MONDAY 31 JANUARY 2022 INTERNATIONAL NEWSPAPER OF THE YEAR EUROPE

Covid fatigue The sky’s no limit Hot office property

World leaders pay the price as virus Funding surge brings flying taxis Will hybrid work spell the end of the
drags on — RUCHIR SHARMA, PAGE 19 closer to reality — COMPANIES, PAGE 7 personal desk? — PILITA CLARK, PAGE 20

Net value Briefing

Nadal grabs i LetterOne to stall Wintershall flotation

tennis crown
Billionaire Mikhail Fridman’s company has said it
will block any attempt by its partner BASF to float
Wintershall Dea, intensifying a clash over Europe’s
largest private energy exploration group.— PAGE 6
Rafael Nadal celebrates after coming
back from two sets down to win the Aus- i Olympics ski host skids after loan spree
tralian Open in Melbourne yesterday. The Chinese region that is one of the three main hubs
The victory secured Nadal his 21st for this week’s Beijing Winter Olympics faces severe
Grand Slam title — one more than Roger financial woes after embarking on a debt-fuelled
Federer and Novak Djokovic, his two investment spree to prepare for the games.— PAGE 4
longstanding rivals at the top of men’s
tennis. i Shareholders focus on US sick pay terms
The epic final against Daniil Large US retailers are facing shareholder pressure to
Medvedev lasted five hours and 24 min- disclose details of their paid sick-leave plans, an issue
utes. Nadal, 35, described the encounter that was rarely seen as a risk for companies but has
as “one of the most emotional matches” gained attention during the pandemic.— PAGE 6
in his career in his acceptance speech,
delivered at 1.30am local time. i Tui raises €500m fund to revive growth
The tournament become mired in In a rare move for the sector, the
controversy after Djokovic was European holiday group Tui is
detained upon arrival to Australia and raising a €500m Luxembourg-
later deported in a row over his Covid-19 based fund to finance new
vaccination status. hotels after the pandemic left it
Andy Brownbill/AP
with record debt levels.— PAGE 8

i Tech bosses back $200m African kitty

Head of $1.3tn wealth fund warns

Dozens of tech bosses, including the founders of
Klarna, Skype, Delivery Hero and Flutterwave, have
started a $200m venture capital fund aimed at
finding the next $1bn-plus groups in Africa.— PAGE 7

inflation will sap returns for years

i Erdogan sacks Turkey’s statistics head
Turkey’s president has sacked the head of the
national statistical body after reports of internal
tension over inflation data. The official rate of
inflation hit a 19-year high in December.— PAGE 2

i Appetite wanes for Europe ‘junk’ bonds

3 Tangen sees ‘permanent’ threat 3 Experts split on price rises 3 Alternative strategies sought
RICHARD MILNE AND
ROBIN WIGGLESWORTH — OSLO
The world’s largest sovereign wealth
fund has warned that investors face
years of low returns as the surge in infla-
tion becomes a permanent feature of
the global economy.
Nicolai Tangen, chief executive of
Norway’s $1.3tn oil fund, told the Finan-
cial Times that he was “the team leader
for team permanent” in the fierce
debate over whether the jump in rates is
transitory or a lasting threat.
Consumer price inflation is running at
its highest level for more than two dec-
ades in the world’s big economies.
In the US the annual pace of price
growth hit 7 per cent in December, up
from just 0.1 per cent in May 2020.
Tangen said that the oil fund, which
owns the equivalent of 1.5 per cent of
every listed group in the world, thought
inflation “could be stronger than what is
generally expected” as the world experi-
ences both high demand and lingering
disruption to supply chains.
“You have seen food prices going up,
continued very high freight rates, truck-
ing rates, metals, commodities, energy,
gas,” Tangen said.
“We’re seeing signs on wages as well.”
The former hedge fund manager added:
“How will it pan out? It hits bonds and
shares at the same time . . . for the next
few years, it will hit both.”
Economists are divided over whether
the surge in inflation is fleeting. Some
argue the pandemic caused a temporary
shock to supply chains that coincided
with a sharp economic recovery, which
Sentiment on European junk bonds has dimmed as
risky assets are ditched amid geopolitical friction and
stock volatility. The junk-hedging iTraxx index has
will ease over time. Market measures of returns with so-called “alternative” hit its highest point since November 2020.— PAGE 6
inflation expectations indicate price investment strategies, including hedge
rises will moderate to just above 3 per funds, venture capital and real estate.
cent in the near term. But Tangen said Their assets under management grew Datawatch
that other factors, including more peo- to $13.3tn last year, according to data
ple retiring or leaving jobs, strength- provider Preqin.
ened his view that the rises are perma- Nicolai Tangen, The mandate of the oil fund, housed Generational change Twelve years ago
nent. chief executive in Norway’s central bank, includes only % of US adults who say they use there was a vast
Both bonds and stocks started 2022 of Norway’s stocks, bonds and real estate. It posted social media, by age group gap between
100 the share of the
on the back foot, and investors’ longer- sovereign wealth returns of 14.5 per cent last year.
18-29 youngest and
term expectations for mainstream capi- fund, says he is Tangen said: “With extremely low 80 30-49 oldest US adults
tal markets are becoming gloomier. ‘the team leader interest rates and a very high stock mar- 50-64
60 using social
AQR Capital Management, a quanti- for team ket, and with increasing — and in some media. Over-65s’
65+
tative investment group, estimates that permanent’ places accelerating — inflation, we could 40 online share has
a classic balanced portfolio of stocks and see a long period of time with low since tripled,
20
bonds will return just 2 per cent annu- returns.” while the share
ally after inflation over the next 5-10 Additional reporting by Colby Smith 0 of those aged
years —down from roughly 5 per cent on Supersize rate rises page 4 2010 12 15 18 21 18-29 has grown
average over the past century. Wall St split on buying the dip page 8 Source: Pew Research Center just 2 per cent.
Large investors have sought to beef up FT View page 18

Zambia pledges not to favour Chinese

creditors in crunch talks on debt relief
JOSEPH COTTERILL — JOHANNESBURG good for Zambia, it’s good for creditors, against Lungu last year but has said that
because in the situation we were when he inherited a near-empty treasury. His
Zambia’s president has promised not to we took office, it was a no-win situation. government secured a deal in principle
favour Chinese creditors over western No one was benefiting.” with the IMF in December that it hopes
bondholders as he seeks to resolve the Last month the head of the Paris Club will anchor talks with creditors.
Russia must reckon with southern African nation’s debt crisis. group of rich creditor nations warned Zambia’s $3bn dollar bonds have been
threat of Swift expulsion that China’s dominant role as a lender to in default since it skipped interest pay-
Zambia’s debt woes triggered the conti- poor countries deterred many from ments in 2020. Chinese creditors agreed
Report i PAGE 3; UK measures i PAGE 2 nent’s first pandemic-era sovereign seeking debt relief. About $6bn of Zam- to freeze interest payments on their
default in 2020 and Lusaka is in the bia’s debt is owed to Chinese creditors loans even as international bondholders
process of restructuring about $15bn of that helped finance a spending spree refused to agree to a suspension.
Austria €4.20 Malta €3.90 external debts in order to secure a which ended in crisis under Edgar But private investors wonder if their
Bahrain
Belgium
Din1.8
€4.20
Morocco
Netherlands
Dh50
€4.20
$1.4bn IMF loan. Talks with creditors Lungu, Hichilema’s predecessor. Chinese counterparts will take actual
Bulgaria Lev7.50 Norway NKr43 will take place in the coming weeks. “What we don’t intend to do is to losses on their debts or will enforce their
Croatia Kn31 Oman OR1.60
Cyprus €3.90 Pakistan Rupee350 The restructuring is seen as a test case cross-subsidise — one debt stock holder claims using what analysts have said are
Czech Rep Kc110 Poland Zl 22 for whether China will accept losses paying a higher price, if you want to put often unusually strict contract clauses.
Denmark DKr40 Portugal €3.90
Egypt E£59 Romania Ron17 from a surge in loans to Africa in the past it that way, or having better terms and Zambia needs to squeeze as much as it
Finland
France
€4.70
€4.20
Russia
Serbia
€5.00
NewD530
decade. Annual Chinese lending to another having worse terms,” Hich- can out of creditors: the IMF bailout is
Germany €4.20 Slovenia €3.90 Africa peaked at nearly $30bn in 2016. ilema said. “One creditor being of Chi- likely to impose tough targets on
Greece
Hungary
€3.90
Ft1250
Spain
Sweden
€3.90
SKr39
“We want to resolve the debt situa- nese origin or another origin is not finances while the government has
India Rup220 Switzerland SFr6.40 tion,” Hakainde Hichilema said in an much of the issue here.” promised to protect spending on social
Italy
Lithuania
€3.90
€4.60
Tunisia
Turkey
Din7.50
TL40
interview with the Financial Times. “It’s Hichilema won an election landslide services.
Luxembourg €4.20 UAE Dh20.00

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2 ★
Ukraine crisis
UK warns Putin it will target oligarchs
Britain and US outline
sanctions if Russia
invades neighbour
JIM PICKARD — LONDON
COLBY SMITH — WASHINGTON
Russian oligarchs with links to Presi-
dent Vladimir Putin and who have UK
investments will be hit by tough new
sanctions if Moscow invades Ukraine,
British foreign secretary Liz Truss will
tell the country’s parliament today. The
move came as the US Senate also neared
a deal on sanctions against Russia.
Truss said yesterday she would set out
legislation that would ensure a “severe
economic cost” for Moscow in the event
of any incursion into Ukraine, by
strengthening Britain’s ability to target
Russian assets in the UK. The planned
Italian president’s extension averts instability
Mattarella outcome leaves
Draghi free to push overhaul
required by EU-funded plan
AMY KAZMIN — ROME
In the final weeks of his seven-year term
as president, Sergio Mattarella made it
clear he did not think it was appropriate
to serve a second term as Italy’s head of
state. Nor did he wish to do so.
But as lawmakers’ bid to agree a suc-
cessor turned toxic, threatening prime
minister Mario Draghi’s fragile national
unity government, parliamentarians
compelled the reluctant 80-year-old
Mattarella to stay.
He was propelled to a landslide vic-
tory on Saturday night, the eighth round
of voting in a presidential selection
process that began last Monday.
“Duty to the nation must prevail
over my own personal choices,” the
president, visibly emotional, said
afterwards.
Italian social media are buzzing with
memes of the president, including one
in which he is bound to his chair with
a rope.
Yet for all Mattarella’s personal
ambivalence, his re-election has
delighted Italians, especially the busi-
ness community, as well as politicians
and policymakers across Europe.
His extension offers Rome the pros-
pect of continuity and stability, leaving
former European Central Bank presi-
dent Draghi, considered one of Matta-
rella’s most credible potential succes-
sors, free to press on with policy over-
hauls required by Italy’s €200bn EU-
funded reform and investment plan.
“The parliament has taken the best
possible decision, certainly the one that
was most wished by so many Italian citi-
zens and businesses,” said Corrado Pas-
sera, chief executive of Illimity bank,
and a former infrastructure minister.
“The current government will be able to
carry out all the reforms and measures
that Italy has committed to.”
Mujtaba Rahman, managing director
for Europe at Eurasia Group, the politi-
cal risk consultancy, said: “Compared to
all conceivable alternatives, it’s the best
outcome that Europe and the markets
could have hoped for . . . It does create a
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FRIDAY 31 MARCH 2017
Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
HMRC warns
customs risks
being swamped
by Brexit surge
3 Confidence in IT plans ‘has collapsed’
3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expected once Britain
leaves the EU, customs authorities have
admitted to MPs.
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legislation would allow the government
to place sanctions on “any individual
and business of economic or strategic
significance to the Kremlin”, according
to officials.
Under existing UK rules, which reflect
pre-Brexit EU arrangements when Mos-
cow annexed Crimea in 2014, Britain
can only impose sanctions on Russians
directly linked to the destabilisation of
Ukraine.
“What we are looking to do is widen
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Russian companies involved in prop-
ping up the Russian state,” Truss told
Sky News.
Meanwhile, the US is finalising a bill
that includes economic measures to
punish Russia in the event of a full-
Parliament vote. Continuity choice
Sergio
Mattarella’s
re-election will
allow Mario
Draghi, prime
minister, below,
to participate in
Europewide
conversations
on EU reforms
Paolo Giandotti/Reuters
WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
A Five Star plan? Dear Don...
Italy’s populists are trying to woo May’s first stab at the break-up
the poor — BIG READ, PAGE 11 letter — ROBERT SHRIMSLEY, PAGE 12
Lloyd’s of Brussels Insurance market
to tap new talent pool with EU base
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80
Briefing
THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
AMERICAN WAY OF LIFE
non-urgent operations and for A&E treatment while
some surgical procedures will be scrapped.— PAGE 4
i Emerging nations in record debt sales
FT WEEKEND MAGAZINE
Developing countries have sold record levels of
government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15
Credit Suisse
Art of persuasion Mystery deepens
i London tower plans break records
A survey has revealed that a
record 455 tall buildings are
over disputed painting of Jane Austen
planned or under construction
engulfed in
adjust its negotiation position with the in London. Work began on
EU, a Whitehall official said. “If running almost one tower a week
our own customs system is proving during 2016.— PAGE 4
much harder than we anticipated, that
ought to have an impact on how we i Tillerson fails to ease Turkey tensions
fresh tax probe
press for certain options in Brussels.” The US secretary of state has failed to reconcile
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
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FINANCIAL TIMES Monday 31 January 2022
INTERNATIONAL
GLOBAL INSIGHT
EUROPE
Anne-Sylvaine
Chassany
blown invasion of Ukraine, with a plan ‘There will the Baltic Sea, which carries gas to
to move it forward this week, according Europe, bypassing Ukraine.
be nowhere
to Bob Menendez, Democratic chair of
the Senate Foreign Relations Commit-
tee, and James Risch, his top Republican
to hide for
Russia is estimated to have moved
more than 100,000 troops to its borders
with its neighbour, giving it “multiple
Britain’s assertive
counterpart.
Some sanctions could be imple-
Russian
companies
options”, including an attack aimed at
occupying the entire country, according
foreign policy rattles
mented immediately in response to
Russia’s efforts to undermine the
Ukraine government and launch cyber
involved in
to the US.
Putin “continues to add troops to that Paris and Berlin
attacks, Menendez said. Others would
propping border with Ukraine. We’re watching
that even over the course of this week-
T
be imposed only if Russia were to mount up the end,” John Kirby, a Pentagon spokes-
a deeper invasion of Ukraine. Russian man, told Fox News. he Ukrainian crisis has removed any doubts in
Under discussion are economic coun- The chair of Russia’s security council, Germany and France about Britain’s commit-
termeasures against the largest Russian state’ Nikolai Patrushev, meanwhile dis- ment to European security after Brexit. But
banks and the country’s sovereign debt, missed the idea Russia was a threat to London’s activism has been a mixed blessing
as well as export controls to deprive
Liz Truss, Ukraine. “We do not want war. We don’t for Paris and Berlin at a time when the conti-
UK foreign
Russia of sensitive technologies and secretary need it at all. Those who are pushing nental powers’ leadership is precarious in the face of
curbs on the country’s energy sector. towards it, especially those from the threats from Vladimir Putin.
Risch said some disagreements west, they are pursuing some self-serv- The E3 group of countries, which have a history of diplo-
remained over sanctions against Rus- ing false goals of their own,” the Interfax matic co-operation, have sought to co-ordinate their posi-
sia’s Nord Stream 2 gas pipeline under news agency quoted Patrushev as saying. tions as more than 100,000 Russian troops mass on
Ukraine’s border. Officially, western unity is the keyword.
Privately, Germany and France are watching with unease
as the UK reclaims its position as the principal US ally.
While Berlin and Paris have been circumspect about
Putin’s endgame and would prefer more discreet diplo-
macy, London has embraced Washington’s assessment
about an imminent threat of invasion, is sending anti-tank
weapons to Ukraine, and has leaked details of an alleged
Russian-led coup plot in Kyiv.
The UK’s desire to co-operate at EU level is seen as posi-
tive, says Jana Puglierin, head of the European Council on
vini broke ranks to urge rightwing par- Foreign Relations in Berlin. But the crisis in Ukraine is re-
ties to back his preferred candidate. But opening splits that emerged during the Iraq war between a
it also revealed fissures in parties, as “Carolingian” west centred on Paris and Berlin and an
leaders, including Salvini, struggled to Anglo-American camp.
hold their factions together. Paris remains bitter at the role London played in the
“The road ahead is going to be uphill, sealing of the Aukus deal with the US and Australia, which
not downhill,” said Daniele Albertazzi, a led to the cancellation of a $36bn French-led submarine
professor of politics at the University of contract in September. According to Michel Duclos, a
Surrey. “I’ve never believed that just former diplomat and special adviser at the Institut Mon-
because you are Draghi you can do taigne, it believes that the
whatever you like. He is in the hands of current British approach
political parties. They have political might be adding fuel to
‘It’s complicated
power, and they are themselves the fire. French officials when the most
divided.” suspect that “in tune with
Others said the conflicts within these their natural instincts,
active European
parties could strengthen Draghi’s hand, they are looking to form a country sits
enhancing his capacity to push through club of hardliners with
compromise deals. the Poles, the Baltics and
outside the EU’
His ultimate weapon, analysts said, the Dutch to hinder the
would be a threat to resign and pull the Franco-German axis”, Duclos says.
plug on the national unity government, In Berlin, Olaf Scholz, Germany’s new Social Democrat
triggering early elections, if parties chancellor, would rather buy more time and seize “every
refused to co-operate. channel that exists” than confront his own party’s divi-
“There is an opportunity for Draghi to sions over how to respond to a Russian invasion of
further extend his control over the gov- Ukraine, says Joseph de Weck, fellow at the Foreign Policy
ernment and the ruling coalition and Research Institute. “All of a sudden Germany is looking at
accelerate reforms,” said Wolfango Pic- the conflict from the sidelines,” Puglierin says. That is why
coli, co-president of Teneo, a political it is so important for Paris and Berlin to revive talks with
risk consultancy. “He can try to exploit the Ukrainians and Russians over the fate of Ukraine’s
the total disarray that seems to prevail Donbas region. After a meeting in Paris on Wednesday, a
in the . . . coalition.” French official insisted that they had “obtained the signal
Former Italian treasury official of re-engagement that we are looking for” and that more
Lorenzo Codogno, founder of London talks were planned in Moscow.
based LC Macro Advisors, a consul- The problem for Paris and Berlin is that their credibility
tancy, said: “A week of intense fighting, as leaders of those talks has dwindled. Germany’s standing
and the final result will undoubtedly is low in the Baltics and eastern Europe, where there is
produce a showdown within parties and resentment at Berlin’s inability to facilitate the sale of arms
coalitions over the coming days and to Kyiv and its reluctance to countenance sanctions on
weeks.” Nord Stream 2, the Russian gas pipeline project.
Codogno said: “Parties appear weaker Emmanuel Macron is struggling to overcome “fundamen-
and divided . . . which may facilitate tal mistrust”, Puglierin says, after initiating an uncoordi-
Draghi’s job in finding compromise nated rapprochement with Putin in 2017 and asserting two
window of six or seven months where ness community, European capitals and solutions on reforms. All in all, it was a years later that Nato was “brain-dead”.
you can get a lot done.” in markets, with concern that a less for- narrow escape from a possible political In this context, an active UK on the fringes of the EU is a
The outcome will also allow Draghi to midable successor as prime minister disaster.” threat to Macron’s ambition to form a coherent European
participate in critical Europewide con- would struggle to push reforms through But analysts said Draghi’s hand would defence policy. Beyond a “certain relief” at seeing the UK
versations on EU reforms, including a fractious coalition. Italian lawmakers weaken as general elections, now sched- return to playing a role in foreign and security policy in
changes to the single market’s growth themselves feared being propelled into uled for next year, drew closer and par- Europe, de Weck says, “the downside is that there is now
and stability pact. early elections if they could not agree a ties entered full-time campaign mode, another security player in Europe that is outside the EU”.
Italy’s presidential election came at a replacement as premier. making the coming months critical. He adds: “It’s decreasing France’s leverage to convince the
sensitive time, with Rome in the early But while Mattarella’s re-election has “The outlooks will be challenging eastern Europeans to adopt a common EU defence stance.”
stages of a reform plan to reboot its prevented the government’s immediate from the summer,” said Rahman. “As The Ukraine crisis will be a major test for the EU’s for-
economy. In the next six months, Italy implosion, analysts warn that Draghi we get closer to the election, the coali- eign policy ambitions. “It’s Global Britain in action, show-
must tackle contentious issues, includ- faces challenges trying to implement tion will be much more unwieldy and ing agility in contrast with what the EU can do,” says Alice
ing an overhaul of its public procure- the next round of reforms. difficult to manage . . . The window to Billon-Galland, research fellow at Chatham House. “It’s
ment policy and competition law, to The presidential election laid bare the get stuff done is very narrow.” complicated when the most active European country sits
receive the next tranche of EU funds. tensions in the national unity govern- Additional reporting by Silvia Sciorilli outside the EU.”
Draghi’s potential ascent to the presi- ment between the right and left blocs, Borrelli and Davide Ghiglione
dency had raised anxiety in Italy’s busi- notably after League leader Matteo Sal- See Opinion anne-sylvaine.chassany@ft.com
Borrowers’ losses Turkey
Slovenia legislation on historic Erdogan sacks statistics chief
forex loans unsettles lenders as inflation tension escalates
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
MARTON DUNAI — BUDAPEST losses for borrowers at 10 per cent, LAURA PITEL — ANKARA media about friction with Erdogan over
MARTIN ARNOLD — FRANKFURT
repaying them for any extra costs the rising official inflation rate. At the
Censors and sensitivity
Warning: this article may be
FEBRUARY 4 2017
upsetting — LIFE & ARTS
Turkey’s president Recep Tayyip
incurred, going back to 2004. same time, TurkStat has come under
How To Spend It
Slovenian lawmakers are set to vote
Erdogan has sacked the head of the
In a letter this month, banks told the pressure from opposition parties, who
Chic new lodgings
today on a move to make banks repay national statistical institute after
hundreds of millions of euros to government and European institutions accused it of manipulating the data to
foreign currency borrowers. Lenders they expected a “negative impact on the
reports of tension between them over
show inflation at an artificially low rate.
the country’s inflation data.
warn the measure would undermine profitability, capitalisation and future Dincer rejected that claim earlier this
their operations. lending capacity” of the bank sector if A decree published in the country’s offi- month. “With the inflation data, I have a
the move were approved. “We urge you cial gazette on Saturday announced the responsibility to 84m people,” he told
Slovenia was one of a number of eastern to act . . . to ensure the Slovenian econ- removal of Sait Erdal Dincer, after the the Turkish business newspaper Dunya.
European countries where consumers omy [operates] in conditions consistent official rate of inflation reached a 19- “If I sign off on an error, I will do an
seized on the opportunity to borrow at with the EU principles. Legally valid year high of 36 per cent in December. He injustice to 84m people. As you know,
low interest rates more than a decade contractual agreements [must] not be had served just 10 months in the role. millions of workers get a pay rise on the
ago in currencies such as the Swiss subjected to legislative interventions.” He was replaced by Erhan Cetinkaya, basis of the inflation that we announce.
franc, only to face a big hit when The bill calculates that it might cost who was previously a vice-chair of the To tamper with those people’s incomes,
exchange rates moved against them in banks €300m to compensate borrowers country’s banking regulator. to deprive them of their rights . . . I
the financial crisis. for exchange-rate losses above the 10 Erdogan, a life-long opponent of high would not do that.”
In response, several governments per cent limit. Banks said that sum interest rates, rejects the economic The agency is due to announce Janu-
placed limits on repayment exchange might be higher, and they would go to orthodoxy that raising interest rates ary’s inflation rate on Thursday. Nured-
rates or converted the loans to local local and EU courts to fight the obliga- helps to curb inflation, arguing that low din Nebati, the country’s finance minis-
currency. tion. The bill threatens banks with pen- rates will usher in price stability. ter, reportedly told economists in Istan-
Ljubljana has not yet introduced such alties and revocation of licences if they He ordered the central bank to cut bul he expected inflation to peak at 40
measures, but a bill would place a retro- fail to repay borrowers on time. interest rates four times in the final per cent in the months ahead.
active cap on borrowers’ extra burden, The banks involved include Hun- months of last year and the Turkish lira Goldman Sachs, the US investment
forcing lenders to pick up the costs gary’s OTP, Austria’s Addiko Bank and plummeted in value. bank, forecasts annual consumer price
instead. Banks would have to redefine Erste Bank, Russia’s Sberbank, and The removal of Dincer comes after inflation will have reached 48 per cent
repayment terms and cap exchange rate Italy’s UniCredit. weeks of speculation in the Turkish in January.
Monday 31 January 2022
Western allies
debate taking
Swift action
to deter Putin
Views diverge on potential utility of cutting
Russian banks from payments network
SAM FLEMING — BRUSSELS
MARTIN ARNOLD — FRANKFURT
DAVID SHEPPARD — LONDON
With its unassuming but crucial role in
the global financial system, interna-
tional payments network Swift has fea-
tured prominently in discussions over
possible sanctions on Russia were it to
invade Ukraine.
The Belgian not-for-profit co-opera-
tive provides secure messaging services
for trillions of dollars worth of pay-
ments between banks. It has repeatedly
found itself in the spotlight during inter-
national crises — notably the tensions
over Iran’s nuclear programme, when in
2012 and again in 2018 it was pushed to
block Iranian banks targeted by sanc-
tions from its services.
Western allies are now discussing
whether Swift — the Society for World-
wide Interbank Financial Telecommu-
nication — should be pressed to sever
Russian banks’ access to its networks if
President Vladimir Putin orders an
attack on Ukraine. But many officials
and experts argue such a move would
not be the most effective way to put
pressure on Moscow.
Swift operates a messaging system for
banks around the world, transmitting
payment requests and keeping a record
of them on servers in Europe and the US.
Owned by more than 2,000 banks and
financial institutions, it handles 42m
such messages a day.
Although other cross-border pay-
ments services exist, Swift plays an out-
sized role. The cutting off from Swift of
some Iranian banks in 2012 was one of
the factors behind a sharp drop in Iran’s
oil exports, which fell from more than
3m barrels a day in 2011 to about 1m b/d
a few years later.
US politicians called for Russia to be
cut off from Swift after Moscow’s annex-
ation of Crimea in 2014, although the
idea never came to fruition. Alexei
Kudrin, Russia’s former finance minis-
ter, warned at the time that such a move
could cause its gross domestic product
to contract by up to 5 per cent.
Russia, which accounted for 1.5 per
cent of total transactions on Swift in
2020, has developed an alternative mes-
saging system called SPFS which han-
dles about a fifth of domestic payments,
but this remains less capable and more
limited in scope than Swift.
Swift has been part of the discussion
between western allies over sanctions in
response to the build-up of Russian
troops on Ukraine’s border. The EU,
Britain and US have agreed on the use of
financial sanctions, as part of a baseline
package that can be upgraded or down-
graded depending on the scale of any
Russian attack on Ukraine. European
officials have stressed that “everything
is on the table”, but exclusion from Swift
is not seen as the most likely sanction in
the baseline package.
Swift said it was “neutral” and that
“any decision to impose sanctions on
countries or individual entities rests
solely with the competent government
bodies and applicable legislators”.
Some experts say Swift gets more
attention than it deserves when it comes
to sanctions. Cutting Russian banks
from Swift would give them a “signifi-
cant operational problem” but would
★ FINANCIAL TIMES
INTERNATIONAL
‘Like using not itself prevent them from dealing
with US or European counterparts, said
a bazooka Nicolas Véron of the Bruegel think-tank.
when Directly targeting significant Russian
lenders would potentially have a greater
perhaps a impact on Russia than cutting them off
rifle could from Swift. If big banks such as Sber-
bank or VTB were blacklisted by the US,
be almost as they would in effect be cut off from the
effective’ global financial system. Banks else-
where would be forced to shun them or
risk falling foul of the US authorities.
Edward Fishman, an adjunct fellow at
the Center for a New American Security,
a think-tank, said any banks targeted
would experience “significant liquidity
issues” and a “dramatic loss of confi-
dence”, meaning they might need to be
bailed out by the Kremlin. By contrast,
just cutting the banks from Swift would
be a “headache” rather than an existen-
tial threat, he said. Sanctions aimed at
Russian banks and at degrading exports
by Russia’s oil sector would be the most
effective tools, he said.
Dmitry Dolgin, chief economist for
Russia at Dutch bank ING, said “being
cut off from Swift does not mean a ban
on cross-border transactions”. Instead,
he believed the potential for the US to
impose heavy sanctions on any of the
three biggest Russian state-owned
banks — Sberbank, VTB and Gazprom-
bank — would be “the most severe sce-
nario” due to their key role in handling
foreign exchange flows.
He added that smaller banks could
survive US sanctions, as Bank Rossiya
did in 2014 thanks to support from Mos-
cow, which made it the primary lender
for the annexed Crimea and for Russia’s
wholesale electricity market.
Russian politicians have warned that
without payment, the flow of gas — on
which Europe depends for 40 per cent
of supplies — and oil would quickly stop.
This would come at a time when Europe
is experiencing record gas prices and
supply shortages, and with oil above $90
a barrel for the first time since 2014.
“If Russia is disconnected from Swift,
then we will not receive [foreign] cur-
rency, but buyers . . . will not receive
our goods — oil, gas, metals,” said
Nikolay Zhuravlev, vice-speaker of the
upper house of the Russian parliament.
3
Shoppers in A senior European banker said a pos-
Moscow’s Red sible alternative would be for Europe to
Square. pay for Russian gas by putting euros into
Russians have an escrow account at a European bank
been grappling on behalf of Russian suppliers, to be
with inflation, accessed once sanctions were lifted.
and sanctions Daniel Tannebaum, a former official
would tighten with the US Office of Foreign Assets
the squeeze Control, which administers sanctions,
Andrey Rudakov/Bloomberg
and head of sanctions at management
consultant Oliver Wyman, said the fear
of disrupting gas exports in particular
would probably force the US and EU to
proceed cautiously. Cutting Russian
banks from Swift “would be like using a
bazooka when perhaps a rifle could be
almost as effective”, he said.
“It’s arguably better to designate a
handful of specific Russian financial
institutions in a manner that essentially
cuts them off from the global economy,”
he said. “You leave a number of smaller
institutions to allow financing for com-
merce that has not been banned,
likely to include energy exports, thus
limiting any potential collateral eco-
nomic damage.”
Additional reporting by Henry Foy
4 ★ FINANCIAL TIMES Monday 31 January 2022

INTERNATIONAL

Monetary policy Olympics investment

Fed official moots supersize rate rise Chinese ski

Atlanta branch chief says
half-point move possible,
with ‘every option on table’
COLBY SMITH — NEW YORK
The US Federal Reserve could supersize
a rate increase to half a percentage
point if inflation remained stubb-
ornly high, an official at the central
bank said.
Raphael Bostic, president of the Fed’s
Atlanta branch, stuck to his call for
three quarter-point interest rate
increases in 2022, with the first
increase coming in March. However, he
said that a more aggressive approach
was possible if warranted by the
economic data.
That could mean rate rises at each of
the seven remaining policy meetings in
2022, or even the possibility of the Fed
increasing the federal funds rate by half
a percentage point, double its typical
amount.
The Fed has not used this tool in
roughly two decades.
“Every option is on the table for every
meeting,” Bostic said on Friday. “If the
data say things have evolved in a way
that a 50 basis point move is required or
[would] be appropriate, then I’m going
to lean into that . . . If moving in succes-
sive meetings makes sense, I’ll be com-
fortable with that.”
Election year. Policy agenda
He said he would be watching closely
for a deceleration in monthly consumer
price gains and further evidence that
rising wages were not feeding meaning-
fully into higher inflation when thinking
about his forecast for rates.
Bostic’s comments echo those of Jay
Powell, chair of the central bank, who
refused last week to rule out even the
most forceful policy responses to quell
inflation, which is running at its fastest
in roughly 40 years.
Powell said that the Fed would be
“humble and nimble” as it looked to
“move steadily away from” the ultra-
easy policy it put in place in early 2020
to shield the US economy from the
Covid-19 shock.
Expectations have shifted as a result,
with traders pricing in one more quar-
ter-point rate increase this year, for a
total of five.
The Fed’s embracing of a much more
hawkish stance has rattled markets,
leading to extreme volatility this month
and steep losses for US stocks.
The Atlanta Fed chief expressed little
concern about the gyrations, saying it
was a natural response to a Fed that was
beginning to withdraw its support.
He said, however, that he was closely
monitoring overnight borrowing mar-
kets in particular for signs of stress akin
to the episode in 2018 when markets
seized up as the Fed tightened further,
despite fears of a growth slowdown.
hub slides
into red after
Winter Games
Bostic, who supports the Fed reducing
its $9tn balance sheet “as quickly” as
possible without impairing market
functioning, said he was “optimistic”
about the economy in the coming
months despite elevated inflation.
building spree
He rejected claims that the Fed would
raise interest rates too aggressively and SUN YU — BEIJING
in a manner that would prove harmful.
The Chinese region that is one of the
He said: “Our policy path is not
three main hubs for the Beijing Winter
a constriction path. It’s a less accommo-
Olympics this week is facing severe
dative path.
financial problems after embarking on
“If we do the three [rate increases]
a debt-fuelled investment spree to pre-
that I have in mind, that’ll still leave our
pare for the Games.
policy in a very accommodative space. I
don’t think there’s going to be a lot of In a microcosm of the problems facing
constraint on growth as we remove local governments across China,
these emergency actions.” Chongli county has also been hit by a
crackdown by Beijing on property sec-
tor credit coupled with loss of business
from tough pandemic prevention meas-
ures aimed at eliminating Covid-19.
“The Olympics have dealt a heavy
blow to us,” said Daniel Li, who runs a

Brazilians wonder which Lula will step forward
Veteran leftist is likely to
run again and clues are
sought on his priorities
MICHAEL POOLER AND
CAROLINA INGIZZA — SÃO PAULO
Ahead of a presidential election he is
favoured to win for a third time,
Luiz Inácio Lula da Silva has argued
that a way to fix Brazil’s problems is to
“put the poor in the budget” and “tax
the rich”.
The man known as Lula made it clear
in comments to reporters this month
that his priority was battling inequality
rather than sticking to a rule limiting
public expenditure.
Beyond the slogans, clues are emerg-
ing about what the veteran leftist might
have in store for Latin America’s largest
economy, which under far-right incum-
bent Jair Bolsonaro is in the grip of
double-digit inflation and facing possi-
ble stagnation in 2022.
Although the 76-year-old former
trade unionist is still to formally declare
a candidacy for the October election, he
and senior figures in his Workers’ party,
or PT, have floated plans to increase
public investment, stop privatisations,
strengthen labour laws and raise
incomes. All of this is underpinned by a
greater role for government.
“Our party’s focus is the popular econ-
omy. This means that the Brazilian state
will have to fulfil a strong agenda in
inducing economic development,” said
Gleisi Hoffmann, president of the PT.
“This is done with jobs, social pro-
grammes and the presence of the state.”
Critics warn such an approach is
doomed to repeat past mistakes. Four-
teen years of PT rule to 2016 ended with
Brazil’s deepest recession on record, a
massive corruption scandal and the
impeachment of Lula’s handpicked suc-
cessor, Dilma Rousseff.
Yet since his return to the political
stage after graft convictions for which
he served jail time were overturned on a
technicality last year, Lula’s rhetoric has
appealed to many of those who have
suffered the most during the Covid-19
pandemic.
The leftwinger would gain 44 per cent
of first-round votes versus 24 per cent
for Bolsonaro, according to an opinion
poll published this week by Ipespe/XP.
However, a 43 per cent rejection rate for
the prospective challenger showed pub-
lic support is far from uniform.
For the nation’s influential business
class, the question is which Lula will
take charge if re-elected. Would it be the
Back in the pragmatist who largely embraced eco-
limelight: fans nomic orthodoxy when he first took
take pictures of office in 2003, while alleviating poverty
Luiz Inácio Lula with welfare schemes? Or would it be
da Silva in São the second-term leader who ushered in
Paulo last an era of expanded state intervention
month — Amanda and spending in response to the global
Perobelli/Reuters
financial crisis?
For now, the septuagenarian has been
coy about specifics. Party insiders insist
he will not appoint an economy spokes-
person, seemingly to quell speculation
about candidates for the portfolio.
Certain issues are totemic for the
party, such as a 2017 labour reform it
claims diminished workers’ rights with-
out increasing employment.
Following initial suggestions of
repeal, the talk among the PT leader-
ship now is of a “revision” negotiated
between government, unions and busi-
ness groups. Points raised so far include
zero-hour contracts, access to employ-
ment courts, rules on union dues and
rights for app workers.
Other ideas could prove unsettling to
investors. With the PT opposed to the
sale of major state-owned enterprises,
Hoffman said the planned reduction of a
controlling stake in power utility Eletro-
bras by the Bolsonaro administration
could be “re-evaluated” should it pass.
As the central bank has aggressively
raised interest rates, some economists
close to the PT criticise a reliance on
monetary policy to tackle inflation and
argue there is a part to be played by
state-controlled oil producer Petrobras.
Options mooted include adjustments
to the company’s policy of pricing diesel
and petrol in line with international
markets. Another is a “stabilisation
fund”, financed by taxes on crude
exports, to help smooth out volatility in
fuel prices. “Inflation has multiple
causes — it needs multiple solutions,”
said Pedro Rossi, a professor at the State
University of Campinas.
A potential vote-winner is Lula’s call
to boost by 50 per cent payments under
a cash-transfer scheme for the nation’s
poorest, which Bolsonaro has already
enhanced to R$400 ($73) a month.
But, given Brazil’s high level of debt, a
chief concern for investors is manage-
ment of the public accounts. At present,
a constitutional provision restricts
growth in the public budget to the rate of
inflation. Nelson Barbosa, a former
economy minister under Rousseff who
‘The has participated in the talks with Lula,
argued this should be changed to
market accommodate extra spending to fuel the
today has recovery from the Covid-19 crisis.
A new framework could involve dif-
greater ferential treatment for investment and
hope that rules to prevent falls in per capita health
and education expenditure. Invest-
Lula can be ments could be initially paid for with
a good borrowings, he said, then by an increase
in government revenues through
president growth and tax reform. The govern-
for the ment is already pushing to introduce tax
on dividends, reduce the corporate rate
economy’ and exempt low earners. But the PT
wants an even more progressive system.
Some observers believe Lula will end
up taking moderate stances, not least
due to the realities of building coalitions
for campaigns and governing in Brazil.
This perception was galvanised at the
press conference last week, when Lula
said he was open to the centre-right pol-
itician and former rival Geraldo Alck-
min as running mate.
“The market today has greater hope
that Lula can be a good president for the
economy, more responsible and capable
of implementing a good agenda, than
Bolsonaro,” said the investment banker.
ski equipment store near Genting Snow
Park, one of the winter Olympics ven-
ues. Li, who left Chongli county this
month to seek work, is struggling to pay
the annual Rmb200,000 ($31,443) rent
for his ski equipment store after China’s
zero-Covid measures led to the closure
of resorts from January to March.
“The ski season on which we rely
for a living has come to an early end
because of government policy and we
haven’t received any compensation for
our sacrifice.”
Like many Olympic host cities and
regions, Chongli and its administrative
centre Zhangjiakou embarked on a
building spree that filled the former
agricultural region, known for its
‘The ski season on which
we rely . . . has come to
an early end because
of government policy’
sections of the Great Wall, with five-
star hotels, restaurants and conference
facilities.
After Beijing launched its bid for the
Winter Olympics with Chongli in 2013,
the county’s annual fiscal spending
more than tripled to a peak of
Rmb3.6bn in 2019, led by investment in
sports-related facilities. By contrast, fis-
cal revenue rose by less than two-thirds
to Rmb572m during the same period.
Li Jiang, head of the Chongli Finance
Bureau, said last November the county
was facing an “enormous” funding
shortage for Olympics-related projects.
Higher levels of government had yet to
refund Chongli for its advance pay-
ments on these activities. “These prob-
lems require . . . an immediate solu-
tion,” said Li.
Liang Baoku, director of the Chongli
Development and Reform Bureau, the
county’s economic planning body, said
in October it had unveiled ski tourism
projects worth a total Rmb37bn since
Beijing won the bid to host the Winter
Olympics in 2015. That compared with
Rmb2.5bn in the previous 15 years.
Zhangjiakou has reported one of the
nation’s fastest growing government
gross domestic product to debt ratios,
jumping from 30 per cent in 2018 to 48
per cent in 2020, public records states.
“It is a general rule that the Olympics
will have a negative impact on the host
country’s economy,” said Dan Wang,
chief economist at Hang Seng Bank
(China). “That may be especially true
for China where political considerations
are prioritised over financial ones.”
Chongli’s house prices shot up after
Beijing won its Olympics bid but policy
crackdowns, such as curbs on home
purchases by county outsiders, chilled
the market. Then Beijing tried to tighten
control over property-sector borrowing.

Cultural test

Arabic-language remake of ‘Perfect Strangers’ triggers calls to ban Netflix in Egypt

HEBA SALEH — CAIRO
A neglected wife sexting a stranger, a
recently married man having multiple
affairs, a likeable gay man coming out
to old friends.
These are the main storylines in Perfect
Strangers, the first Arabic-language film
produced by Netflix, which has topped
the platform’s most-viewed charts in
Arab countries as far apart as Morocco,
Egypt and Saudi Arabia since its release
on January 20.
But the remake of the Italian film,
which sees dinner-party guests share
messages received on their phones over
the course of an evening, has caused
uproar in Egypt, prompted calls to ban
Netflix, and sparked a backlash against
Mona Zaki, its Egyptian star.
In Egypt, as elsewhere in the Arab
world, much public opinion has long
been suspicious of what are considered
western conspiracies to spread moral
corruption.
Mostafa Bakry, a member of the Egyp-
tian parliament, presented an “urgent
statement” to the assembly against the
film and called on the government to
block Netflix. He portrayed the film as
an attempt by [western] enemies to
“destabilise” Arab countries.
He said in a TV interview: “When a
movie like this comes along, an exact
copy of an Italian film without any def-
erence to Egyptian and Arab moral and
values . . . when it defends homosexu-
ality, when more than twenty obscene
words are used . . . when I see this, I
totally realise that the Egyptian and the
Arab family is being targeted.”
Al-Azhar, the Islamic religious institu-
tion, has weighed in.
Without naming the film, it said
“rebelling against virtue and turning
against the sound values of society . . .
is not freedom, liberation or creativity,
but corruption [and] the weakening of
society”.
In most Arab countries, films are cen-
sored before distribution to ensure they gay man in the film is not shunned by Egyptian cinema has dealt previously
do not promote breaches of mainstream his friends, and at one point, a father with marital infidelity and even fea-
family values, but Netflix can stream tells his 18-year-old daughter over the tured gay characters.
content into people’s homes without phone that she is free to decide if she will But the films generally underlined the
being vetted. spend the night with her boyfriend. importance of family values. The shock
While the film does not have any The streaming company has not com- this time, some say, comes from “the
graphic scenes, many see it as an attack mented on the uproar. normalisation” of behaviour seen by
on Arab social norms. For instance, the Defenders of the film have noted that society as aberrant.
“It’s not good to show something but
offer no solutions,” said Ghada Youssef,
a retired banker. “No one’s conscience
awakens, no one retreats from their
ways and no one is punished at all. The
film should have had a message.”
Ghada Shahbender, a scriptwriter and
human rights activist, says the oppro-
brium reflects in part the emergence of
“clean cinema” in Egypt that avoids
offending conservative values.
“All the secrets revealed by the film
exist in Arab societies and across all
classes, but there is this duality which
makes people refuse to acknowledge it,”
she said.
The film caused a backlash against star Mona Zaki, second from right — Netflix She argued that since the rise of the
internet, public discourse about the
arts had been driven by popular views
on social media rather than “elitist”
critics.
The wave of anger has been particu-
larly directed against Mona Zaki, the
Egyptian actress who has mostly played
“clean” roles but who shocked fans with
her role as the wife who exchanges sexy
texts with a stranger.
Other stars have hastened to her
defence, and the actors’ union has
warned that it “will not stand by and
take no action against any verbal attack
or attempt to intimidate an Egyptian
actor as a result of work to which they
have contributed”.
Defenders of the film say that those
who are offended need only cancel their
Netflix subscriptions.
Some voices have argued that a more
important factor is the film’s artistic
merit. “It’s totally wrong to evaluate a
film from a moral perspective,” said
Egyptian actress Elham Shahine.
Monday 31 January 2022 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Monday 31 January 2022

Give and take When it comes to freebies, high-minded professionals are as susceptible as the rest of us y ANDREW HILL, WORK & CAREERS

Fridman to Safety first Ukraine crisis and stocks volatility

damp appetite for European junk paper
US investors
put spotlight
block BASF on sick leave
at big retailers
float plan for PATRICK TEMPLE-WEST AND
TAYLOR NICOLE ROGERS — NEW YORK

Wintershall
Large US retailers, including CVS and
Target, are facing pressure from share-
holders to disclose details of paid sick
leave policies for workers, an issue that
was rarely seen as a financial risk for
companies but that has gained atten-
tion during the pandemic.
3 Stakes raised over venture’s future Trillium, a $5.6bn asset management
3 LetterOne calls for long-term focus firm, has filed a shareholder proposal
aimed at pharmaceutical chain CVS,
demanding that the company adopt
DANIEL THOMAS — LONDON Europe’s largest IPOs this year if it were and disclose a requirement that all
to proceed. its employees receive some paid sick
Mikhail Fridman’s LetterOne group has The company is the biggest independ- time off.
said it will block any short-term attempt ent European exploration and produc- The leave should not expire “or
to float Wintershall Dea by German tion company in output and reserves. depend upon the existence of a global
partner BASF, raising the stakes in a bat- The group said it produced 623 mboe/d pandemic”, said Trillium, one of the big-
tle for the future of Europe’s largest pri- — 1,000 barrels of oil equivalent per day gest US fund managers that launches
vate energy exploration and production — in its last financial year. Ukrainian soldiers install a machine gun on the front line near Luhansk in the Donbas region — Vadim Ghirda/AP investor campaigns.
company. LetterOne has little need of cash from This month, CVS asked the Securities
LetterOne, the investment group con- dividends or a sale of the business. In Concern over European junk bonds ticks up and Exchange Commission for permis-
trolled by the Russian magnate, is a November, Fridman said it had more sion to block the proposal. An agency
Cost to hedge against default on basket of high-yield bonds (iTraxx Crossover index, spread in basis points)
minority owner in the German energy than $10bn to invest, given that a pre- ruling is expected in the weeks ahead.
group, which was formed in 2019 tax profit for 2021 was expected to 400 CVS declined to comment.
through the merger of its business DEA exceed $5bn. It also owns stakes in tele- Kroger, Target and the parent of TJ
Deutsche Erdoel with BASF’s Winter- coms businesses and UK retailer Hol- 350 Maxx also received paid sick leave
shall. Both companies were founded land & Barrett. shareholder proposals last week. Each
more than a century ago. The holding group said the company petition argues that the lack of clear sick
300
needed long-term focus and investment leave policies at these companies poses
but it was increasingly concerned that reputational risks. Permanent paid sick
‘Pushing for an IPO now “short-term stakeholder pressure” on 250 leave could also reduce employee turno-
increasingly risks BASF to pursue the listing might put at ver for the companies, the petitions’
risk the company’s plans to deliver sus- sponsors said.
distracting the company’s tainable and affordable energy.
200
The investor pressure comes as some
2020 21 22
attention from growth’ The IPO would also mean that the
Source: Bloomberg
large retailers have scaled back paid
company was less able to make invest- leave benefits they implemented at the
BASF, which owns two-thirds of the ments or engage in mergers and acquisi- start of the pandemic. Walmart and
group, intends to list the business. It said tions, it argued. GEORGE STEER AND JOE RENNISON week stopped short of ruling out rais- “I think that’s partly because the Amazon, the country’s two largest pri-
the group was “fully committed to “BASF’s exclusive focus on an IPO is ing rates at each of the seven central fundamental backdrop for high yield vate employers, both introduced 10
Sentiment on European junk bonds,
divest our share in Wintershall Dea and preventing [Wintershall] from pursu- bank meetings still to come this year. is really strong,” he said. “Default days of paid sick leave for employees
a risk barometer, has dimmed as vol-
we continue to consider an IPO as the ing value-added activities, including Markets are pricing in nearly five rates are on the floor, balance sheet who test positive for Covid-19 in 2020.
atility in equities and rising Ukraine
best way to market our share”. potentially beneficial and accretive interest rate rises this year, when only health is good and earnings have But in January, Amazon reportedly
tensions prompt investors to ditch
LetterOne said it would “resist the M&A opportunities which BASF have one was expected in 2022 as recently been strong.” cut its paid leave benefit to 40 hours.
risky assets.
increasing pressure to act now” on an indicated they do not support,” Letter- as November. In the US, junk bonds sold off last Walmart cut the paid leave it offered
IPO. The group said a listing would be One said. The spread on the iTraxx Crossover “It shouldn’t be a major shock to see week. The yield on a widely watched store associates from 10 days to five in
commercially damaging, given senti- “Pushing for an IPO now increasingly index, which measures the cost of [the iTraxx] drifting wider, particu- high-yield bond index run by Ice Data December after the Centers for Disease
ment towards assets in Russia, where risks distracting the company’s atten- hedging against junk-rated groups larly in the last few days, on the back Services rose to 5.11 per cent on Control and Prevention slashed the rec-
the company produces some of its gas tion from a growth path, by being defaulting on their debt, rose as high of the [Fed’s] hawkish tilt,” said Fra- Thursday, its highest level since ommended isolation time for people
and oil. focused on cutting investments and as 295 basis points on Friday, a level ser Lundie, head of credit at Hermes November 2020, as expectations of who have tested positive for the virus.
LetterOne said that it would “very maximising near-term free cash flow not reached since November 2020. Investment Management. tighter monetary policy pushed the The companies did not respond to
likely result in a valuation that does not and shareholder distributions.” The spread has risen around 50bp High-yield assets tended to track price of risky debt lower. requests for comment.
reflect the business’s potential”. A focus LetterOne said it would support a list- since the end of 2021. other risky assets such as equities, as Robust economic growth, low Target said it followed local and state
on the IPO and distribution of dividends ing “when it makes commercial sense to The moves come as US officials well as broader volatility, Lundie said. defaults and wide-open funding mandates regarding additional paid sick
to its shareholders risked preventing do so”. It had “in the past been a con- warn of a “distinct possibility” that The Vix, Wall Street’s “fear gauge”, markets have helped to support the leave and had offered quarantine as well
investment in the supply of affordable structive partner in technically prepar- Russia could invade Ukraine. last week hit its highest point in more market. as confirmed-illness pay.
energy for Europe. ing WD for a potential IPO”. For many investors, however, the than a year. “There is some confidence that TJ Maxx said it “compensates associ-
London-based LetterOne values its It would also support increased divi- risk of a land war in eastern Europe Given the sharp sell-off in technol- the Fed will be able to thread the ates for time off related to Covid-19” and
27.3 per cent stake at $5.2bn, which dends “when they are in alignment with pales in significance to the threat ogy stocks in January, Lundie said he needle,” said Nichole Hammond, a followed laws related to paid sick leave.
gives the company a market value of the sustainable interests, targets and posed by runaway inflation. Jay Pow- was surprised the iTraxx had not portfolio manager at Angel Oak Capi- Kroger did not respond to requests
about $20bn and would make it one of strategy of the business”. ell, the US Federal Reserve chair, last risen higher. tal Advisors. for comment.

Contracts & Tenders

Sanrio seeks more lives for Hello Kitty
Tech sector tie-ups sought
and NFTs planned in effort to
take on rivals such as Disney
ERI SUGIURA AND LEO LEWIS — TOKYO
The Japanese company behind Hello
Kitty and her entourage of a dandy frog
and evil penguin wants the world to
spend a cumulative 300bn hours with
its characters by late 2031.
If Sanrio is successful in restoring
the fortunes of Japan’s beloved charac-
ter — part of the country’s kawaii, or
cute, popular culture — the company
believes it can take on global rivals such
as Walt Disney.
Sanrio’s chief executive said the plan
for Hello Kitty was to saturate the
offline world and metaverse with her
image. To do so, the company is seeking
partnerships with Amazon, Netflix and
other tech businesses as well as launch-
ing non-fungible tokens.
Sanrio’s campaign follows a board-
room shake-up. In July 2020, the com-
pany’s 94-year-old founder, Shintaro
Tsuji, stepped down as chief executive
and handed control to his grandson,
Tomokuni Tsuji, 33.
Media. Branding
Tsuji, one of the youngest chief execu-
tives of a company listed on the main
board of the Tokyo Stock Exchange, said
over 1bn hours had been spent sending
and receiving virtual Sanrio character
stamps on Japanese chat app Line.
The company was “eager to stay
close to customers, in both real and
virtual worlds”.
Sanrio, a midsize brand licensing
company that posted ¥41bn ($355m) of
annual sales in the last fiscal year to
March 2021, has taken note of Disney’s
strategy of scaling up business by
acquiring content production compa-
nies and building a universe of charac-
ters with products across platforms.
“Nowadays, it is not possible to
simply paste pictures of characters on
various products and make them grow,”
said Tsuji.
Crowds in Osaka fighting for a pop-
corn bucket and other merchandise
from anime series Demon Slayer proved
that contemporary characters had ori-
gins in many different types of enter-
tainment, Tsuji said.
“That’s why when we launch new
characters, we not only think about
products but also how we use social
media, and whether we enter from
anime, manga or games.”
The executive said that it was “highly
likely” that the company would
explore partnerships with Sony, Nin-
tendo and other Japanese entertain-
ment companies to build a cycle of
licences across content categories such
as shows and games.
‘Collaboration with
platforms, including
Amazon Prime, will be
one of our strategies’
Sanrio also hosted a metaverse music
festival in December called Sanrio
Virtual Fes in Sanrio Puroland, its
theme park, featuring its characters
performing alongside pop stars and
video bloggers. Participants communi-
cated with each other through avatars
on various devices.
Sanrio had been “lagging behind in
digital strategy”, said Tsuji, but it was
“looking to play more in the fields of
metaverse and NFTs”.
The profound shift at the company
comes as its operating profits have
declined since a peak in fiscal 2013.
Characters from Disney’s Frozen and tel-
evision shows have been crowding out
Sanrio’s characters in the US and Euro-
pean markets.
Covid-19 has dealt a heavy blow to the
company by forcing theme parks and
stores to close. Store merchandise
including lunch boxes, pillows and
toothbrushes had made Hello Kitty a
sensation in the 1990s under its former
chief executive, but profitability has
been falling.
The pandemic was a blessing in dis-
guise, said Tsuji, who has hosted a series
of meetings with employees over the
past year.
“This was actually good timing to
bring Sanrio back in recovery. We
wanted to take over the good points of
60 years of the corporate history but
solve weak points we had.”
He said a lack of flexibility and organi-
sational silos had encouraged employ-
ees to stick to the status quo.
Tsuji is building an intellectual prop-
erty creation team to deliver on his glo-

Businesses For Sale In his first 19 months in charge, Tsuji

has attempted to breathe life into a
brand that, while globally recognised,
was fading under his grandfather. To
introduce Kitty to a new generation of
fans, he has developed the concept of
“Sanrio hours”, a unit of time consum-
Business for Sale, Business Opportunities, Business Services, ers spend with the brand.
Business Wanted, Franchises “Our goal is to create 300bn Sanrio
Runs Daily hours over the next 10 years, as the
.........................................................................................................................................................................................................................................................................
Classified Business Advertising amount of time has become our new
UK: +44 20 7873 4000 | Email: advertising@ft.com business focus. I know the target is huge,
but it’s realisable,” Tsuji said.
Sanrio is not totally reliant on Kitty.
It recently launched Aggretsuko, an
animated comedy TV series that is
streaming on Netflix after airing in
Japan. The satirical show depicts a
female red panda working at a typical
Japanese company.
The series, which became a hit in the
US and was renewed for four seasons,
was the result of “teaming up with Netf-
lix”, said Tsuji. “Collaboration with plat-
forms, including Amazon Prime, will be
one of our growth strategies.”
The objective is to introduce the
character to a new generation of fans
bal ambition. The team, expected to be
formed by April, is tasked with creating
global characters to take on Elsa from
Frozen and Mickey Mouse.
“It might be challenging to make
a character which survives for 50 years
from now, but you might be looking
for a character that will be monetised in
five or 10 years,” said Tsuji of his new
creations.
“We need a global portfolio under
which characters support each other,
even if one of them falls.”
Monday 31 January 2022
Flying taxis on clearer course for take-off
Hopes for urban air mobility rise as start-ups succeed in raising more than double the sum over the previous decade
SYLVIA PFEIFER — LONDON
PATRICK MCGEE — SAN FRANCISCO
Flying cars have been the next big thing
for decades, from the aerial buses in
Fritz Lang’s 1927 film Metropolis to the
battered police cruisers of Blade Runner.
But during the past year they have
moved a giant step closer, with a crowd
of start-ups raising more than double
the amount over the previous decade on
the promise they can make urban air
mobility a reality.
Last week Boeing committed another
$450m towards Wisk, a joint venture
developing self-flying taxis, as industry
incumbents, which also include Airbus
and Embraer, raise the stakes further in
the race against hundreds of start-ups
for a foothold in a market expected to be
worth $1.5tn a year by 2040, according
to Morgan Stanley.
Investors have bought into the dream,
pumping more than $7bn into such
projects, mainly through special pur-
pose acquisition vehicles (Spacs) listed
on US stock markets, said McKinsey.
While all kinds of vehicles are planned,
from cargo planes to surveillance
drones, almost 75 per cent of the money
went to companies developing manned
electric vertical take-off and landing
(eVTOL) craft.
Much of the exuberance of the past
year has now evaporated. Shares in
many of the start-ups that listed in 2021
have fallen more than 50 per cent. Volo-
copter, the German eVTOL developer,
late last year abandoned early plans for
a merger with a Spac, in part because of
the changes in market conditions.
Some experts worry that the nascent
industry is getting ahead of itself,
much like the 2015-18 period for auton-
omous cars when multiple companies
hyped up unfulfilled promises to have
tens of thousands of robotaxis on the
road by 2020.
The entrepreneurs behind Joby Avia-
tion, Archer Aviation, Lilium and Brit-
ain’s Vertical Aerospace are targeting
scaled deployment of their flying taxis
between 2023 and 2025. Several includ-
ing Joby have already conducted flight
test programmes. But big challenges still
need to be addressed, such as certifica-
tion by aviation regulators, the develop-
ment of ground infrastructure and pub-
lic acceptance.
“When you move fast and break
things, safety is tossed aside — that
doesn’t apply well to aerospace,” said
Marc Ausman, an aviation veteran and
chief executive of Airflow.aero, which is
building an electric aircraft designed for
middle-mile routes. “You can’t just
come in, disrupt the industry and then
apologise to regulators later on. You’ve
got to follow the process.”
The Spac market brought an “incredi-
ble amount of visibility to this space”,
said Gary Gysin, Wisk chief executive.
“This is a brand new market, a brand
new technology . . . No one has been
certified yet. Things will change . . .
There will be very few people that actu-
ally survive this journey to produce
something that is safe.”
Balkiz Sarihan, head of strategy for
Urban Air Mobility at Airbus, which is
working on its CityAirbus Next Gen
vehicle, strikes a similarly cautious
tone. “There is a lot of excitement and
interest in the industry but at the end of
it we are building an aerospace product
that will carry passengers so this is not a
race from our perspective.”
Supporters believe the nascent indus-
try offers a genuine step change in avia-
tion and transportation, one that could
Technology
Africa unicorns sought by $200m VC fund
RICHARD MILNE
NORDIC AND BALTIC CORRESPONDENT
Dozens of tech executives, including
the founders of Klarna, Skype, Delivery
Hero and Flutterwave, have started a
$200m venture capital fund aimed at
finding the next $1bn-plus companies
in Africa.
Niklas Adalberth, co-founder of Klarna,
said Africa was in a similar situation to
Sweden in 2005, the year the fintech
was founded.
There, it was possible to gain seed cap-
ital for start-ups, but there was little to
no growth capital available to develop
them into potential unicorns, compa-
nies worth more than $1bn.
The fund, started by the Norrsken
Foundation set up by Adalberth, is aim-
ing to raise up to $2bn by inviting exist-
ing venture capital firms, such as
Sequoia, to co-invest, and is set to
announce a first close of $110m today.
It is in talks with its potential first
investments and has 400 companies on
its radar, mostly in South Africa, Kenya
and Nigeria.
The Klarna co-founder said that
before 2005, start-ups in Sweden were
A prototype of an electric air taxi by German group Volocopter is seen during a presentation at Rome’s Fiumicino airport — Guglielmo Mangiapane/Reuters
Urban air transport investment lifts off
Funding ($bn)
Other FAM*
Manned AAM**
Pre-2014 14 15 16
* Includes other future air mobility systems such as surveillance/cargo drones, supersonic and sustainable aviation ** Advanced air mobility. Umbrella term to describe new air transport with vertical takeoff and landing
Sources: McKinsey; Refinitiv
eventually help to address problems
such as urban congestion. LEK Consult-
ing estimates that the “advanced air
mobility” industry could account for 50
per cent of taxi or ride-share journeys
greater than 15km by 2040.
Marc Lore, an entrepreneur who sold
his start-up Jet.com to Walmart for
$3bn, is personally investing a small
fortune into Archer. He pushed back
against the idea that the certif-
ication would be an impossible hurdle
to cross in just a few years, arguing that
some eVTOLs are basically just electric
helicopters.
Michael Spellacy, chief executive of
Atlas Crest, the company that merged
with Archer, is adamant the start-up’s
timeline is not aggressive.
“The timelines are realistic and clear
because the FAA [US regulator the Fed-
eral Aviation Administration] wants to
make this happen. United Airlines,
which has placed a $1bn order for future
Archer aircraft, wants to make it hap-
pen. You’ve got commercially viable
‘There will be very few
people that survive this
journey to produce
something that is safe’
satisfied with targeting valuations of
$10m until Niklas Zennstrom, one of the
backers of the Norrsken22 fund, sold
Skype for $2.6bn.
He said: “Why is the start-up system
[in Africa] not creating as many uni-
corns as, for instance, here in Sweden?
It’s because growth capital is non-
existent . . . We want to enable the next
unicorns to come out of Africa. If
these unicorns can be the same role
model as Zennstrom was for me, it can
be a game-changer.”
Thirty founders of unicorns, includ-
ing Adalberth, Zennstrom, Olugbenga
On the radar are 400 businesses in
South Africa, Kenya and Nigeria
★ FINANCIAL TIMES 7
COMPANIES & MARKETS
head of Google’s self-driving car project
who runs Kittyhawk. “And by taking the
human bit out of the loop, we will even-
tually make aviation safer, not just more
economical.”
Certification by aviation safety regu-
lators is commonly cited as among the
biggest challenges. The EU Aviation
Safety Agency has been in talks with
several companies and said previously it
expected the first commercial piloted
air taxi operations to be in place in
2024-25.
Airports, too, are already working
with regulators and manufacturers to
explore the redesign of regional airspace
to safely accommodate low-flying taxis.
But experts caution that there will be
limits to any adoption and that no one
has so far tested the public’s levels of
acceptance.
Common standards will also need to
be introduced. Andreas Perotti, chief
marketing officer for China’s air taxi
start-up EHang in Europe, believes the
industry will need to collaborate to
define common standards.
“Nobody will build a vertiport for
only one vehicle or one category. It has
to be agnostic to a certain extent when it
comes to things like weight, the space
available.”
Even once companies have achieved
certification, the ultimate challenge will
be to build a sustainable supply chain
Air taxi maker valuations slump that enables manufacturing at scale that
generates revenue.
Share prices rebased to Jan 2021
Florian Reuter, chief executive of
7 Vertical Aerospace Joby Aviation 200 Volocopter, is in no hurry to go public,
Blade Air Mobility Archer Aviation however. “Once we have received type
6 Lilium
150 certification and kicked off the first few
5 commercial routes in the next two to
4 three years, a regular IPO [initial public
100 offering] may become the preferred
3 option.”
2 After last year’s investor hype, execu-
50 tives know that the challenge for the
1 industry is now to prove it can deliver.
0 0 “Aerospace innovation is just longer and
17 18 19 20 21 Jan 2021 Jan more costly than most people think, and
2022 applying a tech mentality to aerospace
— well, that just really doesn’t sync very
well together,” said Airflow’s Ausman.
technology right now. This is not about
dreaming into the future.”
Even less-avid backers agree that avi-
ation is on the brink of the biggest revo-
lution since the transition to jets in the
1940s. Advances in battery technology
and materials are holding out the prom-
ise of cleaner, more sustainable flight,
from electric air taxis all the way to
hydrogen-powered planes.
Many of the companies looking to
launch eVTOLs have been working on
the technology for more than a decade.
Industry experts say it is still too early to
pick winners among the 600 plus or so
designs, given the different technologies
being trialled. While some have focused
on helicopter-like vehicles, others are
developing ones with fixed wings and
rotor fans that tilt.
The companies’ aims for their vehi-
cles also vary. While some are focusing
on customer-focused electric vehicles
that will fly short distances in and
around cities, others are targeting
regional travel.
The end goal for Kittyhawk, a Moun-
tain View based start-up owned by
Google co-founder Larry Page, who is
also an investor in Wisk, is to build fully
autonomous aircraft for single occu-
pants. “Seventy-five per cent of traffic
aviation accidents are caused by human
error,” said Sebastian Thrun, the former
Agboola of Nigerian fintech unicorn
Flutterwave, Carl Manneh of Minecraft
maker Mojang, Jacob de Geer of Zettle,
Niklas Ostberg of Delivery Hero, and
Sebastian Knutsson of Candy Crush
developer King will put $65m into
the fund, which will have offices in
Cape Town, Johannesburg, Lagos and
Nairobi.
Hans Otterling, partner at venture
capital firm Northzone, which is back-
ing the fund, said: “We want to show the
world how lucrative it is to invest in
Africa. In 2005, venture capital was
almost non-existent in Sweden, now
almost everyone is here.”
The team will be led by Natalie Kolbe,
former global head of private equity at
Actis in South Africa, her colleague
Ngetha Waithaka in Kenya, and Lexi
Novitske, co-founder of Acuity Venture
Partners in Nigeria.
It will have an advisory board that
includes Nonkululeko Nyembezi, chair
of the Johannesburg Stock Exchange;
Arnold Ekpe, former chief executive of
Ecobank; Phuthuma Nhleko, ex-chief
executive of telecoms operator MTN;
and Shingai Mutasa, founder of invest-
ment group Masawara.
8 ★ FINANCIAL TIMES Monday 31 January 2022

COMPANIES & MARKETS

Financials Travel & leisure

Investors split on prospect of stock bargains Tui raises

Consensus is lacking as
Wall Street heads for
worst January since 2009
MADISON DARBYSHIRE — NEW YORK
Wall Street is starkly divided over buy-
ing the dip, with the US stock market on
track for its worst January since 2009.
Buying the dip, or adding shares dur-
ing downturns, has been a lucrative
strategy since the start of the pandemic.
Markets have rebounded higher and
faster as monetary and fiscal policy kept
borrowing rates near zero and flooded
the economy with money.
But as the Federal Reserve moves to
rein in inflation, investors disagree over
how well markets will bounce back.
“The buy-the-dip reflex should be
resisted in the environment we are
likely to continue to face in 2022,” said
Rob Sharps, chief executive of T. Rowe
Price, a fund manager that oversees
$1.7tn in assets.
Bill Gross, founder and former chief
investment officer of $2.2tn fund man-
ager Pimco, said: “The buy-the-dip
mentality has been obliterated.”
Markets have had a rough start to
2022 as highly valued tech stocks and
lossmaking but buzzy names are pulled
back to earth. The Nasdaq is down
Week ahead. Market questions
nearly 13 per cent since the start of the
year while the S&P 500 has fallen 7.6 per
cent, even after a rally late on Friday.
There have been violent movements
‘The buy-the-dip reflex
should be resisted in the
environment we are likely
to continue to face’
in share prices as investors grapple with
the path of US interest rates.
Some are pouncing on pullbacks. Bill
Ackman, head of Pershing Square, said
last week his group had bought more
than 3.1m Netflix shares after the
streaming company’s price slumped.
“Many of our best investments have
emerged when other investors whose
time horizons are short-term discard
great companies at prices that look
extraordinarily attractive when one has
a long-term horizon,” he said.
Jonathan Gray, president of Black-
stone, said last week that the sell-off
“and the average Nasdaq stock being
down over 40 per cent [from last year’s
all-time high] could create opportuni-
ties” for the private equity and alterna-
tives manager with $881bn in assets.
Cathie Wood, chief executive of Ark
Invest, whose once high-flying flagship
portfolio of tech stocks is down 27 per
cent since the start of 2022, argued that
“innovation is on sale” after asset prices
dropped.
Analysts note that this month’s sell-
offs have been driven not simply by con-
cerns over interest rates but also by fun-
damentals, as companies trading at high
valuation multiples begin to look more
precarious.
Gross said that as Fed policy tight-
ened, investors, especially new ones
who had only experienced a bull mar-
ket, would shy away from buying shares
on the way down “in what we’re begin-
ning to see as a bear market”.
Additional reporting by Nicholas Megaw
€500m fund
to expand
hotel portfolio
ALICE HANCOCK — LONDON
Tui, Europe’s biggest holiday group, is
making a rare move for the sector, rais-
ing a €500m fund from institutional
investors to finance new hotels after
the pandemic left it with record debt.
Peter Krueger, Tui’s chief strategy
officer, said the Tui Global Hospitality
Fund would allow the company to tap
into the estimated $80tn pool of capital
managed by pension funds and insurers
to expand its hotel portfolio without
having to invest itself.
“This helps us to return to growth,
because the crisis was heavy and long,”
he said.

Economists dwell on US payrolls contraction risk The Luxembourg-registered fund is

Will a jobs contraction deter the
Fed from aggressive rate rises?
Hiring in the US is expected to have
slowed in January, with some econo-
mists warning that the economy shed
jobs as the fallout from the Omicron
coronavirus wave became more wide-
spread.
The US economy is projected to have
added 175,000 jobs at the start of the
year, compared with 199,000 in Decem-
ber, the labour department is expected
to say on Friday. The unemployment
rate is forecast to hold steady at 3.9 per
cent, according to Bloomberg estimates.
Average hourly earnings are expected to
rise 5.2 per cent from a year ago, com-
pared with 4.7 per cent in December.
But economists are continuing to
revise their estimates and some warn
there is a risk that payrolls contracted in
January as the highly transmissible
Omicron variant hit leisure and hospi-
tality, healthcare and other service-
related industries.
Economists at Jefferies note a “high
probability” of a negative print, while
those at Pantheon Macroeconomics
have predicted that the US will shed
300,000 jobs.
“The jobs report won’t do much to
alter the Federal Reserve’s bullish view
on the labour market,” said Lydia Bous-
sour, senior US economist at Oxford
Economics.
The Fed is squarely focused on tamp-
ing down on rampant inflation, and Fed
chair Jay Powell this week said: “I think
there’s quite a bit of room to raise inter-
est rates without threatening the labour
market.”
“Fed officials see a very tight labour
market, and they are likely to look
through the temporary weakness in job
creation,” Boussour said. Mamta Badkar
Will the BoE start unwinding its
bond-buying programme?
The Bank of England is widely expected
to raise interest rates for a second con-
secutive month at its meeting this week.
That means investors are looking
beyond an increase in borrowing costs
to 0.5 per cent — which is broadly priced
in by markets — to see whether this trig-
gers the start of the process of winding
down the central bank’s £875bn hold-
ings of government debt purchased
under its quantitative easing pro-
grammes.
In August, when it laid out its strategy
for tightening monetary policy in the
wake of the coronavirus pandemic,
the BoE signalled it would begin to
The US economy shrink its balance sheet when rates
is projected to reached 0.5 per cent. It would do so by
have added not stopping the reinvestment of the
175,000 jobs at proceeds of bonds that it holds as they
the start of the mature, “if appropriate given the eco-
year, compared nomic circumstances”.
with 199,000 With a surge in inflation since last
in December summer, that moment looks poised to
Joe Raedle/Getty Images
arrive sooner than investors — or the
BoE itself — expected.
If BoE rate-setters decide a rate rise is
appropriate, they are likely to judge that
starting to unwind QE is appropriate
too, according to Nomura economist
George Buckley.
“With governor Bailey’s previously
expressed desire to reduce the balance
sheet, a move sooner rather than later
seems reasonable,” Buckley said. That
would mean the process of “quantitative
tightening” would begin in March, when
a £28bn gilt held by the central bank
falls due.
There is still a chance, however, that
the BoE gets “cold feet”, said Ruth Gre-
gory of Capital Economics. It could also
water down its previous guidance that it
will “consider” actively selling bonds in
its portfolio once rates reach 1 per cent,
according to Gregory.
“This would feel like a dovish devel-
opment,” she said. Tommy Stubbington
Will the ECB signal any changes to
monetary policy at its meeting?
Many economists expect no policy
change from the European Central Bank
at its first 2022 policy meeting on Thurs-
day, despite the eurozone facing surging
inflation.
The time for a possible rate hike at the
ECB “has not come, yet”, said Carsten
Brzeski, global head of macro at ING.
He pointed out that the Federal
Reserve had moved closer to its first
pandemic-era rate rise, but the US econ-
omy had already expanded well above
what it produced when the health emer-
gency struck.
In contrast, the eurozone economy is
expected to have just recovered to about
pre-pandemic levels in the fourth quar-
ter, when data is released today.
Next week’s ECB meeting is unlikely
‘Fed officials to bring any policy changes, Brzeski
noted. “Instead, the central bank will
are likely have to master a new communication
to look challenge regarding inflation: avoiding
any apparent shift from patience to
through the panic,” he said.
temporary George Buckley, economist at
Nomura, expects no major changes to
weakness in policy or guidance, and thinks the ECB
job creation’ will be in a position to begin a slow nor-
malisation of policy rates from June
2023. But “the risks are on the upside to
our rate view”, warned Buckley.
Eurozone inflation rose at an annual
rate of 5 per cent in December, its
highest since the creation of the euro
and more than double the ECB’s target
of 2 per cent. The ECB expects the infla-
tion peak to have passed during the
fourth quarter.
Ellie Henderson, economist at
Investec, said that the release on
Wednesday of a flash estimate for
January’s harmonised indices of con-
sumer prices “will give a first clue” of
whether that forecast “is playing out”.
Valentina Romei
intended to be the first in a series that
Tui will raise, with the initial round of
investment going towards hotels out-
side Europe.
One of Germany’s largest pension
funds, which has €12bn under manage-
ment, has already agreed to provide half
the capital.
The pandemic has been acutely diffi-
cult for Tui, forcing it to ground its fleet
of 150 aircraft and close its 420 hotels
often for months at a time.
Travel curbs, particularly in the UK
where it generates about a third of its
revenues, had a big impact on demand
for its holidays, and its 18 cruise ships
have been laid up for most of the past
two years.
At the height of the pandemic in 2020,
it cut 8,000 staff and was forced to take
‘This helps us to return to
growth, because the crisis
was heavy and long’
Peter Krueger, strategy chief
more than €4bn in state-backed loans
from the German government.
In October it launched a €1.1bn rights
issue backed by its majority share-
holder, Russian steel magnate Alexei
Mordashov, to help it pay off some debt.
It said in December that it had
chalked up €2.5bn in pre-tax losses in
its 2021 financial year and that the
spread of Omicron had hit winter holi-
day bookings.
The investment fund will allow Tui to
return to its pre-pandemic investment
levels of around €600m a year but with-
out the same costs. Investors can buy
into the fund for a minimum of €10m
and Tui will receive management fees
for operating hotels.
It will be overseen by the German
investment manager Hansa Invest.
It is a similar model to a partnership
between Kasada Capital Management, a
private equity firm and French hotel
company Accor, which buys hotels in
sub-Saharan Africa that Accor man-
ages.
In a first for the company, Tui will
receive fees for its investment advice.
“You can say we are entering the asset
management advisory business,”
Krueger said, adding that with 20,000
employees, the company often heard
about assets for sale before they came to
the market.
Tui is forecasting a rapid recovery
from the pandemic and has said it
expects a rush of bookings in the coming
days after the announcement this week
that testing requirements for vacci-
nated travellers to the UK would be
removed on February 11.

Financials. Governance

DWS boss dismisses widening private messages scandal as ‘sideline noise’

Deutsche Bank, the ECB
and BaFin are looking into
issues around Wöhrmann
OLAF STORBECK — FRANKFURT
“Congratulations!!!” Asoka Wöhrmann
wrote in a 2018 email to key people
behind the creation of car finance
start-up Auto1 Fintech. “Thanks for
spending million tons of energy to make
this deal happen.”
The message by Wöhrmann, then
Deutsche Bank’s most senior retail
banker in Germany and now chief exec-
utive of DWS, the country’s top asset
manager, has come back to haunt him as
a scandal grows over his use of private
messages for business purposes.
Two days before the 56-year-old
announced record DWS results for 2021
and gave an upbeat outlook, the Finan-
cial Times reported that Wöhrmann
had used his personal email extensively
for work messages.
The FT also uncovered a payment of
€160,000 to Wöhrmann from a Deut-
sche Bank client who took part in the
Auto1 Fintech talks, later explained
by both as part of a failed attempt to buy
a Porsche.
The matter escalated quickly. Deut-
sche Bank widened an internal investi-
gation, as the use of use of personal
email is strictly forbidden at the lender.
The ECB was looking into governance
issues around Wöhrmann, a person
familiar with the matter said on Friday.
A former DWS executive has flagged
the alleged extensive use of WhatsApp
by Wöhrmann and other DWS execu-
tives in a whistleblower complaint to
Germany’s financial watchdog BaFin.
The ECB and BaFin declined to
comment.
It comes on top of probes by US law
enforcement and BaFin into alleged
greenwashing flagged last year by DWS’s
fired ESG chief, Desiree Fixler. A Frank-
furt employment court on Monday dis-
missed Fixler’s unfair dismissal lawsuit.
Wöhrmann, who declined to com-
ment, appears to be taking things in
his stride.
“Sideline noise will not keep us from
doing what we have to do to stay suc-
cessful,” he told analysts last week. He
hailed “new records for net inflows, rev-
enues and profit”.
Following the FT report, DWS told
other media that Wöhrmann had in
recent months been the target of a
“malicious campaign” in which “mis-
leading and selective” information was
leaked to “attack and badmouth him”.
The company, which has €928bn in
assets under management, said Wöhr-
mann had also been sent racist and
threatening letters, including one in
December containing white powder
that forced the evacuation of DWS head-
quarters in Frankfurt.
“I will not be intimidated,” Wöhr-
mann told analysts. “And I will not be
deterred from my job.”
Born in Sri Lanka in 1965, Wöhrmann
moved to Germany aged 11 and grew up
in a German family, who adopted him.
A trained economist, he joined DWS
as a portfolio manager in 1998 after
completing his PhD. He became a spe-
cialist on Japan as it reeled from the fall-
out of a burst property bubble, joking
that he was “assigned those tasks that
nobody else wanted to do”.
He became global head of foreign
exchange, then chief investment officer.
In 2015 he briefly left to take charge of
Deutsche Bank’s German retail banking
business, where he closed down one in
four branches, including the one where
Asoka Wöhrmann is alleged to have
made extensive use of WhatsApp
his boss, Christian Sewing, had started
as a trainee. “I hope you will forgive me
for this,” he told his boss at the time.
When Wöhrmann returned to DWS in
November 2018 to replace hapless pred-
ecessor Nicolas Moreau, staff in Frank-
furt were enthusiastic, bursting into
applause before Wöhrmann had said a
word at his first town hall meeting.
“He is doing this job with a lot of
enthusiasm and authenticity, and is able
to inspire our staff,” Said Zanjani, head
of the group’s workers’ council, said.
DWS was “a proud company and he
brought us back to where we belong”.
From an investor perspective, Wöhr-
mann’s tenure has been successful. DWS
shares are up 47 per cent since he took
the helm, compared with a 35 per cent
rise at majority owner Deutsche Bank
and despite the US greenwashing inves-
tigation that wiped out €1bn in market
capitalisation.
In an early coup, Wöhrmann per-
suaded Tim Albrecht, a star fund man-
ager who had been appointed to a top
role at private bank Berenberg, to stay
with DWS.
The new chief executive embarked
on radical cost-cutting and sacked
about 50 managing directors, declaring
that “the stairs are being swept from
the top”. Daring to oust management-
level staff “did win him the respect
of many rank-and-file employees”,
Zanjani said.
Some senior staff who left DWS have a
less benign view, describing Wöhrmann
as vain, quick-tempered and Machiavel-
lian, and saying he surrounded himself
with yes-men.
“Loyalty is more important than qual-
ity,” one former colleague said.
Wöhrmann’s record is not unblem-
ished. An attempt to merge with the
asset management arm of UBS failed in
2019. A punt by Albrecht on Wirecard
cost DWS €600m when the payments
group went bust.
For now, Sewing stands by the boss of
a crucial division that ties up little
equity and generates stable earnings.
“Asoka Wöhrmann has done an out-
standing job, for which I’m very, very
grateful,” he said last week. “That’s why
I don’t have any doubts.”
Monday 31 January 2022 ★ 9

WORK & CAREERS

How to Lead. Trinny Woodall, founder, Trinny London

From fashion guru to beauty empire founder

down. In fact, that supercharged the
The former TV presenter business. It redeployed staff to do vir-
tual appointments online. “We had
learnt crucial lessons after 3,000 booked in the first day . . . what I
a business failure at the call our sleeping customer came to buy.”
Sales more than tripled to £44m in
height of the dotcom the year to March 2021. The brand has
boom. By Helen Thomas now achieved more than £100m in rev-
enues since it launched and has gross

T
he woman once notorious
for her tendency to grab the
breasts of TV fashion make-
over candidates is standing
in her office, describing the
significance of her company’s new
enterprise resource planning software,
or ERP.
Putting local distribution into impor-
tant markets such as Australia is one
plank of the growth plans this year for
Trinny London, the brand founded by
Trinny Woodall. Her longtime partner-
ship with Susannah Constantine on the
BBC makeover show What Not to Wear,
which aired between 2001-2007,
became a TV phenomenon.
The exacting eye and very hands-on
style that Woodall, 57, once brought to
the fashion choices and bra fit of thou-
sands of women is now deployed on the
premium make-up brand that she
founded in 2017. The range is sold
almost exclusively online, direct to con-
sumer by the company.
Frankly, you would forgive Trinny the
chief executive for being rather “over”
everyone talking about Trinny the
boob-grabbing TV presenter.
But she takes it in her stride: “I think
careers go in cycles, apart from when
you finally find your entrepreneur-
ship . . . I had 10 years, 10 years,
10 years . . . and then I had, I’m
ready . . . and that was when I was 50.
So all of the things I’ve done before,
in a way have given me this sense of
what I can bring to the table when I
started Trinny London.”
Sarah-Jane Woodall — Trinny was a
childhood nickname that stuck — has
always had an entrepreneurial streak.
From washing and ironing shirts for £1 a
go during her A-levels, to selling socks
during an unhappy spell as an assistant
in the City, after following her father
into finance: “I didn’t love it. And it was
very male dominated . . .[it] went
downhill really quickly.”
Trinny Woodall
brought an
exacting eye and
hands-on style
to her premium
make-up brand
Charlie Bibby/FT
There was a spell in rehab for alcohol
and cocaine addiction, before a newspa-
per column with Constantine led to TV
shows and makeovers around the globe.
The pair’s Ready2Shop.com fashion
advice business launched in the last
frenzied months of the first dotcom
boom, before folding in 2001. Monetis-
ing their idea — to collect data from tens
of thousands of women that was of
interest to big companies — took longer
than the market stayed hot.
Still, there were leadership lessons
from that flop. “Trusting your instincts
more,” she says. “Raising too much
money too quickly, because it was unbe-
lievably easy to raise money. It was two
meetings and you had it.”
When it came to Trinny London,
which uses Match2Me, an online tool to
assemble stackable pots of face, eye and
lip colour to suit a customer’s complex-
ion, Woodall stuck by both the things
she learnt during her first stint as an
entrepreneur. First, to trust herself:
“The principle was very firm in my
mind from the get-go: That I wanted to
do personalised make up for women
and I wanted the target market to be 35-
plus. I wanted to do cream-based prod-
ucts and I wanted it to be premium.”
On the finance side, the business
started with two interns brainstorming,
and money raised from Woodall’s
daughter’s godfather and a mum from
the school gates who worked in the
cosmetics industry. The original story-
boards about product evolution or
personalisation are mirrored in the
“bank of cupboards” in her home where
Woodall has sheets of information to
keep track of things today: “I have every
figure up on the board of this busi-
ness . . . month by month, what we
launched, what the figures are and
then for the current year, what we’re
going to be doing . . . I really like visuali-
sation.”
Woodall was still experimenting with
colours and making over women in her
bathroom as research for her Match2Me
algorithm when the money ran out. “I
literally thought ‘what have I got in my
house?’” says Woodall. “So I just sold all
the clothes I had.”
Wardrobe culling is just one thing you
can see Woodall do on the internet. At a
Trinny London pop-up event in New
York, such is her draw that two women
flew from Chicago to meet the woman
they had first seen on Instagram using a
dog nappy in lockdown to dye her eye-
lashes. A recent (tasteful) post had her
mid bikini wax while others wrapped
presents in the background.
‘I think careers go in
cycles, apart from when
you finally find your
entrepreneurship’
margins of 60-65 per cent.
Trinny London will next month
launch in a new area, with fevered
online speculation suggesting it might
be haircare and skincare, clothes, linge-
rie, handbags, or even physical stores.
“I knew I wanted to have five verti-
cals,” says Woodall, who is already
working on the third launch. “I told the
VCs that . . . we’re going to launch with
this but we are going to be a personal-
ised platform for women to find what
they need and get emotional support in
how they get it.”
This year’s plans include a push into
the US — and more hiring. Headcount
doubled during the first UK lockdown
Leadership
More interviews illuminating
the personalities of high-profile
leaders by focusing on the
issues they faced ft.com/
howtolead
The energetic content on her personal and is approaching 200. As it grows,
and corporate social media channels, Woodall is concerned about keeping
with millions of followers, is integral to everyone connected to the brand —
the brand’s success. And what you see is which in effect means to her.
what you get: “I’m pretty consistent,” Woodall clearly relishes her young,
says Woodall. “I am quite long in the predominantly female team and her
tooth and I’m used to the skin I’m symbiotic relationship with the Trinny
in . . . the Instagram Trinny you see is Tribe. “The buzz I got from what I did
the person I am in the office.” before [in makeovers] was shifting a
For Woodall, “it’s actually daily mar- woman in how she felt . . . there is
ket research”. The brand gets thousands nothing that gives me greater pleas-
of comments and direct messages a day. ure . . . having women say ‘because
“Every day, I’ll sit on the loo at lunch of Trinny London’ or ‘because of this
[and read the feedback] . . . what are thing I watched I feel this about
they thinking? How are they feeling? myself’ . . . that is profoundly fulfilling.”
It tells me so much.” Her next development, as an entre-
None more so than the Trinny Tribe — preneur and boss, “is to not be so much
dedicated fans of the brand who now in the weeds, because when you are
number 100,000 women in 16 coun- bootstrapping a company for those first
tries; a social media network that is few years, you are on every single
carefully nurtured. detail.”
Woodall has raised just £7m in fund- Still, you get the impression that relin-
ing, including a small round as pan- quishing control of the detail just isn’t a
demic panic set in and the world locked terribly Trinny thing to do.

Black female entrepreneurs are starting a hair Contracts & Tenders

revolution for long-underserved consumers

My hair was my earliest form of self-
expression but while I was working in a
corporate role, the styles I could wear
felt limited. So when I left in 2018, my
hair became even more of a creative
outlet and I have never looked back.
For many black women, working
from home has injected freedom and
flexibility into how they style their
hair. Video meetings provided a shield
against colleagues’ comments and the
pressure to conform to white standards
of “professionalism”.
Shopping for black hair care can be
fraught with negative experiences,
Elizabeth however, and until recently there had
been little innovation in black hair
Uviebinene extensions, despite the global wig and
extensions market being valued at
New Networks $2.4bn in 2020. That problem is being
addressed by a new wave of black
female entrepreneurs who are creating
products to meet the needs of millions
of underserved consumers.
In 2019, when fashion influencer
Freddie Harrel launched RadSwan, a
direct-to-consumer (D2C) beauty
brand that makes premium synthetic
afro hair extensions and wigs, she
became one of the few black women to
raise as much as £1.5m from female
investors, including BBG Ventures and
Female Founders Fund.
A year later, Varaidzo Tendai Moyo, a
London School of Economics graduate
black women are as a consumer group.
“It’s the lack of understanding of the
market size and market opportunity
and scalability,” Crentsil says.
She adds that some of the questions a
lot of black founders face from VCs
when it comes to the hair industry
include, “are you going to see repeat
purchases? Do black women buy hair as
many times as you’re saying they do?
“When you’re speaking to black
investors who understand that we
simply ‘get it’, it makes it far easier for
black founders to actually raise
investment and to scale their
businesses,” Crentsil says.
Crentsil was sold on the idea of Ruka
Hair as soon as Moyo talked to her
about the product: “Hair extensions
that actually match your hair type. I
thought why weren’t products being
created that helped me as a consumer
make better decisions about my buying
habits?”
Rebundle, a St Louis-based D2C hair
start-up, has announced it has raised
$1.4m to make extensions out of
banana fibre. It is a unique solution
tackling two problems: itchy scalps and
plastic waste. It is exciting to see this
innovation and — speaking as a
conscious consumer who enjoys
experimenting with different hairstyles
— it makes great business sense.
What is even more encouraging is

‘
These beauty brands are a
game changer for women
making do with extensions
that don’t match natural
and ex-management consultant at Bain,
launched Ruka Hair. Moyo wanted a
solution to her continued frustration in
trying to find curly hair extensions. She
secured $2.24m in early-stage VC
funding to build the hair equivalent to
Rihanna’s Fenty beauty brand.
These women have revolutionised
the hair extension market — but why
has it taken so long for the VC world to
wake up to this opportunity?
Historically, not enough capital has
flowed towards black women founders,
especially in the hair and beauty
that these beauty brands are not only
focusing on product but aiming to
revamp and improve the shopping
experience. Black women spend six
times more than white counterparts on
Businesses For Sale
beauty, but you don’t see that reflected
in what is available to purchase.
These D2C brands are a game
changer for black women who are
either stuck with a poor experience on Business for Sale, Business Opportunities, Business Services,
the high street, or are making do with
extensions from Amazon that don’t
Business Wanted, Franchises
Runs Daily
match natural textures or fit poorly.
.........................................................................................................................................................................................................................................................................
Classified Business Advertising
Injecting a curated, personalised and
UK: +44 20 7873 4000 | Email: advertising@ft.com

’
sectors. It is well documented that the
textures or fit poorly VC funding gap continues to
disadvantage female entrepreneurs.
According to Nicole Crentsil, founder
of Black Girl Fest and an angel backer
for Ada Ventures who invested in Ruka
Hair, some of the reasons for the lack of
investment are market misconceptions
and a lack of information about who
community-driven approach to the
shopping experience is overdue. But
Notice to Advertisers
this welcome change also means that
black women can finally choose from a Calls to the Financial Times Advertising Department may be monitored.
range of sustainable and affordable Acceptance of any advertisement for publication will be subject to the then current terms and conditions of insertion
hair extension brands. of advertisements in FT publications.
A copy of the terms and conditions of insertion of advertisements in FT publications can be obtained from
The writer is author of ‘The Reset: Ideas to +44 (0)20 7873 3000, or viewed at www.FT.com/advertising
Change How We Work and Live’
10 ★ FINANCIAL TIMES Monday 31 January 2022

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-1.17% -1.03% -1.08% -0.230% -0.120% -1.59%

No change
3.13% 1.65% 2.09% 1.45% 0.179% 0.149% 0.18%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Dec 29 - - Index All World Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
4,778.73 21,344.65 2,977.65
7,420.69 7,466.07 15,852.25 28,676.46
20,741.75 15,318.95
4,431.85 26,717.34 2,663.34
Day NaN% Month NaN% Year NaN% Day 0.96% Month -2.30% Year 17.47% Day -1.17% Month 1.27% Year 14.40% Day -1.32% Month -3.26% Year 12.47% Day 2.09% Month -6.83% Year -6.70% Day 1.87% Month -11.21% Year -14.71%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
15,766.22 1,894.54
53,175.25 8,673.70 8,609.80 3,246.33
1,818.65 23,112.01 23,550.08 3,126.64
13,770.57 50,661.86

Day 3.13% Month -12.74% Year 3.25% Day 0.39% Month -4.84% Year 14.41% Day -1.03% Month -2.86% Year 17.00% Day NaN% Month NaN% Year NaN% Day -1.08% Month 1.41% Year -19.62% Day -0.42% Month 4.58% Year 9.72%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
111,910.10
36,488.63 3,597.00
104,822.44 7,173.23 27,344.25 57,806.49 57,200.23
34,725.47 6,965.88 26,565.41
3,361.44
Day 1.65% Month -4.60% Year 13.47% Day -0.62% Month 6.72% Year -5.87% Day -0.82% Month -2.44% Year 27.59% Day -1.18% Month -2.44% Year 22.63% Day -0.97% Month -7.04% Year -5.93% Day -0.13% Month -0.38% Year 20.65%

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 88269.83 85968.76 Cyprus
CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 28939.83 29283.00 Philippines Manila Comp 7251.97 7273.52 Taiwan Weighted Pr 17674.40 17701.12 Cross-Border DJ Global Titans ($) 507.41 495.33
Australia All Ordinaries 7266.30 7114.50 PXCzech Republic 1410.70 1420.56 FTSE Italia Mid Cap 45959.04 46509.37 Poland Wig 66892.11 68131.21 Thailand Bangkok SET 1639.51 1634.17 Euro Stoxx 50 (Eur) 4136.91 4184.97
S&P/ASX 200 6988.10 6838.30 Denmark
OMXC Copenahgen 20 1632.96 1656.14 FTSE MIB 26565.41 26882.47 Portugal PSI 20 5521.86 5562.04 Turkey BIST 100 1983.18 1997.69 Euronext 100 ID 1307.99 1319.57
S&P/ASX 200 Res 5419.40 5349.80 Egypt
EGX 30 11499.85 11542.43 Japan 2nd Section 7059.36 7027.48 PSI General 4009.58 4041.19 UAE Abu Dhabi General Index 8333.19 8358.50 FTSE 4Good Global ($) 11060.27 10808.38
Austria ATX 3837.53 3865.36 Estonia
OMX Tallinn 1928.91 1918.05 Nikkei 225 26717.34 26170.30 Romania BET Index 13100.12 13019.57 UK FT 30 2858.70 2871.90 FTSE All World ($) 464.95 458.30
Belgium BEL 20 4047.55 4105.45 Finland
OMX Helsinki General 12024.06 12066.56 S&P Topix 150 1624.41 1593.69 Russia Micex Index 3488.60 3455.93 FTSE 100 7466.07 7554.31 FTSE E300 1818.65 1837.60
BEL Mid 10149.66 10203.47 France
CAC 40 6965.88 7023.80 Topix 1876.89 1842.44 RTX 1407.04 1399.64 FTSE 4Good UK 6901.25 6982.27 FTSE Eurotop 100 3482.32 3523.60
Brazil IBovespa 111910.10 112611.65 SBF 120 5381.05 5423.19 Jordan Amman SE 2198.73 2187.87 Saudi-Arabia TADAWUL All Share Index 12179.32 12182.51 FTSE All Share 4182.58 4230.83 FTSE Global 100 ($) 2893.82 2826.59
Canada S&P/TSX 60 1260.96 1250.86
Germany M-DAX 33074.81 33226.59 Kenya NSE 20 1879.15 1882.94 Singapore FTSE Straits Times 3246.33 3260.03 FTSE techMARK 100 6379.78 6461.12 FTSE Gold Min ($) 1920.11 1998.50
S&P/TSX Comp 20741.75 20544.11 TecDAX 3412.09 3411.87 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 397.30 396.14 USA DJ Composite 11581.05 11401.59 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1212.36 1233.22 XETRA Dax 15318.95 15524.27 Latvia OMX Riga 1258.53 1256.98 Slovenia SBI TOP - - DJ Industrial 34725.47 34160.78 FTSE Multinationals ($) 3007.61 3034.13
Chile S&P/CLX IGPA Gen 22652.07 22748.62
Greece Athens Gen 924.42 934.58 Lithuania OMX Vilnius 948.47 946.37 South Africa FTSE/JSE All Share 73526.68 73504.04 DJ Transport 15048.62 14809.93 FTSE World ($) 838.24 825.16
China FTSE A200 12104.55 12268.53 FTSE/ASE 20 2237.66 2263.98 Luxembourg LuxX 1650.23 1698.98 FTSE/JSE Res 20 74247.71 75094.38 DJ Utilities 941.03 930.25 FTSEurofirst 100 (Eur) 4771.02 4828.06
FTSE B35 9000.71 8988.96
Hong Kong Hang Seng 23550.08 23807.00 Malaysia FTSE Bursa KLCI 1520.02 1515.99 FTSE/JSE Top 40 67104.13 67070.04 Nasdaq 100 14454.61 14003.11 FTSEurofirst 80 (Eur) 5738.12 5803.86
Shanghai A 3522.48 3556.99 HS China Enterprise 8210.29 8291.30 Mexico IPC 50661.86 50466.02 South Korea Kospi 2663.34 2614.49 Nasdaq Cmp 13770.57 13352.78 MSCI ACWI Fr ($) 694.75 701.14
Shanghai B 280.73 279.03 HSCC Red Chip 4090.53 4117.91 Morocco MASI 13733.86 13722.28 Kospi 200 357.98 348.58 NYSE Comp 16397.86 16152.12 MSCI All World ($) 2955.34 2979.70
Shanghai Comp 3361.44 3394.25
Hungary Bux 52838.78 52866.56 Netherlands AEX 744.26 753.79 Spain IBEX 35 8609.80 8706.00 S&P 500 4431.85 4326.51 MSCI Europe (Eur) 1877.04 1865.97
Shenzhen A 2367.16 2367.20
India BSE Sensex 57200.23 57276.94 AEX All Share 1021.32 1035.37 Sri Lanka CSE All Share 12863.14 12885.70 Wilshire 5000 44400.43 43340.60 MSCI Pacific ($) 2882.55 2975.55
Shenzhen B 1150.48 1150.76 Nifty 500 14723.25 14679.70 New Zealand NZX 50 11852.15 12050.32 Sweden OMX Stockholm 30 2266.82 2270.12 Venezuela IBC 5559.46 5614.30 S&P Euro (Eur) 1906.75 1926.81
Colombia COLCAP 1261.61 1260.21
Indonesia Jakarta Comp 6645.51 6611.16 Nigeria SE All Share 46009.23 46529.99 OMX Stockholm AS 919.90 923.65 Vietnam VNI 1481.58 1479.58 S&P Europe 350 (Eur) 1872.71 1891.60
Croatia CROBEX 2013.05 2011.29
Ireland ISEQ Overall 8162.04 8090.85 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 12104.44 12176.90 S&P Global 1200 ($) 3322.77 3271.91
Israel Tel Aviv 125 2020.83 2033.35 Pakistan KSE 100 45077.91 45083.04 Stoxx 50 (Eur) 3730.93 3772.55
(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 Jan 28 %Chg %Chg Jan 28 %Chg %Chg Jan 28 %Chg %Chg Jan 28 %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 375.3 846.35 17.25 Bhp 5768.5 2382.50 -60.50 Asml Holding 723.4 566.10 -16.50 Softbank . 1421.1 4795.00 103.00 Vodafone 127.62 8.6 13.6 Hammerson 37.76 7.2 12.7 Riverstone Energy 534.00 13.1 13.1 Gas Water & Multiutilities index 6025.34 27.9 28.1
Apple 297.0 170.33 11.11 Shell 594.4 1895.20 -24.00 Lvmh 604.4 716.40 22.40 Tokyo Electron 934.9 52970.00 -710.00 Sainsbury (j) 299.10 5.4 7.8 Capricorn Energy 203.00 6.8 9.8 Sabre Insurance 225.00 11.9 24.3 Health Care Equip.& Services 7874.51 27.5 22.6
Microsoft 152.1 308.26 8.42 Bp 566.6 385.45 -7.05 Sap Se O.n. 558.3 108.18 -2.66 Sony 892.3 12235.00 465.00 Tesco 303.40 5.1 4.2 Playtech 614.50 6.0 - Taylor Maritime Investments 101.00 8.6 1.5 Pharmaceuticals & Biotech. 18870.42 26.1 24.5
Nvidia 122.9 228.40 8.96 Rio Tinto 436.7 5386.00 -183.00 Roche Gs 480.9 342.25 0.82 Toyota Motor 702.6 2237.00 74.00 Shell 1895.20 4.9 17.1 Currys 104.40 5.0 - Bloomsbury Publishing 367.00 5.5 -0.3 Beverages 28596.32 21.0 21.6
Amazon.com 105.3 2879.56 86.81 Astrazeneca 415.9 8767.00 -69.00 Totalenergies 471.0 51.24 -0.50 Nippon Yusen Kabushiki Kaisha 628.3 8300.00 290.00 Shell 1894.60 4.8 17.0 Pets At Home 433.60 4.7 -7.4 Pphe Hotel 1440.00 5.1 2.0 Tobacco 33534.53 20.9 24.1
Advanced Micro Devices 102.9 105.24 2.64 Shell 403.9 1894.60 -23.80 Nestle N 421.6 113.68 -0.23 Mitsubishi Ufj Fin,. 502.2 700.60 18.60 Hsbc Holdings 528.30 4.5 17.8 Drax 597.00 4.2 -2.4 Devro 226.50 5.1 12.7 Oil & Gas Producers 6674.64 20.0 37.9
Meta Platforms 65.3 301.71 7.07 Hsbc Holdings 400.3 528.30 -10.00 Novartis N 364.3 76.42 -0.29 Shin-etsu Chemical Co., 496.8 18995.00 1345.00 Standard Chartered 534.20 4.5 19.5 Tritax Eurobox 110.20 2.8 -6.6 Avon Protection 1110.00 4.9 -3.1 Banks 3425.69 19.5 25.8
Visa 59.9 228.00 21.85 Unilever 388.4 3786.50 -61.00 Unicredit 322.5 13.75 -0.03 Kawasaki Kisen Kaisha, 461.3 6510.00 200.00 Bt 197.00 4.4 17.3 Vinacapital Vietnam Opportunity Fund Ld 515.00 2.8 -0.2 Bmo Real Estate Investments 91.80 4.3 4.6 Real Estate Investment Trusts 3297.31 18.8 20.9
Netflix 45.6 384.36 -2.34 Diageo 352.8 3697.50 -38.00 Intesa Sanpaolo 286.1 2.60 -0.02 Advantest 428.3 9170.00 360.00 B&m Eur Value Retail S.a. 565.80 4.2 -10.8 Lancashire Holdings 543.50 2.7 3.6 Headlam 445.00 4.2 6.2 Electricity 9693.31 18.0 15.2
Alphabet 44.8 2667.02 86.92 Glaxosmithkline 340.4 1661.00 -20.00 Eni 284.9 13.57 -0.24 Fast Retailing Co., 416.9 68090.00 2250.00 Unilever 3786.50 3.0 -4.5 Dunelm 1327.00 2.7 -4.3 Bmo Private Equity Trust 478.00 3.9 -2.6 Industrial Transportation 4059.12 15.7 18.3
Hikma Pharmaceuticals 2077.00 2.9 -6.4 Hiscox Ltd 961.20 2.5 11.3 Lindsell Train Investment Trust 1240.00 3.8 -4.6 Real Estate & Investment Servic 2822.75 15.3 10.1
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Bunzl 2786.00 2.4 -5.1 Harbour Energy 355.40 2.0 - Invesco Bond ome Plus 189.50 3.6 -2.8 Aerospace & Defense 4210.82 15.0 26.6
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Visa 228.00 21.85 10.60 3i Infrastructure 345.00 13.00 3.92 Sartorius Ag Vzo O.n. 468.30 23.50 5.28 Fuji Electric Co., 5930.00 560.00 10.43 Fresnillo 631.80 -23.9 -28.0 Trustpilot 176.20 -18.0 - De La Rue 119.80 -20.1 - Automobiles & Parts 3192.63 -32.9 -
Mastercard 382.51 31.98 9.12 Hg Capital Trust 401.50 15.00 3.88 Neste 38.44 1.55 4.20 Shin-etsu Chemical Co., 18995.00 1345.00 7.62 Polymetal Int 1048.50 -14.1 - Baltic Classifieds 167.00 -16.1 - Batm Advanced Communications Ld 59.30 -14.4 - Mining 16583.20 -32.3 -
Dexcom 413.39 29.87 7.79 Harbourvest Global Private Equity 2690.00 90.00 3.46 Sartorius Sted Bio 380.00 13.70 3.74 Fujikura 597.00 39.00 6.99 Barratt Developments 605.60 -10.2 - Hochschild Mining 100.00 -15.4 - Foxtons 40.00 -11.5 -1.6 Travel & Leisure 7409.66 -21.4 -
Discovery 27.15 1.91 7.57 Convatec 173.30 5.25 3.12 Lvmh 716.40 22.40 3.23 Nitto Denko 8750.00 550.00 6.71 Sage 711.20 -9.8 - Morgan Advanced Materials 303.00 -12.9 - Tt Electronics 232.00 -11.5 - Household Goods 14720.94 -16.7 -
Fidelity National Information Services 117.40 8.16 7.47 Darktrace 399.40 11.40 2.94 Lonza N 605.65 15.02 2.54 Chugai Pharmaceutical Co., 3749.00 188.00 5.28 Pearson 606.20 -8.0 0.1 Clarkson 3205.00 -12.6 - Treatt 1085.00 -11.4 - Food Producers 6735.86 -10.7 -8.6
Antofagasta 1337.50 -7.8 -0.1 Molten Ventures 735.00 -12.3 - Majedie Investments 198.00 -10.8 - Life Insurance 7537.82 -8.1 -0.3
Downs Downs Downs Downs
Persimmon 2361.00 -7.4 -17.4 Network Int Holdings 253.70 -12.2 - Superdry 212.00 -10.7 - Chemicals 13771.46 -3.6 -5.3
Western Digital 49.90 -3.94 -7.32 Oxford Biomedica 808.00 -92.00 -10.22 Henkel Ag+co.kgaa Vzo 69.80 -8.92 -11.33 Fujitsu 15165.00 -1675.00 -9.95
London Stock Exchange 6978.00 -7.4 0.3 Ti Fluid Systems 230.50 -11.3 -6.9 Clipper Logistics 640.00 -9.9 - Personal Goods 33308.01 -2.7 -0.6
Synchrony Fin 41.42 -3.00 -6.75 Carnival 1275.80 -111.60 -8.04 Henkel Ag+co.kgaa St O.n. 67.60 -7.00 -9.38 Nec 4465.00 -170.00 -3.67
Scottish Mortgage Investment Trust 1028.00 -7.3 - Oxford Biomedica 808.00 -11.1 - Baillie Gifford Eur Growth Trust 116.60 -9.6 - General Financial 11593.86 -2.4 -7.5
Vf 62.96 -4.39 -6.52 Ocado 1442.00 -118.00 -7.56 Abb Ltd N 29.97 -1.31 -4.19 Otsuka Holdings Co., 3963.00 -129.00 -3.15
St. James's Place 1476.50 -7.3 - Trainline 211.80 -9.9 - Baillie Gifford China Growth Trust 330.50 -9.6 - Equity Investment Instruments 12566.76 -1.0 -5.5
Caterpillar 201.16 -11.01 -5.19 Trustpilot 176.20 -13.20 -6.97 Vestas Wind Systems A/s 22.58 -0.93 -3.94 Canon . 2694.50 -81.00 -2.92
Evraz 502.00 -7.1 - Cineworld 37.86 -9.7 18.3 Mcbride 48.00 -9.4 - Software & Computer Services 1922.99 -0.7 -3.4
Celanese 153.18 -6.89 -4.30 Provident Fin 316.80 -20.00 -5.94 Safran 103.94 -4.08 -3.78 Nisshin Seifun . 1585.00 -30.00 -1.86
Coca-cola Hbc Ag 2420.00 -7.0 -6.3 Quilter 135.50 -9.7 -8.7 Keller 819.00 -9.0 - Food & Drug Retailers 4220.18 0.6 -5.2
Based on the constituents of the S&P500 and the Nasdaq 100 index 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
Jan 28 Currency Mid Change Mid Change Mid Change Jan 28 Currency Mid Change Mid Change Mid Change Jan 28 Currency Mid Change Mid Change Mid Change Jan 28 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 104.8290 0.0635 117.0463 0.2430 140.6176 0.3148 Indonesia Indonesian Rupiah 14387.5000 1.5000 16064.3086 25.3275 19299.3934 33.5381 Poland Polish Zloty 4.1167 0.0291 4.5964 0.0392 5.5221 0.0479 ..Three Month 0.7454 -0.0012 0.8321 -0.0001 - -
Australia Australian Dollar 1.4297 0.0116 1.5963 0.0152 1.9178 0.0186 Israel Israeli Shekel 3.2026 0.0071 3.5758 0.0131 4.2959 0.0165 Romania Romanian Leu 4.4295 -0.0075 4.9457 -0.0011 5.9417 -0.0003 ..One Year 0.7453 -0.0012 0.8311 -0.0001 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4209 0.0006 0.5056 0.0008 Japan Japanese Yen 115.1800 -0.2650 128.6036 -0.1062 154.5024 -0.1025 Russia Russian Ruble 78.1913 0.5175 87.3040 0.7054 104.8857 0.8644 United States United States Dollar - - 1.1165 0.0016 1.3414 0.0022
Bolivia Bolivian Boliviano 6.9100 - 7.7153 0.0114 9.2691 0.0151 ..One Month 115.1800 -0.2650 128.6037 -0.1061 154.5023 -0.1026 Saudi Arabia Saudi Riyal 3.7520 0.0001 4.1893 0.0063 5.0329 0.0084 ..One Month - - 1.1165 -0.2227 1.3414 0.0022
Brazil Brazilian Real 5.4062 -0.0022 6.0363 0.0064 7.2519 0.0089 ..Three Month 115.1799 -0.2653 128.6038 -0.1059 154.5021 -0.1030 Singapore Singapore Dollar 1.3558 0.0029 1.5138 0.0055 1.8187 0.0069 ..Three Month - - 1.1163 -0.2227 1.3413 0.0022
Canada Canadian Dollar 1.2773 0.0065 1.4261 0.0093 1.7133 0.0115 ..One Year 115.1787 -0.2675 128.6041 -0.1053 154.5023 -0.1043 South Africa South African Rand 15.6538 0.2718 17.4781 0.3288 20.9979 0.3984 ..One Year - - 1.1149 -0.2227 1.3412 0.0022
Chile Chilean Peso 815.3550 11.0450 910.3806 13.6539 1093.7170 16.5786 Kenya Kenyan Shilling 113.5500 -0.1000 126.7837 0.0751 152.3159 0.1149 South Korea South Korean Won 1205.5000 2.7500 1345.9950 5.0469 1617.0575 6.3249 Vietnam Vietnamese Dong 22650.0000 10.0000 25289.7574 48.3231 30382.7620 63.0099
China Chinese Yuan 6.3654 0.0011 7.1072 0.0116 8.5385 0.0154 Kuwait Kuwaiti Dinar 0.3028 -0.0001 0.3381 0.0004 0.4062 0.0005 Sweden Swedish Krona 9.4286 0.0623 10.5275 0.0850 12.6475 0.1041 European Union Euro 0.8956 -0.0013 - - 1.2014 0.0002
Colombia Colombian Peso 3990.0050 46.0050 4455.0217 57.8478 5352.1930 70.3541 Malaysia Malaysian Ringgit 4.1900 -0.0075 4.6783 -0.0015 5.6205 -0.0009 Switzerland Swiss Franc 0.9301 -0.0013 1.0386 0.0001 1.2477 0.0003 ..One Month 0.8956 -0.0013 - - 1.2013 0.0002
Costa Rica Costa Rican Colon 643.3350 1.2800 718.3125 2.4842 862.9694 3.1241 Mexico Mexican Peso 20.8860 0.1537 23.3202 0.2057 28.0165 0.2517 Taiwan New Taiwan Dollar 27.8140 0.0150 31.0556 0.0624 37.3097 0.0810 ..Three Month 0.8954 -0.0013 - - 1.2012 0.0002
Czech Republic Czech Koruna 21.9126 0.0451 24.4664 0.0863 29.3936 0.1085 New Zealand New Zealand Dollar 1.5251 0.0094 1.7028 0.0129 2.0458 0.0159 Thailand Thai Baht 33.3625 0.1675 37.2507 0.2416 44.7524 0.2974 ..One Year 0.8940 -0.0013 - - 1.2001 0.0002
Denmark Danish Krone 6.6664 -0.0095 7.4434 0.0004 8.9424 0.0019 Nigeria Nigerian Naira 415.0000 - 463.3662 0.6819 556.6809 0.9095 Tunisia Tunisian Dinar 2.9064 0.0037 3.2451 0.0089 3.8986 0.0113
Egypt Egyptian Pound 15.7382 0.0185 17.5724 0.0465 21.1112 0.0593 Norway Norwegian Krone 8.9906 0.0419 10.0385 0.0614 12.0601 0.0757 Turkey Turkish Lira 13.5533 -0.1017 15.1328 -0.0912 18.1803 -0.1066
Hong Kong Hong Kong Dollar 7.7936 0.0040 8.7020 0.0172 10.4544 0.0224 Pakistan Pakistani Rupee 176.6200 -0.3300 197.2042 -0.0777 236.9180 -0.0549 United Arab Emirates UAE Dirham 3.6731 - 4.1011 0.0060 4.9270 0.0080
Hungary Hungarian Forint 321.3336 2.2063 358.7834 2.9878 431.0368 3.6589 Peru Peruvian Nuevo Sol 3.8489 0.0096 4.2974 0.0170 5.1628 0.0213 United Kingdom Pound Sterling 0.7455 -0.0012 0.8324 -0.0001 - -
India Indian Rupee 75.0382 -0.0393 83.7835 0.0794 100.6561 0.1118 Philippines Philippine Peso 51.2250 -0.1150 57.1950 -0.0440 68.7132 -0.0417 ..One Month 0.7455 -0.0012 0.8323 -0.0001 - -
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 Jan 28 Jan 27 Jan 26 Jan 25 Jan 24 Yr Ago High Low Year to date percentage changes Closing Week's Closing Week's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2858.70 2871.90 2832.90 2844.10 2840.90 0.00 2880.10 2808.10 Oil Equipment & Serv 19.38 Beverages 31.66 FTSE 250 Index -7.83 FTSE 100 Price Change FTSE 100 Price Change
Jan 28 chge% Index Jan 27 Jan 26 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 16.51 Utilities -0.09 Beverages -8.05 3I Group PLC 1327 -43.00 Jd Sports Fashion PLC 188.30 -4.40
FTSE 100 (101) 7466.07 -1.17 6995.92 7554.31 7469.78 6526.15 3.34 2.07 14.44 3.06 7397.31 P/E Ratio net - - - - - 0.00 19.44 14.26 Oil & Gas Producers 16.48 FTSE All{HY-}Share Index -0.60 General Retailers -8.07 Abrdn PLC 242.00 4.20 Kingfisher PLC 330.20 4.20
FTSE 250 (250) 21643.30 -0.97 20280.37 21854.57 21873.08 20368.25 2.07 3.07 15.72 22.11 17540.28 FT 30 hourly changes Fixed Line Telecomms 14.56 NON FINANCIALS Index -0.72 Industrials -8.78 Admiral Group PLC 3173 2.00 Land Securities Group PLC 786.40 -2.40
FTSE 250 ex Inv Co (181) 22537.59 -0.98 21118.34 22760.67 22748.37 20854.74 2.02 0.93 52.90 23.27 18620.01 8 9 10 11 12 13 14 15 16 High Low Tobacco 14.49 Financials -0.88 Equity Invest Instr -9.96 Anglo American PLC 3321.5 -108.00 Legal & General Group PLC 282.80 -9.10
FTSE 350 (351) 4209.39 -1.14 3944.32 4257.74 4218.37 3724.58 3.13 2.18 14.64 2.14 8288.57 2871.9 2850.8 2849.7 2857 2858.6 2860.9 2862.8 2860.5 2860.4 2871.9 2843.1 Telecommunications 12.98 Food & Drug Retailer -1.06 Household Goods & Ho -10.99 Antofagasta PLC 1337.5 -112.50 Lloyds Banking Group PLC 51.20 -0.55
FTSE 350 ex Investment Trusts (280) 4129.16 -1.14 3869.14 4176.80 4134.38 3624.79 3.19 1.88 16.64 2.03 4199.18 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Banks 12.34 Life Insurance -1.48 Support Services -11.48 Ashtead Group PLC 5244 112.00 London Stock Exchange Group PLC 6978 -554.00
FTSE 350 Higher Yield (113) 3483.33 -1.18 3263.98 3525.09 3477.72 2954.56 4.43 1.58 14.23 1.66 7645.94 Mobile Telecomms 12.32 Travel & Leisure -2.03 Industrial Eng -11.89 Associated British Foods PLC 1959 -83.00 M&G PLC 213.10 -0.90
FTSE 350 Lower Yield (238) 4596.50 -1.08 4307.05 4646.56 4626.70 4265.84 1.59 4.15 15.15 2.52 5544.29 FT WILSHIRE 5000 INDEX SERIES Mining 6.70 Consumer Goods -2.97 Real Est Invest & Se -11.95 Astrazeneca PLC 8767 15.00 Meggitt PLC 740.00 7.00
FTSE SmallCap (251) 7085.04 -1.29 6638.87 7177.87 7165.44 6242.21 2.68 4.38 8.51 12.55 11570.18 Nonlife Insurance 5.34 Electricity -3.91 Automobiles & Parts -12.00 Auto Trader Group PLC 653.40 -30.20 Melrose Industries PLC 149.55 -7.65
FTSE SmallCap ex Inv Co (131) 6045.70 -1.32 5664.99 6126.72 6106.48 4938.81 2.17 1.57 29.36 2.58 10270.59 Jan 27 Jan 27 Basic Materials 3.77 Consumer Services -3.98 Software & Comp Serv -12.56 Avast PLC 610.80 8.80 Mondi PLC 1824.5 -40.00
FTSE All-Share (602) 4182.58 -1.14 3919.19 4230.83 4192.70 3699.97 3.12 2.24 14.32 2.29 8317.75 Gas Water & Multi 1.19 Real Est Invest & Tr -4.30 Technology -13.02
FT Wilshire 5000 43973.34 FT Wilshire Mid Cap 5644.01 Aveva Group PLC 2851 -132.00 National Grid PLC 1092 8.20
FTSE All-Share ex Inv Co (411) 4065.44 -1.14 3809.43 4112.46 4071.18 3563.83 3.18 1.88 16.76 2.00 4198.07 FTSE 100 Index 1.10 Personal Goods -4.43 Industrial Transport -13.10
FT Wilshire 2500 5631.37 FT Wilshire Small Cap 5206.07 Aviva PLC 433.50 1.50 Natwest Group PLC 242.50 2.50
FTSE All-Share ex Multinationals (531) 1280.69 -0.89 994.93 1292.24 1290.41 1188.97 2.66 3.29 11.43 1.23 2636.60 Aerospace & Defense 0.56 Media -4.85 Industrial Metals & -14.81
FT Wilshire Mega Cap 5697.34 FT Wilshire Micro Cap 5270.16 B&M European Value Retail S.A. 565.80 22.80 Next PLC 7574 88.00
FTSE Fledgling (83) 12932.19 -0.16 12117.82 12952.80 12936.36 10788.70 2.31 7.44 5.81 21.81 27262.61 Pharmace & Biotech 0.52 FTSE SmallCap Index -5.02 Chemicals -16.55
FT Wilshire Large Cap 5687.95 Bae Systems PLC 592.20 -4.80 Ocado Group PLC 1442 16.50
FTSE Fledgling ex Inv Co (34) 17394.30 -0.61 16298.94 17500.22 17288.22 118.11 1.96 -3.08 -16.59 33.99 35662.93 Food Producers 0.21 Health Care Eq & Srv -5.43 Tech Hardware & Eq -17.48
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Barclays PLC 196.88 -2.36 Pearson PLC 606.20 -52.80
FTSE All-Small (334) 4935.56 -1.23 4624.75 4997.12 4988.59 4335.22 2.66 4.53 8.30 8.72 10338.88 Health Care 0.12 Financial Services -6.10 Electronic & Elec Eq -18.72
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Barratt Developments PLC 605.60 -68.80 Pershing Square Holdings LTD 2665 -105.00
FTSE All-Small ex Inv Co (165) 4540.43 -1.30 4254.51 4600.05 4583.36 111.12 2.16 1.41 32.71 2.20 9769.82 Construct & Material -6.20 Leisure Goods -20.49
mark. Copyright ©2022 Wilshire. All rights reserved. Berkeley Group Holdings (The) PLC 4121 -249.00 Persimmon PLC 2361 -188.00
FTSE AIM All-Share (765) 1082.51 -0.38 1014.34 1086.64 1097.29 1172.87 1.03 1.60 60.84 1.10 1255.61
Bhp Group PLC 2382.5 -41.00 Phoenix Group Holdings PLC 667.20 -13.80
FTSE All-Share Technology (22) 2067.50 -0.03 1911.98 2068.16 2072.02 2167.64 1.71 0.82 71.52 9.38 2947.25
BP PLC 385.45 3.20 Polymetal International PLC 1048.5 -172.00
FTSE All-Share Telecommunications (7) 2083.24 1.18 1926.54 2058.99 2036.20 1844.61 4.30 0.29 78.92 0.00 3013.15 FTSE GLOBAL EQUITY INDEX SERIES British American Tobacco PLC 3164.5 26.50 Prudential PLC 1230 -75.00
FTSE All-Share Health Care (13) 13208.29 -0.95 12214.76 13335.30 12888.60 11737.10 3.06 0.48 67.84 0.00 11903.03
Jan 28 No of US $ Day Mth YTD Gr Div Jan 28
YTD Total No of US $ Day Mth YTD Total YTD Gr Div British Land Company PLC 546.00 4.40 Reckitt Benckiser Group PLC 6044 -400.00
FTSE All-Share Financials (255) 4908.29 -1.54 4539.09 4984.91 4962.62 4370.71 2.69 5.27 7.06 2.76 5273.00
Regions & countries stocks indices % % % % Yield Sectors
retn stocks indices % % % retn % Yield Bt Group PLC 197.00 8.25 Relx PLC 2233 -31.00
FTSE All-Share Real Estate (53) 1173.98 -0.66 1135.74 1181.82 1178.30 977.14 2.52 2.14 18.54 0.79 1198.30
FTSE Global All Cap 9345 778.40 -1.0 -8.1 -8.1
-8.0 1222.79
1.9 Oil Equipment & Services 25 258.48 -0.3 -0.3 10.5 461.16 10.6 4.3 Bunzl PLC 2786 65.00 Rentokil Initial PLC 513.20 -12.80
FTSE All-Share Consumer Discretionary (90) 5188.29 -0.31 4798.02 5204.54 5203.78 4888.29 1.68 0.11 520.48 5.22 5380.86
FTSE Global All Cap 9345 778.40 -1.0 -8.1 -8.1
-8.0 1222.79
1.9 Basic Materials 369 652.06 -1.0 -1.0 -3.1 1152.37 -3.0 4.0 Burberry Group PLC 1857 -68.50 Rightmove PLC 632.00 -35.80
FTSE All-Share Consumer Staples (25)19576.17 -1.18 18103.63 19809.83 19585.01 18710.61 3.83 1.23 21.29 0.00 17322.53
FTSE Global Large Cap 1804 701.41 -0.9 -7.8 -7.6
-7.6 1.9 Chemicals
1135.49 172 908.17 -0.8 -0.8 -6.2 1563.07 -6.2 2.3 Coca-Cola Hbc AG 2420 -181.00 Rio Tinto PLC 5386 -71.00
FTSE All-Share Industrials (88) 6776.87 -0.62 6267.11 6818.97 6777.75 5926.38 1.77 2.54 22.27 4.37 7679.05
FTSE Global Mid Cap 2287 982.12 -1.0 -8.0 -8.5
-8.4 1451.27
1.9 Forestry & Paper 22 302.54 -2.2 -2.2 -0.9 592.35 -0.8 2.9 Compass Group PLC 1652 -28.50 Rolls-Royce Holdings PLC 113.02 -6.70
FTSE All-Share Basic Materials (25) 8533.04 -2.79 7891.18 8777.50 8666.98 7451.96 6.20 2.38 6.78 1.86 10933.73
FTSE Global Small Cap 5254 1018.84 -1.7 -10.6 -11.0
-10.9 1442.39
1.7 Industrial Metals & Mining 96 529.96 -0.9 -0.9 -4.2 966.38 -4.0 6.3 Crh PLC 3674 -101.00 Royal Dutch Shell PLC 1894.6 86.20
FTSE All-Share Energy (14) 6910.37 -1.44 6390.57 7011.15 7002.31 4949.98 3.20 1.65 18.88 0.00 8094.20
FTSE All-World 4091 458.30 -0.9 -7.8 -7.8
-7.7 762.27
1.9 Mining 79 962.21 -1.2 -1.2 3.4 1767.61 3.4 5.5 Croda International PLC 7774 -374.00 Royal Dutch Shell PLC 1895.2 87.80
FTSE All-Share Utilities (10) 8689.02 -0.23 8035.43 8709.10 8553.90 7161.02 4.15 1.62 14.91 32.24 12755.36
FTSE World 2664 825.16 -0.8 -8.2 -8.1
-8.1 1.9 Industrials
1842.10 758 543.48 -1.3 -1.3 -9.5 850.52 -9.5 1.6 Dcc PLC 6192 -122.00 Royal Mail PLC 432.10 -29.60
FTSE All-Share Software and Computer Services (20) 2223.92 0.05 2056.64 2222.79 2226.83 2341.74 1.71 0.82 71.88 10.44 3354.40
FTSE Global All Cap ex UNITED KINGDOM In 9048 821.10 -1.0 -8.5 -8.4
-8.4 1265.85
1.8 Construction & Materials 143 660.90 -1.8 -1.8 -10.6 1089.44 -10.6 2.0 Dechra Pharmaceuticals PLC 4060 -126.00 Sage Group PLC 711.20 -77.00
FTSE All-Share Technology Hardware and Equipment (2) 5718.48 -2.36 5288.33 5856.62 5875.74 4875.89 1.79 0.89 62.62 0.00 7270.07
FTSE Global All Cap ex USA 7524 569.21 -1.4 -4.3 -5.1
-5.1 982.62
2.6 Aerospace & Defense 35 802.14 -1.7 -1.7 -0.1 1234.55 -0.1 1.4 Diageo PLC 3697.5 -60.00 Sainsbury (J) PLC 299.10 15.40
FTSE All-Share Telecommunications Equipment (2) 542.90 -1.55 502.06 551.45 550.98 583.71 1.81 2.46 22.43 0.00 760.86
FTSE Global All Cap ex JAPAN 7954 812.37 -0.8 -8.1 -8.1
-8.1 1287.84
1.9 General Industrials 71 263.49 -0.5 -0.5 -5.0 454.57 -5.0 2.1 Electrocomponents PLC 1096 -4.00 Schroders PLC 3308 -101.00
FTSE All-Share Telecommunications Service Providers (5) 3246.67 1.26 3002.45 3206.14 3169.62 2854.23 4.38 0.27 85.54 0.00 4273.73
FTSE Global All Cap ex Eurozone 8679 820.25 -1.0 -8.4 -8.3
-8.3 1261.44
1.8 Electronic & Electrical Equipment 143 690.91 -2.2 -2.2 -14.1 977.87 -14.1 1.3 Entain PLC 1572 -63.00 Scottish Mortgage Investment Trust PLC 1028 -81.50
FTSE All-Share Health Care Providers (3) 8178.33 -1.88 7563.15 8335.25 8224.64 6270.64 0.13 53.19 14.84 0.00 7550.20
FTSE Developed 2211 755.38 -0.9 -8.6 -8.4
-8.4 1196.08
1.8 Industrial Engineering 149 1071.29 -1.4 -1.4 -7.4 1671.79 -7.3 1.7 Evraz PLC 502.00 -38.60 Segro PLC 1278 -19.00
FTSE All-Share Medical Equipment and Services (2) 5652.46 -0.80 5227.28 5697.76 5660.54 7062.60 2.25 1.07 41.51 0.00 5320.76
FTSE Developed All Cap 5838 785.94 -1.0 -8.9 -8.8
-8.7 1226.35
1.8 Industrial Transportation 127 1027.45 -1.0 -1.0 -7.5 1620.80 -7.5 1.7 Experian PLC 3015 -45.00 Severn Trent PLC 2893 -3.00
FTSE All-Share Pharmaceuticals and Biotechnology (8)18803.64 -0.95 17389.22 18984.65 18315.02 16350.05 3.13 0.44 72.86 0.00 15252.70
FTSE Developed Large Cap 888 710.50 -0.8 -8.6 -8.3
-8.3 1145.14
1.8 Support Services 90 605.06 -0.9 -0.9 -14.8 889.00 -14.8 1.2 Ferguson PLC 11490 -300.00 Smith & Nephew PLC 1237.5 -21.00
FTSE All-Share Banks (11) 3381.12 -2.09 3126.79 3453.35 3386.03 2443.51 2.36 5.93 7.16 0.00 2872.72
FTSE Developed Europe Large Cap 239 430.12 -0.4 -3.5 -4.3
-4.2 2.6 Consumer Goods
827.00 545 639.32 -2.1 -2.1 -7.2 1054.12 -7.2 2.0 Flutter Entertainment PLC 10940 -25.00 Smith (Ds) PLC 372.60 -4.90
FTSE All-Share Finance and Credit Services (7)10011.19 -0.10 9258.14 10021.56 10361.98 11998.51 1.47 1.64 41.57 15.60 13219.69
FTSE Developed Europe Mid Cap 352 711.77 -0.9 -6.5 -7.7
-7.7 1191.33
2.4 Automobiles & Parts 130 682.46 -5.7 -5.7 -11.7 1086.85 -11.7 1.1 Fresnillo PLC 631.80 -198.60 Smiths Group PLC 1540.5 -10.50
FTSE All-Share Investment Banking and Brokerage Services (33) 9817.13 -1.03 9078.68 9919.47 9941.69 9571.75 4.03 2.78 8.94 6.85 13200.32
FTSE Dev Europe Small Cap 731 1008.89 -0.9 -7.3 -8.7
-8.6 1622.01
2.0 Beverages 68 780.64 -0.2 -0.2 -3.2 1300.95 -3.1 2.1 Glaxosmithkline PLC 1661 13.80 Smurfit Kappa Group PLC 3845 -11.00
FTSE All-Share Closed End Investments (191)12833.24 -1.09 11867.91 12975.21 13055.93 12879.14 2.25 9.79 4.53 17.92 7855.03
FTSE North America Large Cap 254 943.44 -0.5 -10.1 -9.5
-9.5 1398.10
1.4 Food Producers 133 755.07 -0.2 -0.2 -3.9 1273.97 -3.8 2.3 Glencore PLC 393.25 -16.80 Spirax-Sarco Engineering PLC 12790 -250.00
FTSE All-Share Life Insurance (6) 7664.43 -2.27 7087.91 7842.46 7813.00 6982.04 3.51 2.25 12.66 0.00 8996.63
FTSE North America Mid Cap 413 1183.26 -0.7 -9.3 -9.5
-9.5 1.6 Household Goods & Home Construction
1617.86 61 611.57 -0.5 -0.5 -6.5 1007.79 -6.2 2.4 Halma PLC 2435 -84.00 Sse PLC 1578.5 17.00
FTSE All-Share Nonlife Insurance (7) 3843.14 -0.39 3554.06 3858.34 3812.25 3633.90 3.71 1.61 16.80 0.00 7882.74
FTSE North America Small Cap 1333 1161.27 -1.7 -12.0 -12.0
-11.9 1.4 Leisure Goods
1526.37 48 288.93 -3.6 -3.6 -9.3 403.56 -9.2 1.3 Hargreaves Lansdown PLC 1322.5 21.00 St. James's Place PLC 1476.5 -115.50
FTSE All-Share Real Estate Investment and Services (13) 2769.80 -0.99 2561.45 2797.63 2785.00 2446.64 1.75 3.14 18.24 0.00 8121.79
FTSE North America 667 612.98 -0.6 -10.0 -9.5
-9.5 1.5 Personal Goods
928.30 90 1044.09 -0.7 -0.7 -9.6 1581.15 -9.5 1.5 Hikma Pharmaceuticals PLC 2077 59.00 Standard Chartered PLC 534.20 23.00
FTSE All-Share Real Estate Investment Trusts (40) 2953.96 -0.59 2731.76 2971.61 2963.73 2426.65 2.68 2.00 18.60 2.40 4334.83
FTSE Developed ex North America 1544 296.40 -1.5 -5.4 -6.0
-6.0 551.27
2.6 Tobacco 15 1024.21 0.4 0.4 6.5 2770.98 6.5 5.9 HSBC Holdings PLC 528.30 22.90 Taylor Wimpey PLC 148.00 -8.65
FTSE All-Share Automobiles and Parts (2) 3208.99 -3.26 2967.61 3317.04 3320.90 4538.05 1.59 -7.62 -8.28 0.00 3314.18
FTSE Japan Large Cap 172 420.28 -3.6 -7.5 -7.8
-7.8 602.75
2.2 Health Care 338 710.56 -0.2 -0.2 -10.0 1115.19 -9.9 1.7 Imperial Brands PLC 1766.5 35.50 Tesco PLC 303.40 14.65
FTSE All-Share Consumer Services (3) 2741.41 -1.11 2535.20 2772.24 2773.33 2285.47 0.85 1.71 69.10 22.86 3459.08
FTSE Japan Mid Cap 337 574.40 -3.0 -5.9 -6.4
-6.4 781.93
2.5 Health Care Equipment & Services 129 1436.35 -0.9 -0.9 -13.7 1747.30 -13.6 0.9 Informa PLC 546.40 -11.00 Unilever PLC 3786.5 111.50
FTSE All-Share Household Goods and Home Construction (13)12383.59 0.60 11452.09 12309.31 12380.54 13095.87 6.01 1.70 9.81 0.57 10354.72
FTSE Global wi JAPAN Small Cap 882 634.04 -3.3 -7.5 -8.9
-8.9 894.66
2.6 Pharmaceuticals & Biotechnology 209 461.40 0.2 0.2 -7.2 774.73 -7.0 2.3 Intercontinental Hotels Group PLC 4728 -161.00 United Utilities Group PLC 1075 9.00
FTSE All-Share Leisure Goods (2) 20187.89 -0.80 18669.34 20351.39 20715.97 26374.77 1.99 2.46 20.48 157.98 21762.84
FTSE Japan 509 171.95 -3.5 -7.2 -7.5
-7.5 276.10
2.3 Consumer Services 446 619.47 -0.7 -0.7 -12.1 875.74 -12.0 1.0 Intermediate Capital Group PLC 1867.5 -41.00 Vodafone Group PLC 127.62 10.08
FTSE All-Share Personal Goods (5) 28701.45 0.49 26542.51 28561.03 29037.04 25577.96 1.83 1.78 30.74 16.03 22089.32
FTSE Asia Pacific Large Cap ex Japan 963 794.83 -2.2 -3.8 -4.7
-4.6 2.4 Food & Drug Retailers
1408.21 68 335.66 0.5 0.5 -2.5 522.95 -2.3 2.3 International Consolidated Airlines Group S.A. 154.26 -3.54 Whitbread PLC 2977 -107.00
FTSE All-Share Media (11) 9647.53 -0.68 8921.83 9713.60 9679.07 8219.22 1.78 1.07 52.60 0.40 6631.02
FTSE Asia Pacific Mid Cap ex Japan 902 1051.04 -2.1 -6.3 -7.3
-7.2 1792.90
2.8 General Retailers 152 1107.52 -0.9 -0.9 -13.4 1501.34 -13.3 0.8 Intertek Group PLC 5314 -62.00 Wpp PLC 1145.5 -45.00
FTSE All-Share Retailers (21) 2627.51 0.74 2429.87 2608.17 2596.50 2354.72 1.45 4.05 17.07 0.00 3333.18
FTSE Asia Pacific Small Cap ex Japan 2004 651.59 -2.2 -8.8 -10.5
-10.5 2.3 Media
1082.54 83 396.72 0.6 0.6 -15.5 564.39 -15.4 1.0 Itv PLC 111.40 -2.10
FTSE All-Share Travel and Leisure (33) 7339.35 -0.72 6787.28 7392.33 7391.03 7641.57 0.11 -92.48 -9.63 0.00 7542.58
FTSE All-Share Beverages (5) 28702.20 -0.98 26543.20 28987.15 28314.89 23108.32 1.97 1.56 32.48 0.00 22542.76 FTSE Asia Pacific Ex Japan 1865 628.46 -2.2 -4.1 -4.9
-4.9 2.5 Travel & Leisure
1183.20 143 467.71 -2.0 -2.0 -8.8 675.95 -8.8 1.0
FTSE All-Share Food Producers (10) 6928.02 -1.64 6406.89 7043.42 6978.50 6989.45 2.18 2.32 19.75 0.00 6582.46 FTSE Emerging All Cap 3507 861.85 -1.3 -1.0 -2.1
-2.1 2.6 Telecommunication
1455.01 89 145.44 -0.7 -0.7 -1.9 331.70 -1.4 4.3
FTSE All-Share Tobacco (2) 33534.59 -0.35 31012.10 33652.10 33345.18 28981.43 7.01 1.46 9.79 0.00 29839.73 FTSE Emerging Large Cap 916 810.52 -1.4 -0.3 -1.5
-1.5 2.6 Fixed Line Telecommuniations
1376.34 35 112.55 -0.7 -0.7 -0.1 293.36 0.7 5.9 UK STOCK MARKET TRADING DATA
FTSE All-Share Construction and Materials (15) 8444.47 0.02 7809.27 8442.38 8396.33 7216.63 2.22 0.57 79.19 0.00 9983.00 FTSE Emerging Mid Cap 964 1122.63 -0.7 -1.7 -2.3
-2.2 3.3 Mobile Telecommunications
1904.62 54 172.68 -0.7 -0.7 -2.9 340.25 -2.5 3.4 Jan 28 Jan 27 Jan 26 Jan 25 Jan 24 Yr Ago
FTSE All-Share Aerospace and Defense (9) 4442.00 -1.82 4107.87 4524.49 4560.97 3542.91 2.13 7.21 6.52 1.41 5306.59 FTSE Emerging Small Cap 1627 903.31 -1.1 -5.3 -6.8
-6.7 2.5 Utilities
1459.92 196 327.76 0.4 0.4 -4.5 745.46 -4.4 3.3 Order Book Turnover (m) 71.51 168.48 708.64 428.14 105.25 105.25
FTSE All-Share Electronic and Electrical Equipment (10)12078.22 -0.41 11169.69 12127.63 12088.19 11853.68 1.43 2.14 32.61 0.00 11762.64 FTSE Emerging Europe 88 389.63 4.8 -7.7 -6.0
-5.6 5.9 Electricity
785.09 140 363.99 0.3 0.3 -5.6 816.50 -5.4 3.3 Order Book Bargains 1172607.00 981101.00 1145661.00 1314211.00 918794.00 918794.00
FTSE All-Share General Industrials (9) 5496.83 -1.05 5083.36 5555.09 5480.72 5250.71 2.36 1.21 35.04 0.00 7047.12 FTSE Latin America All Cap 259 747.45 0.6 6.5 5.4
5.6 5.9 Gas Water & Multiutilities
1364.14 56 338.22 0.7 0.7 -1.9 793.27 -1.9 3.2 Order Book Shares Traded (m) 2295.00 1464.00 1735.00 2149.00 1437.00 1437.00
FTSE All-Share Industrial Engineering (5)17372.08 -0.81 16065.34 17513.08 17679.00 16820.29 1.10 2.51 36.16 0.00 22954.11 FTSE Middle East and Africa All Cap 333 828.30 -0.7 4.5 4.0
4.0 2.6 Financials
1474.26 866 295.49 -0.7 -0.7 -1.5 552.25 -1.5 2.7 Total Equity Turnover (£m) 4047.34 5930.14 5831.71 6486.99 5018.26 5018.26
FTSE All-Share Industrial Support Services (32)11052.14 -0.38 10220.79 11094.30 11033.03 9575.15 1.49 1.92 34.86 14.31 12489.42 FTSE Global wi UNITED KINGDOM All Cap In 297 360.16 0.1 1.3 0.1
0.1 3.2 Banks
712.07 268 233.23 -0.6 -0.6 3.0 481.88 3.2 3.2 Total Mkt Bargains 1468430.00 1288054.00 1458047.00 1751476.00 1232924.00 1232924.00
FTSE All-Share Industrial Transportation (8) 6066.08 -0.05 5609.78 6069.28 5904.97 4762.53 1.42 3.16 22.23 8.24 6243.87 FTSE Global wi USA All Cap 1821 1047.99 -0.7 -10.6 -10.1
-10.0 1.4 Nonlife Insurance
1497.41 72 350.30 -0.7 -0.7 0.0 568.87 0.0 2.8 Total Shares Traded (m) 6100.00 5304.00 5393.00 6555.00 5425.00 5425.00
FTSE All-Share Industrial Materials (1)18103.38 -3.47 636.01 18753.50 18753.50 20003.73 1.76 2.64 21.55 0.00 22401.67 FTSE Europe All Cap 1493 507.09 -0.4 -4.5 -5.3
-5.2 2.6 Life Insurance
936.69 53 250.05 -1.0 -1.0 3.5 464.10 3.5 3.3 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Metals and Mining (11) 7343.22 -2.96 6790.86 7567.19 7446.58 6137.64 6.62 2.40 6.30 0.50 10539.26 FTSE Eurozone All Cap 666 490.38 -0.8 -4.7 -5.4
-5.3 2.2 Financial Services
899.24 214 475.89 -0.4 -0.4 -4.6 711.44 -4.6 1.6 (c) Market closed.
FTSE All-Share Precious Metals and Mining (6)15876.88 -2.41 14682.61 16268.95 16834.18 23726.50 5.16 1.66 11.70 0.00 10815.54 FTSE EDHEC-Risk Efficient All-World 4091 509.04 -0.9 -6.3 -6.8
-6.7 2.2 Technology
783.88 349 590.18 -1.2 -1.2 -13.0 763.35 -13.0 0.8
FTSE All-Share Chemicals (7) 15373.54 -1.03 14217.13 15532.86 15547.68 15706.79 2.14 2.57 18.23 29.92 15085.03 FTSE EDHEC-Risk Efficient Developed Europe 591 386.92 -0.8 -5.3 -6.3
-6.3 2.5 Software & Computer Services
661.34 189 928.90 -0.5 -0.5 -13.2 1117.57 -13.2 0.5
FTSE All-Share Oil. Gas and Coal (14) 6706.44 -1.44 6201.98 6804.25 6795.67 4803.90 3.20 1.65 18.88 0.00 8146.62 Oil & Gas 135 364.34 0.6 10.7 11.1
11.3 3.8 Technology Hardware & Equipment
714.21 160 499.46 -2.0 -2.0 -12.8 692.42 -12.8 1.2 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Oil & Gas Producers 94 359.97 1.0 12.8 13.3
13.5 3.8 Alternative Energy
722.50 16 166.63 -2.1 -2.1 -20.1 238.12 -20.1 0.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
FTSE Sector Indices Real Estate Investment & Services 158 322.51 -1.1 -1.1 -2.0 611.20 -2.0 3.0
Non Financials (347) 5035.29 -1.02 4718.20 5087.37 5034.72 92.04 3.24 1.50 20.49 2.74 8813.80
guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment Trusts 101 528.58 -1.6 -1.6 -11.4 1201.31 -11.4 3.0 liable for any loss arising from the reliance on or use of the listed information.
FTSE Global Large Cap 1804 701.41 -0.9 -0.9 -7.6 1135.49 -7.6 1.9
For all queries e-mail ft.reader.enquiries@morningstar.com
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day 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 7537.41 7506.37 7482.65 7464.10 7462.54 7426.48 7455.28 7445.14 7452.88 7538.99 7420.27 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 21808.90 21701.74 21683.48 21662.71 21671.20 21585.07 21692.35 21693.61 21683.79 21818.36 21568.66 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 7179.88 7145.68 7141.24 7125.44 7121.76 7106.15 7115.66 7121.11 7119.78 7179.88 7085.04 WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
FTSE All-Share 4221.79 4203.79 4192.37 4183.01 4182.49 4163.19 4179.71 4175.24 4178.44 4222.07 4159.91 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:08:03:45 Day's Low12:53:00 FTSE 100 2010/11 High: 7611.23(17/01/2022) Low: 7297.15(24/01/2022) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:08:04:00 Day's Low12:53:00 FTSE 100 2010/11 High: 4292.58(17/01/2022) Low: 4099.16(24/01/2022)
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 Aberforth Smaller Companies Trust Pre 367.526 219.150L 415.190 245.500L 24.25000 22.90000 Mar 8 35.200 33.300 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Carnival Pre 1908.000 5594.000 9522.000L 10253.000L 8.460L 13.200L 0.00000 0.00000 - 0.000 50.100 01/17 8.00 GENF Genflow Biosciences PLC 12.20 0.00 13.00 9.47 3568.6
There are currently no rights offers by any companies listed on the LSE. Henderson Opportunities Trust Pre 47.987 6.598L 607.510 83.580L 8.00000 7.50000 Mar 25 14.500 14.000 01/11 3.00 ELEG Electric Guitar PLC 3.35 0.15 3.50 3.27 193.8
Jupiter Emerging & Frontier Income Trust Pre 23.332 9.158L 28.900 10.680L 1.25000 1.00000 Dec 30 2.250 2.200 01/06 21.50 GPL Graft Polymer (UK) PLC 22.00 0.10 21.88 21.80 2290.1
LPA Group Pre 18.265 20.711 0.387L 0.551 0.270L 4.820 0.00000 0.00000 - 0.000 0.000 01/05 50.00 AIM ADF Facilities by ADF PLC 63.00 0.45 68.00 60.00 4756.5
Stranger Holdings Int 0.000 0.001 0.222L 0.222L 0.150L 0.150L 0.00000 0.00000 - 0.000 0.000 12/24 100.00 MACA MAC Alpha Ltd 200.00 - 0.00 0.00 140.0
12/23 147.00 AIM CTA CT Automotive Group PLC 166.50 3.50 170.00 156.00 8480.4
12/23 20.00 AIM LIB Libertine Holdings PLC 33.00 1.10 42.00 24.88 4556.9
12/22 117.00 AIM APTA Aptamer Group PLC 132.50 2.93 148.71 123.00 9134.8
12/20 5.00 GSCU Great Southern Copper PLC 4.60 0.00 5.10 4.41 977.4

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.
Monday 31 January 2022 ★ FINANCIAL TIMES 11

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m
Australia (A$) Finland (€) CntJpRwy 14955 195.00 18455 14435 0.89 -21.63 26747.09 Nordea Bk 109.50 3.22 114.64 67.47 7.84 11.58 46054.44 BlackRock 808.14 7.22 973.16 670.28 1.97 21.60 122770.35 MondelezInt 66.42 -1.94 69.47 52.91 1.94 21.26 92654.05
ANZ 27.47 -1.11 29.64 23.11 3.93 13.02 54100.16 Nokia 5.08 0.04 5.71 3.20 - -15.88 32210.51 Denso 8369 -822.00 9575 5799 1.72 20.43 57252.22 SEB 119.50 -1.50 141.85 90.36 3.68 9.98 27503.26 Boeing 190.57 -14.87 278.57 183.77 - -12.87 111997.84 Monsanto 9.71 -0.03 10.00 9.51 - - 242.75
BHPBilltn 46.92 -1.09 54.55 35.56 4.63 15.16 96822.24 SampoA 43.17 0.01 47.33 34.44 4.07 32.16 26710.81 EastJpRwy 6550 -95.00 8626 6442 1.57 -5.24 21492.07 SvnskaHn 99.08 -2.37 108.15 82.84 4.44 9.80 20436.59 Booking Holdings 2412.94 67.08 2687.29 1935.88 - 263.06 99083.73 MorganStly 101.80 2.94 105.95 66.85 1.71 13.01 182671.14
CmwBkAu 95.67 -2.94 110.19 81.56 2.70 19.51 114185.92 France (€) Fanuc 22670 -45.00 29700 21720 2.05 29.29 39740.28 Swedbank 179.88 -3.44 196.70 144.14 4.32 9.18 21596.54 BrisMySq♦ 64.91 1.37 69.75 53.22 3.00 -27.41 144077.15 Netflix 384.36 -13.14 700.99 351.46 - 34.84 170253.11
CSL 257.51 -13.74 319.78 242.00 1.13 35.60 86230.23 Airbus Grpe 111.38 -2.02 121.00 81.84 - 20.24 97757.98 FastRetail 68090 450.00 110500 64440 0.72 40.13 62706.68 Telia Co 36.31 -0.30 39.97 33.75 5.61 -9.96 15747.21 CapOne 142.62 -3.90 177.95 102.57 1.05 5.34 60702.22 NextEraE 72.50 -10.10 93.47 68.33 2.07 61.24 142254.94
NatAusBk 27.65 -1.05 30.30 22.86 3.34 14.30 62999.4 AirLiquide 151.20 -4.00 157.40 124.25 1.88 26.80 80239.39 Fuji Hvy Ind 2082 -41.00 2413 1943 2.76 15.93 13903.66 Volvo 206.90 -8.20 240.80 182.00 3.11 11.54 34857.05 CardinalHlth 52.63 2.07 62.96 45.85 3.69 13.63 14830.5 Nike 145.91 2.96 179.10 125.44 0.73 39.71 230726.79
Telstra 3.96 -0.19 4.20 3.04 2.63 24.36 32540.93 AXA 27.93 0.42 28.39 18.21 5.28 11.67 75516.86 Hitachi 6048 -329.00 7460 4295 1.95 9.94 50841.16 Switzerland (SFr) Carnival 18.97 -1.02 31.52 16.32 - -2.34 18473.45 NorfolkS 271.99 -4.43 298.75 234.39 1.47 23.53 66187.27
Wesfarmers 52.74 -1.56 67.20 49.01 3.26 24.07 41826.37 BNP Parib 62.78 0.34 65.70 39.71 4.38 9.11 86522.56 HondaMtr 3356 -64.00 3677 2752 4.74 6.36 52779.59 ABB 31.13 -2.45 35.30 25.78 2.52 33.31 68714.19 Caterpillar♦ 201.16 -12.93 246.69 180.73 1.99 26.03 108815.81 Northrop 380.20 -18.61 408.75 282.88 1.58 13.40 60276.01
Westpc 20.63 -0.48 27.12 20.00 4.43 14.57 52936.68 ChristianDior 670.00 -16.00 733.50 429.40 0.92 30.13 135034.99 JapanTob 2328.5 -16.00 2417 1898 6.26 10.29 40432.36 CredSuisse 8.56 -0.32 13.50 8.23 2.77 287.79 24405.75 CharlesSch 88.91 -0.29 92.90 50.77 0.81 33.85 161043.24 NXP 189.45 -10.50 239.91 159.81 1.08 33.59 50381.05
Woolworths 34.89 -0.19 42.66 32.46 3.02 27.43 29576.92 Cred Agr 13.26 -0.02 13.58 9.23 6.22 9.43 46104.64 KDDI 3549 -33.00 3899 3021 3.47 12.25 70997.85 Nestle 118.06 -2.98 128.90 95.00 2.28 27.71 357296.01 Charter Comms 590.47 20.78 825.62 549.59 - 27.19 105866 Occid Pet 37.57 3.82 38.93 19.73 0.11 -51.03 35089.67
Belgium (€) Danone 55.21 -2.63 65.30 51.42 7.55 17.44 42391.81 Keyence 57340-4600.00 76210 47150 0.36 53.15 121075.95 Novartis 79.37 -0.50 86.92 73.01 3.86 19.81 207729.92 Chevron Corp 130.61 3.70 137.00 84.57 4.01 25.34 251775.06 Oracle 80.48 -1.74 106.34 60.21 1.51 23.01 214917.57
AnBshInBv 56.02 -2.12 65.86 46.66 0.94 22.60 108658.36 EDF 8.45 0.17 13.25 8.02 2.56 5.15 30541.82 MitsbCp 3895 4.00 3902 2641.5 3.64 12.58 50242.16 Richemont 130.10 -4.25 146.10 82.22 1.52 29.16 73012.09 Chubb 196.89 4.88 201.32 144.00 1.60 10.07 84808.65 Pepsico 172.67 -1.55 177.24 128.32 2.42 29.57 238742.68
KBC Grp 76.58 -0.86 86.50 55.88 0.59 12.67 35645.64 Engie SA 13.56 0.01 13.75 10.98 4.03 65.73 36865.64 MitsubEst 1658 36.00 2047.5 1546 1.80 15.43 20030.14 Roche 355.45 -5.20 384.20 293.05 2.50 22.39 268479.19 Cigna 233.45 -2.80 272.81 191.74 1.28 9.93 77371.81 Perrigo 37.91 -0.93 50.90 35.34 2.48 -12.25 5071.37
EssilorLuxottica 166.00 -7.60 195.00 116.40 1.39 52.60 82005.23 MitsubishiEle 1448.5 -23.50 1817 1408 2.84 12.11 27003.14 Swiss Re 100.85 3.91 102.15 77.26 5.81 25.67 34424.13 Cisco 55.61 -1.07 64.29 44.15 2.59 21.13 234541.1 Pfizer♦ 54.33 1.54 61.71 33.36 2.75 25.67 304947.04
Brazil (R$)
Hermes Intl 1295.5 -68.50 1678 839.40 0.36 59.25 152704.47 MitsuiFud 2430 106.50 2816.5 2080.5 1.86 11.02 20369.17 Swisscom 531.80 13.40 562.40 456.30 4.10 14.65 29617.02 Citigroup 64.69 1.42 80.29 57.40 3.14 6.16 131112.73 Phillips66 84.25 0.81 94.34 63.19 4.25 -73.64 36909.95
Ambev 14.93 0.24 19.86 13.35 3.24 15.14 43480.51
LOreal 368.10 -7.40 433.65 290.10 1.12 48.89 229203.45 MitUFJFin 700.60 16.30 701.40 468.90 3.81 7.59 80789.73 UBS 16.94 -0.56 17.72 12.79 4.02 8.63 67409.05 CME Grp 225.75 -0.16 232.64 177.91 1.56 33.47 81133.69 PhilMorris 103.52 0.60 106.51 78.34 4.66 18.13 161162.8
Bradesco 18.60 1.15 24.57 16.06 2.89 11.71 16757.18
LVMH 716.40 19.20 741.60 498.30 0.86 37.01 403751.77 Mizuho Fin 1571 5.50 1732.5 1375.5 5.07 6.05 34634.15 Zurich Fin 441.00 7.80 446.00 352.80 4.51 15.12 71335.74 Coca-Cola 60.84 0.39 61.30 48.11 2.73 30.13 262793.53 PNCFin 208.22 7.26 224.52 142.98 2.25 16.00 88002.27
Cielo 2.28 0.21 4.45 2.01 5.05 6.74 1145.79
Orange 10.47 0.58 10.74 8.93 6.89 30.77 31102.61 Murata Mfg 8206 -447.00 10690 7994 1.50 16.76 48146.72 Cognizant 84.44 0.18 90.08 66.19 1.11 23.91 44352.26 PPG Inds 154.83 0.09 182.97 132.10 1.42 26.16 36756.77
ItauHldFin 21.75 1.26 30.15 18.91 4.13 7.42 19948 Taiwan (NT$)
PernodRic 190.45 -6.80 214.50 152.10 2.16 37.01 55687 Nippon T&T 3240 -10.00 3313 2613 3.33 10.91 101886.78 ColgtPlm 83.05 -0.62 85.18 74.01 2.13 26.59 69998.58 ProctGmbl 160.50 -2.12 165.35 121.54 2.06 29.44 388401.62
Petrobras 35.89 1.30 37.80 20.60 6.88 3.39 49408 Chunghwa Telecom 117.50 0.50 118.50 108.00 3.66 25.89 32863.42
Renault 34.57 1.26 41.42 27.48 - -25.59 11414.57 NipponTT 3240 -10.00 3313 2613 3.33 10.91 101886.78 Comcast 49.72 -0.01 61.80 45.47 1.96 16.07 226697.28 Prudntl 110.19 0.18 115.98 77.27 4.11 6.03 41651.82
Vale 83.66 -1.25 120.45 61.85 17.52 4.44 79423.92 Formosa PetChem 96.10 -2.10 117.50 88.40 0.61 17.64 33005.64
Safran 103.94 -7.20 127.74 96.17 0.43 32.20 49583.06 Nissan Mt 605.40 -12.70 664.50 501.00 - 46.23 22184.59 ConocPhil 89.22 6.50 89.74 39.70 1.92 26.61 117676.44 PublStor 360.57 7.22 376.56 224.82 2.21 43.30 63227.59
Canada (C$) HonHaiPrc 102.00 -1.50 134.50 96.50 3.91 10.16 50981.57
Sanofi 94.26 3.32 95.16 74.92 3.50 19.86 132984.12 Nomura 508.90 -3.40 721.00 471.00 4.64-223.16 14286.85 Corning 42.12 7.06 46.82 34.25 2.22 41.92 35945.56 Qualcomm 166.81 1.88 192.68 122.17 1.59 21.31 187674.85
Bausch Hlth 30.81 -0.74 43.97 28.47 - -7.41 8645.27 MediaTek 1075 -25.00 1200 821.00 3.43 17.78 61969.89
Sant Gbn 58.11 -5.21 64.93 39.36 2.36 13.78 33999.53 Nppn Stl 1804.5 -127.00 2381 1196 4.55 3.54 14888.48 Costco 492.43 10.82 571.49 307.00 0.59 44.83 218359.46 Raytheon 90.33 3.12 92.32 66.11 2.17 39.14 135203.93
BCE 66.44 0.97 67.08 54.18 5.22 21.72 47284.69 TaiwanSem 636.00 -18.00 668.00 518.00 1.61 29.22 594596.33
Schneider 147.56 -10.42 173.78 119.85 1.82 27.50 93752.45 Panasonic 1246.5 -47.00 1541 1163.5 2.06 10.52 26556.21 CrownCstl 180.68 -1.57 209.49 146.15 2.93 59.94 78090.48 Regen Pharm 624.92 3.52 686.62 441.00 - 10.06 66066.38
BkMontrl 144.31 0.56 148.25 94.90 2.96 12.36 73251.25 Seven & I 5430 194.00 5461 3946 1.86 22.00 41790.07 Thailand (THB) CSX 34.43 0.33 37.76 28.14 1.06 21.77 76365.17 S&P Global 406.62 -10.31 484.21 307.07 0.73 35.23 97995.42
SocGen 32.85 -0.12 33.93 15.18 1.73 7.26 31295.62
BkNvaS 90.33 0.36 91.79 67.90 3.93 12.80 85360.06 ShnEtsuCh 18995 -105.00 21480 16965 1.57 20.55 68714.27 PTT Explor 38.75 -0.75 42.50 34.00 5.11 12.04 33175.35 CVS♦ 109.27 7.71 109.34 68.02 1.82 19.17 144242.81 Salesforce 222.13 3.50 311.75 201.51 - 92.84 218798.05
Total 51.24 1.62 52.49 33.91 5.45 14.16 151063.61
Brookfield 67.90 0.70 78.67 49.13 0.95 25.09 87210.5 Softbank 4795 -732.00 10695 4584 0.94 2.72 71727.41 United Arab Emirates (Dhs) Danaher 281.11 0.66 333.96 211.22 0.29 36.37 200874.7 Schlmbrg 39.68 3.32 41.04 21.80 1.25 34.09 55656.46
UnibailR 66.19 1.68 85.65 53.86 - -2.16 10242.7
CanadPcR♦ 92.27 -1.71 100.00 82.12 0.83 19.81 67159.38 Sony 12235 -900.00 14745 9963 0.50 15.80 133958.46 Emirtestele 33.08 3.12 36.90 19.74 2.41 31.08 78324.18 Deere♦ 373.79 9.51 400.34 282.74 0.86 22.46 115200.8 Sempra Energy 136.86 1.96 144.93 114.66 3.16 39.08 43703.28
Vinci 96.72 -1.58 98.61 75.54 2.18 23.92 63970.53
CanImp 158.97 -1.16 162.54 108.50 3.70 11.32 56102.04 SumitomoF 4211 53.00 4354 3243 4.88 10.08 50246.91 Delta 38.28 0.42 52.28 33.40 - -320.64 24499.73 Shrwin-Will 287.70 -5.15 354.15 218.06 0.67 37.13 75433.85
Vivendi 11.48 -0.07 12.09 5.16 5.39 10.60 14203.27 United Kingdom (p)
CanNatRs 64.97 1.03 66.20 28.67 2.83 13.09 59462.07 Takeda Ph 3327 2.00 4365 2993 5.56 10.79 45703.71 Devon Energy 51.55 5.43 54.26 16.17 0.85 29.61 34899.35 SimonProp 146.40 -0.56 171.12 90.56 4.62 23.93 48108.67
Germany (€) AscBrFd 1959 -83.00 2528 1719 0.32 32.38 20803.63
CanNatRy 153.05 -1.49 168.66 125.00 1.59 23.02 84114.02 TokioMarine 6991 190.00 7028 4907 3.23 12.79 42335.67 DiscFinServ 113.74 -0.71 135.69 81.27 1.59 6.82 33334.44 SouthCpr 62.57 -3.69 83.29 54.92 4.29 15.42 48371.7
Allianz 227.80 6.10 227.90 182.52 4.35 10.62 103890.83 AstraZen 8767 15.00 9523 6499.8 2.37 106.50 148935.02
Enbridge 53.00 1.65 54.00 42.78 6.27 18.61 84075.35 Toyota 2237 -105.50 2294.5 1443.2 2.34 9.75 316865.93 Disney 138.63 1.25 203.02 129.26 - 230.27 251981.64 Starbucks 97.21 0.90 126.32 93.79 1.76 41.71 114046.77
BASF 68.51 2.33 72.88 57.06 4.97 11.34 70258.57 Aviva 433.50 1.50 439.68 332.60 6.23 14.45 23336.87
GtWesLif 39.39 1.09 39.73 28.85 4.46 11.15 28703.52 DominRes 79.46 0.15 81.08 67.85 3.16 25.20 64242.4 StateSt 93.65 2.66 100.69 69.02 2.26 13.86 34241.17
Bayer 52.83 1.21 57.73 43.91 3.90 -6.65 57950.32 Mexico (Mex$) Barclays 196.88 -2.36 217.63 111.83 1.52 5.39 45064.55
ImpOil 51.89 1.29 53.65 24.14 1.89 68.98 27547.91 DukeEner 104.73 1.75 108.38 85.56 3.69 27.27 80572.73 Stryker♦ 248.39 -6.29 281.16 220.90 1.01 50.24 93666.94
BMW 92.40 -3.16 96.40 68.87 2.12 5.00 62107.09 AmerMvl 19.05 -0.72 21.89 13.25 2.03 12.25 39723.07 BP 385.45 3.20 399.85 250.35 4.03 16.02 103049.86
Manulife 26.15 0.87 27.68 22.76 4.30 7.67 39772.92 DuPont 76.07 -1.40 86.28 66.37 1.57 28.53 39788.92 Sychrony Fin 41.42 -3.00 52.49 33.41 2.11 5.89 22667.48
Continental 83.37 -5.74 132.68 82.36 - 16.89 18617.83 FEMSA UBD 156.68 -10.99 180.66 136.21 2.32 803.51 16212.46 BrAmTob♦ 3164.5 26.50 3242 2478 6.69 11.73 79143.29
Nutrien 87.58 -1.59 99.10 62.80 2.66 17.36 38290.65 Eaton 156.69 -3.85 175.72 115.52 1.91 30.58 62456.63 T-MobileUS 108.65 7.03 150.20 101.51 - 41.06 135709.67
Daimler 69.87 -2.06 76.80 47.51 2.00 6.26 83461.23 WalMrtMex 70.33 -0.21 79.99 57.55 0.87 28.95 58798.3 BT♦ 197.00 8.25 206.70 120.45 - 19.13 26219.22
RylBkC♦ 143.18 -1.47 145.25 103.22 3.04 12.84 159310.8 eBay 57.54 -2.00 81.19 51.51 1.21 20.22 37404.21 Target 217.67 0.42 268.98 166.83 1.32 16.36 104290.9
Deut Bank 11.91 0.43 12.56 8.37 - 13.56 27488.66 Netherlands (€) Compass♦ 1652 -28.50 1765 1283.5 - 82.60 36443.98
SHOP 1113.98 3.58 2228.73 990.00 - 32.66 99341.19 Ecolab 186.09 -9.00 238.93 180.37 1.03 47.72 53327.31 TE Connect 140.42 -10.48 166.44 117.86 1.39 20.85 45820.92
Deut Tlkm 16.69 0.60 18.92 14.60 3.71 14.17 92901.06 ASML Hld 566.10 -63.20 777.50 422.25 0.50 41.53 256922.8 Diageo 3697.5 -60.00 4364.1 2805.28 1.90 32.61 124860.89
Suncor En 36.15 2.07 36.69 21.07 2.33 22.53 41002 Emerson 90.71 -2.49 105.99 78.95 2.22 23.87 53963.38 Tesla Mtrs 846.35 -97.55 1243.49 539.49 - 276.21 849959.56
DeutsPost 52.44 -0.03 61.38 40.68 2.66 13.16 72548.94 Heineken 95.60 -4.10 103.80 80.84 0.76 47.29 61483.5 GlaxoSmh 1661 13.80 1696.9 1190.8 4.82 19.51 109573.02
ThmReut 133.88 0.59 156.62 101.02 1.51 8.12 50951.74 EOG Res 109.70 9.07 111.28 50.08 1.43 21.29 64184.37 TexasInstr 177.29 1.65 202.26 161.67 2.29 22.88 163731.93
E.ON 12.24 0.17 12.34 8.27 3.97 7.85 36091.72 ING 13.05 0.07 13.74 7.15 0.95 12.66 56868.37 Glencore 393.25 -16.80 420.03 3.40 1.10 33.95 76091.23
TntoDom♦ 100.21 -0.09 101.56 72.26 3.18 12.87 143159.47 EquityResTP 88.89 0.83 91.14 60.37 2.70 32.70 33335.19 TheTrvelers 166.82 4.21 171.46 135.87 2.06 11.75 41039.17
Fresenius Med 60.40 2.34 71.14 52.06 2.29 18.63 19751.4 Unilever 45.59 1.63 51.05 43.00 2.39 25.78 156614.39 HSBC 528.30 22.90 543.40 329.55 3.07 12.72 142087.47
TrnCan♦ 65.61 2.52 68.20 53.20 5.23 34.25 50382.72 Exelon 57.33 0.56 57.62 38.36 2.66 33.70 56059.15 ThrmoFshr 572.03 -8.30 668.94 433.52 0.17 26.69 225407.33
Fresenius SE 36.65 0.31 47.60 32.91 2.48 11.49 18506.78 Imperial Brands 1766.5 35.50 1779.5 1330 7.82 5.91 22599.58
China (HK$) Norway (Kr) ExxonMb 75.28 3.11 76.01 44.29 4.60 -54.44 318702.91 TJX Cos 71.38 3.92 76.94 61.15 1.07 33.31 85147.66
HenkelKgaA 67.60 -6.05 86.50 65.25 2.79 18.11 19608.99 LlydsBkg 51.20 -0.55 53.27 32.37 1.11 7.88 49497.82
AgricBkCh 2.93 0.00 3.30 2.54 7.65 3.82 11556.26 DNB 209.80 -0.60 217.90 163.25 4.10 13.57 36178.31 Facebook 301.71 -1.46 384.33 253.50 - 21.69 713929.69 Truist Financial Corp 62.58 1.11 65.42 47.69 2.91 14.84 83537.51
Linde 275.90 -6.90 306.00 201.10 1.34 45.60 157894.92 Natl Grid 1092 8.20 1102.6 805.40 4.50 25.45 49167.28
Bk China 3.03 0.03 3.17 2.60 7.72 3.71 32510.67 Equinor 248.50 1.35 259.90 150.30 1.70 32.69 90041.93 Fedex 244.78 -0.13 319.90 216.34 1.16 13.29 64859.2 UnionPac 245.93 -0.40 256.11 195.44 1.65 26.47 158102.42
MuenchRkv 279.30 13.00 279.30 215.25 3.62 16.69 43689.99 Natwest Group 242.50 2.50 251.00 145.70 2.47 11.83 38924.05
BkofComm 5.22 0.05 5.28 4.16 7.28 3.82 23450.25 Telenor 147.30 3.55 159.95 131.80 9.25 12.79 22928.29 FordMtr 19.54 -1.11 24.91 10.36 - 28.06 76702.11 UPS B 198.25 -3.70 220.24 154.76 2.04 27.26 144555.61
SAP 108.18 -13.02 129.74 100.46 1.77 21.69 148388.36 Prudential 1230 -75.00 1598.5 1158 0.95 17.09 42688.17
BOE Tech 0.74 0.00 1.21 0.65 - -63.20 18.89 Qatar (QR) ReckittB 6044 -400.00 6844 4905.16 2.89 -26.15 57092.84 Franklin 31.23 -0.59 38.27 24.91 3.57 8.79 15693.71 USBancorp 58.08 2.98 63.01 42.47 2.95 11.72 86120.89
Siemens 138.34 -6.18 156.98 124.96 2.61 21.33 131293.41
Ch Coms Cons 4.47 -0.19 4.73 3.52 4.79 3.08 2534.17 QatarNtBk 21.88 0.08 21.88 16.35 2.04 17.35 55504.84 RELX 2233 -31.00 2634.82 1484.9 2.10 32.27 57956.5 GenDyn♦ 212.82 6.28 213.00 146.53 2.70 18.38 59424.2 UtdHlthcre 466.06 4.89 509.23 320.35 1.15 29.06 438959.19
Volkswgn 251.60 -7.80 357.40 171.50 1.97 6.86 82897.43
Ch Evrbrght 2.92 -0.06 3.54 2.63 8.62 3.74 4750.22 Russia (RUB) RioTinto 5386 -71.00 6876.26 4354 6.25 6.46 96899.97 GenElectric 92.10 -4.20 116.17 85.12 0.35 70.13 101138.43 ValeroEngy 81.41 2.12 84.95 54.84 4.79 -75.77 33283.31
Ch Rail Cons 5.42 -0.35 5.99 4.51 5.09 2.75 1443.94 Hong Kong (HK$) GenMills♦ 69.38 0.35 69.85 54.31 2.98 18.85 41850.48 Verizon♦ 52.90 -0.26 59.85 49.69 4.74 10.00 222062.24
Gzprm neft 332.89 16.61 3649 184.81 - - 100788.56 RollsRoyce 113.02 -6.70 161.91 86.69 - 2.47 2819.61
Ch Rail Gp 4.73 -0.07 4.85 3.52 4.58 3.93 2553.46 AIA 80.85 -7.85 106.20 77.40 1.63 18.74 125492.25 GenMotors 50.24 -3.04 65.18 47.07 - 6.75 72941.46 VertexPharm 243.02 14.94 243.30 176.36 - 29.29 61788.31
Lukoil 6902.91 417.33 7554.91 7.45 - - 61167.88 RylDShlA 1895.2 87.80 1930.8 16.51 2.92 43.31 116869.36
ChConstBk 5.96 0.09 6.74 5.03 6.55 4.25 183854.34 BOC Hold 29.55 0.00 30.30 22.20 4.10 13.44 40087.22 GileadSci 68.86 0.35 74.12 61.39 4.06 11.79 86376.85 VF Cp 62.96 -5.04 90.79 61.49 3.10 24.62 24729.57
MmcNrlskNckl 22104 64.931681283.31 343.80 - - 43436.85 StandCh 534.20 23.00 549.80 406.20 1.67 13.00 23623.95
China Vanke 20.05 -1.25 35.00 16.84 7.47 5.04 4891.01 Ch OSLnd&Inv 22.95 -0.10 23.70 15.42 5.13 4.87 32229.2 GoldmSchs 347.01 3.10 426.16 270.62 1.40 6.53 116176.51 ViacomCBS 32.97 1.72 101.97 28.29 2.90 6.79 20003.11
Novatek 1613.93 6.93 13307.81 1262 - - 62671.88 Tesco 303.40 14.65 315.91 2.74 3.30 23.16 33322.45
ChinaCitic 3.73 0.00 4.29 3.28 8.18 3.31 7122.45 ChngKng 52.15 -1.00 56.05 38.25 3.36 10.81 24380.46 Halliburton 31.36 3.82 32.13 17.50 0.57 70.05 28070.84 Visa Inc 228.00 22.07 252.67 190.10 0.56 40.71 380170.89
Rosneft 567.53 -2.71 39143.78 116.00 - - 76924.01 Vodafone♦ 127.62 10.08 157.52 1.56 6.06-285.50 45662.62
ChinaLife 13.50 -0.70 17.28 12.22 5.55 5.36 12889.45 Citic Ltd 8.65 -0.04 10.24 5.96 5.50 3.49 32286.7 HCA Hold 236.61 -1.32 263.92 158.96 0.61 12.15 73591.1 Walgreen 50.46 -2.04 57.05 43.62 3.63 22.51 43560.71
Sberbank 261.80 9.18 568.52 221.04 - - 72276.99 WPP 1145.5 -45.00 1197 11.00 2.10 29.10 19454.72
ChinaMBank 65.05 -2.55 72.45 55.55 2.31 12.35 38318.14 Citic Secs 20.20 -0.95 21.52 14.89 2.37 11.00 5905.08 Hew-Pack 36.30 1.44 38.49 24.07 2.09 6.96 39302.83 WalMartSto 137.52 -2.67 152.57 126.28 1.53 40.04 381463.77
Surgutneftegas 35.76 -0.44 49.50 29.80 - - 16340.36 United States of America ($)
ChinaMob 52.55 2.05 59.20 45.90 6.29 8.25 138059.42 CK Hutchison 55.05 -0.35 65.80 48.80 4.10 6.32 27085.01 HiltonWwde 143.39 1.13 156.69 99.02 - 1108.76 39965.9 WellsFargo 54.19 0.52 55.51 29.68 0.92 12.94 222526.39
CNOOC 9.34 0.03 10.60 7.55 4.79 7.38 53505.96 Saudi Arabia (SR) 21stC Fox A 40.10 2.41 44.80 30.03 1.17 13.48 12845.9
ChinaPcIns 23.35 -1.85 42.75 20.85 6.12 6.78 8314.88 HomeDep 366.54 17.44 420.61 246.59 1.72 25.02 382755.43 Williams Cos 29.64 0.88 29.92 21.06 5.47 36.33 36013.48
HangSeng 155.90 -0.70 166.70 131.00 3.44 19.61 38243.47 AlRajhiBnk 147.80 -2.60 151.00 71.40 1.61 26.85 98483.43 3M 163.10 -9.55 208.95 160.54 3.60 16.22 94375.9
ChMinsheng 3.08 -0.14 5.01 2.56 8.40 3.83 3288.1 Honywell 201.99 -3.11 236.86 194.55 1.83 26.13 139054.56 Yum!Brnds 122.24 -2.00 139.85 101.18 1.60 23.72 35832.59
HK Exc&Clr 436.40 -37.80 587.00 421.00 2.09 43.42 70991.65 Natnlcombnk 73.00 -1.00 74.50 42.05 1.97 22.06 58370.43 AbbottLb♦ 125.35 -0.48 142.60 105.36 1.36 31.27 221654.77
ChMrchSecs 16.69 -0.58 25.97 16.01 4.53 14.94 19460.57 HumanaInc 386.18 10.93 475.44 365.34 0.70 18.74 49637.37 Venezuela (VEF)
MTR 42.45 -0.45 49.00 40.50 2.82-145.22 33734.18 SaudiBasic 123.40 -3.00 136.60 97.90 2.62 18.32 98670 Abbvie♦ 137.92 5.94 138.30 101.81 3.66 33.49 243728.85
Chna Utd Coms 3.71 -0.30 4.60 3.70 1.77 18.11 17925.62 IBM 134.50 5.15 152.84 114.56 4.71 23.80 120555.05 Bco de Vnzla 0.37 -0.04 594.00 0.07 271.17 - 294.51
SandsCh 21.60 0.55 40.55 14.64 - -19.44 22430.19 SaudiTelec 117.60 -4.40 139.80 103.20 3.38 20.95 62688.24 Accenture♦ 342.85 7.22 417.37 241.73 1.07 35.15 225709.39
ChShenEgy 19.50 -1.45 21.45 13.64 11.05 6.96 8450.6 IllinoisTool 231.75 -5.70 248.11 193.19 1.99 27.09 72741.86 Bco Provncl 1.90 0.05 798000 1.86 - -14.53 155.91
SHK Props 94.95 -0.10 126.00 92.35 5.08 10.58 35303.65 Singapore (S$) Adobe 518.16 18.25 699.54 420.78 - 44.01 244416.07
ChShpbldng 3.99 -0.16 5.08 3.78 - -290.25 13842.79 Illumina 331.96 -33.98 555.77 318.78 - 54.61 51885.35 Mrcntl Srvcs 6.25 -0.04 601.00 2.5529566.73 0.00 83.26
Tencent 460.00 -11.60 775.50 412.20 0.34 19.73 567150.76 DBS 34.82 -1.17 35.88 24.81 2.48 14.27 65960.8 AEP 90.13 0.16 91.66 74.80 3.27 19.03 45394.13
ChStConEng 5.20 -0.20 5.52 4.38 4.05 4.25 33203.37 Intcntl Exch 124.35 -1.29 139.79 109.04 1.03 23.06 70059.33
JardnMt US$ 59.88 0.76 68.88 49.13 2.79 92.04 42839.23 Aetna - - - - - - -
ChUncHK 4.08 0.03 5.50 3.82 4.23 8.16 16018.12 India (Rs) Intel 47.73 -4.31 68.49 46.30 2.86 9.32 194117.91 Closing prices and highs & lows are in traded currency (with variations for that
OCBC 12.42 0.12 12.77 10.17 3.27 11.30 41146.26 Aflac 62.35 1.49 63.61 44.77 2.03 10.14 41246.28
CNNC Intl 7.05 -0.36 8.92 4.59 1.81 18.03 18904.95 Bhartiartl 715.80 20.55 781.80 490.34 - -55.51 56131.36 Intuit 534.82 6.27 716.86 359.69 0.45 71.63 151443.32 country indicated by stock), market capitalisation is in USD. Highs & lows are
SingTel 2.46 -0.01 2.63 2.21 3.03 39.37 29955.84 AirProd♦ 277.63 -4.84 316.39 245.75 2.09 30.60 61546.23
CSR 3.56 -0.02 4.14 3.19 6.11 7.81 1996.62 HDFC Bk 1463.25 -58.35 1725 1353 - 24.85 108082.8 John&John 171.79 6.92 179.92 151.47 2.40 25.81 452253.83 based on intraday trading over a rolling 52 week period.
UOB 29.95 -0.35 30.39 23.08 2.55 15.71 36934.74 Alexion 182.50 - 187.45 99.91 - 59.43 40336.01
Daqin 6.61 0.02 7.11 5.80 7.12 9.64 15438.23 Hind Unilevr 2283.55 -41.85 2859.3 2120 1.37 63.53 71502.41 JohnsonCn 72.16 -0.56 81.69 48.22 1.48 34.54 50824.63 ♦ ex-dividend
Allstate 120.86 1.45 140.00 102.55 2.44 5.85 34647.67
GuosenSec 10.96 -0.74 13.29 10.32 2.06 13.16 15198.71 HsngDevFin 2516.5 -76.45 3021.1 2354 0.92 21.89 60734.61 South Africa (R) JPMrgnCh♦ 146.61 1.53 172.96 128.19 2.51 9.32 433271.56
Alphabet 2667.02 59.99 3019.33 1801.56 - 25.84 802265.42 ■ ex-capital redistribution
HaitongSecs 6.91 -0.37 7.81 6.36 9.23 5.33 3022.99 ICICI Bk 781.15 -23.35 867.00 529.45 0.26 25.75 72285.56 Firstrand 62.59 -0.87 65.24 46.00 1.87 12.33 22428.98 Kimb-Clark 138.92 -4.40 144.47 125.27 3.22 23.75 46776.69
Altria 50.48 0.16 52.59 40.46 6.86 34.05 92731.2 # price at time of suspension
Hngzh HikVDT 47.46 -2.29 70.44 47.00 1.65 28.27 60713.52 Infosys 1686.2 -99.50 1909.8 1231 1.63 34.22 94505.45 MTN Grp 174.34 8.77 178.36 61.00 - 39.85 20985.62 KinderM 17.20 -0.17 19.29 13.75 6.16 22.45 38999.72
Amazon 2879.56 26.70 3773.08 2746.37 - 56.61 1460362
Hunng Pwr 3.90 -0.48 5.74 2.44 5.38 -47.58 2352.12 ITC 217.60 0.55 265.30 199.10 4.97 18.65 35734.21 Naspers N 2347.66 -224.35 3844.25 1262.66 0.25 4.07 65315.46 Kraft Heinz 36.05 -0.95 44.95 32.73 4.42 19.38 44126.73
AmerAir 15.64 -0.66 26.09 14.91 - -2.99 10127.13
IM Baotou Stl 2.34 -0.19 4.14 1.12 - 27.27 11645.18 L&T 1897.55 -58.50 1994.8 1306 0.95 30.59 35523.68 South Korea (KRW) Kroger 43.47 -3.45 48.89 32.00 1.69 32.90 31961.56
AmerExpr♦ 177.06 18.32 189.03 115.81 1.21 18.58 137142.84
In&CmBkCh 4.68 -0.01 5.75 4.08 6.83 4.29 52118.96 OilNatGas 168.80 5.15 174.70 87.75 2.14 5.87 28299.59 HyundMobis 232000-9500.00 365000 220000 2.18 8.96 18200.71 L Brands 79.92 2.39 - - - - -
AmerIntGrp 56.96 -0.36 62.54 36.80 2.24 8.99 47293.75
IndstrlBk 20.88 -1.27 28.07 17.08 3.76 5.82 64343.12 RelianceIn 2335.85 -142.00 2751.35 1830 0.30 29.25 210617.48 KoreaElePwr 20600 -450.00 27450 20050 5.98 -11.98 10970.11 LasVegasSd 43.11 -0.64 66.77 33.75 - -23.81 32935.6
AmerTower 246.77 2.01 303.72 197.50 2.03 45.10 112382.44
Kweichow 1887 -82.52 2627.88 1525.5 1.00 48.25 372398.31 SBI NewA 523.45 20.75 542.30 279.10 0.77 16.21 62256.13 SK Hynix 120500-4500.00 150500 90500 0.98 10.13 72770.04 LibertyGbl 26.26 -0.20 30.58 23.19 - 1.29 4644.88
Amgen 229.14 1.42 276.69 198.64 2.99 23.75 129066.75
Midea 0.53 0.03 0.85 0.46 - 49.22 20.47 SunPhrmInds 827.35 18.60 851.00 554.10 0.91 31.76 26454.4 SmsungEl 73300-3200.00 86400 68300 4.17 14.02 362990.54 Lilly (E) 245.10 2.04 283.91 178.58 1.34 37.61 234460.8
Anthem 442.09 0.53 470.02 286.04 0.98 19.91 107301.73
New Ch Life Ins 22.15 -1.35 33.20 20.55 7.52 3.81 2938.99 Tata Cons 3690.05 -143.45 3989.9 2880 1.09 37.26 181903.26 Spain (€) Linde 314.94 -1.18 346.50 241.88 1.31 46.62 161423.99
Aon Cp 270.18 3.76 326.25 202.32 0.71 68.06 59529.41
PetroChina 3.90 -0.05 4.20 2.32 5.24 6.01 10558.1 Israel (ILS) BBVA 5.64 0.02 6.29 3.74 1.08 9.94 42019.55 Lockheed 393.15 21.95 396.99 319.81 2.63 18.21 107065.33
Apple 170.33 7.92 182.13 116.21 0.50 30.522782233.41
PingAnIns 60.55 -5.25 99.80 48.80 4.50 7.38 57861.34 TevaPha 27.20 -0.24 43.90 24.96 - 12.98 9388.76 BcoSantdr 3.15 0.06 3.51 2.39 0.90 9.46 60921.31 Lowes♦ 234.99 9.97 263.31 150.84 1.17 20.79 158323.85
Aptiv 130.98 -9.21 180.81 127.68 - 45.09 35431.94
PngAnBnk 15.83 -1.50 25.31 15.83 1.11 9.56 48260.17 CaixaBnk 2.88 0.11 2.92 2.02 0.96 3.65 25920.22 Lyondell 96.08 1.93 118.02 84.17 4.51 5.63 31973.88
Italy (€) ArcherDan 75.92 6.98 75.96 49.58 1.93 16.48 42472.78
Pwr Cons Corp 8.66 -0.74 9.96 3.57 1.05 17.61 15161.85 Iberdrola♦ 10.12 -0.03 11.74 8.59 4.31 19.33 71933.23 Marathon Ptl 71.80 1.10 73.29 42.32 3.21 98.87 44199.2
Enel 6.75 -0.15 8.77 6.47 5.48 31.14 76645.69 AT&T♦ 25.21 -1.40 33.88 22.02 8.21 194.94 179999.4
SaicMtr 18.66 -1.41 23.45 18.03 3.26 9.14 34250.07 Inditex 27.03 -1.07 32.85 24.34 0.83 28.26 94061.21 Marsh&M 150.27 -6.78 175.12 107.29 1.63 28.55 75870.63
ENI 13.57 0.47 13.80 8.16 5.10 32.86 54646.32 AutomData 199.27 -17.86 248.96 164.24 1.86 31.69 83969.2
ShenwanHong 0.06 0.00 0.11 0.05 - -10.11 62.98 Repsol 11.19 0.53 11.78 7.96 5.43 13.72 19083.5 MasterCard♦ 382.51 27.43 401.50 306.00 0.56 47.29 372835.98
Generali 18.27 -0.01 19.35 14.02 5.70 11.28 32243.84 Avago Tech 560.10 26.87 677.76 419.14 2.52 38.16 231250.71
ShgPdgBk 8.41 -0.39 11.24 8.41 5.59 5.27 38780.67 Telefonica 4.16 0.16 4.32 3.52 9.72 2.25 26206.69 McDonald's 256.09 1.50 270.17 202.73 2.00 26.54 191362.08
IntSPaolo 2.60 0.05 2.61 1.79 1.42 79.80 56341.93 BakerHu 27.16 -0.08 28.40 18.75 2.64 42.66 23628.33
Sinopec Corp 4.06 -0.05 4.69 3.40 3.77 4.44 13290.97 McKesson 258.21 11.59 258.28 169.34 0.67 -8.74 39424.06
Unicred 13.75 0.57 14.12 7.49 0.90 23.35 34337.56 Sweden (SKr) BankAm 45.87 0.95 48.69 29.57 1.63 13.80 375403.93
Sinopec Oil 2.03 -0.11 2.90 1.79 - 304.81 4327.41 Medtronic 103.13 -2.47 135.89 98.38 2.30 30.37 138664.24
Japan (¥) AtlasCpcoB 457.90 -37.50 534.40 383.80 1.67 29.89 18950.99 Baxter 85.29 -0.99 88.32 73.12 1.22 36.02 42704.14
Denmark (kr) Merck 80.90 0.92 91.40 68.38 3.20 24.42 204348.86
AstellasPh 1880.5 -22.50 2025 1590 2.51 28.46 30396.69 Ericsson 113.02 10.14 121.80 91.00 1.90 17.42 36828.59 BectonDick 255.73 -8.90 266.65 235.13 1.29 37.53 72894.14
DanskeBk 126.50 0.10 128.55 100.70 1.63 10.28 16360.49 Metlife 66.06 0.45 67.94 47.69 2.83 10.98 55567.04
Bridgestne 5016 -14.00 5467 3848 2.97 16.43 31081.01 H&M 187.68 15.04 229.50 157.90 - 32.91 29075.25 BerkshHat 469880 11205473899.99 343000 - 8.51 291296.47
MollerMrsk 23040 380.00 23800 12050 1.50 5.07 30786.36 Microsoft 308.26 12.23 349.67 224.26 0.72 34.662310984.05
Canon 2694.5 -75.50 2938 2182 3.24 13.17 31201.82 Investor 197.56 -6.19 228.75 152.55 1.36 2.31 38175.53 Biogen 225.21 4.69 468.55 217.94 - 21.66 33081.71
NovoB 638.90 7.60 773.70 420.15 1.51 30.92 169879.18 Mnstr Bvrg 85.31 -0.31 99.89 80.92 - 29.98 45140.86
BkNYMeln 58.48 1.30 62.39 39.46 2.16 14.96 48294.02

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
Corning 42.12 40.56 1.56 3.85 7.06 20.1 12.77 Softbank 4795.00 4692.00 103.00 2.20 -732.00 -13.2 -8.14 Jan 28 date Coupon S* M* F* price yield yield yield US Jan 28 date Coupon S* M* F* price yield yield yield US
Halliburton 31.36 30.83 0.53 1.72 3.82 13.9 36.05 NextEraE 72.50 72.51 -0.01 -0.01 -10.10 -12.2 -21.09 High Yield US$ US$
Devon Energy 51.55 51.74 -0.19 -0.37 5.43 11.8 15.84 Hunng Pwr 3.90 4.11 -0.21 -5.11 -0.48 -11.0 -31.58 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 -
AmerExpr 177.06 171.90 5.16 3.00 18.32 11.5 7.69 SAP 108.18 110.84 -2.66 -2.40 -13.02 -10.7 -2.06 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Occid Pet 37.57 37.26 0.31 0.83 3.82 11.3 27.44 Tesla Mtrs 846.35 829.10 17.25 2.08 -97.55 -10.3 -22.24 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 -
Visa Inc 228.00 206.15 21.85 10.60 22.07 10.7 4.56 ASML Hld 566.10 582.60 -16.50 -2.83 -63.20 -10.0 -20.61 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
ArcherDan 75.92 74.20 1.72 2.32 6.98 10.1 13.43 Illumina 331.96 324.36 7.60 2.34 -33.98 -9.3 -12.66 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Ericsson 113.02 113.98 -0.96 -0.84 10.14 9.9 13.75 Denso 8369.00 8181.00 188.00 2.30 -822.00 -8.9 -9.94 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 -
Cielo 2.26 2.15 0.11 5.12 0.19 9.2 -0.44 AIA 80.85 84.25 -3.40 -4.04 -7.85 -8.9 2.60 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
Schlmbrg 39.68 38.86 0.82 2.11 3.32 9.1 31.78 Naspers N 2347.66 2346.04 1.62 0.07 -224.35 -8.7 -3.99 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
EOG Res 109.70 109.75 -0.05 -0.05 9.07 9.0 21.59 PngAnBnk 15.83 16.30 -0.47 -2.88 -1.50 -8.7 -8.07 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 -
H&M 187.68 178.66 9.02 5.05 15.04 8.7 4.87 Intel 47.73 48.05 -0.32 -0.67 -4.31 -8.3 -7.79 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Vodafone 127.62 126.08 1.54 1.22 10.08 8.6 13.40 Sant Gbn 58.11 58.19 -0.08 -0.14 -5.21 -8.2 -5.50 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
ConocPhil 89.22 89.66 -0.44 -0.49 6.50 7.9 22.02 AutomData 199.27 196.42 2.85 1.45 -17.86 -8.2 -19.02
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
MasterCard 382.51 350.53 31.98 9.12 27.43 7.7 6.02 HenkelKgaA 67.60 74.60 -7.00 -9.38 -6.05 -8.2 -8.71
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
CVS 109.27 106.79 2.48 2.32 7.71 7.6 6.32 PingAnIns 60.55 61.10 -0.55 -0.90 -5.25 -8.0 7.84
T-MobileUS 108.65 106.03 2.62 2.47 7.03 6.9 -8.05 HK Exc&Clr 436.40 455.40 -19.00 -4.17 -37.80 -8.0 -3.66 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
VertexPharm 243.02 228.22 14.80 6.48 14.94 6.6 9.50 Pwr Cons Corp 8.66 9.10 -0.44 -4.84 -0.74 -7.9 5.61 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Lukoil 6902.91 6893.04 9.88 0.14 417.33 6.4 8.73 AtlasCpcoB 457.90 459.90 -2.00 -0.43 -37.50 -7.6 -13.31 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
21stC Fox A 40.10 38.25 1.85 4.84 2.41 6.4 6.96 IM Baotou Stl 2.34 2.34 0.00 0.00 -0.19 -7.5 -15.83 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
Jan 28 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jan 28 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 1.50-1.75 27-09-2018 1.00 1.75-2.00 1.25-1.50 Index change change change 1 month 1 year VIX 27.66 -2.83 30.49 38.94 14.10 Jan 28 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 27-09-2018 3.25 5.00 4.25 Markit IBoxx VXD 24.51 -3.36 27.87 45.68 2.67 - - - - - - - - -
US Discount 2.25 27-09-2018 0.75 2.50 1.75 ABF Pan-Asia unhedged 217.94 -0.03 -0.84 -0.84 -0.94 -3.32 VXN 33.31 -3.33 36.64 44.05 18.01 Tr 1.75pc '22 100.70 0.57 1.79 5.56 185.00 -2950.00 104.44 100.70 29.68
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 385.23 -0.37 -2.67 -2.67 -2.91 -5.09 VDAX 27.65 1.49 26.16 93.30 - Tr 0.75pc '23 99.85 0.85 0.00 13.33 70.00 2025.00 101.08 99.85 33.73
UK Repo 0.25 02-08-2018 0.25 0.50 0.25 Corporates($) - - - - - - † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 0.125pc '24 98.35 0.96 0.00 10.34 43.28 1500.00 100.37 98.35 34.12
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 238.97 -0.20 -1.06 -1.06 -1.25 -2.05 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 2pc '25 103.62 0.97 0.00 7.78 34.72 4750.00 120.52 99.56 38.33
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 252.45 -0.08 -0.78 -0.78 -1.28 -3.82 Tr 0.125pc '26 96.63 0.99 0.00 8.79 35.62 800.00 100.31 96.61 33.89
Gilts( £) 348.52 -0.06 -3.05 -3.05 -3.45 -7.11 BONDS: BENCHMARK GOVERNMENT Tr 1.25pc '27 101.19 1.03 0.00 7.29 35.53 543.75 107.14 101.11 39.34
INTEREST RATES: MARKET Global Inflation-Lkd - - - - - - Red Bid Bid Day chg Wk chg Month Year Tr 0.875pc '29 98.09 1.13 0.00 6.60 31.40 264.52 104.87 97.89 41.87
Over Change One Three Six One Markit iBoxx £ Non-Gilts - - - - - - Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 128.85 1.27 0.79 6.72 27.00 170.21 141.66 128.73 38.71
Jan 28 (Libor: Jan 27) night Day Week Month month month month year Overall ($) - - - - - - Australia 04/24 2.75 103.83 1.00 0.07 0.11 0.44 0.89 Tr 4.25pc '36 137.15 1.35 1.50 6.30 21.62 101.49 151.25 136.89 30.41
US$ Libor 0.07743 -0.001 -0.001 -0.004 0.10500 0.29900 0.51871 0.92157 Overall( £) 351.58 -0.12 -2.88 -2.88 -3.23 -6.50 05/32 1.25 92.76 2.03 0.08 0.03 0.43 0.85 Tr 4.5pc '42 155.61 1.41 0.71 5.22 19.49 65.88 172.18 154.49 27.21
Euro Libor -0.64957 -0.064 0.000 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Overall(€) 244.65 -0.11 -0.82 -0.82 -1.22 -3.39 Austria 05/34 2.40 125.37 0.30 0.00 -0.02 0.15 0.52 Tr 3.75pc '52 158.91 1.38 1.47 6.15 21.05 55.06 180.27 155.15 24.10
£ Libor 0.18063 -0.005 0.000 0.014 0.41540 0.61090 0.95990 0.81363 Treasuries ($) - - - - - - 02/47 1.50 120.69 0.61 -0.03 -0.03 0.13 0.52 Tr 4pc '60 182.74 1.25 0.81 5.93 22.55 45.35 213.01 175.55 24.12
Swiss Fr Libor -0.002 -0.77540 -0.75300 -0.70280 -0.55320 FTSE Belgium 10/23 0.20 101.41 -0.61 0.02 -0.01 -0.02 0.09 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.000 -0.06375 -0.02063 0.03379 0.04867 Sterling Corporate (£) - - - - - - Canada - - - - - - -
Euro Euribor
Sterling CDs
0.000
0.000
-0.56500
0.50000
-0.54700
0.63000
-0.51800
0.78500
-0.46600 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 03/24 2.25 101.86 1.34 0.03 -0.02 0.30 1.10 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 777.23 5.82 - - -0.69 13.00 Denmark - - - - - - -
US$ CDs 0.000 0.17000 0.26000 0.43000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/23 1.50 103.73 -0.57 0.03 -0.01 -0.03 0.07 Price Indices Day's Total Return Return
Euro CDs 0.000 -0.53000 -0.53000 -0.52000 Fixed Coupon Jan 28 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 102.56 -0.61 0.02 0.00 0.04 0.11
04/31 0.75 105.73 0.12 0.00 -0.01 0.16 0.50 1 Up to 5 Years 85.85 0.01 2436.96 -0.55 -2.14 0.96
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 172.64 -0.03 3601.75 -1.56 -5.65 1.13
Jan 28 term notice month month month year Markit iTraxx France 05/23 1.75 103.15 -0.63 0.01 -0.01 -0.01 0.07
3 10 - 15 Years 203.07 -0.12 4540.77 -2.12 -7.48 1.33
Euro -0.71 -0.41 -0.72 -0.42 -0.68 -0.38 -0.68 -0.38 -0.67 -0.37 -0.62 -0.32 Crossover 5Y 285.93 6.10 16.90 40.02 291.86 238.24 05/27 1.00 106.15 -0.15 0.03 0.00 0.16 0.41
4 5 - 15 Years 179.40 -0.06 3834.11 -1.76 -6.10 1.22
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 Europe 5Y 59.46 1.76 4.16 10.90 60.24 47.15 Germany - - - - - - -
5 Over 15 Years 347.58 -0.24 5857.31 -3.74 -10.09 1.34
US Dollar 0.11 0.31 0.04 0.24 0.07 0.27 0.16 0.36 0.33 0.53 0.60 0.80 Japan 5Y 52.50 0.75 3.00 5.67 52.84 45.63 08/23 2.00 104.19 -0.70 0.02 -0.03 0.00 0.08
7 All stocks 175.53 -0.12 3847.09 -2.27 -6.88 1.29
Japanese Yen -0.20 0.00 -0.20 0.00 -0.15 0.15 -0.15 0.15 -0.15 0.15 -0.15 0.15 Senior Financials 5Y 68.13 2.25 4.47 12.37 68.73 54.29 08/27 0.50 104.64 -0.33 0.03 -0.02 0.14 0.41
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/50 0.00 94.40 0.20 -0.02 -0.04 0.12 0.32 Day's Month Year's Total Return Return
Markit CDX Greece 01/28 3.75 116.50 0.91 0.00 -0.01 0.17 0.48
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Jan 28 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 218.01 -0.01 5.37 30.09 221.97 168.20
Ireland - - - - - - - 1 Up to 5 Years 316.18 0.15 -0.03 4.68 2650.79 0.26 5.84
Nth Amer High Yld 5Y 348.20 10.57 24.79 55.11 348.20 287.02
- - - - - - - 2 Over 5 years 867.94 0.20 -0.88 5.09 6589.01 -0.83 5.45
Nth Amer Inv Grade 5Y 62.54 2.06 5.20 12.76 62.54 48.82
03/24 3.40 108.39 -0.51 0.03 0.00 0.02 0.14 3 5-15 years 531.72 0.19 -0.47 3.62 4275.25 -0.30 4.40
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 07/24 1.75 104.19 0.02 -0.03 -0.02 0.02 0.16 4 Over 15 years 1146.23 0.20 -1.04 5.31 8456.07 -1.04 5.52
08/27 2.05 107.69 0.63 -0.03 -0.01 0.12 0.37 5 All stocks 770.40 0.19 -0.79 4.93 5962.84 -0.72 5.38
05/31 6.00 142.80 1.12 -0.04 0.00 0.15 0.46
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 128.50 2.04 -0.06 0.03 0.14 0.58 Yield Indices Jan 28 Jan 27 Yr ago Jan 28 Jan 27 Yr ago
Japan 04/23 0.05 100.00 0.05 0.01 -0.04 -0.06 -0.02 5 Yrs 1.01 1.01 -0.04 20 Yrs 1.44 1.43 0.80
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
01/28 0.05 99.05 0.26 0.00 0.00 0.06 - 10 Yrs 1.25 1.24 0.33 45 Yrs 1.16 1.15 0.72
Crude Oil† Feb 87.28 0.16 Corn♦ Mar 636.25 12.25 Jan 27 Jan 27 Prev return stock Market stocks
12/34 1.20 111.59 0.28 0.02 0.01 0.07 0.07 15 Yrs 1.40 1.39 0.64
Brent Crude Oil‡ 90.46 0.58 Wheat♦ Mar 787.25 11.00 Can 4.25%' 26 123.25 -0.495 -0.535 -1.89 5.25 80073.25 8
12/49 0.40 91.88 0.72 0.02 0.02 0.06 0.07
RBOB Gasoline† Jan 2.55 0.00 Soybeans♦ Mar 1471.75 25.75 Fr 2.10%' 23 107.69 -2.879 -2.792 0.94 18.05 264655.00 16
Netherlands 07/23 1.75 103.53 -0.66 0.03 -0.01 0.04 0.09 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Mar 411.80 7.10 Swe 1.00%' 25 122.79 -2.114 -2.127 -0.17 35.88 214135.41 6
07/27 0.75 105.51 -0.25 0.03 -0.01 0.15 0.40 Real yield Jan 28 Dur yrs Previous Yr ago Jan 28 Dur yrs Previous Yr ago
Natural Gas† Feb 4.67 0.31 Cocoa (ICE Liffe)X Mar 1690.00 9.00 UK 0.125%' 24 109.37 -4.011 -4.046 0.56 15.24 838861.66 31
Ethanol♦ - - Cocoa (ICE US)♥ Mar 2496.00 55.00 New Zealand 04/27 4.50 109.68 2.50 0.05 0.06 0.31 1.90 Up to 5 yrs -3.23 2.25 -3.15 -2.69 -3.67 2.26 -3.61 -3.13
UK 2.50%' 24 368.09 -4.827 -4.859 0.73 6.82 838861.66 31
Uranium† - - Coffee(Robusta)X Mar 2196.00 5.00 05/31 1.50 90.51 2.66 0.07 0.09 0.38 1.58 Over 5 yrs -2.25 23.48 -2.24 -2.24 -2.27 23.53 -2.26 -2.26
UK 2.00%' 35 308.06 -2.892 -2.878 -0.19 9.08 838861.66 31
Carbon Emissions‡ - - Coffee (Arabica)♥ Mar 235.70 3.95 05/31 1.50 90.51 2.66 0.07 0.09 0.38 1.58 5-15 yrs -2.68 9.55 -2.66 -2.74 -2.77 9.56 -2.75 -2.84
US 0.625%' 23 103.91 -2.532 -2.703 -0.13 47.03 1780852.35 45
White SugarX 496.00 -3.50 Norway - - - - - - - Over 15 yrs -2.19 28.74 -2.18 -2.18 -2.20 28.75 -2.20 -2.20
Diesel† - - US 3.625%' 28 129.18 -0.927 -0.949 -2.16 16.78 1780852.35 45
Sugar 11♥ 18.22 -0.19 - - - - - - - All stocks -2.26 21.30 -2.25 -2.25 -2.28 21.38 -2.28 -2.27
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 3056.50 -44.00 Cotton♥ Mar 123.56 2.00 Portugal 10/23 4.95 109.64 -0.57 0.01 -0.01 0.10 0.04 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 2505.00 5.00 Orange Juice♥ Mar 151.55 -10.00 04/27 4.13 121.81 -0.06 0.01 -0.01 0.09 0.26 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 9508.00 -217.00 Palm Oil♣ - - Spain - - - - - - - Gilt Closing Prices information contained herein is proprietary to
Lead 2258.00 -57.00 Live Cattle♣ Feb 138.80 0.80 BONDS: TEN YEAR GOVT SPREADS 10/23 4.40 108.54 -0.46 0.02 0.03 0.13 0.08 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 22240.00 -235.00 Feeder Cattle♣ May 134.88 - Sweden 11/23 1.50 102.90 -0.12 0.02 0.01 0.08 0.25 accurate, complete or timely; and does not constitute investment advice.
Tin 41700.00 -200.00 Lean Hogs♣ Feb 88.03 0.90 Spread Spread Spread Spread 12/27 0.13 123.58 -1.95 0.02 0.05 0.20 -0.30 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 3612.00 -23.50 Bid vs vs Bid vs vs 06/30 0.13 122.26 -1.87 0.01 0.03 0.21 -0.20
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland - - - - - - - All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1806.75 -29.20 Jan 27 Month Year 06/24 1.25 104.12 -0.48 0.03 0.01 0.14 0.26 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 2.03 - - Netherlands -0.25 - -
Silver (US cents) 2317.00 -69.00 S&P GSCI Spt 620.35 -0.22 - United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria 0.30 - - New Zealand 2.66 - -
Platinum 1021.00 -31.00 DJ UBS Spot 107.15 0.54 - Canada - - - Norway - - - 07/23 0.75 99.84 0.86 0.04 0.08 0.33 0.96 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2279.00 -28.00 TR/CC CRB TR 268.81 8.14 44.28 Denmark - - - Portugal -0.06 - - 07/27 1.25 101.18 1.03 0.04 0.01 0.31 0.97 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities LEBA EUA Carbon 58.91 -1.98 129.94 Finland 0.12 - - Spain - - - 07/47 1.50 102.08 1.40 0.02 0.00 0.26 0.59
Iron Ore 137.85 0.32 LEBA UK Power 1048.00 -37.43 -39.60 Germany - - - Sweden -1.87 - - United States 03/23 0.50 99.65 0.81 0.09 0.13 0.31 0.67 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 232.50 6.00 Ireland - - - Switzerland - - - 03/27 0.63 94.85 1.67 0.01 0.04 0.39 1.09
Baltic Dry Index 1381.00 79.00 Italy 1.12 - - United Kingdom - - - 04/32 3.38 143.26 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Japan 0.28 - - United States - - - 02/50 0.25 110.01 - - - - -
unless otherwise stated. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
12 ★ FINANCIAL TIMES Monday 31 January 2022

MANAGED FUNDS SERVICE

SUMMARY FT.COM/FUNDS

Winners - EAA Fund Japan Large-Cap Equity Losers - EAA Fund Japan Large-Cap Equity Morningstar Star Ratings Global Broad Category Group - Equity

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

LF Ruffer Japanese Fund -5.46 15.62 11.30 1.38 17.34 St. James's Place Japan Unit Trust Fund -7.65 -6.24 - 0.16 19.71 Select Emerging Markets Equities Pound Sterling QQQQ QQQQ QQQQ Sweden Small/Mid-Cap Equity Swedish Krona 20.47 28.69 18.66
Fidelity Japan Fund 2.99 15.46 9.05 1.27 15.87 Invesco Responsible Japanese Equity Value Discovery Fund (UK) -7.68 -2.25 -0.98 0.37 18.86 Global Emerging Mkts Sustainability A Acc Pound Sterling QQQQ QQQQ QQQQQ Taiwan Small/Mid-Cap Equity New Taiwan Dollar 22.31 28.48 19.35
Threadneedle Japan Fund -9.71 12.59 7.74 1.34 15.43 Uni-Global - Equities Japan -0.01 0.00 0.01 0.36 12.62 RobecoSAM S.Water/A Pound Sterling QQQ QQQQ QQQ Sector Equity Alternative Energy US Dollar -16.32 25.91 17.63
Fidelity Institutional Japan -9.10 12.11 8.36 1.20 16.60 AB FCP I - Japan Strategic Value Portfolio 0.04 0.02 0.01 0.44 17.57 Healthcare Opps I USD US Dollar QQ QQQQ QQQQQ Taiwan Large-Cap Equity New Taiwan Dollar 10.62 25.75 16.97
JPM Japan Fund -18.55 10.75 8.29 1.38 16.00 Candriam Equities L Japan 0.01 0.03 0.02 0.55 14.04 RAM Systematic North American Eq US Dollar QQ Q QQ Global Technology Baht 61.41 24.39 -

Advertising Feature Performance Weightings - As of 30/11/2021 Top 10 Holdings - As of 30/11/2021

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials 2.46£ 5.07£
Jan 2019 - May 2021 Microsoft Corp Technology 4.69£
EdenTree Global Equity Cls A Inc Communication Services 5.05£ 6.50£
Consumer Cyclical 6.74£ 11.04£
Alphabet Inc Class A Communication Services 3.92£
Consumer Defensive 0.12£ 8.02£
Energy - 4.54£
Salesforce.com Inc Technology 3.17£
Financial Services 11.45£ 15.09£
Healthcare 11.55£ 11.41£
Taiwan Semiconductor Manufacturing Co Ltd Technology 2.44£
Industrials 19.33£ 11.00£
Real Estate 0.30£ 1.74£
Marvell Technology Inc Technology 2.19£
Technology 33.55£ 15.96£
Utilities 3.44£ 2.41£
Biffa PLC Industrials 2.16£
Please remember that past performance is not necessarily a guide to future performance Cash € Equivalents 6.01£ 6.61£
Firm Name Corporate - 0.94£
Prysmian SpA Industrials 2.15£
EdenTree Investment Management Limited Derivative - -1.17£
Fund Name Government - 0.73£
PayPal Holdings Inc Financial Services 2.11£
EdenTree Global Equity Cls A Inc Municipal - 0.00£
Morningstar Category Securitized - 0.10£
Schneider Electric SE Industrials 2.09£
Global Large-Cap Blend Equity
Max Annual Charge
Lam Research Corp Technology 2.08£
- Risk Measures - As of 31/12/2021
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
QQQ Alpha -0.68 -1.45 -3.71 -1.80 -3.49 -1.82
Morningstar Sustainability Rating Beta 1.00 0.97 1.12 0.99 1.10 0.99
Fund Category Information Ratio -0.19 -0.28 -0.43 -0.40 -0.59 -0.43
Bid Price - KIID Ongoing Charge 1.51 R Squared 77.91£ 82.65£ 94.68£ 89.92£ 92.68£ 89.83£
Offer Price - Day-End One Year Return 18.68 Day -0.88% Month -9.17% Year 5.44% Sharpe Ratio 1.57 1.16 0.91 0.73 0.67 0.59
+/- -3.00 Total Ret 3Yr 15.83 Std Dev 10.71 12.95 19.69 16.79 16.89 15.67
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 ÿ/- ield 1 r 3 r Fund Bid Offer ÿ/- ield 1 r 3 r Fund Bid Offer ÿ/- ield 1 r 3 r Fund Bid Offer ÿ/- ield 1 r 3 r Fund Bid Offer ÿ/- ield 1 r 3 r Fund Bid Offer ÿ/- ield 1 r 3 r

China Consumer Fund W-ACC-GBP £ 2.97 - -0.05 0.07 -32.62 4.01

Emerging Asia Fund W-ACC-GBP £ 1.97 - -0.02 0.48 -10.31 11.25
Enhanced Income Fund W-INC-GBP £ 0.87 - 0.00 5.60 18.74 6.16
European Fund W-ACC-GBP £21.90 - -0.15 0.85 10.72 12.92
E tra Income Fund -ACC-GBP £ 1.44 - -0.01 3.29 -0.21 4.74
FID INST - Emerging Markets Fund W-ACC-GBP £ 2.02 - -0.02 0.71 -7.81 12.42
Fidelity American Fund W-ACC-GBP £55.35 - -0.03 0.00 5.07 11.45
abrdn Capital ÿCI Limited ÿJER CG Asset Management Limited ÿIRL
PO Bo 189, St Helier, Jersey, JE4 9RU 01534 709130 25 Moorgate, London, EC2R 6A Fidelity Asia Fund W-ACC-GBP £16.84 - -0.24 0.47 -14.39 9.66
FCA Recognised Dealing: Tel. ÿ353 1434 5098 Fa . ÿ353 1542 2859 Fidelity Cash Fund -ACC-GBP £ 1.02 - 0.00 0.09 -0.09 0.24
Aberdeen Standard Capital Offshore Strategy Fund Limited FCA Recognised FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.71 - 0.00 1.59 15.42 9.22
Bridge Fund £2.3677 - -0.0236 1.56 5.56 12.59 CG Portfolio Fund Plc
Fidelity European Opportunities W Acc £ 5.27 - -0.05 0.47 2.69 7.25
Global Equity Fund £3.5258 - -0.0534 0.91 8.98 17.49 Absolute Return Cls M Inc £139.74 139.74 0.47 1.31 7.48 7.51
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.21 - -0.01 3.43 8.17 9.40
Global Fi ed Interest Fund £0.9194 - -0.0015 4.73 -3.24 3.71 Capital Gearing Portfolio GBP P £38825.10 38825.10 116.42 1.00 8.00 7.61
Fidelity Sustainable Global Equity W-Accumulation £30.74 - -0.42 0.00 -11.92 13.01
Income Fund £0.6900 - -0.0042 2.55 7.18 11.50 Capital Gearing Portfolio GBP V £188.83 188.83 0.57 1.00 8.00 7.59
Fidelity Global High ield Fund -ACC-GBP £15.47 - -0.01 4.93 -1.15 3.29
Sterling Fi ed Interest Fund £0.8656 - 0.0003 2.85 -3.73 4.27 Dollar Fund Cls D Inc £171.68 171.68 2.30 1.39 4.16 6.88
Fidelity Japan Fund W-ACC-GBP £ 5.37 - -0.07 0.83 3.77 16.34
UK Equity Fund £2.1290 - -0.0044 3.01 5.70 3.98 Dollar Hedged GBP Inc £107.77 107.77 0.49 1.43 2.01 6.59
Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.69 - -0.04 0.26 -15.02 7.75
Real Return Cls A Inc £206.55 206.55 1.99 1.42 2.41 5.29
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.20 - 0.00 0.92 3.10 6.32
Ashmore Investment Management Limited ÿL Dodge & Cox Worldwide Funds ÿIRL Fidelity Special Situations Fund W-ACC-GBP £42.17 - -0.35 1.41 24.76 6.91 Foord Asset Management
2 rue Albert Borschette L-1246 Lu embourg 48-49 Pall Mall, London SW1 5JG. Website: www.foord.com - Email: info foord.com
FCA Recognised www.dodgeandco .worldwide.com 020 3713 7664 Short Dated Corporate Bond Fund ACC GBP £11.06 - -0.01 4.03 -0.63 2.21 FCA Recognised - Luxembourg CITS
Ashmore SICAV Emerging Market Debt Fund $ 77.69 - 0.15 5.73 -10.36 -1.73 FCA Recognised Fidelity Sustainable Water € Waste W Acc £ 1.19 - -0.02 0.50 8.55 - Foord International Fund R $ 48.98 - -0.18 0.00 3.42 8.02
Ashmore SICAV Emerging Market Frontier Equity Fund $ 200.96 - -0.12 0.41 19.78 7.93 Dodge & Cox Worldwide Funds plc - Global Bond Fund Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 - -7.27 5.14 Foord Global Equity Fund (Lu ) R $ 17.33 - -0.27 0.00 -6.06 -
Ashmore SICAV Emerging Market Total Return Fund $ 68.88 - 0.00 4.94 -11.05 -2.47 EUR Accumulating Class € 16.03 - 0.11 0.00 6.44 6.88 Fidelity UK Select Fund W-ACC-GBP £ 3.66 - -0.01 0.72 15.23 8.95 Regulated
Ashmore SICAV Global Small Cap Equity Fund $ 212.27 - -2.74 0.00 -3.85 16.54 EUR Accumulating Class (H) € 11.34 - -0.02 0.00 -2.91 4.07 Global Dividend Fund W-ACC-GBP £ 2.85 - -0.02 2.45 8.93 11.47 Foord Global Equity Fund (Sing) B $ 20.65 - -0.32 0.00 -5.66 11.58
EM Active Equity Fund Acc USD $ 149.84 - -1.79 0.00 -13.03 6.69 EUR Distributing Class € 12.11 - 0.09 2.13 5.59 6.59 Global Property Fund W-ACC-GBP £ 2.17 - -0.02 1.40 17.28 6.47 Foord International Trust (Gsy) $ 47.72 - -0.18 0.00 3.44 7.91
EM Equity Fund Acc USD $ 145.73 - -2.29 0.00 -8.07 15.44 EUR Distributing Class (H) € 8.50 - -0.02 2.26 -3.88 3.72 Global Special Sits W-ACC-GBP £54.48 - -0.47 0.32 7.60 14.27
EM Mkts Corp.Debt USD F $ 80.19 - -0.27 5.91 -7.32 1.56 GBP Distributing Class £12.33 - 0.05 1.94 -0.70 5.24 Inde Emerging Markets P-Acc £ 1.79 - -0.01 1.64 -8.80 6.27
EM Mkts Loc.Ccy Bd USD F $ 69.41 - -0.13 4.62 -7.48 0.06 GBP Distributing Class (H) £ 9.04 - -0.02 2.21 -3.16 4.54 Inde Europe e UK P-Acc £ 1.83 - -0.02 1.42 9.70 11.37
EM Short Duration Fund Acc USD $ 97.33 - 0.43 0.00 -18.90 -11.56 USD Accumulating Class $ 12.88 - -0.03 0.00 -2.05 6.01 Inde Japan P-Acc £ 1.85 - -0.02 1.75 -5.06 6.56
Dodge & Cox Worldwide Funds plc-Global Stock Fund Inde Pacific e Japan P-Acc £ 1.72 - -0.05 2.24 -2.03 4.12
USD Accumulating Share Class $ 30.12 - 0.03 0.00 20.29 13.46 Inde UK P-Acc £ 1.54 - -0.01 2.25 17.44 7.46
GBP Accumulating Share Class £37.03 - 0.26 0.00 22.98 12.98 Inde US P-Acc £ 3.32 - -0.02 1.02 18.80 18.47
GBP Distributing Share class £25.21 - 0.18 0.68 22.48 12.69 Franklin Templeton International Services Sarl ÿIRL
Inde World P-Acc £ 2.60 - -0.02 1.20 13.46 15.10 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
EUR Accumulating Share Class € 40.60 - 0.40 0.00 30.67 14.38 MoneyBuilder Balanced -ACC-GBP £ 0.63 - 0.00 2.49 9.24 5.52 Other International Funds
Algebris Investments ÿIRL GBP Distributing Class (H) £14.40 - 0.02 0.54 19.17 11.01
Regulated MoneyBuilder Dividend -INC-GBP £ 1.28 - -0.01 3.04 18.69 7.17 Franklin Emerging Market Debt Opportunities Fund Plc
Candriam Investors Group ÿL Dodge & Cox Worldwide Funds plc- .S. Stock Fund Franklin Emg Mkts Debt Opp CHFSFr 14.03 - -0.17 5.64 - -
Algebris Financial Credit I EUR €190.55 - 0.08 0.00 1.23 8.16 FCA Recognised MoneyBuilder Income Fund -ACC-GBP £14.40 - -0.04 2.81 -3.49 4.09
Atlantas Sicav ÿL USD Accumulating Share Class $ 39.90 - -0.13 0.00 28.38 16.25 Franklin Emg Mkts Debt Opp GBP £ 9.14 - -0.14 5.53 - -
Algebris Financial Credit R EUR €164.92 - 0.06 0.00 0.76 7.57 Regulated Candriam Eqts L Australia CapA$ 1750.60 - 36.06 0.00 12.86 13.44 Multi Asset Allocator Adventurous Fund -ACC-GBP £ 2.13 - -0.02 0.83 7.83 10.87
GBP Accumulating Share Class £46.39 - 0.14 0.00 31.27 15.75 Franklin Emg Mkts Debt Opp USD $ 16.05 - -0.23 5.57 - -
Algebris Financial Credit Rd EUR €105.28 - 0.04 4.36 0.85 7.62 American Dynamic $ 7480.68 7480.68 -262.63 0.00 6.47 18.39 Candriam t-Eqts Europe Cap €3246.46 - -127.97 0.00 16.60 10.47 Multi Asset Allocator Defensive Fund -ACC-GBP £ 1.43 - 0.00 0.83 -0.76 4.79
GBP Distributing Share Class £27.99 - 0.08 0.42 30.96 15.67
Algebris Financial Income I EUR €190.97 - 0.33 0.00 25.72 13.81 American One $ 7412.95 7412.95 -370.10 0.00 14.27 20.28 Multi Asset Allocator Growth Fund -ACC-GBP £ 1.90 - -0.01 0.79 4.85 8.80
EUR Accumulating Share Class € 46.43 - 0.26 0.00 39.47 17.19
Algebris Financial Income R EUR €175.11 - 0.30 0.00 24.59 12.79 Bond Global €1560.37 1560.37 4.91 0.00 3.52 2.52 Multi Asset Income Fund W-INC-GBP £ 1.05 - 0.00 3.88 1.65 4.47
GBP Distributing Class (H) £16.25 - -0.05 0.41 27.21 14.20
Algebris Financial Income Rd EUR €110.92 - 0.19 3.14 24.59 12.79 Eurocroissance €1432.65 - -79.94 0.00 14.24 14.42 Multi Asset Allocator Strategic Fund -ACC-GBP £ 1.68 - -0.01 0.73 2.00 6.75
Algebris Financial Equity B EUR €158.07 - 0.54 0.00 45.23 14.10 Far East $ 1217.34 - -41.76 0.00 -8.93 14.41 Multi Asset Open Advent W-ACC-GBP £ 1.74 - 0.00 0.84 8.29 8.76
Algebris IG Financial Credit I EUR €108.77 - -0.68 0.00 -1.93 - Multi Asset Open Defen W-ACC-GBP £ 1.41 - 0.00 1.05 2.10 5.08
Algebris IG Financial Credit R EUR €107.54 - -0.68 0.00 -2.41 - Multi Asset Open Growth Fund W-ACC-GBP £ 1.66 - 0.00 1.02 8.13 8.51
Algebris Global Credit Opportunities I EUR €127.94 - -0.15 0.00 -1.47 9.00 Multi Asset Open Strategic Fund W-ACC-GBP £ 1.55 - 0.00 1.14 5.07 6.66
Candriam Investors Group
Algebris Global Credit Opportunities R EUR €125.53 - -0.15 0.00 -1.81 8.67 Other International Funds Open World Fund W-ACC-GBP £ 2.21 - -0.01 0.55 12.00 11.52
Algebris Global Credit Opportunities Rd EUR €125.53 - -0.15 0.00 -1.81 8.67 Candriam Eqts L Emerging Mkts Cap €1085.72 - 6.25 0.00 -5.79 12.85 Strategic Bond Fund -ACC-GBP £ 1.35 - 0.00 2.28 -2.73 4.38
Algebris Core Italy I EUR €163.42 - 0.99 0.00 32.95 - Candriam Bonds Credit Opportunities €201.89 - -0.24 0.00 -0.47 0.84 UK Opportunities Fund W-ACC-GBP 294.20 - -1.30 1.26 14.25 12.65
Algebris Core Italy R EUR €156.13 - 0.95 0.00 36.00 20.73 Candriam Bds Euro High ield Cap €1260.33 - -3.08 0.00 0.30 4.18 UK Smaller Companies W-ACC-GBP £ 3.67 - -0.02 0.34 29.36 15.64
Algebris Financial Equity R EUR €134.07 - 0.45 0.00 43.94 13.00 Candriam Bds Euro Sh.Term Cap €2064.96 - -0.35 0.00 -0.73 -0.23 Institutional OEIC Funds
America £ 8.72 - -0.05 0.30 17.64 14.88
Emerging Markets £ 6.09 - -0.06 0.56 -7.94 12.25
Europe (e -UK) Fund ACC-GBP £ 7.20 - -0.08 0.56 2.56 13.10
Fidelity Pre-Retirement Bond Fund £157.00 - -0.70 1.63 -6.71 4.17
Global Focus £ 7.15 - -0.04 0.07 13.99 18.95
Inde Linked Bond Gross £ 4.87 - 0.01 0.03 4.04 7.05 Fundsmith LLP ÿ1200 F ÿ K
PO Bo 10846, Chelmsford, Esse , CM99 2BW 0330 123 1815
Japan £ 3.81 - -0.04 0.32 -9.10 12.11 www.fundsmith.co.uk, enquiries fundsmith.co.uk
The Antares European Fund Limited Chartered Asset Management Pte Ltd Authorised Inv Funds
Long Bond Gross £ 1.13 - -0.01 1.26 -11.17 4.18
Other International Other International Funds Dragon Capital
www.dragoncapital.com Select Emerging Markets Equities £ 2.21 - -0.02 0.45 -14.01 7.52 Fundsmith Equity T Acc 592.81 - 3.87 0.19 10.58 16.15
AEF Ltd Usd $ 564.56 - -11.86 0.00 -0.86 -0.40 CAM-GTF Limited $ 320034.58 320034.59 -4864.41 0.00 -5.66 5.25
Blue Whales Investment Funds ICA ÿIRE Fund information:info dragoncapital.com Select Global Equities £ 5.04 - 0.07 - 8.25 6.65 Fundsmith Equity T Inc 541.23 - 3.54 0.19 10.58 16.15
AEF Ltd Eur €526.24 - -11.15 0.00 -1.08 -1.37 CAM GTi VCC $ 780.49 - -32.39 - 12.31 4.69
www.bluewhale.co.uk, info bluewhale.co.uk Other International Funds South East Asia £ 6.61 - -0.08 0.93 -11.48 6.15
FCA Recognised - Ireland CITS RAIC VCC $ 1.64 1.64 0.03 2.06 5.74 -1.66
Vietnam Equity (UCITS) Fund A USD $ 38.65 - 0.36 0.00 57.63 21.07 UK £ 5.05 - -0.02 1.83 17.71 8.39
Blue Whale Growth USD T $ 10.75 - -0.13 0.00 0.20 -
UK Aggreg Bond Gr Accum £ 2.33 - 0.00 1.64 -6.17 3.52
Sterling Corporate Bond - Gross £ 2.96 - 0.00 2.17 -4.52 4.43
UK Gilt Gross £ 2.49 - -0.01 1.04 -6.99 2.80
Sterling Long Corp Bond - Gross £ 3.52 - -0.02 2.71 -7.69 5.45
GAM
Arisaig Partners funds gam.com, www.funds.gam.com
Other International Funds Consistent nit Tst Mgt Co Ltd ÿ1200 F ÿ K Regulated
Arisaig Asia Consumer Fund Class A (E -Alcohol) shares $ 108.62 - -3.04 0.00 -17.88 - Stuart House, St John's Street, Peterborough, PE1 5DD EdenTree Investment Management Ltd ÿ K
PO Bo 3733, Swindon, SN4 4BG, 0800 358 3010 LAPIS GBL TOP 50 DIV. LD-Na-D £117.52 - 1.11 2.76 22.05 8.70
Arisaig Asia Consumer Fund Limited $ 106.55 - -2.99 0.00 -19.28 5.62 Dealing € Client Services 0345 850 8818
Authorised Inv Funds LAPIS GBL F OWD 50 DIV. LD-Na-D £107.40 - 0.19 0.87 9.60 -
Authorised Inv Funds
Arisaig Global Emerging Markets Consumer Fund $ 13.54 - -0.30 0.00 -22.23 6.91 Amity Balanced For Charities A Inc 114.20 - -0.70 - 13.78 7.72
Consistent UT Inc 70.80 73.29 0.02 0.26 22.03 16.70
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - -4.18 2.02 Amity Global Equity Inc for Charities A Inc 159.30 - -0.60 2.14 11.78 11.93
Consistent UT Acc 189.10 195.90 0.00 0.26 22.00 16.66
Arisaig Global Emerging Markets Consumer UCITS STG £14.50 - -0.10 - -1.16 3.15 EdenTree European Equity Cls A Inc 312.10 - -2.30 0.81 15.95 10.57
Practical Investment Inc 251.30 269.00 -1.00 3.21 12.77 9.28
Arisaig Latin America Consumer Fund $ 27.11 - -0.02 - 1.96 -1.98 EdenTree European Equity Cls B Inc 315.00 - -2.40 1.39 16.59 11.34
Practical Investment Acc 1515.00 1622.00 -6.00 3.21 10.83 8.53
EdenTree Global Equity Cls A Inc 339.50 - -3.00 0.03 5.44 10.74
EdenTree Global Equity Cls B Inc 342.30 - -3.00 0.57 6.03 11.48
EdenTree Responsible and Sust S Dtd Bd B 98.14 - -0.06 0.86 -2.00 0.96
Genesis Investment Management LLP
EdenTree Sterling Bond Cls A Inc 100.70 - -0.20 3.31 -2.66 3.20 Other International Funds
EdenTree Sterling Bond Cls B Inc 113.00 - -0.30 3.30 -2.05 3.84 Emerging Mkts NAV £ 7.21 - -0.16 1.48 -11.78 6.29
Brooks Macdonald International Fund Managers LimitedÿJER EdenTree UK Equity Cls A Inc 244.10 - 0.50 0.37 3.31 5.15
5 Anley Street, St Helier, Jersey, JE2 3 E
ÿ44 (0) 1534 700 104 (Int.) ÿ44 (0) 800 735 8000 (UK) EdenTree UK Equity Cls B Inc 243.30 - 0.50 0.97 3.92 5.88
Brooks Macdonald International Investment Funds Limited EdenTree UK Equity Opps Cls A Inc 325.20 - -0.30 0.52 10.34 8.54
Euro High Income €1.4557 - -0.0008 2.50 -3.67 1.48 EdenTree UK Equity Opps Cls B Inc 332.00 - -0.20 1.07 10.95 9.30 FSSA Investment Managers ÿ K
High Income £0.8033 - -0.0004 3.77 -5.44 3.00 EdenTree Managed Income Cls A Inc 134.60 - -0.20 3.38 15.15 6.49 Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB
Sterling Bond £1.5031 - -0.0005 2.06 -6.44 2.82 EdenTree Managed Income Cls B Inc 143.00 - -0.30 - 15.72 7.05 infouk fssaim.com
Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Brooks Macdonald International Multi Strategy Fund Limited Authorised Funds
Cautious Balanced Strategy £1.3548 - -0.0025 0.00 0.23 4.10 Asia-All Cap Acc GBP £ 1.89 - -0.01 0.54 -1.19 9.90
Cautious Balanced Strategy A £0.9675 - -0.0017 - - - Asia Focus Acc GBP £ 2.36 - -0.01 0.48 -2.55 10.99
Balanced Strategy £0.9492 - -0.0022 - - - Greater China Growth A Shares 1197.93 - -13.77 0.00 -6.62 15.41
Balanced Strategy A £0.9506 - -0.0023 - - - Japan Focus Acc GBP £ 2.36 - 0.02 0.00 -16.06 13.80
Growth Strategy £2.0060 - -0.0079 0.00 1.62 5.45
Artemis Fund Managers Ltd ÿ1200 F ÿ K Growth Strategy A £0.9594 - -0.0037 - - -
57 St. James's Street, London SW1A 1LD 0800 092 2051 CP Global Asset Management Pte. Ltd. Ennismore European Smlr Cos Hedge Fd
Authorised Inv Funds High Growth Strategy £2.8011 - -0.0135 0.00 2.85 6.79 www.cpglobal.com.sg, Email: customer support cpglobal.com.sg Other International Funds
High Growth Strategy A £0.9522 - -0.0046 - - - International Mutual Funds
Artemis SmartGARP UK Eq I Acc 2252.99 - -27.27 2.67 33.18 12.93 NAV €681.93 - 0.49 0.00 25.64 6.73
US$ Growth Strategy $ 1.9030 - -0.0217 0.00 -2.01 6.96 CP Multi-Strategy Fund $ 279.67 - 2.91 - 15.75 15.20
Artemis Corporate Bond I Acc 112.23 - -0.41 2.34 -1.85 -
Artemis SmartGARP Eur Eq I Acc 419.89 - -4.94 2.39 22.09 9.49 Dealing Daily. Initial Charge Nil for A classes and up to 2£ for other classes
Artemis European Opps I Acc 118.39 - -0.09 0.44 0.33 5.14 Guinness Global Investors
Artemis SmartGARP GloEmr Eq I Acc 167.42 - -0.92 - 11.05 7.80 Guinness Global Equity Income GBP Dist £17.77 - 0.09 2.26 19.63 15.98
Artemis SmartGARP Glo Eq I Acc 378.16 - -2.37 1.96 17.95 11.36 Guinness Global Innovators GBP Acc £27.29 - -0.15 0.00 9.01 21.65
Artemis Global Income I Inc 114.74 - -0.67 2.20 22.75 11.23 Guinness Sustainable Global Equity GBP Acc £10.96 - -0.07 0.00 8.80 -
Artemis Global Select I Acc 167.08 - -0.92 0.27 8.60 15.71
Euronova Asset Management K LLP ÿCYM
Artemis High Income I Inc 79.07 - -0.29 4.69 4.40 4.91 CP Capital Asset Management Limited Regulated
Artemis Income I Inc 256.07 - -1.95 3.67 17.84 8.82 www.cpgbl.com, email: fundservices cpgbl.com
Smaller Cos Cls One Shares € 59.81 - -1.28 0.00 7.73 11.55
International Mutual Funds
Artemis Monthly Dist I Inc 76.44 - -0.19 3.30 11.98 7.47 Smaller Cos Cls Two Shares € 38.34 - -0.83 0.00 5.91 9.79
CPS Master Private Fund $ 382.17 - 1.94 - 15.60 14.47
Artemis Positive Future Fund 75.49 - -2.17 - - - Smaller Cos Cls Three Shares € 19.14 - -0.41 0.00 5.05 9.22
CP Global Alpha Fund $ 310.24 - 0.29 - 14.27 14.00
Artemis Strategic Assets I Acc 83.52 - 0.41 0.00 6.16 -0.88 Smaller Cos Cls Four Shares € 25.10 - -0.43 0.00 6.90 9.90
Artemis Strategic Bond I Acc 110.69 - -0.21 2.38 -0.73 4.00 HPB Assurance Ltd
Artemis Target Return Bond I Acc 109.21 - -0.13 2.18 2.21 - First Sentier Investors ÿ K ÿ K Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Artemis UK Select Fund Class I Acc 786.04 - -3.53 0.84 20.90 15.72 Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB International Insurances
infoUK firstsentier.com Holiday Property Bond Ser 1 £ 0.48 - 0.01 0.00 -1.64 -3.86
Artemis UK Smaller Cos I Acc 2144.20 - 0.49 0.24 25.19 9.77 Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Artemis UK Special Sits I Acc 788.69 - -4.61 1.35 14.33 11.04 Authorised Funds Holiday Property Bond Ser 2 £ 0.63 - 0.01 0.00 1.45 -1.24
Artemis US Abs Return I Hdg Acc 112.74 - 0.55 0.00 0.08 -0.38 Diversified Growth B Acc £ 1.27 - 0.00 - 7.30 6.25
Artemis US E tended Alpha I Acc 320.74 - -0.40 0.08 15.71 17.38 Emerging Markets Bond A Accumulation £ 1.44 - 0.00 4.44 2.33 4.19
Brown Advisory Funds plc ÿIRL
Artemis US Select I Acc 292.17 - -2.70 0.01 11.07 16.06 http://www.brownadvisory.com Tel: 020 3301 8130 Emerging Markets Bond A Income £ 0.94 - 0.00 4.59 2.33 4.22
Artemis US Smlr Cos I Acc 313.36 - -8.63 0.00 -0.39 13.87 FCA Recognised Global Listed Infrastructure Acc 298.65 - 0.42 2.44 10.23 5.70
US Small Cap Blend Fund USD B $ 22.08 - -0.35 0.00 4.25 12.06 Global Listed Infrastructure Inc 194.89 - 0.27 2.47 10.23 5.68
US Fle ible Equity Fund USD B $ 25.42 - -0.02 0.00 14.92 19.89 Global Property Securities A Accumulation 265.69 - -2.22 1.77 18.60 8.94
Global Leaders Fund USD C $ 22.51 - -0.13 0.00 9.06 18.43 Global Property Securities A Income 180.80 - -1.51 1.79 18.55 8.96 Hermes Property nit Trust ÿ K
US Sustainable Growth Fund USD C $ 25.50 - -0.14 0.00 9.77 23.71 Property & Other K nit Trusts
Global Leaders Sustainable Fund USD C $ 13.79 - -0.08 0.00 9.62 - Property £ 6.97 7.50 0.10 0.69 10.01 1.21
US Equity Growth Fund USD B $ 54.20 - -0.41 0.00 1.99 18.98
American Fund USD B $ 30.22 - -0.64 - 16.05 11.65
US Smaller Companies Fund USD B $ 35.93 - -0.57 0.00 -7.97 14.64 DWS ÿL
US Mid-Cap Growth Fund USD C $ 18.30 - -0.18 0.00 -8.09 14.19 Tel: ÿ44 (0) 20 7541 8999 www.dws.com FIL Investment Services ÿ K Limited ÿ1200 F ÿ K
FCA Recognised Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP
DWS Invest Top Dividend £151.81 151.81 1.07 2.66 14.13 8.16 Callfree: Private Clients 0800 414161 Findlay Park Funds Plc ÿIRL
Broker Dealings: 0800 414 181 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
DWS Invest Top Euroland £164.55 164.55 -0.48 0.51 8.88 13.83 OEIC Funds FCA Recognised
DWS Invest Multi Opportunities £116.90 116.90 0.88 0.00 11.09 5.81
Janus Henderson Investors ÿ K
Allocator World Fund -ACC-GBP £ 2.60 - -0.03 0.93 10.78 12.78 American EUR Unhedged Class €156.47 - 1.05 0.00 22.22 - PO Bo 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
DWS Invest Global Bonds £103.61 103.61 -0.09 0.00 0.54 0.89 American Special Sits W-ACC-GBP £20.40 - -0.04 0.50 24.77 10.38 American Fund USD Class $ 174.45 - -0.90 0.00 12.71 15.31 www. anushenderson.com
American Fund GBP Hedged £87.49 - -0.45 0.00 12.30 13.70 Authorised Inv Funds
Asia Pacific Ops W-Acc £ 2.93 - -0.05 0.50 -0.54 16.98
American Fund GBP Unhedged £130.25 - 0.48 0.00 15.33 14.67 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1242.00 - -16.00 0.00 -16.98 6.13
Asian Dividend Fund W-ACC-GBP £ 2.27 - -0.04 2.62 6.67 8.14
Monday 31 January 2022 ★ FINANCIAL TIMES 13

MANAGED FUNDS SERVICE

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14 ★ FINANCIAL TIMES Monday 31 January 2022

WORK & CAREERS

The paradox
‘
Before her first ward-round as a “I NEVER turn down something for One problem is that we are all individuals to rationalise and morally
medical student, Sunita Sah watched as free that I know isn’t going to kill me!” professionals now. The term used to be disengage the acceptance of [small]

that opens the consultant leading the group

stuffed his pockets with branded pens
retorted one manager in response to
Sah’s survey. “A free lunch from
almost the exclusive domain of
lawyers, doctors, teachers,
gifts”, Sah writes, or even to stop
noticing them altogether.

professionals and notepads from a hospital cart piled

with drug company freebies.
someone? Go for it! If the guy is fool
enough to think his free lunch/dinner/
accountants, and others who had
laboriously acquired specialist
Deep professionals should embrace
continued ethical training, to help

to temptation
Noting her astonishment, he
remarked, “these are the only perks of
the job”, and continued to stock up. “I
couldn’t help but think: ‘What’s the
end-effect of this?’” Sah told me.
She found part of the answer to that
question when she moved from
medicine into management consulting
use of cabin, etc, is going to influence
me, he doesn’t know me at all! People
don’t influence me beyond what I, and I
alone, allow!”
In the study for the Academy of
Management Perspectives, Sah equates
this “professionalism paradox” to the
Dunning-Kruger effect, according to
knowledge, shown integrity, and
deserved an elevated status. Now the
same status is loosely claimed by
everyone from salespeople to, yes,
journalists. The currency has been
debased.
In law, behaving professionally and
ethically is “part of your training, it’s
embed principles, and embrace an
High-minded understanding that they may be prone
to bribes and influence-seeking. They
managers may be should also continue to practise their
more prone to bias values, just as a concert pianist goes on
rehearsing scales.
because they think Professionalism “isn’t an
they know how to individual characteristic, or a feeling”,

and started analysing how every
interaction between healthcare
companies and doctors had an impact
on their prescribing habits.
Now a professor at Cornell University
and an honorary fellow at Cambridge’s
Judge Business School, Sah has filled in
more gaps with a new study that sheds
light on the dark side of
professionalism and how to avoid it.
Her findings are stark and
surprising. The greater a manager’s
sense of professionalism, the more
likely he or she is to accept a gift or
bribe. Worse, high-minded
professionals may be more susceptible
Andrew Hill to unconscious bias towards gift-givers,
precisely because they are convinced
Management they think they know how to ignore
their blandishments.
which poor performers lack even the
ability to recognise their own
hopelessness.
Sah’s study is based on surveys of
managers, but some of the pernicious
real-world effects of her paradox are
clear. In the extreme case of the opioid
epidemic, books such as Empire of Pain
and Dopesick (now also a television
series) have chronicled the way
respected physicians were dragged into
the overprescription of painkillers after
receiving free gifts and conference
invitations from manufacturer Purdue
Pharma. Yet their ability to self-
regulate against conflicts of interest is
still many professionals’ first line of
defence when watchdogs and
legislators start threatening to curb
their autonomy with new rules.
part of your identity, it’s what makes
you tick — which isn’t necessarily true
elsewhere”, David Morley, former
senior partner at Allen & Overy, says.
But the head of a professional services
firm adds that professionalism “can’t
be an excuse or a cover story” for a lack
of underlying principles.
These senior leaders are describing
the difference between what Sah calls
“deep” and “shallow” professionalism.
Deep professionals should recognise
the risk of undue influence and avoid
exposing themselves to it in the first
place. Her parallel is Odysseus plugging
his ears with wax to avoid falling for
the sirens’ song, or, more prosaically,
managers who decline all gifts, rather
than relying on a corporate threshold
to protect them. It is “easier for
’
says Sah. Instead, she would like to
ignore gift-givers redefine it as “repeated behavioural
practices that demonstrate a deep
understanding of the concept”, backed
by appropriate rules and codes. In that
form, anyone can aspire to deep
professionalism.
“The law as a profession doesn’t give
you some status or standing: you have
to earn that,” the senior partner of
another law firm told me. “We shy
away from [the attitude] ‘It’s OK, we’re
professionals’.” In fact, professionals
who catch themselves saying or
thinking anything similar should be on
their guard. They may be in the ethical
shallows and about to run aground.
andrew.hill@ft.com
Twitter: @andrewtghill

The Great Resignation

After Brexit, he has seen a drop off in

Employers worldwide are European applicants, adding that the
deploying pay rises, perks industry is notoriously bad for “burning
through staff” and that the number of
and extra training to hairdressing trainees has plummeted.
counter labour shortages, He is also unable to sponsor staff from
other countries because hairdressing
write FT Reporters in the UK is not considered “skilled”

G
work, which contrasts with countries
lobal labour shortages have such as New Zealand and Australia,
left companies around the where hairstyling qualifications are a
world and across sectors legal requirement.
struggling to fill vacancies. For now his salons are well staffed,
In the past two years, sup- and James says he makes sure he spends
ply has been hit by the Great Resigna- time at all three sites: “I know everyone
tion, as workers leave jobs in striking who works for me,” he says. Salon train-
numbers, and a lack of migration ees attend courses at local colleges,
because of travel restrictions. topped up with more in-house training
But what are companies worldwide due to the “huge difference” in the
doing to fill labour gaps? Common standards between colleges.
responses include raising wages and Beck says that meeting the challenges
increased investment in technology that of skills shortages “is going to be really
allows staff to spend more time on ful- tough” for small and medium-sized
filling work. businesses.
Japan was grappling with an ageing Eric Chevée, vice-president for
population and low birth rates before France’s Confédération des Petites et

What does it take to recruit and

the pandemic. Its population is the old- Moyennes Entreprises agrees, saying
est in the world, with 29 per cent aged 65 that in France, two-thirds of SMEs are
or older. There are shortages across struggling to hire.
sectors, with a particular pressure on The pandemic has worsened existing
nursing as the national workforce labour shortages in sectors across

keep staff in a tight market?

shrinks and more people need care. The
health ministry said in July that nearly
690,000 additional nurses would be
required by 2040 to meet rising
demand. But nearly 60 per cent of nurs-
ing homes say there is already a short-
age, according to a survey conducted by
an industry advisory group.
Sompo Holdings, an insurance group
that entered Japan’s care sector in 2015,
hopes digitisation will help. In 2020, it
invested $500m in Palantir, a Colorado-
based data analytics group, with the
idea of maximising its technology to
build a platform with data collected
from Sompo’s more than 280 nursing
homes across Japan.
Ken Endo, president of Sompo Care,
the nursing unit, believes the tech will
reduce paperwork, allowing staff to
spend more time caring for residents. In
Japanese society, caring responsibility
has traditionally fallen to families. This
has led to low wages and a lack of a train-
ing system in the care sector, according
to Endo, who is “surprised to see an
industry so reluctant to train people”.
Sompo has responded by establishing
training centres and programmes. Com-
bined with pay increases, this has
helped attract and retain talent.
Employee turnover, once more than 20
per cent, is now 11 per cent, with more
university graduates joining the com-
pany every year.
US sanitation group Waste Manage-
ment has also turned to technology
amid the country’s Great Resignation.
About 4.5m US workers quit their jobs
in November alone, the labour depart-
ment reported earlier this month. That
was the highest “quit rate” since it began
tracking it in 2001. Data indicate the
majority left their jobs after receiving
better offers.
Waste Management said it had begun
deploying partially automated refuse
lorries that do not require drivers to
empty bins themselves. “We are no
longer competing in just the waste
industry for [truck] drivers,” says
Tamla Oates-Forney, its chief people
4.5m officer, noting that the company was
Number of US having to compete for staff with the
workers who quit likes of Amazon and Walmart.
their jobs in
November Long-term pressures
US business leaders say they do not see
237,000 labour pressures letting up in the near
French hospitality term, as the existing workforce ages,
employees lost immigration stays low, and the millions
between February of Americans who left the labour force
2020 and 2021 during the pandemic show no signs of
returning. Many workers’ newfound
willingness to leave their jobs has been a
hindrance for employers, who say high
turnover makes it impossible to main-
tain consistent staffing levels.
The effectiveness of the hiring
bonuses and gimmicks such as offers of
cars and cash that US employers relied
on earlier in the pandemic have worn
off, forcing companies to re-evaluate
who could do their jobs.
Hotwire, a communications consul-
tancy, began recruiting account execu-
tives without tech experience for its US
offices, despite that sector being the
company’s core market. “We can’t take
the same approach we used to,” says
Heather Kernahan, its chief executive.
Food processor JBS is trying to attract
employees who are no longer interested
in long-term warehouse work by offer-
ing educational and housing benefits
while they work towards other careers.
The company launched a programme
that funds college educations for
employees or their dependants, even if
their studies lead them to a career out-
side JBS in as little as two years.
“I think for a number of our hourly
production workers, despite our best
efforts, a job is just a job to them,” says
Chris Gaddis, who leads human
resources at JBS USA.
Record vacancies
The UK had a record 1.2m job vacancies
in the three months to November 2021,
and more than half of businesses who
reported a worker shortage stated they
were unable to meet demands.
According to the Institute for Employ-
ment Studies, a think-tank, the UK
labour market is at its tightest in at least
50 years. The pandemic has converged
with the UK’s departure from the EU,
intensifying shortages further. How-
ever, Russell Beck at Imagine Think Do,
a people strategy consultancy, says the
pandemic has “amplified a trend that
was already playing out”.
An analysis by the London School of
Economics of how UK businesses are
responding to shortages says about a
third have raised wages, and about
20 per cent are investing in new technol-
ogies.
Simon Roberts, chief executive of UK
supermarket group J Sainsbury, says
that as a result of “challenging opera-
tional moments over the past 18
months, we’ve had to be really agile and
adaptable”.
In addressing a shortage of HGV driv-
ers, for example, he said the retailer had
“made radical moves to make sure we
had the capacity on the road to move
products”. These efforts included higher
salaries and offering retention pay-
ments. Sainsbury’s has also increased
pay for employees across all its stores.
Other companies, such as Aldi, the
supermarket, and Pret-a-Manger, the
sandwich chain, have also raised wages.
Shortages are also being met with pay
rises in professional sectors such as
banking and law. The law industry is
also turning to temporary staff, follow-
ing an M&A boom that has increased
workload — deals worth more than
$5.8tn were agreed worldwide in 2021, a
64 per cent year-on-year rise — and
higher attrition rates because of factors
such as exhaustion.
However, Beck, who is also a speaker
for Vistage, a leadership network, adds
that raising pay is only a short-term fix
as its effect swiftly wears off. “Money is a
bit like lip-balm,” he says. “Our lips are
chapped, they feel a bit sore, I need a bit
of lip balm. But it wears off and so I need
a bit more.” He adds that if someone
resigns and an employer counter offers
with a pay rise, “the stats all show some-
thing like 80 per cent of people still leave
within six months”.
Edward James, who owns three hair
salons in south-west London, employs
75 people and is keen to focus on retain-
ing staff. He is spending more on train-
ing and development. “It’s all very well
paying people a higher salary,” he says,
“but we need to upskill people.”
Europe such as IT, construction and
healthcare. Hotels and restaurants in
France lost about 237,000 employees
between February 2020 and 2021,
according the French labour ministry’s
Directorate for Research, Studies and
Statistics.
Striking a balance
Below left: Pay rises and other benefits are on offer
Edward James, to attract and keep hospitality workers.
who owns three “It’s necessary to adapt the working
hair salons in hours, increase salaries and to make
south-west students want to join hotel schools,”
London, is says Julia Rousseau, founder of recruit-
spending more ment consultancy Ethique RH.
on training and Spending time away from work dur-
development ing lockdowns made many workers
Charlie Bibby/FT; with unsociable hours start questioning
FT Montage/Getty Images/
their routines, Rousseau believes. She
Dreamstime
has helped many chefs and kitchen
assistants to change their lives and
among those who stay in the industry,
many are drawn to “dark kitchens”
where food is cooked for delivery only,
with a predictable number of orders.
In Paris, increasing numbers of high-
end restaurants are closing on Satur-
days and Sundays. Others are operating
reduced hours or are using different
teams for lunch and evening shifts.
Michelin-starred chef Guy Savoy was
already closing his eponymous restau-
rant for two and a half days a week
before the pandemic, in order to allow
his staff to rest, and believes this prac-
tice, plus the wages he offers and the
strength of his brand, have helped him
hold on to them.
‘It’s all very “It makes more sense to close an
extra day and to keep the same team,”
well paying he says. But he acknowledges that not
all businesses can afford this. A longer-
people a term solution? “The education system
higher needs to emphasise that manual occu-
pations are as important as academic
salary, but professions.”
By Janina Conboye in London, Eri Sug-
we need to iura in Tokyo, Eir Nolsoe in Paris and Taylor
upskill Nicole Rogers in New York
Additional reporting by Jonathan Eley
people’ and Domitille Alain.
Monday 31 January 2022
Polish your storytelling skills to win a pay rise
Behavioural science can
help workers create a
narrative and shape the
conversation in their
favour. By Grace Lordan
E
veryone pauses for thought
before a conversation with
their boss to ask for a pay
increase. This will be true
both for those who confi-
dently ask for what they want, and those
who balk at asking for more. This pause
may in fact be valuable as there are
some simple ways you can tip the odds
in your favour and ensure the process
goes smoothly.
Workplace performance can be diffi-
cult to measure. This means that, even
though you may have a long list of data
points and accomplishments to show
your boss, you also need to polish your
storytelling ability.
Why? Because humans are hard-
wired to listen to stories. We also
remember them. So by creating a simple
narrative about your pay request, you
are giving yourself the best chance of
getting a manager’s attention when you
request a salary increase.
In a world of information overload, a
honed story will allow your manager to
remember why you have added value as
a staff member long enough to ensure
you get a fair share of the pay rise pot.
The next step is to develop the narra-
tive for your pay discussions. It is worth
paying attention to the “peak-end rule”
whereby the peak and the end of a con-
versation are most memorable parts.
Pay conversations will go better if they
focus mainly on two significant accom-
plishments. This is particularly true if
your boss manages a big team, which
normally makes it more difficult for you
to stick in their mind.
When choosing the two accomplish-
ments, one should capture your best
performance last year and the second
should look to the year ahead. Pay talks
need to be polished, memorable and
information overload-free.
You should also set out your expecta-
tions on what the pay rise might be.
★ FINANCIAL TIMES
Ask trusted Setting an early anchor in the conversa-
colleagues for a tion provides a mental reference point
reality check on for your manager when deciding the
the level of your award level.
performance Imagine yourself beginning a conver-
before claiming sation with your manager on pay. Start
that you are with the usual greetings, settle your
being short- nerves and establish a collegial tone.
changed Start by stating the level of the pay
Getty Images increase you are expecting. If you are
asking for an increase of less than 10 per
cent, state the percentage increase —
single-digit numbers frame the request
as a small one. Otherwise, ask in mone-
tary terms.
Follow on with several punchy points
on the added value you have brought to
the organisation in terms of numbers.
Think: 100 satisfied converted custom-
ers rather than 100 pitches given, or
100 risk incidents averted rather than
100 policies written. Basically, focus on
WORK & CAREERS
“added value” over “process indicators”
when making your point with numbers.
Now for the hook. This represents the
peak of the conversation so it needs to
be memorable. Pick your biggest
accomplishment, and go into detail.
Highlight the obstacles you moved to
make the outcome happen. Emphasise
the value created, and point to all visible
and invisible evidence which illustrates
that. This evidence should include glow-
ing reviews from clients, or details of the
added monetary value if you have an
income generating role in the organisa-
tion. This presentation isn’t a mono-
logue, though: encourage questions and
respond to feedback.
Pay rises aren’t all about past output.
You deserve a pay increase based on
your potential, too. At this point you
should vocalise your plan for the next
year. What exactly are you going to do
differently when this year has been so
productive? It’s time for a commitment
of “more of the same” or, if you can pull
it off, “more of the same but better”.
Save the accomplishment you expect
to achieve in the next year for the big
finish. Elevate your ending by being
clear on how this accomplishment will
help your manager, either in terms of
saving them time, or making them look
good. Even humble managers will
appreciate an ego stroke.
End your pitch by circling back to
your pay request, and express gratitude
for the opportunity to have this conver-
sation. If you are currently underpaid,
speak to your boss about how your pay
stacks up to that of peers, both inside
and outside the company.
Collect this data from any pay distri-
butions your company publishes and by
asking your networks.
15
Comparisons like these will only
work if you are actually underpaid, so
get real: while most people think they
being underpaid, many are not. Ask
colleagues you trust for a reality
check on the true level of your perform-
ance before claiming that you are being
short-changed.
Timing matters. If you are in a large
team you might have the luxury of
choosing a time slot for your pay discus-
sion. Go first if you truly are the most
impressive person in your team. This
means you will benefit from the pri-
macy effect, which causes the person
who is seen first to be judged most accu-
rately. Go last if your pay conversation
relies on bluster and your actual per-
formance is less than stellar. If you also
get your peak-end narrative right, the
“recency effect” will mean you stay pos-
itive and fresh in your boss’s memory.
Always avoid talking just before
lunch, when your manager may be hun-
gry. And if you can, avoid having the
meeting during a period when your
boss is suffering negative emotions.
This is where the rapport you have
with their executive assistant can pay
dividends: it once saved me from a pay
discussion when my manager had just
learned their spouse was filing for
divorce.
If you can, pick Tuesday to have the
discussion. The Monday rush is over,
but there is plenty of time left in the
week for your boss to feel awkward if
they reject you. It is easier to reject
someone on a Friday, just before the
weekend break from work.
You may get rejected, but the pain will
not be as bad as you anticipate. Plus, the
fact you have now asked for a pay rise
sets you up for a higher probability of
success next time around.
Your boss — like almost everyone —
Pay rises has a strong belief in the narrative that
they are a nice person. Getting a “no” to
aren’t all your pay demand two years in a row is
about past much less likely than you think. Trust
me — you have sown seeds that will
output. You flourish.
deserve a Grace Lordan is associate professor in
rise based behavioural science at the London School of
Economics and founding director of The
on potential Inclusion Initiative
16
Gallerists launch their creative white space
Jeremy Epstein and Charlie
Fellowes, co-founders of
Edel Assanti, update a 1960s
business model for the 2020s.
They talk to Melanie Gerlis
N
ot many art galleries start in
secret. But when, in 2010,
Jeremy Epstein and Charlie
Fellowes launched Edel
Assanti, it was in the wake
of the financial crisis and — without sig-
nificant private backing — they needed
to keep their day jobs, Fellowes at Ham-
iltons photography gallery, Epstein at
Gagosian. “We were financially very
hand-to-mouth,” says Epstein. That
explains the gallery name, seemingly
unrelated to the pair, though in fact
“Edel” is Epstein’s grandmother’s
maiden name and “Assanti” is the sur-
name of a sculptor who eloped with
Fellowes’s great-grandmother.
At the end of January, Epstein and
Fellowes marked their 11-year trajec-
‘Anyone starting out
now really needs to
understand their digital
footprint. Things are
completely different’
tory with the opening of a striking new
space on Little Titchfield Street in Fit-
zrovia, designed by hip London archi-
tects Sanchez Benton. The light-filled
gallery has three exhibition rooms
across two floors, plus ample office and
storage space. “The heritage planning
officer here was the same one as when
we started out,” says Fellowes. “He was
pleasantly surprised to see that the gal-
lery had gone from being a pop-up space
in a derelict office building in Victoria to
where we are today.”
The no-nonsense pair met through a
contact who thought they would have
common ground. “We went for a beer,”
★ FINANCIAL TIMES
Epstein says. “It was a Sliding Doors
moment,” Fellowes adds. Each of the
thirtysomethings sports a hipster
look, with glasses and beards of vary-
ing thickness.
But they aren’t so much trendy
upstarts as art historians whose light-
hearted camaraderie belies their atten-
tion to detail. When we initially chat
over Zoom, they don’t so much inter-
rupt each other as overlap — it seems a
very natural working relationship. Once
they had taken the plunge and left their
day jobs, their more careful characteris-
tics set the tone. “Everything has always
been very considered. It’s been a case of
ARTS
Clockwise, from above: taking measured risks rather than a leap
Jeremy Epstein, left, and of faith,” says Fellowes.
Charlie Fellowes at their All the while, they were building
new London gallery; film their stable of artists, nurturing the
projection by Noémie talent of people generally around the
Goudal, part of her show same age as them and growing together.
at the gallery; Goudal’s It’s an old-fashioned way to do business,
‘Tropiques V’ (2020) often referred to with rose-tinted nos-
Will Amlot
talgia as the “Castelli model”, in defer-
ence to the postwar New York gallerist
Leo Castelli, who became successful
alongside such artists as Andy Warhol
and Roy Lichtenstein.
Others have since succeeded in a simi-
lar vein — in London this includes gal-
lerists such as Maureen Paley and Sadie
Coles — but it is a harder road to stick to
in today’s relentlessly international,
open-all-hours art market.
Fellowes and Epstein are the first to
acknowledge that things are not quite
the same in the 2020s. Epstein charac-
terises the shift: “Even back in 2010, it
really was a word-of-mouth industry.
We knew who we had to get in front of
the works and tried to get them there.
Now — well, we had an online group
show during lockdown and created a lot
of content.
“We had visitors from Asia, the US —
all collectors who were very forward in
introducing themselves to us [virtu-
ally]. It opened our eyes. Anyone start-
ing out now really needs to understand
their digital footprint. Things are com-
pletely different.”
They recognise the risks. Just as major
football clubs poach up-and-coming
players from lower-league teams, the
increased visibility of Edel Assanti’s art-
ists makes the gallery more vulnerable
to some of the harsher realities of the art
market. “We can’t compete with the
Dating show that steers clear of cringe
PODCASTS
Fiona
Sturges
T
his Is Dating bills itself as a
series of recordings of first
dates, but it’s way more
interesting than that. As
well as eavesdropping on
the conversations of would-be couples,
the podcast has a strong seam of
analysis as it picks over themes of
expectation, attraction and the
minefield that is online dating.
Jesse Baker, Hiwote Getaneh and
Eleanor Kagan are the show’s hosts,
matchmakers and producers. In each
episode, guests are asked to discuss
their flaws and what they want out of a
new partner, after which they are set up
on a blind date over Zoom. On hand for
pep talks and debriefs is Logan Ury, a
behavioural scientist and dating coach
who points out patterns of behaviour or
inconsistencies that might hamper the
guests’ progress. Perhaps most
impressive is how all this happens
without killing the show’s fun and
hopeful vibe.
The series comes from the same team
who made Where Should We Begin? with
Esther Perel, the hit podcast that sits in
on couples’ therapy sessions. While This
Is Dating isn’t nearly as brutal, there is a
shared impulse to analyse the process
and understand how individuals relate
larger galleries in terms of scale. But we
can compete in terms of quality and
character, we have a depth of engage-
ment that is quite hard to match,”
Epstein says.
Their grown-up, elegant gallery is
marking its next stage with an opening
show of French artist Noémie Goudal,
who summarises the conceptual and
research-led approach of many of the
artists they represent. Goudal’s work
takes time to understand. The press
release for Post Atlantica includes the
word “palaeoclimatology” — a first for
me — but the show is no less eye-
catching for its exploration of deep
time. A four-metre aluminium installa-
tion spliced with photographic prints of
palm trees weighs heavy in the central
gallery. Nearby, a three-part film projec-
tion has waves crashing on the French
coastline while, in the more intimate
to one another romantically. And so we
meet Virginia (not her real name), a
human rights lawyer who has a history
of being attracted to unavailable men.
Over five years she has been on 50 dates,
only two of which led to further
meetups. “I don’t make connections
easily,” she says. We also meet Khan,
who has a habit of “love-bombing” the
women he goes out with, meaning he
deluges them with attention before
suddenly losing interest, and Aziz, who
is so sure about the qualities he wants in
a boyfriend that he keeps a list.
Dating shows are traditionally
prurient affairs made for audiences to
revel in moments of soul-crushing
awkwardness. This Is Dating could easily
go for the cheap laughs but instead it
offers a more substantial experience,
one where there are no obvious saints or
villains, where no one is hung out to dry
and in which we all emerge a little wiser
Monday 31 January 2022
downstairs space, a lush film (more
palm trees and water) confounds us
with metallic, mechanical sounds. A
cooler room, with photographs of snow-
capped mountains and self-contained
porcelain sculptures, disarms visitors at
the back of the gallery.
Goudal was one of the first artists to
sign up to the gallery, having shown in
their initial group exhibition in Victoria.
“We didn’t sell any of her work from that
show; she was a slow-burn, but became
a commercial linchpin,” Epstein says.
By 2014, they were behind Goudal’s first
solo show in a public museum, the New
Art Gallery Walsall, an institution that
Fellowes notes has been supportive of
their other artists too.
Epstein’s other role is as the co-
founder of London Gallery Weekend, a
successful collaborative event launched
last year to galvanise momentum
through the city’s many independent
spaces. This spirit continues into the Fit-
zrovia gallery, where Fellowes and
Epstein will offer space to an overseas
gallery when possible. First up later this
year is New York’s Franklin Parrasch,
whom Epstein describes as “an inspira-
tional gallerist, something of a mentor”.
They are excited about the next chap-
ter, which includes the recent hire of a
new director, the writer and broadcaster
Cleo Roberts-Komireddi. Fellowes says,
“Our greatest satisfaction and pleasure
comes from seeing people in the gallery
on a Saturday who might not otherwise
have been there. We get a real kick
from that.”
edelassanti.com
Installation view
of ‘Noémie
Goudal: Post
Atlantica’ at
the gallery
Will Amlot
about the nuances of human
relationships. I won’t reveal what
happens on the dates, but it’s fascinating
to hear the gulf between what takes
place and the participants’
interpretations of it. That the series will
be following them over further dates
means there is scope to see them
develop too.
Modern Love, a first-person podcast
based on the popular column in The
New York Times, is similarly revealing
about people and their relationships,
from undocumented immigrants to
prison inmates to lonely octogenarians.
The series, which has spawned books
and an Amazon TV series, is made up of
sad, uplifting, surprising and funny
essays read by guests including Daniel
Radcliffe, Saoirse Ronan, Daisy Edgar-
Jones and Zawe Ashton.
podcasts.apple.com
‘This Is Dating’
eavesdrops and
analyses while
retaining a sense
of fun — Getty Images
Monday 31 January 2022
The European Bank for Reconstruction and Development was created to help further the cause of
democracy. But its work in Turkey, Kazakhstan and elsewhere risks making a mockery of its mandate.
Does the EBRD still finance freedom?
T
he investment climate was
hardly auspicious when the
head of the visited Ankara,
the Turkish capital, late last
year. The lira was under
heavy pressure. Inflation was soaring.
Opposition parties were warning that
President Recep Tayyip Erdogan’s grow-
ing authoritarianism and erratic eco-
nomic management were demolishing
the living standards of ordinary Turks.
That did not deter Odile Renaud-
Basso from paying a visit to Erdogan’s
vast presidential palace or from
announcing several hundred million
euros’ worth of new lending for Turkish
projects in the weeks after her trip. It
crowned a record year that saw the bank
plough €2bn into the country, securing
Turkey’s place once again as its top
recipient.
The EBRD, whose total new invest-
ments in 2021 topped €10bn, is unique
among multilateral development banks
in placing a drive towards multi-party
democracy at the heart of its mandate.
That critical principle — an inheritance
from its 1990s origins operating in post-
communist eastern Europe — is, how-
ever, under mounting strain.
The London-based lender is operating
against a backdrop of anti-democratic
backsliding and authoritarianism in a
host of its client countries, including
Turkey, Egypt, Belarus and Kazakhstan,
where the regime in recent weeks has
brutally suppressed widespread pro-
tests over poverty and corruption.
Active in close to 40 countries across
Europe, north Africa and Asia, the
EBRD is set to begin lending in sub-
Saharan Africa amid criticism that it has
repeatedly failed to meet its commit-
ment to a pro-democracy mandate
embodied in Article 1 of its founding
agreement.
The debate has resonances for a host
of other multilateral development lend-
ers as they engage with authoritarian
powers around the world. Critics say
that, rather than selectively turning a
blind eye to its political mandate, the
EBRD should either scrap Article 1 or
dramatically rethink its areas of
operation.
“Its current lending practices are
grossly out of line with its original man-
date ,” says Dani Rodrik, a professor of
economics at Harvard’s Kennedy
School. “There is a debate to be had on
whether multilateral lending agencies
should or should not have explicit politi-
cal criteria.
“But the EBRD was founded with an
explicit commitment to democracy,” he
adds, “and there is little justification for
the institution acting as if Article 1 sim-
ply does not exist.”
‘Certificate of health’
The EBRD, which has supported
projects ranging from a multibillion-
dollar gas pipeline network bringing
energy from Azerbaijan to Europe to a
microfinance initiative for female Egyp-
tian entrepreneurs, launched its opera-
tions in Turkey in late 2008. It was its
first foray beyond the borders of the
former Iron Curtain.
Ankara’s hopes of joining the EU were
still alive. Erdogan, then the country’s
prime minister, was viewed by many in
the west as a reformist — though scep-
tics warned that he was already showing
signs of a strong authoritarian streak.
Thomas Mirow, the bank’s then presi-
dent, says that the move was driven
partly by its desire to expand beyond its
traditional borders and the need to
hedge its large portfolio in Russia. But
most important, he says, was the coun-
try itself.
“Turkey at that time seemed to be on
a path to democracy and was a quickly
developing country that lacked capital
investments and expertise, especially in
the private sector,” says Mirow.
By the end of 2014, Turkey had over-
taken Russia — where the EBRD had
halted lending after Vladimir Putin’s
invasion of Crimea in February of that
year — as the largest recipient of EBRD
funds. The bank has provided about
€15bn to Turkish projects since 2008,
backing schemes in energy, transport,
agriculture, infrastructure and the
banking sector, with a focus on green
finance and the inclusion of women.
Gokalp Cak, co-founder of the Turk-
ish logistics firm Netlog, says that the
bank offers longer-term financing with
better rates than the country’s domestic
banks. It also serves as a kind of “certifi-
cate of health” for a company in the
international markets. Netlog has
received EBRD loans totalling €60m
since 2014.
The emergence of Turkey as the
bank’s number one investment destina-
By Laura Pitel and Sam Fleming
Odile Renaud-Basso,
right, has defended the
EBRD’s lending to
Turkey despite criticism
of President Recep
Tayyip Erdogan’s
authoritarianism.
Similar arguments have
been made against EBRD
clients Belarus, below,
which has had its
funding halted, and
Kazakhstan, top right
Reuters/NUR.KZ/AP/Getty
10%
The EBRD’s stake in the Istanbul stock
exchange, which it was forced to sell in 2019
when President Erdogan appointed a banker
convicted of US sanctions evasion as its CEO
$585m
Financing package co-ordinated by the EBRD
used for the construction of a 66km ring road
around Almaty, the capital of Kazakhstan
€205m
Loan to the Egyptian government in 2018 to
finance the rehabilitation of a metro line
EU countries remain the largest
shareholders in the EBRD
Shareholders (%)
0 10 20 30 40 50
EU 27
US
EBRD region*
Japan
UK
Canada
Others
Source: EBRD
★ FINANCIAL TIMES
FT BIG READ. DEVELOPMENT
tion — a distinction it has held in six of
the past eight years — has coincided
with a sharp decline in human rights
and the rule of law as Erdogan, who
became president in 2014, has jailed
opponents and sought to stifle free
speech. The economy has lurched from
crisis to crisis as the Turkish leader has
meddled in the work of the country’s
central bank.
Daron Acemoglu, an economist at the
Massachusetts Institute of Technology,
argues that international lenders —
including not only the EBRD but also
other government-owned banks —
deserve some of the blame for the state
of his country.
“Turkey’s institutions have come to a
dangerous point, in part because bad
macroeconomic policies have been
propped up by outside funding pouring
into the country for more than a dec-
ade,” he says. “I think all financial insti-
tutions around the world, and especially
the EBRD, the IMF, and the World Bank,
should have much tighter standards on
when and how to lend to authoritarian
leaders.”
Bristling at criticism of its work in
Turkey and other, even more oppres-
sive, regimes, the EBRD argues that it
supports private sector projects, rather
than public ones, wherever possible.
“Our activity in Turkey is mainly driven
and focused on the private sector,”
Renaud-Basso said in an interview with
the Financial Times during a visit to the
country in November.
Its support for decarbonisation and
push for projects that prioritise the
inclusion of women means that the
Turkey was the top destination
for EBRD funding in 2021
EBRD investment, 2021 (€bn)
0 0.5 1.0 1.5 2.0
Turkey
Ukraine
Egypt
Greece
Uzbekistan
Poland
Kazakhstan
Romania
Serbia
Georgia
*excl. EU members Source: EBRD
EBRD is contributing not only to eco-
nomic development, she argues, but
also a “more inclusive society”. Almost
90 per cent of the bank’s €7.2bn active
portfolio in Turkey was in the private
sector at the end of last year.
But the bank has also continued to
work with the Turkish state. The week
after Renaud-Basso’s visit, it announced
that it would lend €150m to the govern-
ment to build a high-speed train line.
The bank has largely steered clear of
companies with the closest links to
Erdogan and his ruling party. But some
of its regular partners are infrastructure
and energy companies whose reliance
on public contracts force them to
remain on good terms with the state.
It has also faced questions about its
definitions. Projects categorised as pri-
vate sector include €1bn of financing for
a programme of huge “city hospitals”
that were built under public-private
partnership arrangements with Tur-
key’s health ministry.
The same private sector label was
applied to the EBRD’s ill-fated decision
to buy a stake in Borsa Istanbul, the
country’s stock exchange, in 2015. At
the time, the lender hailed the deal as a
symbol of its support for Turkey’s “com-
prehensive capital market reform pro-
gramme”. It rapidly offloaded its stake
in 2019 after Erdogan announced that
its new chief executive would be a Turk-
ish banker who had served time in a US
jail for evading sanctions on Iran.
The episode shows the risks of work-
ing in a country where even nominally
independent initiatives can be politi-
cised, says Erik Meyersson, a Swedish
economist and critic of the EBRD. “The
fact that [Erdogan] can do that is a sign
of how politically risky it is to do these
kinds of big investments in Turkey.”
Transition towards democracy
At its founding in 1991, the EBRD —
which is owned by 71 countries includ-
ing the US, the UK, Germany, France
and Russia, plus the EU and the Euro-
pean Investment Bank (EIB) — was the
embodiment of the optimism that fol-
lowed the fall of the Iron Curtain.
Initially the bank promoted the devel-
opment of the private sector in post-
communist countries, involving itself in
banking systems reform, price liberali-
sation and stronger property rights.
The EBRD’s mandate specifies that
the bank can operate in central and
eastern European countries which are
proceeding in their transition towards
market-oriented economies, and are
“committed to and applying the princi-
ples of multi-party democracy, plural-
ism and market economics”.
This explicit pro-democracy mandate
distinguishes the lender from
counterparts such as the World Bank. It
reflects a belief that high levels of eco-
nomic development are closely allied
with the transition towards democracy.
This notion is, however, increasingly
questioned — not least because the eco-
nomic strength of China, an EBRD
shareholder, comes as the ruling
Communist party is only hardening its
control of society.
“When the EBRD was set up in the
early 1990s it was ‘end of history’ time
and people thought there was only one
way that countries would develop —
which was towards democracy, capital-
‘The EBRD has been
doing business with
manifestly undemocratic
governments for the last
10 or 15 years’
ism and what else — nirvana. So it
seemed a no-brainer to put Article 1 in,”
says Thomas Wieser, a former EU offi-
cial who chaired a 2019 EU review into
Europe’s development lenders.
Today, however, Article 1 appears
“pretty dormant”, says Wieser. “The
EBRD has been doing business with
manifestly undemocratic governments
for the last 10 or 15 years despite this ele-
ment of their mandate. There is an ele-
ment of hypocrisy in it.”
The EBRD argues that Belarus shows
that there is merit to the idea that sup-
porting private enterprise can deliver
democratic dividends. Private sector
workers played an important role in
protests that erupted against President
Alexander Lukashenko in 2020 — even
if those uprisings failed to oust him. In
November the bank extended a halt on
new public lending in Belarus, intro-
duced in September 2020, to include the
private sector.
Acemoglu accepts that providing
finance to private business is different
to directly funding an authoritarian
government. But he says that “the devil
17
is in the detail” when it comes to select-
ing companies with sufficient distance
from the government.
The bank, which approves deals on a
project-by-project basis, says that it
only works with entities that pass its
“stringent” due diligence process.
Under Sir Suma Chakrabarti, the pre-
vious EBRD president, the bank sought
to institute a more systematic approach
to Article 1, as it adopted its “more for
more, less for less” policy, scaling up
investment in countries that are making
strides in democratic and economic
reforms and winding down in those that
are going backwards.
That strategy was employed in Bela-
rus after Lukashenko’s violent response
to the demonstrations, and in
Uzbekistan, where tentative reforms
were rewarded with the resumption of
EBRD lending to the country in 2017
after a decade-long pause.
Yet critics say it is hard to square
“more for more, less for less” with oper-
ations in Turkey as well as in Egypt,
where it continued scaling up after the
repressive government of President
Abdel Fattah al-Sisi came to power in a
2013 coup.
“It feels like it really doesn’t apply its
political mandate to these two coun-
tries,” says Fidanka Bacheva-McGrath
of the campaign group CEE Bankwatch,
which monitors financial institutions in
central and eastern Europe.
The EIB, which is owned solely by
EU member states and previously held
the title of Turkey’s single biggest
multilateral lender, began winding
down its operations in the country in the
wake of a 2016 coup attempt that led to
mounting tensions with European
capitals and halted operations alto-
gether in 2019.
At least in Turkey, unlike Egypt or
Kazakhstan, there is a vigorous political
opposition, despite the president’s
efforts to stifle it. The shock victory of
anti-Erdogan candidates in 2019 local
elections means that the country’s two
biggest cities, Istanbul and Ankara, are
now run by the opposition.
“We’re as open to dealing with the
opposition,” says Renaud-Basso, “as we
are with other people.”
Yet Istanbul has not been awarded
any new funding since Ekrem Imamo-
glu, the city’s mayor, took control,
despite extensive talks with the bank.
“So far we don’t see any real progress,”
says an Istanbul municipal official. “It’s
just talk.”
A ‘less for less’ strategy
The unresolved question is whether the
EBRD’s singular mandate should be dis-
regarded in the interests of wider eco-
nomic development, or embraced by a
wider range of public sector lenders as
democratic values come under threat
around the world.
Renaud-Basso rejects the idea that the
political dimension of the bank’s charter
should be scrapped altogether. “It’s an
important component of our mandate,
and we take that seriously.” She adds
that the “less for less” strategy “allows
us to adjust in situations like Belarus,
and to really reduce [our work to] the
minimum” if need be.
Mirow, the former EBRD president,
agrees that the bank’s focus on boosting
free market economics and promoting
green transitions “still makes a lot of
sense and probably is better than many
other things you could do”.
It does mean that the EBRD is held to
very different standards from many
other development banks. The World
Bank’s development banking wing, for
example, is required in its governing
statutes not to take a position on the
internal political affairs of client coun-
tries. This, points out Scott Morris, a
senior fellow at the Center for Global
Development, leaves the institution,
which has more than $300bn of assets
under its management, free to lend to all
manner of authoritarian regimes.
Some experts question whether
development lenders should be focus-
ing their support on democracies given
the magnitude of global crises such as
the pandemic and climate change. And
lenders such as the World Bank are still
able to effect positive change to public
sectors by applying granular standards
at a project level, says Morris, such as
“safeguards” on the environment and
the treatment of local communities.
This is “probably the best we can do”,
given the wide array of objectives that
these institutions need to pursue, he
adds. As for the EBRD, Morris argues it
would be better off simply scrapping its
Article 1 commitment. “It’s just a lie that
sits there,” he adds.
Additional reporting by James Shotter
18
MONDAY 31 JANUARY 2022
The perils of using staff
as online influencers
Others can learn from Amazon’s failed social media diplomacy
Amazon has finally scrapped a cam-
paign to use paid “fulfilment centre
ambassadors” to polish its image on
social media and defend it against criti-
cism. The surprise is that it took the
technology group so long to realise it
could be spending its marketing dollars
better elsewhere.
Satisfied staff are great advocates.
That is why a version of the question
“how likely are you to recommend this
company as a place to work?” is a staple
of employee engagement surveys.
Referrals of job candidates are so
highly valued that many companies
will pay staff to recommend new
recruits. And outsiders are generally
more likely to trust a friend or family
member who tells them their employer
is great, or its products wonderful.
Allowing, and even encouraging,
staff to carry out some brand diplo-
macy on the side has its merits, then.
Many companies have used employees
to front advertising campaigns. Such
ads project workers’ enthusiasm for
their jobs, devotion to clients, or care
for the environment. Hyundai recently
hired photographer Annie Leibovitz to
picture staff for a marketing campaign
about its cancer charity.
Social media has changed the way in
which “employee advocacy” cam-
paigns work, however. Online channels
reach new, younger customers and
potential recruits that more traditional
media miss. But they also contain
many pitfalls for employers. For com-
panies keen to use their staff as influ-
encers, Amazon’s failed campaign
offers useful lessons.
First, take care with the incentives
you use and the messages you encour-
age staff to post.
When other Twitter users spotted
Amazon staff using the label “FC
Ambassador” in 2019, they attacked
the company for creepiness. The initia-
tive, which had first come to light a year
Headline inflation may
not tell the full story
New data will shed light on price rises for different UK income groups
Statistics come in different kinds and
each can be used to tell its own story.
Rising inflation has made such varia-
tions even more obvious. Movements
in the consumer price index — the UK’s
main measure — aim to capture
changes in the value of money. The CPI
does less to highlight the specific chal-
lenges facing poorer households. Soon,
though, access to digital data offers the
prospect of producing statistics that
paint a more complete picture of cost of
living rises and directly represent more
people’s experience.
Statistical measurements of the cost
of living have been thrust on to the
political agenda by anti-poverty cam-
paigner Jack Monroe. Famous for her
shoestring budget recipes, Monroe has
lambasted the media for focusing
solely on the average experience —
missing the pressures on the very poor-
est. They, she says, have seen even
tighter squeezes on their spending
power thanks to steeper price rises for
the most basic and low-cost food items.
Monroe has a point. It is possible to
make generalised pronouncements
about the cost of living from the CPI,
the headline measure, but it will tend
to over-represent the experience of
richer households. Inflation is an econ-
omy-wide figure that looks to capture
the purchasing power of pounds by
tracking how they are spent through
time. Richer households do a dispro-
portionate amount of the aggregate
spending in the UK, so the headline fig-
ure will always have more relevance to
their purchasing patterns.
What is clear from the CPI is that the
costs of necessities are increasing. A
rise in the energy price cap in April will
enable energy suppliers to start passing
on steep price rises in wholesale mar-
kets to consumers. While this may be
good for the viability of energy compa-
nies, it could be disastrous for the poor-
est households. Unlike many of its
earlier, also spawned multiple parody
accounts ridiculing it. Worse for Ama-
zon, far from defusing criticism of
working conditions in the group’s
warehouses, the activity of its part-
time diplomats drew attention to it.
Many companies try to ensure staff
draw on common talking points for
online posts. But being too prescriptive
about what they should say risks mak-
ing the entire exercise look insincere.
Trying to influence online media cov-
ertly is even worse. Companies that
allegedly paid staff to post favourable
reviews on Glassdoor, where workers
can rate employers anonymously, suf-
fered a stinging backlash.
Second, if you are going to encourage
employees to talk about their work and
workplace on social media, it is best to
allow such online chat to emerge natu-
rally and to manage it loosely. Unlike
Amazon, Walmart, its US retail rival,
has enjoyed some success prompting
volunteer “micro-influencers” to pro-
mote local stores via Facebook, TikTok
and other media.
Third, be prepared for the unex-
pected. Unlike real ambassadors, the
corporate sort will not dutifully say
what their superiors want the rest of
the world to hear. Social media provide
ample space for staff to amplify alter-
native views, or muddy a clear com-
mercial message with inappropriate
personal content. The habits, tastes,
tone, and content of social media, not
to mention the channels themselves,
also shift faster than most marketing
departments.
Finally, do not bother putting ordi-
nary staff in the social media front line
if you have not already cultivated a
healthy internal culture. Even the
worst-run organisation will find some
evangelists ready to sing about it. But if
they are drowned out by the malcon-
tents, the resulting cacophony will not
make for pleasant listening.
peers in Europe, the UK government is
yet to unveil any scheme for helping
the poorest; a mooted delay to the
planned national insurance increase
would do more for wealthier groups.
The Office for National Statistics on
Friday rushed to restart publishing
experimental data — suspended early
in the pandemic when some key prices
were temporarily unavailable — that
showed prices in UK shops are rising at
“similar” levels for both poorer and
richer families; the cost of some more
luxury categories is rising quickly too.
But while weighted differently, the
price points used to come up with these
numbers are for the same items used to
calculate the CPI — chosen to be repre-
sentative of what average households
buy, not the poorest.
In 2017, though, the Digital Economy
Act gave the ONS permission to
demand access to data held by certain
businesses. Soon, it will use this power
to gather prices directly from check-
outs. This will give the statistics agency
hundreds of millions of data points to
track changes to food prices, including
goods that tend to be purchased by the
poorest in society. In time, and with
ingenuity, the vast quantity of data
available from this and other sources
may make it possible to tie government
payments and services to an index that
more closely represents the lived expe-
rience of inflation.
Whether this possibility is realised or
not will depend on whether politicians
wish to ease cost of living pressures or
to save money. Unfortunately, they do
not have a great record on this front.
UK student loan interest, inflation-
linked bonds and train fares are
all pegged to the discredited retail price
index. It is to be hoped that this time is
different. But while statistics can be
used to tell many more stories, that
alone is unlikely to stop politicians
from only choosing their favourite.
★ FINANCIAL TIMES
Letters
Why a ‘value bridge’ is an imperfect measure of buyout returns
Sir Terry Leahy tells Jonathan Eley,
your correspondent, that four-fifths of
Clayton, Dubilier & Rice’s returns
historically come from sales growth
and operational improvements
(“Leahy bullish on Morrisons as
refinancing looms”, Interview, January
22). Leahy’s “four-fifths” figure likely
comes from a calculation called a
“value bridge”. Buyout firms like CD&R
often use this calculation.
For the record, your readers should
know that while the value bridge’s
numbers add up, it creates a
misleading impression. It overstates
the operational impact that buyout
Neutrality is price Austria
paid to end its occupation
To compare apples with pears is a
frequent but misleading practice. This
is also true for Alessandro Roselli’s
letter “Is neutral postwar Austria a
model for Ukraine?” (January 26).
Up until 1955, when Austria declared
its neutrality, it was occupied by the
four allied powers. Austria’s
declaration of neutrality was the price
it had to pay to obtain its State Treaty
which led to its independence and the
departure of the occupation forces.
While a large majority of the
population was leaning towards the
west, de facto realities required Austria
to also obtain the Soviet Union’s
approval, which meant neutrality
according to the Swiss model. One can
be sure, as the long drawn out
negotiations show, that the Soviets at
that time seriously examined their own
security requirements before giving in
to Austria’s requests. It is in part for
that reason they did not extend the
same treatment to Germany.
Ukraine’s position today is vastly
different from that of Austria. While
nominally sovereign in contrast to
Austria in 1955, it feels threatened by
Russia — especially so after the events
of 2014.
And so far it has not shown any
inclination towards an Austrian-style
neutrality.
Neutrality cannot be imposed from
the outside. It has to come from the
country itself. That requires taking into
account the security interests of
neighbouring and other countries
because only their recognition of
neutrality will make it effective. (See
also Robert H Wade’s letter in the same
issue, “Putin’s ‘near-abroad’ is akin to
US Monroe Doctrine”. )
Some or all of these conditions are
lacking today. Thus Austria’s situation
cannot be an example for Ukraine.
Kurt Bayer
Vienna, Austria
Jobs and investment are
key to any Tunisia analysis
Your editorial on Tunisia was excellent
— up to a point (“Tunisia’s president
leads it down a dangerous path”, FT
View, January 27).
You are right to stress the need for
an economic plan dealing, inter alia,
with unemployment, and to suggest
that a clear path to democracy may
help to attract investors. But you do
not suggest where these new jobs are to
be found, nor which sectors might
attract new investment.
As you note, Tunisia is resource-
Japan’s immigration experiment under cover of Covid
ASIA
Leo
Lewis
I
n his speech at the opening of par-
liament this month, Prime Minister
Fumio Kishida vowed to broadcast
Japan’s attractiveness to the world
by getting the drink sake registered
with Unesco as a cultural resource.
It was a pledge that leaves sake with
some formidable schmoozing to do.
Japan, as the pandemic and politics
stand, seems to be falling ever harder
and faster into a charm deficit.
Japan’s responses to the pandemic
have included restrictions that have
heavily limited new foreign arrivals —
whether on tourist, work, research or
student visas — since March 2020. An
estimate by the Nikkei newspaper in
October put the number of would-be
entrants waiting in vain frustration to
be allowed in at 370,000. Many of those,
if anecdote and the volume of online
exasperation are any guide, may have
since given up on Japan altogether.
A jarring exception, of course, was
made last summer for the tens of thou-
sands of athletes, teams and Olympic
officials granted entry for the postponed
Tokyo 2020 games. Even without the
firms have on returns, and understates
the impact of using high levels of debt.
This can be seen happening in the
2021 IPO prospectus for Bridgepoint,
the private equity firm. A paragraph in
the prospectus that is probably also
based on the value bridge makes an
almost identical claim to Leahy’s.
It goes on to say that “deleveraging”
has had a negative impact on
Bridgepoint’s historical returns.
This is not just counter-intuitive. It
also contradicts a solemn “risk factor”
in the prospectus that warns investors
about Bridgepoint’s “dependence on
significant leverage in investments” in
Ingrid Betancourt spent six years as
a hostage of Marxist Farc guerrillas
poor. Its tourism industry has been
devastated by terrorism and the effects
of coronavirus. Its excellent olive oil
production has been unable to break
into international markets. It has been
unable to counter competition for
assembly of products for the EU
market. Its well-educated young
people either wait for jobs in the
already bloated public sector, if
unambitious, or if ambitious emigrate.
Some 15 years ago, the rector of Sfax
university asked me how to teach his
40,000 students entrepreneurship.
Perhaps your readers could supply
answers — and suggest where the
students might look to create jobs.
Alan Goulty
UK Ambassador to Tunisia, 2004-08
Arlington, VA, US
My headmistress could
teach our politicians ethics
The letter from Su Hardman (January
22) recalling the high standards of her
headmistress struck a chord. My
equally formidable grammar school
headmistress in Southampton
reminded us regularly: “Girls, you are
not in this world to just enjoy
yourselves, but to serve your
community.” The motto was esse quam
videri (to be rather than to seem).
All of this echoes Rory Stewart’s
excellent article (Opinion, January 22)
about vocation and duty which
concludes: “We don’t just deserve
better than [Boris] Johnson; we
deserve better than the culture and
system that produced him.” Perhaps
our leaders need to refer to old school
headmistresses when setting the dial
for ethics and standards.
Jo Jacobius
London N6, UK
feared Olympic spike in coronavirus
cases this looked then, as now, like a
weasel-waiver doomed to be cited by
critics as evidence of the government’s
inconsistency.
And in the face of Japan’s continuing
intransigence at its borders, those critics
are becoming unusually diverse and
vociferous. Japan’s self-isolation and
other measures to protect its citizenry
sit only at the fiercer end of a spectrum
of national strategies. Its comparatively
low Covid mortality rates, in a country
with almost 30 per cent of the popula-
tion over 65, are a solid rhetorical shield.
But, as a consequence of the many years
Japan has spent marketing itself as
open-armed to tourists, investors,
researchers, students and business, the
wholesale evaporation of welcome is
striking. Never, said one senior Japanese
diplomat, has so much soft power been
shed so quickly.
Another interpretation, though, is
that Japan is progressing further with an
experiment it never dreamt it could run
but which Covid has suddenly trans-
posed from the theoretical to the practi-
cal: a “what if?” test of life without
immigration.
Foreign and domestic lobbies have
within recent weeks begged Japan to
rethink its policies — not just for the
immediate sake of the visa-holders and
applicants, but for the reputation and
long-term good of the country. Academ-
ics have warned of a long-term threat to
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
order to “achieve attractive rates of
return”. Debt cannot simultaneously
both hurt and help buyout returns. The
inconsistency between these two
statements reveals how misleading the
“value bridge” can be.
A more accurate picture of where
buyout returns (before deducting fees)
come from is readily available in a
report done annually by EY for the UK
private equity industry association, the
BVCA.
The latest report — its 14th — covers
93 UK buyouts that were exited (sold)
between 2005 and 2020. EY finds that
the gross returns on this sample have
Questions for Colombia’s
comeback candidate
In “Former Farc captive runs again for
Colombian presidency” (Report,
January 26) you describe all the
hardships that Ingrid Betancourt
endured during the six years that she
was held hostage by Marxist Farc
guerrillas in the Colombian jungle. The
article does not however mention that
Betancourt was kidnapped after taking
an unnecessary risk by campaigning in
an area against the security
recommendations of her own staff, the
press and the government itself.
It was beyond imprudent, it was
simply crazy by Colombian standards
at the time. Of course I do not agree
that any human being should be
deprived of their freedom, warned or
not, but what must be stressed is that
for her it was simply a controlled risk,
which got out of hand. The story after
that is known to everyone. The
amounts of military and diplomatic
resources used to release her do not
compare at all with those that the
average Colombian could access if
faced with such an eventuality.
Colombia is a country difficult to
understand let alone to manage, but
oversimplifying the conflict, as she
does, as “a regime of masculine
violence” is simply inaccurate and
populist, and a PhD in theology does
not seem to help much either.
Iván Castro-Campos
Frankfurt am Main, Germany
A nod to another film on
Beach Boys’ co-founder
Peter Aspden’s article “A Beach Boy
hits the road” (Life & Arts, FT
Weekend, January 22) is a compelling
review of a new documentary of one of
the unmistakable geniuses of popular
music — Brian Wilson, the resilient
co-founder and leader of a band that
rivals The Beatles in musical greatness.
It is quite amazing, however, that
Aspden omits or is not familiar with an
outstanding movie that brilliantly
captures Wilson’s career and struggles
with mental illness, Love and Mercy.
The 2014 film had an all-star cast of
Paul Dano and John Cusack as Wilson
during both his stable and troubled
stages, Elizabeth Banks and Paul
Giamatti. Directed by Bill Pohlad, the
film won numerous awards and
honours but perhaps never reached the
more global audience it deserved.
Watch it before or after you watch the
new documentary Brian Wilson: Long
Promised Road by Brent Wilson.
Fred Hill
Arrowsic, ME, US
research and the future impossibility of
attracting talent from abroad. Bankers
fear that the bar on visitors is helping
global funds decide they can turn their
attention away from a once un-ignora-
ble market. Last week, the former head
of the American Chamber of Commerce
said the ongoing bar would deter busi-
nesses and undermine Tokyo’s efforts to
become a global financial centre.
Japan, as many have pointed out in
recent months, has been here before.
Between the mid 17th and 19th centu-
Never, said one
senior Japanese diplomat,
has so much soft power
been shed so quickly
ries, the country severed almost all
contact with the outside world in what
became known as the sakoku (closed
country) period. Its modern era began,
painfully, with the forced recognition
that seclusion had made it weaker.
None of it, for now, appears to be
making much difference. The politics of
keeping the borders closed are as close
to a no-brainer as these things get. Tour-
ist-facing industries may be in pain,
while others that depend on foreign
labour foresee real trouble. But the vot-
ing public is overwhelmingly supportive
of a policy that has as yet come without a
Monday 31 January 2022
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
come about equally from three factors
— stock market return, additional
leverage and a residual, which EY
chooses to call “PE strategic and
operational improvement”.
EY’s analysis suggests that roughly
two-thirds of the (gross) return from
buyouts comes from a combination of
the stock market and higher debt
levels.
That is a rather different story from
the one that CD&R, Bridgepoint and
other buyout firms use the “value
bridge” to tell.
Peter Morris
London N5, UK
What function do hedge
fund short sellers serve?
Short sellers must surely have a
productive function in capital markets.
However, at times I have difficulties
recognising what it is. Instead, as hedge
fund short sellers target green energy
stocks (Report, January 26), I get the
impression two worlds are colliding.
Apparently, some are increasing
their bets against businesses “that rode
the wave of ethical investing”. They
recognise overvaluation in assets that
“do something morally good”.
As the FT and many others are
promoting pathways towards an
economy that operates within
planetary boundaries and that is more
inclusive, I’m curious about the ethics
of these short sellers. How do they, for
example, explain their work to their
kids? “Daddy, how was your day at
work?” “Well, I made a small fortune
betting against sustainability. How was
your day at school?” “It was great, we
learned about sustainable development
and the Brundtland definition:
‘Development that meets the needs of
the present without compromising the
ability of future generations to meet
their own needs’.”
Not just worlds, but generations are
colliding.
Wouter Scheepens
Steward Redqueen
Amsterdam, The Netherlands
It’s not just the court
building that is crumbling
As a seasoned practitioner I agree with
your summary of the reasons why the
justice secretary cannot delay the
financial injection of £135m identified
by Sir Christopher Bellamy as an
overdue starting point to bolster the
legal aid system (FT View, January 26).
But can I make a quick plea to
Dominic Raab, himself a lawyer, to
speed up the decision-making process.
Whereas the starting salary for a
newly qualified lawyer in the City has
reportedly reached £150,000, a newly
qualified criminal lawyer gets £30,000
— and that comes with the added
“perks” of no generous pension top up,
no private medical insurance, no gym
or fancy kitchen, oh and a crumbling
court building to work in where a
functioning toilet is a relief.
No wonder most of our excellent
trainees end up eventually at the
Crown Prosecution Service, the
Government Legal Service or the
Midwifery Council.
Greg Stewart
GT Stewart Solicitors & Advocates
London SE22, UK
price heavy, visible or immediate
enough to convince anyone it is wrong.
Until that price becomes painful, or
the pandemic ends, Japan can proceed
with its zero-immigration experiment.
Success depends on which side of the
debate one falls. If Japan manages to
muddle along without calamity, it will
delight those who are simply grumpy
about the pre-Covid influx of foreigners
and those who actively believe that
Japan might evolve either more excit-
ingly or comfortably in a Galápagos-
style state of isolation. Others will feel
grimly vindicated if the warnings of dire
consequence all prove accurate.
Probing Japan’s past and concluding
that the country has, by some historic
propensity, now embraced a “neo-
sakoku” policy overplays its likely lon-
gevity and obscures the importance of
this moment. For many years, even as
the influx of foreigners has risen and
anyone serious has seen that Japan’s
future depends on a steady supplement
for its falling birth rate, Japanese politics
has meticulously avoided a full debate
on immigration.
It may manage to do so for years to
come. But however unhappy its origins,
this experiment has at least provided
Japan’s future policymakers with a way
to frame such a debate: whether the
great Covid-sakoku episode was proof of
resilience or of vulnerability.
leo.lewis@ft.com
Monday 31 January 2022
Covid losers outnumber the winners among leaders and nations
MARKETS
Ruchir
Sharma
J
oe Biden is a diminished leader,
with approval ratings pushed
below 40 per cent by rising
prices and a persistent global
virus. But the US president is
hardly unique, as the Omicron variant is
helping to undermine many leaders
who once appeared to be beating back
the pandemic.
Among 15 major democracies that
conduct regular polls, leaders are
unpopular or losing popularity in 10 of
them, from France to Taiwan. Voters
who were quick to rally behind their
leaders at the start of this war, with
approval ratings surging in the spring of
2020, are now tiring of the mobilisation
effort. They are sceptical that anyone
has a winning strategy against this
shape-shifting foe.
Automation
exacts a toll in
inequality
BUSINESS
Rana
Foroohar
W
hen humans compete
with machines, wages
go down and jobs go
away. But, ultimately,
new categories of better
work are created. The mechanisation of
agriculture in the first half of the 20th
century, or advances in computing and
communications technology in the
1950s and 1960s, for example, went
hand in hand with strong, broadly
shared economic growth in the US and
other developed economies.
But, in later decades, something in
this relationship began to break down.
Since the 1980s, we’ve seen the robotics
revolution in manufacturing; the rise of
software in everything; the consumer
internet and the internet of things; and
the growth of artificial intelligence. But
during this time trend gross domestic
product growth in the US has slowed,
inequality has risen and many workers
— particularly, men without college
degrees — have seen their real earnings
fall sharply.
Globalisation and the decline of
unions have played a part. But so has
technological job disruption. That issue
is beginning to get serious attention in
Washington. In particular, politicians
ECONOMICS
Martin
Sandbu
T
his should be a propitious
time to redesign the EU’s
maligned fiscal rules. Much
has changed in just the past
few years. Above all, the
desire for public and private investment
— to accelerate the decarbonisation of
the economy as well as its digitalisation
— is widespread, both in Brussels and in
national capitals.
The pandemic has also reshuffled the
old politics. The Rubicon of joint bor-
rowing for cross-border transfers has
been crossed. The obvious success of
massive deficit spending in 2020 has
reinforced the lesson Europe’s policy-
makers grudgingly started to draw after
previous crises: that a rigid approach
to budget discipline hurts rather than
helps fiscal sustainability, economic
Data from Johns Hopkins University,
as screened by endcoronavirus.org,
show that since December, the number
of places “winning”, meaning pushing
the number of new cases to near zero,
has fallen by more than half to just a
dozen. That’s a high bar for success, but
the trend in the wrong direction is clear.
None of the world’s 50 most populous
countries currently rank as winners
against the virus. Those that make the
cut are mostly micro-states such as
Palau and the Vatican. Meanwhile, the
number of losers — nations that “need
to take action” against Omicron — has
nearly doubled since December to more
than 110.
Early on, many authorities and jour-
nalists were studying countries with low
caseloads as models of how to beat
Covid. That cottage industry is largely
dormant now. Many success stories lost
their shine after getting hit hard in later
waves of the pandemic. These include
Canada, Australia, New Zealand, Tai-
wan, Sweden and Germany.
Some have gone from failure to suc-
cess and back. First ridiculed as “third
world” for its unscientific response
and policymakers are homing in on the
work of MIT professor Daron Acemoglu,
whose research shows mass automation
is no longer a win-win for both capital
and labour. He testified at a committee
hearing at the US House of Representa-
tives in November that automation —
the substitution of machines and algo-
rithms for tasks previously performed
by workers — is responsible for 50-70
per cent of the economic disparities
experienced between 1980 and 2016.
Why is this happening? Basically,
while the automation of the early 20th
century and the post-1945 period
“increased worker productivity in a
diverse set of industries and created
myriad opportunities for them”, as
Acemoglu said in his testimony, “what
we’ve experienced since the mid 1980s
is an acceleration in automation and a
very sharp deceleration in the introduc-
tion of new tasks”. Put simply, he added,
“the technological portfolio of the
American economy has become much
less balanced, and in a way that is highly
detrimental to workers and especially
low-education workers.”
What’s more, some things we are
automating these days are not so eco-
nomically beneficial. Consider those
annoying computerised checkout sta-
tions in drug stores and groceries that
force you to self-scan your purchases.
They may save retailers a bit in labour
costs, but they are hardly the productiv-
ity enhancer of, say, a self-driving com-
bine harvester. Cecilia Rouse, chair of
the White House’s Council of Economic
Advisers, spoke for many when she told
The EU should rewrite its fiscal rules
growth and political cohesion.
A changing of the guard in important
countries creates an opportunity to look
at old dossiers with new eyes. The new
government in Berlin seems committed
to investment-intensive growth both at
home and in Europe. Similar openness
can be detected in the Netherlands and
elsewhere. Mario Draghi’s premiership
in Italy has reduced north-south dis-
trust. So has the implementation of the
jointly funded national recovery plans,
widely seen (so far) as successful, with
the exception of countries bent on
undermining the EU’s legal order.
But nobody would want to bet on
reaching a political agreement to signifi-
cantly reform the fiscal rules, which
stand to be reintroduced next year, after
being relaxed at the beginning of the
pandemic.
Thus we live with a double paradox.
EU countries are collectively pursuing
vastly better economic policies than
they have done in a long time. That is
true in the short run — the pandemic’s
hit to jobs, incomes and productivity
has been much more minor and short-
lived than we had reason to fear — and in
★ FINANCIAL TIMES
Opinion
under Donald Trump, then admired for
a rapid vaccine rollout, the US now has
the worst death toll of any developed
country.
Biden is paying the price, but he is not
the only one to see positive approval rat-
ings turn increasingly negative in recent
months, undone in part by public
fatigue as the virus rolls on. The leaders
The virus demonstrates the
state’s limits in controlling
or even understanding this
powerful force of nature
of the UK, Australia and Canada have
suffered similar reversals.
Domestic critics focus on local incom-
petence in dealing with the pandemic
but miss the fact governments globally
are suffering the same fate. Even New
Zealand prime minister Jacinda Ardern,
who became a worldwide star for her
energetic response to the pandemic
early on, has watched her support drop
of late as new variants have struck.
a Council on Foreign Relations event
that she’d rather “stand in line [at the
pharmacy] so that someone else has a
job — it may not be a great job, but it is a
job — and where I actually feel like I get
better assistance.”
Still, there’s no holding back technol-
ogy. The question is how to make sure
more workers can capture its benefits.
In her “virtual Davos” speech a couple of
weeks ago, Treasury secretary Janet
Yellen pointed out that recent techno-
logically driven productivity gains
might exacerbate rather than mitigate
inequality. She pointed to the fact that,
while the “pandemic-induced surge in
telework” will ultimately raise US pro-
ductivity by 2.7 per cent, the gains will
accrue mostly to upper income, white-
collar workers, just as online learning
Education is where the
rubber meets the road in
fixing technology-driven
disparities
their ambitions for the long run. Yet on
both fronts such progress would be cur-
tailed by the current fiscal framework —
in particular its drastic requirement to
reduce public debt burdens.
Finance ministers are keenly aware of
the risk of undermining the recovery by
withdrawing fiscal support too soon —
indeed they have jointly recommended
a “moderate supportive fiscal stance”
for the eurozone as a whole this year.
A changing of the guard
creates an opportunity
to look at old dossiers
with new eyes
And the commitment to investing in the
green and digital transition, while
ensuring it does not leave people
behind, is strong. Yet rules cannot just
be ignored in a union that is a body of
law more than anything else.
There are three ways out of this
dilemma. One is to subject economic
policy to the old rules, on the basis that
Trust in political leaders and health
authorities is falling in much of Europe
and the US, where scepticism is growing
not only about Biden but also about
state governors and the measures the
government has used to slow the virus,
including mask and vaccine mandates
or lockdowns.
Recognising popular exhaustion,
democratic governments that had
sought total eradication of the virus,
including those of Australia, Canada
and New Zealand, now downplay that
goal. The only big holdout country
is China, where the leadership
boasted that its “zero-Covid” policy had
beaten the pandemic and sparked the
world’s first post-pandemic economic
recovery.
That was then. This month, Beijing
reported its first case of Omicron, which
is taking hold in a population largely
lacking in immunity, owing in part to
low exposure to earlier strains. A policy
built on aggressive contact tracing and
lockdowns may have left China
“immune naive” and unusually vulner-
able going forward.
Recently, Beijing officials have spoken
has been better accessed and leveraged
by wealthier, white students.
Education is where the rubber meets
the road in fixing technology-driven
inequality. As Harvard researchers
Claudia Goldin and Laurence Katz have
shown, when the relationship between
education and technology gains breaks
down, tech-driven prosperity is no
longer as widely shared. This is why the
Biden administration has been pushing
investments into community college,
apprenticeships and worker training.
The idea is to prevent the hollowing
out of labour markets in sectors and
places that went along with, say, the
Clinton era embrace of free trade with-
out adequate protections for workers. If
they don’t have training to cope with
technology-driven change, the anger of
blue-collar workers in Midwestern
swing states could be dwarfed by that of
lower and middle-income service work-
ers whose jobs are automated.
Other issues require policy solutions.
Companies receive more tax benefits
from investing in technology, which can
be depreciated, than in human labour.
legal ties underpinning the European
project must take priority. But the pre-
vious crisis showed that if you try that,
you sacrifice both economic perform-
ance and political cohesion.
The next is to stretch the rules enough
to permit the desired policies. As Ger-
man chancellor Olaf Scholz likes to
point out, the fiscal framework has
proved its flexibility. Its suspension
could be extended. The European Com-
mission has a lot of interpretive power
and could issue more lenient guidance
as to how Brussels will judge national
policies’ compliance with the rules,
rewarding growth-friendly investment
with fewer demands for belt-tightening.
This comes with its own risks.
National governments find it conven-
ient to renounce any responsibility for
EU-wide policy co-ordination; opposi-
tion parties would accuse them of giving
in to Brussels. The divisive finger-point-
ing at other member states, which the
pandemic somewhat tamed, could eas-
ily intensify again. Something like this
is, though, the most likely outcome if
governments cannot agree on the third
option: to change the rules outright.
of “dynamic clearing” rather than zero
Covid, suggesting they may be changing
tack in response to evidence that
repeated lockdowns are undermining
the economy. Outside commentators
are also no longer trumpeting China as a
model.
Authoritarian or democratic, most
governments held out the promise that,
if people rallied behind their leaders,
victory would come sooner rather than
later. Instead, the virus demonstrated
the limits of the state in controlling or
even understanding this powerful force
of nature. Having signed on for a short
war, voters are losing patience.
A reprieve may come. Amid signs that
Omicron has peaked in parts of the US
and Europe, global health authorities
last week raised hopes that the “end-
game” is approaching. But premature
talk of “winning” risks deepening public
anger and causing more lasting damage
to the credibility of the political class.
The writer, Morgan Stanley Investment
Management’s chief global strategist, is
author of ‘The Ten Rules of Successful
Nations’
Getting rid of depreciation allowances
for equipment such as software and
robots could narrow that gap.
Competition policy and better corpo-
rate regulation have roles to play, too. As
Acemoglu told the House last year: “Big
Tech has a particular approach to busi-
ness and technology, centred on the use
of algorithms for replacing humans. It is
no coincidence that companies such as
Google are employing less than one-
tenth the number of workers that large
businesses such as General Motors used
to do in the past.”
Big Tech’s business model is about
getting rid of human labour and turning
human behaviour into a raw material.
It’s one that will be under increasing
pressure in the year ahead, as the
administration tries to push through
legislation to curb the power of the plat-
forms before the midterms. The bigger
question of how to reconnect the for-
tunes of capital and labour in the com-
ing era of mass automation remains
unanswered.
rana.foroohar@ft.com
The reason this is so difficult is that
there has been little clear thinking
about what the rules are supposed to
achieve. The traditional economic argu-
ments seem outdated: inflationary spill-
overs from excess spending have proved
less of a risk than beggar-thy-neighbour
austerity; interest rate pressures from
national borrowing are nowhere to be
seen; and there are now rescue funds to
address refinancing crises.
Similarly, the current rules do little to
address the greatest economic chal-
lenges today, which, like it or not, call
for a more activist state policy and argu-
ably more public borrowing than when
the rules were first drawn up. The best
prospect for reform is for leaders first to
agree on what the rules are for, and
derive new ones from an understanding
of what economic policies would
achieve the broader sense of sustaina-
bility they are now committed to.
France and Italy’s proposal to favour
some types of investment has the merit
of doing just that. It is incumbent on
those who oppose it to do the same.
martin.sandbu@ft.com
19
Mattarella’s
re-election
exposes a selfish
political class
EUROPE
Tony
Barber
I
t takes a special effort to make the
politicians of Italy’s First Republic
appear in a good light, but over the
past week the politicians of the Sec-
ond Republic have managed it.
The process by which they re-elected
Sergio Mattarella as president of Italy
exposed a political class deeply at odds
with itself, yet with a common selfish
interest in its own survival. Mattarella’s
re-election averts a short-term disaster
— the collapse of Prime Minister Mario
Draghi’s reformist government. But it
leaves grave doubts over whether Italy’s
professional politicians, manoeuvring
for advantage ahead of next year’s par-
liamentary elections, are capable of
summoning a higher sense of responsi-
bility for the country as it stands at a
critical juncture in its development.
The First Republic is the informal
term used to describe the political sys-
tem that governed Italy from the after-
math of the second world war until the
early 1990s, when it collapsed in a storm
of scandals. The Second Republic, which
has staggered from crisis to crisis over
the past 30 years, was supposed to rep-
resent a fresh start for politics.
The events of the past week demon-
strate, on the contrary, the woeful short-
comings of the Second Republic’s politi-
cal parties — whether relatively old, like
the hard-right League, or relatively new,
like the once anti-establishment Five
Star Movement. Increasingly, Italian
democracy has come to rely for leader-
ship and stability on the talents and
maturity of non-political figures, such
Any other result risked
fewer parliamentary seats
and the loss of power,
privileges and pensions
as Draghi, who are brought in to steady
the ship because the elected politicians
cannot do it themselves.
Italy’s EU partners and financial mar-
kets will be relieved that, for the next 12
months or so, Draghi will be in a position
to consolidate the reforms he has pur-
sue since becoming prime minister a
year ago. These reforms, drawing on the
roughly €200bn available to Italy from
the EU’s €750bn pandemic recovery
fund, are a once-in-a-generation oppor-
tunity to boost growth, jobs and innova-
tion in an economy that has languished
in stagnation and high public debt since
the 1990s.
It may even turn out that Mattarella
will serve only part of his second seven-
year term, allowing Draghi a chance to
move to the presidency and continue
overseeing the reforms. However, such
an outcome is far from guaranteed and
would still leave open the question of
how far any government formed after
next year’s elections will have a sincere
commitment to reform.
It was remarkable to see the politi-
cians applauding themselves on Satur-
day as, in the eighth round of voting in a
week, they finally united behind Matta-
rella. For the earlier deadlock under-
scored the essential disunity of Draghi’s
“national unity” government. Not for
nothing did Enrico Letta, leader of the
centre-left Democratic party, lament
that the presidential election revealed
“a political system that is blocked” and
that “isn’t working”.
Like Giorgio Napolitano, who agreed
in 2013 to serve a second term as presi-
dent only with the deepest reluctance,
Mattarella did not seek re-election. But
the political parties could find nobody
in their own ranks with the national
stature or cross-party appeal to replace
Mattarella. In the end, they settled on a
second term for the 80-year-old presi-
dent only because they feared any other
step might trigger the fall of Draghi’s
government and early elections. For
many of them, this carried the risk of
fewer parliamentary seats and the loss
of power, privileges and pensions.
Amid these self-interested calcula-
tions, one party is charting a distinctive
path — the far-right Brothers of Italy, led
by Giorgia Meloni. It is the only major
party that refused to join Draghi’s gov-
ernment, and opinion polls show it is
the most popular party on the rightwing
side of the political spectrum. Italy may
be scarcely a year away from deciding
whether to install its first radical right
prime minister of the postwar era.
tony.barber@ft.com
20 ★ FINANCIAL TIMES Monday 31 January 2022

Just can’t get the staff

Companies go to extraordinary
lengths to fill their rota gaps
Z WORK & CAREERS

The price of
hybrid work?
The spread
{ Ivy League:
endowments for equality }
of hot-desking Tuition costs continue to rise... ...while elite admissions
are falling
Full-time undergraduate students in Admission rate, % (all first-year
degree-granting institutions applicants)
($ ’000 per year, selected years)
4-year institutions
All 25 12

20 11

15
10
10
9
5
8
0
1985 10-11 18-19
-86 2000 7
-01

Pilita Clark 95-96

• Average total tuition, fees, room and board rates
Source: U.S. Department of Education; National
2010 15 20

Business Life Center for Education Statistics; Digest of Education Statistics Source: Dartmouth

Donations from rich alumni and high latest school year was more than

I
n Spain it has triggered legal
action. In Canada it has riled office
workers. In Australia it has rattled
civil servants and in Britain it is
irking union leaders.
The cause of this far-flung
frustration? The steady spread of hot-
desking in a pandemic that threatens
to turn the personal, assigned desk into
an ever rarer commodity.
Hot or shared desks have been high
on worker hate lists ever since they
began their insidious slide into
corporate life more than 20 years ago.
Unsurprisingly, people disliked the
tedium of racing their colleagues to
find a desk that needed adjusting and
made you feel like a worthless cog.
Not much has changed. Last week,
when a LinkedIn poll asked if people
enjoyed hot-desking at work, 75 per
cent of respondents clicked on “no”.
An even larger share of British office
workers expressed the same view last
year in a university study that also
suggested the idea that people grow to
like hot-desking over time is rubbish.
Yet demand for “flexible working
spaces” is on a roll. A report this month
from the JLL property group says 37
per cent of organisations globally have
post-pandemic plans to increase their
use of co-working or flexible space.
Some have already started. Envoy, a
software group that makes an app you
can use to book a hot desk, says desk
reservations jumped by as much as
60 per cent a month last year.
You might ask why employers would
introduce such a proven agent of
misery at a time of chronic worker
shortages from San Francisco to
Sydney. Yet even a life-long loather of
the hot desk like me can see why it is
happening.
Before Covid, office property in big
cities was so expensive that underused
space cost companies an estimated
£4bn a year in London alone.
Now, those same businesses are
introducing hybrid working so people
can work some days at home and some
in the office, which is precisely what
most employees say they want.
But if much of a workforce is only
coming into the office two or three days
“ A LinkedIn poll
asked if people enjoyed
hot-desking at work —
75 per cent of respondents
clicked on ‘no’ ”
a week, it makes for a lot of underused
space. Enter the hot desk, with
predictable results.
A Spanish company that tried desk-
sharing ended up in court last year
after unions objected to what they
argued was a serious change in working
conditions.
That claim was rejected but it may
not be the last.
Employees in Canada are reportedly
miffed about returning to work to find
they have to use an app to book a hot
desk in hybrid work set-ups. The same
prospect has upset government
workers in Canberra, while in London,
union bosses say hot-desking has
undermined ministers’ edicts for civil
servants to go back to the office
because there are now fewer desks
than staff.
I sympathise. Pre-pandemic, too
much hot-desking was done by
mindless cost-cutters who ignored the
price of alienating and wasting the time
of staff.
But Covid has made me think again.
First, because the rise of remote
working makes the cost of unused
office space a bigger problem.
Also, when I have returned to my
old, assigned Financial Times desk
Kenneth Andersson
between lockdowns, the experience has
not always been ideal.
My area has sometimes been so
devoid of bodies I may as well have
stayed home. At times I voluntarily
hot-desked, just to be closer to
colleagues who were the main reason I
was there. Admittedly, my desk is in an
especially distant wing of the building.
But in a hybrid set-up, I can see this
could be a common dilemma.
There is an answer, of sorts. If shared
desks, and chairs, are easily adjustable,
simple to reserve, close to generous
storage space and generally better
organised, hot-desking might become
more popular.
But it won’t be cost-free. A desk of
one’s own is not merely more
convenient and ergonomically sound.
It is a sign that you are valued by, and
belong to, an organisation. Once it goes,
so does a measure of loyalty to the
business.
At a time when the pandemic has
stretched organisational ties to once
unthinkable lengths, I suspect it will
still be best to keep the idea of the hot
desk on ice for as long as possible.
pilita.clark@ft.com
Twitter: @pilitaclark
stocks are sending US college
endowments soaring. Largesse for
ostensibly needy scholars is one result,
granting them access to elite power
networks.
The dirty little secret is that Ivy
League schools may still be selecting
students who come, for the most part,
from relatively privileged backgrounds.
Earlier this month, Dartmouth
College announced it would extend its
“need-blind” admissions policies to
international students on the strength
of a $90m fundraising campaign. It
already ignored family resources when
selecting American students,
guaranteeing subsidies for poorer ones.
The comprehensive cost to attend
Dartmouth touches $80,000 a year, in
line with peers. College coffers
therefore have to support students
defined in US parlance as “upper
middle-class”. In the UK and EU, that
denotes status in the centre of a rather
wealthier middle-class category.
Wealthy students tend to achieve
high grades. Athletes and children of
alumni get preferential access to elite
schools. If you are smart, poor and
unathletic, getting in is still tough.
According to data from Dartmouth,
its average financial aid package in the
$50,000 a year. Students from
households earning less than $65,000
annually attend free. Federal data show
the net annual price for students
receiving financial aid at Dartmouth is
$25,000. Dartmouth’s own data show
that 48 per cent of students rely on
financial aid.
In 2017, economists published a
landmark study based on data from the
early 2010s. They found 38 universities,
including Dartmouth, enrolled more
students from the top 1 per cent of the
income distribution than from the
bottom 60 per cent.
Back in 2011, the median family
income for a Dartmouth student was
$200,000 per year, with a fifth of the
class from families in the top 1 per cent
of earners. The school says that today,
however, its community is more open
than ever, describing a quarter of its
class as coming from a “low-income”
background.
Last October, Dartmouth announced
that its endowment had hit a value of
$8.5bn after appreciating almost 50 per
cent in the previous year. That allows
for new initiatives to promote economic
diversity and equity. The challenge is
still to make elite college classes
resemble society more closely.

CROSSWORD
No 17,006 Set by SLEUTH
• ‘  ‰ …  } y ACROSS
1 Rather weak medic getting very cold with
November gone (6)
4 Get angry with Indian cricketer showing
disrespectful levity (8)
u •¸ 9 Feature of city in past in a ruined state (6)
10 A hybrid drinking haunt? It’s supported by
•• posts (8)
12 Very warm current found around centre of
•‘ • Mediterranean (8)
13 Place for screening agents covering males
from the east (6)
•‰ 15 Imitate something supplied by journalists
(4)
•… • •} 16 Escort person in custody and assume
control (4,6)
•y 19 Disregard president holding Republican
ideas wrongly (5,5)
20 What a pack might do, being heartless,
•u ‘¸ ‘• worthless types? (4)
23 Learner, one with quite distinctive uniform
‘‘ (6)
25 Popular Australian film about chap losing
‘ ‘‰ ‘… money getting fearful (2,1,5)
27 Most of class to be arranged for part of a
challenging course? (8)
‘
28 Reportedly, hold up decoration on a wall
(6)
‘} ‘y 29 Musician goes round narrow beam of light
that’s out of place? (8)
30 Educational achievement of French and
other EU nationality in short (6)
DOWN
‘u ¸
1 Volatile dictator’s denying first signs of
this oppression? That’s extreme (7)
2 Leader of industry taken on dodgy tour
with two MPs? It’s not preplanned (9)
3 Ingredient in apple or other fruit lacking a
JOTTER PAD hard container (6)
5 Play a prank in large rescue vessel (4)
6 First person in Germany probing broadcast
tapes in a jumble (8)
7 Light stroll or walk in the countryside
skirting river (5)
8 Carer mistakenly enters vacant theatre in a
row of houses (7)
11 Illness sadly besetting island in the Middle
East (7)
14 Writer and poet clipped hanging item (7)
17 Artist beginning to consider much of new
tour possibly as a fund of stories (9)
18 A charm proving deceptive in case of
phoney source of drugs (8)
19 Cry over old American that’s become
bloated (7)
21 Friend keeps revolutionary tool used by
workers in fields? (7)
22 Sun is seen above clear herbaceous plant
(6)
24 Guest is missing it as coverage for
viewers? (5)
26 Turn up part of final page in proposal (4)