 1.73 0.00 0.11 0.13 1.25 3 5-15 years 514.35 -0.76 -3.55 2.75 4137.53 -3.55 3.52
Ireland 10/22 0.00 100.22 -0.45 0.00 0.01 0.02 0.13 4 Over 15 years 981.80 -2.01 -10.03 -5.24 7246.13 -10.03 -5.05
05/26 1.00 101.39 0.65 0.00 -0.10 0.46 1.08 5 All stocks 694.81 -1.45 -7.21 -1.64 5379.97 -7.21 -1.22
02/45 2.00 106.50 1.66 0.00 0.06 0.41 1.01
Italy 02/25 0.35 98.20 1.01 -0.01 -0.07 0.53 1.08 Yield Indices Apr 14 Apr 13 Yr ago Apr 14 Apr 13 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 05/30 0.40 107.52 -0.51 0.00 -0.04 0.07 -0.03 5 Yrs 1.59 1.53 0.37 20 Yrs 2.11 2.03 1.32
03/48 3.45 110.33 2.88 0.00 0.08 0.48 1.18 10 Yrs 1.89 1.82 0.88 45 Yrs 1.86 1.76 1.21
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
Japan 04/25 0.05 100.08 0.02 0.00 0.01 -0.03 -0.02 15 Yrs 2.08 1.99 1.19
Crude Oil† Jun 105.03 -1.83 Corn♦ May 808.25 -4.00 Apr 18 Apr 18 Prev return stock Market stocks
12/29 0.10 99.42 0.18 0.00 0.00 0.07 0.14
Brent Crude Oil‡ 107.24 -5.69 Wheat♦ May 1113.00 -7.00 Can 4.25%' 26 120.26 -0.126 -0.119 -0.97 5.25 74522.94 8
12/49 0.40 87.10 0.93 0.01 -0.04 0.07 0.29 inflation 0% inflation 5%
RBOB Gasoline† May 3.29 -0.06 Soybeans♦ May 1709.00 -6.00 Fr 2.10%' 23 109.00 -4.628 -4.573 0.40 18.05 280263.39 17
Netherlands 07/27 0.75 100.21 0.71 0.00 -0.05 0.48 1.14 Real yield Apr 14 Dur yrs Previous Yr ago Apr 14 Dur yrs Previous Yr ago
Natural Gas† May 7.38 -0.30 Soybeans Meal♦ May 463.80 -1.80 Swe 1.00%' 25 123.45 -2.096 -2.122 0.53 35.15 214679.25 6
01/47 2.75 135.00 1.12 0.00 0.08 0.46 0.86 Up to 5 yrs -3.46 2.04 -3.50 -2.88 -4.03 2.05 -4.10 -3.16
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X May 1743.00 -34.00 UK 0.125%' 24 109.71 -4.639 -4.613 0.06 15.24 757083.00 31
Aluminium 3274.00 -25.00 Cocoa (ICE US)♥ May 2512.00 -22.00 New Zealand 05/31 1.50 85.25 3.40 0.00 -0.10 0.23 1.76 Over 5 yrs -1.68 22.39 -1.75 -2.07 -1.71 22.45 -1.78 -2.09
UK 2.50%' 24 371.93 -3.877 -3.862 -0.21 6.82 757083.00 31
Aluminium Alloy 2750.00 -75.00 Coffee(Robusta)X May 2055.00 -27.00 09/40 2.50 133.52 1.34 0.00 0.05 0.43 0.39 5-15 yrs -2.20 9.29 -2.28 -2.50 -2.31 9.30 -2.40 -2.58
UK 2.00%' 35 291.88 -2.115 -2.114 -3.28 9.08 757083.00 31
Copper 10315.50 -16.50 Coffee (Arabica)♥ May 224.55 0.70 Norway 08/30 1.38 89.35 2.83 0.00 -0.02 0.51 1.47 Over 15 yrs -1.60 27.94 -1.67 -2.02 -1.62 27.96 -1.70 -2.03
US 0.625%' 23 103.83 -3.157 -3.115 0.16 47.03 1726879.43 46
Lead 2411.00 -37.00 White SugarX 538.60 -11.70 Poland 01/23 2.50 97.78 5.53 0.00 -0.29 1.06 5.43 All stocks -1.70 20.09 -1.77 -2.08 -1.74 20.18 -1.81 -2.10
US 3.625%' 28 123.89 -0.322 -0.313 -1.68 16.78 1726879.43 46
Nickel 33620.00 475.00 Sugar 11♥ 19.91 -0.34 07/27 2.50 83.06 6.39 0.00 -0.33 1.37 5.44 See FTSE website for more details www.ftse.com/products/indices/gilts
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Tin 43050.00 -350.00 Cotton♥ May 142.74 -2.01 04/47 4.00 71.40 6.30 0.00 0.37 1.02 4.19 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Zinc 4434.50 5.00 Orange Juice♥ May 186.35 -4.70 Portugal 04/27 4.13 115.09 1.00 0.00 -0.02 0.59 1.17 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) Live Cattle♣ Apr 140.35 -0.25 Spain 10/22 0.45 100.45 -0.39 -0.03 -0.01 0.11 0.13 Tradeweb; may not be copied or re-distributed; is not warranted to be
Gold 1963.25 -13.50 Feeder Cattle♣ May 134.88 - BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 94.31 1.40 0.00 0.02 0.48 1.19 accurate, complete or timely; and does not constitute investment advice.
Silver (US cents) 2565.50 1.50 Lean Hogs♣ May 116.45 3.78 10/46 2.90 113.75 2.17 0.00 0.08 0.37 0.96 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 977.00 -3.00 Spread Spread Spread Spread Sweden 06/30 0.13 119.58 -1.50 0.00 -0.08 0.38 0.03
Palladium 2381.00 -5.00 % Chg % Chg Bid vs vs Bid vs vs 03/39 3.50 127.69 1.62 -0.02 -0.03 0.62 0.91 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Bulk Commodities Apr 14 Month Year Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 04/28 4.00 120.40 0.52 0.00 -0.03 0.41 0.96 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Iron Ore 155.62 -0.07 S&P GSCI Spt 749.31 3.36 52.88 06/29 0.00 95.62 0.63 0.00 -0.01 0.43 0.98 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 2.98 2.29 0.14 Netherlands 0.71 0.02 -2.13
Baltic Dry Index 2115.00 -22.00 DJ UBS Spot 131.05 6.25 51.03 Austria 1.03 0.34 -1.81 New Zealand 3.40 2.71 0.56 United Kingdom 07/23 0.75 99.15 1.43 0.00 -0.01 0.30 1.38 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 307.35 0.00 TR/CC CRB TR 336.23 8.17 63.76 Canada 2.76 2.07 -0.08 Norway 2.83 2.14 -0.01 07/27 1.25 98.14 1.62 0.00 0.01 0.38 1.14 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
LEBA EUA Carbon 58.91 -1.98 129.94 Denmark 1.03 0.33 -1.81 Portugal 1.00 0.31 -1.84 07/47 1.50 88.79 2.07 0.00 0.06 0.30 0.77
LEBA UK Power 1048.00 -37.43 -39.60 Finland 1.05 0.36 -1.79 Spain 1.40 0.71 -1.44 United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Germany 0.69 0.00 -2.15 Sweden -1.50 -2.19 -4.34 03/25 0.50 93.80 2.70 0.02 -0.05 0.54 2.11
unless otherwise stated. Italy -0.51 -1.20 -3.35 Switzerland 0.63 -0.06 -2.21 02/30 1.50 90.63 2.84 0.04 0.04 0.70 1.36
Japan 0.18 -0.52 -2.66 United States 2.84 2.15 0.00 02/50 0.25 95.64 0.42 0.01 0.08 - 0.40
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
Wednesday 20 April 2022 ★ FINANCIAL TIMES 17

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence CtyLonInv 472.50 -2.50 579.91 374.56 6.98 11.09 32.4 Philips € 27.40 0.13 50.81 26.63 3.14 40.43 2265.6 Hyve Group 76.50 -2.50 158.20 43.86 - -13.66 498.6 Civitas SH 87.60 -0.70 121.00 81.40 6.21 14.95 2316.2 Ferguson 10250 230.00 13360 9056 1.76 15.13 794.1
Avon Protection 1129 29.00 3660 860.00 2.60 -19.05 69.6 CloseBrs♦ 1171 -20.00 1685 999.00 5.12 8.75 231.3 PZCusns 203.00 -2.00 279.50 177.80 3.00 23.41 725.4 Informa 597.40 -20.80 628.00 459.80 - -26.43 2991.8 DrwntLdn 3160 -94.00 3850 2797 2.36 68.56 187.2 Hays 123.10 2.10 181.10 105.20 0.99 17.76 4091.6
BAE Sys 760.00 -5.40 777.24 489.00 4.93 13.82 5074.1 CoinShares Int Ltd SKr 80.50 -1.50 129.00 58.00 - -0.14 16.7 ReckittBX 5950 -106.00 6709 4905.16 2.93 -25.75 1133.5 ITV♦ 74.24 -2.78 134.15 69.28 - 8.25 19134.1 Great Portland 735.50 -15.00 810.50 636.00 1.71 -9.22 515.5 Homesve 852.00 -3.00 1202 578.33 3.05 76.76 571.8
Chemring 340.00 -5.50 358.85 245.50 1.24 23.61 313.8 Hargr Lans 959.20 -8.80 1778 949.20 4.01 17.10 1013.6 Redrow 540.50 5.50 743.60 500.82 4.53 6.71 415.2 Pearson♦ 767.00 -5.00 883.60 571.00 2.54 20.79 1915.1 Hammersn♦ 31.57 -1.19 44.60 25.99 1.27 -1.77 5547.1 HowdenJny♦ 762.60 4.60 985.80 723.00 1.19 17.78 1801.0
Meggitt 765.80 -2.20 846.00 392.40 - 102.11 2212.7 Indvardn SKr 261.30 0.80 339.30 227.70 2.42 4.19 320.5 Superdry Plc 169.60 -5.00 493.00 139.00 - -7.64 330.7 Hibernia € 1.62 - 1.63 1.05 3.45 34.78 871.4 Intertek 4943 -139.00 6306 4703 2.14 30.01 255.5
ICG 1614.5 -77.00 2493 1285 3.47 9.26 754.4 TedBaker 152.20 -3.80 217.60 79.60 - -69.18 686.2
MEDIA LandSecs 757.20 -13.60 812.80 644.20 4.49 -19.77 1747.9 Kin and Carta 232.00 3.50 359.00 169.14 - -77.33 315.4
Automobiles & Parts Investec 487.00 0.90 541.40 237.00 2.67 12.24 1195.8 Vistry Group♦ 896.50 7.00 1351 878.50 2.23 9.48 290.5 Reach PLC 171.70 -0.60 430.00 136.00 4.08 190.78 544.9 LondonMtrc 274.80 -1.80 285.20 219.20 3.18 5.86 2137.9 MearsGp 201.00 -3.00 228.00 172.70 - 46.42 39.1
FordMtr $X 16.16 0.49 21.50 11.14 0.59 3.79 24459.2 Jupiter 207.40 -2.40 300.00 165.20 8.24 9.06 887.1 Media McKaySec 280.00 -7.00 308.00 208.00 2.96 18.48 35.6 MenziesJ 603.00 4.00 605.00 248.50 - -11.38 790.9
Liontrust 1208 -34.00 2560.05 1056 3.89 15.11 89.4
Industrial Engineering Palace Cap 297.00 12.00 297.00 230.00 3.70 14.21 51.6 Mitie 51.70 -0.10 79.00 44.70 - 25.85 860.1
Banks Bodycote 630.00 3.50 1007 588.50 5.19 35.20 122.2 RELX PLCX 2399 -40.00 2634.82 1582.5 1.99 31.65 5269.3
LSE GpX 7960 -190.00 8546 6230 0.94 73.43 361.1 Rightmove PLC 623.40 -13.80 803.16 557.40 0.72 35.28 1610.2 PrimyHth 150.10 -1.00 170.20 129.00 4.13 15.32 2753.9 Renewi 673.00 -13.00 855.00 473.50 - 14.24 102.7
ANZ A$X 27.75 0.33 29.64 24.65 3.57 14.31 3819.6 Castings 316.00 -2.00 420.00 282.52 4.83 15.27 0.1
M&G Plc♦ 209.60 -0.20 254.30 168.69 8.70 87.33 4736.8 STV Grp♦ 310.00 4.00 385.00 300.00 1.94 7.47 55.2 SEGRO♦ 1355 -3.50 1508 972.60 1.67 4.01 2165.6 Rentokil♦ 514.00 -14.80 662.00 444.20 1.05 37.11 3651.9
BcoSant 260.80 -4.95 302.14 205.60 2.45 7.12 207.9 Goodwin 3385 -115.00 4000 2611.57 3.02 18.71 1.5
Providnt 261.00 -14.00 383.80 3.24 - -6.03 473.3 ThmReut C$X 133.55 0.49 156.62 111.72 1.47 9.59 45.7 Shaftbry 597.00 -10.00 668.50 528.00 0.40 -11.48 289.7 Ricardo 370.00 0.50 510.00 346.00 1.85 33.04 34.9
BnkGeorgia 1224 -6.00 1696 960.00 - 3.79 94.1 Hill&Sm 1406 -32.00 1922 1175 1.90 55.57 36.3
RathbnGrp 2100 -40.00 2230 1426.08 3.43 26.28 52.9 WPPX 977.80 -0.20 1231.5 868.80 2.45 24.84 2974.4 Town Ctr 152.50 2.50 170.50 119.47 2.30 -138.64 2.5 RbrtWlts 690.00 20.00 850.00 499.00 2.25 29.49 3.4
BankIre Grp € 6.27 0.15 7.03 3.85 - 6.80 402.4 IMI♦ 1279 2.00 1878 1150.09 3.81 19.23 433.0
Record 67.60 1.00 108.15 62.45 3.40 18.57 37.1 TritaxBBOX 244.60 -0.60 288.00 121.80 2.63 5.79 3673.9 SIG 39.00 0.10 65.00 30.76 - -16.25 615.1
BkNvaS C$X♦ 85.68 1.04 95.00 75.84 4.15 11.17 860.7 MelroseInd♦ 121.45 -1.45 204.06 108.00 0.69 -60.73 16396.6 Mining
S&U 2510 30.00 2950 2150 3.59 11.85 2.3 Wkspace 699.50 -14.50 979.00 592.50 2.54 -10.39 179.9 Vp 890.00 -10.00 1070 810.00 2.81 21.93 3.8
BarclaysX 145.70 -0.16 217.63 140.06 2.06 3.54 35988.1 Renold 27.70 0.95 34.94 18.00 - 9.89 991.0
Schroder♦ 3112 -36.00 3913 2674 3.66 15.73 202.5 AngloAmerX 4155 -13.50 4292.5 2350 4.29 8.23 2596.0 Real Estate Inv & Services
CanImp C$X♦ 145.51 0.60 167.50 123.26 3.96 10.50 468.2
..N/V 1890 -36.00 3148 1690 6.03 9.56 12.3 RHIM 2430 4.00 4762 2300 5.18 5.73 20.7 AngloPacif 189.20 5.20 192.00 119.41 1.85 140.15 736.4
Tech - Hardware
HSBCX♦ 525.60 3.20 567.20 329.55 3.07 11.48 21485.8 Rotork 305.60 - 375.60 254.71 3.34 27.78 611.0 Cap&Count 161.30 -2.00 188.20 142.00 - -3.73 2062.5 SpirentCM♦ 227.60 -4.60 310.60 209.80 1.92 23.66 520.4
Shires Income♦ 276.50 2.00 294.00 222.37 4.85 3.86 18.9 AnGoldA R 345.10 1.59 434.78 213.56 1.93 11.14 2152.1 CLS♦ 207.00 0.50 269.21 180.20 3.65 13.02 355.1
LlydsBkgX♦ 45.37 0.39 54.50 38.10 2.73 6.05 217803.3 Severfd 64.10 1.10 84.84 60.05 4.52 11.45 42.4
TP ICAP♦ 144.00 -2.20 247.35 105.20 4.85 21.33 1680.8 Antofagasta 1687 10.50 1972 1147.5 2.36 22.32 1148.2 Grainger 296.20 -7.60 340.00 242.45 1.85 18.40 926.9 Tech - Software & Services
NWGX♦ 220.40 1.40 258.10 182.85 2.72 9.62 12157.1 Trifast 110.75 0.25 170.00 106.50 1.44 18.31 19.8 BHP Group 2976 -15.00 3040 1774.56 - 13.02 1901.4 Harworth Grp 162.00 -0.50 193.30 124.00 1.11 6.00 176.5 Computcnt 2832 -2.00 3098 1645.22 1.79 17.79 60.5
PermTSB € 1.55 -0.05 1.85 1.08 - -17.03 76.0 Food & Beverages Weir 1575 43.00 2015.49 1381 - 26.88 711.4 Fresnillo 796.00 -8.00 997.60 610.60 2.31 13.25 784.2
RylBkC C$X 137.75 0.57 149.60 114.91 3.10 12.75 1357.7 AngloEst 926.00 26.00 930.00 553.58 0.08 8.49 37.3 Helical 429.50 -4.00 513.00 345.00 2.35 10.37 206.5 MicroFoc♦ 402.70 -1.20 556.60 309.94 4.43 -4.27 632.7
Industrial General GlencoreX 535.60 8.80 540.20 288.40 1.65 19.61 32887.6 Lon&Assc 20.50 - 24.00 9.80 - -2.79 4.0 NCC Grp 186.60 -1.80 348.00 162.80 2.49 62.20 334.1
StandChX♦ 508.40 - 590.00 406.20 1.74 11.40 12954.2 AscBrFdX 1630.5 -1.00 2477 1462.5 0.38 26.95 574.1
Coats Group 71.00 -1.10 82.40 55.50 1.99 15.84 993.1 Harmony R 68.78 -0.20 89.13 42.55 1.79 24.98 2305.5 MacauPrp 45.80 - 70.91 40.00 - -5.94 14.1 Sage 720.20 -3.20 862.20 611.60 2.41 27.62 3965.7
..7.375%Pf 123.75 - 141.54 120.30 5.96 - 32.8 Barr(AG) 541.00 1.00 590.00 462.50 - 19.21 215.9
Macfrlne 125.00 -0.50 146.00 104.50 2.04 14.85 83.6 Petropvlsk 2.12 -0.37 29.35 0.78 - 2.93 86147.6 Mntview 13450 -50.00 15200 11100 3.16 16.77 0.1 TriadGp 127.50 - 180.00 90.00 1.57 14.00 5.9
..8.25%Pf 138.10 -10.65 156.79 144.04 5.97 - 2.7 Britvic 821.50 -8.00 1018 716.54 3.42 21.28 304.6
Smith DS♦ 315.30 -0.50 465.97 279.23 3.84 17.91 2797.8 PolymtIntl 240.10 -14.30 1737 92.02 40.63 - 3167.8 Safestre 1321 -23.00 1425 808.50 1.53 7.49 284.7
TntoDom C$X♦ 94.00 0.32 109.08 80.68 3.33 12.27 993.0 CarrsGroup 149.00 -3.50 168.50 128.50 3.26 18.40 34.8 Telecommunications
Smiths 1453.5 19.50 1669.5 1323 3.21 37.17 781.7 Rio TintoX 6142 -70.00 6876.26 4354 8.18 6.42 2286.7 Savills♦■ 1095 -13.00 1472 1035 1.55 14.07 162.7
Westpc A$X 24.40 0.29 27.12 20.00 3.44 18.76 5193.1 Coca-Cola HBC 1571.5 -11.50 2809.6 1403.5 - 12.71 716.1
SmurfKap♦ 3204 63.00 4334 2771 5.26 16.33 359.7 Troy Res A$ 0.04 0.00 0.20 0.03 - -0.58 3131.9 SiriusRE 117.60 -2.20 145.20 94.10 2.78 9.17 1893.3 Airtel Africa 149.40 0.90 163.14 1.58 2.18 13.31 2211.6
Cranswk 3558 -58.00 4200 3118 1.97 18.80 61.5 BTX 185.85 -1.25 206.70 134.85 - 18.04 12061.3
Basic Resource (Ex Mining) Vesuvius♦ 332.40 5.20 595.00 322.60 5.23 14.64 212.9 Oil & Gas Smart(J) 160.50 -1.00 165.00 121.00 2.01 6.14 14.2
Devro 212.00 -1.00 240.00 163.46 7.22 13.01 135.6 TelePlus 1506 -14.00 1648 993.65 3.78 38.62 62.4
Ferrexpo 181.70 -10.60 513.00 105.50 7.89 1.41 1330.6 U+I 148.50 -0.50 151.50 58.51 - -2.12 98.8
DiageoX 3867.5 -96.00 4364.1 3158 1.88 29.75 4186.3 Industrial Transportation BPX 401.05 1.60 419.15 275.85 3.87 16.66 36425.6 Vodafone GpX 130.38 -1.76 142.74 106.30 5.93 -291.68 52038.4
Chemicals Grncore 119.50 -2.00 174.30 107.30 - 23.90 457.6 Braemar 255.00 8.00 323.00 198.00 1.96 8.46 24.0 CairnEng 205.40 -2.80 231.20 122.00 - -11.66 1825.2 Retailers
Elemntis 123.80 -0.80 165.78 96.50 - 85.50 410.5 HiltonFd 1204 -6.00 1298 988.00 1.86 25.14 41.4 Fisher J 375.00 -10.50 1199.98 280.00 2.13 -3.85 342.1 ExxonMb $X 87.60 -0.95 91.51 52.10 3.82 16.94 9329.6 Caffyns 550.00 - 650.00 331.00 - 7.99 0.2 Tobacco
Johnsn Mtthey 1914 12.50 3363 1650 3.66 24.14 845.2 Kerry €♦ 100.30 -1.90 130.00 86.84 0.90 23.07 15.6 OceanWil 990.00 -15.00 1160 875.00 8.08 5.04 14.6 Gazprom PJSC ADR $# 0.58 - 10.97 0.02 56.45 0.27 150.0 Dunelm 1050 -15.00 1599 963.50 3.33 14.15 259.0 BrAmTobX 3277 15.00 3456.5 2507.5 6.58 11.09 2508.6
Victrex 1763 -7.00 2720 1726 3.38 20.99 88.0 PremFds 116.60 -3.40 128.20 92.60 0.86 12.15 716.4 RoyalMail 338.50 9.40 613.80 317.15 2.95 3.88 3262.9 GeoPark $ 17.42 0.35 17.77 9.50 0.57 -11.52 283.6 Halfords 249.60 -2.20 441.80 212.40 2.00 8.32 274.7 Imperial BrX 1675.5 15.00 1822 1434.23 8.24 5.60 2286.5
StckSpirit 377.00 1.00 487.00 230.50 2.18 42.71 14358.2 Harbour Energy 530.00 10.60 8204 20.61 - - 1982.8 Inchcape 658.00 3.00 940.50 615.00 1.05 35.38 324.9
Construction & Materials Tate&Lyl 762.60 -9.00 821.20 624.40 4.04 16.33 1906.5 Insurance HellenPet € 7.60 0.05 7.69 5.51 1.36 9.41 98.5
Travel & Leisure
JDSportsF 143.05 -4.45 235.60 121.20 0.20 17.28 8756.3 Carnival 1378 6.00 1890.2 1047 - -2.15 1199.7
Boot(H) 329.00 -3.00 341.23 253.00 1.67 17.59 46.8 UnileverX 3421.5 -7.50 4924 3267.5 4.23 17.57 5455.8 Admiral 2444 -49.00 3706 2346 4.85 10.94 385.6 ImpOil C$X 64.32 -0.74 65.50 30.64 1.54 19.28 286.1 Kingfisher 259.80 1.50 389.67 247.40 3.18 6.64 7173.1
CRH♦ 3037 17.00 3949 2773.99 2.82 12.62 769.0 ..NV - - - - - - - AvivaX♦ 435.80 1.50 461.00 361.10 4.90 57.34 6113.2 PJSC Lukoil ADR $# 55.71 -16.01 107.57 55.71 6.15 5.05 30.3 Dalata Hotel 328.00 - 414.50 270.50 - -12.53 74.7
Marks&Sp 147.85 -1.25 249.99 129.75 - 113.73 4408.1 easyJet 562.20 -12.00 921.89 417.40 - -3.54 2480.7
GalfrdT 169.60 -3.40 213.00 118.30 2.77 37.69 75.3 Chesnar 290.00 -1.00 320.00 253.63 7.57 9.56 179.8 Shell PLCX 2228 36.00 2259.5 1282.78 2.72 11.74 15547.3 Next 6238 48.00 8484 5578 - 13.72 348.4
MorgSdl 2335 -20.00 2730 1850 2.61 14.58 31.2 Health Care Equip & Services Direct Line♦ 255.40 -3.60 319.40 2.70 8.65 9.67 4527.9 TrnCan C$X♦ 72.59 0.33 74.39 57.71 4.60 40.71 395.4 FirstGrp 115.90 0.90 117.00 72.05 - 27.60 795.1
GNStre kr 279.50 3.20 589.40 269.00 0.52 20.49 650.2 Ocado 1143 4.50 2255 1052 - -37.87 1069.7 Flutter Entertainment 8500 -126.00 16275 7600 - -35.94 258.8
Tyman 311.50 1.00 509.35 305.50 1.28 11.98 384.8 Eccles prf 143.50 -0.50 172.00 139.00 6.01 - 29.4 Wood Group (John) PLC 192.45 7.50 293.00 150.70 - -7.91 3375.7 Saga 239.40 -17.60 464.60 200.40 - -25.59 556.8
Mediclinic 383.20 -3.20 395.40 271.40 - 23.95 687.5 Hansard♦ 47.60 -0.50 66.83 22.05 9.35 16.41 42.2 Fuller A 616.00 18.00 960.00 574.00 - -12.87 1.0
Electronic & Electrical Equip Smith & Nephew♦ 1234 39.50 1601.5 1151.5 2.21 28.00 3118.5 Pharmaceuticals & Biotech Sainsbury (J) 244.90 3.10 342.00 233.60 4.33 20.58 5245.8 IntCon Htels Gp♦ 5184 -8.00 5376 4300 - 48.56 359.8
Hiscox 922.80 -20.00 1002 763.60 0.92 22.85 565.4 Studio Retail Group# 115.00 -2.50 319.00 90.00 - 2.49 60.9
Dialight 369.00 15.00 385.03 250.00 - -24.99 4.4 AstraZenecaX 10500 -36.00 11000 6499.8 1.97 1777.85 1628.1 Intl Cons Air 144.82 -0.66 214.40 109.42 - -2.92 15859.7
House, Leisure & Pers Goods Lancashire 406.40 -11.80 725.00 342.40 2.70 16.51 518.5 TescoX 270.30 4.00 304.10 219.40 3.70 20.63 15657.0
Discoverie PLC 826.00 21.00 1274 698.60 1.23 67.70 60.8 Dechra 3800 -22.00 5525 3671.71 1.07 56.74 250.8 Natl Exp 234.80 1.60 331.00 183.70 - -5.06 604.1
BarrttDev♦ 515.20 6.60 797.60 494.47 5.71 8.05 2171.5 Leg&Gen 271.70 -2.70 299.60 225.49 6.56 8.34 15392.9
Halma 2496 -25.00 3232 2151 0.71 36.14 410.7 GlaxoSmhX 1759.6 -13.40 1801.6 1215.83 4.55 20.67 8676.6 Support Services PPHE Htl 1505 -10.00 1800 1269.6 - -12.24 11.3
Bellway 2550 15.00 3756 2410 3.33 8.07 175.3 Old Mut 63.90 -0.30 84.80 54.75 2.70 15.92 453.6
Morgan Ad 299.00 8.00 418.50 277.00 1.84 19.80 1917.9 HikmaPhm♦ 2081 11.00 2703 1767 1.84 15.60 563.4 AshtdGp 4592 14.00 7448.22 4391.28 0.98 22.36 659.4 Restaurt 64.30 -5.05 140.00 0.76 - 6.76 4122.9
Berkeley 3987 19.00 5383.87 3490 0.23 10.38 222.6 PhoenixGrp 616.40 2.20 764.37 559.20 7.82 -7.13 2040.0
OxfordIn 2200 10.00 2830 1600 0.77 30.05 47.7 Oxfd Bio 639.00 -11.00 1678 577.43 - 28.73 120.4 Bunzl 3067 2.00 3124 2205.5 2.93 22.58 615.0 TUI 238.30 -2.90 312.00 166.70 - -2.49 2202.5
Burberry Gp 1611 -4.50 2267 1534.5 2.64 13.86 1015.1 PrudntlX 1056 -13.00 1592.27 991.40 1.12 17.15 4023.7
Renishaw 4054 50.00 6655 3668 1.63 23.13 64.4 RichterG $ 20.80 0.40 30.60 17.50 3.32 10.84 0.0 Capita 20.84 -0.28 55.98 19.89 - 1.38 5940.9 Whitbrd 2910 -5.00 3646 2384 - -23.62 445.8
Cairn Homes 102.20 -1.40 109.80 85.90 - 49.81 178.5 StJmsPl 1357.5 -14.50 1710 1156.5 3.66 35.91 1838.0
Spectris 2632 117.00 4167 2371 4.24 13.29 526.3 DCC 5900 44.00 6504 5050 2.71 19.50 168.0
TT Elect 200.00 2.00 296.50 173.59 2.35 33.90 142.0 CtrySide 244.20 -3.40 579.50 228.20 - 17.82 1859.1 LEISURE Real Estate Utilities
Crest Nicholson 265.60 -2.60 469.00 45.34 1.54 9.66 250.5 DeLaRue 108.80 -2.80 210.15 98.27 - 14.32 161.9 Drax 789.00 -9.00 845.89 388.80 2.17 -25.13 318.8
XP Power♦ 3570 55.00 5779.38 3197.05 2.58 19.07 14.0 PhotoMe International Plc 70.00 -1.00 79.70 55.70 12.06 7.88 91.5 REITs Diploma 2794 -54.00 3504 2384 1.52 49.98 127.9
GamesWk 7680 40.00 12310 6365 3.32 21.15 48.4 Assura 68.10 -0.55 80.60 59.28 4.26 13.62 5080.0 Natl GridX 1168 -15.50 1235.49 880.60 4.21 27.23 6099.5
Financial General Gleeson 638.00 -2.00 910.00 572.00 2.35 9.98 6.2 Media DWF Group PLC 118.00 4.00 124.00 80.00 3.81 -23.14 80.2 Pennon 1040 -18.00 1830.3 671.50 3.14 75.36 808.1
BigYellw 1506 -11.00 1730.36 1163 2.24 9.92 250.7 Elctrcmp 1043 -8.00 1276 12.05 2.44 26.47 814.0
3i 1334.5 2.00 1477 1069 2.88 4.62 1213.8 Headlam 387.00 2.00 538.00 330.00 0.52 22.76 116.8 4imprint 2875 -85.00 3265 2152.65 - 198.39 22.8 BritLand 512.40 -8.60 553.60 441.70 2.94 70.19 1714.3 Severn Trent 3029 -41.00 3791.55 2388 3.35 -112.60 333.1
abrdn♦ 193.20 -4.45 304.30 164.80 7.56 4.20 4742.7 McBride 33.00 -0.20 97.80 32.70 - -5.89 119.5 Auto Trader Group PLC 642.00 -2.80 751.40 538.00 0.78 31.67 2002.6 Essentra PLC 323.50 -8.50 348.50 250.00 1.02 54.83 336.0 SSE 1785 -7.50 2166.93 1431.5 4.54 6.97 5181.5
Cap&Reg 58.00 -2.00 94.84 53.77 - -0.51 46.5 Experian 2711 -28.00 3689 2528 1.29 34.78 1452.7
Bridgepoint Grp Plc 328.00 -0.40 571.00 257.50 - - 366.1 Persimn 2185 15.00 3272 2083 10.76 8.84 515.9 DlyMailA 270.00 -2.50 1178 264.50 8.96 10.31 111.0 UtdUtils 1112.5 -21.00 1186.88 922.00 3.89 102.06 1177.9

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence ThorpeFW 455.00 - 525.00 342.00 1.27 31.66 12.8 Health Care Equip & Services Media Pharmaceuticals & Biotech LonSec 3550 - 3700 2151 2.25 19.58 0.0
Cohort 483.00 7.00 682.00 440.00 2.30 42.93 3.1 Zytronic 177.50 - 205.00 130.00 - 59.17 16.7 AVO 23.75 - 42.00 22.50 - -2.82 25.7 Mission Group 63.00 -2.50 91.75 43.05 2.43 67.74 68.9 Abcam 1386 -6.00 1780 1145.67 - 210.00 336.8 NWF♦ 209.00 -6.00 240.00 182.50 3.44 104.50 37.9
Velocity Composites PLC 18.50 - 32.00 14.25 - -6.17 2.3 CareTech♦ 741.00 -5.00 773.00 530.00 1.72 26.97 85.9 YouGov 1300 10.00 1590 980.00 0.38 126.21 523.3 Reneuron 35.00 -2.00 153.78 25.00 - -2.20 194.0 Petards 10.25 - 14.39 9.14 - 18.64 13.9
Financial General Renew 680.00 -5.00 889.00 570.00 1.94 16.81 34.0
Tristel♦ 315.00 23.00 810.00 270.00 2.08 64.95 153.4 Sareum 282.00 34.50 500.00 92.50 - -94.00 669.9
Banks Appreciate Grp 23.40 -0.10 42.00 21.10 4.27 10.17 422.4 Mining Smart Metering Systems 847.00 -8.00 1038 670.00 2.95 596.48 80.1
Caribbean Inv 26.50 - 45.40 24.03 - 3.05 138.6 Arbuthnot 1000.00 - 1190 799.98 - 57.47 5.1 House, Leisure & Pers Goods AMC 1.60 -0.10 4.01 0.75 - -37.26 3692.9 Real Estate
BP Marsh 292.00 3.00 363.00 272.50 0.84 8.04 17.3 Airea 28.00 - 37.00 24.01 - 12.44 0.1 Arkle Resources 0.75 - 1.28 0.52 - -2.50 1099.6 Lok'nStor 1080 10.00 1090 580.00 1.23 97.30 12.3 Tech - Hardware
Basic Resource (Ex Mining) Burford Capital Ltd 693.50 -10.50 969.50 619.12 1.30 -43.55 293.2 Churchll 1350 25.00 2050 1300 - 160.71 17.0 BotswanaD 1.18 - 1.70 0.78 - -19.58 1912.3 SIR 444.50 1.00 464.50 283.00 3.28 22.23 287.6 Aferian plc♦ 133.50 - 172.00 130.30 2.23 23.96 41.0
CropperJ 1250 - 1650 1050 - 38.11 2.2 Gresham House Plc 995.00 - 1020 751.00 0.60 39.94 22.8 Frontier Developments PLC 1364 -4.00 3290 1080 - 39.31 36.6 CentAsiaM 284.00 7.00 386.00 187.47 4.88 12.64 527.8 IQE 31.90 0.20 63.30 29.00 - -354.44 1940.7
MattioliWds 750.00 -10.00 908.00 470.00 2.80 -267.86 13.3 Portmern 570.00 - 920.00 520.00 - 24.35 1.6 Gemfields 18.50 - 19.90 7.25 - -25.55 157.0
Retailers
Chemicals ASOS 1447 -18.00 5506 1398 - 11.53 392.4 Tech - Software & Services
Numis 267.50 -0.50 419.86 235.00 4.49 5.45 13.3 Sanderson Design Grp 151.50 -1.50 235.00 121.00 - 12.98 81.0
Directa Plus PLC 124.00 -6.00 178.00 97.00 - -28.89 18.7 Oil & Gas Boohoo Group PLC 90.54 -1.96 364.90 63.32 - 19.51 10017.2 BoBlue Prism Group PLC 1274 - 1392 747.50 - -23.65 1869.0
Premier Miton Group 147.50 - 200.00 135.00 5.56 16.46 79.9
Versarien PLC 18.24 0.09 44.22 17.00 - -5.22 356.0 Industrial Engineering BorSthnPet 2.15 0.22 4.23 0.47 - -21.11 7762.8 CVS Group PLC 1820 15.00 2835 1220 - 67.16 145.4 Eckoh 46.00 0.50 85.40 37.00 1.33 45.10 284.6
STM Group 27.00 - 37.50 26.00 5.19 10.40 2.0
600 Grp 15.50 - 17.00 9.20 - 90.64 0.1 ClontarfEn 0.27 -0.01 0.47 0.16 - -5.30 5509.2 Ingenta 93.50 - 103.80 62.00 1.60 54.68 0.2
Construction & Materials Food & Beverages Support Services
MS Intl 290.00 8.00 294.00 145.00 1.21 41.43 15.9 Egdon Res 3.55 -0.25 4.60 1.20 - -4.55 962.1 Oxford Metrics 97.50 -0.50 132.00 91.00 1.85 42.39 95.7
AccsysTch 143.25 -0.25 194.20 137.11 - -84.17 8.2 Begbies♦ 107.80 -2.20 150.34 97.00 2.78 539.00 129.5
Camellia 6050 25.00 7500 5900 2.38 111.42 0.2 Pres Tech 101.00 1.50 104.00 62.00 - -8.39 31.0 Hurricane Energy 10.48 -0.46 12.37 0.59 - -1.05 5935.4
Fevertree Drinks♦ 1736 -42.00 2786.54 1480 0.90 45.43 204.4 Christie 120.00 - 139.60 85.55 - 51.06 6.0 Travel & Leisure
Electronic & Electrical Equip PetrelRes 1.75 0.10 3.00 1.35 - -8.88 1470.7
FinsbryFd♦ 73.50 - 103.00 31.00 3.27 8.75 79.3 IT Gattaca 72.00 -0.50 288.00 68.20 - 13.09 11.1 gamingrealms 30.00 -0.80 47.00 20.39 - -750.00 166.5
Checkit 39.00 - 67.00 36.50 - -4.76 11.3 Phoenix Global 4.75 -0.23 6.50 3.07 - -1.19 0.3
Nichols♦ 1400 50.00 1650 1105 2.63 51.00 7.1 Keywords Studios 2554 -46.00 3908 1950 - 75.42 202.7 Impellam 430.00 8.00 515.20 270.00 - 24.43 5.4 Jet2 1283 -17.00 1573.22 912.40 - -6.89 476.9
LPA 73.00 - 82.80 52.60 - -270.37 0.1 UnJackOil 28.25 -0.25 40.00 10.50 - -14.64 530.7
Learning Technologies Group 157.50 -0.30 277.20 135.40 0.79 66.34 3359.3 JhnsnSrv 112.60 1.40 182.80 103.00 - -22.98 357.1 MinoanGp 1.20 -0.03 1.53 0.85 - -8.51 364.0

Investment Companies
Conventional (Ex Private Equity)
Price +/-Chg
52 Week
High Low Yld NAV
Dis(-)
or Pm
BMO UK HIT B
BMO UK HIT UNIT
90.75
348.00
-0.50
-
108.00 79.07 5.84 93.8
408.00 310.29 - 375.5
-3.3
-7.3
IPST UK Eq
IP UKSmall
185.50
535.00
-0.50 199.98 168.00 3.58 199.3
-1.00 664.00 453.00 3.61 609.4
-6.9
-12.2
Ruffer Inv Pr
Schroder ToRt
311.00
450.00
3.00 320.00
-8.50 528.00
203.86
410.00
0.58
1.58
298.4
450.9
4.2
-0.2
Conventional - Property ICs
Price +/-Chg
52 Week
High Low Yld NAV
Dis(-)
or Pm
Guide to FT Share Service
3i Infra 363.50 -3.00 368.50 248.75 2.70 286.0 27.1 Brunner 1032.5 2.50 1135 904.14 1.95 1148.7 -10.1 JPM Amer 772.00 7.00 788.00 618.13 0.87 785.9 -1.8 SchdrAsiaP 521.00 -5.00 643.00 485.56 1.54 582.8 -10.6 Direct Property
AbnAsianIn 226.50 -2.00 237.00 207.85 4.11 254.6 -11.0 Caledonia Inv 3660 5.00 4075 2870 1.72 5034.6 -27.3 JPM Asia 363.00 -9.00 513.00 356.95 5.21 399.9 -9.2 SchdrEurReE 108.00 -5.25 119.50 90.00 5.08 122.3 -11.7 For queries about the FT Share Service pages e-mail
AEW UK REIT 122.00 1.00 123.80 89.00 6.56 114.6 6.5
Abrdn Div I&G 102.00 0.25 104.50 93.19 5.39 120.2 -15.1 CanGen C$ 40.69 0.65 45.60 35.00 2.03 56.5 -28.0 JPM China 347.00 -11.50 731.00 295.50 6.57 361.8 -4.1 Schdr Inc 309.50 - 323.00 271.80 4.07 319.5 -3.1 ft.reader.enquiries@morningstar.com.
BMO ComPrp 115.80 0.20 118.80 76.10 3.28 135.0 -14.2
abrdn CN 566.00 -4.00 758.00 550.00 4.02 628.7 -10.0 City Lon 420.50 -2.00 425.80 363.28 4.55 412.4 2.0 JPMElct MC 101.75 - 105.00 99.00 0.39 102.7 -0.9 SchdrJap 192.75 -1.00 231.00 185.95 2.54 214.6 -10.2 All data is as of close of the previous business day. Company classifications
BMORealE 95.20 1.20 97.60 68.20 3.34 121.2 -21.5
AbnJapInv 580.00 -10.00 835.00 560.00 2.59 649.6 -10.7 CQSNatRs 226.00 4.00 227.00 123.75 2.48 252.6 -10.5 ..MG 1020 - 1115.3 911.50 1.57 1045.9 -2.5 SchdrOrient 266.50 -3.50 294.50 251.00 3.86 280.9 -5.1 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
Longbow 68.00 - 93.00 64.00 8.82 72.6 -6.3
AbnLatAmIn 59.50 0.25 62.00 44.20 5.88 66.0 -9.8 Dun Inc 295.00 -1.00 340.67 256.00 4.34 297.0 -0.7 ..MI 106.00 0.50 111.00 92.50 4.48 109.4 -3.1 SchdrRealEst 60.80 0.80 61.00 40.20 4.16 70.3 -13.5 100 constituent stocks are shown in bold.
SLIPropInc 86.90 -0.60 90.00 62.70 3.93 101.0 -14.0
AbnNewDn 289.00 -4.00 339.00 267.00 1.49 320.9 -9.9 EcofinGlobal 223.00 -1.00 228.02 165.00 2.96 220.8 1.0 JPM Emrg 109.00 -2.60 140.30 98.40 1.24 118.9 -8.3 SchdrUKMd 583.00 -2.00 809.10 489.00 2.28 692.5 -15.8
TR Prop 449.00 -8.50 526.00 339.88 3.16 478.4 -6.1 Closing prices are shown in pence unless otherwise indicated. Highs & lows
AbnNewIndia 557.00 -13.00 662.00 476.25 - 666.0 -16.4 Edin Inv 643.00 -6.00 653.60 547.04 3.73 693.6 -7.3 JPM EurGth & Inc 82.70 -2.40 95.00 70.30 6.89 95.0 -12.9 SchdrUKPubPriv 24.50 0.45 37.07 22.25 - 38.7 -36.7
Tritax EuroBEUR € 1.25 0.01 1.46 1.15 4.00 1.3 -3.8 are based on intra-day trading over a rolling 52 week period. Price/earnings
AbnSmlInCo♦ 301.00 - 406.05 275.00 2.80 358.1 -15.9 Edin WWd 208.50 -1.50 369.00 187.73 - 240.1 -13.2 JPM EuDisc 425.50 -6.50 588.00 369.00 1.57 505.2 -15.8 ScotAmer 497.00 -5.00 546.00 437.87 2.47 490.7 1.3
Tritax EuroBGBP 104.60 0.60 125.00 94.10 - - - ratios (PER) are based on latest annual reports and accounts and are updated
Abf Sml 1398 4.00 1622.8 1134.07 2.42 1591.7 -12.2 EuroAsset 106.75 -1.00 152.00 94.20 7.04 110.7 -3.6 JPM Clavr 724.00 -10.00 952.03 610.32 4.14 736.9 -1.8 Scottish Inv 891.00 -2.00 933.00 725.00 2.64 896.6 -0.6
UKComPrp 93.40 - 95.80 71.60 2.74 102.0 -8.4 with interim figures. PER is calculated using the company’s diluted earnings
Abf Spl Inc 74.40 -0.80 92.78 60.03 4.10 85.6 -13.1 Euro Opps 728.00 -9.00 891.00 594.00 0.27 834.5 -12.8 JPMGblCoreRa 95.40 -0.10 96.45 80.60 3.93 95.5 -0.1 ScottMort 939.80 -16.20 1568.5 816.20 0.36 972.1 -3.3
from continuing operations. Yields are based on closing price and on dividends
abrdn Asia Focus 276.00 -1.50 303.00 54.40 1.05 309.1 -10.7 F&C Inv Trust♦ 838.00 -3.00 945.56 549.00 1.48 940.9 -10.9 JPM GEI♦ 129.00 -2.00 155.00 118.50 3.95 147.5 -12.5 ScottOrtll 1110 -15.00 1258.64 968.00 1.04 1232.2 -9.9 VCTs 52 Week Dis(-)
paid in the last financial year and updated with interim figures. Yields are
Abrdn Eqt Inc 373.00 - 385.00 315.00 5.52 390.0 -4.4 FidAsian 443.00 -11.00 510.00 406.22 1.92 497.3 -10.9 JPM Gl Gr&Inc 458.50 4.00 477.50 405.00 3.28 445.8 2.8 Smithson 1562 -27.00 2040 1270 - 1592.0 -1.9 Price +/-Chg High Low Yld NAV or Pm
shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Alliance 980.00 2.00 1084.9 867.84 1.72 1045.0 -6.2 FidChiSpS 251.00 -5.00 446.00 211.50 1.86 263.4 -4.7 JPM Ind 760.00 -20.00 865.00 670.00 - 936.5 -18.8 StrategicEq 290.00 -0.50 324.65 234.38 0.43 337.5 -14.1 Baronsmead 2nd VT 68.50 - 87.50 50.00 9.49 74.2 -7.7 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
AllianzTech 258.00 -3.50 378.85 233.49 - 296.5 -13.0 FidelityEmrgMkt 652.00 -24.00 947.00 610.00 2.03 751.0 -13.2 JPM JpCapSm G&I 350.50 -7.50 568.40 338.10 6.39 358.2 -2.1 Temp Bar 1152 -10.00 1279.28 992.00 3.23 1211.2 -4.9 BSC VCT 82.00 - 85.00 67.50 8.54 87.5 -6.3 capital changes where appropriate.
Art Alpha 350.50 0.50 478.00 303.00 1.51 372.9 -6.0 Fid Euro♦ 299.00 -4.50 384.25 256.50 2.17 324.0 -7.7 JPM Jap 475.00 -10.00 732.00 458.50 1.07 493.2 -3.7 TempEmerg 148.60 -1.60 208.80 137.20 2.56 169.2 -12.2 ..VCT2 57.00 - 62.50 49.00 5.26 62.4 -8.7
Fid Jap 165.00 -6.50 268.48 154.50 - 174.2 -5.3 JPM Mid♦ 1066 -3.00 1585.23 885.00 2.77 1204.6 -11.5 Tetragon $ 10.15 0.15 10.20 8.28 3.78 28.9 -64.9 Inc&GthVCT 90.50 - 99.50 76.00 5.52 96.1 -5.8 Trading volumes are end of day aggregated totals, rounded to the nearest
Asia Dragon 428.50 -9.50 543.70 403.31 1.11 476.3 -10.0
Fid Spec 293.00 -3.00 312.00 247.00 2.00 291.5 0.5 JPMRussian 117.50 1.50 894.00 76.00 29.79 48.6 141.8 EurSmlCom♦ 151.00 1.00 178.00 130.50 2.07 178.7 -15.5 Nthn 2 VCT 61.50 - 92.50 57.00 5.69 64.7 -4.9 1,000 shares.
Aurora Inv 225.00 -4.00 254.00 203.00 0.24 244.6 -8.0
AVI JapOpp 112.00 -2.25 127.00 101.00 1.21 107.4 4.3 FinsG&I♦ 815.00 -14.00 928.00 746.00 3.15 879.0 -7.3 JPM Smlr 334.00 2.00 478.38 267.00 1.65 382.9 -12.8 TRIG 136.40 -1.80 140.60 120.60 4.95 119.6 14.0 Nthn 3 VCT 94.50 - 107.00 89.50 4.76 99.1 -4.6 Net asset value per share (NAV) and split analytics are provided only as a
Axiom 91.00 - 100.67 87.00 6.59 102.3 -11.0 FstPacfic HK HK$ 3.16 0.06 3.47 2.41 4.36 - - JPM US Sml 390.00 -3.00 473.00 360.00 0.64 426.3 -8.5 TroyInc&G 75.70 -0.40 83.00 67.80 3.51 76.8 -1.4 NthnVent 66.00 - 78.76 64.50 6.82 69.5 -5.0 guide. Discounts and premiums are calculated using the latest cum fair net
BG Euro 99.60 -2.60 171.06 90.00 0.35 108.6 -8.3 GRIT 11.25 - 112.00 10.50 - 9.6 17.2 Law Deb 809.00 -4.00 829.00 700.00 3.54 794.6 1.8 Utilico Emerging Market 220.00 -1.00 229.00 196.50 3.57 255.5 -13.9 ProVenGI 62.00 - 63.00 52.00 4.84 65.6 -5.5 asset value estimate and closing price. Discounts, premiums, gross redemption
BG Japan 764.00 -16.00 1120 754.00 0.59 794.9 -3.9 HAN 202.00 - 248.00 184.00 1.58 314.0 -35.7 LinTrain £ 1220 -12.50 1805 1040 3.86 1112.9 9.6 UIL Inv 234.00 -4.00 286.80 214.86 3.42 380.2 -38.5 ProVenVCT 73.00 - 75.50 64.50 4.79 77.0 -5.2 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BG Shin 153.20 -5.00 269.18 153.20 - 156.3 -2.0 HANA 205.00 4.50 238.00 186.00 1.56 314.0 -34.7 Lowland 134.00 1.75 145.00 110.00 4.48 138.8 -3.5 VEIL 760.00 -11.00 783.00 627.00 - 947.0 -19.7 UnicornAIM 170.00 - 227.00 164.00 3.82 195.9 -13.2 are displayed as a percentage, NAV and terminal asset value per share (TAV)
Baillie Gifford UK 180.80 -3.20 257.00 161.93 1.34 200.7 -9.9 Hen Div Inc Tr 74.80 0.40 90.80 72.94 5.88 81.5 -8.2 Majedie 202.50 0.50 253.18 180.00 5.63 252.3 -19.7 Witan 223.50 -1.00 324.75 203.00 2.47 246.1 -9.2 in pence.
Zero Dividend Preference Shares 52 Week HR
Bankers 106.60 -0.80 150.60 96.00 2.03 112.8 -5.5 HenEuroF 144.50 -0.50 168.76 120.78 2.17 162.1 -10.9 Marwyn Val 117.00 - 130.00 105.00 3.87 179.3 -34.7 WwideHlth 3315 -55.00 3925 2915 0.66 3522.5 -5.9
HenEuro 125.00 -1.00 157.27 111.00 2.00 140.9 -11.3 MercantIT 215.00 -3.00 294.50 185.15 3.12 245.7 -12.5 Price +/-Chg High Low SP WO TAV 0% X FT Global 500 company
BB Healthcare Trust♦ 183.00 -3.00 209.50 152.60 3.01 184.3 -0.7 Conventional - Private Equity 52 Week Dis(-)
HenFarEs 299.50 -1.00 341.50 264.32 7.78 302.5 -1.0 MrchTst 570.00 -8.00 591.00 485.00 4.77 564.9 0.9 Abf Spl Inc 116.00 - 118.00 109.00 -44.1 -82.5 - ♦ trading ex-dividend
BH Macro 4375 5.00 4540 3200 - 3823.0 14.4 Price +/-Chg High Low Yld NAV or Pm
HenHigh 177.25 -0.25 189.50 149.50 5.59 176.0 0.7 Mid Wynd 776.00 -9.00 870.00 679.47 0.82 764.7 1.5 UIL Finance 2024 ZDP 122.50 - 125.33 114.24 -48.7 -57.9 - ■ trading ex-capital distribution
..USD $ 43.90 -0.40 48.00 33.20 - 39.7 10.6
HenInt Inc 173.50 -1.75 179.00 150.00 3.46 184.4 -5.9 Monks 1061 -5.00 1482 969.00 0.19 1147.5 -7.5 abrdnPvEq♦ 512.00 -2.00 575.00 385.00 2.64 683.4 -25.1 UIL Finance 2028 ZDP 97.50 - 102.50 96.00 -24.5 -28.5 - # price at time of suspension from trading
BiotechGth 906.00 -21.00 1484 852.00 - 980.5 -7.6
Hen Opp 1260 -5.00 1650 1044.13 2.14 1506.1 -16.3 MontanSm 156.20 -3.80 226.99 129.00 0.59 164.6 -5.1 BGUSGROWTH 221.50 - 401.75 190.50 - 235.8 -6.1 UIL Finance 2026 ZDP 116.00 0.50 120.00 110.00 -32.5 -38.4 -
BlckRoEne♦ 139.50 2.00 140.30 85.00 2.87 134.0 4.1 The prices listed are indicative and believed accurate at the time of publication.
HenSmlr 987.00 -8.00 1378 868.03 2.41 1117.6 -11.7 Mur Inc 889.00 -7.00 959.50 738.00 3.40 932.8 -4.7 BMO PvtEq 465.00 -2.00 520.00 372.00 3.71 631.1 -26.3 UIL Finance 2022 ZDP 144.00 - 144.34 137.00 -94.4 -98.3 -
BlckRFrnt 131.50 -2.00 140.00 112.75 3.91 147.6 -10.9 No offer is made by Morningstar or the FT. The FT does not warrant nor
Herald 1830 -16.00 2670 1634 - 2307.2 -20.7 Mur Int♦ 1270 2.00 1286 1038 4.29 1295.8 -2.0 HVPE 2605 30.00 2860 1972 - 3660.0 -28.8
BlckRGtEur
BlckR I&G
525.00
187.00 -
-5.00 732.00 436.35
200.00 160.00
1.17
3.85
524.3
207.4
0.1
-9.8 HICL Infra 180.00 -3.00 184.98 160.60 4.58 155.7 15.6 CQSNewCityHY 54.50 0.10 58.20 51.60 8.20 51.5 5.8 HgCapital♦ 439.50 0.50 445.02 320.00 1.14 437.6 0.4 Investment Companies - AIM guarantee that the information is reliable or complete. The FT does not accept
Highbridge Tactical 254.00 -1.00 286.00 228.00 - 242.8 4.6 New Star IT 129.00 4.00 149.00 124.00 1.09 186.6 -30.9 ICG Ent Tr 1142 -18.00 1300 1016 2.19 1634.7 -30.1 responsibility and will not be liable for any loss arising from the reliance on
BlckRckLat 428.00 -4.00 453.00 310.00 4.32 451.2 -5.1 52 Week Dis(-) or use of the information.
Impax Env. 446.50 -5.50 584.50 370.88 0.52 441.6 1.1 NorthAmer 304.00 -3.00 310.67 256.30 3.32 334.1 -9.0 Pantheon International Plc ORDs 305.00 -7.50 371.30 253.00 - 417.6 -27.0
BlckRSmlr 1642 -24.00 2230.28 1412.27 2.03 1864.6 -11.9 Price +/-Chg High Low Yld NAV or Pm
Ind IT 469.00 -3.00 608.77 420.05 1.71 547.4 -14.3 NthAtSml 3900 -80.00 5120 3602.52 0.77 5426.6 -28.1 PrincssPE € 12.35 0.30 14.85 11.50 5.23 15.0 -17.7
BlckRckSusAm 206.00 2.00 212.00 177.00 3.88 221.8 -7.1 BB Biotech AG SFr 62.30 -1.60 85.40 55.55 5.8 - - The FT Share Service is a paid-for-print listing service and may not be fully
IntBiotech 680.00 -9.00 773.25 575.00 4.18 710.6 -4.3 PacAsset 320.00 -4.00 376.00 286.32 0.75 356.0 -10.1 Unbound Group plc 36.00 - 674.00 34.00 - - -
BlckRThrmt 718.00 -19.00 1046 621.82 1.42 734.2 -2.2 CrysAmber 120.50 - 123.50 97.00 2.1 150.6 -20.0 representative of all LSE-listed companies. This service is available to all listed
BlckRWld♦ 791.00 -1.00 804.98 492.00 3.01 791.8 -0.1 Intl PP 162.40 -1.40 174.81 150.47 4.53 146.7 10.7 PacHorzn 747.00 2.00 954.00 600.00 - 731.2 2.2 Discretionary Unit Fund Mngrs 52 Week Dis(-) Infra India 0.55 -0.05 1.70 0.46 - 10.6 -94.8 companies, subject to the Editor’s discretion. For new sales enquiries please
BMO Cp&I 319.50 2.50 341.00 269.56 3.63 320.5 -0.3 Inv AsiaTr 331.50 -5.50 395.22 298.00 4.86 362.7 -8.6 PerAsset 49650 -200.00 51166 45550 1.13 49097. 1.1 (1000)F email daniel.fish@ft.com or call +44 (0)20 7873 4571.
BMOGblSmlr 155.40 -2.20 175.20 138.40 1.13 173.8 -10.6 Invesco Bond Inc - - - - - 183.2 - 5 Price +/-Chg High Low Yld NAV or Pm
BMOMgdT 267.00 -1.00 300.00 240.00 - 257.8 3.6 IPST BalR 161.50 0.50 176.00 156.00 - 171.6 -5.9 PolarHealth 304.00 0.50 310.00 248.50 0.66 342.4 -11.2 Right &ISS 2525 -5.00 2770 2146 1.28 2725.3 -7.3
BMOMgdT 137.50 - 150.00 125.00 4.62 135.7 1.3 IPST Gbl Eq 231.00 - 250.00 210.00 3.07 246.4 -6.2 PolarFins 162.00 -0.20 184.00 123.80 2.48 161.9 0.1 Data provided by Morningstar
BMO UK HIT A 88.75 - 101.00 77.00 5.97 93.9 -5.5 IPST Mngd 99.00 - 104.97 96.00 1.01 106.9 -7.4 PolarTech 2130 -15.00 2760.93 1970.36 - 2422.6 -12.1
RIT Cap♦ 2550 -30.00 3635.25 2205.84 1.38 2673.0 -4.6

www.morningstar.co.uk
18 ★ FINANCIAL TIMES Wednesday 20 April 2022

MANAGED FUNDS SERVICE

SUMMARY FT.COM/FUNDS

Winners - US Fund Mid-Cap Blend Losers - US Fund Mid-Cap Blend Morningstar Star Ratings Global Broad Category Group - Fixed Income

1yr Return 3yr Return 5yr Return 3yr 3yr 1yr Return 3yr Return 5yr Return 3yr 3yr Morningstar Morningstar Morningstar Total Ret 1Yr Total Ret 3Yr Total Ret 5Yr
Fund Name Fund Name Fund Name Base Currency Morningstar Category Base Currency
GBP GBP GBP Sharpe Ratio Std Dev GBP GBP GBP Sharpe Ratio Std Dev Rating 3 Yr Rating 5 Yr Rating 10 Yr GBP GBP GBP

Hennessy Cornerstone Mid Cap 30 Fund 5.46 15.23 9.34 0.74 28.26 Longleaf Partners Small-Cap Fund -3.36 4.40 4.64 0.37 33.51 Asia Sustainability A Shares Pound Sterling QQQQ QQQQ QQQQQ Emerging Bonds Mexican Peso -1.85 17.10 2.90
Janus Henderson Contrarian Fund 1.83 14.93 12.22 1.03 21.12 Bullfinch Greater Western New York Series -1.61 4.47 4.40 0.38 16.30 UK Gilt Gross Pound Sterling QQQQ QQQQQ QQQQ Latin America Bond Chilean Peso 8.46 8.29 6.58
Schwartz Value Focused Fund 5.70 13.25 11.30 0.74 26.74 AMG River Road Focused Absolute Value Fund -3.70 4.68 6.24 0.45 19.97 Far East US Dollar QQQ QQQ QQQ High Grade Long-Term Debt Mexican Peso -1.97 7.46 0.93
Government Street Mid Cap Fund 4.68 12.54 10.93 1.03 17.26 Rock Oak Core Growth Fund -6.37 4.84 6.68 0.44 18.87 IVI European Fund EUR Euro QQQ QQQ QQQ India - Floating Rate Short-Term Bond Indian Rupee -1.24 7.40 5.14
Eventide Dividend Opportunities Fund 1.33 12.34 - 1.06 17.09 Weitz Funds Hickory Fund -7.16 5.11 4.22 0.49 20.62 MFM Techinvest Special Situations Acc Pound Sterling QQQ QQQ QQQQ ZAR/NAD Diversified Bond Rand 8.42 7.21 8.53

Advertising Feature Performance Weightings - As of 31/12/2021 Top 10 Holdings - As of 31/12/2021

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials 4.68% 5.16%
Apr 2019 - Apr 2022 XPO Logistics Inc Industrials 3.95%
Orbis OEIC Global Equity Standard Communication Services 12.99% 6.35%
Consumer Cyclical 7.52% 10.85%
GXO Logistics Inc Industrials 3.85%
Consumer Defensive 16.15% 8.03%
Energy 1.42% 4.69%
UnitedHealth Group Inc Healthcare 3.65%
Financial Services 16.04% 15.20%
Healthcare 7.24% 11.49%
Naspers Ltd Class N Communication Services 3.40%
Industrials 20.75% 10.94%
Real Estate 1.17% 1.76%
Global Payments Inc Industrials 3.10%
Technology 9.92% 15.81%
Utilities 1.39% 2.42%
Fleetcor Technologies Inc Technology 2.99%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 0.73% 6.25%
Firm Name Corporate - 0.92%
ING Groep NV Financial Services 2.83%
Orbis Investment Management (Luxembourg) S.A Derivative - -0.75%
Fund Name Government - 0.77%
British American Tobacco PLC ADR Consumer Defensive 2.82%
Orbis OEIC Global Equity Standard Municipal - 0.00%
Morningstar Category Securitized - 0.10%
Newcrest Mining Ltd Basic Materials 2.74%
Global Large-Cap Blend Equity
Max Annual Charge
Anthem Inc Healthcare 2.70%
50.00 Risk Measures - As of 31/03/2022
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
QQQ Alpha -8.37 -2.64 -2.93 -2.01 -3.81 -1.93
Morningstar Sustainability Rating Beta 0.81 1.01 1.09 0.99 1.09 0.99
Fund Category Information Ratio -1.23 -0.48 -0.38 -0.42 -0.60 -0.44
Bid Price - KIID Ongoing Charge 0.00 R Squared 58.95% 85.73% 90.53% 89.72% 89.48% 89.75%
Offer Price - Day-End One Year Return 1.86 Day -0.08% Month 4.34% Year -1.55% Sharpe Ratio -0.18 0.50 0.61 0.55 0.47 0.49
+/- -0.01 Total Ret 3Yr 10.96 Std Dev 12.35 14.45 19.73 16.99 17.40 15.90
Information reproduced courtesy of Morningstar. While the Financial Times takes every care to ensure that the information is faithfully reproduced, the information is not verified by the Financial Times and therefore it accepts no liability for any loss which may arise relating to the Morningstar information.
© 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr

abrdn Capital (CI) Limited
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised
Aberdeen Standard Capital Offshore Strategy Fund Limited
Bridge Fund
Global Equity Fund
Global Fixed Interest Fund
Income Fund
Sterling Fixed Interest Fund
UK Equity Fund
Algebris Investments
Regulated
Algebris Financial Credit I EUR € 183.18
(JER) Chartered Asset Management Pte Ltd Ennismore European Smlr Cos Hedge Fd Findlay Park Funds Plc (IRL) Hermes Property Unit Trust (UK)
Other International Funds Other International Funds 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Property & Other UK Unit Trusts
CAM-GTF VCC $ 315240.55 315240.55 -435.86 - -6.36 3.78 NAV € 652.64 - -12.47 0.00 14.32 3.90 FCA Recognised Property £ 6.97 7.50 0.10 0.69 10.01 1.21
American EUR Unhedged Class € 158.55 - -1.06 0.00 10.17 -
CAM GTi VCC $ 780.49 - -32.39 - 12.31 4.69
£ 2.2932 - -0.0217 1.61 0.42 8.03 American Fund USD Class $ 170.86 - -2.28 0.00 -0.80 11.51
RAIC VCC $ 1.64 1.64 0.03 2.06 5.74 -1.66
£ 3.3539 - -0.0419 0.95 0.83 11.28 American Fund GBP Hedged £ 85.55 - -1.14 0.00 -1.27 10.04
£ 0.8320 - -0.0044 5.46 -10.81 -0.63 American Fund GBP Unhedged £ 130.96 - -1.81 0.00 4.79 11.67
£ 0.6778 - -0.0044 2.62 3.32 8.01
£ 0.7850 - -0.0077 3.17 -9.89 -0.06
£ 2.0761 - -0.0001 3.08 -0.89 0.89
Euronova Asset Management UK LLP (CYM) Janus Henderson Investors (UK)
Regulated PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Ashmore Group Smaller Cos Cls One Shares € 58.40 - 0.53 0.00 0.72 9.07 www.janushenderson.com
61 Aldwych, London WC2B 4AE. Dealing team: +352 27 62 22 233 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Authorised Inv Funds
Stuart House, St John's Street, Peterborough, PE1 5DD Smaller Cos Cls Two Shares € 37.40 - 0.32 0.00 -0.53 7.36
Authorised Inv Funds Janus Henderson Asia Pacific Capital Growth Fund A Acc 1161.00 - -19.00 0.00 -20.53 0.17
Dealing & Client Services 0345 850 8818 Smaller Cos Cls Three Shares € 18.66 - 0.16 0.00 -1.53 7.00 Foord Asset Management
Emerging Markets Equity Fund $ 126.79 - -1.32 0.00 -19.77 7.21 Authorised Inv Funds Janus Henderson Asian Dividend Income Unit Trust Inc 90.03 - -0.22 7.01 -0.58 1.73
Smaller Cos Cls Four Shares € 24.60 - 0.17 0.00 0.78 7.94 Website: www.foord.com - Email: info@foord.com
Emerging Markets Equity ESG Fund $ 143.82 - -1.44 0.00 -23.46 - Consistent UT Inc 67.24 69.36 -0.13 0.53 -1.75 12.05 FCA Recognised - Luxembourg UCITS Janus Henderson Cautious Managed Fund A Acc 291.60 - -1.40 - -0.58 2.89
Emerging Markets Active Equity Fund $ 136.11 - -1.93 0.00 -20.29 0.68 Consistent UT Acc 180.10 185.80 -0.30 0.53 -1.75 12.06 Foord International Fund | R $ 52.06 - -0.07 0.00 5.92 8.78 Janus Henderson Cautious Managed Fund A Inc 148.00 - -0.70 - -0.55 3.14
Emerging Markets Frontier Equity Fund $ 211.42 - -0.51 0.34 19.33 8.48 Practical Investment Inc 246.60 264.70 -1.10 3.34 1.47 6.38 Foord Global Equity Fund (Lux) | R $ 17.67 - -0.12 0.00 -8.44 - Janus Henderson China Opportunities Fund A Acc 1279.00 - -27.00 0.00 -29.45 -4.90
Emerging Markets Blended Debt Fund $ 61.59 - -0.14 6.08 -17.93 -6.20 Practical Investment Acc 1509.00 1620.00 -7.00 3.34 -0.26 5.64 Regulated Janus Henderson Emerging Markets Opportunities Fund A Acc 204.90 - -3.20 0.00 -17.68 1.10
Emerging Markets Blended Debt ESG Fund $ 92.75 - -0.24 0.00 -12.79 -2.82 Foord Global Equity Fund (Sing) | B $ 21.05 - -0.02 0.00 -9.48 9.97 Janus Henderson European Growth Fund A Acc 272.50 - -2.60 - -2.33 5.89
Emerging Markets Debt Fund $ 68.77 - -0.09 7.15 -18.70 -6.06 Foord International Trust (Gsy) $ 50.73 - -0.06 0.00 5.94 8.69 Janus Henderson European Selected Opportunities Fund A Acc 2035.00 - -22.00 0.29 -4.86 7.20
Emerging Markets Corporate Debt Fund $ 70.01 - 0.02 8.10 -17.68 -2.63 Janus Henderson Fixed Interest Monthly Income Fund Inc 20.16 - -0.15 4.17 -7.62 1.73
Emerging Markets Local Currency Bond Fund $ 64.38 - -0.26 4.45 -9.87 -2.52 Janus Henderson Global Equity Fund Acc 4411.00 - -66.00 0.00 -0.65 10.11
Janus Henderson Global Equity Income Fund A Inc 64.69 - -0.18 2.97 3.55 5.26
Janus Henderson Global Sustainable Equity Fund A Inc 469.40 - -6.60 0.00 -3.06 14.14
Janus Henderson Global Technology Fund A Acc 2968.00 - -45.00 0.00 -8.20 14.47
Janus Henderson Instl UK Idx Opps A Acc £ 1.12 - 0.00 2.55 6.71 -
(IRL) Franklin Templeton International Services Sarl (IRL) Janus Henderson Multi-Asset Absolute Return Fund A Acc 165.10 - 0.40 - 8.83 4.96
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
- -0.10 0.00 -4.46 5.14 Other International Funds Janus Henderson Multi-Manager Active Fund A Acc 263.70 - -0.60 - 0.80 4.98

Algebris Financial Credit R EUR € 158.31
Algebris Financial Credit Rd EUR € 99.88
Algebris Financial Income I EUR € 178.38
Algebris Financial Income R EUR € 163.25
Algebris Financial Income Rd EUR € 102.73
Algebris Financial Equity B EUR € 146.16
Algebris IG Financial Credit I EUR € 103.29
Algebris IG Financial Credit R EUR € 102.03
Algebris Global Credit Opportunities I EUR € 125.44
Algebris Global Credit Opportunities R EUR € 122.92
Algebris Global Credit Opportunities Rd EUR € 122.92
Algebris Core Italy I EUR
Algebris Core Italy R EUR
Algebris Financial Equity R EUR € 123.71
The Antares European Fund Limited
Other International
AEF Ltd Usd
AEF Ltd Eur
Artemis Fund Managers Ltd (1200)F
57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds
Artemis SmartGARP UK Eq I Acc 2253.25 - 15.28 - 12.46 9.20
Artemis Corporate Bond I Acc
Artemis SmartGARP Eur Eq I Acc
Artemis European Opps I Acc
Artemis SmartGARP GloEmr Eq I Acc
Artemis SmartGARP Glo Eq I Acc
Artemis Global Income I Inc
Artemis Global Select I Acc
Artemis High Income I Q Inc
Artemis Income I Inc
Artemis Monthly Dist I Inc
Artemis Positive Future Fund
Artemis Strategic Assets I Acc
Artemis Strategic Bond I Q Acc
Artemis Target Return Bond I Acc
Artemis UK Select Fund Class I Acc
Artemis UK Smaller Cos I Acc
Artemis UK Special Sits I Acc
Artemis US Abs Return I Hdg Acc
Artemis US Extended Alpha I Acc
Artemis US Select I Acc
Artemis US Smlr Cos I Acc
- -0.09 0.00 -4.95 4.55 Atlantas Sicav (LUX) Franklin Emerging Market Debt Opportunities Fund Plc Janus Henderson Multi-Manager Distribution Fund A Inc 133.20 - -0.30 - -1.24 2.62
Regulated Franklin Emg Mkts Debt Opp CHFSFr 12.93 - 0.02 6.20 -7.52 -2.39 Janus Henderson Multi-Manager Diversified Fund A Acc 91.01 - -0.27 2.30 -2.96 1.68
- -0.06 4.54 -4.89 4.61 American Dynamic $ 7098.53 7098.53 -89.36 0.00 -5.70 11.92
Franklin Emg Mkts Debt Opp GBP £ 8.46 - 0.01 6.08 -5.45 -1.46 Janus Henderson Multi-Manager Global Select Fund Acc 314.80 - -0.10 - 3.38 8.07
- 0.03 0.00 2.97 9.54 American One $ 7124.05 7124.05 -72.98 0.00 1.04 14.93
FIL Investment Services (UK) Limited (1200)F (UK) Franklin Emg Mkts Debt Opp USD $ 14.86 - 0.02 6.11 -5.71 0.08 Janus Henderson Multi-Manager Income & Growth Fund A Acc 194.10 - -0.30 - -1.17 2.72
- 0.02 0.00 2.04 8.55 Bond Global € 1552.98 1552.98 5.94 0.00 2.14 1.38 Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP Janus Henderson Multi-Manager Income & Growth Fund A Inc 155.10 - -0.20 - -1.19 2.73
- 0.01 3.45 2.04 8.54 Eurocroissance € 1417.71 - 0.03 0.00 4.94 10.06 Callfree: Private Clients 0800 414161
- 0.17 0.00 9.56 9.87 Broker Dealings: 0800 414 181 Janus Henderson Multi-Manager Managed Fund A Acc 321.10 - -0.80 0.00 0.19 4.35
Far East $ 1015.88 - -9.55 0.00 -22.83 3.40 OEIC Funds
- -0.34 0.00 -6.52 - Janus Henderson Multi-Manager Managed Fund A Inc 310.80 - -0.70 0.00 0.16 4.35
Dodge & Cox Worldwide Funds (IRL) Fidelity Allocator World Fund W-ACC-GBP £ 2.68 - -0.01 0.94 5.85 10.66
- -0.33 0.00 -6.97 - 48-49 Pall Mall, London SW1Y 5JG. Janus Henderson Sterling Bond Unit Trust Acc 225.80 - -2.10 1.18 -9.24 -0.06
www.dodgeandcox.worldwide.com 020 3713 7664 American Special Sits W-ACC-GBP £ 22.92 - 0.08 - 23.16 13.03 Janus Henderson Sterling Bond Unit Trust Inc 62.48 - -0.76 1.19 -9.51 -0.16
- 0.27 0.00 -4.92 6.85 FCA Recognised Asia Pacific Ops W-Acc £ 2.82 - -0.04 - -8.23 10.74 Janus Henderson Strategic Bond Fund A Inc 115.60 - -1.10 3.15 -8.13 1.29
- 0.26 0.00 -5.26 6.53 Dodge & Cox Worldwide Funds plc - Global Bond Fund
Asian Dividend Fund W-ACC-GBP £ 2.30 - -0.02 2.87 2.91 4.64 Janus Henderson Absolute Return Fund A Acc 164.40 - 0.40 0.00 -1.56 1.76
- 0.26 0.00 -5.26 6.53 EUR Accumulating Class € 15.73 - 0.06 0.00 4.31 4.61
China Consumer Fund W-ACC-GBP £ 2.62 - -0.06 0.00 -35.84 -4.83 Janus Henderson UK Alpha Fund A Acc 151.80 - -0.80 0.31 -9.43 0.18
€ 149.86 - 0.98 0.00 4.74 - EUR Accumulating Class (H) € 10.78 - -0.02 0.00 -6.67 1.37
Emerging Asia Fund W-ACC-GBP £ 1.82 - -0.02 - -16.36 4.55 Janus Henderson UK Equity Income & Growth Fund A Inc 534.70 - 3.10 4.04 6.49 1.65
€ 142.95 - 0.94 0.00 5.64 14.04 EUR Distributing Class € 11.78 - 0.05 1.51 2.53 4.01
Enhanced Income Fund W-INC-GBP £ 0.87 - 0.00 5.88 12.69 4.36 Janus Henderson UK Property PAIF A Acc £ 2.65 2.78 0.01 2.63 13.38 4.22
- 0.14 0.00 8.58 8.81 EUR Distributing Class (H) € 8.01 - -0.02 1.67 -8.41 0.67
European Fund W-ACC-GBP £ 21.89 - -0.37 1.07 2.63 9.29 Janus Henderson UK Property PAIF A Inc £ 1.06 1.11 0.00 2.68 13.41 4.27
GBP Distributing Class £ 11.93 - 0.01 1.42 -2.38 2.53
Fidelity Extra Income Fund W-ACC-GBP £ 1.38 - 0.00 3.48 -4.97 1.76 Janus Henderson US Growth Fund A Acc 1789.00 - -22.00 - 0.39 14.11
GBP Distributing Class (H) £ 8.52 - -0.01 1.59 -7.84 1.43
*FID INST - Emerging Markets Fund W-ACC-GBP £ 1.74 - -0.03 - -21.11 3.05
USD Accumulating Class $ 12.28 - -0.02 0.00 -5.76 3.12
Dodge & Cox Worldwide Funds plc-Global Stock Fund Fidelity American Fund W-ACC-GBP £ 55.11 - -0.74 - -3.72 8.35
GBP Distributing Share class £ 26.00 - -0.14 - 11.93 11.39 Fidelity Asia Fund W-ACC-GBP £ 15.38 - -0.38 - -20.39 2.58
EUR Accumulating Share Class € 42.18 - -0.10 0.00 18.18 13.33 Fidelity Cash Fund W-ACC-GBP £ 1.02 - 0.00 0.00 0.01 0.22
GBP Distributing Class (H) £ 14.47 - -0.12 0.37 5.48 9.32 Fidelity Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 1.82 - 0.01 4.28 -33.66 -6.67
Fundsmith LLP (1200)F (UK)
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Fidelity European Opportunities W-ACC-GBP £ 5.19 - -0.10 - -4.72 4.03 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
USD Accumulating Share Class $ 40.37 - -0.38 0.00 9.85 14.58 Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.21 - -0.01 4.24 2.70 6.95 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
$ 575.69 - 4.57 0.00 3.24 -2.20 Kleinwort Hambros Bank Limited (UK)
GBP Accumulating Share Class £ 48.02 - -0.33 - 15.77 14.58 Authorised Inv Funds
€ 535.60 - 4.35 0.00 2.72 -3.05 Blue Whales Investment Funds ICAV (IRE) Fidelity Sustainable Global Equity W-Accumulation £ 32.40 - -0.32 - -10.55 11.41 5TH Floor, 8 St James's Square, London, SW1Y 4JU
Fundsmith Equity T Acc 579.94 - -7.84 0.13 -0.84 10.54 Dealing and enquiries: 033 0024 0785
www.bluewhale.co.uk, info@bluewhale.co.uk GBP Distributing Share Class £ 28.93 - -0.20 0.22 15.35 14.43 Fidelity Global High Yield Fund W-ACC-GBP £ 14.63 - -0.03 5.16 -7.99 -0.20
FCA Recognised - Ireland UCITS Fundsmith Equity T Inc 529.48 - -7.16 0.13 -0.84 10.53 Authorised Inv Funds
EUR Accumulating Share Class € 48.36 - -0.19 0.00 21.57 16.23 Fidelity Japan Fund W-ACC-GBP £ 5.12 - -0.09 - -6.42 10.97 Unit Trust Manager/ACD - Host Capital
Blue Whale Growth USD T $ 9.79 - -0.39 - -17.25 -
GBP Distributing Class (H) £ 16.38 - -0.15 0.25 8.68 12.57 Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.38 - -0.12 - -20.02 1.82 HC Kleinwort Hambros Growth A Acc 242.96 - -0.20 1.36 -1.54 5.25
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.18 - 0.00 0.96 -1.34 4.29 HC Kleinwort Hambros Growth A Inc 220.43 - -0.18 1.38 -1.54 5.25
Fidelity Special Situations Fund W-ACC-GBP £ 41.45 - 0.04 2.03 4.51 3.81 HC Kleinwort Hambros Equity Income A Inc 102.85 - -0.13 3.06 6.76 2.26
Fidelity Short Dated Corporate Bond Fund W-ACC-GBP £ 10.82 - -0.02 - -2.88 0.99 HC Kleinwort Hambros Equity Income A Acc 197.55 - -0.25 4.50 6.77 2.27
Fidelity Sustainable Water & Waste W-ACC-GBP £ 1.17 - -0.01 Asset
- -2.51 - Management
Asset Management
HC Kleinwort Hambros Multi Asset Balanced A Acc 176.15 - -0.33 0.81 -2.22 3.14
Fidelity Sustainable Water & Waste W-INC-GBP £ 1.16 - -0.01 0.13 -2.56 - HC Kleinwort Hambros Multi Asset Balanced A Inc 166.50 - -0.31 0.81 -2.22 3.15
Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 1.14 -7.27 5.14
GAM
funds@gam.com, www.funds.gam.com HC Kleinwort Hambros Fixed Income A Acc 131.30 - -0.04 3.44 -4.85 0.15
Fidelity UK Select Fund W-ACC-GBP £ 3.68 - -0.03 1.99 5.06 5.09 Regulated HC Kleinwort Hambros Fixed Income A Inc 101.15 - -0.03 3.44 -4.84 0.15
Global Dividend Fund W-ACC-GBP £ 2.86 - -0.01 2.60 3.25 8.54 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 124.29 - -0.38 - 18.93 8.19
Global Property Fund W-ACC-GBP £ 2.27 - 0.00 1.31 13.93 6.28 LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 103.57 - 0.08 0.95 -3.23 -
Global Special Sits W-ACC-GBP £ 54.90 - -0.24 - -0.09 11.71
Fidelity Index Emerging Markets P-ACC-GBP £ 1.71 - -0.02 - -11.37 2.26
Fidelity Index Europe ex UK P-ACC-GBP £ 1.78 - -0.02 1.93 -1.91 6.71
Fidelity Index Japan P-ACC-GBP £ 1.77 - -0.04 - -10.25 3.71
Fidelity Index Pacific ex Japan P-Acc-GBP £ 1.93 - -0.01 - 3.47 5.22 Lothbury Property Trust (UK)
(UK) Fidelity Index UK P-ACC-GBP £ 1.56 - 0.00 - 8.45 4.28 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Property & Other UK Unit Trusts
Fidelity Index US P-ACC-GBP £ 3.47 - -0.02 - 13.43 16.37 Genesis Investment Management LLP
Other International Funds Lothbury Property Trust GBP £ 2118.74 2282.55 87.39 2.47 14.39 3.07
Brooks Macdonald International Fund Managers Limited(JER) Dragon Capital
Fidelity Index World P-ACC-GBP £ 2.69 - -0.01 1.35 8.31 12.86
5 Anley Street, St Helier, Jersey, JE2 3QE Emerging Mkts NAV £ 7.21 - -0.16 1.75 -22.40 -2.04
106.68 - -0.02 2.53 -4.89 - www.dragoncapital.com Fidelity MoneyBuilder Balanced Fund W-ACC-GBP £ 0.62 - -0.01 2.79 4.87 3.19
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK)
405.27 - 1.66 - 1.70 5.57 Fund information:info@dragoncapital.com Fidelity MoneyBuilder Dividend Fund W-INC-GBP £ 1.29 - 0.00 - 13.81 5.30
Brooks Macdonald International Investment Funds Limited
Other International Funds
118.21 - -2.74 0.48 -7.34 1.93 Euro High Income € 1.3588 - -0.0050 2.50 -8.56 -1.65 Fidelity MoneyBuilder Income Fund W-ACC-GBP £ 13.53 - -0.13 3.02 -7.52 0.95
Vietnam Equity (UCITS) Fund A USD $ 37.50 - -2.35 0.00 32.30 20.99
163.80 - 0.44 - -0.79 4.60 High Income £ 0.7479 - -0.0078 3.77 -8.52 -0.08 Fidelity Multi Asset Allocator Adventurous Fund W-ACC-GBP £ 2.16 - -0.01 - 3.06 8.61
389.86 - 0.33 - 5.78 9.89 Sterling Bond £ 1.4061 - -0.0137 2.06 -9.49 -0.33 Fidelity Multi Asset Allocator Defensive Fund W-ACC-GBP £ 1.36 - -0.01 0.87 -5.01 2.17
115.21 - 1.09 2.53 10.80 9.25 Brooks Macdonald International Multi Strategy Fund Limited Fidelity Multi Asset Allocator Growth Fund W-ACC-GBP £ 1.89 - -0.01 - 0.32 6.44
169.93 - -1.55 - 5.13 12.86 Cautious Balanced Strategy £ 1.3199 - -0.0029 0.00 -4.53 1.72 Fidelity Multi Asset Income Fund W-INC-GBP £ 1.00 - 0.00 4.21 -4.02 1.79
M & G Securities (1200)F (UK)
PO Box 9038, Chelmsford, CM99 2XF
75.58 - -0.01 - -2.85 2.35 Cautious Balanced Strategy A £ 0.9435 - -0.0020 - - - Fidelity Multi Asset Allocator Strategic Fund W-ACC-GBP £ 1.64 - -0.01 - -2.44 4.22 www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
259.74 - 0.30 - 6.14 5.82 Balanced Strategy £ 0.9341 - -0.0005 - - - Fidelity Multi Asset Open Advent W-ACC-GBP £ 1.74 - -0.01 - 2.11 7.05 Authorised Inv Funds
Balanced Strategy A £ 0.9366 - -0.0004 - - - Charifund Inc 1588.86 - 3.96 4.70 9.54 5.46
75.97 - 0.17 - 6.64 5.94 Fidelity Multi Asset Open Defen W-ACC-GBP £ 1.38 - 0.00 1.08 -1.92 3.41
Growth Strategy £ 1.9823 - 0.0020 0.00 -4.18 2.64 EdenTree Investment Management Ltd (UK) Charifund Acc 29848.39 - 74.27 3.95 9.53 5.47
78.16 - 0.73 - -23.08 - PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Fidelity Multi Asset Open Growth Fund W-ACC-GBP £ 1.66 - 0.00 - 1.78 6.57
Growth Strategy A £ 0.9491 - 0.0011 - - - Authorised Inv Funds M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.17 - 0.00 1.99 -4.03 -
83.88 - -0.16 - -8.80 -0.16 Fidelity Multi Asset Open Strategic Fund W-ACC-GBP £ 1.53 - -0.01 - -0.13 4.77
High Growth Strategy £ 2.7596 - 0.0036 0.00 -4.78 3.53 Amity Balanced For Charities A Inc 108.90 - 0.20 4.69 0.57 4.43 M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 40.89 - -0.20 - -4.03 -
106.88 - -0.36 - -4.40 1.77 Fidelity Open World Fund W-ACC-GBP £ 2.25 - -0.01 0.56 4.84 9.53
High Growth Strategy A £ 0.9392 - 0.0013 - - - Amity Global Equity Inc for Charities A Inc 159.00 - -1.20 2.23 2.61 8.44 M&G Charity Multi Asset Fund Inc £ 0.91 - 0.00 3.59 7.34 -
107.28 - 0.02 2.27 -0.91 - Fidelity Strategic Bond Fund W-ACC-GBP £ 1.27 - -0.01 1.96 -8.11 1.02
US$ Growth Strategy $ 1.8572 - -0.0037 0.00 -9.88 4.19 EdenTree European Equity Cls A Inc 299.40 - -1.50 1.42 0.28 6.21 M&G Charity Multi Asset Fund Acc £ 105.87 - -0.02 - 7.34 -
750.71 - 2.06 1.90 -3.88 9.47 Fidelity UK Opportunities Fund W-ACC-GBP 298.10 - -0.70 1.26 -0.57 10.09
Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes EdenTree European Equity Cls B Inc 302.60 - -1.50 1.97 0.84 6.94
2108.27 - -5.40 1.57 2.44 6.75 Fidelity UK Smaller Companies W-ACC-GBP £ 3.61 - -0.01 1.07 6.24 13.37
749.03 - 2.59 1.83 -6.91 6.17 EdenTree Global Equity Cls A Inc 324.80 - -4.00 0.07 -6.85 6.35 Institutional OEIC Funds
EdenTree Global Equity Cls B Inc 327.90 - -4.00 0.61 -6.34 7.04 *America Fund ACC-GBP £ 9.22 - -0.02 0.30 12.73 13.81
111.94 - -0.01 0.00 -1.37 -0.69 Guinness Global Investors
330.36 - -1.78 0.00 7.51 15.08 EdenTree Responsible and Sust S Dtd Bd B 96.39 - -0.16 - -3.12 0.16 *Emerging Markets Fund ACC-GBP £ 5.25 - -0.09 0.66 -21.21 2.89 Guinness Global Equity Income Y GBP Dist £ 18.35 - -0.08 2.21 15.54 13.29
301.66 - -1.84 - 1.08 12.89 EdenTree Sterling Bond Cls A Inc 95.70 - -0.51 3.39 -6.44 0.93 *Europe (ex-UK) Fund ACC-GBP £ 7.09 - -0.14 0.60 -4.97 9.24 Guinness Global Innovators Y GBP Acc £ 26.20 - -0.40 - -2.82 14.83
327.86 - -2.70 0.00 -7.24 13.15 EdenTree Sterling Bond Cls B Inc 107.60 - -0.60 - -5.86 1.58 *Pre-Retirement Bond Fund W-ACC-GBP £ 144.20 - -2.20 1.78 -9.82 0.49 Guinness Sustainable Global Equity Y GBP Acc £ 10.98 - -0.14 - 2.42 -
EdenTree UK Equity Cls A Inc 233.40 - -0.50 0.88 -10.43 0.79 *Sustainable Global Equity Fund W Acc-GBP £ 7.25 - -0.10 0.07 8.08 16.05 MMIP Investment Management Limited (GSY)
CG Asset Management Limited (IRL) EdenTree UK Equity Cls B Inc 232.90 - -0.50 - -9.94 1.47 Regulated
*Index-Linked Bond Fund ACC-GBP £ 4.29 - -0.11 0.31 -4.78 1.15 Multi-Manager Investment Programmes PCC Limited
25 Moorgate, London, EC2R 6AY
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 EdenTree UK Equity Opps Cls A Inc 298.40 - -1.80 0.78 -10.41 2.07 *Japan Fund ACC-GBP £ 3.54 - -0.10 - -12.93 6.12 UK Equity Fd Cl A Series 01 £ 3307.22 3341.89 -105.99 0.00 16.89 5.69
FCA Recognised EdenTree UK Equity Opps Cls B Inc 304.90 - -1.90 - -9.94 2.75 *Long Bond Fund ACC-GBP £ 1.00 - -0.01 1.40 -12.24 -0.59 Diversified Absolute Rtn Fd USD Cl AF2 $ 1699.77 - -14.08 - -3.33 2.49
CG Portfolio Fund Plc Edentree Global Impact Bond B 92.78 - -0.64 - - - *Select Emerging Markets Equities ACC-GBP £ 2.05 - -0.03 - -17.59 1.98 Diversified Absolute Return Stlg Cell AF2 £ 1590.87 - -12.38 - -3.35 1.17
Absolute Return Cls M Inc £ 140.84 140.84 0.09 1.31 6.32 6.84 Edentree Green Future B Net Inc 96.67 - -1.22 - - - *South East Asia Fund ACC-GBP £ 6.49 - -0.07 - -11.53 2.52 Global Equity Fund A Lead Series £ 1761.41 1767.24 -36.76 - 5.74 6.56
Capital Gearing Portfolio GBP P £ 39007.49 39007.49 -1.10 1.01 6.37 7.08 EdenTree Managed Income Cls A Inc 132.40 - 0.20 4.48 5.81 4.15 *UK Fund ACC-GBP £ 5.12 - -0.01 - 8.09 5.74 HPB Assurance Ltd
Capital Gearing Portfolio GBP V £ 189.71 189.71 -0.01 1.00 6.37 7.06 EdenTree Managed Income Cls B Inc 140.90 - 0.20 - 6.43 4.73 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
*Sustainable UK Aggregate Bond Fund ACC-GBP £ 2.17 - -0.02 1.69 -8.80 0.37
Dollar Fund Cls D Inc £ 170.68 170.68 -0.32 1.41 7.03 5.44 International Insurances
*Sterling Corporate Bond Fund ACC-GBP £ 2.79 - -0.02 2.10 -7.56 1.43
Dollar Hedged GBP Inc £ 104.42 104.42 -0.13 1.48 1.51 4.52 Holiday Property Bond Ser 1 £ 0.48 - 0.00 0.00 -1.84 -3.56
*UK Gilt Fund ACC-GBP £ 2.29 - -0.03 1.14 -9.64 -0.46
Real Return Cls A Inc £ 205.24 205.24 -0.56 1.44 4.82 4.13
*Long Dated Sterling Corporate Bond Fund ACC-GBP £ 3.16 - -0.06 2.94 -12.91 0.32
*From May 2022 the price for this fund will no longer be published in the FT

Marlborough Investment Management Limited (UK)

Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
www.marlboroughfunds.com
Authorised Inv Funds
Balanced 228.77 228.77 0.36 0.17 -2.04 4.50
Wednesday 20 April 2022 ★ FINANCIAL TIMES 19

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr Fund Bid Offer +/- Yield 1Yr 3Yr

Bond Income 46.35 46.35 -0.38 3.32 -8.29 -0.67 North American I USD $ 35.45 35.45 -0.36 - -0.59 12.05 Mastertrust A Inc X F 632.31 - 0.13 0.43 -1.95 7.15
Cautious Inc 86.91 86.91 0.00 1.48 -3.47 0.96 Smart Energy I USD Acc $ $ 8.74 8.74 -0.10 - - - UK Growth B Inc 673.22 - -2.37 0.89 -11.14 4.38
Emerging Markets 348.63 348.63 -2.07 0.41 -2.20 3.82 Smart Mobility I USD Acc $ $ 8.69 8.69 -0.05 - - - Mastertrust B Inc X F 569.04 - 0.18 - -1.21 7.94
Conservative P Acc 95.58 - 0.01 0.00 -4.57 - UK Val Opp I GBP Acc £ 13.68 13.68 0.07 0.00 0.59 4.29 Outstanding British Cos A Acc X F 286.52 - -2.56 0.46 -11.02 -2.61
European Multi-Cap 730.93 730.93 -6.40 0.93 -1.48 17.62 Outstanding British Cos B Acc X F 313.69 - -2.76 - -10.33 -1.86
Extra Income 92.11 92.11 -0.16 3.63 3.37 6.13 UK Smaller Cos A Inc X F 649.37 - 1.20 0.66 -7.40 5.05
Far East Growth A Inc 255.89 255.89 -1.83 0.83 -6.13 3.84 Ruffer LLP (1000)F (UK) Superfund Asset Management GmbH UK Smaller Cos B Inc X F 636.09 - 1.23 1.43 -6.71 5.83
Global 300.23 300.23 -0.47 0.00 -3.80 7.01 65 Gresham Street, London, EC2V 7NQ www.superfund.com, +43 (1) 247 00 UK Income A Acc X F 334.46 - 0.28 3.88 0.11 1.80
Order Desk and Enquiries: 0345 601 9610 Other International Funds
Global Bond Inc 140.59 140.59 -0.88 2.49 -6.58 -0.66 Authorised Inv Funds UK Income A Inc X F 231.91 - 0.19 3.74 -0.74 1.32
Superfund Green Gold $ 1774.84 - 3.34 0.00 24.84 25.36
High Yield Fixed Interest 67.73 67.73 -0.10 4.13 -3.48 2.11 Authorised Corporate Director - Link Fund Solutions UK Income B Acc X F 372.63 - 0.35 3.86 0.86 2.57
Superfund Green Silver $ 1620.46 - -9.52 - 9.44 29.25
Techinv. Spc Sit A Acc 210.31 210.31 3.98 0.00 32.22 2.30 LF Ruffer Diversified Rtrn C Acc 107.13 - 0.11 0.00 - - UK Income B Inc X F 258.53 - 0.24 3.72 0.01 2.19
Private Fund Mgrs (Guernsey) Ltd (GSY) Regulated
Marlborough Technology Fund A 881.92 881.92 -2.48 0.00 -21.01 14.67 Regulated LF Ruffer Diversified Rtrn C Inc 107.11 - 0.11 0.00 - -
Superfund Green US$ $ 1252.52 - 8.51 - 11.78 12.09
Monument Growth 08/03/2022 £ 576.52 582.31 -4.63 0.00 11.29 6.17 LF Ruffer European C Acc 827.42 - -0.54 0.93 -10.61 11.39
Multi Cap Income A Inc 142.96 142.96 0.18 4.19 0.85 1.78
Nano-Cap Growth A Acc 256.69 256.69 0.14 0.00 -9.09 15.14 LF Ruffer European C Inc 149.75 - -0.10 0.92 -10.60 11.39
Special Situations A Acc 2103.07 2103.07 -27.27 0.00 -10.56 9.52 LF Ruffer European O Acc 803.71 - -0.57 0.61 -10.89 11.05
UK Multi-Cap Growth A Inc 368.30 368.30 -6.36 0.00 -13.83 2.97 LF Ruffer Equity & General C Acc 572.67 - 8.25 0.42 5.90 9.36
UK Micro Cap Growth A 944.32 944.32 -17.83 0.00 -14.42 10.48 LF Ruffer Equity & General C Inc 521.52 - 7.51 0.42 5.90 9.36
Oasis Crescent Global Investment Funds (UK) ICVC (UK) LF Ruffer Equity & General O Acc 556.31 - 7.98 0.14 5.58 9.03
US Multi-Cap Income 738.31 738.31 -10.11 1.18 9.08 14.22 Regulated Zadig Gestion (Memnon Fund) (LUX)
MFM - Third Party Funds Oasis Crescent Global Equity Fund USD A (Dist) $ 37.78 - -0.38 0.21 -1.40 7.75 LF Ruffer Equity & General O Inc 514.35 - 7.38 0.14 5.58 9.03 FCA Recognised
Thesis Unit Trust Management Limited (UK) Memnon European Fund - Class U2 GBP £ 221.76 - 0.48 0.00 3.62 10.73
Junior Gold C Acc 44.34 44.34 0.30 0.00 -16.32 18.24 Oasis Crescent Global Income Fund USD A (Dist) $ 10.51 - -0.02 2.63 -2.51 2.43 Prusik Investment Management LLP (IRL) LF Ruffer Gold C Acc 309.92 - 13.22 0.00 13.64 26.62 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
MFM Bowland 347.02 347.02 1.73 0.88 4.70 11.20 Enquiries - 0207 493 1331 LF Ruffer Gold C Inc 187.57 - 8.00 - 13.64 26.61 Authorised Funds
Oasis Crescent Global Low Equity Fund USD D (Dist) $ 13.37 - -0.08 0.09 1.50 4.37 Regulated
MFM Hathaway Inc 160.03 160.03 -0.47 0.85 -1.39 5.55 LF Ruffer Gold O Acc 300.95 - 12.81 0.00 13.29 26.23 TM New Court Fund A 2011 Inc £ 19.43 - -0.01 0.00 -0.51 7.60
Oasis Crescent Global Medium Equity Fund USD A (Dist) $ 14.72 - -0.10 0.11 0.45 5.32 Prusik Asian Equity Income B Dist $ 188.35 - -1.13 4.80 1.78 1.86
MFM UK Primary Opportunities A Inc 470.09 470.09 -3.52 0.65 -3.41 4.79 LF Ruffer Japanese C Inc 154.00 - -5.81 0.00 -13.13 9.61 TM New Court Fund - A 2014 Acc £ 19.60 - -0.01 - -0.51 7.63
Oasis Crescent Global Property Equity Fund USD A (Dist) $ 10.25 - -0.06 - 16.54 5.22 Prusik Asia Emerging Opportunities Fund A Acc $ 205.08 - -3.45 0.00 7.68 10.83
LF Ruffer Japanese C Acc 330.94 - -12.49 0.00 -13.12 9.61 TM New Court Equity Growth Fund - Inc £ 21.43 - -0.02 0.00 -0.51 9.07
Oasis Crescent Global Short Term Income Fund USD A (Dist) $ 0.97 - 0.00 1.77 -0.41 1.57 Prusik Asia Fund U Dist. £ 230.11 - -1.23 0.00 -4.53 7.30
Oasis Crescent Variable Fund GBP A (Dist) £ 10.46 - 0.01 0.00 3.65 2.56 Prusik Asia Sustainable Growth Fund A Acc $ 95.53 - -1.34 - - - LF Ruffer Japanese O Acc X 321.02 - -12.14 0.00 -13.39 9.28
LF Ruffer Total Return C Acc 573.47 - 1.40 1.76 5.63 9.64
LF Ruffer Total Return C Inc 363.31 - 0.88 1.78 5.63 9.63
LF Ruffer Total Return O Acc 557.01 - 1.32 1.76 5.30 9.31
LF Ruffer Total Return O Inc 352.69 - 0.84 1.78 5.31 9.30
Marwyn Asset Management Limited (CYM)
Regulated
Marwyn Value Investors £ 329.72 - -6.14 0.00 - -7.17
Omnia Fund Ltd Purisima Investment Fds (UK) (1200)F (UK)
Other International Funds 65 Gresham Street, London, EC2V 7NQ
Estimated NAV $ 758.27 - 55.12 0.00 22.63 -5.27 Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
Authorised Corporate Director - Link Fund Solutions
Global Total Fd PCG A 385.18 - -3.50 0.01 1.81 13.55 Rubrics Global UCITS Funds Plc (IRL)
Global Total Fd PCG B 380.24 - -3.47 0.00 1.55 13.27 www.rubricsam.com
Regulated
Global Total Fd PCG INT 373.82 - -3.42 0.00 1.30 12.99
Rubrics Emerging Markets Fixed Income UCITS Fund $ 136.69 - -0.14 - -2.59 -0.31
McInroy & Wood Portfolios Limited (UK)
Easter Alderston, Haddington, EH41 3SF 01620 825867 Rubrics Global Credit UCITS Fund $ 17.25 - -0.01 0.00 -3.28 1.47
Authorised Inv Funds Rubrics Global Fixed Income UCITS Fund $ 173.95 - -0.44 0.00 -3.46 1.23
Balanced Fund Personal Class Units 5947.60xd - -53.10 1.36 5.72 7.17 Orbis Investments (U.K.) Limited (GBR) Toscafund Asset Management LLP (UK)
Income Fund Personal Class Units 2934.70xd - -4.30 2.31 7.96 6.51 28 Dorset Square, London, NW1 6QG www.toscafund.com
www.orbis.com 0800 358 2030 Authorised Funds
Emerging Markets Fund Personal Class Units 2217.80xd - -1.50 1.47 -2.25 1.10 Regulated Aptus Global Financials B Acc £ 4.39 - 0.01 4.06 -0.59 3.92
Smaller Companies Fund Personal Class Units 6606.40xd - -93.30 1.12 -10.25 6.78 Orbis OEIC Global Cautious Standard £ 11.87 - 0.00 0.00 11.33 4.81
Aptus Global Financials B Inc £ 2.91 - 0.01 5.20 0.84 6.06
Orbis OEIC Global Balanced Standard £ 18.87 - 0.03 - 14.05 9.65 Purisima Investment Fds (CI) Ltd (JER)
Orbis OEIC Global Equity Standard £ 20.81 - -0.01 2.01 -1.55 9.23 Regulated
Orbis OEIC UK Equity Standard £ 10.84 - 0.04 3.39 12.97 8.48 PCG B X 319.38 - 0.14 0.00 -2.19 12.44
PCG C X 311.13 - 0.13 0.00 -2.41 12.21 Scottish Friendly Asset Managers Ltd (UK)
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds
Managed Growth ♦ 343.60 - 0.00 0.00 3.49 7.06
UK Growth ♦ 405.90 - 0.10 0.00 -1.00 8.10
Milltrust International Managed Investments ICAV (IRL)
mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com Toscafund Asset Management LLP
Regulated www.toscafund.com
British Innovation Fund £ 121.92 - 2.89 0.00 - - Tosca A USD $ 419.63 - -8.60 0.00 8.57 12.10
MAI - Buy & Lease (Australia)A$ 103.45 - 0.50 0.00 -16.53 1.41 Tosca Mid Cap GBP £ 231.28 - 4.07 0.00 -5.36 -5.42
MAI - Buy & Lease (New Zealand)NZ$ 91.20 - -6.06 0.00 -7.20 -2.67 Tosca Opportunity B USD $ 352.39 - -0.29 0.00 -13.03 -6.98
Milltrust Global Emerging Markets Fund - Class A $ 104.00 - 0.07 0.00 -15.21 4.92 Pegasus Fund Ltd A-1 GBP £ 54.93 - -0.10 0.00 -12.80 -8.51

Slater
Investments
Milltrust International Managed Investments SPC
em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com Platinum Capital Management Ltd
Regulated Other International Funds Ram Active Investments SA
Milltrust Alaska Brazil SP A $ 89.41 - 0.26 0.00 16.17 - Platinum All Star Fund - A $ 153.94 - - - 5.04 6.28 www.ram-ai.com
Milltrust Laurium Africa SP A $ 112.24 - -0.90 0.00 -0.31 - Other International Funds
Platinum Global Growth UCITS Fund $ 10.55 - 0.19 0.00 -26.17 -0.22
RAM Systematic Emerg Markets Eq $ 227.36 227.36 0.04 - -5.01 8.57
Milltrust Marcellus India Fund $ 138.90 - -1.12 0.00 14.13 - Platinum Essential Resources UCITS Fund SICAV USD Class E $ 12.42 - 0.24 0.00 47.16 7.03
RAM Systematic European Eq € 579.39 579.39 3.30 - 7.86 9.37 Slater Investments Ltd (UK)
Milltrust Singular ASEAN SP Founders $ 147.23 - -1.04 0.00 -13.79 - Platinum Global Dividend UCITS Fund $ 53.59 - 0.44 0.00 -5.93 -1.52 www.slaterinvestments.com; Tel: 0207 220 9460
RAM Systematic Funds Global Sustainable Income Eq $ 158.35 158.35 -0.77 0.00 5.64 8.06 FCA Recognised
Milltrust SPARX Korea Equity SP A $ 129.95 - -1.66 0.00 -27.09 -
RAM Systematic Global Eq Sustainable Alpha $ 116.39 116.39 -1.00 - 7.62 0.18 Slater Growth A Acc 772.70 772.70 -2.13 0.00 -1.24 15.02
Milltrust Xingtai China SP A $ 143.48 - 0.18 0.00 0.15 -
RAM Systematic Long/Short European Eq € 157.54 157.54 -0.43 - 12.31 2.83 Slater Income A Inc 155.85 155.85 0.34 5.22 12.60 5.83
The Climate Impact Asia Fund SP (Class A) $ 83.34 - 1.16 0.00 -16.66 -
RAM Systematic US Sustainable Eq $ 385.88 385.88 -7.50 - -1.03 9.02 Slater Recovery A Acc 385.69 385.69 -0.49 0.00 4.27 16.97
The Climate Impact Asia Fund (Class B) $ 82.94 - 1.15 0.00 -17.06 -
RAM Tactical Global Bond Total Return € 144.99 144.99 -0.06 - -6.14 0.20 Slater Artorius 359.04 359.04 -6.07 - 8.61 21.35 Troy Asset Mgt (1200) (UK)
RAM Tactical II Asia Bond Total Return $ 148.80 148.80 0.11 - -4.36 1.46 65 Gresham Street, London, EC2V 7NQ
Order Desk and Enquiries: 0345 608 0950
Authorised Inv Funds
Authorised Corporate Director - Link Fund Solutions
Trojan Investment Funds
Spectrum Fund O Acc 282.76 - 1.75 0.15 4.50 7.83
Spectrum Fund O Inc 266.87 - 1.65 0.16 4.49 7.83
Ministry of Justice Common Investment Funds (UK) Trojan Ethical O Acc 128.44 - -0.25 0.00 5.24 8.68
Property & Other UK Unit Trusts
Trojan Ethical Global Inc O Acc 103.69 - -1.06 - - -
The Equity Idx Tracker Fd Inc 1953.00 - 0.00 2.17 4.48 6.39 Royal London (UK)
Distribution Units 55 Gracechurch Street, London, EC3V rlam.co.uk Trojan Ethical Global Inc O Inc 103.19 - -1.05 - - -
Authorised Inv Funds Trojan Ethical O Inc 128.19 - -0.25 0.00 5.25 8.68
Royal London Sustainable Diversified A Inc £ 2.43 - -0.02 - -2.43 7.21
Trojan Ethical Income O Acc 141.31 - -1.32 2.36 0.26 3.19
Royal London Sustainable World A Inc 349.50 - -4.40 0.00 -0.96 10.99
Trojan Ethical Income O Inc 119.71 - -1.12 2.41 0.25 3.19
Royal London Corporate Bond Mth Income 84.63 - -0.62 3.61 -6.34 1.06
Trojan Fund O Acc 389.71 - -1.07 0.00 7.10 8.02
Polar Capital Funds Plc (IRL) Royal London European Growth Trust 193.30 - -2.80 - -1.33 7.97
Regulated Trojan Fund O Inc 315.44 - -0.87 0.00 7.10 8.02
Automation & Artificial Intelligence CL I USD Acc $ 16.63 16.63 -0.17 - -11.07 13.88 Royal London Sustainable Leaders A Inc 778.80 - -4.90 0.76 4.64 9.43
Trojan Global Equity O Acc 471.01 - -4.24 0.00 -0.17 10.87
Asian Starts I USD Acc $ $ 15.32 - -0.05 - -19.37 9.68 Royal London UK Growth Trust 638.60 - -1.90 1.54 3.49 4.54
Mirabaud Asset Management (LUX) Trojan Global Equity O Inc 388.62 - -3.50 0.00 -0.17 10.86
www.mirabaud.com, marketing@mirabaud-am.com Biotechnology I USD $ 38.03 38.03 -0.16 0.00 -5.54 14.78 Royal London UK Income With Growth Trust 221.50 - 0.20 4.23 8.92 4.90
Trojan Global Income O Acc 156.62 - -1.34 - 12.56 9.82
Conviction based investment vehicles details available here www.mirabaud-am.com Royal London US Growth Trust 366.80 - -2.30 0.00 11.25 15.34 Stonehage Fleming Investment Management Ltd (IRL)
China Stars I USD Acc $ $ 11.82 11.82 0.04 0.00 -29.31 3.41 Trojan Global Income O Inc 134.06 - -1.14 2.60 12.56 9.82
Regulated Additional Funds Available www.stonehagefleming.com/gbi
Mir. - Glb Strat. Bd I USD $ 119.46 - -0.04 0.00 -2.76 2.17 Emerging Market Stars I USD Acc $ 12.42 - -0.05 0.00 -20.23 8.25 Please see www.royallondon.com for details enquiries@stonehagefleming.com Trojan Income O Acc 353.15 - -3.59 2.59 2.47 1.60
Mir. - DiscEur D Cap GBP £ 184.79 - 1.14 0.00 -10.32 9.99 European Ex UK Inc EUR Acc € 13.85 13.85 0.09 0.00 11.87 4.84 Regulated Trojan Income O Inc 176.68 - -1.80 2.65 2.47 1.60
Financial Opps I USD $ 14.73 - -0.10 2.06 -3.97 5.23 SF Global Best Ideas Eq B USD ACC $ 248.77 - -2.32 - -3.99 12.46
Mirabaud - UK Equity High Alpha £ 145.71 - 0.62 0.00 -11.47 4.01
Global Convertible I USD $ 14.95 14.95 -0.07 0.00 -13.23 3.46 SF Global Best Ideas Eq D GBP INC £ 289.31 - -2.86 - 1.41 12.62
Global Insurance I GBP £ 9.02 - 0.01 0.00 16.53 10.41
Global Technology I USD $ 77.09 - -1.73 0.00 -15.40 16.04
Healthcare Blue Chip Fund I USD Acc $ 19.58 19.58 -0.07 0.00 15.58 14.80
Healthcare Dis I Acc USD $ $ 14.02 - -0.14 0.00 -9.43 -
Healthcare Opps I USD $ 66.34 - -0.42 0.00 0.91 10.12 Unicorn Asset Management Ltd (UK)
Income Opportunities B2 I GBP Acc £ 2.85 2.85 0.00 - 9.62 7.94 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Authorised Inv Funds
Japan Value I JPY ¥ 127.10 127.10 -0.83 - -0.71 2.96
UK Growth A Inc 666.33 - -2.42 - -11.82 3.61

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20
A fistful of unforgettable film scores
Composer Ennio Morricone is
profiled in a documentary
that aims to reveal the man
behind the music. Director
Giuseppe Tornatore talks
to John Bleasdale
W
hen Ennio Morricone
died at 91 in 2020, cin-
ema lost one of its great-
est craftsmen. For more
than half a century, his
name had been legendary for film lovers
the world over. From the twanging gui-
tars and hyena shrieks of his Spaghetti
Western scores to the lush sweep of his
orchestral work in movies such as The
Mission, many of our favourite film stars
have lived, loved and died to the sound
of Morricone’s music.
But as with many legends, there was
also an enigmatic quality. Photographs
show a man whose most distinctive
feature was usually a large pair of
glasses. And as an Italian with only a lit-
tle English, most don’t know what he
sounded like.
Giuseppe Tornatore’s new documen-
tary Ennio reveals the man behind the
music (and the sunglasses). The Italian
director’s affection for Il Maestro is as
evident as his admiration, yet the first
thing we see in the film is Morricone’s
exercise regimen. “He dedicated the
first two hours of his day, every day for
his whole life,” Tornatore says. “I saw it
as not only his wish to keep fit but as
emblematic of his disciplined view of
life. He was always training in order to
pursue his music.”
Born into a working-class family in
Rome in 1928, Morricone was taught to
read music by his father, Mario, and was
already composing at the age of six.
While Mario played the trumpet at out-
door cafés, the young Ennio collected
the coins that were thrown. It was an
early and tough lesson in the relation-
ship between commerce and art.
His relationship with his father was
crucial to understanding the man,
Above: composer Ennio Morricone.
Above right: Claudia Cardinale in
‘Once Upon a Time in the West’, one
of several Sergio Leone Spaghetti
Westerns with scores by Morricone
Snap
‘An incredible amount
of his work doesn’t exist
any more because he
used to give the studios
his original score’
★ FINANCIAL TIMES
arts
Tornatore says. “There’s a moment in
the film that I really love. Ennio talks
about how he would every now and
again give his father work. But at a cer-
tain point he was getting to a certain age
and wasn’t as good as he had been. So
Ennio, in order to avoid embarrassing or
offending his father by calling other
players, stopped writing pieces for the
trumpet until his father died. This tells
you everything you need to know about
the personality of the man.”
Having studied composition, Morri-
cone was soon making a name for
himself as a one-man hit machine,
arranging and writing songs for Italian
pop idols. His work for radio and televi-
sion spilled over into the cinema in the
early 1960s, but it was the reunion with
his old primary school friend Sergio
Leone which helped elevate Morricone
to another level.
The soundtracks for A Fistful of Dollars
and its sequels defined a whole genre
and sold millions of records. The music
mixed electric guitar and whistling
(provided by another childhood friend,
Alessandro Alessandroni) with power-
ful and original melodies.
In chronicling Morricone’s career,
Tornatore’s documentary traces the his-
tory of cinema from Leone to Quentin
Tarantino, from The Battle of Algiers to
Tie Me Up! Tie Me Down!.
“Morricone’s work is immense,” Tor-
natore says. “I wanted to recount it in
chronological order in order to show the
transformation and development of cin-
ema. Ennio begins playing the trumpet
in the orchestra for the films of Alessan-
dro Blasetti in the 1940s and then as we
go on we can see how cinema evolves
throughout his career. It changes as the
language of film is enriched — and it’s
still changing today.”
Unlike many of the giants of sound-
track writing such as John Williams and
Bernard Herrmann, Morricone man-
aged to have a career both in Hollywood
and internationally, across numerous
genres. He was as comfortable with
scoring the body horror of John Carpen-
ter’s The Thing as he was bringing elegiac
Childlike joy of finding your own way
GAMING
Tom
Faber
Y
ou awaken on the shore, a
strange fox in a strange land.
The afternoon light casts
long shadows over a geo-
metric landscape of flat blue
sea and angular shrubs. Lacking any
particular instruction, you follow a path
uphill that leads to a golden platform. It
looks important but when you stand on
it, nothing happens. Usually at around
this point, a game starts telling you what
to do. Tunic remains stubbornly mute.
Further uphill is a signpost — finally,
you think, a little guidance. But the sign
is written in runes resembling no
human script. At this point, the game’s
inscrutability begins to feel like a joke
on the developer’s part. Yet rather than
mocking you, the game is in fact telling
you everything you need to know — that
this is an adventure you must undertake
alone without explicit guidance. Tunic
will not tell you where to go, you must
explore for yourself. It will not tell you
what an item does, you must try it and
see. It will not give up its secrets unless
you seek them out.
You are given just one source of infor-
mation — an in-game instruction man-
ual whose loose pages you can find scat-
tered around the environment. Each
scrap offers clues about where to go and
how to play, but you’ll be reliant on the
pictures alone because, naturally, the
text is written almost entirely in runes.
This booklet is a paean to gaming his-
tory, reminiscent of the lovingly made
manuals that were often packaged with
games back when we still bought them
as physical media.
There are many games that keep their
secrets hidden, but few are brave
enough to refuse even to tell you how to
play. In Tunic you will have to work out
for yourself how to run or level up your
skills, often learning that you had an
melancholy to Terrence Malick’s Days of
Heaven or pathos to the gang warfare of
The Untouchables.
The documentary shows that this
egalitarian approach was partly rooted
in how Morricone was at once an avant-
garde experimentalist and the conduit
of a rich melodic tradition.
Tornatore himself worked with Mor-
ricone on his films Cinema Paradiso
(1988) and The Legend of 1900 (1998)
and the two became friends. One of the
biggest challenges facing him was sim-
ply the size of Morricone’s output.
“We will never have a complete works
of Ennio Morricone,” Tornatore says.
“An incredible amount of his work
doesn’t exist any more because he used
to give the studios his original score
rather than keeping it. Perhaps we’ll dis-
cover more in archives over the coming
years but it’s impossible that we’ll ever
have everything.”
Does he think we will ever see a career
like his again? “There are many great
musicians around,” Tornatore says.
“What has changed is the approach to
film-making. When Morricone had to
ability or access to a shortcut that you
could have been using all along, had you
known it was there. There is something
profound about a game that doesn’t
expect you constantly to acquire new
moves, but asks you to look within and
discover the true extent of your abilities.
This thoughtful ethos is threaded
through every layer of Tunic, a passion
project by Canadian developer Andrew
Shouldice, who spent seven years mak-
ing it, mostly alone. The result feels sin-
gular yet also indebted to gaming
history. Its top-down perspective and
endless waves of slashable monsters
Many games keep
their secrets hidden,
but few refuse even to
tell you how to play
recall recent indie games such as Hades
and Death’s Door, but deeper in this
game’s DNA are more ambitious refer-
ences: to the way Elden Ring plays with
death and combat, the sophisticated
meta-puzzles of Fez and the obscure
secrets in classic Mario and Zelda.
Tunic’s toybox world is packed with
doors, passageways and treasure chests
hidden by tricks of perspective. Once
you realise that any object might con-
ceal a secret, you start reading the space
Canadian
developer
Andrew
Shouldice spent
seven years
making ‘Tunic’
Wednesday 20 April 2022
write a piece for a scene which lasted
four minutes, he would write it, record it
with an orchestra and then you wouldn’t
be able to change it. So his brilliance was
in the way he could enter and exit a
scene at the right moments, respecting
the dialogue and the structure of the
scene. Today most musicians will record
a piece and then fit it to the scene using
digital technology. So that talent has
been a little bit lost.”
For Tornatore, there is also something
in Morricone’s sheer staying power, the
scope of his career, that seems unobtain-
able today. “I don’t think there are musi-
cians who like Ennio began working
when they were 15 and will continue
until they are 90, because today we burn
through things. It’s all too fast. Someone
has a huge success and three years later
we don’t talk about them any more.
“While Morricone never looked for
success, he always did the work without
looking up. And it’s because of this
approach he was on the frontline for
70 years.”
‘Ennio’ is in UK cinemas from April 22
Morricone with
his friend and
collaborator
Giuseppe
Tornatore, who
has made a new
documentary
about the
composer
differently. The entire environment
comes to life, each polygon vibrating
with mystery and potential meaning.
There are bigger puzzles, too. Some-
times you might come across a treasure
chest that has already been plundered —
but by whom? Look for answers in your
manual and you might notice that
someone has scrawled cryptically with a
biro in its margins. What begins as a
simple, cutesy action-adventure
unfolds dizzyingly into a postmodern
narrative with sophisticated themes. It’s
a journey best undertaken unspoilt.
Inevitably, a game that relies so much
on secrecy occasionally frustrates,
crossing the line from “deliciously fiend-
ish” to “frustratingly obtuse”. Added to
this, the quality of the game’s design and
soundtrack is not matched by its sim-
plistic combat, which can feel clumsy.
For those who find the gruelling boss
battles an unwelcome obstacle, there is
a “no fail” mode in the accessibility set-
tings that allows players to focus simply
on puzzles and exploration.
These are relatively small quibbles in
a game that does something remarkably
rare: respects players enough to let
them find their own way. In doing so,
Tunic evokes the childlike joy of discov-
ery, something which is all too often lost
in contemporary blockbusters.
Out now on Mac, PC and Xbox, and
currently available on Xbox Game Pass
Wednesday 20 April 2022
The invasion of Ukraine has spurred Europe to set a year-end deadline to cut two-thirds of its gas
imports from Russia, but the economic and logistical hurdles will be extremely difficult to overcome.
Can the EU wean itself off Russian gas?
S
ince the invasion of Ukraine,
the EU, UK and US have
imposed wide-ranging sanc-
tions on Russian banks and
prominent individuals linked
to Vladimir Putin. Yet over that same
eight-week period the EU has paid Rus-
sia more than €20bn for gas imports —
funding the conflict, according to critics
of the trade, including Ukraine’s presi-
dent Volodymyr Zelensky.
Under pressure, the European Com-
mission has drawn up plans to strip out
two-thirds of Russian gas imports to
Europe — which totalled 155bn cubic
metres (bcm) in 2021 — by the end of
this year. The scheme is built on boost-
ing supply from other sources including
Norway, the US and Qatar, and reducing
the demand for gas from sectors of the
economy.
But can it work? And if it doesn’t, will
some European nations be facing black-
outs and energy rationing this winter?
Alternative supplies, a greater use of
renewables and storage facilities, and
encouraging behavioural change all
form part of the EU plan but its corner-
stone is an ambition to boost imports of
liquefied natural gas by 50 bcm, increas-
ing its share of global supply to almost a
quarter. To get there the EU faces a
series of hurdles: from the robustness of
its gas infrastructure to the misplaced
geographic distribution of LNG termi-
nals and pipelines, to whether it can get
its hands on spare supplies.
The worldwide trade in LNG was
about 515 bcm last year. The EU
imported close to 77 bcm of that, with
the UK and Turkey accounting for about
another 30 bcm, taking the wider
region’s annual imports to 108 bcm.
Existing EU gas infrastructure makes
it difficult to get LNG supplies to where
they are most needed. The majority of
the EU’s spare capacity to regasify LNG
80%
Gas storage level that the EU
is trying to fill before November
is based in Spain and Portugal. But it is
northern, central and eastern European
countries that are most dependent on
Russian natural gas imports and least
able to import LNG. Germany, for
instance, has zero LNG import facilities,
but along with other EU countries is now
looking to build new terminals.
Floating storage and regasification
units could offer a partial solution, but
analysts believe infrastructure short-
comings could produce a serious bottle-
neck unless governments act quickly.
“You need a lot of things to happen [at
once],” says Anne-Sophie Corbeau, a gas
market specialist at Columbia Univer-
sity. “It’s lots of musical chairs.”
A more pressing problem for the EU is
the availability of LNG. Global supplies
will increase by a total of 43 bcm this
year, according to the Oxford Institute
for Energy Studies. Yet LNG projects are
prone to delays or outages, adding
uncertainty to any production forecasts.
“It’s not a conversation about [just]
putting more supply on the market,”
says Luke Cottell, senior LNG analyst at
S&P Global Commodity Insights. “[It is
about] competition between Europe
and Asia for existing flexible volumes,
and there’s a limit to how much supply
Europe can secure.”
The EU is pinning its hopes on
imports from Qatar, the US — which has
pledged to boost LNG shipments to
Europe by 15 bcm this year — Egypt and
west Africa. However, many LNG pro-
ducers sell the fuel under long-term
contracts to Asian buyers willing to pay
a premium. Just over 50 bcm of global
LNG supply, additional to Europe’s 108
bcm of imports last year, is flexible on its
destination and a viable option for the
EU, according to data from ICIS. But
such a scenario would mean the EU hav-
ing to outbid China, Japan and South
Korea for available LNG cargoes.
The maths work on paper, says Mike
Fulwood, a senior research fellow at the
Oxford Institute for Energy Studies, but
it is “Alice in EU land” to think that it can
secure every available cargo. “It seems
★ FINANCIAL TIMES 21
FT BIG READ. WAR IN UKRAINE
By FT reporters
But, says Gross, rolling out millions of
The race to replace Russian gas new heat pumps before the end of the
year is “not at all realistic” due to supply
In 2021, 34% of the EU’s gas supply was imported from Russia chain limitations and the current lack of
Finland skills required for such a programme.
Share of gas imports and Eastern, north-eastern and central Industrial complex
domestic production, 2021 European countries are particularly In Europe’s power generation sector,
Russia imports Some countries get a significant Norway Sweden Estonia dependent on Russian imports , countries are preparing to replace some
Other imports proportion of their supply from which mostly come via pipeline of their gas supplies with other fuels this
domestic production . Major winter. About 20 per cent of Europe’s
Domestic production producers Norway and the UK are
power comes from gas. Further replace-
NA key trading partners for the bloc Latvia
ment will come from coal and nuclear
plants, and boosting clean energy
sources such as wind and solar.
Coal consumption rose across Europe
Ireland UK Denmark Lith.
last year, and is likely to rise again in the
coming months. By operating coal
plants at maximum capacity and
Neth. Germany Czech R. Poland extending the life of those scheduled to
Western European countries tend to close, the EU could replace the equiva-
rely on imports from other sources . lent of 12 bcm of natural gas this winter,
Norway is a key supplier of piped according to research from Aurora
gas, and Qatar and the US provide Belgium Lux. Austria Slovakia Energy, an Oxford-based consultancy.
the bloc with liquefied natural gas But despite it being one of the easiest
(LNG), which is transported by ship switches to make, the EU has been
reluctant to speak publicly about boost-
France Italy Slovenia Hungary Romania ing coal use, due to the higher emissions
that will result. Finding the coal to meet
this increased demand could also prove
difficult. Global coal markets are
Portugal Spain Croatia Bulgaria
Malta Greece
Malta and Cyprus don’t import or domestically produce
any fossil gas. Sweden imports and consumes only a very Cyprus
small amount of gas
Sources: Bruegel; BEIS; Eurostat
The EU imported 155bn cubic metres of Russian gas in 2021
0 50 100 150
75%
The share of energy used to heat
UK homes that comes from gas
Estimated reduction in Russian imports: 50 bcm Increasing imports of LNG already tight and the EU is in discus-
sions over a ban on Russian imports of
10 Boosting gas pipeline imports from other trading partners the fossil fuel this year that are likely to
The European Commission wants
to cut this amount by two-thirds make it tighter still. Policymakers insist
3.5 Increasing biomethane production that the EU’s climate targets are
by year-end through diversifying
supply and reducing the demand unchanged — aiming to cut emissions by
14 Reducing residential heating (turn down thermostat by 1C)
for gas from various sectors of the 55 per cent by 2030 — so any increase in
economy 2.5 Speeding up the roll-out of rooftop solar panels coal is likely to be temporary.
A long-term shift towards clean
1.5 Installing more heat pumps energy will reduce the EU’s reliance on
Russian fuels. However, boosting wind
20 Deployment of renewables in the power sector and solar has limited impact in the short
term, due to the long lead times involved
in the development of new facilities.
Europe’s energy mix Europe imported 108 bcm of LNG in 2021. But to hit its target “Even if you do have more wind and
Monthly power generation (terawatt-hours) of replacing Russian gas it will need to secure almost all of the solar, you also need an intermittent
viable destination-free LNG power supply,” says Anise Ganbold,
Nuclear Gas Coal Wind head of commodities at Aurora Energy.
Forecast LNG flows, 2022 (bcm) “You need batteries as well.” Less than 1
80
From To bcm of gas equivalent could be replaced
by wind and solar in time for winter,
60 58 Fixed: Europe according to her calculations.
US 114
The lead time for building a wind
farm can range from three to 11 years.
40 115 Destination-free:
The renewables industry is urging gov-
Europe an option
ernments to speed up the planning
Qatar 107 process, to develop projects more
20
23 Destination-free* quickly. Supply chain bottlenecks, par-
ticularly in the solar sector, could add a
0 Russia 43 further complication.
2019 22 2019 22 2019 22 2019 22 “In the very near term, renewables do
Nigeria 26 171 Fixed: Non-Europe not play a significant role because you
Hydro Solar Bioenergy Other
80
simply cannot build and commission a
Algeria & Egypt 24 wind farm in nine months,” says Mads
Angola & Eq. Guinea 10 Nipper, chief executive of Orsted, the
60 Danish energy group. However, he says
Rest of world 63 it could make a “huge difference” over
185 Destination-free: the next three years if governments
40 Europe unlikely option speed up the planning and approval
process for new clean energy projects.
Australia 108 This pursuit of alternatives has given
20 the nuclear sector a fillip, prompting
*Europe an option, but unlikely given Russian origin.
surprise in an industry that has for years
0 Malaysia 37 Europe = EU, UK and Turkey. Destination-free been in decline in Europe. Belgium has
2019 22 2019 22 2019 22 2019 22 output from Australia and Southeast Asia is unlikely extended the life of two nuclear reac-
Indonesia 21 to be sent to Europe because of the high shipping
tors. In the UK, the government’s energy
Sources: Rystad Energy, entsoe-e • Included countries are EU-27, UK, Norway, Serbia and cost and their natural customers China, Japan,
Switzerland. Other = geothermal, liquids, marine/tidal, other renewable/non-renewable Source: ICIS South Korea and Taiwan are situated close by policy includes plans for eight new reac-
tors. And Finland opened a nuclear
plant in March. Such measures should
unlikely from an economic basis that collectively turn down their thermostat than technical upgrades to homes. have a longer-term impact. But in the
you would get 50 bcm,” he says. by 1C. But doing so would only make a “Supply constraints — on installers, short term they are unlikely to make a
The EU plan also involves boosting real difference in homes that use gas materials and equipment — mean it is dent in the energy crisis. Germany, once
piped natural gas imports by 10 bcm heating in the first place. not possible to upgrade millions of a big nuclear power generator, is set to
this year, citing Azerbaijan, Algeria and In the Netherlands, 85 per cent of all homes in a single year,” he adds. shut its remaining reactors this year.
Norway, Europe’s second-largest sup- energy for home heating comes from Robert Gross, director of the UK With the content of the EU plans rang-
plier after Russia, as alternative sources. gas, according to data from the Odyssee- Energy Research Centre, says “informa- ing from the plausible to the wildly
And it has even turned to biomethane Mure research project. Yet in Finland tion campaigns can work”, pointing to unrealistic, many energy experts warn
to bolster energy security. Biogas is gen- and Sweden, where households rely on a the example of Japan, where the popula- that painful last resorts — energy ration-
erated by the anaerobic digestion of combination of district and electric tion was asked to use less electricity fol- ing and blackouts this winter — are a
organic matter, which is then purified heating plus wood-burning stoves, gas lowing the 2011 Fukushima disaster and near inevitability if Europe is serious
into biomethane that can enter the pipe- provides less than 1 per cent of heating. subsequent shutdown of most nuclear about kicking its Russian gas habit.
line network and be treated as natural The EU average stands at 39 per cent. plants. The electricity-saving drive “There is no quick fix to any of this,”
gas. But the targeted 3.5 bcm or 120 per Yet, says Jason Palmer, director of the combined curbs on industrial power use says Jason Feer, head of business intelli-
cent rise in biomethane production in UK-based consultancy Cambridge with a campaign to explain how close gence at Poten & Partners, an energy
2022 over the previous year far out- Energy Group: “Turning thermostats the country was to blackout. brokerage. “It doesn’t seem Europe can
FT reporting team strips any previous annual increase. down is one of the most effective cost- Some urge an acceleration in the roll- in any reasonable scenario replace the
Harry Dempsey, Niko Kommenda, Leslie free ways to reduce gas consumption.” out of heat pumps, which generate amount of gas it takes from Russia. The
Hook, Chris Campbell, Caroline Nevitt The home front Palmer believes that in the short warmth using a coolant liquid and elec- ultimate consequence is that the market
and Sam Joiner
The EU plan requires that hundreds of term, behavioural change will have a tricity — like a reverse refrigerator — and policymakers [will] decide who suf-
Illustrations by Carolina Vargas
millions of households across the bloc much greater impact on gas demand and can run on a gas-free power source. fers from the shortage of energy.”
22
WEDNESDAY 20 APRIL 2022
Moscow’s aggression may
cause global starvation
Rich countries have an obligation to contain growing food price crisis
The war in Ukraine is a catastrophic
crime of aggression. Support for Kyiv’s
fight for national survival has, rightly,
been the focus for democratic states.
But the effects of the Kremlin’s inva-
sion are spreading. Russia, Belarus and
Ukraine are critical to the world supply
of food. Shortages, already a problem,
are likely to worsen.
According to the UN, food prices in
March were already up by 34 per cent
on the same month last year. Cereals
were up by 37 per cent and vegetable
oils by 56 per cent. The UN notes that
what it calls the “Black Sea region” con-
tributes significantly to both.
Countries that have sought to raise
their own production have also run
into high energy and fertiliser costs.
Both have been inflated by the war:
Russia is a big energy exporter while its
ally Belarus is a power in potash, a key
part of the fertiliser supply.
This is already causing a painful
squeeze for households across the
world, and has the capacity to cause a
disaster in the poorest nations. The
price shock’s first political effects are
with us, too. Pakistan has already seen
its politics upended, in part because of
worries about food prices.
Democratic governments must plan
on the basis that food, energy and ferti-
liser supply problems will persist.
Ukraine’s fight may take a long time.
The ability to hold the line with sanc-
tions against Russia and Belarus is mis-
sion critical — and a food price crisis
will erode popular support for it.
Even if the war is resolved swiftly in
Kyiv’s favour, Ukraine’s capacity will
not return to prewar output for some
time. Meanwhile, evidence is mounting
that Russia, abetted by Belarus, has
engaged in crimes against humanity.
The world may want to curtail their
ability to regroup economically.
Right now, a key objective should be
preventing new export restrictions
The Kremlin’s ‘holy war’
against Ukraine
Russian Orthodox Church has given ideological backing to invasion
The idea of a “holy war” in Europe may
seem like a throwback to centuries
past. Yet that, in essence, is how the
Russian Orthodox Church, and its
head, Patriarch Kirill of Moscow, have
portrayed Russia’s invasion of Ukraine.
Patriarch Kirill has led prayers for Rus-
sian soldiers fighting for what he called
Russia’s “true independence”, and ech-
oed the Kremlin narrative that Moscow
is fighting to defend itself against sinful
external enemies; dissenting priests
have been denounced. This behaviour
not only shows how church and state
have become intertwined in Vladimir
Putin’s Russia, but it is also important
to understand the motivations for Mos-
cow’s invasion of Ukraine — and just
how much it sees as being at stake.
Though not formally a part of it, the
Russian Orthodox Church has become
a de facto pillar of Putin’s autocratic
regime. After being suppressed for dec-
ades under communism, the church
has formed a curious bond with the
descendants of the Soviet intelligence
services that used to be its persecutors.
It has been well rewarded in return,
with privileges for its top hierarchy and
thousands of new churches being built.
The links go beyond simply backing
the Kremlin’s actions and narrative.
The Moscow church’s claimed role as a
defender of “traditional” values
against a decadent west is a key strand
of Putin’s brand of Russian national-
ism. His wealthy backers include sev-
eral “Orthodox oligarchs” and
descendants of White Russians who
fled abroad after the 1917 Revolution.
The church leadership has acqui-
esced in Putin’s creation of an ideology
that fuses respect for Russia’s Tsarist,
Orthodox past with reverence for the
Soviet defeat of fascism in the second
world war. This is epitomised in the
Main Cathedral of the Russian Armed
Forces, 40 miles west of Moscow,
opened in 2020. This thinking presents
between other nations. There is enough
food out there. It is just in the wrong
places. This is a problem that global
markets should excel at fixing — so long
as food can cross borders.
Prices rising should also stimulate
some more supply to come on stream,
and policy should not seek to prevent
that. States, of course, should protect
the vulnerable — but do it by boosting
their spending power, rather than try-
ing to cut prices upstream.
Politicians should aim to speed new
supply to markets. In some limited
cases, this could mean retooling agri-
cultural subsidies to help farmers
switch to sorely needed produce. In the
medium term, policy also needs to
steer farms to low-carbon methods so
they are less vulnerable to fuel crises.
This all adds up to an expensive pro-
spectus. Richer countries need to stand
ready to help poorer ones, who may
find themselves needing budget sup-
port, credit, debt guarantees and direct
aid — or facing starvation.
Finally, the food price problem also
raises the stakes for the information
war, where Russia has had some suc-
cess in advancing its case outside
Europe and North America.
To counter the risk of waning popu-
lar support for Ukraine’s resistance,
democratic nations need to do better at
blaming Moscow for the price shock, as
well as its on-the-ground atrocities.
Support for struggling states should be
paired with renewed efforts against
Russian disinformation.
The stakes in the food crisis could
scarcely be higher: this is a matter of
life and death that extends far beyond
the daily victims of Russia’s invasion of
Ukraine. But this is also about the repu-
tation of liberal democratic values
around the world. Rich countries were
seen to let down the poor during the
pandemic over vaccine supply. They
must not fail on the food crisis.
the Ukraine “special military opera-
tion” as holy, too, as it set out to reclaim
Kyiv, the birthplace of Orthodoxy
when Christianity was brought to 10th
century Kyivan Rus. Russia oversaw
the Orthodox church in Ukraine until
2019, when a new, independent
Ukrainian Orthodox Church broke
away. It was granted recognition by the
spiritual leader of the Eastern Ortho-
dox Church, Ecumenical Patriarch Bar-
tholomew of Constantinople. The war
aimed to heal this schism — which Mos-
cow saw as a US-orchestrated move to
undermine Orthodoxy and Putin’s
vision of uniting Russian speakers out-
side its borders into a “Russian world”.
But just as Putin’s military bear hug
of Ukrainians will instead drive a mul-
ti-generation wedge between the two
peoples, the war is also pushing the
Moscow- and Kyiv-led Orthodox
churches further apart. A majority of
parishes in Ukraine chose to remain
subject to Patriarch Kirill even after
2019 — about 12,000, or around a third
of all parishes under Moscow’s control.
Now, many of Moscow’s clerical sup-
porters in Ukraine are leaving Patri-
arch Kirill out of their prayers. Hun-
dreds of Ukrainian priests who remain
formally members of the Moscow
church have called for the Patriarch to
be tried by a rare Church Tribunal for
blessing the war.
Lord Rowan Williams, the former
Archbishop of Canterbury, who visited
Ukraine last week with other religious
leaders, has said there is a “strong case”
for expelling the Russian church from
the World Council of Churches, unless
Patriarch Kirill condemns the killing of
members of his “own flock”. While
there might be moral arguments for
such a move, it is unlikely to change the
Kremlin’s calculus. Indeed, it might
only fuel Moscow’s siege mentality —
and the narrative that it is engaged in a
righteous religious war.
★ FINANCIAL TIMES
Letters
Reform criminal appeal process to cut miscarriages of justice
Secrecy is indeed the enemy of justice
in the courts of England and Wales
(“Let in the light to the murky reaches
of the English legal system”, Opinion,
April 12). This is particularly true
when it comes to criminal appeals.
Having acted as an appeal lawyer in
both Louisiana and London, I can
confidently say I would prefer to be
wrongfully convicted in the former.
There, prisoners and their legal teams
can gain access to the full police record
of the case.
In the UK, it is a convoluted legal
battle to get hold of the most basic
Realist theory predicted
how Putin would behave
Janan Ganesh takes international
relations theory to task (“No grand
theory can explain the Ukraine crisis”,
Opinion, April 13). But when
debunking “realism” he makes two
classic mistakes.
The first one is to assume that state
leaders must adhere to realism for
that theory to make any sense. So
Ganesh writes: “When Putin himself
cites culture and values, a realist
must diagnose him with false
consciousness . . . ”.
Realism argues that to understand
the behaviour of states in international
relations it is of little or no import what
state leaders (claim to) believe.
Iran behaves towards other states
pretty much as the theory would
predict, no matter how fanatic its
religious leaders may be. And North
Korea behaves as it does irrespective of
the mental state of its supreme leader.
The point is clear: what realism claims
to explain is the behaviour of states
vis-à-vis each other, and that does not
require the individuals leading those
states to be believers in the church of
realism.
The second is to rebuke realism for
not being able to explain a variety of
things. With respect to the Ukraine
crisis, Ganesh tells us that realism is
not able to explain why most of the
states imposing sanctions on Russia are
democracies; it also can’t explain why
Ukrainians wish to join the west. This
is true, but these are also things that
realism does not try or claim to
explain.
Ganesh does leave out one rather
obvious observation: realism did
predict rather accurately what the
reaction of Russia would be if the west
continued to ignore Russia’s
protestations about its most basic
security concerns. These have been put
forward since 1990, first by Mikhail
Gorbachev, then by Boris Yeltsin, and
quite consistently since at least 2007 by
Vladimir Putin.
John Mearsheimer, one of the leading
American realist theorists, has
repeatedly warned since 2014 that
Russia would not accept integration of
Ukraine into the west and would react
with armed force when it would feel
that movement towards such
integration was rapidly becoming
irreversible.
There are plenty of reasons to be
highly critical of realism. But its
explanation of Russian behaviour
towards Ukraine is not one of them.
Henk Overbeek
Professor Emeritus of International
Relations, Vrije Universiteit
Amsterdam, Netherlands
Science best
combats
misinformation
by openness,
not taboos
Notebook
by Clive Cookson
records — and decisions over what to
share with the defence are taken by the
police themselves, hardly a neutral
party in our adversarial system.
Even that most fundamental appeal
resource, a record of what happened at
trial, is difficult to obtain. Audio
recordings are held for just seven years,
and actual transcripts of those
recordings are prohibitively expensive.
While the Criminal Cases Review
Commission can in theory access such
records, it is so poorly funded it simply
does not have resources to do so. This
is a huge barrier to would-be
States need social contract
for a new Bretton Woods
Rana Foroohar (Opinion, April 18)
echoes US Treasury secretary Janet
Yellen’s call for a new Bretton Woods
framework based on shared values.
The call comes as the west has shown
incredible unity trying to help Ukraine
defend its sovereignty and, by
extension, the democratic values the
west holds dear. The call to base
international, economic and financial
relations on shared values is laudable.
But the enormity of the task should not
be underestimated. The nation states
in the Bretton Woods system clearly do
not see eye to eye on the key issues that
a new framework would need to
address. How to expand cross-border
trading opportunities in ways that raise
global and inclusive prosperity is but
one example where progress has been
slow. The design of cross-border
financial relationships also shows deep
divisions between those who favour a
laissez-faire regime and those who
believe countries should retain policy
levers to stabilise their economies
against volatile capital flows and to
pursue national social objectives.
More fundamentally, when we speak
of shared values, one must remember
that, even within a nation state, what
constitutes shared values is also not
clear-cut. How much weight to put on
economic growth, sustainability and
equality are but three examples where
deep divisions within societies need to
be overcome. Establishing national
social contracts with genuinely shared
values within countries would seem to
be a sine qua non for an effective
successor Bretton Woods framework
for the world as a whole.
Jonathan D Ostry
Georgetown University
Washington, DC, US
In 2002 Fiona Fox, head of the newly
founded UK Science Media Centre,
visited Wellcome, the research
charity. When she started to say why
she was there, a horrified receptionist
put a finger to her lips and whispered:
“We don’t mention the A word.”
A stood for animals, whose use in
research at the time was almost a
taboo subject for scientists talking to
journalists. Media coverage of the
issue was dominated by animal rights
protesters, including extremists
willing to employ violence and
intimidation to end the practice.
With a very few brave exceptions,
scientists and institutions were afraid
to explain why they used animals.
Press releases about medical advances
rarely mentioned these essential
experiments, though the euphemistic
phrase “pre-clinical models” appeared
occasionally.
A concerted campaign by the SMC
gradually persuaded scientists that
there was safety in numbers
explaining the need. The FT played a
small part in the drive for openness by
asking 45 UK universities about their
animal research — and shaming some
of the minority that refused to answer.
Today, a debate on animal testing
continues but takes place in a better
informed and less intimidating
atmosphere. When mice and monkeys
were used in Covid research to
develop vaccines, for instance, no one
tried to hide the fact.
Animal research exemplifies the
improvement in relations between the
worlds of science and journalism this
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
appellants, their legal teams and the
Court of Appeal itself having a
complete picture of what has happened
in a case — as has been acknowledged
by that court’s vice-president, along
with the Westminster Commission on
Miscarriages of Justice and the CCRC.
A long list of cases, most recently the
Post Office scandal, shows that
miscarriages of justice continue.
As a charity and law practice fighting
wrongful convictions, Appeal is calling
for trial audio recordings to be kept for
at least as long as a convicted person is
in custody, and a statutory right for all
End abusive executive pay
with 90% top rate of tax
Emmanuel Macron (Report, April 16)
wants to end “abusive” executive pay
through EU negotiations. There is a
more effective way to end this travesty.
In 1963, the top rate of income tax in
the US was 91 per cent for “married
filing jointly” incomes above $400,000
($3.8mn in 2022 dollars). This
effectively functioned as a “cap” on
chief executive compensation. No
compensation committee could
rationally justify salaries much above
this level. It was also the era when chief
executive compensation was 21 times
the typical wage paid to workers.
Changes to the tax code since then
have turned all of this on its head. In
America the current chief executive
pay ratio is over 300 and climbing. It
seems that there is no number or ratio
which is a “natural limit”.
Just as there is now a global
“minimum corporate tax”, the way to
limit “abusive” executive pay is by
getting a worldwide commitment to
tax everything above a chosen value at
90 per cent. One cannot increase
equality with a tax code which
currently does exactly the opposite.
Guy Wroble
Denver, CO, US
Honda India story shows
why it resists EVs’ siren call
Honda’s carefully investigative and
logical approach to electric vehicle
production is a model that has stood
the test of time (Report, April 13).
Chief executive Toshihiro Mibe says
Honda needs “to take into account
multiple factors, such as the living
environment and the penetration rate
of renewable energy, rather than
simply switching to electric vehicles”.
In the days of Hero Honda, a joint
venture the company had with Hero
Cycles of India, it undertook a large
customer survey in the late 80s. The
survey told a surprising story. India’s
consumers had changed their minds.
Scooters were no longer the vehicles of
choice and motorcycles were to
become the two-wheel vehicles of the
1990s. It was thanks to that keen
customer insight that the company —
now Hero MotoCorp — eventually sold
more than 1mn motorcycles a year.
Resisting the siren call of EV, at least
in the very near term, Honda, which
has never posted a loss in its corporate
history, is once again demonstrating its
leadership in the automotive market.
John Mullins
Associate Professor of Management
Practice, Marketing and Entrepreneurship
London Business School
London NW1, UK
century. Many scientists responded 20
years ago with silent horror to
misinformation in the media on issues
such as vaccine safety and genetically
modified foods as well as vivisection.
Journalists, in turn, were frustrated
by scientists’ reluctance to leave their
labs and engage with the media,
particularly on controversial subjects.
How could researchers expect fair and
accurate coverage if they refused to
talk?
What a contrast with the pandemic
years. Experts have responded
valiantly to insatiable demands from
reporters to explain the epidemiology
and virology of Covid — on top of
intensive research work.
The change in attitude has been
reinforced by research-funding
agencies’ overdue recognition that
public engagement is an important
part of their remit. But the SMC has
also been an important agent of
change. This independent charity is
funded by donations capped at
£35,000 each from a wide range of
scientific organisations in the public
and private sectors — and media
companies including the FT.
Fox, still the centre’s chief
executive, recounts the biggest
scientific controversies of the past two
decades in a new book, Beyond the
Hype. She charts an uneven but
decisive path toward more effective
engagement between scientists and
journalists when science hits the
headlines.
Like hundreds of others covering
science, medicine and the
Wednesday 20 April 2022
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
defendants eligible for legal aid to
receive a full transcript of their trial.
We are also calling for greater rights
of access to police records for would-be
appellants.
Without these fundamental
provisions, innocent prisoners will
serve out their sentences in British
prisons, and they will remain locked
out of any meaningful appeal process
just as securely as they are locked in
the cells.
Emily Bolton
Founder and Director, APPEAL
London EC1, UK
No country is better placed
than Canada to fix the G20
Gillian Tett is right: the war in Ukraine
is threatening the G20’s future
(Opinion, April 8). The problem
extends well beyond Russia’s
membership, however. The case for
Argentina remaining a member of the
G20 is even weaker.
The best starting point for fixing the
G20 is to recall Canada’s role in
creating the G20 in 1999. Paul Martin
was Canada’s finance minister and was
an active participant in the G7 finance
minister forum when this group was
dealing with global problems like the
financial crises in Asia and Russia.
Martin has been described as “the
crucial architect in the formation of the
G20”. Today, for a world in tumult, no
country is in a better position to
restructure the world’s leading policy
forum. The reform should be based on
two principles: ending up with a
smaller group and introducing some
flexibility in membership. This could
be accomplished by creating five
“semi-permanent seats” for the
countries with the four biggest
populations: China (1.4bn), India
(1.4bn), US (330mn), Indonesia
(274mn), plus the EU (447mn).
There could be a review every five or
10 years to adjust the semi-permanent
membership to reflect population
changes. Then five regional
constituencies could be allocated two
seats each to create a new G15: Europe,
Western Hemisphere, Africa, Middle
East and South Asia, and East Asia.
Every two or three years, the members
of each constituency could select the
countries to fill their seats, with an
informal rule that no country would
remain in the G15 for more than two
cycles.
As with the G20, chairmanship of the
G15 could rotate among the five semi-
permanent members and the five
regional constituencies. For Canada,
this should be a slam dunk.
Lex Rieffel
Retired Official, US Treasury and
Brookings Institution, Washington, DC, US
Tory shenanigans start to
resemble musical chairs
Robert Shrimsley has made a
convincing case for Tory MPs to stand
up for their principles or risk losing
their reputation as well as their seats
(“Johnson is dragging his party down”,
Opinion, April 14). Unfortunately, it is
symptomatic of the current illness of
British politics that when the time
comes to stand up and be counted,
there is a big demand for chairs.
Professor Richard Rose
University of Strathclyde, Glasgow, UK
environment, I benefit directly from
expert briefings and reactions via the
SMC, when noteworthy research is
published, the government announces
a significant policy change or disaster
strikes. Of course we have our
personal contacts, too, but the SMC
holds a database of thousands of
scientists, adding an extra dimension.
Despite the SMC’s popularity with
science reporters, criticism has come
its way from academics in journalism
and social science departments, as
well as activists and campaigners. The
main charge is that it presents a
homogenised view from the scientific
establishment, while neglecting
dissenting voices.
Yes, the SMC is a press office for
mainstream science, though not for
corporate science as some claim — the
vast majority of its experts work in
universities and can speak freely.
When the centre’s briefings and
reaction quotes seem repetitive, with
all the experts saying much the same
thing about an issue, then journalists
who want their reporting to follow the
science are clear about its destination.
But we can listen to other voices, too.
Science journalism still has many
obstacles to overcome, including the
continued determination of corporate
and government press officers to exert
tight control over what researchers
can say to reporters. As the pandemic
has shown, however, scientists have
never been more willing to engage,
through the media, with the public.
clive.cookson@ft.com
Wednesday 20 April 2022
Republicans are overreaching in the culture war
A MER ICA
Janan
Ganesh
V
oters hear the chord, not
the individual notes. Poli-
cies that poll well on their
own terms can seem rash
or even extreme when
combined in great number. Americans
want better roads, cheaper healthcare
and more cash for climate change abate-
ment. They even like the idea of funding
these projects with higher taxes on
the rich. President Joe Biden, who pro-
posed all of the above at more or less the
same time, has approval ratings in the
gutter to show for it.
As Democrats brace for defeat in
November’s midterm elections, their
one hope is that Republicans will com-
mit a similar over-reach.
As long as the GOP stands against
obscure identity theories and defunding
Central bankers
should ease off
the brakes
ECONOMY
Martin
Sandbu
V
ladimir Putin’s assault on
Ukraine has silenced last
year’s “transitory versus
permanent” debate over
the global rise in inflation.
The economic effects of the war will
be huge everywhere, and the behaviour
of inflation will reflect those conse-
quences as much as reveal who was
right beforehand.
That disagreement still matters, how-
ever. Where central banks came down
on the question before the war has
implications for how they must think
about handling its effects today if they
want to be consistent.
Recall that accelerated inflation in
2021 arose from Covid-related produc-
tion disruptions in global value chains,
leading to relative shortages of manu-
facturing inputs and commodities.
There can be reasonable disagreement
about whether to tighten monetary pol-
icy in the face of a negative supply shock,
when inflation occurs because the econ-
omy’s productive potential has been
damaged. A central bank could judge
this type of inflation should be ignored if
the supply shock involves a temporary
adjustment in relative prices after which
the price level stabilises by itself.
Helping informal women workers is key to jump-starting recovery
Melinda
French Gates
Y
ears ago, I visited a rural
province in India and met a
group of women farmers
who were part of what econ-
omists call “the informal
workforce”. They were the economic
backbone of their community. These
women had pooled their money and
purchased seeds, so they could support
their families and one another. Their
hard work contributed a great deal to
their country’s economy — as does the
labour of the other 2bn informal work-
ers worldwide.
These farmers weren’t employed by
any company and didn’t earn a regular
pay cheque. They probably didn’t show
up in government labour statistics.
When Covid-19 hit, many such informal
women workers used their skills to help
their communities and countries get
through the pandemic. But as is often
the police, it will win what passes for the
“culture war”. (That phrase has had a
parochial ring ever since Ukrainians
started to pay a blood price for their
right to face west, not east.) But the
party doesn’t stop there. Florida has
curbed the teaching of sexuality and
gender in schools. Texas has stepped up
inspections of trucks from Mexico, to
chaotic effect. The fine writer and less
fine Senate candidate JD Vance has
mocked the “childless left”. Brian
Kemp, who once put out an ad in which
he let off an explosive, cocked a gun and
pledged to “round up criminal illegals”
(“Yep, I just said that”), is the less
luridly rightwing of two Republican
hopefuls for Georgia governor.
Meanwhile, Disney and Apple have
joined the National Football League
among the brands that Republicans
scold for being too vocally liberal. Laura
Ingraham, far from the most extreme
Fox News host, has put both companies
on notice that everything from their
intellectual property to their existence
as single entities is “on the table”. Some-
where, Reagan weeps.
On its own, each of these gestures
Last year, however, this side of the
argument lost out inside the major cen-
tral banks. The Federal Reserve, the
European Central Bank and the Bank of
England all made clear hawkish turns.
By adopting that stance then, they
painted themselves into a corner.
The war against Ukraine brought a
new negative supply shock on top of the
old one, adding both to the drag on
growth and the upward pressure on
prices. Hawkish signals in response to
a first supply shock logically committed
central bankers to doubling down on
tightening when a second one made
things worse.
Monetary policymakers everywhere
are promising that their decisions will
be “data-dependent”, but how they
interpret incoming data is what matters.
So far, major central banks have
eschewed the opportunity to use the
shock of Putin’s invasion to restate how
they think about the economy.
How should they do this? First, by bet-
ter explaining their thinking around
negative supply shocks. Are they really
committed to tightening more and
faster, the worse the shocks buffeting
households and businesses get?
Second, central banks should clarify
how they think their monetary policy
works. Presumably, the point of reduc-
ing monetary stimulus is to take the
wind out of the sails of demand in the
economy, so as to bring it down to the
damaged supply capacity. This was
already hard to justify, given that nomi-
nal spending had only barely returned
to pre-pandemic trends in the US and
the case, governments frequently over-
looked and undervalued their contribu-
tions. Economically, they lost more than
nearly anyone. In a 2020 analysis of 10
countries, job losses were two to three
times higher among informal workers
than those formally employed. And
they have no safety net to fall back on —
no paid sick leave, no unemployment
insurance.
The world now has a big opportunity
to do better. If leaders — including the
finance ministers participating in this
week’s World Bank and IMF meetings —
put informal women workers at the cen-
tre of their economic recovery plans,
they will repay an enormous debt. What
is more, they will also be able to get their
economies growing more quickly.
When the women working in fields,
markets and homes around the world
lose their livelihoods, of course they and
their families suffer. But economies do,
too. Informal work accounts for 60 per
cent of all global employment. In Africa
and India, as many as nine in 10 working
women are in informal jobs.
Right now, thanks to $93bn mobilised
recently by the World Bank’s Interna-
★ FINANCIAL TIMES
Opinion
might resonate with a plurality of Amer-
icans. Perhaps two or three in combina-
tion might. The problem is the accumu-
lation. Think about the crank you edge
away from at a party. What they have to
say is not always extreme. You may even
find yourself nodding along to their wit-
terings at first. What repels is the mono-
mania: the inability to stay off a favoured
subject. A winning conservatism is one
A winning conservatism is
one that rolls its eyes at the
left but does not cross into
its own kind of zealotry
that rolls its eyes at the cultural left and
asks the average voter to “get a load of
this”. Once it crosses the line into its own
kind of zealotry, it shouldn’t assume
people will come along.
All of this brings us to the single ripest
opportunity for conservative hubris.
About two-thirds of Americans oppose
the overturning of Roe vs Wade, which
established a constitutional right to
still fell short in the eurozone and the
UK — hardly “excessive” demand.
Do central bankers really think the
most severe war in Europe in a lifetime,
where the aggressor is the region’s most
important commodity exporter, calls
for pressing the brake harder on their
own economies’ growth?
Third, they should be addressing
head-on the novel nature of these sup-
ply shocks. The Covid lockdowns
caused an unprecedented sectoral
reallocation in the US. Durable goods
spending is still some 25 per cent above
its pre-pandemic trend; on nondurable
goods it is roughly 10 per cent higher.
Spending on services remains corre-
spondingly depressed.
While the pandemic did not cause
a dramatic reallocation of spending
While Covid did not cause
a dramatic reallocation of
spending in Europe, the
war on Ukraine may
tional Development Association,
governments in low-income countries
have the opportunity to take decisive
action to support these women and
jump-start their economies.
First, countries should invest in child-
care. This is just common sense: when
their children are safely looked after,
more women can return to the work-
force or start a new business. All told,
the Eurasia Group estimates that
Leaders must not overlook
those who hold up their
societies in innumerable
and often invisible ways
expanding access to childcare for
families who don’t currently have it
could increase global gross domestic
product by more than $3tn. At the Gates
Foundation, we are investing in the
World Bank Childcare Incentive Fund,
which will help governments fund
promising models.
Second, countries should direct
abortion in 1973. That does not mean
that two-thirds love it, or think it a rigor-
ous piece of jurisprudence, or oppose
any trimming of it all. But it does mean
that even a Supreme Court with a con-
servative supermajority must approach
the subject with the most soft-handed
delicacy. Nothing threatens the GOP as
much as a too-bold judicial incursion
into Roe, perhaps this summer.
The US is a country of waning church
attendance in which 5 per cent of voters
named immigration as the most impor-
tant issue last month. It had a lower
birth rate in 2020 than Sweden and
France. Harnessing the wonderful light
in the San Fernando Valley, it supplies
the world with much of its pornography.
In taking on the left’s excesses — and
there are few more open goals in politics
— Republicans must address the coun-
try as it is. It cannot afford to be guided
by the kind of activists who say “Judeo-
Christian” a lot. Too many of them con-
fuse public unease with campus dogma
with a desire to unpick the liberal settle-
ment of the past half-century.
The party read a huge amount into
Glenn Youngkin’s election as Virginia
in Europe, the war on Ukraine may.
The prospect of a sharp fall in fossil
fuel supplies from Russia — a coal
embargo is already scheduled, and the
pressure is strong for oil and gas to fol-
low suit — will, after all, force a signifi-
cant shift away from production
and consumption that use such
resources intensively.
Such needs for (possibly permanent)
reallocation complicate standard argu-
ments about how monetary policy
should treat an inflationary supply
shock. A recent paper by Veronica
Guerrieri, Guido Lorenzoni, Ludwig
Straub and Iván Werning shows that if
keeping interest rates low makes reallo-
cating resources easier, the optimal
stance for a central bank is looser
than it would otherwise be.
Thus, if it is clear that labour and
capital must move from one sector to
another — and the faster the better —
how can it possibly be right to tighten
monetary policy, making investments
in new capacity both more expensive
and less attractive as demand growth
slows down?
financial resources, including cash
transfers, to women, many of whose
assets were wiped out in the pandemic.
To support economic growth, countries
need to increase access to affordable
credit for women, who often can’t get
the financing they need to start and
grow businesses. Expanding bank lend-
ing and directing funds to collective
enterprises like the one I saw in India
can turn this story around, by providing
liquidity, rebuilding assets and encour-
aging growth, especially in the private
sector.
Third, countries should use data bet-
ter to track challenges and progress. To
solve a problem, you have to be able to
see it. Too often, leaders don’t under-
stand how women are suffering dispro-
portionately and how that affects econ-
omies, because that’s not how they
break down their data. By consistently
disaggregating economic and develop-
ment data by sex and other key
characteristics, countries can gain a
fuller picture, and ultimately devise
more effective policies. In Mexico,
information gathered over several years
from the financial sector and surveys of
governor last year. But the anger from
which he profited was aimed as much at
school closures as at a politicised curric-
ulum. To be un-woke is no doubt an
electoral winner. To be anti-woke is risk-
ier. To major on the subject amid a dete-
riorating economy, foreign crisis and
resurgent pandemic might strike voters
as frankly eccentric. Republicans aren’t
there yet, but the trend is discouraging.
It is also understandable. For Republi-
cans, it is easier to fight on culture than
to confront their central problem: an
economic agenda that is not populist or
even all that popular. On Sunday, the
far-right Marine Le Pen will run
Emmanuel Macron close for the French
presidency on a statist platform. By
contrast, the main legislative achieve-
ment of Donald Trump was a tax cut
that a generic Republican might have
passed in 1986 or 2006. If American
populism is to be all circuses and
no bread, the performers will have to
resort to ever wilder and more shocking
feats. Don’t count on the audience to
stomach it indefinitely.
janan.ganesh@ft.com
A simple answer would be that this
is no concern of central banks responsi-
ble only for controlling inflation. How-
ever, that would be wrong — and not
just because central banks have more
tasks than this. Since insufficient reallo-
cation means lower productive poten-
tial in the future than could otherwise
be had, it also means an overzealous
fight against inflation today will either
raise inflation in the future or increase
the cost of keeping it low.
What these questions together
amount to can be put more simply.
Today a pandemic, a war and a climate
crisis all necessitate huge structural
shifts — which may themselves maxim-
ise potential productivity and minimise
long-term inflationary pressures. In
such a situation, how could it be right
for central banks to delay investment
and jobs growth, and with them the
needed reallocations?
Until central bankers can answer that
question convincingly, they should be
less eager to tighten.
martin.sandbu@ft.com
citizens allowed leaders to see, and
then narrow, gaps in women’s access to
financial services.
When Afghan girls desperate to learn
are banned from school and pregnant
Ukrainian women are stumbling out of
bombed maternity hospitals, it is hard
to think of anything else. These are
grave atrocities. And they are not totally
disconnected from the economic
neglect of women. When we build a
world where those furthest from eco-
nomic opportunity have an equal
chance to thrive and lead, we build a
world that’s more peaceful and more
resistant to shocks.
As global leaders seek solutions to the
mounting financial, health and security
challenges, they must not overlook the
informal women workers who hold up
their societies in innumerable and often
invisible ways. These individuals can be
the engine of our global recovery. We
must see them. But more than that, we
must support them — with action, not
just words.
The writer is co-chair of the Bill & Melinda
Gates Foundation
23
UK judges need
powers to
stop oligarchs’
‘lawfare’
Caroline
Kean
L
ibel claims brought by
oligarchs have put Slapps in
the news in the UK recently.
The term Slapp — “strategic
lawsuits against public partic-
ipation”— has come to refer to any law-
suit issued less with a view to protecting
a claimant’s reputation than to frighten
off critics. The cases brought in the past
year against the journalists Catherine
Belton and Tom Burgis, of the Financial
Times, are classic examples.
The astronomical costs of litigation
and the complexities of free speech laws
mean publishers often settle claims that
are otherwise defensible — many decide
they will simply not publish anything
about the claimant at all. Slapps are not
restricted to oligarchs, of any national-
ity, of course, and are directed at
individuals and non-governmental
organisations just as readily as media
companies.
The use of Slapps and “lawfare” were
debated in the UK’s House of Commons
in January and last month the House of
Lords’ communications and digital
select committee heard evidence on the
scale of the problem. The Ministry of
Justice has now issued a call for evidence
ending on May 19 2022.
The history of UK libel laws being
used to whitewash reputations is not
new. A claimant does not have to show
that what was published is false, and the
fact that something has been published
before is no defence.
There were attempts to level the play-
ing field in 2013 by introducing a
requirement in the Defamation Act that
the claimant show they had suffered
Complex free speech laws
mean publishers often
settle claims that are
otherwise defensible
“serious harm” before words would be
classed as defamatory but subsequent
case law has pulled any teeth this might
have had. It is not a gateway issue that
the claimant has to prove before they
can bring a claim, but just another mat-
ter to be dealt with at trial. Having such
a key issue unresolved until trial in prac-
tice means it is worthless, when it is the
cost of getting to trial in a libel case that
acts as the single greatest deterrent to
defendants.
Similarly, the statutory defence of
“public interest”, also introduced in the
2013 Act, has evolved to become a tool
for the inquisition of the journalist, not a
defence to a claim.
In most US states there are specific
anti-Slapp laws, and such a measure is
now being considered in the EU. In an
ideal world, the UK would also have one,
but new laws take time to hit the statute
books — we need to make amendments
to existing law in the meantime.
Public figures — and corporations in
particular — should be required to file
credible evidence of actual damage
before issuing a claim. It should not be
enough for them merely to make a bare
assertion that they have suffered loss, as
they can at present.
Whether the subject is corruption,
medical negligence or unsafe building
cladding, some issues are so important
that there is a public interest simply in
having the debate. After the 2013 Act,
the courts have routinely held a trial as a
preliminary hearing to decide the
meaning of the words at the centre of
the case — which sets the scope of the
claim and the defence. This has resulted
in a massive saving in time and costs.
The public interest defence as it
stands requires the publisher to show
not just that the statement complained
of was on a matter of public interest, but
that they “reasonably believed” pub-
lishing it was in the public interest. It is
this qualification that has become a
stick to beat the journalist with, and it
needs to go.
The specialist judges who currently
decide what the words mean are per-
fectly able to assess whether the subject
matter is sufficiently serious that it is by
its very nature worthy of protection,
regardless of what the journalist
thought or did prior to publication.
They should be given the power to stop a
libel claim at that point. Obviously, the
claimant must have the right to put
their side, and as a quid pro quo the pub-
lisher must publish that, without
accepting that it is true or apologising.
The writer is a founder of Wiggin LLP
24 ★ FINANCIAL TIMES Wednesday 20 April 2022

Pinault/Blavatnik Spac: the Deezer geezers

The French music-streaming service will reverse onto the Paris market, selling a third of its equity. Early
investors in the Spac I2PO that is buying Deezer — other than its founders — will pay a premium for shares.
The business is taking on Spotify, the leader in the streaming market.

Twitter: @FTLex Deezer investor contributions Music streaming

Japan stocks:
now and yen
The yen is making history, but in a bad
way.
a Y Yesterday marked k tthe 13th
straight day that Japan’s currency fell
against the dollar. It is the currency’s
longest losing streak in at least five
decades. Record short bets on the yen
normally mean a boost for local
exporters. They now spell trouble.
The yen has hit a low of ¥128 per
dollar, down 16 per cent in the past
year. The once-mighty Japanese
currency is weaker than it has been for
two decades, despite government
warnings intended to stem the slide.
Traders have
a reason to ignore these.
The gap between policy in the US and
Japan is widening. Federal Reserve boss
Jay
a Powell is expected to accelerate
interest rate rises. Japan’s central bank
governor Haruhiko Kuroda has been
unwave
a ringly dovish.
Historically, Japanese equities
benefit from a weak yen. This boosts
big exporters such as Toyota, Hitachi,
Sony and Honda. Such companies have a in 2019. The inve
traditionally invo
n iced in dollars, not
just for sales to the US but within Asia.
A high greenback boosts their
spending power at home.
This explains why the Bank of Japan
has not intervened directly to support a
weaker yen in more than two decades,
relying on verbal warnings instead.
But over the past decade, Japanese
companies havea set up more offshore
production sites, partly to hedge
currency fluctuations. In February,
Toyota’s
a overseas production
accounted for more than half of the
group total. That limits the boost that a
weaker yen can give via overseas sales,
which account for four-fifths of
Toyota’s
a total.
Att the same time, rising domestic
prices are putting the bite on corporate
Japan. Core inflation hit a two-year
high in Tokyo in March. This is bad for
local consumption, which accounts for
50 per cent of the economy. Any boost
to exports, which now account for only
about 15 per cent of Japan’s economy,
would hardly compensate.
Manufacturers have a tthe tricky job of
trying to pass on soaring input prices
for commodities with disrupted supply
chains. These include nickel, palladium
and silicon chips.
Japan’s benchmark Topix, which is
down 5 per cent this year, has reacted
sensitivelyy and negativelyy to hawkish
signals from the Fed in recent months.
As the US tightens monetary policy,
equity inve
n stors in Japan must adjust to
a new normal where a weaker yen no
longer s.
Kirkbi/Lego:
a turn round the block
Kirkbi of Denmark has an
appropriately Nordic model.
Its portfolio, anchored by a 75 per
cent stake in toymaker Lego, funds
philanthropic endeavo a urs, renewable
energy — and adds to the wealth of the
controlling Kirk Kristiansen family.
Last year profits quadrupled to
DKr27bn ($3.92bn), and were 60 per
cent up on pre-pandemic 2019.
Fittingly, Lego acts as a stable
building block, outperforming rivals
such as Mattel and extending its
operations into theme parks. Kirkbi
took Merlin, operator of the Legoland
parks, private as part of a consortium
n stment group owns
the Lego and Legoland trademarks
which it licences to the duo, generating
royalties of DKr2bn last year.
Lego’s returns are steadier than those
from the DKr98bn “core capital”
inve
n stment portfolio. This is comprised
of a medley of equity stakes
k . Portfolio
companies range from makers of
insulation foams to real estate
businesses. Last year, both Lego and
inve
n stments — returning 23.3 per cent
— rallied strongly compared with the
depressed prior year.
Lockdowns cost Lego’s ttheme parks
millions of visitors and billions of
krone. Last year, as visitors drifted
back and costs fell, Kirkbi’s share of
these losses was DKr588mn, roughly a
quarter of the year-ago figure.
Kirkbi may havea begun shuffling
assets faster as it prepares to usher in
new chair Thomas Kirk Kristiansen
next spring. April has proved an active
month, with an agreement to sell a
holding in an offshore-wind farm to
Greencoat Renewables and a $1bn
inve
n stment — for a 3 per cent stake —
in Epic Games. The latter followed a
partnership deal with the Fortnite
maker to create a children’s metavea rse.
Today’s block-building children are
future avatars on the metave
a rse,
assuming it pans out as advocates such
as Mark Zuckerberg hope. Either way, a
€mn per 1% Deezer shareholding
20
15
10
5 Deezer
0 0
I2PO founders
*Private investment in public equity
Sources: company; FT Research
Disrupter of disrupters? Or swan song
of the special purpose acquisition
company? European inve n stors are
making that call over a deal involv
n ing
music-streaming service Deezer. The
French group has reached terms with
cash shell I2PO to list on Euronext
Paris at a pre-money value of €1bn.
Bringing together billionaires
François-Henri Pinault and Leonard
Blavatnik, the new business aims to
grab a growing share of the streaming
market. That means taking on big
tech and Spotify, which controls
about a third of the market.
The deal permits a fascinating
comparative study of a fevered Spac
float versus the chilled, low-cost
direct listing chosen byy Spotify in
2018. Deezer thinks it can distribute
it is a toe in the water for Kirkbi. Lego’s
bumper year gives it the latitude to
Binance:
citizen of nowhere
Binance is a curious company. Founded
in China and registered in the Cayman
Islands, it is byy far the world’s largest
platform for cryptocurrency trades. It
also has no official headquarters and
operates outside regulatory control.
That may not stop spin-off
Binance.US from targeting public
markets, after it raised funding at a
$4.5bn valuation this month.
Binance.US was created in 2019 to
appease US lawmakers who did not
Sales (annual % change)
Money invested (€mn)
300
Spotify
250
200 Deezer
2021
150 Sources: company; S&P Global consensus
Streaming sales
100 €bn
50
Pipe* investors I2PO investors
2020 2021 2022 2023 2024 2025
Sources: company; S&P Global consensus
via third-party content providers in
underexploited regions. That contrasts
with the direct-to-consumer model of
Spotify, Apple and Amazon.
Record labels hoping to weaken the
status quo may hum along to this tune.
Deezer chief executive Jeronimo
Folgueira highlights a distribution deal
with German television RTL, which has
its own streaming services.
Less positively,
y some Deezer
distributors with physical stores were
forced to close during the pandemic.
Sales grew only 5.5 per cent last year
to €400mn. In contrast, Spotify raised
revenues over a fifth to €9.7bn. The US-
listed businesses should make its first
profit this year.
Deezer sales growth
w moved into
double digits in February. A target of
want Americans to use Binance
directly. It requires more disclosures
from users and is a smaller exchange.
Daily trading is worth $431mn,
according to CoinMarketCap data. Its
parent company trades roughly $26bn
of transactions each day.
a Settling relations with regulators
The global crypto sector is estimated
to have
a a market worth more than
$2tn. Binance’s digital token is up more
than 1,000 per cent since the start of
2021. Binance.US is wise to raise funds
while it can. Revenue depends on
trading volumes in crypto, which are
notoriously volatile. It is sensible to put
aside capital when it can, while
building relations with external
inve
n stors such as RRE Ventures.
If Binance.US lists, as rival
Blockchain.com reportedly plans to do,
both would trade at the whim of crypto
40
Estimate
30
20
10
0
2022 2023 2024 2025
Spotify
20
Estimate
15
10
5 emphasis on energy security and the
0 shift to net zero should benefit groups
€1bn of sales byy 2025 requires more
rapid acceleration. Blavatnik’s cross
ownership of Warner Music should
make that ambitious plan easier for
Deezer to achieve.
If so, shares are cheap at a multiple
about one times 2025 sales or a
discount of a quarter to Spotify’s
valuation. The equation looks pricey
on shorter-term forecasts.
In a Spac, shareholders are not all
created equal. Inve
n stors joining via a
private placing are getting their
shares aat a 44 per cent discount to
those in the original, listed cash shell.
Founders enjoy a 90 per cent
discount. That imbalance may raise
as many questions for inven stors from
communitarian Europe as Deezer’s
plan to rejig
e the streaming oligopoly.
prices. Shares in crypto platform
Coinbase havea ffollowed bitcoin’s sell-
off and change hands for $168 a share,
down from $343 in November last year.
Att 34 times forecast earnings, the stock
is trading below the one-year average.
would smooth prices. Binance, its US
affiliate and other crypto platforms are
trying to warm the world up to the idea
of further crypto regulation on their
own terms. Binance founder and chief
executive Changpeng Zhao says a he is
seeking a physical headquarters.
But regulators continue to fret that
crypto is being used for laundering and
other crimes. Binance.US was last year
congratulated for appointing Brian
Brooks, a former banking regulator, as
chief executive. He left after just three
months in the job.
Rolls/SMRs: closing
the generation gap
Nuclear power enthusiasts are thinking
big about going small. Engineering
groups worldwide are developing 70
different types of small, modular
nuclear reactors (SMRs).
Rolls-Royce expects its mini-nuke
design to receive regulatory approval
byy mid-2024. Its plants could be
producing grid power as early as 2029.
Soaring energy costs, a renewed
specialising in SMRs. Advocates say the
plants will be cheap and quick to build.
Compatibility with renewables is
another selling point of SMRs. Att times
of plentiful wind or solar electricity,
their energy would be used to make
hydrogen or synthetic aviation fuel.
Rolls-Royce expects shorter lead
times will help keep costs below one-
twelfth of the £23bn bill for the
Hinkley Point C reactor under
construction in Somerset, England.
Estimates suggest that the mega
projectt should come on stream in 2026.
Rolls-Royce, a jet-engine maker hurt
byy pandemic lockdowns, badly needs
to generate some good news. It owns 80
per cent of its SMR special purpose
vehicle. It has inve
n sted £280mn in
collaboration with BNF Resources UK
Limited, Constellation (formerly
Exelon Generation) and the Qatar
Inve
n stment Authority. The UK
government has put in £210mn.
SMRs have
a much to prove. The first
plants would be on existing nuclear
sites. Securing public approval for
greenfield developments would be
harder. Analysts say that the first
reactors could be well over budget.
Champions of SMRs need to show big
savings to counterbalance the
diseconomies of scale of the small sites.
The reason big nuclear sites have
a until
now been favo
a ured is that building
costs do not expand in proportion to
power output. Savings would need to
come in part from a few developers
making most of the world’s SMRs.
So only a few of the 70 or so playe
a rs
can ultimately succeed. Rolls-Royce
must prove its SMR is a world-beater.
Lex on the web
For notes on today’s stories
go to www.f
w t.com/lex

CROSSWORD
No 17,0
7 73 Set by CHALMIE
        ACROSS
1 Sees clue reflecting tyre changes?
(3,5)
5 Rain oddly masks King Jack? (6)
  9 They make cases for soft heads (8)
10 Compatriot of 7, explorer asleep when
 leaving run-down area (6)
12 Belgian investigator’s dog is now
 
yours to keep (5)
13 Maybe Oliver’s unwell companion
enters the French stone monuments
(9)
14 Taps into Native American’s nursery
  
(6)
16 Teacher served up only item on menu
 (7)
18 Fools an ugly Spaniard (7)
   20 Next to live party (6)
22 As viruses are excellent, starts to
 live largely underground like angora
rabbits (9)
  23 Throw away game after game (5)
24 Drug one consumed after work (6)
25 Individual gorillas possibly back judge
(8)
  26 Primates discommode parishioners –
not all return (6)
27 It’s used to assemble friend broken
knee hampers (5,3)
  DOWN
1 Burst his devious plot in the 17th
century (6)
2 Overcome? If not, he could be a
Shakespearean character (3,4,2,6)
3 Now Bill turns up in play (5)
JOTTER PAD 4 Shakespearean lawyer from same
place as 2 heard fast car (7)
6 Celebrity team, cycling visionaries (9)
7 Shakespearean character has no
defence (almost) for breaking into
clothes shop (6,2,7)
8 Notice concerning wild tigers (8)
11 Compatriot of 7, scientist starts to buy
Solution 17,0
7 72 off his rivals (4)
15 Part of poem about irritatingly late
6 $ / 7 ) / $ 7 $ 6 7 8 7 ( painter of 2’s city (9)
5 2 $ , 5 5 5 17 Lover of 2’s city has about a month in
5 ( 7 8 5 1 / 8 & . < ' , 3
1 5 ' 7 $ 3
South Africa (8)
7 $ ; , 6 7 $ 1 ' 6 7 , / / 19 In the end, to follow illegal rules is for
6 ( 7 ( $ ( the birds (4)
: + $ 7 6 1 ( : / $ 6 7 20 Fish with large weightlifting kit (7)
2 7 ' , 9 / (
6 7 $ 5 1 8 , 6 $ 1 & (
21 Buffalo Bill perhaps entertaining
3 $ , ' 1 + setter with jokes (6)
+ 2 3 3 , 1 * 0 $ ' $ / $ 6 23 Scientist, compatriot of 7, in algebra
7 7 , $ 6 '
% $ / 0 2 5 $ / / 2 6 7 , 7
heaven (5)
7 2 $ / 2 ( (
& 2 : % 2 < 6 + 2 : ( ' 8 3