THURSDAY 18 AUGUST 2022 NATIONAL NEWSPAPER OF THE YEAR UK £3.30 Channel Islands £3.40; Republic of Ireland €3.

70

Symbol of rust Inside Goldman Driving Ms Cheney

Rush to spruce up Eiffel Tower is Has chief Solomon reinvented the Quest for truth fed wrath of Trump’s
short-termist — VICTOR MALLET, PAGE 20 investment bank? — BIG READ, PAGE 19 devotees — EDWARD LUCE, PAGE 21

Soaring inflation rises above Briefing

i PwC partners average above £1mn pay

10% for first time in 40 years

UK partners at Big Four accounting firm PwC were
paid an average of more than £1mn for the first time
last year, in part thanks to a big increase in revenues
from its consultancy business.— PAGE 7

i Partial win for ministers in Rwanda case

3 UK pace outstrips G7 and most of Europe 3 Peak forecast at 13% 3 BoE set to raise rates
CHRIS GILES — ECONOMICS EDITOR
The UK’s inflation rate, the highest
among G7 nations, entered double-digit
territory in July for the first time in more
than 40 years on the back of soaring glo-
bal food and energy costs.
Consumer prices were 10.1 per cent
higher than a year earlier, rising from
the June rate of 9.4 per cent and exceed-
ing expectations that inflation would
remain in the single digits.
With price rises forecast to peak at
more than 13 per cent this year, the toll
on living standards is likely to push the
economy into recession.
The Bank of England is now expected
to impose another 0.5 percentage point
increase in interest rates next month.
For Liz Truss and Rishi Sunak, who
are in a face-off to be the next prime
minister within three weeks, the victor’s
economic inheritance will resemble the
1970s era, when Britain was regarded as
the “sick man of Europe”.
Fitch, the rating agency, said yester-
day that “a challenging mix of high infla-
tion and slowing economic growth in the
UK will constrain policy options for the
next prime minister”.
Nadhim Zahawi, the recently instal-
led chancellor, said: “I understand that
times are tough, and people are worried
about increases in prices that countries
around the world are facing.”
Economists described the rise in infla-
tion — the UK’s highest since February
1982 — as bleak.
“Silver linings to this report are few
and far between,” said Sandra Horsfield
of Investec. “The Bank of England will
feel the pressure for further monetary
tightening to combat higher prices.”
Grant Fitzner, chief economist at the
Office for National Statistics, said a
“wide range of price rises drove inflation
up again this month”.
Bread, dairy products, meat and vege-
tables contributed the most to the
increase in inflation. With chaos at air-
ports and restricted supply of flights,
2012 2013 2014 2015
Source: ONS
Price pain: the price of package holidays also rose
food inflation much faster this year than in 2021.
reached 12.7% in Food price inflation hit 12.7 per cent in
July, hitting the July, the highest rate in the category for
poorest hardest more than 20 years. The core rate of CPI
inflation, excluding energy and food
prices, also exceeded expectations in
July, hitting 6.2 per cent, ahead of econo-
mists’ expectations of 5.8 per cent.
Only in 12 per cent of the categories
that make up the UK index were prices
rising at an annual rate below the
‘Silver linings to
this report are few
and far between’
Sandra Horsfield, economist
Year-on-year change in CPI
JULY 2022 10
2016 2017 2018 2019
Bank of England’s 2 per cent target.
While all advanced economies have
seen a rise in inflation, it has been
stronger in the UK than in other G7
countries and most European nations.
That reflects the country’s greater use of
gas, the underlying strong growth in
spending last year and a decline in the
employment rate caused by Brexit-
related trade frictions.
Unlike the US and Canada, where the
inflation rate softened slightly in July,
price pressures intensified for most
goods and services in the UK.
However, the Federal Reserve is still
in the midst of raising rates to calm
inflation. In Fed minutes released yes-
terday, officials discussed the need to
keep interest rates at levels that restrict
the economy “for some time” to ensure
10.1%
2020 2021
Photo: Shutterstock
they can contain soaring inflation.
UK inflation is expected to moderate
in the next two months as cheaper pet-
rol prices in August feed into the calcu-
lations, but the gap with other G7 coun-
tries is likely to widen in October when
higher energy prices are fed into house-
hold bills. That will further lower living
standards among poorer households,
leading to a likely recession that the BoE
expects to last more than a year.
Short-term UK borrowing costs yes-
terday soared to their highest since
2008 as investors priced in a rate rise
next month. Two-year gilt yields rose
0.3 percentage points to 2.45 per cent.
Time running out for bills relief page 2
BoE ‘sleeping at the wheel’ page 3
Fed debated restrictive rates page 5
Gilts sell off page 11
A judge has ruled ministers can redact four extracts
from papers referring to Rwanda’s alleged use of
torture and killings before a legal challenge to the
policy of sending asylum seekers there.— PAGE 2
i Premier League poised to net £6bn
Revenue for the Premier League
is set to rise 10 per cent to £6bn
this season as a deal to show top-
tier English football on TV in
the US helps it further outscore
European rivals.— PAGE 7
8
i New round of transport strikes looms
More disruption is threatened on public transport
this week, with three unions calling strikes on trains,
Tubes and buses, and few signs of progress in talks to
6 end the pay disputes.— PAGE 2
i Gambling watchdog fines Entain £17mn
Ladbrokes and Coral owner Entain has been fined a
4 record £17mn by the gambling regulator for social
responsibility and anti-money-laundering failings
under rules governing gaming operators.— PAGE 10
i Balkan talks aim to calm Kosovo clashes
2 The leaders of Serbia and Kosovo will hold “difficult”
talks in Brussels today after weeks of tension
resulted in border disturbances, stirring fears of a
conflict between the Balkan neighbours.— PAGE 4
0 i Norway fund warns of hard times ahead
2022 The head of the largest sovereign wealth investor,
Norway’s oil fund, warned of hard years ahead after
it made a $174bn first-half loss as monetary stimulus
policies were cut and interest rates rose.— PAGE 7
Datawatch
Teens and tech Changes in the
US teens (13-17) saying US social media
they use the site/app (%) YouTube 95
landscape are
apparent in the
Facebook 71 TikTok 67 latest Pew survey
Instagram 62 of teenagers’
Instagram 52 Snapchat 59 usage of sites and
Snapchat 41 apps. YouTube
Twitter 33 Facebook 32 and TikTok are
Twitter 23
Twitch 20 WhatsApp 17 most popular, with
Tumblr 14 Reddit 14 shifts away from
Tumblr 5 Facebook and
2014-15 2022 towards Instagram
Survey Apr-May 2022
Source: Pew Research Center and Snapchat

Japan’s latest advice on alcohol to its

Garland rides political
storm over Trump probes
US attorney-general Merrick Garland
has become a lightning rod for
criticism from the Republican right
over his decision to authorise the raid
on Donald Trump’s Mar-a-Lago home
in pursuit of top secret documents
allegedly taken from the White House.
However, Garland says his mission is
to ‘retain the trust of the American
people’ as he navigates a political
storm over multiple investigations into
the former president.
Garland under pressure i PAGE 6
younger generation: please drink more
LEO LEWIS AND KANA INAGAKI — TOKYO
While most countries would welcome
sobriety among their youth, Japan has
veered in the opposite direction: with a
campaign encouraging them to drink
more alcohol.
The east-Asian nation’s tax agency is
requesting ideas on how to tempt
younger citizens to pick up a tipple as
the finance ministry frets over the fiscal
implications of generational change.
The unorthodox government-backed
“Sake Viva!” contest is calling on people
aged between 20 and 39 to help devise
business ideas to revitalise an industry
hit by demographic changes, the pan-
demic and diminishing interest.
The planned intervention follows the
failure of Japan’s drinks industry,
despite its marketing powers, to stem a
long-term slide in Japanese alcohol con-
sumption that began well over a decade
before the pandemic.
Taxes on alcohol products accounted
for 3 per cent of the government’s tax
revenue in 2011 but had fallen to 2 per
cent by 2020, according to the tax
agency. Japan’s government runs a
chronic budget deficit and has total
debts equivalent to more than twice the
nation’s gross domestic product.
A fall in the volume of alcohol con-
sumed in Japan was inevitable once the
indigenous population began to shrink
over a decade ago and the proportion of
citizens aged over 65 rose to more than a
quarter of the country eight years ago.
According to the tax agency, Japan’s
average annual intake of booze per
adult has dropped from 100 litres per
year in 1995 to 75 litres by 2020.
The World Health Organization in
2018 put Japan’s annual per capita
drinking rate — expressed in terms of
pure alcohol — at 8 litres a year, more
than China’s 7.2 litres but less than the
UK’s 11.4.
Younger Japanese people, in common
with many others of their generation
elsewhere in the world, drink less heav-
ily than their forebears and increasingly
do not drink at all.
“Sake Viva!” aims to draw out ideas
that acknowledge fundamental shifts in
lifestyle — not just those caused by the
pandemic but also longer-term factors
weighing on Japan’s drinking habits.
Organisers hope that entrants will
come up with “new products and
designs”, as well as plans to encourage
drinking at home.
Japan’s health ministry said it had not
co-operated with the tax agency on its
contest but was in close regular contact
with it over alcohol and health issues.

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2 ★ S Thursday 18 August 2022

NATI NAL

Asylum policy Industrial action

in partial in over R anda papers Travel strikes

Government allowed to
keep some e tracts secret
ahead of udicial review
ANE CROFT
The government secured a partial vic-
tory in a court battle to keep secret parts
of two documents that refer to Rwanda’s
alleged use of “torture and even kill-
ings” ahead of a legal challenge next
month to the UK’s controversial policy
to send asylum seekers to the African
country.
A High Court judge ruled yesterday
that the government could redact four
extracts in the documents ahead of the
judicial review that will examine the
government’s plan to deport some asy-
lum seekers to Rwanda.
But Lord Justice Clive Lewis refused
the application to withhold six further
extracts, although he allowed the gov-
ernment to redact specific words and in
one case a sentence, in those sections.
The Rwanda policy was unveiled by
home secretary Priti Patel in April in a
bid to clamp down on illegal Channel
crossings. As part of the deal, the UK
agreed to pay Kigali an initial £120mn in
return for the African country agreeing
to process deported asylum seekers for
resettlement.
The UK had argued it should be able
to withhold the extracts on public inter-
Conservatives. Scottish independence
est immunity grounds. Its application
was accompanied by a certificate signed
by Graham Stuart, minister of state in
the Foreign Office, which stated that
he email about wanda
said that ‘torture and even
killings’ were a method of
enforcing state control
“disclosure would cause serious harm to
the United Kingdom’s international
relations, primarily but not exclusive-
ly with the government of Rwanda”.
The government’s bid for secrecy had
been opposed by eight asylum seekers,
campaign groups and the Public and
Commercial Services union, which acts
for civil servants, jointly challenging the
policy in the High Court next month.
The judge did not disclose details of
the secret material in his ruling yester-
day but noted that the government
redactions “comprise at most a couple
of sentences and, in one case, a small
number of words”.
The court had been told that the two
documents consisted of an email from
April 26 and an annotated draft of the
government’s policy on Rwanda and its
human rights record. Both were written
by an unnamed Foreign Office official,
who is an expert in African affairs.
uring the hearing Christopher
Knight, a barrister for eight asylum
seekers and other parties bringing the
legal challenge, read out an unredacted
section of the email sent by the official
about Rwanda that referred to “state
control security surveillance struc-
tures” and added that “torture and even
killings” were a method of enforcing
state control.
In his ruling, the judge described two
of the redacted extracts in the email as
“generalised comments expressed in
part in loose and imprecise language”
and said they should remain secret. “I
have no doubt that the disclosure of
comments of this nature, expressed as
they are, would harm the public interest
in maintaining international relations.”
herald misery
for passengers
as talks stall
PHILIP GEORGIADIS
Public transport passengers face
another wave of disruption this week,
with three unions set to strike across
train, ube and bus networks and few
signs of progress in talks to end the dis
putes over pay.
The most significant action will come
today and Saturday, when more than
50,000 members of the RMT and TSSA
unions stage two 24-hour strikes at Net-
work Rail, which operates the rail infra-
structure, and train operating compa-
nies in a row over pay, potential job
losses and working practices.
Rail bosses have warned passengers
that about a fifth of normal services will
run and to travel only if “absolutely nec-

eaders i ri als cement or stance on nion essary”.

Both contenders to become
ne t prime minister rule
out a second referendum
LUKANYO MNYANDA — SCOTLAND
The Tory leadership campaign is setting
the UK up for a prolonged stand-off
between London and Scotland’s inde-
pendence-seeking nationalist govern-
ment, political analysts have said.
Foreign secretary Liz Truss, frontrun-
ner to become the next prime minister,
gained the biggest cheers at a hustings in
Perth on Tuesday, after earlier this
month describing Scottish first minister
Nicola Sturgeon as an “attention
seeker”. Having largely ignored Scot-
land in their initial pitches, Truss and
her rival, ex-chancellor Rishi Sunak,
stuck to their pro-union positions this
week, unequivocally ruling out a second
Scottish independence referendum.
Eight years after Scots decided by 55
per cent to 45 per cent to stay in the
union, both candidates also signalled a
greater willingness to encroach on the
devolved parliament’s powers on
spending. While their stance is popular
with Tory voters, a minority in Scotland,
it risks strengthening support for inde-
pendence and drew a sharp reaction
from the Greens, who share power with
the Scottish National party in Holyrood.
“The fact that both of the prime min-
ister’s potential replacements say stop-
ping Scotland’s democratic right to an
independence referendum is a priority,
and worse, that they intend to impose
some big brother-style unit to salvage
the broken union, says it all,” Ross
Greer, Scottish Greens MSP for West
Scotland, said.
Sturgeon has argued that London pol-
iticians want to weaken devolution, but
Conservative Scottish secretary Alister
Jack this week said he refuted the claim.
“Of all the Tory leadership campaigns
I’ve followed, this has been the most
bereft of serious political ideas,” said
Gerry Hassan, professor of social
change at Glasgow Caledonian Univer-
sity and author of Scotland Rising: The
Case for Independence, due to be pub-
lished next month. “You have the
majority in Scotland feeling like they
are spectators in someone else’s
drama. We are going to have a lot of
stand-offs,” Hassan added.
Both candidates have promised
onfident mood: increased scrutiny of the Scottish gov-
i russ, ernment, with Sunak saying that Scot-
centre, meets tish civil servants should travel to West-
supporters at minster to justify their decisions. Truss,
hustings in meanwhile, has suggested strengthen-
Perth on ing the ability of the Scottish parliament
uesday. elow, to scrutinise the executive in Holyrood.
lister Jack, Sunak has criticised Holyrood for es-
secretary chewing tax cuts and raising welfare
of state for spending, suggesting the money could
cotland have been spent on other priorities.
eff Mit hell Getty Images
“That goes against the spirit of the de-
volution settlement,” said Michael Keat-
ing, emeritus professor of politics at
Aberdeen university, referring to Su-
nak’s position. “The Scottish govern-
ment gets a formula-based share of UK
resources and is responsible to the Scot-
tish parliament, not the Treasury, for
priorities it adopts.”
Sturgeon, who replaced predecessor
Alex Salmond as SNP leader after
the 2014 referendum, wants
another in October 2023. In Octo-
ber, the UK supreme court is due
to hear a case on whether the
vote can be held without con-
sent from owning Street, which has
said the time is not right to revisit what
was supposed to be a “once in a genera-
tion” event.
At an event hosted by the Scottish
parliament last weekend, Nicola McE-
wen, professor of territorial politics at
the University of Edinburgh, said Brex-
it, which was opposed by 62 per cent of
Scots, had changed the nature of the
independence debate. Since the 2016
vote, the UK government had given
itself extra powers in the face of opposi-
tion from devolved administrations,
and that this had increased resentment.
“The UK government has developed a
more competitive approach to devolu-
tion,” McEwen said. “Having a deliber-
ate strategy to strengthen the union is
fine, but you are more likely to do that if
you embrace devolution as part of it,
rather than to compete against it.”
Jack said the UK government was
committed to working closely with rath-
er than competing with its counterpart
in Scotland, and denied it was seeking to
undermine devolution. “We will work
‘ ou have harmoniously with anyone if it imp-
roves the economy of Scotland,” he said.
the ma orit A recent opinion poll of Scots by
in Scotland research company iffley Partnership
and Charlotte Street Partners found a
feeling like quarter of respondents were more likely
the are to support independence irrespective of
who became Tory leader.
spectators However, John Curtice, leading poll-
in someone ster and professor of politics at the Uni-
versity of Strathclyde, cautioned the
else’s drama’ responses might reflect where res-
pondents already stood and their feel-
ings about the candidates, rather than
how they would vote in future.
Curtice said that Brexit, supported by
both candidates but opposed by most
Scots, had transformed the independ-
ence debate and that tensions between
the UK and Scottish governments were
unlikely to ease.
According to two polls in July by social
research agency What Scotland Thinks,
51 per cent of Scots are in favour of the
union a third showed the same propor-
tion were for independence.
Robert Shrimsley page 21
Meanwhile, stretches of the London
Underground and overground rail net-
work will close for 24 hours tomorrow
when RMT members walk out for the
fifth time this year in a separate dispute
over pay and pensions with Transport
for London, which runs the capital’s bus,
train and Tube network.
More than 1,600 London bus drivers
are also expected to strike tomorrow
and Saturday in a dispute over pay
between the Unite union and bus opera-
tor London United, a subsidiary of
France’s RATP.
The strikes are the latest in a series of
walkouts this summer, which collec-
tively amount to the biggest industrial
action on the UK’s public transport net-
work in a generation.
Unions argue their members deserve
substantial pay rises, with inflation hit-
ting a 40-year high of 10.1 per cent in
July and forecast by the Bank of England
to stay high for most of 2023.
“Thousands of rail workers across the
country are experiencing real-terms
pay cuts as inflation skyrockets . . . Like
everyone else our members just want to
be able to turn the heating on this win-
ter,” said Manuel Cortes, general secre-
tary of the TSSA.
But inflation has come as the rail
industry’s finances face intense pres-
sure following a collapse in passenger
numbers during the pandemic.
Industry bosses and the government
have said any large pay rises will have to
be funded by sweeping changes to work-
ing practices, including more flexible
shift patterns and making Sunday a reg-
ular part of the working week.
Steve Montgomery, chair of the Rail
elivery Group, which represents train
operators and Network Rail, said pas-
senger revenues remained 20 per cent
below 2019 levels and that “we have to
change and move with the times”.
Senior managers in the TSSA this
month accepted a one-year 4 per cent
pay rise offer from Network Rail, which
included sweeteners such as free staff
travel. Network Rail has also offered
both the RMT and non-management
staff at TSSA an 8 per cent pay rise over
two years, subject to modernisation,
which has been rejected by unions.
Train operators have yet to make
unions any formal offers on pay.
RMT general secretary Mick Lynch
said his union could not back the
changes being proposed by train com-
panies and Network Rail, such as major
cuts to maintenance budgets and “ran-
sacking terms and conditions”.
Talks are at an impasse, according to
industry and union executives.

Fuel payments

Time running out’ to design ne energy bill support schemes

MAKE A WISE NATHALIE THOMAS financed by a government-backed loan mechanism that will offer rebates more than 800,000 customers, warned
INVESTMENT ENERGY CORRESPONDENT
scheme that suppliers could tap to sup- through your energy bill,” said Nigel it was “very late in the day to introduce a
maller energy suppliers have warned press bills for two years. Pocklington, chief executive of Good new mechanism unless people are
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cope with an e pected 2 per cent told the Financial Times that the main Scheme EBS announced by Sunak He also warned that the loan scheme
surge in energy costs from ctober, and proposals risked unintended conse- when he was chancellor in May. proposal could cost his company mil-
instead urged the government to focus quences and would be difficult to imple- The EBS, which offers a £400 non- lions of pounds in interest payments.
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Thursday 18 August 2022
oE accused
of sleeping at
heel amid
rising inflation
Sentance sa s central bank acted too slowl
but Baile blames events out of its control
CHRIS GILES — ECONOMICS EDITOR
With inflation hitting double digits, the
most in more than 40 years and the
highest in the G7 group of large econo-
mies, the Bank of England is in the line
of fire from politicians and economists.
The central bank was granted inde-
pendence 25 years ago with the brief of
maintaining inflation at 2 per cent. But
now there are questions around
whether the officials in Threadneedle
Street have lost control.
The team surrounding Conservative
leadership hopeful Liz Truss is pointing
the finger of blame at Andrew Bailey,
pictured, BoE governor, and his mone-
tary policy colleagues. In the words of
Kwasi Kwarteng, favourite to be the
next chancellor: “If your target for infla-
tion is 2 per cent and you’re predicting
13.3 per cent, something’s gone wrong.”
‘ he seemed reluctant to
sa rates needed to be
normalised from such an
e traordinaril low level’
Suella Braverman, attorney-general
and a key Truss ally, went further, tell-
ing Sky News earlier this month that in a
coming review of the BoE, Truss would
look at whether it was “fit for purpose in
terms of its entire exclusionary inde-
pendence over interest rates”.
The main case against the BoE is that
it was asleep at the wheel as the econ-
omy emerged from the coronavirus
crisis. This allowed spending to rise too
quickly as officials failed to spot impedi-
ments to growth left by the pandemic.
The result was excess demand and
inflation.
Every quarter since May
2021 the BoE has been sur-
prised by the strength
and persistence of high
inflation, raising its
estimate of peak infla-
tion from 2.5 per cent to
13.3 per cent this
month. ouble digit
inflation is expected to last
for a year, well in excess of
inflation forecasts for other simi-
lar economies.
Andrew Sentance, an outspoken
former member of the BoE’s Monetary
Policy Committee, said the central bank
had “acclimatised” people to extremely
low interest rates. This, he said, was
compounded after the pandemic by the
BoE being “so slow in noticing some of
the supply side and inflation problems
that were building up”.
Sentance is sometimes dismissed
inside the bank as a hawk who has
always wanted tighter monetary policy,
but his views are shared by other former
officials who do not want to publicly
criticise the BoE.
One former senior official and MPC
member was amazed the committee
had continued with its quantitative eas-
ing programme and had printed money
Property market
House price gro th slo s but
ta breaks last year ske data
MARK WEMBRIDGE AND IAN SMITH
ouse prices rose 7. per cent in the
year to June, a slowdown from the 12.
per cent annual rate for ay, the ffice
for ational tatistics said yesterday.
However, the slower rate of increase was
skewed by “the rises in house prices
seen in June 2021, which were the result
of tax break changes”, the ONS noted.
The increase comes despite a recent
jump in mortgage costs, following the
Bank of England lifting its lending rate
from 0.1 per cent in ecember to 1.75
per cent this month to curb inflation.
Economists expect more rate rises
this year, further adding to mortgage
repayments. Andrew Sentance, at con-
sultancy Cambridge Econometrics, said
the BoE’s key rate might need to rise as
high as 4 per cent as policymakers had
fallen “behind the curve”.
Prices have also been buoyed by a lack
★ S
NATI NAL
ollie dams loomberg
BoE has systematically underestimated inflation The best inflation performance in the past 00 The UK has the highest
UK CPI inflation (%), with BoE forecasts years has been the period of BoE independence inflation rate in the G
Forecasts: Aug 2021
May 2022 Aug 2022
Nov 2021 Feb 2022 UK inflation since 1221
BoE target 1
Annual CPI inflation, July (%)
12
Points indicate averages
for 2 -year periods
1
UK
12
(standard deviation)
and bought assets throughout 2021, 10 between 1221 and 2022 Germany
Inflation variability
10
even though the recovery was much US
stronger than it had expected.
Professor Jagjit Chadha, director of Italy
the National Institute of Economic and 1 71- Canada
Social Research, said the BoE ought to 1
2 1 7- 2 France
have moved quicker. “They seemed Actual
reluctant to say interest rates needed 2022 Japan
0 0
to be normalised from such an extraor- -2 -1 0 1 2 3 7
201 2020 2021 2022 2023 202 202 0 2 10
dinarily low level,” he said. Inflation rate
Source: BoE Sources: Ricardo Reis; Bank of England Source: Refinitiv June figure FT graphic
His point was echoed in the regular
meetings of a shadow MPC run by right-
wing think-tank the Institute of Eco-
nomic Affairs. A majority of its mem-
bers called for E to be stopped in April
2021 and for interest rates to rise in July
last year, half a year before the BoE
acted. But Bailey dismisses these criti-
cisms. There is growing irritation inside
the BoE that it is taking the blame for
what it sees as largely a global problem
beyond its control.
“I don’t know anybody who reasona-
bly can say they could have forecast a
Ukrainian war a year ago,” the governor
complained in the press conference
after the BoE said this month a recession
was necessary to bring inflation down.
The war, along with impediments to
global supply chains after Covid-19,
were all beyond the BoE’s control, he
added, and blamed these factors for
both the UK’s high inflation and its diffi-
cult economic outlook.
Bailey likes to note that the BoE was
among the first of the leading central
banks to tighten monetary policy when
it first raised rates in ecember.
MPC members are keen also to high-
light what they see as the benefits of an
independent central bank controlling
inflation. Jonathan Haskel, an external
member of the rate-setting committee,
took to Twitter with a chart showing
that despite the current problems,
average UK inflation over the
past 25 years had almost
exactly hit the BoE’s 2 per
cent target on average —
and this performance
was better than any
previous quarter cen-
tury stretching back
800 years.
There were periods
when inflation was lower and
also when it was close to 2 per
cent, notwithstanding the difficulties of
measurement, but there was no period
when it was as close to the target with as
much stability as the period since 1997,
when the bank gained independence.
For now, according to London School
of Economics professor Ricardo Reis,
the challenge is to bring inflation down
and as it is very high, reducing it will
involve nasty medicine. This includes
“accepting lower levels of real activity”,
“acting vigorously and sharply in the
near future with raising interest rates”
and “restating as loudly and convinc-
ingly as possible the primacy of price
stability as the goal that guides policy”.
Once inflation is much too high, it is
costly to bring down, regardless of who
was to blame.
Gilts sell off page 11
of properties for sale. The average house
cost £286,000 in June, the ONS said,
£20,000 more on a year ago. In England,
the average price rose 7.3 per cent over
the year to £305,000. Prices climbed 8.6
per cent to £213,000 in Wales, 11.6 per
cent to £192,000 in Scotland and 9.6 per
cent in Northern Ireland to £169,000.
Jean Jameson at estate agent Foxtons
said although London reported the low-
est annual growth of any UK region, the
8.2 per cent increase from July 2021 rep-
resented the “biggest change in annual
property prices since July 2016”.
“Property prices grew at a faster rate
in outer London than in inner London,”
Jameson said. “We may even see hous-
ing prices plateau in some inner London
boroughs in the coming months.”
Housebuilder Persimmon said in its
interim results yesterday it had sold
homes for an average of £245,597 in the
first half, up 4 per cent on last year.
4 ★ S Thursday 18 August 2022

INTE NATI NAL

Regional tension Central Europe

Nato seeks alkan restraint ahead of talks Poland’s

EU to mediate between
Kosovo and Serbia
after border clashes
HENRY FOY — BRUSSELS
MARTON DUNAI — BUDAPEST
The leaders of Serbia and Kosovo have
warned of difficult negotiations bro-
kered by the EU as Serbia’s President
Aleksandar Vu i accused his opposite
number of “lying” about Belgrade’s
plans to attack its neighbour.
Vu i and Kosovo prime minister
Albin Kurti will hold rare direct talks in
Brussels today, weeks after disagree-
ments between their two countries
boiled over into border disturbances
and attacks on police officers, sparking
fears of potential conflict. The EU and
Nato have since stepped up pressure on
both sides to de-escalate the tension for
fear of destabilising the wider Balkan
region and south-east Europe, already
shaken by almost six months of war in
Ukraine following Russia’s full-scale
invasion.
“We are going to have difficult discus-
sions tomorrow. We do not agree almost
on anything,” Vu i said after talks with
Nato secretary-general Jens Stoltenberg
yesterday. Stoltenberg met Kurti sepa-
rately afterwards and urged “all sides to
show restraint and to avoid violence”.
Serbia does not recognise the sover-
eignty of its former province, which
declared independence in 2008. That
came nine years after the Kosovo war,
which ended after Nato bombed Serbia
Europe. Les R publicains
in response to Belgrade’s targeted killing
of Kosovan Albanians.
Belgrade claims that Pristina discrim-
inates against the Serbian minority liv-
ing mainly in northern Kosovo.
Kurti yesterday reiterated his warn-
‘ e are going to have
difficult discussions
tomorrow e do not agree
almost on an thing’
ings that Serbia posed a threat to his
country, with the encouragement of its
ally, Russian president Vladimir Putin.
“Kosovo’s institutions and citi-
zens . . . have reason to be vigilant
about the destructive approach of our
northern neighbour towards Kosovo
and the region in general,” he said.
Vu i dismissed those warnings as
“political narrative, a political rhetoric”.
“For 180 days we have been listen-
ing . . . and it didn’t happen,” he said.
“Which means they were lying about it.
And there was no rebuking of this narra-
tive from anywhere in the world.”
Highlighting just how far apart their
positions are ahead of the EU-brokered
talks, the countries have been unable to
implement an agreement reached in
June on access to and payment for elec-
tricity supplies.
In an interview this month, Kurti said
Serbs in the north of Kosovo had not
paid for electricity for decades, partly as
a political protest, adding that this cost
Pristina millions of euros a month.
“I did not want to cut them off and
cause a crisis, and also give a pretext for
Serbia to intervene or to link the north
with its own power network, but this sit-
uation is not sustainable,” Kurti said.
“We have made an agreement in June
but it has not been implemented.”
Standing next to Stoltenberg at a press
conference at Nato’s headquarters yes-
terday, Vu i said Kosovo and its inter-
national backers must not “blackmail
Serbia, or order Serbia how to act. It
doesn’t work like that.
“When you have been put in the cor-
ner and have no room to manoeuvre.
please do not expect Serbs to say they
are enjoying it and having a nice time,”
he added. “We need a rational approach
. . . talks, a compromise solution.”
See Opinion
economy
contracts as
kraine ar
takes toll
RAPHAEL MINDER — WARSAW
MARTON DUNAI — BUDAPEST
ussia s war in kraine looks set to
trigger a recession in eastern urope
later this year, as energy price
increases, disruptions in supply chains,
low consumer confidence and austerity
measures weigh on output.
The region’s largest economy, Poland,
surprised analysts by contracting in the
second quarter, falling by 2.3 per cent,
according to preliminary data from its
statistics office.
“We see it as a first step into reces-
sion,” said Katarzyna Rzentarzewska,
chief analyst for Central and eastern
Europe at Erste Group Bank.

renc centre ri t str
fter poll failure part is being
pulled in different directions
b acron and e Pen
LEILA ABBOUD AND VICTOR MALLET
PARIS
Since defeat in France’s presidential
election and parliamentary elections
this year, the shattered centre-right
opposition has fretted over how best to
rebuild into a credible national force
worthy of founder Charles de Gaulle.
Heirs to the conservative parties that
produced most of France’s postwar
presidents, Les R publicains flopped in
April’s presidential poll, lost nearly half
their seats in the national assembly in
June and are seeking new leadership.
One consolation, that President
Emmanuel Macron’s centrist alliance
also fared badly and lost its legislative
majority, is proving a mixed blessing.
While it gives the conservatives leverage
as Macron needs their votes to pass
laws, it raises the risk that voters will see
LR as a junior partner in a de facto coali-
tion with an unpopular president.
At the same time, LR faces an embold-
ened far-right Rassemblement National
led by Marine Le Pen, which is now the
biggest opposition party in the assembly
and believes it has a path to power in five
years’ time.
For LR the road back will be difficult,
suggests Michel Barnier, an LR elder
statesman and the man who led Brexit
negotiations for the EU.
“If we don’t succeed in rebuilding a
credible centre right, there is a risk that
Marine Le Pen will win power,” Barnier
said. “We have lost ground everywhere,
in urban areas, and although we have
held up in rural areas it’s been difficult
there too, we have lost the young, we
have lost the overseas d partements.”
The party’s left and right wings are
being pulled in different directions.
Since 2017, Macron has poached sup-
porters and MPs from the former camp,
while Le Pen and her hardline policies
on immigration and law and order look
increasingly attractive to those on the
right of the party.
Party members sometimes disagree
on strategy, tactics and even basic poli-
cies such as the best approach to public
spending. Without a leader ahead of a
party conference scheduled for ecem-
ebuilding: ber, various personalities are jostling for
livier arlei , position and exposing divisions.
centre front, Two of the leadership candidates
who heads es symbolise the party’s extremes. One is
publicains in Aur lien Pradi , 36, who advocates the
the national building of a “popular” party that helps
assembly. elow, people with their daily economic strug-
ur lien Pradi gles, and says the right’s obsession with
in ent Isore
Shuttersto
M ress
national identity and immigration is a
distraction.
“The French right has not trans-
formed itself, so while it may seem bru-
tal to say this, when we look at similar
parties internationally, we no longer
resemble any of them,” said Pradi , an
MP from the south-west. “Maybe
because we are no longer coherent.”
By contrast, Eric Ciotti, 56, another
leadership contender, wants to take a
harder line on immigration and crime.
Ciotti, a social conservative, came close
to defeating the more moderate Val rie
P cresse when the party chose its presi-
dential candidate last year.
At a recent strategy meeting of LR’s
top officials, Pradi raised the possibil-
ity that the party would break apart.
“That’s not the outcome I am hoping for
les for rele ance
but if I didn’t ask the question, then no
one else would,” he said.
Ciotti appeared to respond by saying
everyone would have a place if he led the
party. “Everything must be rebuilt . . .
the ability of our party to bring together
different personalities has always been
its force,” he tweeted.
LR’s fate hangs in part on how they
navigate the parliamentary dynamics of
Macron’s second term. While a minority
advocated entering an official coalition
with Macron in exchange for a more
rightward policy tilt, the party decided
to remain in what it termed “construc-
tive opposition” to the government.
Olivier Marleix, who heads the LR group
in the national assembly and has been a
vocal Macron critic, said the party
would “refuse to be the government’s
tame opposition”.
However, Marleix and his group have
voted overwhelmingly with the govern-
ment on legislation in the past month.
The government courted LR deputies
to support two bills aimed at helping
people and businesses cope with infla-
tion and rising energy prices. They
‘ f we don’t adopted some of LR’s proposals, such as
maintaining universal petrol and diesel
succeed in subsidies and allowing employees to be
rebuilding paid for days off not taken. Both bills
passed mainly because of support from
a credible LR, but Le Pen’s RN also backed one.
centre Marleix argued that LR “successfully
arm-wrestled with the government” to
right there get lower fuel prices for consumers.
is a risk that Annie Genevard, an MP and the
party’s acting leader, said LR must still
arine e distinguish itself from the government.
Pen will “Macron says he is business friendly, but
we have fundamental differences with
win power’ him on the economy,” she said. “He has
raised deficits and public debt, while we
want to reduce public spending and reo-
rient it where it’s needed.”
Franck Louvrier, the mayor of La
Baule who unsuccessfully argued for the
LR to join a coalition with Macron, said:
“They think that by being in opposition
they will build something out of Mac-
ron’s defeat. But a defeat for Macron, for
the LR, would push us further into the
abyss and help the far right win.”
Additional reporting by Sarah hite
Outlook see Letters page
“The economic growth in Poland is a
massive surprise to the downside . . .
it wiped out expansion from the
beginning of the year.”
The economy grew 5.3 per cent
between the second quarter of 2021 and
the same three months of 2022, also a
smaller rise than anticipated.
Consumer confidence in Poland is
now at its lowest level since the first
weeks of the pandemic, while inflation
is at a 25-year high of 15.6 per cent,
driven by soaring food and energy
prices. That has prompted the central
bank to raise its benchmark interest
rate for six consecutive months, to 6.5
per cent from near-zero in the autumn.
While Poles are struggling with the
higher cost of living, they are also facing
problems with their housing costs. Last
month, the government introduced a
moratorium on mortgage payments to
help ease the pain.
Poland’s economy was likely to con-
tract year on year by late 2022 or early
2023, according to Marcin Kujawski, an
economist at the Polish subsidiary of
BNP Paribas.
Inflation and slowing industrial activ-
ity put “policymakers in a difficult spot”
but the Polish central bank could still
raise the benchmark interest rate by
another 50 basis points this year, Kujaw-
ski said.
Czech manufacturers are also report-
ing a downturn, according to surveys in
July, even as domestic demand helped
Czech growth stay positive in the second
quarter.
Other economies in the region, such
as Hungary and Romania, benefited
from the economic momentum that
built up before Russia’s invasion of
Ukraine. Analysts warned, however,
that there was little doubt that the reali-
ties of an economic downturn would
soon set in.
“The region’s exposure to the German
economy, which struggles with its own
problems, will dent growth,” said avid
Nemeth, a Budapest-based economist
with banking and insurance group KBC.
“Inflation and rising interest rates at
the same time will eat into domestic
demand. A marked slowdown is defi-
nitely coming, and recession is likely as
well.”
Hungary’s annual growth slowed to
6.5 per cent from 8 per cent in the first
quarter, while quarterly growth halved
to 1 per cent in the three months to June,
the Central Statistics office said.
Hungary is the only EU country that
requested but has not yet been granted
an EU post-pandemic recovery subsidy
because of rule of law concerns.

O ford research

ovid linked to brain disorders t o years after infection

CLIVE COOKSON — LONDON
ovid 1 significantly increases the
risk of developing dementia, psychosis
and brain fog two years after infection,
according to the first e tensive study of
the disease s persistent neurological
and psychiatric effects.
Long Covid, often defined as symptoms
experienced for 12 weeks or more after a
Covid diagnosis, encompasses a range of
symptoms from fatigue and breathless-
ness to problems related to the brain,
such as a lack of mental clarity. Scien-
MAKE A WISE INVESTMENT tists have estimated it could affect more
than 100mn people worldwide.
Researchers at Oxford university ana-
lysed the electronic health records of
Choose the Financial Times subscription for you 1.25mn people diagnosed with Covid
React to trusted global news everywhere you and a matched control group consisting
go, with ft.com and FT apps of an equal number of patients who had
Get the iconic FT newspaper delivered to your other respiratory infections.
home or o ice from Monday to Saturday The data, covering 14 brain disorders,
En oy our award-winning lifestyle ournalism were provided by the US-based TriNet
with FTWeekend global health research network.
The impact of Covid was most
Subscribe today at ft.com subscribetoday
marked in people aged 65 and over,
among whom 4.5 per cent developed
dementia over the subsequent two
years, compared with 3.3 per cent of the
control group. For psychotic disorders,
the figures were 0.85 per cent in Covid
patients and 0.6 per cent in controls.
The most significant increased risk
among younger adults aged 18 to 64 was
cognitive deficit, sometimes called
brain fog. It affected 6.4 per cent of peo-
ple who had Covid during the previous
two years and 5.5 per cent of controls.
“The results have important implica-
tions for patients and health services
as they suggest that new cases of neuro-
logical conditions linked to Covid infec-
tion are likely to occur for a considera-
ble time after the pandemic has sub-
sided,” said Paul Harrison, senior
author of the study published in The
Lancet Psychiatry.
But he added: “We are not talking
about a tsunami of neurological and
psychiatric illness.”
Max Taquet, who led the analysis,
said two findings stood out in the study’s
185,000 patients aged under 18. Chil-
dren were twice as likely to develop epi-
lepsy or seizures, he said — 2.6 per cent
developed the condition after Covid
against 1.3 per cent after another respi-
ratory infection.
Second, Taquet added: “Children are
at three-fold increased risk of psychotic
disorder, even though this is rare — 18 in
10,000 in the two years after Covid.”
But the study also showed the impact
of Covid was sometimes shortlived.
“Excess risks of depression and anxiety
after Covid disappear within two to
three months, with no overall excess of
cases over the two years,” Taquet said.
The researchers attempted to distin-
ars ov 2: study tried to distinguish
between effects of different variants
guish between the effects of different
Sars-Cov-2 variants, although there are
inevitably fewer long-term data for
strains that emerged more recently, par-
ticularly Omicron.
“The emergence of the elta variant
was associated with an increase in risk
for several conditions,” said Taquet.
“With Omicron as the dominant vari-
ant, although we see much milder
symptoms directly after infection, simi-
lar rates of neurological and psychiatric
diagnoses are observed as with elta,”
he added.
Taquet said the findings suggested the
burden on healthcare systems might
continue even with variants that were
less severe in other respects.
Looking into long Covid more
broadly, the scientists at Oxford univer-
sity stressed that a great deal of research
was still needed on all aspects of the con-
dition, from definition and prevalence
to biological causes and possible treat-
ments.
“My sense is that we know much less
than we think we know about long
Covid,” said Harrison.
“There are many more questions than
answers,” agreed Taquet.
Thursday 18 August 2022 ★ S

INTE NATI NAL

Mediterranean Meeting minutes

Turkey and Israel move to repair relations Fed debated

Both to reappoint envo s
but nkara vows to
defend Palestinian rights
AYLA EAN YACKLEY — ISTANBUL
AMES SHOTTER — NA ARETH
Turkey and Israel are to appoint respec-
tive ambassadors for the first time in
four years, as both countries seek to bol-
ster relations with their neighbours
across the volatile region.
Ties between the Mediterranean
neighbours have been strained for more
than a decade.
Recep Tayyip Erdo an, Turkey’s pres-
ident, has long criticised Israel’s treat-
ment of Palestinians. The two countries
last expelled each other’s ambassadors
in 2018 over the killing of scores of pro-
testers in Gaza by Israeli soldiers on the
anniversary of the creation of the Israeli
state.
But Erdo an is now trying to repair
relations across the Middle East after his
assertive foreign policy put him at odds
with many Arab states, as well as west-
ern allies, exacerbating a long-running
economic crisis as investors stayed
away.
In recent months he has secured
pledges of billions of dollars in invest-
ment after reconciling with regional
rivals Saudi Arabia and the United Arab
Emirates. This will help boost the Turk-
Bra il. Centr o group
ish economy ahead of an election next
year. Erdo an has also reached out to
other foes, including Egypt and Arme-
nia, to mend relations.
Israel and Turkey began talks on
restoring relations this year when Presi-
dent Isaac Herzog become the first
Israeli head of state to visit Turkey in 14
years.
The Turkish foreign minister, Mevl t
avu o lu, said yesterday that Turkey
would announce the name of its ambas-
sador to Tel Aviv soon.
“Reappointing ambassadors is impor-
tant for developing bilateral relations.
On the other hand, we will continue to
defend the rights of Palestine, Jerusalem
and Gaza,” he told reporters.
“It is important that our messages on
this will be directly conveyed at the
ambassadorial level in Tel Aviv.”
A statement from Israeli prime min-
ister Yair Lapid said restoring relations
with Ankara would promote regional
stability and economic growth as he
worked to “strengthen Israel’s standing
in the world”.
Israel has forged diplomatic ties with
the UAE, Bahrain and other Arab states
in recent years, countries that share an
interest in containing Iran.
Saudi Arabia, however, had held out
from joining the 2020 Abraham
Accords, which focused on improved
ties with Israel. The kingdom, which
views itself as the custodian of Islam’s
need for
holiest sites and a leader of the Muslim
world, has insisted that Israel should
restrictive
settle its conflict with the Palestinians
before it could normalise relations with
rates for
Riyadh.
This month, Riyadh opened its air-
space to flights to and from Israel for the
some time’
first time.
Erdo an has previously said he wants COLBY SMITH — WASHINGTON
to co-operate with Israel on an undersea
ederal eserve officials discussed the
pipeline to ship its gas via Turkey to
need to keep interest rates at levels
Europe, which is seeking to diversify its
that restrict the economy for some
energy supply away from Russia follow-
time in a bid to contain the highest
ing the invasion of Ukraine.
inflation in roughly years, according
Turkey has been at loggerheads with
to an account of their most recent
Israel, Greece, Cyprus and Egypt over
meeting.
the rights to potential natural gas stores
in the Mediterranean Sea. Minutes from the meeting, at which the
US central bank raised its benchmark
policy rate by 0.75 percentage points for
the second month in a row, signalled
policymakers were intent on pressing
ahead with tightening monetary policy
despite early signs the economy is cool-

olsonaro i es t an s to olitical in ma ers ing down.

Officials noted inflation had shown
little sign of improving, according to the
account of the gathering.
Given the enormity of the inflation
problem and “upside risks” to the out-
Powerful legislators prop up look for price growth, they backed rais-
president in e change for ing interest rates to the point where they
act as a drag on economic growth.
funds from ‘secret budget’ That “would better position the com-
mittee to raise the policy rate further, to
BRYAN HARRIS — S O PAULO

Standing in front of thousands of loyal

supporters at his re-election campaign
launch last month, Brazilian president
Jair Bolsonaro took the microphone and
singled out a dignitary from the
crowded stage.
“We have the outstanding presence of
the Speaker of the House of Represent-
atives , my longtime friend, Arthur
Lira. He owns the agenda of the House.
If it wasn’t for Arthur Lira, we wouldn’t
have gotten to this point,” said the far-
right leader.
It was a frank admission of reality. For
more than a year, Lira and the political
bloc he leads, an amorphous group
known as the Centr o, has propped up
Bolsonaro’s administration, staving off
more than 100 impeachment requests
and pushing big government spending
packages through Congress.
In exchange, Lira and the Centr o,
which means “Big Centre”, have become
immensely powerful and cleaved off big
chunks of public funds for discretionary
use in what is known as the “secret
budget”.
While the Bolsonaro administration
has lurched from crisis to crisis, includ-
ing its handling of the Covid-19 pan-
demic and corruption claims against the
president’s family, Lira and the Centr o
have become political kingmakers.
“The Centr o rules Brazil, without a
doubt,” said Ciro Gomes, a leftwing
former lawmaker who is challenging the
Brazilian leader in the October election.
“Bolsonaro sold out to them com-
pletely.”
The Centr o today encompasses a
handful of political parties and 220 out
of the 513 federal lawmakers, known as
dep tados. It traces its origins to the end
of the military dictatorship in the late
1980s when parliamentarians banded
together to support weak, democrati-
cally elected presidents.
Since then, it has become embedded
in Brazilian politics, offering support to
governments of any stripe, left or right,
in exchange for plum political posts and
the resources to support its electoral
machines in home constituencies.
“More than a specific group, the
Centr o describes a type of parliamen-
tary behaviour,” said Graziella Testa, a
lection plea: a political scientist at the Getulio Vargas espite being booed by the crowd at
protester holds Foundation think-tank. “It is a group of Bolsonaro’s campaign event, Lira has
a placard saying parliamentarians who are more con- single-handedly prevented impeach-
ictatorship cerned with being close to government ment proceedings against the president
never again in resources than to any independent by simply shelving the requests.
o Paulo this political orientation or ideology.” Elected Speaker with the backing of
month. elow, As a populist outsider on the cam- Bolsonaro in 2021, the lawmaker from
rthur ira, left, paign trail in 2018, Bolsonaro railed north-eastern Alagoas has also played a
shakes Jair against the horse-trading and pork crucial role in pushing through several
olsonaro s barrel politics of the bloc. But when cor- pieces of government legislation,
hand in July ruption allegations against him and his including a huge spending package that
manda erobelli euters
Mateus onomi nadolu
family surfaced, he quickly forged an increases cash transfers to Brazil’s poor-
gen y Getty Images alliance with the group that arguably est by 50 per cent ahead of the election.
saved his government. “Lira has the sword of amocles dan-
gling permanently over Bolsonaro’s
head,” said Filipe Campante, a professor
at Johns Hopkins University, referring
to the Speaker’s control over impeach-
ment proceedings. “The Centr o is as
strong as they’ve ever been and that is
due to the fact that the executive is as
weak as it has ever been.”
In return for its support, the bloc has
claimed crucial government posts, nota-
bly the presidential chief of staff, which
is currently held by Ciro Nogueira, who
was a vocal supporter of consecutive
leftwing administrations before joining
the Bolsonaro administration.
Analysts say the Centr o’s real prize
‘ ira has the has been growing influence in the allo-
cation of government funds. With sup-
sword of port from the government, the leaders
amocles of Congress in 2020 created the secret
budget, a legal but opaque mechanism
dangling to transfer funds from the executive to
permanentl lawmakers’ constituencies.
Felipe Rigoni, an opposition law-
over maker, said the Centr o has “without
Bolsonaro’s doubt become more and more powerful
and the secret budget is proof of that”.
head’ “There has always been this type of
behaviour that today is called the secret
budget, which is the allocation of funds
in exchange for voting in favour of gov-
ernment projects in Congress. But it was
much more timid, with much less
money. The secret budget is now worth
absurd amounts and this is a risk to the
democratic process.”
While parliamentarians have always
received government cash for public
works projects, the budgets were lim-
ited in size and there was transparency
about who received how much. In the
past two years, the size of these stipends
has almost tripled, while the recipients
have been shrouded in mystery.
Lira declined to comment.
Additional reporting by Carolina Ingi a
he ed is in the throes
of its most aggressive
c cle of monetar
tightening since 1 1
appropriately restrictive levels, if infla-
tion were to run higher than expected”,
the minutes said.
Some officials indicated that “once
the policy rate had reached a suffi-
ciently restrictive level, it likely
would be appropriate to maintain that
level for some time to ensure that infla-
tion was firmly on a path back to 2 per
cent”.
After July’s rate rise, the Fed is in the
throes of its most aggressive cycle of
monetary tightening since 1981. The
rate increase was implemented just a
day before new data showed the US
economy contracting for a second con-
secutive quarter, a common marker of a
recession.
In just four months, it has raised its
benchmark policy rate from near zero
to a new target range of 2.25 per cent to
2.5 per cent.
At this level, the federal funds rate is
now in line with most officials’ estimates
of a “neutral” policy setting for when
inflation is running at 2 per cent, mean-
ing that it neither stimulates nor
restrains economic activity.
Top officials are actively debating
whether a third successive 0.75 percent-
age point rate rise at the next policy
meeting in September is needed or if the
Fed can start implementing smaller
increases at future meetings.
Fed chair Jay Powell said at the press
conference following the July announce-
ment that as the central bank continued
to tighten monetary policy, “it likely will
become appropriate to slow the pace of
increases”.
Financial markets seized on the com-
ment — even though Powell did not rule
out “another unusually large increase”
in September — and US stocks and other
risky assets rallied sharply.
The market rally has gathered steam
in recent weeks, easing financial condi-
tions for consumers and companies and
counteracting some of the effects of the
tightening implemented by the Fed.

Middle East apan

Egypt bank chief uits as economy struggles
ANDREW ENGLAND — LONDON
gypt s central bank governor has
resigned as the rab state struggles
with a foreign currency shortage and
the economic repercussions of ussia s
invasion of kraine, according to state
run media.
President Abdel Fattah al-Sisi had
accepted Tarek Amer’s resignation and
appointed him as a presidential adviser,
Egyptian state media reported. There
was no announcement on his replace-
ment. The bank is due to hold a mone-
tary policy committee meeting today.
Amer had held the post since 2015
and was appointed for a second term
four years later. But he came under
growing pressure after foreign investors
withdrew $20bn from local debt mar-
kets and global food and energy prices
soared after Russia invaded Ukraine.
In March, Egypt turned to the IMF for
additional financial support and those
negotiations are continuing. It is already
one of the fund’s biggest borrowers,
securing a $12bn loan in 2016 and about
$8bn in loans during the pandemic.
The government was credited for
making tough fiscal reforms to secure
the IMF loan in 2016, including allowing
the Egyptian pound to devalue, with the
currency losing half its value.
But Sisi’s regime has been criticised
for expanding the role of the military
across all spheres of the economy,
putting off foreign investors and crowd-
ing out the private sector.
Economists have also expressed con-
cern about its dependence on foreign
investor inflows to help finance its cur-
rent account, and the central bank’s
determination to keep the pound stable
to attract portfolio investors.
“Amer has maintained a stable cur-
rency to make sure foreign investors
don’t make any losses, which has cre-
ated a massive moral hazard trade
where investors can just go in and know
they aren’t going to make any F
losses,” said a banker. “And when things
get tough they just withdraw their
money. It happened in 2018 and in 2020
during coronavirus and again this year.”
Greater exchange rate flexibility is
believed to be one of the IMF conditions
for a new loan package. The banker
added that the central bank had also
imposed new regulations that meant
importers had had to use letters of
credit. But banks had lacked the capac-
ity to process all the letters of credit,
causing a backlog that had created a
shortage of some imported raw materi-
als and luxury goods, the banker said.
In a note, Amer said he resigned “to
leave room for new blood to take
responsibility and push forward Egypt’s
successful development process under
the leadership of the president”, accord-
ing to state-run Al-Ahram media group.
Jason Tuvey, an economist at Capital
Economics, said Amer’s resignation
“points to a growing tension within poli-
cymaking circles on the best way to
address the country’s external imbal-
ances”. He added: “The fact that talks
with the IMF have dragged is probably a
sign that some officials are reluctant to
follow through on the fund’s demands
and would prefer to rely on support
from the oil-flush Gulf economies.”
Gulf states, including Saudi Arabia
and the United Arab Emirates, have
pledged billions of dollars of investment
and financial support to their tradi-
tional ally.
Four held in Tokyo Olympics bribery in uiry
LEO LEWIS AND KANA INAGAKI — TOKYO
Japanese prosecutors have made their
first arrests after a summer of raids on
organisations and individuals sus
pected of giving and receiving bribes
during the preparations for the okyo
2 2 lympic ames.
The four arrests included the former
chair of Japan’s largest maker of busi-
ness suits and a former senior executive
of advertising agency and public rela-
tions behemoth entsu.
The arrests mark the first time crimi-
nal proceedings have been linked with
the Tokyo Olympics, an event that cost
almost twice as much as envisaged,
which was postponed by a year because
of the pandemic and was preceded by a
series of scandals and resignations.
Haruyuki Takahashi, a former mem-
ber of the Tokyo 2020 Olympics board
who previously worked at entsu and
was seen as one of the most influential
figures ahead of the Games, was arres-
ted yesterday on suspicion of receiving
bribes from former executives of Aoki
Holdings. Hironori Aoki, the company’s
83-year-old founder, was also arrested.
According to the media, Aoki told inves-
tigators he did not consider the pay-
ments made to Takahashi as “bribes”.
Takahashi could not be reached for
comment and left entsu in 2009.
entsu said it was “fully co-operating
with this investigation”.
Takahashi has repeatedly denied the
rrests mark the first time
criminal proceedings
have been linked with
the ok o l mpics
allegations, telling state broadcaster
NHK he had “never given special treat-
ment to Aoki regarding the Olympics”.
Aoki produced the suits worn by the
Japanese Olympic team and was one of
an army of corporate backers including
Toyota, Panasonic and Nomura that
made the Games the most heavily spon-
sored sporting event in history.
The company said it would continue
to “co-operate fully” with investigators.
The Tokyo istrict Public Prosecutors
Office said it suspected a company run
by Ta k a h a s h i re c e ive d 5 1 m n
$380,000 in more than 50 payments
from an asset management firm linked
to the three former Aoki executives
between October 2017 and March 2022.
Prosecutors also alleged that Aoki’s
ex-chair and its two former executives
paid a total of 28mn to Takahashi’s
company via the firm between Septem-
ber of 2019 and March this year.
The arrests were made about three
weeks after prosecutors raided the
offices and homes of Takahashi and
Aoki, as well as the headquarters of
entsu and A K, an advertising agency.
entsu was core to Japan’s campaign
to secure rights to host the Games and to
amass the support of big companies.
A French investigation into vote-buy-
ing allegations around the bidding proc-
ess for the 2020 Games prompted the
resignation in 2019 of the president of
the Japan Olympic Committee,
Tsunekazu Takeda, who stepped down
without providing a clear explanation of
his decision. entsu has spent nearly six
years denying claims it was involved in
the corruption under investigation by
French prosecutors.
6 ★
arland under
pressure after
taking on Trump
in legal battle
US attorne general’s decision to probe
former president is loaded with risks
AMES POLITI — WASHINGTON
On his first day as US attorney-general
last March, Merrick Garland told
employees of the justice department
that he was inspired by Edward Levi, a
Republican who served in the same role
under Gerald Ford in the 1970s.
Levi, like Garland, was a Chicago
native, but more importantly, he was
widely credited with restoring faith in
American justice after the scandal-
ridden presidency of Richard Nixon.
“The only way we can succeed and
retain the trust of the American people
is to adhere to the norms that have
become part of the NA of every justice
department employee since Edward
Levi’s stint as the first post-Watergate
attorney-general,” Garland said.
“Those norms require that like cases
be treated alike. That there not be one
rule for emocrats and another for
Republicans one rule for friends and
another for foes,” he added.
Garland is trying to apply those prin-
ciples to onald Trump, an effort that
has suddenly thrust the former federal
judge and prosecutor into the political
limelight.
Until he authorised the unpreceden-
ted FBI search of the former president’s
Mar-a-Lago residence last week, Gar-
land had faced frustration from the left
over his perceived hesitancy in investi-
gating Trump, particularly over the Jan-
uary 6 attack on the US Capitol in 2021.
But now, Garland has become a light-
ning rod for conservative fury, accused
by Trump and his allies of spearheading
a politically motivated plot to under-
mine his chances to run for a second
term in 2024.
“ Garland is taking on a former pres-
ident of the United States who still has a
very large following, filled with conspir-
acy theorists. He has had to proceed
with great caution,” said Elaine
Kamarck, senior fellow in the govern-
ance studies programme at the Brook-
ings Institution.
“He’s not talking about it. He didn’t
ask the White House’s permission. He
just played it very, very straight, which
is his reputation,” she added.
The attorney-general had been aware
for months that Trump was withholding
documents at Mar-a-Lago from his time
at the White House, including some that
were highly classified. Garland told sen-
ior prosecutors to persuade Trump’s
lawyers to release them, first voluntar-
ily, then through a subpoena.
After those efforts failed, Garland
authorised the request for a search war-
rant, but refrained from speaking pub-
licly about the Mar-a-Lago swoop on the
day it occurred. He has only done so
once since, although without delving
into the substance of the probe.
“Much of our work is by necessity
conducted out of the public eye. We do
that to protect the constitutional rights
of all Americans and to protect the
integrity of our investigations,” he said.
In recent days, however, court filings
by the epartment of Justice have
shown the gravity of Trump’s potential
violations of the law, invoking provi-
sions relating to obstruction of justice
and mishandling information critical to
national security under the Espionage
S Thursday 18 August 2022
INTE NATI NAL
ine of fire: Act. They have also revealed the wide-
errick ranging nature of the investigation,
arland, second which includes more than one witness.
left, attends a Garland, who helped secure the con-
Washington victions of Oklahoma City bomber Tim-
enate hearing othy McVeigh and domestic terrorist
in pril. elow, Ted Kaczynski in the 1990s as a US
supporters of attorney and who served for 24 years on
onald rump Washington C’s federal appeals court,
outside his will want to ensure the case for pursuing
lorida home a criminal indictment of Trump is iron-
im o S al o
clad before he takes the next step, which
loomberg Mar o ello
euters would be to seek charges.
“They are likely combing through the
evidence, figuring out what Trump
had exactly . . . and figuring out if they
need to go investigate other angles,
other people,” said Kel McClanahan, a
national security lawyer and a professor
at George Washington University. “This
is being run like a mob investigation,
like an organised crime investigation.”
The search of Trump’s home has
made Garland, as well as the oJ and FBI
generally, villains in the eyes of the
right, adding to public pressure on the
attorney-general and raising safety con-
cerns for the prosecutors, officials and
agents working on the case.
“Impeach Merrick Garland, gut the
oJ, defund the corrupt FBI, and
Impeach Biden. Weaponized law en-
forcement is communism and has no
place in America,” Marjorie Taylor
Greene, a Republican lawmaker from
Georgia and one of Trump’s closest
allies on the extreme right, tweeted on
Monday.
Other Republicans, including on the
House judiciary committee, have asked
Garland to retain his own documents
related to the search and be ready for a
probe of his actions should they regain
control of the lower chamber of Con-
gress in November.
But Garland, who was nominated to
the Supreme Court by Barack Obama
but denied a confirmation hearing by
‘ e’s got an Senate Republicans, has so far appeared
to withstand the pressure. “The attor-
obligation to ney-general is in an extremely,
uphold the extremely difficult position,” said Aziz
Huq, a constitutional law scholar at the
law but he University of Chicago.
obviousl “I think that what the justice depart-
ment and what Garland have tried to
understood do . . . is to demonstrate the legalistic
the huge bona fides of the justice department at a
political time in which those bona fides have
come under tremendous strain,” he
ramifications added.
and he’s a If Garland shies away from indicting
Trump, either over the classified docu-
ver careful ments at Mar-a-Lago or his role in the
person’ January 6 riot, his legacy may end up
being that of the attorney-general who
blinked while challenging a former
president’s wrongdoing. But ploughing
ahead with a prosecution, even an ulti-
mately successful one, is not without its
risks in a country as deeply divided as
the US.
“He’s got an obligation to uphold the
law, but he obviously understood the
huge political ramifications and he’s a
very careful person,” said Kamarck at
the Brookings Institution. “Why would
you open a hornet’s nest like this unless
you had some serious crime in mind ”
Edward Luce see Opinion
Thursday 18 August 2022 ★ S 7

Chips downturn Intel and Micron set to slash capital spending despite passage of US legislation to increase production PAGE 9

Nor ay fund Away draw Premier League revenue set to hit

£6bn as global TV rights overtake home deal
P partners’
average pay
arns of tough e ceeds 1mn
for first time
times after MICHAEL O’DWYER

Pw partners in the were paid an

losing 1 4bn
3 ‘ isk we haven’t seen the worst et’
3 hief worries ul rall will unravel
ADRIENNE KLASA AND
ROBIN WIGGLESWORTH
The head of Norway’s oil fund has
warned investors of several difficult
years ahead, as the world’s largest sover-
eign wealth fund swung to a $174bn loss
in the first half of 2022.
“Markets don’t go down in a straight
line and I’m worried that we can have
tough times for an extended period,”
Nicolai Tangen, the fund’s chief execu-
tive, said in an interview with the Finan-
cial Times. “There is a risk that we
haven’t seen the worst yet.”
The effects of reversing the monetary
stimulus and low interest rate policies
that had dominated from the 2008
financial crisis through to the pandemic
were huge, he said.
‘ he best wa the market
could steal our mone
in ul was to rall
so that’s what it did’
“I’m more in the several years of dif-
ficult markets camp. I don’t think this
is done overnight.”
July’s market rally had encouraged
some investors but was likely to be a
false dawn, he said.
“The market has got one function,
and that is trying to steal your money
every day. The best way the market
could steal your money in July was to
rally, so that’s what it did,” Tangen said.
The $1.2tn fund suffered a 14.4 per
cent loss, or the equivalent of $174bn, in
the first half of the year, driven by a sell-
off across all sectors except energy, it
said yesterday. It had gained 14.5 per
cent during 2021 as markets soared fol-
lowing the reopening of economies
around the world.
“The fund is now so big that the sums
become very big . . . But we are a long-
term investor so we have to tolerate
these kinds of swings,” Tangen said.
“What was unusual this time is that we
lost money both in stocks and bonds.”
Norges Bank Investment Manage-
ment’s equity portfolio was hit particu-
larly hard in the first half, losing 17 per
cent, while fixed income was down
9.3 per cent. Facebook parent Meta was
the single biggest contributor to NBIM’s
stock market losses in the first half.
The fund’s investments in unlisted
property delivered a 7.1 per cent gain
but they make up only 3 per cent of the
overall portfolio. Its renewable energy
infrastructure investments fell 13.3 per
cent in value.
The sovereign wealth fund, which
owns the equivalent of about 1.5 per
cent of every listed company in the
world, had inflows of NKr356bn
$36.8bn in the first half of 2022, while
currency movements bumped up the
fund’s value by NKr642bn. The MSCI
All-World index of global stocks is down
14 per cent this year. The fund said it
had outperformed its own benchmark
by 1.14 percentage points.
Tangen had previously warned that
Russia’s invasion of Ukraine would
make inflation problems worse. In an
interview with the FT in January, he
also described himself as “the team
leader for team permanent” in the
debate on how long high inflation
might last.
Tangen reiterated this view yester-
day. “There is a risk that inflation will be
tougher to get down than many think,”
he said. “Inflation feeds on itself.”
The oil fund was set up in 1996 to
invest the proceeds of Norway’s oil and
gas industry and is housed in its central
bank. It is a quasi-index fund, with its
overarching investment mandate set by
the finance ministry while material
changes to how the fund invests must be
approved by parliament.
rystal Palace take on iverpool in the Premier eague, urope s wealthiest competition
OSH NOBLE
nglish football has stretched its
financial lead over uropean rivals,
with Premier eague revenue set to
rise 1 per cent to bn this season
thanks to the soaring value of inter
national broadcast rights.
The English top flight is expected to
earn more from its overseas rights
than from its domestic deal for the
first time, following a new $2.7bn six-
year deal with Comcast’s NBC to show
games in the US.
Europe’s other top leagues are
struggling to keep up, according to
eloitte’s annual football finance
report released today. Revenue at
Spain’s La Liga is projected to remain
flat at 3.7bn, while Germany’s
Bundesliga will enjoy a 16 per cent
boost to 3.6bn.
Of the two smallest of the conti-
nent’s Big Five leagues, Italy’s Serie A
is on track to generate 2.4bn this
season, a slight rise on last year, while
income at Ligue 1 in France is esti-
mated to stay at 1.8bn. Revenue at
both leagues has yet to return to pre-
pandemic levels.
The widening gap with the Premier
League is partly explained by timing:
some European leagues are locked in
to long-term broadcast deals that are
not up for renewal for a number of
years. The Bundesliga, for example, is
only two years into its six-year US deal
with ESPN.
Oliver Kahn, chief executive of
Bayern Munich, recently told the
Financial Times that increasing the
value of German football’s US broad-
cast rights was the priority for those in
the game. Bayern was one of a
number of big European clubs that
toured the US this summer in an
effort to create a buzz around football
for leagues outside England.
Nevertheless, the latest US rights
deal shows how far ahead the Premier
ndre ates Shuttersto
League is in terms of commercialising
its overseas appeal.
“There is a real sense at European
leagues that more can be done inter-
nationally. They want to feel as
though they can catch the Premier
League”, said Tim Bridge, lead part-
ner of the sports business group at
eloitte. “But the reality is now that
the Premier League is streets ahead of
the competition.”
espite the booming income at Pre-
mier League clubs, teams in the sec-
ond tier of English football are under
increasing financial pressure. Many
clubs in the Championship have spent
big sums on players in an effort to gain
promotion to the Premier League.
The financial gamble has resulted in
large debts and high wage bills.
eloitte described Championship
finances as “perilous” and warned
that “without sustained and collabo-
rative consideration”, the situation
was likely to worsen.
average of more than 1mn for the first
time last year, buoyed by a ump of one
third in the firm s consulting revenues
and the disposal of part of its business.
The results kicked off what is expected
to be another season of bumper earn-
ings for the Big Four accountants, which
also include eloitte, EY and KPMG.
But PwC warned that inflation and
rising wages were likely to reduce part-
ner pay in the current year.
It handed half of its 24,000 UK
employees pay rises of at least 9 per cent
in July in an effort to attract and retain
staff in a hot labour market and respond
to rising inflation.
“I expect the average partner income
to come down next year in line with that
investment,” said Kevin Ellis, UK chair
and chief executive.
emand for services would remain
strong because companies would still
need advice on adapting to changes in
technology and supply chains, said Ellis,
who expected a rise in insolvencies.
Reflecting on EY’s plans to split its
audit and advisory businesses, he said:
“We are committed to being a multi-
disciplinary firm. And I think I’m going
to be quite relieved that I’ve still got a
very strong insolvency practice.”
Profits for PwC UK, which includes
the firm’s Middle East business,
increased 19 per cent to £1.4bn in the
12 months to June 30.
Profits were more than £1.5bn after
accounting for the UK element of the
$2.2bn sale of PwC’s global mobility
business, the proceeds of which were
shared among locally owned firms that
make up PwC’s international network.
istributable profits for PwC’s 995 UK
and Middle East partners, who own and
run the business, rose to an average of
£1,025,000, with the top earners being
paid significantly more.
The figure included £920,000 in trad-
ing profits, up from £818,000 a year ear-
lier, plus an average of £105,000 per
partner from the sale of the mobility
business, which advises companies
when they move staff internationally.
The rest of the sale proceeds was
retained for investment in the business.
Revenues reached £5bn for the first
time, including £1bn in the Middle East.
The rise was helped by a 33 per cent
increase in sales by the consulting busi-
ness, which overtook audit as the big-
gest division.

Subsidy blow to Musk brings orbital broadband back to earth

deliver high-speed broadband from low
INSIDE BUSINESS earth orbit — where delays in transmit-
ting data are substantially shorter than
AEROSPACE from satellites at higher altitudes — it is
Starlink. The company already claims
Peggy more than 400,000 users and has
launched nearly 3,000 satellites. Its
Hollinger spacecraft can hitch a ride on rockets
flown by parent Space , which also hap-
pens to manufacture the satellites.
But the service is still a long way from
such as the US, how will those in less
affluent countries afford it
Tech is evolving fast and terminal
costs and performance will improve.
But as LEO networks win new subscrib-
ers and average data demands increase,
they will also be under pressure to
spend billions more on bigger fleets and
better satellites to address congestion.
“LEO operators are planning for
larger next-generation constellations

E
lon Musk may regret having
railed against government
subsidies for electric vehicles
last year. Last week the US
regulator agreed with the
principle of his criticism, withdrawing
nearly $900mn in subsidies that had
been granted to his satellite operator
Starlink to bring the internet to 642,000
remote, rural locations.
Even if $900mn is a drop in the
bucket to a multibillionaire entrepre-
neur like Musk Forbes estimates his
net worth at around $270bn , that must
have hurt. Certainly $900mn was key
anchor revenue for a new satellite
broadband constellation that has to
heavily subsidise customer terminals —
priced in most markets at $599 — in
order to expand the service.
But what must have been even more
painful is that the Federal Communica-
tions Commission, in reversing a
ecember 2020 grant, called proposals
from Starlink and another subsidy can-
didate “risky”. It also questioned Star-
link’s ability to deliver a reliable and
affordable offer.
That decision cast a cloud not only
over Starlink, which may still appeal
against the decision, but over the many
satellite broadband hopefuls that are
making a business case out of connect-
ing the world’s 2.9bn unconnected.
If any group seems equipped to
qualifying for the FCC’s largesse.
Acknowledging that “Starlink’s technol-
ogy has real promise”, FCC chair Jessica
Rosenworcel indicated that the agency
was not willing to “publicly subsidise its
still developing technology”.
There have been suggestions that the
FCC’s about-face was politically moti-
vated or due to lobbying from the pow-
erful fibre and cable industries — a
charge the agency
denies. There was
no change in direc-
he in reversing a
tion, said the FCC, ecember grant
“but rather . . . the called proposals from
way this process
was designed to Starlink and another
work”. The initial subsid candidate ‘risk
grant had been
provisional on further due diligence.
The U-turn is a timely warning to
those such as Amazon, OneWeb, Telesat
and others planning LEO broadband
services that the industry remains a
long way from being competitive —
either for the billions still living offline
or those in more populated areas.
Once built, the constellations can
deliver connectivity to new areas far
quicker than terrestrial providers. But
the economics of delivering the service
from networks of hundreds or thou-
sands of satellites are not yet consumer-
friendly due to the complexity of the
systems. And if $600 for a terminal is
too much for consumers in a country
and those new satellites must incorpo-
rate technology advances, all requiring
more and more investment,” said Car-
issa Christensen, chief executive of con-
sultancy BryceTech.
Nathan e Ruiter of consultancy
Euroconsult said: “The challenge that
they have is that you need to keep
money pouring in to keep the network
expanding to meet growing customer
requirements.”
Mega-constellations of satellites are
costly to operate and monitor. Roger
Rusch, president of consultancy TelAs-
tra, writing in SpaceNews, estimated
that the biggest constellations would
overrun initial budgets “by a factor of
’ two or more”. Any government consid-
ering subsidies for LEO broadband pro-
viders will have to weigh this trade-off
between the cost and sustainability of
an unproven business model and rapid
internet access for the underserved.
It is a tough decision, made more diffi-
cult by the fact that terrestrial providers
have also often failed to deliver. But in
most emerging technologies, govern-
ment support has a key role. Perhaps
not in the context of this FCC pro-
gramme. But if the dream of bringing
broadband to everyone everywhere is to
be realised, it is unlikely to be accom-
plished without accepting that there will
be some risk.
peggy hollinger ft com
 ★ S Thursday 18 August 2022

C MPANIES MA ETS

Technology Utilities

Tencent posts fall in uarterly revenue niper on the

Slowing hina econom
and regulator crackdown
leave business shaken
PRIMROSE RIORDAN — HONG KONG
Tencent has reported its first decline in
quarterly revenues, with China’s most
valuable group shaken by the slowing
economy and a regulatory crackdown.
The technology business missed ana-
lysts’ sales expectations after posting
quarterly revenue of Rmb134bn
US$19.7bn in the three months to June
30, down 3 per cent from the same
period last year and below forecasts of
Rmb135.6bn. Net profit fell to
Rmb18.6bn, down from Rmb43bn in
the second quarter of 2021 and missing
analyst estimates of Rmb25bn.
The group has slashed staff numbers,
saying it had “optimised our workforce”
in a cost-cutting drive that had reduced
expenses. “ uring the second quarter,
we actively exited non-core businesses,
tightened our marketing spending, and
trimmed operating expenses,” chair
Pony Ma said yesterday. “Looking for-
ward, we will focus on enhancing the
efficiency of our businesses and launch-
ing new revenue initiatives.”
The slowing Chinese economy has
hurt the company’s quarterly advertis-
ing revenue, which dropped 18 per cent
compared with the year before. Tencent
Energy. Renewable power
said it was looking to roll out advertising
formats to reach social media video
viewers, which it believed would lead to
new revenue streams.
ewer big game releases
lower user spending and
moves to protect minors
are among the challenges
Tencent has been hit with a regulatory
clampdown on gaming that began last
year, with the government slowing
approvals and restricting children to
about three hours of play a week.
Regulators paused approvals for new
games in July last year as they sought to
align the industry with party values and
make games less addictive. While it
restarted approvals in April, Beijing is
yet to publicly sign off on any from
Tencent. “The domestic game industry
is facing transitional challenges includ-
ing fewer big game releases, lower user
spending, and measures to protect
minors,” the company said.
As it contemplates obstacles closer to
home, Tencent has been looking to
expand abroad and has increased its
investment in foreign start-ups. But it
reported that revenue from its interna-
tional gaming segment fell 1 per cent in
the quarter. “The international games
market is experiencing a post-pandemic
digestion period as players resume
offline activities,” it said.
Tencent flagged that it was looking for
divestment opportunities. James Mitch-
ell, chief strategy officer, said a report
that it was in talks to sell down its Meit-
uan stake was “not accurate”, without
giving details.
Mitchell said the company had a
listed portfolio worth more than $90bn
and private investments worth $50bn,
and Tencent was focused on returning
capital to shareholders.
Amid a wave of tech industry redun-
dancies in China this year, the company
lost almost 5 per cent of its staff in the
quarter, trimming the number of its
employees to 110,715.
brink as it
posts 1 bn
first half loss
OLAF STORBECK — FRANKFURT
erman utility niper has reported a
12. bn first half loss, saying it had
become a pawn in the kraine con
flict, with a dramatic drop in ussian
gas deliveries pushing it to the brink
of insolvency .
The loss by Europe’s biggest importer of
Russian gas is one of the largest by a
German company, eclipsing Bayer’s
10.5bn in 2020.
Klaus- ieter Maubach, chief execu-
tive, warned yesterday that Europe
faced a grim winter and that the gas sup-
ply crisis made it “almost impossible” to
predict the group’s performance in the
second half of the year.
“We do assume that Gazprom, if it
wanted to, could considerably increase

stacle co rse a aits idens climate am ition
actors such as land use rules
and import controls threaten
to impede implementation
MYLES MCCORMICK — NEW YORK
The US climate, tax and spending law
signed by president Joe Biden this week
holds the potential to spark an explo-
sion of renewable power projects across
the country. Clean-energy executives,
climate advocates and scholars have
praised it, saying it is the first serious
legislative attempt to tackle emissions
that fuel global warming.
But a host of obstacles may stand in
the way. They range from tariffs and
import controls that are driving up the
cost of solar panels, to state land-use
laws over which the federal government
has no control.
The new law is “absolutely game-
changing”, said Jos Shaver, chief invest-
ment officer at Electron Capital Part-
ners, a renewables-focused asset man-
ager with $2.8bn under management.
“ But it’s an energy transition, not an
energy switch. It’s not going to happen
overnight and there’s going to be a lot of
bumps in the road.”
The Inflation Reduction Act will
pump a record $369bn into clean
energy. The Biden administration pre-
dicted that the law would allow the
country to slash greenhouse gas emis-
sions by 40 per cent from 2005 levels by
the end of the decade, putting it within
striking distance of its commitment to
cut emissions by 50-52 per cent by 2030
under the Paris climate accord.
Modelling by think-tanks broadly
lines up with the administration’s esti-
mates of emissions impact. For the most
part these do not account for external
forces that could delay projects, how-
ever.
“The models generally assume that if
something is economic, it will get built,”
said Robbie Orvis at Energy Innovation,
a climate policy think-tank. “And we
know that in the real world there can be
some friction in the system.”
At the heart of the bill are tax credits
to spur investment in, and production
of, renewable power. While some of the
credits are not new, they are long-dated
with a 10-year horizon, while previous
versions of credits repeatedly expired,
requiring extensions at the eleventh
hour.
The 10-year credits will give develop-
ers an unprecedented ability to make
long-term plans for new projects, while
a “transferability” mechanism that
allows the credits to be bought and sold
un traps: psun will expand options for financing
olar panels in projects.
le andria, “It really opens the floodgates for us to
irginia. elow, expand the rollout massively of the
making a panel pipeline of projects with a planning
at irst olar, horizon that gives us certainty,” said
Perrysburg, hio
ndre Caballero eynolds
Tom Buttgenbach, chief executive at
8Minute Solar, one of the biggest utility-
Getty Images
Megan elinger euters scale developers.
Some developers fret that other eff-
orts to catalyse a domestic green energy
manufacturing industry may slow the
torrent. A epartment of Commerce
report into tariff circumvention by parts
makers in south-east Asia, the source of
most panels, is due this month. While
Biden has said any tariffs would not be
enacted for at least two years, a lack of
clarity makes it hard to plan ahead.
The potential for retroactive tariffs
along with supply chain snags drove
down solar installations in the last quar-
ter to their lowest level since the start of
the pandemic, according to Wood Mac-
kenzie, a consultancy.
“I need to know what my supply chain
looks like in four to five years,” said
Buttgenbach. “And the current environ-
ment is tariffs this week and investiga-
tion next week. It’s just a nightmare
when you’re working on these billion-
dollar infrastructure deals.”
Another new US law that bars imports
linked to forced labour in China, a lead-
ing source for solar panels and parts, has
also caused confusion as customs agents
have impounded some components.
Executives in the nascent offshore US
wind power sector are anxiously eyeing
a separate piece of legislation that would
require them to use only domestic ves-
sels and crews when installing turbines.
That is a “real issue now”, said Pedro
Azagra, chief executive of Avangrid,
which owns utilities and one of the big-
gest US wind developers. “It’s some-
thing that is not realistic. You do not
have them and it will take some time to
build them, to train the crews.”
But most developers support the new
climate law, which creates incentives for
buying locally rather than forcing the
issue. That will allow the development
‘ t’s an of a local industry over time. “When you
have critical mass and you need things,
energ it comes naturally,” Azagra said.
transition The development of solar and wind
farms at a scale that decarbonises the
not an economy will require construction on
energ vast stretches of land. A Princeton anal-
ysis found that meeting Biden’s goal of
switch t’s net zero emissions by 2050 would entail
not going to wind farms with a “visual footprint” on
a land area equal to Illinois and Indiana
happen combined. For solar farms, an area the
overnight size of Connecticut would be needed.
and there’s Already, states such as New York that
have big renewable electricity targets
going to be a have encountered resistance from some
lot of bumps people living near energy projects. In
Ohio, lawmakers last year passed a law
in the road’ empowering counties to block solar and
wind farms, with one saying that wind
turbines “ruin the character” of a place.
A recent study in journal Energy Pol-
icy found that 53 utility-scale wind,
solar and geothermal projects had been
delayed or blocked from 2008 to 2021.
Building long-distance transmission
lines will be needed to deliver electricity
from remote wind and solar farms to
urban areas. However, states also have
power to block interstate transmission
projects. A $1bn project to deliver Cana-
dian hydroelectricity to Massachusetts
recently stalled after Maine blocked it.
See Opinion
its gas deliveries through Nord Stream
1,” he said, adding that gas prices had
gone haywire because of “concerns
about the reliability of energy supply”.
Germany, which before the Ukraine
war bought 55 per cent of its gas from
Russia, is trying to avoid rationing
energy this winter. espite the shortfall
in Russian deliveries, its gas storage
facilities have been filled to 77.3 per cent
capacity, in line with Berlin’s plans. The
government aims to bring the level to 95
per cent by November.
Uniper, majority-owned by Finnish
utility Fortum, last month received a
15bn bailout from Berlin, which will
take a 30 per cent stake and provide
‘Ga prom if it wanted to
could considerabl
increase its gas deliveries
through ord Stream 1’
loans to prevent a collapse. Uniper’s
share price has lost more than 81 per
cent this year, bringing its market capi-
talisation down to 2.8bn.
A drop of up to 80 per cent in Russian
deliveries since June has forced Uniper
to buy expensive gas on the spot market
to meet contractual obligations to sup-
ply clients including 100 regional utili-
ties owned by municipalities.
From October, Uniper will be able to
pass on 90 per cent of the higher costs to
consumers. It warned it would continue
to generate operating losses for the com-
ing 18 months but hoped it could
“return to positive territory” in 2024.
Over the past 12 months, gas prices in
Germany have risen more than fivefold
to 200 per megawatt hour. Uniper said
it had suffered an average daily loss of
60mn since the supply through Nord
Stream 1 began to dwindle in mid-June.
It has also taken a 2.7bn impairment
on its stake in Nord Stream 2, the
defunct Russian pipeline project, and a
4.9bn loss on its derivatives position.
“In Germany . . . there is not a single
energy company that such a develop-
ment would not bring to its knees,”
Maubach said, adding that Uniper had
drawn more than half of a 9bn credit
line from German lender KfW.
he company has warned that
urope faces a grim winter

Pharmaceuticals Sichuan closures

Sanofi drops breast cancer drug after trial fails
LEILA ABBOUD — PARIS
anofi has abandoned development of
a breast cancer drug after a second
failed clinical trial, dealing a blow to its
pipeline of new treatments.
The French pharmaceutical group said
yesterday that it had stopped all studies
of amcenestrant following an analysis of
late-stage trial data that showed it did
not meet the efficacy threshold.
Its shares closed almost 6 per cent
lower, making it the seventh-worst per-
former on the blue-chip CAC 40 index.
“This was a flagship drug in pipeline
and important oncology asset,” said Jo
Walton, a Credit Suisse analyst.
Analysts said the setback raised ques-
tions about the strength of Sanofi’s pipe-
line and risked leaving it too dependent
on upixent, the blockbuster eczema
and asthma drug. Strong sales of upix-
ent prompted the group to raise its
annual profit target in late July when it
reported second-quarter results.
The failure of amcenestrant com-
pounds the setback Sanofi suffered with
tolebrutinib, the experimental multiple
sclerosis treatment. The US Food and
rug Administration in July asked the
company to pause recruitment of new
patients for studies on the drug after
reports of side effects affecting the liver.
Sanofi had listed amcenestrant and
tolebrutinib as priorities for develop-
ment, as among six “potentially trans-
formative” treatments in its pipeline.
avid Risinger, analyst from SVB
Securities, lowered his price target on
Sanofi from 121 to 102 as a result of
ending the development of amce-
nestrant. “We previously expected a
2025 launch for amcenestrant and esti-
mated 1.6bn in annual sales by 2030,”
he wrote, adding that earnings per share
would be up to 7 per cent lower.
John Reed, Sanofi’s head of research
and development, said cancer treat-
ments remain a “priority area” for
Sanofi. “While we are disappointed by
this outcome, our research will further
the scientific understanding of endo-
crine therapies in people with breast
cancer,” he added.
Paul Hudson, chief executive, has
made oncology a focus of research
efforts as part of his five-year turnround
plan for the group that began in 2019.
While there have been some suc-
cesses during Hudson’s tenure, includ-
ing acquisitions in vaccines and immu-
nology, Sanofi’s shares have lagged
peers since he joined. They are up about
8 per cent since September 2019 com-
pared with a 35 per cent rise for the
MSCI World Pharmaceuticals, Biotech-
nology and Life Sciences Index.
The shares were also hit last week by
investor worries about US lawsuits
relating to Zantac, the heartburn drug
that was withdrawn from the market in
2019.
Sanofi had been one of several compa-
nies that sold the over-the-counter
treatment.
hina drought hits Toyota and Fo conn plants
WILLIAM LANGLEY GLORIA LI
AND PRIMROSE RIORDAN — HONG KONG
oyota and pple supplier o conn
have suspended plant operations in
south west hina as the region suffers
hydropower shortages caused by
droughts and heatwaves.
Sichuan, a province of 84mn people that
generates the bulk of its electricity from
hydropower, announced it would sus-
pend energy supplies to factories in a
number of cities as it braced for a week
of temperatures forecast to hit highs of
more than 40C, according to a govern-
ment statement.
Toyota said it had suspended opera-
tions in the province from Monday until
Saturday, in line with the provincial
restrictions.
Foxconn, the largest contract elec-
tronics manufacturer, also confirmed it
had closed its Chengdu plant, which
manufactures Apple Watches, iPads
and MacBooks. The impact on produc-
tion was “not significant so far”, the
company added.
Chinese media reported that electric
vehicle battery maker and Tesla sup-
plier CATL closed its Sichuan plant for
the same period. CATL did not immedi-
ately respond to a request for comment.
“Laptop and iPad or tablet makers,
he south west province
is braced for a week of
temperatures forecast to
hit highs of more than
there is a lot in Sichuan and what we
heard was the eastern province of
Jiangsu was also facing some restric-
tions,” said an Nystedt, vice-president
at TriOrient Investments, an Asia-based
private investment company.
Sichuan is a hub for lithium mining
and the production of solar panels.
The power rationing has led to pro-
duction halts at about 20 steel mills,
while energy-intensive aluminium and
zinc smelters have curtailed output,
according to data provider Shanghai
Metals Market.
The Yangtze River, China’s largest and
most important waterway, last week
notched its lowest level on record for
this time of year, according to a water
resources ministry press release.
The ministry said rainfall in the Yang-
tze basin was 40 per cent lower than it
normally was since July and that in
some areas there had been more than 20
days without significant rainfall.
China Three Gorges Corporation,
operator of the largest power station,
declined to comment on how water
shortages were affecting its dam.
The operator declared on its website
that it would seek policy support to
mitigate the adverse impact of “the
fluctuation of water inflow” on its
operations.
Additional reporting by arry empsey
Thursday 18 August 2022
S chipmakers stunned by sudden do nturn
ntel and icron set to slash capital spending despite passage of landmark US legislation to increase production
RICHARD WATERS — SAN FRANCISCO
After dealing with booming demand
and global shortages since the start of
the pandemic, the semiconductor
industry is facing a sudden downturn.
Even for an industry accustomed to
frequent cyclical slumps, this one has
defied easy analysis and left researchers
struggling to predict how it will play out.
The sudden glut in memory chips, PC
processors and some other semiconduc-
tors has come at a time when manufac-
turers in many automotive and indus-
trial markets still lack a reliable supply.
It has also forced some of the biggest
US chipmakers to slash billions of dol-
lars off planned capital spending at the
very moment Washington has passed a
law to subsidise a huge increase in
domestic chip manufacturing capacity.
The speed of the turn and the conflict-
ing forces at work are unprecedented,
said an Hutcheson, chief executive of
VLSI Research, who has analysed chip
cycles since the 1980s. “I’ve never seen a
time when we had excessive inventory
and we had shortages,” he said.
The immediate cause has been a rapid
build-up in inventory since early this
year. Compared with February, when
there were enough chips on hand to sup-
port 1.2 months of production, global
inventory levels jumped to 1.4 months
in June and then 1.7 months in July,
according to VLSI Research.
Tumbling PC sales and weaker smart-
phone demand have been the main
causes, as consumers retrench. But with
fears rising of an economic slowdown,
makers of a wide range of equipment,
which had been building inventory to
guard against supply pressures, have
reversed course. Meanwhile, it is
unclear how much weakening chip sales
reflect supply chain problems rather
than any fall-off in demand.
The suddenness of the turn has rico-
cheted through the sector since late July,
when Intel stunned Wall Street with the
news that revenue in its latest quarter
had fallen $2.6bn, or 15 per cent, short of
expectations. Pat Gelsinger, chief exec-
★ S
C MPANIES
technician utive, blamed it on the kind of inventory
bathed in yellow adjustment that hits only once in a dec-
light takes ade, although Intel also admitted to
notes in the errors of its own.
photolithography Nvidia, the biggest maker of graphics
room at icron s processing units used in video graphics
anassas plant and machine learning systems, last
in irginia week pre-announced a bigger revenue
Steve elber
miss, as sales of its gaming chips fell 44
per cent on the preceding quarter. And
Micron, another large maker of mem-
ory chips, said free cash flow was likely
to turn negative in the next three
months, after averaging $1bn in recent
quarters.
The stresses have also been felt
through Asia. Late last week, the chief
MA ETS
Chip sales
Annual % change
30
20
10
0 300
-10
-20
201
US makers under pressure
Share prices rebased
0 even though it disclosed a savage 17 per
-20
- 0
- 0
Jan
Sources: Gartner; S P Capital IQ
executive of Semiconductor Manufac-
turing International Corporation of
China said demand had slowed from
smartphone and other consumer elec-
tronics makers, some halting orders
altogether. A month before, Taiwan
Semiconductor Manufacturing Com-
pany said it was expecting an inventory
correction lasting until late next year.
The slide has left chipmakers in the
US trying to manage a decline just as
they were preparing to boost output
because of the $52bn in state support
provided by this month’s Chips Act.
On the same day that Congress passed
the law, Intel, which is expected to be
the biggest beneficiary of government
20
2022 Aug
grants, sliced $4bn from its capital
spending for the rest of this year but said
it was still committed to a “strong and
growing dividend” for its shareholders.
Micron, which marked the signing of
the law last week by saying it planned to
invest $40bn in the US this decade, was
forced a day later to say it would cut its
capital spending “meaningfully” next
year because of the downturn.
For now, most supply chain experts
predict a relatively shallow downturn,
provided the global economy is heading
for a soft landing. But the speed of
events has left them scrambling to
understand the complex dynamics at
play.
9
Gartner, which had expected growth
in global sales this year to halve from
bn 2021’s 26 per cent, revised its forecast to
700 7 per cent and is now predicting a 2.5 per
cent contraction in 2023 to $623bn.
00 Wall Street has taken events in its
00 stride. The Philadelphia semiconductor
index, which comprises the 30 largest
00 US companies involved in the design,
manufacture and sale of semiconduc-
tors, fell back nearly 40 per cent as the
200 stock market corrected this year after
rising three-fold following the early
100 pandemic stock market slump. But
0 since early July, despite mounting evi-
23 dence of the chip slowdown, the index
has rebounded 24 per cent.
Nvidia’s shares this week climbed
back above the level they were trading
at before its earnings disappointment,
cent shortfall in revenue compared with
earlier expectations.
Philadelphia But after the severe inventory and
semiconductor
inde supply chain stresses of the past two
years, few analysts are confident they
Intel
Micron can judge how an economic slowdown
will feed through the industry. Hopes
Nvidia that the slide would be largely restricted
to the PC and smartphone markets have
already been dashed.
Nvidia said sales of data centre chips
had risen 1 per cent from the preceding
quarter compared with Wall Street
expectations of closer to 10 per cent. It
blamed supply shortages rather than
‘ ’ve never falling demand, though other indica-
tions, including a fall-off at Intel, have
seen a fed the suspicion the booming cloud
time when computing market has cooled rapidly.
In recent days, the signs of retrench-
we had ment have broadened. Mark Murphy,
e cessive Micron’s finance chief, said last week
that industrial and automotive custom-
inventor ers were the latest to cut chip purchases.
and we had “It’s a very recent development,” he
said. It was too early to tell whether
shortages’ these customers were adjusting after a
rapid inventory build-up or responding
to falling demand from customers.
Either way, said Murphy, the result
has been the same: “We’re seeing clear
signs of weakness in those markets.”
10
ntain makes case or tougher gambling crackdown
elen
homas
pot the difference.
Then: Entain, the owner of
Ladbrokes and Coral,
“acknowledges and regrets
that certain legacy systems
and processes . . . did not adequately
meet the regulatory requirements in
respect to social responsibility and anti-
money laundering safeguards”.
Now: Entain “accepts that certain leg-
acy systems and processes . . . were not
in line with the evolving regulatory
expectations . . . in respect to aspects of
social responsibility and anti-money
laundering safeguards”.
2019: the group, at the time called
GVC, was fined £5.9mn by the Gambling
Commission but said it had “trans-
Travel leisure
Entain hit ith
1 mn fine for
serious failures’
Gambling ommission
cites social responsibilit
and anti laundering lapses
OLIVER BARNES
Entain has been hit with a £17mn
fine, the biggest penalty meted out by
the gambling regulator, for social
responsibility and anti-money-launder-
ing failings under rules governing
gaming businesses.
The fine for the owner of Ladbrokes
and Coral was targeted at Entain’s
online and retail operations. A £14mn
penalty was imposed for a failure to
‘ perators are reminded
the must never place
commercial considerations
over compliance’
meet licensing standards at LC Interna-
tional, which runs Entain’s 13 gaming
websites, while Ladbrokes Betting
Gaming, which operates about 2,700
betting shops, received a £3mn fine.
Andrew Rhodes, Gambling Commis-
sion chief executive, said the investiga-
tion revealed “serious failures” resulting
in the largest fine to date. The previous
record penalty was a £13mn fine given
to Caesars Entertainment in April 2020.
“There were completely unacceptable
anti-money-laundering and safer gam-
bling failures,” said Rhodes. “Operators
are reminded they must never place
commercial considerations over com-
pliance.” He noted that this was the sec-
ond time the Ladbrokes and Coral oper-
ation had been fined. Before the busi-
nesses were taken over by GVC Holdings
and renamed Entain in 2020, the opera-
tors were hit with a £5.9mn fine.
Rhodes said that the regulator
would monitor the operators “very
carefully” and, if further breaches
formed its AML and safer gambling
processes” through its “industry-
leading Changing for the Bettor respon-
sible gambling strategy”.
2022: the company agrees a £17mn
fine for its failure to enforce AML rules
and protect vulnerable customers, say-
ing the behaviour between ecember
2019 and October 2020 “predates the
many changes” the company has made,
including its “Advanced Responsibility
and Care programme” which uses “rev-
olutionary AI technology”.
Perhaps it’s for the best that the
machines are involved because others
in this story seem slow on the uptake.
With the government supposedly
finalising its long-awaited paper on
gambling reform, Entain’s latest fine
raises questions about the ability of the
industry to change and the efficacy of
the regulatory system.
How much of an incentive is there for
companies to self-police and do proper
checks on what the commission’s chair
Marcus Boyle recently described as
occurred, the removal of licences was
a “very real possibility”.
Entain agreed to pay the fine as part of
a regulatory settlement for failings
including not intervening with custom-
ers at risk of gambling-related harm and
allowing customers subject to account
restrictions to open accounts with other
licensees.
One customer, who would spend
extended periods gambling overnight
and managed to deposit about
£230,000 over an 18-month period, was
contacted only once by the operator,
according to evidence outlined by the
Gambling Commission.
Another customer was not escalated
for a safer gambling review despite stak-
ing nearly £30,000 in a betting shop and
losing £11,345 in a single month.
All gambling operators must comply
with safer gambling and anti-launder-
ing responsibilities under the 2005
Gambling Act. A government review is
expected to tighten controls further.
The investigation into Entain focused
on the period between ecember 2019
and October 2020.
Entain was also accused of failing to
conduct proper risk assessments of the
possibility of its businesses being used
for money-laundering or terrorist
financing, and allowing customers to
deposit up to £742,000 over a 14-month
period without carrying out appropriate
source of funds checks.
The company will be subject to extra
licence conditions, including appoint-
ment of a board member to oversee
improvements and a third-party audit
to review compliance within 12 months.
Entain stressed that the regulator
“found no evidence” of criminal spend-
ing in the company’s operations and
that the probe “predates the many
changes in the area of safer gambling
and anti-laundering that Entain has
introduced”. Last year it rolled out AI
tech to enforce safer gambling, it said.
See Helen Thomas
★ S
U C MPANIES
“jaw-dropping examples of substantial
amounts being taken from individuals
who can’t afford to wager such sums”
Perhaps he meant the customer who
deposited £230,845 over 18 months,
repeatedly gambling overnight, with
only one chat interaction from the com-
pany, and whose account had errone-
ously been reopened in 2018 after a pre-
vious decision to close it.
Or the one who deposited £742,000
over 14 months without questions being
asked about affordability or income. Or
the social housing resident who depos-
ited £186,000 over six months, without
a check on their source of funds.
Or the lack of checks on a customer
who regularly loaded £500 on to betting
shop terminals, staking £168,000 in
eight months and losing a total £28,000.
Entain’s penalty was a negotiated set-
tlement, rather than an enforced fine or
a formal warning its licence hasn’t been
put under review.
The industry — in 2019 and now —
complains that increased fines reflect a
Material gains
Pandemic eal
or decorating
buoys ole a
punitive, unpredictable regulator that
doesn’t work constructively with the
sector. Equally, Boyle in May said that
enforcement, with operators paying out
more than £130mn over five years,
“clearly is not a sufficient deterrent”.
Fines may be a cost of doing business
for an industry reliant on small num-
bers of customers staking vast sums of
hreats of tougher action
aren’t seen as credible b
the industr campaigners
or the market
money: excluding the National Lottery,
the sector makes 90 per cent of its
money from 5 per cent of its customers,
according to the regulator. Entain’s lat-
est bill is about 3 per cent of last year’s
group underlying profit.
Its repeat offences seem to make the
case for the more systematic interven-
tion under consideration by the govern-
Fabrics group Colefax has reported
record full-year profits fuelled by the
decorating boom during the pandemic,
although it warned that inflation was
likely to hinder sales growth.
The Aim-listed company posted a
pre-tax profit of £10.82mn in the year
to the end of April, up from £5.42mn
the previous year.
Sales rose almost a third to £102mn.
avid Green, chair and chief
executive, said the “exceptional”
performance over the period “reflects
extremely favourable market
conditions in the US and the UK”.
He said: “One of the consequences of
the pandemic was a surge in housing
transactions and home-related
spending, and this has been the main
driver of our business over the last
financial year.”
The group, a designer and fabric
ment. Also needed: a beefed-up regula-
tor, backed by independent research
based on real-time data that could be
funded through an industry levy.
The regulator’s threats of tougher
action, including the “very real possibil-
ity” of licence removal, aren’t seen as
terribly credible by the industry, by
those campaigning against gambling
harm, or the market. Entain’s shares fell
just 3 per cent on news of the fine.
The industry’s pledges feel similarly
weak. The sector promises a “single cus-
tomer view” of an individual’s behav-
iour. Yet Entain couldn’t even manage
this within its own group: one customer
who had their account blocked with
Coral was immediately able to sign up
with Ladbrokes and deposit £30,000.
Entain, as part of its settlement, will
appoint a board member to oversee its
improvement plans. But it is policymak-
ers in Westminster who must do more to
prevent harm across the sector.
helen thomas ft com
distributor, sells most of its
wallpaper and material for between
£75 and £100 a metre, although
some rolls cost as much as £450 a
metre, according to the company’s
website.
The group’s shares closed up 2.9
per cent yesterday.
Green warned that surging
material costs and a slowdown in
the housing market could decelerate
future sales growth.
“Rising interest rates and high
levels of inflation have already
started to slow housing market
activity and we are therefore
cautious about prospects for the
coming year,” he said.
“We are also experiencing high
levels of cost inflation, especially
from our fabric suppliers.”
asemin Craggs ersinogl
Thursday 18 August 2022
Travel
ebt ridden
leisure
ine orld
in talks on
shoring up
balance sheet
OLIVER BARNES AND MARK WEMBRIDGE
ineworld is considering a large capital
restructuring to save the highly
indebted cinema chain, as it warned of
sluggish ticket sales owing to a lack of
blockbuster movies.
The world’s second-largest cinema com-
pany told shareholders yesterday to
expect a “very significant dilution” in
stock price if it went ahead with plans to
“potentially restructure its balance
sheet through a comprehensive delever-
aging transaction”.
The group said it was “in active dis-
cussions with various stakeholders and
evaluating various strategic options” to
obtain additional liquidity and overhaul
its balance sheet.
espite the easing of Covid-19 trading
restrictions over the past year, admis-
sion levels remained “below expecta-
tions”, it added.
The company blamed the weak sales
figures on a “limited film slate” that was
anticipated to continue until November
this year. It said that this would “nega-
tively impact” trading and the group’s
liquidity position over the period.
Shares in the group closed 12.5 per
cent down at 8.24p. The stock is down
63 per cent year to date. At the end of
he news suggests the
chain is pursuing a ‘ma or
fi to underl ing problems
of the balance sheet’
ecember, Cineworld’s net debt stood at
just above $5bn, almost 25 times higher
than its market capitalisation.
Ivor Jones, an analyst at Peel Hunt,
said the news suggested the chain was
pursuing a “major fix to the underlying
problems of the balance sheet” and not
just “another smaller fix”.
Cineworld averted bankruptcy this
year for the second time in two years,
despite facing an almost $1bn payout to
Canadian rival Cineplex in compensa-
tion for a botched acquisition.
The group is appealing against the
court-awarded damages but several
lenders said at the time that they
expected the two companies to strike a
deal. If Cineworld were to declare insol-
vency, Cineplex would be one of the last
creditors to be paid.
Jones said a large restructuring of the
company would be “made difficult by
relatively poor trading and a relatively
complex debt structure”.
Cineworld operates 751 sites across
10 countries. The company owns the
US-based Regal cinema chain, along
with Cineworld and Picturehouse in the
UK and several other brands in eastern
Europe.
Covid trading restrictions over the
past two years have coincided with
increased competition from streaming
services, darkening the outlook for the
cinema industry.
espite Cineworld’s concerns over a
lack of high-profile films, two of the
most popular films in UK cinema his-
tory — o Time to ie, the latest James
Bond film, and Spider- an: o ay
ome — were released in the past year.
Another bank analyst said that rival
Vue’s recent restructuring might “prov-
ide a playbook” for Cineworld. In July,
lenders took on Vue International as
part of a £1bn debt restructuring.
Thursday 18 August 2022 ★ S 11

C MPANIES MA ETS

Fi ed income. Borrowing costs Crypto

Pension fund
ilts sell off as ot inflation P admits
it ent into
lifts rate rise e ectations digital assets
too soon’
SCOTT CHIPOLINA
AND OSEPHINE CUMBO

Canada’s second-largest pension fund

arkening skies: the ank of ngland will draw little comfort from the easing global inflation situation because of greater domestic pressures on prices, analysts say
ield curve inversion deepens
manager has written off its $150mn
investment in crypto lending platform
Celsius Network and conceded it went
into crypto “too soon”.
Charles Emond, chief executive of
Caisse de d p t et placement du
u bec, said its investment in Celsius
last October marked the end of its foray
into the digital asset industry.
Celsius became one of the biggest
names to be caught by the sharp
collapse in the price of digital assets in
the spring.
In June, it froze customer withdrawals
and weeks later filed for Chapter 11
bankruptcy protection in New York, a
move that revealed a $1.2bn hole in the
company’s balance sheet.
C P , the $304bn investment firm
that manages pension plans and
insurance programmes in uebec, said
yesterday that the stake in Celsius was
written off “out of prudence”.
“For us it’s clear when we look at all of
this, even if the last chapter has not been
written, that we went in too soon
Charlie ibby into a sector that was in transition, with
a business that had to manage
UK short-term borrowing costs surge E pectations for Bank of England rate Yield curve inversion worsens extremely quick growth,” Emond said.

in sign of growing worries that
BoE ma trigger a recession
ADAM SAMSON IAN OHNSTON
AND NIKOU ASGARI
Short-term UK borrowing costs surged
to the highest level since 2008 as
blistering inflation data heightened
expectations that the Bank of England
will need to lift borrowing costs sharply
to slow price growth.
Two-year gilt yields, which are sensi-
tive to monetary policy expectations,
soared as much as 0.3 percentage points
yesterday to 2.45 per cent.
Longer-term bonds came under
slightly softer selling pressure with the
10-year yield rising as much as 0.19
percentage points to 2.32 per cent.
The moves cascaded to other global
bond markets with German, Italian and
US government debt under pressure.
The intense selling in short-dated UK
debt highlights how many investors
increasingly view the BoE as lagging
behind in its efforts to fight inflation,
which is running at its highest level in
more than 40 years. Worries are also
mounting that these efforts will tip the
country into a prolonged recession.
Rising two-year gilt yields are “telling
us the market thinks the BoE bank
rate needs to go higher”, said James
Athey, investment director at Abrdn.
Athey added that the positioning of
some investors, who had hoped
inflation was near peaking, had
“exacerbated” the moves since they
were now having to shift to a more
hawkish outlook for monetary policy.
In currencies, the pound slipped
0.4 per cent lower against the dollar to
$1.20 and also 0.4 per cent against the
euro to 1.18.
Two-year gilt yield (%) rises push higher
200 10 1 20 22
Sources: Refinitiv; Bloomberg
Trading activity in fixed income and
currency markets tends to slow during
August with many market participants
on holiday, something that may amplify
the scale of price fluctuations.
Yesterday’s moves come after fresh
data showed the UK’s annual inflation
rate rose to 10.1 per cent in July — up
from 9.4 per cent in June and greater
than economists’ forecasts of 9.8 per
cent.
The Office for National Statistics
noted that a “wide range of price rises”
had pushed up the inflation rate in July
with food leading the way. “The main
problem was the breadth of price
increases,” said Silvia all’Angelo,
senior economist at Federated Hermes.
Goldman Sachs economists added
that they expected prices “to remain
elevated throughout 2022 and 2023 due
to supply chain disruptions, strong wage
growth and higher energy prices”.
The UK data contrasted with the US
inflation report this month, which
showed consumer price growth in the
world’s largest economy slowed to 8.5
per cent in July from 9.1 per cent in June.
The easing US cost pressures had
increased hopes that global inflation
Di erence in two- and 10-year gilt yields
7 Implied bank rate in May 2023 (%)
3
2 1
1 -1
0 12
Jun 2022
Based on trading in overnight inde swaps
could be at or near peaking. “The
encouraging evidence that the upward
pressure on underlying inflation from
global factors has started to ease will be
of little comfort to the Bank of England,
given the signs that this is being
replaced by more persistent domestic
inflationary pressures,” said Ruth
Gregory, senior UK economist at Capital
Economics.
Trading in money markets suggested
that traders are braced for the BoE to
raise its main interest rate by 2.05 per-
centage points by May 2023 compared
with 1.67 percentage points on Tuesday.
Gregory noted that she expected the
BoE to raise rates by 0.5 percentage
points next month after raising them by
the same margin this month in the
biggest rise in 27 years.
The central bank has already
increased its main interest rate from
0.1 per cent in November 2021 to 1.75
per cent this month.
The hawkish pivot in market pricing
left two-year gilt yields trading around
0.15 percentage points above their
10-year counterparts, the most signifi-
cant “inversion” of Britain’s yield curve
since the 2008 global financial crisis.
(percentage points)
2 3
2 2
22
1
20
1 0
1
-2
Aug 2010 1 20 22
Investors typically demand higher
borrowing costs for the risk of buying
bonds maturing long into the future,
meaning yield curves normally slope
upwards.
An inverted curve is a strong signal
that markets are expecting a more
aggressive BoE will deal a strong blow to
the country’s economy.
The yield curve inversion signals that
markets are anticipating a short-term
tightening in BoE monetary policy,
followed by a recession and then a “bit
of easing” from the central bank, said
all’Angelo.
The central bank this month warned
that the UK would slump into a 15-
month recession later in 2022 with gross
wo ear domestic product shrinking by more
than 2 per cent from peak to trough.
ields are “We’re almost getting to the stage that
‘telling us central banks are almost going to have
to engineer an unemployment market
the market that’s close to the financial crisis to bring
thinks the inflation back under control,” said Craig
Inches, head of rates and cash at Royal
bank rate London Asset Management — pointing
needs to to the BoE and other global counter-
parts such as the US Federal Reserve
go higher’ that are also battling hot inflation.
‘ hether it is elsius or
an other investment
when we write it off
we are not happ ’
The group’s comments mark a sharp
contrast to October when it said its
Celsius investment was a sign of its
“conviction” in blockchain technology.
The write-off of its Celsius holdings —
a small slice of its overall portfolio —
came as the fund manager reported a
C$28bn $22bn fall in assets in the six
months to the end of June this year.
C P said its portfolio was hit by a
“rare and simultaneous” fall in both
equity and bond markets, which led to a
7.9 per cent hit on its portfolio.
“The first six months of the year were
very challenging,” said Emond, adding
that its portfolio had still performed
better than its benchmark, which was
down 10.5 per cent.
Responding publicly for the first time
since Celsius’s bankruptcy, Emond said:
“Whether it is Celsius or any other
investment, needless to say that when
we write it off, we are disappointed with
the outcome and not happy.”
Emond said he was aware there
were challenges regarding crypto
investments, but said “perhaps we
underestimated the challenges”.
Emond said he felt “a lot of empathy”
for Celsius investors and that the fund
manager was “reserving our comments
Our global and exploring our legal options” related
team gives you to the situation.
market-moving Asked if he regretted the Celsius
news and views, investment, Emond, said: “As an inves-
24 hours a day tor it is a constant and never ending
ft.com markets learning process, you learn and make
sure you don’t repeat the mistake.”

Crypto Fi ed income

enesis chief to oin departing staff
in fallout from Three Arro s collapse
OSHUA OLIVER
rypto broker enesis will cut a fifth of
its staff and replace its chief e ecutive
as it counts the cost of lending 2. bn to
hedge fund hree rrows apital.
The departure of Michael Moro after six
years is one of the most high-profile
casualties so far from the collapse of
Three Arrows, which has reverberated
through the digital asset sector.
Genesis will also cut about 20 per cent
of its 260 employees, it said.
The US group was among the compa-
nies hardest hit by the failure of Three
Arrows, the Singapore crypto hedge
fund that filed for bankruptcy in July
when its bets on bitcoin and other
cryptocurrencies soured in the heavy
sell-off of digital assets this year.
Many of the industry’s best-known
names, including Voyager igital,
BlockFi and eribit, were also forced to
liquidate some of Three Arrows’s
positions when the investment shop
failed to meet margin calls.
Court documents showed that
Genesis had lent Three Arrows $2.4bn
in undercollateralised loans.
Genesis’s parent company, igital
Currency Group, founded by investor
Barry Silbert, has taken over the trading
firm’s liabilities related to Three Arrows
and lodged a $1.2bn claim in the US
bankruptcy case.
Moro said in July that igital
Currency Group had “assumed certain
liabilities of Genesis related to Three
Arrows to ensure we have the capital to
operate and scale our business for the
long term”.
Genesis said its new leadership would
ichael oro is a high profile
casualty of the hree rrows failure
focus on “strengthening the company’s
overall risk management”.
It added that the changes would
enable the company “to emerge from
this period even stronger than before”.
Chief operating officer erar Islim,
who joined Genesis in 2020 after
working for San Francisco venture
capital firm Hard Yaka and Bank of
America, will replace Moro on an
interim basis. It has begun the search for
a full-time successor.
Genesis also announced new
appointments to senior positions in the
firm’s governance, compliance and risk
positions.
Tom Conheeney, who was the presi-
dent of Steven Cohen’s former hedge
fund SAC Capital and its successor
Point72 Asset Management, has been
appointed as a senior adviser.
“It has been an honour to lead Genesis
for nearly a decade and I look forward to
supporting the company’s next phase of
growth,” said Moro in a statement.
Other big companies, including Coin-
base, Crypto.com and Gemini, have
announced job cuts after being caught
out by the sharp drop in cryptocurrency
prices.
European banks restart Russian bond
trading as clients look to e it positions
OWEN WALKER
uropean banks have oined Wall
treet in allowing clients to trade
ussian debt once again after the
reasury gave the green light last
month for investors to wind down their
positions.
The global market for Russian sovereign
and corporate bonds froze in June after
US investors were banned from buying
Russian securities on the secondary
market as part of the west’s sanctions
against Moscow following its invasion of
Ukraine.
But the Treasury’s Office of Foreign
Assets Control, which enforces
sanctions in the US, opened a three-
month window on July 22 for banks to
help investors who had been left holding
Russian bonds to wind down their
positions.
European regulators have also made
it easier for banks to help clients reduce
their exposure.
UBS, Barclays and eutsche Bank
have all resumed allowing clients to sell
their Russian debt holdings, in line with
similar moves from JPMorgan, Bank of
America, Jefferies and Citigroup,
according to people briefed on their
decisions. The Wall Street bank moves
were first reported by Reuters and
Bloomberg.
Other banks, including Credit Suisse
and HSBC, have so far held back from
re-entering the Russian debt market
because of their lower risk tolerance,
according to people with knowledge of
their activities.
Almost $40bn of Russian sovereign
‘ his is chiefl for clients
who continue to want to
unwind he volumes
aren’t that remarkable’
debt was outstanding when Moscow
began its invasion of Ukraine in
February with about half held by
foreign investors.
The Ofac licence allows banks to
facilitate, clear and settle trades made
by US citizens to wind down their
Russian exposure, even if that involves
buying further securities.
While each bank’s exposure to Russia
is relatively small, the resumption of
debt trading is symbolic as it is one of
the few key international markets that
has reopened since Moscow was hit by a
barrage of western sanctions.
All the banks declined to comment
but people briefed on their moves said
the decisions were not motivated by
trying to profit from the market
reopening but were about allowing
clients to wind down their exposure in
accordance with sanctions rules.
“This is chiefly for clients who
continue to want to unwind,” said one
employee of a bank that has restarted
Russian debt trading. “The volumes
aren’t that remarkable.”
Western banks had been helping their
clients cut back their exposure to Russia
following the start of the war but bonds
proved hard to shift because of a lack of
buyers leading to falling values.
Several banks have also been
attempting to sell off their operations in
Russia.
French lender Soci t G n rale took a
3.3bn hit when it agreed to sell its
Rosbank subsidiary to oligarch Vladimir
Potanin’s Interros investment company
in April and HSBC has agreed to sell its
Russian subsidiary to Expobank.
12 ★ S Thursday 18 August 2022

C MPANIES MA ETS

B The day in the markets

What you need to know

3 Retailer Target misses earnings
forecasts as concerns over growth rise
German short-term bond yields follow UK higher
3 Stocks and bonds under pressure also Two-year Bund yield (%)

Matthew lein from gloomy UK inflation data

3 Rout for gilts ricochets across other
countries’ debt markets
07

Markets nsight Stocks and bonds came under pressure

yesterday after disappointing earnings
0 70

from US retailer Target weighed on

hina’s crackdown on
property developers and
its draconian zero-Covid
policies are bad news for
most of its people as well as
businesses abroad hoping to make
money from Chinese customers.
But China’s internal troubles have an
upside: lower demand for imported
metals, energy, food and capital goods is
alleviating inflationary pressures in the
rest of the world. For the first time in
decades, the country’s enormous trade
surplus is a boon for workers elsewhere.
The downturn in the housing market
began last summer in response to
government restrictions on mortgage
borrowing and developer leverage.
Homebuilders sold an average of
156mn sq m a month of residential floor
space from April to June 2021. This year
in the same period, Chinese developers
have sold just 106mn sq m a month.
The plunge in demand has flowed
through to new building with the
amount of “residential floor space
started” in April to June 2022 down by
nearly half compared with last year. The
pace of homebuilding has not been this
slow since 2009.
The result is extra supply for the rest
of the world. Iron ore, metallurgical coal
and copper are essential materials for
making construction steel, household
appliances and electrical wiring.
Before the recent downturn, China
consumed about two-thirds of the
world’s iron ore and metallurgical coal
and about 40 per cent of the copper.
Lower demand means lower prices.
Compared with the recent peak in July
2021, iron ore futures are down by half
while Chinese metallurgical coal prices
are down by about a third.
Global copper prices have dropped by
sentiment already darkened by worse 0
a quarter despite the expected tailwind Covid-related restrictions. Chinese than e pected UK inflation data.
of additional climate-related green consumer spending in the first half of Wall Street’s S P 500 share inde was
investments in the US and Europe. 2022 was barely higher than in the first down 1.1 per cent by midday in New York
This has broader ramifications. Resi- half of 2021 after accounting for infla- with travel companies among the biggest 0 0
dential real estate is also the only asset tion and is now running more than 10 fallers.
class broadly available to Chinese savers per cent below the pre-pandemic trend. Target’s shares slid after the US retailer
outside of bank deposits, dwarfing the Chinese oil refiners have been missed earnings e pectations for the 0
value of Chinese stocks and bonds. processing 10 per cent less crude oil three months to July 30 as its chief
Until recently, Chinese consumers since April compared with last spring e ecutive spoke of a very challenging
borrowed from banks to buy new homes thanks to the plunge in petrol demand. environment .
— which had yet to be built — as invest- Electricity consumption, which had The group’s figures were posted ust a 0 0
ment properties. Now, developers are been expanding by about 7 per cent a day after earnings reports from retail Tue Wed
failing to finish their projects for lack of year before the pandemic, is now rising bellwether Walmart and do-it-yourself Source: Refinitiv
cash, some would-be homebuyers just 2 per cent. China’s weakness has chain Home Depot indicated some
are refusing to pay their mortgages and been a potent counterweight to the resilience in consumer spending.
some local banks are stiffing depositors. strain on global energy supplies caused The technology-heavy Nasda estimates of how high the Bank of less likely to blink in the face of declining
by Russia’s invasion of Ukraine. Composite gauge lost 1.7 per cent. England would lift borrowing costs to growth prospects than the market is
China’s domestic weakness is crush- Those moves came as investors curb rapid price growth. priced for.
n the past the imbalance ing demand for goods from the rest of assessed higher-than-feared inflation That selling ricocheted across other Elsewhere in e uity markets, the pan-
between hina’s e ports the world. In dollar terms, spending on figures for the UK. countries’ debt markets with Germany’s regional Sto 600 Europe slid 0.9 per
imports has been flat since the end of The country’s consumer price inde two-year Bund yield rising as much as cent while Frankfurt’s etra Da slipped 2
and imports was a drag last year. Factor in rising prices and registered a 10.1 per cent year-on-year 17 basis points to 0.75 per cent. The per cent. In Asia, Japan’s Topi inde
on the global econom China’s real import demand is down increase for July, greater than June’s e uivalent US yield also umped, adding gained 1.3 per cent while Hong Kong’s
about 8 per cent since the lockdowns figure of 9.4 per cent and above 10bp to 3.35 per cent. Hang Seng rose 0.5 per cent.
began, according to estimates from economists’ consensus forecast of The yield on the 10-year US Treasury Investors were due later yesterday to
On top of that, China’s provincial and the Netherlands Bureau for Economic a 9.8 per cent rise. note, a pro y for borrowing costs scrutinise the minutes of the US Federal
local governments had relied on Policy Analysis. The UK figures sparked a rout in the worldwide, rose 9bp to 2.92 per cent. Reserve’s latest monetary policy meeting
revenues from land sales to cover about But China’s exports continue to rise, country’s short-dated debt, which is Lyn Graham-Taylor, rates strategist at for any further clues about the central
a third of their spending. That money is providing foreign consumers and sensitive to changes in interest rate Rabobank, said bond markets could sell bank’s strategy for tackling inflation.
no longer coming in. According to businesses with the goods they need. e pectations, as investors raised their off further, adding: The central banks are Ian ohnston
China’s ministry of finance, local In the past, the massive imbalance
government revenues from land sales so between China’s healthy exports and
far this year were 31 per cent lower than weak imports was a drag on the global Markets update
in the first six months of 2021. economy, depriving workers elsewhere
While local government bond of the incomes they would have earned
issuance is soaring, this mostly reflects selling goods and services to Chinese
cash flow shortfalls rather than new customers. But now that inflation US Euro one Japan UK China Bra il
investment spending. esperation is and commodity shortages are bigger Stocks S P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
leading some local governments to raise concerns than underemployment, Level 4256.39 1726.35 29222.77 7515.75 3292.53 113466.32
money at about 9 per cent yields from China’s troubles may be just what the change on day -1.13 -0.82 1.23 -0.27 0.45 -0.04
household savers even though the rest of the world needs. Currency inde D Y per Yen per per Rmb per Real per
central government issues 10-year Level 106.731 1.016 135.465 1.204 6.776 5.170
bonds at yields below 3 per cent. atthe C lein is the fo nder of The change on day 0.217 -0.196 0.804 -0.414 -0.235 0.392
The impact of China’s housing crash is ershoot and the co-a thor of Trade ars Govt. bonds 10-year Treasury 10-year Bund 10-year GB 10-year Gilt 10-year bond 10-year bond
being compounded by the government’s Are Class ars Yield 2.908 1.082 0.181 2.285 2.631 12.544
Basis point change on day 6.280 11.300 1.560 16.200 -0.200 5.100
World inde Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals LME
Level 430.59 92.27 86.55 1774.85 20.13 3851.10
change on day -0.92 -0.66 -0.72 -0.10 -1.01 0.38
Yesterday s close apart from: Currencies 16:00 GMT; S P, Bovespa, All World, Oil 17:00 GMT; Gold, Silver London pm fi . Bond data supplied by Tullett Prebon.

Main e uity markets

S P 500 inde Eurofirst 300 inde FTSE 100 inde
4480 1760 7680

4160 1680 7360

3840 1600 7040

3520 1520 6720

Jun 2022 Aug Jun 2022 Aug Jun 2022 Aug

Biggest movers
US Euro one UK
Agilent 6.99 Coloplast 7.27 Diageo 1.05
Progressive 3.27 Carlsberg 3.85 Bp 1.03
Ups

Eli Lilly Co 2.62 Oci 2.65 British American Tobacco 1.00

Valero Energy 2.57 Jeronimo Martins 1.70 Flutter Entertainment 0.93
T Companies 2.30 Kerry Grp 1.37 Reckitt Benckiser 0.82

Jack Henry Associates -8.33 Alstom -6.91 Persimmon -7.84

Carnival -6.61 Sanofi -5.31 Aveva -5.40
Downs

Analog Devices -6.52 Thyssenkrupp -4.83 Int Consolidated Airlines S.a. -4.80
Norwegian Cruise Line Holdings Ltd -6.46 Infineon Tech -4.67 Prudential -3.98
Royal Caribbean -6.17 Continental -4.43 Haleon -3.98
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Euro one
All data provided by Morningstar unless otherwise noted.

Wall Street Europe London

Retailer Target sank after a big earnings
miss blamed on efforts to whittle down its
stock levels.
Earnings per share come in at 39 cents
in the second uarter, sharply below the
72 cents Wall Street had estimated.
Brian Cornell, chief e ecutive, said
Target had been rightsi ing inventory
goals, which was placing significant
pressure on our near-term profitability .
Better than e pected results sent
Agilent Technologies rallying.
The lab instrument manufacturer
posted a 22 per cent year-on-year rise in
uarterly earnings of 1.34 per share,
topping the Refinitiv-compiled estimate
by 14 cents.
Agilent also raised its full-year
guidance, forecasting revenue in the
range of 6.75bn to 6.78bn, up from the
6.67bn to 6.73bn target stated in May.
Bank of America said Agilent’s sector
was in much better shape than many
e pected, benefiting from lower
cyclicality, higher recurring revenues and
more e posure to faster growing markets.
Manchester United rallied after Tesla
chief Elon Musk announced he was
buying the football team on Twitter, only
to recant hours later saying it was a oke.
Bloomberg later reported that the
team’s owners, the Gla er family, were
open to selling a minority stake. Talks
were ongoing. Ray Douglas
Forecast-beating results alongside an
upgrade to its outlook lifted Swit erland’s
Tecan, the provider of lab instruments.
Sales grew almost 30 per cent to
SFr584mn ( 613mn) in the first half of the
year, comfortably beating the UBS
estimate of SFr542mn.
Underscoring this revenue growth was
strong demand for automation solutions
for non-Covid applications and
significant price increases for products
and services , it said.
Tecan said its full-year revenue would
now grow within the mid- to high-teens
range, up from the mid-teens forecast
stated in March.
Finland’s Marimekko fell sharply after
its second- uarter results failed to deliver
the large beats of its more recent
updates.
Operating profit climbed 17 per cent
year-on-year to €5.7mn, which was 3.6
per cent ahead of what analysts had
e pected, but was not as impressive as
the 47 and 27 per cent beats achieved in
the previous two uarters, respectively.
Higher than e pected costs weighed
on Danish pharma group Lundbeck,
which reported core operating profit of
DKr889m ( 121mn) against DKr999m
Jefferies had estimated.
Additional investments in marketing
and sales costs were in part to blame for
the s uee e on profits. Ray Douglas
Theatre chain Cineworld plummeted to a
record low after warning that ticket sales
were still below e pectations .
Worrying investors was the group’s
response to ensure balance sheet
strength, which may include a
deleveraging that would likely result in
very significant dilution of e isting e uity
interests in Cineworld , said the company.
Revolution Beauty surged on news
that Boohoo had made a strategic
investment in the personal care product
group.
The fast-fashion retailer’s 7.1 per cent
stake made it Revolution’s fourth-largest
shareholder, according to Refinitiv data.
Shore Capital said the investment
appears logical given the e isting
commercial relationship and the potential
for full ownership in due course .
Boohoo already sells Revolution
products through some digital channels.
A slide in half-year profits weighed on
housebuilder Persimmon, which posted
pre-ta profits of £439.7mn for the si
months ending June 30, down from
£480.1mn for the same period a year
earlier.
AJ Bell said it was easy to understand
why the market is being cautious about
property groups, not least in light of
mounting mortgage costs and UK house
price growth slowing in June. Ray
Douglas
Thursday 18 August 2022 ★ S 1

MA ET DATA

WORLD MARKETS AT A GLANCE FT.COM MARKETSDATA

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

-1.13 -1.71 -0.86 -0.27 -0.82 -0.92 -0.196 -0.414 -0.02 -0.10
1.23 0.46 0.804 0.238
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jul 18 - - Inde All World Jul 18 - Aug 17 Inde All World Jul 18 - Aug 17 Inde All World Jul 18 - Aug 17 Inde All World Jul 18 - Aug 17 Inde All World Jul 18 - Aug 17 Inde All World

S P 500 New York S P/TS COMP Toronto FTSE 100 London etra Da Frankfurt Nikkei 225 Tokyo Kospi Seoul
4,256.39 20,195.25 29,222.77 2,516.47
7,515.75 13,626.71
13,308.41 26,788.47
3,936.69 18,595.62 7,296.28 2,370.97
Day -1.13 Month -6.73 Year -11.45 Day -0.51 Month -9.84 Year -6.47 Day -0.27 Month -5.00 Year 0.44 Day -2.04 Month -0.77 Year NaN Day 1.23 Month -5.14 Year -9.83 Day -0.67 Month -13.64 Year -30.07

Nasda Composite New York IPC Me ico City FTSE Eurofirst 300 Europe Ibe 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
12,877.98
48,645.96 1,726.35 8,434.80 20,661.06 3,262.76
47,259.23 1,668.08 8,125.10 19,922.45 3,121.76
11,713.15
Day -1.71 Month -7.23 Year -23.37 Day -0.51 Month -7.31 Year -5.23 Day -0.82 Month -6.91 Year -9.00 Day -0.91 Month -8.45 Year -7.31 Day 0.46 Month 5.78 Year -24.49 Day 0.28 Month -4.28 Year -0.96

Dow Jones Industrial New York Bovespa S o Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sense Mumbai
33,859.18 113,007.94 22,757.81 60,260.13
6,528.32
3,279.43 3,292.53
31,827.05 6,201.22
98,244.80 21,169.12 53,760.78
Day -0.86 Month -5.23 Year -10.21 Day -0.04 Month -11.14 Year -21.26 Day -0.97 Month -9.62 Year -8.86 Day -1.04 Month -13.95 Year -14.96 Day 0.45 Month 7.58 Year -5.67 Day 0.70 Month -5.30 Year 0.91

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 124258.32 124787.34 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 24877.48 25162.58 Philippines Manila Comp 6818.99 6850.64 Taiwan Weighted Pr 15465.45 15420.57 Cross-Border DJ Global Titans ($) 467.06 471.92
Australia All Ordinaries 7381.10 7361.90 C ech Republic
PX 1238.77 1255.74 FTSE Italia Mid Cap 40422.06 40977.45 Poland Wig 54912.06 56217.76 Thailand Bangkok SET 1639.72 1629.95 Euro Stoxx 50 (Eur) 3755.98 3805.22
S&P/ASX 200 7127.70 7105.40 DenmarkOMXC Copenahgen 20 1732.68 1724.97 FTSE MIB 22757.81 22997.83 Portugal PSI 20 6268.77 6235.43 Turkey BIST 100 2968.30 2913.30 Euronext 100 ID 1265.93 1276.57
S&P/ASX 200 Res 5453.80 5442.20 Egypt EGX 30 9914.71 9984.44 Japan 2nd Section 7228.27 7239.06 PSI General 4934.88 4894.53 UAE Abu Dhabi General Index 9222.93 9251.11 FTSE 4Good Global ($) 10295.84 10386.09
Austria ATX 3043.65 3101.68 EstoniaOMX Tallinn 1874.16 1898.40 Nikkei 225 29222.77 28868.91 Romania BET Index 12583.24 12648.65 UK FT 30 2596.20 2620.20 FTSE All World ($) 430.59 434.61
Belgium BE 20 3820.65 3858.62 FinlandOMX Helsinki General 10981.68 11172.65 S&P Topix 150 1729.54 1706.24 Russia Micex Index 2436.57 2445.30 FTSE 100 7515.75 7536.06 FTSE E300 1726.35 1740.57
BE Mid 10107.47 10169.28 France CAC 40 6528.32 6592.58 Topix 2006.99 1981.96 RTX 1245.71 1212.57 FTSE 4Good UK 6835.60 6868.91 FTSE Eurotop 100 3366.69 3391.01
Bra il IBovespa 113466.32 113512.38 SBF 120 5047.42 5100.19 Jordan Amman SE 2569.52 2573.92 Saudi-Arabia TADAWU All Share Index 12545.14 12543.77 FTSE All Share 4146.49 4166.38 FTSE Global 100 ($) 2715.18 2742.83
Canada S&P/TSX 60 1220.98 1225.74
Germany M-DAX 27543.16 28108.38 Kenya NSE 20 1794.18 1799.46 Singapore FTSE Straits Times 3262.76 3253.79 FTSE techMARK 100 6120.04 6212.88 FTSE Gold Min ($) 1609.53 1607.16
S&P/TSX Comp 20166.02 20269.97 TecDAX 3134.03 3177.32 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 358.06 374.61 USA DJ Composite 11550.43 11689.14 FTSE atibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1343.01 1314.90 XETRA Dax 13626.71 13910.12 atvia OMX Riga 1131.53 1145.04 Slovenia SBI TOP - - DJ Industrial 33859.18 34152.01 FTSE Multinationals ($) 2862.22 2864.78
Chile S&P/C X IGPA Gen 28916.84 28902.64
Greece Athens Gen 894.00 893.23 ithuania OMX ilnius 939.32 936.42 South Africa FTSE/JSE All Share 70967.35 71504.69 DJ Transport 14848.81 15209.96 FTSE World ($) 780.70 788.80
China FTSE A200 11224.44 11119.85 FTSE/ASE 20 2164.67 2161.99 uxembourg uxX 1497.06 1519.82 FTSE/JSE Res 20 63227.15 65386.53 DJ Utilities 1051.11 1053.86 FTSEurofirst 100 (Eur) 4522.53 4564.19
FTSE B35 9000.71 8988.96
Hong Kong Hang Seng 19922.45 19830.52 Malaysia FTSE Bursa K CI 1518.16 1518.78 FTSE/JSE Top 40 64167.49 64726.06 Nasdaq 100 13406.90 13635.21 FTSEurofirst 80 (Eur) 5164.61 5229.36
Shanghai A 3450.03 3434.57 HS China Enterprise 6755.31 6727.94 Mexico IPC 48554.12 48801.68 South Korea Kospi 2516.47 2533.52 Nasdaq Cmp 12877.98 13102.55 MSCI ACWI Fr ($) 659.44 659.09
Shanghai B 308.51 309.21 HSCC Red Chip 3634.39 3601.07 Morocco MASI 12175.75 12162.75 Kospi 200 329.91 331.78 NYSE Comp 15672.07 15846.79 MSCI All World ($) 2844.42 2842.48
Shanghai Comp 3292.53 3277.88
Hungary Bux 42980.64 43528.08 Netherlands AEX 723.09 728.11 Spain IBEX 35 8434.80 8511.90 S&P 500 4256.39 4305.20 MSCI Europe (Eur) 1759.43 1756.04
Shen hen A 2345.95 2329.80
India BSE Sensex 60260.13 59842.21 AEX All Share 985.58 992.74 Sri anka CSE All Share 8907.35 9086.24 Wilshire 5000 42535.22 43108.65 MSCI Pacific ($) 2712.82 2734.63
Shen hen B 1267.67 1268.82 Nifty 500 15379.05 15280.50 New ealand N X 50 11852.93 11847.15 Sweden OMX Stockholm 30 2034.76 2058.94 ene uela IBC 7346.07 7397.45 S&P Euro (Eur) 1722.92 1745.61
Colombia CO CAP 1261.61 1260.21
Indonesia Jakarta Comp 7133.45 7093.28 Nigeria SE All Share 49629.43 49664.07 OMX Stockholm AS 813.65 826.04 ietnam NI 1275.28 1274.69 S&P Europe 350 (Eur) 1773.90 1789.97
Croatia CROBEX 2013.05 2011.29
Ireland ISE Overall 7213.90 7306.62 Norway Oslo All Share 1017.37 1006.88 Swit erland SMI Index 11128.19 11130.44 S&P Global 1200 ($) 3098.54 3129.38
Israel Tel Aviv 125 2104.57 2100.05 Pakistan KSE 100 43676.56 43436.48 Stoxx 50 (Eur) 3665.59 3686.50
(c) Closed. (u) Unavaliable. Correction. ♥ Sub ect 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 Aug 17 %Chg %Chg Aug 17 %Chg %Chg Aug 17 %Chg %Chg Aug 17 %Chg %Chg
ACTI E STOCKS stock close Day s ACTI E STOCKS stock close Day s ACTI E STOCKS stock close Day s ACTI E 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 95.9 906.06 -13.63 Shell 188.7 2182.00 13.50 Nestle N 306.1 120.63 1.69 Softbank . 887.0 5802.00 53.00 Flutter Entertainment 10815.00 18.1 - Darktrace 540.60 41.9 - Nanoco 46.60 27.7 76.6 Aerospace & Defense 4815.34 5.4 18.4
Apple 53.4 173.35 0.32 Gsk 154.4 1415.40 -9.60 Roche Gs 276.8 326.87 1.03 Fast Retailing Co. 754.0 88130.00 2400.00 Rs 1141.00 5.8 - Network Int Holdings 238.20 19.0 - Ted Baker 108.60 26.3 - General Retailers 3406.78 1.9 4.7
Nvidia 40.7 182.00 -6.79 Unilever 153.6 3940.50 19.00 Novartis N 228.5 83.85 0.26 Toyota Motor 687.1 2183.00 62.00 Entain 1383.00 5.7 - Tbc Bank 1758.00 15.7 - otefoams 313.00 15.5 - Electricity 11369.56 1.6 3.1
Ama on.com 32.3 141.00 -3.78 Bp 152.6 430.90 4.40 Sanofi 208.9 81.99 -4.60 Nippon Yusen Kabushiki Kaisha 578.7 10650.00 330.00 British American Tobacco 3440.50 4.9 29.3 Bank Of Georgia 1974.00 14.0 - On The Beach 128.60 13.2 - Industrial Engineering 14143.46 1.2 -
Advanced Micro Devices 29.2 97.01 -3.19 Astra eneca 127.1 11002.00 34.00 Intesa Sanpaolo 201.4 1.83 -0.03 Tokyo Electron 543.7 46290.00 -140.00 Admiral 2306.00 4.1 - Balfour Beatty 319.60 11.4 -3.2 Puretech Health 253.00 12.4 - Gas Water & Multiutilities index 6381.96 0.9 -0.7
Microsoft 21.6 290.55 -2.16 British American Tobacco 126.4 3440.50 34.00 Prosus 158.1 65.08 0.28 Nintendo Co. 541.3 60140.00 1780.00 Sse 1832.50 3.7 0.6 4imprint 4045.00 9.0 - idendum 1500.00 11.8 - ife Insurance 6817.27 0.6 -
Target 15.5 174.35 -5.84 Glencore 119.0 486.70 3.80 Asml Holding 157.6 544.20 -13.30 Sony 531.3 11960.00 355.00 Glencore 486.70 3.6 12.2 Diversified Energy 138.00 8.7 5.9 Fisher ( ames) & Sons 367.00 11.2 - Food & Drug Retailers 4233.34 0.5 -7.9
Walmart 11.4 140.16 0.79 Rio Tinto 93.0 4888.50 -29.50 Novo Nordisk B A/s 157.1 103.93 0.43 Kawasaki Kisen Kaisha 423.7 9400.00 230.00 Coca-cola Hbc Ag 2051.00 3.5 -27.8 Harbour Energy 384.90 6.9 -5.0 Kin And Carta 206.00 10.8 - Health Care Equip.& Services 11071.47 0.3 24.2
owe s Companies 10.9 215.87 1.75 Anglo American 70.0 2966.50 -36.00 Stellantis 154.5 14.64 -0.26 Mitsui O.s.k.lines 383.0 3745.00 135.00 Centrica 81.72 2.8 14.0 esuvius 367.60 5.2 - Funding Circle Holdings 39.00 10.2 - Oil & Gas Producers 7588.65 0.3 24.4
Alphabet 10.6 119.69 -2.01 Haleon 65.6 258.40 -10.70 Totalenergies 153.3 51.43 -0.07 Mitsubishi Uf Fin . 339.3 734.30 9.00 Imperial Brands 1914.00 2.5 13.6 Capricorn Energy 237.00 5.1 16.2 Topps Tiles 45.20 9.6 - Pharmaceuticals & Biotech. 20421.76 0.2 15.4
Bp 430.90 2.3 15.0 Wi Air Holdings 2422.00 4.4 - Ricardo 470.00 9.6 - Tobacco 36440.79 0.0 26.2
BIGGEST MO ERS Close Day s Day s BIGGEST MO ERS Close Day s Day s BIGGEST MO ERS Close Day s Day s BIGGEST MO ERS Close Day s Day s
National Grid 1165.00 2.3 -0.5 Energean 1270.00 4.3 21.6 Mears 222.00 9.4 -1.8 Mobile Telecommunications 2996.83 -0.1 10.8
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Agilent 142.05 9.28 6.99 Balfour Beatty 319.60 30.40 10.51 estas Wind Systems A/s 26.20 0.71 2.80 Toho Co. 2385.00 153.00 6.85 Persimmon 1704.00 -9.8 -34.3 Firstgroup 113.10 -16.0 26.4 Cineworld 8.24 -60.2 - Automobiles & Parts 1850.65 -12.7 -
Progressive 126.49 4.00 3.27 Darktrace 540.60 25.40 4.93 Sartorius Ag o O.n. 450.80 10.10 2.29 Nippon Sheet Glass 530.00 32.00 6.43 Gsk 1415.40 -9.1 10.1 Asos 852.00 -15.0 - Treatt 573.00 -27.7 - Real Estate Investment Trusts 2844.00 -6.1 -
Eli illy & Co 318.45 8.14 2.62 Bank Of Georgia 1974.00 50.00 2.60 Siemens Health.ag Na O.n. 51.50 0.86 1.70 Toto 4850.00 180.00 3.85 Haleon 258.40 -7.5 - Jupiter Fund Management 112.40 -12.9 - Me Int 102.00 -13.6 24.2 Mining 10070.08 -5.2 -50.7
alero Energy 116.22 2.91 2.57 Energean 1270.00 28.00 2.25 Nestle N 120.63 1.69 1.42 Mitsui O.s.k.lines 3745.00 135.00 3.74 Hikma Pharmaceuticals 1490.50 -7.5 - Mitchells & Butlers 175.70 -10.0 -25.2 Seraphim Space Investment Trust 60.00 -8.8 - Industrial Metals 6778.54 -4.9 -0.6
T x Companies 68.18 1.53 2.30 Ncc 217.00 3.50 1.64 Sartorius Sted Bio 395.90 5.00 1.28 Tokyo Electric Power orporated 510.00 18.00 3.66 Spirax-sarco Eng 11140.00 -7.2 - Savills 1020.00 -9.3 - indsell Train Investment Trust 1177.50 -8.2 - Travel & eisure 6449.47 -4.6 -
Barratt Developments 463.70 -6.4 - Chrysalis Investments 86.90 -8.9 -59.7 Metro Bank 84.60 -8.0 - Personal Goods 29943.13 -4.5 -
Downs Downs Downs Downs
Taylor Wimpey 119.10 -6.1 - Essentra 235.00 -7.1 -25.0 Marston s 44.06 -7.4 - Beverages 29648.71 -4.0 -
Jack Henry & Associates 193.28 -17.56 -8.33 Asos 852.00 -107.50 -11.20 Sanofi 81.99 -4.60 -5.31 Trend Micro orporated 8940.00 -190.00 -2.08
Smith (ds) 284.60 -4.8 - Itv 68.20 -7.0 - Dfs Furniture 131.00 -7.4 - Software & Computer Services 1863.03 -3.7 -
Carnival 10.45 -0.74 -6.61 Persimmon 1704.00 -145.00 -7.84 onovia Se Na O.n. 30.12 -1.62 -5.10 Fanuc 24530.00 -220.00 -0.89
Airtel Africa 146.20 -4.7 3.8 Syncona 194.60 -6.9 -4.4 Card Factory 48.10 -7.1 - Real Estate & Investment Servic 2631.02 -3.2 -
Analog Devices 167.36 -11.68 -6.52 Essentra 235.00 -19.50 -7.66 Infineon Tech.ag Na O.n. 26.27 -1.21 -4.39 Daiichi Sankyo 4135.00 -34.00 -0.82
Howden Joinery 656.00 -4.7 -34.5 Ti Fluid Systems 169.80 -6.7 - Hochschild Mining 74.95 -6.4 - Electronic & Electrical Equip. 8861.21 -2.4 -
Norwegian Cruise ine Holdings td 13.62 -0.94 -6.46 Chrysalis Investments 86.90 -6.70 -7.16 Cs N 5.38 -0.23 -4.09 Omron 7857.00 -48.00 -0.61
Berkeley Holdings (the) 3958.00 -4.6 -23.1 Softcat 1325.00 -6.7 - uceco 96.20 -6.1 - Food Producers 6189.88 -2.1 -
Royal Caribbean 41.36 -2.72 -6.17 Mitchells & Butlers 175.70 -13.20 -6.99 Philips Kon 19.14 -0.75 -3.77 Sumitomo Realty & Development Co. 3609.00 -22.00 -0.61
Schroders 2876.00 -4.6 - Bellway 2234.00 -6.7 - Speedy Hire 45.50 -5.9 - Household Goods 11956.81 -1.4 -
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Euro one 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
Aug 17 Currency Mid Change Mid Change Mid Change Aug 17 Currency Mid Change Mid Change Mid Change Aug 17 Currency Mid Change Mid Change Mid Change Aug 17 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 135.3370 -0.0969 137.5362 -0.3282 162.9997 -0.7933 Indonesia Indonesian Rupiah 14767.5000 - 15007.4887 -25.0417 17785.9672 -73.7908 Poland Polish loty 4.6254 0.0182 4.7006 0.0107 5.5708 -0.0011 ..Three Month 0.8305 0.0034 0.8434 0.0021 - -
Australia Australian Dollar 1.4458 0.0204 1.4693 0.0183 1.7413 0.0174 Israel Israeli Shekel 3.2501 -0.0130 3.3029 -0.0187 3.9144 -0.0319 Romania Romanian eu 4.7999 0.0038 4.8779 -0.0043 5.7810 -0.0194 ..One Year 0.8308 0.0032 0.8418 0.0020 - -
Bahrain Bahrainin Dinar 0.3770 0.0001 0.3831 -0.0006 0.4541 -0.0018 Japan Japanese Yen 135.4650 1.0800 137.6663 0.8696 163.1538 0.6293 Russia Russian Ruble 60.6250 -0.7750 61.6101 -0.8918 73.0167 -1.2402 United States United States Dollar - - 1.0162 -0.0017 1.2044 -0.0050
Bolivia Bolivian Boliviano 6.9100 - 7.0223 -0.0117 8.3224 -0.0345 ..One Month 135.4647 1.0794 137.6663 0.8695 163.1536 0.6288 Saudi Arabia Saudi Riyal 3.7544 - 3.8154 -0.0064 4.5218 -0.0188 ..One Month - - 1.0160 -0.1931 1.2045 -0.0050
Bra il Bra ilian Real 5.1699 0.0202 5.2539 0.0118 6.2266 -0.0014 ..Three Month 135.4639 1.0779 137.6661 0.8692 163.1528 0.6274 Singapore Singapore Dollar 1.3836 0.0045 1.4061 0.0023 1.6664 -0.0014 ..Three Month - - 1.0156 -0.1931 1.2046 -0.0050
Canada Canadian Dollar 1.2923 0.0050 1.3132 0.0029 1.5564 -0.0004 ..One Year 135.4596 1.0694 137.6645 0.8662 163.1536 0.6238 South Africa South African Rand 16.6725 0.2387 16.9434 0.2147 20.0803 0.2054 ..One Year - - 1.0134 -0.1931 1.2050 -0.0052
Chile Chilean Peso 891.8000 8.6000 906.2916 7.2413 1074.0826 5.9453 Kenya Kenyan Shilling 119.5000 - 121.4419 -0.2027 143.9256 -0.5970 South Korea South Korean Won 1310.4000 2.2500 1331.6939 0.0672 1578.2440 -3.8257 ietnam ietnamese Dong 23403.5000 -4.5000 23783.8146 -44.3178 28187.1968 -122.3282
China Chinese Yuan 6.7755 -0.0160 6.8857 -0.0277 8.1605 -0.0531 Kuwait Kuwaiti Dinar 0.3071 0.0002 0.3120 -0.0003 0.3698 -0.0013 Sweden Swedish Krona 10.4091 0.0631 10.5782 0.0465 12.5367 0.0242 European Union Euro 0.9840 0.0016 - - 1.1851 -0.0029
Colombia Colombian Peso 4311.0000 87.1000 4381.0535 81.3486 5192.1619 83.7982 Malaysia Malaysian Ringgit 4.4680 0.0020 4.5406 -0.0055 5.3813 -0.0199 Swit erland Swiss Franc 0.9533 0.0026 0.9687 0.0010 1.1481 -0.0017 ..One Month 0.9838 0.0016 - - 1.1850 -0.0029
Costa Rica Costa Rican Colon 664.4250 -3.0750 675.2218 -4.2574 800.2325 -7.0385 Mexico Mexican Peso 20.0685 0.1245 20.3946 0.0927 24.1705 0.0503 Taiwan New Taiwan Dollar 29.9850 -0.0195 30.4723 -0.0707 36.1139 -0.1734 ..Three Month 0.9833 0.0016 - - 1.1847 -0.0030
C ech Republic C ech Koruna 24.1688 0.0339 24.5615 -0.0064 29.1088 -0.0797 New ealand New ealand Dollar 1.5943 0.0171 1.6202 0.0147 1.9201 0.0127 Thailand Thai Baht 35.4150 -0.0175 35.9905 -0.0779 42.6538 -0.1981 ..One Year 0.9812 0.0017 - - 1.1832 -0.0031
Denmark Danish Krone 7.3188 0.0128 7.4378 0.0006 8.8148 -0.0211 Nigeria Nigerian Naira 425.7500 - 432.6684 -0.7223 512.7727 -2.1271 Tunisia Tunisian Dinar 3.1635 0.0037 3.2149 -0.0016 3.8101 -0.0113
Egypt Egyptian Pound 19.1315 -0.0012 19.4424 -0.0337 23.0419 -0.0970 Norway Norwegian Krone 9.7232 0.0496 9.8813 0.0340 11.7107 0.0115 Turkey Turkish ira 17.9615 - 18.2534 -0.0305 21.6328 -0.0897
Hong Kong Hong Kong Dollar 7.8429 0.0027 7.9704 -0.0106 9.4460 -0.0359 Pakistan Pakistani Rupee 214.9150 0.8650 218.4073 0.5159 258.8433 -0.0276 United Arab Emirates UAE Dirham 3.6731 - 3.7328 -0.0062 4.4239 -0.0184
Hungary Hungarian Forint 396.9988 -0.3685 403.4500 -1.0486 478.1447 -2.4291 Peru Peruvian Nuevo Sol 3.8453 -0.0299 3.9078 -0.0370 4.6313 -0.0554 United Kingdom Pound Sterling 0.8303 0.0034 0.8438 0.0021 - -
India Indian Rupee 79.4475 -0.2100 80.7385 -0.3486 95.6864 -0.6509 Philippines Philippine Peso 55.8750 0.0350 56.7830 -0.0592 67.2958 -0.2368 ..One Month 0.8304 0.0034 0.8437 0.0021 - -
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 e uities FT 30 INDE FTSE SECTORS: LEADERS LAGGARDS FTSE 100 SUMMARY
Produced in con unction with the Institute and Faculty of Actuaries Aug 17 Aug 16 Aug 15 Aug 12 Aug 11 Yr Ago High ow 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 2596.20 2620.20 2610.90 2604.80 2585.80 0.00 2880.10 2300.60 Oil & Gas Producers 32.84 NON FINANCIA S Index -0.80 Technology -14.16 FTSE 100 Price Change FTSE 100 Price Change
Aug 17 chge% Index Aug 16 Aug 15 ago yield% Cover ratio ad Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 32.33 FTSE All HY- Share Index -1.46 Software & Comp Serv -14.41 3I Group P C 1258.5 5.00 Intertek Group P C 4226 -20.00
FTSE 100 (100) 7515.75 -0.27 6940.61 7536.06 7509.15 7181.11 3.53 1.95 14.50 192.85 7639.40 P/E Ratio net - - - - - 0.00 19.44 14.26 Tobacco 24.42 Personal Goods -2.03 Industrials -14.48 Abrdn P C 166.00 -6.50 Jd Sports Fashion P C 128.20 -1.80
FTSE 250 (250) 20027.04 -1.52 18494.45 20336.41 20382.76 23693.53 2.76 1.35 26.87 361.62 16503.95 FT 30 hourly changes Aerospace & Defense 14.68 Fixed ine Telecomms -4.06 Household Goods & Ho -14.61 Admiral Group P C 2306 18.00 Kingfisher P C 251.20 -4.00
FTSE 250 ex Inv Co (176) 20474.67 -1.60 18907.83 20808.30 20852.82 24851.01 2.85 1.48 23.71 390.88 17215.78 8 9 10 11 12 13 14 15 16 High ow Electricity 12.71 Beverages -4.65 FTSE 250 Index -14.71 Airtel Africa P C 146.20 0.30 and Securities Group P C 707.80 -21.20
FTSE 350 (350) 4181.47 -0.46 3861.48 4200.94 4189.75 4139.61 3.41 1.88 15.60 102.40 8434.93 2620.2 2620.9 2613.3 2614.7 2611.6 2608.9 2602 2601.1 2592.5 2629.8 2592.2 Banks 11.03 Health Care Eq & Srv -5.37 Real Est Invest & Tr -16.22 Anglo American P C 2966.5 -36.00 egal & General Group P C 282.30 -1.60
FTSE 350 ex Investment Trusts (274) 4108.98 -0.42 3794.54 4126.31 4113.78 4036.30 3.48 1.93 14.94 102.97 4283.41 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Pharmace & Biotech 8.88 Financials -5.60 Construct & Material -17.00 Antofagasta P C 1140 -24.50 loyds Banking Group P C 45.79 0.06
FTSE 350 Higher Yield (129) 3565.29 -0.34 3292.45 3577.37 3559.34 3253.14 4.94 1.88 10.77 113.39 8077.36 Utilities 8.57 Media -6.78 Support Services -18.35 Ashtead Group P C 4627 17.00 ondon Stock Exchange Group P C 8434 62.00
FTSE 350 ower Yield (221) 4380.09 -0.59 4044.90 4406.14 4405.03 4789.93 1.86 1.87 28.70 70.28 5365.37 FT WILSHIRE 5000 INDE SERIES Health Care 7.92 Travel & eisure -6.87 Food & Drug Retailer -19.51 Associated British Foods P C 1638.5 -20.00 M&G P C 213.90 -3.30
FTSE SmallCap (247) 6590.28 -0.95 6085.96 6653.73 6625.16 7516.41 3.05 1.46 22.50 134.64 10959.62 Mobile Telecomms 7.34 Food Producers -7.80 Real Est Invest & Se -19.70 Astra eneca P C 11002 34.00 Meggitt P C 793.00 -1.00
FTSE SmallCap ex Inv Co (130) 5388.92 -1.27 4976.53 5458.45 5434.01 6457.00 2.93 1.72 19.85 100.60 9315.51 Aug 16 Aug 16 Gas Water & Multi 7.18 Financial Services -8.53 eisure Goods -20.50 Auto Trader Group P C 658.40 0.40 Melrose Industries P C 147.60 -5.65
FTSE All-Share (597) 4146.49 -0.48 3829.17 4166.38 4155.09 4123.45 3.40 1.87 15.74 101.06 8446.13 Mining 6.09 Nonlife Insurance -10.02 Chemicals -24.41
FT Wilshire 5000 43897.73 FT Wilshire Mid Cap 5826.58 Avast P C 685.60 2.80 Mondi P C 1575.5 -52.00
FTSE All-Share ex Inv Co (404) 4038.39 -0.43 3729.35 4055.93 4043.53 3980.47 3.47 1.92 15.00 100.81 4274.19 Telecommunications 4.12 ife Insurance -10.78 Industrial Eng -25.13
FT Wilshire 2500 5618.88 FT Wilshire Small Cap 5328.35 Aveva Group P C 2295 -131.00 National Grid P C 1165 -3.00
FTSE All-Share ex Multinationals (529) 1166.75 -1.15 894.16 1180.35 1181.48 1348.02 3.45 1.98 14.66 28.02 2457.40 FTSE 100 Index 1.78 Tech Hardware & Eq -11.29 Electronic & Elec Eq -26.56
FT Wilshire Mega Cap 5622.14 FT Wilshire Micro Cap 5344.87 Aviva P C 458.80 -1.30 Natwest Group P C 262.80 1.80
FTSE Fledgling (83) 12504.74 0.30 11547.80 12466.86 12418.12 13145.14 3.32 6.15 4.89 222.08 26780.18 Basic Materials 0.33 FTSE SmallCap Index -11.65 General Retailers -27.56
FT Wilshire arge Cap 5656.45 B&M European alue Retail S.A. 423.00 -9.20 Next P C 6388 -176.00
FTSE Fledgling ex Inv Co (32) 16738.09 0.09 15457.19 16722.22 16653.84 18069.58 2.87 8.68 4.01 284.79 34800.72 Beverages 31.66 Oil Equipment & Serv -12.12 Industrial Transport -32.11
Source Wilshire. Wilshire Advisors C (Wilshire) is an investment advisor registered with the SEC. Further Bae Systems P C 799.60 0.20 Ocado Group P C 921.80 -10.00
FTSE All-Small (330) 4600.53 -0.89 4248.47 4641.74 4621.90 5223.90 3.06 1.73 18.89 93.35 9812.62 Consumer Goods -0.67 Consumer Services -12.66 Automobiles & Parts -48.99
information is available at https //www.wilshire.com/solutions/indexes . Wilshire is a registered service Barclays P C 168.68 -1.82 Pearson P C 873.00 -5.20
FTSE All-Small ex Inv Co (162) 4058.62 -1.22 3748.03 4108.91 4090.57 4844.42 2.93 1.97 17.33 75.53 8885.26 Equity Invest Instr -13.40 Industrial Metals & -79.03
mark. Copyright 2022 Wilshire. All rights reserved. Barratt Developments P C 463.70 -18.30 Pershing Square Holdings TD 2710 -25.00
FTSE AIM All-Share (767) 926.67 -0.52 855.76 931.54 934.11 1258.87 1.37 1.48 49.28 7.99 1082.51
Berkeley Group Holdings (The) P C 3958 -124.00 Persimmon P C 1704 -145.00
FTSE All-Share Technology (22) 1987.50 -0.76 1649.18 2002.74 2003.26 2405.05 1.85 0.91 59.52 31.08 2866.19
BP P C 430.90 4.40 Phoenix Group Holdings P C 667.60 -9.80
FTSE All-Share Telecommunications (6) 1930.55 -1.45 1601.94 1958.96 1927.74 1942.23 5.49 1.04 17.55 57.66 2873.11 FTSE GLOBAL E UITY INDE SERIES British American Tobacco P C 3440.5 34.00 Prudential P C 949.60 -39.40
FTSE All-Share Health Care (14) 14236.78 -0.30 11813.40 14279.03 14236.80 12980.11 2.87 1.09 31.86 297.54 13113.84
Aug 17 No of US $ Day Mth YTD Total
YTD Gr Div Aug 17 No of US $ Day Mth YTD Total YTD Gr Div British and Company P C 465.00 -14.00 Reckitt Benckiser Group P C 6612 54.00
FTSE All-Share Financials (258) 4737.35 -0.95 3930.96 4782.98 4789.86 4865.12 3.43 2.59 11.27 116.58 5215.81
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bt Group P C 157.10 -3.65 Relx P C 2389 5.00
FTSE All-Share Real Estate (53) 1034.61 -1.71 898.09 1052.58 1066.03 1194.40 3.28 4.56 6.70 23.00 1077.76
FTSE Global All Cap 9375 740.18 0.1 10.4 -12.6
-11.3 1179.28
2.1 Oil Equipment & Services 23 269.36 0.5 7.3 15.1 494.13 18.5 4.4 Bun l P C 3163 15.00 Rentokil Initial P C 538.60 -0.80
FTSE All-Share Consumer Discretionary (89) 4705.43 -1.52 3904.47 4778.10 4770.24 5506.54 2.12 0.87 54.30 80.29 4959.37
FTSE Global All Cap 9375 740.18 0.1 10.4 -12.6
-11.3 1179.28
2.1 Basic Materials 373 599.08 0.6 13.7 -10.9 1089.28 -8.3 4.9 Burberry Group P C 1819.5 13.00 Rightmove P C 640.40 2.80
FTSE All-Share Consumer Staples (24)20127.07 0.65 16701.04 19997.12 19962.89 19193.33 3.77 1.21 21.81 465.60 18242.11
FTSE Global arge Cap 1867 662.41 0.0 9.7 -12.8
-11.4 1087.93
2.2 Chemicals 182 838.11 -0.1 13.4 -13.5 1471.88 -11.7 2.9 Centrica P C 81.72 -1.12 Rio Tinto P C 4888.5 -29.50
FTSE All-Share Industrials (85) 6327.19 -0.94 5250.17 6387.37 6397.49 7162.18 2.15 1.35 34.28 95.51 7275.43
FTSE Global Mid Cap 2246 949.61 0.1 11.6 -11.5
-10.2 1422.60
2.2 Forestry & Paper 20 273.43 0.6 9.0 -10.4 549.18 -8.0 3.6 Coca-Cola Hbc AG 2051 13.00 Rolls-Royce Holdings P C 83.50 -2.40
FTSE All-Share Basic Materials (22) 8241.74 -0.43 6838.83 8277.33 8024.45 8562.71 6.22 2.12 7.59 404.94 11050.02
FTSE Global Small Cap 5262 992.36 0.2 13.2 -13.3
-12.2 1422.64
1.9 Industrial Metals & Mining 94 468.41 0.3 15.6 -15.3 887.16 -11.8 8.6 Compass Group P C 1942 -14.50 Rs Group P C 1141 -18.00
FTSE All-Share Energy (14) 7848.89 0.74 6512.86 7791.18 7814.45 5347.56 3.52 2.75 10.31 216.17 9454.07
FTSE All-World 4113 434.61 0.0 10.1 -12.5
-11.2 733.28
2.2 Mining 77 898.19 2.0 13.7 -3.5 1709.83 0.0 6.4 Crh P C 3248.5 -38.00 Sage Group P C 736.80 -1.40
FTSE All-Share Utilities (10) 9459.67 -0.32 7849.44 9490.36 9371.91 8128.01 3.95 0.68 37.33 280.62 14269.78
FTSE World 2666 788.80 0.1 10.6 -12.2
-10.9 1785.61
2.2 Industrials 780 514.12 0.1 13.7 -14.4 815.84 -13.2 1.9 Croda International P C 7248 -22.00 Sainsbury (J) P C 221.20 -2.50
FTSE All-Share Software and Computer Services (19) 2142.00 -0.78 1777.39 2158.93 2159.51 2577.21 1.85 0.91 59.41 33.73 3268.25
FTSE Global All Cap ex UNITED KINGDOM In 9082 782.92 0.0 10.5 -12.7
-11.4 1223.59
2.1 Construction & Materials 146 588.89 -0.1 11.5 -20.3 987.49 -18.9 2.2 Dcc P C 5190 -140.00 Schroders P C 2876 -112.00
FTSE All-Share Technology Hardware and Equipment (3) 5227.32 -0.13 4337.52 5234.03 5234.29 7319.02 1.68 0.95 62.87 63.01 6734.53
FTSE Global All Cap ex USA 7550 504.90 -0.1 7.8 -15.8
-13.9 891.27
3.2 Aerospace & Defense 34 860.46 0.3 9.3 7.1 1336.30 8.1 1.5 Dechra Pharmaceuticals P C 3540 24.00 Scottish Mortgage Investment Trust P C 894.00 -8.00
FTSE All-Share Telecommunications Equipment (1) 600.87 -1.39 498.59 609.37 616.97 678.96 2.05 2.31 21.17 11.51 858.89
FTSE Global All Cap ex JAPAN 7980 773.93 0.1 10.5 -12.5
-11.2 1244.36
2.1 General Industrials 72 240.27 0.2 13.7 -13.4 421.49 -11.9 2.4 Diageo P C 3888.5 40.50 Segro P C 1044 -23.00
FTSE All-Share Telecommunications Service Providers (5) 2992.29 -1.45 2482.94 3036.38 2985.16 2994.71 5.60 1.02 17.45 90.35 4053.57
FTSE Global All Cap ex Euro one 8709 789.04 0.0 10.4 -11.8
-10.6 1229.43
2.1 Electronic & Electrical Equipment 158 638.48 -0.4 13.4 -20.6 914.22 -19.7 1.5 Endeavour Mining P C 1743 -25.00 Severn Trent P C 2968 -35.00
FTSE All-Share Health Care Providers (3)11245.96 0.16 9331.67 11228.33 11208.68 7882.49 0.52 3.58 54.04 54.55 10434.45
FTSE Developed 2221 724.66 0.1 10.6 -12.2
-11.0 1162.23
2.0 Industrial Engineering 150 968.24 0.2 15.4 -16.3 1531.38 -15.1 1.9 Entain P C 1383 -23.50 Shell P C 2182 13.50
FTSE All-Share Medical Equipment and Services (2) 5341.98 -1.80 4432.67 5440.09 5452.34 6555.17 2.47 1.05 38.76 84.76 5101.37
FTSE Developed All Cap 5857 755.99 0.1 11.0 -12.2
-11.1 1194.63
2.0 Industrial Transportation 129 1016.92 0.4 12.6 -8.4 1641.29 -6.3 2.9 Experian P C 2877 -15.00 Smith & Nephew P C 1035.5 -24.50
FTSE All-Share Pharmaceuticals and Biotechnology (9)20366.46 -0.22 16899.68 20411.80 20345.62 18284.87 2.92 1.09 31.43 434.56 16896.83
FTSE Developed arge Cap 861 679.88 0.0 10.4 -12.3
-11.1 1109.93
2.0 Support Services 91 579.44 -0.2 17.0 -18.4 858.27 -17.7 1.3 Flutter Entertainment P C 10815 100.00 Smith (Ds) P C 284.60 -9.20
FTSE All-Share Banks (12) 3341.63 -0.71 2772.82 3365.40 3357.16 2810.04 3.62 4.54 6.09 99.15 2930.93
FTSE Developed Europe arge Cap 229 373.63 0.0 7.8 -16.9
-14.6 3.1 Consumer Goods
737.54 562 604.11 0.0 8.5 -12.3 1010.35 -11.0 2.3 Fresnillo P C 713.40 -9.40 Smiths Group P C 1577 1.50
FTSE All-Share Finance and Credit Services (8)11626.58 0.59 9647.51 11558.09 11652.85 11250.20 1.68 2.27 26.13 156.19 15550.89
FTSE Developed Europe Mid Cap 358 583.91 -0.1 8.6 -24.3
-22.6 999.15
2.9 Automobiles & Parts 132 646.55 -0.6 15.4 -16.4 1042.43 -15.3 1.9 Glaxosmithkline P C 1415.4 -9.60 Smurfit Kappa Group P C 3081 -65.00
FTSE All-Share Investment Banking and Brokerage Services (32) 8762.18 -1.55 7270.69 8900.30 8935.80 10989.24 4.91 1.89 10.79 267.19 12128.87
FTSE Dev Europe Small Cap 740 836.42 -0.1 10.8 -24.3
-22.5 1375.08
2.8 Beverages 71 787.28 0.3 4.2 -2.3 1328.18 -1.1 2.2 Glencore P C 486.70 3.80 Spirax-Sarco Engineering P C 11140 -130.00
FTSE All-Share Closed End Investments (193)12354.19 -1.12 10251.26 12494.34 12523.14 13927.51 2.46 0.74 54.85 193.90 7670.66
FTSE North America arge Cap 243 930.01 0.2 11.5 -10.8
-10.0 1390.34
1.5 Food Producers 134 744.41 -0.1 5.6 -5.2 1277.93 -3.5 2.3 Haleon P C 258.40 -10.70 Sse P C 1832.5 2.00
FTSE All-Share ife Insurance (6) 6941.06 -2.03 5759.55 7085.10 7121.05 8068.90 4.31 1.14 20.43 188.82 8363.54
FTSE North America Mid Cap 428 1200.62 0.3 12.9 -8.2
-7.2 1658.26
1.8 Household Goods & Home Construction 63 547.78 0.5 3.9 -16.3 917.20 -14.7 2.6 Halma P C 2278 2.00 St. James s Place P C 1229 -20.00
FTSE All-Share Nonlife Insurance (7) 3553.32 0.40 2948.47 3538.99 3552.27 4061.46 4.56 1.08 20.26 110.83 7524.46
FTSE North America Small Cap 1336 1193.86 0.3 14.9 -9.5
-8.7 1582.53
1.4 eisure Goods 52 262.14 0.5 5.9 -17.7 369.08 -17.0 1.3 Hargreaves ansdown P C 956.20 -15.80 Standard Chartered P C 593.00 -10.00
FTSE All-Share Real Estate Investment and Services (11) 2543.52 -0.33 2110.57 2551.88 2605.29 2947.77 1.98 3.87 13.09 28.72 7541.01
FTSE North America 671 607.50 0.2 11.7 -10.3
-9.5 928.34
1.6 Personal Goods 96 929.15 0.0 9.4 -19.5 1424.08 -18.5 1.8 Hikma Pharmaceuticals P C 1490.5 -59.50 Taylor Wimpey P C 119.10 -3.80
FTSE All-Share Real Estate Investment Trusts (42) 2584.68 -1.96 2144.72 2636.32 2666.08 2976.58 3.52 4.63 6.14 63.15 3878.15
FTSE Developed ex North America 1550 263.84 -0.3 8.0 -16.3
-14.5 501.39
3.1 Tobacco 14 992.29 0.8 6.7 3.2 2766.63 6.4 5.8 Howden Joinery Group P C 656.00 -12.00 Tesco P C 268.90 1.00
FTSE All-Share Automobiles and Parts (2) 1860.13 -4.27 1543.50 1943.13 1926.43 5025.76 1.04 -12.42 -7.73 8.35 1929.28
FTSE Japan arge Cap 165 386.30 -1.2 8.1 -15.3
-14.1 561.39
2.6 Health Care 346 719.29 -0.4 1.5 -8.9 1141.67 -7.8 1.7 HSBC Holdings P C 545.10 -4.70 Unilever P C 3940.5 19.00
FTSE All-Share Consumer Services (2) 3201.34 -0.74 2656.41 3225.31 3207.02 2477.94 1.20 1.95 42.76 38.43 4060.89
FTSE Japan Mid Cap 342 538.79 -1.1 7.8 -12.2
-10.9 744.81
2.5 Health Care Equipment & Services 134 1441.13 -0.5 7.0 -13.4 1762.89 -12.9 1.0 Imperial Brands P C 1914 11.00 Unite Group P C 1152 -8.00
FTSE All-Share Household Goods and Home Construction (14) 9989.88 -4.07 8289.40 10413.43 10519.07 15021.51 6.68 1.81 8.26 451.67 8695.36
FTSE Global wi JAPAN Small Cap 888 592.76 -1.0 8.8 -14.8
-13.4 850.24
2.6 Pharmaceuticals & Biotechnology 212 470.13 -0.3 -2.1 -5.4 801.59 -3.8 2.3 Informa P C 586.80 -9.00 United Utilities Group P C 1138 3.50
FTSE All-Share eisure Goods (2) 20185.21 -0.26 16749.29 20237.36 20335.17 29392.01 3.41 1.56 18.75 600.05 22245.83
FTSE Japan 507 158.70 -1.2 8.1 -14.7
-13.5 258.32
2.6 Consumer Services 431 589.92 0.8 13.3 -16.3 839.53 -15.7 1.1 Intercontinental Hotels Group P C 5036 -70.00 odafone Group P C 121.78 -1.44
FTSE All-Share Personal Goods (5) 25794.16 0.00 21403.48 25793.04 25670.27 30905.62 1.98 2.58 19.55 402.68 20175.04
FTSE Asia Pacific arge Cap ex Japan 1074 703.79 0.0 4.4 -15.6
-13.8 1273.01
3.1 Food & Drug Retailers 66 336.80 0.7 7.6 -2.2 532.06 -0.6 2.3 Intermediate Capital Group P C 1508.5 -32.50 Whitbread P C 2608 -58.00
FTSE All-Share Media (11) 9474.44 -0.49 7861.70 9521.41 9536.81 9592.59 2.21 1.53 29.60 191.51 6643.56
FTSE Asia Pacific Mid Cap ex Japan 850 986.40 0.0 7.2 -13.0
-11.0 1720.38
3.4 General Retailers 148 1075.47 1.1 14.5 -15.9 1465.74 -15.4 0.8 International Consolidated Airlines Group S.A. 117.10 -5.90 Wpp P C 819.20 -14.00
FTSE All-Share Retailers (22) 2020.22 -2.27 1676.34 2067.20 2034.01 2697.45 2.49 3.69 10.88 37.28 2611.02
FTSE All-Share Travel and eisure (31) 6335.52 -1.85 5257.09 6455.18 6456.43 8244.79 0.43 -20.39 -11.35 23.87 6534.72 FTSE Asia Pacific Small Cap ex Japan 2007 575.27 0.0 8.4 -21.0
-19.3 976.12
3.0 Media 78 336.11 -0.1 13.5 -28.4 481.48 -27.8 1.2
FTSE Asia Pacific Ex Japan 1924 559.72 0.0 4.7 -15.3
-13.5 1075.98
3.1 Travel & eisure 139 454.69 0.5 12.7 -11.4 661.47 -10.7 1.1
FTSE All-Share Beverages (5) 29762.12 0.97 24696.01 29477.55 29607.71 28517.40 1.96
FTSE All-Share Food Producers (10) 6374.28 -0.76 5289.25 6423.10 6424.42 7174.15 2.32
2.04 25.00 253.60 23586.64
2.16 19.96 80.91 6133.93 FTSE Emerging All Cap 3518 741.34 0.0 5.5 -15.8
-13.5 1285.41
3.6 Telecommunication 87 140.48 0.3 -1.3 -5.2 327.48 -2.7 3.9 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 36440.86 0.92 30237.90 36109.17 35653.51 28951.15 6.48 0.92 16.81 1184.81 33546.01 FTSE Emerging arge Cap 1006 688.13 -0.1 4.7 -16.4
-14.1 1200.36
3.6 Fixed ine Telecommuniations 32 108.59 0.7 -2.8 -3.6 290.57 -0.3 4.8 Aug 17 Aug 16 Aug 15 Aug 12 Aug 11 Yr Ago
FTSE All-Share Construction and Materials (15) 7483.90 -0.54 6209.99 7524.71 7480.70 8917.48 2.93 0.67 50.91 169.02 9052.35 FTSE Emerging Mid Cap 886 1037.16 0.3 9.3 -9.8
-7.3 1806.03
3.9 Mobile Telecommunications 55 166.97 0.1 -0.4 -6.1 335.48 -3.9 3.4 Order Book Turnover (m) 42.01 52.69 47.83 47.83 47.83 52.42
FTSE All-Share Aerospace and Defense (8) 5065.66 -0.55 4203.39 5093.43 5021.84 4607.18 1.95 -0.30 -169.03 59.09 6122.55 FTSE Emerging Small Cap 1626 792.98 0.1 7.1 -18.2
-16.0 1314.78
3.3 Utilities 195 346.46 0.4 9.6 0.9 804.73 3.2 3.1 Order Book Bargains 660393.00 550569.00 618163.00 618163.00 618163.00 722259.00
FTSE All-Share Electronic and Electrical Equipment (10)10425.62 -1.87 8650.97 10624.75 10721.17 14101.25 1.65 2.01 30.14 117.26 10266.35 FTSE Emerging Europe 49 97.02 1.5 14.4 -76.6
-75.6 202.69
3.7 Electricity 139 394.43 0.3 10.1 2.3 902.10 4.5 3.0 Order Book Shares Traded (m) 1413.00 1052.00 1106.00 1106.00 1106.00 1409.00
FTSE All-Share General Industrials (8) 5141.37 -1.72 4266.20 5231.40 5275.78 5848.67 2.64 1.46 25.91 82.56 6704.25 FTSE atin America All Cap 260 744.11 -0.7 15.4 12.05.0 1446.89
11.0 Gas Water & Multiutilities 56 337.00 0.8 8.3 -2.3 810.48 0.2 3.3 Total Equity Turnover (£m) 3878.45 4851.48 5677.80 5677.80 5677.80 5008.04
FTSE All-Share Industrial Engineering (5)15636.60 -1.39 12974.94 15857.37 16025.75 19962.69 1.60 2.09 29.82 179.60 20885.79 FTSE Middle East and Africa All Cap 332 828.36 0.4 12.8 6.14.0 2.9 Financials
1504.30 848 270.46 0.2 10.5 -9.9 516.07 -7.9 3.1 Total Mkt Bargains 823692.00 701303.00 772051.00 772051.00 772051.00 894963.00
FTSE All-Share Industrial Support Services (31)10051.02 -0.89 8340.13 10141.59 10199.14 11218.70 1.89 1.70 31.10 156.09 11527.61 FTSE Global wi UNITED KINGDOM All Cap In 293 321.23 0.4 7.7 -10.7
-8.5 3.4 Banks
650.93 266 203.54 0.4 11.4 -10.1 432.27 -7.4 4.0 Total Shares Traded (m) 4144.00 4918.00 4094.00 4094.00 4094.00 4290.00
FTSE All-Share Industrial Transportation (8) 5260.69 0.07 4365.21 5256.75 5269.91 6588.58 2.19 3.27 13.98 89.06 5501.54 FTSE Global wi USA All Cap 1825 1044.00 0.2 12.1 -10.4
-9.6 1.5 Nonlife Insurance
1504.59 71 341.03 0.2 8.3 -2.7 566.68 -0.4 3.0 † Excluding intra-market and overseas turnover. UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)15652.92 0.00 493.43 15652.92 15427.88 22404.18 2.08 1.83 26.31 220.04 19623.35 FTSE Europe All Cap 1450 427.00 0.0 8.2 -20.2
-18.1 3.1 ife Insurance
808.95 51 218.88 -0.1 6.0 -9.4 417.50 -6.9 3.9 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (9) 7302.57 -0.25 6059.53 7321.03 7058.61 7092.40 6.72 2.12 7.01 390.74 11012.09 FTSE Euro one All Cap 666 405.61 0.2 9.7 -21.8
-19.6 3.1 Financial Services
763.86 211 449.77 0.3 11.5 -9.9 679.93 -8.8 1.7
FTSE All-Share Precious Metals and Mining (5) 9621.79 -1.69 7983.97 9786.70 9828.69 20730.71 3.41 2.03 14.47 209.71 6674.69 FTSE EDHEC-Risk Efficient All-World 4113 490.15 0.2 9.6 -10.2
-8.7 2.5 Technology
766.81 365 542.27 -0.3 12.2 -20.1 705.71 -19.6 0.9
FTSE All-Share Chemicals (7) 13929.86 -1.61 11558.72 14158.08 14231.98 19354.35 2.71 1.99 18.59 264.35 13896.90 FTSE EDHEC-Risk Efficient Developed Europe 587 321.09 0.0 8.8 -22.3
-20.3 3.1 Software & Computer Services
562.32 192 833.64 -0.3 11.8 -22.1 1006.42 -21.8 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) 7618.98 0.74 6322.07 7562.91 7585.48 5189.75 3.52 2.75 10.31 209.85 9517.48 Oil & Gas 126 381.39 -0.1 11.6 16.3
20.2 771.64
4.8 Technology Hardware & Equipment 173 471.42 -0.3 12.7 -17.7 659.62 -17.0 1.4 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas Producers 83 373.76 -0.2 11.7 17.7
21.9 775.84
5.1 Alternative Energy 20 208.15 -1.6 26.9 -0.1 298.66 0.3 0.4 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Sector Indices Real Estate Investment & Services 148 271.65 0.4 7.4 -17.4 525.07 -15.8 3.1
Non Financials (339) 5031.28 -0.34 4646.26 5048.30 5028.46 4955.97 3.40 1.65 17.80 122.32 9019.27 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 101 522.13 -0.5 10.1 -12.5 1209.13 -10.8 3.2
For all queries e-mail ft.reader.enquiries morningstar.com
FTSE Global arge Cap 1867 662.41 0.0 9.7 -12.8 1087.93 -11.4 2.2
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day ow/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 7544.78 7535.63 7522.47 7514.48 7512.22 7509.35 7511.50 7512.35 7510.58 7545.68 7502.41 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 20361.03 20305.54 20270.65 20255.90 20212.68 20194.83 20160.41 20123.90 20035.71 20382.88 19996.68 and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates C (US Patent Nos. 7 620 577 7 747 502 7 778 905 7 792 719 Patent Pending Publ.
FTSE SmallCap 6653.88 6630.09 6626.67 6617.88 6612.28 6608.95 6605.37 6597.95 6591.86 6653.88 6588.26 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 4171.10 4164.81 4157.70 4153.46 4151.01 4149.09 4148.94 4148.07 4144.43 4171.39 4141.37 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 12 15 Day s ow10 30 45 FTSE 100 2010/11 High 7672.40(10/02/2022) ow 6959.48(07/03/2022) please see www.ftse.com. FTSE International imited. 2013. All Rights reserved. FTSE is a trade mark of the ondon Stock Exchange Group companies and is used by FTSE International imited under licence.
Time of FTSE All-Share Day s high 07 12 00 Day s ow15 16 00 FTSE 100 2010/11 High 4296.96(10/02/2022) ow 3862.39(07/03/2022)
Further information is available on http //www.ftse.com FTSE International imited. 2013. All Rights reserved. FTSE is a trade mark of the
ondon Stock Exchange Group companies and is used by FTSE International imited 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. alues are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT E UITY ISSUES

Amount atest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Balfour Beatty Int 3602.000 3611.000 83.000 35.000 15.700 7.800 3.50000 3.00000 Dec 5 9.500 4.500 date price(p) Sector code Stock price(p) /- High ow Cap (£m)
price up date High ow Stock Price p or- Colefax Group Pre 101.796 77.908 10.823 5.422 102.500 45.100 2.70000 0.00000 Oct 13 5.200 0.000 07/29 10.00 FCM First Class Metals P C 9.63 0.03 11.00 9.03 632.1
There are currently no rights offers by any companies listed on the LSE. Essentra Int 340.800 287.900 0.900L 11.100 62.700L 5.300 0.00000 2.00000 - 4.000 5.300 07/13 50.00 TRA Tertre Rouge Assets P C 0.00 - 0.00 0.00 0.0
Hochschild Mining Int 347.781 394.750 5.370 83.847 0.000 0.000 1.95000 1.95600 Sep 23 4.500 4.200 07/08 5.00 SPMU Spiritus Mundi P C 4.50 0.00 6.90 4.00 221.9
ibertine Holdings Pre 0.824 0.032 3.305L 0.817 3.300L 0.000 0.00000 0.00000 - 0.000 0.000
Persimmon Int 1688.600 1840.800 439.700 480.100 106.500 122.600 0.00000125.00000 - 110.000 235.000

Figures in £m. Earnings shown basic. Figures in light te t 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 e planation of all the other symbols please refer to London Share Service notes.
14 ★ S Thursday 18 August 2022

MA ET DATA

FT500: THE WORLD S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High ow Yld P/E MCap m Stock Price Day Chg High ow Yld P/E MCap m Stock Price Day Chg High ow Yld P/E MCap m Stock Price Day Chg High ow Yld P/E MCap m Stock Price Day Chg High ow Yld P/E MCap m Stock Price Day Chg High ow Yld P/E MCap m
Australia (A ) Finland ( ) Denso 7930 149.00 9575 6584 1.85 21.28 46125.6 Novartis 81.23 0.25 88.42 72.84 3.46 9.02 204830.08 Boeing 166.34 -5.74 233.94 113.02 - -26.16 98774.55 illy (E) 318.45 8.14 335.33 220.20 0.95 58.52 302583.17
AN Bank 23.87 0.04 27.17 19.64 5.91 10.70 47757.68 Nokia 4.97 -0.10 5.71 4.12 - 17.23 28784.92 EastJpRwy 7016 8.00 7938 6373 1.49 -6.89 19573.87 Richemont 112.05 - 146.10 90.28 1.63 27.29 61358.62 Booking Holdings 2107.42 -43.92 2715.66 1669.34 - 84.13 83677.74 inde 307.37 -4.92 346.50 265.12 1.23 47.22 153182.63
BHP Group 40.85 0.34 53.72 35.56 9.41 10.26 143030.17 SampoA 44.96 -0.13 48.74 35.85 3.79 9.61 24355.89 Fanuc 24530 -220.00 27060 18740 1.93 28.57 36561.75 Roche 316.65 1.00 404.20 298.30 2.58 21.67 233376.85 Bristol-Myers 74.47 0.34 80.59 53.22 2.40 26.84 159012.45 ockheed 443.42 3.26 479.99 324.23 2.23 21.41 117574.46
CmwBkAu 99.62 -1.84 110.19 86.98 3.28 20.03 117239.54 France ( ) FastRetail 88130 2400 88230 54310 0.62 40.51 69008.76 Swiss Re 74.76 -1.10 102.20 70.18 7.36 18.45 24900.18 Broadcom 533.23 -18.43 677.76 462.66 2.51 33.86 215325.69 owes 215.87 1.75 263.31 170.12 1.25 19.97 137968.74
CS 292.50 -3.90 319.78 240.10 0.97 44.79 97452.71 Airbus Grpe 108.14 -2.40 120.36 88.91 - 19.92 86614.01 Fu i Hvy Ind 2484.5 44.00 2611 1664.5 2.36 27.95 14107.09 Swisscom 508.00 -2.00 590.40 491.10 4.03 15.44 27605.97 Cadence Design 190.53 -2.10 194.97 132.32 - 85.71 52180.45 yondell 89.53 -1.87 117.22 82.14 4.41 6.00 29205.22
NatAusBk 31.32 0.28 33.75 25.43 2.68 17.84 68718.36 Air iquide 135.50 -0.72 153.40 122.42 2.02 25.12 72060.38 Hitachi 6990 80.00 7460 4750 1.72 10.03 49978.35 UBS 15.91 -0.17 19.90 13.10 2.03 8.37 58808.62 CapOne 112.28 -3.18 176.53 98.54 1.58 4.69 43095.05 Marathon Ptl 97.89 1.24 114.35 53.47 2.11 54.50 48810.31
Telstra 4.09 -0.01 4.20 3.62 2.29 35.58 32685.63 AXA 24.45 -0.14 29.09 20.34 5.82 8.27 58051.01 HondaMtr 3699 101.00 3724 3043 3.65 7.66 49462.77 urich Fin 429.30 -4.50 461.70 374.60 4.34 14.61 67760.35 CardinalHlth 68.75 -1.39 71.45 45.85 2.53 40.06 18735.23 Marsh&M 172.36 -0.57 183.14 142.80 1.38 29.81 86509.85
Wesfarmers 48.97 1.07 67.20 40.03 3.40 26.92 38403.23 BNP Parib 49.48 -0.66 68.07 40.67 5.38 7.16 62060.91 JapanTob 2358.5 23.50 2441 2000 6.06 11.76 34820.8 Taiwan (NT ) Carnival 10.45 -0.74 27.39 8.10 - -1.40 10394.44 MasterCard 351.93 -7.33 399.92 303.65 0.57 45.18 337382.01
Westpac Bank 22.52 0.18 26.44 18.80 3.69 17.52 54533.35 ChristianDior 678.50 - 733.50 513.00 1.03 24.89 124464.54 KDDI 4217 62.00 4636 3237 2.98 13.84 71728.67 Chunghwa Telecom 123.00 -0.50 132.50 109.00 3.35 27.81 31821.44 Caterpillar 194.41 -3.11 237.90 167.08 1.96 18.48 102630.82 McDonald s 266.06 -0.23 270.17 217.68 1.75 29.80 195744.94
Woolworths 39.39 0.78 42.66 32.62 2.56 48.04 33071.63 Cred Agr 9.90 -0.14 14.27 8.09 8.04 5.43 30437.07 Keyence 57250 70.00 76210 44880 0.37 46.85 102784.04 Formosa PetChem 85.10 0.70 106.00 81.30 0.67 17.03 27035.53 Centene Corp 94.87 -1.47 98.53 59.67 - 46.79 54223.02 McKesson 366.99 -6.85 375.23 193.89 0.43 46.74 52747.64
elgium ( ) Danone 54.09 -0.05 65.30 46.48 3.57 18.49 37147.33 MitsbCp 4350 63.00 4845 3131 3.32 9.50 47708.98 HonHaiPrc 112.50 1.50 116.00 99.50 3.43 11.78 52012.28 CharlesSch 75.12 -2.06 96.24 59.35 0.85 29.85 136552.7 Medtronic 94.50 -0.81 135.89 86.70 2.35 29.00 126775.45
AnBshInBv 53.03 -0.47 58.72 46.66 1.00 26.58 93620.1 EDF 11.92 0.01 12.67 6.64 4.07 9.21 47080.88 MitsubEst 1939.5 9.50 2043 1546 1.56 18.49 19922.29 MediaTek 703.00 -3.00 1200 597.00 5.07 10.39 37490.81 Charter Comms 468.73 -14.10 825.62 407.75 - 21.54 75303.7 Merck 91.26 0.67 95.72 70.89 2.57 21.12 231187.12
KBC Grp 51.96 -0.52 86.50 48.34 6.59 8.49 22013.26 Engie SA 12.95 -0.03 14.61 9.79 4.07 9.17 32049.42 MitsubishiEle 1457 25.00 1629 1225.5 2.87 12.75 23094.33 TaiwanSem 527.00 2.00 655.00 433.00 1.95 21.78 455738.1 Chevron Corp 156.92 0.51 182.40 92.86 3.01 21.68 308318.53 Meta 196.64 0.99 384.33 169.00 - 15.41 450997.53
Essilor uxottica 162.30 -0.20 195.00 132.70 0.66 49.73 73795.69 MitsuiFud 2911.5 24.00 3023 2211 1.58 17.37 20500.82 Chipotle Mexic. 1700 -14.68 1958.55 1196.28 - 83.48 47199.9 Metlife 66.91 -0.75 73.18 57.05 2.53 10.29 54411.61
ra il (R ) Thailand (TH )
Hermes Intl 1393.5 4.00 1678 957.60 0.32 60.10 149501.5 MitUFJFin 734.30 9.00 828.30 586.20 3.70 7.29 71996.25 Chubb 199.60 0.55 218.99 171.96 1.42 11.65 83362.06 Microsoft 290.55 -2.16 349.67 241.51 0.70 34.802166890.48
Ambev 15.48 -0.02 18.12 12.81 3.63 23.47 47160.24 PTT Explor 37.75 0.25 41.25 32.75 5.05 10.56 30446.15
Oreal 364.50 1.75 433.65 300.45 1.09 44.62 198816.75 Mi uho Fin 1594 15.50 1675 1397 5.12 7.46 29879.05 Cigna 291.32 0.71 293.50 191.74 1.22 20.83 88886.45 Mnstr Bvrg 91.25 -1.03 99.81 71.78 - 39.93 48078.3
Bradesco 16.41 0.11 18.40 13.53 5.03 7.62 15459.9 United Arab Emirates (Dhs)
MH 700.40 1.50 741.60 535.00 0.99 29.46 358209.2 Murata Mfg 7895 40.00 10535 7008 1.59 15.52 39385.59 Cintas Corp 435.76 -2.05 461.44 343.86 0.74 42.96 44093.72 Mondele Int 65.40 -0.57 69.47 57.63 1.81 24.19 89628.17
Cielo 5.46 0.24 5.48 2.01 2.65 18.55 2869.26 Emirtestele 27.90 0.12 37.84 11.22 2.56 29.20 66058.45
Orange 10.33 0.03 11.94 8.93 5.783445.17 27924.9 Nippon T&T 3731 45.00 4055 2825.5 2.94 11.50 99758.09 Cisco 46.35 -0.42 64.29 40.82 2.87 18.51 191933.68 Monsanto 9.88 0.01 9.95 9.64 - 50.93 247.00
ItauHldFin 23.27 0.01 29.21 18.86 3.31 9.24 22317.51
PernodRic 194.70 0.65 214.50 166.60 1.59 29.54 51038.45 NipponTT 3731 45.00 4055 2825.5 2.94 11.50 99758.09 United Kingdom (p) Citigroup 53.33 -0.86 73.90 43.44 3.40 5.91 103275.04 MorganStly 90.65 -1.17 109.73 72.05 2.06 12.70 155630.3
Petrobras 36.11 0.95 40.51 24.50 13.23 5.17 51983.01
Renault 29.98 -0.77 38.07 20.47 - -22.49 9009.82 Nissan Mt 539.00 11.30 654.30 436.50 - 16.76 16793.76 Anglo American 2966.5 -36.00 4996.8 2350 6.01 5.87 50184.77 CME Grp 204.23 -1.23 256.94 185.79 1.57 31.51 73407.06 Netflix 238.98 -6.71 700.99 162.71 - 23.91 106275.74
ale 68.25 -1.57 109.32 61.85 18.94 3.06 63088.12
Safran 111.62 -0.84 123.12 87.85 0.381121.76 48463.74 Nomura 516.20 9.10 586.00 460.30 4.66 -33.99 12321.75 AscBrFd 1638.5 -20.00 2066 1462.5 0.38 27.08 15622.95 Coca-Cola 64.88 -0.15 67.20 52.28 2.30 32.43 280581.94 NextEraE 90.04 -0.49 93.47 67.22 1.61 133.02 176910.68
Canada (C ) Nppn Stl 2167 50.00 2381 1690.5 3.86 3.27 15202.05 Astra en 11002 34.00 11289.62 8029 1.881862.85 167814.5 Cogni ant 68.76 -1.18 93.47 63.26 1.24 19.09 35602.89 Nike 116.52 -1.54 179.10 99.53 0.89 34.25 147240.81
Sanofi 81.67 -4.92 106.08 76.45 3.90 16.59 105197.12
Bausch Hlth 7.81 -0.35 37.42 5.10 - -2.57 2181.72 Panasonic 1156 23.00 1541 1018.5 2.26 11.19 20941.86 Aviva 458.80 -1.30 606.58 341.92 4.65 60.37 22176.28 ColgtPlm 81.94 -0.25 85.18 72.20 1.94 36.13 68343.64 NorfolkS 254.92 -2.69 298.75 217.00 1.45 23.67 59874.67
Sant Gbn 44.66 -1.43 64.82 39.19 3.03 10.73 23600.75
BCE 65.52 -0.05 74.09 61.42 4.86 24.09 46235.76 Seven & I 5661 127.00 6083 4552 1.90 20.63 37043.87 Barclays 168.68 -1.82 209.45 140.06 1.78 4.09 34666.4 Comcast 39.69 -0.68 61.80 36.57 2.24 14.68 174764.56 Northrop 492.66 7.16 496.30 344.89 1.11 12.72 76220.07
Schneider 135.46 -0.98 173.78 110.02 1.91 24.01 78617.34
BkMontrl 134.17 -0.87 154.47 118.79 3.07 11.33 70030.39 ShnEtsuCh 17645 15.00 21480 14360 1.72 16.18 54272.43 BP 430.90 4.40 456.00 286.10 3.65 15.63 103435.12 ConocPhil 100.24 0.14 124.08 51.41 1.73 18.57 129655.38 NXP 177.88 -7.97 239.91 140.33 1.12 29.46 46711.02
SocGen 23.29 -0.34 37.68 18.34 2.37 3.95 20115.44
BkNvaS 81.37 -0.25 95.00 71.21 4.15 11.18 75114.62 Softbank 5802 53.00 7680 4210 0.79 4.77 73794.54 BrAmTob 3440.5 34.00 3645 2507.5 6.27 11.64 77257.85 Constellation 248.67 0.50 261.53 207.35 1.10-1259.17 39621.27 Occid Pet 63.10 -0.41 74.04 21.62 0.06 34.45 59136.75
Total 51.54 0.04 57.41 36.14 5.22 9.95 137183.6
Brookfield 67.68 -0.48 79.04 55.51 0.88 24.64 85977.02 Sony 11960 355.00 14745 10220 0.52 14.62 111339.01 BT 157.10 -3.65 201.40 134.85 - 15.25 18773.33 Corning 35.99 -1.39 43.47 30.63 2.37 31.62 30423 Oracle 79.02 -0.50 106.34 63.76 1.45 33.60 210582.45
UnibailR 57.16 -2.94 75.98 45.69 - -8.18 8060.39
CanadPcR 105.95 0.36 106.03 82.12 0.65 27.86 76241.91 SumitomoF 4187 42.00 4461 3672 5.00 7.80 42489.44 Compass 1942 -14.50 1965.5 1408.5 0.72 47.25 38466 Corteva 61.28 -0.82 64.03 40.72 0.77 29.07 44348.34 Pepsico 179.90 -0.42 180.70 149.48 2.10 36.85 248245.17
inci 94.17 -1.04 103.74 80.74 2.84 20.98 57186.79
CanImp 68.11 -0.19 167.50 59.03 8.02 5.18 47639.17 Takeda Ph 3844 43.00 4063 2993 4.90 13.21 44898.82 Diageo 3888.5 40.50 4364.1 3282.5 1.87 29.91 117899.6 Corteva 61.28 -0.82 64.03 40.72 0.77 29.07 44348.34 Perrigo 38.50 -3.34 50.90 31.32 2.22 -44.18 5182.79
ivendi 9.17 -0.16 12.16 6.08 6.51 -16.45 10328.45
CanNatRs 70.23 0.47 88.18 37.82 2.59 11.95 61065.57 TokioMarine 7728 166.00 8362 5293 2.98 12.03 38792.61 GlaxoSmh 1415.4 -9.60 2753.96 1371 5.65 16.34 83834.98 Costco 553.08 0.06 612.27 406.51 0.51 49.65 244993.95 Pfi er 49.41 -0.46 61.71 40.94 2.81 14.14 277278.24
CanNatRy 165.27 0.29 171.48 132.38 1.35 26.37 87542.63 ermany ( )
Toyota 2183 62.00 2375.5 1772.8 2.44 9.43 262913.74 Glencore 486.70 3.80 548.30 302.55 1.82 17.82 84555.09 CrownCstl 181.60 -0.71 209.49 153.70 2.67 76.49 78639.93 Phillips66 89.07 0.68 111.28 63.19 3.61 33.73 42847.65
Enbridge 55.31 -0.16 59.69 46.88 5.49 21.18 86663.54 Allian 177.54 -2.40 232.50 168.20 5.38 11.27 73696.01
Mexico (Mex ) HSBC 545.10 -4.70 567.20 329.55 2.96 11.91 131632.73 CSX 33.96 -0.48 38.63 27.60 1.02 21.09 72716.55 PhilMorris 101.32 -0.40 112.48 85.64 4.30 19.54 157062.55
GtWes if 32.60 -0.19 41.50 29.93 5.39 10.06 23506.22 BASF 42.69 -2.07 69.15 39.33 7.69 7.10 39842.34
AmerMvl 19.52 -0.07 22.49 17.11 1.74 15.12 41562.2 Imperial Brands 1914 11.00 1919 1434.23 7.22 6.40 21985.73 C S 105.34 -1.09 111.25 81.78 1.69 19.91 138293.39 PNCFin 172.45 -2.59 224.52 146.39 2.48 15.27 70725.88
ImpOil 59.24 1.31 72.96 30.64 1.58 18.71 28953.84 Bayer 53.37 -0.93 67.99 43.91 3.73 52.58 53283.98
FEMSA UBD 131.26 -0.29 180.66 120.63 1.61 102.75 14135.4 Jardine Mathes. 62.50 - 60.50 50.06 2.45 11.69 18089.69 Danaher 296.69 -3.79 333.96 233.71 0.27 38.07 215825.76 PPG Inds 133.59 -3.62 172.78 107.06 1.58 32.97 31393.3
Manulife 24.18 -0.26 28.09 21.28 4.40 7.51 35675.4 BMW 77.29 -1.96 97.60 67.58 2.45 4.14 47284.28
WalMrtMex 72.15 0.19 82.93 65.31 0.73 34.43 62777.06 lydsBkg 45.79 0.06 54.50 38.10 5.61 6.36 39741.67 Deere 362.36 -7.63 446.76 283.81 0.97 22.38 110748.61 ProctGmbl 149.35 -0.58 165.35 129.50 2.13 28.54 356879.87
Nutrien 118.21 0.78 147.93 73.57 1.79 18.64 49611.88 Continental 64.00 -3.22 116.56 56.78 - 9.91 13008.39
SE Group 8434 62.00 8546 5995.57 0.91 86.24 35146.32 Delta 34.09 -1.26 46.27 28.10 - 46.00 21855.23 Prudntl 103.77 -1.41 124.22 89.73 3.94 5.98 38602.44
RylBkC 128.83 -0.43 149.60 118.24 3.14 12.57 139033.74 Deut Bank 8.86 -0.11 14.64 7.53 - 8.76 18600.77 Netherlands ( )
Natl Grid 1165 -3.00 1271.45 880.60 4.22 27.16 47096.81 Devon Energy 63.30 -0.28 79.40 24.46 2.77 16.99 41448.84 PublStor 352.56 -0.66 421.76 292.32 2.02 40.17 61884.48
SHOP 48.73 -2.11 222.87 38.63 - 1.85 44509.53 Deut Tlkm 18.87 -0.25 19.39 14.47 3.16 21.79 95603.23 ASM Hld 543.90 -13.60 777.50 403.45 0.62 42.20 224674
Natwest Group 262.80 1.80 264.10 182.85 4.00 10.35 37874.27 Digital Realty 132.42 -2.11 177.43 119.63 3.12 25.07 38058.55 ualcomm 146.83 -3.20 192.68 118.23 1.63 18.91 164890.09
Suncor En 41.54 0.69 53.62 21.90 2.30 16.48 44364.59 DeutsPost 40.01 -0.80 61.38 33.44 3.44 10.18 50380.35 Heineken 95.88 0.76 100.95 77.50 1.02 16.70 56124.56
Prudential 949.60 -39.40 1566 881.00 1.24 15.42 29590.69 DiscFinServ 107.56 -2.91 133.94 88.02 1.55 6.78 29382.88 Raytheon 94.70 -0.35 106.02 79.00 1.88 41.28 139825.88
ThmReut 150.37 0.37 156.62 119.23 1.24 11.38 56438.8 E.ON 9.23 -0.28 12.54 7.72 5.07 5.15 24780.91 ING 9.29 -0.21 14.00 7.90 6.43 7.59 35558.72
ReckittB 6612 54.00 6824 4905.16 2.64 -28.61 56079.24 Disney 122.88 -2.08 187.58 90.23 - 80.34 224020.99 Regen Pharm 641.00 -7.70 747.42 538.01 - 10.02 68708.9
TntoDom 88.05 -0.42 109.08 77.27 3.38 12.11 123107.48 Fresenius Med 36.23 -1.07 69.96 35.08 3.68 11.00 10788.05 Unilever 46.67 0.06 48.87 39.36 3.07 23.96 143070.82
RE X 2389 5.00 2634.82 2056 2.00 31.52 55251 Dollar General 255.30 -1.48 262.21 183.25 0.59 27.96 57952.34 S&P Global 387.79 -0.98 484.21 311.87 0.71 34.86 129327.97
TrnCan 64.29 -0.67 74.44 57.71 4.92 38.00 50344.07 Fresenius SE 24.24 -0.67 47.60 23.40 3.70 7.70 13758.09 Norway (Kr) RioTinto 4888.5 -29.50 6343 4354 10.28 5.11 78966.88 DominRes 85.43 -0.02 88.78 70.37 2.62 30.12 71120.71 Salesforce 186.83 -2.76 311.75 154.55 - 140.62 185895.85
HenkelKgaA 64.55 0.40 77.90 56.55 2.82 17.25 17042.33 DNB 197.55 -0.40 220.50 168.40 8.64 12.87 31681.77
China (HK ) RollsRoyce 83.50 -2.40 161.91 77.87 - 56.80 1870.39 DukeEner 111.91 -0.21 116.33 95.48 3.10 25.53 86155.71 Schlmbrg 35.05 -0.53 49.83 25.90 1.27 29.86 49574.31
inde 302.75 -4.10 315.35 244.00 1.23 47.27 153331.96 Equinor 364.80 -1.70 373.90 178.80 1.33 16.04 119138.31
AgricBkCh 2.57 - 3.15 2.50 8.23 3.39 10072.5 Shell P C 2182 13.50 2459.23 1282.78 2.77 11.50 120812.6 DuPont 61.27 -1.42 84.08 52.57 1.74 21.33 30687.76 Sempra Energy 168.77 -0.28 173.28 119.56 2.32 47.33 53046.15
Mercedes-Ben 60.09 -1.13 77.90 50.19 2.24 6.04 65331.17 Telenor 114.80 0.65 159.95 113.05 7.69 19.78 16523.05
Bk China 2.77 0.01 3.20 2.67 7.96 3.45 29533.72 StandCh 593.00 -10.00 641.00 406.20 1.49 13.30 23545.88 Eaton 151.36 -1.75 175.72 122.50 1.79 31.87 60284.7 Shrwin-Will 251.00 -5.27 354.15 214.22 0.78 40.44 65054.95
MuenchRkv 235.50 -4.20 282.25 205.15 4.14 11.31 33529.43
BkofComm 4.60 - 5.74 4.35 7.54 3.82 20534.81 atar ( R) Tesco 268.90 1.00 304.10 239.00 3.40 13.69 26516.99 eBay 48.37 -1.13 81.19 40.52 1.32 143.16 26574.57 SimonProp 111.91 -2.61 171.12 93.06 5.68 18.40 36633.93
SAP 91.28 -1.29 129.74 83.84 2.02 20.57 113960.08
BOE Tech 0.77 0.07 1.21 0.57 - 12.48 19.53 atarNtBk 22.03 -0.17 27.00 18.40 2.29 17.77 55873.83 Unilever 3940.5 19.00 4169 3267.5 3.67 20.23 58458.83 Ecolab 174.06 -2.96 238.93 143.82 1.00 50.06 49605.22 SouthCpr 48.08 -1.24 79.32 44.70 5.92 12.32 37170.29
Siemens 108.64 -3.40 156.98 93.67 3.21 16.42 93844.57
Ch Coms Cons 3.74 0.03 5.17 3.60 5.39 3.12 2106.99 Saudi Arabia (SR) odafone 121.78 -1.44 141.60 106.30 6.35-272.44 39123 Edwards ifesc. 100.94 -1.34 131.73 85.58 - 47.70 62577.05 Starbucks 87.94 -1.46 120.76 68.39 1.86 26.73 100902.36
olkswgn 195.55 -4.75 301.40 162.40 2.44 6.64 58642.51
Ch Evrbrght 2.39 - 3.11 2.32 9.94 3.25 3863.59 AlRa hiBnk 88.00 - 117.40 74.63 2.44 16.70 93756.64 WPP 819.20 -14.00 1231.5 753.60 3.23 15.60 12492 Eli illy 318.45 8.14 335.33 220.20 0.95 58.52 302583.17 StateSt 73.22 -1.26 103.76 58.80 2.65 11.45 26917.09
Ch Rail Cons 4.47 0.03 5.99 4.32 5.81 2.39 1183.36 Hong Kong (HK ) Emerson 88.43 -1.52 105.99 76.16 2.04 21.71 52288.66 Stryker 219.92 -4.24 281.16 188.84 1.05 47.47 83163.65
Natnlcombnk 72.70 0.40 82.00 58.50 1.78 27.32 86711.77 United States of America ( )
Ch Rail Gp 4.46 0.02 5.88 3.54 4.57 3.61 2392.57 AIA 76.15 -0.55 98.60 70.15 1.57 19.54 115879.41 EOG Res 112.04 -0.37 147.99 62.81 1.28 15.77 65660.43 Sychrony Fin 34.98 -1.05 52.49 27.22 2.30 5.18 16851.93
SaudiBasic 105.60 0.60 141.40 93.50 2.75 15.38 84381 21stC Fox A 36.39 -0.11 44.95 31.33 1.15 16.57 11152.71
ChConstBk 4.91 0.01 6.23 4.81 7.50 3.59 150510.86 BOC Hold 27.65 0.05 32.75 22.20 4.02 14.23 37273.91 Equinix 705.32 -6.72 885.26 606.12 1.45 143.43 64237.15 T-MobileUS 145.46 -1.17 147.68 101.51 - 67.88 182412.84
SaudiTelec 104.60 0.20 138.60 95.20 3.41 20.70 55721.28 3M 147.50 -2.76 202.00 125.60 3.57 16.39 84016.58
China anke 14.62 0.40 23.85 13.06 9.66 6.62 3543.98 Ch OS nd&Inv 19.98 -0.22 27.35 15.42 5.38 4.98 27882.2 EquityResTP 79.64 -0.53 94.32 67.48 2.69 26.14 29954.06 Target 174.35 -5.84 268.98 137.16 1.63 13.77 80845.47
Singapore (S ) Abbott b 110.54 -1.49 142.60 101.24 1.45 31.55 193579.83
ChinaCitic 3.32 0.05 4.08 3.20 8.38 3.10 6299.77 ChngKng 53.85 -0.15 57.00 41.35 2.94 12.36 25016.99 Exelon 46.00 -0.69 50.71 29.10 2.96 29.73 45101.73 TE Connect 134.55 -2.90 166.44 107.12 1.31 20.56 43034.33
DBS 32.25 -0.06 37.49 29.18 3.48 13.68 59985.15 Abbvie 141.98 -0.57 175.91 105.56 3.26 24.75 251034.34
China ife♦ 11.38 0.10 15.04 10.86 5.95 5.00 10797 Citic td 8.45 0.14 10.24 6.96 5.70 3.92 31341.85 ExxonMb 91.75 0.29 105.57 52.10 3.38 19.14 382380.63 Tesla Mtrs 906.06 -13.63 1243.49 620.57 - 207.95 946370.62
JardnMt US$ 51.46 0.79 62.10 49.50 2.97 9.63 14894.33 Accenture 316.37 -4.41 417.37 261.77 1.04 36.13 210129.25
ChinaMBank 41.15 0.05 70.80 39.35 3.44 7.63 24087.31 Citic Secs 16.42 0.12 21.32 15.32 2.60 8.48 5485.39 Fedex 233.56 -4.66 280.50 192.82 1.09 14.13 60704.03 TexasInstr 175.44 -7.92 202.26 144.46 2.13 23.89 160300.82
OCBC 12.29 0.11 13.54 10.98 3.11 12.68 39922.65 Activision Bli. 80.07 -0.86 84.54 56.40 0.52 26.17 62635.38
ChinaMob 52.50 0.50 58.65 45.90 6.08 8.14 136957.79 CK Hutchison 52.10 -0.45 60.45 48.80 3.91 6.62 25472.14 Fidelity NIS 101.37 -2.14 135.62 85.00 1.37 170.15 61630.79 TheTrvelers 174.07 0.55 187.98 145.40 1.85 12.07 41309.09
SingTel 2.69 -0.02 2.88 2.31 2.54 46.98 32100.39 Adobe 437.20 -10.36 699.54 338.00 - 48.37 204609.6
ChinaPcIns 16.34 0.04 26.20 15.68 7.97 5.35 5782.06 CNOOC 9.65 0.07 12.54 7.55 4.19 8.44 54934.23 Fiserv 108.81 -1.91 119.86 87.03 - 61.49 69593.17 ThrmoFshr 597.50 -4.61 668.94 497.83 0.15 34.53 234093.9
UOB 26.85 -0.03 33.33 25.28 3.36 12.36 32497.3 Advanced Micro 97.01 -3.19 164.46 71.60 - 42.45 156605.27
ChMinsheng 2.56 - 3.40 2.50 9.52 3.33 2715.83 HangSeng 128.80 2.00 169.50 123.00 4.24 20.78 31397.03 FordMtr 15.94 -0.49 25.87 10.61 0.56 4.03 62953.2 TJX Cos 68.18 1.53 76.94 53.69 1.37 28.13 79882.14
AEP 104.25 -0.22 105.45 80.22 2.56 23.64 53554.2
ChMrchSecs 13.58 0.13 20.62 12.06 3.14 12.41 14875.7 HK Exc&Clr 341.20 -5.40 515.00 314.00 2.40 38.57 55156.03 South Africa (R) Franklin 27.94 -0.85 38.27 22.61 3.60 8.31 13924.1 Truist Financial Corp 51.03 -0.98 66.10 44.68 3.24 12.84 67685.86
Aflac 63.45 -0.54 67.20 51.28 1.85 11.17 40095.1
Chna Utd Coms 3.56 0.02 4.40 3.30 3.07 18.28 16268.27 MTR 41.95 0.15 45.90 39.35 2.62 30.45 33158.16 Firstrand 70.05 -0.35 73.61 53.25 3.49 13.45 23568.43 GenDyn 241.67 0.19 254.99 188.64 1.72 23.53 66275.71 Twitter 44.16 -0.24 68.41 31.30 - -177.36 33793.27
AirProd 268.27 -5.28 316.39 216.24 1.99 31.69 59500.9
ChShenEgy♦ 22.95 0.15 27.65 14.68 8.85 7.00 9883.15 SandsCh 17.46 -0.08 27.95 13.52 - -19.33 18017.06 MTN Grp 146.91 -1.37 211.49 51.69 - 21.26 16603.28 GenElectric 79.27 -1.80 116.17 59.93 0.36 -27.43 86923.76 UnionPac 238.38 -2.97 278.94 195.68 1.73 24.77 148863.21
Allstate 131.61 1.88 144.46 106.11 2.19 8.72 35573.6
ChShpbldng 3.90 0.10 5.08 3.36 - -296.84 12711.44 SHK Props 96.50 0.75 114.50 87.15 4.59 11.05 35654.4 Naspers N 2560.28 -20.30 2853.25 1262.66 0.22 14.61 66878.48 GenMills 77.40 -0.04 78.24 56.67 2.37 22.99 46107.98 UPS 204.63 -1.72 232.31 165.34 1.77 15.68 149759.32
Alphabet 119.69 -2.01 151.55 101.88 - 1.20 719967.96
ChStConEng 4.98 0.06 6.40 4.52 4.21 3.95 30013.99 Tencent 303.20 0.20 529.00 288.00 0.47 11.96 371829.34 South Korea (KRW) GenMotors 37.82 -1.17 67.21 30.33 - 6.35 55143.41 USBancorp 48.86 -0.45 63.01 43.75 3.20 10.77 72587.98
Altria 45.37 -0.38 57.05 41.00 6.90 38.07 81694.35
ChUncHK 3.88 0.01 4.73 3.60 4.02 8.59 15137.2 India (Rs) HyundMobis 217500-1000.00 281500 190000 1.80 8.65 15697.23 Ama on 141.00 -3.78 188.11 101.26 - 2.451436445.23 GileadSci 66.29 -0.05 74.12 57.17 3.81 15.12 83079.46 UtdHlthcre 542.80 -3.32 553.29 383.12 0.92 33.76 507725.73
CNNC Intl 6.49 0.08 8.92 4.99 1.88 17.37 18056.05 Bhartiartl 722.95 18.85 781.80 573.53 - 162.62 54193.56 KoreaElePwr 21700 - 25500 20050 5.54 -12.93 10630.82 AmerAir 14.79 -0.71 22.35 11.93 - -4.44 9611.22 GoldmSchs 350.98 -3.99 426.16 277.84 1.65 6.64 119809.1 aleroEngy 116.22 2.91 146.81 58.85 3.00 57.58 45787.23
CSR 2.89 -0.01 4.04 2.77 7.10 7.98 1610.65 HDFC Bk 1509.9 7.75 1725 1271.6 - 26.97 105627.65 SK Hynix 97100 400.00 134000 86300 1.55 7.08 53944.62 AmerExpr 162.52 -2.83 199.55 134.12 1.02 17.75 121849.01 Halliburton 27.52 -0.70 43.99 17.82 0.85 17.39 24954.57 eri on 45.45 -0.35 56.20 43.77 4.96 9.61 190857.71
Daqin 6.23 0.04 7.25 5.89 7.53 9.66 13669.84 Hind Unilevr 2684.65 40.15 2859.3 1901.55 1.13 75.77 79396.21 SmsungEl 60400 -600.00 80800 55700 2.34 10.67 275163.99 AmerIntGrp 56.23 -1.06 65.73 48.40 2.02 5.84 42758.2 HCA Hold 208.70 -4.17 279.02 164.47 0.82 11.09 59902.08 ertexPharm 300.50 -2.50 305.95 176.36 - 37.51 77066.07
GuosenSec 9.29 0.11 13.29 8.83 2.42 10.93 12102.95 HsngDevFin 2491.6 7.45 3021.1 2026 0.88 22.34 56904.68 Spain ( ) AmerTower 276.94 -1.51 303.72 220.00 1.67 55.03 128939.64 Hew-Pack 34.09 -0.42 41.47 26.11 2.19 6.92 35248.6 F Cp 46.76 -1.16 79.07 43.08 3.75 17.24 18166
HaitongSecs 5.39 0.06 7.81 5.05 5.29 5.88 2343.19 ICICI Bk 883.25 4.00 885.50 642.15 0.22 29.52 77361.41 BB A 4.82 -0.03 6.29 3.97 7.66 6.60 31309.94 Amgen 250.92 -2.23 258.45 198.64 2.49 27.45 134224.85 Hilton Worldwi. 136.39 -2.63 167.99 108.41 - 105.06 37410.06 isa Inc 213.17 -3.97 236.96 185.91 0.56 39.69 348536.07
Hng h Hik DT 31.65 0.23 58.45 30.27 2.47 17.81 42862.53 Infosys 1606.25 9.80 1923.3 1367.15 1.79 33.44 85070.59 BcoSantdr 2.62 -0.04 3.48 2.32 2.90 5.28 44741.97 Amphenol Corp 78.78 -0.79 88.45 61.67 0.88 35.30 46860.56 HiltonWwde 136.39 -2.63 167.99 108.41 - 105.06 37410.06 Walgreen 40.86 -1.19 54.15 36.57 4.17 6.65 35309.21
Hunng Pwr 3.98 0.10 5.74 2.92 4.92 -4.49 2385.26 ITC 312.55 2.00 316.65 204.35 3.27 27.36 48700.35 CaixaBnk 3.06 -0.01 3.64 2.22 0.88 20.19 25025.41 Analog Devices 167.36 -11.68 191.95 138.50 1.48 63.20 86994.74 HomeDep 324.84 -2.54 420.61 264.51 1.82 23.30 333860.44 WalMartSto 140.16 0.79 160.77 117.27 1.41 32.06 384199.59
IM Baotou Stl 2.18 -0.01 4.14 1.75 - 38.00 10192.14 &T 1855.7 6.80 2008 1456.35 0.92 32.43 32819.52 Iberdrola 10.95 0.01 11.49 8.47 3.83 18.88 70797 Anthem 482.58 12.71 - - - - - Honywell 201.68 -1.99 233.70 167.35 1.66 28.67 135870.27 Walt Disney 122.88 -2.08 187.58 90.23 - 80.34 224020.99
In&CmBkCh 4.09 0.02 4.94 4.00 7.37 3.77 45262.23 OilNatGas 139.65 -0.30 194.95 108.50 6.19 4.17 22113.11 Inditex 25.34 -0.53 32.63 18.55 0.87 26.86 80259.31 Aon Cp 299.62 -1.38 341.98 246.21 0.59 60.71 63197.52 HumanaInc 495.48 0.26 502.01 365.34 0.50 24.58 62704.83 Waste Manage. 174.70 -0.11 175.51 138.58 1.17 45.80 72209.75
IndstrlBk 17.90 0.33 23.22 17.15 4.24 5.02 54882.42 RelianceIn 2665.15 13.85 2856.15 2132.3 0.25 32.13 226972.37 Repsol 12.66 0.05 16.23 9.23 4.72 7.76 18686.12 Apple 173.35 0.32 182.13 129.04 0.44 32.332785864.86 IBM 136.91 0.35 146.00 114.56 4.25 29.55 123654.42 WellsFargo 45.70 -0.36 60.30 36.54 1.50 10.39 173342.36
Kweichow 1918 0.16 2216.96 1525.5 0.98 44.23 355600.32 SBI NewA 528.15 2.20 549.00 401.25 0.72 15.52 59328.94 Telefonica 4.25 -0.10 5.06 3.61 8.10 3.12 24961.21 Applied Materi. 104.51 -3.98 167.06 82.67 0.81 16.21 90918.19 IDEXX aborato. 369.05 -13.19 695.18 318.50 - 48.26 30724.78 Williams Cos 33.95 -0.37 37.97 23.53 4.30 30.79 41369.1
Midea 0.44 0.02 0.70 0.42 - -4.80 16.89 SunPhrmInds 920.80 6.20 967.05 733.70 0.77 36.15 27808.39 Sweden (SKr) Aptiv 104.96 -3.11 180.81 84.14 - 60.84 28436.91 IllinoisTool 214.67 -2.39 248.11 173.52 1.96 28.37 66466.49 Workday 174.24 -3.55 307.81 134.10 - 1617.51 3310.56
New Ch ife Ins 18.22 0.06 25.15 17.82 8.34 3.48 2402.34 Tata Cons 3401.1 8.40 3989.9 2953 1.02 34.22 156641.79 AtlasCpcoB 103.74 -1.74 133.60 22.08 7.19 6.83 15556.13 ArcherDan 85.59 -0.99 98.88 58.44 1.54 20.09 47978.46 Illumina 212.40 -7.43 525.00 173.45 - 47.39 33368.04 Yum Brnds 118.79 -0.25 139.85 108.37 1.50 25.64 33800.8
PetroChina 3.36 0.04 4.49 2.94 7.05 6.81 9038.98 Israel (ILS) Ericsson 78.42 -1.28 117.32 70.05 2.93 11.40 23146.78 AT&T 18.43 -0.15 21.53 16.62 10.04 7.51 131296.55 Intcntl Exch 110.58 -0.48 139.79 90.05 1.06 17.32 61754.31 oetis 171.72 -0.07 249.27 154.18 0.52 45.23 80388.75
PingAnIns 43.75 -0.15 69.60 43.25 5.68 6.99 41544.52 TevaPha 36.32 0.12 37.23 23.83 - 32.70 12306.72 H&M 131.44 -2.24 191.86 110.10 4.90 17.87 18444.5 Autodesk 228.15 -5.49 344.39 163.20 - 113.46 49570.65 Intel 35.38 -0.82 56.07 34.40 3.49 8.19 145249.75 oom 102.33 -6.86 357.93 79.03 - 25.33 25756.77
PngAnBnk 12.40 0.27 21.20 11.94 1.37 7.58 35514.24 Investor 184.38 -2.28 228.75 162.62 1.94 7.82 32272.6 AutomData 260.10 0.06 261.48 192.26 1.31 45.28 108075.97 Intuit 476.15 -12.03 716.86 339.36 0.48 67.06 134310.98 ene uela ( EF)
Italy ( )
Pwr Cons Corp 7.47 0.13 9.96 5.65 1.16 15.90 12117.91 Nordea Bk 103.66 -0.64 114.64 85.25 14.41 11.93 37375.21 Auto one 2343.9 14.38 2362.24 1503.3 - 23.82 45676.98 John&John 167.64 0.07 186.69 155.72 2.22 24.14 440755.72 Bco de n la 1.10 - 594.00 0.32 107.18 - 672.82
Enel 5.10 -0.01 8.04 4.61 7.15 23.83 52661.67
SaicMtr 16.56 0.18 23.45 14.63 3.51 8.48 28555.31 SEB 112.95 -1.95 141.85 91.64 9.14 9.31 23379.41 Avago Tech 533.23 -18.43 677.76 462.66 2.51 33.86 215325.69 JohnsonCn 58.05 -0.95 81.69 45.52 1.76 29.81 39985.44 Bco Provncl 2.42 -0.03 798000 1.70 - 0.00 152.20
ENI 11.69 0.11 14.85 9.98 5.74 4.95 42841.64
ShenwanHong 0.15 0.00 0.18 0.05 - 4.43 167.37 SvnskaHn 91.70 -1.76 108.15 80.88 5.57 8.88 17132.71 BakerHu 24.53 -0.54 39.78 19.84 2.69 63.84 24813.27 JPMrgnCh 121.76 -1.87 172.96 106.06 2.78 8.91 357070.01
Generali 15.28 -0.09 21.55 13.80 9.57 8.63 24551.32
ShgPdgBk 7.28 0.09 9.48 7.06 6.18 4.77 31537.44 Swedbank 140.30 -3.10 196.70 124.50 10.60 7.39 15257.84 Bank of NY 44.55 -0.48 64.63 39.78 2.59 12.10 36001 Kimb-Clark 137.05 -0.34 144.53 117.32 3.06 28.92 46271.13 Closing prices and highs & lows are in traded currency (with variations for that
IntSPaolo 1.83 -0.03 2.92 1.58 1.99 56.96 36107.82
Sinopec Corp 3.62 0.06 4.28 3.25 3.82 4.39 11775.98 Telia Co 38.03 0.22 41.70 33.61 5.38 13.24 14941.59 BankAm 36.10 -0.55 50.11 29.67 1.92 11.37 290031.95 KinderM 18.47 -0.18 20.20 15.01 5.35 44.87 41612.93 country indicated by stock) market capitalisation is in USD. Highs & lows are
Unicred 10.03 0.00 15.93 7.75 1.19 14.97 22813.47
Sinopec Oil 1.92 -0.01 2.90 1.70 - 653.56 3845.15 olvo 181.36 -2.84 218.65 148.24 3.66 11.66 27676.16 Baxter 61.20 -0.64 89.70 57.49 1.58 27.20 30820.98 K A Corp 370.01 -10.73 442.44 282.83 0.94 21.42 52468.11 based on intraday trading over a rolling 52 week period.
apan ( ) Kraft Hein 38.30 -0.53 44.87 32.79 3.71 52.53 46934.34
Denmark (kr)
AstellasPh 2050 7.00 2205 1739 2.35 30.22 27782.05 Swit erland (SFr) BectonDick 264.16 -3.62 277.29 229.24 1.13 51.40 75336.74 ♦ ex-dividend
DanskeBk 101.90 -1.55 133.25 93.56 1.95 7.01 12004.15 BerkshHat 457553.53-3746.47544389.26 396500 - 8.65 274497.34 Kroger 48.66 -0.43 62.78 38.22 1.44 24.98 34815.59 ■ ex-capital redistribution
Bridgestne 5470 37.00 5484 4042 3.17 12.18 28818.73 ABB 28.50 -0.50 35.30 24.85 2.72 13.97 58741.4 as egasSd 37.38 -0.91 48.27 28.88 - -27.84 28560.33
MollerMrsk 19750 -460.00 24070 15965 1.71 3.24 22593.89 Biogen 217.22 -2.42 351.86 187.16 - 23.49 31521.46 price at time of suspension
Canon 3478 65.00 3481 2467 2.94 16.48 34243.75 CredSuisse 5.21 -0.22 10.18 4.99 1.79 -8.36 14482.12 ibertyGbl 21.28 -0.81 30.58 20.18 - 1.02 3689.15
NovoB 773.00 3.20 863.60 604.50 1.20 37.46 184045.58 BlackRock 735.22 -21.85 973.16 575.60 2.00 21.63 110848.19
CntJpRwy 16100 110.00 18110 14660 0.84 -29.56 24483.08 Nestle 116.86 1.64 128.90 105.64 2.19 20.73 337125.64

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
Bausch Hlth 7.97 8.16 -0.19 -2.33 1.27 19.0 -17.10 Petrobras 35.25 35.16 0.09 0.26 -4.60 -11.5 -6.38 Aug 17 date Coupon S M F price yield yield yield US Aug 17 date Coupon S M F price yield yield yield US
Hunng Pwr 3.98 3.88 0.10 2.58 0.51 14.7 5.41 GlaxoSmh 1415.40 1425.00 -9.60 -0.67 -141.20 -9.1 4.29 High Yield US US
Softbank 5802.00 5749.00 53.00 0.92 507.00 9.6 -4.16 oom 102.33 109.19 -6.86 -6.28 -9.68 -8.6 3.08 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 -
CardinalHlth 68.75 70.14 -1.39 -1.98 6.00 9.6 -4.20 Perrigo 38.50 41.84 -3.34 -7.98 -3.28 -7.9 2.50 High Yield Euro The Goldman Sachs Group Inc. 02/28 5.00 BBB A3 A 117.21 2.47 0.00 0.32 -
Disney 122.88 124.96 -2.08 -1.66 10.45 9.3 -11.95 IDEXX aborato. 369.05 382.24 -13.19 -3.45 -31.24 -7.8 -3.03 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 -
Walt Disney 122.88 124.96 -2.08 -1.66 10.45 9.3 -11.95 Illumina 212.40 219.83 -7.43 -3.38 -14.90 -6.6 -18.78 GTE C 04/28 6.94 BBB Baa2 A- 128.27 2.80 0.00 -0.11 -
HondaMtr 3699.00 3598.00 101.00 2.81 311.00 9.2 0.35 Sanofi 81.99 86.59 -4.60 -5.31 -5.68 -6.5 -2.89 Emerging US United Utilities P C 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
WalMartSto 140.16 139.37 0.79 0.57 11.02 8.5 -2.25 MollerMrsk 19750.00 20210.00 -460.00 -2.28 -1330.00 -6.3 -19.16 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 -
TJX Cos 68.18 66.65 1.53 2.30 5.15 8.2 -10.34 JardnMt US$ 51.46 50.67 0.79 1.56 -2.45 -4.5 -10.81 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Bra il 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
CharlesSch 75.12 77.18 -2.06 -2.67 5.18 7.4 -8.12 Prudential 949.60 989.00 -39.40 -3.98 -44.60 -4.5 0.66 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Pwr Cons Corp 7.47 7.34 0.13 1.77 0.50 7.2 -0.25 Analog Devices 167.36 179.04 -11.68 -6.52 -7.72 -4.4 -13.27 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 -
owes 215.87 214.12 1.75 0.82 14.44 7.2 -7.49 TexasInstr 175.44 183.36 -7.92 -4.32 -7.68 -4.2 -14.84 The Goldman Sachs Group Inc. 02/31 3.00 BBB A3 A 121.70 0.93 0.00 0.02 -
Fanuc 24530.00 24750.00 -220.00 -0.89 1635.00 7.1 -1.36 Ch OS nd&Inv 19.98 20.20 -0.22 -1.09 -0.77 -3.7 7.79 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
FEMSA UBD 131.07 131.55 -0.48 -0.36 8.67 7.1 -4.79 HCA Hold 208.70 212.87 -4.17 -1.96 -8.02 -3.7 -15.41
Peru 08/27 4.13 BBB A3 BBB 103.50 3.66 0.01 -0.02 0.80 Yen
TntoDom 88.18 88.47 -0.29 -0.33 5.40 6.5 -12.90 UnibailR 57.48 60.10 -2.62 -4.36 -2.08 -3.5 -26.44
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
Allstate 131.61 129.73 1.88 1.45 7.82 6.3 -2.97 HK Exc&Clr 341.20 346.60 -5.40 -1.56 -11.20 -3.2 16.87
Seven & I 5661.00 5534.00 127.00 2.29 326.00 6.1 -2.79 Halliburton 27.52 28.21 -0.70 -2.46 -0.90 -3.2 -24.08 Bra il 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - Sterling
Hitachi 6990.00 6910.00 80.00 1.16 386.00 5.8 -6.56 Avago Tech 533.23 551.65 -18.43 -3.34 -17.19 -3.1 -16.70 Emerging Euro innogy Fin B. . 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
BkMontrl 134.29 135.04 -0.75 -0.56 7.28 5.7 -9.92 Broadcom 533.23 551.65 -18.43 -3.34 -17.19 -3.1 -16.70 Bra il 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B. . 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
ICICI Bk 883.25 879.25 4.00 0.45 46.30 5.5 -5.96 Hng h Hik DT 31.65 31.42 0.23 0.73 -1.01 -3.1 8.52 Mexico 04/23 2.75 BBB A3 BBB 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data C an ICE Data Services company. US $ denominated bonds NY close all other ondon
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 C an ICE Data Services company. US $ denominated bonds NY close all
other ondon close. S - Standard & Poor s M - Moody s F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Aug 17 Rate Current Since ast Day s Month s Year Return Return Aug 17 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 1.5-1.75 15-06-2022 0.83 Index change change change 1 month 1 year IX 20.57 0.88 19.69 38.94 14.73 Aug 17 Price £ Yield Day Week Month Year High ow £m
US Prime 4.75 15-06-2022 4.00 Markit I oxx XD 17.58 0.89 16.69 45.37 3.27 Tr 1.75pc 22 100.00 1.72 2.99 8.18 23.74 8500.00 102.20 100.00 29.68
US Discount 1.00 05-05-2022 0.50 ABF Pan-Asia unhedged 203.42 -0.12 0.56 -7.45 2.29 -7.39 XN 26.82 1.27 25.55 44.05 18.01 Tr 0.75pc 23 98.40 2.51 10.09 21.26 20.67 1692.86 101.08 98.40 34.36
Euro Repo -0.64 19-05-2022 0.00 Corporates( £) 349.22 -0.60 -0.97 -11.77 1.66 -13.89 DAX 24.38 2.34 22.03 93.30 - Tr 0.125pc 24 96.64 2.50 10.13 20.19 19.05 1036.36 99.89 96.51 34.76
UK Repo 1.75 04-08-2022 1.25 Corporates(€) 220.76 -0.31 -0.37 -8.60 2.17 -10.20 † CBOE. IX S&P 500 index Options olatility XD DJIA Index Options olatility XN NASDA Index Options olatility. Tr 2pc 25 99.48 2.18 10.10 21.11 17.84 738.46 106.59 98.95 39.04
Japan O night Call 0.00-0.10 01-02-2016 0.00 Euro one Sov(€) 229.70 -0.74 -1.11 -9.72 1.20 -12.04 ‡ Deutsche Borse. DAX DAX Index Options olatility. Tr 0.125pc 26 93.23 2.17 9.05 20.56 23.30 623.33 99.49 92.58 34.53
Swit erland ibor Target -1.25-0.25 15-01-2015 -0.75--0.25 Gilts( £) 308.56 -1.03 -2.08 -14.16 0.38 -16.40 Tr 1.25pc 27 95.86 2.14 8.63 19.55 18.89 494.44 105.48 94.92 40.07
Overall( £) 313.83 -0.91 -1.79 -13.30 0.58 -15.50 BONDS: BENCHMARK GOVERNMENT Tr 0.875pc 29 91.56 2.15 7.50 18.78 12.57 321.57 103.25 89.57 42.65
INTEREST RATES: MARKET Overall(€) 223.46 -0.57 -0.90 -9.41 1.43 -11.53 Red Bid Bid Day chg Wk chg Month Year Tr 4.25pc 32 117.16 2.29 7.51 18.04 9.57 246.97 137.75 114.06 39.43
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc 36 119.28 2.56 4.92 13.78 1.99 220.00 147.61 115.86 30.97
Aug 17 ( ibor Aug 16) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia 11/22 2.25 100.01 2.22 -0.06 -0.08 0.05 2.21 Tr 4.5pc 42 128.18 2.69 4.26 12.55 1.13 192.39 169.96 124.40 27.72
US$ ibor 2.32229 0.003 0.005 -0.003 2.37700 2.96057 3.50600 3.95071 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 83.51 3.23 -0.14 0.04 -0.18 - Tr 3.75pc 52 123.40 2.62 3.97 12.45 0.77 184.78 180.27 118.31 24.55
Euro ibor -0.64957 -0.064 0.000 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 712.08 10.02 - - -4.57 -12.91 02/50 1.00 100.96 1.32 -0.10 0.00 -0.36 1.35 Tr 4pc 60 135.39 2.53 3.27 12.95 -0.78 201.19 213.01 128.74 24.57
£ ibor 0.18063 -0.005 0.000 0.016 1.73760 2.18150 2.75140 0.81363 Euro one Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 95.77 1.18 0.09 0.05 -0.14 1.58 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Swiss Fr ibor -0.002 -0.77540 -0.75300 -0.70280 -0.55320 02/47 1.50 92.77 1.87 0.07 0.08 -0.15 1.58
CREDIT INDICES Day s Week s Month s Series Series
Yen ibor
Euro Euribor
0.000
-0.012
-0.04632
-0.02800
-0.01446
0.33300
0.04083
0.73500
0.04867
1.11800
Index change change change high low
Belgium 06/27 0.80 99.17 0.98 0.08 0.06 -0.11 1.53 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 88.23 2.22 0.09 0.11 -0.17 1.65
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day s Total Return Return
Canada 03/25 1.25 95.17 3.25 0.13 0.07 0.08 2.58
US$ CDs 0.000 2.36000 2.85000 3.31000 Crossover 5Y 500.25 25.84 14.05 -91.20 630.88 330.24 Fixed Coupon Aug 17 chg % Return 1 month 1 year Yield
06/30 1.25 89.50 2.76 0.08 0.03 -0.33 1.66
Euro CDs 0.040 0.03000 0.32000 0.68000 Europe 5Y 99.50 4.86 2.66 -20.86 127.35 70.55 1 Up to 5 Years 83.36 -0.45 2384.69 -0.60 -3.64 2.25
12/48 2.75 97.84 2.87 0.03 0.06 -0.18 1.16
Japan 5Y 75.00 0.18 -7.34 -27.10 115.50 57.71 2 5 - 10 Years 161.13 -1.06 3392.73 -1.11 -9.50 2.21
Short 7 Days One Three Six One Denmark 11/29 0.50 94.99 1.23 0.08 0.06 -0.14 1.56
Senior Financials 5Y 107.25 4.38 1.48 -24.96 139.21 79.74 3 10 - 15 Years 179.79 -1.38 4078.21 -0.23 -15.11 2.53
Aug 17 term notice month month month year 11/52 0.25 67.79 1.60 0.09 0.10 -0.11 1.38
Markit CD Finland 09/24 0.00 98.76 0.60 0.07 0.04 0.00 1.32 4 5 - 15 Years 164.55 -1.14 3555.43 -0.90 -11.39 2.32
Euro -0.22 0.08 -0.21 0.09 -0.12 0.18 0.17 0.47 0.53 0.83 0.87 1.17 5 Over 15 Years 270.28 -1.80 4611.16 0.66 -28.02 2.60
Emerging Markets 5Y 295.13 9.32 -20.69 -64.42 387.80 219.01 09/29 0.50 95.11 1.23 0.08 0.05 -0.11 1.62
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 153.05 -1.18 3389.77 -0.20 -16.70 2.51
Nth Amer High Yld 5Y 434.96 11.77 -40.11 -68.14 589.25 421.25 France 05/28 0.75 98.19 1.08 0.08 0.05 -0.16 1.51
US Dollar 2.16 2.36 2.19 2.39 2.26 2.46 2.75 2.95 3.21 3.41 3.54 3.74
Nth Amer Inv Grade 5Y 75.76 1.92 -7.18 -10.03 102.64 63.80 05/48 2.00 98.05 2.10 0.09 0.10 -0.15 1.56
Japanese Yen -0.15 0.05 -0.20 0.00 -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 94.84 0.76 0.08 0.04 -0.12 1.37
ibor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources US $ Euro & CDs Index Linked Aug 17 chg % chg % chg % Return 1 month 1 year
Tullett Prebon SDR US Discount IMF EONIA ECB Swiss ibor SNB EURONIA RONIA & SONIA WMBA. 08/50 0.00 70.98 1.23 0.08 0.08 -0.11 1.25
1 Up to 5 Years 329.07 0.50 2.00 6.98 2774.46 2.00 8.19
Greece 01/23 3.50 101.34 0.53 -0.02 -0.10 -0.37 1.05 2 Over 5 years 681.57 0.70 6.36 -23.07 5185.20 6.37 -22.78
01/28 3.75 104.96 2.76 0.13 0.16 -0.26 2.67 3 5-15 years 509.36 0.42 4.77 -2.81 4111.07 4.78 -2.10
Ireland 10/22 0.00 99.92 0.47 0.09 0.18 0.39 1.08 4 Over 15 years 820.31 0.85 7.24 -30.85 6059.25 7.24 -30.69
05/26 1.00 100.40 0.89 0.06 0.05 -0.03 1.45 5 All stocks 625.63 0.67 5.76 -20.04 4854.90 5.76 -19.67
02/45 2.00 98.97 2.06 0.09 0.09 -0.15 1.62
Italy 02/25 0.35 96.98 1.61 0.14 0.08 -0.22 1.88 Yield Indices Aug 17 Aug 16 Yr ago Aug 17 Aug 16 Yr ago
COMMODITIES www.ft.com commodities BONDS: INDE -LINKED 05/30 0.40 98.48 0.60 0.11 0.08 -0.39 1.45 5 Yrs 2.08 1.90 0.29 20 Yrs 2.70 2.59 0.96
03/48 3.45 100.21 3.44 0.18 0.19 -0.03 1.94 10 Yrs 2.37 2.23 0.64 45 Yrs 2.47 2.39 0.78
Energy Price Change Agricultural Cattle Futures Price Change Price Yield Month alue No of
Japan 04/25 0.05 100.13 0.00 0.00 0.01 -0.03 -0.04 15 Yrs 2.63 2.51 0.87
Crude Oil† Sep 86.51 -0.02 Corn♦ Sep 617.75 6.75 Aug 16 Aug 16 Prev return stock Market stocks
12/29 0.10 100.28 0.06 -0.01 0.01 -0.12 0.13
Brent Crude Oil‡ 92.27 -0.61 Wheat♦ Sep 790.75 4.75 Can 4.25% 26 113.90 0.932 0.830 -1.50 5.25 73782.81 8
12/49 0.40 84.54 1.05 -0.02 -0.02 -0.11 0.44 inflation 0 inflation 5
RBOB Gasoline† Oct 2.91 0.01 Soybeans♦ Sep 1473.25 19.00 Fr 0.25% 24 108.37 -3.831 -3.773 0.64 17.92 264365.04 17
Netherlands 07/27 0.75 99.45 0.87 0.08 0.04 -0.13 1.51 Real yield Aug 17 Dur yrs Previous Yr ago Aug 17 Dur yrs Previous Yr ago
Natural Gas† Sep 9.56 0.24 Soybeans Meal♦ Sep 436.80 0.90 Swe 1.00% 25 125.73 -1.504 -1.544 0.45 35.15 221777.93 6
01/47 2.75 124.67 1.53 0.08 0.09 -0.13 1.56 Up to 5 yrs -2.45 1.71 -2.70 -3.08 -3.14 1.72 -3.16 -3.38
ase Metals (♠ LME 3 Months) Cocoa (ICE iffe)X Sep 1765.00 37.00 UK 0.125% 24 106.54 -3.805 -3.688 0.61 15.24 680797.11 31
Aluminium 2415.00 18.50 Cocoa (ICE US)♥ Sep 2372.00 39.00 New ealand 05/31 1.50 85.95 3.37 -0.09 0.09 -0.29 1.65 Over 5 yrs -0.87 21.05 -0.88 -2.46 -0.91 21.12 -0.90 -2.48
UK 2.50% 24 381.73 -3.168 -3.041 0.46 6.82 680797.11 31
Aluminium Alloy 1675.00 -905.00 Coffee(Robusta)X Sep 2227.00 3.00 09/40 2.50 124.55 1.94 -0.04 0.14 -0.13 1.19 5-15 yrs -1.56 8.92 -1.61 -2.83 -1.68 8.93 -1.69 -2.91
UK 2.00% 35 282.66 -1.412 -1.460 -0.87 9.08 680797.11 31
Copper 7926.50 -79.00 Coffee (Arabica)♥ Sep 216.55 -2.80 Norway 08/30 1.38 89.47 2.87 0.08 0.12 -0.04 1.61 Over 15 yrs -0.76 26.94 -0.76 -2.43 -0.78 26.96 -0.77 -2.43
US 0.625% 24 99.95 0.664 0.522 -0.67 40.98 1664013.75 46
ead 2105.00 -49.50 White SugarX 552.10 -1.80 Poland 01/23 2.50 98.32 6.47 0.14 0.14 -0.24 6.21 All stocks -0.89 18.56 -0.91 -2.47 -0.94 18.66 -0.93 -2.49
US 3.625% 28 117.96 0.413 0.388 -1.03 16.78 1664013.75 46
Nickel 21985.00 -615.00 Sugar 11♥ 18.21 -0.06 07/27 2.50 86.05 5.83 0.12 -0.21 -1.26 4.61 See FTSE website for more details www.ftse.com/products/indices/gilts
Representative stocks from each ma or market Source Merill ynch Global Bond Indices ocal currencies. Total market
Tin 24605.00 -195.00 Cotton♥ Oct 121.88 -0.37 04/47 4.00 75.38 5.92 -0.07 -0.48 -1.78 3.77 2018 Tradeweb Markets C. 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
inc 3514.00 -131.50 Orange Juice♥ Sep 174.65 -0.55 Portugal 04/27 4.13 113.45 1.14 0.07 0.04 -0.24 1.61 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) ive Cattle♣ Aug 141.28 1.53 Spain 10/22 0.45 100.03 0.30 0.08 0.08 0.31 0.95 Tradeweb may not be copied or re-distributed is not warranted to be
Gold 1774.85 -1.75 Feeder Cattle♣ May 134.88 - BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 93.06 1.63 0.09 0.05 -0.23 1.66 accurate complete or timely and does not constitute investment advice.
Silver (US cents) 2012.50 -20.50 ean Hogs♣ Oct 96.38 -4.20 10/46 2.90 105.19 2.61 0.11 0.11 -0.19 1.64 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 932.00 -9.00 Spread Spread Spread Spread Sweden 06/30 0.13 122.61 -1.31 0.02 -0.05 -0.07 0.42
Palladium 2122.00 -35.00 Chg Chg Bid vs vs Bid vs vs 03/39 3.50 130.65 1.42 0.02 -0.04 -0.15 0.97 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
ulk Commodities Aug 16 Month Year Yield Bund T-Bonds Yield Bund T-Bonds Swit erland 04/28 4.00 120.61 0.31 0.06 -0.02 -0.13 0.87 at the time of publication. No offer is made by Morningstar its suppliers or the FT. Neither the FT nor
Iron Ore 107.37 -0.23 S&P GSCI Spt 651.43 -9.37 33.04 06/29 0.00 97.95 0.30 0.07 -0.04 -0.19 0.80 Morningstar s suppliers warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 3.23 2.47 0.41 Netherlands 0.87 0.10 -1.95
Baltic Dry Index 1394.00 7.00 DJ UBS Spot 121.04 -11.80 23.70 Austria 1.18 0.42 -1.64 New ealand 3.37 2.61 0.55 United Kingdom 07/23 0.75 98.59 2.30 0.11 0.21 0.20 2.16 Morningstar s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 322.65 2.15 TR/CC CRB TR 307.79 -8.70 36.52 Canada 2.76 2.00 -0.06 Norway 2.87 2.11 0.05 07/27 1.25 96.59 1.98 0.12 0.16 0.18 1.61 use of the listed information. For all queries e-mail ft.reader.enquiries morningstar.com
EBA EUA Carbon 58.91 -1.98 129.94 Denmark 1.23 0.47 -1.59 Portugal 1.14 0.38 -1.68 07/47 1.50 80.36 2.57 0.09 0.17 -0.05 1.60
EBA UK Power 1048.00 -37.43 -39.60 Finland 1.23 0.47 -1.59 Spain 1.63 0.87 -1.19 United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
Sources: † NYME , ‡ EC /ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal E change. Latest prices, Germany 0.76 0.00 -2.06 Sweden -1.31 -2.07 -4.13 03/25 0.50 93.18 3.24 0.07 -0.01 0.07 2.71
unless otherwise stated. Italy 0.60 -0.16 -2.22 Swit erland 0.30 -0.46 -2.52 02/30 1.50 91.11 2.82 0.04 0.00 -0.14 1.66
Japan 0.06 -0.70 -2.76 United States 2.82 2.06 0.00 02/50 0.25 81.67 1.02 0.00 0.12 0.01 -
Interactive Data Pricing and Reference Data C an ICE Data Services company. Interactive Data Pricing and Reference Data C an ICE Data Services company.
Thursday 18 August 2022 ★ S 1

FINANCIAL TIMES SHA E SE ICE

Main Market
52 Week ol 52 Week ol 52 Week ol 52 Week ol 52 Week ol 52 Week ol
Price /-Chg High ow Yld P/E 000s Price /-Chg High ow Yld P/E 000s Price /-Chg High ow Yld P/E 000s Price /-Chg High ow Yld P/E 000s Price /-Chg High ow Yld P/E 000s Price /-Chg High ow Yld P/E 000s
Aerospace Defence abrdn 166.00 -6.50 277.30 148.75 8.80 3.61 7408.7 Gleeson 526.00 -2.00 862.22 490.00 2.85 8.23 6.6 Media BigYellw 1393 -9.00 1760 1191 2.42 9.18 353.3 Ferguson 10490 110.00 13360 8602 1.72 15.49 309.2
Avon Protection 937.50 -2.50 2178 860.00 3.13 -15.82 36.4 Bridgepoint Grp Plc 263.80 -9.80 571.00 203.40 - 16.49 232.6 Headlam 309.00 1.00 534.00 271.00 2.52 13.32 12.4 4imprint 4045 55.00 4090 2175 0.27 68.26 87.9 ritLand 465.00 -14.00 553.60 440.20 3.23 63.70 1446.1 Hays 123.10 -0.60 177.20 105.20 0.99 17.76 2346.6
AE Sys 799.60 0.20 847.42 517.40 3.03 14.62 3747.0 Cty onInv 414.00 - 579.91 374.56 7.97 9.72 31.8 McBride 21.00 - 87.00 15.25 - -3.75 240.1 Auto Trader roup PLC 658.40 0.40 751.40 499.40 0.76 32.48 1749.1 Cap&Reg 60.80 0.20 70.24 53.77 - -0.53 98.9 Homesve 1184 3.00 1186 578.33 2.20 106.67 346.6
Chemring 328.50 -2.50 383.50 246.88 1.28 22.81 222.5 CloseBrs 1114 -17.00 1633 975.00 5.39 8.33 253.9 Persimn 1704 -145.00 2974 1698.5 13.79 6.94 1968.9 DlyMailA 270.00 -2.50 1178 264.50 8.96 10.31 111.0 Civitas SH 82.30 -1.20 117.00 69.00 6.61 14.04 1020.7 Howden ny 656.00 -12.00 985.80 572.00 2.04 12.38 2293.3
Meggitt 793.00 -1.00 845.89 720.00 - 198.25 554.4 CoinShares Int td SKr 39.00 -0.30 105.00 22.00 - -0.07 11.7 Philips € 19.15 -0.74 42.01 19.11 4.42 28.73 3255.7 Hyve Group 73.50 0.60 128.40 43.86 - -13.13 90.9 Drwnt dn 2632 -82.00 3850 2554 2.87 11.73 209.4 Intertek 4226 -20.00 5824 4085 2.50 23.75 170.5
Hargr Lans 956.20 -15.80 1603 759.00 4.03 17.04 588.9 P Cusns 211.50 -3.00 259.00 177.80 2.88 24.39 1326.8 Great Portland 735.50 -15.00 810.50 636.00 1.71 -9.22 515.5 Kin and Carta 206.00 7.40 359.00 164.00 - -171.67 36.8
Informa 586.80 -9.00 628.00 459.80 - -25.96 1811.4
Automobiles Parts Indvardn SKr 253.50 -5.70 314.30 205.40 2.52 -9.34 406.8 Redrow 545.50 -10.50 743.60 462.96 4.49 6.77 894.3 IT 68.20 -3.04 127.19 62.04 - 7.33 6072.7 Hammersn 25.35 -0.18 40.22 18.24 1.58 -2.73 6993.0 MearsGp 222.00 10.00 228.00 175.00 1.13 19.30 45.8
FordMtr $X 15.94 -0.49 25.87 10.61 0.56 4.03 26199.3 IC 1508.5 -32.50 2493 1266 3.71 8.65 424.7 Superdry Plc 133.00 -3.80 384.50 121.55 - -5.99 445.2 Pearson 873.00 -5.20 901.00 571.00 2.27 41.77 2510.4 LandSecs 707.80 -21.20 812.80 642.00 4.80 -18.48 1223.8 Mitie 77.80 0.40 81.00 44.70 - 38.90 2544.1
Investec 447.70 -12.10 541.40 272.50 2.90 11.25 760.1 istry Group 856.00 -31.00 1301.5 749.50 4.67 7.50 365.6 ondonMtrc 239.00 -5.60 285.20 224.60 3.66 5.10 5156.8 Rentokil 538.60 -0.80 662.00 441.20 1.39 38.20 5385.2
anks MEDIA
Jupiter 112.40 -7.00 272.20 111.21 15.21 4.18 1654.2 Palace Cap 280.00 -8.00 297.00 230.00 3.93 13.40 11.1 Ricardo 470.00 - 510.00 325.00 1.46 41.96 19.5
AN A$X 23.87 0.04 27.17 19.64 5.91 10.70 4286.4
iontrust 996.00 -68.00 2560.05 847.00 4.72 12.45 392.2
Industrial Engineering Reach P C 92.50 -1.80 430.00 80.70 7.58 102.78 1186.4 PrimyHth 144.80 -1.30 170.20 129.00 4.28 14.78 1910.8 RbrtWlts 508.00 -26.00 850.00 444.75 3.23 11.62 26.3
BcoSant 221.30 -5.45 293.00 193.42 2.90 5.28 315.9 Bodycote 594.50 -14.50 1007 499.40 3.30 19.05 1472.3
LSE pX 8434 62.00 8546 5995.57 0.91 86.24 302.8 SE RO 1044 -23.00 1508 946.80 2.16 3.09 1734.8 RS rp 1141 -18.00 1276 790.00 2.23 28.96 1128.6
BnkGeorgia 1974 50.00 1986 960.00 - 6.11 107.2 Castings 320.00 - 390.00 282.00 4.77 15.47 20.7 Media
M Plc 213.90 -3.30 230.00 168.69 8.57 66.84 5932.7 Shaftbry 456.00 -13.20 668.50 454.40 0.53 -8.77 325.7 SIG 34.20 -0.25 54.60 28.60 - -14.25 438.8
BankIre Grp € 6.04 0.06 7.03 4.47 - 6.65 126.9 Goodwin 2985 -30.00 4000 2350 3.43 16.50 0.6 REL PLCX 2389 5.00 2634.82 2056 2.00 31.52 1545.8
Providnt 190.70 -0.90 383.80 182.10 - 3.57 962.0 TritaxBBOX 186.60 -5.20 251.40 175.80 3.49 3.37 3254.4 p 810.00 10.00 1070 781.60 3.09 19.96 3.5
BkNvaS C$X 81.37 -0.25 95.00 71.21 4.15 11.18 515.7 Hill&Sm 1166 -36.00 1922 1086 2.53 27.44 247.2 Rightmove PLC 640.40 2.80 803.16 518.50 0.70 36.24 1605.7
RathbnGrp 1842 -30.00 2230 1426.08 4.02 14.25 83.5 Wkspace 559.00 -21.00 979.00 518.50 3.18 -8.31 117.9
arclaysX 168.68 -1.82 209.45 140.06 1.78 4.09 20611.4
Record 75.00 -0.20 92.80 60.00 3.07 20.60 55.9 IMI 1229 -34.00 1878 1137 1.86 16.79 259.5 ST Grp 282.50 7.50 385.00 246.00 3.43 6.89 5.7 Tech - Hardware
CanImp C$X 68.11 -0.19 167.50 59.03 8.02 5.18 552.1 MelroseInd 147.60 -5.65 196.28 107.50 1.07 -15.38 7845.3 WPPX 819.20 -14.00 1231.5 753.60 3.23 15.60 2810.0 Real Estate Inv & Services SpirentCM 268.80 -3.80 310.60 209.80 1.70 25.04 831.3
S&U 2360 -60.00 2950 1970 3.81 11.14 1.7 Cap&Count 133.90 -4.80 179.80 133.90 0.37 39.38 994.8
HS CX 545.10 -4.70 567.20 329.55 2.96 11.91 10348.3 Renold 24.45 0.70 34.94 18.25 - 8.73 317.0
Schroder 2876 -112.00 3913 2578 4.03 13.25 218.6 Mining CS 203.50 -4.50 254.00 180.20 3.71 6.95 345.2 Tech - Software Services
Llyds kgX 45.79 0.06 54.50 38.10 5.61 6.36 71636.6 RHIM 1970 -48.00 4040 1801.28 6.39 4.65 104.8
..N/ 2435 -90.00 2695 1690 4.76 11.22 32.7 AngloAmerX 2966.5 -36.00 4996.8 2350 6.01 5.87 2361.1 Grainger 287.00 -6.00 340.00 259.80 1.91 17.83 491.6 Computcnt 2542 -22.00 3098 2250 2.18 15.80 51.4
NW X 262.80 1.80 264.10 182.85 4.00 10.35 10278.1 Rotork 249.40 -10.00 375.60 230.40 3.47 27.11 869.5
Shires Income 272.00 2.00 291.00 222.37 4.93 3.79 9.5 AngloPacif 161.80 4.60 192.67 119.41 5.59 12.17 266.4 Harworth Grp 157.50 1.50 193.30 135.00 1.16 5.45 41.4 MicroFoc 287.20 -18.10 487.80 256.00 6.21 -3.04 346.4
PermTSB € 1.59 0.04 1.85 1.18 - -17.76 16.7 Severfd 59.00 -1.00 84.00 56.00 4.92 10.54 45.6
TP ICAP 155.80 -3.80 207.60 100.85 3.85 222.57 4147.9 AnGoldA R 256.25 -4.94 434.78 213.56 3.08 11.68 698.9 Helical 382.50 11.00 507.00 284.33 2.64 9.24 25.3 NCC Grp 217.00 3.50 348.00 162.80 2.14 72.33 338.8
RylBkC C$X 128.83 -0.43 149.60 118.24 3.14 12.57 522.8 Trifast 93.60 -3.40 165.00 89.00 1.71 15.47 43.5
StandChX 593.00 -10.00 641.00 406.20 1.49 13.30 5770.0 Food everages Antofagasta 1140 -24.50 1799.5 971.20 4.67 11.80 917.1 on&Assc 22.80 - 26.00 10.00 - -3.10 5.4 Sage 736.80 -1.40 862.20 587.20 2.36 28.25 945.6
Weir 1594.5 -43.00 1936.5 1321 0.72 26.93 297.7
..7.375%Pf 114.25 -1.10 141.54 112.00 6.46 - 1.0 BHP Group 2346 -14.00 3040 1774.56 - 10.26 2275.0 MacauPrp 41.40 1.30 65.97 35.95 - -5.37 8.2 TriadGp 120.00 -5.00 180.00 100.00 1.67 13.17 27.0
AngloEst 920.00 12.00 930.00 579.20 0.08 8.43 17.0
..8.25%Pf 124.75 -24.00 156.79 144.50 6.61 - 2.7 Asc rFdX 1638.5 -20.00 2066 1462.5 0.38 27.08 590.6
Industrial eneral Fresnillo 713.40 -9.40 997.60 610.60 3.41 16.89 522.8 Mntview 12900 50.00 15200 12675 3.29 16.08 0.4
Coats Group 63.50 -2.30 82.40 57.86 2.22 14.17 2011.7 lencoreX 486.70 3.80 548.30 302.55 1.82 17.82 24450.5 Safestre 1152 -2.00 1425 1001 1.75 6.53 141.9 Telecommunications
TntoDom C$X 88.05 -0.42 109.08 77.27 3.38 12.11 736.9 Barr(AG) 529.00 1.00 595.82 462.50 - 18.79 267.7
Macfrlne 116.00 - 146.00 113.00 2.34 13.46 125.7 Harmony R 55.25 -0.82 89.13 42.55 2.30 19.44 538.3 Savills 1020 -13.00 1472 962.50 2.25 10.22 189.4 Airtel Africa 146.20 0.30 173.10 92.00 2.23 13.03 2471.9
Westpc A$X 22.52 0.18 26.44 18.80 3.69 17.52 5093.8 Britvic 856.00 -1.00 1011 716.54 2.83 19.41 309.6
Smith DS 284.60 -9.20 465.97 263.70 4.25 16.17 2796.5 Petropvlsk# 1.20 -0.19 26.00 0.78 - 1.66 26359.1 SiriusRE 90.30 -3.40 145.20 85.80 3.61 7.04 1240.0 TX 157.10 -3.65 201.40 134.85 - 15.25 9509.3
CarrsGroup 139.00 -4.00 168.50 122.54 3.60 17.16 32.3 TelePlus 2090 -40.00 2265 993.65 2.73 53.59 93.5
asic Resource (Ex Mining) Smiths 1577 1.50 1618 1323 2.39 25.07 651.2 PolymtIntl 223.00 3.00 1539.17 92.02 43.74 - 193.4 Smart(J) 160.50 - 165.00 123.30 2.01 4.39 2.0
Coca-Cola H C 2051 13.00 2727 1403.5 2.62 16.39 553.1 odafone pX 121.78 -1.44 141.60 106.30 6.35 -272.44 36806.6
Ferrexpo 144.60 0.80 400.60 105.50 9.91 1.12 1261.0 SmurfKap 3081 -65.00 4334 2623 3.18 14.05 158.2 Rio TintoX 4888.5 -29.50 6343 4354 10.28 5.11 1901.7 U I 148.50 -0.50 151.50 58.51 - -2.12 98.8
Cranswk 3224 -10.00 4160 2824 2.17 17.03 32.4
esuvius 367.60 4.60 577.00 282.37 5.58 9.80 957.5 Troy Res A$ 0.04 0.00 0.20 0.03 - -0.94 3131.9 Tobacco
Chemicals Devro 196.20 - 240.00 163.46 4.64 10.66 85.8 Retailers
Elemntis 114.30 -3.00 159.70 95.95 - 387.46 617.9 DiageoX 3888.5 40.50 4364.1 3282.5 1.87 29.91 1372.2 Industrial Transportation Oil as Caffyns 550.00 - 650.00 416.00 - 7.99 0.1 rAmTobX 3440.5 34.00 3645 2507.5 6.27 11.64 3673.3
Johnsn Mtthey 2173 -107.00 3043 1650 3.22 27.40 322.9 Grncore 100.30 0.75 149.70 91.75 - 20.06 603.5 Braemar 283.00 21.50 302.00 198.00 1.77 9.39 158.3 PX 430.90 4.40 456.00 286.10 3.65 15.63 35407.2 Dunelm 823.50 -26.50 1557.73 752.00 4.25 11.10 175.9 Imperial rX 1914 11.00 1919 1434.23 7.22 6.40 1255.1
ictrex 1812 -31.00 2700 1585 3.29 21.57 96.2 HiltonFd 1032 -10.00 1257.05 961.00 2.17 21.54 122.2 Fisher J 367.00 -14.50 1036 257.00 - -6.65 61.5 CairnEng 237.00 - 240.00 168.10 - 1.88 354.0 Halfords 162.60 -8.20 385.80 137.20 3.08 5.42 854.2
Kerry € 105.30 -0.65 129.50 86.84 0.84 24.62 7.8 Travel Leisure
OceanWil 890.00 7.50 1075 830.00 8.99 4.53 2.5 ExxonMb $X 91.75 0.29 105.57 52.10 3.38 19.14 5947.6 Inchcape 817.00 -11.50 940.50 615.00 1.63 27.60 276.5
Construction Materials PremFds 116.20 0.40 128.20 95.42 0.86 12.10 708.6 Carnival 779.40 -0.40 1797 595.81 - -1.26 1563.7
RoyalMail 271.70 -0.70 524.80 255.50 3.68 3.11 2882.5 Ga prom PJSC ADR $# 0.58 - 10.97 0.02 54.95 0.28 3213.3 DSportsF 128.20 -1.80 235.70 98.94 0.22 15.49 4871.0 -126.75
Boot(H) 290.00 -2.00 349.00 262.00 1.90 15.51 13.1 StckSpirit 377.00 1.00 487.00 230.50 2.18 42.71 14358.2 Dalata Hotel 298.00 -17.00 385.18 270.50 - 0.2
GeoPark $ 12.89 -0.62 18.52 9.50 0.85 14.64 62.3 Kingfisher 251.20 -4.00 375.20 231.82 4.80 6.31 5433.2
CRH 3248.5 -38.00 3949 2736.5 2.64 13.50 898.0 Tate& yl 793.20 -7.60 912.57 721.72 3.88 16.99 956.0 Insurance easyJet 404.70 -19.20 729.20 338.25 - -2.55 5044.0
Harbour Energy 384.90 1.60 538.60 298.50 - 44.94 1698.2 Marks&Sp 134.85 -2.50 249.99 127.00 - 103.73 4624.2
GalfrdT 169.20 0.20 213.00 150.40 2.78 37.60 51.0 UnileverX 3940.5 19.00 4169 3267.5 3.67 20.23 3898.0 Admiral 2306 18.00 3706 1691.5 6.57 11.76 455.3 FirstGrp 113.10 -1.10 145.66 82.15 - 26.93 1814.5
HellenPet € 6.51 -0.03 7.70 0.09 1.53 5.95 18.9 Ocado 921.80 -10.00 2105 691.60 - -30.54 2350.1
MorgSdl 1828 -20.00 2730 1744 3.83 8.94 119.0 ..N - - - - - - - AvivaX 458.80 -1.30 606.58 341.92 4.65 60.37 4327.9 Flutter Entertainment 10815 100.00 16275 7340 - -45.73 391.4
ImpOil C$X 59.24 1.31 72.96 30.64 1.58 18.71 353.4 Saga 171.50 -6.30 387.40 146.60 - -18.33 353.0
Tyman 240.00 -8.00 463.50 227.00 3.33 9.49 631.4 Chesnar 314.00 - 320.00 253.63 7.06 17.44 81.4 Fuller A 634.00 -6.00 866.00 510.20 - -13.24 6.9
Health Care E uip Services Shell PLCX 2182 13.50 2459.23 1282.78 2.77 11.50 8648.7 Sainsbury ( ) 221.20 -2.50 342.00 200.80 4.79 18.59 2397.7
Direct ine 216.40 0.10 316.80 184.55 10.30 8.98 6007.6 IntCon Htels p 5036 -70.00 5386 4174 - 47.17 271.4
Electronic Electrical E uip TrnCan C$X 64.29 -0.67 74.44 57.71 4.92 38.00 853.2 Studio Retail Group# 115.00 -2.50 319.00 90.00 - 2.49 60.9
GNStre kr 235.40 -1.50 540.00 214.70 0.61 17.54 527.0 Eccles prf 140.00 - 172.00 122.30 6.16 - 26.2 Intl Cons Air 117.10 -5.90 199.50 102.14 - -2.60 14731.5
Dialight 255.00 1.00 385.03 251.80 - 836.07 12.1 Mediclinic 497.60 1.20 502.00 285.00 - 31.10 7373.3
Wood Group (John) P C 151.30 -1.90 266.40 136.32 - -6.22 4941.4 TescoX 268.90 1.00 304.10 239.00 3.40 13.69 8662.8 Natl Exp 188.50 -2.00 288.00 167.10 - -11.22 1143.4
Hansard 36.50 -1.50 61.87 34.00 12.19 12.59 46.6
Discoverie P C 815.00 5.00 1274 586.00 1.25 66.80 185.0 Smith Nephew 1035.5 -24.50 1440.89 1002 2.63 23.49 2630.7 Pharmaceuticals iotech Support Services PPHE Htl 1420 -20.00 1617.25 1269.6 - -11.54 27.2
Hiscox 922.60 8.20 1002 769.40 0.92 22.84 311.4
Halma 2278 2.00 3232 1855.3 0.77 32.98 681.1 Astra enecaX 11002 34.00 11289.62 8029 1.88 1862.85 1154.9 Ashtd p 4627 17.00 7448.22 3269 0.98 22.53 479.6 TUI 145.20 -9.55 312.00 120.55 - -1.52 4140.4
House Leisure Pers oods ancashire 484.20 3.20 667.00 342.40 2.38 -25.22 2693.6
Morgan Ad 288.00 -9.00 418.50 248.00 2.33 12.15 194.5 Dechra 3540 24.00 5525 3066 1.14 52.86 193.6 un l 3163 15.00 3180 2363 1.72 24.00 474.0 Whitbrd 2608 -58.00 3649.99 2382 - -21.17 346.6
arrttDev 463.70 -18.30 752.40 441.70 6.34 7.25 2814.4 Leg en 282.30 -1.60 299.60 225.49 6.31 8.67 12341.4
OxfordIn 2125 -115.00 2830 1600 0.80 29.03 54.3 laxoSmhX 1415.4 -9.60 2753.96 1371 5.65 16.34 10911.4 Capita 25.42 -0.36 55.98 19.89 - 1.93 3170.8
Bellway 2234 -64.00 3553 2028.57 5.26 6.71 220.8 Old Mut 57.20 -1.60 84.80 53.30 4.82 8.30 150.7 Utilities
Renishaw 4056 -54.00 5600 3420 1.63 23.14 48.4 HikmaPhm 1490.5 -59.50 2625 1459.5 2.57 11.17 567.7 DCC 5190 -140.00 6508 4881 3.08 17.15 106.9
erkeley 3958 -124.00 5345.97 3490 0.23 10.30 279.6 Phoenix rp 667.60 -9.80 691.40 558.80 7.22 -7.73 1979.6 Drax 733.50 -12.00 845.89 401.80 2.43 54.33 576.0
Spectris 2947 -100.00 4167 2371 2.36 9.69 191.5 Oxfd Bio 485.00 -16.00 1678 414.00 - 21.81 37.5
urberry p 1819.5 13.00 2082 1473.5 2.34 15.66 1160.0 PrudntlX 949.60 -39.40 1566 881.00 1.24 15.42 5231.2 De aRue 90.00 -0.10 195.60 71.10 - 11.84 180.9 Natl ridX 1165 -3.00 1271.45 880.60 4.22 27.16 3855.3
TT Elect 164.40 -3.60 296.50 159.20 3.95 22.83 107.0 RichterG $ 20.20 - 30.60 17.10 3.02 9.80 0.0 Diploma 2740 4.00 3504 2090 1.55 49.02 144.3
Cairn Homes 91.90 -1.10 109.80 81.30 2.43 18.87 932.4 St msPl 1229 -20.00 1710 1054 4.98 23.41 566.0 Pennon 997.00 -11.00 1335 932.81 3.27 72.24 1305.7
XP Power 2300 -115.00 5740 2020 4.00 12.29 98.9 DWF Group P C 96.80 -0.20 124.00 86.95 4.65 -18.98 93.8
CtrySide 273.60 -7.00 579.50 217.60 - 19.97 201.4 Real Estate Severn Trent 2968 -35.00 3228 2561 3.42 -110.33 654.5
LEISURE Essentra P C 235.00 -19.50 348.50 222.50 2.26 26.40 406.4
Financial eneral Crest Nicholson 266.60 -9.60 430.60 229.40 1.54 9.69 190.2 SSE 1832.5 2.00 2166.93 1510 4.42 7.16 2491.7
3i 1258.5 5.00 1477 1042 3.06 4.36 1074.8
PhotoMe International Plc 107.00 5.00 109.00 55.70 - 18.67 655.5 REITs Experian 2877 -15.00 3689 2242 1.22 36.91 1321.9
GamesWk 7485 -10.00 12310 5920 3.41 20.61 90.9 UtdUtils 1138 3.50 1186.88 961.80 3.80 104.40 1164.2
Assura 69.55 -0.65 80.20 59.28 4.17 13.91 2982.5

AIM
52 Week ol 52 Week ol 52 Week ol 52 Week ol 52 Week ol 52 Week ol
Price /-Chg High ow Yld P/E 000s Price /-Chg High ow Yld P/E 000s Price /-Chg High ow Yld P/E 000s Price /-Chg High ow Yld P/E 000s Price /-Chg High ow Yld P/E 000s Price /-Chg High ow Yld P/E 000s
Aerospace Defence ThorpeFW 362.00 4.50 525.00 350.00 1.60 25.19 0.3 Health Care E uip Services earning Technologies Group 133.90 -1.60 277.20 104.10 0.93 56.40 796.3 Pharmaceuticals iotech onSec 3450 - 3940 2310 2.32 19.03 0.0
Cohort 541.00 -9.00 630.00 440.00 2.05 48.09 4.7 ytronic 142.50 -6.50 205.00 120.00 - 47.50 16.5 A O 21.50 0.25 42.00 20.00 - -2.55 111.7 Abcam 1248 -10.00 1757 1013.57 - 189.09 179.6 NWF 227.00 3.00 240.00 182.50 3.17 113.50 15.5
Media Petards 9.50 - 13.80 8.50 - 17.27 1.0
elocity Composites P C 19.00 - 32.00 14.25 - -6.33 4.7 Financial eneral CareTech 746.00 1.00 773.00 530.00 1.71 27.15 34.9 Reneuron 26.50 - 135.00 25.00 - -1.67 40.2
Mission Group 59.00 - 81.63 43.05 3.95 10.00 146.5 Renew 723.00 1.00 889.00 576.70 1.82 17.87 77.0
Tristel 370.00 -2.50 810.00 270.00 1.77 76.29 49.4 Sareum 175.00 -7.50 433.50 92.50 - -58.33 50.0
anks Appreciate Grp 32.80 1.85 33.00 21.10 3.05 14.26 481.3 YouGov 1160 -15.00 1600 830.00 0.52 102.65 223.3 Smart Metering Systems 927.00 -26.00 1038 670.00 2.83 290.60 152.1
Caribbean Inv 26.50 - 45.40 24.03 - 3.05 138.6 Arbuthnot 882.50 - 1070 799.98 1.81 19.52 1.3 House Leisure Pers oods Real Estate
BP Marsh 310.00 3.00 363.00 272.25 0.79 8.54 23.4
Mining Tech - Hardware
Airea 28.00 - 34.75 24.01 - 10.37 26.0 ok nStor 1010 - 1090 720.00 1.49 30.62 5.8
asic Resource (Ex Mining) Burford Capital td 825.00 -15.00 943.38 590.00 1.67 -3381.15 227.5 AMC 1.46 0.06 4.00 0.61 - -33.95 6955.1 I E 37.25 -0.75 55.00 27.53 - -413.89 2063.3
Churchll 1290 - 2050 1225 - 153.57 1.9
CropperJ 1075 - 1650 825.00 - 32.77 1.3 Gresham House Plc 838.00 -2.00 1020 751.00 0.72 33.64 12.7 BotswanaD 0.95 - 1.70 0.85 - -15.83 13.4 Retailers
Frontier Developments P C 1580 10.00 2900 1066 - 45.53 23.1 Tech - Software Services
MattioliWds 670.00 -10.00 908.00 655.00 3.13 -239.29 6.4 CentAsiaM 243.00 -1.00 284.50 187.47 6.65 7.12 135.6 ASOS 852.00 -107.50 4146 775.00 - 28.31 1033.3
Chemicals Portmern 405.00 -2.50 920.00 356.00 3.21 17.24 9.2
Numis 268.50 11.50 393.00 226.50 4.47 5.47 9.3 Gemfields 17.00 1.50 19.90 11.13 - -23.48 209.6 Boohoo Group P C 57.54 -3.80 289.90 51.40 - 12.40 7487.8 BoBlue Prism Group P C 1274 - 1392 747.50 - -23.65 1869.0
Directa Plus P C 98.00 -0.50 178.00 94.00 - -22.83 3.3 Sanderson Design Grp 106.00 5.50 235.00 98.00 - 9.08 470.4
Premier Miton Group 117.50 0.50 200.00 106.00 6.98 13.11 42.1 C S Group P C 1798 38.00 2835 1220 0.36 50.36 567.6 Eckoh 44.00 - 63.88 37.00 1.39 43.14 51.0
ersarien P C 19.55 -0.65 37.95 14.15 - -5.60 86.0 Oil as Ingenta 93.50 -3.00 103.80 62.00 1.60 54.68 17.8
STM Group 25.00 0.50 37.00 22.05 5.60 9.63 15.4 Industrial Engineering
BorSthnPet 3.64 0.17 8.50 0.47 - -35.69 37.5 Support Services Oxford Metrics 101.50 - 132.00 75.00 1.77 44.13 71.0
Construction Materials 600 Grp 14.75 0.65 16.97 11.05 - 86.26 53.1
Food everages ClontarfEn 0.06 0.00 0.80 0.05 - -1.20 18507.2 Begbies 147.00 1.00 156.00 97.00 2.04 735.00 164.6
AccsysTch 97.80 -1.00 183.83 94.63 - -57.46 50.7 MS Intl 335.00 8.00 350.00 204.00 1.04 47.86 18.0 Travel Leisure
Camellia 6075 75.00 7000 5800 2.37 111.88 0.1 Egdon Res 5.15 -0.20 6.10 1.20 - -6.60 1313.6 Christie 121.00 -1.00 135.00 85.55 - 51.49 1.8
Pres Tech 73.50 - 103.00 62.00 - -6.11 17.0 -737.50
Fevertree Drinks 1043 23.00 2779 804.50 1.51 27.31 266.8 Hurricane Energy 7.80 -0.09 12.37 2.00 - -0.78 2975.6 Gattaca 75.00 2.50 266.00 53.00 2.00 -57.69 28.0 gamingrealms 29.50 0.08 41.10 20.39 - 244.5
Electronic Electrical E uip
FinsbryFd 69.50 -0.50 103.00 65.00 3.45 8.27 62.4 IT Phoenix Global 7.38 - 7.55 3.07 - -1.85 118.7 Impellam 465.00 - 515.20 336.00 - 25.41 9.9 Jet2 943.60 -39.20 1434.19 739.55 - -5.07 229.3
Checkit 25.00 - 62.04 23.00 - -3.05 39.0
Nichols 1180 12.50 1565 1075 1.58 -19.65 26.1 Keywords Studios 2574 16.00 3908 1950 0.03 71.33 181.7 UnJackOil 28.25 0.25 38.00 10.50 - -14.64 765.4 JhnsnSrv 116.00 -4.40 167.00 95.10 - 72.50 1267.5 MinoanGp 1.00 - 1.49 0.85 - -7.09 620.0
PA 78.50 - 84.00 52.60 - -290.74 9.6

Investment Companies
Conventional (Ex Private E uity)
Price /-Chg
52 Week
High ow Yld NA
Dis(-)
or Pm
CT Cp&I
CT UK HIT A
302.00
86.25 -
7.00 341.00 269.56 3.84 328.4
101.00 77.00 6.14 93.6
-8.0
-7.9
JPM Asia
JPM China
371.00
352.50
1.50 467.17 339.23 5.09 408.5
0.50 589.00 295.50 6.47 385.8
-9.2
-8.6
SchdrEurReE
Schdr Inc
106.25
302.00
0.25 119.50
-5.00 323.00
90.00
271.80
5.16
4.17
121.4
310.6
-12.5
-2.8
abrdnPropInc
AEW UK REIT
78.60
115.40
0.30
-1.40
90.00
135.00
68.50
101.00
4.34
6.93
110.4
125.6
-28.8
-8.1
Guide to FT Share Service
abrdnuksm 516.00 -8.00 787.40 444.55 1.49 579.5 -11.0 CT UK HIT B 90.00 - 108.00 79.07 5.89 93.5 -3.7 JPMElct MC 102.00 - 105.00 99.00 0.39 103.0 -1.0 SchdrJap 204.50 -2.50 231.00 185.95 2.40 238.8 -14.4 Bal ComPrp 109.20 -3.20 124.20 93.00 3.91 148.0 -26.2
3i Infra 341.50 -7.50 368.50 302.00 2.87 298.1 14.6 CT UK HIT UNIT 340.00 - 408.00 310.29 - 374.4 -9.2 ..MG 1000.00 - 1115.3 896.25 1.60 1030.1 -2.9 SchdrOrient 263.00 - 277.00 250.00 3.92 277.4 -5.2 CTRealE 89.20 1.00 101.00 71.20 4.15 128.5 -30.6 For queries about the FT Share Service pages e-mail
AbnAsianIn 217.00 - 236.00 204.50 4.29 252.1 -13.9 Dun Inc 297.50 -4.50 340.67 256.00 4.30 298.4 -0.3 ..MI 100.00 - 111.00 92.00 4.75 103.1 -3.0 SchdrRealEst 55.80 -1.00 61.00 47.70 4.54 79.4 -29.7 ongbow 59.50 0.25 93.00 55.00 10.08 66.8 -10.9 ft.reader.enquiries morningstar.com.
Abrdn Div I&G 99.25 1.05 104.50 95.00 5.54 120.9 -17.9 EcofinGlobal 237.00 1.00 238.46 165.00 2.78 234.9 0.9 JPM Emrg 110.00 -0.60 140.30 98.40 1.23 122.9 -10.5 SchdrUKMd 578.00 -12.00 809.10 489.00 2.30 670.2 -13.8 TR Prop 394.00 -12.50 526.00 351.91 3.60 409.2 -3.7 All data is as of close of the previous business day. Company classifications
Abn atAmIn 52.00 0.50 62.00 44.20 6.73 62.7 -17.1 Edin Inv 615.00 -6.00 653.60 547.04 3.90 661.7 -7.1 JPM EurGth & Inc 80.60 -0.40 95.00 70.30 7.07 93.8 -14.1 SchdrUKPubPriv 20.13 -0.88 37.07 19.15 - 36.4 -44.7 Tritax EuroBEUR € 1.13 0.00 1.45 0.97 4.37 1.4 -19.3 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnNewIndia 587.00 -3.00 662.00 476.25 - 738.2 -20.5 Edin WWd 201.50 -3.50 341.00 159.82 - 234.3 -14.0 JPM EuDisc 404.00 -4.00 588.00 365.50 1.66 487.2 -17.1 ScotAmer 505.00 -5.00 546.00 437.87 2.44 516.9 -2.3 Tritax EuroBGBP 93.70 -1.40 123.80 83.90 - - - 100 constituent stocks are shown in bold.
AbnSmlInCo 271.00 - 406.05 243.00 3.27 325.1 -16.6 EuroAsset 90.50 -1.70 152.00 87.00 8.84 101.1 -10.5 JPM Clavr 694.00 -6.00 952.03 610.32 4.47 705.5 -1.6 Scottish Inv 903.00 -1.00 933.00 725.00 2.60 928.3 -2.7 UKComPrp 75.70 -1.30 95.80 71.95 3.86 113.4 -33.2
Closing prices are shown in pence unless otherwise indicated. Highs & lows
Abf Sml 1260 -4.00 1622.8 1134.07 2.69 1459.1 -13.6 Euro Opps 721.00 -11.00 891.00 641.00 0.28 860.4 -16.2 JPMGblCoreRa 108.25 -0.25 110.50 80.80 3.46 104.0 4.1 ScottMort 894.00 -8.00 1568.5 670.60 0.38 938.9 -4.8
CTs 52 Week Dis(-) are based on intra-day trading over a rolling 52 week period. Price/earnings
Abf Spl Inc 68.20 -0.80 88.55 60.03 4.47 76.5 -10.8 F&C Inv Trust 916.00 -7.00 945.56 767.21 1.35 978.6 -6.4 JPM GEI 126.50 1.50 155.00 118.50 4.03 144.1 -12.2 ScottOrtll 1125 - 1258.64 998.82 1.02 1332.8 -15.6
Price /-Chg High ow Yld NA or Pm ratios (PER) are based on latest annual reports and accounts and are updated
abrdn Asia Focus 259.00 -4.00 303.00 54.40 1.16 300.3 -13.8 FidAsian 477.50 9.50 510.00 406.22 1.84 522.1 -8.5 JPM Gl Gr&Inc 460.50 -4.00 475.00 386.00 3.27 457.9 0.6 Smithson 1428 -18.00 2040 1131 - 1507.1 -5.2
Baronsmead 2nd T 66.50 - 86.50 62.00 9.77 69.7 -4.6 with interim figures. PER is calculated using the company s diluted earnings
Abrdn Eqt Inc 336.00 -4.00 385.14 300.00 6.13 374.0 -10.2 FidChiSpS 242.00 -1.00 371.00 211.50 1.93 264.6 -8.5 JPM Ind 820.00 - 865.00 691.30 - 1038.6 -21.0 StrategicEq 294.00 -5.00 324.28 262.71 0.54 321.7 -8.6
BSC CT 80.00 - 85.00 70.00 8.75 83.7 -4.4 from continuing operations. Yields are based on closing price and on dividends
abrdnJapInv 595.00 5.00 835.00 509.40 2.52 719.9 -17.3 FidelityEmrgMkt 623.50 -0.50 908.00 596.10 2.12 731.0 -14.7 JPM JpCapSm G&I 344.00 -6.00 568.40 301.00 6.51 379.3 -9.3 Temp Bar 222.50 -2.50 1279.28 202.05 3.37 237.3 -6.2
.. CT2 56.50 - 62.50 52.00 14.16 63.0 -10.3 paid in the last financial year and updated with interim figures. Yields are
AbnNewDn 282.00 -2.00 330.02 262.00 1.52 328.7 -14.2 Fid Euro 296.00 -4.00 384.25 256.50 2.21 331.6 -10.7 JPM Jap 500.00 2.00 732.00 408.50 1.02 538.8 -7.2 TempEmerg 150.00 -0.40 191.50 137.20 2.53 174.0 -13.8
Inc&Gth CT 83.00 - 99.50 81.00 6.02 88.0 -5.7 shown in net terms dividends on UK companies are net of 10% tax non-UK
Alliance 1012 -4.00 1084.9 867.84 1.66 1077.8 -6.1 Fid Jap 175.50 0.50 268.48 143.00 - 193.8 -9.4 JPM Mid 943.00 -9.00 1580 827.00 3.13 1076.9 -12.4 Tetragon $ 10.40 - 10.56 8.28 3.42 28.5 -63.5
Nthn 2 CT 58.00 - 72.00 55.50 6.03 61.0 -4.9 companies are gross of tax. Highs & lows yields and PER are ad usted to reflect
Allian Tech 248.50 -10.50 373.50 199.40 - 281.5 -11.7 Fid Spec 273.50 -6.50 312.00 247.00 2.15 297.1 -7.9 JPMRussian 88.50 - 894.00 55.20 39.55 46.6 89.9 EurSmlCom 144.00 -2.00 193.13 130.00 2.17 176.1 -18.2
Nthn 3 CT 88.50 - 102.50 87.00 5.08 93.3 -5.1 capital changes where appropriate.
Art Alpha 319.50 -5.50 459.00 290.11 1.66 362.8 -11.9 FinsG&I 866.00 -3.00 925.00 731.80 2.97 909.0 -4.7 JPM Smlr 307.00 -3.00 478.38 251.00 1.86 334.1 -8.1 GblSmlrTrst 148.00 0.20 175.20 133.00 1.18 169.3 -12.6
FstPacfic HK HK$ 3.06 0.06 3.63 2.47 4.18 - - JPM US Sml 416.00 -7.00 473.00 337.25 0.60 458.7 -9.3 TRIG 141.80 -0.20 148.57 122.99 4.76 133.4 6.3 Nthn ent 61.75 - 73.00 60.00 7.29 64.6 -4.4 Trading volumes are end of day aggregated totals rounded to the nearest
Asia Dragon 441.00 -3.00 536.00 402.50 1.47 506.5 -12.9
GRIT 11.15 - 112.00 10.50 - 9.6 16.1 aw Deb 776.00 -11.00 829.00 700.00 3.69 773.2 0.4 TroyInc&G 74.30 -1.10 83.00 67.55 3.57 75.7 -1.8 Pro enGI 58.50 - 65.00 56.00 5.13 61.0 -4.1 1 000 shares.
Aurora Inv 212.50 -2.00 254.00 181.00 0.26 230.6 -7.8
HAN 186.00 - 227.88 176.01 1.72 311.1 -40.2 inTrain £ 1177.5 -32.50 1761 960.00 4.00 1091.2 7.9 Utilico Emerging Market 217.00 -2.00 227.52 196.00 3.62 253.4 -14.4 Pro en CT 67.00 - 75.50 65.50 5.22 72.3 -7.3 Net asset value per share (NA ) and split analytics are provided only as a
A I JapOpp 116.25 1.25 127.00 103.00 1.16 119.3 -2.6
HANA 191.00 3.00 228.00 177.00 1.68 311.1 -38.6 owland 124.50 -1.50 143.00 110.00 4.82 133.7 -6.9 UI Inv 193.50 - 286.80 165.00 4.13 285.4 -32.2 UnicornAIM 126.50 - 227.00 122.00 5.14 145.3 -12.9 guide. Discounts and premiums are calculated using the latest cum fair net
Axiom 81.00 - 100.67 75.00 7.41 95.7 -15.4
BG Euro 91.80 -3.10 171.06 77.00 0.38 107.6 -14.7 Hen Div Inc Tr 74.10 0.10 90.00 63.27 5.94 76.7 -3.4 Ma edie 185.00 -2.00 250.00 167.63 6.16 245.0 -24.5 EI 674.00 -4.00 783.00 617.00 - 834.0 -19.2 ero Dividend Preference Shares 52 Week HR asset value estimate and closing price. Discounts premiums gross redemption
BG Japan 794.00 4.00 1109.51 657.00 0.76 865.5 -8.3 HenEuroF 137.50 -1.50 168.76 120.78 2.28 161.1 -14.6 Marwyn al 106.00 - 130.00 100.00 4.27 170.1 -37.7 Witan 229.50 -4.00 257.50 200.00 2.40 251.7 -8.8 Price /-Chg High ow SP WO TA 0% yield (GRY) and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BG Shin 163.40 -2.80 269.18 131.32 - 178.3 -8.4 HenEuro 121.75 -0.25 157.27 110.50 2.05 143.1 -14.9 MercantIT 196.00 -4.50 294.50 173.76 3.42 231.3 -15.3 WwideHlth 3380 -65.00 3871.43 2820 0.65 3669.4 -7.9 Abf Spl Inc 116.00 - 118.00 113.75 -48.1 -87.6 - are displayed as a percentage NA and terminal asset value per share (TA )
Baillie Gifford UK 170.60 -2.40 257.00 143.60 1.42 196.3 -13.1 HenFarEs 280.00 - 307.00 264.32 8.32 276.2 1.4 MrchTst 558.00 -9.00 591.00 485.00 4.88 558.7 -0.1 UI Finance 2024 DP 123.50 0.50 125.33 118.00 -50.5 -60.9 - in pence.
Conventional - Private E uity 52 Week Dis(-)
Bankers 106.80 -1.00 150.60 95.00 2.03 115.9 -7.9 HenHigh 175.50 -1.50 185.00 149.50 5.67 174.7 0.5 Mid Wynd 751.50 -2.50 870.00 678.75 0.85 745.6 0.8 UI Finance 2028 DP 96.00 - 102.00 95.00 -24.1 -28.4 -
Price /-Chg High ow Yld NA or Pm X FT Global 500 company
BB Healthcare Trust 175.00 -5.20 209.50 132.40 3.15 185.8 -5.8 HenInt Inc 174.25 -2.25 184.00 150.00 3.44 185.7 -6.2 Monks 1084 -7.00 1482 875.00 0.18 1167.5 -7.2 UI Finance 2026 DP 113.50 - 119.00 111.00 -32.5 -38.9 -
Hen Opp 1172.5 -15.00 1485 976.00 2.30 1365.0 -14.1 MontanSm 138.80 1.20 226.99 116.20 0.67 153.8 -9.8 abrdnPvEq 430.00 -18.00 590.00 385.00 3.14 711.1 -39.5 ♦ trading ex-dividend
BiotechGth 966.00 -28.00 1278 722.37 - 1068.8 -9.6 UI Finance 2022 DP 144.00 - 146.00 137.64 -99.9 -100.0 -
HenSmlr 896.00 -12.00 1378 776.00 2.65 1033.0 -13.3 Mur Inc 867.00 -18.00 957.00 738.00 3.48 933.4 -7.1 BGUSGROWTH 190.40 -2.60 377.25 143.80 - 216.5 -12.1 ■ trading ex-capital distribution
BlckRoEne 121.50 0.50 151.00 85.00 3.29 130.5 -6.9
BlckRFrnt 130.00 - 140.00 112.75 3.96 146.7 -11.4 Herald 1750 -12.00 2670 1545.76 - 2231.5 -21.6 Mur Int 1262 -16.00 1326 1038 4.32 1296.9 -2.7 CT PvtEq
H PE
427.50 -2.50
2340 -70.00
520.00 375.51
2870 1986.11
4.34
-
634.7
3959.0
-32.6
-40.9
Investment Companies - AIM # price at time of suspension from trading
BlckRGtEur 479.00 -1.00 732.00 410.00 1.28 501.8 -4.5 HIC Infra 175.80 -1.80 184.98 158.37 4.69 164.2 7.1 C SNewCityHY 52.50 0.10 58.20 50.00 8.51 50.0 5.0
HgCapital 381.50 -16.50 457.50 310.00 1.31 435.8 -12.5 52 Week Dis(-) The prices listed are indicative and believed accurate at the time of publication.
BlckR I&G 202.00 3.00 205.60 164.00 3.56 205.0 -1.5 Highbridge Tactical 238.00 9.00 286.00 224.00 - 270.2 -11.9 New Star IT 129.00 1.00 149.00 120.00 1.09 178.2 -27.6
ICG Ent Tr 1100 -42.00 1300 954.00 2.27 1760.1 -37.5 Price /-Chg High ow Yld NA or Pm No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRck at 387.00 -3.00 457.00 310.00 5.51 435.6 -11.2 Impax Env. 470.50 -9.50 584.50 370.88 0.81 471.0 -0.1 NorthAmer 312.00 -6.00 322.00 256.30 3.46 338.4 -7.8
PantheonInternationalPlc ORDs 271.00 -2.50 342.50 239.00 - 462.7 -41.4 BB Biotech AG SFr 64.50 -0.60 83.60 49.35 5.2 - - guarantee that the information is reliable or complete. The FT does not accept
BlckRSmlr 1444 -14.00 2230.28 1244 2.31 1665.4 -13.3 Ind IT 477.00 2.00 608.77 385.00 1.68 500.9 -4.8 NthAtSml 3835 -45.00 5120 3507.43 0.78 5115.1 -25.0
PrincssPE € 11.30 -0.15 14.85 10.30 5.90 13.8 -18.1 CrysAmber 114.50 - 123.50 103.00 2.2 145.5 -21.3 responsibility and will not be liable for any loss arising from the reliance on
BlckRckSusAm 210.00 -4.00 214.00 183.00 3.81 220.3 -4.7 IntBiotech 699.00 -6.00 773.25 563.00 4.06 717.6 -2.6 PacAsset 343.00 -2.00 376.00 286.32 0.70 388.4 -11.7
Unbound Group plc 14.00 -0.50 596.91 12.10 - - - Infra India 0.45 -0.05 1.10 0.40 - 10.6 -95.8 or use of the information.
BlckRThrmt 614.00 -24.00 1046 523.00 1.66 646.3 -5.0 Intl PP 166.80 -2.00 174.81 150.47 4.47 149.3 11.7 PacHor n 671.00 -4.00 954.00 593.00 - 685.7 -2.1
BlckRWld 610.00 -14.00 804.98 492.00 3.90 618.2 -1.3 Inv AsiaTr 332.00 -1.00 378.00 298.00 4.85 383.0 -13.3 PerAsset 495.60 -0.80 511.66 470.50112.99 - - Discretionary Unit Fund Mngrs 52 Week Dis(-) The FT Share Service is a paid-for-print listing service and may not be fully
Brunner 1040 -20.00 1135 929.14 1.94 1172.3 -11.3 Invesco Bond Inc 164.50 -2.50 198.00 151.00 6.38 171.8 -4.2 PolarHealth 325.00 2.00 329.00 262.00 0.62 345.4 -5.9 (1000)F representative of all SE-listed companies. This service is available to all listed
Caledonia Inv 3680 -90.00 4085 3150.03 1.71 4948.9 -25.6 IPST BalR 154.50 - 176.00 149.00 - 167.2 -7.6 PolarFins 150.40 0.40 184.00 132.00 2.67 162.6 -7.5 Price /-Chg High ow Yld NA or Pm companies sub ect to the Editor s discretion. For new sales enquiries please
CanGen C$ 34.00 -0.11 45.60 30.08 2.35 51.4 -33.9 IPST Gbl Eq 231.00 4.00 250.00 210.00 3.07 258.3 -10.6 PolarTech 2200 -60.00 2760.93 1764 - 2444.7 -10.0 Right &ISS 2145 - 2770 2110 1.50 2484.9 -13.7 email daniel.fish ft.com or call 44 (0)20 7873 4571.
City on 412.50 -3.50 427.00 363.28 4.64 406.7 1.4 IPST Mngd 98.00 - 104.25 93.00 1.02 106.0 -7.5 RIT Cap 2440 -50.00 2787 2205.84 1.44 2554.0 -4.5
IPST UK Eq 173.50 - 199.98 157.00 3.83 191.4 -9.4 Ruffer Inv Pr 298.00 -3.00 329.00 198.00 0.60 292.7 1.8 Conventional - Property ICs 52 Week Dis(-)
C SNatRs 194.00 -1.00 232.08 123.75 2.89 222.9 -13.0
Price /-Chg High ow Yld NA or Pm
CTMgdT 249.00 1.00 300.00 232.00 - 246.1 1.2 IP UKSmall 477.00 -11.00 664.00 426.00 4.05 555.3 -14.1 Schroder ToRt 419.00 -1.50 528.00 391.50 1.69 449.7 -6.8 Data provided by Morningstar
CTMgdT 131.50 - 150.00 124.00 4.83 131.8 -0.2 JPM Amer 779.00 -16.00 800.00 650.00 0.87 804.1 -3.1 SchdrAsiaP 517.00 -4.00 616.00 485.56 1.55 588.9 -12.2 Direct Property

www.morningstar.co.uk
16 ★ S Thursday 18 August 2022

MANAGED FUNDS SE ICE

SUMMARY FT.COM FUNDS

Winners - US Fund Mid-Cap Growth Losers - US Fund Mid-Cap Growth Morningstar Star Ratings Global Broad Category Group - Convertibles

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

Baron Focused Growth Fund 2.36 31.83 22.22 0.98 36.10 Federated Hermes Kaufmann Fd -19.81 1.74 7.44 0.08 21.33 Global Insurance I GBP Pound Sterling QQQQQ QQQQQ QQQQQ World Convertible Bond Yen -3.61 8.06 4.35
Shelton Green Alpha Fund -14.03 24.37 15.86 0.88 31.30 Jackson Square SMID-Cap Growth Fund -31.66 2.35 6.25 0.05 29.18 Memnon European Fund - Class U2 GBP Pound Sterling QQQQQ QQQQQ - Convertible Bond - Global, USD Hedged US Dollar -12.33 4.26 2.78
Kinetics Spin-Off and Corporate Restructuring Fund 3.79 19.97 13.98 0.70 39.35 Victory RS Mid Cap Growth Fund -19.99 2.58 5.85 0.10 24.35 Financial Opps I USD US Dollar QQQ QQQ QQQ Convertible Bond - Global US Dollar -16.68 3.56 2.67
Tanaka Growth Fund -13.63 19.84 8.74 0.70 31.75 Villere Equity Fund -12.30 3.30 3.76 0.10 21.59 Multi Cap Income A Inc Pound Sterling QQ QQ QQQQ Convertible Bond - Global, GBP Hedged Pound Sterling -13.15 3.46 1.81
Principal Small-MidCap Growth Fund -12.12 15.71 - 0.66 26.52 American Beacon ARK Transformational Innovation Fund -46.21 4.09 8.04 0.14 40.60 Ashmore SICAV Emerging Market Debt Fund US Dollar Q Q QQ Japan Convertible Bond Yen 1.30 3.37 6.08

Advertising Feature Performance Weightings - As of 30/06/2022 Top 10 Holdings - As of 30/06/2022

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials - 6.69%
Aug 2019 - Aug 2022 AstraZeneca PLC Healthcare 5.91%
EdenTree UK Equity Opps Cls B Inc Communication Services 10.57% 6.47%
Consumer Cyclical 12.29% 12.99%
St James's Place PLC Financial Services 4.38%
Consumer Defensive 2.41% 8.45%
Energy - 7.78%
RELX PLC Communication Services 4.20%
Financial Services 28.24% 16.04%
Healthcare 17.31% 8.05%
Ashtead Group PLC Industrials 3.38%
Industrials 13.12% 15.01%
Real Estate 1.14% 1.85%
Marlowe PLC Industrials 3.25%
Technology 8.89% 6.26%
Utilities - 2.22%
Next PLC Consumer Cyclical 2.90%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 6.03% 7.37%
Firm Name Corporate - 0.53%
GSK PLC Healthcare 2.78%
EdenTree Investment Management Limited Derivative - 0.05%
Fund Name Government - 0.22%
Prudential PLC Financial Services 2.67%
EdenTree UK Equity Opps Cls B Inc Municipal - 0.00%
Morningstar Category Securitized - 0.04%
Mattioli Woods PLC Financial Services 2.54%
UK Flex-Cap Equity
Max Annual Charge
Liontrust Asset Management PLC Financial Services 2.49%
- Risk Measures - As of 31/07/2022
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
QQ Alpha -31.02 -7.70 -3.60 -1.17 -2.39 -1.25
Morningstar Sustainability Rating Beta 1.25 1.14 1.22 1.11 1.15 1.09
Fund Category Information Ratio -3.06 -0.81 -0.39 -0.16 -0.29 -0.17
Bid Price - KIID Ongoing Charge 0.80 R Squared 67.41% 74.24% 82.22% 78.59% 79.11% 78.77%
Offer Price - Day-End One Year Return -22.27 Day -0.49% Month 8.25% Year -22.10% Sharpe Ratio -1.58 0.08 0.07 0.32 0.16 0.28
+/- -1.40 Total Ret 3Yr -0.61 Std Dev 15.30 15.12 21.37 18.26 18.03 16.96
Information reproduced courtesy of Morningstar. While the Financial Times takes every care to ensure that the information is faithfully reproduced, the information is not verified by the Financial Times and therefore it accepts no liability for any loss which may arise relating to the Morningstar information.
© 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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

Janus Henderson Multi-Manager Managed Fund A Inc 310.50 - -0.70 0.00 -2.66 4.15
Janus Henderson Sterling Bond Unit Trust Acc 216.70 - -2.70 1.28 -14.79 -3.29
Janus Henderson Sterling Bond Unit Trust Inc 59.73 - -0.74 1.29 -14.78 -3.30
Janus Henderson Strategic Bond Fund A Inc 111.80 - -0.70 3.24 -12.70 -1.78
Janus Henderson Absolute Return Fund A Acc 164.70 - -0.20 0.00 -2.72 1.85
Janus Henderson UK Alpha Fund A Acc 144.80 - -1.40 0.33 -20.18 2.16
abrdn Capital (CI) Limited (JER) Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Fidelity Investments International Franklin Templeton International Services Sarl (IRL) Janus Henderson UK Equity Income & Growth Fund A Inc 518.50 - -4.00 4.50 -0.09 3.67
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Stuart House, St John's Street, Peterborough, PE1 5DD Other International Funds JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Janus Henderson UK Property PAIF A Acc £ 2.65 2.78 0.00 2.63 13.53 4.26
FCA Recognised Dealing & Client Services 0345 850 8818 Emerging Mkts NAV £ 7.21 - -0.16 1.96 -22.37 -3.66 Other International Funds
Aberdeen Standard Capital Offshore Strategy Fund Limited Authorised Inv Funds Franklin Emerging Market Debt Opportunities Fund Plc Janus Henderson UK Property PAIF A Inc £ 1.06 1.11 0.00 2.68 13.53 4.32
Bridge Fund £ 2.3150 - -0.0194 1.80 -3.39 7.35 Consistent UT Inc 65.16xd 65.16 -0.24 0.57 -16.47 13.72 Franklin Emg Mkts Debt Opp CHFSFr 11.95 - -0.05 6.52 -14.95 -5.09 Janus Henderson US Growth Fund A Acc 1788.00 - -13.00 0.00 -8.31 10.67
Global Equity Fund £ 3.4812 - -0.0267 1.12 -2.12 10.49 Consistent UT Acc 175.80xd 175.80 -0.60 0.57 -16.44 13.70 Franklin Emg Mkts Debt Opp GBP £ 7.97 - -0.02 6.47 -12.45 -4.36
Global Fixed Interest Fund £ 0.7885 - -0.0027 5.53 -14.70 -2.73 Practical Investment Inc 243.80 243.80 -1.00 3.63 -2.32 7.21 Franklin Emg Mkts Debt Opp USD $ 13.68 - -0.03 6.36 -15.07 -3.10
Income Fund £ 0.6729 - -0.0047 3.12 -1.48 7.17 Practical Investment Acc 1492.00 1492.00 -6.00 3.63 -3.99 6.48
Sterling Fixed Interest Fund £ 0.7394 - -0.0103 3.26 -16.22 -3.50
UK Equity Fund £ 1.9863 - -0.0203 3.79 -7.12 2.57

Ashmore Group Kleinwort Hambros Bank Limited (UK)

Algebris Investments
Regulated
Algebris Financial Credit I EUR € 177.51 - -0.21 0.00 -8.52 3.92
Algebris Financial Credit R EUR € 153.04 - -0.18 0.00 -9.10 3.31
Algebris Financial Credit Rd EUR € 95.20 - -0.11 5.11 -9.07 3.37
Algebris Financial Income I EUR € 177.82 - -0.44 0.00 -0.75 10.45
Algebris Financial Income R EUR € 162.26 - -0.40 0.00 -1.63 9.46
Algebris Financial Income Rd EUR € 100.67 - -0.25 3.90 -1.64 9.46
Algebris Financial Equity B EUR € 154.31 - 0.61 0.00 9.63 15.74
Algebris IG Financial Credit I EUR € 99.64 - -0.31 0.00 -11.40
Algebris IG Financial Credit R EUR € 98.25 - -0.30 0.00 -11.84
Algebris Global Credit Opportunities I EUR € 124.54 - -0.12 0.00 -4.48 4.86
Algebris Global Credit Opportunities R EUR € 121.79 - -0.12 0.00 -4.99 4.54
Algebris Global Credit Opportunities Rd EUR € 121.79 - -0.12 0.00 -4.99 4.54
Algebris Core Italy I EUR € 140.16 - -0.41 0.00 -12.71 12.69
Algebris Core Italy R EUR € 133.36 - -0.39 0.00 -12.91 13.22
Algebris Financial Equity R EUR € 130.16 - 0.51 0.00 8.20 14.63
The Antares European Fund Limited
Other International
AEF Ltd Usd $ 524.66 - 4.20 0.00 -7.06 -5.38
AEF Ltd Eur € 487.18 - 3.79 0.00 -7.82 -6.07
Artemis Fund Managers Ltd (1200)F
57 St. James's Street, London SW1A 1LD 0800 092 2051
Authorised Inv Funds
Artemis SmartGARP UK Eq I Acc 2277.01 - -7.26 3.96 6.69 13.17
Artemis Corporate Bond I Acc 103.07 - 0.29 2.69 -11.07
Artemis SmartGARP Eur Eq I Acc 385.76 - -1.53 3.16 -7.56 3.88
Artemis European Opps I Acc 120.20 - -0.17 0.44 -13.71 2.63
Artemis SmartGARP GloEmr Eq I Acc 160.71 - -1.01 - -3.84 4.79
Artemis SmartGARP Glo Eq I Acc 383.89 - -1.29 - 2.77 10.18
Artemis Global Income I Inc 111.36 - -0.51 2.62 6.09 9.97
Artemis Global Select I Acc 169.57 - -0.98 - -3.00 9.38
Artemis High Income I Q Inc 71.37 - -0.31 5.29 -7.41 1.43
Artemis Income I Inc 253.75 - -1.36 4.09 3.63 6.53
Artemis Monthly Dist I Inc 73.18 - -0.30 4.36 0.58 4.53
Artemis Positive Future Fund 73.90 - -0.65 0.00 -27.78
Artemis Strategic Assets I Acc 87.74 - 0.58 0.00 2.23 4.90
Artemis Strategic Bond I Q Acc 104.56 - -0.61 3.01 -7.61 0.00
Artemis Target Return Bond I Acc 106.06 - 0.05 2.53 -3.21
Artemis UK Select Fund Class I Acc 735.92 - -8.19 - -9.00 12.19
Artemis UK Smaller Cos I Acc 2118.49 - -10.46 1.60 -5.59 7.46
Artemis UK Special Sits I Acc 745.02 - -12.21 1.88 -10.30 8.05
Artemis US Abs Return I Hdg Acc 111.69 - -0.09 0.00 -0.04 -1.34
Artemis US Extended Alpha I Acc 343.25 - -4.37 0.00 7.31 12.84
Artemis US Select I Acc 314.54 - -3.91 0.00 0.51 10.39
Artemis US Smlr Cos I Acc 328.84 - -4.25 0.00 -7.67 9.75
61 Aldwych, London WC2B 4AE. Dealing team: +352 27 62 22 233 5TH Floor, 8 St James's Square, London, SW1Y 4JU
Authorised Inv Funds Dealing and enquiries: 033 0024 0785
Authorised Inv Funds
Emerging Markets Equity Fund $ 120.16 - -0.08 - -25.95 6.84 Unit Trust Manager/ACD - Host Capital
Emerging Markets Equity ESG Fund $ 134.82 - 0.20 - -28.97 - HC Kleinwort Hambros Growth A Acc 243.72 - -0.73 1.36 -3.65 4.22
Emerging Markets Active Equity Fund $ 124.23 - -1.18 - -22.07 0.86 HC Kleinwort Hambros Growth A Inc 221.13 - -0.66 1.38 -3.64 4.22
Emerging Markets Frontier Equity Fund $ 194.38 - 0.95 0.38 -1.57 5.85 HC Kleinwort Hambros Equity Income A Inc 100.38 - 0.50 3.06 -0.33 4.12
Emerging Markets Blended Debt Fund $ 54.12 - -0.28 6.46 -27.56 -10.01 HC Kleinwort Hambros Equity Income A Acc 196.70 - 0.96 4.50 -0.32 4.12
Emerging Markets Blended Debt ESG Fund $ 85.48 - -0.37 0.00 -20.72 -6.46 HC Kleinwort Hambros Multi Asset Balanced A Acc 174.83 - -0.58 0.81 -5.01 1.83
Emerging Markets Debt Fund $ 60.26 - -0.35 7.77 -28.93 -10.45 HC Kleinwort Hambros Multi Asset Balanced A Inc 165.26 - -0.54 0.81 -5.01 1.83
FIL Investment Services (UK) Limited (1200)F (UK)
Emerging Markets Corporate Debt Fund $ 62.86 - 0.22 9.09 -25.48 -5.99 Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP HC Kleinwort Hambros Fixed Income A Acc 127.68 - -0.49 3.44 -7.84 -1.24
Emerging Markets Local Currency Bond Fund $ 60.31 - -0.49 - -15.18 -4.66 Callfree: Private Clients 0800 414161 HC Kleinwort Hambros Fixed Income A Inc 97.26 - -0.38 3.44 -7.83 -1.24
Broker Dealings: 0800 414 181
OEIC Funds
Allocator World Fund W-ACC-GBP £ 2.77 - -0.02 0.98 4.14 10.37 Fundsmith LLP (1200)F (UK)
Dodge & Cox Worldwide Funds (IRL) PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
48-49 Pall Mall, London SW1Y 5JG. American Fund W-ACC-GBP £ 56.80 - -0.83 0.00 -7.63 6.74 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
www.dodgeandcox.worldwide.com 020 3713 7664 American Special Sits W-ACC-GBP £ 23.66 - -0.18 0.49 22.27 13.20 Authorised Inv Funds
(IRL) FCA Recognised Fundsmith Equity T Acc 611.25 - -2.40 - -5.99 9.21
Asia Fund W-ACC-GBP £ 15.70 - -0.10 - -10.49 3.77
Dodge & Cox Worldwide Funds plc - Global Bond Fund Fundsmith Equity T Inc 557.78 - -2.20 - -5.99 9.21
EUR Accumulating Class € 16.54 - -0.04 - 6.03 4.78 Asia Pacific Ops W-Acc £ 2.91 - -0.01 0.48 -2.74 11.42
Atlantas Sicav (LUX) EUR Accumulating Class (H) € 10.57 - -0.02 0.00 -9.81 0.13 Asian Dividend Fund W-ACC-GBP £ 2.37 - -0.02 2.91 6.67 5.10 Lothbury Property Trust (UK)
Regulated 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
EUR Distributing Class € 12.26 - -0.04 - 4.11 4.15 Cash Fund W-ACC-GBP £ 1.02 - 0.00 0.00 0.37 0.26
American Dynamic $ 7049.44 7049.44 145.54 - -8.14 12.83 Property & Other UK Unit Trusts
EUR Distributing Class (H) € 7.78 - -0.01 - -11.41 -0.52 China Consumer Fund W-ACC-GBP £ 2.76 - -0.01 - -16.26 -2.78
American One $ 7253.17 7253.17 230.54 0.00 -3.91 15.45 Lothbury Property Trust GBP £ 2160.86 2327.93 -26.24 2.48 12.94 3.56
GBP Distributing Class £ 12.63 - -0.06 - 2.90 1.32 Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 1.63 - -0.02 5.00 -46.18 -9.78
Bond Global € 1610.15 1610.15 9.54 0.00 4.38 1.72
GBP Distributing Class (H) £ 8.30 - -0.01 1.92 -10.74 0.21 Emerging Asia Fund W-ACC-GBP £ 1.91 - -0.01 0.29 -5.73 6.67
Eurocroissance € 1414.39 - 21.19 0.00 -8.00 10.55
USD Accumulating Class $ 12.13 - -0.02 - -8.52 1.76 Enhanced Income Fund W-INC-GBP £ 0.89 - 0.00 5.86 10.60 6.66
Far East $ 1037.08 - 19.23 - -23.24 7.89 GAM
- Dodge & Cox Worldwide Funds plc-Global Stock Fund European Fund W-ACC-GBP £ 22.40 - -0.13 1.08 -3.74 8.45
funds@gam.com, www.funds.gam.com
- USD Accumulating Share Class $ 29.13 - 0.00 - -2.77 12.66 Extra Income Fund W-ACC-GBP £ 1.32 - -0.02 3.69 -11.10 -0.79 Regulated
GBP Accumulating Share Class £ 39.62 - -0.13 - 11.23 12.82 Global Dividend Fund W-ACC-GBP £ 2.93 - -0.02 2.62 2.41 6.66 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 128.30 - 0.79 - 17.79 8.38
GBP Distributing Share class £ 26.78 - -0.09 - 10.58 12.61 Global Enhanced Income W-ACC-GBP £ 2.28 - -0.02 4.23 3.08 5.50 LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 104.14 - 0.34 0.99 -9.16 -
M & G Securities (1200)F (UK)
EUR Accumulating Share Class € 43.01 - -0.05 - 12.56 15.96 Global High Yield Fund W-ACC-GBP £ 13.87 - -0.03 5.62 -14.28 -2.01 PO Box 9038, Chelmsford, CM99 2XF
GBP Distributing Class (H) £ 13.70 - 0.00 0.77 -4.41 10.45 Global Property Fund W-ACC-GBP £ 2.22 - -0.03 1.39 0.73 1.89 www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Authorised Inv Funds
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Global Special Sits W-ACC-GBP £ 56.58 - -0.58 0.29 0.75 11.32
Charifund Inc 1514.52 - -9.39 5.20 1.94 5.66
USD Accumulating Share Class $ 39.32 - 0.11 - -0.98 15.59 Index Emerging Markets P-ACC-GBP £ 1.73 - -0.01 - -5.27 4.02
Charifund Acc 29266.45 - -181.50 4.37 1.93 5.66
GBP Accumulating Share Class £ 50.57 - -0.04 0.00 13.28 15.75 Index Europe ex UK P-ACC-GBP £ 1.79 - -0.01 2.02 -8.09 5.91
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.14 - -0.01 1.90 -5.86 -
GBP Distributing Share Class £ 30.41 - -0.02 - 12.84 15.60 Index Japan P-ACC-GBP £ 1.91 - 0.00 - -0.98 4.84
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 40.30 - -0.44 1.49 -5.86 -
EUR Accumulating Share Class € 50.13 - 0.08 - 14.66 18.97 Index Pacific ex Japan P-Acc-GBP £ 1.92 - -0.02 3.64 2.92 4.26
M&G Charity Multi Asset Fund Inc £ 0.90 - -0.01 3.69 3.38 -
GBP Distributing Class (H) £ 15.83 - 0.05 0.32 -2.39 13.67 Index Sterling Corporate Bond Fund P-ACC-GBP £ 0.88 - -0.01 1.83 -15.48 -
M&G Charity Multi Asset Fund Acc £ 106.21 - -0.64 3.23 3.38 -
Index UK Gilt Fund P-ACC-GBP £ 0.83 - -0.02 0.53 -16.72 -
Index UK P-ACC-GBP £ 1.57 - 0.00 - 4.95 5.75
Index US P-ACC-GBP £ 3.66 - -0.04 - 10.15 15.87
Index World P-ACC-GBP £ 2.79 - -0.03 1.41 5.28 12.46
Japan Fund W-ACC-GBP £ 5.62 - 0.00 1.27 4.11 11.96
Blue Whale Investment Funds ICAV (IRE) Japan Smaller Companies Fund W-ACC-GBP £ 3.63 - -0.02 0.62 -10.65 3.38
www.bluewhale.co.uk, info@bluewhale.co.uk
MoneyBuilder Balanced Fund W-ACC-GBP £ 0.63 - 0.00 2.83 0.30 3.09
FCA Recognised - Ireland UCITS MMIP Investment Management Limited (GSY)
Blue Whale Growth USD T $ 9.61 - 0.01 - -24.99 - MoneyBuilder Dividend Fund W-INC-GBP £ 1.32 - -0.01 3.68 11.28 7.45 Regulated
Multi Asset Allocator Adventurous Fund W-ACC-GBP £ 2.21 - -0.01 0.88 1.10 7.85 Multi-Manager Investment Programmes PCC Limited
Guinness Global Investors
Multi Asset Allocator Defensive Fund W-ACC-GBP £ 1.36 - -0.01 0.90 -7.67 0.07 UK Equity Fd Cl A Series 01 £ 3115.44 3150.42 192.07 0.00 1.05 4.70
Guinness Global Equity Income Y GBP Dist £ 19.05 - 0.03 2.31 11.21 12.87
Multi Asset Allocator Growth Fund W-ACC-GBP £ 1.92 - -0.01 0.85 -1.89 5.19 Diversified Absolute Rtn Fd USD Cl AF2 $ 1632.81 - 51.73 0.00 -6.48 0.64
Guinness Global Innovators Y GBP Acc £ 27.86 - -0.14 0.00 -3.63 16.78
Multi Asset Allocator Strategic Fund W-ACC-GBP £ 1.65 - -0.01 0.79 -4.86 2.58 Diversified Absolute Return Stlg Cell AF2 £ 1519.37 - 47.28 0.00 -7.06 -0.48
Guinness Sustainable Global Equity Y GBP Acc £ 11.67 - -0.14 - -1.74 -
Multi Asset Balanced Income Fund W-INC-GBP £ 1.01 - 0.00 4.04 -8.14 0.17 Global Equity Fund A Lead Series £ 1758.44 1764.49 100.16 0.00 -4.02 2.28
Multi Asset Income & Growth Fund W-INC-GBP £ 1.07 - 0.00 4.16 -5.80 1.74
Multi Asset Income Fund W-INC-GBP £ 0.94 - 0.00 4.74 -10.63 -0.86
Brooks Macdonald International Fund Managers Limited(JER)
5 Anley Street, St Helier, Jersey, JE2 3QE Multi Asset Open Advent W-ACC-GBP £ 1.76 - -0.01 - -0.23 6.46
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Multi Asset Open Defen W-ACC-GBP £ 1.36 - -0.01 1.11 -5.02 1.77
Brooks Macdonald International Investment Funds Limited Dragon Capital
www.dragoncapital.com Multi Asset Open Growth Fund W-ACC-GBP £ 1.67 - -0.01 1.06 -1.01 6.05
Euro High Income € 1.3035 - -0.0090 2.50 -12.40 -4.21 Fund information:info@dragoncapital.com
High Income £ 0.7059 - -0.0081 3.77 -14.29 -3.49 Multi Asset Open Strategic Fund W-ACC-GBP £ 1.53 - 0.00 - -3.11 3.63
Other International Funds HPB Assurance Ltd
Sterling Bond £ 1.3370 - -0.0154 2.06 -14.93 -3.79 Vietnam Equity (UCITS) Fund A USD $ 32.99 - 0.01 0.00 -11.22 12.74 Open World Fund W-ACC-GBP £ 2.33 - -0.01 - 2.83 9.79 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Marlborough Investment Management Limited (UK)
International Insurances Marlborough, PO BOX 1852 Lichfield, Staffordshire, England, WS13 8XU. 0808 145 2500.
Brooks Macdonald International Multi Strategy Fund Limited Select 50 Balanced Fund PI-ACC-GBP £ 1.18 - 0.00 - -4.23 3.00
www.marlboroughfunds.com
Holiday Property Bond Ser 1 £ 0.48 - 0.00 0.00 1.26 -2.57
Cautious Balanced Strategy £ 1.2969 - -0.0007 0.00 -7.55 0.11 Short Dated Corporate Bond Fund W-ACC-GBP £ 10.63 - -0.07 - -5.34 -0.16 Authorised Inv Funds
Holiday Property Bond Ser 2 £ 0.63 - 0.00 0.00 0.32 -0.63 Balanced 229.21 229.21 -0.74 0.17 -4.71 4.01
Cautious Balanced Strategy A £ 0.9260 - -0.0005 1.10 -7.10 - Special Situations Fund W-ACC-GBP £ 42.56 - -0.33 2.00 1.12 6.27
(UK)
Balanced Strategy £ 0.9354 - 0.0013 - -6.38 - Strategic Bond Fund W-ACC-GBP £ 1.22 - -0.01 2.09 -13.40 -1.35 Bond Income 44.24 44.24 -0.55 3.46 -13.84 -3.15
Balanced Strategy A £ 0.9348 - 0.0013 - -5.87 - Sustainable European Equity Fund W-ACC-GBP £ 5.25 - -0.02 0.66 -10.62 3.48 Cautious Inc 86.67 86.67 -0.20 1.54 -4.83 0.43
Emerging Markets 331.00 331.00 1.45 1.00 -8.98 2.51
Growth Strategy £ 1.9986 - 0.0060 0.00 -5.89 2.52 Sustainable Global Equity Fund W-ACC-GBP £ 35.05 - -0.38 - -2.37 10.94
- Conservative P Acc 94.78 - -0.26 0.00 -6.57 -
Growth Strategy A £ 0.9536 - 0.0028 0.50 -5.43 - Sustainable MoneyBuilder Income Fund W-ACC-GBP £ 12.97 - -0.17 3.27 -13.88 -2.35
EdenTree Investment Management Ltd (UK)
High Growth Strategy £ 2.7939 - 0.0105 0.00 -6.61 4.04 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Sustainable Multi Asset Balanced Fund W-ACC-GBP £ 0.97 - -0.01 0.14 -5.31 - European Multi-Cap 705.77 705.77 -5.56 0.96 -13.13 16.28
Authorised Inv Funds Extra Income 89.10 89.10 -0.38 4.15 -2.40 5.39
High Growth Strategy A £ 0.9513 - 0.0036 0.12 -6.14 - Sustainable Multi Asset Conservative Fund W-ACC-GBP £ 0.94 - -0.01 0.15 -8.00 -
Amity Balanced For Charities A Inc 102.60 - -0.60 - -5.15 3.62 Hermes Property Unit Trust (UK) Far East Growth A Inc 239.32 239.32 -1.97 1.16 -10.85 3.25
US$ Growth Strategy $ 1.7370 - 0.0050 0.00 -19.61 2.73 Sustainable Multi Asset Growth Fund W-ACC-GBP £ 1.00 - -0.01 0.08 -3.18 -
Amity Global Equity Inc for Charities A Inc 156.20 - -1.10 - -3.11 8.40 Property & Other UK Unit Trusts
Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes Sustainable Water & Waste W-ACC-GBP £ 1.18 - -0.01 - -9.51 - Global 304.20 304.20 -1.26 0.00 -5.33 6.16
EdenTree European Equity Cls A Inc 287.50 - -2.50 1.88 -8.56 6.01 Property £ 7.87 8.48 0.04 0.00 18.73 5.43
Sustainable Water & Waste W-INC-GBP £ 1.17 - -0.01 0.14 -9.53 - Global Bond Inc 141.88 141.88 -1.01 2.66 -7.62 -3.01
EdenTree European Equity Cls B Inc 290.60 - -2.50 2.30 -8.05 6.71 High Yield Fixed Interest 64.37 64.37 -0.20 4.18 -8.29 0.52
UK Opportunities Fund W-ACC-GBP 270.70 - -3.00 1.26 -13.32 8.25
EdenTree Global Equity Cls A Inc 332.70 - -2.30 0.08 -9.87 7.13 Marlborough Technology Fund A 851.45 851.45 -9.60 0.00 -22.03 13.85
UK Select Fund W-ACC-GBP £ 3.64 - -0.01 - -2.15 5.03
EdenTree Global Equity Cls B Inc 335.20 - -2.30 0.66 -9.39 7.80 Multi Cap Income A Inc 133.70 133.70 -0.53 4.78 -9.59 2.91
UK Smaller Companies W-ACC-GBP £ 3.62 - -0.07 1.09 -4.76 13.88
EdenTree Responsible and Sust S Dtd Bd B 94.90 - -0.53 - -4.69 -0.78 Nano-Cap Growth A Acc 215.55 215.55 -0.04 0.00 -25.17 9.12
- EdenTree Sterling Bond Cls A Inc 90.99 - -0.77 3.62 -11.40 -1.21 Special Situations A Acc 1861.10 1861.10 -10.83 0.00 -25.82 6.40
EdenTree Sterling Bond Cls B Inc 102.50 - -0.90 3.61 -10.84 -0.59
CG Asset Management Limited (IRL) UK Multi-Cap Growth A Inc 361.37 361.37 -2.78 0.00 -22.70 3.20
25 Moorgate, London, EC2R 6AY EdenTree UK Equity Cls A Inc 223.10 - -1.70 0.94 -17.47 0.52 Janus Henderson Investors (UK) UK Micro Cap Growth A 834.26 834.26 -0.35 0.00 -29.59 6.56
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
- EdenTree UK Equity Cls B Inc 222.30 - -1.60 - -17.00 1.18 www.janushenderson.com US Multi-Cap Income 802.90 802.90 -3.51 1.09 11.69 12.51
FCA Recognised
CG Portfolio Fund Plc EdenTree UK Equity Opps Cls A Inc 279.00 - -1.40 0.87 -22.54 1.79 Authorised Inv Funds MFM - Third Party Funds
Absolute Return Cls M Inc £ 143.27 143.27 -0.04 - 2.72 5.83 EdenTree UK Equity Opps Cls B Inc 284.60 - -1.40 - -22.10 2.46 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1187.00 - -10.00 0.00 -9.94 1.06 Junior Gold C Acc 29.90 29.90 0.40 0.00 -40.57 1.14
Findlay Park Funds Plc (IRL) Janus Henderson Asian Dividend Income Unit Trust Inc 84.56 - -0.47 7.35 2.23 0.13
Capital Gearing Portfolio GBP P £ 39658.28 39658.28 2.24 1.00 1.76 5.98 Edentree Global Impact Bond B 89.78 - -0.43 - - - 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 MFM Bowland 332.78 332.78 0.10 0.91 -11.97 8.49
Capital Gearing Portfolio GBP V £ 192.88 192.88 0.01 1.00 1.77 5.98 Edentree Green Future B Net Inc 104.20 - -0.40 - - - FCA Recognised Janus Henderson Cautious Managed Fund A Acc 286.60 - -2.80 - -5.32 2.87 MFM Hathaway Inc 156.10 156.10 -0.06 0.87 -9.18 3.49
EdenTree Managed Income Cls A Inc 125.50 - -0.80 4.80 -2.04 4.41 American EUR Unhedged Class € 175.32 - 0.39 0.00 8.98 - Janus Henderson Cautious Managed Fund A Inc 143.30 - -1.50 - -5.36 3.10 MFM UK Primary Opportunities A Inc 436.90 436.90 -2.09 0.98 -11.34 3.88
Dollar Fund Cls D Inc £ 180.58 180.58 0.10 1.34 7.15 2.57
EdenTree Managed Income Cls B Inc 133.70 - -0.90 4.80 -1.58 4.97 American Fund USD Class $ 178.46 - 0.13 0.00 -5.91 11.85 Janus Henderson China Opportunities Fund A Acc 1293.00 - -3.00 0.00 -18.16 -2.82
Dollar Hedged GBP Inc £ 101.88 101.88 0.18 1.54 -6.95 1.75
American Fund GBP Hedged £ 88.81 - 0.06 0.00 -6.84 10.42 Janus Henderson Emerging Markets Opportunities Fund A Acc 206.40 - -0.40 - -13.28 1.34
Real Return Cls A Inc £ 215.77 215.77 -0.15 1.38 5.55 1.69
American Fund GBP Unhedged £ 147.54 - -0.06 0.00 7.84 12.00 Janus Henderson European Growth Fund A Acc 278.20 - -1.60 0.41 -5.44 6.19
Janus Henderson European Selected Opportunities Fund A Acc 2066.00 - -10.00 1.30 -9.23 5.87
Janus Henderson Fixed Interest Monthly Income Fund Inc 19.11 - -0.11 4.59 -13.16 -1.25
Janus Henderson Global Equity Fund Acc 4591.00 - -17.00 0.00 -3.57 10.27
Janus Henderson Global Equity Income Fund A Inc 65.66 - -0.37 3.44 4.15 6.21
Marwyn Asset Management Limited (CYM)
Janus Henderson Global Sustainable Equity Fund A Inc 503.90 - -3.50 - -1.20 15.02 Regulated
Euronova Asset Management UK LLP (CYM)
Regulated Janus Henderson Global Technology Fund A Acc 3074.00 - -31.00 0.00 -8.16 14.09 Marwyn Value Investors £ 329.72 - -6.14 0.00 - -7.17
Chartered Asset Management Pte Ltd
Other International Funds Smaller Cos Cls One Shares € 56.11 - 0.77 0.00 -12.42 7.82 Foord Asset Management Janus Henderson Instl UK Idx Opps A Acc £ 1.12 - -0.01 2.61 2.85 -
CAM-GTF VCC $ 284488.76 284488.76 -2021.27 - -6.36 3.78 Smaller Cos Cls Two Shares € 35.87 - 0.49 0.00 -12.70 6.14 Website: www.foord.com - Email: info@foord.com Janus Henderson Multi-Asset Absolute Return Fund A Acc 164.70 - -0.40 - 5.85 4.90
FCA Recognised - Luxembourg UCITS
CAM GTi VCC $ 780.49 - -32.39 - 12.31 4.69 Smaller Cos Cls Three Shares € 17.90 - 0.24 0.00 -13.40 5.74 Janus Henderson Multi-Manager Active Fund A Acc 263.70 - -0.50 - -2.19 4.92
Foord International Fund | R $ 48.39 - -0.11 0.00 -1.56 6.56
RAIC VCC $ 1.64 1.64 0.03 2.06 5.74 -1.66 Smaller Cos Cls Four Shares € 23.59 - 0.32 0.00 -11.38 6.70 Janus Henderson Multi-Manager Distribution Fund A Inc 131.40 - -0.30 2.49 -4.25 1.98
Foord Global Equity Fund (Lux) | R $ 16.39 - -0.07 - -11.64 -
Regulated Janus Henderson Multi-Manager Diversified Fund A Acc 89.22 - -0.34 2.48 -6.98 0.30
Foord Global Equity Fund (Sing) | B $ 19.55 - -0.01 - -11.60 8.74 Janus Henderson Multi-Manager Global Select Fund Acc 322.00 - -1.10 0.00 1.16 8.66
Foord International Trust (Gsy) $ 47.16 - 0.05 0.00 -1.53 6.51 Janus Henderson Multi-Manager Income & Growth Fund A Acc 192.60 - -0.40 2.19 -4.13 2.22 McInroy & Wood Portfolios Limited (UK)
Janus Henderson Multi-Manager Income & Growth Fund A Inc 153.00 - -0.30 2.22 -4.13 2.23 Easter Alderston, Haddington, EH41 3SF 01620 825867
Authorised Inv Funds
Janus Henderson Multi-Manager Managed Fund A Acc 320.70 - -0.80 0.00 -2.70 4.13 Balanced Fund Personal Class Units 6066.20 - -51.20 1.34 0.30 6.39
Thursday 18 August 2022 ★ S 17

MANAGED FUNDS SE ICE

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

Income Fund Personal Class Units 2942.00 - -20.10 2.31 3.71 5.82
Emerging Markets Fund Personal Class Units 2311.40 - -9.50 1.41 -0.17 1.59
Smaller Companies Fund Personal Class Units 6355.20 - -82.00 1.16 -18.25 5.45

Slater Toscafund Asset Management LLP

www.toscafund.com

Milltrust International Managed Investments ICA (IRL)

mimi milltrust.com 44(0)20 8123 8316 www.milltrust.com
Investments Tosca A USD
Tosca Mid Cap GBP
Tosca Opportunity B USD
$ 421.53
£ 186.68
$ 292.80
-
-
-
-13.60 0.00 6.39 9.78
-33.47 0.00 -30.71 -15.17
8.57 0.00 -28.16 -14.74
Regulated Pegasus Fund td A-1 GBP £ 45.76 - 0.00 0.00 -27.85 -15.59
British Innovation Fund £ 121.92 - 2.89 0.00 - -
MAI - Buy & ease (Australia)A$ 103.45 - 0.50 0.00 -16.53 1.41
MAI - Buy & ease (New ealand)N $ 91.20 - -6.06 0.00 -7.20 -2.67
Milltrust Global Emerging Markets Fund - Class A $ 97.53 - 0.77 0.00 -23.01 5.29

Platinum Capital Management Ltd Ram Active Investments SA Slater Investments Ltd (UK)
Other International Funds www.ram-ai.com www.slaterinvestments.com Tel 0207 220 9460
Platinum All Star Fund - A $ 141.75 - - - -8.60 2.55 Other International Funds FCA Recognised
RAM Systematic Emerg Markets Eq $ 215.36 215.36 -0.64 - -11.26 9.32 Slater Growth A Acc 702.39 702.39 -3.77 0.00 -17.51 10.67
Platinum Global Growth UCITS Fund $ 9.56 - 0.13 0.00 -33.10 -3.20
RAM Systematic European Eq € 536.65 536.65 0.45 - -10.21 8.33 Slater Income A Inc 149.87 149.87 -0.06 5.22 4.45 7.57
Platinum Essential Resources UCITS Fund SICA USD Class E $ 10.73 - 0.07 0.00 27.89 5.45
RAM Systematic Funds Global Sustainable Income Eq $ 153.15 153.15 0.84 0.00 -3.76 8.71 Slater Recovery A Acc 356.76 356.76 -1.51 0.00 -10.39 13.37
Platinum Global Dividend UCITS Fund $ 50.37 - 0.55 0.00 -15.39 -3.90
Milltrust International Managed Investments SPC RAM Systematic Global Eq Sustainable Alpha $ 113.38 113.38 -1.06 - 1.10 -1.08 Slater Artorius 322.76 322.76 6.02 0.29 -15.36 14.72
em milltrust.com 44(0)20 8123 8316 www.milltrust.com
Regulated RAM Systematic ong/Short European Eq € 152.53 152.53 -0.64 - 0.87 1.64
Milltrust Alaska Bra il SP A $ 83.01 - -0.81 0.00 7.24 - RAM Systematic US Sustainable Eq $ 366.22 366.22 2.31 - -14.46 7.93
Milltrust aurium Africa SP A $ 104.70 - 1.71 0.00 -0.03 - RAM Tactical Global Bond Total Return € 142.54 142.54 0.02 - -8.31 -1.26
Milltrust Marcellus India Fund $ 135.25 - -0.67 0.00 -1.90 - RAM Tactical II Asia Bond Total Return $ 146.36 146.36 0.50 - -7.13 -0.67
Milltrust Singular ASEAN SP Founders $ 131.84 - 0.08 0.00 -14.54 -
Milltrust SPARX Korea Equity SP A $ 108.50 - 1.10 0.00 -36.99 -
Polar Capital Funds Plc (IRL) Troy Asset Mgt (1200) (UK)
Milltrust Xingtai China SP A $ 102.49 - -0.69 0.00 -34.81 - Regulated 65 Gresham Street ondon EC2 7N
The Climate Impact Asia Fund SP (Class A) $ 84.40 - 0.22 0.00 -14.21 - Automation & Artificial Intelligence C I USD Acc $ 15.51 15.51 -0.08 0.00 -20.58 13.14 Order Desk and Enquiries 0345 608 0950
Authorised Inv Funds
The Climate Impact Asia Fund (Class B) $ 83.85 - 0.21 0.00 -14.64 - Asian Starts I USD Acc $ $ 14.51 - -0.06 - -20.93 10.14 Authorised Corporate Director - Link Fund Solutions
Biotechnology I USD $ 39.13 39.13 -0.42 0.00 -3.38 18.03 Tro an Investment Funds
China Stars I USD Acc $ $ 11.38 11.38 -0.06 0.00 -23.32 4.79 Royal London (UK) Tro an Ethical O Acc 129.75 - -0.56 0.00 1.45 6.44
Emerging Market Stars I USD Acc $ 11.65 - -0.05 0.00 -23.36 7.45 55 Gracechurch Street ondon EC3 rlam.co.uk Tro an Ethical Global Inc O Acc 106.17 - 0.02 - - -
Authorised Inv Funds
European Ex UK Inc EUR Acc € 13.89 13.89 0.06 0.00 3.81 6.37 Tro an Ethical Global Inc O Inc 104.24 - 0.02 - - -
Royal ondon Sustainable Diversified A Inc £ 2.44 - -0.02 0.59 -8.22 5.31
Financial Opps I USD $ 14.01 - 0.05 2.68 -11.11 6.15 Tro an Ethical O Inc 129.49 - -0.56 0.00 1.45 6.44
Royal ondon Sustainable World A Inc 360.20 - -3.20 0.00 -7.50 9.09
Global Convertible I USD $ 13.96 13.96 -0.03 0.00 -15.50 1.81 Tro an Ethical Income O Acc 140.25 - -0.44 2.43 -4.38 1.32
Royal ondon Corporate Bond Mth Income 80.40 - -0.87 3.85 -12.35 -1.92
Ministry of ustice Common Investment Funds (UK) Global Insurance I GBP £ 9.55 - 0.04 0.00 19.30 7.33 Tro an Ethical Income O Inc 117.53 - -0.37 2.47 -4.38 1.31
Royal ondon European Growth Trust 192.20 - -0.90 0.79 -9.44 5.23
Property Other UK Unit Trusts Global Technology I USD $ 74.21 - -0.41 0.00 -21.01 14.98 Tro an Fund O Acc 392.33 - -1.46 0.00 1.83 6.03
Royal ondon Sustainable eaders A Inc 782.90 - -6.10 - -3.65 7.64 Stonehage Fleming Investment Management Ltd (IRL)
The Equity Idx Tracker Fd Inc 1975.00 - -8.00 2.25 2.02 6.93 Healthcare Blue Chip Fund I USD Acc $ 18.40 18.40 -0.06 0.00 -1.60 11.59 Tro an Fund O Inc 317.56 - -1.18 0.00 1.83 6.03
Royal ondon UK Growth Trust 617.50 - -4.20 - -7.38 4.59 www.stonehagefleming.com/gbi
Distribution Units enquiries stonehagefleming.com
Healthcare Dis I Acc USD $ $ 13.87 - -0.12 0.00 -8.45 - Tro an Global Equity O Acc 499.02 - -2.36 0.00 -2.92 8.87
Royal ondon UK Income With Growth Trust 213.70 - -1.60 4.99 2.57 5.51 Regulated
Healthcare Opps I USD $ 64.31 - 0.00 0.00 -7.17 9.71 Tro an Global Equity O Inc 411.73 - -1.95 0.00 -2.92 8.87
Royal ondon US Growth Trust 388.50 - -1.90 0.00 8.07 15.66 SF Global Best Ideas Eq B USD ACC $ 243.26 - -0.74 - -14.90 10.11
Income Opportunities B2 I GBP Acc £ 2.87 2.87 0.00 - 4.61 7.82 Additional Funds Available Tro an Global Income O Acc 162.59 - -0.08 2.61 10.44 8.17
SF Global Best Ideas Eq D GBP INC £ 305.16 - -1.28 - -2.46 10.26
Japan alue I JPY ¥ 141.14 141.14 1.20 - 11.24 10.38 Please see www.royallondon.com for details Tro an Global Income O Inc 136.93 - -0.06 2.66 10.44 8.17
North American I USD $ 34.93 34.93 0.05 0.00 -5.98 12.40 Tro an Income O Acc 351.82 - -0.96 2.65 -3.57 0.90
Smart Energy I USD Acc $ $ 9.43 9.43 -0.10 - - - Tro an Income O Inc 174.17 - -0.48 2.70 -3.57 0.90
Smart Mobility I USD Acc $ $ 9.09 9.09 -0.09 - - -
Mirabaud Asset Management (LU )
www.mirabaud.com marketing mirabaud-am.com UK al Opp I GBP Acc £ 12.87 12.87 -0.07 - -11.91 5.66
Conviction based investment vehicles details available here www.mirabaud-am.com
Regulated
Mir. - Glb Strat. Bd I USD $ 116.66 - 0.20 0.00 -6.39 0.76
Ruffer LLP (1000)F (UK)
Mir. - DiscEur D Cap GBP £ 175.48 - -0.40 0.00 -17.16 8.43 65 Gresham Street ondon EC2 7N
Mirabaud - UK Equity High Alpha £ 137.46 - -0.33 - -20.22 4.82 Order Desk and Enquiries 0345 601 9610
Authorised Inv Funds Unicorn Asset Management Ltd (UK)
Authorised Corporate Director - Link Fund Solutions PO Box 10602 Chelmsford Essex CM1 9PD 0845 026 4287
F Ruffer Diversified Rtrn C Acc 102.07 - -0.35 0.00 - - Authorised Inv Funds
Private Fund Mgrs ( uernsey) Ltd ( SY) F Ruffer Diversified Rtrn C Inc 102.05 - -0.32 0.00 - - UK Growth A Inc 637.31 - -4.46 - -20.41 4.72
Regulated
F Ruffer European C Acc 787.52 - 16.63 0.98 -17.36 8.95 Mastertrust A Inc X F 606.05 - -1.76 - -7.91 6.56
Monument Growth 16/08/2022 £ 569.34 575.04 4.65 1.04 3.16 4.86
F Ruffer European C Inc 142.52 - 3.01 1.03 -17.36 8.95 UK Growth B Inc 645.45 - -4.50 0.92 -19.78 5.47
F Ruffer European O Acc 764.15 - 16.09 0.64 -17.62 8.62 Mastertrust B Inc X F 546.75 - -1.58 1.22 -7.20 7.34
F Ruffer Equity & General C Acc 555.00 - 4.68 0.43 -3.99 7.73 Outstanding British Cos A Acc X F 283.92 - -4.10 0.46 -15.36 -1.93
F Ruffer Equity & General C Inc 505.43 - 4.26 0.44 -3.99 7.73 Outstanding British Cos B Acc X F 311.59 - -4.49 - -14.69 -1.19
Superfund Asset Management mbH
F Ruffer Equity & General O Acc 538.59 - 4.52 0.15 -4.28 7.40 www.superfund.com 43 (1) 247 00 UK Smaller Cos A Inc X F 609.60 - -3.58 0.70 -18.09 5.36
Other International Funds UK Smaller Cos B Inc X F 598.59 - -3.50 1.53 -17.45 6.13
F Ruffer Equity & General O Inc 497.97 - 4.18 0.14 -4.28 7.40
Other International Funds
F Ruffer Gold C Acc 235.47 - -6.02 0.00 -2.87 3.95 UK Income A Acc X F 324.94 - -0.94 4.67 -8.00 3.43
Prusik Investment Management LLP (IRL) Superfund Green Gold $ 1430.54 - -28.70 0.00 -5.42 7.41
Enquiries - 0207 493 1331 F Ruffer Gold C Inc 142.52 - -3.64 0.00 -2.86 3.95 UK Income A Inc X F 221.30 - -0.64 4.82 -7.97 3.27
Superfund Green Silver $ 1136.10 - -41.26 0.00 -20.02 6.64
Regulated F Ruffer Gold O Acc 228.42 - -5.86 0.00 -3.16 3.64 UK Income B Acc X F 362.94 - -1.04 4.66 -7.30 4.22
Regulated
Prusik Asian Equity Income B Dist $ 177.48 - -0.26 - 1.42 2.72 UK Income B Inc X F 247.31 - -0.70 4.80 -7.28 4.15
F Ruffer Japanese C Inc 163.60 - 7.15 - -7.92 9.93 Superfund Green US$ $ 1131.98 - -6.21 0.00 -2.89 4.80
Prusik Asia Emerging Opportunities Fund A Acc $ 197.39 - -0.99 0.00 -7.08 9.08
F Ruffer Japanese C Acc 351.57 - 15.35 0.00 -7.92 9.93
Prusik Asia Fund U Dist. £ 237.52 - -0.62 0.00 -4.19 8.45
F Ruffer Japanese O Acc X 340.68 - 14.85 0.00 -8.21 9.60
Prusik Asia Sustainable Growth Fund A Acc $ 92.06 - 0.14 - - -
F Ruffer Total Return C Acc 545.13 - -2.12 1.85 0.23 6.53
Oasis Crescent lobal Investment Funds (UK) IC C (UK)
Regulated F Ruffer Total Return C Inc 345.36 - -1.34 1.87 0.24 6.52
Oasis Crescent Global Equity Fund USD A (Dist) $ 35.59 - 0.10 0.23 -9.84 7.15 F Ruffer Total Return O Acc 528.94 - -2.09 1.85 -0.08 6.21
Oasis Crescent Global Income Fund USD A (Dist) $ 10.25 - 0.00 2.63 -5.60 0.72 F Ruffer Total Return O Inc 334.91 - -1.32 1.88 -0.07 6.20
Oasis Crescent Global ow Equity Fund USD D (Dist) $ 12.69 - 0.02 0.55 -6.37 3.37 Thesis Unit Trust Management Limited (UK) adig estion (Memnon Fund) (LU )
Oasis Crescent Global Medium Equity Fund USD A (Dist) $ 13.99 - 0.02 0.14 -6.74 4.43 Exchange Building St Johns Street Chichester West Sussex PO19 1UP FCA Recognised
Authorised Funds Memnon European Fund - Class U2 GBP £ 224.62 - -0.43 0.00 -2.04 8.78
Oasis Crescent Global Property Equity Fund USD A (Dist) $ 9.00 - -0.04 0.58 -9.31 2.73
TM New Court Fund A 2011 Inc £ 18.97 - 0.00 0.00 -6.87 6.79
Oasis Crescent Global Short Term Income Fund USD A (Dist) $ 0.95 - 0.00 1.76 -2.23 0.63 Purisima Investment Fds (UK) (1200)F (UK)
65 Gresham Street ondon EC2 7N TM New Court Fund - A 2014 Acc £ 19.13 - 0.00 - -6.86 6.79
Oasis Crescent ariable Fund GBP A (Dist) £ 10.16 - 0.02 0.17 -2.75 3.46 Order Desk and Enquiries 0345 922 0044 TM New Court Equity Growth Fund - Inc £ 20.78 - 0.00 0.00 -8.30 8.19
Authorised Inv Funds
Authorised Corporate Director - Link Fund Solutions
Global Total Fd PCG A 397.04 - -2.74 0.00 -2.74 14.29 Rubrics lobal UCITS Funds Plc (IRL)
www.rubricsam.com
Global Total Fd PCG B 391.64 - -2.70 0.00 -2.98 14.00 Regulated
Global Total Fd PCG INT 384.71 - -2.65 0.00 -3.22 13.72 Rubrics Emerging Markets Fixed Income UCITS Fund $ 133.30 - -0.25 0.00 -5.36 -0.98
Rubrics Global Credit UCITS Fund $ 17.00 - 0.00 0.00 -6.62 0.32
Rubrics Global Fixed Income UCITS Fund $ 172.84 - -0.20 0.00 -4.30 -0.29
Omnia Fund Ltd
Other International Funds
Estimated NA $ 685.24 - -95.34 0.00 6.16 -6.96

Purisima Investment Fds (CI) Ltd ( ER)

Regulated
PCG B X 306.56 - 3.76 0.00 -11.68 13.00
Scottish Friendly Asset Managers Ltd (UK)
PCG C X 298.44 - 3.67 0.00 -11.87 12.77 Scottish Friendly Hse 16 Blythswood Sq Glasgow G2 4HJ 0141 275 5000
Authorised Inv Funds
Orbis Investments (U.K.) Limited ( R) Managed Growth ♦ 337.60 - -2.20 0.00 -3.93 8.87
28 Dorset Square ondon NW1 6 G UK Growth ♦ 401.20 - -1.80 - -8.84 11.41
www.orbis.com 0800 358 2030
Regulated Toscafund Asset Management LLP (UK)
Orbis OEIC Global Cautious Standard £ 11.75 - -0.01 0.00 9.69 4.80 www.toscafund.com
Authorised Funds
Orbis OEIC Global Balanced Standard £ 18.57 - -0.01 2.10 13.06 10.22 Aptus Global Financials B Acc £ 4.52 - -0.01 4.57 -6.14 7.58
Orbis OEIC Global Equity Standard £ 21.91 - 0.02 - 4.01 11.08 Aptus Global Financials B Inc £ 2.92 - -0.01 4.72 -6.14 9.64
Orbis OEIC UK Equity Standard £ 11.18 - 0.04 3.41 8.44 14.39

uide to Data
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uide to pricing of Authorised Investment Funds (compiled with the assistance of the IMA. The Investment Association Camomile Court 23 Camomile Street ondon EC3A 7 . Tel 44 (0)20 7831 0898.)
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1 ★
All singing all swimming dinburgh ringe
Despite setbacks and
obstacles, this year’s Festival
Fringe is staging a wealth
of theatrical experiences,
writes Alice Saville
his year’s Edinburgh Fringe
has an embattled but cau-
tiously hopeful atmos-
phere. It began with storms:
the Fringe Society sparked
anger with its decision to scrap the Half
Price Hut and the official Fringe App,
both valuable ways for performers to
sell tickets. Train strikes and soaring
accommodation costs piled on the pres-
sure for artists and audiences. But still,
the streets filled up with unexpected
sunshine, face-painted flyer distribu-
tors and thick crowds of tourists, in a
welcome, if fragile, return to form. Here
are some highlights from its teeming
line-up.
Truth’s a Dog Must to Kennel
According to acclaimed theatremaker
Tim Crouch, continuing to love theatre
after all the havoc of the past two years
is “like fucking a corpse”. His solo
performance is an affectionate but
despairing dialogue with the art form he
has made his career in. Its central trick
is a good one. While he pretends to
decry this moribund medium, he actu-
ally shows its power, by using the audi-
ence’s imagination to paint the contours
of a pricey West End theatre where
ing ear is playing, or to flesh out
an obscene reality TV scenario whose
details he cloaks with a coy “you know”.
It’s an emotive, filthy love letter to
the almost-lost art of being in a
room, together.
yce m St dio to A g st
Head Set
Fringe regular Victoria Melody is one
of life’s enthusiasts, known for hurling
herself into the worlds of pigeon
fancying or beauty pageants or funeral
ebekah inds, left, and ront arb in the musical
directing and making funny, astute
shows about the results. But could
her whole career just be a symptom —
a way of coping with undiagnosed
A H After getting her diagnosis,
she turns scientist, exploring why
performers seem disproportionately
likely to have A H . Her hypothesis is
that the risk-taking involved in
stand-up comedy delivers dopamine
hits that it’s hard to get elsewhere.
What follows is daffy and dark in equal
measure. Melody dives into her investi-
gation with a charisma that defies
scientific classification.
leasance Co rtyard to A g st
A TS
athy tella olve a urder
le Pain
Most fringe venues smell of sweat
and damp. But Jean- aniel Brouss ’s
show is full of the delicious aroma of
baking bread, thanks to an onstage
oven, which he uses to recreate
the atmosphere of the rural French
bakery where he grew up. As a three-
year-old, he sat on a bag of flour to
watch his dad at work, mesmerised.
Now, he’s queer, gluten-intolerant and
longing to make a life on stage. le ain
is full of the ache that comes from
being forced to part ways with long-
held traditions. But it’s also full of
wit and life: in sequinned baker’s garb,
he tumbles over a flour-dusted counter-
S Thursday 18 August 2022
Mihaela odlovi
top with a joy that won’t be pummelled
into submission.
Assembly Ro y to A g st
Brown Boys Swim
School’s nearly over and Kash and
Mohsen can’t wait to make a splash at
the end-of-term pool party. Just one
snag: they can’t swim. Karim Khan’s
moving, witty play explores the pains of
assimilation through the story of two
Muslim teenagers who are afraid of
floating away from their white class-
mates. Kash Varun Raj is all bravado,
launching himself into joyful bhangra
dance routines and swimwear shopping
with equal abandon. But Mohsen
Anish Roy is warier, seeing the way
that security guards eye up the pair, and
worried about the quiet sacrifices that
come with fitting in. The story is given
bags of atmosphere by James Button’s
ingenious swimming pool set and Sita
Thomas’s movement direction, which
means the boys seem to float as they
navigate unfamiliar waters.
leasance ome to A g st
Kathy Stella Solve a Murder
Paines Plough’s Roundabout venue is
having a very, very good year, serving up
some of the Fringe’s best shows. Among
them is this offbeat gem of a musical
about Kathy and Stella, two true-crime
obsessives with a failing podcast who
plot twist! find they’ve got a real-life
murder to solve. Writers Jon Brittain
and Matthew Floyd Jones fill this show
with catchy songs and witty, perceptive
etween er ection and urgatory
C L A S SI CA L M U SI C
Ruhrtriennale
Jahrhunderthalle, Bochum
Shirley Apthorp
The sound sets your teeth on edge.
G rard Grisey’s music calls for micro-
tonal deviations from standard pitch.
The musicians of Klangforum Wien
play them with such delicious preci-
sion that you squirm in your seat. The
human ear is seldom capable of discern-
ing microtones exactly — even a
quarter-tone pushes our limits — so
when the Viennese ensemble applies
itself to finer deviations, you feel rather
than hear them.
It is this perfectionism in impossible
demands and unplayable scores that
makes Klangforum Wien such a thrill-
ing ensemble to hear. They, along with
the similarly obsessive vocal ensemble
Chorwerk Ruhr, form the core of Ich geh
nter la ter Schatten I al eneath
any Shado s , which opened this
year’s Ruhrtriennale.
The Ruhr festival’s “creations” call
for multimedia experiments in vast
industrial spaces. This is no exception:
set designer Hermann Feuchter has
devised an extraordinary set in
Bochum’s vast Jahrhunderthalle, with
five sloping steel ramps reaching
across each other from the floor to the
upper galleries.
Stage director Elisabeth St ppler and
conductor Peter Rundel have assembled
an evening of music by Grisey, Giacinto
Scelsi, Iannis enakis and Claude Vivier
around the cheerful theme of death.
aley c ee in ge s a eeling
lines, sketching the ironic contrasts
between the language of feminism and
the horribleness of the murders this pair
are building their careers around. “I
can’t see any danger in linking all my
self-esteem to the approval of stran-
gers,” announces Kathy as their podcast
finally takes off online. Of course, things
take a dark turn. Of course, there are
bonkers, gory plot twists. But what’s less
expected is the warmth this musical
shows towards its weird, nerdy, wonder-
ful heroines as they mess up their inves-
tigation — but build their friendship into
something that’s bloody marvellous.
Ro ndabo t to A g st
Sap
Rafaella Marcus’s play is a thriller in
miniature, gathering strength from the
complex web of ideas it touches on over
its 70-minute span. It subtly reveals the
stigma attached to bisexuality as
aphne Jessica Clark is forced to con-
ceal her past from her new girlfriend. It
modernises Ovid’s etamorphoses,
turning a nymph’s transformation into a
tree into a linguistically rich metaphor
for the paralysing shame that comes
with sexual assault. And it builds to an
agonisingly tense pursuit through soul-
less apartment blocks, showing how
ancient power dynamics can rip
nish oy, left, and arun a in rown oys wim
Grisey’s atre chants po r franchir de
se il o r Songs to Cross the Threshold
form the centrepiece, interleaved with
other works. St ppler and her team
have dressed the choir and orchestra in
rough grey overalls, ghosts of the hall’s
former workers, functionaries of the
afterworld, with the four female soloists
and an actor moving through the twilit
space in their final journeys.
It is hard to imagine a more lavish
treatment for this music. Ulrich Schnei-
der’s light and Thomas Wegner’s sound
design are artworks in themselves,
weaving a sensual, all-enveloping magic
in the cavernous space.
From the visceral first notes of Scelsi’s
anagon, we are captivated. But as the
evening’s hour and 40 minutes unfold, a
purgatorial feeling encroaches. There is
no real narrative, and the directorial
team’s series of disjoined events fail to
through the most modern of settings.
Jessica Lazar’s direction is urgent and
pacy, while Clark’s central performance
melts poignantly from naive confidence
to abject terror. An unsettling hour or
so, but a worthwhile one.
Ro ndabo t to A g st
Age Is a Feeling
The Fringe is a place that makes you
acutely aware of the passing of time:
each day divided into precious one-hour
segments, and, for regular attendees,
each familiar location overlaid with
memories. In her wonderfully ambi-
tious solo show, Haley McGee wrestles
time and fate to the ground. She sits on a
high umpire’s chair to see into her own
future, with almost unbearably poign-
ant results — imagining heartbreak,
infertility, the arrival of the first grey
pube. Her nimble storytelling skills turn
a performance that could feel mawkish
into something strange and agile, full of
an awareness of the impossibility of
encompassing a life. It’s a welcome
moment of pause and reflection in a
hectic, speeding fringe.
S mmerhall to A g st
We Were Promised Honey
There’s more time travel on offer in Sam
Ward’s performance: with the energy of
an eerily charismatic alien, he sends us
soaring into an apocalyptic future. This
is climate change theatre, without the
hand-wringing and papier-m ch
sculptures of doomed rainforest ani-
mals. Instead, Ward points to the power
of choice. The audience must decide at
each point whether to carry on with the
doomed narrative of a man who steals a
plane, then crashes it — echoing human-
ity’s own disastrous hijacking of the
Earth. Strangers are called on stage to
declare their love for each other, deep in
a bunker under the Earth’s superheated
surface. It’s an apocalyptic, strange hour
of theatre that makes you feel grateful to
be alive, grateful to be part of a commu-
nal gathering of people, even as it erodes
the very ground you’re standing on.
Ro ndabo t to A g st
edfringe com
Geraint e is
replace one. Characters dress and
undress, the chorus strews paper across
the floor, a singer circles the perform-
ance space on roller skates and the audi-
ence sits in the sauna-like heat, growing
weary. The final applause is polite, but
there is no spark of passion.
This is a pity, because the musical per-
formances are extraordinarily good.
The four songs are divided between four
sopranos, and Sophia Burgos, Kerstin
Avemo, Kristina Stanek and Caroline
Melzer deserve special mention for
their unearthly, polished performances.
All the evening really misses is a sense of
momentum, but that is a major omis-
sion. Our collective journey from life to
death becomes bogged down in the mid-
dle. Perhaps they should sell indul-
gences at the door.
To A g st , r hrtriennale de
uhrtriennale s
ch geh nter
lauter chatten
ol er eushausen
Thursday 18 August 2022
fter almost four ears as chief e ecutive of Goldman Sachs avid Solomon’s grand plan to diversif
and open up the bank to outside investors has not been as transformative as man had hoped
ot long after becoming the
chief executive of Goldman
Sachs in 2018, avid Solo-
mon asked for a private
plane.
It was a controversial request. Gold-
man bankers traditionally eschewed
ostentation and when the chief execu-
tives used private aircraft they rented
them from NetJets. Solomon reckoned
that his lost time from flight delays
cost the bank money and the Goldman
team conducting a cost-benefit analysis
ended up seeing things his way. The
bank wound up ordering two Gulf-
stream jets. Solomon even had a hand in
choosing the decor, says one person
familiar with the matter.
Goldman’s new boss was sending a
signal. He wanted to do things differ-
ently and in his own way. The company
that Solomon inherited was still among
the cr me de la cr me of investment
banking and trading, but it needed to be
more. Its stock market valuation lagged
behind peers such as Morgan Stanley
that earned a greater portion of their
revenue from steadier, fee-generating
businesses like fund management.
Solomon’s mission was to develop
new income streams and “drive more
durable revenue” in the process, mak-
ing it easier for outside investors to
understand a still enigmatic bank that
had been structured as a private part-
nership until its initial public offering in
1999. Yet despite Solomon ploughing
billions of dollars into businesses such
as consumer banking, asset manage-
ment and transaction services, little
has changed in Goldman’s revenue mix
since the days of his predecessor, Lloyd
Blankfein. Trading and investment
banking still make up the lion’s share.
Goldman’s challenges are particularly
pronounced in retail finance. Six years
after setting up its own online consumer
bank, called Marcus, Goldman has yet
to say when the operation will turn a
profit and people familiar with the
matter say management is currently
conducting a review of the division’s
spending plans.
A growing number of Wall Street ana-
lysts wonder whether the only way for
Solomon to really change Goldman is
through acquisition — perhaps by fol-
lowing the lead of Morgan Stanley,
which shifted its business mix after the
2008 financial crisis with the purchases
of wealth manager Smith Barney, online
trading platform ETrade and asset man-
ager Eaton Vance.
“True transformation will be hard
organically,” says Christian Bolu, bank-
ing analyst at Autonomous Research.
“And we know that from looking at
Morgan Stanley, you don’t have to go
that far.”
So far, Solomon has nibbled on the
acquisition front, with deals including
paying $2.2bn for Atlanta-based con-
sumer finance company GreenSky and
1.6bn for the investment management
arm of utch insurer NN Group.
Bigger deals would be harder to bring
off. Goldman has an idiosyncratic cul-
ture and — despite its history as an
adviser on big deals — little record of
making major acquisitions itself. When
Goldman recently surveyed investors,
some of whom owned its stock and
others who did not, about what it should
do with excess capital, they rated acqui-
sitions as the lowest priority, behind
reinvesting in its business, dividends
and share buybacks, according to a per-
son with knowledge of the survey.
By most measures, Solomon’s tenure
so far looks like a success: Goldman has
delivered record profits and seen its
share price hit a record high last year.
But these milestones were largely on the
back of the bank’s legacy trading and
investment banking businesses putting
up stellar numbers.
On one of the key measures by which
Wall Street keeps score — its price to
book ratio, a metric which compares a
company’s stock price against the value
of its assets to give a sense of its true
valuation — the bank’s performance
remains stubbornly static and well
behind its major US rivals.
If Solomon’s strategic goal is to con-
vince outside investors that Goldman is
a steady bet, he still has some work left
to do. After almost four years in charge,
his new Goldman still looks a lot like the
old one.
e son of Solomon
Solomon, 60, made his name in lever-
aged finance and came into the top job
with a reputation as a cost-cutter and a
blunt manager.
He was an unlikely figure to take
charge of Goldman. Solomon and the
bank’s president, John Waldron, 53,
both came to the company more than
two decades ago from Bear Stearns, a
less prestigious investment banking
rival.
espite the passage of time, some
members of Goldman’s fabled alumni
network still refer to him and Waldron
as “the guys from Bear”. Solomon’s
★ S
FT BIG
y osh a Franklin
nnin to stand still
olomon s flamboyant character — typified by his
flamboyant well-publicised stints as a music festival
character J and appearances on the TV show
typified by his illions and in Jennifer Lopez’s recent
well publicised Netflix documentary — is also an incon-
stints as a music gruous fit to lead a bank once known for
festival J is its inscrutability.
seen by some as At the bank’s first investor day in
an incongruous January 2020, Solomon and Waldron
fit to lead a bank outlined the new diversification strat-
once known for egy. While building up legacy busi-
its inscrutability nesses, he outlined a focus on four
montage
growth areas: consumer banking, trans-
action services, asset management
raising funds from investors and man-
aging them for a fee and wealth man-
agement advising well-heeled clients
on their investments . Solomon has also
cut $1bn in costs and promoted more
internal collaboration under the
“OneGS” mantra.
The expectations for change at Gold-
man are particularly high in asset and
wealth management, where it has about
$2.5tn in assets under supervision,
including money managed by Goldman
as well as other client assets. Goldman
hopes to boost its annual fees in those
areas to more than $10bn by 2024, up
from about $6bn in 2019.
Solomon’s strategy has been to build
on Goldman’s historical strengths. In
asset management, Goldman has long
made big money with its own equity
investments in areas like private equity.
To smooth out the resulting earnings
volatility, Solomon is scaling back
private investments using the bank’s
capital and prioritising managing third-
party funds, which promise more stable
fee income.
In transaction banking — the business
of helping companies move their money
around — Goldman is hoping to tap into
its vast corporate contact book to grow.
Although its revenue target of $750mn
by 2024 is meagre, transaction banking
promises stable returns and does not
require Goldman to hold large quanti-
ties of capital.
“You’ve got to give Solomon five
stars for the vision and the outlook on
what he wants to do and how he wants to
change the bank,” says Gerard Cassidy,
a banking analyst at RBC Capital Mar-
kets. “But we’ve always maintained with
any bank, not just Goldman, to really
incorporate that kind of change, it’s
impossible to do it organically.”
True The weakest link in Goldman’s diver-
sification strategy is consumer banking,
trans ormation the only one of its four growth pillars
will be hard that remains unprofitable. Goldman
launched the consumer business in
organically 2016, naming it Marcus after the bank’s
And we know founder, Marcus Goldman.
Marcus has cycled through a series of
that rom leaders. Harit Talwar, the first head of
looking at the consumer division and the former
Morgan US cards boss at iscover, was replaced
in 2021 by his longtime deputy Omer
Stanley you Ismail, but he abruptly departed Gold-
man for a Walmart-backed fintech.
don t have to
Marcus is now run by Peeyush Nahar,
go that ar who joined Goldman last year, having
EAD. US BAN S
previously worked at Uber and Ama-
zon. Under Solomon, Tucker York and
Stephanie Cohen serve as co-heads of
consumer and wealth management,
with Cohen overseeing consumer opera-
tions and York spending more time on
the wealth business.
The consumer business has at least
succeeded in amassing more than
$100bn in deposits, giving Goldman
low-cost funding that the bank esti-
mates saves it tens of millions of dollars
a year. In 2021, sources including
savings accounts, retail loans and
credit card partnerships with Apple
and General Motors brought in $1.5bn
in revenues, a figure the bank hopes
could top $4bn by 2024.
But Goldman was snubbed by Apple
and only given a minimal role in the tech
giant’s new buy now, pay later product.
Goldman had been a financial partner to
the iPhone maker since 2019, providing
the credit underwriting and much of the
financial infrastructure behind Apple’s
credit card.
The bank is still in talks with Apple
to play a role in possible expansion of
the latter’s buy now, pay later offering,
according to one person familiar with
the matter. Unlike Apple Pay Later,
which is interest free, consumers would
be charged interest for longer-term
BNPL loans funded by Goldman if the
expansion takes place.
Goldman remains unsure when its
consumer operations will move into the
black, leading to the current review of
spending plans, according to people
familiar with the matter. This has
included cost review meetings between
Cohen and the bank’s president. “Wal-
dron has been holding Stephanie’s feet
to the fire,” one source says.
ealers c oice
The emphasis on change has not made
much of a difference in terms of how
the business makes its money. The year
Solomon took over, Goldman earned 62
per cent of its revenues from investment
banking and global markets. In 2022,
analysts forecast that those two divi-
sions will provide almost 69 per cent of
revenues, dropping back down to about
62 per cent in 2023.
Goldman remains reliant
on trading and
investment banking
Share of full-year revenues (%)
Asset management
Consumer wealth management
Investment banking
Global markets
0
30
20
2017 1 1 20 21 22 23
Numbers for 2022 and 2023 are estimates
Source: Bloomberg
To some extent, Goldman suffers
from an embarrassment of riches: the
past two years have played to its hist-
orical strengths. Rock-bottom interest
rates, market volatility and the rush of
pandemic dealmaking helped push
Goldman’s profits and share price to
record highs in 2021.
Goldman veterans who cut their teeth
when the bank was a partnership ques-
tion whether its reliance on its tradi-
tional areas of strength is really a prob-
lem. They argue that fee-based bus-
inesses such as asset management can
be volatile in downturns, and maintain
that Goldman’s trading operations can
churn out massive profits regardless of
the environment.
Their point was underscored last
quarter when the trading division pro-
duced more revenues than Goldman’s
three other units combined. In the
second quarter, Goldman earned more
money from investment banking and
reported a bigger jump in trading reve-
nues than any rival.
Investors disagree. Analysts note
that running a giant trading business
requires Goldman to set aside huge
amounts of capital, making it harder for
the bank to boost its return on average
tangible common equity, a key measure
of profitability. Goldman’s current Rote
target lags behind competitors Morgan
Stanley and JPMorgan Chase.
It is also the case that Goldman stock-
holders have had to deal with their fair
share of nasty surprises from its wheel-
ing and dealing. In 2010, Goldman paid
a $550mn fine to settle US regulators’
allegations that it misled investors in
a complex mortgage-backed security
called Abacus. In 2020, it agreed a
$2.9bn global settlement with regul-
ators over its role in the 1M B money-
laundering scandal in Malaysia.
Making so much of its revenue from
unpredictable activities such as trading
in financial markets and advising com-
panies on deals has not impressed
investors, judging by Goldman’s price-
to-book ratio.
Goldman now trades at about 1.1
times book value, slightly ahead of its
average multiple over the past five years
of 1.06. Morgan Stanley, by comparison,
trades at about 1.7 times book, ahead of
its five-year average of 1.3.
A millstone around Solomon’s neck
since he assumed command, the price-
to-book ratio also presents a hurdle to
Goldman using its stock as an acquisi-
tion currency to buy any company with
a higher valuation.
“The traditional capital markets busi-
nesses are perceived to be very cyclical
in terms of those revenues. The cyclical-
ity of revenues tends to get a pretty
healthy discount in the market,” says
evin Ryan, banking analyst at JMP
Securities.
Part of Solomon’s task has also been to
modernise Goldman’s culture and move
on from the bank’s macho “masters of
the universe” reputation. It has made
19
ouve got more diverse promotions to its coveted
partner ranks, for example, and intro-
to give duced a more relaxed dress code.
Solomon However, the new outward-facing
corporate image to accompany its push
ive stars or into consumer banking are not to every-
the vision one’s taste at Goldman — and nor is Solo-
mon’s own flashy personal style.
and the Once the quintessential behind-the-
outlook on scenes firm, Goldman is now sponsoring
what he McLaren’s Formula 1 team as part of a
branding effort by Fiona Carter, the
wants to do bank’s chief marketing officer whom
and how he Solomon recruited in 2020. Spending
money on the partnership has dis-
wants to pleased some at the bank in a year when
change the it has warned of potential job cuts.
“ oing the McLaren partnership is tone
bank deaf,” says one Goldman Sachs banker.
Managing the bank’s talent — a job
some at Goldman liken to serving as
a Hollywood producer — has proved
challenging for Solomon. Although
Goldman has long boasted of its deep
bench, it has been hit by several signif-
icant departures — including senior
bankers Gregg Lemkau, Stephen Scherr
and Eric Lane. Complaints have also
been made to Solomon about his return-
to-work policies, with the company
looking to get many of its bankers back
to the office five days a week, according
to people familiar with the complaints.
e from ear
Solomon’s ostentatious style has grated
on some at Goldman. His J career — a
passion he developed while working on
a financing deal for a Las Vegas hotel in
2008 — has attracted scrutiny from the
board of directors, according to people
familiar with the matter.
Some members of Goldman’s board,
which Solomon chairs, told him they
were uneasy about his decision in 2019
to perform at Tomorrowland, a Belgian
music festival, one of the people says.
Board members noted an article in the
New York Post that described the event
as being known for its “throngs of
naked, sweaty, drug-fuelled revellers”.
Solomon also apologised to Gold-
man’s board after Jing at a 2020 event
in the Hamptons resort area of New
York that was criticised for flouting
social distancing rules during the Cov-
id-19 pandemic, another person famil-
iar with the matter says.
But the attention hasn’t slowed him
down. This summer, Solomon, who
has promised to donate earnings from
his J efforts to charity, hit the road
to perform at Lollapalooza, a four-day
music festival in Chicago attended
by thousands of people. Goldman
declined to comment on whether Solo-
mon took the company jet to Chicago.
Solomon hit the stage in Grant Park
on July 29 after holding a town hall with
Goldman’s Chicago staff and meeting
some clients. Clad in a black T-shirt,
Solomon was joined by OneRepublic
singer Ryan Tedder to perform a 2021
collaboration. The track’s title: earn
To o e e
20 ★ S Thursday 18 August 2022

The T View
orrison’s ministerial grab holds lessons be ond ustralia
igilance is needed in
shoring p processes and
instit tions of democracies
“That’s not my job” was uttered so often
by Scott Morrison in his final months as
Australia’s prime minister that the
phrase became a running joke. As it
turns out, he had far more jobs than vot-
ers, parliament, or indeed some of his
own Cabinet realised. While in power,
Morrison quietly appointed himself to
five other ministries during the pan-
demic — in some cases without the
knowledge of relevant ministers —
ostensibly to ensure continuity of gov-
ernment should ministers become ill or
even die of Covid-19. The revelations
this week have ignited a firestorm, rais-
ing questions of accountability, trans-
parency and the concentration of
power. They are questions not just for
Morrison but also for Australia and
ft.com/opinion other democracies around the world.
The pandemic provided the perfect
fig leaf for strongmen in more authori-
tarian systems to amass power. Hun-
gary’s Viktor Orb n wasted no time dur-
ing the pandemic to gain the right to rule
by decree, with no time limit. China’s i
Jinping has relentlessly tightened his
grip after overseeing some of the strict-
est and widespread controls on move-
ment the world has ever seen.
Even established democracies have
not been immune to power grabs over
the past two years, most flagrantly that
of onald Trump. The Morrison affair
may seem tame in comparison, but it is
a reminder of the need for vigilance in
shoring up the processes and institu-
tions of a democracies.
It is right that extraordinary times
require extraordinary measures. Faced
with what was their biggest crisis out-
side wartime, many countries adopted
emergency measures during the pan-
demic that greatly expanded state pow-
ers. But it is imperative that democratic
checks and balances agree and define
those powers before they are exercised.
The fact that some of Morrison’s own
ministers were unaware that he held
parallel powers to them beggars belief.
Anthony Albanese, Morrison’s suc-
cessor, has indicated he is open to a royal
commission to investigate the matter.
An inquiry is merited. Albanese has
accused Morrison of undermining
democracy, convention, and Australia’s
“Westminster” parliamentary system,
modelled on that of the UK and its cabi-
net system of government. Outgoing
UK premier Boris Johnson, too, has
played fast and loose with convention.
It is unclear if Morrison broke any
laws in taking on the health, home
affairs, resources, finance and Treasury
briefs in 2020-21. avid Hurley, the gov-
ernor general — who acts as ueen Eliz-
abeth’s representative in Australia —
signed off on the shadow appointments
a spokesman said they were consistent
with section 64 of the constitution. But
if it is right that a head of government
can secretly amass portfolios legally
he pandemic and constitutionally, that presents a
provided the thornier question for Australia.
Arguments that Morrison mostly did
perfect fig leaf
not exercise his acquired powers are not
for strongmen particularly helpful. What happens if a
in more future prime minister, even more
authoritarian heavy-handed and accountability-
s stems to averse than Morrison, follows his exam-
amass power ple And Morrison did once use his
extra powers to over-rule his resources
minister, blocking a controversial gas
exploration project — a matter com-
pletely unrelated to the pandemic.
Australia’s constitution is hard to
amend. But simple steps could help pre-
vent another secret sweep of portfolios,
including a public register of ministerial
appointments that would have to be
updated by the government. Lessons
also need to be learned. Convention
matters, even for countries with written
constitutions complacency over flout-
ing convention is insidious — a message
that should reverberate in democracies
half a world away from Canberra,
including in the original Westminster.

pinion Society
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the marginalised Why falling birth rates are not a cause for economic concern
en i ey Ian Goldin “ emography is not
destiny”, Opinion, August 9 rightly
notes that today’s ageing populations
are created by the combination of
longer lives and smaller families. The
former undoubtedly increases the need
for the working-age population to
dedicate some of the fruits of their
labour to the members of society who
are unable to provide for themselves.
The latter has the reverse effect —
that there are far fewer dependent
children.
Indeed the slow increase in the total
dependency ratios, which includes
both the old and the young, suggests
much less cause for economic concern
than Professor Goldin seems to think is
necessary.
For example, the 69 per cent total
dependency ratio of Japan in 2020, the
highest of any developed economy, was
only slightly higher than the 66 per
cent ratio of the US in 1960, according
to World Bank data. The UK ratio is
still below its peak in the early 1970s.
Considering the vast increases in the
productivity of labour over the past
five decades, there is certainly enough
to go around as total dependency
ratios rise towards the current levels
in sub-Saharan Africa.
Nigeria’s ratio, for example, was 86
per cent in 2020.
Problems only arise in developed
economies because they use very
different systems to share incomes.
Basically, parents pay for their children
and the community pays for its elders.
It is fair to worry about the political
willingness of employed people to
share their incomes with a growing
number of unrelated unemployed old
people.
It is also fair to wonder why people
are so reluctant to have children, but
this unexpected cultural development
should not be confused with what is
basically an economic non-problem.
Edward adas
Research ello , lac friars all
ni ersity of ford, ford,

emima
elly
ow would you feel if you
were told, by someone
who knew very little
about you or your
upbringing, that because
of one of your immutable physical
characteristics you must have been
the victim of oppression
For Jane Bradbury — who identifies
herself as “Latino”, though she doesn’t
actually know her ethnicity as she was
brought up by white adoptive parents
— being told, by a white colleague,
words to the effect that she must have
been subjected to oppression simply
because of the colour of her skin left
her feeling “very upset” and “dis-
tressed”. An employment tribunal
recently awarded the former Sky Tele-
vision engineer £14,000 in compensa-
tion on the grounds that this assump-
tion was “a form of stereotyping” and
amounted to racial discrimination.
s automatically amplif ing
the voices of those
deemed ‘oppressed’
a good idea
Bradbury told her manager after the
conversation that “I have never felt
oppressed in my life”. And she didn’t
appreciate her colleague — who, like
Meanwhile, the use of “allyship” —
the practice of advocating and
“actively working” for groups consid-
ered marginalised — has soared, and
was ictionary.com’s “word of the
year” for 2021. Is this new virtue com-
patible with an outlook in which pat-
ronising is regarded as a vice, or are
the two ideas mutually exclusive
After all, one of the core tenets of being
an ally, repeated widely, is to “amplify
voices of the oppressed before your
own”. Who gets to decide who is and
isn’t oppressed
Furthermore, is a tomatically
amplifying the voices of those deemed
“oppressed” a good idea, even if some-
one sees themself that way Glenn
Loury, an African-American econo-
mist at Brown University and a promi-
nent public intellectual, doesn’t think
so. He has been vocal in his criticism of
“the soft bigotry of low expectations”,
particularly in education, arguing that
changing admission standards in
order to improve racial diversity is not
only counter-productive, but also
“reeks of racism”.
Loury distinguishes between what
he calls “titular equality”, which he
says is simply “a formal kind of bean-
counting equality”, and “substantive
equality”, which he describes as an
“equality of respect, an equality of
standing and dignity”. We spend too
much time focusing on the former,
and not enough on the latter.
As Loury says, treating those who
are marginalised — whether that be
because of their skin colour, gender,
sexuality or disability — as victims
takes away their agency, and obscures
individual differences within those
groups. “Being the subject of such
S climate bill aids private
e uity but not E o ners
Thanks to Senator Kyrsten Sinema
“ emocratic senator defends stance
on private equity tax perk”, Report,
August 8 and “Is political donation
hedge fund deal of the century’ ”,
Letters, August 12 there will be no
change to carried interest rules for
America’s uber rich.
Yet I and others apparently stand to
lose the $7,500 EV tax credit because
my pre-ordered 2023 vehicle carries an
inflated price above the new threshold.
Pity that the senator had not ordered
one herself.
Nigel ac ues
as egas, , S
Tory leadership race has
ilbert Sullivan echoes
The comic opera that is the state of UK
politics currently was beautifully
captured in the excellent letter by
Penelope Visman “Tory leadership
race has ingredients of comic opera”,
August 12 when she referenced Gilbert
and Sullivan’s Iolanthe.
In similar vein, WS Gilbert’s lyrics in
S inafore, which I heard at Holland
OU OO
PA R IS
France’s
magnificent
Park Opera last week, struck a chord.
The First Lord at one point sings: “I
grew so rich that I was sent By a pocket
borough into parliament. I always
voted at my party’s call And I never
thought of thinking for myself at all.”
Comic opera or tragicomedy
o acobius
ondon ,
t has been a target for destruction
by terrorists with hijacked planes
since before 9 11. It hosts an
annual summer concert and
extravagant fireworks display on
the French national day. President
Emmanuel Macron celebrated there
on the night of his re-election in April.
And it is being dolled up with fresh
paint for the 2024 Paris Olympics.
The Eiffel Tower remains the pre-
Rushdie attack e poses
the eakness in la
Your leading article “Attack on
Rushdie underlines threats to free
speech”, FT View, August 17 rightly
claims that Britain must protect
freedom of expression at all cost.
However, Britain cannot fully protect
freedom of expression unless it chooses
to protect freedom to offend too, just as
the US First Amendment does.
Britain’s current laws protect
freedom of expression, but they place
severe restrictions on freedom to
offend, and it is this legal dichotomy
which has empowered extremists in
minority communities to ask for bans
on allegedly controversial plays and
films.
Freedom of expression and freedom
to offend are closely related. Any
compromise on the right to offend will
inexorably lead to compromise on the
right to free expression, culminating
eventually — as the demand for the
banning of the film The ady of ea en
last month and the play eh ti in 2004
amply demonstrated — in regulation of
opinions and hence censorship.
Randhir ingh Bains
ants ill, sse ,
la Tour Eiffel Sete , embarked three
years ago on the 20th repainting job
since it was built.
The painters, attached to a skein of
climbing ropes for safety, can be seen
clambering about the lower reaches
slathering on the luminous yellow-
brown colour favoured by Eiffel.
But in June, the French magazine
Marianne sounded the alarm about
the state of the tower, citing
ourt rulings on elections
bolster trust in democracy
Andres Schipani writes about the
Kenya presidential election dispute
and candidate Raila Odinga’s
announcement that he would challenge
the results in court “Kenya’s political
hustler faces tough in-tray as new
president”, Report, August 17 .
Austria, Switzerland, Slovenia,
Iceland, Kenya and Malawi are just
some countries where courts have
recently invalidated national elections
or referendums.
To accept election results, voters
often need to see that the candidates
and the authorities follow the law.
The courts’ involvement hugely
benefits democracy. It can remove
voters’ doubts, remedy violations,
increase trust and, when needed,
invalidate flawed elections and defend
the integrity of the electoral process.
It is essential, however, that
politicians and opinion leaders ask
voters to remain calm and let the
courts do their job.
uri oplak
isiting rofessor, ordham ni ersity
School of a
e or , , S
I can confirm that the views across
Paris and beyond are magnificent, and
that the rust is real. In some places, it’s
bursting out from behind the paint,
leaving brown streaks down the metal
beams. In others, the paint has fallen
off completely, exposing the bare
metal. Anyone can see this from close-
up by walking down the stairs from
the top.
Asked about the nature of the job,

her, was a designated “inclusion advo-
cate” — assuming she had, “without
even knowing anything of my back-
ground ethnicity or upbringing”.
In a world preoccupied with victim-
hood in which we are encouraged to be
active “allies” to those who don’t share
the privilege that we have — though
the advantages conferred by class are
often ignored — we appear to be
removing what was once considered a
transgression, being patronising
treating someone in “a way that is
apparently kind or helpful but that
betrays a feeling of superiority”, as the
Oxford ictionary has it , from the
moral sin bin.
You can see this shift in the number
of times the word “patronising” is
used in newspapers. According to Fac-
tiva’s database — an archive of more
than 2bn articles from the 1940s to the
present day — its use, spelt in both the
British way and the American
“patronizing”, peaked in 2015, and
has fallen quite markedly since.
Google’s handy “Ngram viewer”,
which charts the frequency with
which words or phrases are used in
digitalised books between 1800 and
2019, shows a similar pattern.
deference as the minority is means
all the moral agency in that situation
goes to the powerful . . . observer,
who either can or cannot elect to be
an ally.”
While I have not experienced being
“othered” or patronised on the basis of
my skin colour, I have felt quite disem-
powered when well-meaning men
have jumped in to accuse other men
criticising me on public forums usu-
ally in the theatre of Twitter of sex-
ism. I’ve also felt quite disheartened in
the past when recruiters — who I
thought had approached me for a role
on the basis of my own merits — have
told me they specifically wanted to
hire a woman.
I don’t want to suggest that being
more sensitive to those who are sub-
jected to discrimination is not a good
thing — it certainly is — and there are
some specific circumstances when
allowances should be made. But to
ass me others feel oppressed and need
special treatment, without finding out
how they feel first, is, well, patronis-
ing. Far from giving them power, that
takes it away.
emima elly ft com
rusting
eminent symbol of Paris and of
France. But it’s rusting.
On the face of it, the corrosion is not
giant a surprise. Like any structure made of
iron or steel — it is composed of 18,038
pieces of “puddled iron” held together
with 2.5mn rivets — the tower built in
1889 for the World Exhibition is prone
to oxidation. The same is true of the
Forth bridge, a steel rail bridge built at
the same time in Scotland that needed
constant repainting and became a
byword for a labour without end.
No one knew this better than the
engineer Gustave Eiffel who designed
it, and who wrote in his book a To r
de m tres The 1,000-ft tower :
“One cannot emphasise enough that
paint is the essential element to
preserve a metal structure and the
care taken with the painting is the
only guarantee that it will
last . . . What’s most important is to
stop the rust before it starts.”
Eiffel made sure that every part of
his tower, then the world’s tallest
building, was accessible so it could be
repainted. To prepare for the 2024
Olympics, the Paris city company that
by Victor Mallet runs it, the Soci t d’Exploitation de
consultants, engineers and former
employees who said that rust was
eroding the structure and that the new
paint job would be cosmetic and
mostly useless because only the
decorative arch facing the Champ de
Mars would be first properly cleaned
of rust and old paint.
“In some places, a coat of paint is
simply brushed in a hurry on to the
existing layers which are flaking off
and detaching,” one anonymous
whistleblower told the magazine. “It’s
heresy.”
Patrick Branco Ruivo, Sete’s
managing director, insisted that the
tower had “never been so well
preserved” and “will continue to stand
with this flawless iron” — a response
to Marianne’s alarming headline that
asked, “Will the Eiffel Tower fall ” He
said some of the old paint and rust
was being stripped for the first time
and that the puddled iron underneath
was in perfect condition.
Who to believe I went to look for
myself, shrugging off the persona of
the cynical Parisian and joining the
25,000 tourists a day who visit
France’s most famous attraction.
one of the painters confirmed
cheerily: “In a few places we scrape
away, but mostly we just paint over.”
The original plan was to scrape
away much more old paint — 30 per
cent of the tower’s surface instead of
the 5 per cent being treated now — but
the danger posed to the public by the
lead used in earlier coats and the
necessary safety measures made that
difficult and expensive. Already the
cost of this repainting has risen from
50mn to more than 90mn.
“We want a clear assessment of the
situation to tell us exactly where we
are,” says Jean Laussucq, a Paris
councillor from the 7th
arrondissement where the tower is
located. “If you want to de-rust the
tower, you have to take off all the lead
paint . . . But the constraint is 2024 —
the city must be absolutely ready for
the Olympic Games.”
In short, while Gustave Eiffel turns
restlessly in his grave, the tower will
have to wait until the 2030s for a full
round of maintenance to eliminate the
rust and secure its future.
ictor mallet ft com
Thursday 18 August 2022
limate is a su ly chain roblem that cannot be ignored
BUSINESS
elen
homas
fter weeks of scorching
heat, it was possible to take
a stroll on the parched bed
of the Loire river.
Low water levels in the
anube have forced countries in eastern
Europe to start dredging to keep barges
moving along the critical waterway. The
Rhine, at a key choke point, has fallen
below levels that make it uneconomical
for many vessels to operate. In terms of
the looming challenges, this may simply
be the warm up.
The Intergovernmental Panel on Cli-
mate Change is clear that extreme
weather events, like drought, flooding
or powerful storms, will become more
common and more severe as the climate
changes. The implications for the pro-
duction, manufacture and distribution
ood leaders
dont worry
about unity
BRI AIN
obert
Shrimsle
e have reached the stage
in the Conservative
leadership contest
where, with everyone
confident Liz Truss will
defeat Rishi Sunak, handy advice is
being dispensed among the political
class.
First came the warnings “not to
underestimate Liz Truss”. Well, of
course. You will not get close to Number
10 without guile, talent, determination
and political stamina. While we should
not misjudge Truss, nor should anyone
underestimate the scale of the chal-
lenges she faces — many of them driven
by factors beyond her control. The next
prime minister will have no money, an
energy price shock, high inflation, rising
interest rates, a tax-cutting agenda and
struggling public services.
A more accurate way to phrase the
argument is that we should not overesti-
mate Labour. Keir Starmer has yet to
show the strategic clarity needed to seal
the deal with voters. This remains the
new premier’s main hope.
It leads to the second wise saw. After
an internecine leadership contest, runs
the argument, Truss must move to unify
her party. This means trimming on the
US PO I ICS
Edward
uce
hether it is Michael
ukakis in 1988 doing a
photo-op up in a tank or
John Kerry in 2004
dressed in goose-shoot-
ing camouflage, US democracy is rich
with pandering moments. It is less
generous with examples of politicians
alienating voters on principle. When
Liz Cheney, who was ejected from her
Wyoming district on Tuesday night,
opposed her party leadership in early
2021 she quoted at them from St John’s
gospel: “The truth shall set you free”.
Her fixation on bringing about onald
Trump’s demise — possibly in the form
of a jail sentence — has turned Cheney
into America’s most celebrated electoral
suicide.
Unlike the real thing, the political ver-
of food and goods around the world are
almost bafflingly wide-ranging and
complex. Companies’ first concern
might be which of their plants, or their
suppliers’, are exposed to the rising
risks. Governments are focused on the
threats to food supply. But this year’s
drought highlights the danger that the
waterborne infrastructure of global
trade itself will dry out or shut down as
climate change intensifies.
Examples abound: most of Argen-
tina’s crop exports pass along the Parana
river, where water levels have dwindled
over several years, disrupting the han-
dling of soyabeans, of which the country
is the world’s third largest exporter.
Flooding in Malaysia last year damaged
the Port Klang, upending supplies of
Taiwan-made advanced semiconduc-
tors, many of which are packaged there
before being shipped globally. Trade on
the Rhine, last year also threatened by
too much water, is suffering from the
second serious drought in five years. In
2018, cargo stopped, knocking 0.4 per-
centage points off Germany’s fourth-
quarter economic growth.
espite this, says Mark van Konings-
pledges made to rightwingers and mak-
ing room in her cabinet for people who
did not support her, her defeated rival,
his allies and moderate Conservatives.
This is a terrible idea. While Truss
should not seek disharmony, she cannot
buy unity. And what purpose is served
by putting Sunak in her cabinet He dis-
agrees with her economic strategy and
were he to take a job it would be only
because he sees another shot at the lead-
ership in two years’ time. Truss must
look beyond her own camp but her min-
isters must commit to her policies.
This is not an argument against prag-
matism. But the skittish and rebellious
Tory party does not respect weakness or
token efforts to find consensus. John-
son’s dishonesty was his undoing but his
underlying flaw was making unforced
errors and constant U-turns which led
MPs to doubt his ability to lead. The odd
retreat is sensible but you cannot give
the impression that you can be pushed
around.
Parties are united only by clear lead-
ership and electoral momentum, the
first is the midwife to the second. The
most effective recent leaders did not
pander to defeated rivals or ideas.
Thatcher, Blair and initially Johnson,
succeeded by setting a course and pur-
suing it. Ministers had to sign up to the
strategic goals. Critics were purged as
soon as practical.
The prospect of success at election
time is all that will unify the Tories. And
since the economic situation is deterio-
rating, Truss’s only hope is that MPs see
voters responding to what looks like
The truth that set heney ree
sion can become a platform for rebirth.
It is worth recalling that in spite of their
attempts to ingratiate, ukakis and
Kerry each lost their presidential con-
tests to a Bush. That was the end of their
White House hopes there is no return
from panderings that fail. Cheney, on
the other hand, has laid down a marker
that could define the fate of US conserv-
atism. If Republicanism is Trump and
Trump is Republicanism, the party and
the country are heading for a reckoning.
“We stand at the edge of an abyss,”
Cheney recently said.
What does her defeat tell us about the
future of US democracy The clearest
message is that the Republican party
has become an authoritarian cult.
Cheney is among the most conservative
lawmakers in the US. She voted 93 per
cent of the time with Trump during his
term in office. She is for every tax cut,
against every abortion, and in favour of
every new weapons system on offer.
Much like her father, ick Cheney, the
former vice-president, Liz Cheney is as
close as a politician gets to personifying
the Stars and Stripes. She is as far from
being moderate — “Republican in name
★ S
inion
veld, professor of ports and waterways
at elft University of Technology,
“There has been a lot more attention on
the impact of shipping on the climate
than on the impact of the climate on
shipping.”
About 80 per cent of global trade is
carried at some point by ships, with sea-
borne trade up nearly threefold in the
30 years to 2020. Changes, climate
here’s a danger that the
waterborne infrastructure
of global trade itself will
dr out or shut down
aside, have made the system more sus-
ceptible to disruption. Vessels have
become progressively larger, and more
difficult and costly to rescue when
things go wrong.
There is also no easy alternative when
drought strikes. One inland shipping
vessel is the equivalent of about 100 to
150 trucks, so road or rail simply can’t
take up the strain. The typical response
effective government. This demands
calculated boldness. Of course it also
requires her policies to be the right ones
and there are strong reasons for doubt
about both her economic strategy and
hard line on Brexit. But she will not be
better off for being tremulously wrong.
You do not smash the prevailing eco-
nomic orthodoxy — as Truss insists is
necessary — by being halfhearted.
This does not remove the need for
competent leadership in major depart-
ments. There is nothing, for example, to
suggest that Suella Braverman, the
attorney-general, is ready to run the
Home Office, a job for which she is
widely tipped. Braverman played a key
role in delivering the right for Truss and
has to be rewarded but she has never
run a serious ministry and the Home
prevailing economic
orthodo isn’t smashed
as russ insists is necessar
b being halfhearted
only” as they are pejoratively called — as
any of her colleagues.
Cheney’s defenestration thus begs the
question: what defines today’s Republi-
can party Its grassroots is driven by two
passions: who it loves and who it hates.
The party’s base idolises Trump. Every-
one in Washington knows the same is
not true of many if not most elected
Republicans. Figures such as Florida’s
Marco Rubio and Texas’s Ted Cruz were
uch like her father she
is as close as a politician
gets to personif ing the
Stars and Stripes
speaking their minds in 2016 when they
depicted Trump as a low life con artist.
Harriet Hageman, the Trump-endorsed
Republican who unseated Cheney, was
probably sincere in 2016 when she
called Trump a “racist and xenopho-
bic”. Ambition, and fear of the mob,
have turned all these figures into hollow
mini-Trumps.
is partial loading of vessels, or running
more journeys with smaller ships.
Not only does this mean a vicious
emissions cycle, especially as low water
levels mean more resistance and more
fuel — it also has effects in cost and con-
gestion terms around the waterways
and port system. Plus, it doesn’t always
work well: despite best efforts, total
cargo volumes dropped about 60 per
cent at the peak of the 2018 drought,
according to van Koningveld.
The trouble is that “the risk from cli-
mate is so distributed across all aspects
of the system, it’s hard for specific enti-
ties to have the incentive to try to
address it,” says Austin Becker, at Rhode
Island university, who studies the
impact of climate change on the world’s
3,800 coastal ports. Most immediately, a
third are in locations prone to tropical
storms, where small changes in average
storm intensity can translate into large
increases in port downtime.
Individual adaptation, such as Ger-
man chemicals group BASF’s work to
develop barges that can handle lower
water levels, is likely to hit limits of tech-
nical or cost feasibility, say experts,
Office is one of the most demanding and
politically dangerous wings of govern-
ment. Loyalty matters but strong lead-
ers need effective ministers.
Truss is, in any case, a prisoner of
the campaign she fought. Having made
mainstream thinking her avowed
enemy she has little room to revert.
There is no choice but to double-down
on her core beliefs that Brexit offers
economic opportunities that lower
taxes will rapidly deliver growth that
the size of the state can be reduced.
This is not an argument for being
stubborn. Truss should remember that
Thatcher matched her conviction with
calculated caution. One early test will be
her own legislation as foreign secretary
giving the UK unilateral powers to tear
up large parts of the Northern Ireland
protocol. She dare not resile from this
but, given the trade risks of a new Brexit
confrontation, she could hold off using
those powers. The one area where she
must move swiftly and dramatically is
on a significant package of support for
household energy bills, aimed at the
least well off. Since this nettle has to be
Conventional parties manage their
extremes. In the case of today’s Republi-
cans, however, the extreme sets the nar-
rative. In another time, Marjorie Taylor
Greene, the congresswoman from Geor-
gia, would be dismissed as a political
freak. Greene openly avows the Anon
theory that America’s establishment is
run by paedophiles. The more offensive
her stances, the more money she raises.
Last week she got rousing applause at a
party event when she said she opposed
solar panels because they only work
when the sun is out. “I want to stay up
later at night,” she said. “I don’t want to
have to go to bed when the sun sets.”
Today’s Republican party belongs to
Greene not Cheney. It is even more
strongly motivated by what it hates than
by admiration of Trump. I have no idea
whether Greene is as stupid as she
sounds. She could also be highly savvy.
The key to success in today’s conserva-
tive movement is to provoke those who
look down on it. It guarantees media
notoriety that can be monetised. Trump
devised the model. But he is not the last
word on it. The key is to enrage the
overeducated moralisers in bicoastal
given the scale of the problem. More
generally, these weather events tend to
be treated as discrete emergencies,
rather than as part of a worsening sys-
temic problem. That creates what the
UN’s office for disaster risk reduction
calls a cycle of disaster-response-recov-
ery-repeat. The same may be true in the
corporate world, already under pres-
sure to insulate supply chains from pan-
demic-style disruption and overhaul
them in the face of rising geopolitical
risk. But calls for simpler supply chains
could concentrate climate risk. Resil-
ience may come at the expense of effi-
ciency through dual-sourcing, geo-
graphic diversity and higher inventory
and require investment in disaster-
proofed assets. That beats “delay and
pay”, says Patrick Verkooijen, head of
the Global Center on Adaptation, who
argues that spending on climate resil-
ience stacks up financially at the
national and corporate level.
For governments and companies,
climate is another supply chain risk
that must now be factored in.
helen.thomas@ft.com
llie oreman e
grasped she may as well be immediately
bold. Misjudgment here will doom
either prime minister.
Voters recognise that the pandemic
and Ukraine crisis have derailed the
government. Truss does not have long
enough to change the fundamentals of
her unwelcome inheritance but, against
unconvincing opposition, someone who
projects confidence may persuade vot-
ers that she should be given more time
to complete the task.
But the next prime minister has few
happy options. Even before one consid-
ers whether her ideas are viable, the
economic problems may simply be too
overwhelming for any leader.
But given her argument that Britain is
sinking in a mire of unmet challenges
and economic orthodoxy, the best and
only hope for the next Tory leader is to
drive forward her plans with total con-
viction. There is no room for compro-
mise in the name of an illusory party
unity. It may not be enough but, as they
say in poker, she is all in.
robert.shrimsley@ft.com
urban America. The more ignorant you
sound, the more contemptuous the
cultural elites, which is worth its weight
in electoral gold.
It is unclear how a Cheney could break
through this morbid dialectic. Cheney
believes she stands for timeless Republi-
can values like integrity, character and
courage. She is amply endowed with all
three. But none of these qualities seem
to count for much among her fellow
Republicans today. It is possible that she
is planning to play the spoiler against
Trump in the 2024 Republican prima-
ries. She could again sacrifice herself for
a larger cause. A loftier bet is that in
2025 or beyond she will be ready to pick
up the pieces of a party suffering from
post-Trump stress disorder. But this
may be to overstate the degree to which
the pathology is solely about Trump.
“There will come a day when onald
Trump is gone, but your dishonour will
remain,” Cheney told fellow Republi-
cans. This is an uplifting thought but
also a truism. The pressing question is
what happens between now and then.
edward.luce@ft.com
21
Serbia and
Kosovo must
dial down
Balkan tensions
isha
Glenn
t’s hardly a secret that there’s not
much chemistry between President
Aleksandar Vu i of Serbia and
Albin Kurti, Kosovo’s prime min-
ister. But each was expected to
receive the same tough message from
Nato and the EU on a two-day trip
to Brussels starting yesterday: “Get over
it, tone down the rhetoric and, for
God’s sake, negotiate, negotiate and
negotiate!”
The pair were due to have separate
meetings with Jens Stoltenberg, Nato’s
secretary-general, before joint discus-
sions today with Josep Borrell, the EU
foreign policy chief. Both Nato, which
has 4,000 troops stationed in Kosovo,
and the EU have shown signs of losing
patience with the two Balkan leaders.
But behind the irritation lurks a real
trepidation.
At the start of August, the govern-
ment in Pristina said members of the
Serbian minority in northern Kosovo
must swap their Republic of Serbia vehi-
cle registration plates for Kosovo ones.
This was in line with agreements
reached in 2013 and 2015. But Kurti
decided without warning to bring the
ruling forward by a month. In response,
Serbs in northern Kosovo put up road-
blocks and brandished firearms, leading
to a rapid rise in tensions.
Belgrade and Pristina traded insults
and dark hints of war. Vu i accuses the
Kosovo government of blocking the
formation of an Association of Serbian
Municipalities in Kosovo, which was
part of the normalisation accords. Kurti
counters by calling Vu i a “little Putin”,
bent on invading Kosovo just as the
he longer the dispute
festers the greater the
risk of a destabilisation
of south eastern Europe
Russian leader invaded Ukraine.
Belgrade often stands accused of fos-
tering close ties with Moscow, influ-
enced by the historical friendship
between Serbs and Russians. The his-
tory is more complicated. Vu i has
resisted EU and US pressure to join
sanctions on Russia. But at the UN, Bel-
grade condemned Russia’s invasion.
It took combined pressure from the
EU, US and UK to defuse the flare-up in
northern Kosovo. But alarm bells were
set off at Nato and EU headquarters. The
backdrop is a growing disaffection in
parts of the western Balkans caused by
the EU’s failure to live up to its promise,
first made 20 years ago, to integrate the
region into the 27-nation bloc.
This disaffection has not gone unno-
ticed in Moscow, which for years has
gently stoked divisions within and
between Bosnia and Herzegovina, Mon-
tenegro, Serbia, Kosovo, North Macedo-
nia and Albania. In an unhelpful devel-
opment, Croatia and Bulgaria have lev-
eraged their status as EU members to
apply unwarranted pressure on Bosnia
and North Macedonia, respectively.
All these processes have intensified
since the war in Ukraine, which is test-
ing European resilience and unity. The
EU is hosting millions of Ukrainian refu-
gees. It faces a winter energy crunch.
Wildfires rage across Europe. Inflation
is soaring. Brussels needs instability in
the Balkans like a hole in the head.
It might look as though Serbia and
Kosovo will never overcome their differ-
ences. Yet on important issues, includ-
ing the integration of Kosovo Serbs into
the country’s legal system, real progress
has been made. Both sides have shown a
quiet willingness to compromise. Nei-
ther has flagged up these successes for
fear of a backlash from nationalists in
their own ranks.
Western diplomats worry that the
sirens of nationalist populism may be
seducing some members of both gov-
ernments and that the Serbian minority
in Kosovo is becoming restless, believ-
ing Belgrade has already conceded too
much to Pristina.
Kurti and Vu i need to overcome
their personal and political differences.
Equally, the EU must revitalise its strat-
egy of absorbing the western Balkans.
The longer the Kosovo dispute festers
and the region’s states remain outside
the EU, the greater the danger of a cata-
strophic destabilisation of south-east-
ern Europe. That’s in nobody’s interests.
Except Moscow’s.
The writer is rector of the Institute for
Human Sciences (iwm.at) in Vienna
22 ★ S Thursday 18 August 2022

Ally Warren Buffett: shifting out of neutral

The pandemic boom in used car prices lifted shares in consumer lending group Ally Financial. Lower demand
and tighter financial conditions have led to a retreat in both since. A return to pre-pandemic provisioning or
higher levels of consumer debt should not yet be reasons for concern

Twitter: FTLe
Yangt e climate change:
river weak emissions high
Water levels in the Yangtze hit a record
low this week. Southern China is
battling a drought with temperatures
around the river exceeding 40C since
last month. That spells trouble for
Chinese hydropower and a tilt towards
coal that will raise carbon emissions.
The world’s great rivers have been
arteries for commerce and culture for
millennia. Some of them are in trouble.
Water levels in the Rhine, anube, Po
and Colorado are unusually low. The
effects range from supply route
disruption to crop failures. In parts of
China, energy supplies are threatened
as water used by hydropower plants
dwindles. Water available from the
main Three Gorges reservoir is already
at half average levels.
Japanese carmaker Toyota, Taiwan’s
Foxconn and Chinese battery maker
Contemporary Amperex Technology
are among businesses that have closed
factories this week due to the resulting
power crisis. Important provinces such
as Sichuan, China’s third-largest, made
the switch to hydropower as a key
energy source more than seven years
ago. At that time, Beijing was pushing
aggressively for more renewables.
Friendly policies and fat subsidies
helped utilities such as China Yangtze
Power to increase market share rapidly.
Operating margins have exceeded 50
per cent for more than a decade. China
Three Gorges Renewables, which also
has China Three Gorges Corporation as
its parent, has comparable margins.
espite enviable earnings, shares of
Three Gorges Renewables are down
15 per cent this year and trade at 20
times forward earnings, half the level
of a year ago. Strict policy mandates to
cut coal usage and increase renewable
power capacity are weakening.
Severe droughts are occurring more
frequently in China. Last summer, the
hydropower hub of Yunnan province
was hit, causing power cuts that
disrupted factories for months.
The current heatwave in Southern
China is forecast to last another two
weeks, the longest since records began.
Beijing is prioritising the fight to
support economic growth over the
push for renewables. Average daily
consumption at coal-fired power
stations was 15 per cent higher than a
year ago in the first two weeks of
August at 8.16mn tonnes. Persistent
droughts would damage the status of
hydropower as a reliable source of
energy. In a painful irony, they would
also increase China’s already substantial
contribution to climate change.
Meme stocks: the
fundamental things apply
Are meme stocks still a thing Very
much so, if the 400 per cent surge in
the stock of US home goods retailer
Bed Bath Beyond over the past
month is anything to go by.
Conventional wisdom dismisses
these as detached from fundamentals.
A more accurate view is they are
detached from their fundamentals but
not from those of the market.
Reddit’s WallStreetBets crowd laid
low during the worst of this year’s rout.
A sustained rally on Wall Street since
June, fuelled by a stronger-than-
expected corporate earnings season,
has lured them back.
Meme stocks, like bitcoin, are useful
gauges of animal spirits that depend on
evidence of decent, old-fashioned
earnings somewhere else in the
financial system. Bed Bath Beyond
was the third most bought stock by
retail investors on Tuesday, according
to Vanda Research. Trading volume hit
nearly 400mn compared with an
average of less than 12mn. The stock
was only behind Tesla for bullish call
options traded among retail investors.
GameStop, the video game retailer
that became the original meme stock
last year, has almost doubled in value
since May. Movie theatre operator
AMC, another Reddit favourite, has
gained 40 per cent over the past
month. This week’s buying frenzy in
Bed Bath Beyond appeared to have
been triggered by news that the vehicle
of investment influencer Ryan Cohen
had bought call options betting the
stock can rise as high as $80 a share.
None of that justifies the stock’s
valuation of 70 times forward earnings
— not given the retailer’s shrinking cash
position and struggle to revive sales
growth. Second-quarter profits among
S P 500 groups are expected to have
risen 10 per cent from a year earlier,
according to Refinitiv data. This is
unlikely to last given high inflation and
shifting consumer habits. Reappear-
ance of meme stock traders should hint
US used car prices boosted Ally shares Loan loss provisions have returned
Manheim Used Vehicle Ally Financial to previous levels
Value inde share price ( )
250 60
50
200
40
150
30
100
20
50
10
0 0
2014 15 16 17 18 19 20 21 22
FT graphic Source: Refinitiv
It does not have quite the same lustre
as the Golden Age of Athens. But
2020-21 will be remembered as
halcyon days by US used car
merchants, if no one else.
Warren Buffett does not think the
good times are quite over. Filings
show Berkshire Hathaway tripled its
stake in Ally Financial, an auto
lending mainstay, to $1bn during the
second quarter.
The world’s most famous investor
evidently believes lending margins
will remain robust and default rates
low in consumer credit.
In the two pandemic years, shares
in Ally rallied 57 per cent. The stock
was buoyed by consumers flush with
cash flocking to buy used vehicles.
Auto manufacturers were unable
to the Fed that inflationary pressures
are still ballooning — which means
expected rate rises may be too low.
Housebuilders windfall
ta es: Wimpeying out
Politicians are imposing, or at least
proposing, windfall taxes on energy
groups. One justification is that profits
are “too high”. But politicos weaken
their argument by declining to follow it
to its conclusion, that any mature
business with fat profits should pay
extra taxes. Consider Persimmon.
The housebuilder posted first-half
results yesterday. Profit margins, as
defined by ebita, were 26 per cent,
according to S P Capital I , against a
mn
2018 2019 2020 2021
Source: S P Capital IQ
to meet demand for new cars. Ally
shares have fallen by a quarter so far in
2022. Wall Street is worried about the
finances of the US consumer as well as
a normalisation in the auto market.
Ally says those worries remain
overstated, a view that now has the
implicit endorsement of a legendary
investor.
Between the end of the 2019 and the
start of 2022, the Manheim Used
Vehicle Value index increased by a
vertiginous 70 per cent.
Higher used car prices supported
bigger loans at a time when there were
virtually no concerns about immediate
credit losses.
Net interest revenue increased
substantially in the current quarter
compared with 2021. However, Ally
figure for BP of 24 per cent over the
period. Persimmon and three other
housebuilders — Taylor Wimpey,
Barratt and Berkeley — have all made
fatter profits on this measure than BP
and Shell over the past 12 months.
You could argue that the case for
windfall taxes is stronger. UK
housebuilders have received heavy
indirect government support via
subsidies for homebuyers. New
housing supply is artificially
constrained by a restrictive planning
system. Both factors keep prices and
margins high. Persimmon has returned
£3bn in dividends in the past five
years, more than three times as much
as in the preceding five-year period.
This year’s payment is expected to
match last year’s record £750mn.
There are several reasons UK
US consumer credit outstanding
tn
5
Revolving Non-revolving
800
4
600
3
400
2 unsustainable debt load of $8bn.
200
1
0 0
2022 2008 10 11 12 13 14 15 16 17 18 1920 21 22
Source: Federal Reserve
was forced to accrue credit loss
provisions so big that pre-tax income
fell 40 per cent year on year.
The company insists those
provisions are simply a natural
reversion to ordinary levels.
Ally’s internal models forecast used
car prices falling 30 per cent over the
next couple of years. Still, lower
prices are not a death knell and could
lead to even steeper volumes of sales
to buyers sidelined by elevated
prices, according to Ally.
The company’s share price has
fallen far enough to trade at near
book value. This must have grabbed
Berkshire’s attention.
Buffett’s bet is a vote of confidence
in consumer banking broadly as well
as auto loans.
housebuilders evade calls for excess
profit taxes. It would mean indirectly
taxing new homebuyers, some
receiving subsidies, for example. But
energy groups are candidates for
special punishment for cognitive as
much as practical reasons. The sting of
higher energy bills is felt by all
consumers, even as energy groups’
profits rise. In contrast, paying steep
prices for new homes afflicts a
minority intermittently. Subsequent
house price gains mollify the victims.
In both cases, the case against
windfall taxes is the same: they stifle
investment, cut supply and lift prices.
There is an argument that
persistently high profits are a symptom
of market failure. The solution would
be reform. But many will prefer lashing
out selectively at business.
Endo opioids:
emerald wiles
So much for the luck of the Irish. Endo,
a maker of speciality drugs officially
headquartered in ublin, has filed for
bankruptcy protection, citing an
Endo’s Irish roots are shallower than
those of many other US visitors. The
group landed in Ireland a decade ago
through a tax inversion merger. Its
longstanding home is in Pennsylvania.
It prospered for a while. In 2015, its
market cap exceeded $15bn. But its
fortunes eroded. Top drug Vasostrict
unexpectedly lost patent protection.
Endo’s projected 2022 ebitda is set to
be half its level last year, leaving its
debt to cash flow ratio at 10 times.
Endo previously sold opioid
painkillers which are the subject of
lawsuits by alleged victims as well as
governments. Bankruptcy courts will
seek to resolve those claims efficiently.
The Chapter 11 process has been
widely used by overleveraged
companies. Increasingly, it is the place
to resolve product liability fights, too.
The group says it has a deal in which
senior creditors would exchange $6bn
in claims for assets of the company. At
the same time, a trust would be created
with $550mn of cash to compensate
opioid sufferers over the next decade.
This deal is only an opening bid.
Other investors may offer to buy the
remaining assets. Numerous claimants
will have to agree to what they think is
an actionable payout.
Like peers Purdue and Mallinckrodt,
Endo believes the power of the
bankruptcy process to funnel opioid
litigation into a single, binding forum is
the cleanest way to resolve its liability.
This point is controversial among
lawyers of plaintiffs. Some critics think
Chapter 11 is used as a sanctuary for
unethical businesses pursued by
legitimate claims. But, for now, there is
no obviously better alternative.
Endo’s creditors include hedge funds
and others who hope a tidy resolution
will snap investments back into the
money. This will take a bigger helping
of luck than the purchase of an Irish
company registration affords.
Le on the web
For notes on today’s stories
go to www.ft.com le

CROSSWORD
No 17,176 Set by BOBCAT
ACROSS
1 Keep uiet about little Italian restaurant by
river steps at Aviemore? (10)
7 Wrong . . . . or, in time, ultimately right (4)
9 Notice loss of resistance in circuit (4)
10 Condition restricting movement is secured
by finance provider following discharge
(10)
11 Refuse to oin woman out with teacher on
the rebound (6)
12 Look at Bottom unconstrained, asinine,
and beginning to heehaw. Would a fairy
call for this? (3,5)
13 European once in prison needs
e ceptionally large place for business (8)
15 Rustic claims he’s the unidentified horned
beast (4)
17 It’s not good of the French to take on very
loudly (4)
19 Serve the lot right to impose silence (8)
22 Unfortunately, corn here’s run short
around 1st April. One must keep stock (8)
23 Drink first couple of beers after author’s
declaration of personal impartiality (6)
25 They establish connections and maintain
them without revealing the point (6,4)
26 Supply eats? (4)
27 Lament line finally adopted by
Livingstone? (4)
28 Electronic data gathered about people
going west. In these? (6,4)
DOWN
2 One of St Paul’s letters describes clever
dramatic e ect (7)
3 Perhaps bend Hamlet’s ear every now and
then (5)
4 Insensitive promotion in marketing firm
JOTTER PAD leads to some embarrassingly lengthy
litigation (4,4)
5 One such as Bet eman recollected patriots
in verse (15)
6 Ra novel sent up to occupy youngster
on vacation (6)
7 Inca by profession’s a needlewoman? (9)
8 Pri e pupils bored by mindless repetition?
On the contrary (7)
Solution 17,175 14 Actor’s base o ence in play involves son in
real life (3-6)
16 Potential guide for TES production line
found in loft? (5,3)
18 Siege-gun: a war engine used to some
e tent in the dark (7)
20 I could be in deep water, having given
criminal a fresh start (7)
21 Spooner’s drink ready? Correct (6)
24 Like fundamental it’s tetrasyllabic, but
not latterly used in translation (5)