WEDNESDAY 15 JUNE 2022 INTERNATIONAL NEWSPAPER OF THE YEAR EUROPE

Remember the 70s Back to the day job Horizon over

We mustn’t allow inflation to get out BioNTech uses vaccine profits to UK scientists reel from snub to EU
of control — MARTIN WOLF, PAGE 17 fund cancer battle — BIG READ, PAGE 15 programme — ANJANA AHUJA, PAGE 16

Donbas plea Briefing

Kyiv urges i More US pressure ahead of Fed decision

arms ‘parity’
Producer prices have risen again in the latest sign of
inflationary pressure, as expectations grow that the
US central bank will today unveil a rate increase of
0.75 percentage points.— PAGE 4; MARTIN WOLF, PAGE 17
A mourner crouches at the grave of
Evgeny Khrapko, a Ukraine combat i Credit Suisse banker in messaging spat
medic. As Kyiv’s forces resisted the Rus- Anthony Kontoleon, global head of equity capital
sian assault in the Donbas, officials set markets syndicate, was removed from his position
out the arms they need on the eve of a after he was found to have used unapproved
meeting of western defence ministers. applications to communicate with clients.— PAGE 5
“Being straightforward, to end the
war we need heavy weapons parity,” i Biden to meet prince in Saudi Arabia
said Mykhailo Podolyak, adviser to Administration officials have confirmed that the US
President Volodymyr Zelenskyy. president will meet Crown Prince Mohammed bin
The west has pledged weapons but Salman and other nations’ leaders on a Mideast trip
logistics have hampered supplies to the next month.— PAGE 4; JANAN GANESH, PAGE 17
front line. Officials, however, bristle at
the idea they are losing. “We are holding i Illegal drug use bounces back in Europe
[the Russians] with an equipment ratio The supply and use of drugs
of at least 10 to one . . . they still cannot has increased sharply after
move and they are losing people,” said a pandemic disruptions, as global
former defence minister. crime networks take advantage
War in Ukraine page 2 of digital communications and
Ivan Alvarado/Reuters
commercial shipping.— PAGE 4

i German Apple probe into app tracking

Coinbase to cut almost a fifth of

Berlin’s antitrust watchdog has launched an
investigation over whether the US tech company’s
tracking of third-party apps gives it preferential
treatment or undermines its rivals.— PAGE 5

staff as crypto crunch worsens

i Hamm bid for full control of Continental
Energy billionaire Harold Hamm, a pioneer of the
shale revolution of the past two decades, has issued
an all-cash offer of $70 a share for the 17 per cent of
the group that his family does not own.— PAGE 6

i Musk’s Mars rocket passes green test

3 Growth plans ditched 3 Virtual currencies in retreat 3 Turmoil apes traditional assets
SCOTT CHIPOLINA — LONDON
Coinbase will cut almost a fifth of its
workforce after sharp price declines and
a downturn in cryptocurrency trading
volumes rocked some of the industry’s
biggest players.
The Nasdaq-listed group said it would
cut 1,100 employees as it grappled with
a slowdown in trading that has forced it
to abandon growth plans.
Bitcoin has lost more than 60 per cent
of its value since November, when it hit
an all-time high almost $69,000. Yester-
day it dipped below $21,000. Other
coins, including ether, have been hit by
even more severe declines.
The Coinbase move follows cuts at
rival exchanges such as Gemini and
Crypto.com, as well as crypto lending
The Super Heavy rocket that Tesla boss Elon Musk
hopes will one day help humans populate the red
planet has passed an FAA environmental test.
platform BlockFi, which announced “I am the CEO, and the buck stops of 0.75 percentage points, which would Plenty more red tape awaits before launch.— PAGE 7
plans to lay off swaths of their work- with me,” he said, adding that Coinbase be the steepest in almost 30 years.
forces in recent weeks. “grew too quickly”. Coinbase first indicated that it might
It also follows turmoil at Celsius Net- The job cuts at Coinbase underscore cut jobs last month when it fell to an Datawatch
work, one of the world’s biggest crypto the turbulence in the crypto market. unexpected first-quarter net loss of
lending services, which this week Just months ago crypto groups including $430mn. It also angered some employ-
blocked all customer withdrawals. Coinbase and FTX went on a marketing Only months ees recently by rescinding some existing Pumping up Rising petrol
Change in petrol prices* (in £ terms) prices are
Coinbase, a platform that lets retail blitz, buying ad spots in the Super Bowl, ago crypto job offers. Armstrong said the company Apr 12 2021 to Apr 18 2022 (%)
traders bet on a range of digital assets, while Crypto.com bought the naming groups including had already cut access to Coinbase sys- straining budgets
Czech Rep. across Europe,
generated about four-fifths of its reve- rights to the sports arena that is home to Coinbase and tems for affected employees. He said it Bulgaria
Lithuania but in particular
nue from retail trading in the first quar- the Los Angeles Lakers basketball team. FTX went on was to ensure no “single person made a among eastern
ter. But volumes have cooled sharply as The pullback in the crypto market has a marketing rash decision that harmed the business Austria
UK European
crypto prices have fallen and its shares mirrored the sell off in traditional asset blitz that took or themselves”. Ireland countries. Over
have tumbled 79 per cent this year. markets triggered by rising inflation in big events An anonymous employee petition last Spain the past year fuel
Brian Armstrong, chief executive, and a sharp tightening of monetary pol- such as the week called for the removal of three Italy prices, excluding
said the cuts were an attempt to “stay icy by global central banks. Super Bowl executives for the failure of product Hungary taxes, have risen
Malta
healthy during this economic down- The Federal Reserve’s policy setting launches, a toxic work culture and hir- by a third for
0 10 20 30 40 several countries
turn” after an aggressive hiring spree panel concludes a two-day meeting ing for thousands of roles, “despite the * Excluding taxes/duties
that lifted the number of employees to today, when it is expected to raise rates. fact that it is an unsustainable plan”. Source: BEIS Selected countries in the region
6,000 from 3,730 at the end of 2021. Some analysts are expecting an increase Risky bets page 8

Europe’s gas markets hit by price surge

after US LNG outage and Russian cuts
DAVID SHEPPARD — LONDON delayed the return of equipment from Germany’s Siemens Energy con-
DEREK BROWER — NEW YORK
JOE MILLER — FRANKFURT Siemens Energy in Canada. firmed that turbines it supplied to Rus-
The twin threat highlighted the vul- sia’s Gazprom for the Nord Stream 1
Europe’s gas supply suffered a double nerability of Europe to supply disrup- pipeline had been held up by Canadian
blow yesterday when a crucial US lique- tions as it tries to reduce its reliance on sanctions after maintenance at its fac-
German brewers bring fied natural gas terminal announced it Russian gas in response to Moscow’s tory in Montreal. “Due to the sanctions
little cheer to beer halls would be offline for at least three invasion of Ukraine. imposed by Canada, it is currently
months and Russia moved to reduce European benchmark gas prices impossible for Siemens Energy to
Analysis i PAGE 3 flow on a route to Germany. jumped more than 15 per cent to €99 deliver overhauled gas turbines to the
per megawatt hour, while UK gas con- customer,” it said.
Freeport LNG, which accounts for about tracts for delivery in July jumped 25 per The German government also con-
Austria €4.20 Malta €3.90
Bahrain Din1.8 Morocco Dh50 a fifth of US exports and roughly 10 per cent to £1.97 per therm. firmed yesterday a €10bn bailout of
Belgium
Bulgaria
€4.20
Lev7.50
Netherlands
Norway
€4.20
NKr43
cent of Europe’s LNG imports this year, Gas prices in Europe have soared after Gazprom Germania, the Gazprom sub-
Croatia Kn31 Oman OR1.60 said that repairs after an explosion last Russia squeezed supplies before the sidiary it took control of in April. Berlin
Cyprus
Czech Rep
€3.90
Kc110
Pakistan
Poland
Rupee350
Zl 22
week might take until the end of the invasion, deepening fears of supply dis- said it had to provide funding to the
Denmark DKr40 Portugal €3.90 year, with partial activity set to resume ruptions and stoking inflation and a cost unit, which operates storage facilities
Egypt E£59 Romania Ron17
Finland €4.70 Russia €5.00 in 90 days. It had indicated that the ter- of living crisis in many countries. and supplies gas through its Wingas sub-
France €4.20 Serbia NewD530 minal would be back in early July. The EU has tried to avoid targeting sidiary, to “prevent the endangerment
Germany €4.20 Slovenia €3.90
Greece €3.90 Spain €3.90 Meanwhile, Moscow said it would Russian gas flows with sanctions — of [Germany’s] energy security”.
Hungary
India
Ft1250
Rup220
Sweden
Switzerland
SKr39
SFr6.40
reduce capacity on the Nord Stream 1 which prior to the invasion made up as Additional reporting by Guy Chazan in
Italy €3.90 Tunisia Din7.50 pipeline by about 40 per cent, blaming much as 40 per cent of its supply — even Berlin
Lithuania
Luxembourg
€4.60
€4.20
Turkey
UAE
TL40
Dh22.00
the move on western sanctions that had as it has moved to cut its dependence. Energy blackmail page 2

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2 ★ FINANCIAL TIMES Wednesday 15 June 2022

WAR IN UKRAINE

Energy supplies Nato forces

EU woos Israel amid Russian gas ‘blackmail’ Germany

tones down
Talks focus on pipeline in shore gas resources in recent years, is “But the Kremlin’s behaviour only Hochstein, is in Beirut this week to help non’s Iran-backed Hizbollah, said ear- proposal to
put troops
keen to help the bloc diversify its energy strengthened our resolve to break free mediate in the dispute, after a vessel lier this month that his group was ready
east Mediterranean plus supplies. of our dependency on Russian fossil operated by Energean, the London- to act if Israel began drilling before an
underwater power cable Von der Leyen said that the EU was fuels.” listed Greek oil and gas explorer, agreement was reached. The political

JAMES SHOTTER — JERUSALEM

RAYA JALABI — BEIRUT
The EU is pushing ahead with efforts to
boost its energy co-operation with Israel
as it battles Russian energy “blackmail”,
European Commission president Ursula
von der Leyen said yesterday.
Brussels has been searching for ways
to cut its dependency on Russian fossil
fuels since Vladimir Putin ordered the
invasion of Ukraine earlier this year,
and Israel, which discovered large off-
continuing preparations on two “major”
energy infrastructure projects designed
to bolster energy links with Israel: a gas
and hydrogen pipeline in the eastern
Mediterranean and an underwater
power cable linking Israel to Cyprus and
Greece.
“Since the beginning of the war, Rus-
sia has deliberately cut off its gas sup-
plies to Poland, to Bulgaria, to Finland,
to Dutch companies, to Danish compa-
nies, in retaliation for our support to
Ukraine,” von der Leyen said during a
visit to a university in southern Israel.
Battlefield. Materiel
Israel prime minister Naftali Bennett
also discussed energy co-operation with
Italian prime minister Mario Draghi,
who made his own visit to Israel yester-
day.
But in a sign of the complexities of
developing Mediterranean gas
resources, Bennett also criticised Leba-
non’s leaders for “unnecessary dis-
putes” following a row between the two
countries, which do not have diplomatic
relations, over a contested offshore gas-
field.
A US state department official, Amos
arrived at the Karish gasfield on June 5.
The company said its gas rig was due
to start production there in the third
quarter. While Israel says the field lies in
an area recognised by the UN as its
exclusive economic zone, Lebanon says
the area is disputed.
US-brokered talks between the two
countries stalled last year after Leba-
nese negotiators proposed a new mari-
time border, which significantly
expanded the territory it claimed at
Israel’s expense.
Hassan Nasrallah, the leader of Leba-
and paramilitary force has fought sev-
eral wars with Israel and Nasrallah has
previously said that he would protect
Lebanon’s economic rights by force. The
two countries have officially been at war
since Israel’s founding in 1948.
Israel’s energy and defence ministers
said last week that the rig was in Israeli
waters, and would not pump gas from
disputed territory. But they warned that
Israel “prioritises the protection of its
strategic assets, and is prepared to
defend them and the security of its
infrastructure”.
in Lithuania
VALENTINA POP — BRUSSELS
RICHARD MILNE — OSLO
Germany has proposed basing most of
the 3,500 extra troops it plans to con-
tribute to Nato forces on its own soil
rather than in Lithuania, significantly
softening its initial backing for more
foreign forces to be stationed in the Bal-
tics to deter any potential Russian
aggression.
Vilnius and other capitals on Nato’s
eastern flank have in recent weeks
called for an increased military pres-
ence on their territory. German chancel-
lor Olaf Scholz expressed support this

Defenders amplify call for urgent military aid
Western pledges of long-range
weapons and tanks have not
been matched on the ground
JOHN PAUL RATHBONE — LONDON
ROMAN OLEARCHYK — KYIV
Ukrainian officials have set out bluntly
what they need on the battlefield ahead
of a meeting of western defence minis-
ters tomorrow that they hope will speed
the delivery of military aid.
Mykhailo Podolyak, an adviser to
President Volodymyr Zelenskyy, identi-
fied the main equipment shortages and
what was needed to counter Russian
artillery barrages in the Donbas region.
“Being straightforward, to end the
war we need heavy weapons parity,”
Podolyak said yesterday, detailing what
that meant in a tweeted list that
included 1,000 155mm howitzers, 300
multiple-launch rocket systems and
500 tanks.
Western countries have pledged
plenty of military and humanitarian aid
since Russia invaded Ukraine more
than 100 days ago. But far less than
those committed funds has been spent
on military equipment, while logistics
and training issues mean kit worth even
less has arrived on Ukraine’s front lines.
“For months now, the US and other
allies know the situation,” said Andriy
Zagorodnyuk, a former defence minis-
ter who advises Kyiv on security. “I sin-
cerely hope that we are going to hear
something on Wednesday.”
At the first round of the so-called
Ramstein format talks in April at a US
air base in Germany, Lloyd Austin, US
defence secretary, pledged the west
would move “heaven and earth” to sup-
ply Ukraine with weapons to defend
itself. The second round will be held in
Brussels on the margins of the Nato
defence ministers’ meeting.
Ukraine is having problems with artil-
lery shells. A stockpile of Soviet-
issue 152mm rounds is all but exhausted
but while the supply of Nato-issue
155mm rounds is ample, Ukraine does
not have enough guns to fire them, Ole-
ksii Reznikov, defence minister, said
last Friday.
The west has provided or pledged
only about 250 155mm howitzers,
according to Oryx, an open-source intel-
ligence outfit that tracks battlefield
losses and supplies.
On Sunday, General Valerii Zaluzh-
month for boosting the multinational
troop presence that rotates every six
months in the region.
According to western officials, Berlin’s
latest proposal is for a brigade to be sta-
tioned in Germany and deployed to
How weapons deliveries and pledges compare Lithuania — where it has led the existing
with Ukraine’s needs 1,000-strong multinational battle group
As of Jun 13 2022 (estimated) since 2017 — only if needed. The force
would also have a permanent headquar-
Key 10 tanks 10 MRLs 10 howitzers ters in Lithuania, manned by 50-60 staff
Tanks and the rest of the personnel would reg-
ularly come to the country for training,
270+ delivered/pledged 500 needed the officials said.
Berlin has argued that as part of Nato’s
modernisation efforts, troop deploy-
ments must be fast, but that Germany’s
geographical proximity to Lithuania
would make its latest proposal possible.
Multiple rocket launchers (MRLs) The German brigade would be in
50+ delivered/pledged 300 needed addition to the country’s participation
in the battle group already stationed in
the Baltic nation.
Lithuania foreign minister Gabrielius
Landsbergis described the German pro-
posal as a “good start for discussion”.
155mm calibre howitzers However, he added: “There is still a lot
250+ delivered/pledged 1,000 needed of space for more significant steps, as
the current security situation in the
region remains dangerous.”
Asked for comment, the German
defence ministry said: “We do not com-
ment on statements made by foreign
politicians and media reports.”
The three Baltic states have called for
Nato to agree to a complete change in
Sources: Ukrainian government; Oryx
how they are defended at its summit in
Madrid this month. They want the exist-
Long shot: nyi, Ukraine’s commander-in-chief, tional artillery. Earlier this month, the ‘We are Even so, defence officials and analysts ing multinational battalions in each
Ukrainian pleaded in a phone call with General US and UK pledged a handful of agree that Ukraine needs more weapons country to be converted into brigades,
gunners fire Mark Milley, chairman of the US joint advanced MLRs between them. holding the and more time to train reservists. which would mean three to five times
155mm rounds chiefs of staff, for more and faster deliv- “Ukrainians’ skilful use of artillery [Russians] Michael Kofman, Russia analyst at more troops. The Baltic air policing mis-
from a howitzer eries. “Despite everything, we keep has enabled them to hold the Russians CNA, a US think-tank, said some west- sion would be extended to air defence,
in the Donetsk holding our positions,” he said, appeal- in check,” said a defence adviser. “They with an ern countries had supply problems and giving it the authority to shoot down
area early this ing for “more 155mm calibre artillery are showing great ingenuity in integrat- equipment some were unwilling to provide weap- enemy aircraft.
month — STR/EPA- systems in the shortest possible time”. ing new civilian technology”, such as ons. Furthermore, it took time to The Baltic governments believe the
EFE/Shutterstock
A similar disparity exists for other Elon Musk’s Starlink satellite system, to ratio of at deliver materiel to the front lines and current Nato “tripwire” strategy, of
heavy weapons such as tanks and MLRs, enable battlefield operations. But he least 10 to for Ukrainians to learn how to use it. potentially allowing Russia to invade
which have a longer range than conven- added: “Their weapons and ammuni- “A good deal of equipment has been the region and then repelling it with
tion supply problems are acute.” one. They promised to Ukraine and you see quite a massive force from Poland and Ger-
Ukraine says it is losing up to 200 sol- still cannot bit on the battlefield,” Kofman told a many, is no longer defensible given the
The US has promised more than $42bn in aid diers on some days, and allowing for War on the Rocks podcast. “But there destruction wrought by Russia in
to Ukraine those wounded or missing in action, the move and are also significant growing pains in Ukraine.
Selected countries, Jan 24 to May 10 ($bn) figure could be as high as 800. In its daily
conflict monitor, Rochan, a military
are losing assimilating and using it . . . For one,
maintenance is a real issue in sustaining
“If you look at Ukraine, you look at
[the massacre of civilians in the town of]
0 10 20 30 40 50
US
consultancy, suggested that Kyiv’s dis- people as this equipment.” Bucha, you look at what we imagine is
closure of personnel losses and its well’ Such issues might be contributing to a much worse in Mariupol, this is really
UK urgent appeals for supplies were sense in Moscow that it could win the not an option because when the Russian
EU designed “to force the west to speed up war, analysts said. Western differences army invades they kill, torture, deport
Poland the deliveries of military equipment over military aid, and Russian progress civilians,” Krišjānis Kariņš, Latvia’s
Germany Financial Humanitarian and ammunition”. in the Donbas based on “brute force and prime minister, told the Financial
France Military Ukrainian officials bristle at the idea [by] accepting high losses” among its Times last week.
their side is losing. “We are not doing own troops, reinforced that impression, He called the new strategy “deter-
Canada
bad at all,” Zagorodnyuk said. “We are said the defence adviser. rence by denial” and said: “It is so much
Italy holding [the Russians] in [the Donbas] “Nothing sufficiently unpleasant has less costly never to have a war than, God
Norway with an equipment ratio of at least 10 to happened yet to disabuse him [Russian forbid, if war breaks out.”
one . . . they still cannot move and they president Vladimir Putin] of the view” Additional reporting by Guy Chazan in
Source: Kiel Institute
are losing people as well.” that Russia can win, the adviser added. Berlin

Portuguese PM

Brussels advised to give Kyiv help before hope of membership

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BEN HALL — EUROPE EDITOR
The EU should focus on providing
immediate help to Ukraine rather than
engaging in “legal debates” about
whether to designate the country as a
candidate for membership, according
to Portugal’s prime minister.
António Costa said in an interview that
candidate status — the beginning of an
accession process that would take many
years — would not solve Ukraine’s
urgent problems and risked creating
“false expectations”. He feared the EU
would only display its divisions over the
issue, handing a gift to Russian presi-
dent Vladimir Putin.
His comments underlined the dis-
quiet in some EU capitals about granting
candidate status to Kyiv despite the
pleas of President Volodymyr Zelen-
skyy, who regards a membership path
as a guarantee of Ukraine’s sovereignty
and an anchor for its recovery. EU lead-
ers are due to decide on the matter at a
summit in Brussels on June 23-24.
Costa supported a “European per-
spective” for Ukraine and he did not
explicitly oppose candidate status, say-
ing he was waiting for a European Com-
mission assessment this week. But he
said it was “essential to answer the
emergency Ukraine and the Ukrainian
people are living now”. Even if Ukraine
was granted candidate status, “the real
problems remain to be solved”, he said.
“My focus is to obtain in the next
European Council a clear commitment
on the urgent support and to build a
long-term platform to support the
recovery of Ukraine,” he told the Finan-
cial Times in London. “This is my main
priority. The most important are not
legal debates about Ukraine but practi-
cal deliveries.
“For this clear and immediate sup-
port, we don’t need to open at this
moment a negotiation or procedure that
will take a lot of years — [French presi-
dent Emmanuel] Macron says decades,
I don’t say decades — but certainly a
long, long time. The great risk is to cre-
ate false expectations that become bit-
ter disappointment. Less legal debates,
more practical solutions.”
Costa, a socialist, has been Portugal’s
prime minister since November 2015,
making him the longest-serving centre-
left government leader in Europe. In
elections in January, his party obtained
an absolute majority and no longer
requires the support of two smaller far-
left parties to govern. He is touted as a
potential future candidate for one of the
EU’s top jobs.
Costa said the unity the EU had dem-
onstrated since Putin launched his full-
scale invasion on February 24 had been
a “defeat” for Moscow and it was essen-
tial to maintain it. “The best support
that the European Union can give to
Ukraine is to keep its unity. The best we
can offer is European unity.”
Ursula von der Leyen, the commis-
sion president, has strongly advocated
António Costa: ‘The great risk is to
create false expectations’
putting Ukraine on the first step
towards membership, which the com-
mission is expected to formally recom-
mend on Friday. But EU capitals are
divided. Dutch premier Mark Rutte told
the Netherlands’ parliament last month
that many EU members were opposed.
Poland, the Baltic states and Italy are in
favour.
Sceptics said it would be unfair to give
precedence to Ukraine over Georgia and
Moldova. It would also raise questions
over the status of Serbia, Montenegro
and Turkey, whose candidacies have
been stuck for many years, or Albania
and North Macedonia, with whom nego-
tiations have not started.
Costa said an idea floated by Macron
last month for a European Political
Community, a looser form of association
for countries that do not want member-
ship or which do not meet the full entry
criteria, “could be a good idea to solve a
lot of problems”. “We need to find differ-
ent ways to be partners, allies and
friends on the same continent,” he said.
Costa was in London to sign a bilateral
agreement with the UK intended to
boost trade, investment and research
co-operation.
Wednesday 15 June 2022
German beer
drinkers warned
to expect bitter
blow on prices
Global barley market badly impacted
by Russia’s invasion of Ukraine
MARTIN ARNOLD — MILTENBERG
ALEXANDER VLADKOV — FRANKFURT
German brewers have long been wary of
increasing prices.
When King Ludwig 1 raised the ale tax
by 8 per cent in 1844, riots broke out
between labourers and the army in
Munich that lasted for three days. But
Johannes Faust and his 1,500 counter-
parts scattered across the country may
soon have little choice.
Faust has brewed beer on the banks of
the Main river in northern Bavaria, nes-
tled between the half-timbered houses
in the centre of the small town of Milten-
berg, for 30 years. The chief executive
has never seen his costs surge on the
scale they are today.
The malt Faust’s family-owned brew-
ery has bought from local German pro-
ducers since it started making beer in
1654 will soon double in price. Russia’s
invasion of Ukraine has hit supplies of
the grain from the two countries, which
together produce more than a third of
the global barley market.
The brewery is also having to pay at
least a third more for its glass bottles,
along with more than 50 per cent higher
prices for plastic cases, and three-
Johannes Faust:
‘I fear some
breweries in our
size range will
have problems
with higher costs’
quarters more for its metal bottle caps.
Energy, transport and staff costs are also
going up. “I’ve never seen inflation like
this,” said Faust.
This brewery, like many in the coun-
try, had been able to shield customers
from higher costs owing to long-term
supply contracts. The doubling of the
malt price that he recently agreed is for
next year’s supply, while its two-year
energy contract means its electricity
prices will not go up until 2024.
But, unless costs fall fast in the coming
months, higher prices for the country’s
beer drinkers look set to follow. Holger
Eichele, head of the German brewers’
association, said: “For many companies
this is becoming an existential threat.”
Across the eurozone, manufacturers
are under pressure from rising costs —
producer prices rose at an all-time high
of 37.2 per cent in the year to April.
But the sudden surge in costs is just
the latest shock to hit Germany’s brew-
eries. Only a few countries drank more
ale than the 83.8 litres each German
consumed on average last year. Yet, as
more health-conscious consumers
choose other drinks, the figure has
fallen steadily since the 1970s, when
they drank 150 litres per person.
If inflation means Germans must pay
much more for their steins of beer, it
could squeeze demand even more.
Surging costs have been the last straw
for some, such as the 558-year-old
Human rights
Staffer released by China not
contactable, Bloomberg says
EDWARD WHITE — SEOUL
US media group Bloomberg said yes-
terday it had been unable to contact a
Beijing staff member detained by Chi-
nese security services in 2020, despite
government claims she was released on
bail six months ago.
Haze Fan, who worked at Bloomberg
News’ Beijing bureau, was taken from
her flat in December 2020. She was
charged six months later on suspicion of
endangering national security.
The news group said it had been made
aware at the weekend of a statement
from the Chinese embassy in Washing-
ton that said Fan had been released in
January, but that it had been unable to
contact her. According to the embassy
statement, dated May 6, Fan remains
under investigation and is awaiting trial.
Fan’s detention came at a historic low
in US-China relations and her case high-
lights a wider crackdown by China’s pre-
sident Xi Jinping against journalists,
including harassment and the expulsion
of record numbers of foreign reporters.
John Micklethwait, Bloomberg’s edi-
tor in chief, said the organisation was
★ FINANCIAL TIMES 3
INTERNATIONAL
The rise in business’ costs has exceeded
those of their customers
Year-on-year price inflation (%)
Producer
40
30
20
10
Consumer
0
-10
2017 18 19 20 21 22
Source: Eurostat
Trouble
brewing: the
cost of a stein is
set to increase.
Right, the
Frankenwälder brewery in north-east family-owned
Bavaria, which filed for insolvency this Brauhaus Faust,
year after many local beer festivals shut Miltenberg
for two years during the pandemic. Krisztian Bocsi/Bloomberg;
Ben Kilb/FT
“I fear some breweries in our size
range will have problems with higher
costs because they don’t have market
power,” said Faust.
For now, the average German beer
drinker will have barely noticed the
increase in prices, which rose 3.5 per
cent in the year to May, according to
Germany’s statistical agency. That is
well below broader consumer price
inflation of 8.7 per cent in the year to
May. This moderation, like a pledge of
sobriety at Munich’s Oktoberfest, looks
set to be overtaken by circumstance.
This month, Faust raised its price 10
cents per litre of beer, equal to a higher
than usual 6.5 per cent rise, taking the
price for a 20-bottle crate of its best-sell-
ing Pils to €16.49. “But that was decided
last October, long before Ukraine, and it
does not even come close to offsetting
our higher costs,” said Faust.
Rhineland-Palatinate’s Bitburger said
its “moderate” price rise, decided last
year, would do little to cover its “explod-
ing energy and raw material prices”.
The Berlin Brandenburg brewery
association, a regional trade group, said
prices for beer drinkers could rise up to
30 per cent this year. Radeberger, the
biggest German brewer based in Frank-
furt, said it also worried about “the
increasing scarcity of raw materials and
the resulting further price increases”.
Economists agree that the capacity
for factories to handle high input costs
without raising prices for consumers
would not last. “Just the delays built in
to pricing policy mean there is still a lot
of inflationary pressure in the pipeline
for the next few months,” said Carsten
Brzeski, the Frankfurt-based head of
macro research at ING.
Oliver Rakau, chief German econo-
mist at Oxford Economics, said what
started as mostly an oil and gas price
shock was broadening to drive inflation
in many other products and services.
“There’s no denying that higher energy
and commodity prices will feed through
into other products, like food and drink
prices, and that could lead to higher res-
taurant prices, which pushes up serv-
ices inflation,” he said.
Improving market conditions may
also help German brewers to pass on
more of their high costs to consumers,
who at the moment pay much lower
prices than in places such as the UK.
Beer sales have rebounded in Ger-
many — rising 5.1 per cent in the first
four months of this year compared with
a year ago, according to Germany’s sta-
tistical agency — and the reopening of
beer festivals including Oktoberfest
after two years of closures, is likely to
boost demand. Beer prices at this year’s
Oktoberfest will be on average 15 per
cent higher than the last one three years
ago, at €13.37 per foaming litre.
“encouraged” to hear Fan was out on
bail, adding: “We will continue to do
everything possible to help her and her
family.”
The embassy statement appeared to
be in response to a Washington Post
campaign for World Press Freedom Day
in May. It said Fan’s “legitimate rights
and interests” had been fully protected
and the case conducted according to
law.
“Using it to vindicate a criminal sus-
pect and interfere in China’s judicial
sovereignty is an affront to the rule of
law and a breach of press freedom
itself,” the embassy said.
Fan, a Chinese citizen, began working
for Bloomberg in 2017 and was with
CNBC, CBS News, Al Jazeera and Thom-
son Reuters. Under Chinese law, nation-
als are not allowed to perform full jour-
nalistic duties for foreign media.
Human rights groups and former dip-
lomats have accused Beijing of “hostage
diplomacy”, using arrests of foreign nat-
ionals for leverage in bilateral disputes.
Reporters without Borders, a non-gov-
ernmental body, said China ranked 175
out of 180 nations for press freedom.
4 ★
FOMC meeting
Fed under pressure as producer prices rise
Markets anticipate possible
0.75 percentage point
increase to curb inflation
COLBY SMITH — WASHINGTON
Prices paid to US producers rose in May
in the latest sign of inflationary pressure
ahead of the Federal Reserve’s meeting
today, as expectations grow it will raise
interest rates by 0.75 percentage points.
The Federal Open Market Committee
yesterday began a two-day gathering
amid a clutch of economic data suggest-
ing price pressures had become more
relentless than expected.
The producer price index, which
tracks the prices that businesses receive
for their goods and services, advanced
Australia takes steps to replace the Queen
Labor appoints minister
to oversee process of cutting
colonial ties with the Crown
NIC FILDES — SYDNEY
For more than two decades, Australia’s
republican campaign to replace Queen
Elizabeth as head of state with one of its
own citizens was waged by a handful of
“winter soldiers fighting to keep the
flame alive”.
Peter FitzSimons, who leads the Aus-
tralian Republican Movement, said
that the group struggled to regain any
momentum after the 1999 referendum
to remove the Queen ended in catastro-
phe.
But even as Anthony Albanese, the
new Labor prime minister, lit a beacon
this month to celebrate the Queen’s plat-
inum jubilee, Australia was making its
boldest move in decades to sever the
final colonial links to the British crown.
Albanese, a longstanding republican,
has appointed Matt Thistlethwaite, one
of the movement’s winter soldiers, as
first minister for the republic.
“It is the first time in the history of
Australia there will be a minister for the
Crown charged with removing the
Crown,” said FitzSimons. “The govern-
ment has officially put its weight behind
this.”
The new minister was sworn in by
David Hurley, governor-general and the
queen’s representative, and had to
pledge his allegiance to the monarch, an
irony not lost on those who oppose
attempts to ditch Australia’s system of
constitutional monarchy, which
marked the Queen’s birthday on Mon-
day with a public holiday.
“It’s inappropriate to have a minister
in government devoted to a system that
doesn’t yet exist. It’s inappropriate in
that he’s working in a paradigm that he’s
devoted to dismantling,” said Rachel
Bailes, for the Australian Monarchist
League.
For republicans, the platinum jubilee
represented a pivotal moment. They
think many Australians are more will-
ing to consider change when the Queen’s
reign ends.
“As the Queen moves into the twilight
of her reign, Australians, who have a
unique cultural identity, are starting to
think about what’s next,” said
Thistlethwaite. “Once she hands over
Pandemic
HK fund managers call for border reopening
CHAN HO-HIM AND PRIMROSE RIORDAN
HONG KONG
Hong Kong’s fund managers have
called on the government to reopen the
city’s borders and warned of a “perma-
nent” loss of talent even as Covid-19
cases rise in the Chinese territory.
Sally Wong, chief executive of the Hong
Kong Investment Funds Association,
which represents global and local
groups that oversee more than $52tn in
assets under management, made the
plea as Carrie Lam, the financial hub’s
outgoing leader, said yesterday that she
would “not budge” in the face of indus-
try pressure.
Hong Kong has been tied to Beijing’s
Covid elimination policies since the
start of the pandemic, with incoming
travellers subject to at least a week of
hotel quarantine. Despite the restric-
tions, the city has recorded hundreds of
cases a day, with 737 new infections
recorded on Monday.
The policies have cut off the city from
the rest of the world, sparking an exodus
of residents and causing the economy to
contract 4 per cent in the first quarter
0.8 per cent in May, an acceleration of
0.3 percentage points from the previous
month, data revealed yesterday.
On an annual basis, prices rose 10.8
per cent in May compared with a year
earlier. This was lower than the 11 per
cent gain from the previous month and
slightly below economists’ expectations
of 10.9 per cent. On Friday, figures
showed prices jumped another 1 per
cent in May from the previous month.
The Fed had already signalled it was
poised to approve a second consecutive
half-point rate increase. But a larger rise
of 0.75 percentage points is likely to be
under consideration.
Markets have almost fully priced in
that outcome, with economists at
JPMorgan, Goldman Sachs and Barclays
all anticipating a 0.75 percentage point
Republican revival. Constitution
Flag day: the Queen during a 2006
visit to Australia — Rob Griffith/Getty Images
‘This is not about the
monarchy or the
individuals. It is about the
system that protects our
democracy and freedom’
compared with the same period last
year. A net loss of 130,000 residents was
reported since the start of this year.
Wong issued the warning a day after
the Hong Kong Monetary Authority, the
city’s de facto central bank, revealed
that 7 per cent of its staff had left last
year, compared with the annual average
of about 4 per cent.
Lam has prioritised unsealing the
border with the mainland but Wong said
reopening to the rest of the world was
“of equal importance” to many global
fund managers. Resuming quarantine-
free travel with the mainland “could
take more time”, she said.
“We should work in parallel. Why get
boxed in by a sequential approach?” she
Exodus: Hong Kong has seen a net
loss of 130,000 residents this year
FINANCIAL TIMES
INTERNATIONAL
rise, which would be the first since 1994.
Equity markets were battered on
Monday by rising concerns that intense
inflation will trigger a further sharp
tightening of US monetary policy, and
remained under pressure yesterday
A 0.75pp move is ‘not what
we think is optimal policy,
and, separately, not in our
view good for markets’
morning. US government bonds
dropped, sending the yield on the
benchmark 10-year Treasury note —
which underpins global debt pricings —
to its highest level since 2011 at one
point The Wall Street Journal first sug-
the reins or passes, it will be a chance to
answer that.”
Bailes, who is 29 and has been a mon-
archist since she was 14, thinks that
republicans face an uphill task in con-
vincing younger people of the need to
change the system. “I don’t meet people
my age who call themselves monar-
chists or republicans,” she said. “There
is not a strong motivation for change.”
A poll by Ipsos last year suggested that
about a third of Australians wanted a
republic, but about 40 per cent opposed
told the Financial Times. “Can we be
pragmatic?”
While international companies have
long called for quarantine to be
dropped, Wong’s comments signalled a
shift from local business leaders.
Betty Yuen, the new chair of the con-
servative Hong Kong General Chamber
of Commerce, said last month that the
city was becoming a “sequestered
island” and that the government needed
to offer a road map to reopening.
Wong also appealed to John Lee, Hong
Kong’s incoming leader who will be
sworn in as chief executive on July 1, to
provide more “clarity and certainty” on
the timeline for the resumption of quar-
antine-free travel. She added that
“Hong Kong will increasingly be mar-
ginalised and be put in an uncompeti-
tive position” if it remains isolated.
With the pandemic now in its third
year, authorities have insisted that they
cannot unilaterally open the interna-
tional border, because it would under-
mine efforts to reinstate quarantine-
free travel with mainland China.
Additional reporting by Maiqi Ding in
Beijing and Eleanor Olcott in Taipei
gested that Fed officials would discuss a
0.75 percentage point increase.
Krishna Guha, vice-chair at Evercore,
said such a move was “not what we
think is optimal policy, and, separately,
not in our view good for markets”.
Economists are grappling with what
comes after the Fed meeting as the cen-
tral bank confronts more inflation
shocks that have raised doubts over
whether it is moving swiftly enough to
address what is already becoming an
intractable problem.
Inflation reached 8.6 per cent in May,
marking the highest level since Decem-
ber 1981, highlighting the challenge fac-
ing the economy.
The Fed has committed itself to mov-
ing “expeditiously” to a neutral setting,
one that neither stimulates nor slows
it. That was the lowest level of support
for a republic since 1979.
At the 1999 referendum, republicans
split viciously over which system should
replace the constitutional monarchy
and the country voted for the status quo.
“Last time it was death by division,”
said FitzSimons, a former rugby union
international player. “Those that sup-
ported a directly elected president
anticipated another referendum in
about 18 months. That was almost 25
years ago.”
Europe
Illegal drug market rebounds after Covid-19
PETER WISE — LISBON
The supply and use of illegal drugs in
Europe has increased sharply after dis-
ruptions caused by the pandemic, as
international crime networks exploit
digital communications and commer-
cial shipping, officials have warned.
Law enforcement experts said the avail-
ability of cocaine had surpassed pre-
pandemic levels, while more potent and
hazardous illegal substances were
appearing in European cities as produc-
tion of synthetic drugs increased.
Signs that Mexican gangs had begun
producing drugs in Europe was particu-
larly worrying, the European Monitor-
ing Centre for Drugs and Drug Addiction
said in its 2022 report yesterday.
“Established drugs have never been
so accessible and potent new substances
continue to emerge,” said Alexis Goos-
deel, director of the Lisbon-based
agency. “Today, almost anything with
psychoactive properties can be a drug,
as the lines blur between licit and illicit
substances.”
Ylva Johansson, European commis-
sioner for home affairs, said organised
down growth, although chair Jay Powell
recently conceded that was “not some-
thing we can identify with any preci-
sion”. He vowed to keep pressing ahead
until there was “clear and convincing”
evidence inflation was moderating.
US central bankers will convey their
forecast policy path in an updated “dot
plot” to be released today, which maps
out individual interest rate projections
as part of a broader set of estimates
about the economic outlook.
Policymakers are also due to publish
updated forecasts for inflation, growth
and unemployment, which are
expected to reflect Powell’s recent
admission that moves needed to tame
price pressures will lead to “some pain”.
Additional reporting by Alexandra White in
New York
Crucial to any progress will be decid-
ing how a president would be elected in
a putative Australian republic. The
ARM, which has already raised
A$170,000 (US$120,000) for its cam-
paign since Albanese was elected, advo-
cates a hybrid model in which the public
votes for a ceremonial candidate from a
shortlist compiled by parliament. Oth-
ers prefer a directly elected president.
The government is not thinking of
putting the issue to a vote until after the
next election in 2025, but wants to initi-
ate a debate about how to get there.
“We need to take our time. I am
deeply aware of the pitfalls and divi-
sions that occurred last time,”
Thistlethwaite said. He is also in touch
with monarchist groups to try to build
consensus on how to proceed to a vote.
For republicans the question of
whether Australia should have a head of
state from its own shores is obvious. The
country has strong cultural ties to the
UK but counts the US as its strongest
security partner in the Indo-Pacific and
Asia as the most significant trading
region for its economy.
FitzSimons insisted it was a matter of
“national dignity” as well as common
sense.
“Power should rest with an Australian
democratically elected authority not
with the royal bloodlines from the days
of empire,” he said.
Thistlethwaite noted that 34 of 54
countries in the Commonwealth are
now republics after Barbados voted to
replace the Queen as head of state last
year. “Australia is very much in the
minority,” he pointed out.
Monarchist groups argued that the
debate should not be about the inde-
pendence of Australia but about politi-
cal stability. Philip Benwell, head of the
AML, said that the constitutional mon-
archy provided a safeguard against a
system in which a president was be-
holden to the will of politicians.
“This is not about the monarchy or
the individuals. It is about the system
that protects our democracy and free-
dom,” he said. “Constitutional monar-
chies offer stability and block political
interference and constant constitu-
tional change.”
Even so, Thistlethwaite believes that
almost a quarter of a century after the
last vote, the country is ready for
change: “Australians now see that our
constitution doesn’t reflect the truth
about our history or modern Australia.”
crime groups were engaged in a “relent-
less drive” to escalate synthetic drug
production in Europe.
Partnerships between European and
global criminal networks had given rise
“to record availability of cocaine and
industrial scale methamphetamine
manufacturing within the EU”, she said.
‘Established drugs have
never been so accessible
and potent new substances
continue to emerge’
Goosdeel said he was especially con-
cerned that products made from canna-
bis, the illicit drug most widely used in
Europe, were being adulterated with
more intoxicating synthetic cannabi-
noids, with cases of severe and some-
times fatal poisoning being reported.
Innovation was making a wider range
of substances, often of high potency or
purity, available as gangs developed
new trafficking routes, concealment
methods and production processes, the
report said. Large drug shipments were
Wednesday 15 June 2022
Middle East
Biden to visit
Saudi Arabia
and Israel on
trip to reset
regional ties
FELICIA SCHWARTZ — WASHINGTON
US president Joe Biden will meet Saudi
crown prince Mohammed bin Salman
and leaders from almost a dozen coun-
tries on a trip to the Middle East next
month, Saudi Arabia and senior
administration officials have said.
Biden will make stops in Israel, the
occupied West Bank and Saudi Arabia
during the July 13 to 16 visit, where he
will focus on regional and energy secu-
rity and expanding Israel’s integration
in the region, among other issues, White
House press secretary Karine Jean-
Pierre said. He will meet Israeli and Pal-
estinian leaders and repeat his support
for a two-state solution to the Israeli-
Palestinian conflict.
During his visit to Saudi Arabia on
July 16 and 17, Biden will “explore co-
operation between the two friendly
countries and discuss ways to confront
challenges facing the region and world”,
the official Saudi news agency said.
The announcement formalises
Biden’s U-turn on Saudi Arabia, which
he deemed a pariah state while cam-
paigning for the presidency following
the 2018 murder of journalist Jamal
Khashoggi by Saudi agents. US intelli-
gence concluded that Prince Moham-
med, as the kingdom’s day-to-day
leader, must have authorised the opera-
tion against Khashoggi at the Saudi con-
sulate in Istanbul. Prince Mohammed
blamed rogue agents for the killing.
After entering the White House,
Biden said he would engage with King
Salman, not Prince Mohammed, unlike
former president Donald Trump.
However, rising oil prices, high infla-
tion and Washington’s desire to see
Saudi Arabia align with it in relation to
Russia and China have helped fuel
months of diplomacy aimed at resetting
ties.
“While we recalibrate relations, we’re
not seeking to rupture relations,
because Saudi Arabia has been a strate-
gic partner of the United States for eight
decades,” a senior administration offi-
cial said. “We share a host of interests
with Saudi Arabia, from containing Iran
to counter-terrorism to helping protect
its territory.”
The official said the gathering in Saudi
Arabia, which will include other coun-
tries, would be a chance to discuss sup-
port for a truce that has halted fighting
in a seven-year war in Yemen, expand-
ing regional economic and security co-
operation, deterring threats from Iran
and ensuring global energy and food
security.
In Jeddah, Biden will meet the heads
of state of the six-member Gulf Cooper-
ation Council — Saudi Arabia, the
United Arab Emirates, Oman, Kuwait,
Qatar and Bahrain — along with the
leaders of Egypt, Iraq and Jordan.
He will also hold meetings with senior
Saudi officials including Prince Moham-
med in what will be the first contact
between the pair since Biden took office.
The administration official said Biden
would raise human rights issues in those
meetings and others on the trip.
While some Democrats have criti-
cised Biden’s willingness to visit Saudi
Arabia without holding its government
accountable after Khashoggi’s murder,
the administration has defended the
trip.
Janan Ganesh see Opinion
increasingly being trafficked using com-
mercial transport infrastructure, par-
ticularly shipping containers.
The resilience of the European drug
market was reflected in a rapid bounce-
back in supply and use after disruptions
caused by social distancing and tougher
border controls introduced during the
pandemic, the monitoring centre said.
Covid-19 also appears to have acceler-
ated a trend for the drug market to
develop digital networks, with social
media and encrypted services increas-
ingly used to facilitate deals.
A recent ban by the Taliban govern-
ment in Afghanistan on the production,
sale and trafficking of illegal drugs app-
eared to be “largely unenforced”, the
agency said. The country’s financial
problems could mean that “drug reve-
nues become a more important source
of income”, leading to a possible rise in
heroin trafficking to Europe or beyond.
The long-term effects of the war in
Ukraine could also have significant con-
sequences for drug smuggling routes as
trafficking groups try to avoid areas
with a heightened security presence, the
report pointed out.
Wednesday 15 June 2022 ★ FINANCIAL TIMES 5

No silver lining Alibaba and Tencent’s cloud operations hit by crackdown on techs and Beijing-backed vendors’ ascent y PAGE 7

Credit Suisse Antitrust action Apple faces German probe

into tracking rules for third-party developers
JPMorgan
Chase defeats
banker loses Nigeria in
‘fraud’ case
role over use of JANE CROFT

JPMorgan Chase has won a $1.7bn High

message apps
Court lawsuit brought by the Nigerian
state over its part in facilitating pay-
ments to a former Nigerian minister
with a money-laundering conviction.
Abuja had sued the US bank, claiming it
was “grossly negligent” paying almost

3 Kontoleon leaves top syndicate post $900mn to a company controlled by

Dan Etete despite numerous “red flags”.

3 Sector crackdown on record keeping
JOSHUA FRANKLIN AND ORTENCA ALIAJ
NEW YORK
A senior Credit Suisse investment
banker was removed from his position
earlier this year after he was found to
have used unapproved messaging appli-
cations with clients, according to people
with knowledge of the matter.
Anthony Kontoleon, known as “AK”
to colleagues, was Credit Suisse’s global
head of equity capital markets syndi-
cate in New York and left his position in
April. He is set to depart the bank,
where he has worked for 28 years.
The action comes amid a US govern-
ment investigation of record-keeping
practices across Wall Street.
Credit Suisse decided to remove Kon-
toleon from his role after an audit of
‘During the pandemic,
people got so accustomed
to just texting outside the
controlled environment’
bankers found he had used personal
messaging applications to communicate
with clients, the people added. The
audit did not find that Kontoleon had
shared any inappropriate information.
In a memo to staff in April, Credit
Suisse’s global head of equity and debt
capital markets, David Hermer, said
Kontoleon had informed him that he
would be leaving “to pursue other
opportunities”. Kontoleon and Credit
Suisse declined to comment.
Kontoleon’s exit follows scandals at
Credit Suisse, including a $5.5bn trading
loss from lending to family office Arche-
gos Capital Management and a recom-
mendation that clients invest in funds
tied to Greensill Capital, a supply chain
finance company that later collapsed.
Credit Suisse in March disclosed that
it was co-operating with a Securities and
Exchange Commission investigation
into its US subsidiary’s compliance with
record-keeping requirements related to
business communications sent over
unapproved messaging channels.
Credit Suisse hoped that a high-
profile departure such as that of Konto-
leon would be seen by US regulators as a
sign that the bank was taking the matter
seriously, said one of the people with
knowledge of the matter.
JPMorgan Chase in December agreed
to pay $200mn in fines to the SEC and
the Commodity Futures Trading Com-
mission for failing to keep records of
staff communications on personal
devices, in an action that spooked many
Wall Street banks.
At Credit Suisse, Kontoleon con-
nected private companies with public
market investors, and worked with pub-
lic companies when they wanted to do
block trades or secondary transactions.
He worked on some of the bank’s biggest
stock market listings, including initial
public offerings for US ride-hailing com-
pany Lyft, Alibaba and Google.
His departure underscores the extent
to which a record-keeping investigation
on Wall Street is creating anxiety inside
banks, where text messaging apps such
as WhatsApp have become common.
Syndicate desks, such as the one
where Kontoleon worked, are attracted
to text messaging for quick and easy
communication. The practice became
more common when bankers started
working from home during the Covid-19
crisis. “During the pandemic, people got
so accustomed to just texting outside of
the controlled environment,” said one
senior Wall Street banker.
Banks including JPMorgan and UBS
have started to use an app called Movius
on their phones, which records all calls
and logs text messaging.
Additional reporting by Arash Massoudi in
London
Germany’s FCO says it is concerned that Apple’s rules do not apply to itself — Budrul Chukrut/SOPA Images/LightRocket via Getty Images
JAVIER ESPINOZA — BRUSSELS
MADHUMITA MURGIA — LONDON
Apple is being investigated by Ger-
many’s antitrust watchdog over
whether the US tech company’s
tracking rules for third-party apps
gives it preferential treatment or
undermines its rivals in the latest
crackdown on the power of Big Tech.
Germany’s Federal Cartel Office yes-
terday opened an investigation into
the way that Apple tracks third-party
apps, raising concerns that the com-
pany’s rules were “self-preferencing”
and harmed competition given
Apple’s ability to “unilaterally set
rules for its ecosystem”.
Apple’s new tracking rules, intro-
duced in April 2021, force third-party
apps to ask users for permission
before they track their behaviour to
serve them personalised ads.
The changes have had a significant
impact on the advertising businesses
of large tech companies. Facebook,
YouTube, Twitter and Snap were esti-
mated to have lost 12 per cent of reve-
nue in the third and fourth quarters of
2021, or $9.85bn, as a result of these
changes, according to adtech com-
pany Lotame.
Last year, the French competition
watchdog opened an investigation to
assess whether Apple was acting as a
gatekeeper when it came to third-
party apps but it concluded that the
company was not abusing its domi-
nant position.
The latest probe comes after a
group of Germany’s largest media,
tech and advertising companies, and
industry bodies representing compa-
nies including Facebook and Axel
Springer, the owner of Bild, Die Welt
and Insider, filed a complaint about
Apple’s update last April. They pre-
dicted a 60 per cent fall in advertising
revenues for app developers.
The watchdog said that it was con-
The judge at London’s High Court had
to decide whether there was fraud,
whether JPMorgan was on notice of it,
and whether it had breached its duty of
care by proceeding with $875mn worth
of payments and facilitating funds
related to a 2011 oil deal.
Mrs Justice Sara Cockerill yesterday
dismissed the lawsuit, ruling that it had
fallen at the first hurdle as there was no
evidence of fraud against Nigeria.
The case revolved around transfers
from a Nigerian government account to
Malabu Oil and Gas, a Nigerian com-
pany controlled by Etete, a former oil
minister who was convicted in France in
2007 of money laundering in an unre-
lated transaction.
The payments were linked to the set-
tlement of a dispute over the ownership
of the Nigerian OPL 245 oilfield, which
had been transferred back and forth
between Shell and Malabu. Malabu sur-
rendered its claims in 2011 after
Nigeria’s government agreed to pay it
$1bn so the oilfield could be developed.
Nigeria had claimed in the suit that it
cerned that Apple’s new rules did not was the victim of a “fraudulent” scheme
apply to itself. “All apps have to ask for as payments “were suspected to have
their users’ consent to track their flowed” via Malabu “into the accounts
data. Apple’s rules now also make of cronies with connections to Nigerian
tracking conditional on the users’ politicians”. Nigeria claimed JPMorgan
consent to the use and combination of had breached its duty by allowing bank
their data,” the statement said. transactions in 2011 and 2013 despite
“These rules apparently do not affect “reasonable grounds” to suspect fraud.
Apple when using and combining user No allegations of wrongdoing were
data from its own ecosystem.” made against JPMorgan staff. However,
Apple yesterday said that its rules the US bank had provided a depository
applied equally to all developers — account for Nigeria’s government to
including itself. The tech company make the payments, the court heard.
said that it had received strong sup- The case was closely watched by other
port from regulators and privacy banks as the court also examined
advocates for its changes. whether JPMorgan had breached its
“ATT [App Tracking Transpar- duty not to follow a customer’s instruc-
ency] simply gives users the choice tions where it suspects or has been “put
whether or not they want to allow on notice” that it may facilitate a fraud.
apps to track them or share their JPMorgan said: “The judgment
information with data brokers. ATT reflects our commitment to acting with
does not prevent companies from high professional standards in every
advertising or restrict their use of the country we operate in.”
first-party data they obtain from Nigeria said it would review the judg-
users with their consent,” it said. ment before considering its next steps.

Contracts & Tenders

Weaker yen looks unlikely to bolster ‘Made in Japan’ campaign
weakening, and Shiseido has not cut
INSIDE BUSINESS back on any of its global manufacturing
capacity to boost production at home.
ASIA Others are also unlikely to unwind the
global production bases they have spent
Kana decades finessing to reduce their expo-
sure to currency volatility. With a tight
Inagaki labour market, there are simply not
enough workers in Japan even if compa-
nies wanted to bring back production.
There could be a trickle of “reshor-
Kuroda, Bank of Japan governor, to
retract his claim that consumers had
become more “tolerant” of price rises.
In a recent poll conducted by Kyodo
News, 64 per cent of those surveyed said
they did not think highly of Kishida’s
efforts to address rising prices, while
58 per cent responded that Kuroda, who
plans to step down next year, was not
suited for the role of BoJ governor.
As was the case in recent elections in

A
t Shiseido’s grand unveiling
of its new plant in the
southern port of Fukuoka
last month, its chief execu-
tive Masahiko Uotani
flaunted the branding power of its
“Made in Japan” products for its con-
sumers in Asia.
Since 2019, the cosmetics group has
spent ¥145bn ($1bn) on the construc-
tion of three new plants in Japan, spark-
ing debate over whether the yen’s drop
to a 24-year low against the dollar has
triggered “reshoring”.
ing” among Japanese companies, but
that is likely to be limited to production
of higher-end products on a smaller
scale. And analysts say the yen’s fall is
unlikely to ignite the jump in export vol-
ume Japan’s economy experienced in
the past when its currency was weak.
This is because many businesses no
longer manufacture high-volume com-
modity products at home.
The weaker yen
and the rising cost With a tight labour
of imported goods
pose an awkward market, there are simply
dilemma for the not enough workers even
Australia and France, higher living costs
will be a key issue in the upper house
elections in Japan next month. For Kish-
ida, his response to rising prices will also
be a test case for his “new capitalism”
programme, which is designed to
address the exact challenges posed by
the weaker yen.
Since being appointed last year, the Financial
prime minister has argued that past Notice to Advertisers
forms of capitalism have not been Calls to the Financial Times Advertising Department
“inclusive” enough, with their benefits may be monitored.
not shared by the wider segment of the
Acceptance of any advertisement for publication will be
population. According to a draft of his subject to the then current terms and conditions of
economic agenda released earlier this insertion of advertisements in FT publications.

The narrative is an alluring one.
Prime Minister Fumio Kishida has posi-
tioned economic security at the heart of
his economic agenda, pushing for the
return of production from overseas with
an explicit intention to reduce the coun-
try’s reliance on Chinese supply chains.
Skincare products are certainly not
vital to national security, but the eco-
nomic impact of boosting domestic
manufacturing is still significant.
Shiseido has said it plans to create as
many as 900 jobs at the Fukuoka plant.
That could, in theory, drive a virtuous
cycle of increased production, income
and spending for the local economy.
But unfortunately, Shiseido’s move
does not signal the return of Japanese
manufacturing — at least not in a mean-
ingful way. Uotani’s decision was taken
long before the recent bout of yen
Kishida adminis-
tration ahead of if companies wanted to
ele c ti ons for bring back production
Japan’s upper
house of parliament in July.
Government and central bank offi-
cials have argued that the weaker yen
remains broadly positive for Asia’s most
advanced nation. But it will be mainly
the big corporations with overseas oper-
ations and their network of suppliers
that will reap the immediate benefits as
profits earned overseas are boosted by
the yen’s fall.
Without a gradual increase in wages,
the weaker yen will bring short-term
pain for households and small and
medium-sized businesses in the form of
soaring costs of food, energy, materials
and logistics. This explains the public
uproar last week that forced Haruhiko
month, Kishida places some of that
A copy of the terms and conditions of insertion of
blame on companies’ failure to invest in advertisements in FT publications can be obtained
their employees. from
+44 (0)20 7873 3000, or viewed at
Government figures show that Japan www.FT.com/advertising
spends only 0.1 per cent of its gross
domestic product on corporate human
resources, compared with 2.1 per cent in
the US and 1.1 per cent in the UK.
Japan had a decade of Abenomics
defined by aggressive monetary easing,
economic stimulus and government
Businesses For Sale
pressure on companies to invest more.
But this failed to achieve faster growth
in pay to boost consumption and drive a
virtuous cycle of demand and inflation.
If Kishida does not move fast, the big- Business for Sale, Business Opportunities, Business Services,
gest risk is that the momentum for wage Business Wanted, Franchises
growth could be lost if global inflation Runs Daily
.........................................................................................................................................................................................................................................................................
leads to a worldwide recession. Classified Business Advertising
UK: +44 20 7873 4000 | Email: advertising@ft.com
kana.inagaki@ft.com
6 ★
Oil & gas
Continental founder launches takeover bid
Move by billionaire Hamm
echoes shale groups’ belief
that they are underpriced
DEREK BROWER — NEW YORK
MARK WEMBRIDGE — LONDON
Energy billionaire Harold Hamm has
launched a takeover bid for Continental
Resources, in a move that would bring
the US oil producer under the full own-
ership of its founder.
Hamm, one of the pioneers of the US
shale revolution of the past two decades,
yesterday launched an all-cash offer of
$70 a share for the 17 per cent of Conti-
nental his family does not already own.
The bid values Continental at $25.4bn
Towed away
Jumbo floating
eatery leaves
Hong Kong
Tug boats tow the Jumbo Floating
Restaurant out of a typhoon shelter
in Aberdeen, Hong Kong, yesterday.
The restaurant has been moored in
the city for 46 years, serving
Cantonese food to guests including
Queen Elizabeth and film stars Tom
Cruise and Chow Yun-fat. More than
30mn guests had visited before it
closed in early 2020 due to Covid-19
restrictions.
Talks failed to save the struggling
tourist attraction, which is in need of
repair. Parent company Aberdeen
Restaurant Enterprises last month
said it was looking for berths outside
Hong Kong to cut costs, in the hope a
new operator would come forward.
Global regulators start to bear down on greenwashing
Police raid on DWS heralds
reckoning for asset managers
over claims made for products
FT REPORTERS
When about 50 German police officers
raided the Frankfurt office of fund man-
ager DWS last month as part of an inves-
tigation into greenwashing, the move
marked the beginning of what many
believe will be a long legal reckoning for
the asset management industry.
Interest in environmental, social and
governance (ESG) investing has taken
off in recent years, with assets managed
in ESG-labelled funds globally reaching
$2.7tn, but the industry has also been hit
by claims its green credentials are
inflated.
DWS, whose chief executive Asoka
Woehrmann resigned the day after the
police raid, had been in the sights of reg-
ulators in Germany and the US since
former executive turned whistleblower
Desiree Fixler accused the firm of green-
washing last year.
But with regulatory scrutiny growing
on both sides of the Atlantic, and an
army of lawyers primed to pursue alle-
gations of mis-selling, few believe the
shakeout will end with DWS.
“There’s nothing to suggest DWS is a
one-off,” said Fiona Huntriss, a partner
at legal firm Pallas who specialises in
financial litigation. “I think it’s almost
inevitable litigation will be brought in
Basic resources
Pentagon bankrolls $120mn rare earths plant with Australia’s Lynas to bypass China supplies
JAMES FERNYHOUGH — MELBOURNE
The US Department of Defense has
signed a $120mn deal with Australia’s
Lynas Rare Earths to build one of the
first US domestic heavy rare earths
separation facilities, part of Washing-
ton’s push to counter China’s domi-
nance of critical mineral supply chains.
Rare earth elements are vital to making
magnets used in military equipment
such as lasers and guidance systems, as
well as components in electric vehicles,
wind turbines, fibre-optic cables and
consumer electronics.
China is responsible for almost 90 per
cent of global refining of rare earths and
more than 50 per cent of rare earths
and is a 9 per cent premium over the
energy group’s closing share price on
Monday, when US stocks fell into a bear
market. Continental, founded in 1967,
first went public in 2007.
“We have determined that the oppor-
tunity today is with private companies
who have the freedom to operate and
aren’t limited by public markets, similar
to the way that we operated approxi-
mately 15 years ago,” Hamm wrote in an
email to employees.
Hamm’s move comes as US shale
companies including Continental have
reported record cash flows as the war in
Ukraine propelled global oil prices
above $100 a barrel.
Oil producers have been under pres-
sure from Wall Street to use that wind-
lots of different jurisdictions.” She
added: “Where you’ve got statements
and documents that are highly regu-
lated [that have been given] to a group
of investors who can then work together
to litigate against that, that is prime ter-
ritory for mis-selling claims.”
Regulators across Europe and the US
are preparing to tighten requirements
and crack down on overhyped claims,
including taking aim at the metrics
underpinning ESG ratings. The hunt for
greenwashing has accelerated in Wash-
ington since March, when the Securities
and Exchange Commission announced
that it would prioritise uncovering exag-
gerated ESG performance and advertis-
ing claims by investors.
It emerged last week that the SEC is
investigating Goldman Sachs’s asset
management division over certain ESG
claims made by its funds. Goldman
Sachs declined to comment.
Back in Germany, DWS has modified
ESG criteria since Fixler made her reve-
lations public. The amount of “ESG
assets” reported in its latest annual
report, released in March, were 75 per
cent below the €459bn it had said were
“ESG integrated” a year earlier. The
group has denied wrongdoing.
Rumblings that an industry-wide mis-
selling scandal may be brewing began
when Fixler made her allegations about
DWS public, and former BlackRock sus-
tainability executive Tariq Fancy said
ESG investing was little more than
“marketing hype”.
The debate was given fresh impetus
mining, according to the International
Energy Agency.
The US has no operating commercial-
scale processing facilities, raising con-
cerns in Washington that the country
could be cut off from these critical min-
erals if relations with China deteriorate
further. Under the deal with Lynas,
China would be bypassed entirely from
the production cycle. The US defence
department is also separately funding a
heavy rare earth processing project at a
mine in California.
The Australian Securities Exchange-
listed company will export heavy rare
earth carbonate mined and refined in
Australia to the US, where the individ-
ual elements will be separated for
FINANCIAL TIMES
COMPANIES & MARKETS
fall to pay bigger dividends, not increase
production, despite fears that crude
prices could rise owing to supply con-
straints.
“Positioning ourselves as a private
company will allow us to take maxi-
mum advantage of our greatest strength
— our strong heritage as one of the lead-
ing exploration companies in the
world,” Hamm wrote.
Analysts said that the move reflected
shale companies’ belief that the market
was underpricing a sector now enjoying
bumper profits amid the current oil
boom.
“Companies are saying, ‘Fine, if the
market does not want to recognise my
value, then I will just buy myself back.’
And they have the cash to do it,” said
Financials. ESG investing
when Stuart Kirk, HSBC’s head of
responsible investing, claimed in a
speech last month that central banks
and policymakers had overstated the
financial risks of climate change.
Fixler told the Financial Times. that
ESG “has become a bureaucratic tax and
‘If people are competing for
funds, let them compete
with accurate [and]
consistent disclosures’
we need to get it back on track”. The
DWS raid “is the real wake-up call for all
ESG practitioners to back up statements
and products with substance and data”,
she added.
The growth of ESG funds
Assets ($tn)
Rest of the world 3.0
US
Europe 2.5
2.0
1.5
1.0
0.5
0 that came into force in March 2021.
2019 20 21 22
Source: Morningstar
commercial use. Lynas, based in Perth,
is the world’s largest rare earths
producer outside China, according to
Barrenjoey, an investment bank.
The deal, which expands a pilot
scheme announced in 2020, is part of
Washington’s drive to build supply
chains and local manufacturing indus-
tries in semiconductors, batteries, criti-
cal minerals and pharmaceuticals.
Lynas said the $120mn investment
would cover the full cost of plant con-
struction, meaning it would not have to
put up any capital. The plant is likely to
be built in Texas and be operational by
2025. Lynas last year announced plans
to build a light rare earths processing
facility in the same location.
Raoul LeBlanc, vice-president of
upstream at S&P Global Commodity
Insights.
Continental is the largest oil producer
in the Bakken shale fields in the US
states of North Dakota and Montana,
and in the Anadarko Basin field in the
company’s home state of Oklahoma. It
also has operations in Wyoming and the
Permian Basin in Texas.
The company was among producers
forced to shut wells in the pandemic-
driven oil crash in 2020, when its mar-
ket capitalisation plunged to less than
$3bn. Oil output has since recovered to
almost 200,000 barrels a day — more
than some Opec countries.
Continental’s board yesterday said it
“intends to establish a special commit-
Gary Gensler, SEC chair, told the
Financial Times: “We live in a time
where investors are currently making
decisions about climate risks. And
around the globe, many market regula-
tors just like the SEC are trying to bring
some standardisation to those disclo-
sures.” The agency will prioritise rule-
writing, but will also use examination
and enforcement tools when needed,
Gensler said. “It’s about truth in
marketing . . . and promoting better
competition in our capital markets. If
people are competing for funds, let
them compete with accurate [and]
consistent disclosures,” he added.
The SEC announced its first case
against an investment firm over alleged
ESG misconduct in May, with BNY Mel-
lon’s investment arm agreeing to pay
$1.5mn to settle charges from the regu-
lator. The regulator proposed new rules
on labelling and disclosure for ESG
funds two days later.
The US regulator will be examining
proxy voting behaviour, and a firm
could find itself in trouble if its ESG or
so-called impact funds voted consist-
ently with corporate management and
against ESG-focused shareholder pro-
posals, according to a person familiar
with the SEC’s approach.
In Europe, German, Dutch and
French authorities have issued addi-
tional ESG labelling requirements on
top of EU bloc-wide disclosure rules
Although the DWS raid appeared to be
the first potential criminal action linked
“The really important thing here is
there is no heavy rare earths separation
outside China at present,” Lynas manag-
ing director Amanda Lacaze told the
Financial Times.
“Putting aside any geopolitical issues,
what we’ve seen from the pandemic is
that any singular supply chain has risk
associated with it. So this is a terrific
opportunity to address that risk.”
Lacaze said she hoped the US govern-
ment would also work to develop an
onshore magnet manufacturing indus-
try. “We like to have our facilities close
to our customers and our customers
close to our facilities,” she said.
Lynas processes most of its rare earths
at a large plant in Kuantan, Malaysia,
tee consisting of independent directors
of the board to consider the proposal”,
and that the offer was not binding.
Hamm has railed against the “reli-
gion” of climate change and constraints
of the environmental, social and gov-
ernance movement on Wall Street, and
once said the efforts of European super-
majors such as BP to green operations
would “basically cut their throat”.
Analysts said that Hamm’s move to
take the company private reflected his
view that fossil-fuel operators should be
unshackled to produce more oil.
“This offer completely aligns with Mr
Hamm’s long-held belief that the
world’s thirst for hydrocarbons will not
be quenched by ESG,” said Andrew Gil-
lick, a strategist at consultancy Enverus.
Jerome Favre/EPA-EFE/Shutterstock
to ESG in any jurisdiction, according to
Elaina Bailes, partner at Stewarts Law,
civil litigation on greenwashing has
taken off more quickly in America.
“We have seen more general share-
holder and investor activism in the US.
You see the regulator mirroring that and
being aggressive,” she added.
The trade body for the German asset
management industry pins some of the
blame for the current scrutiny on a lack
of clarity from regulators on how to
define the parameters of ESG investing.
“The supervisors also struggle with
the criteria,” said the German Invest-
ment Funds Association BVI. “Cur-
rently, we see a vacuum of guidance.”
As scrutiny grows, law firms are
enjoying a surge of interest on the sub-
ject — both from asset managers want-
ing to avoid accusations of greenwash-
ing and from investors considering legal
action over securities they believe were
mis-sold.
These claims often take time to
emerge, according to Huntriss at Pallas,
who noted she was still working on cases
linked to the collapse of Lehman Broth-
ers in the 2008 global financial crisis.
“This isn’t an immediate flash in the
pan, and it will take time for this to
unravel,” she said. “If you don’t see liti-
gation filed next week, it doesn’t mean
it’s not going to happen. This has got a
long, long way to run.”
Reporting by Adrienne Klasa in London,
Patrick Temple-West in New York, Stefania
Palma in Washington and Joe Miller in
Frankfurt
and is building another plant in Western
Australia. However, the Malaysian plant
only separates light rare earths, sending
the less-common heavy rare earths ele-
ments to China for processing.
Daniel Morgan, a mining analyst at
Barrenjoey, said China’s dominance of
this sector was a “strategic vulnerabil-
ity” for the US.
“As of right now, there are not a lot of
options for the US military to get heavy
rare earths needed in lasers and guid-
ance systems. Without these heavy rare
earths, the US military can’t have these
things,” he said.
Australia has some of the largest
deposits in the world of critical minerals
needed in electronic devices and the
Wednesday 15 June 2022
Industrials
Gupta’s GFG
loses Belgian
aluminium
mill to buyout
group AIP
ROBERT SMITH AND SYLVIA PFEIFER
LONDON
Sanjeev Gupta has lost control of a Bel-
gian aluminium mill to private equity
firm American Industrial Partners,
effectively dismantling the metals
magnate’s continental European alu-
minium business.
Gupta’s metals group GFG Alliance,
which is the subject of criminal investi-
gations into alleged fraud and money
laundering in the UK and France, has
been battling to refinance more than
$5bn of debt after the collapse of its
main lender Greensill Capital last year.
GFG has denied wrongdoing.
AIP, a US buyout firm that specialises
in taking over industrial businesses,
announced yesterday it had taken con-
trol of an aluminium rolling mill in Duf-
fel, Belgium, from Gupta.
The metals facility is the second that
the US group has seized from GFG in the
past year, after it successfully took over
Europe’s largest aluminium smelter in
Dunkirk, France in October.
In both instances, AIP bought up debt
from the original lenders then called a
default. In the case of Duffel, the US buy-
out group acquired a €96mn loan from
Asian investment firm Tor Investment,
which sat at a UK holding company that
owned the aluminium mill.
‘We look forward to
proceeding under the new
ownership of AIP’
Geert Vannuffelen, Duffel manager
AIP said it had taken the action due to
the “failure” of Gupta “to refinance the
company in the 11 months since the July
2021 defaults” on this loan.
“We look forward to proceeding
under the new ownership of AIP, who is
committed to a sustainable future for
our company,” said Duffel’s general
manager Geert Vannuffelen.
The loss of the Belgian mill is a blow to
Gupta, whose Alvance aluminium busi-
ness has now lost control of all of its
operations in continental Europe, leav-
ing it with just one smelter in the Scot-
tish Highlands.
It comes days after Gupta failed to
have a legal attempt to wind up three of
his UK steel businesses thrown out on
the grounds that their problems were
caused by the pandemic. The judge in
that case also noted that the metals
magnate’s efforts to raise fresh financing
had foundered.
Gupta last year lined up financing
from commodity trader Glencore in a
bid to repay outstanding debts at Dun-
kirk and Duffel, but the deal fell apart
after AIP manoeuvred to push two Brit-
ish holding companies that owned the
assets into administration.
GFG late last year sued one of AIP’s
funds in an attempt to reclaim the Dun-
kirk smelter, arguing that the buyout
group’s refusal to accept a $180mn
transfer to repay a debt was made in
“bad faith” in an effort to “appropriate”
the smelter.
AIP has rejected the allegation, argu-
ing that accepting the payment might
have constituted a “benefit from crimi-
nal conduct”, after it claimed the French
government told it “there were grounds
to believe” the funds had been “misap-
propriated” from a steel mill in eastern
Europe. The Financial Times reported
last month that papers showed GFG
transferred money from a steelworks in
the Czech Republic to try to settle the
debt with AIP.
GFG said yesterday it was “committed
to take all steps possible to fight against
AIP’s premeditated, predatory manoeu-
vres to seize our Dunkirk and Duffel
assets on the cheap”.
energy transition, including nickel,
lithium, cobalt and rare earths.
The Australian government under
previous prime minister Scott Morrison
developed a critical minerals strategy
that attempted to reach deals with non-
Chinese trading partners including the
US, UK, EU, Japan, India and South
Korea, while also giving government
funding to local mines and processing
plants.
In March, representatives from Lynas
and several other rare earths and cobalt
miners travelled to Washington, DC, as
part of a delegation with Australia’s
trade minister to discuss building
stronger trading relationships in these
critical minerals.
Wednesday 15 June 2022 ★ FINANCIAL TIMES 7

COMPANIES & MARKETS

Alibaba and Tencent struggle to

Technology

SpaceX clears

maintain momentum in the cloud

Tech duo’s revenues trail those of US peers as Beijing-backed rivals gain ground and Covid curbs bite
RYAN MCMORROW AND SUN YU — BEIJING
TABBY KINDER — HONG KONG
Just over a year ago, with Alibaba facing
an antitrust investigation and founder
Jack Ma under political pressure,
finance chief Maggie Wu was quick to
talk up the company’s rapidly expand-
ing and uncontroversial cloud business
to investors.
“China is going to be the largest econ-
omy in 10 years’ time; enterprises and
millions of businesses will migrate to
cloud,” she said at a Goldman Sachs con-
ference last February, according to
notes provided to the Financial Times.
But Wu’s suggestions that Ali Cloud’s
50 per cent year-on-year growth rate
was sustainable proved overly optimis-
tic. Today, growth has stagnated at its
cloud-computing division, with sales up
just 12 per cent in the first quarter of
2022 from a year earlier.
Top rival Tencent reported that its
cloud arm shrank in the same period.
The faltering cloud businesses reveal
how China’s tech giants are struggling to
regain their footing as they battle a regu-
latory onslaught from Beijing and a
slowing economy caused in part by a
draconian coronavirus regime that has
paused commercial activity in much of
the country.
The lacklustre growth has defied
expectations that cloud computing
could transform the Chinese tech
groups in the way that Amazon Web
Services revamped the US ecommerce
giant and Azure bolstered Microsoft.
Competition from politically
favoured vendors such as national
champion Huawei and state-backed tel-
ecoms companies including Tianyi
Cloud, run by China Telecom, and Tsin-
ghua Unigroup is adding to the pressure.
Unlike its Silicon Valley peers, growth
at Alibaba’s cloud unit has slowed con-
siderably over the past 12 months while
profits remain nascent. Tencent, mean-
while, has shifted from maximising
growth to chasing profitability.
One piece of the slowdown puzzle is
the structure of China’s cloud market.
The country’s public cloud represents
about 60 per cent of the market, with
Alibaba and Tencent the two leading
players.
In the public cloud, multiple compa-
nies share a vendor’s platform. This part
of the market is so dominant in the US
that it is generally known as “the cloud”,
with Amazon, Microsoft and Google
dominating the sector.
However, in China, 40 per cent of the
market is devoted to the private cloud,
where companies use dedicated and
often highly customised computing
resources, according to the China Acad-
emy of Information and Communica-
tions Technology, a government-run
think-tank. Customers in this part of the
market include large state-owned
enterprises and governments. The lead-
ing vendors are Huawei, state-owned
providers and also Alibaba.
In the public cloud, internet industry
customers represent about half of all
end users, which has left Alibaba and
Tencent’s cloud arms vulnerable to
China’s tech crackdown.
Alibaba cited waning usage from
edtech companies, which had their
business model outlawed by Beijing,
and online entertainment businesses
which have faced tougher rules.
The regulatory shift has also spurred
venture capitalists to ditch the con-
sumer internet space. “Lots of small
internet companies with less than 100
people have closed this year,” said a
Amazon’s cloud business outshines Alibaba’s
Revenue ($bn) Operating margin (%)
AWS 20
Ali Cloud AWS
15
10
Ali Cloud
5
0 -30
2019 20 21 22 2019 20 21
Sources: CapitalIQ; Citic Securities; IDC, H2 2021 * End user data from 2020
Alibaba’s person close to Alibaba’s cloud division.
Shenzhen Ali “They are the main cloud users; if
Center. A they’re gone, we’re hurting.”
regulatory Yi Zhang, an expert at Canalys, said
onslaught and that growing competition and slowing
economic woes demand in the public cloud market
are adding to the meant tougher times for cloud vendors.
company’s cloud “The overall market is getting satu-
difficulties — Alex rated,” she said.
Plavesvski/EPA-EFE
In the 12 months to March 31, Ali
Cloud’s growth has slipped, with sales
up just 23 per cent on the year to
Rmb75bn ($11bn) and an operating loss
of Rmb5bn. In comparison, Amazon
grew its cloud revenue 38 per cent in the
same period, contributing $21bn of
operating income on $67bn in sales.
“Cloud is Alibaba’s second most
important business after ecommerce, so
the slowdown is concerning,” said
Shawn Yang, managing director at Blue
Lotus Capital Advisors.
“Alibaba has been saying it was
because of losing a key customer, which
was ByteDance’s TikTok, but clearly
there are other reasons too,” he said.
Aside from losing TikTok, Alibaba’s
chief executive Daniel Zhang last month
also blamed the Covid-19 outbreak for
delaying projects, the faltering economy
and declining demand from internet
companies, while asserting that the
China’s cloud industry by end user and vendor
Cloud end users by industry* (%)
30 Public
Healthcare Other
20
Education 8.6
6.5
10
7.5
0 Internet
49.5
-10 12.9
-20
Finance
15
Government
22
growth slowdown was only temporary.
“Digitisation of other industries is just
starting and we see plenty of opportuni-
ties,” he said.
But analysts said that the structural
issues and growing competition would
remain at least near-term challenges for
Alibaba and Tencent.
“Only small companies want to use
the public cloud,” said Evan Zeng at
Gartner. Large enterprises “don’t trust
the public cloud providers . . . they
want control over security and the
entire environment”.
Boris Van, China software senior ana-
lyst at Bernstein, added that Beijing’s
rollout of cyber security and data pri-
vacy policies last year convinced more
companies to opt for private cloud com-
puting. “They want better control over
their data environments,” he said.
Tencent, meanwhile, said that it was
turning away from lossmaking services
such as offering discounted cloud infra-
structure and highly customised
projects, which caused its sales to fall in
the first quarter.
James Mitchell, Tencent’s chief strat-
egy officer, said many cloud vendors
provided “cost-heavy solutions” akin to
acting as an IT consultancy. “While that
is achievable in an environment of kind
environmental
hurdle for
launch in US
RICHARD WATERS — SAN FRANCISCO
PATRICK TEMPLE-WEST — NEW YORK
The rocket that Elon Musk hopes will
one day help humans populate Mars
has passed its biggest regulatory hur-
dle, though it still needs to clear a
thicket of red tape before its first
launch.
The US Federal Aviation Administra-
tion on Monday approved the lift-off on
environmental grounds, ending months
of delays as other regulatory agencies
became involved in the process.
The first mission would have been set
back for years if the FAA had not per-
mitted a request from Musk’s company
SpaceX for an accelerated approval
process.
However, the FAA listed a series of
environmental clearances SpaceX will
need from other agencies before it can
go ahead with the first launch. These
range from passing state-level air emis-
sions tests to addressing the rocket’s
impact on endangered species, although
the federal agency pointed to actions
the company had already taken to miti-
gate these concerns.
The finished environmental process
does not guarantee that the FAA will
issue a launch licence, the agency said.
The FAA said it would make a licence
determination only after SpaceX pro-
vided all outstanding information and
the agency could fully analyse it.
The so-called Super Heavy rocket,
dubbed Starship, could represent the
most disruptive system since SpaceX’s
own Falcon rockets, which have become
the main workhorse for lifting payloads
Market share of top public into orbit and taking US astronauts to
Private cloud vendors (%) the International Space Station. Accord-
Energy 4.2 ing to SpaceX, Starship will be capable
AWS of lifting more than 100 tonnes into
Other orbit and drastically undercut the cost
4.2
9.5 Other of other launch systems.
8.8 25.1 Alibaba “The major hurdle has been cleared,
Government
36.7 and while they need to be in compliance
38.7
Industrial with a number of things, it’s fantastic
7.4
17.6 news for the space sector,” said Laetitia
Finance 8.9
11.1 Garriott de Cayeaux, an investor in
21.2 10.8 SpaceX and other private space ven-
Healthcare China tures. She predicted the first Starship
Tencent
Telecom launch would come before the year end.
Huawei SpaceX asked the FAA to approve
Starship’s use at its site in south Texas
under an environmental approval it
of infinite capital . . . it’s not sustaina- received in 2014. The National Environ-
‘Cloud is ble,” he told investors last month. mental Policy Act allows such changes
Alibaba’s With rising competition from tele- to existing clearance when they are not
coms and Huawei, Tencent and Alibaba judged to be significant.
second most are shifting away from low value-add Critics have claimed that, by going
important private cloud work, said Robin Zhu, along with SpaceX, the regulators have
China internet analyst at Bernstein. made excessive concessions to get Star-
business “They are focusing on higher-margin ship off the ground. Besides a rocket
after cloud services — we expect slower that is far bigger than the Falcon 9 first
growth in the next few quarters.” cleared for the site, SpaceX’s application
ecommerce, Recent public procurement contracts envisages a significant increase in the
so the reviewed by the FT show dozens of ven- infrastructure needed to support its big-
dors competing for government con- ger rocket, including a power plant, a
slowdown is tracts. Several local governments, such natural gas liquefaction facility and a
concerning’ as the city of Changsha, awarded renew- desalination plant.
als to Huawei in no-bid competitions, The project had faced backlash from
but the tenders showed fewer automatic environmentalists. SpaceX has had sev-
deals for Alibaba or Tencent. eral rocket explosions that have endan-
An official in Alibaba’s home province gered local communities, according to
of Zhejiang said that the company had the Sierra Club, an environmental
done well in winning government con- group. SpaceX operations have led to
tracts before 2020, when founder Ma prolonged closures of Boca Chica beach,
crossed a political red line with a Shang- violating the Texas constitution, the
hai speech that criticised regulation. Sierra Club has also alleged.
“That era has gone as Alibaba fell out To mitigate these concerns, SpaceX
of favour with President Xi [Jinping],” has agreed to pay at least $15,000 a year
said the official. “These days we are for fishing and wildlife preservation, the
leaning towards state-backed cloud FAA said.
services like Tianyi as they are consid- “The FAA has failed the people of the
ered more politically reliable. That will Rio Grande Valley and the people of
be the trend in the coming years.” Texas,” Dave Cortez, director of the
Additional reporting by Nian Liu in Beijing Sierra Club Lone Star Chapter, said.

Financials Banks

Chinese investment banks cut HK staffing
CHENG LENG — HONG KONG
Several big Chinese investment banks
in Hong Kong including Haitong Inter-
national and China Merchants Bank
International have reduced staffing in
their investment and equity capital
divisions to cut costs during the city’s
drought of initial public offerings,
according to bankers.
Chinese investment banks expanded
their presence in Hong Kong last year in
a bet on strong demand for secondary
listings from US-listed Chinese compa-
nies after new cyber security rules insti-
tuted by Beijing halted lucrative tech
IPOs previously destined for New York.
But the number of public listings in
Hong Kong declined sharply in the first
quarter of 2022 from a record last year
because of strict pandemic lockdowns,
rising geopolitical tension between the
US and China and Beijing’s regulatory
onslaught on the tech sector.
Haitong, one of the top Chinese book-
runners in Hong Kong last year, has
made lay-offs across all departments,
while CMBI, another Hong Kong-based
mainland brokerage, laid off about 10
investment banking staff last month,
two people aware of the cuts said.
Guotai Junan International, the Hong
Kong arm of the mainland group Guotai
Junan Securities, laid off several of its
fixed income and IPO principals in
The number of IPOs fell
sharply in the first quarter
from a record last year
amid strict lockdowns
early June, one of the people added.
Some bond financing bankers have
been transferred to equity research
units, said bankers at a Chinese
tech-focused investment bank.
The Hong Kong stock exchange
helped 17 companies raise a combined
HK$14.9bn (US$1.9bn) in IPO proceeds
in the first three months of 2022, an 89
per cent plunge from a year ago, accord-
ing to exchange filings.
Despite an expected pick up in the
second half of the year, accounting firm
PwC estimated a full-year drop of about
40 per cent for total fundraising volume
by HKEX up to HK$200bn, citing the
slowdown and regulatory overhang,
according to a report on Hong Kong’s
capital markets out today.
Chief executive of HKEX, Nicolas
Aguzin, acknowledged “very sensitive”
US-China tensions in a recent interview
with the Financial Times. Aguzin said it
was his priority to convince investors
that China was open for business despite
Beijing sticking to its zero-Covid regime.
Hong Kong newspaper Sing Tao Daily
first reported last week that two Chinese
investment banks planned to lay off
about 30 per cent of their Hong Kong
staff this year, affecting more than 100
people across the banks’ departments.
Haitong, CMBI and Guotai Junan
International did not respond to
requests for comment.
HSBC quizzed over executive’s suspension
PATRICK TEMPLE-WEST — NEW YORK
A Republican US senator has ques-
tioned whether HSBC faced pressure to
suspend a senior executive who down-
played the risks of climate change.
Stuart Kirk, global head of responsible
investing at HSBC’s asset management
division, was suspended by the bank
after he told a Financial Times Moral
Money conference in London last
month that investors need not worry
about climate risk and that “there’s
always some nut job telling me about
the end of the world”. The remarks were
broadly approved by HSBC in advance,
the FT has previously reported.
In a letter to HSBC chief executive
Noel Quinn on Monday, Steve Daines,
the Montana senator, said he was “con-
cerned that this episode may involve
breaches of US law”.
Daines added: “Based on the com-
pany’s prior approval of Kirk’s remarks,
it appears to many that Kirk’s suspen-
sion was in response to pressure on
HSBC from outside parties that may be
legally prohibited from influencing the
management of your company.”
He said that domestic law prohibited
the British bank’s US institutional inves-
tors from influencing management.
“To the extent BlackRock”, HSBC’s
largest shareholder, “or any similar
firm, directly or indirectly through any
group with which it is affiliated, influ-
enced your decision with regard to Kirk,
these laws may have been violated”,
Daines wrote.
Daines, a member of the Senate bank-
ing committee, also queried whether
HSBC had contact with fellow members
of climate-focused industry groups such
as the Net Zero Banking Alliance about
its decision.
“The financial services industry’s
lockstep commitment to out-of-main-
stream environmental ideology raises
serious concerns about whether your
industry’s susceptibility to groupthink
is repeating itself,” he added, referenc-
ing the US housing market meltdown
that rippled across the global economy.
HSBC did not immediately respond to
a request for comment, and BlackRock
declined to comment. Kirk is a former
FT journalist.
The letter came as Republicans in
Washington have seized on environ-
mental, social and governance investing
as a political issue. Daines is one of the
party’s members who has opposed a
proposed rule from the Securities and
Exchange Commission that would
require companies to disclose more
about their climate change risks. Oppo-
nents of these rules have argued that
they would drive up company costs.
Mike Pence, the former US vice-
president, has attacked specific funds
including BlackRock and ESG investing
in general for underweighting oil and
gas companies. Assets in US sustainable
investment funds fell to $343bn in the
first quarter of 2022, Morningstar has
found, a 4 per cent drop in the quarter
compared with a 6 per cent fall in assets
in the overall market.
8 ★ FINANCIAL TIMES Wednesday 15 June 2022

COMPANIES & MARKETS

Crypto. Complex products

Celsius’s ambition to rival Wall St with

digital asset lending sunk by risky bets
Entire industry shaken by
investment group’s move to
block customer redemptions
KADHIM SHUBBER, JOSHUA OLIVER
AND SCOTT CHIPOLINA

Celsius Network co-founder Alex

Mashinsky was in a defiant mood on
Twitter this past weekend.
When asked by one user why he had
so many enemies, Mashinsky boasted:
“Because I am winning and giving it all
to my community.”
Just days later, his crypto investment
firm is in crisis after it blocked customer
withdrawals, a move that shook crypto
markets.
The abrupt halt in redemptions
underscores the risks for investors who
have piled in to complex digital asset
products that offer high returns.
Celsius claimed to have 1.7mn retail
customers, including in the US, UK and
Israel — and had gained a reputation for
making aggressive bets with its
depositors’ money.
The investment group, which is
broadly unregulated beyond lending
licenses in a handful of US states, had
grown to as much as $24bn of crypto
assets under management in December
last year.
It garnered a surge of inflows shortly
after winning investment from Canada’s
second largest pension fund, Caisse de
dépôt et placement du Québec (CDPQ),
and Westcap, a fund led by former
Blackstone and Airbnb executive
Laurence Tosi.
Celsius portrays itself as a simple
company helping everyday investors to
achieve “financial freedom” unavailable Hand of fate: according to people familiar with the Celsius token plunges in value of previous tight spots, all of which have
in mainstream finance. Alex Mashinsky, matter. been detailed by a growing band of
“Crypto is the first time in history that the group’s As crypto prices tumbled this year, $ per coin critics online who have for months
the average Joe is ahead of Goldman co-founder, says Celsius has been hit with withdrawals, 8 warned of the risks Celsius was taking.
Sachs and Morgan Stanley,” Mashinksy that Celsius totalling $2.5bn pulled from the plat- Among them was an American
said in a September interview with the helps everyday form since March. 6 blogger, CJ Block, who writes under the
Financial Times. investors In May, the company had just $12bn pseudonym Mike Burgersburg, and
Celsius’s woes, however, lie in achieve in assets, half of where it started the Cory Klippsten, a bitcoin entrepreneur.
complex, risky trades typically hidden ‘financial year. It subsequently stopped disclosing 4 “The risks with Celsius were obvious
in the bowels of Wall Street. freedom’ total assets under management; because you could see the kinds of
The group, which was founded in unavailable in however, CDPQ told the FT that 2 positions they were taking,” said
2017, rode the most recent crypto bull mainstream Celsius endured a “strong volume of Klippsten, the founder of SwanBitcoin,
run to become one of the most finance withdrawals” from customers in recent 0 a website for buying bitcoin.
prominent companies offering eye- FT montage/Bloomberg
weeks. Celsius did not respond to a Jan 2021 2022 Jun In May, Celsius pulled $500mn from
popping yields of as much as 18 per cent request for comment on Monday. the Terra ecosystem shortly before it
Source: CryptoCompare
The crypto lender had also been collapsed, contributing to the rush to
challenged in recent months by several the exits that pulled down the Terra
‘Crypto is the first time in US state regulators, who argue that its but also through a service called Lido lysts. Compounding the challenge is the stablecoin and its linked Luna token.
history that the average deposit accounts are unregulated that issues a derivative of the locked threat that it could be forced to post The company had a tougher time last
securities. Celsius, in April, said that it ether, known as “staked Ethereum” or additional collateral on Aave or be year when it lost 900 bitcoin that it had
Joe is ahead of Goldman had been in “ongoing discussions with stETH, which is meant to be easily forcefully liquidated on its borrowings if deposited with a crypto venture called
Sachs and Morgan Stanley’ US regulators” and that as a result it tradeable and treated as a one-to-one the price of stETH continues to fall. theBadgerDAO,whichwasthenhacked.
would halt new deposits by US-based equivalent to ether itself. The group on Monday said that it Celsius was also the holder of large
to customers who deposited their digital retail investors to its yield-bearing It used that stETH as collateral for would pause withdrawals owing to amounts of stETH issued by another
assets. accounts. further borrowings, posting $450mn “extreme market conditions”, adding company, Stakehound, which became
Similar to how a bank counts deposits The final squeeze came in the past worth on a platform called Aave, that the decision was made in order to practically worthless when Stakehound
as liabilities, Celsius customers are week with a severe liquidity mismatch according to public blockchain data. place Celsius “in a better position to lost the keys to the underlying ether.
unsecured lenders, though in the lightly Celsius had created. The company bor- Holders of stETH last week sold down honour, over time, its withdrawal obli- Max Boonen, founder of the crypto
regulated crypto world, they have no rowed Ether — a leading digital token — the derivative over concerns about gations”. broker B2C2, likened crypto lenders to
government-backed insurance for their from users and then locked huge sums delays to the roll out of the new The company’s own crypto token, banks that have to match carefully their
funds. of the asset up for an indefinite period in Ethereum network, the main digital CEL, has plummeted in the wake of its assets and liabilities to remain solvent.
Celsius deployed those deposits in a new version of the cryptocurrency ledger where Ether trades. recent troubles to just 30 cents. It traded Our global “Banks have learned from past crises
loans to major crypto market makers that is currently under construction and The sell-off has drained liquidity from at nearly $8 last June. team gives you and are now pretty careful and
and hedge funds, as well as into so- has experienced delays. the main trading pool for the derivative, The broader crypto market has also market-moving sophisticated about their asset-liability
called decentralised finance projects. Locking Ether in the new version leaving Celsius unable to exchange its been hit by Celsius’s troubles with news and views, mismatches. It’s a skillset and I don’t
Several players in the market had a earned rewards that would eventually stETH for ordinary ether to meet cus- bitcoin down about 25 per cent since 24 hours a day know to what extent the crypto lending
policy of not extending credit to Celsius be released. tomer withdrawal requests without Friday to trade below $23,000. ft.com/markets market has learned it yet,” he added.
even as they borrowed from it, Celsius had locked the Ether directly incurring huge losses, said crypto ana- Celsius has managed to pull itself out Additional reporting by Josephine Cumbo

Technology Asset management

UK’s GMB union takes legal action
against Bolt over employment benefits
TIM BRADSHAW AND JOSEPHINE CUMBO
LONDON
One of the UK’s largest trade unions is
taking legal action against Bolt to force
the ride-hailing service to reclassify its
drivers as workers so they get better
benefits, following the success of a sim-
ilar case against Uber last year.
The action by the GMB union, the UK’s
third-largest by membership, comes as
gig economy companies, who together
contract tens of thousands of drivers
and restaurant-delivery couriers across
the country, continue to resist calls to
voluntarily offer pensions and other
employment conditions.
The GMB is taking Estonia-based Bolt
to an employment tribunal, arguing
that its drivers should have the same
rights to minimum wage, holiday pay,
pensions and other benefits that were
granted to Uber’s drivers after a land-
mark Supreme Court decision in 2021.
“We notified Bolt some time ago that
we would have no other option unless
they agreed to sit down with GMB and
negotiate a voluntary recognition agree-
ment that included collective bargain-
ing and voluntary worker status,” said
Mick Rix, GMB’s national officer.
The GMB’s case follows similar action
launched last year by members of a
smaller union focused on gig workers,
the App Drivers and Couriers Union
(ADCU), which spearheaded the suc-
cessful action against Uber to designate
its drivers as workers.
Following the Uber case, the Pensions
Regulator appealed to other gig econ-
omy companies to “do the right thing”
and also offer eligible staff a pension.
But a Financial Times survey found
The GMB is taking Estonia-based
Bolt to an employment tribunal
other large ride-hailing services have
been reluctant to follow suit.
Bolt said it had an “open dialogue”
with the GMB. “We regularly engage
with drivers across the UK who say they
like our existing model because it gives
them the opportunity to earn more,”
Bolt said, thanks to lower commissions
than rivals such as Uber.
“There is huge demand across the sec-
tor and all operators will need to keep
improving their offer to encourage driv-
ers to use their platform. Because of this
Bolt will be launching new driver fea-
tures and campaigns which we know
appeal to drivers soon.”
Deliveroo recently struck a voluntary
partnership with the GMB for collective
bargaining on pay and consultation
rights on benefits. But the online food
delivery group does not offer self-
employed riders a workplace pension.
“Self-employed status means they can
workflexibly—themostimportantthing
to the overwhelming majority of riders —
and the UK courts have confirmed their
self-employed status multiple times,
including the Court of Appeal,” Deliveroo
said. Ride hailing apps Ola and Free Now
declinedtocomment.
Robertson-backed hedge fund Tiger
Legatus to close after poor returns
LAURENCE FLETCHER
A hedge fund backed by legendary
investor Julian Robertson has shut its
doors after nearly 13 years of trading in
the latest sign of the tough conditions
for managers trying to bet on the rise
and fall of stock prices.
New York-based Tiger Legatus Capital
Management, founded by former
Viking Global Investors trader Jesse Ro,
told investors in a letter seen by the
Financial Times that it would liquidate
its fund and return capital after
disappointing recent returns.
While it had lost money since the start
of last year, its recent performance
has held up relatively well compared
with some other “Tiger cubs” and
“grandcubs” that trace their origins
back to Robertson’s hedge fund Tiger
Management.
Robertson, an 89-year-old billionaire
who has retired from the markets, has
been one of the most influential hedge
fund managers. He carved out a reputa-
tion for Tiger Management, which ran
one of the most prominent hedge funds
from launch in 1980 until the fund
returned investor capital in 2000.
The closure of Tiger Legatus comes as
equity hedge funds suffer their worst
start to a calendar year on record with
many struggling to adjust to a dramatic
change in market conditions.
Such funds on average lost 8 per cent
in the first five months of this year, more
than the opening months of 2020
during the onset of the pandemic,
according to HFR, whose data goes back
‘We have not delivered
acceptable returns
over recent years’
Jesse Ro, Tiger Legatus founder
to 1990. A number of managers have
been hit by a sharp sell-off in many of
the high-growth technology stocks that
led the bull market of recent years but
have been badly burnt as central banks
start to raise interest rates to try to rein
back inflation.
“We have not delivered acceptable
returns over recent years,” Ro wrote in
the investor letter.
He added that the fund structure and
declining assets under management “do
not provide the duration of capital
necessary to successfully continue our
investment strategy without compro-
mising returns”.
Ro’s fund was down 2.8 per cent in the
first quarter of this year, during which
time the S&P 500 index lost 5 per cent,
and lost 1 per cent last year, according to
a person familiar with the returns.
The fund has, however, more than
doubled investors’ money since launch,
according to the letter.
In comparison, Tiger Global, the most
famous Tiger cub, lost 34 per cent in the
first quarter and is down 52 per cent this
year. Fellow cub Lee Ainslie’s Maverick
Capital has lost more than 34 per cent.
Tiger Legatus recently held stocks
including private equity firm Apollo
Global Management and ride-hailing
company Uber Technologies, which fell
during the first quarter, according to
regulatory filings.
The fund, which at its peak managed
about $500mn in assets, has been
backed by Robertson.
It said it had started taking steps to
wind down the fund and expected to
have completed the liquidation by the
end of September.
Wednesday 15 June 2022 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

The day in the markets Wall St’s hardest

What you need to know
exam faces fight
3 US government debt under pressure
to regain stature
on expectations of sharper rate rises
Short-term US government bond yields surge
Two-year Treasury yield (%)
3 Stocks trade choppily as analysts price
in 0.75 percentage point increase by Fed
3 Pound slides to a 13-month low against
the euro
6
Laura Noonan
US government debt was under pressure
yesterday as markets prepared for the
5
Markets Insight
Federal Reserve to aggressively raise

T
4
interest rates to fight inflation.
The yield on the policy-sensitive two- here was a time when quali- their passage to a world of high finance than 20 additions to the 2022-23 text-
year Treasury note rose 5 basis points to 3 fication as a Chartered thousands of miles away. books. But solving those issues isn’t
almost a 15-year high of 3.42 per cent, Financial Analyst was But soon there would be fewer bosses going to arrest the underlying decline in
reflecting a fall in the debt instrument’s much more of a door- such as Brinson, who hired charterhold- the CFA’s stature.
price as markets positioned for the Fed to 2 opener to a new career, ers for “the discipline (they had shown) Even Brinson, the most strident CFA
raise rates by the largest amount in changing lives around the world. of going through that type of process supporter you could meet, says the
almost 30 years. Gary Brinson, who sold his asset man- and the rigour associated” with suc- knowledge that charterholders picked
The benchmark 10-year Treasury yield 1 agement business to Swiss Bank Corp in ceeding in a programme that makes a in the programme was just “25-33 per
rose 7bp to 3.44 per cent — around its 1995, was among those to hire almost virtue of failing most of its candidates. cent” of the reason he hired them.
highest point since 2011. exclusively from candidates who’d And there would be fewer success sto- The truth is, what’s in the textbooks
The latest shakeout in the $23tn 0 made it through “Wall Street’s toughest ries such as Mayo. never really mattered that much; what
Treasury market, the world’s largest 2006 10 15 20 22 exams”. These days, finance bosses are ambiv- mattered was the stamina and character
financial market and the bedrock of “If we hired someone who didn’t have alent about the CFA’s benefits — “nice to that passing the exams demonstrated.
Source: Bloomberg
investment and loan pricing decisions by a CFA we made it mandatory that they have but won’t help you get a job” is the Until quite recently, 20-hour days of
the world’s biggest banks and pension complete the CFA process,” he said. general verdict from a straw poll of con- work and study were feats to be cele-
funds, came as traders positioned for the strategist at RW Baird. Short-term from markets and hit speculative growth Mike Mayo, a renowned Wall Street tacts. And demand for the programme brated, and an easy fraternity was
conclusion of the Fed’s latest monetary recoveries in risk assets “feel like classic stocks. analyst, was one of those who saw it as a forged between those who bore match-
policy meeting. bear market rallies”, he added. “I just The pan-regional Stoxx Europe 600 golden ticket. “I had everything riding ing battle scars.
Markets have now almost fully priced in don’t think the market is going to believe share index fell 1.3 per cent, marking its on it,” he said of a qualification he The CFA is far less likely But the world is changing. That kind
a 0.75 percentage point rate rise by the in peak inflation until we actually see it sixth consecutive day of declines. earned aged 27. “I was going to get a CFA to attract millennials of endurance is less likely to be openly
Fed at the end of its June meeting today. has peaked and there’s probably another Sterling fell to a 13-month low against and go to Wall Street. I had perfect celebrated, and is far less likely to
Analysts began ratcheting up their rate leg lower for markets.” the euro of €1.15 ahead of the Bank of grades and an MBA, and no one who push for protected attract the millennials who are pushing
rise forecasts after data last Friday In equities, Wall Street’s S&P 500 share England’s rate-setting meeting tomorrow cared . . . my university didn’t open any weekends and vacations their employers for protected weekends
showed the annual pace of US consumer index was down 0.3 per cent by the early and following data on Monday showing doors,” he added. With his CFA, he went and guaranteed vacation days.
price inflation for May had exceeded afternoon in New York. that the UK economy contracted in April. on to work for big investment banks and Future demand will be further sapped
expectations to hit 8.6 per cent, as The technology-heavy Nasdaq Cryptocurrency bitcoin dipped below become a top-rated US banks analyst. is “falling off a cliff” according to a staff by demise of traditional portfolio man-
Russia’s invasion of Ukraine pushed up Composite edged 0.1 per cent higher in $21,000 yesterday, later trading at about I trod the same path some 40 years member at the CFA Institute, which agers and investment analysts, the two
food and fuel costs. choppy trading, remaining more than 30 $22,500 — down more than 20 per cent after Brinson and 20 after Mayo, spend- oversees it. In the year to August 2019, roles that employed the most charter-
“I don’t think we’re actually at peak fear per cent lower for the year to date, after from last Friday. Naomi Rovnick and ing the final years of my twenties ditch- 160,900 candidates registered for the holders. And Wall Street’s strategy of
yet,” said Ross Mayfield, investment tighter monetary policy drained liquidity Hudson Lockett ing friends, family, parties and common first stage of the exam. In the year to recruiting from a wider network of
sense in pursuit of the charter. August 2021, that number was 125,775. schools means the CFA is becoming less
I wanted those three letters on my The Institute mostly blames the pan- likely to be needed to open doors that
Markets update business card mainly because as a young demic for the recent fall in demand, “non target” schools can’t.
female reporter covering Ireland’s with China’s lockdowns prompting can- I’ve already made my bet. Ten years
banking crisis, I wanted a shortcut to cellations in the exams’ biggest market. ago, I plastered my kitchen with Post It
credibility. I thought the CFA would Finance insiders say the exams have notes of formulas and definitions. I had
US Eurozone Japan UK China Brazil prove I was a grown up, and would help become less relevant, as the curriculum vivid, inexplicable, dreams of being
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa me find my finance tribe. And, at the struggles to keep pace with an industry trapped in an Excel cell. That’s how
Level 3749.50 1600.49 26629.86 7187.46 3288.91 102155.33 margins, I thought it a broad grounding where new technologies, business mod- much the CFA got inside my head, how
% change on day -0.04 -1.20 -1.32 -0.25 1.02 -0.43 in finance could be a useful complement els and regulations appear almost daily. much getting those three little letters
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ to my journalism degree. Logic says pandemic lockdowns will meant to me. A few years ago, I decided
Level 105.015 1.041 134.625 1.201 6.735 5.119 Many of my peers had far more riding eventually end. And the CFA Institute’s the annual $275 fee wasn’t worth it, and
% change on day 2.636 -0.096 0.556 -0.989 0.012 -0.246 on it, especially in places such as China Chris Wiese says the curriculum “must” gave up using the letters altogether.
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond and India, where demand skyrocketed and will evolve faster. DeFi, coding and
Yield 3.432 1.745 0.251 2.589 2.810 12.727 as candidates looked to the charter for Libor’s retirement are among the more laura.noonan@ft.com
Basis point change on day 8.920 11.400 0.130 6.700 0.600 19.000
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 392.88 124.15 122.57 1830.85 21.56 4353.70
% change on day -0.43 1.30 1.13 0.05 -0.14 -2.42
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
4480 1840 7680

7520
4160 1760
7360
3840 1680 7200

| | | | | | | | |
3520 || | | | | | | | | | | | | | | | | | | 1600 || | | | | | | | | | | | | | | | | | | 7040 | | | | | | | | | | |

Apr 2022 Jun Apr 2022 Jun Apr 2022 Jun

Biggest movers
% US Eurozone UK
Fedex 13.80 Oci 6.08 Standard Chartered 3.49
Cf Industries Holding 8.75 Ing 3.43 Hsbc Holdings 3.48
Ups

Oracle 8.54 Saipem 2.82 Barratt Developments 2.42

C.h. Robinson Worldwide 8.36 Galp Energia 2.78 Harbour Energy 2.31
Occidental Petroleum 6.84 Unicredit 2.41 Taylor Wimpey 2.09
%
American Water Works -5.04 Ferrovial -4.79 Ocado -10.84
Citrix Systems -4.40 Reed Elsevier -4.34 Kingfisher -4.40
Downs

Henry Schein -4.34 Dsm -4.23 Rentokil Initial -4.23

Pinnacle West Capital -3.97 Akzo Nobel -4.20 Ashtead -4.02
Ppl -3.73 Thyssenkrupp -4.12 Sse -3.92
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Wall Street Europe London

Better than expected results lifted French IT services group Atos slid after Newcastle’s Go-Ahead, which leapt on
software stalwart Oracle. It posted fiscal announcing the departure of its recently Monday after revealing two bidders for
fourth-quarter earnings of $1.54 per chosen chief executive and confirming the transport group, jumped again on
share, which was 17 cents above the speculation that it planned to split into announcing it had accepted an offer.
Refinitiv-compiled estimate. two publicly listed companies. Its board welcomed a £15-per-share bid
Safra Catz, chief executive, said Oracle Its board appointed two deputy CEOs, from a consortium comprising
had “experienced a major increase in with Nourdine Bihmane set to run Atos’s Australasia’s Kinetic Holding Company
demand in our infrastructure cloud legacy activities while Philippe Oliva and Globalvia Inversiones in Spain.
business”, adding that this jump in would be in charge of big data and cyber The bid, which included a special
revenue indicated “that our infrastructure security operations. dividend, valued Go-Ahead at £647.7mn
business has now entered a hyper- Rodolphe Belmer, its chief executive and represented a 24 per cent premium
growth phase”. only appointed in January, would be to Friday’s closing price before news of a
Delivery group FedEx topped the S&P stepping down by September 30 this takeover was first mooted.
500 benchmark after announcing that it year. “Belmer considered that he had no Liberum saw “the potential for a
would be returning more money to choice but to resign” in light of this takeover battle”, a scenario reflected by
investors, increasing its quarterly proposed reorganisation, said Atos. Go-Ahead closing above the consortium’s
dividend by more than 50 per cent to A cut to its outlook pushed Germany’s offer price.
$1.15 per share. Hornbach lower. Rival suitor Kelsian responded to the
The enhanced payout, scheduled for The do-it-yourself store chain said its bid by urging “Go-Ahead shareholders to
July 11, would be available to stockholders adjusted operating profit would now be take no action at this time”.
of record as of the close of business on below its previous guidance for the full Housebuilder Crest Nicholson surged
June 27. year. on the back of an upbeat update that
Oil and gas group Continental The downgrade was blamed on forecast adjusted pre-tax profit of
Resources surged on news that it had “ongoing macro challenges” linked to between £135mn and £140mn in 2022, up
received a “take-private” proposal from inflation, supply chain issues and product from the £107.2mn reported a year earlier.
its majority shareholder. pricing, which had exerted pressure on Rival property company Bellway also
The Hamm Family, which already owns margins. rallied after a promising start to 2022.
an 83 per cent stake, offered $70 per Finnish energy group Fortum rose Jason Honeyman, group chief
share — an 8.5 per cent premium on sharply following a report that it planned executive, said demand was “strong”,
Continental’s closing price on Monday. to sell its Russian assets soon. reservations were ahead of last year and
Optical retailer National Vision rallied Daily newspaper Kommersant said the its order book remained “substantial”.
in anticipation that it would be joining the group was assessing offers for a deal that Between February and June, the group
S&P SmallCap 600 index tomorrow. was scheduled to close by July 1 this year. averaged 253 reservations per week, up
Ray Douglas Ray Douglas 5.9 per cent year on year. Ray Douglas
10 ★ FINANCIAL TIMES Wednesday 15 June 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 € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $

-0.04% -0.34% -0.25% -1.20% -1.32% -0.43% -0.096% -0.989%

No change
0.54% 0.556% 0.931% 0.91% 0.05%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
May 15 - - Index All World May 15 - Jun 14 Index All World May 15 - Jun 14 Index All World May 15 - Jun 14 Index All World May 15 - Jun 14 Index All World May 15 - Jun 14 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul

4,008.01 20,099.81 19,799.62 13,964.38 2,596.58

26,547.05 26,629.86
7,233.34 7,187.46 2,492.97
3,749.50 13,304.39
Day 0.00% Month -6.86% Year -11.92% Day -0.74% Month -2.52% Year -2.80% Day -0.25% Month -3.06% Year 0.62% Day -0.91% Month -9.21% Year NaN% Day -1.32% Month 0.86% Year -7.92% Day -0.46% Month -4.27% Year -23.28%

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

11,805.00 21,067.99 3,191.16

50,563.98 1,698.99 8,353.70 3,108.89
8,066.40 19,950.21
10,867.36 48,455.61
1,600.49
Day 0.54% Month -8.01% Year -23.39% Day -0.35% Month -2.56% Year -5.33% Day -1.20% Month -5.64% Year -9.33% Day -1.43% Month -3.26% Year -12.37% Day 0.00% Month 5.94% Year -26.91% Day -0.97% Month -2.52% Year -1.49%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
3,288.91
32,196.66 108,232.74 6,347.77 24,033.05 52,973.84 52,693.57
3,084.28
30,413.10 102,803.20
5,949.84 21,846.89
Day -0.34% Month -5.50% Year -11.54% Day -0.43% Month -4.46% Year -21.54% Day -1.20% Month -6.49% Year -9.86% Day -0.32% Month -9.02% Year -14.92% Day 1.02% Month 6.63% Year -8.38% Day -0.29% Month -0.13% Year 0.47%

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 87910.46 87937.89 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 23914.13 23972.43 Philippines Manila Comp 6474.53 6467.01 Taiwan Weighted Pr 16047.37 16070.98 Cross-Border DJ Global Titans ($) 413.61 414.24
Australia All Ordinaries 6881.20 7145.20 Czech RepublicPX 1290.40 1294.54 FTSE Italia Mid Cap 38026.37 38464.32 Poland Wig 53229.48 52854.04 Thailand Bangkok SET 1603.03 1600.06 Euro Stoxx 50 (Eur) 3476.41 3502.50
S&P/ASX 200 6686.00 6932.00 Denmark OMXC Copenahgen 20 1595.43 1626.35 FTSE MIB 21846.89 21918.04 Portugal PSI 20 5986.96 6016.09 Turkey BIST 100 2523.33 2510.14 Euronext 100 ID 1146.61 1156.45
S&P/ASX 200 Res 5699.30 5972.70 Egypt EGX 30 10014.85 10097.55 Japan 2nd Section 7228.27 7239.06 PSI General 4443.74 4496.70 UAE Abu Dhabi General Index 8333.19 8358.50 FTSE 4Good Global ($) 9197.72 9232.94
Austria ATX 3086.74 3122.23 Estonia OMX Tallinn 1778.25 1800.75 Nikkei 225 26629.86 26987.44 Romania BET Index 12064.94 12354.35 UK FT 30 2402.80 2424.10 FTSE All World ($) 392.88 394.59
Belgium BEL 20 3677.19 3712.41 Finland OMX Helsinki General 10508.52 10492.21 S&P Topix 150 1618.30 1639.56 Russia Micex Index 2436.57 2445.30 FTSE 100 7187.46 7205.81 FTSE E300 1600.49 1619.98
BEL Mid 9294.55 9390.73 France CAC 40 5949.84 6022.32 Topix 1878.45 1901.06 RTX 1245.71 1212.57 FTSE 4Good UK 6514.72 6544.98 FTSE Eurotop 100 3114.58 3148.06
Brazil IBovespa 102155.33 102598.18 SBF 120 4613.31 4674.18 Jordan Amman SE 2428.78 2436.94 Saudi-Arabia TADAWUL All Share Index 12053.44 12322.35 FTSE All Share 3965.54 3977.61 FTSE Global 100 ($) 2408.09 2410.99
Canada S&P/TSX 60 1186.53 1194.52 Germany M-DAX 27340.96 27742.35 Kenya NSE 20 1676.59 1683.41 Singapore FTSE Straits Times 3108.89 3139.35 FTSE techMARK 100 5750.66 5769.16 FTSE Gold Min ($) 1917.00 2007.66
S&P/TSX Comp 19595.99 19742.56 TecDAX 2845.82 2902.38 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 370.56 370.56 USA DJ Composite 10308.92 10300.43 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1528.85 1628.98 XETRA Dax 13304.39 13427.03 Latvia OMX Riga 1129.97 1133.95 Slovenia SBI TOP - - DJ Industrial 30413.10 30516.74 FTSE Multinationals ($) 2552.99 2653.91
Chile S&P/CLX IGPA Gen 26983.33 27002.72 Greece Athens Gen 822.00 862.55 Lithuania OMX Vilnius 915.46 921.43 South Africa FTSE/JSE All Share 65683.52 66381.03 DJ Transport 13309.89 12963.86 FTSE World ($) 707.48 711.00
China FTSE A200 11198.22 11100.62 FTSE/ASE 20 1981.17 2078.74 Luxembourg LuxX 1508.33 1512.58 FTSE/JSE Res 20 68341.33 69751.08 DJ Utilities 907.90 934.70 FTSEurofirst 100 (Eur) 4243.24 4281.25
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 21067.99 21067.58 Malaysia FTSE Bursa KLCI 1481.28 1464.83 FTSE/JSE Top 40 59436.50 60074.62 Nasdaq 100 11347.56 11288.32 FTSEurofirst 80 (Eur) 4810.48 4854.14
Shanghai A 3446.12 3411.06 HS China Enterprise 7333.61 7340.52 Mexico IPC 48277.37 48445.30 South Korea Kospi 2492.97 2504.51 Nasdaq Cmp 10867.36 10809.23 MSCI ACWI Fr ($) 597.64 620.31
Shanghai B 308.82 308.86 HSCC Red Chip 3757.44 3745.80 Morocco MASI 12564.76 12611.85 Kospi 200 328.23 329.88 NYSE Comp 14514.84 14527.90 MSCI All World ($) 2545.04 2641.69
Shanghai Comp 3288.91 3255.55 Hungary Bux 38706.29 37942.09 Netherlands AEX 652.87 661.54 Spain IBEX 35 8066.40 8183.30 S&P 500 3749.50 3749.63 MSCI Europe (Eur) 1667.51 1703.88
Shenzhen A 2185.64 2181.48 India BSE Sensex 52693.57 52846.70 AEX All Share 895.40 906.12 Sri Lanka CSE All Share 7888.69 7898.79 Wilshire 5000 37290.93 37236.65 MSCI Pacific ($) 2624.33 2679.70
Shenzhen B 1148.31 1130.07 Nifty 500 13388.30 13416.90 New Zealand NZX 50 10641.36 10924.74 Sweden OMX Stockholm 30 1931.39 1956.51 Venezuela IBC 6219.40 6125.18 S&P Euro (Eur) 1609.19 1625.66
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 7049.88 6995.44 Nigeria SE All Share 53201.38 53170.73 OMX Stockholm AS 763.34 778.44 Vietnam VNI 1230.31 1227.04 S&P Europe 350 (Eur) 1644.76 1666.09
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 6521.76 6627.00 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10699.07 10896.25 S&P Global 1200 ($) 2816.01 2828.97
Israel Tel Aviv 125 1869.69 1939.33 Pakistan KSE 100 41054.68 40879.93 Stoxx 50 (Eur) 3407.56 3442.31
(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 Jun 14 %Chg %Chg Jun 14 %Chg %Chg Jun 14 %Chg %Chg Jun 14 %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 114.2 664.76 17.55 Astrazeneca 360.9 9750.00 -27.00 Nestle N 416.7 104.31 -2.04 Softbank . 1030.4 5033.00 -132.00 Melrose Industries 151.05 6.3 -2.7 Mediclinic Int 448.20 9.1 40.5 Go-ahead 1580.00 37.2 - Health Care Equip.& Services 9912.87 5.3 20.1
Apple 49.4 132.81 0.93 Shell 326.0 2308.00 20.50 Novartis N 387.0 77.51 -1.98 Tokyo Electron 1005.3 51710.00 -1020.00 Aveva 2365.00 6.1 - Apax Global Alpha 191.00 5.4 - Slf Realisation Fund 10.00 11.1 - Mobile Telecommunications 3135.34 -0.4 9.2
Advanced Micro Devices 38.3 87.56 0.57 Glencore 220.8 483.30 2.00 Roche Gs 344.1 293.61 -3.36 Nippon Yusen Kabushiki Kaisha 662.8 9660.00 130.00 Fresnillo 793.60 2.6 -9.5 Crest Nicholson Holdings 283.60 5.2 - Lamprell 27.50 5.8 - Tobacco 36585.57 -1.5 25.0
Nvidia 34.1 159.07 2.60 Bp 165.9 434.95 8.65 Totalenergies 256.5 54.38 1.03 Sony 596.6 11230.00 -300.00 Avast 478.50 0.9 - Gcp Infrastructure Investments 117.00 4.5 8.3 Bmo Private Equity Trust 465.00 4.3 -5.3 Nonlife Insurance 2999.58 -2.5 -8.6
Amazon.com 30.7 103.93 0.26 Hsbc Holdings 161.3 520.40 17.50 Asml Holding 229.7 470.30 -2.80 Toyota Motor 561.6 2095.00 -36.50 Vodafone 125.56 -0.3 12.0 Capricorn Energy 222.00 4.0 20.1 Galliford Try Holdings 181.80 3.3 -2.0 Aerospace & Defense 4736.58 -2.8 13.1
Microsoft 24.7 244.11 1.85 Gsk 145.6 1712.20 -24.40 Unicredit 228.8 9.72 0.23 Kawasaki Kisen Kaisha, 460.4 9210.00 170.00 Bt 179.65 -0.4 6.9 Bh Macro 4460.00 3.5 18.3 Aptitude Software 344.00 3.0 - Banks 3199.95 -3.1 5.3
Fedex 16.4 228.72 27.74 Rio Tinto 135.6 5555.00 -25.00 Intesa Sanpaolo 220.5 1.77 0.01 Fast Retailing Co., 434.3 67050.00 -110.00 Gsk 1712.20 -0.4 68.5 Vivo Energy 144.80 3.3 9.9 Foresight Holdings 360.00 2.9 - Food & Drug Retailers 3861.91 -3.4 -
Alphabet 13.7 2141.61 13.76 Unilever 121.5 3609.50 -19.00 Novo Nordisk B A/s 195.2 101.53 -1.99 Mitsubishi Ufj Fin,. 350.8 732.60 -3.30 Imperial Brands 1801.00 -0.7 11.0 Greencoat Uk Wind 154.70 2.6 9.4 Fuller, Smith & Turner 580.00 2.8 - Household Goods 12912.16 -3.5 -
Alphabet 11.8 2148.92 11.39 Reckitt Benckiser 115.2 5988.00 -52.00 Lvmh 166.1 542.20 -7.80 Inpex 312.8 1725.00 -16.00 Meggitt 769.00 -0.9 3.9 Tullow Oil 54.80 2.0 20.2 Custodian Reit 103.40 2.6 -1.7 Pharmaceuticals & Biotech. 20091.34 -3.6 6.9
Oracle 11.4 69.52 5.47 Diageo 108.1 3448.00 -72.50 Ing Groep N.v. 165.4 9.66 0.32 Sumitomo Mitsui Fin,. 307.6 3997.00 44.00 Pearson 738.40 -1.5 22.0 The Renewables Infrastructure 136.40 1.9 1.5 Dwf 105.00 2.4 -9.5 Oil & Gas Producers 7900.16 -3.8 38.1
Hsbc Holdings 520.40 -1.7 16.2 Vinacapital Vietnam Opportunity Fund Ld 490.50 1.8 -6.9 Jpmorgan China Growth & ome 403.00 2.4 -17.7 Gas Water & Multiutilities index 5832.84 -4.5 -1.8
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
British American Tobacco 3504.50 -1.7 28.5 Abrdn Private Equity Opportunities Trust 476.00 1.3 -3.3 Abrdn China Investment 590.00 2.1 6.9 Mining 10164.85 -4.6 -48.3
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Fedex 228.72 27.74 13.80 Crest Nicholson Holdings 283.60 28.60 11.22 Ing Groep N.v. 9.66 0.32 3.43 Tokuyama 1802.00 48.00 2.74 Ocado 784.60 -14.8 - Carnival 724.40 -26.9 - Procook 38.00 -53.7 - Automobiles & Parts 1852.43 -14.6 -
Cf Industries Holding 93.95 7.56 8.75 Paragon Banking 502.00 32.00 6.81 Nordea Bank Abp 9.23 0.25 2.77 Taiheiyo Cement 2079.00 55.00 2.72 Anglo American 3455.00 -14.0 14.4 Wizz Air Holdings 2051.00 -25.7 - Made.com 44.95 -20.4 - Travel & Leisure 5828.97 -11.0 -
Oracle 69.52 5.47 8.54 Osb 499.60 21.20 4.43 Unicredit 9.72 0.23 2.41 Thb Chiba Bank, 740.00 14.00 1.93 Smurfit Kappa 2809.00 -12.5 - Aston Martin Lagonda Global Holdings 514.00 -24.1 - Goodwin 2520.00 -17.8 - Industrial Metals 7357.25 -10.8 15.6
C.h. Robinson Worldwide 108.71 8.39 8.36 Beazley 493.40 19.00 4.01 Totalenergies 54.38 1.03 1.93 Sumitomo Osaka Cement Co., 3455.00 65.00 1.92 Segro 954.80 -12.4 - Bridgepoint 250.60 -22.8 -48.4 Luceco 106.60 -17.0 - Industrial Transportation 2854.21 -10.7 -
Occidental Petroleum 63.92 4.09 6.84 Standard Chartered 599.60 20.20 3.49 Mowi 23.00 0.42 1.87 Kawasaki Kisen Kaisha, 9210.00 170.00 1.88 Spirax-sarco Eng 9284.00 -12.4 -42.6 Ferrexpo 148.50 -19.4 -51.0 Ted Baker 94.90 -15.0 -8.3 Electronic & Electrical Equip. 8305.74 -10.0 -
Intercontinental Hotels 4351.00 -12.3 -9.0 Wood (john) 195.00 -18.3 3.5 River And Mercantile 49.40 -14.8 -83.8 Chemicals 11193.95 -9.7 -
Downs Downs Downs Downs
Croda Int 5966.00 -12.0 -41.1 Future 1556.00 -17.6 - Robert Walters 460.00 -14.2 - Personal Goods 26459.52 -9.6 -
American Water Works 133.57 -7.09 -5.04 Ocado 784.60 -95.40 -10.84 Sika N 218.18 -11.43 -4.98 Daiichi Sankyo , 3073.00 -232.00 -7.02
Halma 1936.50 -11.9 - Kainos 1016.00 -17.5 - On The Beach 170.40 -14.0 - Construction & Materials 6415.35 -9.5 -
Citrix Systems 91.19 -4.20 -4.40 Centamin 75.78 -5.60 -6.88 Adyen 1164.40 -58.20 -4.76 Nissan Chemical Industries, 6820.00 -420.00 -5.80
Rs 846.50 -11.8 - Trustpilot 79.10 -17.1 - Fisher (james) & Sons 334.50 -13.7 -8.0 Electricity 10132.08 -9.4 0.5
Henry Schein 75.40 -3.42 -4.34 Spire Healthcare 212.50 -14.50 -6.39 Orsted A/s Dk 10 12.46 -0.55 -4.24 Nexon Co., 2972.00 -178.00 -5.65
Ashtead 3651.00 -11.7 - Iwg 210.00 -16.5 - Funding Circle Holdings 55.80 -13.6 - Industrial Engineering 12415.69 -9.3 -
Pinnacle West Capital 68.45 -2.83 -3.97 Wood (john) 195.00 -13.10 -6.30 Lonza N 482.25 -17.48 -3.50 Shiseido , 5217.00 -207.00 -3.82
Abrdn 169.40 -11.4 - Ascential 262.20 -16.0 -35.6 Sthree 342.00 -13.5 - Support Services 9120.52 -9.3 -
Ppl 26.07 -1.01 -3.73 Baltic Classifieds 133.80 -7.20 -5.11 Pernod Ricard 169.80 -5.10 -2.92 Sumitomo Realty & Development Co., 3503.00 -135.00 -3.71
Auto Trader 513.40 -11.0 - Easyjet 410.10 -16.0 -25.0 Hunting 305.00 -12.4 90.6 Real Estate Investment Trusts 2789.16 -8.2 -
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jun 14 Currency Mid Change Mid Change Mid Change Jun 14 Currency Mid Change Mid Change Mid Change Jun 14 Currency Mid Change Mid Change Mid Change Jun 14 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 122.4750 0.1790 127.5024 0.0391 147.0253 -1.3508 Indonesia Indonesian Rupiah 14697.5000 17.0000 15300.8140 - 17643.6546 -167.5290 Poland Polish Zloty 4.4753 0.0001 4.6590 -0.0052 5.3724 -0.0571 ..Three Month 0.8332 0.0089 0.8668 0.0082 - -
Australia Australian Dollar 1.4524 0.0087 1.5121 0.0073 1.7436 -0.0080 Israel Israeli Shekel 3.4739 0.0081 3.6165 0.0043 4.1702 -0.0346 Romania Romanian Leu 4.7489 0.0045 4.9438 -0.0010 5.7008 -0.0553 ..One Year 0.8341 0.0090 0.8657 0.0082 - -
Bahrain Bahrainin Dinar 0.3770 0.0001 0.3925 -0.0004 0.4526 -0.0048 Japan Japanese Yen 134.6250 0.7450 140.1512 0.6143 161.6108 -0.8196 Russia Russian Ruble 58.2500 1.5450 60.6411 1.5401 69.9263 1.1287 United States United States Dollar - - 1.0410 -0.0012 1.2005 -0.0128
Bolivia Bolivian Boliviano 6.9100 - 7.1936 -0.0083 8.2951 -0.0885 ..One Month 134.6248 0.7446 140.1512 0.6144 161.6106 -0.8200 Saudi Arabia Saudi Riyal 3.7519 0.0003 3.9059 -0.0042 4.5040 -0.0477 ..One Month - - 1.0408 -0.1722 1.2005 -0.0128
Brazil Brazilian Real 5.1194 -0.0126 5.3296 -0.0193 6.1457 -0.0808 ..Three Month 134.6242 0.7435 140.1512 0.6145 161.6101 -0.8210 Singapore Singapore Dollar 1.3931 0.0004 1.4502 -0.0012 1.6723 -0.0173 ..Three Month - - 1.0404 -0.1723 1.2006 -0.0127
Canada Canadian Dollar 1.2912 0.0041 1.3441 0.0027 1.5500 -0.0116 ..One Year 134.6201 0.7354 140.1496 0.6113 161.6106 -0.8244 South Africa South African Rand 16.0763 -0.0725 16.7362 -0.0949 19.2988 -0.2938 ..One Year - - 1.0383 -0.1723 1.2015 -0.0126
Chile Chilean Peso 869.1800 1.2800 904.8586 0.2873 1043.4084 -9.5744 Kenya Kenyan Shilling 117.2000 - 122.0109 -0.1412 140.6929 -1.5004 South Korea South Korean Won 1286.3500 2.3000 1339.1529 0.8479 1544.2007 -13.6777 Vietnam Vietnamese Dong 23215.0000 15.0000 24167.9576 -12.3306 27868.5052 -279.0216
China Chinese Yuan 6.7346 0.0008 7.0111 -0.0073 8.0846 -0.0852 Kuwait Kuwaiti Dinar 0.3075 0.0004 0.3201 0.0000 0.3691 -0.0035 Sweden Swedish Krona 10.2070 0.0161 10.6260 0.0045 12.2530 -0.1111 European Union Euro 0.9606 0.0011 - - 1.1531 -0.0110
Colombia Colombian Peso 3993.2000 -45.0500 4157.1157 -51.7625 4793.6432 -105.7790 Malaysia Malaysian Ringgit 4.4225 0.0040 4.6040 -0.0012 5.3090 -0.0518 Switzerland Swiss Franc 1.0003 0.0032 1.0414 0.0022 1.2008 -0.0089 ..One Month 0.9604 0.0011 - - 1.1530 -0.0110
Costa Rica Costa Rican Colon 684.6050 -1.3750 712.7071 -2.2576 821.8350 -10.4327 Mexico Mexican Peso 20.6200 0.1435 21.4664 0.1247 24.7533 -0.0899 Taiwan New Taiwan Dollar 29.6815 -0.0585 30.8999 -0.0967 35.6312 -0.4510 ..Three Month 0.9599 0.0011 - - 1.1527 -0.0110
Czech Republic Czech Koruna 23.7741 0.0341 24.7499 0.0069 28.5396 -0.2630 New Zealand New Zealand Dollar 1.6073 0.0100 1.6733 0.0085 1.9295 -0.0084 Thailand Thai Baht 34.9800 0.1500 36.4159 0.1142 41.9918 -0.2658 ..One Year 0.9579 0.0010 - - 1.1516 -0.0109
Denmark Danish Krone 7.1469 0.0081 7.4403 -0.0002 8.5795 -0.0817 Nigeria Nigerian Naira 419.7500 4.7500 436.9801 4.4452 503.8895 0.3892 Tunisia Tunisian Dinar 3.1445 0.0066 3.2736 0.0031 3.7748 -0.0322
Egypt Egyptian Pound 18.7385 0.0458 19.5077 0.0252 22.4947 -0.1843 Norway Norwegian Krone 9.9928 0.0773 10.4030 0.0686 11.9959 -0.0341 Turkey Turkish Lira 17.2825 0.0237 17.9919 0.0039 20.7468 -0.1924
Hong Kong Hong Kong Dollar 7.8500 - 8.1722 -0.0095 9.4235 -0.1005 Pakistan Pakistani Rupee 204.8500 1.2250 213.2588 1.0300 245.9125 -1.1363 United Arab Emirates UAE Dirham 3.6731 - 3.8238 -0.0044 4.4093 -0.0470
Hungary Hungarian Forint 382.9307 -3.0995 398.6495 -3.6917 459.6897 -8.6629 Peru Peruvian Nuevo Sol 3.7475 -0.0476 3.9013 -0.0541 4.4986 -0.1057 United Kingdom Pound Sterling 0.8330 0.0088 0.8672 0.0082 - -
India Indian Rupee 78.0063 -0.0400 81.2083 -0.1356 93.6427 -1.0472 Philippines Philippine Peso 53.2400 -0.0600 55.4254 -0.1267 63.9120 -0.7544 ..One Month 0.8331 0.0088 0.8671 0.0081 - -
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 Jun 14 Jun 13 Jun 10 Jun 09 Jun 08 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2402.80 2424.10 2467.60 2524.50 2556.10 0.00 2880.10 2300.60 Oil & Gas Producers 38.14 FTSE 100 Index -2.67 Financial Services -19.62 FTSE 100 Price Change FTSE 100 Price Change
Jun 14 chge% Index Jun 13 Jun 10 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 37.87 Health Care Eq & Srv -3.56 Consumer Services -21.35 3I Group PLC 1104.5 -18.50 Itv PLC 68.52 1.14
FTSE 100 (100) 7187.46 -0.25 6462.44 7205.81 7317.52 7146.68 3.63 1.94 14.18 140.54 7254.19 P/E Ratio net - - - - - 0.00 19.44 14.26 Tobacco 24.91 NON FINANCIALS Index -4.35 Industrials -22.43 Abrdn PLC 169.40 -0.35 Jd Sports Fashion PLC 111.75 -3.20
FTSE 250 (250) 19045.03 -0.60 17123.92 19160.21 19673.32 22744.51 2.72 2.56 14.35 260.65 15613.61 FT 30 hourly changes Mining 14.97 FTSE All{HY-}Share Index -5.76 Construct & Material -23.58 Admiral Group PLC 2130 -11.00 Kingfisher PLC 234.80 -10.80
FTSE 250 ex Inv Co (178) 19512.58 -0.78 17544.30 19665.40 20235.84 23746.74 2.77 1.33 27.07 283.34 16318.73 8 9 10 11 12 13 14 15 16 High Low Oil Equipment & Serv 13.63 Consumer Goods -6.58 Real Est Invest & Se -23.76 Airtel Africa PLC 142.20 1.80 Land Securities Group PLC 731.60 3.60
FTSE 350 (350) 3995.35 -0.31 3592.33 4007.68 4076.70 4093.25 3.49 2.02 14.20 74.53 8005.05 2424.1 2434.2 2422.5 2410.5 2398 2403.1 2416 2421.6 2408.2 2450.7 2398.0 Aerospace & Defense 12.65 Personal Goods -10.55 Tech Hardware & Eq -25.63 Anglo American PLC 3455 -63.50 Legal & General Group PLC 241.50 0.70
FTSE 350 ex Investment Trusts (276) 3932.96 -0.31 3536.23 3945.38 4011.44 3996.36 3.55 1.91 14.78 74.94 4071.59 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Mobile Telecomms 10.02 Financials -11.74 Food & Drug Retailer -26.84 Antofagasta PLC 1393 -0.50 Lloyds Banking Group PLC 43.37 0.55
FTSE 350 Higher Yield (114) 3546.68 0.11 3188.92 3542.84 3580.66 3293.57 4.35 1.72 13.37 81.11 7962.13 Telecommunications 8.94 Food Producers -12.15 Technology -27.29 Ashtead Group PLC 3651 -153.00 London Stock Exchange Group PLC 6738 -128.00
FTSE 350 Lower Yield (236) 3999.93 -0.87 3596.45 4034.91 4139.95 4621.86 2.33 2.77 15.51 51.94 4878.71 FT WILSHIRE 5000 INDEX SERIES Pharmace & Biotech 7.03 FTSE SmallCap Index -12.97 Software & Comp Serv -27.43 Associated British Foods PLC 1568.5 -20.50 M&G PLC 201.80 -0.20
FTSE SmallCap (248) 6491.86 -0.18 5837.02 6503.26 6617.56 7288.87 3.19 2.62 11.94 98.66 10735.62 Basic Materials 6.83 Nonlife Insurance -13.60 Support Services -30.44 Astrazeneca PLC 9750 -27.00 Meggitt PLC 769.00 0.20
FTSE SmallCap ex Inv Co (131) 5434.98 -0.40 4886.74 5456.82 5563.94 6191.60 2.95 2.05 16.60 75.82 9351.43 Jun 13 Jun 13 Fixed Line Telecomms 6.51 Beverages -15.52 Industrial Eng -31.06 Auto Trader Group PLC 513.40 -19.60 Melrose Industries PLC 151.05 -1.65
FTSE All-Share (598) 3965.54 -0.30 3565.52 3977.61 4046.16 4074.57 3.48 2.03 14.12 73.55 8023.23 Health Care 6.31 Life Insurance -16.24 General Retailers -31.44
FT Wilshire 5000 37992.75 FT Wilshire Mid Cap 5065.62 Avast PLC 478.50 -4.60 Mondi PLC 1423.5 -17.50
FTSE All-Share ex Inv Co (407) 3868.53 -0.32 3478.30 3880.80 3945.96 3938.72 3.54 1.91 14.81 73.40 4066.26 Banks 4.94 Travel & Leisure -16.49 Chemicals -32.32
FT Wilshire 2500 4865.06 FT Wilshire Small Cap 4640.58 Aveva Group PLC 2365 20.00 National Grid PLC 1050.5 -27.50
FTSE All-Share ex Multinationals (531) 1097.88 -0.61 818.64 1104.60 1129.21 1322.17 3.50 2.51 11.39 19.86 2295.73 Electricity 0.44 Household Goods & Ho -16.82 Industrial Transport -32.42
FT Wilshire Mega Cap 4859.23 FT Wilshire Micro Cap 4557.58 Aviva PLC 404.10 -0.10 Natwest Group PLC 221.40 2.40
FTSE Fledgling (75) 12571.32 -0.38 11303.23 12619.66 12816.14 13118.88 2.91 4.84 7.10 175.86 26821.21 Beverages 31.66 Real Est Invest & Tr -17.81 Electronic & Elec Eq -32.54
FT Wilshire Large Cap 4893.79 B&M European Value Retail S.A. 361.20 5.40 Next PLC 5938 -148.00
FTSE Fledgling ex Inv Co (29) 17753.39 -0.89 15962.57 17913.10 18056.68 17984.26 2.49 -1.33 -30.16 262.60 36862.16 Utilities -1.42 Media -18.16 Leisure Goods -35.87
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Bae Systems PLC 774.80 9.80 Ocado Group PLC 784.60 -95.40
FTSE All-Small (323) 4536.50 -0.19 4078.89 4544.97 4624.36 5073.67 3.18 2.73 11.51 68.65 9622.88 Gas Water & Multi -2.04 FTSE 250 Index -18.89 Automobiles & Parts -48.94
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Barclays PLC 156.76 0.68 Pearson PLC 738.40 -4.80
FTSE All-Small ex Inv Co (160) 4100.78 -0.42 3687.13 4118.00 4197.09 4651.83 2.93 1.94 17.59 57.34 8936.90 Equity Invest Instr -19.17 Industrial Metals & -78.88
mark. Copyright ©2022 Wilshire. All rights reserved. Barratt Developments PLC 487.20 11.50 Pershing Square Holdings LTD 2345 15.00
FTSE AIM All-Share (765) 915.04 -0.98 822.74 924.06 950.92 1250.96 1.34 1.57 47.33 5.73 1066.22
Berkeley Group Holdings (The) PLC 4025 55.00 Persimmon PLC 2150 32.00
FTSE All-Share Technology (22) 1681.38 -1.57 1391.93 1708.11 1758.54 2275.15 2.18 0.64 71.38 24.96 2416.49
BP PLC 434.95 8.65 Phoenix Group Holdings PLC 607.00 -3.60
FTSE All-Share Telecommunications (6) 2006.64 -0.16 1661.20 2009.76 2005.14 2081.34 4.52 1.25 17.66 41.21 2960.99 FTSE GLOBAL EQUITY INDEX SERIES British American Tobacco PLC 3504.5 34.00 Prudential PLC 973.60 -3.00
FTSE All-Share Health Care (13) 14025.10 -0.74 11610.70 14129.47 14224.22 12501.89 2.84 0.76 46.51 233.48 12861.69
Jun 14 No of US $ Day Mth YTD Total
YTD Gr Div Jun 14 No of US $ Day Mth YTD Total YTD Gr Div British Land Company PLC 506.60 1.00 Reckitt Benckiser Group PLC 5988 -52.00
FTSE All-Share Financials (255) 4404.52 0.73 3646.29 4372.55 4431.55 4867.32 3.61 3.09 8.98 93.28 4824.90
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bt Group PLC 179.65 0.15 Relx PLC 2081 -63.00
FTSE All-Share Real Estate (52) 1009.35 -0.98 874.13 1019.35 1047.38 1116.00 3.16 5.44 5.81 14.84 1043.12
FTSE Global All Cap 9389 671.47 -3.7 -4.9 -20.7
-19.9 1065.31
2.3 Oil Equipment & Services 23 284.74 -4.4 -4.4 21.7 517.12 24.0 4.1 Bunzl PLC 2623 -22.00 Rentokil Initial PLC 452.40 -20.00
FTSE All-Share Consumer Discretionary (91) 4312.91 -0.81 3570.45 4348.15 4486.85 5533.40 2.22 0.96 47.15 56.45 4521.56
FTSE Global All Cap 9389 671.47 -3.7 -4.9 -20.7
-19.9 1065.31
2.3 Basic Materials 371 613.10 -3.5 -3.5 -8.9 1105.04 -7.0 4.6 Burberry Group PLC 1593 -16.00 Rightmove PLC 533.60 -12.00
FTSE All-Share Consumer Staples (25)18725.71 -0.64 15502.10 18845.77 18959.00 19359.61 4.07 1.62 15.18 315.24 16842.95
FTSE Global Large Cap 1867 600.55 -3.5 -4.8 -20.9
-20.1 981.97
2.3 Chemicals 181 820.00 -3.1 -3.1 -15.3 1432.00 -14.1 2.7 Coca-Cola Hbc AG 1674 -19.50 Rio Tinto PLC 5555 -25.00
FTSE All-Share Industrials (88) 5744.45 -1.08 4755.55 5807.31 5934.23 6698.68 2.27 1.69 26.01 72.89 6580.55
FTSE Global Mid Cap 2240 867.68 -4.0 -5.4 -19.1
-18.3 1295.41
2.4 Forestry & Paper 20 274.93 -3.1 -3.1 -9.9 550.37 -7.8 3.6 Compass Group PLC 1670 7.50 Rolls-Royce Holdings PLC 87.92 1.75
FTSE All-Share Basic Materials (22) 8773.15 -0.75 7262.86 8839.28 9120.97 8479.87 6.12 2.23 7.31 295.37 11606.07
FTSE Global Small Cap 5282 893.80 -4.3 -4.3 -21.9
-21.2 1276.13
2.0 Industrial Metals & Mining 94 484.87 -4.5 -4.5 -12.4 902.76 -10.3 7.2 Crh PLC 2945.5 28.50 Royal Mail PLC 273.70 0.50
FTSE All-Share Energy (14) 8177.36 1.22 6769.64 8078.73 8270.35 5503.55 3.16 2.15 14.72 140.29 9753.32
FTSE All-World 4107 394.59 -3.6 -4.9 -20.6
-19.7 662.93
2.3 Mining 76 983.02 -3.5 -3.5 5.6 1853.21 8.4 6.0 Croda International PLC 5966 -226.00 Rs Group PLC 846.50 -8.00
FTSE All-Share Utilities (10) 8592.33 -2.90 7113.17 8848.62 8936.09 7730.48 4.28 0.74 31.76 184.23 12823.17
FTSE World 2669 711.00 -3.6 -5.5 -20.8
-20.0 1603.41
2.3 Industrials 777 462.06 -3.3 -3.3 -23.1 730.91 -22.2 2.1 Dcc PLC 5202 -106.00 Sage Group PLC 598.40 -15.80
FTSE All-Share Software and Computer Services (20) 1805.40 -1.70 1494.60 1836.65 1890.98 2446.00 2.18 0.63 72.60 27.35 2745.64
FTSE Global All Cap ex UNITED KINGDOM In 9095 708.60 -3.7 -4.9 -21.0
-20.2 1102.90
2.2 Construction & Materials 146 541.29 -3.1 -3.1 -26.8 904.91 -25.7 2.4 Dechra Pharmaceuticals PLC 3164 -60.00 Sainsbury (J) PLC 203.30 -1.60
FTSE All-Share Technology Hardware and Equipment (2) 4889.48 2.36 4047.76 4776.68 4910.29 6173.72 1.94 1.06 48.68 32.00 6255.86
FTSE Global All Cap ex USA 7548 490.29 -3.1 -2.0 -18.3
-16.9 859.92
3.2 Aerospace & Defense 34 773.78 -3.6 -3.6 -3.7 1201.01 -2.8 1.7 Diageo PLC 3448 -72.50 Schroders PLC 2626 -12.00
FTSE All-Share Telecommunications Equipment (1) 501.17 -0.44 414.90 503.41 518.61 573.91 2.26 2.15 20.57 6.68 710.86
FTSE Global All Cap ex JAPAN 7995 699.41 -3.8 -5.1 -20.9
-20.1 1119.62
2.3 General Industrials 72 223.31 -2.8 -2.8 -19.5 390.90 -18.3 2.6 Endeavour Mining PLC 1740 -58.00 Scottish Mortgage Investment Trust PLC 691.80 -4.00
FTSE All-Share Telecommunications Service Providers (5) 3130.59 -0.15 2591.67 3135.23 3125.24 3236.00 4.58 1.24 17.59 64.81 4204.82
FTSE Global All Cap ex Eurozone 8725 712.59 -3.7 -4.9 -20.4
-19.6 1105.54
2.2 Electronic & Electrical Equipment 158 583.15 -3.3 -3.3 -27.5 830.82 -27.0 1.6 Entain PLC 1341.5 0.50 Segro PLC 954.80 -24.40
FTSE All-Share Health Care Providers (3)10111.12 -0.07 8370.50 10118.17 10140.35 7994.14 0.10 20.09 48.58 0.00 9334.56
FTSE Developed 2220 650.57 -3.6 -5.7 -21.2
-20.3 1040.35
2.2 Industrial Engineering 150 894.78 -3.8 -3.8 -22.6 1411.31 -21.8 2.1 Experian PLC 2323 -55.00 Severn Trent PLC 2807 -93.00
FTSE All-Share Medical Equipment and Services (2) 5582.99 -0.99 4621.89 5638.59 5758.71 7272.40 2.36 1.32 31.96 84.76 5331.52
FTSE Developed All Cap 5871 678.19 -3.7 -5.6 -21.3
-20.5 1068.56
2.2 Industrial Transportation 128 904.51 -2.3 -2.3 -18.6 1450.32 -17.2 2.9 Flutter Entertainment PLC 8174 -42.00 Shell PLC 2308 20.50
FTSE All-Share Pharmaceuticals and Biotechnology (8)20020.24 -0.73 16573.78 20167.83 20287.76 17398.91 2.89 0.73 47.68 338.30 16532.36
FTSE Developed Large Cap 862 608.47 -3.5 -5.7 -21.5
-20.7 990.45
2.2 Support Services 89 490.50 -4.1 -4.1 -31.0 725.31 -30.5 1.5 Fresnillo PLC 793.60 3.60 Smith & Nephew PLC 1164 -12.00
FTSE All-Share Banks (11) 3158.54 2.46 2614.80 3082.79 3094.95 2956.16 3.70 3.42 7.88 80.59 2754.82
FTSE Developed Europe Large Cap 228 355.25 -3.3 -4.3 -21.0
-19.0 699.11
3.3 Consumer Goods 560 546.43 -3.2 -3.2 -20.7 910.63 -19.8 2.5 Glaxosmithkline PLC 1712.2 -24.40 Smith (Ds) PLC 285.90 -1.50
FTSE All-Share Finance and Credit Services (7) 9468.04 -1.10 7838.12 9573.75 9832.25 10770.77 2.02 1.96 25.20 142.41 12647.46
FTSE Developed Europe Mid Cap 358 564.47 -3.9 -5.5 -26.8
-25.5 961.59
3.0 Automobiles & Parts 131 544.14 -5.2 -5.2 -29.6 875.98 -28.8 2.3 Glencore PLC 483.30 2.00 Smiths Group PLC 1474.5 -20.00
FTSE All-Share Investment Banking and Brokerage Services (33) 8019.72 -1.10 6639.13 8108.62 8303.01 10796.71 5.14 2.52 7.74 177.76 10981.76
FTSE Dev Europe Small Cap 740 802.11 -4.6 -4.8 -27.4
-26.0 1313.69
2.9 Beverages 71 724.61 -1.6 -1.6 -10.1 1217.65 -9.3 2.3 Halma PLC 1936.5 -65.50 Smurfit Kappa Group PLC 2809 -59.00
FTSE All-Share Closed End Investments (191)11531.84 -0.11 9546.64 11544.75 11820.69 13503.88 2.61 4.58 8.35 139.46 7127.31
FTSE North America Large Cap 245 807.10 -3.8 -6.8 -22.6
-22.1 1203.03
1.7 Food Producers 133 689.93 -1.4 -1.4 -12.1 1181.21 -10.8 2.5 Harbour Energy PLC 363.40 8.20 Spirax-Sarco Engineering PLC 9284 -268.00
FTSE All-Share Life Insurance (6) 6516.09 -0.09 5394.35 6521.96 6570.94 8201.11 4.59 1.50 14.55 188.82 7851.49
FTSE North America Mid Cap 427 1067.64 -4.4 -6.3 -18.3
-17.7 1470.67
2.0 Household Goods & Home Construction 63 508.21 -3.0 -3.0 -22.3 845.72 -21.3 2.8 Hargreaves Lansdown PLC 771.80 -11.60 Sse PLC 1641.5 -67.00
FTSE All-Share Nonlife Insurance (7) 3424.55 0.58 2835.01 3404.84 3393.42 3633.32 4.71 1.47 14.47 84.60 7197.17
FTSE North America Small Cap 1350 1038.44 -4.8 -5.0 -21.3
-20.8 1372.68
1.6 Leisure Goods 52 257.24 -3.6 -3.6 -19.2 361.91 -18.6 1.3 Hikma Pharmaceuticals PLC 1509.5 -28.00 St. James's Place PLC 1103.5 -32.00
FTSE All-Share Real Estate Investment and Services (12) 2393.61 -1.38 1981.55 2427.17 2492.08 2745.94 2.22 3.99 11.27 26.12 7089.00
FTSE North America 672 529.75 -3.9 -6.7 -21.8
-21.3 807.18
1.8 Personal Goods 96 830.93 -3.1 -3.1 -28.0 1269.85 -27.3 2.0 Howden Joinery Group PLC 614.40 -8.00 Standard Chartered PLC 599.60 20.20
FTSE All-Share Real Estate Investment Trusts (40) 2537.09 -0.90 2100.33 2560.05 2630.83 2783.48 3.36 5.64 5.28 39.36 3771.68
FTSE Developed ex North America 1548 253.34 -3.0 -3.3 -19.7
-18.1 480.01
3.2 Tobacco 14 990.23 -2.8 -2.8 3.0 2722.15 4.7 5.8 HSBC Holdings PLC 520.40 17.50 Taylor Wimpey PLC 124.70 2.55
FTSE All-Share Automobiles and Parts (2) 1861.92 -1.26 1541.39 1885.62 2086.31 5023.04 1.04 -10.43 -9.20 8.35 1931.13
FTSE Japan Large Cap 165 371.57 -2.2 -1.5 -18.5
-17.5 539.23
2.7 Health Care 346 665.29 -2.9 -2.9 -15.7 1053.23 -14.9 1.9 Imperial Brands PLC 1801 15.50 Tesco PLC 246.70 0.60
FTSE All-Share Consumer Services (3) 2754.62 0.43 2280.42 2742.93 2877.30 2663.84 1.40 1.95 36.63 38.43 3494.23
FTSE Japan Mid Cap 342 519.71 -1.1 -1.6 -15.3
-14.2 717.14
2.6 Health Care Equipment & Services 134 1280.47 -3.6 -3.6 -23.0 1563.55 -22.7 1.1 Informa PLC 501.80 -12.40 Unilever PLC 3609.5 -19.00
FTSE All-Share Household Goods and Home Construction (14)10787.58 2.16 8930.51 10559.12 10885.01 15233.35 6.17 1.82 8.90 322.29 9279.29
FTSE Global wi JAPAN Small Cap 887 564.52 -1.1 -1.7 -18.9
-17.7 808.26
2.8 Pharmaceuticals & Biotechnology 212 447.07 -2.5 -2.5 -10.0 759.89 -8.8 2.4 Intercontinental Hotels Group PLC 4351 41.00 United Utilities Group PLC 1028 -31.00
FTSE All-Share Leisure Goods (2) 16284.17 -4.69 13480.86 17085.12 17752.40 29275.29 3.24 1.89 16.35 381.27 17756.90
FTSE Japan 507 152.74 -2.0 -1.5 -17.9
-16.9 248.25
2.7 Consumer Services 432 502.19 -4.0 -4.0 -28.7 713.45 -28.3 1.3 Intermediate Capital Group PLC 1405.5 -48.50 Vodafone Group PLC 125.56 -0.44
FTSE All-Share Personal Goods (5) 22845.39 -1.39 18912.58 23166.85 23886.25 32853.80 2.53 2.16 18.26 72.73 17621.77
FTSE Asia Pacific Large Cap ex Japan 1071 708.75 -3.1 1.9 -15.0
-14.2 1267.49
2.8 Food & Drug Retailers 66 304.76 -2.4 -2.4 -11.5 479.55 -10.4 2.4 International Consolidated Airlines Group S.A. 113.90 -1.12 Whitbread PLC 2566 40.00
FTSE All-Share Media (11) 8373.38 -2.41 6931.91 8580.34 8684.74 8976.61 2.39 1.63 25.70 140.84 5840.66
FTSE Asia Pacific Mid Cap ex Japan 847 972.67 -2.9 0.2 -14.2
-13.1 1680.14
3.3 General Retailers 147 892.23 -4.2 -4.2 -30.2 1214.52 -29.9 1.0 Intertek Group PLC 4233 -33.00 Wpp PLC 818.00 -17.40
FTSE All-Share Retailers (22) 1886.94 -2.06 1562.11 1926.71 1963.52 2638.00 2.26 4.25 10.41 18.38 2414.87
FTSE All-Share Travel and Leisure (32) 5803.44 -0.05 4804.39 5806.21 6110.04 8652.98 0.44 -20.75 -10.83 21.47 5983.43 FTSE Asia Pacific Small Cap ex Japan 2010 571.16 -3.0 -0.3 -21.5
-20.8 957.49
2.7 Media 78 290.98 -4.2 -4.2 -38.0 415.70 -37.7 1.4
FTSE All-Share Beverages (5) 26368.79 -2.03 21829.43 26914.83 27043.96 26975.95 2.20 1.53 29.72 216.33 20869.24 FTSE Asia Pacific Ex Japan 1918 562.51 -3.0 1.7 -14.9
-14.1 1069.30
2.9 Travel & Leisure 141 399.23 -4.0 -4.0 -22.2 580.07 -21.7 1.3
FTSE All-Share Food Producers (10) 6073.31 -1.13 5027.79 6142.92 6194.04 7669.78 2.81 1.84 19.35 38.48 5805.22 FTSE Emerging All Cap 3518 740.70 -3.4 1.5 -15.9
-14.9 1264.80
3.2 Telecommunication 87 141.32 -2.6 -2.6 -4.7 327.15 -2.8 3.8 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 36585.63 0.96 30287.46 36237.70 36454.59 29791.27 6.44 1.58 9.83 716.90 33247.25 FTSE Emerging Large Cap 1005 691.02 -3.5 2.0 -16.0
-15.1 1186.24
3.1 Fixed Line Telecommuniations 32 111.78 -2.4 -2.4 -0.8 296.27 1.7 4.7 Jun 14 Jun 13 Jun 10 Jun 09 Jun 08 Yr Ago
FTSE All-Share Construction and Materials (15) 6877.42 0.46 5693.48 6845.67 7009.00 8604.18 3.16 0.60 53.10 162.69 8311.16 FTSE Emerging Mid Cap 882 1003.44 -3.3 -1.4 -12.7
-11.2 1729.07
3.9 Mobile Telecommunications 55 165.96 -2.7 -2.7 -6.6 331.57 -5.0 3.4 Order Book Turnover (m) 726.12 791.66 791.66 791.66 382.49 259.38
FTSE All-Share Aerospace and Defense (9) 4976.34 0.98 4119.67 4927.87 4979.36 4011.86 1.97 1.95 26.12 55.63 6010.48 FTSE Emerging Small Cap 1631 789.46 -3.1 0.8 -18.5
-17.6 1289.54
3.0 Utilities 194 315.07 -3.7 -3.7 -8.2 727.32 -6.7 3.4 Order Book Bargains 984420.00 934531.00 934531.00 934531.00 817158.00 817005.00
FTSE All-Share Electronic and Electrical Equipment (10) 9780.91 -1.87 8097.14 9967.42 10389.84 13174.51 1.73 2.39 24.18 79.94 9596.05 FTSE Emerging Europe 49 93.00 -2.4 -4.2 -77.6
-76.9 191.89
4.0 Electricity 138 354.38 -3.9 -3.9 -8.1 805.39 -6.7 3.3 Order Book Shares Traded (m) 1723.00 1671.00 1671.00 1671.00 1513.00 1486.00
FTSE All-Share General Industrials (9) 4741.97 -1.17 3925.65 4797.89 4855.75 5648.84 2.87 1.03 33.85 82.56 6183.45 FTSE Latin America All Cap 264 706.76 -4.7 -4.8 3.6-0.3 1338.86
9.6 Gas Water & Multiutilities 56 315.69 -3.4 -3.4 -8.5 754.74 -6.7 3.5 Total Equity Turnover (£m) 6863.04 7255.11 7255.11 7255.11 6283.40 7953.81
FTSE All-Share Industrial Engineering (5)13744.54 -1.71 11378.43 13983.29 14354.98 18474.69 1.82 1.96 28.13 164.12 18340.83 FTSE Middle East and Africa All Cap 332 768.70 -4.2 -5.9 -1.9-3.5 1390.31
3.1 Financials 850 248.91 -3.1 -3.1 -17.0 471.88 -15.8 3.3 Total Mkt Bargains 1189842.00 1141133.00 1141133.00 1141133.00 998369.00 989554.00
FTSE All-Share Industrial Support Services (31) 8781.77 -2.06 7270.00 8966.74 9190.26 10459.69 2.03 1.90 25.94 102.61 10012.28 FTSE Global wi UNITED KINGDOM All Cap In 294 307.99 -3.3 -3.7 -14.4
-12.8 619.84
3.5 Banks 269 191.88 -2.8 -2.8 -15.2 403.49 -13.6 4.2 Total Shares Traded (m) 4388.00 4433.00 4433.00 4433.00 5525.00 7173.00
FTSE All-Share Industrial Transportation (9) 4364.06 -3.12 3612.79 4504.38 4635.21 6256.98 2.05 4.03 12.13 13.05 4496.60 FTSE Global wi USA All Cap 1841 904.87 -4.1 -6.8 -22.4
-21.9 1.7 Nonlife Insurance
1300.52 71 321.23 -1.8 -1.8 -8.3 532.58 -6.4 3.1 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)15752.94 2.44 495.43 15377.87 15402.87 23504.39 2.06 1.40 34.59 220.04 19748.73 FTSE Europe All Cap 1449 407.40 -3.5 -4.5 -23.9
-22.2 769.20
3.2 Life Insurance 50 211.89 -2.9 -2.9 -12.3 401.41 -10.5 4.0 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (9) 7923.78 -0.48 6559.71 7962.29 8226.06 7059.98 6.49 2.25 6.86 279.65 11766.36 FTSE Eurozone All Cap 664 389.48 -3.7 -4.8 -24.9
-23.0 731.35
3.3 Financial Services 209 398.20 -3.6 -3.6 -20.2 600.10 -19.5 1.8
FTSE All-Share Precious Metals and Mining (5) 9750.68 -2.80 8072.11 10031.27 10114.93 23061.17 3.49 1.94 14.75 201.37 6758.45 FTSE EDHEC-Risk Efficient All-World 4107 451.96 -3.6 -4.9 -17.2
-16.2 703.78
2.6 Technology 363 467.47 -4.6 -4.6 -31.1 606.88 -30.8 1.0
FTSE All-Share Chemicals (7) 12458.82 -2.84 10314.05 12823.38 13176.80 17497.49 3.03 2.13 15.49 263.19 12428.20 FTSE EDHEC-Risk Efficient Developed Europe 586 307.72 -3.7 -4.7 -25.5
-23.9 536.92
3.3 Software & Computer Services 192 721.06 -4.7 -4.7 -32.6 870.07 -32.4 0.6 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE All-Share Oil. Gas and Coal (13) 7936.66 1.22 6570.38 7840.81 8026.61 5341.14 3.16 2.15 14.71 136.18 9817.28 Oil & Gas 127 402.90 -4.4 3.2 25.622.9 4.1 Technology Hardware & Equipment
806.24 171 404.87 -4.4 -4.4 -29.4 563.86 -29.0 1.5 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas Producers 84 400.38 -4.2 3.5 29.026.0 821.49
4.3 Alternative Energy 20 164.10 -6.9 -6.9 -21.3 234.85 -21.2 0.5 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Sector Indices Real Estate Investment & Services 149 261.32 -3.5 -3.5 -20.6 502.13 -19.5 3.3
Non Financials (343) 4850.98 -0.59 4361.65 4879.88 4969.06 4879.32 3.45 1.72 16.85 86.43 8633.29 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 102 460.86 -4.2 -4.2 -22.7 1058.71 -21.9 3.6
For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE Global Large Cap 1867 600.55 -3.5 -3.5 -20.9 981.97 -20.1 2.3
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 7263.10 7236.88 7212.47 7179.49 7144.64 7148.82 7194.19 7237.53 7209.13 7271.15 7135.22 mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index® Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 19278.50 19242.02 19179.42 19129.06 18981.25 19032.99 19112.04 19154.84 19078.96 19329.87 18981.25 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ.
FTSE SmallCap 6509.89 6519.57 6514.61 6501.21 6478.21 6484.38 6496.19 6503.25 6492.29 6526.75 6477.93 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE All-Share 4007.37 3994.53 3981.43 3964.67 3943.90 3947.49 3970.73 3991.84 3976.42 4012.53 3942.23 of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
Time of FTSE 100 Day's high:07:06:00 Day's Low10:28:15 FTSE 100 2010/11 High: 7672.40(10/02/2022) Low: 6959.48(07/03/2022) please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:07:06:00 Day's Low10:29:00 FTSE 100 2010/11 High: 4296.96(10/02/2022) Low: 3862.39(07/03/2022)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Ashtead Group Pre 7962.300 6638.600 1668.100 1235.100 2.809 2.054 67.50000 48.82100 Sep 9 80.200 58.100 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Crest Nicholson Holdings Int 364.300 324.500 52.500L 36.300 16.500L 11.300 5.50000 4.10000 Oct 13 15.000 4.100 05/24 50.00 AIM ENSI EnSilica PLC 46.20 -1.50 57.00 46.00 3475.7
There are currently no rights offers by any companies listed on the LSE. discoverIE Group Pre 379.200 302.800 17.100 13.500 27.100 13.500 7.45000 7.00000 Aug 2 10.800 10.150 05/06 3.50 KEN Kendrick Resources PLC 2.15 -0.14 3.50 2.10 471.9
Driver Group Int 24.429 24.957 0.130 0.855 0.300L 1.100 0.00000 0.75000 - 0.750 1.500
Eneraqua Technologies Pre 36.176 14.587 4.067 0.792 18.280 0.000 0.00000 0.00000 - 0.000 0.000
FirstGroup Pre 2929.000 1412.900 17.700L 29.100 60.200 6.500 0.00000 0.00000 - 0.000 0.000
Iomart Group Pre 103.018 111.883 12.168 12.464 8.600 9.300 3.60000 4.50000 Sep 2 6.020 7.100
OnTheMarket Pre 30.443 23.028 0.928L 1.140 0.150 3.760 0.00000 0.00000 - 0.000 0.000
Oxford Instruments Pre 367.300 318.500 47.600 52.200 67.100 72.800 3.70000 12.90000 Aug 23 8.100 17.000
Palace Capital Pre 49.064 22.242 24.615 5.532L 53.100 12.000L 0.00000 3.00000 - 3.250 5.500
Paragon Banking Group Int 219.800 168.200 143.600 96.400 44.400 29.300 9.40000 7.20000 Jul 29 28.300 21.600
Vianet Group Pre 13.215 8.369 0.174L 2.822L 0.650 6.750L 0.00000 0.00000 - 0.000 0.000

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.
Wednesday 15 June 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 Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Denso 7649 -87.00 9575 6584 1.90 20.72 44768.73 Novartis 80.72 -2.06 88.42 73.01 3.64 8.57 196447.52 Boeing 118.25 2.39 252.30 113.02 - -18.66 69957.98 Lilly (E) 288.51 -2.78 324.08 217.00 1.04 53.19 274125.78
ANZ Bank 22.00 -1.07 29.64 21.56 6.42 9.85 42322.38 Nokia 4.52 0.07 5.71 4.12 - 16.10 26803.98 EastJpRwy 6796 -118.00 8455 6373 1.52 -6.74 19078.39 Richemont 98.84 -2.36 146.10 90.28 1.93 23.02 51579.01 Booking Holdings 1948.61 -30.71 2715.66 1796.45 - 78.05 79158.88 Linde 296.51 -4.82 346.50 267.51 1.27 45.70 149064.16
BHP Group 44.26 -1.96 54.55 35.56 8.69 11.10 154264.53 SampoA 40.60 -0.13 48.74 35.85 4.08 8.92 23422.1 Fanuc 20405 -140.00 28165 18740 2.30 23.99 30603.24 Roche 305.75 -3.50 404.20 305.35 2.80 20.01 214744.12 Bristol-Myers 72.53 -1.05 78.62 53.22 2.46 26.23 154421.03 Lockheed♦ 415.80 -8.14 479.99 324.23 2.37 20.14 110645.95
CmwBkAu 91.20 -2.58 110.19 88.44 3.59 18.32 107146.58 France (€) FastRetail 67050 -110.00 85140 54310 0.81 31.11 52830 Swiss Re 76.00 0.16 102.20 72.44 7.57 17.93 24122.56 Broadcom 519.02 1.40 677.76 455.71 2.57 33.07 209589.46 Lowes 179.31 -1.95 263.31 178.36 1.50 16.64 114602.19
CSL 264.05 -7.33 319.78 240.10 1.07 40.38 87573.61 Airbus Grpe 96.36 -1.16 121.00 90.24 - 18.24 79062.23 Fuji Hvy Ind 2469 -14.00 2577.5 1664.5 2.35 28.04 14106.55 Swisscom 530.20 -4.20 587.40 491.10 4.04 15.41 27457.15 Cadence Design 142.94 1.28 192.70 126.73 - 64.51 39415.61 Lyondell 98.34 0.75 117.22 84.17 4.00 6.62 32218.76
NatAusBk 26.84 -1.22 33.75 25.08 3.13 15.27 59295.96 AirLiquide 134.98 -3.30 153.40 124.05 1.97 25.72 66813.51 Hitachi 6798 -57.00 7460 4750 1.75 9.85 48891.81 UBS 15.99 -0.06 19.90 13.10 2.11 8.04 59183.97 CapOne 107.34 0.33 177.95 106.11 1.65 4.49 42190.06 Marathon Ptl 105.27 3.10 114.35 50.19 1.95 58.80 56950.54
Telstra 3.75 -0.05 4.20 3.51 2.50 32.58 29832.14 AXA 22.39 0.28 29.09 20.78 6.18 7.79 54456.71 HondaMtr 3287 -5.00 3724 3043 4.07 6.87 44227.78 Zurich Fin 419.10 1.90 461.70 352.80 4.65 13.64 63038.94 CardinalHlth 50.97 -0.52 64.53 45.85 3.41 29.80 13885.62 Marsh&M 148.13 0.82 183.14 133.86 1.60 25.71 74345.97
Wesfarmers 42.00 -1.67 67.20 40.03 3.97 23.06 32787.33 BNP Parib 47.34 0.67 68.07 43.07 5.48 7.04 60825.43 JapanTob 2391 -12.00 2437.5 2000 5.92 12.03 35520.9 Taiwan (NT$) Carnival 9.85 -0.06 29.98 9.61 - -1.32 9749.05 MasterCard 321.70 1.96 399.92 305.61 0.62 41.43 310415.03
Westpac Bank 20.07 -0.78 27.12 19.26 4.14 15.59 48379.35 ChristianDior 529.50 -5.50 733.50 513.00 1.28 19.96 99502.1 KDDI 4402 -102.00 4636 3237 2.82 14.58 75342.62 Chunghwa Telecom 124.50 -0.50 132.50 109.00 3.27 28.53 32538.84 Caterpillar 207.14 0.26 237.90 179.67 1.83 19.76 110478.78 McDonald's 240.34 1.87 269.72 217.68 1.94 27.01 177742.71
Woolworths 33.83 -0.50 42.66 33.38 2.99 41.20 28274.21 Cred Agr 8.83 0.02 14.27 8.71 8.77 4.98 27824.93 Keyence 48110 -290.00 76210 47380 0.43 39.74 86913.44 Formosa PetChem 96.90 1.20 117.50 88.30 0.58 19.65 31099.02 Centene Corp 75.90 0.20 89.92 59.67 - 37.56 44392.92 McKesson 307.35 0.36 339.94 184.43 0.51 39.27 44129.59
Belgium (€) Danone 51.74 -1.48 65.30 46.48 3.63 18.18 36400.52 MitsbCp 4532 -63.00 4845 2903 3.16 10.00 50015.21 HonHaiPrc 111.50 1.50 120.00 99.70 3.41 11.83 52077.02 CharlesSch 61.54 1.30 96.24 59.35 1.04 24.54 111821.71 Medtronic 88.99 -1.18 135.89 88.82 2.48 27.40 119383.57
AnBshInBv 48.82 -0.49 65.86 46.66 1.06 25.15 88290.8 EDF 8.16 -0.09 12.67 6.64 5.79 6.48 31745.11 MitsubEst 1935 -59.50 2027 1546 1.55 18.62 20000.09 MediaTek 880.00 10.00 1200 797.00 4.00 13.18 47409.57 Charter Comms 454.13 -0.34 825.62 410.33 - 20.94 76229.48 Merck 84.09 -0.22 94.92 70.89 2.78 19.52 212647.21
KBC Grp 54.02 -0.62 86.50 49.75 - - - Engie SA 11.96 -0.14 14.61 9.79 4.29 8.70 30316.52 MitsubishiEle 1434.5 -14.50 1763 1225.5 2.89 12.67 22879.55 TaiwanSem 513.00 6.00 650.00 505.00 1.98 21.49 448167.48 Chevron Corp 171.16 3.83 182.40 92.86 2.75 23.72 336297.47 Meta 196.64 0.99 384.33 169.00 - 15.41 450997.53
EssilorLuxottica♦ 134.50 -2.15 195.00 132.70 0.78 42.35 61976.85 MitsuiFud 2855 -76.50 2966.5 2211 1.60 17.20 20222.88 Chipotle Mexic. 1230.76 -1.92 1958.55 1213.92 - 60.64 34415.06 Metlife 61.97 0.93 73.18 55.21 2.72 9.56 50394.37
Brazil (R$) Thailand (THB)
Hermes Intl 980.80 -25.20 1678 980.20 0.45 43.48 107792.75 MitUFJFin 732.60 -3.30 828.30 564.40 3.68 7.34 72277.7 Chubb 199.12 1.51 218.99 155.78 1.42 11.66 84369.41 Microsoft 244.11 1.85 349.67 241.51 0.84 29.331825706.78
Ambev 13.04 -0.29 19.52 12.99 4.25 20.03 40118.16 PTT Explor 36.50 - 42.00 34.00 5.14 10.38 29804.06
LOreal 301.65 -6.65 433.65 300.90 1.28 37.95 168409.43 Mizuho Fin 1505 4.50 1675 1397 5.38 7.11 28386.78 Cigna 243.31 1.08 273.58 191.74 1.46 17.45 77195.8 Mnstr Bvrg 87.26 2.77 99.89 71.78 - 38.31 46219.13
Bradesco 15.46 -0.20 22.15 14.43 5.27 7.28 14708.47 United Arab Emirates (Dhs)
LVMH 544.00 -6.00 741.60 537.50 1.25 23.52 285859.43 Murata Mfg 8251 53.00 10535 7008 1.51 16.37 41418.39 Cintas Corp♦ 356.45 -1.41 461.44 350.18 0.90 35.26 36473.2 MondelezInt 58.29 -0.91 69.47 57.63 2.02 21.63 80668.91
Cielo 3.74 -0.09 4.13 2.01 3.82 12.87 1984.77 Emirtestele 26.86 -0.64 38.98 11.60 2.67 28.02 63596.92
Orange 10.86 -0.04 11.94 8.93 5.353723.19 30079.57 Nippon T&T 3871 -70.00 4055 2799.5 2.81 12.05 104147.17 Cisco 42.98 -0.26 64.29 41.02 3.08 17.22 177978.63 Monsanto 9.81 -0.01 9.95 9.61 - 50.74 245.25
ItauHldFin 20.27 -0.08 30.15 18.91 3.75 8.16 19631.9
PernodRic 169.30 -5.60 214.50 169.30 1.78 26.40 46155.62 NipponTT 3871 -70.00 4055 2799.5 2.81 12.05 104147.17 United Kingdom (p) Citigroup 46.03 0.34 76.77 45.40 3.93 5.12 91180.58 MorganStly 75.48 0.30 109.73 74.14 2.47 10.61 132035.96
Petrobras 33.20 0.79 39.28 24.50 14.20 4.81 48264.84
Renault 24.25 -0.14 38.07 20.47 - -18.70 7465.64 Nissan Mt 539.20 -5.30 654.30 436.50 - 16.92 16904.81 Anglo American 3455 -63.50 4996.8 2350 5.16 6.84 58257.25 CME Grp 196.87 -6.12 256.94 185.79 1.62 30.47 70758.65 Netflix 167.50 -2.19 700.99 162.71 - 16.81 74415.87
Vale 81.47 -0.41 117.60 61.85 15.66 3.70 79553.82
Safran 88.70 0.36 127.74 87.85 0.47 916.17 39452 Nomura 487.10 -4.10 596.80 460.30 4.89 -32.38 11699.68 AscBrFd 1568.5 -20.50 2389 1462.5 0.40 25.93 14906.5 Coca-Cola 58.77 -2.14 67.20 52.28 2.53 29.47 254747.96 NextEraE 70.77 -1.65 92.91 67.22 2.04 104.89 139017.82
Canada (C$) Nppn Stl 2059.5 -34.50 2381 1690.5 4.02 3.14 14538.06 AstraZen 9750 -27.00 11000 8029 2.121650.86 148230.25 Cognizant 67.96 0.07 93.47 66.19 1.25 18.93 35418.97 Nike 111.50 1.06 179.10 103.46 0.93 32.88 141466.76
Sanofi 94.15 -1.72 106.08 80.51 3.29 19.66 124011.64
Bausch Hlth 9.54 -0.22 38.96 9.39 - -3.16 2667.27 Panasonic 1115 -3.50 1541 1018.5 2.32 10.89 20323.58 Aviva 404.10 -0.10 606.58 341.92 5.28 53.17 19468.31 ColgtPlm 73.79 -2.40 85.18 72.20 2.15 32.65 61831.73 NorfolkS 223.42 0.35 296.87 221.72 1.65 20.82 53248.25
Sant Gbn 48.24 -1.82 64.93 45.76 2.73 11.92 26563.15
BCE 63.86 -2.15 74.09 60.34 4.97 23.58 45101.69 Seven & I 5285 -111.00 6083 4552 2.02 19.44 34799.23 Barclays 156.76 0.68 217.63 140.06 1.91 3.80 32111.1 Comcast 40.05 -0.15 61.80 39.47 2.21 14.86 179046.34 Northrop 453.41 -7.28 492.30 344.89 1.20 11.75 70479.36
Schneider 116.98 -2.66 173.78 115.70 2.15 21.31 69332.57
BkMontrl 128.56 -0.74 154.47 121.76 3.19 10.90 66880.13 ShnEtsuCh 17340 95.00 21480 15860 1.73 16.05 53667.1 BP 434.95 8.65 456.00 275.85 3.62 15.78 104065.13 ConocPhil 114.10 2.34 124.08 51.41 1.51 21.21 147576.13 NXP 170.12 1.60 239.91 164.75 1.17 28.27 44667.52
SocGen 22.42 0.16 37.68 18.34 2.39 3.91 19534.38
BkNvaS 80.64 -0.41 95.00 75.84 4.17 11.12 74704.72 Softbank 5033 -132.00 8080 4210 0.91 4.18 64413.19 BrAmTob 3504.5 34.00 3612.97 2507.5 6.15 11.86 78437.09 Constellation 231.02 0.99 261.53 207.35 1.18-1173.66 37201.85 Occid Pet 63.92 4.09 74.04 21.62 0.06 35.01 59905.25
Total 54.08 0.73 57.41 34.27 4.84 10.73 147456.86
Brookfield 57.88 -0.43 79.04 57.40 1.03 21.16 73580.89 Sony 11230 -300.00 14745 10220 0.55 13.86 105195.53 BT 179.65 0.15 206.70 134.85 - 17.44 21397.67 Corning 32.20 0.26 43.47 31.58 2.64 28.38 27196.52 Oracle 69.52 5.47 106.34 63.76 1.65 29.66 185490.27
UnibailR 53.50 -1.54 82.31 52.04 - -7.87 7728.37
CanadPcR 87.86 -0.14 105.46 82.12 0.78 23.20 63275.9 SumitomoF 3997 44.00 4461 3641 5.18 7.52 40804.65 Compass 1670 7.50 1841.98 1395.5 0.84 40.63 32969.98 Corteva 56.45 0.21 64.03 40.60 0.84 26.87 40852.87 Pepsico 155.88 -3.86 177.62 144.61 2.42 32.04 215532.71
Vinci 83.69 -2.31 103.74 80.74 3.11 19.17 51993.96
CanImp 64.85 -0.75 167.50 64.79 8.39 4.95 45368.48 Takeda Ph 3591 4.00 3842 2993 5.19 12.45 42205.15 Diageo 3448 -72.50 4364.1 3282.5 2.10 26.52 104200.99 Corteva 56.45 0.21 64.03 40.60 0.84 26.87 40852.87 Perrigo 36.64 -0.69 50.90 31.32 2.32 -42.18 4929.63
Vivendi 10.91 0.03 12.16 5.45 5.32 -20.12 12590.87
CanNatRs 79.94 0.54 88.18 37.82 2.26 13.66 71530.36 TokioMarine 7502 -74.00 7751 4907 3.04 11.79 37893.11 GlaxoSmh 1712.2 -24.40 2726.53 1215.83 4.67 19.77 101082.25 Costco 454.40 2.15 612.27 377.12 0.62 40.93 201282.36 Pfizer 47.88 -0.03 61.71 38.70 2.89 13.75 268649.69
CanNatRy 139.87 0.93 171.48 128.50 1.59 22.41 74998.36 Germany (€)
Toyota 2095 -36.50 2375.5 1772.8 2.52 9.13 253889.76 Glencore 483.30 2.00 548.30 289.65 1.83 17.69 83689.17 CrownCstl 159.83 -4.74 208.69 157.16 3.03 67.54 69211.45 Phillips66 106.86 5.42 111.28 63.19 3.00 40.59 51407.94
Enbridge 56.04 -0.70 59.69 46.88 5.40 21.55 87951.42 Allianz 182.06 0.02 232.50 178.30 5.11 11.88 77416.37
Mexico (Mex$) HSBC 520.40 17.50 567.20 329.55 3.10 11.37 125256.19 CSX 29.46 - 38.63 29.35 1.17 18.36 64053.7 PhilMorris 98.37 -0.13 112.48 85.64 4.41 19.04 152484.35
GtWesLif 31.62 0.05 41.50 31.39 5.53 9.80 22818.89 BASF 48.39 -0.69 69.52 46.47 6.60 8.27 46269.59
AmerMvl 19.73 0.10 22.49 14.61 1.77 14.92 41059.39 Imperial Brands 1801 15.50 1888 1434.23 7.67 6.02 20619.92 CVS 90.95 0.06 111.25 79.34 1.95 17.25 119263.56 PNCFin 157.27 1.74 217.60 152.35 2.71 13.97 65043.85
ImpOil 70.30 0.30 72.96 30.64 1.33 22.30 36433.26 Bayer 63.61 0.14 67.99 43.91 3.04 64.41 65057.2
FEMSA UBD 141.32 -2.40 180.66 137.05 1.53 108.03 14811.72 Jardine Mathes. 62.50 - 60.50 52.26 2.44 11.73 18089.69 Danaher 241.89 -1.93 333.96 233.71 0.33 31.14 175872.6 PPG Inds 110.64 -2.67 177.57 109.12 1.90 27.39 26131.36
Manulife 21.86 -0.16 28.09 21.75 4.85 6.82 32582.62 BMW 77.61 -0.36 97.60 67.58 2.37 4.27 48638.67
WalMrtMex 67.03 -0.59 82.93 62.50 0.81 31.23 56762.31 LlydsBkg 43.37 0.55 54.50 38.10 5.93 6.02 37522.63 Deere 328.13 3.23 446.76 307.64 1.06 20.33 100288.23 ProctGmbl 133.20 -4.95 165.35 131.94 2.38 25.54 319586.34
Nutrien 113.27 4.66 147.93 71.40 1.86 17.93 48377.56 Continental 70.62 -0.36 131.38 56.78 - 11.24 14704.21
LSE Group 6738 -128.00 8546 6230 1.14 68.90 27986.7 Delta 31.71 -0.51 46.79 29.75 - 42.93 20325.33 Prudntl 94.99 0.74 124.22 93.71 4.29 5.49 35621.25
RylBkC 125.51 -1.17 149.60 124.08 3.21 12.29 136434.06 Deut Bank 9.26 0.01 14.64 8.16 - 9.40 19915.32 Netherlands (€)
Natl Grid 1050.5 -27.50 1271.45 880.60 4.68 24.49 42328.81 Devon Energy 71.64 2.40 79.40 24.05 2.44 19.29 47282.4 PublStor 298.40 2.92 421.76 290.41 2.38 34.11 52377.84
SHOP 392.00 -11.16 2228.73 391.02 - 14.96 34669.88 Deut Tlkm 17.82 0.01 19.31 14.47 3.26 21.15 92495.82 ASML Hld 471.20 -1.90 777.50 467.65 0.69 37.57 199392.83
Natwest Group 221.40 2.40 258.10 182.85 4.74 8.72 31803.21 Digital Realty 125.55 -0.41 176.53 124.22 3.28 23.85 35740.62 Qualcomm♦ 130.58 1.92 192.68 122.17 1.83 16.88 146913.15
Suncor En 51.70 0.66 53.62 21.90 1.84 20.60 56653.67 DeutsPost 34.58 0.35 61.38 33.44 3.87 9.04 44605.47 Heineken 89.00 -1.84 103.80 77.50 1.07 15.93 53368.55
Prudential 973.60 -3.00 1566 881.00 1.21 15.81 30239.11 DiscFinServ 92.36 0.50 135.69 91.33 1.80 5.84 25949.96 Raytheon 91.30 -0.66 106.02 79.00 1.95 39.92 135775.3
ThmReut 125.39 1.20 156.62 118.47 1.48 9.53 47304.18 E.ON 9.09 -0.24 12.54 9.09 5.01 5.22 24995.14 ING 9.62 0.29 14.00 7.90 6.04 8.08 39143.95
ReckittB 5988 -52.00 6709 4905.16 2.92 -25.91 50620.38 Disney 94.11 -1.60 187.58 93.69 - 61.73 171339.81 Regen Pharm 546.55 -2.75 747.42 516.75 - 8.57 59042.73
TntoDom 89.30 -1.01 109.08 80.68 3.32 12.33 124959.92 Fresenius Med 50.46 -0.86 71.14 50.10 2.57 15.75 15391.9 Unilever 41.68 -0.60 51.05 39.36 3.44 21.40 127527.54
RELX 2081 -63.00 2634.82 1901 2.29 27.45 48075.02 Dollar General 229.89 -1.04 262.21 183.25 0.65 25.26 52184.34 S&P Global 316.71 -5.65 484.21 311.87 0.86 28.56 107649.73
TrnCan 70.45 -0.43 74.44 57.71 4.48 41.81 53659.34 Fresenius SE 29.63 -0.28 47.51 26.64 2.94 9.67 14126 Norway (Kr) RioTinto 5555 -25.00 6343 4354 9.04 5.81 89439.17 DominRes 74.12 -2.20 88.78 70.37 3.01 26.22 60131.36 Salesforce 164.55 -1.49 311.75 154.55 - 124.26 163722.28
HenkelKgaA 58.45 -0.90 82.80 56.55 3.03 16.06 15808.39 DNB 183.15 4.15 220.50 168.40 9.54 11.65 28580.1
China (HK$) RollsRoyce 87.92 1.75 161.91 77.87 - 59.81 1962.95 DukeEner 100.47 -2.96 116.33 95.48 3.44 22.99 77351.9 Schlmbrg♦ 44.37 0.05 49.83 25.90 1.00 37.93 62715.25
Linde 283.40 -4.55 315.35 236.75 1.27 45.48 148320.46 Equinor 353.70 19.15 365.05 167.18 1.40 15.18 115307.42
AgricBkCh 2.91 -0.01 3.15 2.54 7.25 3.85 11394.88 Shell PLC 2308 20.50 2459.23 1282.78 2.62 12.16 127370.18 DuPont♦ 60.41 -0.46 84.08 60.06 1.76 21.10 30720.09 Sempra Energy 143.62 -3.55 173.28 119.56 2.72 40.41 45138.87
Mercedes-Benz 62.29 0.14 91.63 48.05 2.10 6.43 97.03 Telenor 127.60 1.25 159.95 121.65 7.08 21.46 17869.95
Bk China 3.06 0.01 3.20 2.67 7.19 3.82 32596.8 StandCh 599.60 20.20 640.20 406.20 1.48 13.45 23729.94 Eaton 131.30 -1.55 175.72 130.44 2.05 27.74 52388.7 Shrwin-Will 234.60 -3.26 354.15 232.61 0.83 37.92 61026.8
MuenchRkv 219.40 0.60 282.25 205.15 4.32 10.83 31999.44
BkofComm 5.19 - 5.74 4.35 6.67 4.32 23148.09 Qatar (QR) Tesco♦ 246.70 0.60 304.10 221.70 3.71 12.56 24248.01 eBay 42.91 -0.03 81.19 42.38 1.49 127.39 24020.03 SimonProp 97.43 0.28 171.12 95.46 6.50 16.07 32019.26
SAP 87.01 0.01 129.74 86.40 2.06 20.15 111279.92
BOE Tech 0.72 -0.05 1.21 0.57 - 11.70 18.25 QatarNtBk 19.48 -0.42 27.00 17.62 2.60 15.66 49406.4 Unilever 3609.5 -19.00 4388 3267.5 4.01 18.53 53372.82 Ecolab 151.10 -1.69 238.93 150.43 1.14 43.60 43162.5 SouthCpr 57.25 -0.48 79.32 53.36 4.95 14.71 44259.41
Siemens 109.22 -2.38 156.98 105.92 3.10 16.96 96647.82
Ch Coms Cons 4.21 0.01 5.17 3.57 4.78 3.52 2369.67 Saudi Arabia (SR) Vodafone 125.56 -0.44 141.60 106.30 6.16-280.89 40205.16 Edwards Lifesc. 87.73 -0.82 131.73 86.62 - 41.59 54547.34 Starbucks 72.84 0.48 126.32 68.39 2.24 22.21 83540.2
Volkswgn 191.45 -1.60 313.00 180.10 2.43 6.68 58813.98
Ch Evrbrght♦ 2.55 - 3.24 2.51 9.29 3.48 4118.56 AlRajhiBnk 91.20 -1.90 117.40 66.00 2.36 17.27 97238.52 WPP♦ 818.00 -17.40 1231.5 817.40 3.24 15.58 12432.82 Eli Lilly 288.51 -2.78 324.08 217.00 1.04 53.19 274125.78 StateSt 62.75 -0.32 103.76 62.07 3.08 9.85 23036.48
Ch Rail Cons 4.93 0.01 5.99 4.39 5.26 2.64 1303.98 Hong Kong (HK$) Emerson 85.09 -0.19 105.99 81.01 2.11 20.96 50543.46 Stryker 203.58 -3.52 281.16 202.39 1.13 44.09 76984.61
Natnlcombnk 67.40 -2.60 82.00 53.60 1.93 25.27 80450.27 United States of America ($)
Ch Rail Gp 4.97 0.03 5.88 3.53 4.09 4.03 2663.82 AIA 78.60 -0.50 98.60 70.15 1.51 20.21 120603.75 EOG Res 134.03 3.10 147.99 62.81 1.07 18.93 78503.24 Sychrony Fin 29.45 -0.26 52.49 29.08 2.72 4.38 14766.34
SaudiBasic 108.40 -2.20 141.40 106.80 2.68 15.75 86683.02 21stC Fox A 31.95 0.43 44.95 31.33 1.30 14.59 9958.3
ChConstBk 5.54 -0.01 6.29 5.03 6.63 4.06 169672.12 BOC Hold 30.55 1.40 32.75 22.20 3.63 15.76 41146.51 Equinix 621.66 5.38 885.26 606.12 1.64 126.84 56579.65 T-MobileUS 126.35 1.73 150.20 101.51 - 59.15 157841.54
SaudiTelec 103.00 -4.00 139.60 100.00 3.48 20.33 54909.9 3M 135.41 -0.96 203.59 135.31 3.87 15.10 77056.26
China Vanke 16.66 0.08 25.45 13.06 8.45 7.57 4034.91 Ch OSLnd&Inv 21.55 0.05 27.35 15.42 4.97 5.38 30046.33 EquityResTP 69.29 -0.04 94.32 68.52 3.08 22.82 26051.24 Target 143.38 -1.43 268.98 142.73 1.97 11.36 66484.79
Singapore (S$) AbbottLb 103.50 -2.41 142.60 102.80 1.54 29.64 181222.53
ChinaCitic 3.81 0.03 4.17 3.28 7.28 3.56 7223.06 ChngKng 51.95 0.15 56.05 41.35 3.04 11.95 24112.8 Exelon 42.45 -1.23 50.71 29.10 3.19 27.53 41606.81 TE Connect 118.92 0.39 166.44 118.02 1.48 18.23 38312.91
DBS 29.82 -0.08 37.49 29.18 3.78 12.60 55089.09 Abbvie 137.04 -2.38 175.91 105.56 3.36 23.97 242164.77
ChinaLife 12.00 0.04 15.82 10.86 5.63 5.29 11375.1 Citic Ltd 8.51 - 10.24 6.96 5.64 3.96 31536.17 ExxonMb 97.90 2.05 105.57 52.10 3.16 20.49 412407.98 Tesla Mtrs 664.76 17.55 1243.49 593.50 - 153.07 688950.99
JardnMt US$ 53.68 -1.08 65.51 49.98 2.84 10.08 15536.88 Accenture 275.72 -0.78 417.37 268.17 1.19 31.59 182646.39
ChinaMBank 46.95 -0.15 70.80 40.60 3.01 8.72 27457.86 Citic Secs 17.18 0.62 21.32 15.42 2.48 8.89 5734.17 Fedex 228.72 27.74 304.59 192.82 1.11 13.88 59279.24 TexasInstr 154.06 0.53 202.26 153.13 2.42 21.04 142063.94
OCBC 11.43 -0.02 13.54 10.98 3.36 11.75 36895.55 Activision Bli. 74.85 0.09 99.46 56.40 0.56 24.55 58523.83
ChinaMob♦ 49.35 -0.10 58.65 45.90 6.45 7.67 128625.43 CK Hutchison 53.00 -0.15 62.50 48.80 3.84 6.75 25889.06 Fidelity NIS♦ 96.38 1.42 152.20 85.00 1.43 162.30 58866.13 TheTrvelers♦ 167.75 0.04 187.98 144.44 1.91 11.67 40253.46
SingTel 2.52 -0.02 2.88 2.21 2.72 43.86 29865.86 Adobe 374.44 2.79 699.54 367.31 - 41.56 176920.54
ChinaPcIns 16.96 -0.02 26.20 16.14 7.66 5.57 5996.09 CNOOC 11.18 -0.10 12.54 7.55 3.61 9.81 63587.35 Fiserv 90.00 0.38 119.86 89.24 - 51.03 58682.55 ThrmoFshr 507.56 -4.05 668.94 463.39 0.18 29.43 198690.45
UOB 27.09 -0.12 33.33 25.28 3.35 12.43 32565.35 Advanced Micro 87.56 0.57 164.46 78.96 - 38.44 141883.57
ChMinsheng 3.13 0.04 4.12 2.56 7.77 4.08 3317.55 HangSeng 137.00 3.20 169.50 131.00 3.97 22.15 33366.13 FordMtr 12.31 0.50 25.87 11.74 0.72 3.12 48591.38 TJX Cos 57.78 0.45 76.94 53.69 1.61 23.92 67691.27
AEP 90.59 -2.42 104.81 80.22 2.94 20.61 46522.43
ChMrchSecs 14.86 0.81 20.62 12.06 2.85 13.71 16376.65 HK Exc&Clr 341.60 -0.40 544.00 314.00 2.39 38.70 55171.45 South Africa (R) Franklin 23.20 0.13 38.27 22.97 4.32 6.92 11598.24 Truist Financial Corp 46.89 0.25 66.10 44.75 3.52 11.84 62430
Aflac 54.13 0.39 67.20 51.28 2.16 9.56 34865.41
Chna Utd Coms 3.47 0.01 4.57 3.39 3.12 17.99 15953.38 MTR♦ 41.50 - 47.45 39.35 2.64 30.20 32742.73 Firstrand 64.86 -0.34 79.34 51.04 3.62 12.96 22631.59 GenDyn 216.38 -1.16 254.99 182.66 1.91 21.14 60088.44 Twitter 38.21 1.18 73.34 31.30 - -153.97 29176.3
AirProd 240.79 -1.90 316.39 216.24 2.21 28.54 53400.8
ChShenEgy 26.75 -0.15 27.65 14.30 7.58 8.17 11509.34 SandsCh 15.04 -0.08 35.10 13.52 - -16.69 15506.06 MTN Grp 141.34 -1.91 211.49 99.37 - 21.28 16566.09 GenElectric 68.66 0.94 116.17 67.14 0.41 -23.84 75571.66 UnionPac 208.91 0.84 278.94 195.68 1.96 21.78 131200.74
Allstate 122.65 -0.45 144.46 106.11 2.34 8.15 33726.66
ChShpbldng 3.65 - 5.08 3.36 - -280.42 11968.76 SHK Props 93.30 -1.10 124.00 87.15 4.73 10.71 34441.36 Naspers N 1744.98 4.62 3088.94 1262.66 0.30 10.36 47272.15 GenMills 66.24 -0.82 73.99 56.67 2.76 19.74 39890.52 UPS 174.44 1.72 233.72 165.34 2.07 13.41 128115.2
Alphabet 2141.61 13.76 3030.93 2037.69 - 21.54 644118.38
ChStConEng 5.38 0.06 6.40 4.38 3.86 4.31 32621.33 Tencent 376.00 -1.00 608.00 297.00 0.38 14.87 460401.48 South Korea (KRW) GenMotors 33.27 0.99 67.21 32.15 - 5.60 48515.68 USBancorp 46.79 -0.27 63.01 46.71 3.33 10.35 69517.78
Altria 46.02 -0.24 57.05 42.53 6.78 38.75 83321.85
ChUncHK♦ 3.66 - 4.73 3.60 4.25 8.13 14266.38 India (Rs) HyundMobis 205500-4500.00 297500 193500 1.87 8.36 15108.46 Amazon 103.93 0.26 188.65 101.26 - 1.811057401.12 GileadSci 57.95 -1.20 74.12 57.19 4.34 13.26 72687.46 UtdHlthcre 459.62 -10.08 553.29 383.12 1.08 28.68 431202.43
CNNC Intl 6.83 0.06 8.92 4.62 1.77 18.45 18661.73 Bhartiartl 682.05 10.75 781.80 509.44 - 156.77 51449.68 KoreaElePwr 22050 150.00 27450 20050 5.33 -13.43 11004.24 AmerAir 13.21 -0.12 23.74 12.44 - -3.98 8576.84 GoldmSchs♦ 285.67 2.35 426.16 278.32 2.02 5.42 98112.44 ValeroEngy 137.61 6.00 146.81 58.85 2.52 68.40 56158.15
CSR 3.06 0.02 4.04 2.78 6.69 8.47 1703.89 HDFC Bk 1312 -14.60 1725 1278.3 - 23.95 93380.02 SK Hynix 99100 100.00 134000 90500 1.49 7.39 56085.08 AmerExpr 145.03 -1.27 199.55 143.75 1.14 15.89 109212.57 Halliburton 37.50 -0.04 43.99 17.82 0.62 23.77 33819.59 Verizon 49.28 -0.31 57.45 45.55 4.56 10.45 206958.44
Daqin 6.67 0.05 7.25 5.80 6.97 10.44 14724.2 Hind Unilevr 2171 -25.90 2859.3 1927 1.37 62.61 65391.71 SmsungEl 61900 -200.00 83300 61100 2.24 11.17 287269.82 AmerIntGrp 52.46 0.83 65.73 44.54 2.16 5.47 41558.39 HCA Hold 182.46 -3.31 279.02 181.55 0.93 9.73 53914.08 VertexPharm 248.19 2.80 292.75 176.36 - 31.08 63476.07
GuosenSec 9.85 0.34 13.29 8.92 2.26 11.70 12910.46 HsngDevFin 2109.5 -18.95 3021.1 2089.35 1.01 19.33 49061.75 Spain (€) AmerTower 236.50 -3.53 303.72 220.00 1.95 47.14 107926.16 Hew-Pack 33.79 0.03 41.47 26.11 2.20 6.88 34938.36 VF Cp 45.67 -0.11 84.96 44.17 3.82 16.89 17734.7
HaitongSecs 5.72 0.15 7.81 5.15 4.98 6.26 2484.45 ICICI Bk 685.50 -2.50 867.00 616.25 0.27 23.41 61105.79 BBVA 4.19 0.04 6.29 4.14 8.57 5.90 29113.06 Amgen 234.44 -2.33 258.45 198.64 2.66 25.73 125237.83 Hilton Worldwi. 119.72 -1.13 167.99 114.70 - 92.52 33321.87 Visa Inc 193.06 0.80 252.67 186.67 0.61 36.06 317722.58
Hngzh HikVDT 34.25 0.01 70.44 31.12 2.26 19.45 46665.3 Infosys♦ 1440.55 16.05 1923.3 1399.25 1.96 30.64 77699.34 BcoSantdr 2.62 0.01 3.48 2.49 2.82 5.43 46641.79 Amphenol Corp 65.61 0.39 88.45 64.96 1.05 29.49 39178.26 HiltonWwde 119.72 -1.13 167.99 114.70 - 92.52 33321.87 Walgreen 40.29 0.01 55.10 39.72 4.22 6.58 34797.11
Hunng Pwr 3.52 0.10 5.74 2.53 5.56 -3.98 2107.7 ITC 265.45 0.80 282.35 200.90 3.77 23.75 41935.18 CaixaBnk 3.22 0.05 3.52 2.22 0.81 21.85 26995.51 Analog Devices 147.73 -0.04 191.95 143.81 1.67 55.97 76790.94 HomeDep 281.23 -1.93 420.61 279.59 2.10 20.24 289035.52 WalMartSto 118.96 -0.45 160.77 117.27 1.65 27.30 326087.21
IM Baotou Stl 2.17 0.01 4.14 1.51 - 38.18 10206.71 L&T 1544.65 12.60 2035 1447.25 1.08 27.58 27822.18 Iberdrola 9.87 -0.23 11.49 8.47 4.14 17.49 66160.32 Anthem♦ 457.55 -5.34 533.68 355.43 0.93 19.75 110308.34 Honywell 184.76 0.34 236.86 174.42 1.81 26.35 125772.22 Walt Disney 94.11 -1.60 187.58 93.69 - 61.73 171339.81
In&CmBkCh 4.52 0.01 5.09 4.08 6.65 4.17 49976.01 OilNatGas 155.95 -3.60 189.80 108.50 5.43 4.75 25150.49 Inditex 22.51 -0.06 32.63 18.55 0.95 24.52 73035.62 Aon Cp 252.91 -0.22 341.98 223.19 0.70 51.41 53714.01 HumanaInc 423.06 -3.22 472.68 363.73 0.59 21.06 53514.3 Waste Manage. 146.35 -1.51 170.18 136.97 1.39 38.49 60765.55
IndstrlBk 20.23 0.33 23.22 17.08 3.71 5.73 62402.97 RelianceIn 2628.1 -34.80 2856.15 2016.25 0.25 32.38 227952.36 Repsol 15.35 0.16 16.23 8.69 3.79 9.66 24399.98 Apple 132.81 0.93 182.13 127.07 0.58 24.852149553.89 IBM 135.74 0.63 151.03 114.56 4.28 29.40 122089.35 WellsFargo 38.56 -0.43 60.30 38.38 1.77 8.79 146155.98
Kweichow 1871 15.00 2216.96 1525.5 1.00 43.55 348993.11 SBI NewA 448.10 2.25 549.00 400.50 0.83 13.45 51266.63 Telefonica 4.41 -0.04 5.06 3.59 7.60 3.32 25886.45 Applied Materi.♦ 97.16 0.84 167.06 95.65 0.87 15.12 84524.08 IDEXX Laborato. 334.33 -1.88 706.95 322.78 - 43.86 28085.72 Williams Cos 33.08 -0.04 37.97 23.53 4.39 30.10 40291.82
Midea 0.48 - 0.72 0.44 - -5.20 18.22 SunPhrmInds 825.05 -4.45 967.05 652.70 0.85 33.10 25377.1 Sweden (SKr) Aptiv 94.97 -0.27 180.81 88.15 - 55.23 25730.31 IllinoisTool 186.23 -2.39 248.11 185.91 2.25 24.69 58000.02 Workday 142.46 0.23 307.81 140.84 - 1326.83 2706.74
New Ch Life Ins 20.95 0.30 27.80 18.38 7.24 4.01 2759.84 Tata Cons 3210.55 -9.05 3989.9 3132.4 1.05 33.01 150597.77 AtlasCpcoB 87.70 -2.29 133.60 22.08 8.32 5.91 3352.82 ArcherDan 82.68 0.67 98.88 56.91 1.59 19.48 46525.24 Illumina 192.38 -1.93 526.00 187.92 - 43.07 30222.9 Yum!Brnds 110.95 -0.14 139.85 108.55 1.60 24.03 31638.92
PetroChina 4.32 0.01 4.49 2.94 5.47 8.78 11611.15 Israel (ILS) Ericsson 75.25 -0.50 117.32 72.56 2.99 11.20 22650.9 AT&T 19.51 -0.25 22.15 16.62 9.45 7.98 139672.09 Intcntl Exch 94.74 -1.71 139.79 93.45 1.23 14.89 52887.36 Zoetis 156.72 0.75 249.27 154.33 0.57 41.41 73756.92
PingAnIns 46.80 0.05 80.90 45.80 5.30 7.49 44401.11 TevaPha 28.00 -0.84 36.15 24.02 - 23.83 9160.65 H&M 133.24 0.40 212.95 110.10 4.72 18.53 19067.31 Autodesk 172.56 -0.54 344.39 170.06 - 86.10 37492.49 Intel 37.89 0.12 58.42 37.67 3.25 8.80 154932.21 Zoom 109.09 5.77 406.48 79.03 - 27.09 27458.28
PngAnBnk 14.12 0.21 23.69 13.22 1.19 8.71 40686.01 Investor 170.88 -3.36 228.75 167.84 2.05 7.42 30501.86 AutomData♦ 203.03 -1.73 248.96 192.18 1.67 35.46 84815.2 Intuit 366.09 2.10 716.86 339.36 0.62 51.73 103265.58 Venezuela (VEF)
Italy (€)
Pwr Cons Corp 7.91 0.14 9.96 3.77 1.09 16.99 13089.32 Nordea Bk 98.14 2.59 114.64 85.25 14.88 11.56 37116.84 AutoZone 2033.61 6.95 2267.4 1374.13 - 20.73 39630.18 John&John 168.35 -2.46 186.69 155.72 2.21 24.32 442996.49 Bco de Vnzla 1.45 0.01 594.00 0.32 73.81 - 997.05
Enel 5.33 -0.06 8.23 5.29 6.65 25.62 56444.49
SaicMtr 18.28 0.65 23.45 14.63 3.15 9.45 31712.65 SEB 108.60 -0.05 141.85 91.64 9.29 9.16 23088.48 Avago Tech 519.02 1.40 677.76 455.71 2.57 33.07 209589.46 JohnsonCn 49.61 -0.62 81.69 49.42 2.05 25.56 34512.13 Bco Provncl 1.83 - 798000 1.70 - 0.00 129.39
ENI 13.17 0.19 14.85 9.33 4.96 5.73 49434.9
ShenwanHong 0.09 -0.01 0.11 0.05 - 2.74 102.65 SvnskaHn 94.70 -0.28 108.15 82.92 5.27 9.38 18043.55 BakerHu 33.54 0.24 39.78 19.23 1.96 87.59 33022.68 JPMrgnCh 115.21 -0.78 172.96 115.02 2.92 8.46 338377.58
Generali 15.52 0.02 21.55 15.28 9.17 9.00 25537.22
ShgPdgBk 7.87 0.10 10.15 7.52 5.66 5.20 34300.36 Swedbank 149.40 0.80 196.70 130.80 9.73 8.06 16569.18 Bank of NY 41.47 - 64.63 41.13 2.78 11.30 33499.39 Kimb-Clark 123.30 -3.61 144.53 117.32 3.39 26.11 41542.91 Closing prices and highs & lows are in traded currency (with variations for that
IntSPaolo 1.77 0.01 2.92 1.68 2.00 56.66 35803.74
Sinopec Corp♦ 3.63 -0.02 4.29 3.25 3.80 4.41 11797.92 Telia Co 39.05 0.12 41.70 33.61 5.12 13.91 15646.15 BankAm 32.04 0.02 50.11 31.74 2.16 10.12 258102.19 KinderM 18.26 0.13 20.20 15.01 5.39 44.49 41392.71 country indicated by stock), market capitalisation is in USD. Highs & lows are
Unicred 9.72 0.23 15.93 7.75 1.20 14.90 22627.2
Sinopec Oil 2.05 0.06 2.90 1.70 - 704.36 4130.52 Volvo 164.54 -0.64 228.25 148.24 3.94 10.82 25606.53 Baxter 70.96 -0.61 89.70 69.72 1.36 31.65 35730.39 KLA Corp 318.06 4.18 442.44 287.44 1.09 18.47 47465.7 based on intraday trading over a rolling 52 week period.
Japan (¥) Kraft Heinz 35.99 -0.05 44.87 32.79 3.94 49.52 44050.03
Denmark (kr) Switzerland (SFr) BectonDick 238.46 -3.40 277.29 229.24 1.25 46.55 67975.09 ♦ ex-dividend
AstellasPh 2024.5 -32.50 2139.5 1736 2.35 30.13 27607.66 Kroger 50.35 0.02 62.78 36.77 1.39 25.93 36295.63
DanskeBk 109.60 -1.20 133.25 93.56 1.77 7.75 13221.88 BerkshHat 421539.14-2160.86544389.26407773.23 - 8.00 258701.52 ■ ex-capital redistribution
Bridgestne 5098 -69.00 5467 4042 3.37 11.46 27026.43 ABB 27.47 -0.31 35.30 27.22 2.95 12.87 56383.06 LasVegasSd 32.46 1.86 55.80 28.88 - -24.25 24799.16
MollerMrsk 18555 220.00 24070 16020 1.78 3.12 23126.7 Biogen 191.47 -0.69 410.41 187.16 - 20.77 28041.17 # price at time of suspension
Canon 3246 -46.00 3390 2418.5 3.12 15.53 32158.93 CredSuisse 5.90 -0.08 10.18 5.79 1.65 -9.06 15645.32 LibertyGbl 21.57 0.30 30.58 21.18 - 1.04 3776.7
NovoB 755.40 -14.80 834.50 505.80 1.20 37.61 184182.36 BlackRock 598.21 -0.51 973.16 582.58 2.45 17.66 90630.76
CntJpRwy 15670 -405.00 18205 14660 0.86 -29.05 23977.86 Nestle 108.62 -2.12 128.90 108.52 2.46 18.42 305673.59

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
ChMrchSecs 14.86 14.05 0.81 5.77 1.58 11.9 14.75 Carnival 9.85 9.91 -0.06 -0.60 -3.93 -28.5 -30.88 Jun 14 date Coupon S* M* F* price yield yield yield US Jun 14 date Coupon S* M* F* price yield yield yield US
ShenwanHong 0.09 0.10 -0.01 -5.15 0.01 8.2 11.90 AmerAir 13.21 13.32 -0.12 -0.86 -3.49 -20.9 -20.36 High Yield US$ US$
GuosenSec 9.85 9.51 0.34 3.58 0.54 5.8 7.53 Delta 31.71 32.21 -0.51 -1.57 -8.04 -20.2 -17.30 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 -
IndstrlBk 20.23 19.90 0.33 1.66 1.04 5.4 2.43 Sychrony Fin 29.45 29.70 -0.26 -0.86 -6.93 -19.0 -12.18 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Kweichow 1871.00 1856.00 15.00 0.81 83.00 4.6 5.22 DiscFinServ 92.36 91.86 0.50 0.54 -20.84 -18.4 -12.00 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 -
Fuji Hvy Ind 2469.00 2483.00 -14.00 -0.56 106.00 4.5 15.40 Illumina 192.38 194.31 -1.93 -0.99 -40.69 -17.5 -17.63 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Naspers N 1744.98 1740.36 4.62 0.27 70.30 4.2 8.76 UnibailR 53.23 55.04 -1.81 -3.29 -10.80 -16.9 -24.04 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Sinopec Oil 2.05 1.99 0.06 3.02 0.08 4.1 12.02 Advanced Micro 87.56 86.99 0.57 0.65 -17.73 -16.8 -7.83 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
ChMinsheng 3.13 3.09 0.04 1.29 0.11 3.6 9.06 BBVA 4.19 4.15 0.04 0.96 -0.85 -16.8 -13.53 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
SaicMtr 18.28 17.63 0.65 3.69 0.63 3.6 10.12 HiltonWwde 119.72 120.85 -1.13 -0.94 -24.10 -16.8 -12.39 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Fedex 228.72 200.98 27.74 13.80 7.35 3.3 8.26 Hilton Worldwi. 119.72 120.85 -1.13 -0.94 -24.10 -16.8 -12.39 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Midea 0.48 0.48 0.00 0.00 0.02 3.3 5.56 Autodesk 172.56 173.10 -0.54 -0.31 -34.61 -16.7 -12.39 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
PetroChina 4.32 4.31 0.01 0.23 0.13 3.1 15.20 Bausch Hlth 9.65 9.76 -0.11 -1.13 -1.91 -16.5 -30.79 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
HaitongSecs 5.72 5.57 0.15 2.69 0.14 2.5 6.73 Westpac Bank 20.07 20.85 -0.78 -3.74 -3.93 -16.4 -16.38
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Tencent 376.00 377.00 -1.00 -0.27 8.40 2.3 6.09 CapOne 107.34 107.01 0.33 0.31 -20.89 -16.3 -7.80
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
ChShenEgy 26.75 26.90 -0.15 -0.56 0.50 1.9 9.18 Booking Holdings 1948.61 1979.32 -30.71 -1.55 -378.12 -16.3 -7.29
IM Baotou Stl 2.17 2.16 0.01 0.46 0.04 1.9 17.30 Boeing 118.25 115.86 2.39 2.06 -22.58 -16.0 -6.67 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
New Ch Life Ins 20.95 20.65 0.30 1.45 0.35 1.7 10.61 Applied Materi. 97.16 96.32 0.84 0.87 -18.51 -16.0 -13.09 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Citic Secs 17.18 16.56 0.62 3.74 0.28 1.7 7.91 Netflix 167.50 169.69 -2.19 -1.29 -31.11 -15.7 -10.73 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
ChStConEng 5.38 5.32 0.06 1.13 0.07 1.3 -8.35 Amazon 103.93 103.67 0.26 0.25 -19.07 -15.5 -8.00 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
Jun 14 Rate Current Since Last Day's Month's Year Return Return Jun 14 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.83 05-05-2022 0.33 Index change change change 1 month 1 year VIX 32.80 -1.22 34.02 38.93 14.10 Jun 14 Price £ Yield Day Week Month Year High Low £m
US Prime 4.00 05-05-2022 3.50 Markit IBoxx VXD 26.77 0.29 26.48 45.37 2.67 Tr 1.75pc '22 100.11 1.26 2.44 14.55 28.57 12500.00 102.88 100.11 29.68
US Discount 1.00 05-05-2022 0.50 ABF Pan-Asia unhedged 200.39 -1.21 -2.49 -8.83 0.03 -10.48 VXN 38.84 -1.52 40.36 44.05 18.01 Tr 0.75pc '23 98.63 2.01 0.50 22.56 79.46 3250.00 101.08 98.63 34.04
Euro Repo -0.64 19-05-2022 0.00 Corporates( £) 342.04 -1.19 -3.15 -13.58 -4.90 -14.01 VDAX 29.85 -0.32 30.17 93.30 - Tr 0.125pc '24 96.78 2.15 0.94 22.16 73.39 1435.71 100.00 96.78 34.43
UK Repo 1.00 05-05-2022 0.75 Corporates(€) 211.65 -1.29 -3.52 -12.37 -4.23 -13.01 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 99.47 2.17 -0.46 20.56 72.22 1105.56 117.78 99.45 38.68
Japan O'night Call 0.00-0.10 01-02-2016 0.00 Eurozone Sov(€) 217.73 -1.17 -4.28 -14.42 -6.04 -15.08 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 93.03 2.13 -0.93 20.34 67.72 587.10 99.56 92.99 34.20
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 Gilts( £) 303.82 -0.67 -2.82 -15.48 -6.97 -14.98 Tr 1.25pc '27 95.44 2.20 0.00 20.88 65.41 400.00 105.60 95.44 39.69
Overall( £) 308.80 -0.75 -2.83 -14.69 -6.37 -14.44 BONDS: BENCHMARK GOVERNMENT Tr 0.875pc '29 90.13 2.34 0.86 18.18 56.00 244.12 103.32 90.13 42.24
INTEREST RATES: MARKET Overall(€) 212.97 -1.18 -3.97 -13.66 -5.40 -14.36 Red Bid Bid Day chg Wk chg Month Year Tr 4.25pc '32 114.94 2.55 2.00 15.91 50.00 196.51 138.01 114.94 39.06
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 117.54 2.71 2.65 13.87 41.88 158.10 147.98 117.54 30.68
Jun 14 (Libor: Jun 13) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia 11/22 2.25 100.25 1.67 0.00 0.20 0.35 1.66 Tr 4.5pc '42 127.13 2.76 2.60 12.20 38.69 126.23 169.96 127.13 27.46
US$ Libor 0.82029 0.001 0.001 0.042 1.32400 1.82886 2.51014 3.36986 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 79.92 3.68 0.00 0.19 0.27 - Tr 3.75pc '52 122.09 2.68 3.08 11.67 38.14 114.40 180.27 122.09 24.32
Euro Libor -0.64957 -0.064 0.000 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 569.46 -14.57 - - -8.22 -18.65 02/50 1.00 92.31 1.65 0.00 0.21 0.14 1.43 Tr 4pc '60 134.34 2.57 3.21 11.74 38.92 114.17 213.01 134.34 24.34
£ Libor 0.18063 -0.005 0.000 0.048 1.28840 1.59040 2.15370 0.81363 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 90.67 2.00 0.21 0.43 0.87 2.23 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Swiss Fr Libor -0.002 -0.77540 -0.75300 -0.70280 -0.55320 02/47 1.50 84.93 2.31 0.14 0.22 0.69 1.75
CREDIT INDICES Day's Week's Month's Series Series
Yen Libor
Euro Euribor
0.000
0.003
-0.05553
-0.53600
-0.02211
-0.28100
0.03343
0.10800
0.04867
0.79200
Index change change change high low
Belgium 06/27 0.80 95.26 1.80 0.22 0.50 0.95 2.19 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 80.87 2.66 0.11 0.17 0.67 1.84
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day's Total Return Return
Canada 03/25 1.25 94.59 3.35 0.10 0.33 0.65 2.74
US$ CDs -0.340 1.04000 1.24000 2.26000 Crossover 5Y 544.21 10.23 98.10 98.23 545.68 330.24 Fixed Coupon Jun 14 chg % Return 1 month 1 year Yield
06/30 1.25 84.37 3.52 0.15 0.34 0.59 2.21
Euro CDs 0.000 -0.55000 -0.36000 0.08000 Europe 5Y 108.43 2.29 19.41 16.02 108.53 70.55 1 Up to 5 Years 83.42 0.01 2383.64 -1.71 -3.75 2.15
12/48 2.75 89.61 3.35 0.13 0.24 0.38 1.44
Japan 5Y 83.96 4.95 16.11 8.36 85.13 57.71 2 5 - 10 Years 158.73 -0.21 3338.54 -5.16 -10.05 2.39
Short 7 Days One Three Six One Denmark 11/29 0.50 90.21 1.93 0.15 0.35 0.75 2.05
Senior Financials 5Y 121.52 2.10 23.38 19.00 121.84 79.74 3 10 - 15 Years 176.13 -0.65 3989.88 -7.48 -14.71 2.69
Jun 14 term notice month month month year 11/52 0.25 60.38 2.00 0.07 0.14 0.59 1.50
Markit CDX Finland 09/24 0.00 97.25 1.25 0.18 0.44 0.87 1.88 4 5 - 15 Years 161.87 -0.31 3493.67 -5.86 -11.52 2.49
Euro -0.72 -0.42 -0.73 -0.43 -0.70 -0.40 -0.51 -0.21 -0.07 0.23 0.79 1.09 5 Over 15 Years 267.40 -1.38 4536.69 -12.86 -23.92 2.66
Emerging Markets 5Y 330.17 20.28 52.81 32.30 330.17 219.01 09/29 0.50 89.98 2.00 0.19 0.41 0.84 2.19
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 151.68 -0.62 3349.70 -7.50 -14.72 2.59
Nth Amer High Yld 5Y 573.13 42.63 - - 573.13 481.53 France 05/28 0.75 93.65 1.89 0.20 0.49 0.92 2.15
US Dollar 0.71 0.91 0.70 0.90 0.94 1.14 1.14 1.34 2.16 2.36 2.81 3.01
Nth Amer Inv Grade 5Y 98.58 7.02 16.82 12.60 98.58 63.80 05/48 2.00 90.15 2.52 0.10 0.19 0.66 1.72
Japanese Yen -0.20 0.00 -0.25 -0.05 -0.20 0.00 -0.15 0.05 -0.10 0.20 -0.05 0.25 Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Germany 08/29 0.00 89.57 1.55 0.17 0.37 0.77 1.94
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked Jun 14 chg % chg % chg % Return 1 month 1 year
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 08/50 0.00 62.37 1.69 0.07 0.13 0.59 1.40
1 Up to 5 Years 320.61 -0.02 -1.76 4.67 2695.26 -1.76 5.84
Greece 01/23 3.50 101.57 0.97 0.09 0.71 0.78 1.31 2 Over 5 years 670.00 -0.92 -14.81 -19.66 5093.50 -14.81 -19.38
01/28 3.75 102.17 3.32 0.16 0.72 0.89 3.05 3 5-15 years 483.28 -0.25 -8.50 -5.11 3892.82 -8.50 -4.41
Ireland 10/22 0.00 100.05 -0.15 0.04 0.06 0.31 0.44 4 Over 15 years 821.49 -1.26 -17.71 -25.65 6067.72 -17.71 -25.49
05/26 1.00 97.70 1.61 0.22 0.52 0.93 2.03 5 All stocks 614.28 -0.80 -13.28 -17.10 4761.89 -13.28 -16.73
02/45 2.00 91.07 2.52 0.11 0.24 0.66 1.82
Italy 02/25 0.35 94.09 2.69 0.39 0.83 1.44 2.86 Yield Indices Jun 14 Jun 13 Yr ago Jun 14 Jun 13 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 05/30 0.40 91.54 1.54 0.42 0.78 1.31 2.15 5 Yrs 2.21 2.20 0.33 20 Yrs 2.77 2.70 1.26
03/48 3.45 89.67 4.10 0.21 0.41 0.96 2.43 10 Yrs 2.55 2.50 0.83 45 Yrs 2.51 2.43 1.16
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
Japan 04/25 0.05 100.00 0.05 0.03 0.01 0.00 0.01 15 Yrs 2.74 2.67 1.13
Crude Oil† Jul 121.97 1.10 Corn♦ Jul 764.50 -1.50 Jun 13 Jun 13 Prev return stock Market stocks
12/29 0.10 98.93 0.24 0.05 0.08 0.07 0.28
Brent Crude Oil‡ 124.15 1.59 Wheat♦ Jul 1058.75 -9.00 Can 4.25%' 26 115.18 0.779 0.534 -2.02 5.25 69202.43 8
12/49 0.40 83.41 1.10 0.07 0.11 0.14 0.47 inflation 0% inflation 5%
RBOB Gasoline† Jul 4.09 0.07 Soybeans♦ Jul 1713.50 5.25 Fr 2.10%' 23 106.70 -3.687 -3.892 -0.51 18.05 264183.47 17
Netherlands 07/27 0.75 95.37 1.71 0.22 0.49 0.95 2.17 Real yield Jun 14 Dur yrs Previous Yr ago Jun 14 Dur yrs Previous Yr ago
Natural Gas† Jul 8.65 -0.02 Soybeans Meal♦ Jul 417.90 2.50 Swe 1.00%' 25 123.05 -1.355 -1.434 -0.05 35.15 215183.61 6
01/47 2.75 115.36 1.96 0.10 0.17 0.68 1.69 Up to 5 yrs -2.03 1.87 -2.04 -2.98 -2.47 1.88 -2.48 -3.27
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X Jul 1712.00 4.00 UK 0.125%' 24 107.09 -3.711 -3.912 -0.91 15.24 677052.30 31
Aluminium 2569.00 -68.00 Cocoa (ICE US)♥ Jul 2330.00 1.00 New Zealand 05/31 1.50 81.35 4.01 0.13 0.38 0.42 2.36 Over 5 yrs -0.90 21.27 -0.94 -2.24 -0.92 21.31 -0.96 -2.25
UK 2.50%' 24 371.59 -2.175 -2.321 -1.12 6.82 677052.30 31
Aluminium Alloy 1675.00 -905.00 Coffee(Robusta)X Jul 2033.00 -1.00 09/40 2.50 119.36 2.16 0.06 0.22 0.44 1.29 5-15 yrs -1.21 9.04 -1.23 -2.56 -1.28 9.04 -1.31 -2.64
UK 2.00%' 35 270.47 -1.127 -1.190 -3.07 9.08 677052.30 31
Copper 9200.00 -124.50 Coffee (Arabica)♥ Jul 225.25 0.55 Norway 08/30 1.38 87.30 3.16 0.10 0.34 0.33 1.76 Over 15 yrs -0.85 27.20 -0.90 -2.20 -0.86 27.21 -0.91 -2.21
US 0.625%' 24 103.20 -1.363 -1.554 -0.17 40.98 1651396.88 46
Lead 2089.50 0.00 White SugarX 570.00 4.90 Poland 01/23 2.50 97.63 6.54 0.41 0.57 0.71 6.22 All stocks -0.92 18.76 -0.96 -2.25 -0.94 18.82 -0.98 -2.26
US 3.625%' 28 117.81 0.523 0.271 -2.35 16.78 1651396.88 46
Nickel 25255.00 -550.00 Sugar 11♥ 18.69 -0.04 07/27 2.50 77.69 7.98 0.50 0.94 0.85 6.63 See FTSE website for more details www.ftse.com/products/indices/gilts
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Tin 31125.00 -1680.00 Cotton♥ Jul 144.87 -1.05 04/47 4.00 65.74 6.93 0.00 0.20 0.62 4.52 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Zinc 3585.50 -49.00 Orange Juice♥ Jul 179.40 -0.40 Portugal 04/27 4.13 108.14 2.32 0.27 0.64 1.14 2.58 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) Live Cattle♣ Jun 134.00 -2.00 Spain 10/22 0.45 100.16 0.02 0.03 0.09 0.29 0.59 Tradeweb; may not be copied or re-distributed; is not warranted to be
Gold 1830.85 0.85 Feeder Cattle♣ May 134.88 - BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 86.48 2.64 0.26 0.56 1.07 2.48 accurate, complete or timely; and does not constitute investment advice.
Silver (US cents) 2156.00 -3.00 Lean Hogs♣ Jul 106.75 0.90 10/46 2.90 93.67 3.28 0.16 0.30 0.86 2.06 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 950.00 -19.00 Spread Spread Spread Spread Sweden 06/30 0.13 119.27 -1.21 0.06 0.08 -0.27 0.30
Palladium 1860.00 -52.00 % Chg % Chg Bid vs vs Bid vs vs 03/39 3.50 121.55 1.98 0.00 0.10 0.08 1.25 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Bulk Commodities Jun 13 Month Year Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 04/28 4.00 116.69 1.03 0.20 0.37 0.70 1.48 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Iron Ore 140.34 -1.17 S&P GSCI Spt 791.99 4.22 49.51 06/29 0.00 92.79 1.07 0.19 0.32 0.62 1.43 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 3.68 2.13 0.27 Netherlands 1.71 0.16 -1.70
Baltic Dry Index 2284.00 24.00 DJ UBS Spot 129.93 1.23 37.72 Austria 2.00 0.46 -1.41 New Zealand 4.01 2.46 0.60 United Kingdom 07/23 0.75 98.60 2.04 0.09 0.34 0.86 1.99 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 314.50 1.50 TR/CC CRB TR 342.61 4.27 51.89 Canada 3.52 1.97 0.11 Norway 3.16 1.61 -0.25 07/27 1.25 95.34 2.22 0.09 0.35 0.85 1.80 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
LEBA EUA Carbon 58.91 -1.98 129.94 Denmark 1.93 0.38 -1.48 Portugal 2.32 0.78 -1.09 07/47 1.50 78.75 2.67 0.08 0.15 0.64 1.42
LEBA UK Power 1048.00 -37.43 -39.60 Finland 2.00 0.45 -1.41 Spain 2.64 1.09 -0.77 United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Germany 1.55 0.00 -1.86 Sweden -1.21 -2.75 -4.62 03/25 0.50 92.19 3.46 0.24 0.51 0.66 2.96
unless otherwise stated. Italy 1.54 -0.01 -1.87 Switzerland 1.07 -0.48 -2.34 02/30 1.50 87.23 3.41 0.22 0.37 0.49 2.05
Japan 0.24 -1.30 -3.17 United States 3.41 1.86 0.00 02/50 0.25 82.06 0.99 0.19 0.24 0.31 -
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
Fund
abrdn Capital (CI) Limited
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised
Aberdeen Standard Capital Offshore Strategy Fund Limited
Bridge Fund
Global Equity Fund
Global Fixed Interest Fund
Income Fund
Sterling Fixed Interest Fund
UK Equity Fund
Algebris Investments
Regulated
Algebris Financial Credit I EUR
Algebris Financial Credit R EUR
Algebris Financial Credit Rd EUR € 94.35
Algebris Financial Income I EUR
Algebris Financial Income R EUR € 154.83
Algebris Financial Income Rd EUR € 97.43
Algebris Financial Equity B EUR
Algebris Financial Equity R EUR
Algebris IG Financial Credit I EUR € 97.55
Algebris IG Financial Credit R EUR € 96.28
Algebris Global Credit Opportunities I EUR € 121.79
Algebris Global Credit Opportunities R EUR € 119.23
Algebris Global Credit Opportunities Rd EUR € 119.23
Algebris Core Italy I EUR
Algebris Core Italy R EUR
The Antares European Fund Limited
Other International
AEF Ltd Usd
AEF Ltd Eur
Artemis Fund Managers Ltd (1200)F
57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds
Artemis Corporate Bond I Acc
Artemis Positive Future Fund
Artemis Target Return Bond I Acc
Ashmore Group
61 Aldwych, London WC2B 4AE. Dealing team: +352 27 62 22 233
Authorised Inv Funds
Emerging Markets Equity Fund $ 114.36 - -4.59 0.00
Emerging Markets Equity ESG Fund $ 127.64
Emerging Markets Frontier Equity Fund $ 186.21
Emerging Markets Blended Debt Fund $ 55.25
Emerging Markets Blended Debt ESG Fund $ 84.69
Emerging Markets Active Equity Fund $ 123.08
Emerging Markets Corporate Debt Fund $ 64.94
Emerging Markets Debt Fund
Emerging Markets Local Currency Bond Fund $ 59.50
Atlantas Sicav
Regulated
American Dynamic
American One
Bond Global
Eurocroissance
Far East
★ FINANCIAL TIMES Wednesday 15 June 2022
MANAGED FUNDS SERVICE
Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Data Provided by
Mirabaud - UK Equity High Alpha £ 127.33 - -3.46 0.00
(JER) EdenTree Investment Management Ltd (UK)
www.morningstar.co.uk
PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Data as shown is for information purposes only. No offer
Authorised Inv Funds is made by Morningstar or this publication.
EdenTree Short Dated Bond Cls B 95.20 - 0.11 0.72
£ 2.1471 - -0.0365 1.72
£ 3.1386 - -0.0717 1.02
£ 0.7754 - -0.0145 5.58
£ 0.6388
£ 0.7396
£ 1.9398
-
-
-
-0.0086
-0.0020 3.35
-0.0232 3.30
-
Guide to Data
The fund prices quoted on these pages are
Blue Whale Investment Funds ICAV (IRE) Guinness Global Investors Ram Active Investments SA Superfund Asset Management GmbH supplied by the operator of the relevant fund.
www.bluewhale.co.uk, info@bluewhale.co.uk Ennismore European Smlr Cos Hedge Fd www.ram-ai.com www.superfund.com, +43 (1) 247 00 Details of funds published on these pages,
Guinness Global Equity Income Y GBP Dist £ 17.71 - -0.12 2.21 Oasis Crescent Global Investment Funds (UK) ICVC (UK)
Other International Funds Other International Funds Other International Funds
FCA Recognised - Ireland UCITS Guinness Global Innovators Y GBP Acc £ 24.16 - -0.68 0.00 Regulated including prices, are for the purpose of
Blue Whale Growth USD T $ 8.01 - -0.20 - NAV € 652.08 - 0.56 0.00 Guinness Sustainable Global Equity Y GBP Acc £ 10.11 - -0.23 - Oasis Crescent Global Equity Fund USD A (Dist) $ 34.53 - -1.11 0.22 RAM Systematic Emerg Markets Eq $ 208.47 208.47 -6.37 - Other International Funds information only and should only be used as a
Oasis Crescent Global Income Fund USD A (Dist) $ 10.13 - -0.10 2.70 RAM Systematic European Eq € 513.05 513.05 -15.03 - Superfund Green Gold $ 1608.16 - -75.61 0.00 guide. The Financial Times Limited makes no
Oasis Crescent Global Low Equity Fund USD D (Dist) $ 12.33 - -0.28 0.24 RAM Systematic Funds Global Sustainable Income Eq $ 140.71 140.71 -4.45 0.00 Superfund Green Silver $ 1313.20 - -72.56 0.00 representation as to their accuracy or
Oasis Crescent Global Medium Equity Fund USD A (Dist) $ 13.61 - -0.31 0.12 RAM Systematic Global Eq Sustainable Alpha $ 114.36 114.36 0.32 - Regulated completeness and they should not be relied
Oasis Crescent Global Property Equity Fund USD A (Dist) $ 8.31 - -0.33 0.38 RAM Systematic Long/Short European Eq € 156.13 156.13 0.33 - Superfund Green US$ $ 1229.00 - -26.61 0.00 upon when making an investment decision.
Oasis Crescent Global Short Term Income Fund USD A (Dist) $ 0.95 - 0.00 1.78 RAM Systematic US Sustainable Eq $ 319.00 319.00 -13.78 -
Oasis Crescent Variable Fund GBP A (Dist) £ 10.00 - -0.14 0.00 RAM Tactical Global Bond Total Return € 141.03 141.03 -1.07 - The sale of interests in the funds listed on these
RAM Tactical II Asia Bond Total Return $ 145.74 145.74 -1.10 - pages may, in certain jurisdictions, be restricted
by law and the funds will not necessarily be
Euronova Asset Management UK LLP (CYM)
HPB Assurance Ltd available to persons in all jurisdictions in which
Regulated Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 the publication circulates. Persons in any doubt
Smaller Cos Cls One Shares € 56.44 - 1.45 0.00 should take appropriate professional advice.
International Insurances
Smaller Cos Cls Two Shares € 36.12 - 0.93 0.00 Data collated by Morningstar. For other
Holiday Property Bond Ser 1 £ 0.48 - 0.00 0.00
Smaller Cos Cls Three Shares € 18.02 - 0.46 0.00 queries contact reader.enquiries@ft.com
Holiday Property Bond Ser 2 £ 0.63 - 0.00 0.00
Smaller Cos Cls Four Shares € 23.76 - 0.61 0.00 +44 (0)207 873 4211.
(IRL) Omnia Fund Ltd
Other International Funds Ruffer LLP (1000)F (UK) The fund prices published in this edition along
€ 173.25 - -3.09 0.00 Estimated NAV $ 771.95 - -9.09 0.00 65 Gresham Street, London, EC2V 7NQ with additional information are also available
€ 149.56 - -2.67 0.00 Order Desk and Enquiries: 0345 601 9610 on the Financial Times website, www.ft.com/
- -1.70 4.70 Authorised Inv Funds funds. The funds published on these pages are
€ 169.42 - -4.29 0.00 Authorised Corporate Director - Link Fund Solutions grouped together by fund management
Brooks Macdonald International Fund Managers Limited (JER)
- -3.94 0.00 5 Anley Street, St Helier, Jersey, JE2 3QE LF Ruffer Diversified Rtrn C Acc 104.51 - -0.27 0.00 company.
- -2.48 3.35 +44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Janus Henderson Investors (UK) LF Ruffer Diversified Rtrn C Inc 104.45 - -0.28 0.00
€ 140.17 - -4.42 0.00 Brooks Macdonald International Investment Funds Limited FIL Investment Services (UK) Limited (1200)F (UK) PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 LF Ruffer European C Acc 795.77 - 5.39 0.97 Prices are in pence unless otherwise indicated.
€ 118.45 - -3.74 0.00 Euro High Income € 1.2704 - -0.0104 2.50
Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP www.janushenderson.com LF Ruffer European C Inc 144.02 - 0.98 0.98 The change, if shown, is the change on the
Callfree: Private Clients 0800 414161 Toscafund Asset Management LLP (UK)
previously quoted figure (not all funds update
Authorised Inv Funds LF Ruffer European O Acc 772.61 - 5.20 0.63
- -1.37 0.00 High Income £ 0.7064 - -0.0008 3.77 Broker Dealings: 0800 414 181 www.toscafund.com
Janus Henderson Instl UK Idx Opps A Acc £ 1.06 - 0.00 2.55 LF Ruffer Equity & General C Acc 578.44 - 2.29 0.42 prices daily). Those designated $ with no prefix
- -1.35 0.00 Sterling Bond £ 1.3407 - -0.0011 2.06 OEIC Funds Orbis Investments (U.K.) Limited (GBR) Authorised Funds
28 Dorset Square, London, NW1 6QG LF Ruffer Equity & General C Inc 526.77 - 2.08 0.42 Aptus Global Financials B Acc £ 4.25 - -0.12 4.06
refer to US dollars. Yield percentage figures (in
- -1.90 - Brooks Macdonald International Multi Strategy Fund Limited Fidelity American Fund W-ACC-GBP £ 49.20 - -0.48 0.00
www.orbis.com 0800 358 2030 LF Ruffer Equity & General O Acc 561.65 - 2.19 0.14 Tuesday to Saturday papers) allow for buying
- -1.86 - Balanced Strategy A £ 0.8819 - -0.0124 - Aptus Global Financials B Inc £ 2.82 - -0.08 5.21
Fidelity Cash Fund W-ACC-GBP £ 1.02 - 0.00 0.00
Regulated LF Ruffer Equity & General O Inc 519.29 - 2.02 0.13
expenses. Prices of certain older insurance
- -1.86 - Balanced Strategy £ 0.8832 - -0.0124 - Fidelity Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 1.58 - -0.01 4.60 Orbis OEIC Global Cautious Standard £ 11.63 - -0.13 - LF Ruffer Gold C Acc 274.13 - 3.29 0.00
linked plans might be subject to capital gains
€ 134.50 - -4.52 0.00 Cautious Balanced Strategy A £ 0.8850 - -0.0099 - Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.18 - 0.01 4.21 Orbis OEIC Global Balanced Standard £ 18.50 - -0.32 - tax on sales.
€ 128.14 - -4.31 0.00 Growth Strategy A £ 0.8875 - -0.0158 - LF Ruffer Gold C Inc 165.92 - 2.00 0.00
Fidelity Sustainable Global Equity W-Accumulation £ 30.76 - -0.33 0.00 Orbis OEIC Global Equity Standard £ 20.52 - -0.51 -
High Growth Strategy A £ 0.8774 - -0.0171 - LF Ruffer Gold O Acc 266.08 - 3.19 0.00
Fidelity Global High Yield Fund W-ACC-GBP £ 13.72 - -0.26 - Orbis OEIC UK Equity Standard £ 10.09 - -0.23 3.46
Guide to pricing of Authorised Investment
LF Ruffer Japanese C Inc 158.37 - -2.32 0.00
Cautious Balanced Strategy £ 1.2405 - -0.0140 0.00 Fidelity Japan Fund W-ACC-GBP £ 5.36 - -0.04 - Funds: (compiled with the assistance of the
LF Ruffer Japanese C Acc 340.34 - -4.98 0.00
Growth Strategy £ 1.8615 - -0.0332 0.00 Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.22 - -0.02 0.62 M & G Securities (1200)F (UK) IMA. The Investment Association, Camomile
LF Ruffer Total Return C Acc 568.25 - -0.01 1.77
High Growth Strategy £ 2.5791 - -0.0504 0.00 Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.14 - 0.00 0.98 PO Box 9038, Chelmsford, CM99 2XF Court 23 Camomile Street, London EC3A 7LL.
LF Ruffer Total Return C Inc 360.00 - -0.01 1.80
US$ Growth Strategy $ 1.5812 - -0.0456 0.00 Fidelity Special Situations Fund W-ACC-GBP £ 40.71 - -0.39 1.96 www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 Tel: +44 (0)20 7831 0898.)
Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes Authorised Inv Funds LF Ruffer Total Return O Acc 551.68 - -0.05 1.77 Toscafund Asset Management LLP
Fidelity Short Dated Corporate Bond Fund W-ACC-GBP £ 10.60 - 0.00 3.92 www.toscafund.com
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.13 - 0.00 1.90 LF Ruffer Total Return O Inc 349.32 - -0.02 1.80 OEIC: Open-Ended Investment Company.
Fidelity Sustainable Water & Waste W-ACC-GBP £ 1.12 - -0.01 0.14 Tosca A USD $ 435.13 - 15.51 0.00
Fidelity Sustainable Water & Waste W-INC-GBP £ 1.11 - -0.01 0.14 M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 39.99 - 0.13 - Similar to a unit trust but using a company
Tosca Mid Cap GBP £ 220.15 - -10.74 0.00
Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 1.14 M&G Charity Multi Asset Fund Inc £ 0.88 - -0.01 - rather than a trust structure.
Tosca Opportunity B USD $ 336.20 - -16.19 0.00
Fidelity UK Select Fund W-ACC-GBP £ 3.38 - -0.04 - M&G Charity Multi Asset Fund Acc £ 103.35 - -0.32 -
Pegasus Fund Ltd A-1 GBP £ 51.75 - -0.63 0.00
$ 524.97 - -10.02 0.00 Different share classes are issued to reflect a
€ 487.74 - -9.36 0.00 different currency, charging structure or type of
holder.
CG Asset Management Limited (IRL) Selling price: Also called bid price. The price
25 Moorgate, London, EC2R 6AY Rubrics Global UCITS Funds Plc (IRL) at which units in a unit trust are sold by
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 www.rubricsam.com investors.
FCA Recognised Regulated
Rubrics Emerging Markets Fixed Income UCITS Fund $ 133.26 - -1.11 0.00
CG Portfolio Fund Plc
MMIP Investment Management Limited (GSY) Buying price: Also called offer price. The price
Findlay Park Funds Plc (IRL) Rubrics Global Credit UCITS Fund $ 16.80 - -0.12 0.00 Troy Asset Mgt (1200) (UK)
Absolute Return Cls M Inc £ 139.92 139.92 -1.17 1.31
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Regulated at which units in a unit trust are bought by
Rubrics Global Fixed Income UCITS Fund $ 170.05 - -1.20 0.00 65 Gresham Street, London, EC2V 7NQ
(UK) Capital Gearing Portfolio GBP P £ 38777.22 38777.22 -315.22 -
FCA Recognised Multi-Manager Investment Programmes PCC Limited investors. Includes manager’s initial charge.
Platinum Capital Management Ltd Order Desk and Enquiries: 0345 608 0950
Capital Gearing Portfolio GBP V £ 188.59 188.59 -1.54 - UK Equity Fd Cl A Series 01 £ 3169.28 3203.08 19.37 0.00
American EUR Unhedged Class € 144.11 - -4.79 0.00 Authorised Inv Funds
Dollar Fund Cls D Inc £ 175.38 175.38 -0.66 -
American Fund USD Class $ 150.20 - -6.59 0.00 Diversified Absolute Rtn Fd USD Cl AF2 $ 1676.35 - -37.82 -
Other International Funds Single price: Based on a mid-market valuation
Authorised Corporate Director - Link Fund Solutions
100.75 - -1.53 2.63 Dollar Hedged GBP Inc £ 99.53 99.53 -2.25 1.55
American Fund GBP Hedged £ 74.84 - -3.37 0.00 Diversified Absolute Return Stlg Cell AF2 £ 1568.02 - -36.17 -
Platinum All Star Fund - A $ 150.58 - - - of the underlying investments. The buying and
63.36 - -2.35 0.00 Real Return Cls A Inc £ 209.52 209.52 -0.52 1.44 Platinum Global Growth UCITS Fund $ 8.62 - -0.34 0.00 Trojan Investment Funds selling price for shares of an OEIC and units of a
American Fund GBP Unhedged £ 123.78 - -3.24 0.00 Global Equity Fund A Lead Series £ 1775.60 1781.63 -35.68 -
105.54 - -0.50 2.29 Platinum Essential Resources UCITS Fund SICAV USD Class E $ 12.26 - -0.68 0.00 Trojan Ethical O Acc 124.34 - -0.76 0.00 single priced unit trust are the same.
Platinum Global Dividend UCITS Fund $ 47.65 - -1.47 0.00 Trojan Ethical Global Inc O Acc 97.54 - 0.28 -
Slater Trojan Ethical Global Inc O Inc
Trojan Ethical O Inc
96.37
124.09
-
-
0.28
-0.76 0.00
- Treatment of manager’s periodic capital
charge: The letter C denotes that the trust
Investments deducts all or part of the manager’s/operator’s
periodic charge from capital, contact the
manager/operator for full details of the effect of
this course of action.
Chartered Asset Management Pte Ltd Foord Asset Management Marwyn Asset Management Limited (CYM)
Other International Funds Regulated
Exit Charges: The letter E denotes that an exit
Website: www.foord.com - Email: info@foord.com
CAM-GTF VCC $ 304461.60 304461.61 -235.11 - Marwyn Value Investors £ 329.72 - -6.14 0.00 Polar Capital Funds Plc (IRL) charge may be made when you sell units,
FCA Recognised - Luxembourg UCITS
CAM GTi VCC $ 780.49 - -32.39 - Regulated contact the manager/operator for full details.
Foord International Fund | R $ 48.59 - -1.05 -
Automation & Artificial Intelligence CL I USD Acc $ 14.17 14.17 -0.63 0.00 Zadig Gestion (Memnon Fund) (LUX)
RAIC VCC $ 1.64 1.64 0.03 2.06 Foord Global Equity Fund (Lux) | R $ 15.67 - -0.71 -
Asian Starts I USD Acc $ $ 14.23 - -0.58 0.00 FCA Recognised Time: Some funds give information about the
Regulated Memnon European Fund - Class U2 GBP £ 216.13 - -3.43 - timing of price quotes. The time shown
Biotechnology I USD $ 31.51 31.51 -1.32 0.00
Foord Global Equity Fund (Sing) | B $ 18.77 - -0.88 - China Stars I USD Acc $ $ 11.67 11.67 -0.42 - Slater Investments Ltd (UK) alongside the fund manager’s/operator’s name
Foord International Trust (Gsy) $ 47.35 - -1.02 -
Emerging Market Stars I USD Acc $ 11.23 - -0.51 - www.slaterinvestments.com; Tel: 0207 220 9460 is the valuation point for their unit trusts/OEICs,
European Ex UK Inc EUR Acc € 13.24 13.24 -0.15 0.00 FCA Recognised unless another time is indicated by the symbol
Financial Opps I USD $ 13.00 - -0.43 2.20 Slater Growth A Acc 695.01 695.01 -7.26 0.00 alongside the individual unit trust/OEIC name.
Global Convertible I USD $ 13.40 13.40 -0.39 0.00 Slater Income A Inc 146.30 146.30 -0.54 5.22
Global Insurance I GBP £ 8.86 - -0.07 0.00 Slater Recovery A Acc 355.28 355.28 -2.50 0.00
The symbols are as follows: ✠ 0001 to 1100
Slater Artorius 342.11 342.11 -0.72 -
hours; ♦ 1101 to 1400 hours; ▲ 1401 to 1700
Dodge & Cox Worldwide Funds (IRL) Global Technology I USD $ 63.50 - -3.77 0.00
48-49 Pall Mall, London SW1Y 5JG. Healthcare Blue Chip Fund I USD Acc $ 17.14 17.14 -0.53 -
hours; # 1701 to midnight. Daily dealing prices
www.dodgeandcox.worldwide.com 020 3713 7664 Healthcare Dis I Acc USD $ $ 11.20 - -0.53 0.00
- -5.25 0.00 FCA Recognised
are set on the basis of the valuation point, a
Healthcare Opps I USD $ 55.99 - -1.94 -
- -5.72 0.36 Dodge & Cox Worldwide Funds plc - Global Bond Fund Franklin Templeton International Services Sarl (IRL) short period of time may elapse before prices
Income Opportunities B2 I GBP Acc £ 2.81 2.81 -0.02 0.00
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland become available. Historic pricing: The letter H
- -1.57 6.30 EUR Accumulating Class € 15.57 - -0.11 0.00 Japan Value I JPY ¥ 131.84 131.84 -0.92 -
Other International Funds denotes that the managers/operators will
- -2.35 0.00 EUR Accumulating Class (H) € 10.23 - -0.19 - North American I USD $ 30.85 30.85 -1.30 -
Franklin Emerging Market Debt Opportunities Fund Plc normally deal on the price set at the most recent
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Wednesday 15 June 2022 ★ 13
14
‘I’m a digger — I like old recordings and old texts’
Ahead of playing Glastonbury,
Pakistani singer Arooj Aftab
talks to David Honigmann
about the deep roots of her
hit album ‘Vulture Prince’
I
n her teenage years, Arooj Aftab
came to a realisation. “The only
thing I cared about was music.
Other people care about family and
friends. I just don’t.”
This single-mindedness took some
time to pay off. She was in her mid-
thirties by the time her album Vulture
Prince became a surprise hit, winning
the first Grammy for a Pakistani musi-
cian. (Delivery of the physical statuette
has been slow: “I still don’t have it,” she
wails.) Largely sung in Urdu, the album
recast ghazal lyrics — a traditional bal-
lad form — as minimalist, meditative
jazz, an intense and enveloping world of
stillness. It is now being re-released in
an expanded edition, and Aftab is
embarking on a European tour that
includes a sold-out show at the Barbican
in London and an appearance at the
Glastonbury Festival.
She was born in Riyadh, where her
parents were working as diplomats. The
family remained in Saudi Arabia until
Aftab was 10. She remembers being a
“compound kid”, enjoying mostly the
topography of the desert and visits to
Jeddah, Riyadh’s “chill sister city”. When
they all moved back to Lahore, Aftab set
her sights on a music degree at Berklee
in Boston, then the only institution that
would offer an education in a combina-
tion of jazz and studio skills rather than
the classical conservatoire syllabus.
“I got what I wanted,” she says. “Plus
student loans . . .” She also gained an
induction into the “little Mafia” of
Berklee alumni — her harpist, Maeve
Gilchrist, is a friend from those days,
and other doors have been opened.
Aftab enjoyed a measure of viral fame
for songs she released online, including
a spectral, 10-minute cover of “Hallelu-
jah” and some of her own compositions.
Arooj Aftab at the Coachella Festival, California, in April — Valerie Macon/AFP
But it was 2014 before she released her
first album, Bird Under Water, which
made a foray into the repertoire more
assuredly realised on Vulture Prince.
A second album, Siren Islands, she half
disowns as “experiments I didn’t think
I’d put out”: it was a set of ambient
soundscapes closer to her side-hustle of
soundtrack and video game work. She
was “spending 80 per cent of life” hold-
ing down a day job as an audio engineer
— that Berklee training — as the album
finally came into shape.
★ FINANCIAL TIMES
ARTS
Vulture Prince is an album, at least in
part, about grief. It is dedicated to her
brother Maher, who died while it was
ARTS ONLINE being recorded. And one of its standout
As Madonna marks songs, “Saans Lo”, is based on a text by
40 years in pop Annie Ali Khan, who died in a fire in
with a new hits Karachi in 2016. Khan, a writer and
collection, Helen journalist who befriended Aftab when
Brown asks: is she moved to New York, had written the
the singer ready
at last to face
poem and suggested it would be a great
pop mortality? text for her to set. “I hadn’t paid atten-
tion but when she died I went back and
ft.com/arts
found it.” Aftab makes this a “posthu-
mous last interaction”. The song unfolds
in slow descending guitar chords with
mere wisps of harp. “Pick up the pieces
of your broken heart,” Aftab urges.
“Breathe.” The music dies away almost
to nothing. “They may not be here, but
their memory runs through your veins.”
The only song in English is “Last
Night”, a setting of a poem by the
The game that asks you to care, not kill
GAMING
Tom
Faber
I
never thought it was a good idea
to rob the hospital. It was an act
of desperation. Bruno was seriously
ill and unable to leave our shelter,
so one night I sent out Pavle, our
fastest runner, to find medicine. He
crept through the war-torn city to the
hospital and stole supplies while the
patients slept.
Over the next few days, as Bruno
recovered, Pavle fell into a depression,
unable to forgive himself for stealing
from the needy. One night he went
out to scavenge supplies in a militia-
occupied supermarket and got careless.
A single gunshot and he was dead. Los-
ing Pavle, I felt distraught, but I also rec-
ognised — somewhat guiltily — that I
now had one less mouth to feed.
The potent cocktail of hope, distress
and internal conflict I was experiencing
meant that This War of Mine was doing its
job. This highly original twist on the sur-
vival genre was first released by Polish
studio 11 Bit in 2014 and it has now been
remastered for the current console gen-
eration. It is still utterly singular.
While most war games cast you as a
soldier unthinkingly sowing destruc-
tion, in This War of Mine you control
civilians attempting to survive a siege. It
is the anti-Call of Duty, seeking the real-
ism of war not in military jingoism or
advanced blood-spatter physics but in
human tales of hardship and hope.
Here, war is a dead end. There are no
winners, only varying degrees of loss. In
2020, the game’s power to engender
empathy led to it being used for teach-
ing in Polish high schools.
While the game’s fictional city was
inspired by 1990s Sarajevo, it now una-
voidably brings to mind Ukrainians liv-
ing under siege in Kyiv or Mariupol. As a
gesture to this sad consonance, 11 Bit
recently donated $850,000 from sales to
the Ukrainian Red Cross.
In the game, your home is a bombed-
out house, a 2D cross-section in sombre
colours, rendered like a moving pencil
13th-century Sufi poet Rumi. “Last
night my beloved was like the moon,”
Aftab sings, unaccompanied, “so beauti-
ful” — before a chorus of her own voice,
processed, joins in. Many of the other
lyrics come from ghazals, traditionally
played by a singer, a harmonium player
and a tabla player.
The bulk of the words used on the
record were written in the 19th and
early 20th centuries. “I’m a digger — I
listen to old recordings, I like reading old
texts.” But Aftab is quick to correct the
notion that her songs are straight
reworkings. “I grew up listening to ghaz-
als but I am definitely not reimagining
ghazals. I am borrowing from the poetry
that has been set to the form.”
She admires poetry that has an ellipti-
cal quality. “I like when things are secret
rather than in your face, telling you eve-
rything at once. Really good Urdu
poetry can say a lot of things without
saying too much.”
The recent prominence of music from
beyond the mainstream, Aftab thinks,
has opened audiences’ ears to her Urdu
singing. “Trap and Latin American and
[Puerto Rican rapper] Bad Bunny and
[Spanish flamenco singer] Rosalía took
over the industry. That contributed to
the ability to listen to music that’s not in
English and not freak out about it.”
The re-release adds an extra song,
“Udhero Na”, featuring shimmering
sitar from Anoushka Shankar inter-
weaving with Gilchrist’s harp. The two
met when Shankar performed her first
solo album Rise at Berklee. “There
haven’t been a lot of women who look
like me doing an independent solo thing
in music that’s also deeply rooted in
classical music.” Shankar remained a
mentor, and finally “the stars aligned”
for this collaboration, reviving one of
sketch. At the beginning, the player is
given no instructions whatsoever — but
then, nor are real-life civilians when
they are plunged into war. It’s relatively
intuitive, though: your characters need
food, warmth and shelter. Gameplay is
divided into night, when you leave
home to go scavenging, and day, when
you craft improvements to your base
and tend to your survivors’ needs. Ele-
gant design makes the gameplay
remarkably compelling.
Each character has specific skills: one
is a good cook, another cheers up people
low on morale. One is a loving parent,
another smokes when stressed.
Through them we learn the value of
Often there is no
good choice; you just
have to try and do the
least bad thing
small objects during wartime: the wel-
come fire in the belly after a sip of home-
brewed vodka, the trading potential in a
pack of cigarettes, the brief escape pro-
vided by an old book or guitar. As the
days roll by, new areas open up for scav-
enging, filling in the story of the
besieged city through memorable
vignettes. There’s a church where a
priest trades essential goods, a house in
flames that nobody thought to extin-
guish and the plush home of an elderly
couple you might rob when desperate.
‘This War of Mine’ was inspired by the siege of Sarajevo in the 1990s
Wednesday 15 June 2022
Aftab’s early unofficial releases. “Undo,
please,” begs the title, imploring the
subject of an old infatuation to release
the singer to continue with her life.
As well as touring, Aftab has other
projects in play. She is starting to write
songs for a new record (a quicker fol-
low-up this time than the previous
seven-year gap). She is scoring a docu-
mentary — she will not be drawn on its
subject matter other than to joke that it
is “shady stuff”. And she has been com-
missioned to make a sound installation
for the “cubes of perpetual light”, food-
growing boxes that will be distributed
across Scotland later this year as part of
the Unboxed Festival.
Although its soundscape is sparse,
Vulture Prince features a surprising
‘Bad Bunny and Rosalía
helped people to listen
to music that’s not in
English and not freak out’
number of musicians. Live, her band is
usually just a three-piece: herself, Gil-
christ on harp and Petros Klampanis on
double bass. At the Barbican, the sound
will be rounded out by Darian Donovan
Thomas on violin. Aftab insists that inti-
mate music can work in a large space:
“Every single person is there to listen.”
She talks about the “pin-drop silence”,
the audience there to engage. “The inti-
macy of the music is very individual:
there’s a huge sound blanket that hugs
everyone. It’s cool with a lot of people.”
Arooj Aftab plays the Barbican on June 17,
and touring. ‘Vulture Prince’ is re-released
on Verve on June 24, aroojaftabmusic.com
Aftab on stage
in Leeds with
bassist Petros
Klampanis
Gary Calton/Guardian/eyevine
But if you do, your characters’ morale
will suffer.
These are scripted narrative beats,
but This War of Mine is most powerful
when it allows players to tell their own
stories. It does this by subverting the
tropes of the popular survival genre —
games such as Minecraft, Subnautica and
Valheim, where players are abandoned
in hostile environments and left to fend
for themselves. Such games are about
tough choices: how best to deploy lim-
ited resources or weigh risk against
reward? Here the setting makes such
decisions more painful: should you
trade the last of your medicine for clean
water? Does the mother or the daughter
deserve to eat tonight?
Often there is no good choice; you just
have to try and do the least bad thing
and accept that further tragedy could
strike at any moment.
Despite its grim themes, This War of
Mine is rewarding because of the unique
stories that players co-author in each
playthrough, creating their own dilem-
mas, tragedies and stolen moments of
joy. It is impossible not to become
invested in these characters, not to feel
responsible for their lives and eager to
get them through to ceasefire. This is the
rare game that asks you not to kill, but to
care. It argues that consoling a scared
child might, for a minute or two, be the
most important thing in the world.
‘This War of Mine: The Complete Edition’ is
out now on PC, Switch, PS4/5 and currently
on Xbox Game Pass
Wednesday 15 June 2022
The German company is ploughing the windfall it made from Covid-19 vaccines into oncology,
but its technology is still largely unproven. Can it transform the fight against cancer?
U
ğur Şahin arrives at BioN-
Tech’s headquarters in the
German city of Mainz on
the same battered bicycle
he has been riding for 20
years. Developing the best-selling Cov-
id-19 vaccine may have transformed
BioNTech’s founders into billionaires,
but the chief executive of the biotech
business has resisted making changes in
his personal life.
Şahin and his wife, chief medical
officer Özlem Türeci, set up BioNTech in
2008 to create a toolbox to transform
the treatment of cancer. Since finding
fame, their vision has not shifted. When
practising as doctors, the pair had
become frustrated at the gap between
the cancer drugs available on the wards
— and what they believed was scientifi-
cally possible.
So, while the mRNA vaccine they
developed with the American pharma-
ceuticals company Pfizer has saved mil-
lions of lives and brought economies
around the world back to life, it was also,
in some ways, a side hustle. BioNTech
“is a cancer company that was able to
drop everything they were doing to cre-
ate a Covid vaccine”, says Akash Tewari,
an analyst at Jefferies.
The decision to do so has brought an
unprecedented windfall of cash to the
company, which is now sitting on assets
of €19bn, with billions more in revenue
expected. That amount equates to “a
lifetime of funding”, says Suzanne van
Voorthuizen, co-head of life sciences
securities at Dutch bank Kempen & Co.
While some billionaires use their
wealth to buy newspapers or fund extra-
terrestrial adventures, Şahin and Türeci
will use theirs to fuel their ambitious —
though still nascent — plans in oncology.
They are doubling down on a hope that
Şahin admits once sounded like science
fiction: to be able to tailor drugs to each
patient’s cancer.
The company recently took steps in
the right direction with two early stage
trials showing promising data, one in
pancreatic cancer and the other target-
ing solid tumours including ovarian and
testicular cancer.
Success would mean a new journey:
reimagining the whole pharmaceutical
industry. “We had this idea to develop
technologies dedicated to really saving
every single individual patient,” says
Şahin. “Because every patient is differ-
ent, and you can’t just take something
off the shelf.”
The Covid cash
Şahin wheels his bike around the perim-
eter of a huge hole on the plot of the
company’s site — the foundation for a
new 20,000 square foot building. Across
from his office, a three-storey tempo-
rary lab in portacabins has popped up to
press on with the mission: this year
research and development spending at
BioNTech is doubling to €1.5bn.
Dropping his helmet in his office and
donning a white coat, Şahin heads to the
lab. Inside, a machine synthesises the
DNA templates used to create messen-
gerRNA, the technology BioNTech has
helped to pioneer.
The mRNA acts as a set of instructions
to cells, telling them to build certain
proteins. The response to the pandemic
proved for the first time that the tech-
nology could be used to create a highly
effective vaccine: mRNA was deployed
in a vaccine to help the immune system
recognise and fight intruders such as the
coronavirus Sars CoV-2. Next, BioNTech
wants to use the code to prompt the
body’s defences to tackle a tumour.
Yet, unlike its American rival Mod-
erna, which is focused on how to deploy
mRNA across a range of infectious dis-
eases and other conditions, BioNTech
wants to use mRNA to tackle cancer,
working in combination with other
therapies. Şahin and Türeci believe the
best hopes of a cure will come from com-
bining treatments, including cell thera-
pies, antibodies and other ways of mod-
ulating the immune system.
Before the pandemic, the company
was a little known player in the $1.2tn
global pharmaceuticals market that is
dominated by long-established compa-
nies pursuing many disease areas at
once. In its 2019 initial public offering,
BioNTech struggled to get investors
excited, raising just $150mn; two years
later it had become the most promising
biotech in Europe.
Matthias Kromayer, a managing part-
ner at MiG Capital, who was a founding
investor in BioNTech, says when he
invested he didn’t even believe in the
potential of mRNA. He gave the baby
BioNTech money because the founders
seemed to understand how technology
would change healthcare, he says.
“BioNTech isn’t just a biotech company.
It is a multi-tech company and has been
from the beginning . . . Uğur is always
thinking 10 years ahead.”
In April, BioNTech unveiled results of
a study that combined mRNA with CAR-
T-cell therapy to reprogramme a
patient’s immune system. CAR-T is a
★ FINANCIAL TIMES
FT BIG READ. BIOTECH
By Hannah Kuchler
BioNTech’s second act
‘If they complex treatment that involves col-
lecting and modifying a patient’s
didn’t have immune cells to fight their cancer. So
the Covid far, it has only worked in blood cancers.
cash . . . But BioNTech scientists created an
mRNA booster that expanded the
I would number of immune cells and improved
imagine they their ability to kill a solid tumour, mak-
ing it useful in a larger range of cancers.
would be Brad Loncar, a biotech investor who
under severe runs a fund focused on cancer, declared
pressure . . . it “borderline revolutionary”. “It is so
interesting that it has the entire field
The capital rethinking how to go after solid
markets just tumours,” he says.
BioNTech’s strategy is to invest in
wouldn’t be many technologies at once. Şahin uses
there for the analogy of a smartphone that
becomes more useful as you discover its
them to do many functions. “You understand it is
this stuff ’ not just a smartphone, it is a calculator,
it allows you to do anything . . . Based
on the powerful platforms that we are
‘Investors developing, we believe that we will be
able to provide a lot of different solu-
have been tions for many diseases.”
really spoiled Broadly speaking, the BioNTech
by how founders see themselves as engineers of
the immune system. Beyond cancer and
quickly the infectious diseases, where the company
vaccines continues to partner with Pfizer on vac-
cines, they also plan to tackle autoim-
succeeded mune conditions and regenerative med-
and how well icine, which restores damaged or dis-
they did. eased cells. In total, the company is
already running 19 early stage trials and
That’s not 12 pre-clinical programmes.
normally Their newly bulging pockets permit
such largesse, says one healthcare
how drug
development
banker. A more cash-strapped company
would have to be more selective and risk
“throwing a great technology in the
goes’ bin”. At the end of March, BioNTech’s
assets were more than €19bn, surpass-
ing even Moderna’s €16bn, and more
than half that of large European pharma
companies GlaxoSmithKline, Astra-
Zeneca and Novartis.
Cancer trials are expensive, especially
Production
workers inside
if a company has to first buy the drug it
wishes to combine with its treatment.
BioNTech’s labs And personalised products such as
in Marburg, CAR-T have proven difficult to market
Germany in a global healthcare system that is
more familiar with buying drugs off the
shelf like consumer goods.
With valuations of biotech companies
dropping this year, Gareth Powell, a
healthcare fund manager at Polar Capi-
tal, says BioNTech is lucky it can fund so
many programmes. “If they didn’t have
the Covid cash . . . I would imagine they
would be under severe pressure,” he
says. “The capital markets just wouldn’t
be there for them to do this stuff.”
‘Money doesn’t grow on trees’
Bryan Garnier & Co was part of a team of
banks that helped take first Moderna
and then BioNTech public. Pierre
Kiecolt-Wahl, co-head of equity capital
markets at the French bank, says Mod-
erna took a more incremental approach
than BioNTech’s, focusing first on infec-
tious diseases, where it hoped to show
signs of success quickly that could per-
suade investors to put in more funds.
“Moderna knew money doesn’t grow
on trees,” he says. By contrast, he says
Şahin and Türeci were more confident
that they had data to fight cancer.
But even though it now has substan-
tial financial resources, long-term suc-
cess is not guaranteed. Loncar says it
may yet turn out that mRNA doesn’t
really work for cancer. “There’s a non-
zero per cent chance that mRNA may
completely strike out in cancer,” he says.
“If that happens, BioNTech is going to
feel it a lot harder than Moderna will.”
Oncology is far trickier than creating
vaccines — Tewari, the Jefferies analyst,
describes it as “scientifically byzantine”
— and it is a hypercompetitive field,
with almost every major pharmaceuti-
cal company scouring for treatments for
the same conditions.
BioNTech’s most advanced clinical
oncology programme is for cancer vac-
cines. Unlike regular vaccines, they do
not prevent the recipient from develop-
ing cancer, but are used as treatments to
prompt the immune system to destroy
mutated cells. In phase 2 trials, it has
two FixVac programmes, where the vac-
cines are not personalised, and two
where they are.
Hopes for creating cancer vaccines
have been dashed many times before.
“It is a concept that has been around for
decades. But there has been failure,
after failure, after failure,” says Loncar.
He says one problem could be that
therapies are being deployed too late.
New therapies are usually tried first in
patients who have not responded to pre-
vious drugs and usually have later stage
cancer, but he believes they might work
better at an earlier stage, when the
immune system is more robust.
Şahin counters that BioNTech has
overcome a number of “critical hurdles”
and that its early data shows its mRNA
cancer vaccines are eliciting immune
responses several hundred times
stronger than were previously reported
for conventional cancer vaccines.
The company is also doing trials in
earlier stage cancers, and is interested in
giving the vaccines just after patients
have had surgery to remove the primary
tumour. In a phase 1 trial presented this
month, the company showed positive
results treating pancreatic cancer
patients shortly after surgery.
But as well as the scientific uncer-
tainty, BioNTech will face practical chal-
lenges as it tries to disrupt the pharma-
ceutical business. The company will
have to push regulators to adapt to indi-
vidualised therapies that break the
mould of conventional clinical trials.
While such trials usually take several
years and lead to an approved product
that never changes, the founders want
to be able to update their medicines —
like an iPhone — as new data improves
algorithms that predict the best way to
target a tumour.
Türeci says the company has to take
the “smallest steps” with “conservative”
regulators whenever they enter new ter-
ritory. “The problem with the way med-
icines are developed is that, at that time
when you have something you can
approve for patients and bring it to the
market, the technology is already out-
dated [by] several years,” she says.
The ‘smallest steps’
While BioNTech’s has no need to beg
investors for more capital, the company
will still have to navigate expectations of
shareholders who bought it as a Covid
stock. Shares in BioNTech have fallen by
about 20 per cent in the past year, after
some investors sold in anticipation that
sales of the Covid vaccine would slow.
But the stock is still up more than four-
fold since March 2020, when the com-
pany first announced it was developing
a shot with Pfizer.
Loncar, the cancer-specialist investor,
does not own BioNTech primarily
because it still trades as a Covid stock.
He believes shareholders may be in for a
surprise. “Investors have been really
spoiled by how quickly the Covid-19
vaccines succeeded and how well they
15
Uğur Şahin and did. That’s not normally how drug
Özlem Türeci, development goes,” he says. “One thing I
founders of worry about is they have a shareholder
BioNTech. base today that expects them to succeed
Below: African in non-Covid things tomorrow.”
leaders, co- Şahin tries to be sanguine about the
founders of company’s stock — he says he looks the
BioNTech and price up about once a week, far less
representatives often than he checks medical journal
of international sites. And he stresses that the company
health has always been clear with investors
organisations about its true vision: “We can’t guaran-
met to discuss tee to them what is going to happen in
the production the next Covid season. This is more
of vaccines dependent on what’s happening in the
against Covid-19 world and how the virus is evolving, and
in Africa in less dependent on our competencies.”
February Still he was surprised recently when
the share price rose as investors antici-
FT montage/Ben Kilb/AFP/
Getty Images
pated the company would create a vac-
cine for monkeypox. BioNTech has not
started work on a jab for the spreading
disease. Şahin says they are “preparing
ourselves to be prepared” to do so, but it
does not look like a global challenge yet.
Some investors are asking whether
BioNTech can handle so much cash —
and take on so many challenges at once.
While the company has decided to use
the vast majority of its vaccine proceeds
for internal investment, with just a cou-
ple of small bolt-on acquisitions, it did
announce plans to return almost €2bn
to shareholders in a buyback and divi-
dend. This also divided shareholder
opinion, because it is so unusual for a
biotech with many programmes in early
stage development to cough up cash. “It
was a terrible idea,” says Powell at Polar
€19bn Capital. “It’s such a waste of money.”
But analysts say that most long-term
Value of BioNTech’s
investors trust the founders who deliv-
assets, mainly
ered the Covid vaccine at such scale and
coming from Covid
vaccine profits speed. Van Voorthuizen at Kempen says
they are “diligent” about structuring tri-
€16bn als so that they give solid answers to spe-
cific questions. “They will stop [a trial] if
Value of Moderna’s
current assets
it doesn’t work. They are not depending
on one or other programmes to make or
€1.5bn break the company,” she says.
The healthcare banker believes BioN-
Research spending Tech is “by far the most exciting biotech
at BioNTech in 2022 in Europe”, adding that there are no
founders more inspirational than Şahin
$150mn and Türeci. “They are so insanely smart
and they work so damn hard,” he says.
Money raised by
BioNTech in its 2019 Türeci describes how Şahin sucks up
initial public offering information, rapidly reading dozens of
papers on a new condition. “It’s sort of
something like machine learning what
he does,” she jokes. “In a weekend, the
entire history of science on this specific
topic.” Governments around the world
are calling for advice for birthing their
own versions of BioNTech, Türeci says.
But, just as the company surprised the
world in 2020 by navigating the
uncharted waters of mRNA vaccine
development, Türeci says they are once
again heading into “unknown terri-
tory”. And this time, success is not likely
to happen at lightspeed.
16 ★ FINANCIAL TIMES Wednesday 15 June 2022

The FT View
Johnson’s Northern Ireland plan: dubious and damaging
Unionists’ concerns over
the protocol should be
addressed, but not like this
No one is surprised that Boris Johnson is
relaxed about breaking the law; the UK
prime minister may yet lose his job for
lockdown parties. But his decision to
breach international law — proposing
legislation to gut the Northern Ireland
protocol of the UK’s post-Brexit treaty
with the EU — should still horrify.
The protocol was a solution to a spe-
cific problem: if the UK diverged from
EU rules after Brexit, how to avoid
erecting a destabilising border for goods
passing between Northern Ireland and
the republic? Johnson’s negotiated solu-
tion was a fudge: leave the north aligned
in some ways to Ireland and undertake
checks on goods from Britain.
There are problems with the protocol.
Plenty of unionists — people who cher-
ft.com/opinion ish Northern Ireland’s place in the UK —
are worried about the “Irish Sea bor-
der”. It has led to real-world effects:
items missing from shelves and little
bureaucratic reminders that Northern
Ireland is a place apart. There should be
efforts to address their anxieties.
But there are structures baked into
the protocol to do that — and Johnson
abandoned them. Negotiations stopped
in February. The UK has not triggered
the clauses built into the treaty for
emergencies. There is a landing zone for
a deal with broad support — in particu-
lar, proposals for different treatment for
goods that will definitely not leave
Northern Ireland.
The fact that Britain will not try to fix
these problems using the treaty mecha-
nisms renders the UK’s ostensible legal
argument farcical: it, absurdly, claims
there is no other option. But this bill is
poisonous, even if voted down. Leaving
aside its dubious legality, it is likely to
prove counter-productive.
The stated reason for the govern-
ment’s approach is to create the political
space to allow Northern Ireland’s insti-
tutions to resume their work. The Dem-
ocratic Unionist party, as the largest
unionist party, can veto their operation.
It is doing so over the existence of the
protocol. Even now, however, the DUP
has not relented.
The Johnson government must take
the blame for this. Ministers have con-
tinuously stoked unionist grievances.
And why would the DUP give in? Lon-
don has made clear it will pander to
intransigence.
The loser in all this is Northern Ire-
land. Most voters at the May elections
backed parties who supported the pro-
tocol. The wishes of that majority are
being ignored. A split society like North-
ern Ireland cannot be run by simple
majoritarianism — but nor can it sur-
vive unionist opinion being elevated
above the concerns of all others.
Some may calculate that this ruse will
put pressure on the European Commis-
sion to cede ground. They are wrong.
The main challenge for the EU is to find
The main a way to signal clearly that it will enforce
challenge for the law and will not be swayed by these
tantrums. It should try to keep this low
the EU is to find
key. It knows Britain can ill-afford esca-
a way to signal lating this into a trade war — and the
clearly that it continent is trying to hold together for
will enforce the Ukraine.
law and will not In any case, who would want to nego-
be swayed by tiate with Johnson, who reneges so eas-
ily on deals? Diplomats have calculated
these tantrums that he may not have a majority for this
law — and his government may collapse
anyway. That, after all, is why we are
here. A prime minister enfeebled by his
own lack of personal discipline is now
using Northern Ireland to win over
Brexit zealots in his own party. Some of
the demands are for the benefit of Eng-
lish rightwingers, not unionists.
Tory MPs of sounder judgment
should help bury this legislation as
quickly as possible. It is one thing to
have a prime minister who does not
observe lockdown rules. It is another to
be careless with the international rules-
based order.

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could cripple British R&D Financial Conduct Authority should back direct listings
Rory Griffiths In “Watchdog plans simpler listings
rules in effort to attract IPOs” (Report,
May 27) you mention special purpose
acquisition companies as an alternative
option to an IPO on the London Stock
Exchange, but you leave out a third
option — the clear best option in my
perspective — the direct listing.
In a direct listing, a company lists on
an exchange, allowing shares held by
private investors, management and
employees to publicly trade on the
stock market.
I took my company Amplitude,
based in San Francisco, public via a
direct listing in September of last year.
I believe the Financial Conduct
Authority should go even further when
it comes to proposed reforms and look
at ways to make direct listings more
viable and attractive to local start-ups.
We are witnessing a watershed
moment for direct listings — with
traditional IPOs becoming less and less
appealing for global businesses.
The traditional IPO process is
antiquated and desperately needs a
change. IPOs systematically
undervalue companies by giving away
their shares at a hefty discount. Over
the last 40 years, companies going
through IPOs in US markets
underpriced their stock by an average
of 20 per cent. In 2020, that figure
jumped to almost 50 per cent. Studies
have shown that IPOs on the London
Stock Exchange also experience
significant underpricing.
By going through a direct listing,
supply and demand determines your
company’s stock price, rather than a
room full of bankers and executives. I
believe this gets current shareholders
(like employees) a better deal — it’s the
free market at its finest.
While direct listings typically are not
the major fundraising moments IPOs
have been known for, this can change.
If a single company makes that first
leap, the regulatory process will be
clearer for everyone else. I’m eager to
see which company makes history by
being the first.
Spenser Skates
Chief Executive and Co-founder
Amplitude, London SE1, UK

cannot be moved. The money would
Anjana have funded postdoctoral fellows, PhD
students, full-time technicians and
Ahuja seasonal field assistants. At least 40
other UK academics face a similar
ultimatum.
Sheldon, who is on a discussion
Regulate stablecoins in the West must not marginalise ‘Good chap’ theory needs
same way as bank deposits Ukraine in search of a deal leaders to be less cavalier
We agree with Sheila Bair, former chair
of the US Federal Deposit Insurance
In your news report you quote António
Guterres, the UN secretary-general, as
For the constitutional ills of the UK,
Jesse Norman recommends rethinking
Corporation (Markets Insight, June
10), that stronger regulation of
saying that impending food shortages
are due to “the Ukraine war”(“Global
conservatism by returning to Aristotle
and Hegel (Opinion, June 10). While no
stablecoins is urgently needed. hunger risk rises as talks stall on man is better suited for such a task, do
However, her suggested remedies have Ukraine grain blockade”, Report, we have the time?

T
he writing is not quite on
the wall, but the graffiti
artists are poised. Scien-
tists in the UK are danger-
ously close to losing their
links with Horizon Europe, the EU’s
flagship scientific research pro-
gramme.
Full Horizon membership, provid-
ing access to a research purse of
€95bn, was undone by Brexit. The
alternative option of associate mem-
bership, a rung reserved for non-EU
countries, now also hangs in the bal-
ance because of the UK’s threat to uni-
laterally rewrite parts of the Northern
Ireland protocol.
The UK’s science minister George
Freeman said last week that “time is
closing” for a deal, and that the gov-
ernment was working on a £6bn “Plan
B” for British science, including
replacing cancelled Horizon grants. “I
Losing connections
forged over four decades
through poor statecraft
forum with other affected research-
ers, says he knows of around a dozen
academics now considering moving
their research abroad, adding anecdo-
tal evidence to fears of a brain drain:
“ERC grants are a badge of excellence
which attract really good postdocs and
students,” he says. His previous team
included Swiss, Belgian, Croatian,
Dutch, Canadian and Australian citi-
zens, as well as British citizens. He
worries that the UK could cease to be
an “attractive, welcoming place where
ideas can grow”.
UK Research and Innovation, the
business department-sponsored sci-
ence and technology funding agency,
will match cancelled European grants
but there is uncertainty about when
money would become available. The
ability of UKRI to honour financial
promises is also unclear. Academics
bankrolled by its Global Challenges
Research Fund saw some projects
defunded last year when ministers cut
the international aid budget. Smith
says it is not clear what Plan B entails.
“In the short-term, it’s potentially cha-
otic and a mess.”
Lost research opportunities in
Europe cannot necessarily be easily
significant shortcomings.
She calls for stablecoins to be
regulated in the same manner as
money market funds.
That would be a big mistake. Money
market funds have experienced major
problems whenever the market values
of their reserves fell below the value of
the US dollar or another designated fiat
currency. Governments on both sides
of the Atlantic have bailed out money
market funds twice in the past 14
years. We should not follow the same
failed strategy with stablecoins.
Bair also suggests that stablecoin
providers could be regulated as non-
deposit trust companies. She opposes
applying deposit insurance and other
banking regulations to stablecoin
providers. Again, we disagree.
Stablecoins are “shadow deposits”
that serve as a functional substitute for
bank deposits. At present, stablecoins
are the principal medium of payment
for trades, loans and other transactions
involving cryptocurrencies. Some
stablecoin providers are now
marketing their stablecoins as a form
of payment for consumer and
commercial transactions.
Stablecoins will become a
Balkan states have been
shamefully treated by EU
Rosa Balfour, director of Carnegie
Europe, is right to insist that the petty
nationalisms of Europe that block
moves to integrate the western Balkans
do little to enhance the EU’s credibility
as a global player (“Europe must not
allow the momentum for expansion to
slip”, Opinion, June 13).
Spain, Greece, Romania, Slovakia
and Cyprus refuse to recognise the
existence of Kosovo more than 20 years
after the end of the Milošević wars. It is
as if in the late 1960s France and
Germany were still refusing to accept
June 9).
But war is not a person. It cannot
make decisions.
The decision to block the export of
wheat from Ukraine is a military one
made by Russia’s Vladimir Putin. He
will negotiate only about the
subjugation of Ukraine in order “to
regain territories that Russia has lost”.
In her Global Insight column “West
acts fast to avoid food crisis and negate
Moscow’s blame game” (June 9) Emiko
Terazono quotes Ilana Bet-el, a political
analyst at King’s College London
saying: “At a certain point, with so
[many countries] depending on grain
out of Ukraine, [the west] will have to
take the risk and [come to an
agreement with Russia].”
This is partly because of the need to
prevent mass migration from Africa
and Asia to Europe. And, as usual,
marginalising Ukraine is the way the
west settles its problems with Russia.
Volodymyr Zelenskyy clearly said
that “stalemate with Russia is not an
option”, because he understands well
what Putin wants. The Ukrainian
president stressed that Ukraine needs
the rapid supply of promised
long-range heavy weapons, which it is
In the US, everyone understood that
Mike Pence, Donald Trump’s
vice-president, preserved its written
constitution by certifying the election
result — at the cost of a lifetime of
death threats from Trump supporters.
In the UK, the threats to the
constitution are more nuanced and it is
hazardous to rely for its defence so
much on Baroness Hale, Peter
Hennessy and Christopher Geidt.
What we need is a more widespread
and thorough understanding of our
constitution. This would answer the
question what it is, why the current
prime minister’s treatment of cabinet,
parliament and the judiciary is so
damaging and why it is worth
everyone’s time to fight for it.
Professor AW Bradley’s Constitutional
and Administrative Law is a difficult
read. If the “good chap” theory of
government is elitist, in Norman’s
phrase, then members of the elite
should explain what it is — on TV and
in our schools and universities — so as
to excite us, in the hope that we will
vote for a less cavalier leader next time.
Thomas Dick
London W14, UK

is worse than bad
am increasingly pessimistic,” said
Adrian Smith, president of the Royal
Society, on Monday, who warned that
international collaborations were the
lifeblood of science and pulling out of
Horizon projects would be “inherently
bad and difficult. We really are in the
last chance saloon.”
Losing connections forged over four
decades to the world’s leading collabo-
rative research programme through
poor statecraft is worse than bad. It
makes a mockery of the government’s
self-proclaimed ambition to turn the
UK into a global science superpower.
The stalemate also jeopardises UK
involvement in Copernicus, an EU sat-
ellite programme, and Euratom, the
nuclear research partnership. This is
gambling with our future economic
prosperity. The space industry brings
in about £17bn annually to the econ-
omy and nuclear fusion is feted as an
important future pillar of UK energy
and industrial policy.
Ben Sheldon, a biology professor at
Oxford university, recently won a
€3.1mn European Research Council
grant to study the effects of climate
change on plants and animals. It will
be withdrawn on June 29 unless the
UK formally associates with Horizon
Europe — or he shifts his research to
an EU institution, even though the
work is on a unique British site and
reformulated through alliances with
non-EU nations: Switzerland, Norway
and Israel are all associate members of
Horizon Europe. Japan, Canada, South
Korea and New Zealand are also in
association talks (any open-market
democracy with good research cre-
dentials can apply). The UK is walking
away from a party that nations further
afield are looking to join.
One anonymous academic at a dif-
ferent British university said the “very
stressful” uncertainty had motivated
their decision to leave the UK, taking
the ERC money with them: “In the
long run, the UK can’t be trusted as
seen from political decisions and the
economy is stalled due to Brexit, so a
permanent job elsewhere [in the
EU] . . . seemed like the safer option.”
The academic said they would now
recruit their research team abroad.
This illustrates the cost to UK sci-
ence of perpetual war with the EU: a
stream of brilliant but disillusioned
scientists transferring their skills,
money and job creation plans to coun-
tries where it is easier to operate and
collaborate. Unsurprisingly, all the
arguments that apply to frictionless
trade apply to frictionless science:
there are obvious, significant and
mounting disadvantages that come
from erecting barriers to co-operation
with our nearest neighbours.
The writer is a science commentator
systemically important category of
“private money” if they are widely
used in consumer and commercial
dealings. In that event, the collapse of a
leading stablecoin could trigger a
systemic panic in financial markets
and inflict widespread losses
throughout the economy. Governments
would likely bail out stablecoins to
prevent such an outcome, as they have
done with money market funds.
The time is ripe for governments
around the world to regulate
stablecoins in the same manner as
bank deposits. In the US, President Joe
Biden signed an executive order in
March 2022 requiring federal agencies
to assess the risks and benefits of
digital assets. In April, the UK
government announced plans to
recognise stablecoins as a valid form of
payment. The EU’s pending proposal
for a Regulation on Markets in Crypto-
assets aims to establish a common
regulatory framework for issuers and
providers of cryptoassets. Requiring
stablecoin providers to be regulated as
banks must be a central component of
all three initiatives.
Rosa Lastra
Sir John Lubbock Chair in Banking Law
Queen Mary University of London
London E1, UK
Arthur Wilmarth
Professor Emeritus of Law
George Washington University
Washington, DC, US
each other’s status.
Kosovo beat Estonia at rugby sevens
at the weekend and Kosovo football
and rock stars have a huge European
fan base.
Vladimir Putin of course backs
Serbia’s view that Kosovo is still a
breakaway province. The Kremlin
hates the idea of the Balkans (and
Ukraine and Georgia) becoming
European and prefers to see the
Brexit-style Balkanisation of Europe.
President Emmanuel Macron
proposed to bring in the western
Balkans in a major speech at the
Sorbonne in 2017 but ran into the
opposition of Spain, Greece and other
nations and the waning interest of
Angela Merkel who — to paraphrase
Bismarck — gave the impression the
Balkans were not worth the energy and
engagement of any German chancellor.
Macron sadly reversed course,
treating Albania very shabbily as
French rightist politicians started
muttering about more Muslims in
Europe, even if Balkan Muslims enjoy
their raki, wine and beer and afford
women the same rights as those who
live north of the Alps.
The EU likes to proclaim its status as
a global player, but the small-minded
nationalist bigotry against the Balkan
peoples is shameful.
Denis MacShane
Former Europe Minister
London SW1, UK
not getting soon enough.
It would not be surprising if the
west tries to wriggle out of that
commitment too.
Boris Danik
North Caldwell, NJ, US
Here’s an idea to solve the
food and energy crisis
We are facing a global food crisis
(“West acts fast to avoid food crisis and
negate Moscow’s blame game”, Global
Insight, June 9) and I am dismayed by
the lack of a strategic global response.
What about this for an idea?
Brazil produces sugar instead of
biofuel, for export to the US. The US
cuts tariffs and import barriers on
sugar, freeing US farmers to grow
wheat instead of producing corn syrup
for the food and beverage industry
(incidentally alleviating the current
obesity epidemic in America).
Increased US wheat production goes
to Middle Eastern importers of grain
who buy from the US instead of Russia
and divert supplies of energy to Brazil.
This particular idea may seem
fanciful but we need to see a lot more
creativity from leaders around the
world.
Both the energy and the food crisis
require global solutions and a radical
rethinking of the established order.
Bill Mendenhall
London SW15, UK
To whom should we
attribute the concept?
In his op-ed on the alleged amorality of
our prime minister (June 10) Jesse
Norman makes one small error. He
implies the concept of “a government
of laws not men” was first articulated
by David Hume. Hume, however,
borrowed it from James Harrington’s
The Commonwealth of Oceana (1656).
Dermot Gleeson
Wood Street Village, Surrey, UK
Why commentators are
guilty of double standards
I am bemused by commentators (both
media and politicians) who believe
Boris Johnson should step down on the
basis that about 40 per cent of his MPs
no longer support him and that the
views of this coterie somehow override
the balance of the remaining 60 per
cent (“Northern Ireland protocol adds
to pressures building at No 10”, Report,
June 8). Yet those very same
commentators do not believe that
approximately the same percentage of
people in Northern Ireland who are
opposed to the Northern Ireland
protocol have the right to be heard and
moreover the will of the other 60 per
cent is inviolable. Now that’s what I call
duplicity.
John Turner
Dublin, Ireland
Wednesday 15 June 2022
A MER ICA
Janan
Ganesh
T
ariffs are wrong. The US
should continue its role as
security guarantor of the
free world. Truth is objec-
tive and not relative or
“constructed”.
That is a far from exhaustive list of the
epiphanies that some progressives
waited until the Donald Trump years to
have. The former US president’s under-
rated gift to politics was, at least on some
issues, a better, harder-headed left.
Saudi Arabia wasn’t one of them.
Here, the itch to oppose Trump, who
courted the kingdom, boxed the left into
Policy errors
of the 1970s
echo today
Martin Wolf Economics
Vast debts of both developed and
emerging countries make the
economy more fragile than before
U
nexpectedly high inflation,
wars in key commodity-
producing regions, declin-
ing real wages, slowing eco-
nomic growth, fears of
tightening monetary policy and turbu-
lence in stock markets — we see all of
these things in today’s world economy.
These were also the dominant features
of the world economy in the 1970s. That
period ended in the early 1980s, with a
brutal monetary tightening in the US, a
sharp reduction in inflation and a wave
of debt crises in developing countries,
especially in those of Latin America. It
was also followed by huge changes in
economic policy: conventional Keyne-
sian economics was buried, labour mar-
kets were liberalised, state-owned
enterprises were privatised and econo-
mies were opened up to trade.
How close are the parallels, especially
to the 1970s? What are the differences?
And what can we learn from those mis-
takes? The World Bank’s latest Global
Economic Prospects report addresses
these questions. The parallels are clear,
as are differences. Not least, there are
mistakes to be avoided: do not be over-
optimistic; do not take high inflation
lightly; and do not leave vulnerable peo-
ple and economies unprotected against
the shocks and their painful legacies.
Does what we are seeing already
amount to stagflation — defined as a
prolonged period of higher than
expected inflation and lower than ini-
tially expected growth? The answer is
“not yet”, but it is a risk.
Mia
Mottley
O
n October 10 2008, G7
finance ministers and cen-
tral bankers met at the US
Treasury in Washington as
the greatest financial crisis
since the Depression unfolded. Those
gathered recognised the moment and
grasped it. They tore up the prepared
communiqué and wrote another: one of
the shortest, most influential on record.
The first point read, “We agree to take
decisive action and use all available
tools.” And they did.
Since then, G7 central banks have
purchased $25tn of government bonds,
avoiding another depression. On that
day and the days that followed, they
Biden is right to visit Saudi Arabia
a position of impractical righteousness.
Joe Biden called it a “pariah state” for
killing a Virginia-resident journalist and
dissident. He has snubbed the crown
prince, Mohammed bin Salman, who
could plausibly govern his country for
the next half-century. Eighteen months
into his administration, America has no
permanent ambassador in Riyadh.
There is real conscience here: about
the murder, about the uses to which US
arms sales are put. But if Biden’s chill on
US-Saudi relations was ever sensible, he
wouldn’t be in the sheepish and entirely
foreseeable process of undoing it. He
wouldn’t face the ignominy of a visit to
the huge oil producer — perhaps next
month — to coax it into easing supply.
Biden should not just defrost US rela-
tions with Saudi Arabia. He should use
the moment to give up an entire way of
framing the modern world. The west is
locked in a struggle against two specific
autocracies. Not, as some would have it,
Inflation is well above target almost
everywhere. As in the 1970s, this is
partly due to one-off shocks — then two
wars in the Middle East (the Yom Kip-
pur war of 1973 and the Iran-Iraq war
which began in 1980), this time Covid
and Russia’s invasion of Ukraine. Most
important is the danger that this infla-
tion will become embedded in expecta-
tions and so in economies. Part of the
reason this risk intensified in the 1970s
was the failure to recognise in time the
slowdown in the rate of potential
growth. Today, too, optimists assume
pre-pandemic growth trends will con-
tinue. Yet the World Bank argues: “Over
the 2020s as a whole, potential global
growth is expected to slow 0.6 percent-
age points below the 2010s average.”
The echoes of the 1970s are loud then:
higher than expected inflation, big
shocks and weakening growth. But the
differences are also encouraging. The
real price of oil jumped substantially
more between 1973 and 1981 than this
time. Global inflation is also much less
broad-based than it became in the
1970s. This is especially true of “core”
inflation. Yet this may be because we are
at an early stage in the inflationary proc-
ess. Inflation is likely to become broader
the more persistent it is.
Monetary policy frameworks are also
more credible and more focused on
price stability than those of the 1970s.
But the latter, too, has become less true
recently, especially in the US. Moreover,
inflation expectations in, say, 1970 were
certainly not for the inflation that
Climate change requires a new financial architecture for us all
showed that humanity is not limited by
ambition or ability.
Today we are in the throes of another
crisis — an even bigger one. The Inter-
governmental Panel on Climate Change
tells us that the Earth’s average temper-
ature is 1.1C above where it was before
European industrialisation. And at 1.5C,
the earth’s chemical, biological and
physical systems destabilise.
Between the Tropics of Cancer and
Capricorn, rising temperatures and sea
levels have already made floods and
droughts more devastating and created
new problems, from climate refugees to
locust plagues to saltwater intrusion in
freshwater wells. My country, Barbados,
is on this frontline, where a storm can
destroy 100 per cent of our national
income in a few hours.
But the frontline is moving towards
the industrialised north, where the
resources to make the investments in
climate mitigation we need reside.
★ FINANCIAL TIMES
Opinion
against “autocracy”. The challenge from
Russia and China (US Republicans
would name Iran as a third) is daunting
enough without volunteering for a
showdown with a complete mode of
government. As during the cold war, in
fact, countries that practise it will have
The west is locked in a
struggle against two
specific autocracies, not
against ‘autocracy’
to be enlisted to the US side of the super-
power conflict.
This month, the former US diplomat
Ivo Daalder and former Nato secretary-
general Anders Fogh Rasmussen pro-
posed an “economic Article 5”. Like
Nato’s collective defence clause, it
would trigger a unified response from
Inflation has risen unexpectedly strongly
everywhere since 2020
CPI inflation (annual % change)
World Low-income countries
Emerging & developing Advanced
economies economies
2019 2020 2021
Source: World Bank
subsequently occurred. Policymakers
tended to blame inflation on temporary
factors then, too, just as we have seen
more recently. Economies are, it is true,
more flexible now than in the 1970s. But
the upsurge in protectionism may lead
to a reversal in this respect. Energy
intensity has certainly fallen since then,
too. But energy prices are still impor-
tant. Finally, fiscal policy is expected to
be less expansionary this time, though it
was very much so in 2020 and 2021.
In all, the assumption that things will
An assumption that
things will be very different
this time has plausibility
but is far from certain
It has not reached those countries
yet, but when it does, it will be too late.
If, 14 years ago, governments had
instructed their central banks to pur-
chase bonds that financed climate
mitigation, instead of ordinary govern-
ment bonds, we would by now be
G7 countries should adopt
Barbados-style natural
disaster clauses in all of
their government bonds
halfway to ending the climate crisis.
When the G7 meets again in Bavaria
on June 26, the war in Ukraine and food
and energy inflation will dominate the
conversation. But the biggest crisis
facing humanity must also be firmly on
the agenda.
Today, multilateral development
an “alliance of democracies” when any
one of them were subject to economic
coercion.
It is a beguiling and even stirring idea.
It would have helped Australia as China
pressured it during the coronavirus
pandemic. But it has no place, presuma-
bly, for Saudi oil or Algerian natural gas.
It would have to decide how much use it
could make in good conscience of Bra-
zilian agribusiness while that nation is
under populist sway.
Against such pickiness, one could cite
the common cause the Allies made with
Stalin against Hitler, or the caudillos
whom the US cultivated in the cold war.
But it isn’t necessary to ransack another
century for cases of fruitful moral
compromise. It isn’t even necessary to
leave the past decade or the Arabian
peninsula.
If the US has been able to worry a tad
less about the Middle East of late, it is
because of the new accords between
Debts of developing countries are much
bigger than in the 1970s
Debt in emerging & developing economies (% of GDP)
10
8
6 Private
4
2
0 0
2022 1970 1980 1990
Sources: IMF; World Bank
be very different this time has plausibil-
ity but is far from certain.
Above all, whether it proves true
depends on what policymakers do.
They need to avoid the mistake of allow-
ing inflation to get out of control, as they
did in the 1970s. They should still have
time to do this. But acting decisively cre-
ates dangers too, most obviously of an
unnecessarily sharp slowdown, with the
economic costs that would follow.
Against this, it is possible that demo-
graphic shifts, slowing technological
change, deglobalisation, exhaustion of
important past opportunities for growth
and rising populism will weaken disin-
flationary forces in the long term. That
would make achieving and sustaining
low inflation even harder.
An obvious danger arises in the one
respect in which the world economy
banks, such as the World Bank, can only
lend on concessional terms — low-inter-
est rates and long repayment periods —
to the poorest countries. But, partly as a
result of globalisation, more than 70 per
cent of the world’s poor do not live in the
poorest countries. And because of the
climate crisis, middle-income countries
on the frontline are vulnerable to losing
everything from climatic events, or else
of sinking below the waves.
Expressing sympathy afterwards is
too late. Climate-vulnerable countries
need funds now to build defences. And
the G7 can make a difference by widen-
ing the eligibility for concessional lend-
ing to include climate vulnerability.
The poorest countries need all the
support they can get. Current efforts to
achieve the UN’s sustainable develop-
ment goals require additional financing.
If the G7 were to agree to channel part of
the almost $1tn of special drawing
rights, issued by the IMF to help central
democratic Israel and the conservative
monarchies of the United Arab Emir-
ates. Biden’s strict account of the world’s
defining faultline as “democracies and
autocracies” wouldn’t allow for these. It
was under the auspices of his amoral
predecessor that the accords were
formalised.
The will and fibre of the west are what
is always doubted. But it is its subtlety
and cynicism that are more often want-
ing. Biden has suffered and profited
from this strange discrepancy. His with-
drawal from Afghanistan in 2021 is still
abhorred as the act of a dilettante, as
though the US had committed 12
months and not 20 years to the place.
For letting conscience pall relations with
Saudi Arabia, a US ally for longer than
he has been alive, and one with an alter-
native suitor in China, he has received a
fraction of the scrutiny.
Even as he unpicks that decision,
grudgingly, a view of the west’s
Foreign currency and external debt of
developing countries has risen
Emerging market & developing economies’ external
200 debt & foreign currency share of government debt
Total
External debt (% of GDP)
150
100
50
Government
2000 2010 2020 2005 2007 2009 2011 2013 2015 2017 2019
Sources: World Bank; IMF; Haver Analytics
looks more fragile than 40 years ago: the
size of the debt stock, especially the
stock denominated in foreign curren-
cies. Crucially, that is not only true of
emerging and developing countries. The
euro, too, is in essence a foreign cur-
rency for a crisis-hit eurozone member.
If monetary policy tightening were
substantial and prolonged, messy and
costly debt crises are likely to emerge. It
is widely believed that the lenders are
better placed to take such hits than the
international banks in the early 1980s.
But the borrowers might not be: one
must assume that those with a choice to
make between imports of food and
energy, on the one hand, and debt serv-
ice, on the other, will normally choose
the former.
It is also too optimistic even to be sure
that the shocks to the real economy
banks lend their reserves, to multilat-
eral development banks, then the latter
could lend $500bn more.
The countries meeting in Bavaria,
plus the former Soviet Union, account
for almost 50 per cent of the stock of
greenhouse gasses that cause global
warming. But the costs of dealing with
the climate crisis rests on the tiny bal-
ance sheets of frontline states that made
next to no contribution to the problem.
We need a new financial architecture
that can better respond to the current
reality of massive vulnerability to exter-
nal shocks. G7 countries should set the
market convention by adopting Barba-
dos-style natural disaster clauses in all
of their government bonds. Under these
clauses, debt servicing is automatically
suspended when an independently veri-
fied disaster hits and put back on at the
end of the term with compensating
interest.
If every country had had such clauses
17
challenger as autocracy tout court will
lead him to make others like it. Better
retire that vision than try and fail to
honour it.
A generation has passed since George
W Bush allowed a specific attack by al-
Qaeda to set off a war against “terror”.
The US is still recovering from the over-
reach. It is useful, no doubt, to define
one’s enemy in philosophic and not par-
ticular terms. It seems less vindictive. It
is a more rousing call to action for citi-
zens and foreign allies. But it is also too
much to live up to.
Perhaps the west, if it doesn’t want to
say “Russia and China”, can define what
it sets itself against as violators of terri-
torial sovereignty, or disrupters of the
rules-based order. But it can’t be the
autocratic world in the abstract. Too
much of it, as Biden may bashfully allow
in the desert this summer, is too useful.
janan.ganesh@ft.com
30
25
20
Foreign currency share of 15
total government debt (%)
10
themselves are over. The virus might
have more ghastly tricks up its sleeve.
Moreover, nobody knows how the war
will unfold. What is more, some of the
measures being discussed, notably a
ban on marine insurance on shipments
of Russian oil, might generate further
jumps in global oil prices. Russia might
also cut off exports of gas to Europe,
generating further disturbance.
I worked as an economist at the World
Bank in the 1970s. What I remember
most about that period was the perva-
sive uncertainty: we did not have any
idea what would happen next. Many
mistakes were made, some out of over-
optimism and others out of panic. The
past does not repeat itself. But it is
rhyming. Do not ignore time’s poetry.
martin.wolf@ft.com
during the pandemic, developing coun-
tries would have had access to a sub-
stantial store of additional liquidity.
Instead, constrained by the existing
debt architecture and fearful of a messy
rescheduling, developing countries
accounted for only 5 per cent of the glo-
bal fiscal and monetary response.
Finally, we need a new and separate
balance sheet on which the costs of
addressing external problems sit,
instead of on the balance sheets of the
most vulnerable countries. This global
balance sheet could be funded through
the issuance of new climate instruments
where part of the return is a verifiable
amount of greenhouse gases reduced or
removed, or measurable climate adap-
tation achieved.
This is all unprecedented, but doing
nothing is the riskiest option. The wave
is coming.
The writer is prime minister of Barbados
18 ★ FINANCIAL TIMES Wednesday 15 June 2022

Atos: hello, I must be going

A squeeze on sales and profitability has put pressure on the French IT group’s share price. The departure of
its chief executive and a break-up plan intensified the sell-off yesterday. The proposal would split Atos into a
lossmaking legacy business and a profitable data and cyber security unit.

What Atos might look like Performance has waned

Twitter: @FTLex
JGBs/BlueBay:
braving the widowmaker
John Templeton hated the contrarian
claim “this time it’s different”. The US
investor would have disapproved of
fund manager BlueBay betting that
Japanese government bond yields will
jump. This dangerous vote of no
confidence in the policies of the Bank
of Japan is known as “the widow maker
trade”. But the sharpest surge in
inflation in four decades puts bond
vigilantes on a stronger footing.
Betting against central banks can
work in certain situations. Some
investors took positions against the
dollar-based currency regime of
Argentina, which collapsed in 2002.
But even its Convertibility Plan lasted
for over a decade and the Bank of Japan
is a more formidable opponent.
The US Federal Reserve and the
European Central Bank are raising
interest rates to attack inflation. The
US central bank looks likely to raise by
0.75 per cent to 1.5-1.75 per cent. That
makes the BoJ an outlier. It has
continued to cap yields of longer dated
10-year JGBs at 0.25 per cent.
A gap between JGB and US Treasury
yields has therefore opened up.
BlueBay, a London-based unit of RBC,
believes the yield cap must rise. A 14
per cent drop in the yen this year
inspires bearishness. Inflation has
climbed to its highest rate since 2014.
We have been here before. Fund
managers who shorted JGBs in 1993,
2003 and 2013 failed miserably. One
reason was that Japan’s economic
growth was stumbling, then as now.
Local investors dominated the holdings
of JGBs with more than 90 per cent of
outstanding debt. That is still the case.
Foreign holdings have grown but only
to 14 per cent by December last year.
Nervous foreigners make little
difference to outcomes, agrees
BlueBay’s chief investment officer
Mark Dowding. Domestic holders will,
however, trim JGB holdings. Japan has
the highest debt-to-GDP ratio among
all economies, at more than 250 per
cent. The combination of a cost of
living squeeze and an approaching
natural limit to BoJ bond purchases
should force compromise.
Global inflation shows no sign of
abating. Raising the yield cap would at
least allow the BoJ to declare victory
against decades of deflationary
pressure. Short sellers of JGBs may not
rival George Soros, who drove sterling
out of the European Exchange Rate
Mechanism. But they could make the
widowmaker trade look much less
formidable.
Ashtead/construction:
jack hammer to fall
Ashtead, a UK-listed group that is big in
the US, is a good prism for surveying
the effect of downturns on company
balance sheets. The business struggled
when growth faltered in the early
2000s. It weathered a recession later
that decade in better shape.
Plant-hire businesses are doubly
procyclical. In a recession, the loss of
output suffered by construction groups
is a multiple of broader GDP. They pass
that on to businesses renting them jack
hammers and other gear.
The borrowings of the latter may
amplify their own losses.
Shares in Ashtead have shed more
than 40 per cent since peaking last
November. Earnings per share remain
at an all-time high. Perhaps that is why
chief executive Brendan Horgan voiced
little concern over the US economy
when revealing results. He even raised
US capital spending plans.
Most businesses claim defensive
qualities when economies start to tank.
Investors should assess those claims
carefully. Ashtead says that scale and
diversification protect it. Exposure to
frothy US housing is tiny. Sales to
customers outside construction have
risen to 55 per cent. A business
providing power and climate control
equipment is growing at more than
30 per cent annually.
The company forecasts rental growth
of 13-16 per cent this financial year. If
so, shares trading at 12 times earnings
— below their five-year average of 15
times — are cheap. That appears
optimistic. Ashtead’s net debts doubled
in the two years to 2008, hitting three
times ebitda in 2010 and braking
profits growth. Leverage today,
excluding leases, is a modest 1.5 times.
But earnings have surely peaked.
Apply the 46 per cent peak-to-trough
fall in ebitda of over a decade ago and
leverage would rise to 2.7 times.
Procyclical businesses should taper
buybacks, shelve pricey takeover plans
and rein in expenses. There was once a
Pro-forma, 2021
Revenue €bn Free cash flow before interest and taxes €bn
Big data,
Legacy IT
services digital transformation
& cyber security
FT graphic Source: Company
Atos enjoyed years of acquisition-
fuelled growth. Flaws in the French
IT group’s roll-up strategy began
appearing after an ambitious bid
failed in early 2021.
Even so, investors are shocked by
the news that chief executive
Rodolphe Belmer is leaving amid a
restructuring. The shares, down by
three-quarters since January 2021,
fell another 23 per cent yesterday.
Belmer is apparently departing
after falling out with other board
members over a spin-off. The discord
left the ex-Eutelsat boss, who started
only in January, ill-placed to sell the
turnround plan’s merits underpinned
by the transaction.
There is a logic in demerging a
profitable big data and cyber security
gaggle of UK-listed plant-hire groups
that managed balance sheets badly.
Ashtead is the only big survivor.
Idemitsu/Eneos:
the refiner things in life
Japan’s second-largest oil wholesaler is
following a nascent trend with plans to
shut a key refinery. Idemitsu Kosan
anticipates a global switch to electric
vehicles. It needs to find a new métier
to compensate for falling demand in its
core business; making hydrogen and
ammonia is one possibility.
The Yamaguchi refinery, accounting
for more than a tenth of Idemitsu’s
total refining capacity, will stop
making hydrocarbon fuels by the end
Revenue (€bn)
8.9
7.5
10
8 6
6 2
4 2017
Source: S&P Capital iQ
2 Atos
Share price (€)
0
-2
Total
2019
Source: Refinitiv
division. That should stop it being
dragged down by the legacy IT services
business. This is suffering from
problematic legacy contracts and IT
budgets shifting to cloud investment.
Atos reckons that IT services will
cost €1.1bn to turn round. The unit is
expected to start making operating
profits only in 2025. Investors will
attribute little value to it. The big data
and cyber security business operates
in fast-growing markets and is worth
more. Atos reckons free cash flow,
before interest and tax, could grow
nearly fivefold to €700mn by 2026.
Assume, generously, that the
company meets its targets. Applying
a 7 per cent free cash flow yield and
deducting €400mn of planned
investment, implies a value of as
of March 2024. Eneos Holdings, the
country’s largest oil group, has already
closed several of its own plants.
It is the right move. Local demand
for fuel oil is down more a than third in
the past two decades. Operating
margins are slim. They turned negative
for both groups three times on an
annual basis in the past decade.
Idemitsu may repurpose the plant to
make cleaner energy sources. Eneos
has bet on electric vehicles, taking over
rights to operate a network of electric
chargers from tech group NEC this
month. Yet EVs accounted for just 1 per
cent of overall car sales in Japan last
year. Demand for charging time will
not compensate for slim margins in
refining. These were sliding well before
EVs entered mass production.
Blame a longer-standing trend: the
Operating profit margin (%)
14
8.0 12
6.8
10
8 Prologis/Duke:
1.7 4
0 investment during the first two years of
18 19 20 21
80
60
40
20
0 sites in key cities to build storage
2020 2021 2022
much as €3.5bn for Atos investors
who would receive 70 per cent of it.
The remainder would be held
by the rump company to fund the
turnround.
Investors should be more sceptical.
Atos needs €1.6bn in funding for
2021-22, after taking account of debt
repayments and planned asset sales.
This sum is now bigger than the
market value. Given its weak cash
flows, there is a risk that net debts
will rise sharply. That would breach
a debt covenant, Citigroup says.
Atos insists there is no risk of this,
so no need to raise more capital. But
the management team is untested.
Any investor joining this rescue
mission may themselves end up
floundering.
ageing population of Japan is driving
less. Car ownership has continued to
fall over the past two decades. A
quarter of households do not own a car.
Japan’s refiners lag behind regional
rivals. For example, South Korean
peers S-Oil and SK Innovation operate
plants with the latest crude oil
processing technologies that produce
cleaner petroleum products. A
significant chunk of their sales comes
from global exports.
Shares in Idemitsu are up more than
a third in the past year and Eneos’s
have risen a fifth. Those gains reflect
higher oil prices rather than clean
energy evangelism.
At the current tentative transition
rate, it would be a long time before
batteries, hydrogen and ammonia
became viable substitutes for refining.
warehouse rave
Warehouse operators were a winning
the pandemic. Demand for industrial
storage surged amid a boom in online
shopping. More recently, supply-chain
bottlenecks have prompted companies
to stockpile goods, fuelling demand for
places to stash merchandise.
Prologis of the US is the world’s
largest warehouse owner with an $81bn
market value. Growing means finding
capacity. It appeared to have found a
solution this week: buying a smaller
rival. The real estate group is acquiring
Duke Realty for $25.6bn, including
debt. Under the terms of the all-stock
deal, Duke shareholders will receive
0.475 of a Prologis share for each of
theirs. Based on Friday’s closing prices
for the two companies, that values
Duke at $55.66 a share and represents
a 10 per cent premium.
Prologis had initially offered to buy
Duke stock at a ratio of 0.466 of its own
shares. That offer, made over a month
ago, valued Duke at $61.68 per share, a
29 per cent premium to the group’s
share price at the time.
Investors are unimpressed. Shares in
Prologis are down 6 per cent since the
deal was announced on Monday. Fears
of a slowdown in ecommerce activity
have weighed on the sector. Investors
may also balk at handing a fifth of the
new company’s equity to Duke, even
though the latter will contribute only
17 per cent of the new group’s ebitda.
But Prologis deserves the benefit of
the doubt. The $310mn-$370mn cost
saving it is forecasting for the first year,
worth between $2.3bn-$2.7bn taxed
and capitalised, more than covers the
premium it is paying for Duke.
Demand is also holding up. Prologis
reported an average occupancy rate of
97.4 per cent in its most recent quarter.
Growth in online shopping will slow,
but its long-term prospects are good.
Buying Duke will expand Prologis’s
presence in areas including southern
California and south Florida.
And paying in shares gives plenty of
downside protection.
Lex on the web
For notes on today’s stories
go to www.ft.com/lex

CROSSWORD
No 17,121 Set by MONK
       ACROSS
8 Send in suspect, a menace to some
  (6)
9 Perhaps gondolier’s attendant and
general averting eyes, reportedly (8)
10 Violently react – tenner to enter
 dock for anniversary (15)
11 Raver almost popping one – a wake-
up call (8)
13 Sketches outline of rook in dots (6)
   14 Guitarist initially stumped by
drummer removing his old thong (1-
6)
16 Veteran’s reserved, not starting
    unlimited drink (3,4)
19 Bodyguard died, choked by
 underground worker (6)
21 Privately contrived wild yarn (8)
    23 Draw attention orally when upset
(8,7)
25 Immediately securing emptied lake
in South American island (2,6)
  26 Ticket issuer finally getting driver, of
sorts (6)
DOWN
1 With refinements, flood’s essentially
  fixed for good (2,4)
2 Jerseys, say Charlie, caught north of
river (8)
3 Final score getting last third docked
for backing addict (4)
4 Very small note in agreement raised
an element of force? (7)
5 Show disapproval at entering
JOTTER PAD country, going over many rules?
(7,3)
6 British hunt ending in reputable,
independent oil exporters (6)
7 Old poet retaining grip exposed
hooligan down under (8)
12 Silver often kept him going, a
Solution 17,120 recluse nark (4,6)
15 Maybe refuse to end up in this
' ( / , 6 + $ % 8 ' + $ % , worker’s tight trousers (3,5)
( ( $ % ( $ ' 1
) $ & 8 / 7 < $ / / 8 ' ( 6
17 Others possibly emptied Rotary
/ 2 7 5 7 / 8 account, according to PC? (8)
$
7
: 5
%
<
,
% ( 1 (
6 $
) ,
$
& , $ /
& 7
18 Old King of Israel wearing armour –
( 4 8 , 1 ( $ 6 8 1 ' ( 5 weight mounting (7)
' 6 7 9 ( & % 7 20Force large rhubarb (6)
6
1 ,
(
* +
(
7 , (
( )
: (
6
, 5 ' 2
( ,
22 Fatter one having hidden –
3 ( 5 , : , 1 . / ( 3 $ : 1 hopefully not in here! (6)
/ 2 1 8 2 . - 24At any time, drink in clubs – on the
( 1 5
( 8
2 8
1
7 (
6
7
(
$ %
2
/ ( $ 8
5 5
contrary (4)
1 2 % 2 ' , ( 6 ) ( , 6 7 <