MONDAY 17 OCTOBER 2022 INTERNATIONAL NEWSPAPER OF THE YEAR EUROPE

No backing down for Iran’s Generation Z Renault-Nissan ties unravel after Ghosn
BIG READ, PAGE 19 LEO LEWIS, PAGE 20

Xi warns of ‘critical time’ for China Briefing

i Truss in survival fight as

as he embarks on record third term

business and MPs raise heat
The UK premier was under
pressure to resign last night as
her new finance minister hinted
he could scrap more of her fiscal
plan.— PAGE 3; MARTIN WOLF, PAGE 21

3 Week-long event to solidify rule 3 Most powerful leader since Mao 3 Clear message on Taiwan i Credit Suisse plan widens
The board has turned its focus to
non-core parts of Swiss Universal
TOM MITCHELL — SINGAPORE Ye sterday, Xi said China had Bank as it looks to raise cash from
PRIMROSE RIORDAN — HONG KONG ‘[The party] “achieved an overwhelming victory disposals to close a capital hole of
President Xi Jinping has called on the
Chinese Communist party’s 97mn
will take all against corruption, eliminating serious
hidden dangers within the party, state
around $4.47bn.— PAGE 5

members to steel themselves for a “criti- necessary and military”. He added that only con- i Storm Ian bill up to $75bn
cal time” in the country’s history, as he
opened a congress that will solidify his
measures to tinuous “self revolution” could ensure
that the party remained in power.
Insurance losses from the
hurricane that swept through
status as its most powerful ruler since stop all The congress will position Xi, 69, as Florida and South Carolina have
revolutionary hero Mao Zedong.
In an almost two-hour speech in the
separatist head of the party and military until at
least 2027. Health permitting, it is possi-
put it on course to be the most
expensive for decades.— PAGE 9
Great Hall of the People in Beijing yes- movements’ ble that he will retain both posts until at
terday, Xi said the party’s “mission is least 2032, when he will turn 79 — the i Blaze at Iran jail kills 4
glorious beyond compare” as he out- same age as US president Joe Biden now. Authorities have confirmed
lined goals ranging from the unification Only one of Xi’s two living predeces- fatalities in a fire on Saturday at
of China and Taiwan to an “all-out peo- sors, Hu Jintao, was present at the open- the notorious Evin prison after
ple’s war” against the Covid-19 ing of the congress. Jiang Zemin, who is inmates clashed with security
pandemic. 96 and in frail health, did not attend. In forces.— PAGE 4; BIG READ, PAGE 19
The Chinese premier pledged that the the early years of their respective party
party, which celebrated its centennial leaderships, Hu and Jiang were con- i EU cash threat to Poland
last year and has been in power since strained by powerful predecessors. Brussels officials have said the
1949, would “never renounce the use of That has not been the case for Xi, commission is ready to freeze
force [to achieve unification] and will given the widespread perception that regional aid payments to Warsaw
Hu was a weak leader who presided over because of the stand-off over
a lost decade marred by rampant cor- judicial independence.— PAGE 2
Xi has tied his legacy to ruption and environmental destruction.
unification. It is integral to The party congress will usher in a new i Tunisia reaches IMF deal
200-member central committee, a The government has reached a
his ‘great rejuvenation’ plan politburo comprised of the party’s top preliminary accord on a $1.9bn
Analysis, Page 3 25 officials and a seven-seat Politburo loan to help ease pressure on an
Standing Committee, headed by Xi. economy plagued by food and
take all necessary measures to stop all Only two of Xi’s six colleagues on the fuel shortages.— PAGE 2
separatist movements”. Politburo Standing Committee are due
“The resolution of the Taiwan issue is to retire, in accordance with an unoffi- Datawatch
a matter for the Chinese people them- cial rule that members aged 68 or older
selves, to be decided by the Chinese peo- cannot be reappointed — a guideline
ple,” said Xi. Without mentioning the that does not apply to the party leader. Harder to get fired
US specifically, he added that the party But the age limit could be lowered to 67, US layoffs and discharges (mn)
would combat “protectionism and which would force another two officials 12
bullying” by other nations. to step down, including Premier Li 10
“This is a clear message to Taiwan and Keqiang.
to the US,” said Sonny Lo, a Hong Kong- Li has been overshadowed for the past 8
based political analyst. “China has the decade by Xi, who has usurped most of 6
determination to resolve the Taiwan the authority exercised by previous 4
issue within the next decade.” premiers.
2
The week-long congress will end on In the run-up to the congress, the
Saturday and a new leadership line-up party’s flagship media outlets reaf- 0
will be unveiled the following day. Xi’s firmed the importance of Xi’s zero- 2010 12 14 16 18 20 22
Sources: US Bureau of Labor Statistics; Axios
reappointment to a third term as party Xi Jinping leads Covid policy. Health officials boasted
leader and head of the Chinese military the opening last week that they can test 1bn people a Layoffs in the US have hit a historic low.
is widely seen as a fait accompli, despite ceremony of the day. But Xi’s administration has consist- Economists do not expect the Federal
a series of controversial policies that 20th national ently hindered international efforts to Reserve’s efforts to cool the economy to
have dramatically slowed growth in the congress of the investigate the early spread of the trigger the kind of job losses that Covid
sparked because companies are fighting
world’s second-largest economy and Communist pandemic. to retain staff amid labour shortages
badly strained China’s relationship with Party of China Additional reporting by Xinning Liu, Nian
the US and its allies. Li Xueren/Xinhua
Liu and Thomas Hale

Ukraine crowdfunds $150,000 bounty

to capture notorious Russian blogger
CHRISTOPHER MILLER — KYIV On his watch Russian forces shot Ukraine, and this weekend his wife
down Malaysia Airlines flight MH17, Myroslava Reginska posted a photo of
Ukrainians have raised millions of dol- killing all 298 crew and passengers. Gir- him in military uniform on his Telegram
lars in online fundraisers to buy weap- kin is one of four defendants in a case channel. The apparent confirmation
ons and equipment for their army about the downing of the plane being that Girkin had gone to fight in Ukraine
Greensill creditors seek fighting Vladimir Putin’s invading tried in the Netherlands. triggered the bounty-raising effort.
clarity in Australian court force — and now they are crowdfunding The court is expected to rule next Ukraine’s Luhansk oblast governor
a bounty for a Russian fighter and month. In an interview with a Ukrainian Serhiy Hayday and tennis player Sergiy
Analysis i PAGE 8 blogger. journalist in 2020, Girkin said he felt Stakhovsky were among many who
A campaign launched this weekend has “indirect responsibility” for the shoot- donated large sums of money.
raised more than $150,000 to reward ing down of MH17. “+$10,000 from me”, Hayday wrote on
Austria €4.30 Morocco Dh50 the capture of Igor Girkin, a prominent In August 2014 he was recalled to Twitter. “The criminal must answer for
Bahrain Din1.8 Netherlands €4.30 Russian nationalist, fundraiser leader Moscow, where he appeared on nation- his crimes.”
Belgium €4.30 Norway NKr45
Croatia Kn32/€4.25 Oman OR1.60
Serhiy Sternenko said. One Ukrainian alist radio programmes and kept a rela- Hours later, Ukraine’s defence intelli-
Cyprus €4.00 Pakistan Rupee350 activist said he hoped the amount would tively low profile. But since Putin’s full- gence office, the GUR, tweeted a wanted
Czech Rep Kc120 Poland Zl 24 be attractive enough for Girkin’s own scale invasion in February he has re- poster featuring Girkin and his trade-
Denmark DKr43 Portugal €4.00
Egypt E£59 Russia €5.00
comrades to turn him in. emerged as an influential military blog- mark pencil moustache. “GUR guaran-
France €4.30 Serbia NewD530 Girkin led Kremlin-backed separa- ger and recently became a staunch critic tees $100,000 for the captured Girkin,”
Germany €4.30 Slovenia €4.00 tists during Putin’s first invasion of of Moscow’s poor performance, advo- it said. In September, Girkin told his
Greece €4.00 Spain €4.00
Hungary Ft1350 Switzerland SFr6.50
Ukraine in 2014. Going by the nom de cating escalation. 700,000 Telegram followers that Russia
India Rup220 Tunisia Din7.50 guerre Igor Strelkov, meaning “shooter”, Earlier this month it was rumoured had “already lost” the war.
Italy €4.00 Turkey TL50 he became notorious for his brutality. that he had returned to the battlefield in Ukraine faces cold winter page 2
Luxembourg €4.30 UAE Dh23
Malta €4.00

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2 ★ FINANCIAL TIMES Monday 17 October 2022

INTERNATIONAL

Cohesion scheme North Africa

EU ready to freeze aid payments to Warsaw IMF gives

Wrangle over rule of law matters. The conflict centres on the sub-
jugation of the judiciary to the executive
as Poland expects €76bn and how far Warsaw will need to go to
for period up to 2027 loosen its grip on the courts to meet with
trying to persuade the commission to
release its first payment under the EU’s
€800bn Covid-19 recovery fund, a sepa-
rate disbursement that is also blocked
maintain their curbs on the judiciary. In
the latest government reshuffle, Poland
this week replaced its minister for EU
affairs. Szymon Szynkowski vel Sęk suc-
preliminary
0.5 per cent of the overall amount, has green light to
Tunisia for
been received. Warsaw is still able to
draw down the cohesion funds from the
2014-2020 budget period.

SAM FLEMING AND HENRY FOY

BRUSSELS
RAPHAEL MINDER — WARSAW
Brussels is ready to freeze payments of
regional aid to Poland because of threats
EU law.
“The cohesion funds are like oxy-
gen . . . now even more because of the
over rule of law violations.
The feuding over EU money has
lurched to the top of the domestic
ceeded Konrad Szymański, who had
been seen in Brussels as a conciliatory
figure advising prime minister Mateusz
Warsaw has been trying to persuade
Brussels that reforms this year to its sys-
tem for disciplining judges are sufficient
$1.9bn loan
situation in Ukraine,” Andrzej Szu- Morawiecki. to address the commission’s rule of law
mowski, a former Polish deputy minis- The commission has recently signed concerns. One Polish official played
ter responsible for European integra-
‘Our businesses, NGOs off on three of Poland’s cohesion pro- down any potential effect of delayed dis-
HEBA SALEH — CAIRO

Tunisia has reached a preliminary

to judicial independence, as the stand-
off over rule of law violations hangs over
funding lines worth tens of billions of
euros to Warsaw. Poland is expecting to
receive cohesion funding worth €76.5bn
from 2021 to 2027.
The move heightens the financial
stakes in a long-running legal conflict
between Brussels and Poland’s ruling
Law and Justice party over rule of law
tion, said. “Our businesses, non-govern-
mental organisations and our society
absolutely need to get some funds.”
EU cohesion programmes are viewed
by poorer eastern European states as
the quid pro quo for opening their econo-
mies to richer western countries when
they join the bloc. Poland has been the
biggest beneficiary of the EU’s struc-
tural funding initiatives. Warsaw is also
Russia’s targets. Infrastructure
and society absolutely
need to get some funds’
Andrzej Szumowski, ex-minister
agenda in Poland as it prepares for elec-
tions next year. Tensions are simmering
in the ruling coalition as opposition poli-
ticians have accused the government of
sacrificing EU money in order to
grammes under the current EU budget.
The programmes cover big infrastruc-
ture projects and green investments.
The two sides are working on finalising
others.
Officials confirmed that the majority
of the new cohesion funds from the cur-
rent period are for now inaccessible.
Only a slice of pre-financing, paid annu-
ally without conditions and worth just
bursement on Warsaw’s fiscal situation,
saying that payment requests under the
new round of cohesion funding would
only start to be made next year, by
which time the rule of law situation
would hopefully be resolved.
However, Szumowski pointed out
that the threat of losing access to cohe-
sion funds was a serious problem for his
country.
agreement with the IMF on a $1.9bn
loan designed to help alleviate the
North African economy plagued by
food and fuel shortages.
The deal, which was announced late on
Saturday and is yet to be ratified by the
IMF board in December, is expected to
open the door to loans from other
donors awaiting the reassurance that
the heavily indebted country was com-
mitted to reforms, which form part of
the package.
Before the agreement, some analysts
were predicting Tunis would not be able
to meet its debt repayments and would

Ukraine faces cold winter after power plant attacks
Kyiv races to protect energy
network after systematic
missile and drone strikes
BEN HALL — LONDON
DEREK BROWER — PITTSBURGH
Ukraine’s engineers are racing to pro-
tect the country’s power installations
after Russian missile and drone strikes
last week damaged a third of the elec-
tricity network as it heads into winter.
The bombardment of Ukrainian cit-
ies, Moscow’s retaliation for an attack on
a crucial bridge connecting Crimea with
the Russian mainland, was the heaviest
since Vladimir Putin’s full-scale inva-
sion began in February.
Despite the apparently random tar-
geting of some of the strikes, Ukrainian
officials say Russia is trying to systemat-
ically destroy the country’s power and
heating plants as the weather gets
colder.
Almost a third of Ukraine’s electricity
infrastructure was damaged by missile,
drone or artillery strikes last Monday
and Tuesday alone, according to energy
minister German Galushenko.
The attacks caused rolling blackouts
across swaths of the country including
the capital Kyiv and forced heavy indus-
trial consumers, such as steel plants, to
scale back production.
Kyiv says that, after losing ground on
the battlefield, Russia is trying to terror-
ise the population and break civilian
morale. “Now the occupiers are not
capable of opposing us on the battle-
field . . . that is why they resort to this
terror,” President Volodymyr Zelenskyy
said last week.
Zelenskyy pleaded with western lead-
ers to provide more air defence systems
and equipment to protect vital infra-
structure. Russia is using swarms of Ira-
nian-built kamikaze drones to destroy
electricity grid connections.
A big danger for Ukraine is the
destruction of Soviet-era centralised
heating facilities during sub-zero tem-
peratures which, if not rapidly fixed,
could cause pipes across the network to
freeze and crack. These plants also
require electricity to function.
Just two combined heat and power
plants in Kyiv supply 650,000 homes in
the capital with heating and hot water.
“Can you imagine if the whole system
Under attack: a froze. That would be a real humanitar-
Kharkiv power ian catastrophe,” Galushenko told the
substation Financial Times in an interview.
destroyed by the Galushenko said Russia’s military had
Russians. been attacking the electricity system in
Almost a third a methodical way since early last
of Ukraine’s month.
electricity It led him to believe that it was receiv-
infrastructure ing advice from energy experts familiar
was damaged by with the Soviet-era energy system on
missile, drone or how to destroy it.
artillery strikes Ukraine’s internal security service,
last week the SBU, said last month it had uncov-
Vyacheslav Madiyevskyy/
Reuters
ered a group of Russian agents who had
been scouting the capital to identify crit-
ical infrastructure targets.
Maxim Tymchenko, the head of
DTEK, Ukraine largest private power
generator, said his company, working
with the grid operator, was rushing to
put up protective structures around
transformers and other grid equipment.
These kind of fixed installations are eas-
ily damaged by Iranian-supplied
Shahed-36 loitering munitions.
“They are using more and more
drones for these attacks,” Tymchenko
said. “They are not very sophisticated
technology. They don’t need special
missile systems.”
Russia has struck hundreds of heating
and power facilities since February. But
the attacks on infrastructure intensified
following Kyiv’s counteroffensive in
north-east of the country last month.
On September 11, during a wave of
retaliatory strikes at infrastructure,
Russian missiles badly damaged a com-
bined heat and power plant in Kharkiv,
the second largest such facility in the
country. “It is another crime against
humanity,” Ihor Terekhov, the mayor of
Kharkiv, said. “They want people to
freeze to death.”
In the summer, Ukrainian officials
ordered the evacuation of civilians from
the east of the country where power and
heating plants and the gas network were
destroyed in fighting. But until the latest
aerial attacks, they appeared confident
that they had sufficient gas, coal and
power generating capacity for the rest of
the country to get through the winter
without outages thanks largely to the
collapse in industrial demand.
Prime minister Denys Smyhal said
‘It is peak evening power demand would
have to fall by a quarter if the country
another was to avoid rolling blackouts. The min-
crime imum temperature in apartment blocks
served by centralised heating facilities
against will be lowered to 16 degrees.
humanity. “Let’s not embellish the reality — this
winter will be difficult,” Smyhal said. “It
They want is desirable that every family has a stock
people to of the necessary basic things: warm
clothes, candles, flashlights, batteries. It
freeze to is important to prepare this in case, as a
death’ result of massive missile attacks, the
light or heat will disappear.”
Ukrainians are girding for a chilly and
potentially dark winter, but the Russian
strikes have also stiffened their resolve.
Denys, a taxi driver from Kharkiv,
said some residents were prepared to
live without heat but living without
power as well would be very tough. “For
sure we can stay if there is electricity.
But it will cost a lot. And if everyone
turns on an electric radiator it is going to
be hard on the system. People are very
patriotic. If its helps to win, people will
spend the winter without heat.”
Additional reporting by Roman Olearchyk
probably default.
This will be the third agreement
between Tunisia and the IMF since 2013
and diplomats have warned in recent
months that the country has failed to
implement previously agreed reforms.
These included reducing subsidies, pri-
vatising state-owned enterprises and
cutting the civil service wage bill, which
is seen as one of the highest in the world
relative to the size of the economy.
The government has “already taken
steps to contain the civil service wage
bill and started to gradually phase out
generalised wasteful price subsidies”,
the IMF said on Saturday.
It said the loan would help Tunisia
restore fiscal stability, “enhance social
protection and promote higher, greener
The government has
‘started to gradually phase
out generalised wasteful
price subsidies’
and inclusive growth and private-sector
led job creation”.
Elements of the reform programme
include increasing targeted cash trans-
fers to the poor and expanding the social
safety net for vulnerable families hit by
price rises, the IMF said. The govern-
ment is also committing to reforming
state-owned companies.
This month, long queues of cars
formed outside petrol stations as a
result of fuel shortages attributed to the
rationing of foreign currency by the cen-
tral bank. Kais Saied, the president who
rules by decree and has changed the
constitution in the summer to gain
extensive powers, has accused specula-
tors and hoarders of stockpiling com-
modities and manipulating the market
to make huge gains.
Until Saied suspended parliament last
year, Tunisia was seen as the only exam-
ple of successful democratic transition
to have emerged from the Arab upris-
ings of 2011. Many Tunisians said then
that they backed his move as the demo-
cratic experiment had failed to stem
economic decline and rising prices.
But the country’s economic woes have
worsened since, as Russia’s invasion of
Ukraine placed increased strains on
Tunis’s budget by fuelling steep rises in
food and petrol import prices.
Commodities such as sugar and vege-
table oil have been in short supply.
Recent video footage that went viral
showed customers jostling each other at
a supermarket to seize scarce packets of
staples.

Transport

Crisis looms for German haulage as logistics lifeblood dries up

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GUY CHAZAN — BERLIN
After suffering months of supply chain
chaos, a dearth of drivers and surging
fuel prices, Germany’s trucking indus-
try is facing a new crisis: a chronic
shortage of the liquid that keeps their
vehicles on the road.
AdBlue, a mixture of urea and deionised
water, is the lifeblood of logistics as it
neutralises nitric oxide emissions from
diesel engines. But stocks are drying up
after SKW Piesteritz, a company in the
east German town of Wittenberg, which
is one of Germany’s biggest sources of
the solution, halted production to cope
with the soaring price of gas.
Dirk Engelhardt, head of the BGL, a
trade body for the haulage industry, said
he is being besieged by anxious compa-
nies that are running out of AdBlue.
“Lorries can’t move without it,” he said.
“There is going to be such an outcry in
the population if supply chains break
down and supermarkets empty out.”
The German economy is now heading
for recession, burdened by its worst
energy crisis since the second world war.
Moscow’s decision to cut off gas supplies
pushed prices to levels four times higher
than a year ago — prompting some
energy intensive plants to halt opera-
tions even as the government held out
the prospect of generous subsidies to
bring down costs.
SKW Piesteritz became one of the
most high-profile casualties of the surge
in gas prices when it shut down com-
pletely in August. It later brought one of
its two production lines back up to
“minimum levels”, spokesman Christo-
pher Profitlich said, but the second
remains offline.
“If we’d kept producing we would
have been making losses of €100mn
every month,” he said.
SKW’s shutdown has already had a
huge impact on fertiliser stocks to Ger-
man farms, as well as causing problems
for abattoirs, food packers and brewer-
ies who rely on the carbon dioxide it
produces — a byproduct of ammonia.
But the sharp fall-off in its production
of AdBlue is predicted to have even big-
ger economic consequences. Engelhardt
said more than 90 per cent of Germany’s
800,000 trucks need the solution and
consume a total of 2.5-5mn litres a day.
Supermarket chains, scarred by the
shortages of staples seen during the
pandemic, are already expressing con-
cern. It’s not just trucks that rely on the
solution. “This affects all vehicles on
four wheels and weighing more than 3-4
tonnes,” said one haulage operator in
the southern state of Bavaria. “What’ll
happen to all the ambulances, fire
engines and tractors that also run on
diesel?”
Meanwhile SKW is not the only chem-
icals manufacturer that is scaling back
production. Norwegian group Yara
announced in August it would reduce
the capacity of its European ammonia
plants by 65 per cent. German chemi-
AdBlue neutralises nitric oxide
emissions from diesel engines
cals giant BASF has cut ammonia pro-
duction at its vast Ludwigshafen site in
south-western Germany and is buying
the compound on the world market
instead.
The problems are affecting all indus-
tries that consume a lot of energy.
Recent official data showed glass and
ceramics production declined by 2.8 per
cent between July and August, chemi-
cals by 3.1 per cent, while coking plants
and oil refineries saw output fall by
4.5 per cent. Toilet paper manufacturer
Hakle filed for insolvency in September
citing the increase in energy and com-
modity prices.
Nor is the situation expected to
resolve quickly, despite the recent fall in
gas prices from record highs over the
summer. The IMF expects the German
economy to shrink next year by 0.3 per
cent — the worst performance of any
large economy bar Russia. Markus
Steilemann, head of chemicals lobby
group VCI, recently warned that Ger-
many risked turning from an “indus-
trial country” to an “industrial
museum”.
Additional reporting by Harry Dempsey
and Olaf Storbeck
Monday 17 October 2022
Xi sends sharp
warning to US
over further
Taiwan support
Comments underscore sense of urgency
on perceived attempt to change status quo
KATHRIN HILLE — TAIPEI
China’s leader Xi Jinping has used his
biggest agenda-setting speech in half a
decade to warn the US against further
support for Taiwan, chiding “external
forces” for soaring tensions in the Tai-
wan Strait and suggesting they would be
to blame if Beijing felt compelled to
attack the country.
“Facing severe provocations from
the Taiwan independence forces and
from interference by external forces, we
resolutely carried out a major struggle
against separatism and interference,”
Xi said in a speech opening the 20th
Chinese Communist party congress
yesterday.
Reiterating Beijing’s priority to pur-
sue unification peacefully but refusing
to renounce the use of force, Xi, who did
not specifically name the US, said:
“What this is mainly aimed at is exter-
nal forces and a small minority of Tai-
wan independence forces, but abso-
lutely not the majority of Taiwan com-
patriots.”
‘Facing severe provocations
. . . we resolutely carried out
a major struggle against
separatism and interference’
The remarks reflected Beijing’s grow-
ing sense of urgency over what it per-
ceives as US attempts to change the sta-
tus quo in the Taiwan Strait — notably,
arms sales, visits by American politi-
cians and repeated statements by Presi-
dent Joe Biden that Washington was
committed to defending Taiwan if China
were to attack.
“As the US and China are embroiled in
[a] great power competition, Beijing is
now more and more focused on pushing
back against what it sees as external
intervention in the Taiwan issue,” said
Chang Wu-yueh, a professor at Tam-
kang University in Taipei.
A Chinese government white paper in
August claimed that external forces
were trying to exploit Taiwan to contain
China, prevent the Chinese nation from
achieving complete unification and halt
the process of national rejuvenation.
Xi has tied his legacy to unification,
describing it as integral to his plan to
achieve a “great rejuvenation of the Chi-
nese nation” by 2049, a century after the
party first set its sights on Taiwan.
As the congress prepares to make Xi
the first party leader since Mao Zedong
to stay at the helm beyond two terms,
policy experts believe Beijing could try
to hasten progress towards that goal.
“Beijing will not wait for Taiwan,” said
Chao Chun-shan, one of Taiwan’s most
senior China experts who has advised
the past four presidents on cross-Strait
policy. “Xi has said that the Taiwan
question cannot be dragged out without
resolution, so they are taking the things
they can manipulate themselves and
doing them first.”
There is ample evidence of that effort
Political shake-up
Truss remains ‘in charge’,
insists new UK chancellor
SEBASTIAN PAYNE AND DANIEL THOMAS
LONDON
The UK’s new chancellor, Jeremy Hunt,
has insisted that prime minister Liz
Truss is still running the government
after reports suggested he was prepar-
ing to scrap further parts of her “mini”
Budget.
Following Truss’s decision to sack her
chancellor Kwasi Kwarteng on Friday,
senior Conservative MPs believe it is a
matter of time before she is replaced as
prime minister. Kwarteng has privately
told friends he believes Truss will last in
her post only a week.
When asked who was leading the gov-
ernment, Hunt told the BBC yesterday
that “the prime minister’s in charge”,
adding that Truss could be trusted
because “she’s changed, she’s been will-
ing to do that most difficult thing in poli-
tics, which is to change tack”.
Investors are nervously waiting to see
how the market for UK government
debt reacts today to the policy U-turn,
★ FINANCIAL TIMES 3
INTERNATIONAL
‘There are
only very
few
scenarios
under
which Xi
would seek
unification
at any cost’
Chao
Chun-shan,
Taipei adviser
on China
already. Over the past three years, Bei-
jing has unleashed a flurry of initiatives
that resemble planning for post-unifica-
tion Taiwan and suggest to the public
that this era is imminent.
The driver is Xi’s suggestion, first put
forward in January 2019, that “Chinese
on both sides of the [Taiwan] Strait” A telecast in
start looking in more concrete terms at Hong Kong of
the “one country, two systems” frame- Xi Jinping’s
work originally developed for Taiwan opening speech
but first applied in Hong Kong. at the party’s
The Chinese leader’s concept for that 20th congress
process is what he calls “integrated Isaac Lawrence/AFP/Getty
development”. According to research
papers by Chinese scholars specialising
in Taiwan policy, the approach envi-
sions drawing the island more closely to
China through a web of personal and
business interests, and gradually win-
ning the Taiwanese people over to Bei-
jing’s vision of a unified great nation
through educational exchanges and
propaganda.
However, in Taiwan, that push is
going nowhere. Since early 2020, pan-
demic travel and visa restrictions
imposed by both Beijing and Taipei
have severely impeded the Chinese
Communist party’s efforts to woo Tai-
wanese students, businesspeople, reli-
gious communities, grassroots officials
and even gang leaders.
Even if cross-Strait travel reopens, the
prospects are dim. The Taiwanese gov-
ernment is resisting deeper integration
with China, and mainstream opposition
politicians refuse to discuss unification
because the vast majority of the popula-
tion wants to retain the country’s de
facto independence.
Xi is now shifting from the more
patient approach pursued by his prede-
cessor Hu Jintao to a policy stressing
advances towards unification.
Following a visit by Nancy Pelosi,
Speaker of the US House of Representa-
tives, to Taipei in August, the People’s
Liberation Army conducted unprece-
dented exercises around Taiwan. Since
then, Beijing has dispatched fighters,
drones and warships towards the island
daily.
However, analysts believe warnings
from US military and intelligence offi-
cials of a looming invasion are over-
done. “Beijing still has strategic patience
and that is a chance for Washington,”
Colonel Zhou Bo, a former official in the
Chinese defence ministry and a senior
fellow at Tsinghua University, wrote in
an article in the South China Morning
Post last month.
Other experts have argued that Bei-
jing prefers using military force for
intimidation, deterrence and coercion
rather than war. “There are only very
few scenarios under which Xi would
seek unification at any cost,” said Tai-
wan’s senior China adviser Chao.
“Although for him, unification needs
to be achieved together with China’s
great rejuvenation, this is a dialectic
relationship. He will not renounce the
use of force to achieve unification, but
achieving unification must not damage
rejuvenation, the final goal.”
which both reduced the extent of
unfunded tax cuts being planned by
Truss but also signalled a fundamental
weakness in her government that could
lead to further upheaval.
Goldman Sachs yesterday cut its fore-
cast for UK economic growth and
warned that it now expected a more sig-
nificant recession.
Gilt markets were hit by a fresh sell-
off on Friday afternoon as investors
warned that Truss’s attempt to reassure
investors by scrapping an £18bn corpo-
rate tax cut was not enough.
Goldman analysts said the policy
U-turn had a “modest impact on gov-
ernment borrowing, worth around
£17bn [or 0.7 per cent of gross domestic
product] in each year” but pointed to
“weaker growth momentum, signifi-
cantly tighter financial conditions, and
higher corporation tax from next April”.
Yesterday, Crispin Blunt, Conserva-
tive MP for Reigate, said he did not think
the prime minister would be able to sur-
vive the current crisis.
4 ★ FINANCIAL TIMES Monday 17 October 2022

INTERNATIONAL

Tehran protests Economy

Four inmates perish in Iran prison blaze Japan hopes

More than 60 hurt in Evin
fire amid clash between
prisoners and jailers
caused a fire in Evin prison,” the official
said. “The situation is under thorough
control now and there is tranquility in
the prison while firefighters are putting
showed fire and smoke rising from the
jail. Foreign nationals, including Ameri-
cans and Europeans, are also held in
Evin. At least nine foreigners have been
The nationwide demonstrations were
sparked by the death of Mahsa Amini, a
22-year-old Kurdish woman, on Sep-
tember 16 following her arrest by the
spending
its special anti-riot forces outside the by tourists
will offset
university, the first time they have been
seen in Tehran. Until now, security
operations have been conducted mainly

NAJMEH BOZORGMEHR — TEHRAN

At least four people were killed in a
major fire at Iran’s notorious Evin
prison on Saturday evening after
inmates clashed with security forces,
while more than 60 others were injured.
IRNA, Iran’s official media outlet,
quoted an unknown security official as
saying a fight broke out in one ward that
led to clashes with prison guards.
“Villains and thugs set alight the
warehouse of prisoners’ clothes, which
[out] the fire.”
The judiciary’s news agency added
that the four inmates — whose identities
were not disclosed — had been con-
victed of theft and died as a result of
smoke inhalation, while four others
remained in a critical condition.
The agency said some prisoners who
had been charged with “dangerous and
violent crimes” had tried in vain to
escape the prison, which houses demon-
strators arrested during widespread
protests and political prisoners.
Videos and pictures in local media
Middle East. US ties
arrested during the protests, authorities
have said.
Ned Price, US state department
spokesperson, said the Biden adminis-
tration was following reports “with
urgency”, adding: “We are in contact
with the Swiss as our protecting power.
Iran is fully responsible for the safety of
our wrongfully detained citizens, who
should be released immediately.”
The incident comes as the Islamic
republic has been struggling with one of
the biggest and most long-lasting pro-
tests in its 43-year-old history.
morality police for allegedly failing to
observe the Islamic code. Many Iranians
were outraged and accused security
forces of beating her. Iranian authorities
insist she was not punished and died
because of pre-existing conditions.
Anti-regime protests in the streets
and universities continued in Tehran
and other cities on Saturday. In the capi-
tal, there was tight security around cam-
puses including Tehran University,
where students chanted “death to the
dictator”, witnesses said.
The Revolutionary Guards deployed
by police as well as plain-clothed
guards. Iranian officials have vowed to
stamp out the protests, which they
weaker yen
blame on the regime’s enemies includ-
ing the US, Israel and Saudi Arabia. ERI SUGIURA — TOKYO
State television has confirmed that
Japan’s prime minister Fumio Kishida
more than 40 protesters have died but
is seizing on an expected surge in
Amnesty International has said the toll
spending by international tourists
is at least 144, including 23 children.
after Covid-19 travel curbs were lifted
While the demonstrations seemed to
as an opportunity to emphasise the
be diminishing in recent days compared
upsides of a sinking yen.
with a week ago, analysts warn that fur-
ther killings could escalate the unrest. Economists have estimated foreign
See Big Read tourist spending could exceed the gov-
ernment’s annual ¥5tn ($35bn) target, a
level that would help counteract the
higher costs of imported food and
energy that have widened the trade defi-
cit.
“We need to prepare various meas-

Biden has limited scope to act over Saudi oil cuts
Riyadh seen as vital ally of
Washington despite calls for
further weapons sales curb
ANDREW ENGLAND — LONDON
SAMER AL-ATRUSH — DUBAI
As Joe Biden weighs his response to
Saudi Arabia’s decision to slash oil pro-
duction, the US president faces mount-
ing calls from Democrats to do the one
thing they believe would hurt Riyadh
most: freeze arms sales and curb secu-
rity co-operation with the kingdom.
But if Biden, who warned last week
that Saudi Arabia would face conse-
quences without elaborating, decides to
go down that avenue, he will have lim-
ited room for manoeuvre, say diplomats
and analysts.
That is partly because his administra-
tion imposed a freeze on “offensive”
arms sales to the kingdom last year as a
result of Biden’s concerns about Riy-
adh’s conduct of its war in Yemen.
Defensive arms sales continue.
More broadly, analysts say Saudi Ara-
bia is too important to US interests in
the region, including for counter-intelli-
gence and its efforts to contain threats
posed by Iran and the Islamic republic’s
proxies, to be abandoned on the secu-
rity front.
“It’s an understandable reaction, but
there are also strong forces and strong
rationale for continuing co-operation,”
said Tom Karako, director of the missile
programme at the Center for Strategic
and International Studies. “There’s a
strong and shared interest in maintain-
ing defence and a deterrent [to Iranian
threats].”
The Biden administration has delayed
a US-Gulf Co-operation Council “work-
ing group” meeting that was to be held
in Riyadh this month, a gathering in
which officials discuss military co-oper-
ation and regional threats, particularly
from Iran. That move was seen as
largely symbolic.
Emile Hokayem, a Middle East expert
at the International Institute for Strate-
gic Studies, said Washington could dis-
play its displeasure by delaying arms
sales or supplies, downgrading official
representation in security settings and
pushing back on Saudi policy in Yemen
and other theatres.
“But ultimately the US cannot cut
counter-terrorism co-operation and
cannot take its eyes off of Iran,” said
Hokayem. “It’s too important for Amer-
Saudi army ican security interests, and the Saudis
artillery fire are counting on this to tie the US down.”
shells towards The US state department hinted as
Yemen from a much even as it reiterated Biden’s
post close to the pledge to review the relationship with
border —Fayez Riyadh after Opec+, an alliance led by
Nureldinef/AFP/Getty Images
Saudi Arabia that includes Russia, last
week cut its daily output targets by 2mn
barrels.
“We are not going to cast aside any of
the important tools that we need to
wield to ensure that Iran does not pose a
threat to American people, to American
interests and to our broader interests in
the region,” Ned Price, state department
spokesman, said last week. But Biden,
who has said he will work with Congress
on his response, also has to consider the
scale of anger in his party.
Bob Menendez, Democratic chair of
the Senate foreign relations committee,
called on the administration to “imme-
diately freeze” arms sales and security
co-operation. He said he would not
“greenlight any co-operation with Riy-
adh until the kingdom reassesses its
position with respect to the war in
Ukraine”.
Chris Murphy, who is a member of the
committee, proposed diverting a ship-
ment of 280 air-to-air missiles meant
for Saudi Arabia to Ukraine and moving
US Patriot air defence systems in Saudi
Arabia to Ukraine.
“These two steps would right-size our
relationship with Saudi Arabia AND
help Ukraine,” he tweeted.
Washington’s fury comes after Saudi
Arabia had been pushing the Biden
administration to strengthen its secu-
rity relationship, including improving
intelligence-sharing and institutionalis-
ing the partnership.
The kingdom, which has for decades
looked to the US as its security guaran-
tor, is one of the top buyers of US weap-
onry. Saudi Arabia’s estimated military
spending was $55.6bn in 2021. The king-
dom accounted for almost a quarter of
American sales during 2017-2021,
according to the Stockholm Interna-
tional Peace Research Institute.
But since Biden took office, Riyadh
has been frustrated with the US’s
approach to the security partnership.
Riyadh was infuriated when Biden
halted offensive arms sales, while also
criticising the 2018 murder of journalist
Jamal Khashoggi by Saudi agent.
There were signs of a tentative easing
of tensions this year as senior adminis-
tration officials reiterated Washington’s
longstanding commitment to defend
Saudi Arabia and began assessing that
Riyadh was serious about ending its war
against Iranian-backed Houthi rebels in
Yemen.
Biden also seemed to have been con-
vinced by officials that, for all his moral
objections about human rights, it was in
US interests to seek Saudi Arabia’s co-
operation on energy and Middle East
policy. Following Russia’s invasion of
Ukraine, the US sought Riyadh’s help to
stabilise energy markets. In July, Biden
travelled to Saudi Arabia and held talks
with Crown Prince Mohammed bin Sal-
man, the kingdom’s day-to-day leader.
But Riyadh’s gamble to cut oil produc-
tion set back the chances that Washing-
ton will deepen the security relation-
ship. Saudi officials have sought to
defend the cut by insisting that it was an
economic decision, not political, while
‘The US reiterating their view of the US as their
primary security partner.
cannot take Riyadh’s dependence on US systems
its eyes off and munitions was thrust into the spot-
light this year when it was forced to turn
of Iran to its Gulf neighbours to replenish its
. . . and the depleted stock of interceptors for its US-
made Patriot batteries as Houthi rebels
Saudis are stepped up their attacks on the king-
counting dom.
For all the political tensions, both
on this to sides have an interest in keeping the
tie the security partnership alive, say analysts.
“Everybody is a little mad at each
US down’ other at the moment, [but] to some
extent they do need each other and
there’s a little bit of a dance going on,”
said Karako. “I don’t think this is going
to be the end of the relationship, but
we’re going to have to work through it.”
ures to maximise the benefits of the
weak yen by promoting inbound tour-
ism, reshoring of companies and
exports,” Kishida said last week.
Changing the gloomy economic nar-
rative surrounding the yen’s decline is
crucial for Kishida, whose popularity
has fallen to an all-time low. A recent
poll by Jiji showed a 4.9 percentage
point drop in support to 27.4 per cent.
Japan lifted almost all remaining
coronavirus travel restrictions on Octo-
ber 11, scrapping visa requirements for
individual tourists and an entry cap of
50,000 foreign visitors a day.
Ahead of the ending of restrictions,
Kishida went on a whirlwind tour that
included celebrating the return of For-
mula One motor racing to the Suzuka
Circuit in central Japan and promoting
Wagyu beef in the south-western prefec-
ture of Kagoshima.
Making one of his first public appear-
ances without wearing a face mask, the
prime minister’s message was clear:
after nearly three years, Japan was
finally ready to reopen to the world.
The government ¥5tn target for
annual tourist spending is slightly
higher than that achieved in 2019 when
a record 31.8mn visited Japan.
Yuriko Tanaka, an economist at Gold-
man Sachs, said inbound consumption
could reach an annual ¥6.6tn if Chinese
tourists returned to Japan, as she
expected in the second quarter of 2023
at the earliest. Such a return would
require a big shift in the Chinese govern-
ment’s strict zero-Covid approach,
which includes tight curbs on outward
travel. China accounted for about a
third of Japan’s foreign visitors in 2019.
When overseas spending by Japanese
citizens travelling abroad was taken into
account, the net gain from international
travel would be about ¥4.3tn, Tanaka
said.
“This amount is not large enough to
fully offset Japan’s large goods trade def-
icit, but it is more than enough to offset
the ¥1tn current account deficit that we
predict for 2023,” she added.
Rino Onodera from Mizuho Research
& Technologies said Kishida’s ¥5tn
inbound spending target would be
“quite ambitious” without Chinese tour-
ists. But she added the weak yen had
already pushed up per-capita spending.
Before this month’s full reopening,
Japan’s policy on international visitors
had caused confusion and turmoil in the
travel industry. A partial easing of
restrictions in June required individual
tourists to be escorted by a guide “from
entry to departure”.
Economists pointed out that increas-
ing inbound spending was vital while
Japan’s underlying domestic demand
remained weak.

US politics

Democrats’ midterm hopes falter as bleak economic outlook dims summer optimism
LAUREN FEDOR — WASHINGTON
Democrats’ prospects in the midterms
were looking up for a period this sum-
mer. Some Republican candidates were
faltering in polls, petrol prices were
falling, and the Supreme Court’s deci-
sion to overturn Roe vs Wade galva-
nised support for abortion rights.
But with just under a month to go before
the crucial vote, there are increasing
Businesses For Sale
signs that Democratic momentum has
stalled, handing Republicans a slight
edge as they seek to take back control of
both the House of Representatives and
the Senate.
The latest inflation figures, released
last Thursday, showed that the con-
sumer price index’s core measure of
inflation rose 6.6 per cent on an annual
basis last month, its fastest pace in four
decades — allowing Republicans to keep
hammering Democrats on their stew-
ardship of the economy heading into
election day on November 8.
At the same time, opinion polls have
shown diminished support for Demo-
cratic Senate candidates in several bat-
tleground states.
“Both chambers [of Congress] are still
in play . . . but the headwinds are pretty
strong,” said Matt Bennett, co-founder
of the Democratic think-tank Third
Way.
An important test for Democrats is
the Pennsylvania Senate race, where the
brash, hoodie-wearing lieutenant-
governor John Fetterman had built up a
double-digit poll lead over the summer,
despite suffering a stroke that kept him
largely off the campaign trail. However,
the RealClearPolitics average now
shows the Democrat leading his oppo-
nent, the Republican former television
personality Mehmet Oz, by just
3.7 points, within the margin of error,
following a relentless advertising cam-
paign from Oz accusing the Democrat of
being “soft on crime”.
Concerns over Fetterman’s health
were reignited this week by an NBC
interview in which he used closed cap-
tioning to read the reporter’s questions
to help him understand them.
In Wisconsin, meanwhile, polls con-
ducted earlier in the summer showed
Democratic challenger Mandela Barnes
with a healthy lead over divisive Repub-
lican incumbent Ron Johnson.
However, the latest surveys in the
Midwestern state show Johnson — who
has also accused his opponent of being
soft on crime — pulling ahead of Barnes
in the run-up to election day. A Marque-
tte University Law School survey out
this week found 52 per cent of likely
voters in Wisconsin said they supported
Johnson compared to 46 per cent
for Barnes. Just two months ago,
the same poll found Barnes ahead by
seven points.
Charles Franklin, who runs the Mar-
quette poll, said that “almost all” of the
shift could be attributed to independ-
ents lining up behind the Republican —
a trend that could be mirrored in other
races across the country as a small seg-
ment of undecided swing voters make
up their minds between now and elec-
tion day.
Democrats and Republicans agree
that control of the Senate is likely to
John Fetterman is losing ground
in the Pennsylvania Senate race
come down to a handful of pivotal
states, including not only Pennsylvania
and Wisconsin, but also Georgia —
where Democratic incumbent Raphael
Warnock remains neck-and-neck in the
polls with scandal-ridden Republican
challenger Herschel Walker — and
Nevada, where Catherine Cortez-Masto,
the Democratic senator, has persistently
trailed her Republican opponent, Adam
Laxalt.
The midterm elections have histori-
cally served as a referendum on the
incumbent White House and delivered
victories for the party out of power.
Joe Biden’s approval ratings have
notched up in recent months, but still
just 42.6 per cent of Americans say they
approve of the job the president is
doing, according to a FiveThirtyEight
average of polls.
Several surveys show lower levels of
support when voters were asked how
they rated the president’s handling of
the economy in particular. Analysts
warn that as inflation continues to bite,
that could hurt Democrats in the final
stretch of campaigning.
Democratic candidates for the House
and Senate have anchored their cam-
paigns on abortion.
But in recent days, Democrats from
across the ideological spectrum have
publicly questioned whether the issue
will be enough to deliver victories on
polling day.
Bernie Sanders, the progressive sena-
tor, this week urged fellow Democrats to
avoid making abortion rights their
“closing argument” to voters.
“In my view, while the abortion issue
must remain on the front burner, it
would be political malpractice for Dem-
ocrats to ignore the state of the economy
and allow Republican lies and distor-
tions to go unanswered,” Sanders wrote
in an op-ed in The Guardian.
His comments were echoed by James
Carville, the centrist Democratic strate-
gist, who told the Associated Press: “A
lot of these consultants think if all we do
is run abortion [advertising] spots that
will win for us. I don’t think so. It’s a good
issue. But if you just sit there and they’re
pummelling you on crime and pummel-
ling you on the cost of living, you’ve got
to be more aggressive than just yelling
abortion every other word.”
Monday 17 October 2022 ★ FINANCIAL TIMES 5
6 ★ † FINANCIAL TIMES Monday 17 October 2022

Chips and cracks China’s tech hardware groups feel the impact of US export controls as stockpiles dwindle y COMPANIES

Credit Suisse Fine tuning ITV considers selling stake in

studio to help boost lacklustre share price
Bain and JIP
consortiums
set to offload lead race to
buy Toshiba
some domestic KANA INAGAKI, LEO LEWIS
AND ERI SUGIURA — TOKYO

bank assets
The field of bidders vying to buy
Toshiba in what would be Japan’s big-
gest ever buyout has narrowed to two
frontrunners, one consortium led by
US private equity group Bain Capital
and another spearheaded by a Japa-
nese domestic fund, according to three
3 Tough round of job cuts also plotted people familiar with the matter.

3 Effort to close $4.5bn capital hole
OWEN WALKER — LONDON
Credit Suisse is preparing to sell parts of
its Swiss domestic bank as it attempts to
close a capital hole of around SFr4.5bn
($4.47bn), according to people briefed
on the discussions.
With less than two weeks until the
lender is due to present plans for a radi-
cal strategic revamp, executives are also
in the final stages of plotting a heavy
round of job cuts, which could affect up
to 6,000 of the group’s 50,000 global
employees.
Ulrich Körner was installed as Credit
Suisse chief executive over the summer
Körner was installed with
a mandate to find cost
savings following scandals
that have hurt the stock
with a mandate to strip back the belea-
guered Swiss lender’s accident-prone
investment bank and find SFr1.5bn of
cost savings, following a succession of
scandals that have seen the group’s
share price hit record lows.
Although most attention so far has
focused on disposals from the Swiss
lender’s investment bank — with execu-
tives confident of selling all or part of the
profitable securitised products business
— the board has also turned its attention
to raising funds by selling non-core
parts of its domestic business, known as
the Swiss Universal Bank.
While the main domestic operation —
which offers a range of corporate,
private and retail banking services in
Switzerland — will remain intact, the
company is negotiating the sale of sev-
eral subsidiaries and stakes in other
businesses.
The parts that have been considered
for sale include: a stake in the SIX
Group, which runs the Zurich stock
exchange; an 8.6 per cent holding in All-
funds, a listed Spanish investment com-
pany; two specialist Swiss banks, Pfand-
briefbank and Bank-Now; and Swiss-
card, a joint venture with American
Express.
Credit Suisse has held a stake in
Allfunds since 2019 and the business
listed last year with a market capitalisa-
tion of €7.2bn.
Since then, its shares have fallen by
half, meaning Credit Suisse’s 8.6 per
cent stake is worth around SFr374mn.
The bank is also trying to sell the
Savoy, which faces the bank’s headquar-
ters in Paradeplatz, Zurich. The hotel
could be worth SFr500mn, according to
people within the bank.
The board has ruled out disposals
from Credit Suisse’s asset management
and private banking businesses, accord-
ing to people with knowledge of the
plans, although it will continue to exit
small, unprofitable markets.
Analysts have debated the size of the
capital hole that will result from the
changes the bank is pushing through,
with Goldman Sachs this week putting
the figure at SFr8bn.
But the bank’s board is confident that
it will be about SFr4bn-SFr4.5bn, after
taking restructuring and legal costs into
account, according to people familiar
with the plans.
The bank’s board and executive team
have been assessing each part of the
business on three main criteria: profita-
bility, capital needs, and importance to
the wealth management business.
The New York-based securitised
products business has been assessed as
requiring too much capital and having
little overlap with the wealth business.
The unit’s profitability has made it an
easier business to sell.
Credit Suisse declined to comment,
saying it would provide a full update on
the strategic plan on October 27.
Additional reporting by Laura Noonan
The winners with the host of the ITV game show ‘Love Island’ in Majorca this summer — Matt Frost/ITV/Shutterstock
ALEX BARKER — LONDON
ITV is reviewing the future of its
production arm ITV Studios, includ-
ing whether to sell a stake in the
maker of Love Island and Bodyguard to
help lift the broadcaster’s depressed
share price.
The London-based company has
recently fielded expressions of inter-
est in Studios in what remains a rela-
tively buoyant market for production
assets, according to people familiar
with the discussions.
Even before the approaches, chief
executive Carolyn McCall had been
weighing options for the Studios busi-
ness, which analysts and executives
estimate may be worth more than the
£2.5bn market capitalisation of its
parent ITV, which is the UK’s biggest
commercial broadcaster.
One person who had discussed a
Studios sale with McCall said she was
“totally fed up” with the stock market
overlooking the business and “open to
doing something”. An ITV insider said
that a sale probably remained
unlikely because of longstanding
resistance to breaking the group’s
integrated broadcaster-producer
model, but added that the gap in valu-
ations made the option “impossible to
ignore”.
Studios, which acts as a holding
group for about 60 independent
labels across 13 countries, is one of the
largest producers of scripted and
unscripted shows in Europe. ITV con-
tinues to look for acquisitions and
bought a controlling stake in Plimsoll
Productions, the natural history pro-
gramme maker behind A Year on
Planet Earth, for £103.5mn in June.
The fall in ITV’s share price since
2015, which has wiped more than
three-quarters off its market value,
has revived the appeal of a transac-
tion that might help to reset market
expectations of the broadcaster’s
potential. McCall acknowledged in
July that she was looking for ways to
bring ITV out of the shadow of its leg-
acy broadcast business.
“I really don’t think we’re recog-
nised not only for the value of the Stu-
dios business, but actually for the
strength and resilience, and actually
how much cash the broadcast busi-
ness throws off,” she said.
Studios’ operating margin of 13 per
cent in the six months to June is signif-
icantly ahead of industry peers. Ana-
lysts at Citi this summer estimated
Studios could be worth about £3bn,
based on comparable valuations of
production businesses.
ITV Studios reported revenues of
£1.8bn last year and adjusted earn-
ings before interest, tax and amortisa-
tion of £215mn, which is expected to
rise to £246mn in 2022. Only around
a third of its sales are commissioned
by ITV and most of its revenue is now
generated outside the UK.
The sale of the 146-year-old industrial
conglomerate has been subject to an
extensive due diligence process in a
round of bids that began in the spring
and is expected to last through Novem-
ber. A deal for Toshiba could value one
of Japan’s best known companies at as
much as $22bn.
Private equity group Japan Industrial
Partners, which has previously acquired
assets from Sony and Olympus, has
been given a preferred status in the sec-
ond round of bidding but has not signed
an exclusivity agreement, two of the
people said.
Alongside the groups led by Bain and
JIP, US private equity group Brookfield
and European buyout firm CVC also
made it to the second round.
Toshiba has evolved into a sprawling
collection of subsidiaries and non-core
assets, some of which have been listed
separately, but many of which remain as
potential targets for future sell-offs.
The progression of the sale process
has given the second-round bidders an
unprecedented level of access to one of
Japan’s most complex business groups.
JIP is in talks with an array of Japanese
companies including Chubu Electric
and financial services group Orix, as
well as private equity groups.
JIP declined to comment. Orix said it
was considering an investment in
Toshiba but added that no decision has
been reached.
Chubu Electric said it signed a non-
disclosure agreement with Toshiba and
another investment fund it declined to
name.
JIP had initially partnered with Japan
Investment Corp, an investment fund
backed by the Japanese government, in
the first round of bidding. But the two
have since parted ways, with JIC now in
talks with Bain Capital, which had been
considered the frontrunner in the bid-
ding battle.
JIC and Bain declined to comment.
In a statement, Toshiba declined to
comment on the bidders, saying it could
“undermine fair process”.

Mining. Rare metals

China and Russia vie for Bolivia’s lithium

Country with biggest reserves
is fielding bids to help extract
the critical battery material
THOMAS GRAHAM — LA PAZ
As a global race for supplies of lithium
heats up, companies from China and
Russia are dominating the competition
to unlock the vast potential of Bolivia,
the country with the world’s biggest
resource of the critical metal for electric
vehicle batteries.
Four Chinese and one Russian group
are on the shortlist as Bolivia’s leftwing
government nears a decision on a possi-
ble partner for state lithium company
Yacimientos de Litio Bolivianos, with
the kind of collaboration to be deter-
mined. One US group is the only western
company still in contention.
The successful bidder will face a chal-
lenge in extracting Bolivia’s deposits but
the prize is worth it. The country has the
world’s biggest resources, according to
the US Geological Survey, but is the
missing member of Latin America’s
“lithium triangle”, where Chile and
Argentina have done more to develop
their resources. As prices surge, Bolivia
is a tempting target.
“China is dominating this strategic
sector [and] Bolivia is right in the mid-
dle of this global competition,” said Ben-
jamin Gedan of US think-tank the Wil-
son Center.
The shortlisted companies include
four from China: Xinjiang TBEA Group;
Fusion Enertech; Brunp, a subsidiary of
world’s largest car battery maker,
CATL, with China Molybdenum; and
CITIC Guoan Group with the China Rail-
way International Group. Lilac Solu-
tions, a US company backed by Bill
Gates’s Breakthrough Energy Ventures,
and Uranium One Group, a subsidiary of
Russia’s state nuclear company
Rosatom, complete the list.
YLB will make its choice towards the
end of the year. EnergyX, another US
firm that set up a pilot lab in the country,
met officials and promised health and
education spending, was disqualified on
a technicality in June.
“We all thought EnergyX had practi-
cally won already,” said Héctor Córdova,
former president of Comibol, Bolivia’s
state mining company. “But it didn’t
turn out that way.”
The backdrop of global tensions has
been heightened by the war in Ukraine.
The Movimiento al Socialismo party
government is aligned with China and
Russia and has refused to condemn
Moscow over its invasion of Ukraine.
Relations between the US and Bolivia
have been hostile almost since the MAS
came to power in 2006.
“The six left, I think there’s a lot of
political pressure to have them there,”
said Daniel Jiménez, a partner at iLiMa-
rkets, a consulting firm, who worked at
Chilean lithium miner SQM for 28 years.
Initial triumph in the contest does not
guarantee success, given the challenge
in extracting Bolivia’s lithium. The
metal is found in the salt flats of South
America and the most common extrac-
tion method, used in Chile and Argen-
tina, involves pumping the brine into
ponds and processing the lithium salts
that crystallise after evaporation.
Bolivia has pursued this method but it
is less well suited to its salt flats, which
have low concentrations of lithium, lots
of impurities and an annual rainy sea-
son lasting several months.
Mismanagement and political tur-
moil have also hampered production.
The state has already invested more
than $800mn in a grid of ponds and an
unfinished plant that it says will start
producing 15,000 tonnes of lithium car-
bonate a year in 2023. It is several years
behind schedule.
The arrival of the latest MAS govern-
ment in 2020 heralded a change, with
YLB calling for proposals from foreign
companies to develop new direct lith-
ium extraction technologies that can
pull lithium straight from brine.
This could reduce production time,
use less water and reduce dependency
Leaders in La
Paz are nearing
a decision on a
partner for
Yacimientos de
Litio Bolivianos,
with one US
operator being
the only western
business still in
contention
Gaston Brito Miserocchi/Getty
on appropriate weather — but is still in
its infancy. There are only five cases of
DLE being used at commercial scale,
one in Argentina and four in China, and
the fact that DLE works in one is no
guarantee it will work in another.
Neither Lilac nor Rosatom have com-
mercial experience using DLE.
With the Chinese companies it is hard
to know for certain, said Alex Grant,
principal at Jade Cove Partners, a com-
pany tracking DLE technologies around
the world. “China is such a black box,”
said Grant, who co-founded Lilac but
has since left. No Chinese groups
responded to a request for comment.
It is unclear what form of deal Bolivia
will do. Carlos Ramos, executive presi-
dent of YLB, responded to written ques-
tions saying that any eventual contract
would “respect our laws and seek the
maximum benefit for the Bolivian peo-
ple”. He declined to give more details
about the selection process, citing confi-
dentiality agreements.
Gene Morgan, chief executive of
Zelandez, a brinefield services provider,
said Russia was “very motivated” to
establish its own lithium supply follow-
ing its invasion of Ukraine and subse-
quent western sanctions. Meanwhile,
China is among Bolivia’s biggest trading
partners, and Chinese banks and com-
panies have financed much infrastruc-
ture in the country.
Prices of lithium carbonate used in
electric car batteries have soared to 10
times their level at the start of 2021 at
$67,700 per tonne, according to Bench-
mark Mineral Intelligence. The Bolivian
government anticipates producing
25,000 tonnes of lithium carbonate a
year with DLE by 2025 — a target most
independent analysts deem impossible.
Additional reporting by Harry Dempsey
Monday 17 October 2022 ★ 7
8 ★
Greensill creditors focus on insurance test case
Investors pin their hopes on Australian court in struggle to recoup billions from collapsed supply chain financier
IAN SMITH — LONDON
NIC FILDES — SYDNEY
Four years ago, Greg Brereton, an
underwriter at a little-known Sydney
insurance firm, exchanged emails with
Lex Greensill, the founder of a specialist
lending business that was flying high.
After requesting agreement on
£23mn of insurance cover for loans to a
waste plant operator based outside
Hull, Greensill wrote: “Thank you,
Greg, for your confirmation that the
below is in order.” Five minutes later,
Brereton replied: “Lex as discussed I can
confirm.”
The brief interaction, included in
court filings, is a glimpse of a critical
relationship between the financier and
the insurance executive whose firm, the
Bond & Credit Co, eventually provided
$10bn of coverage against the risk of
default on Greensill Capital’s supply
chain lending — with the financial risk
held by the big global insurance and
reinsurance firms sitting behind BCC.
‘To the extent that the
insurance is found to be
invalid, this will inevitably
lead to even further delay’
When Brereton was fired and a probe
launched into his dealings with the
lender, Greensill failed to find insurance
elsewhere and collapsed, leading to a
financial and political scandal.
That also left an urgent question for
Greensill creditors struggling to recoup
billions of dollars of client money:
would the existing patchwork of insur-
ance contracts pay out?
Just days after Greensill filed for
administration in March 2021, BCC’s
parent company, Japanese insurance
group Tokio Marine, said it was ques-
tioning the validity of the insurance
cover following regulatory investiga-
tions. In April this year, it said it had
concluded that the insurance policies
had been void from the start because
“matters material to the underwriting
of the policies were fraudulently mis-
represented to BCC by Greensill”.
Credit Suisse, which had $10bn of
funds linked to Greensill loans, fired
back that the insurance policies were
“valid and that the insurers’ claims are
unfounded”. But in August, the bank
Legal Notices
Lex Greensill’s specialist lending
business failed to find coverage and
collapsed, leading to a financial and
political scandal. It left Credit Suisse
exposed to losses on funds linked to
Greensill loans — FT montage/Shutterstock
FINANCIAL TIMES
COMPANIES & MARKETS
told its clients that it expected insurers
to challenge the validity of
“most . . . perhaps all” of its 18 separate
insurance claims, which amount to
$2.2bn of exposure.
Greensill creditors are now turning
their attention to proceedings in Aus-
tralia’s federal court where a series of
insurance claims by Credit Suisse and
other creditors have been brought
together into what is widely regarded as
a test case for the billions of dollars of
Greensill coverage. Pre-trial hearings
are due to begin next month.
“To the extent that the insurance is
found to be invalid, this will inevitably
lead to even further delay and uncer-
tainty surrounding repayments,” said
Natasha Harrison, managing partner of
law firm Pallas, which is representing
some Credit Suisse investors.
One Credit Suisse investor following
the case said they took it as a bad sign for
the strength of the insurance cover
when, early in the scandal, the Swiss
bank identified three particular Green-
sill borrowers — Sanjeev Gupta’s GFG
Alliance, construction company Kat-
erra and mining group Bluestone —
where it could struggle to recover funds.
“In my head I was wondering, why are
they doing this if the insurance is solid?”
said the person.
A person familiar with the bank’s
view said the identification of “focus
areas” was driven by the size and com-
plexity of the exposures, rather than the
soundness of the insurance.
Filings for the various claims reveal
the difficult arguments involved.
Insurance Australia Group, whose
subsidiary Insurance Australia Limited
is named on the key insurance policies,
told investors last year that the sale of its
50 per cent stake in BCC to Tokio Marine
in 2019 had eliminated its exposure to
Greensill. Tokio Marine has said it does
not expect any material financial
impact from Greensill.
IAL has made a series of arguments
that the Greensill loans were beyond the
underwriting authority of BCC, an agent
Pharmaceuticals
Vaccine makers face fall in Covid revenues
JAMIE SMYTH — NEW YORK
Makers of some of the most lucrative
pharmaceutical products are heading
for a slump in revenues as deliveries of
Covid-19 vaccines almost halve next
year, according to new forecasts.
Airfinity, a health data analytics group,
said Pfizer, BioNTech and Moderna had
begun raising vaccine prices but this
would not fully compensate for the drop
in demand for Covid inoculations in
2023. It forecasts sales of Covid-19 vac-
cines falling by about a fifth to $47bn
next year.
The average price per dose next year
will rise to $37, which is double the
amount charged for Covid jabs in 2021.
But prices may be a lot higher in the US,
which is moving from government pur-
chases to a private market and where
Moderna has said it could charge up to
$100 per shot. Airfinity expects 1.6bn
Covid vaccine doses to be delivered next
year, compared with 3bn in 2022 and
5.7bn in 2021.
Vaccine makers are expected to
update investors on Covid sales during
third-quarter results next month, but
analysts have begun cutting revenue
forecasts, citing weaker than expected
sales.
Last month analysts at Oddo Bhf, a
Frankfurt-based finance group, cut
BioNTech’s revenue forecasts for 2022
and 2023 by 28 per cent and 33 per cent
to €14.1bn and €10.6bn respectively.
Jefferies told investors last week it
Protection system
Lenders sheltered from
non-payment of debts
Credit insurance, or trade credit
insurance, covers a company
against non-payment by a debtor. If
they do not pay, the insurer does.
Where banks and other institutions
lend money to companies against
their trading activity, the insurance
covers the lender — or their
investors — against non-payment.
In the case of Credit Suisse, loans
extended by Greensill Capital were
packaged up into “notes” sold to
wealthy clients. The insurance was
there to protect these end
investors against loans turning bad.
Credit Suisse told investors in its
main Greensill fund that the notes
were guaranteed by insurance, but
with a warning that payment might
not be “in full and on time”,
according to a document seen by
the Financial Times.
One important aspect of the
Australian legal battle is the extent
to which insurance covers less
straightforward lending such as on
“future receivables”, or payments
for expected trade that has not yet
happened.
expected Moderna’s third-quarter vac-
cine sales to be $2.5bn-$3bn, below Wall
Street consensus estimates of $4.4bn.
SVB Securities said it expected Pfizer
to generate $96.2bn in revenues in 2022,
down from an earlier forecast of
$99.5bn. It forecast 2023 revenues at
$78.4bn, down from $82.1bn.
Pfizer, BioNTech and Moderna are
pouring resources into drug develop-
ment in other areas beyond Covid in
search of growth opportunities.
Pfizer aims to launch several poten-
tial blockbuster drugs capable of earn-
ing more than $1bn annually next year,
including a vaccine targeting respira-
tory syncytial virus and a treatment for
alopecia. It has also acquired several
biotech companies with drug candi-
dates in late-stage development, includ-
ing Biohaven Pharmaceuticals and
Arena Pharmaceuticals.
“From a public health point of view I
Sales of Covid jabs are expected to
decline by about a fifth next year
Monday 17 October 2022
that offers cover on behalf of insurers
within set parameters. For example,
IAL said BCC did not have permission to
underwrite policies outside Australia on
its behalf.
It also argues that, following a disa-
greement in 2017 over proposed policy
wordings, Greensill should have been
aware that IAL and its reinsurer Scor
“did not approve of the wording and
structure” of its central insurance con-
tract.
BCC makes the case that it was
“induced to enter into the relevant
insurance instruments by reason of
non-disclosures and misrepresenta-
tions” from Greensill.
In documents prepared for the legal
proceedings, it cites a receivables lend-
ing programme agreed between Green-
sill and Bluestone, a coal mining busi-
ness owned by the family of West Vir-
ginia governor Jim Justice.
BCC alleges that Greensill selected
Bluestone customers for the pro-
‘What Credit Suisse should
be doing is repaying its
clients now and recouping
any losses subsequently’
gramme “based on their perceived
attractiveness to an insurer (including
their credit rating) and not by reference
to the likelihood that they would actu-
ally purchase goods and services and
generate actual receivables”.
It contrasts this with representations
it said Greensill made to Brereton in late
2018 that funds advanced would be
based on invoices issued by Bluestone or
“the value of bona fide purchase orders
or firm commitments that Bluestone
had received”.
Elsewhere, the insurer argues that
when Greensill was seeking insurance
coverage for lending to Catfoss Renewa-
bles — the Hull-based waste plant oper-
ator — it did not disclose that “the facil-
ity had already been drawn down and
the majority of the funds used to make
payments to directors of Catfoss”. It also
did not disclose that Greensill had
acquired an option to purchase a 25 per
cent stake in Catfoss, according to the
filing.
A person familiar with Lex Greensill’s
view accused Tokio Marine of “trying to
wriggle out of obligations that were val-
idly placed with them” and highlighted
the premiums paid for the coverage.
Further pleadings and disclosure are
to come, but one key aspect of the case
will be the testimony of Brereton, who
has maintained public silence since the
scandal broke.
Some argue that Credit Suisse should
not hang around for the outcome.
“What Credit Suisse should be doing is
repaying its clients now and recouping
any losses subsequently,” said Harrison.
But people familiar with the bank’s
view say regulators would force it to
hold more capital against potential
investor losses if it set this precedent.
Tokio Marine, Credit Suisse, Scor, and
Greensill’s administrator declined to
comment on the proceedings.
think we’re doing important things and I
think that will translate to revenues,”
William Gruber, senior vice-president
of Pfizer vaccine clinical research and
development, told the Financial Times.
Moderna has a pipeline of more than
40 drug candidates but has no products
beyond its Covid shot currently on the
market. BioNTech is in a similar situa-
tion and is racing to develop cancer
drugs using messenger RNA technology.
But this has not halted an investor
sell-off in the shares of the three mRNA
vaccine makers, with Moderna down
43 per cent, BioNTech down 41.5 per
cent and Pfizer shedding 24.3 per cent
year-to-date.
New entrants Novavax and Sanofi/
GSK, the latter of which aims to get their
Covid jab approved this year, will strug-
gle to gain market share as Covid
becomes endemic and public apathy
regarding inoculation rises.
The mRNA vaccines made by BioN-
Tech/Pfizer and Moderna are forecast
to increase market share on a revenue
basis to 94 per cent in 2023, up from
87 per cent this year.
Matt Linley, Airfinity analytics’ direc-
tor, said makers of mRNA jabs could
charge more than rivals because they
had performed so well and had shown
that they can adapt quickly to develop
vaccines to target new variants.
Shares in Novavax, which cut its 2022
revenue forecast in half to between
$2bn-$2.3bn in August, are down
86.2 per cent this year.
Monday 17 October 2022 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

Insurance Industrials

Hurricane Ian losses forecast to hit $75bn Siemens

Premiums increasing and
fewer companies offering
coverage, industry warns
rina, which generated insured losses of
$65bn — $99bn in 2022 money — has
inflicted greater losses.
Ian hit Florida’s west coast on Septem-
ment’s National Flood Insurance Pro-
gram and the state of Florida’s Citizens
Property Insurance Corporation. “With
respect to other events, Ian has to be up
Gamesa calls
July he had detected “a little bit of a change appears to be exacerbating the for quota on
EU-produced
change” in the terms it could secure on severity of storms.
behalf of its customers seeking cover in The fallout from Ian comes just as the
markets such as Florida. Market industry was already grappling with

ROBERT WRIGHT — LONDON

Hurricane Ian is set to become the most
significant natural disaster for the
insurance sector in decades after it
swept through Florida and South Caro-
lina, industry figures have warned.
Initial forecasts for losses from the
storm have reached as high as $75bn,
which would make it the costliest natu-
ral disaster ever in nominal terms. In
real terms, only 2005’s Hurricane Kat-
ber 28 near the town of Fort Myers as a
Category 4 storm, crossed the state to
the Atlantic and then went on to hit
South Carolina on September 30. At
least 127 people died in Florida alone.
RMS, a US-based risk modelling com-
pany, estimates the losses from Ian to
private insurers at between $53bn and
$74bn. Stonybrook Capital, a US invest-
ment bank, has estimated total costs for
the industry at $75bn.
Billions of dollars of other losses will
be borne by the US federal govern-
Market questions. Week ahead
there in scale of loss — comparable to
Katrina if not, when all is said and done,
even larger than Katrina,” said Julie Ser-
akos, head of modelling for RMS.
Industry executives, risk modellers
and analysts all expected that the storm
would cement a recent shift by insurers
towards levying higher premiums and
avoiding some acute risks — such as
Florida property — altogether.
Michael Rouse, US property practice
lead for Marsh, one of the world’s big-
gest insurance brokers, said that since
observers say premiums are rising and
the number of companies offering cov-
erage declining.
Serakos compared Ian’s effect on mar-
ket sentiment with that of Hurricane
Andrew in 1992, which was the first to
alert the insurance industry to the scale
of its exposure to devastating storms on
the US Atlantic coast. The industry had
tried to make preparations to cope with
a new catastrophic loss on the scale of
Andrew, she said. That process has been
particularly important because climate
several headwinds, including losses
stemming from the war in Ukraine and
billions of dollars of claims for losses
wind turbines
resulting from the coronavirus pan-
demic. At the same time, higher infla- SHOTARO TANI — LONDON
tion has driven up the cost of meeting
The head of one of Europe’s largest
many claims.
wind turbine manufacturers has called
Losses from the storm are likely to
for a quota on the amount of EU-pro-
push a further series of small, local
duced turbines installed in the region,
insurers in Florida into insolvency, in a
as the sector seeks to compete with
market where six have already been
cheaper Chinese imports and the bloc
forced to seek protection from creditors
pushes for energy security.
this year.
Siemens Gamesa’s chief executive
Jochen Eickholt said that if Europe was
serious about its energy independence
and the role of wind power, turbines
should be considered critical and strate-

UK inflation projected to retain momentum

Did UK inflation pick up again
in September?
The UK government bond market has
been turbulent in recent weeks, after
Westminster’s “mini” Budget on Sep-
tember 23 sparked a sharp sell-off that
eased only when the Bank of England
intervened days later.
Now that the BoE’s emergency bond-
purchasing programme has ended,
and chancellor Kwasi Kwarteng has
been dismissed — with prime minister
Liz Truss walking back a key part of
her planned tax cuts at the same time —
investors are likely to turn at least
some of their attention to a more
traditional driver of market moves:
inflation data.
Ahead of the release of fresh figures
on Wednesday, economists polled by
Reuters expect the UK consumer price
index to rise to 10 per cent for the year to
September, from 9.9 per cent in August
when it was just shy of a 40-year high.
Core inflation, which excludes food
and energy, will also be closely watched
by policymakers as a measure of the
extent to which high energy prices are
becoming entrenched in the economy.
Economists expect core inflation to
have climbed to 6.4 per cent in
September from 6.3 per cent in the pre-
vious month when it was the highest
since 1992.
“We expect evidence of continued
inflationary momentum, especially
given the weakness of sterling over Sep-
tember,” said Ellie Henderson, econo-
mist at Investec.
This is because a weak pound pushes
up imported costs, particularly food,
which tends to react quickly to changes
in the exchange rate.
The government’s cap on household
energy bills for the next two years is
expected to keep a lid on inflation over
the coming months. However, price
pressures are expected to remain high
for longer due to loose fiscal policy.
Last week the International Monetary
Fund said that high levels of inflation
would persist longer in Britain than in
almost all other advanced economies.
The fund forecast that UK inflation
would remain at 6.3 per cent by the end
of 2023, the most elevated of any other
G7 country. Valentina Romei
Will Ankara cut rates again?
Many central banks have been aggres-
sively raising interest rates this year in a
bid to tackle inflation.
Turkey, never afraid to be an outlier,
Consensus has been doing the opposite. To the
forecasts point astonishment of economists, the Turk-
to a rebound in ish central bank is expected to cut
China’s GDP, borrowing costs for the third month
with growth at running on Thursday despite official
3.4 per cent for inflation that topped 83 per cent in
the third September.
quarter, but President Recep Tayyip Erdoğan,
analysts infamous for rejecting the established
highlight risks economic principle that raising interest
posed by rates curbs inflation, has said repeat-
resurgent edly that he wants the bank’s bench-
lockdowns mark funding rate to come down to sin-
STR/AFP/Getty Images
gle digits by the end of the year.
Speaking last week, he said: “As long
as this brother of yours is in this posi-
tion, interest rates will continue to come
down with every passing day, week and
month.”
Analysts believe that the Turkish
president, who effectively controls the
central bank, should be taken at his
word.
“We expect another 100-basis-point
rate cut,” said Enver Erkan, chief econo-
mist at Tera Securities in Istanbul — a
move that would bring the policy rate
down from 12 per cent to 11 per cent.
He expects the bank to reach
Erdoğan’s single-digit target by the end
of the year.
Like other analysts, Erkan warns that
the policy is not sustainable. It risks
putting renewed pressure on the lira,
which is already down almost 30 per
cent against the dollar this year, and
stoking inflation.
But Erdoğan is focused on growth as
he gears up for elections scheduled for
June 2023.
Enver said: “Despite the risks and the
lack of sustainability, we expect these
kinds of policies to continue.” Laura Pitel
Did China’s GDP rebound in
the third quarter?
Chinese gross domestic product grew
just 0.4 per cent in the second quarter of
the year, surprising analysts to the
downside, as the full effects of the coun-
try’s economically throttling zero-Covid
policy exceeded expectations.
Since then, a number of banks,
including UBS, ANZ, HSBC, Barclays
and Nomura, have downgraded their
full-year forecasts for the second-largest
economy.
The World Bank projects that growth
Economists in the rest of Asia will outpace that of
China for the first time since 1990.
polled by The medium-term pressures weigh-
Reuters ing on the Chinese economy — weak
consumer demand and uncertain busi-
expect ness prospects in the face of repeated
the UK’s lockdowns — have not eased signifi-
cantly over the past few months.
consumer A closely watched gauge of manufac-
price index turing sector activity, meanwhile, sug-
gested a further contraction in activity
to rise to in September.
10% for the While consensus forecasts point to a
rebound in GDP, with growth at 3.4 per
year to cent for the third quarter, analysts high-
September light risks posed by resurgent lock-
downs over the past few weeks.
“We expect September activity data
to either moderate or remain broadly
flat”, analysts at Barclays said in a
research note, adding that their forecast
was for growth of 2.5 per cent.
“Specifically, we expect retail sales
growth to slow to 2.5 per cent year on
year in September as intensified Covid
lockdowns damped distance-sensitive
consumption [eg catering] and auto
sales volume moderated.”
William Langley
gically important infrastructure, with
measures introduced to support the
industry.
“If our product is critical to the infra-
structure of our countries . . . then cer-
tainly, not for 100 per cent of the instal-
lations but certainly for a certain por-
tion of the installations [in Europe], you
need to have things in your own hands,”
said Eickholt.
“That means there needs to be an ele-
ment of knowing how to operate these
things and manufacturing these things,”
he said, adding that even if certain geo-
political tensions or supply chain dis-
ruptions happened, Europe would “per-
haps not have the cheapest answer, but
would have an answer”.
European wind turbine makers have
been struggling financially, cutting jobs
and closing factories, even as the EU,
under the RePowerEU plan, aims to lift
Eickholt says the sector
risks starting to resemble
the solar panel industry,
where Chinese dominate
the share of renewable energy from 32
per cent of total production to 45 per
cent by 2030. WindEurope, the industry
body, reckons wind energy capacity will
reach 510GW, from 190GW now.
Siemens Gamesa, the third-largest
maker last year of newly installed tur-
bines, suffered a loss of €1.2bn in the
nine months ended in June, 233 per cent
more than the loss suffered in the same
period a year earlier. It recently
announced it was slashing 2,900 jobs, or
10 per cent of its global workforce.
The rising cost of key materials such
as steel and copper as well as supply
chain disruptions have all weighed on
the European sector.
Manufacturers have also come under
increasing pressure from Chinese rivals
boosted by rapid wind adoption in their
home country and that often offer much
lower prices. Top Chinese manufactur-
ers accounted for 53.5 per cent of new
global turbine installations last year,
according to the Global Wind Energy
Council, up from 36.6 per cent in 2018.
Eickholt said there was “definitely a
risk” that the wind turbine industry
would look like the solar panel industry,
where Chinese manufacturers domi-
nate the market and the supply chain.
“You have to see that we are meeting
Chinese competition across the global
markets and also increasingly in
Europe,” the chief executive said, add-
ing that Chinese manufacturers often
received “additional support, typically
from national or regional sources”, and
their innovation spending was in some
cases 10 times higher than Europeans.

Technology. Sino-US tensions

China’s chip darling knocked by Washington’s export controls

Experts say it is unclear how
national champion YMTC can
sustain its rapid advances
QIANER LIU AND ELEANOR OLCOTT
HONG KONG
DEMETRI SEVASTOPULO — WASHINGTON
Yangtze Memory Technologies Corp,
the Chinese memory chip producer, has
been stockpiling foreign equipment for
months in anticipation of US export
restrictions.
Four YMTC employees said the com-
pany had been preparing for Washing-
ton to impose export controls, as US
lawmakers urged the Biden administra-
tion to punish the state-backed com-
pany for allegedly helping the Chinese
military and violating trade restrictions
by supplying chips to Huawei, the Chi-
nese telecoms company.
Those concerns materialised on Fri-
day when the US unveiled tough export
controls targeting the Chinese chip
industry, including YMTC, suggesting
the Wuhan-based company could con-
front more trouble. YMTC has in recent
years emerged as a national champion
in China’s drive to build a domestic chip
industry and President Xi Jinping vis-
ited its facilities in 2018 to show sup-
port. It boasts Rmb220bn ($30bn) in
funding with financial help from Hubei
province and a national fund.
The new US restrictions hit YMTC by
banning the supply of certain US tech-
nology needed to produce advanced
Nand memory chips.
Industry experts said it was unclear
how YMTC could sustain its rapid
advances. Highlighting the impact of
the restrictions, KLA Corp, Lam
Research and Applied Materials — three
top US semiconductor toolmakers —
have halted sales and services to YMTC,
according to three YMTC employees.
In another move on Friday that got
less attention but could prove even
more painful for YMTC, Washington
put the chipmaker on its “unverified
list”. The registry includes entities for
which the US has not been able to con-
duct checks to verify that American
technology is being used for legitimately
and not, for example, being diverted for
military use. At the same time, the US
government implemented a new policy
under which addition to the unverified
list starts the clock on a 60-day deadline
for the end-user checks to be com-
pleted. If they are not, the company is
highly likely to be added to the “entity
list”, which would effectively prevent US
companies from providing YMTC with
technology for its less advanced chips.
“Being added to the unverified list
used to be a nuisance. Now it should be
terrifying,” said Gregory Allen, a tech-
nology expert at Washington-based
think-tank CSIS.
Kit Conklin, a former US intelligence
official and China expert at the Atlantic
Council, estimated the chances of YMTC
being added to the “entity list” at 99 per
cent. “Over the past few years, the Chi-
nese commerce ministry has stone-
walled the US commerce department by
not allowing end-user checks to take
place. It would be a significant policy
change by Beijing if they decided to play
ball,” said Conklin.
Aside from the possibility of being
added to the entity list, YMTC faces
other serious difficulties.
“YMTC can still operate and deliver
chips as they have stocked up materials
and components,” said Brady Wang, an
analyst at research group Counterpoint.
“It would be difficult for them to expand
production as the new equipment is not
available.”
One employee said YMTC had enough
stock of materials such as wafers and
components for equipment repairs to
Yangtze River Technology Co has
been put on the US ‘unverified list’
last a year. But that would only be only if
“there aren’t any huge issues that can
only be fixed by tech staff from foreign
companies”.
YMTC did not respond to a request for
comment.
As YMTC has won global market
share, it has come under scrutiny in
Washington over concerns that it will
use Chinese government subsidies to
sell chips below market price, putting
pressure on non-Chinese rivals such as
Micron Technology in the US.
YMTC has been careful not to divulge
many details about its technological
advancements.
But one innovation it has pioneered is
the use of “Xtacking” technology, which
simplifies the manufacturing process
for advanced memory chips, giving
YMTC a path into the Nand chip market
dominated by Samsung and Micron.
YMTC’s market share of global Nand
production grew from 1 per cent in 2020
to 5 per cent in 2021, according to
France-based research company Yole
Development.
While its market segment is relatively
small, YMTC has been courting high-
profile clients. Apple told the Financial
Times last month that it was consider-
ing using YMTC chips in some smart-
phones.
Apple did not respond to a request for
comment about whether it was revising
its plans in the wake of the new export
controls.
Industry insiders said that along with
the restrictions, YMTC’s heavy reliance
on government support complicated its
path to profitability.
“YMTC has been making losses and
relies heavily on government funding
for research and production expan-
sion,” said one Shanghai-based analyst.
“The government wants YMTC to seize
more market share and make technol-
ogy breakthroughs, albeit struggling to
profit.”
The chipmaker also has limited
options to respond to Washington.
“The US government is attempting to
put YMTC’s most advanced Nand pro-
duction facilities out of business,” said
Allen of CSIS in a report this week. “It
will be especially difficult for Chinese
companies to evade these equipment
export controls.”
10 ★ FINANCIAL TIMES Monday 17 October 2022 Monday 17 October 2022 ★ FINANCIAL TIMES 11
12 ★ FINANCIAL TIMES Monday 17 October 2022

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-1.69% -2.18% -0.84% -0.70% -1.86% -1.35%

0.12% 0.40% 3.25% 1.21% 0.309% 0.089% 0.672% 0.231%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Sep 15 - - Index All World Sep 15 - Oct 14 Index All World Sep 15 - Oct 14 Index All World Sep 15 - Oct 14 Index All World Sep 15 - Oct 14 Index All World Sep 15 - Oct 14 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
3,901.35 19,726.14 7,277.30 12,956.66 28,542.11 2,401.83
18,763.70 12,437.81 27,090.76
6,858.79 2,212.55
3,608.01
Day -1.69% Month -14.66% Year -18.60% Day -1.03% Month -8.62% Year -10.31% Day 0.12% Month -8.98% Year -0.45% Day 0.67% Month -4.97% Year NaN% Day 3.25% Month -6.21% Year -11.04% Day 2.30% Month -11.24% Year -29.55%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
46,745.15 1,638.89 18,930.38 3,267.98
11,552.36 45,945.56 8,085.50
1,549.64
7,382.50 16,587.69 3,039.61
10,417.04
Day -2.18% Month -17.99% Year -30.74% Day 0.13% Month -5.41% Year -10.65% Day 0.40% Month -9.85% Year -11.25% Day 0.46% Month -11.28% Year -15.57% Day 1.21% Month -16.04% Year -33.38% Day -0.03% Month -6.20% Year -0.85%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
30,961.82 114,498.42 6,157.84 22,365.82 60,346.97
29,787.45 110,546.67 5,931.92 3,246.29 57,919.97
20,930.81 3,071.99

Day -0.84% Month -11.54% Year -13.79% Day -1.13% Month 1.38% Year 3.86% Day 0.90% Month -8.68% Year -9.71% Day 0.70% Month -6.91% Year -18.41% Day 1.84% Month -5.71% Year -15.00% Day 1.20% Month -2.84% Year -1.80%

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 137741.36 140763.77 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 22826.11 22601.13 Philippines Manila Comp 5904.75 5895.64 Taiwan Weighted Pr 13128.12 12810.73 Cross-Border DJ Global Titans ($) 389.37 394.15
Australia All Ordinaries 6948.60 6834.50 Czech Republic
PX 1147.15 1133.58 FTSE Italia Mid Cap 35182.38 34907.27 Poland Wig 46471.30 45621.39 Thailand Bangkok SET 1560.78 1562.68 Euro Stoxx 50 (Eur) 3390.74 3362.40
S&P/ASX 200 6758.80 6642.60 DenmarkOMXC Copenahgen 20 1591.96 1557.66 FTSE MIB 20930.81 20785.82 Portugal PSI 20 5340.00 5253.96 Turkey BIST 100 3630.78 3553.43 Euronext 100 ID 1127.81 1124.25
S&P/ASX 200 Res 5426.90 5330.30 Egypt EGX 30 9853.74 9800.64 Japan 2nd Section 7228.27 7239.06 PSI General 4060.32 3993.42 UAE Abu Dhabi General Index 9222.93 9251.11 FTSE 4Good Global ($) 8697.55 8786.80
Austria ATX 2749.82 2743.09 EstoniaOMX Tallinn 1674.43 1681.17 Nikkei 225 27090.76 26237.42 Romania BET Index 10670.83 10546.34 UK FT 30 2232.70 2219.70 FTSE All World ($) 365.72 368.30
Belgium BEL 20 3387.10 3346.80 FinlandOMX Helsinki General 10119.53 10018.25 S&P Topix 150 1626.90 1587.61 Russia Micex Index 2436.57 2445.30 FTSE 100 6858.79 6850.27 FTSE E300 1549.64 1543.50
BEL Mid 8691.77 8568.46 France CAC 40 5931.92 5879.19 Topix 1930.17 1935.49 RTX 1245.71 1212.57 FTSE 4Good UK 6130.57 6114.21 FTSE Eurotop 100 3048.71 3039.70
Brazil IBovespa 113012.67 114300.09 SBF 120 4557.68 4518.31 Jordan Amman SE 2508.50 2506.05 Saudi-Arabia TADAWUL All Share Index 11551.34 11514.26 FTSE All Share 3740.85 3732.93 FTSE Global 100 ($) 2277.16 2309.09
Canada S&P/TSX 60 1114.99 Germany
1125.31 M-DAX 22332.63 22225.91 Kenya NSE 20 1682.58 1667.75 Singapore FTSE Straits Times 3039.61 3040.45 FTSE techMARK 100 5779.13 5770.87 FTSE Gold Min ($) 1407.79 1436.83
S&P/TSX Comp 18421.28 18613.63 TecDAX 2714.89 2694.35 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 343.80 345.23 USA DJ Composite 9927.44 10037.01 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1393.80 1356.50 XETRA Dax 12437.81 12355.58 Latvia OMX Riga 1076.25 1080.25 Slovenia SBI TOP - - DJ Industrial 29787.45 30038.72 FTSE Multinationals ($) 2401.49 2358.94
Chile S&P/CLX IGPA Gen 26783.61 Greece
26696.31 Athens Gen 832.00 816.02 Lithuania OMX Vilnius 900.41 900.45 South Africa FTSE/JSE All Share 64271.36 64392.43 DJ Transport 12566.00 12744.39 FTSE World ($) 662.19 667.61
China FTSE A200 10306.84 10073.12 FTSE/ASE 20 2013.88 1968.42 Luxembourg LuxX 1274.05 1267.83 FTSE/JSE Res 20 59946.97 61159.32 DJ Utilities 847.14 860.61 FTSEurofirst 100 (Eur) 4064.79 4060.54
FTSE B35 9000.71 Hong Kong
8988.96 Hang Seng 16587.69 16389.11 Malaysia FTSE Bursa KLCI 1382.47 1373.36 FTSE/JSE Top 40 57844.49 57960.88 Nasdaq 100 10787.34 11033.58 FTSEurofirst 80 (Eur) 4620.37 4592.01
Shanghai A 3219.29 3160.94 HS China Enterprise 5629.30 5560.80 Mexico IPC 45826.14 45766.94 South Korea Kospi 2212.55 2162.87 Nasdaq Cmp 10417.04 10649.15 MSCI ACWI Fr ($) 558.71 550.37
Shanghai B 295.03 292.10 HSCC Red Chip 3298.10 3263.70 Morocco MASI 11661.28 11782.08 Kospi 200 289.36 282.57 NYSE Comp 13699.08 13888.97 MSCI All World ($) 2411.69 2367.69
Shanghai Comp 3071.99 3016.36
Hungary Bux 39603.36 38787.95 Netherlands AEX 630.58 633.01 Spain IBEX 35 7382.50 7348.80 S&P 500 3608.01 3669.91 MSCI Europe (Eur) 1568.89 1559.64
Shenzhen A 2075.87 2023.45
India BSE Sensex 57919.97 57235.33 AEX All Share 860.24 864.05 Sri Lanka CSE All Share 9093.37 9148.55 Wilshire 5000 36059.96 36672.74 MSCI Pacific ($) 2286.75 2311.34
Shenzhen B 1140.02 1127.38 Nifty 500 14815.10 14730.30 New Zealand NZX 50 10868.09 10817.48 Sweden OMX Stockholm 30 1869.02 1856.86 Venezuela IBC 9378.74 9424.83 S&P Euro (Eur) 1536.12 1525.88
Colombia COLCAP 1261.61 1260.21
Indonesia Jakarta Comp 6844.62 6880.63 Nigeria SE All Share 47531.84 47565.92 OMX Stockholm AS 712.85 706.14 Vietnam VNI 1061.85 1050.99 S&P Europe 350 (Eur) 1586.44 1580.82
Croatia CROBEX 2013.05 2011.29
Ireland ISEQ Overall 6559.33 6450.57 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10329.34 10227.90 S&P Global 1200 ($) 2632.90 2660.11
Israel Tel Aviv 125 1898.38 1880.24 Pakistan KSE 100 41948.50 42085.72 Stoxx 50 (Eur) 3371.77 3355.60
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Oct 14 %Chg %Chg Oct 14 %Chg %Chg Oct 14 %Chg %Chg Oct 14 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Tesla 93.9 209.30 -12.42 Shell 267.0 2270.00 -32.50 Roche Gs 428.9 333.53 4.09 Fast Retailing Co., 1367.5 85290.00 6610.00 Smith (ds) 266.10 10.0 -31.3 Indivior 1526.00 438.8 19.6 Dignity 425.00 19.2 - Aerospace & Defense 4587.62 -1.4 10.5
Apple 55.9 139.61 -3.38 Astrazeneca 192.0 9818.00 38.00 Asml Holding 416.2 397.45 -13.85 Softbank . 1166.8 5650.00 181.00 Int Consolidated Airlines S.a. 109.86 8.5 - Coats 57.60 8.9 - Zotefoams 299.00 15.9 - Oil & Gas Producers 7907.32 -1.8 38.5
Nvidia 42.2 113.28 -6.32 Bp 191.6 455.05 -3.20 Nestle N 399.0 107.97 0.69 Tokyo Electron 799.6 36660.00 900.00 Next 4727.00 6.1 - Playtech 510.50 8.1 -30.4 Treatt 600.00 7.7 - Personal Goods 28682.44 -2.1 -
Advanced Micro Devices 29.6 56.34 -2.60 Hsbc Holdings 164.4 458.80 -0.45 Totalenergies 350.8 52.20 0.90 Toyota Motor 637.2 2008.00 24.50 Ocado 456.80 5.7 - Pagegroup 406.00 7.7 - Superdry 121.60 7.0 -57.6 Beverages 27918.35 -3.5 -10.2
Amazon.com 29.4 109.26 -3.27 Unilever 155.3 3882.00 44.00 Novartis N 344.9 77.65 0.45 Sony 491.3 9705.00 400.00 Dechra Pharmaceuticals 2656.00 5.4 - Dunelm 796.00 6.9 - Hostelworld 80.10 6.2 15.5 Health Care Equip.& Services 10599.10 -3.6 28.7
Microsoft 27.6 230.19 -4.05 Glencore 148.8 484.35 -3.95 Lvmh 279.2 625.20 7.70 Nintendo Co., 462.3 6169.00 139.00 Rentokil Initial 500.20 5.3 - Carnival 558.00 6.1 - Costain 41.50 5.5 - Tobacco 35446.77 -4.1 21.2
Jpmorgan Chase & Co 22.3 112.17 2.80 Rio Tinto 109.4 4751.50 -126.50 Unicredit 242.2 11.05 0.12 Mitsubishi Ufj Fin,. 422.6 659.20 13.20 Smurfit Kappa 2580.00 5.2 -36.5 Pets At Home 280.20 6.1 - Galliford Try Holdings 158.60 5.0 - Pharmaceuticals & Biotech. 18656.62 -4.3 -0.4
Netflix 19.0 232.97 0.46 Relx 97.1 2175.00 18.00 Sap Se O.n. 217.3 87.91 1.86 Nippon Yusen Kabushiki Kaisha 357.1 2650.00 42.00 Sainsbury (j) 178.65 5.0 - Marks And Spencer 99.40 5.9 - Chrysalis Investments 58.70 5.0 - Industrial Transportation 3051.63 -4.8 -
Unitedhealth 12.9 517.66 7.75 Reckitt Benckiser 88.5 5808.00 48.00 Ing Groep N.v. 206.0 9.23 0.15 Eisai Co., 313.6 8247.00 413.00 Coca-cola Hbc Ag 1988.00 4.3 - Hays 108.50 5.9 - Headlam 258.00 4.5 - Industrial Metals 6533.47 -5.1 2.7
Alphabet 9.8 97.13 -1.93 Flutter Entertainment 84.3 10420.00 160.00 Novo Nordisk B A/s 205.7 107.41 1.61 Keyence 313.0 49710.00 910.00 Unite 829.50 4.3 - Moneysupermarket.com 191.00 5.8 - Cqs New City High Yield Fund 51.90 4.3 -7.1 Media 8452.91 -5.3 -
Associated British Foods 1301.00 4.2 - Tui Ag 117.95 5.7 - Artemis Alpha Trust 280.50 4.1 - General Retailers 3168.20 -6.1 9.7
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Mondi 1403.50 3.7 - Harbourvest Global Private Equity 2230.00 5.4 -21.8 Carr's 97.00 4.1 - Electronic & Electrical Equip. 8018.77 -6.3 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Wells Fargo & Co 43.90 1.52 3.59 Wizz Air Holdings 1482.00 115.00 8.41 Vonovia Se Na O.n. 20.26 1.16 6.05 Fast Retailing Co., 85290.00 6610.00 8.40 Harbour Energy 399.10 -11.3 13.8 Moonpig 126.50 -15.6 - Rank 56.90 -15.1 - Automobiles & Parts 1090.14 -34.0 -
Delta Air Lines 31.21 0.83 2.73 Pagegroup 406.00 25.60 6.73 Vestas Wind Systems A/s 18.93 0.80 4.40 Daiichi Sankyo , 4402.00 252.00 6.07 Fresnillo 702.20 -10.8 - Tullow Oil 37.98 -14.8 - Hunting 230.00 -14.0 43.8 Real Estate & Investment Servic 1928.05 -22.0 -
Jpmorgan Chase & Co 112.17 2.80 2.56 Workspace 370.80 23.00 6.61 Sartorius Ag Vzo O.n. 382.60 14.60 3.97 Olympus 3049.00 153.50 5.30 Endeavour Mining 1465.00 -7.9 -9.3 Wood (john) 112.85 -14.0 - Palace Capital 200.50 -12.6 -22.0 Real Estate Investment Trusts 2055.07 -21.6 -
Citigroup 43.72 0.77 1.79 Hipgnosis Songs Fund 86.40 4.10 4.98 Essilorluxottica 155.35 4.80 3.19 Ntt Data 2007.00 101.00 5.30 Intermediate Capital 981.20 -7.3 - Synthomer 88.00 -12.1 - Secure Trust Bank 682.00 -12.6 - Electricity 9019.46 -19.1 -
Norwegian Cruise Line Holdings Ltd 13.17 0.22 1.70 Ocado 456.80 21.00 4.82 Lonza N 505.51 15.23 3.11 Eisai Co., 8247.00 413.00 5.27 Hargreaves Lansdown 812.40 -6.6 - Molten Ventures 263.40 -11.7 - Seraphim Space Investment Trust 53.05 -12.2 - Gas Water & Multiutilities index 4864.90 -18.6 -
Bae Systems 790.80 -6.5 43.9 888 Holdings 86.15 -11.0 - Int Personal Finance 79.40 -11.8 - Household Goods 8921.31 -16.0 -
Downs Downs Downs Downs
Anglo American 2593.00 -6.5 - Marshalls 225.40 -10.5 -67.5 Abrdn Asia Focus 231.00 -11.7 - Banks 2923.69 -12.8 -3.8
First Republic Bank 115.00 -19.73 -14.64 Int Distributions Services 187.75 -21.95 -10.47 Asml Holding 397.45 -13.85 -3.37 Nh Foods Ltd 3645.00 -5.00 -0.14
Rio Tinto 4751.50 -6.2 -3.0 Bridgepoint 177.80 -9.6 - Harworth 104.00 -11.5 - Chemicals 10638.10 -12.6 -
Mosaic (the) 46.96 -5.04 -9.68 Ferrexpo 114.00 -7.50 -6.17 Philips Kon 13.48 -0.43 -3.08 Softbank 1456.50 4.00 0.28
Standard Chartered 541.60 -6.1 21.0 Ferrexpo 114.00 -9.5 - Octopus Renewables Infrastructure Trust 92.60 -11.3 - Life Insurance 5823.97 -12.0 -
Cf Industries Holding 98.61 -8.42 -7.87 W.a.g Payment Solutions 79.30 -4.70 -5.60 Neste 44.43 -1.03 -2.27 West Japan Railway 5804.00 24.00 0.42
Prudential 872.20 -5.5 - Target Healthcare Reit 80.80 -9.5 -31.0 Xaar 157.60 -10.2 - Mining 8939.93 -12.0 -
Lam Research 319.80 -20.81 -6.11 Harbour Energy 399.10 -21.10 -5.02 Infineon Tech.ag Na O.n. 23.77 -0.47 -1.96 Takashimaya , 1803.00 8.00 0.45
Scottish Mortgage Investment Trust 723.40 -4.7 - Wetherspoon ( J.d.) 458.40 -9.2 -51.4 Pphe Hotel 1240.00 -9.5 - Construction & Materials 6007.11 -11.2 -
Northrop Grumman 471.60 -29.85 -5.95 Tbc Bank 1710.00 -90.00 -5.00 Bayer Ag Na O.n. 49.00 -0.79 -1.60 Ana Holdings 2836.50 13.50 0.48
Rs 937.50 -4.3 - Osb 391.40 -9.1 - Residential Secure ome 91.00 -9.5 - Food Producers 4979.16 -10.4 -
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Oct 14 Currency Mid Change Mid Change Mid Change Oct 14 Currency Mid Change Mid Change Mid Change Oct 14 Currency Mid Change Mid Change Mid Change Oct 14 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 151.6130 0.3137 147.8761 0.8667 170.6181 0.6343 Indonesia Indonesian Rupiah 15426.5000 65.0000 15046.2824 120.3077 17360.2672 101.6888 Poland Polish Zloty 4.9270 -0.0429 4.8055 -0.0235 5.5446 -0.0391 ..Three Month 0.8889 -0.0015 0.8662 0.0019 - -
Australia Australian Dollar 1.6022 -0.0062 1.5627 -0.0001 1.8030 -0.0040 Israel Israeli Shekel 3.5455 -0.0398 3.4581 -0.0255 3.9899 -0.0381 Romania Romanian Leu 5.0585 -0.0229 4.9338 -0.0035 5.6926 -0.0163 ..One Year 0.8886 -0.0014 0.8644 0.0018 - -
Bahrain Bahrainin Dinar 0.3771 - 0.3678 0.0014 0.4244 0.0007 Japan Japanese Yen 148.3650 0.9900 144.7082 1.5117 166.9630 1.3880 Russia Russian Ruble 62.7500 -1.2500 61.2034 -0.9820 70.6159 -1.2877 United States United States Dollar - - 0.9754 0.0037 1.1254 0.0019
Bolivia Bolivian Boliviano 6.9100 - 6.7397 0.0256 7.7762 0.0128 ..One Month 148.3645 0.9891 144.7081 1.5114 166.9626 1.3872 Saudi Arabia Saudi Riyal 3.7580 0.0008 3.6654 0.0147 4.2291 0.0078 ..One Month - - 0.9751 -0.1481 1.1254 0.0019
Brazil Brazilian Real 5.2903 -0.0061 5.1599 0.0136 5.9535 0.0029 ..Three Month 148.3632 0.9865 144.7077 1.5106 166.9614 1.3848 Singapore Singapore Dollar 1.4242 -0.0124 1.3890 -0.0068 1.6027 -0.0113 ..Three Month - - 0.9746 -0.1481 1.1256 0.0019
Canada Canadian Dollar 1.3874 -0.0006 1.3532 0.0046 1.5613 0.0020 ..One Year 148.3574 0.9749 144.7045 1.5042 166.9626 1.3791 South Africa South African Rand 18.2100 -0.1775 17.7612 -0.1050 20.4927 -0.1656 ..One Year - - 0.9728 -0.1482 1.1254 0.0019
Chile Chilean Peso 952.1050 4.2350 928.6383 7.6430 1071.4543 6.5275 Kenya Kenyan Shilling 121.0000 - 118.0177 0.4484 136.1677 0.2249 South Korea South Korean Won 1429.0000 -2.3500 1393.7793 3.0117 1608.1297 0.0158 Vietnam Vietnamese Dong 24135.0000 -10.0000 23540.1572 79.6916 27160.4066 33.5969
China Chinese Yuan 7.1919 -0.0016 7.0146 0.0251 8.0934 0.0116 Kuwait Kuwaiti Dinar 0.3104 0.0000 0.3027 0.0012 0.3493 0.0006 Sweden Swedish Krona 11.2814 -0.0908 11.0033 -0.0464 12.6955 -0.0810 European Union Euro 1.0253 -0.0039 - - 1.1538 -0.0025
Colombia Colombian Peso 4622.8550 -3.6000 4508.9159 13.6328 5202.3452 4.5483 Malaysia Malaysian Ringgit 4.7020 0.0105 4.5861 0.0276 5.2914 0.0205 Switzerland Swiss Franc 1.0034 -0.0008 0.9786 0.0030 1.1291 0.0010 ..One Month 1.0251 -0.0039 - - 1.1537 -0.0025
Costa Rica Costa Rican Colon 620.6800 -4.6650 605.3820 -2.2328 698.4842 -4.0875 Mexico Mexican Peso 20.0510 -0.0075 19.5568 0.0670 22.5645 0.0288 Taiwan New Taiwan Dollar 31.8930 -0.0030 31.1069 0.1153 35.8909 0.0559 ..Three Month 1.0245 -0.0039 - - 1.1533 -0.0025
Czech Republic Czech Koruna 25.2135 -0.1007 24.5921 -0.0044 28.3741 -0.0662 New Zealand New Zealand Dollar 1.7907 -0.0047 1.7465 0.0021 2.0151 -0.0019 Thailand Thai Baht 38.0750 - 37.1366 0.1411 42.8478 0.0708 ..One Year 1.0227 -0.0039 - - 1.1515 -0.0025
Denmark Danish Krone 7.6255 -0.0304 7.4376 -0.0013 8.5814 -0.0200 Nigeria Nigerian Naira 440.7500 - 429.8868 1.6332 495.9994 0.8192 Tunisia Tunisian Dinar 3.3091 -0.0126 3.2275 0.0000 3.7238 -0.0081
Egypt Egyptian Pound 19.6610 0.0257 19.1764 0.0978 22.1256 0.0654 Norway Norwegian Krone 10.6534 -0.0455 10.3908 -0.0047 11.9888 -0.0313 Turkey Turkish Lira 18.5900 0.0135 18.1318 0.0820 20.9203 0.0497
Hong Kong Hong Kong Dollar 7.8500 0.0002 7.6565 0.0292 8.8340 0.0148 Pakistan Pakistani Rupee 218.3750 -0.0250 212.9927 0.7849 245.7490 0.3778 United Arab Emirates UAE Dirham 3.6731 - 3.5825 0.0136 4.1335 0.0068
Hungary Hungarian Forint 428.3079 -14.8559 417.7513 -12.8475 481.9976 -15.8944 Peru Peruvian Nuevo Sol 3.9888 -0.0032 3.8905 0.0117 4.4888 0.0039 United Kingdom Pound Sterling 0.8886 -0.0015 0.8667 0.0019 - -
India Indian Rupee 82.3638 0.0125 80.3337 0.3173 92.6883 0.1671 Philippines Philippine Peso 58.9350 -0.0625 57.4824 0.1577 66.3227 0.0393 ..One Month 0.8887 -0.0015 0.8666 0.0019 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Oct 14 Oct 13 Oct 12 Oct 11 Oct 10 Yr Ago High Low Year to date percentage changes Closing Week's Closing Week's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2232.70 2219.70 2168.90 2209.70 2236.10 0.00 2880.10 2152.10 Oil & Gas Producers 38.64 Health Care Eq & Srv -11.16 Consumer Services -24.61 FTSE 100 Price Change FTSE 100 Price Change
Oct 14 chge% Index Oct 13 Oct 12 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 37.89 Mobile Telecomms -12.13 Food Producers -26.08 3I Group PLC 1080 -29.50 International Consolidated Airlines Group S.A. 109.86 8.64
FTSE 100 (100) 6858.79 0.12 6152.15 6850.27 6826.15 7207.71 3.93 1.94 13.12 236.60 7013.39 P/E Ratio net - - - - - 0.00 19.44 14.26 Tobacco 21.02 Telecommunications -15.12 Support Services -26.29 Admiral Group PLC 1923 5.50 Intertek Group PLC 3641 -89.00
FTSE 250 (250) 17032.82 0.61 15277.99 16929.26 16611.16 22860.39 3.47 1.17 24.67 464.16 14114.93 FT 30 hourly changes Aerospace & Defense 9.14 Media -15.84 FTSE 250 Index -27.46 Airtel Africa PLC 125.70 -3.20 Jd Sports Fashion PLC 95.50 -4.24
FTSE 250 ex Inv Co (174) 17139.69 0.60 15373.85 17037.79 16674.89 23892.29 3.65 1.51 18.11 502.69 14498.72 8 9 10 11 12 13 14 15 16 High Low Mining 2.19 Travel & Leisure -16.14 Oil Equipment & Serv -27.55 Anglo American PLC 2593 -181.00 Kingfisher PLC 212.80 7.20
FTSE 350 (350) 3776.27 0.19 3387.21 3768.96 3747.48 4125.65 3.87 1.84 14.06 126.29 7662.64 2219.7 2246.4 2237.9 2242.9 2258.3 2250.1 2270.6 2261.9 2240.4 2276.8 2219.7 Beverages 31.66 Utilities -16.36 Construct & Material -29.07 Antofagasta PLC 1077.5 -34.50 Land Securities Group PLC 507.00 -1.80
FTSE 350 ex Investment Trusts (271) 3716.05 0.18 3333.20 3709.56 3689.11 4024.36 3.93 1.92 13.26 126.85 3897.11 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Pharmace & Biotech -0.56 Software & Comp Serv -17.36 Household Goods & Ho -29.15 Ashtead Group PLC 4187 -48.00 Legal & General Group PLC 218.60 -3.20
FTSE 350 Higher Yield (131) 3271.77 -0.10 2934.69 3275.05 3247.35 3243.86 5.40 1.87 9.93 139.72 7468.74 Health Care -1.28 Nonlife Insurance -17.42 Industrial Eng -31.38 Associated British Foods PLC 1301 52.00 Lloyds Banking Group PLC 42.45 -0.23
FTSE 350 Lower Yield (219) 3890.42 0.51 3489.60 3870.86 3860.12 4771.37 2.25 1.77 25.03 87.83 4785.57 FT WILSHIRE 5000 INDEX SERIES Personal Goods -3.77 Technology -17.76 Electronic & Elec Eq -34.90 Astrazeneca PLC 9818 -212.00 London Stock Exchange Group PLC 7292 -254.00
FTSE SmallCap (241) 5730.00 0.90 5139.66 5678.76 5695.80 7406.28 3.64 0.61 45.29 171.22 9585.37 Banks -4.16 Gas Water & Multi -18.30 Leisure Goods -35.10 Auto Trader Group PLC 523.60 0.00 M&G PLC 170.35 4.55
FTSE SmallCap ex Inv Co (128) 4545.54 0.50 4077.23 4523.12 4488.08 6289.28 3.87 2.32 11.12 134.87 7911.38 Oct 13 Oct 13 Basic Materials -4.64 Financials -19.90 Chemicals -36.09 Aveva Group PLC 3151 -34.00 Melrose Industries PLC 100.60 -0.25
FTSE All-Share (591) 3740.85 0.21 3355.45 3732.93 3712.50 4107.88 3.86 1.81 14.32 124.72 7664.96 FTSE 100 Index -7.12 Tech Hardware & Eq -21.22 Real Est Invest & Tr -39.08
FT Wilshire 5000 37358.04 FT Wilshire Mid Cap 5000.08 Aviva PLC 394.30 -6.40 Mondi PLC 1403.5 50.00
FTSE All-Share ex Inv Co (399) 3648.55 0.18 3272.65 3642.00 3621.82 3966.84 3.93 1.92 13.22 124.31 3884.86 Consumer Goods -7.29 Fixed Line Telecomms -22.72 Real Est Invest & Se -40.73
FT Wilshire 2500 4782.08 FT Wilshire Small Cap 4595.27 B&M European Value Retail S.A. 314.10 7.10 National Grid PLC 871.20 -36.80
FTSE All-Share ex Multinationals (528) 969.82 0.81 723.57 962.03 940.90 1315.43 4.29 1.83 12.74 35.09 2056.19 NON FINANCIALS Index -9.44 FTSE SmallCap Index -23.18 Food & Drug Retailer -41.74
FT Wilshire Mega Cap 4766.19 FT Wilshire Micro Cap 4531.57 Bae Systems PLC 790.80 -55.40 Natwest Group PLC 228.00 -1.50
FTSE Fledgling (83) 11111.44 0.87 9966.67 11015.80 11046.79 13447.13 3.79 4.90 5.37 286.16 23926.86 Beverages -10.25 Financial Services -23.43 General Retailers -41.93
FT Wilshire Large Cap 4805.25 Barclays PLC 142.82 -0.66 Next PLC 4727 270.00
FTSE Fledgling ex Inv Co (33) 14200.07 1.67 12737.09 13966.53 13961.70 18511.74 3.45 8.24 3.51 365.43 29687.35 Electricity -10.59 Equity Invest Instr -23.43 Industrial Transport -49.41
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Barratt Developments PLC 347.00 7.00 Ocado Group PLC 456.80 24.70
FTSE All-Small (324) 4004.78 0.90 3592.18 3969.04 3980.91 5157.93 3.65 0.86 32.01 118.78 8592.27 FTSE All{HY-}Share Index -11.10 Industrials -23.60 Automobiles & Parts -69.95
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Berkeley Group Holdings (The) PLC 3357 76.00 Pearson PLC 900.00 -4.40
FTSE All-Small ex Inv Co (161) 3424.13 0.54 3071.35 3405.78 3380.32 4727.48 3.86 2.52 10.29 101.11 7547.15 Life Insurance -23.79 Industrial Metals & -83.06
mark. Copyright ©2022 Wilshire. All rights reserved. BP PLC 455.05 -14.05 Pershing Square Holdings LTD 2605 -115.00
FTSE AIM All-Share (767) 779.80 0.52 699.46 775.77 776.27 1225.08 1.69 1.53 38.69 10.57 913.73
British American Tobacco PLC 3281.5 -32.00 Persimmon PLC 1211 -5.00
FTSE All-Share Technology (21) 1816.01 -0.38 1403.18 1822.86 1796.19 2303.81 2.08 0.80 60.02 36.68 2626.52
British Land Company PLC 333.50 -6.60 Phoenix Group Holdings PLC 522.40 -4.00
FTSE All-Share Telecommunications (6) 1580.98 0.56 1221.58 1572.13 1562.76 1747.09 6.63 1.06 14.26 57.66 2352.87 FTSE GLOBAL EQUITY INDEX SERIES Bt Group PLC 122.65 -1.35 Prudential PLC 872.20 -50.80
FTSE All-Share Health Care (14) 13023.06 0.74 10062.53 12926.83 13111.11 12762.81 3.05 1.14 28.69 341.37 12033.28
Oct 14 No of US $ Day Mth YTD Total
YTD Gr Div Oct 14 No of US $ Day Mth YTD Total YTD Gr Div Bunzl PLC 2707 21.00 Reckitt Benckiser Group PLC 5808 -102.00
FTSE All-Share Financials (256) 4102.10 0.24 3169.57 4092.46 3999.48 4884.30 4.10 2.25 10.85 155.63 4554.67
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Burberry Group PLC 1841.5 -58.50 Relx PLC 2175 -75.00
FTSE All-Share Real Estate (55) 754.31 2.20 609.71 738.08 728.78 1147.83 4.61 4.53 4.79 27.92 790.13
FTSE Global All Cap 9532 627.29 1.4 -8.5 -25.9
-24.6 1003.24
2.5 Oil Equipment & Services 24 253.69 3.5 -4.9 8.4 467.30 12.0 4.5 Centrica PLC 71.62 0.68 Rentokil Initial PLC 500.20 25.00
FTSE All-Share Consumer Discretionary (86) 4099.36 0.92 3167.46 4061.93 4005.94 5463.98 2.55 1.07 36.80 98.53 4339.55
FTSE Global All Cap 9532 627.29 1.4 -8.5 -25.9
-24.6 1003.24
2.5 Basic Materials 392 523.02 0.6 -8.0 -22.2 962.04 -19.0 5.4 Coca-Cola Hbc AG 1988 82.00 Rightmove PLC 466.60 -0.20
FTSE All-Share Consumer Staples (24)18727.42 0.94 14470.12 18553.86 18854.42 18586.16 4.07 1.16 21.28 612.85 17101.50
FTSE Global Large Cap 1907 561.44 1.5 -8.4 -26.1
-24.6 925.55
2.5 Chemicals 195 712.84 1.4 -8.5 -26.4 1259.53 -24.4 3.3 Compass Group PLC 1806 -0.50 Rio Tinto PLC 4751.5 -314.50
FTSE All-Share Industrials (84) 5653.58 -0.01 4368.35 5654.35 5614.99 7043.75 2.51 1.35 29.58 118.28 6526.01
FTSE Global Mid Cap 2265 804.15 1.4 -9.2 -25.0
-23.7 1209.77
2.4 Forestry & Paper 20 233.02 0.5 -10.3 -23.7 469.02 -21.4 4.1 Convatec Group PLC 206.40 -1.40 Rolls-Royce Holdings PLC 70.05 -0.55
FTSE All-Share Basic Materials (22) 7828.00 -1.55 6048.46 7950.99 7982.86 8170.06 6.95 2.01 7.16 537.59 10670.12
FTSE Global Small Cap 5360 841.47 1.3 -8.7 -26.5
-25.3 1210.73
2.2 Industrial Metals & Mining 98 417.81 0.5 -7.6 -24.5 798.32 -20.7 8.8 Crh PLC 2870 -40.50 Rs Group PLC 937.50 -42.00
FTSE All-Share Energy (13) 8178.21 -1.23 6319.06 8279.77 8141.07 6414.55 3.40 2.96 9.94 220.07 9855.41
FTSE All-World 4172 368.30 1.5 -8.5 -25.9
-24.5 623.79
2.5 Mining 79 810.63 -0.7 -7.1 -12.9 1579.81 -7.6 6.9 Croda International PLC 6324 -216.00 Sage Group PLC 685.80 -11.00
FTSE All-Share Utilities (10) 7301.93 1.55 5641.99 7190.41 7134.67 7776.30 5.22 0.66 28.85 292.26 11030.24
FTSE World 2667 667.61 1.7 -8.2 -25.7
-24.3 1517.27
2.5 Industrials 802 430.65 1.2 -9.1 -28.3 686.00 -27.0 2.3 Dcc PLC 4673 -61.00 Sainsbury (J) PLC 178.65 8.50
FTSE All-Share Software and Computer Services (18) 1964.09 -0.35 1517.59 1971.02 1944.92 2468.50 2.08 0.80 60.34 39.73 3005.45
FTSE Global All Cap ex UNITED KINGDOM In 9240 663.87 1.4 -8.5 -26.0
-24.6 1041.40
2.4 Construction & Materials 154 489.85 0.1 -11.7 -33.7 823.62 -32.4 2.4 Dechra Pharmaceuticals PLC 2656 136.00 Schroders PLC 367.70 -11.10
FTSE All-Share Technology Hardware and Equipment (3) 4332.99 -1.01 3347.97 4377.00 4150.42 7106.25 2.05 0.93 52.45 78.21 5600.02
FTSE Global All Cap ex USA 7719 425.14 -0.1 -11.1 -29.1
-27.1 754.50
3.6 Aerospace & Defense 35 764.83 2.2 -2.3 -4.8 1191.39 -3.6 1.7 Diageo PLC 3667 -66.50 Scottish Mortgage Investment Trust PLC 723.40 -35.60
FTSE All-Share Telecommunications Equipment (1) 557.95 0.73 431.11 553.93 561.53 672.45 2.20 2.31 19.66 11.51 797.54
FTSE Global All Cap ex JAPAN 8127 655.67 1.6 -8.5 -25.9
-24.5 1057.80
2.5 General Industrials 76 203.58 2.1 -6.6 -26.6 358.98 -25.0 2.9 Endeavour Mining PLC 1465 -125.00 Segro PLC 739.40 1.60
FTSE All-Share Telecommunications Service Providers (5) 2439.41 0.56 1884.86 2425.91 2409.51 2683.04 6.81 1.04 14.10 90.35 3304.60
FTSE Global All Cap ex Eurozone 8867 669.68 1.5 -8.4 -25.2
-23.8 1047.65
2.4 Electronic & Electrical Equipment 157 533.28 0.7 -10.3 -33.7 765.94 -32.7 1.7 Entain PLC 1150 20.00 Severn Trent PLC 2299 -21.00
FTSE All-Share Health Care Providers (3)10640.83 -0.25 8221.85 10667.58 10656.97 8084.90 0.55 4.48 40.76 58.27 9876.41
FTSE Developed 2182 613.45 1.8 -8.1 -25.7
-24.4 987.68
2.3 Industrial Engineering 158 831.69 1.1 -7.1 -28.1 1319.71 -26.8 2.2 Experian PLC 2633 -55.00 Shell PLC 2270 -75.50
FTSE All-Share Medical Equipment and Services (2) 5006.41 1.44 3868.30 4935.42 4915.14 5990.68 2.85 0.97 36.33 142.76 4836.00
FTSE Developed All Cap 5838 639.88 1.7 -8.1 -25.7
-24.4 1015.03
2.3 Industrial Transportation 132 811.00 1.2 -13.3 -27.0 1316.33 -24.9 3.7 F&C Investment Trust PLC 874.00 -20.00 Smith & Nephew PLC 999.00 -11.00
FTSE All-Share Pharmaceuticals and Biotechnology (9)18601.13 0.72 14372.54 18468.37 18753.35 18061.56 3.09 1.14 28.27 489.47 15473.96
FTSE Developed Large Cap 834 575.99 1.8 -7.8 -25.7
-24.4 943.92
2.3 Support Services 90 477.60 1.0 -10.1 -32.8 710.00 -31.9 1.6 Flutter Entertainment PLC 10420 105.00 Smith (Ds) PLC 266.10 24.30
FTSE All-Share Banks (12) 2884.64 0.05 2228.87 2883.22 2779.35 2977.72 4.51 4.27 5.20 128.47 2552.78
FTSE Developed Europe Large Cap 220 317.06 0.8 -9.8 -29.5
-27.4 3.5 Consumer Goods
627.22 569 507.29 0.4 -10.3 -26.4 851.60 -25.0 2.5 Frasers Group PLC 641.00 -4.00 Smiths Group PLC 1506 -34.50
FTSE All-Share Finance and Credit Services (8) 9854.46 0.02 7614.25 9852.72 9884.84 10956.35 2.12 2.05 23.02 208.41 13240.33
FTSE Developed Europe Mid Cap 356 463.39 1.7 -13.1 -39.9
-38.4 795.45
3.4 Automobiles & Parts 132 499.39 1.0 -17.7 -35.4 807.31 -34.4 1.9 Fresnillo PLC 702.20 -85.40 Smurfit Kappa Group PLC 2580 128.00
FTSE All-Share Investment Banking and Brokerage Services (31) 7286.01 0.34 5629.68 7261.03 7084.66 10430.61 6.06 1.86 8.89 379.93 10222.49
FTSE Dev Europe Small Cap 750 654.36 2.1 -13.7 -40.8
-39.2 1079.33
3.6 Beverages 72 708.33 0.7 -4.3 -12.1 1200.83 -10.6 2.4 Glaxosmithkline PLC 1350.2 7.60 Spirax-Sarco Engineering PLC 10390 -175.00
FTSE All-Share Closed End Investments (192)10918.65 0.69 8436.51 10843.91 10795.56 13813.85 2.83 -0.51 -69.20 244.11 6808.48
FTSE North America Large Cap 234 789.41 2.6 -6.8 -24.3
-23.4 1183.53
1.8 Food Producers 134 661.47 0.2 -6.2 -15.8 1138.67 -14.0 2.6 Glencore PLC 484.35 -9.50 Sse PLC 1470 -29.50
FTSE All-Share Life Insurance (6) 5928.91 -0.77 4581.09 5975.10 5708.94 8154.63 5.17 1.08 17.90 294.59 7255.49
FTSE North America Mid Cap 424 1025.68 2.0 -8.1 -21.6
-20.5 1421.81
1.9 Household Goods & Home Construction 65 458.30 0.8 -9.0 -30.0 769.41 -28.4 3.0 Haleon PLC 273.80 -5.50 St. James's Place PLC 969.40 -13.60
FTSE All-Share Nonlife Insurance (7) 3305.64 1.61 2554.17 3253.18 3235.36 3551.86 4.37 1.24 18.49 130.27 7039.81
FTSE North America Small Cap 1335 1027.11 1.9 -6.8 -22.1
-21.2 1365.39
1.7 Leisure Goods 53 213.97 -0.5 -11.3 -32.8 302.47 -32.0 1.5 Halma PLC 2043 -59.00 Standard Chartered PLC 541.60 -35.40
FTSE All-Share Real Estate Investment and Services (10) 1863.91 1.89 1440.18 1829.34 1799.68 2915.00 2.70 3.76 9.84 41.03 5557.84
FTSE North America 658 516.31 2.5 -7.1 -23.8
-22.8 791.38
1.9 Personal Goods 98 775.37 -0.5 -10.4 -32.8 1191.32 -31.8 2.1 Harbour Energy PLC 399.10 -51.00 Taylor Wimpey PLC 87.96 -1.48
FTSE All-Share Real Estate Investment Trusts (45) 1882.30 2.25 1454.40 1840.82 1818.79 2841.88 4.94 4.61 4.39 75.43 2839.87
FTSE Developed ex North America 1524 221.19 0.1 -10.5 -29.9
-27.9 422.85
3.4 Tobacco 15 904.41 1.2 -4.1 -5.9 2556.63 -1.7 6.3 Hargreaves Lansdown PLC 812.40 -57.60 Tesco PLC 202.10 1.40
FTSE All-Share Automobiles and Parts (2) 1095.73 1.91 846.64 1075.17 1020.59 4306.97 0.89 -19.25 -5.85 14.02 1139.93
FTSE Japan Large Cap 169 326.03 -1.0 -9.2 -28.5
-26.7 479.12
2.7 Health Care 343 655.97 1.4 -3.6 -16.9 1044.41 -15.6 1.9 Homeserve PLC 1182 -3.00 Unilever PLC 3882 -45.50
FTSE All-Share Consumer Services (2) 2976.81 0.53 2300.09 2961.14 2949.50 2480.96 1.29 1.71 45.31 38.43 3776.07
FTSE Japan Mid Cap 340 469.57 -1.2 -7.4 -23.5
-21.6 655.28
2.7 Health Care Equipment & Services 133 1270.97 1.9 -6.4 -23.6 1558.43 -23.0 1.1 HSBC Holdings PLC 458.80 -8.20 Unite Group PLC 829.50 34.00
FTSE All-Share Household Goods and Home Construction (13) 7462.36 1.17 5765.94 7375.96 7092.15 14127.08 9.50 1.70 6.19 661.61 6676.16
FTSE Global wi JAPAN Small Cap 896 518.10 -1.3 -7.2 -25.5
-23.5 750.46
2.8 Pharmaceuticals & Biotechnology 210 438.90 1.1 -1.6 -11.7 751.08 -9.9 2.4 Imperial Brands PLC 2016 25.00 United Utilities Group PLC 854.40 -9.40
FTSE All-Share Leisure Goods (2) 16478.57 1.00 12732.50 16315.04 15784.50 26013.72 4.40 1.49 15.30 721.42 18295.62
FTSE Japan 509 134.84 -1.1 -8.8 -27.5
-25.7 221.86
2.7 Consumer Services 427 495.66 0.7 -8.4 -29.6 706.90 -29.0 1.3 Informa PLC 551.00 6.00 Vodafone Group PLC 99.59 -0.93
FTSE All-Share Personal Goods (5) 24715.75 -0.07 19097.12 24734.00 24596.79 29331.96 2.07 2.75 17.57 402.68 19331.55
FTSE Asia Pacific Large Cap ex Japan 1088 585.06 -1.3 -14.0 -29.8
-27.9 1064.61
3.5 Food & Drug Retailers 69 285.86 1.4 -8.9 -17.0 453.55 -15.3 2.6 Intercontinental Hotels Group PLC 4437 37.00 Whitbread PLC 2508 61.00
FTSE All-Share Media (11) 8664.10 0.57 6694.49 8614.82 8726.62 9532.76 2.47 1.50 26.95 213.23 6090.43
FTSE Asia Pacific Mid Cap ex Japan 866 829.64 -1.3 -14.2 -26.8
-24.7 1455.40
3.9 General Retailers 141 897.58 -0.2 -8.8 -29.8 1225.03 -29.3 1.0 Intermediate Capital Group PLC 981.20 -76.80 Wpp PLC 740.20 -17.40
FTSE All-Share Retailers (22) 1574.61 1.18 1216.66 1556.32 1490.72 2667.57 3.20 3.70 8.46 43.41 2042.98
FTSE All-Share Travel and Leisure (29) 5607.54 1.51 4332.78 5523.95 5363.29 8486.01 0.69 -10.97 -13.17 35.41 5794.78 FTSE Asia Pacific Small Cap ex Japan 2120 473.71 -1.7 -15.1 -34.9
-33.2 807.75
3.4 Media 75 270.14 3.0 -9.3 -42.4 388.21 -41.8 1.4
FTSE All-Share Beverages (5) 28013.92 1.41 21645.52 27623.56 28201.71 28405.16 2.14 1.99 23.48 584.47 22450.84 FTSE Asia Pacific Ex Japan 1954 465.81 -1.3 -14.0 -29.5
-27.6 900.83
3.5 Travel & Leisure 142 402.21 1.3 -6.4 -21.6 586.54 -20.8 1.2
FTSE All-Share Food Producers (10) 5110.68 1.00 3948.87 5060.00 4951.29 6567.75 2.90 2.14 16.09 83.25 4920.03 FTSE Emerging All Cap 3694 635.81 -1.1 -12.2 -27.8
-25.5 1106.60
4.0 Telecommunication 89 117.55 0.4 -10.0 -20.7 276.62 -17.8 4.6 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 35446.83 0.26 27388.71 35355.81 35791.53 27881.85 6.68 0.92 16.21 1728.22 33130.20 FTSE Emerging Large Cap 1073 585.63 -1.2 -12.7 -28.8
-26.6 1025.05
4.0 Fixed Line Telecommuniations 31 90.06 1.2 -11.0 -20.1 243.53 -16.4 5.7 Oct 14 Oct 13 Oct 12 Oct 11 Oct 10 Yr Ago
FTSE All-Share Construction and Materials (15) 6402.35 -0.44 4946.91 6430.56 6370.76 8179.84 3.57 0.64 43.87 217.85 7797.72 FTSE Emerging Mid Cap 917 921.67 -0.7 -9.6 -19.8
-17.2 1613.43
4.3 Mobile Telecommunications 58 140.37 0.1 -9.4 -21.0 284.54 -18.5 4.0 Order Book Turnover (m) 197.87 314.09 43.18 150.45 66.92 66.92
FTSE All-Share Aerospace and Defense (7) 4821.19 -2.57 3725.19 4948.58 4906.70 4850.28 2.40 0.05 831.93 59.88 5827.98 FTSE Emerging Small Cap 1704 693.83 -1.2 -11.7 -28.4
-26.1 1156.10
3.7 Utilities 200 281.72 1.7 -16.0 -17.9 656.69 -15.8 3.7 Order Book Bargains 876414.00 854249.00 715976.00 661819.00 721934.00 721934.00
FTSE All-Share Electronic and Electrical Equipment (10) 9407.55 0.24 7268.94 9384.84 9404.02 13526.09 1.82 2.01 27.24 142.02 9286.76 FTSE Emerging Europe 111 92.58 0.3 -6.5 -77.7
-76.7 193.41
3.4 Electricity 142 323.86 1.6 -15.7 -16.0 743.32 -13.9 3.5 Order Book Shares Traded (m) 1760.00 1869.00 1533.00 1556.00 1479.00 1479.00
FTSE All-Share General Industrials (8) 4391.39 0.90 3393.10 4352.20 4294.53 5431.55 3.23 1.17 26.44 122.02 5775.79 FTSE Latin America All Cap 262 709.12 -0.1 -1.5 0.0 7.2 1385.71
11.2 Gas Water & Multiutilities 58 267.36 1.8 -16.8 -22.5 645.28 -20.2 4.1 Total Equity Turnover (£m) 4665.54 4733.60 4588.36 4514.97 5195.69 5195.69
FTSE All-Share Industrial Engineering (5)14271.29 0.27 11027.00 14233.22 14200.95 19102.80 1.83 2.01 27.18 261.52 19170.21 FTSE Middle East and Africa All Cap 332 719.56 -0.7 -7.4 -9.7-7.1 3.3 Financials
1316.29 855 231.15 2.0 -9.3 -23.0 443.24 -20.9 3.5 Total Mkt Bargains 1069698.00 1033586.00 908151.00 863784.00 890721.00 890721.00
FTSE All-Share Industrial Support Services (31) 9068.85 1.15 7007.23 8965.76 8942.83 11339.61 2.09 1.67 28.70 181.51 10429.31 FTSE Global wi UNITED KINGDOM All Cap In 292 268.58 2.0 -10.2 -25.4
-23.0 3.9 Banks
547.48 270 178.22 2.2 -7.9 -21.3 380.73 -18.5 4.4 Total Shares Traded (m) 5406.00 5383.00 4971.00 4937.00 4481.00 4481.00
FTSE All-Share Industrial Transportation (8) 4612.45 -0.93 3563.90 4655.77 4581.24 6598.27 2.53 3.42 11.57 98.14 4832.63 FTSE Global wi USA All Cap 1813 888.40 2.5 -6.8 -23.8
-22.9 1.8 Nonlife Insurance
1284.00 72 315.57 1.9 -5.2 -10.0 526.42 -7.5 3.1 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)14952.79 3.10 438.92 14502.71 11652.17 18103.38 2.20 1.81 25.13 329.06 18887.61 FTSE Europe All Cap 1466 356.58 1.0 -10.6 -33.4
-31.5 3.5 Life Insurance
677.18 51 189.41 1.0 -9.5 -21.6 364.20 -18.8 4.4 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (9) 7036.59 -1.66 5436.96 7155.23 7177.49 6786.89 7.42 2.01 6.70 517.27 10800.97 FTSE Eurozone All Cap 665 337.09 1.2 -10.5 -35.0
-33.1 3.5 Financial Services
635.54 212 379.31 2.6 -8.6 -24.0 574.84 -22.9 1.9
FTSE All-Share Precious Metals and Mining (5) 8572.07 -1.80 6623.38 8729.26 8936.04 19900.34 4.17 1.86 12.89 358.99 6043.60 FTSE EDHEC-Risk Efficient All-World 4172 419.90 1.5 -8.6 -23.1
-21.5 2.9 Technology
659.81 363 427.09 2.0 -10.0 -37.1 556.70 -36.6 1.2
FTSE All-Share Chemicals (7) 11765.33 -0.33 9090.72 11804.77 11901.09 18034.56 3.12 2.04 15.70 335.92 11803.01 FTSE EDHEC-Risk Efficient Developed Europe 576 258.56 1.5 -12.6 -37.4
-35.7 3.6 Software & Computer Services
454.08 187 660.91 1.7 -9.7 -38.2 798.63 -37.9 0.7 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE All-Share Oil. Gas and Coal (12) 7939.32 -1.23 6134.48 8037.97 7903.30 6225.26 3.40 2.96 9.94 213.64 9922.35 Oil & Gas 132 383.40 3.1 -0.8 17.021.7 4.8 Technology Hardware & Equipment
781.24 176 368.59 2.3 -10.3 -35.7 516.92 -34.9 1.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas Producers 88 385.84 3.1 1.1 21.526.8 807.36
5.0 Alternative Energy 20 153.20 0.3 -23.7 -26.5 219.83 -26.2 0.5 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Sector Indices Real Estate Investment & Services 142 225.03 -0.9 -14.1 -31.6 437.12 -29.9 3.5
Non Financials (335) 4593.15 0.21 4119.93 4583.72 4580.73 4926.30 3.79 1.68 15.72 147.30 8276.34 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 108 398.11 1.2 -17.0 -33.3 928.54 -31.5 4.2
For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE Global Large Cap 1907 561.44 1.5 -8.4 -26.1 925.55 -24.6 2.5
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
FTSE 100 6934.22 6918.87 6902.46 6919.83 6939.43 6904.75 6961.71 6938.40 6868.81 6976.20 6852.39 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 17165.83 17103.90 17048.87 17042.13 17157.31 17160.23 17320.72 17268.73 17116.52 17346.95 17005.18 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
FTSE SmallCap 5693.97 5712.15 5720.32 5720.25 5732.40 5741.19 5764.72 5761.15 5734.18 5769.78 5693.97 WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
FTSE All-Share 3778.64 3770.07 3761.05 3768.75 3781.40 3765.86 3797.10 3784.84 3748.05 3803.90 3739.74 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:13:39:45 Day's Low15:18:45 FTSE 100 2010/11 High: 7672.40(10/02/2022) Low: 6826.15(12/10/2022) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:13:40:00 Day's Low15:20:00 FTSE 100 2010/11 High: 4296.96(10/02/2022) Low: 3712.50(12/10/2022)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Sabien Technology Group Pre 0.679 0.971 0.743L 0.509L 5.060L 6.220L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Sainsbury (J) Int 15724.000 29048.000 541.000 164.000L 17.300 9.400L 3.20000 7.40000 Dec 17 10.600 10.600 10/07 10.00 ACG ACG Acquisition Company Ltd 9.93 -0.03 10.10 9.95 124.1
There are currently no rights offers by any companies listed on the LSE. Sainsbury (J) Pre 29895.000 29048.000 854.000 164.000L 29.800 9.400L 9.90000 7.40000 Jul 15 13.100 10.600 10/04 1.00 MII Milton Capital PLC 1.05 -0.05 1.20 1.00 105.0
Schroder Japan Growth Fund Pre 3.943 59.835 2.550 47.930 4.90000 4.30000 Dec 9 4.900 4.300
Town Centre Securities Pre 28.141 21.429 11.012 0.576L 20.900 1.100L 2.50000 1.75000 Jan 6 5.000 3.500

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Monday 17 October 2022 ★ FINANCIAL TIMES 13

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m
Australia (A$) Finland (€) Denso 7109 -45.00 9575 6549 2.11 18.64 37754.86 Novartis 75.99 0.45 88.42 73.01 3.63 8.58 182048.91 Boeing 132.37 2.58 233.94 113.02 - -22.28 78602.78 Lilly (E) 330.00 3.34 341.70 231.87 0.86 64.90 313557.69
ANZ Bank 25.36 0.97 28.75 20.78 5.76 10.98 47325.8 Nokia 4.62 0.09 5.71 4.12 - 16.44 25662.51 EastJpRwy 7944 423.00 8018 6373 1.35 -7.63 20235.87 Richemont 97.92 0.00 146.10 90.28 1.83 24.25 50943.58 Booking Holdings 1687.76 2.60 2715.66 1616.85 - 72.11 67014.62 Linde 277.36 4.16 346.50 262.47 1.27 45.60 138224.19
BHP Group 40.02 -0.74 53.72 35.56 9.94 9.71 126449.09 SampoA 44.14 -0.14 48.74 35.85 3.76 9.69 22949.39 Fanuc 20190 -805.00 25300 18740 2.40 22.98 27476.5 Roche 326.40 1.90 404.20 298.60 2.47 22.72 228550.82 Bristol-Myers 70.70 1.00 80.59 53.22 2.36 27.27 150951.86 Lockheed 390.18 -13.78 479.99 324.23 2.37 20.16 103457.09
CmwBkAu 98.90 2.02 110.19 86.98 3.43 19.21 104757.51 France (€) FastRetail 85290 5550 88230 54310 0.66 38.31 60978.14 Swiss Re 72.52 1.18 102.20 68.18 7.46 18.20 22948.03 Broadcom 429.61 -30.87 677.76 415.07 2.91 29.20 173992.68 Lowes 190.77 -6.45 263.31 170.12 1.32 18.89 118407.94
CSL 280.43 -9.77 319.78 240.10 1.04 41.47 84402.43 Airbus Grpe 96.59 4.26 120.36 86.52 - 18.27 74249.78 Fuji Hvy Ind 2288.5 -8.50 2684 1664.5 2.62 25.16 11864.38 Swisscom 450.90 -0.70 587.40 443.40 4.46 13.93 23279.51 Cadence Design 148.24 -10.66 194.97 132.32 - 71.37 40598.49 Lyondell 78.30 -0.32 117.22 71.46 4.71 5.62 25541.93
NatAusBk 31.08 0.81 33.75 25.43 2.80 17.10 61179.47 AirLiquide 118.64 1.04 153.40 114.48 2.25 22.60 60564.27 Hitachi 6487 -122.00 7460 4750 1.90 9.10 42349.11 UBS 14.43 -0.25 19.90 13.10 2.20 7.72 50690.68 CapOne 96.82 2.95 174.65 90.27 1.72 4.32 37161.23 Marathon Ptl 106.78 -0.06 114.35 59.55 1.81 63.62 53243.08
Telstra 3.84 -0.03 4.20 3.62 2.52 32.26 27692.84 AXA 23.72 0.60 29.09 20.34 5.84 8.24 54056.94 HondaMtr 3279 -42.00 3755 3043 4.21 6.64 40034.2 Zurich Fin 398.30 0.90 461.70 376.00 4.61 13.78 59728.2 CardinalHlth 68.29 0.07 72.28 45.85 2.38 42.59 17892.9 Marsh&M 153.76 1.57 183.14 142.80 1.45 28.46 77174.25
Wesfarmers 44.87 -0.17 61.34 40.03 3.84 23.82 31753.86 BNP Parib 44.06 0.45 68.07 40.67 5.89 6.55 53044.23 JapanTob 2434 25.00 2443 2000 6.01 11.86 32810.98 Taiwan (NT$) Carnival 7.17 0.41 25.29 6.11 - -1.03 7972.54 MasterCard 290.18 -4.79 399.92 276.87 0.64 39.87 278188.57
Westpac Bank 23.50 1.56 26.44 18.80 3.66 17.66 51352.86 ChristianDior 610.50 7.50 733.50 513.00 1.11 23.00 107483.73 KDDI 4247 -38.00 4636 3237 3.02 13.62 65915.95 Chunghwa Telecom 109.00 -1.50 132.50 108.00 3.76 24.80 26512.47 Caterpillar 179.49 1.94 237.90 160.60 1.98 18.26 94754.41 McDonald's 243.56 10.37 269.72 217.68 1.79 29.20 179191.3
Woolworths 33.76 0.29 41.13 32.62 3.10 39.76 25632.72 Cred Agr 8.54 0.07 14.27 8.09 9.08 4.81 25334.16 Keyence 49710-2470.00 75090 44880 0.43 39.75 81487.24 Formosa PetChem 77.90 -2.70 106.00 75.20 0.73 15.68 23267.54 Centene Corp 73.71 -1.11 98.53 62.96 - 38.91 42131.22 McKesson 351.85 5.17 375.23 200.13 0.42 47.96 50571.56
Belgium (€) Danone 47.98 0.60 58.41 46.48 3.92 16.84 31624.18 MitsbCp 4120 -160.00 4845 3355 3.59 8.80 40936.06 HonHaiPrc 105.00 -2.50 116.00 99.50 3.65 11.06 45640.57 CharlesSch 70.20 -4.11 96.24 59.35 0.85 29.86 127609.15 Medtronic 81.92 -0.50 128.32 79.44 2.53 26.91 108884.24
AnBshInBv 47.16 0.53 58.72 45.56 1.10 24.28 79898.2 EDF 11.92 0.02 12.67 6.64 3.96 9.46 45186.21 MitsubEst 938.67 -11.25 972.04 876.51 - - - MediaTek 585.00 -2.00 1200 533.00 6.06 8.70 29335.47 Charter Comms 325.05 12.52 739.86 297.66 - 15.99 52220.83 Merck 91.84 4.24 95.72 71.50 2.39 22.74 232656.42
KBC Grp 48.34 0.85 86.50 45.53 6.89 8.11 19655.46 Engie SA 11.94 -0.01 14.61 9.79 4.30 8.68 28370.12 MitsubishiEle 1377 17.00 1629 1225.5 3.11 11.78 19928.52 TaiwanSem 412.00 -39.00 650.00 395.00 2.48 17.14 334973.83 Chevron Corp 161.74 1.71 182.40 108.11 2.73 23.91 317788.93 Meta 196.64 8.00 384.33 169.00 - 15.41 450997.53
EssilorLuxottica 155.35 5.95 195.00 132.70 0.67 48.89 67794.01 MitsuiFud 816.55 -42.93 949.18 684.38 - - - Chipotle Mexic. 1526.86 48.11 1895.99 1196.28 - 80.25 42392.73 Metlife 65.08 1.83 73.18 57.05 2.43 10.72 52923.44
Brazil (R$) Thailand (THB)
Hermes Intl 1274.5 9.50 1678 957.60 0.35 56.47 131231.98 MitUFJFin 659.20 -8.50 828.30 601.40 4.22 6.39 59013.23 Chubb 190.72 6.04 218.99 173.78 1.39 11.91 79650.48 Microsoft 230.19 -4.05 349.67 219.13 0.83 29.501716732.13
Ambev 14.92 -0.50 18.12 12.81 3.60 23.66 44419.71 PTT Explor 34.50 0.00 41.25 32.75 5.46 9.77 25881.22
LOreal 326.35 -1.80 433.65 300.45 1.19 41.03 170844.24 Mizuho Fin 1638 41.50 1683.5 1397 5.10 7.49 28034.18 Cigna 293.74 5.36 300.75 191.74 1.13 22.48 89624.83 Mnstr Bvrg 88.15 -2.14 99.81 71.78 - 41.28 46444.96
Bradesco 16.45 -0.47 17.72 13.53 4.80 7.99 15144.87 United Arab Emirates (Dhs)
LVMH 625.20 7.00 741.60 535.00 1.08 27.01 306881.59 Murata Mfg 7058 -125.00 9410 6604 1.82 13.56 32148.63 Cintas Corp 383.77 -14.64 461.44 343.86 0.79 40.49 38970.05 MondelezInt 57.41 2.15 69.47 54.72 1.92 22.73 78684.2
Cielo 5.79 0.19 6.22 2.01 2.39 20.57 2973.45 Emirtestele 23.18 -0.88 38.98 11.60 2.86 26.12 54883.74
Orange 9.32 0.11 11.94 8.93 6.243192.77 24180.69 Nippon T&T 3969 -18.00 4055 3054 2.83 11.95 96894.6 Cisco 40.06 -0.21 64.29 38.61 3.10 17.12 164600.3 Monsanto 9.91 0.02 9.95 9.66 - 54.68 247.75
ItauHldFin 24.08 -0.43 25.16 18.86 3.06 10.01 22568.8
PernodRic 177.75 -5.20 214.50 166.60 1.70 27.70 44720.07 NipponTT 3969 -18.00 4055 3054 2.83 11.95 96894.6 United Kingdom (p) Citigroup 43.72 1.53 73.22 40.01 3.88 5.19 84672.94 MorganStly 75.65 -3.28 109.73 72.05 2.31 11.34 129877.91
Petrobras 37.29 -0.15 40.51 26.54 12.25 5.58 52460
Renault 30.75 0.07 38.07 20.47 - -23.70 8867.89 Nissan Mt 458.00 -20.40 654.30 436.50 - 13.91 13029.26 Anglo American 2593 -181.00 4996.8 2487.5 6.87 5.13 40987.25 CME Grp 172.62 2.70 256.94 168.49 1.73 28.50 62045.38 Netflix 232.97 8.22 700.99 162.71 - 24.95 103603.02
Vale 70.37 -5.14 107.11 61.85 17.57 3.30 63567.35
Safran 102.24 2.65 123.12 87.85 0.411055.41 42604.65 Nomura 484.90 -7.60 578.70 460.30 5.08 -31.20 10568.22 AscBrFd 1301 52.00 2066 1223 0.48 21.50 11590.78 Coca-Cola 55.54 1.03 67.20 52.28 2.51 29.71 240189.9 NextEraE 71.74 -4.99 92.91 67.22 1.88 113.43 140953.26
Canada (C$) Nppn Stl 2139 14.00 2318.5 1690.5 4.00 3.16 13700.93 AstraZen 9818 -212.00 11540 8090.32 2.111662.38 139926.35 Cognizant 58.49 0.00 93.47 55.40 1.36 17.38 30285.24 Nike 88.13 0.97 179.10 82.22 1.10 27.72 111365.71
Sanofi 81.57 1.41 106.08 76.45 3.80 17.02 100840.09
Bausch Hlth 8.79 -0.56 36.26 5.10 - -2.89 2287.17 Panasonic 1049 -26.00 1541 1006.5 2.55 9.92 17351.16 Aviva 394.30 -6.40 606.58 341.92 5.41 51.88 17807.83 ColgtPlm 71.26 2.27 85.18 67.84 2.09 33.63 59439.4 NorfolkS 214.52 -0.05 296.87 204.26 1.61 21.32 50385.1
Sant Gbn 38.82 1.28 64.82 35.20 3.39 9.58 19528.2
BCE 58.26 0.56 74.09 55.66 5.48 21.35 38295.51 Seven & I 5613 -72.00 6083 4552 1.96 19.98 33536.2 Barclays 142.82 -0.66 209.45 132.06 2.10 3.47 27425.39 Comcast 30.28 1.01 54.88 28.39 2.74 11.99 133324.86 Northrop 471.60 -24.50 515.49 345.90 1.09 13.04 72961.08
Schneider 121.88 3.16 173.78 110.02 2.07 22.19 67889.24
BkMontrl 120.21 2.26 154.47 113.73 3.43 10.12 58682.86 ShnEtsuCh 15160 -460.00 20870 14185 2.05 13.58 42574.78 BP 455.05 -14.05 471.19 310.53 3.46 16.51 102063.3 ConocPhil 119.12 0.61 124.08 66.06 1.36 23.62 154075.71 NXP 137.39 -14.36 239.91 132.08 1.36 24.35 36078.4
SocGen 22.22 0.91 37.68 18.34 2.41 3.87 18414.82
BkNvaS 65.78 0.92 95.00 63.19 5.15 9.01 56485.75 Softbank 5650 156.00 7217 4210 0.83 4.54 65613.11 BrAmTob 3281.5 -32.00 3645 2508 6.57 11.10 68851.28 Constellation 223.02 0.32 261.53 207.59 1.14-1208.62 35956.29 Occid Pet 67.32 -2.48 77.13 26.05 0.05 39.33 63091.7
Total 52.20 -0.40 57.41 40.09 5.01 10.35 133348.93
Brookfield 53.09 -2.46 79.04 51.51 1.13 19.27 62822.37 Sony 9705 -220.00 14745 9213 0.66 11.59 82491.14 BT 122.65 -1.35 201.40 117.05 - 11.91 13694.7 Corning 30.16 -0.31 43.47 28.98 2.65 28.35 25490.57 Oracle 64.38 1.09 106.34 60.78 1.67 29.30 173579.19
UnibailR 43.04 0.24 73.09 39.68 - -6.33 5825.02
CanadPcR 93.74 -0.68 106.93 86.12 0.74 24.57 62843.84 SumitomoF 4186 -6.00 4461 3672 5.11 7.62 38785.81 Compass 1806 -0.50 1970.5 1435 0.78 43.94 33424.45 Corteva 59.51 -1.32 64.30 42.07 0.74 30.21 43067.39 Pepsico 171.54 9.93 181.07 153.37 2.06 37.61 236332.24
Vinci 84.34 3.16 103.74 80.74 3.09 19.30 49191.19
CanImp 58.16 -0.32 167.50 55.35 9.42 4.41 37934.26 Takeda Ph 3828 -5.00 4063 2993 5.03 12.85 40824.63 Diageo 3667 -66.50 4364.1 3282.5 1.98 28.21 103886.66 Corteva 59.51 -1.32 64.30 42.07 0.74 30.21 43067.39 Perrigo 38.57 0.48 47.95 31.32 2.07 -47.37 5192.22
Vivendi 7.85 -0.02 12.16 7.59 7.40 -14.48 8492.05
CanNatRs 74.37 -0.99 88.18 48.42 2.45 12.62 59496.92 TokioMarine 2610.5 -31.50 2787.33 1886 9.02 3.97 35894.04 GlaxoSmh 1350.2 7.60 2753.96 1280.92 5.93 15.59 74724.46 Costco 457.32 -10.83 612.27 406.51 0.58 43.94 202413.81 Pfizer 42.43 0.11 61.71 41.04 3.05 13.00 238147.24
CanNatRy 149.30 -1.55 171.48 137.26 1.50 23.75 73141.45 Germany (€)
Toyota 2008 8.00 2375.5 1805 2.72 8.47 220810.14 Glencore 484.35 -9.50 548.30 346.40 1.83 17.73 78624.21 CrownCstl 128.75 -5.60 208.69 124.82 3.52 58.04 55753.81 Phillips66 95.09 2.59 111.28 67.08 3.16 38.53 45743.15
Enbridge 50.34 -0.54 59.69 46.88 6.05 19.22 73470.09 Allianz 167.42 3.12 232.50 156.22 5.55 10.92 66698.54
Mexico (Mex$) HSBC 458.80 -8.20 567.20 344.46 3.52 10.02 103521.24 CSX 27.28 0.51 38.63 25.80 1.19 18.13 58413.06 PhilMorris 86.45 1.80 112.48 82.85 4.71 17.85 134011.62
GtWesLif 29.13 -0.84 41.50 27.99 6.05 8.96 19565.26 BASF 43.32 2.63 69.15 37.90 7.38 7.40 38807.82
AmerMvl 16.45 0.05 21.44 15.66 1.93 13.64 34899.19 Imperial Brands 2016 25.00 2032 1434.23 6.85 6.74 21637.54 CVS 89.56 1.31 111.25 82.92 1.86 18.12 117576.95 PNCFin 151.34 0.00 217.60 143.52 2.64 14.34 62068.17
ImpOil 64.83 -0.09 72.96 40.96 1.45 20.41 29043.49 Bayer 49.00 1.58 67.99 43.91 3.95 49.59 46952.3
FEMSA UBD 125.57 -2.03 174.50 120.63 1.57 105.30 13534.44 Jardine Mathes. 62.50 0.00 60.50 50.06 2.28 12.52 18089.69 Danaher 254.38 -14.11 331.69 233.71 0.30 34.93 185043.91 PPG Inds 110.38 -3.99 172.78 107.06 1.79 29.15 25939.01
Manulife 21.77 -0.10 28.09 20.81 4.90 6.74 29789.27 BMW 75.02 3.32 97.60 67.58 2.45 4.13 44048.57
WalMrtMex 73.00 1.00 82.93 64.81 0.67 37.31 63572.08 LlydsBkg 42.45 -0.23 4824.5 38.10 6.05 5.90 34428.66 Deere 361.36 5.21 446.76 283.81 0.91 23.88 109065.54 ProctGmbl 125.47 1.20 165.35 122.18 2.37 25.66 299308.62
Nutrien 110.60 -4.49 147.93 82.48 1.92 17.38 42496.1 Continental 48.53 0.58 111.96 44.44 - 7.72 9467.06
LSE Group 7292 -254.00 8612 6230 1.05 74.56 28393.02 Delta 31.21 1.82 46.27 27.20 - 45.08 20011.79 Prudntl 94.70 3.62 124.22 85.46 4.04 5.84 35228.4
RylBkC 122.30 1.29 149.60 116.75 3.32 11.89 122750.32 Deut Bank 8.61 0.79 14.64 7.46 - 8.74 17358.33 Netherlands (€)
Natl Grid 871.20 -36.80 1271.45 844.29 5.64 20.31 32908.06 Devon Energy 69.56 -2.48 79.40 35.55 2.35 19.98 45547.95 PublStor 284.34 0.67 421.76 280.83 2.34 34.67 49909.9
SHOP 36.69 -0.66 222.87 33.00 - 1.39 26372.86 Deut Tlkm 17.84 0.23 19.61 14.47 3.26 21.16 86746.38 ASML Hld 397.45 -49.80 777.50 376.10 0.82 31.67 157571.45
Natwest Group 228.00 -1.50 284.42 196.92 4.61 8.98 30702.46 Digital Realty 90.40 -2.05 176.53 85.76 4.26 18.32 25981.67 Qualcomm 111.35 -9.56 192.68 104.66 2.01 15.35 125046.05
Suncor En 43.36 -1.68 53.62 27.72 2.21 17.15 42470.38 DeutsPost 33.26 2.41 58.31 29.68 4.03 8.69 40195.38 Heineken 90.88 1.44 100.95 77.50 1.04 16.26 51056.91
Prudential 872.20 -50.80 1516.5 847.20 1.35 14.16 25395.05 DiscFinServ 92.27 -1.13 133.40 87.64 1.69 6.23 25205.52 Raytheon 82.22 -1.79 106.02 79.00 2.03 38.36 121008.11
ThmReut 138.43 -1.74 156.62 119.23 1.35 10.44 48102.94 E.ON 7.87 0.12 12.54 7.28 5.79 4.51 20274.84 ING 9.23 0.24 14.00 7.90 6.30 7.75 33926.03
ReckittB 5808 -102.00 6824 4905.16 3.01 -25.13 46027.19 Disney 95.21 -1.95 179.25 90.23 - 66.62 173573.33 Regen Pharm 730.39 8.02 760.86 538.01 - 12.21 78290.63
TntoDom 85.54 3.30 109.08 77.27 3.49 11.73 111865.36 Fresenius Med 27.38 -0.03 63.66 26.19 4.74 8.54 7824.73 Unilever 44.68 0.05 48.81 39.36 3.21 22.94 127702.34
RELX 2175 -75.00 2634.82 2056 2.19 28.69 46934.37 Dollar General 238.01 -1.49 262.21 183.25 0.59 27.90 53688.33 S&P Global 290.15 -14.38 484.21 279.32 0.88 27.91 96765.03
TrnCan 56.53 -0.06 74.44 54.60 5.62 33.30 41233.44 Fresenius SE 20.04 -0.87 42.50 19.69 4.35 6.54 10916.52 Norway (Kr) RioTinto 4751.5 -314.50 6343 4354 10.57 4.97 71716.43 DominRes 64.29 -0.10 88.78 61.70 3.26 24.26 53521.6 Salesforce 143.88 -6.41 311.75 137.59 - 115.90 143880
HenkelKgaA 58.30 0.25 75.05 56.55 3.04 16.01 14772.79 DNB 178.40 4.30 220.50 168.05 9.79 11.36 26112.75
China (HK$) RollsRoyce 70.05 -0.55 161.91 64.44 - 47.65 1466.13 DukeEner 86.59 -2.48 116.33 83.76 3.74 21.14 66665.68 Schlmbrg 42.57 -0.03 49.83 27.65 0.98 38.81 60203.44
Linde 286.30 5.80 315.35 244.00 1.26 45.91 139165.36 Equinor 364.15 -16.85 410.95 213.25 1.36 15.64 108543.1
AgricBkCh 2.31 -0.10 3.15 2.30 8.56 3.26 9045.51 Shell PLC 2270 -75.50 2459.23 1534.2 2.67 11.96 117436.18 DuPont 52.39 0.03 84.08 49.52 1.90 19.52 26239.75 Sempra Energy 141.42 -5.61 176.47 119.56 2.59 42.45 44449.77
Mercedes-Benz 53.86 1.25 77.90 50.19 2.43 5.56 56201.24 Telenor 94.68 -2.34 148.80 94.14 9.54 15.93 12437.47
Bk China 2.56 -0.07 3.20 2.52 8.06 3.41 27270.06 StandCh 541.60 -35.40 641.00 406.20 1.64 12.15 20093.59 Eaton 135.32 -1.51 175.72 122.50 1.87 30.50 53897.96 Shrwin-Will 203.12 -2.48 354.15 195.24 0.90 35.02 52645.26
MuenchRkv 245.90 -5.10 282.25 205.15 3.86 12.13 33601.22
BkofComm 4.07 -0.14 5.74 4.04 7.97 3.62 18152.6 Qatar (QR) Tesco 202.10 1.40 304.10 194.35 4.53 10.29 18621.65 eBay 37.53 -0.03 81.19 35.92 1.59 118.85 20615.03 SimonProp 95.94 3.40 171.12 86.02 6.19 16.88 31406.12
SAP 87.91 1.18 129.74 81.35 2.04 20.35 105335.97
BOE Tech 0.73 0.08 0.98 0.57 - 12.66 18.50 QatarNtBk 19.60 -0.82 27.00 18.40 2.39 17.01 49710.74 Unilever 3882 -45.50 4178 3267.5 3.73 19.93 53811.24 Ecolab 140.85 -2.66 238.93 136.94 1.15 43.36 40140.73 SouthCpr 47.61 -0.30 79.32 42.42 5.58 13.05 36806.93
Siemens 104.16 1.50 156.98 93.67 3.26 16.17 86353.84
Ch Coms Cons 3.24 -0.04 5.17 3.16 5.82 2.89 1823.68 Saudi Arabia (SR) Vodafone 99.59 -0.93 141.60 97.40 7.77-222.80 29894.4 Edwards Lifesc. 82.01 -2.22 131.73 80.69 - 41.47 50841.53 Starbucks 87.10 0.07 117.47 68.39 1.76 28.33 99938.54
Volkswgn 162.85 -7.15 301.40 158.80 2.86 5.68 46870.95
Ch Evrbrght 2.12 -0.07 3.11 2.10 10.48 3.08 3424.02 AlRajhiBnk 82.30 -0.70 117.40 78.60 2.39 17.05 87599.8 WPP 740.20 -17.40 1231.5 713.00 3.58 14.10 10546.53 Eli Lilly 330.00 3.34 341.70 231.87 0.86 64.90 313557.69 StateSt 62.32 0.21 103.76 58.62 2.91 10.43 22908.2
Ch Rail Cons 3.97 -0.05 5.95 3.85 6.12 2.27 1050.05 Hong Kong (HK$) Emerson 78.28 0.45 100.47 72.41 2.15 20.57 46286.96 Stryker 210.22 1.70 279.28 188.84 1.02 48.56 79495.55
Natnlcombnk 62.40 -1.10 82.00 59.60 1.90 25.59 74355.31 United States of America ($)
Ch Rail Gp 3.83 -0.12 5.88 3.61 4.98 3.31 2052.79 AIA 67.85 -2.20 92.50 64.10 1.64 18.61 102620.98 EOG Res 123.08 -4.38 147.99 80.67 1.09 18.54 72127.43 Sychrony Fin 31.79 0.95 52.49 27.22 2.37 5.04 15315.12
SaudiBasic 91.20 1.10 141.40 86.10 2.92 14.49 72804.69 21stC Fox A 31.66 0.29 44.95 30.03 1.23 15.42 9666.39
ChConstBk 4.41 -0.24 6.23 4.37 7.81 3.45 135061.64 BOC Hold 25.80 -0.90 32.75 23.20 4.03 14.19 34748.71 Equinix 507.72 -34.14 849.51 494.89 1.88 110.50 46240.92 T-MobileUS 131.97 -5.62 148.04 101.51 - 65.91 165495.82
SaudiTelec 37.80 -1.50 48.88 37.10 8.66 8.16 50292.7 3M 113.06 5.54 186.30 107.07 4.35 13.45 64399.42
China Vanke 13.82 -1.38 22.75 13.06 9.55 6.69 3356.44 Ch OSLnd&Inv 20.40 -1.15 27.35 16.10 4.93 5.43 28442.8 EquityResTP 62.37 -0.16 94.32 60.75 3.21 21.91 23458.5 Target 147.54 -4.80 268.98 137.16 1.80 12.48 67907.15
Singapore (S$) AbbottLb 101.45 -0.35 142.60 96.67 1.47 30.99 177652.49
ChinaCitic 3.12 -0.01 4.08 3.06 8.34 3.11 5914.92 ChngKng 45.80 -2.90 57.00 44.15 3.24 11.24 21258.09 Exelon 36.56 -0.40 50.71 29.10 3.48 25.29 35846.07 TE Connect 108.53 -5.63 166.44 104.76 1.52 17.75 34712.12
DBS 33.09 -0.50 37.49 29.45 3.26 14.59 59795.1 Abbvie 142.85 4.09 175.91 106.86 3.02 26.66 252572.58
ChinaLife 9.82 -0.30 15.04 9.67 6.45 4.61 9308.61 Citic Ltd 7.24 -0.34 9.26 6.96 6.22 3.59 26829.66 ExxonMb 100.15 -0.88 105.57 57.96 2.90 22.36 417388.77 Tesla Mtrs 209.30 -13.77 414.50 206.22 - 51.41 650510.63
JardnMt US$ 50.50 -2.20 62.10 49.50 2.83 10.11 14616.47 Accenture 254.32 -5.39 417.37 242.95 1.21 31.08 169067.65
ChinaMBank 30.65 -7.05 70.80 29.60 4.32 6.07 17924.99 Citic Secs 13.02 -0.30 21.32 12.46 3.07 7.19 4345.66 Fedex 156.61 2.20 260.50 141.92 1.52 10.14 40753.02 TexasInstr 150.48 -8.80 202.26 144.46 2.32 21.93 137494.68
OCBC 11.60 -0.34 13.54 10.98 3.17 12.44 36639.7 Activision Bli. 72.60 -0.76 82.34 56.40 0.54 25.40 56791.55
ChinaMob 50.05 -0.55 58.65 45.90 5.97 8.30 130449.24 CK Hutchison 42.50 -2.75 60.45 42.35 4.48 5.77 20759.94 Fidelity NIS 76.07 -1.03 126.20 72.37 1.70 136.65 46248.93 TheTrvelers 164.09 7.21 187.98 145.40 1.83 12.17 38940.71
SingTel 2.48 -0.04 2.88 2.31 2.65 45.04 28745.48 Adobe 290.15 1.38 699.54 274.73 - 34.35 134890.74
ChinaPcIns 14.32 -0.48 26.20 13.94 8.51 5.02 5062.7 CNOOC 9.66 -0.23 12.54 7.55 3.92 9.04 54886.65 Fiserv 94.31 -4.39 111.84 87.03 - 57.04 60319.2 ThrmoFshr 504.47 -19.14 668.94 488.26 0.17 31.20 197645.78
UOB 26.26 -0.40 33.33 25.47 3.31 12.57 30878.24 Advanced Micro 56.34 -2.10 164.46 54.57 - 26.38 90950.84
ChMinsheng 2.29 -0.03 3.29 2.19 9.96 3.18 2427.2 HangSeng 117.50 -4.60 169.50 116.20 4.34 20.27 28616.75 FordMtr 11.64 -0.56 25.87 10.61 0.71 3.15 45970.85 TJX Cos 63.84 -0.75 76.94 53.69 1.37 28.19 74121.62
AEP 83.32 0.33 105.60 80.22 2.99 20.22 42804.32
ChMrchSecs 12.66 0.32 18.56 12.06 3.34 11.66 13065.03 HK Exc&Clr 246.60 -37.80 495.00 245.00 3.10 29.81 39827.84 South Africa (R) Franklin 21.86 0.01 38.27 20.24 4.29 6.96 10894.09 Truist Financial Corp 43.63 0.10 66.10 41.07 3.54 11.75 57870.55
Aflac 59.19 1.50 67.20 52.07 1.85 11.15 37403.14
Chna Utd Coms 3.43 0.08 4.25 3.30 3.16 17.76 14766.9 MTR 34.20 -2.30 43.70 34.10 3.01 26.55 27008.15 Firstrand 58.19 -2.66 79.34 53.25 4.28 10.95 17925.12 GenDyn 221.11 -2.57 254.99 188.64 1.75 23.04 60638.58 Twitter 50.69 1.51 68.41 31.30 - -217.89 38790.33
AirProd 233.61 1.86 316.39 216.24 2.13 29.53 51814.46
ChShenEgy 23.85 -0.10 27.65 15.74 7.97 7.77 10261.53 SandsCh 16.24 -5.01 24.90 13.52 - -19.23 16743.11 MTN Grp 121.88 2.50 211.49 117.54 - 17.28 12611.47 GenElectric 67.44 2.88 116.17 59.93 0.39 -24.98 73951.54 UnionPac 194.07 -1.56 278.94 186.89 1.98 21.58 121189.44
Allstate 134.19 3.55 144.46 106.11 2.01 9.51 36270.96
ChShpbldng 3.51 0.10 4.49 3.36 - -269.37 10778 SHK Props 91.25 0.35 104.60 85.70 4.54 11.18 33684.37 Naspers N 2127.19 -241.41 2853.25 1392.5 0.27 11.89 50873.96 GenMills 78.06 2.71 81.24 61.20 2.19 24.82 46331.39 UPS 162.43 3.29 233.72 154.87 2.09 13.32 118495.25
Alphabet 97.13 -1.55 151.55 94.38 - 1.04 582391.48
ChStConEng 5.22 0.07 6.40 4.52 3.99 4.18 29639.13 Tencent 249.20 -28.60 515.00 246.20 0.54 10.51 304720.56 South Korea (KRW) GenMotors 32.71 -0.91 67.21 30.33 - 5.88 47692.78 USBancorp 42.06 1.86 63.01 38.39 3.48 9.92 62484.65
Altria 45.70 2.88 57.05 40.35 6.40 41.05 82297.63
ChUncHK 3.50 -0.08 4.43 3.49 4.16 8.29 13642.48 India (Rs) HyundMobis 195000-6000.00 274500 189500 2.05 7.61 12905.36 Amazon 109.26 -5.30 188.11 101.26 - 2.031113092.24 GileadSci 66.19 1.90 74.12 57.17 3.56 16.16 82960.39 UtdHlthcre 517.66 12.81 553.29 417.80 0.90 34.46 484210.21
CNNC Intl 6.32 0.47 8.92 5.78 1.91 17.05 16565.17 Bhartiartl 765.95 -22.65 816.75 628.75 - 177.87 55383.95 KoreaElePwr 17100-2450.00 25100 17050 7.16 -10.00 7682.01 AmerAir 13.14 0.96 22.35 11.65 - -4.22 8535.73 GoldmSchs 301.33 0.25 426.16 277.84 1.79 6.10 102860.78 ValeroEngy 116.32 2.54 146.81 65.13 2.80 61.67 45826.63
CSR 2.49 -0.12 3.80 2.42 7.71 7.36 1386.5 HDFC Bk 1439 2.00 1725 1271.6 - 26.54 97314.31 SK Hynix 95500 5600 134000 80400 1.61 6.84 48652.36 AmerExpr 137.81 -1.19 199.55 130.65 1.12 16.11 103322.74 Halliburton 29.98 -0.43 43.99 20.77 0.73 20.28 27190.19 Verizon 36.56 -0.29 55.51 35.04 5.76 8.27 153541.57
Daqin 6.69 -0.08 7.25 5.95 6.95 10.46 13829.36 Hind Unilevr 2575.8 -38.20 2734 1927 1.14 75.05 73479.87 SmsungEl 56300 0.00 80800 51800 2.56 9.76 235198.57 AmerIntGrp 50.84 1.13 65.73 47.05 2.09 5.66 38659.56 HCA Hold 203.55 3.09 279.02 164.47 0.78 11.58 58423.9 VertexPharm 293.62 -1.61 305.95 177.71 - 39.22 75301.63
GuosenSec 8.77 0.17 11.74 8.43 2.54 10.40 10764.05 HsngDevFin 2343.5 27.40 3021.1 2026 0.90 21.70 51708.62 Spain (€) AmerTower 185.62 -9.02 291.99 178.17 2.33 39.47 86419.91 Hew-Pack 25.88 0.84 41.47 24.08 2.69 5.62 26033.7 VF Cp 29.02 0.15 78.91 27.92 5.64 11.45 11274.11
HaitongSecs 4.06 0.04 7.34 3.87 6.57 4.74 1763.43 ICICI Bk 870.25 -15.20 936.65 642.15 0.21 30.03 73624.05 BBVA 4.75 0.13 6.29 3.97 7.58 6.67 27916.48 Amgen 251.41 22.38 258.45 198.64 2.33 29.43 134486.96 Hilton Worldwi. 123.46 2.09 167.99 108.41 - 101.78 33863.52 Visa Inc 184.45 0.62 236.96 174.60 0.60 36.75 301578.45
Hngzh HikVDT 30.28 -0.14 56.52 28.10 2.56 17.18 38632.24 Infosys 1474.25 19.10 1923.3 1360 1.89 31.68 75317 BcoSantdr 2.53 0.00 3.48 2.32 2.93 5.23 41450.77 Amphenol Corp 67.52 -2.66 88.45 61.67 0.96 32.37 40159.82 HiltonWwde 123.46 2.09 167.99 108.41 - 101.78 33863.52 Walgreen 33.61 3.09 53.46 30.39 4.74 5.86 29043.34
Hunng Pwr 3.77 0.29 5.74 3.08 4.86 -4.55 2257.36 ITC 332.10 -4.55 348.75 207.00 2.98 30.01 49994.85 CaixaBnk 3.33 -0.07 3.64 2.22 0.79 22.57 26141.08 Analog Devices 138.91 -6.01 191.95 133.48 1.67 56.14 71447.18 HomeDep 278.63 -5.70 420.61 264.51 1.99 21.39 285235.78 WalMartSto 131.02 2.46 160.77 117.27 1.41 32.07 355619.45
IM Baotou Stl 1.89 0.05 3.21 1.75 - 33.22 8324.77 L&T 1911.6 -1.35 2035 1456.35 0.87 34.49 32611.11 Iberdrola 9.37 -0.19 11.49 8.47 4.36 16.60 58168.37 Anthem 482.58 21.82 - - - - - Honywell 174.44 3.03 228.26 166.63 1.80 26.54 117518.89 Walt Disney 95.21 -1.95 179.25 90.23 - 66.62 173573.33
In&CmBkCh 3.61 -0.17 4.94 3.59 7.81 3.56 39913.98 OilNatGas 127.60 -5.05 189.80 119.85 6.57 3.93 19489.75 Inditex 21.87 0.33 32.41 18.55 0.98 23.81 66481.21 Aon Cp 274.57 1.46 341.98 246.21 0.60 59.54 57913.83 HumanaInc 495.62 -7.84 514.98 363.73 0.47 26.31 62722.54 Waste Manage. 155.03 -0.21 175.98 138.58 1.23 43.49 64079.44
IndstrlBk 16.51 -0.14 23.22 16.40 4.55 4.67 47690.19 RelianceIn 2370.7 -51.40 2856.15 2222 0.27 29.51 194747.57 Repsol 12.51 -0.18 16.23 9.60 4.65 7.87 17721.64 Apple 139.61 -0.48 182.13 129.04 0.51 27.872243637.69 IBM 120.48 1.66 144.94 114.56 4.52 27.83 108815.17 WellsFargo 43.90 2.11 60.30 36.54 1.46 10.68 166514.87
Kweichow 1737.61 -134.89 2216.96 1593 1.08 40.40 303505.64 SBI NewA 527.20 -10.10 578.50 430.70 0.70 15.99 57125.28 Telefonica 3.31 -0.05 5.06 3.24 10.12 2.50 18656.15 Applied Materi. 75.76 -6.84 167.06 71.12 1.04 12.58 65177.04 IDEXX Laborato. 327.14 -6.10 672.93 317.06 - 45.78 27235.62 Williams Cos 29.77 -0.02 37.97 24.86 4.58 28.90 36275.64
Midea 0.39 -0.06 0.61 0.39 - -4.49 14.76 SunPhrmInds 976.30 22.40 979.90 733.70 0.71 39.57 28440.57 Sweden (SKr) Aptiv 81.37 -3.82 180.81 77.96 - 50.48 22045.65 IllinoisTool 187.51 0.10 248.11 173.52 2.09 26.52 58057.17 Workday 143.50 -9.38 307.81 134.10 - 1425.71 28843.5
New Ch Life Ins 14.54 -0.32 25.15 14.04 9.77 2.97 1915.4 Tata Cons 3099.15 -2.80 3920 2950.1 1.08 32.19 137681.32 AtlasCpcoB 94.61 -1.28 133.60 22.08 7.99 6.15 13090.15 ArcherDan 84.75 -0.69 98.88 61.80 1.45 21.29 47507.59 Illumina 201.64 -4.54 425.00 173.45 - 48.15 31677.64 Yum!Brnds 107.46 -1.47 139.85 103.97 1.55 24.82 30576.93
PetroChina 3.30 -0.08 4.49 3.18 6.71 7.15 8869.56 Israel (ILS) Ericsson 71.10 2.29 117.32 64.16 3.27 10.21 19363.59 AT&T 15.07 0.13 21.53 14.46 11.47 6.57 107353.19 Intcntl Exch 90.54 0.52 139.79 88.60 1.21 15.18 50562.81 Zoetis 146.02 -1.36 249.27 141.87 0.57 41.16 68355.25
PingAnIns 38.15 -2.75 69.40 37.75 6.09 6.52 36194.26 TevaPha 29.11 -0.35 37.23 23.83 - 26.22 9046.52 H&M 112.34 8.00 191.86 98.25 5.80 15.08 14545.42 Autodesk 192.54 -2.20 335.48 163.20 - 102.48 41561.5 Intel 26.03 0.31 56.07 24.59 4.44 6.45 106858.65 Zoom 73.15 -3.44 291.31 70.44 - 19.38 18358.83
PngAnBnk 11.53 -0.31 20.59 11.35 1.46 7.11 31110.78 Investor 164.18 0.50 228.75 158.22 2.21 6.88 26515.05 AutomData 227.07 -0.05 261.59 192.26 1.40 42.31 94300.28 Intuit 385.76 -7.20 716.86 339.36 0.55 58.14 108734.12 Venezuela (VEF)
Italy (€)
Pwr Cons Corp 7.27 0.30 9.81 5.99 1.18 15.60 11110.77 Nordea Bk 98.15 2.27 113.78 85.25 15.41 11.16 32499.97 AutoZone 2273.45 99.45 2362.24 1685.98 - 24.72 44304.08 John&John 164.30 4.10 186.69 155.72 2.12 25.32 431961.11 Bco de Vnzla 1.24 0.05 2.14 0.32 122.31 - 547.73
Enel 4.11 -0.01 7.37 3.96 8.63 19.75 40784.96
SaicMtr 14.56 0.26 23.45 13.95 3.96 7.52 23653.17 SEB 108.65 1.25 141.85 91.64 9.62 8.85 20750.53 Avago Tech 429.61 -30.87 677.76 415.07 2.91 29.20 173992.68 JohnsonCn 51.17 0.73 81.69 45.52 1.87 28.12 35246.42 Bco Provncl 3.00 0.31 798000 1.70 - 0.00 136.25
ENI 11.78 -0.06 14.85 10.43 5.54 5.12 41434.09
ShenwanHong 0.09 -0.02 0.18 0.05 - 2.92 103.24 SvnskaHn 92.60 1.48 108.15 80.88 5.59 8.85 15963.2 BakerHu 23.01 0.13 39.78 20.42 2.68 64.08 23275.41 JPMrgnCh 112.17 6.19 172.96 101.28 2.81 8.79 328946.64
Generali 14.24 0.49 21.55 13.67 10.00 8.26 21951.8
ShgPdgBk 7.03 -0.01 9.13 6.95 6.34 4.64 28691.46 Swedbank 147.55 4.50 196.70 124.50 10.21 7.68 14805.63 Bank of NY 38.57 -0.91 64.63 36.22 2.80 11.21 31168.54 Kimb-Clark 114.05 4.46 144.53 108.74 3.43 25.76 38505.82 Closing prices and highs & lows are in traded currency (with variations for that
IntSPaolo 1.71 0.01 2.92 1.58 2.07 54.79 32452.57
Sinopec Corp 3.37 -0.10 4.28 3.25 3.84 4.37 10952.92 Telia Co 32.25 0.29 41.70 31.37 6.42 11.09 11691.03 BankAm 31.94 1.19 50.11 29.31 2.03 10.77 256605.36 KinderM 17.32 0.08 20.20 15.01 5.33 45.03 39021.97 country indicated by stock), market capitalisation is in USD. Highs & lows are
Unicred 11.05 0.34 15.93 7.75 1.05 16.94 24116.79
Sinopec Oil 1.87 0.03 2.60 1.70 - 641.81 3528.17 Volvo 167.20 4.34 218.65 148.24 4.02 10.61 23542.5 Baxter 54.86 -0.76 89.70 53.78 1.64 26.10 27628.08 KLA Corp 265.03 -49.13 442.44 250.20 1.22 16.42 37583.33 based on intraday trading over a rolling 52 week period.
Japan (¥) Kraft Heinz 35.85 2.82 44.87 32.73 3.71 52.61 43925.89
Denmark (kr) Switzerland (SFr) BectonDick 224.75 2.08 277.29 215.90 1.24 46.80 64097.6 ♦ ex-dividend
AstellasPh 2004 32.00 2205 1739 2.46 28.87 24797.27 Kroger 44.24 1.24 62.78 38.22 1.48 24.31 31667.27
DanskeBk 95.86 3.46 133.25 91.28 2.02 6.78 10838.51 BerkshHat 415090 9080.02544389.26393012.25 - 8.40 249022.45 ■ ex-capital redistribution
Bridgestne 4996 77.00 5509 4042 3.56 10.87 24032.87 ABB 25.53 0.55 33.86 23.84 2.98 12.72 49992.47 LasVegasSd 34.73 -7.77 48.27 28.88 - -27.68 26539.14
MollerMrsk 15155 1105 24070 13185 2.17 2.55 16640.04 Biogen 265.91 8.02 287.93 187.16 - 30.77 38587.01 # price at time of suspension
Canon 3277 -65.00 3516 2467 3.19 15.17 29459.39 CredSuisse 4.42 -0.03 10.18 3.52 2.07 -7.21 11669.25 LibertyGbl 15.99 -0.02 30.42 15.22 - 0.82 2771.2
NovoB 798.90 3.60 863.60 604.40 1.13 39.76 182563.03 BlackRock 557.31 6.91 973.16 503.12 2.46 17.55 84024.93
CntJpRwy 17230 640.00 17770 14660 0.81 -30.91 23923.3 Nestle 105.66 -0.36 128.90 103.42 2.38 19.06 289594.86

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
BOE Tech 0.73 0.65 0.08 12.31 0.08 12.3 -22.08 SandsCh 16.24 16.74 -0.50 -2.99 -5.01 -23.6 -2.98 Oct 14 date Coupon S* M* F* price yield yield yield US Oct 14 date Coupon S* M* F* price yield yield yield US
Walgreen 33.61 33.65 -0.05 -0.13 3.09 10.1 -12.11 ChinaMBank 30.65 30.10 0.55 1.83 -7.05 -18.7 -24.10 High Yield US$ US$
Deut Bank 8.61 8.36 0.25 3.00 0.79 10.1 -3.59 LasVegasSd 34.73 35.75 -1.02 -2.85 -7.77 -18.3 -7.41 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 -
Amgen 251.41 251.66 -0.25 -0.10 22.38 9.8 -0.10 ShenwanHong 0.09 0.09 0.00 0.00 -0.02 -16.4 -44.91 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Kraft Heinz 35.85 35.78 0.07 0.18 2.82 8.5 -7.15 KLA Corp 265.03 278.54 -13.51 -4.85 -49.13 -15.6 -28.69 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 -
Hunng Pwr 3.77 3.80 -0.03 -0.79 0.29 8.3 -11.92 HK Exc&Clr 246.60 258.40 -11.80 -4.57 -37.80 -13.3 -25.91 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
CNNC Intl 6.32 6.28 0.04 0.64 0.47 8.0 -4.68 KoreaElePwr 17100.00 17250.00 -150.00 -0.87 -2450.00 -12.5 -20.47 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
MollerMrsk 15155.00 14700.00 455.00 3.10 1105.00 7.9 -22.93 Midea 0.39 0.42 -0.03 -7.23 -0.06 -12.5 -10.47 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 -
AmerAir 13.14 13.05 0.09 0.65 0.96 7.8 -7.26 Bausch Hlth 8.92 8.94 -0.02 -0.22 -1.26 -12.4 26.27 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
DeutsPost 33.26 32.76 0.50 1.53 2.41 7.8 -8.40 ASML Hld 397.45 411.30 -13.85 -3.37 -49.80 -11.1 -27.09 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
H&M 112.34 112.64 -0.30 -0.27 8.00 7.7 -11.88 Tencent 249.20 246.20 3.00 1.22 -28.60 -10.3 -20.63 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Westpac Bank 23.50 23.07 0.43 1.86 1.56 7.1 5.95 Naspers N 2127.19 2103.49 23.70 1.13 -241.41 -10.2 -14.00 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
FastRetail 85290.00 78680.00 6610.00 8.40 5550.00 7.0 -0.19 NXP 137.39 143.17 -5.78 -4.04 -14.36 -9.5 -23.62 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
Altria 45.70 45.89 -0.19 -0.41 2.88 6.7 0.49 China Vanke 13.82 13.56 0.26 1.92 -1.38 -9.1 -5.57
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
BASF 43.32 42.97 0.36 0.83 2.63 6.5 -0.38 SHOP 37.61 36.11 1.50 4.15 -3.71 -9.0 -18.73
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
SK Hynix 95500.00 94900.00 600.00 0.63 5600.00 6.2 -0.93 TaiwanSem 412.00 395.00 17.00 4.30 -39.00 -8.6 -20.62
Delta 31.21 30.38 0.83 2.73 1.82 6.2 -6.15 Applied Materi. 75.76 79.42 -3.66 -4.61 -6.84 -8.3 -27.44 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Pepsico 171.54 174.61 -3.07 -1.76 9.93 6.1 -4.82 Qualcomm 111.35 112.86 -1.51 -1.34 -9.56 -7.9 -24.59 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Carnival 7.17 7.10 0.07 0.92 0.41 6.0 -27.15 Kweichow 1737.61 1699.99 37.62 2.21 -134.89 -7.2 -8.31 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
JPMrgnCh 112.17 109.37 2.80 2.56 6.19 5.8 -5.25 Ambev 15.05 15.01 0.04 0.27 -1.10 -6.8 -4.02 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Oct 14 Rate Current Since Last Day's Month's Year Return Return Oct 14 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 3.00-3.25 21-09-2022 2.25-2.5 Index change change change 1 month 1 year VIX 32.60 0.66 31.94 38.93 14.73 Oct 14 Price £ Yield Day Week Month Year High Low £m
US Prime 6.25 22-09-2022 5.50 Markit IBoxx VXD 28.75 0.44 28.31 45.37 3.27 - - - - - - - - -
US Discount 2.50 27-07-2022 1.50 ABF Pan-Asia unhedged 187.17 -0.25 -0.74 -14.84 -5.24 -13.77 VXN 38.71 0.44 38.27 44.05 15.70 Tr 0.75pc '23 97.95 3.50 2.04 -6.17 21.53 775.00 100.82 97.34 34.36
Euro Repo 0.374 20-09-2022 0.141 Corporates( £) 294.62 1.35 -2.28 -25.56 -9.35 -24.99 VDAX 29.68 -0.23 29.91 93.30 - Tr 0.125pc '24 95.40 3.82 1.06 -7.95 21.66 634.62 99.44 94.34 34.76
UK Repo 2.25 22-09-2022 1.75 Corporates(€) 202.83 -0.19 -1.01 -16.02 -4.06 -16.19 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 94.71 3.96 0.25 -6.60 32.89 582.76 105.99 93.15 39.04
Japan O'night Call 0.00-0.10 01-02-2016 0.00 Eurozone Sov(€) 209.01 0.29 -1.35 -17.85 -4.23 -18.12 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 87.77 4.14 0.24 -4.39 34.85 546.88 98.77 86.33 34.53
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 Gilts( £) 252.09 2.66 -4.42 -29.87 -9.92 -28.47 Tr 1.25pc '27 87.12 4.27 0.23 -2.95 38.64 501.41 104.30 85.65 40.07
Overall( £) 259.87 2.28 -3.72 -28.21 -9.46 -27.03 BONDS: BENCHMARK GOVERNMENT Tr 0.875pc '29 79.56 4.28 1.42 0.23 39.41 380.90 102.36 78.21 42.65
INTEREST RATES: MARKET Overall(€) 203.95 0.16 -1.27 -17.32 -4.19 -17.54 Red Bid Bid Day chg Wk chg Month Year Tr 4.25pc '32 99.58 4.30 1.65 1.65 36.94 305.66 135.62 98.13 39.43
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 96.40 4.61 2.22 3.13 35.99 290.68 145.94 94.91 30.97
Oct 14 (Libor: Oct 13) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia 11/22 2.25 99.96 2.67 0.01 0.03 -0.20 2.62 Tr 4.5pc '42 95.35 4.86 3.18 5.88 38.07 279.69 169.96 93.79 27.72
US$ Libor 3.06171 -0.003 0.005 0.073 3.41214 4.07914 4.53857 5.10600 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 78.28 4.00 0.06 0.23 0.10 - Tr 3.75pc '52 83.89 4.77 3.70 8.66 38.26 272.66 180.27 82.51 24.55
Euro Libor -0.64957 -0.064 0.000 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 549.37 9.06 - - -22.53 -27.53 02/50 1.00 85.17 2.10 0.07 0.33 0.13 1.87 Tr 4pc '60 88.29 4.67 4.94 10.66 41.52 289.17 213.01 87.32 24.57
£ Libor 0.18063 -0.005 0.000 -0.001 2.61830 3.48840 4.46990 0.81363 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 87.27 2.71 -0.03 0.18 0.09 2.82 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Swiss Fr Libor -0.002 -0.77540 -0.75300 -0.70280 -0.55320 02/47 1.50 72.00 3.17 -0.05 0.32 0.24 2.58
CREDIT INDICES Day's Week's Month's Series Series
Yen Libor
Euro Euribor
0.000
-0.009
-0.06005
0.84500
-0.02494
1.37800
0.04699
2.01200
0.04867
2.66100
Index change change change high low
Belgium 06/27 0.80 93.00 2.40 0.00 0.19 0.16 2.72 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 71.32 3.32 -0.06 0.30 0.24 2.47
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day's Total Return Return
Canada 03/25 1.25 93.79 4.02 0.06 0.08 0.29 3.00
US$ CDs 0.030 3.48000 4.08000 4.73000 Crossover 5Y 627.05 7.90 -9.57 - 688.92 584.73 Fixed Coupon Oct 14 chg % Return 1 month 1 year Yield
06/30 1.25 85.56 3.42 -0.03 0.06 0.21 1.89
Euro CDs 0.020 0.98000 1.31000 1.85000 Europe 5Y 131.29 0.74 -0.69 - 142.08 121.70 1 Up to 5 Years 79.95 -0.01 2299.22 -2.03 -6.38 4.07
12/48 2.75 89.57 3.35 -0.02 0.08 0.22 1.34
Japan 5Y 105.07 -3.43 0.08 - 119.29 100.33 2 5 - 10 Years 140.51 -0.36 2963.99 -7.48 -18.90 4.30
Short 7 Days One Three Six One Denmark 11/29 0.50 86.45 2.62 -0.03 0.15 0.14 2.66
Senior Financials 5Y 144.94 -1.51 -0.89 - 155.06 133.08 3 10 - 15 Years 144.30 -0.97 3315.47 -11.68 -28.12 4.56
Oct 14 term notice month month month year 11/52 0.25 50.47 2.66 -0.13 0.23 0.11 2.16
Markit CDX Finland 09/24 0.00 96.18 2.06 0.07 0.11 0.12 2.66 4 5 - 15 Years 140.43 -0.53 3047.86 -8.66 -21.68 4.40
Euro 0.60 0.90 0.54 0.84 0.83 1.13 1.16 1.46 1.70 2.00 2.22 2.52 5 Over 15 Years 185.63 -2.89 3177.15 -20.48 -46.58 4.74
Emerging Markets 5Y 327.87 3.33 20.52 - 333.56 288.27 09/29 0.50 85.91 2.77 -0.01 0.20 0.21 2.87
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 125.83 -1.11 2798.54 -10.73 -28.20 4.58
Nth Amer High Yld 5Y 581.70 -11.42 17.06 - 625.47 556.25 France 05/28 0.75 90.97 2.50 0.00 0.18 0.14 2.67
US Dollar 2.89 3.09 2.93 3.13 3.38 3.58 3.98 4.18 4.63 4.83 4.99 5.19
Nth Amer Inv Grade 5Y 101.12 -1.43 2.66 - 110.98 97.12 05/48 2.00 78.87 3.22 -0.06 0.28 0.22 2.41
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 86.45 2.16 -0.01 0.18 0.16 2.44
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked Oct 14 chg % chg % chg % Return 1 month 1 year
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 08/50 0.00 52.68 2.33 -0.07 0.29 0.23 2.03
1 Up to 5 Years 316.62 0.19 -1.02 1.02 2670.20 -1.02 2.16
Greece 01/23 3.50 100.62 1.31 0.01 0.01 0.02 1.67 2 Over 5 years 445.27 0.15 -24.99 -49.63 3389.53 -24.99 -49.43
01/28 3.75 97.12 4.37 -0.07 0.24 0.11 4.00 3 5-15 years 402.94 0.85 -13.83 -23.92 3253.69 -13.83 -23.36
Ireland 10/22 0.00 99.95 19.50 14.43 16.51 17.66 20.12 4 Over 15 years 475.22 -0.36 -31.49 -59.68 3512.58 -31.49 -59.58
05/26 1.00 95.88 2.21 0.02 0.22 0.11 2.60 5 All stocks 434.49 0.16 -21.48 -44.47 3373.46 -21.48 -44.20
02/45 2.00 80.46 3.24 -0.05 0.31 0.22 2.51
Italy 02/25 0.35 93.88 3.14 -0.01 0.08 0.06 3.27 Yield Indices Oct 14 Oct 13 Yr ago Oct 14 Oct 13 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 05/30 0.40 87.35 2.22 -0.04 0.11 -0.04 3.08 5 Yrs 4.15 4.12 0.67 20 Yrs 4.80 4.66 1.32
03/48 3.45 82.45 4.63 -0.11 0.24 0.25 2.89 10 Yrs 4.44 4.36 1.03 45 Yrs 4.52 4.31 1.14
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
Japan 04/25 0.05 99.99 0.05 0.01 0.03 0.01 -0.02 15 Yrs 4.69 4.57 1.24
Crude Oil† Nov 87.45 -1.66 Corn♦ Dec 694.50 -3.25 Oct 13 Oct 13 Prev return stock Market stocks
12/29 0.10 99.15 0.22 0.02 0.04 0.00 0.21
Brent Crude Oil‡ 92.03 -2.54 Wheat♦ Dec 880.50 -11.75 Can 4.25%' 26 110.25 1.666 1.650 -0.73 5.25 69521.69 8
12/49 0.40 78.04 1.37 0.00 0.09 0.05 0.71 inflation 0% inflation 5%
RBOB Gasoline† Dec 2.64 -0.06 Soybeans♦ Nov 1395.75 0.00 Fr 0.25%' 24 103.11 -1.462 -1.496 0.24 17.92 240271.31 17
Netherlands 07/27 0.75 93.31 2.25 0.01 0.15 0.14 2.62 Real yield Oct 14 Dur yrs Previous Yr ago Oct 14 Dur yrs Previous Yr ago
Natural Gas† Nov 6.65 -0.09 Soybeans Meal♦ Dec 410.60 -0.40 Swe 1.00%' 25 125.32 -0.960 -0.725 1.53 35.38 215066.00 6
01/47 2.75 100.83 2.70 -0.07 0.32 0.25 2.41 Up to 5 yrs 0.16 1.51 0.28 -3.58 -0.37 1.52 -0.27 -3.91
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X Dec 1983.00 17.00 UK 0.125%' 24 101.74 -1.069 -0.890 -0.24 15.24 468542.54 31
Aluminium 2298.50 -53.50 Cocoa (ICE US)♥ Dec 2402.00 17.00 New Zealand 05/31 1.50 78.98 4.48 0.00 0.35 0.21 2.34 Over 5 yrs 1.35 17.90 1.35 -2.43 1.32 17.95 1.33 -2.44
UK 2.50%' 24 364.69 -0.191 -0.035 -0.33 6.82 468542.54 31
Aluminium Alloy 1675.00 -905.00 Coffee(Robusta)X Nov 2065.00 -34.00 09/40 2.50 112.24 2.73 0.01 0.31 0.16 1.94 5-15 yrs 1.19 8.47 1.29 -2.88 1.11 8.48 1.21 -2.96
UK 2.00%' 35 206.76 1.497 1.444 -14.07 9.08 468542.54 31
Copper 7553.50 -87.50 Coffee (Arabica)♥ Dec 200.30 -1.85 Norway 08/30 1.38 84.42 3.70 -0.04 0.29 0.41 2.05 Over 15 yrs 1.39 24.68 1.37 -2.38 1.38 24.69 1.36 -2.39
US 0.625%' 24 98.20 2.090 2.073 0.57 40.98 1557960.55 46
Lead 2028.00 -18.00 White SugarX 558.00 0.80 Poland 01/23 2.50 98.71 7.36 -0.12 0.36 -0.05 6.01 All stocks 1.32 14.96 1.33 -2.44 1.29 15.03 1.30 -2.46
US 3.625%' 28 109.04 1.889 1.848 0.43 16.78 1557960.55 46
Nickel 21845.00 -495.00 Sugar 11♥ 18.84 0.03 07/27 2.50 78.94 7.98 -0.35 0.57 0.58 5.69 See FTSE website for more details www.ftse.com/products/indices/gilts
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Tin 19930.00 -225.00 Cotton♥ Dec 83.45 -1.34 04/47 4.00 64.42 7.10 0.00 0.33 0.44 4.22 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Zinc 2920.00 -21.50 Orange Juice♥ Nov 194.70 0.85 Portugal 04/27 4.13 106.55 2.56 0.01 0.15 0.12 2.84 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) Live Cattle♣ Oct 146.68 0.50 Spain 10/22 0.45 99.95 1.67 0.30 0.33 0.66 2.25 Tradeweb; may not be copied or re-distributed; is not warranted to be
Gold 1648.10 -22.55 Feeder Cattle♣ May 134.88 - BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 84.65 3.06 -0.06 0.16 0.13 2.84 accurate, complete or timely; and does not constitute investment advice.
Silver (US cents) 1917.50 -1.00 Lean Hogs♣ Dec 80.55 -0.15 10/46 2.90 85.95 3.80 -0.08 0.24 0.23 2.63 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 873.00 -17.00 Spread Spread Spread Spread Sweden 06/30 0.13 114.20 -0.20 -0.12 -0.11 -0.07 1.58
Palladium 2060.00 -65.00 % Chg % Chg Bid vs vs Bid vs vs 03/39 3.50 118.13 2.18 -0.04 0.13 0.09 1.48 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Bulk Commodities Oct 13 Month Year Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 04/28 4.00 115.00 1.16 -0.07 0.11 0.15 1.50 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Iron Ore 95.40 -0.73 S&P GSCI Spt 633.84 -5.47 17.55 06/29 0.00 92.19 1.22 -0.07 0.14 0.17 1.46 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 4.00 1.84 -0.04 Netherlands 2.25 0.10 -1.79
Baltic Dry Index 1838.00 20.00 DJ UBS Spot 114.03 -6.77 16.90 Austria 2.71 0.56 -1.33 New Zealand 4.48 2.32 0.44 United Kingdom 07/23 0.75 97.95 3.46 -0.13 -0.30 -0.37 3.01 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 247.50 -18.75 TR/CC CRB TR 303.73 -2.81 28.66 Canada 3.42 1.26 -0.62 Norway 3.70 1.54 -0.34 07/27 1.25 87.12 4.26 -0.24 -0.10 -0.14 3.51 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
LEBA EUA Carbon 58.91 -1.98 129.94 Denmark 2.62 0.47 -1.42 Portugal 2.56 0.40 -1.48 07/47 1.50 53.74 4.67 -0.28 0.28 0.82 3.32
LEBA UK Power 1048.00 -37.43 -39.60 Finland 2.77 0.61 -1.27 Spain 3.06 0.90 -0.98 United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Germany 2.16 0.00 -1.88 Sweden -0.20 -2.36 -4.24 03/25 0.50 90.89 4.45 0.15 0.19 0.21 3.68
unless otherwise stated. Italy 2.22 0.07 -1.82 Switzerland 1.22 -0.93 -2.82 02/30 1.50 83.99 4.04 0.07 0.14 0.16 2.58
Japan 0.22 -1.94 -3.82 United States 4.04 1.88 0.00 02/50 0.25 65.53 1.87 0.02 0.00 -0.01 -
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
14 ★ FINANCIAL TIMES Monday 17 October 2022

MANAGED FUNDS SERVICE

SUMMARY FT.COM/FUNDS

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

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

Hotchkis & Wiley Mid-Cap Value Fund -0.65 12.03 4.60 0.43 35.08 CGM Realty Fund -21.38 -3.73 -3.82 -0.09 28.67 UK Smaller Cos B Inc {HEAR} F Pound Sterling QQQ QQQ QQQQ Emerging Bonds Mexican Peso -1.85 17.10 2.90
Fidelity® Series Intrinsic Opportunities Fund -6.00 11.56 7.47 0.58 20.40 Janus Henderson Small-Mid Cap Value Fund -9.24 1.04 2.86 0.04 22.10 High Yield Fixed Interest Pound Sterling QQQ QQQ QQQ World Bank Loan Yen 23.20 10.32 6.09
Invesco Value Opportunities Fund -5.98 11.45 6.23 0.47 29.38 Nuance Concentrated Value Fund -11.95 1.58 3.40 0.07 14.58 The Equity Idx Tracker Fd Inc Pound Sterling QQ QQ QQ US Bond Yen 32.90 9.54 6.46
Fidelity Advisor® Value Fund -8.93 10.76 6.61 0.44 28.37 Virtus NFJ Mid-Cap Value Fund -12.50 1.71 1.39 0.13 22.42 UK Income B Inc {HEAR} F Pound Sterling QQ QQ QQQ World High Yield Bond US Yen 12.08 9.38 5.82
Fidelity® Value Fund -8.81 10.69 6.62 0.43 28.43 Virtus Ceredex Mid-Cap Value Equity Fund -14.70 2.33 4.20 0.18 23.87 Oasis Crescent Gbl Property Eqty US Dollar Q Q QQ World ST Bond/Money Yen 20.41 9.04 4.85

Advertising Feature Performance Weightings - As of 31/08/2022 Top 10 Holdings - As of 31/08/2022

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials - 6.43%
Oct 2019 - Oct 2022 AstraZeneca PLC Healthcare 6.06%
EdenTree UK Equity Opps Cls A Inc Communication Services 11.04% 6.49%
Consumer Cyclical 12.30% 12.72%
St James's Place PLC Financial Services 4.61%
Consumer Defensive 1.92% 8.56%
Energy - 8.04%
RELX PLC Communication Services 4.51%
Financial Services 28.23% 16.06%
Healthcare 16.89% 8.08%
Ashtead Group PLC Industrials 4.44%
Industrials 13.77% 14.95%
Real Estate 1.14% 1.76%
Wise PLC Class A Technology 3.42%
Technology 10.75% 6.38%
Utilities - 2.24%
4imprint Group PLC Communication Services 3.34%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 3.95% 7.46%
Firm Name Corporate - 0.53%
Next PLC Consumer Cyclical 3.03%
EdenTree Investment Management Limited Derivative - 0.05%
Fund Name Government - 0.22%
Marlowe PLC Industrials 2.81%
EdenTree UK Equity Opps Cls A Inc Municipal - 0.00%
Morningstar Category Securitized - 0.04%
GlobalData PLC Industrials 2.74%
UK Flex-Cap Equity
Max Annual Charge
Legal & General Group PLC Financial Services 2.69%
- Risk Measures - As of 30/09/2022
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
QQ Alpha -32.94 -7.91 -4.60 -1.47 -3.59 -1.46
Morningstar Sustainability Rating Beta 1.05 1.10 1.22 1.12 1.16 1.09
Fund Category Information Ratio -3.23 -0.89 -0.53 -0.21 -0.45 -0.21
Bid Price - KIID Ongoing Charge 1.54 R Squared 67.26% 75.05% 82.29% 78.91% 79.69% 79.16%
Offer Price - Day-End One Year Return -31.78 Day 2.21% Month -6.17% Year -30.52% Sharpe Ratio -2.48 -0.27 -0.11 0.24 -0.02 0.21
+/- 5.30 Total Ret 3Yr -4.40 Std Dev 14.98 15.52 21.61 18.49 18.38 17.17
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

Candriam Bonds Credit Opportunities € 188.36 - 0.20 0.00 -7.06 -2.08 Multi Asset Open Strategic Fund W-ACC-GBP £ 1.42 - 0.00 1.26 -8.56 0.96
Candriam Bds Euro High Yield Cap € 1092.32 - -2.36 0.00 -13.63 -2.78 Open World Fund W-ACC-GBP £ 2.16 - 0.01 0.59 -2.52 6.68
Candriam Bds Euro Sh.Term Cap € 1974.62 - -2.01 0.00 -4.69 -1.91 Select 50 Balanced Fund PI-ACC-GBP £ 1.07 - 0.00 1.05 -11.17 -0.15
Short Dated Corporate Bond Fund W-ACC-GBP £ 10.09 - 0.04 4.21 -9.66 -1.94
Special Situations Fund W-ACC-GBP £ 38.96 - 0.82 2.20 -6.77 2.12
Strategic Bond Fund W-ACC-GBP £ 1.11 - 0.00 2.28 -19.68 -4.51
Sustainable European Equity Fund W-ACC-GBP £ 4.67 - 0.06 0.74 -17.65 0.35
abrdn Capital (CI) Limited ( JER ) Atlantas Sicav ( LUX ) Janus Henderson Investors ( UK )
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Regulated Sustainable Global Equity Fund W-ACC-GBP £ 31.79 - 0.38 0.00 -8.78 7.49 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
FCA Recognised American Dynamic $ 5890.59 - -107.23 0.00 -20.41 5.99 Sustainable MoneyBuilder Income Fund W-ACC-GBP £ 11.28 - 0.18 3.80 -22.95 -6.50 www.janushenderson.com
abrdn Capital Offshore Strategy Fund Limited American One $ 6047.33 - -127.86 - -17.32 7.67 Sustainable Multi Asset Balanced Fund W-ACC-GBP £ 0.89 - 0.01 0.15 -12.01 - Authorised Inv Funds
Bridge Fund £ 2.0671 - 0.0227 2.01 -11.30 3.26 Chartered Asset Management Pte Ltd Janus Henderson Asia Pacific Capital Growth Fund A Acc 1091.00 - 7.00 0.00 -16.65 -1.97
Bond Global € 1581.48 1581.48 10.04 0.00 2.90 0.69 Other International Funds Sustainable Multi Asset Conservative Fund W-ACC-GBP £ 0.85 - 0.00 0.16 -15.32 -
Global Equity Fund £ 3.1034 - 0.0314 1.26 -10.26 6.41 Janus Henderson Asian Dividend Income Unit Trust Inc 77.91 - 0.22 6.43 -5.26 -3.20
Eurocroissance € 1202.49 - -7.39 0.00 -17.83 3.67 CAM-GTF VCC $ 276530.19 276530.19 -10829.19 - -6.36 3.78 Sustainable Multi Asset Growth Fund W-ACC-GBP £ 0.91 - 0.00 0.08 -10.33 -
Global Fixed Interest Fund £ 0.6971 - -0.0028 6.57 -21.93 -6.21 Janus Henderson Cautious Managed Fund A Acc 256.70 - 5.50 3.25 -12.78 -1.58
Far East $ 856.02 - -21.92 0.00 -32.04 -1.24 CAM GTi VCC $ 780.49 - -32.39 - 12.31 4.69 Sustainable Water & Waste W-ACC-GBP £ 1.07 - 0.02 0.15 -15.46 -
Income Fund £ 0.5955 - 0.0074 3.36 -9.16 2.93 Janus Henderson Cautious Managed Fund A Inc 128.40 - 2.70 3.31 -12.80 -1.33
RAIC VCC $ 1.64 1.64 0.03 2.06 5.74 -1.66 UK Opportunities Fund W-ACC-GBP 222.20 - 4.70 1.26 -27.36 -0.03
Sterling Fixed Interest Fund £ 0.6261 - 0.0118 3.91 -25.90 -8.10 Janus Henderson China Opportunities Fund A Acc 1141.00 - 11.00 0.00 -26.81 -7.10
UK Select Fund W-ACC-GBP £ 3.39 - 0.06 2.18 -7.50 1.95
UK Equity Fund £ 1.7812 - 0.0324 4.23 -14.12 -1.91 Janus Henderson Emerging Markets Opportunities Fund A Acc 190.40 - 0.90 0.00 -19.66 -0.05
UK Smaller Companies W-ACC-GBP £ 3.10 - 0.03 1.26 -18.06 6.72
Janus Henderson European Growth Fund A Acc 255.60 - 3.60 1.37 -12.07 3.12
Dragon Capital Janus Henderson European Selected Opportunities Fund A Acc 1928.00 - 26.00 1.40 -12.56 3.34
www.dragoncapital.com Janus Henderson Fixed Interest Monthly Income Fund Inc 16.61 - -0.04 5.29 -23.29 -5.59
Fund information:info@dragoncapital.com Janus Henderson Global Equity Fund Acc 4131.00 - 61.00 0.00 -11.67 7.02
Other International Funds
Janus Henderson Global Equity Income Fund A Inc 61.83 - 0.88 3.54 1.18 3.88
Vietnam Equity (UCITS) Fund A USD $ 26.34 - 0.18 0.00 -30.21 4.23
Consistent Unit Tst Mgt Co Ltd (1200)F ( UK ) Janus Henderson Global Sustainable Equity Fund A Inc 441.80 - 4.70 0.00 -11.60 9.65
Stuart House, St John's Street, Peterborough, PE1 5DD Janus Henderson Global Technology Fund A Acc 2603.00 - 33.00 0.00 -20.64 8.01
Dealing & Client Services 0345 850 8818
Authorised Inv Funds
Findlay Park Funds Plc ( IRL ) Janus Henderson Instl UK Idx Opps A Acc £ 1.02 - 0.01 3.21 -5.72 -
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Consistent UT Inc 57.54 57.54 0.41 0.64 -23.39 8.24 FCA Recognised Janus Henderson Multi-Asset Absolute Return Fund A Acc 155.80 - 0.70 0.68 0.06 3.14
Consistent UT Acc 155.20 155.20 1.10 0.64 -23.40 8.24 American EUR Unhedged Class € 155.35 - 2.42 0.00 -2.47 - Janus Henderson Multi-Manager Active Fund A Acc 239.80 - 1.80 0.00 -10.49 1.24
Practical Investment Inc 213.30 213.30 2.00 4.14 -13.15 2.52 American Fund USD Class $ 150.95 - 2.60 0.00 -18.12 5.75 Janus Henderson Multi-Manager Distribution Fund A Inc 119.40 - -0.10 2.58 -10.90 -1.30
Practical Investment Acc 1335.00 1335.00 12.00 4.14 -13.20 1.81 American Fund GBP Hedged £ 74.56 - 1.28 0.00 -19.47 4.26 Janus Henderson Multi-Manager Diversified Fund A Acc 81.81 - 0.01 2.51 -13.40 -2.66
EdenTree Investment Management Ltd ( UK ) American Fund GBP Unhedged £ 134.34 - 0.37 0.00 -0.64 10.11 Janus Henderson Multi-Manager Global Select Fund Acc 293.50 - 1.10 0.00 -6.62 5.20
PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
Authorised Inv Funds Janus Henderson Multi-Manager Income & Growth Fund A Acc 176.20 - 0.10 2.43 -11.23 -1.06
Blue Whale Investment Funds ICAV ( IRE ) Amity Balanced For Charities A Inc 89.01 - 1.77 6.03 -14.61 -1.93 Janus Henderson Multi-Manager Income & Growth Fund A Inc 139.00 - 0.10 2.46 -11.21 -1.04
www.bluewhale.co.uk, info@bluewhale.co.uk Amity Global Equity Inc for Charities A Inc 146.10 - 2.80 2.96 -5.70 5.39 Janus Henderson Multi-Manager Managed Fund A Acc 292.70 - 1.90 0.00 -10.52 0.62
FCA Recognised - Ireland UCITS Janus Henderson Multi-Manager Managed Fund A Inc 283.30 - 1.80 0.00 -10.55 0.63
EdenTree European Equity Cls A Inc 271.80 - 3.70 2.00 -10.51 3.12
Algebris Investments ( IRL ) Blue Whale Growth USD T $ 7.74 - 0.18 0.00 -37.90 - Janus Henderson Sterling Bond Unit Trust Acc 190.70 - 3.30 1.46 -22.48 -6.99
Regulated EdenTree European Equity Cls B Inc 274.90 - 3.60 2.44 -10.04 3.77
EdenTree Global Equity Cls A Inc 299.60 - 3.40 0.08 -17.45 2.64 Janus Henderson Sterling Bond Unit Trust Inc 52.56 - 0.91 1.47 -22.48 -7.00
Algebris Financial Credit I EUR € 158.28 - -0.78 0.00 -17.67 -1.19
EdenTree Global Equity Cls B Inc 302.10 - 3.50 0.70 -17.03 3.27 Janus Henderson Strategic Bond Fund A Inc 100.20 - -0.20 3.59 -20.35 -4.71
Algebris Financial Credit R EUR € 136.31 - -0.68 0.00 -18.22 -1.77
EdenTree Responsible and Sust S Dtd Bd B 91.16 - 0.46 0.78 -7.33 -1.96 Janus Henderson Absolute Return Fund A Acc 160.60 - 0.90 0.00 -4.18 0.87
Algebris Financial Credit Rd EUR € 83.40 - -0.42 5.66 -18.21 -1.72
EdenTree Sterling Bond Cls A Inc 81.25 - 0.95 4.00 -18.33 -4.65 Janus Henderson UK Alpha Fund A Acc 122.00 - 2.50 1.29 -29.64 -4.93
Algebris Financial Income I EUR € 161.45 - 1.49 0.00 -11.37 4.86
EdenTree Sterling Bond Cls B Inc 91.62 - 1.08 3.99 -17.78 -4.06 Janus Henderson UK Equity Income & Growth Fund A Inc 464.70 - 8.60 5.00 -6.77 -0.21
Algebris Financial Income R EUR € 147.10 - 1.34 0.00 -12.16 3.92
EdenTree UK Equity Cls A Inc 196.80 - 4.30 1.07 -24.65 -4.69 Janus Henderson UK Property PAIF A Acc £ 2.65 2.78 0.00 - 13.53 4.26
Algebris Financial Income Rd EUR € 90.15 - 0.82 4.24 -12.17 3.92
Algebris Financial Equity B EUR € 144.92 - 4.75 0.00 -1.34 10.22
Brooks Macdonald International Fund Managers Limited( JER ) EdenTree UK Equity Cls B Inc 196.30 - 4.30 1.80 -24.22 -4.08 Janus Henderson UK Property PAIF A Inc £ 1.06 1.11 0.00 - 13.53 4.32
5 Anley Street, St Helier, Jersey, JE2 3QE Janus Henderson US Growth Fund A Acc 1598.00 - 8.00 0.00 -17.03 6.66
Algebris IG Financial Credit I EUR € 88.91 - -0.17 0.00 -19.90 - +44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) EdenTree UK Equity Opps Cls A Inc 244.80 - 5.30 0.97 -30.52 -3.89
Algebris IG Financial Credit R EUR € 87.60 - -0.16 0.00 -20.29 - Brooks Macdonald International Investment Funds Limited EdenTree UK Equity Opps Cls B Inc 249.90 - 5.40 1.73 -30.15 -3.28
Algebris Global Credit Opportunities I EUR € 116.86 - -0.06 0.00 -9.64 1.35 Euro High Income € 1.1964 - 0.0015 2.50 -17.58 -6.40 Edentree Global Impact Bond B 82.19 - 0.14 - - -
Algebris Global Credit Opportunities R EUR € 114.17 - -0.06 0.00 -10.15 1.00 High Income £ 0.6123 - 0.0095 3.77 -22.66 -7.30 Edentree Green Future B Net Inc 94.33 - 0.95 - - -
CP Global Asset Management Pte. Ltd. EdenTree Managed Income Cls A Inc 110.70 - 1.80 5.29 -11.82 -1.19
Algebris Global Credit Opportunities Rd EUR € 100.37 - -0.05 0.45 -10.14 1.12 Sterling Bond £ 1.1628 - 0.0186 2.06 -23.14 -7.41 www.cpglobal.com.sg, Email: customer_support@cpglobal.com.sg
Brooks Macdonald International Multi Strategy Fund Limited EdenTree Managed Income Cls B Inc 118.00 - 1.90 5.28 -11.39 -0.68 Foord Asset Management
Algebris Core Italy I EUR € 126.65 - 1.19 0.00 -22.75 6.54 International Mutual Funds Website: www.foord.com - Email: info@foord.com
Algebris Core Italy R EUR € 120.35 - 1.12 0.00 -22.92 6.97 Cautious Balanced Strategy £ 1.1779 - 0.0010 0.00 -14.66 -2.93 CP Multi-Strategy Fund $ 302.36 - -3.63 - 13.20 14.92 FCA Recognised - Luxembourg UCITS
Algebris Financial Equity R EUR € 122.05 - 3.99 0.00 -2.33 9.16 Cautious Balanced Strategy A £ 0.8417 - 0.0008 1.16 -14.24 - Foord International Fund | R $ 45.63 - -0.05 0.00 -4.76 3.95 Kleinwort Hambros Bank Limited ( UK )
Balanced Strategy £ 0.8580 - -0.0016 0.09 -14.12 - Foord Global Equity Fund (Lux) | R $ 14.19 - 0.07 0.00 -22.67 - 5TH Floor, 8 St James's Square, London, SW1Y 4JU
Balanced Strategy A £ 0.8582 - -0.0015 0.60 -12.27 - Dealing and enquiries: 033 0024 0785
Regulated Authorised Inv Funds
Growth Strategy £ 1.7923 - -0.0092 0.00 -14.14 -1.44 Foord Global Equity Fund (Sing) | B $ 16.86 - 0.08 0.00 -22.94 2.72 Unit Trust Manager/ACD - Host Capital
Growth Strategy A £ 0.8559 - -0.0044 0.53 -13.72 - Foord International Trust (Gsy) $ 44.48 - -0.04 0.00 -4.72 3.92 HC Kleinwort Hambros Growth A Acc 225.49 - -0.26 1.36 -9.19 1.47
High Growth Strategy £ 2.5018 - -0.0167 0.00 -14.50 -0.19 HC Kleinwort Hambros Growth A Inc 204.59 - -0.23 1.38 -9.18 1.47
Euronova Asset Management UK LLP ( CYM )
High Growth Strategy A £ 0.8525 - -0.0057 0.13 -14.08 - Regulated HC Kleinwort Hambros Equity Income A Inc 88.46 - -0.55 3.06 -8.73 -0.96
CP Capital Asset Management Limited
US$ Growth Strategy $ 1.4748 - 0.0140 0.00 -30.38 -3.81 www.cpgbl.com, email: fundservices@cpgbl.com Smaller Cos Cls One Shares € 49.94 - 0.25 0.00 -20.62 3.40 HC Kleinwort Hambros Equity Income A Acc 173.35 - -1.07 4.50 -8.73 -0.96
The Antares European Fund Limited Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes Smaller Cos Cls Two Shares € 31.90 - 0.15 0.00 -21.02 1.77
Other International International Mutual Funds HC Kleinwort Hambros Multi Asset Balanced A Acc 161.31 - 0.14 0.81 -10.66 -0.96
AEF Ltd Usd $ 546.01 - -4.16 0.00 -2.71 -3.68 CPS Master Private Fund $ 413.41 - 0.60 - 10.64 13.95 Smaller Cos Cls Three Shares € 15.92 - 0.08 0.00 -21.65 1.42 HC Kleinwort Hambros Multi Asset Balanced A Inc 152.48 - 0.14 0.81 -10.66 -0.96
AEF Ltd Eur € 505.02 - -4.24 0.00 -3.82 -4.41 CP Global Alpha Fund $ 339.45 - -1.54 - 10.33 14.01 Smaller Cos Cls Four Shares € 20.98 - 0.10 0.00 -19.86 2.29 HC Kleinwort Hambros Fixed Income A Acc 115.16 - 0.20 3.44 -16.02 -4.79
HC Kleinwort Hambros Fixed Income A Inc 87.73 - 0.16 3.44 -16.01 -4.78

Fidelity Investments International

Other International Funds
Emerging Mkts NAV £ 7.21 - -0.16 2.01 -27.34 -5.56

Fundsmith LLP (1200)F ( UK )

PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Authorised Inv Funds
Fundsmith Equity T Acc 555.57 - 5.71 0.05 -10.32 6.69
Brown Advisory Funds plc ( IRL )
http://www.brownadvisory.com Tel: 020 3301 8130 Fundsmith Equity T Inc 506.97 - 5.20 0.05 -10.32 6.69
FCA Recognised
Artemis Fund Managers Ltd (1200)F ( UK ) US Small Cap Blend Fund USD B $ 19.92 - 0.45 0.00 -16.65 4.61 DWS ( LUX )
57 St. James's Street, London SW1A 1LD 0800 092 2051 Tel: +44 (0) 20 7541 8999 www.dws.com
US Flexible Equity Fund USD B $ 20.79 - 0.51 0.00 -20.95 7.58 FCA Recognised Lazard Fund Managers Ltd (1200)F ( UK )
Authorised Inv Funds Global Leaders Fund USD C $ 17.70 - 0.22 0.00 -23.38 3.68 P.O. Box 364, Darlington, DL1 9RD
Artemis SmartGARP UK Eq I Acc 2166.29 - 41.52 4.07 -2.03 9.37 DWS Invest Top Dividend £ 145.47 145.47 -3.68 3.07 6.46 3.84 Dealing: 0870 6066408, Info: 0870 6066459
US Sustainable Growth Fund USD C $ 20.72 - 0.37 0.00 -28.18 9.53 DWS Invest Top Euroland £ 128.14 128.14 -4.22 0.98 -23.44 -0.68 Authorised Inv Funds
Artemis Corporate Bond I Acc 88.30 - 0.61 3.14 -21.91 -
Global Leaders Sustainable Fund USD C $ 10.81 - 0.12 0.00 -23.60 - DWS Invest Multi Opportunities £ 105.73 105.73 -0.69 0.00 -7.04 0.17 Lazard Investment Funds (OEIC) B Share Class
Artemis SmartGARP Eur Eq I Acc 377.10 - 5.46 3.25 -10.10 2.25
US Equity Growth Fund USD B $ 41.50 - 0.50 0.00 -34.24 2.41 DWS Invest Global Bonds £ 88.40 88.40 -0.21 0.00 -15.01 -5.11 Developing Markets Acc 111.99 - 0.99 0.00 -17.52 -2.86
Artemis European Opps I Acc 111.32 - 1.36 - -17.47 0.11 GAM
US Smaller Companies Fund USD B $ 32.03 - 0.49 0.00 -23.04 5.59 funds@gam.com, www.funds.gam.com Developing Markets Inc 109.65 - 0.96 0.00 -17.53 -2.87
Artemis SmartGARP GloEmr Eq I Acc 156.14 - 0.93 - -7.81 3.25
US Mid-Cap Growth Fund USD C $ 15.14 - 0.14 0.00 -32.44 1.26 Regulated Emerging Markets Acc 331.93 - 2.63 2.90 -9.48 -0.56
Artemis SmartGARP Glo Eq I Acc 373.10 - 5.29 2.59 -0.18 8.34 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 122.24 - 0.97 2.66 13.71 6.69
Global Sustainable Total Return Bond GBP B £ 9.43 - -0.04 - - - Emg Mkts Inc 250.07 - 1.98 2.97 -9.48 -0.55
Artemis Global Income I Inc 107.38 - 1.48 4.44 3.75 8.01
FIL Investment Services (UK) Limited (1200)F ( UK ) LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 93.57 - -0.81 1.05 -13.50 - European Alpha Acc 914.28 - 13.08 1.01 -13.63 1.80
Artemis Global Select I Acc 155.55 - 1.84 0.57 -7.06 7.12 Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP
European Alpha Inc 782.86 - 11.19 1.02 -13.59 1.80
Artemis High Income I Q Inc 64.46 - 0.31 5.96 -15.56 -2.42 Callfree: Private Clients 0800 414161
Broker Dealings: 0800 414 181 European Smaller Cos Acc 593.41 - 11.67 0.00 -30.10 0.52
Artemis Income I Inc 230.09 - 4.94 4.51 -4.84 1.81
OEIC Funds Global Equity Income Acc 217.03 - 3.08 3.71 -3.54 6.33
Artemis Monthly Dist I Inc 67.91 - 0.44 4.78 -4.62 2.14
Allocator World Fund W-ACC-GBP £ 2.53 - 0.02 1.01 -4.23 6.89 Global Equity Income Inc 109.57 - 1.56 3.80 -3.56 6.31
Artemis Positive Future Fund 62.48 - -0.84 0.00 -37.59 -
American Fund W-ACC-GBP £ 51.91 - 0.47 0.00 -16.50 3.89 Managed Bal Inc 167.38 - 3.31 2.03 -15.13 0.54
Artemis Strategic Assets I Acc 89.18 - 1.17 0.00 3.95 2.87
American Special Sits W-ACC-GBP £ 22.81 - 0.31 0.49 18.56 12.31 UK Income Acc 1441.31 - 24.29 4.67 -7.55 0.20
Artemis Strategic Bond I Q Acc 95.33 - 0.55 3.29 -14.92 -3.03 CG Asset Management Limited ( IRL )
25 Moorgate, London, EC2R 6AY Asia Fund W-ACC-GBP £ 14.38 - 0.07 0.28 -18.06 0.21 UK Income Inc 524.18 - 8.83 4.80 -7.55 0.20
Artemis Target Return Bond I Acc 100.70 - 0.10 2.88 -7.95 - Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Asia Pacific Ops W-Acc £ 2.63 - 0.04 0.51 -11.76 6.87 UK Omega Acc 247.43 - 5.38 1.84 -10.17 -0.05
Artemis UK Select Fund Class I Acc 631.97 - 17.60 2.32 -20.92 4.00 FCA Recognised Asian Dividend Fund W-ACC-GBP £ 2.20 - 0.01 2.95 -1.66 2.50 UK Omega Inc 204.31 - 4.45 1.87 -10.17 -0.05
Artemis UK Smaller Cos I Acc 1851.98 - 25.53 1.79 -15.38 1.53 CG Portfolio Fund Plc
Cash Fund W-ACC-GBP £ 1.02 - 0.00 0.00 0.66 0.31 UK Smaller Cos Inc 2001.70 - 8.44 0.40 -24.24 1.74
Artemis UK Special Sits I Acc 656.12 - 13.50 2.16 -18.27 1.36 Absolute Return Cls M Inc £ 133.61 133.61 -0.59 1.36 -3.39 3.64
China Consumer Fund W-ACC-GBP £ 2.49 - 0.00 0.00 -26.18 -6.10
Artemis US Abs Return I Hdg Acc 111.25 - -0.05 0.00 -1.84 -1.23 Capital Gearing Portfolio GBP P £ 36839.45 36839.45 -183.91 1.05 -4.62 3.73
Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 1.54 - 0.01 4.95 -52.13 -11.65
Artemis US Extended Alpha I Acc 324.15 - 4.29 0.00 0.78 11.21 Capital Gearing Portfolio GBP V £ 179.17 179.17 -0.89 1.05 -4.62 3.73
Emerging Asia Fund W-ACC-GBP £ 1.76 - 0.01 0.30 -14.45 3.18
Artemis US Select I Acc 296.83 - 3.91 0.00 -3.68 9.08 Dollar Fund Cls D Inc £ 175.57 175.57 -2.78 1.39 2.32 3.59 Dodge & Cox Worldwide Funds ( IRL ) Enhanced Income Fund W-INC-GBP £ 0.80 - 0.01 6.37 1.88 2.28
Artemis US Smlr Cos I Acc 314.95 - 4.36 0.00 -14.21 8.92 Dollar Hedged GBP Inc £ 91.66 91.66 -0.13 1.74 -16.40 -1.28 48-49 Pall Mall, London SW1Y 5JG. European Fund W-ACC-GBP £ 20.92 - 0.20 1.15 -7.27 5.65
Real Return Cls A Inc £ 208.23 208.23 -3.31 1.43 0.43 2.42 www.dodgeandcox.worldwide.com 020 3713 7664
FCA Recognised Extra Income Fund W-ACC-GBP £ 1.18 - 0.02 4.13 -19.44 -4.61
Dodge & Cox Worldwide Funds plc - Global Bond Fund Global Dividend Fund W-ACC-GBP £ 2.77 - 0.03 2.70 0.65 4.56
Guinness Global Investors Lothbury Property Trust (UK)
EUR Accumulating Class € 15.99 - -0.17 0.00 1.40 3.12 Global Enhanced Income W-ACC-GBP £ 2.16 - 0.02 4.37 0.89 3.60 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Guinness Global Equity Income Y GBP Dist £ 17.74 - 0.00 2.42 6.42 10.38
EUR Accumulating Class (H) € 9.77 - -0.04 0.00 -16.07 -2.59 Global High Yield Fund W-ACC-GBP £ 12.97 - -0.03 5.88 -18.12 -4.48 Property & Other UK Unit Trusts
Guinness Global Innovators Y GBP Acc £ 24.09 - 0.19 0.00 -13.23 10.40
EUR Distributing Class € 11.72 - -0.13 0.95 -1.45 2.15 Global Property Fund W-ACC-GBP £ 1.89 - 0.02 1.62 -11.43 -3.53 Lothbury Property Trust GBP £ 2081.74 2242.69 -43.29 2.60 7.62 2.35
Guinness Sustainable Global Equity Y GBP Acc £ 10.48 - 0.03 0.00 -8.83 -
EUR Distributing Class (H) € 7.11 - -0.02 1.06 -18.57 -3.59 Global Special Sits W-ACC-GBP £ 52.00 - 0.80 0.31 -5.45 8.20
GBP Distributing Class £ 12.41 - -0.29 0.84 0.40 1.84 Index Emerging Markets P-ACC-GBP £ 1.59 - 0.00 2.39 -14.53 0.45
GBP Distributing Class (H) £ 7.59 - -0.02 1.16 -17.92 -2.93 Index Europe ex UK P-ACC-GBP £ 1.65 - 0.02 2.17 -12.73 2.60
USD Accumulating Class $ 11.28 - -0.03 0.00 -14.48 -0.96 Index Japan P-ACC-GBP £ 1.78 - 0.02 2.01 -9.02 1.30
Dodge & Cox Worldwide Funds plc-Global Stock Fund Index Pacific ex Japan P-Acc-GBP £ 1.80 - 0.00 3.75 -2.14 2.48
USD Accumulating Share Class $ 25.67 - 0.62 0.00 -13.63 6.53 Index Sterling Corporate Bond Fund P-ACC-GBP £ 0.76 - 0.02 2.13 -24.11 -
GBP Accumulating Share Class £ 37.31 - 0.16 0.00 4.28 10.58 Index UK Gilt Fund P-ACC-GBP £ 0.71 - 0.02 0.62 -25.06 -
M & G Securities (1200)F ( UK )
GBP Distributing Share class £ 25.18 - 0.11 0.57 3.51 10.31 Index UK P-ACC-GBP £ 1.43 - 0.02 3.41 -4.39 1.71 HPB Assurance Ltd PO Box 9038, Chelmsford, CM99 2XF
EUR Accumulating Share Class € 39.44 - 0.66 0.00 2.47 10.93 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Index US P-ACC-GBP £ 3.39 - 0.06 1.10 3.15 12.95
International Insurances Authorised Inv Funds
GBP Distributing Class (H) £ 11.98 - 0.28 0.61 -15.66 4.44 Index World P-ACC-GBP £ 2.58 - 0.04 1.46 -1.77 9.41
Holiday Property Bond Ser 1 £ 0.48 - 0.00 0.00 1.26 -2.57 Charifund Inc 1379.35 - 23.31 5.75 -4.97 0.85
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Japan Fund W-ACC-GBP £ 5.36 - 0.03 1.29 -2.37 9.51
Holiday Property Bond Ser 2 £ 0.63 - 0.00 0.00 0.32 -0.63 Charifund Acc 26654.49 - 450.56 4.83 -4.98 0.85
USD Accumulating Share Class $ 34.65 - 1.06 0.00 -11.06 9.99 Japan Smaller Companies Fund W-ACC-GBP £ 3.34 - 0.03 0.63 -19.50 -0.40
Ashmore Group M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.05 - 0.02 2.12 -12.37 -
61 Aldwych, London WC2B 4AE. Dealing team: +352 27 62 22 233 GBP Accumulating Share Class £ 47.62 - 0.52 0.00 7.32 14.17 MoneyBuilder Balanced Fund W-ACC-GBP £ 0.56 - 0.02 3.13 -8.85 -1.51
Candriam Investors Group ( LUX ) GBP Distributing Share Class £ 28.59 - 0.32 0.18 6.75 13.97 M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 37.10 - 0.57 1.70 -12.37 -
Authorised Inv Funds FCA Recognised MoneyBuilder Dividend Fund W-INC-GBP £ 1.19 - 0.02 4.00 1.89 2.81
Emerging Markets Equity Fund $ 102.80 - 0.12 - -35.99 0.40 EUR Accumulating Share Class € 45.96 - 1.06 0.00 5.46 14.52 M&G Charity Multi Asset Fund Inc £ 0.84 - 0.01 3.92 -3.04 -
Candriam Eqts L Australia CapA$ 1800.42 - 33.13 0.00 -1.06 8.12 Multi Asset Allocator Adventurous Fund W-ACC-GBP £ 2.03 - 0.02 0.92 -6.58 4.68
Emerging Markets Equity ESG Fund $ 114.98 - -0.31 - -38.28 - GBP Distributing Class (H) £ 13.83 - 0.41 0.22 -13.01 7.84 M&G Charity Multi Asset Fund Acc £ 98.76 - 1.17 3.78 -3.03 -
Multi Asset Allocator Defensive Fund W-ACC-GBP £ 1.26 - 0.00 0.96 -13.42 -2.25
Emerging Markets Active Equity Fund $ 107.22 - 0.23 - -32.46 -5.93 Multi Asset Allocator Growth Fund W-ACC-GBP £ 1.76 - 0.01 0.89 -8.94 2.32
Emerging Markets Frontier Equity Fund $ 175.27 - 0.61 - -14.52 2.38 Multi Asset Allocator Strategic Fund W-ACC-GBP £ 1.52 - 0.01 0.84 -11.34 -0.04
Emerging Markets Blended Debt Fund $ 47.29 - -0.46 - -32.87 -13.65 Multi Asset Balanced Income Fund W-INC-GBP £ 0.93 - 0.01 4.16 -12.53 -2.48 Hermes Property Unit Trust ( UK )
Emerging Markets Blended Debt ESG Fund $ 75.67 - -0.52 - -27.02 -10.37 Property & Other UK Unit Trusts
Multi Asset Income & Growth Fund W-INC-GBP £ 0.98 - 0.01 4.41 -11.05 -1.26
Emerging Markets Debt Fund $ 50.76 - -0.69 - -36.24 -15.01 Property £ 7.87 8.48 0.04 - 18.73 5.43
Multi Asset Income Fund W-INC-GBP £ 0.85 - 0.00 5.09 -15.64 -3.78
Emerging Markets Corporate Debt Fund $ 56.25 - -0.58 - -29.41 -9.22 Multi Asset Open Advent W-ACC-GBP £ 1.64 - 0.00 0.91 -5.41 3.61
Emerging Markets Local Currency Bond Fund $ 55.47 - -0.07 - -20.17 -7.50 Candriam Investors Group
Other International Funds Multi Asset Open Defen W-ACC-GBP £ 1.27 - 0.00 1.16 -10.31 -0.60
Candriam Eqts L Emerging Mkts Cap € 868.80 - 1.77 0.00 -23.10 1.75 Multi Asset Open Growth Fund W-ACC-GBP £ 1.55 - 0.00 1.11 -6.39 3.10
Monday 17 October 2022 ★ FINANCIAL TIMES 15

MANAGED FUNDS SERVICE

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

Tosca Mid Cap GBP £ 169.38 - -22.79 0.00 -34.33 -17.95

Tosca Opportunity B USD $ 258.80 - -15.18 0.00 -33.99 -17.17
Pegasus Fund Ltd A-1 GBP £ 40.34 - -2.47 0.00 -34.03 -18.07

MMIP Investment Management Limited ( GSY ) Slater

Investments
Regulated
Multi-Manager Investment Programmes PCC Limited
UK Equity Fd Cl A Series 01 £ 2973.15 3006.06 -142.29 0.00 -6.69 4.31
Diversified Absolute Rtn Fd USD Cl AF2 $ 1635.28 - 2.47 0.00 -6.03 0.81
Diversified Absolute Return Stlg Cell AF2 £ 1520.35 - 0.98 0.00 -6.67 -0.30
Global Equity Fund A Lead Series £ 1757.52 1763.53 -0.92 - -5.16 3.25

Oasis Crescent Global Investment Funds (UK) ICVC( UK ) Ram Active Investments SA Slater Investments Ltd ( UK )
Regulated www.ram-ai.com www.slaterinvestments.com; Tel: 0207 220 9460
Oasis Crescent Global Equity Fund USD A (Dist) $ 30.89 - 0.62 0.26 -18.02 0.81 Other International Funds FCA Recognised
Marlborough Investment Management Limited ( UK ) Oasis Crescent Global Income Fund USD A (Dist) $ 9.81 - 0.00 2.68 -8.91 -0.70 RAM Systematic Emerg Markets Eq $ 183.43 183.43 -1.62 - -24.43 2.35 Slater Growth A Acc 605.97 605.97 8.90 0.00 -27.78 3.54
Marlborough, PO BOX 1852 Lichfield, Staffordshire, England, WS13 8XU. 0808 145 2500. RAM Systematic European Eq € 466.72 466.72 3.91 - -18.89 1.49 Slater Income A Inc 133.28 133.28 1.53 5.22 -8.35 1.81
Troy Asset Mgt (1200) ( UK )
Oasis Crescent Global Low Equity Fund USD D (Dist) $ 11.37 - 0.13 0.61 -14.56 -1.26 65 Gresham Street, London, EC2V 7NQ
www.marlboroughfunds.com RAM Systematic Funds Global Sustainable Income Eq $ 133.84 133.84 2.23 0.00 -13.90 2.38 Slater Recovery A Acc 317.65 317.65 3.37 0.00 -20.08 7.72
Authorised Inv Funds Oasis Crescent Global Medium Equity Fund USD A (Dist) $ 12.55 - 0.16 0.16 -14.21 -0.29 Order Desk and Enquiries: 0345 608 0950
Oasis Crescent Global Property Equity Fund USD A (Dist) $ 6.93 - 0.13 0.73 -28.11 -7.79 RAM Systematic Global Eq Sustainable Alpha $ 113.46 113.46 0.28 - 2.17 -0.22 Slater Artorius 276.49 276.49 -10.81 0.33 -25.88 7.67 Authorised Inv Funds
Balanced 211.66 211.66 0.46 0.19 -10.95 1.21
RAM Systematic Long/Short European Eq € 156.64 156.64 -0.13 - 5.62 2.98 Authorised Corporate Director - Link Fund Solutions
Bond Income 38.20 38.20 0.63 4.29 -22.93 -7.40 Oasis Crescent Global Short Term Income Fund USD A (Dist) $ 0.93 - 0.01 1.84 -4.01 -0.21
RAM Systematic US Sustainable Eq $ 315.20 315.20 8.14 - -23.41 1.60 Trojan Investment Funds
Cautious Inc 80.80 80.80 0.06 1.65 -10.10 -1.48 Oasis Crescent Variable Fund GBP A (Dist) £ 9.13 - -0.01 0.18 -9.72 -1.85
RAM Tactical Global Bond Total Return € 134.75 134.75 -0.17 - -12.36 -3.11 Trojan Ethical O Acc 123.75 - 0.27 0.00 -2.83 5.09
Emerging Markets 331.00 331.00 1.45 1.00 -8.04 2.87 Trojan Ethical Global Inc O Acc 98.93 - 1.23 - - -
Conservative P Acc 89.69 - 0.07 0.00 -10.58 - RAM Tactical II Asia Bond Total Return $ 140.03 140.03 -0.59 - -9.55 -2.24
Trojan Ethical Global Inc O Inc 97.13 - 1.21 - - -
European Multi-Cap 618.45 618.45 5.34 1.10 -22.03 11.74 Trojan Ethical O Inc 123.50 - 0.27 0.00 -2.84 5.08
Extra Income 81.99 81.99 1.01 4.51 -6.83 2.02 Trojan Ethical Income O Acc 125.93 - 1.91 2.71 -10.61 -2.77
Far East Growth A Inc 218.35 218.35 1.12 1.27 -16.63 -0.74 Trojan Ethical Income O Inc 105.53 - 1.60 2.77 -10.62 -2.77
Global 278.84 278.84 1.77 0.00 -12.14 3.45 Trojan Fund O Acc 377.13 - 0.61 0.00 -1.42 5.24
Global Bond Inc 133.62 133.62 -0.38 3.17 -10.82 -3.88 Omnia Fund Ltd Trojan Fund O Inc 305.26 - 0.49 0.00 -1.42 5.24
High Yield Fixed Interest 57.98 57.98 0.07 5.01 -15.88 -2.86 Other International Funds Trojan Global Equity O Acc 449.96 - 5.73 0.00 -10.22 6.10
Marlborough Technology Fund A 775.16 775.16 6.40 0.00 -27.84 11.07 Estimated NAV $ 955.58 - 173.14 0.00 43.52 9.86 Royal London ( UK ) Trojan Global Equity O Inc 371.26 - 4.74 0.00 -10.22 6.10
Multi Cap Income A Inc 109.17 109.17 1.90 5.86 -23.97 -5.25 55 Gracechurch Street, London, EC3V rlam.co.uk
Authorised Inv Funds Trojan Global Income O Acc 152.72 - 1.77 2.82 6.87 6.20
Nano-Cap Growth A Acc 187.61 187.61 0.13 0.00 -33.46 4.36 Trojan Global Income O Inc 128.62 - 1.49 2.87 6.88 6.20
Royal London Sustainable Diversified A Inc £ 2.13 - 0.03 0.67 -17.50 0.55
Special Situations A Acc 1549.19 1549.19 13.86 0.00 -36.61 -0.57 Trojan Income O Acc 316.51 - 4.86 2.94 -10.29 -3.22
Royal London Sustainable World A Inc 315.80 - 4.50 0.00 -16.41 4.42
UK Multi-Cap Growth A Inc 310.74 310.74 5.97 0.10 -31.12 -2.57 Trojan Income O Inc 156.69 - 2.41 3.01 -10.29 -3.22
Royal London Corporate Bond Mth Income 70.05 - 1.02 4.50 -20.78 -5.91
UK Micro Cap Growth A 707.20 707.20 2.86 0.00 -39.93 0.02
Royal London European Growth Trust 180.80 - 2.20 0.83 -12.52 3.40
US Multi-Cap Income 722.65 722.65 11.73 1.21 3.85 9.41
Royal London Sustainable Leaders A Inc 694.50 - 14.00 1.12 -12.57 2.70 Stewart Investors ( UK )
MFM - Third Party Funds 23 St Andrew Square, Edinburgh, EH2 1BB
Orbis Investments (U.K.) Limited ( GBR ) Royal London UK Growth Trust 559.20 - 10.50 2.25 -14.70 0.62
Junior Gold C Acc 29.90 29.90 0.40 0.00 -40.57 1.14 28 Dorset Square, London, NW1 6QG enquiries@stewartinvestors.com
Royal London UK Income With Growth Trust 189.80 - 3.50 5.48 -6.73 0.66 Client Services: 0800 587 4141
MFM Bowland 306.94 306.94 3.04 0.99 -16.51 5.61 www.orbis.com 0800 358 2030
Regulated Royal London US Growth Trust 358.40 - 5.50 0.00 1.76 12.79 Dealing Line: 0800 587 3388
MFM Hathaway Inc 133.60 133.60 -4.24 1.02 -20.14 -1.33
Orbis OEIC Global Cautious Standard £ 11.43 - -0.03 0.00 4.96 3.88 Additional Funds Available Authorised Funds
MFM UK Primary Opportunities A Inc 397.58 397.58 6.46 1.08 -19.77 -0.30 Please see www.royallondon.com for details SI Asia Pacific A Acc 1574.24 - 7.66 0.00 -4.09 7.19
Orbis OEIC Global Balanced Standard £ 18.18 - -0.05 2.14 7.31 8.93 Unicorn Asset Management Ltd ( UK )
SI Asia Pacific A Inc £ 2.79 - 0.01 0.00 -4.26 6.76 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Orbis OEIC Global Equity Standard £ 20.56 - -0.13 2.08 -3.68 8.54
SI Asia Pacific Leaders A Acc 870.27 - 2.80 0.00 -7.07 7.33 Authorised Inv Funds
Orbis OEIC UK Equity Standard £ 9.96 - 0.13 3.65 -5.99 7.20
SI Asia Pacific Leaders A Inc £ 2.96 - 0.01 0.00 -7.09 7.26 UK Growth A Inc 548.43 - 4.23 0.10 -29.95 -1.21
SI Asia Sustainability A Acc 721.81 - 1.14 0.00 -3.22 8.26 Mastertrust A Inc X F 535.51 - 6.62 0.50 -17.65 2.41
SI Global Emerging Mkts A Acc 768.81 - 1.40 2.44 -0.67 -0.71 UK Growth B Inc 551.03 - 4.26 1.03 -29.40 -0.48
SI Global Emerging Mkts Leaders A Acc 537.64 - 4.00 1.29 -4.00 -0.19 Mastertrust B Inc X F 479.49 - 5.94 1.34 -17.02 3.16
Marwyn Asset Management Limited ( CYM ) SI Global Emerging Mkts Sus A Acc 360.84 - 1.67 0.00 -10.37 1.78 Outstanding British Cos A Acc X F 257.35 - 2.68 0.51 -20.01 -4.96
Regulated SI Indian Sub-Cont A Acc 816.51 - -4.24 0.00 9.86 17.73 Outstanding British Cos B Acc X F 282.75 - 2.95 1.37 -19.39 -4.24
Marwyn Value Investors £ 329.72 - -6.14 0.00 - -7.17 SI Latin America A Acc £ 2.18 - -0.01 2.87 -4.66 -8.93 UK Smaller Cos A Inc X F 536.50 - 2.55 0.77 -26.31 0.91
SI Worldwide Equity A Acc £ 2.36 - 0.05 - 21.94 8.37 UK Smaller Cos B Inc X F 522.69 - 2.50 1.67 -25.74 1.65
SI Worldwide Equity A Inc £ 2.39 - 0.05 - 23.40 8.80 UK Income A Acc X F 269.10 - 2.80 5.58 -21.32 -4.10
SI Worldwide Leaders A Acc 552.80 - 1.60 0.00 -8.15 6.21 UK Income A Inc X F 180.04 - 1.88 5.76 -21.31 -4.26
SI Worldwide Sus A Acc £ 2.41 - 0.03 0.00 -17.37 3.52 UK Income B Acc X F 300.91 - 3.14 - -20.73 -3.38
SI Worldwide Sus A Inc £ 2.34 - 0.03 0.00 -17.29 3.65 UK Income B Inc X F 201.44 - 2.10 - -20.73 -3.52

McInroy & Wood Portfolios Limited ( UK )

Easter Alderston, Haddington, EH41 3SF 01620 825867
Authorised Inv Funds Ruffer LLP (1000)F ( UK )
Balanced Fund Personal Class Units 5836.40xd - 9.70 1.41 -1.67 5.84 65 Gresham Street, London, EC2V 7NQ
Order Desk and Enquiries: 0345 601 9610
Income Fund Personal Class Units 2807.80xd - 12.50 2.42 1.75 4.03
Platinum Capital Management Ltd Authorised Inv Funds
Emerging Markets Fund Personal Class Units 2266.70xd - -6.50 1.49 -3.89 1.42 Authorised Corporate Director - Link Fund Solutions
Other International Funds
Smaller Companies Fund Personal Class Units 5547.60xd - 48.60 1.33 -26.54 0.49 LF Ruffer Diversified Rtrn C Acc 101.25 - -0.17 0.89 -1.04 - Zadig Gestion (Memnon Fund) ( LUX )
Platinum All Star Fund - A $ 143.77 - - - - 2.91 FCA Recognised
Platinum Global Growth UCITS Fund $ 7.78 - 0.00 0.00 -43.79 -9.42 LF Ruffer Diversified Rtrn C Inc 100.40 - -0.18 0.99 -1.03 - Memnon European Fund - Class U2 GBP £ 209.16 - 0.36 0.00 -4.01 5.43
Platinum Essential Resources UCITS Fund SICAV USD Class E $ 11.05 - 0.13 0.00 14.63 7.40 LF Ruffer European C Acc 687.52 - -21.49 0.91 -23.71 4.45
Platinum Global Dividend UCITS Fund $ 43.37 - -0.15 0.00 -23.63 -8.48 LF Ruffer European C Inc 123.33 - -3.86 0.94 -23.70 4.45
LF Ruffer European O Acc 666.81 - -20.89 0.59 -23.94 4.13
LF Ruffer Equity & General C Acc 532.94 - -5.69 0.82 -5.33 6.47
LF Ruffer Equity & General C Inc 481.49 - -5.14 0.82 -5.32 6.47
Milltrust International Managed Investments ICAV( IRL ) LF Ruffer Equity & General O Acc 516.94 - -5.54 0.50 -5.62 6.15
mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com LF Ruffer Equity & General O Inc 475.66 - -5.10 0.50 -5.61 6.15
Regulated LF Ruffer Gold C Acc 211.84 - -6.31 0.00 -12.31 0.42
British Innovation Fund £ 121.92 - 2.89 0.00 - - LF Ruffer Gold C Inc 128.21 - -3.82 0.00 -12.31 0.42 Stonehage Fleming Investment Management Ltd ( IRL )
MAI - Buy & Lease (Australia)A$ 103.45 - 0.50 0.00 -16.53 1.41 Polar Capital Funds Plc ( IRL ) LF Ruffer Gold O Acc 205.40 - -6.13 0.00 -12.58 0.12 www.stonehagefleming.com/gbi
MAI - Buy & Lease (New Zealand)NZ$ 91.20 - -6.06 0.00 -7.20 -2.67 Regulated enquiries@stonehagefleming.com
Automation & Artificial Intelligence CL I USD Acc $ 12.53 12.53 0.15 0.00 -34.36 3.57 LF Ruffer Japanese C Inc 152.49 - -1.52 0.26 -14.51 6.81
Milltrust Global Emerging Markets Fund - Class A $ 84.91 - 0.31 0.00 -29.60 -0.85 Regulated
Asian Starts I USD Acc $ $ 11.98 - -0.19 0.00 -35.94 2.21 LF Ruffer Japanese C Acc 328.52 - -3.28 0.26 -14.51 6.81 SF Global Best Ideas Eq B USD ACC $ 200.15 - 2.54 0.00 -27.72 2.93
Biotechnology I USD $ 35.87 35.87 0.60 0.00 -14.21 18.27 LF Ruffer Japanese O Acc X 318.20 - -3.20 0.00 -14.78 6.48 SF Global Best Ideas Eq D GBP INC £ 270.27 - -0.51 0.00 -12.29 7.18
China Stars I USD Acc $ $ 9.37 9.37 -0.18 0.00 -36.47 -2.82 LF Ruffer Total Return C Acc 547.66 - 5.22 2.51 -0.30 6.97
Emerging Market Stars I USD Acc $ 9.76 - -0.13 0.00 -36.17 0.38 LF Ruffer Total Return C Inc 341.55 - 3.25 2.56 -0.30 6.96
European Ex UK Inc EUR Acc € 12.68 12.68 0.02 0.00 -2.46 0.94 LF Ruffer Total Return O Acc 531.15 - 5.04 2.52 -0.60 6.65
Financial Opps I USD $ 12.41 - 0.25 2.91 -23.03 0.52 LF Ruffer Total Return O Inc 331.06 - 3.13 2.57 -0.61 6.64
Global Convertible I USD $ 12.64 12.64 0.06 0.00 -22.45 -1.18
Milltrust International Managed Investments SPC Global Insurance I GBP £ 9.53 - 0.13 0.00 20.62 8.16
em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com
Regulated Global Technology I USD $ 57.84 - 0.50 0.00 -37.27 5.12
Milltrust Alaska Brazil SP A $ 82.49 - 0.97 0.00 13.68 - Healthcare Blue Chip Fund I USD Acc $ 16.81 16.81 0.21 0.00 -7.48 9.42
Milltrust Laurium Africa SP A $ 87.73 - -0.19 0.00 -16.00 - Healthcare Dis I Acc USD $ $ 12.07 - 0.15 0.00 -22.18 -
Milltrust Marcellus India Fund $ 126.87 - -0.86 0.00 -16.15 - Healthcare Opps I USD $ 59.95 - 0.61 0.00 -12.72 8.90
Milltrust Singular ASEAN SP Founders $ 122.08 - -0.05 0.00 -24.88 - Income Opportunities B2 I GBP Acc £ 2.74 2.74 -0.01 0.00 -2.04 6.02
Milltrust SPARX Korea Equity SP A $ 85.82 - -1.99 0.00 -42.57 - Japan Value I JPY ¥ 139.82 139.82 2.18 0.00 5.90 6.72
Milltrust Xingtai China SP A $ 83.02 - -0.86 0.00 -42.14 - North American I USD $ 29.78 29.78 0.59 0.00 -18.63 6.06
The Climate Impact Asia Fund SP (Class A) $ 69.73 - -0.07 0.00 -30.87 - Smart Energy I USD Acc $ $ 7.59 7.59 0.06 0.00 -23.64 -
The Climate Impact Asia Fund (Class B) $ 69.22 - -0.07 0.00 -31.21 - Smart Mobility I USD Acc $ $ 7.22 7.22 0.04 0.00 -28.44 -
UK Val Opp I GBP Acc £ 10.69 10.69 0.21 0.00 -25.35 -2.66

Superfund Asset Management GmbH

www.superfund.com, +43 (1) 247 00
Other International Funds
Other International Funds
Superfund Green Gold $ 1239.13 - 9.40 0.00 -18.55 5.29
Rubrics Global UCITS Funds Plc ( IRL )
www.rubricsam.com Superfund Green Silver $ 985.48 - 6.72 0.00 -28.81 3.22
Ministry of Justice Common Investment Funds ( UK ) Regulated Regulated
Property & Other UK Unit Trusts Private Fund Mgrs (Guernsey) Ltd ( GSY )
Regulated Rubrics Emerging Markets Fixed Income UCITS Fund $ 129.35 - -0.34 0.00 -7.07 -2.04 Superfund Green US$ $ 1044.90 - 8.24 0.00 -10.52 4.09
The Equity Idx Tracker Fd Inc 1754.00 - -3.00 2.64 -7.79 2.68
Distribution Units Monument Growth 11/10/2022 £ 516.75 521.79 -7.86 1.08 -4.63 1.79 Rubrics Global Credit UCITS Fund $ 16.22 - -0.04 0.00 -10.45 -1.48
Rubrics Global Fixed Income UCITS Fund $ 166.01 - -0.56 0.00 -7.72 -1.40

Thesis Unit Trust Management Limited ( UK )

Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Prusik Investment Management LLP ( IRL ) Authorised Funds
Enquiries - 0207 493 1331 Scottish Friendly Asset Managers Ltd ( UK )
Regulated Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 TM New Court Fund A 2011 Inc £ 17.22 - 0.20 0.00 -13.25 2.77
Prusik Asian Equity Income B Dist $ 159.52 - 1.33 4.96 -10.53 -1.37 Authorised Inv Funds TM New Court Fund - A 2014 Acc £ 17.37 - 0.20 0.00 -13.24 2.78
Prusik Asia Emerging Opportunities Fund A Acc $ 178.49 - 0.10 0.00 -24.99 5.25 Managed Growth ♦ 324.40 - 3.00 0.00 -6.62 6.73 TM New Court Equity Growth Fund - Inc £ 18.44 - 0.26 0.00 -16.22 3.08
Prusik Asia Fund U Dist. £ 219.27 - 0.42 0.00 -14.53 5.61 UK Growth ♦ 372.30 - 5.20 0.00 -13.12 7.14
Prusik Asia Sustainable Growth Fund A Acc $ 82.13 - 0.78 - - -

Mirabaud Asset Management ( LUX )

www.mirabaud.com, marketing@mirabaud-am.com
Conviction based investment vehicles details available here www.mirabaud-am.com
Regulated Purisima Investment Fds (UK) (1200)F ( UK )
Mir. - Glb Strat. Bd I USD $ 109.28 - -0.31 0.00 -12.10 -1.53 65 Gresham Street, London, EC2V 7NQ
Mir. - DiscEur D Cap GBP £ 149.00 - -0.11 0.00 -30.56 2.93 Order Desk and Enquiries: 0345 922 0044
Authorised Inv Funds
Mirabaud - UK Equity High Alpha £ 120.94 - 1.45 0.00 -27.56 -0.46 Authorised Corporate Director - Link Fund Solutions
Global Total Fd PCG A 351.70 - 5.19 0.00 -12.46 9.15
Global Total Fd PCG B 346.78 - 5.11 0.00 -12.68 8.88
Global Total Fd PCG INT 340.51 - 5.02 0.00 -12.89 8.61

Toscafund Asset Management LLP ( UK )

SICO BSC (c) ( BHR ) www.toscafund.com
+973 17515031. Authorised Funds
www.sicobank.com Aptus Global Financials B Acc £ 4.33 - 0.05 4.50 -12.07 7.52
Khaleej Equity Fund $ 613.87 - -12.47 0.00 17.28 19.37 Aptus Global Financials B Inc £ 2.80 - 0.03 4.65 -12.07 9.56
SICO Kingdom Equity Fund $ 37.25 - -0.53 0.00 15.21 20.31
Purisima Investment Fds (CI) Ltd ( JER ) SICO Gulf Equity Fund $ 170.59 - -3.37 0.00 23.60 16.85
Regulated
PCG B X 248.57 - 1.55 0.00 -27.12 4.13
PCG C X 241.91 - 1.51 0.00 -27.27 3.92

Toscafund Asset Management LLP

www.toscafund.com
Tosca A USD $ 399.04 - -22.49 0.00 -0.08 8.50

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16 ★ FINANCIAL TIMES Monday 17 October 2022

WORK & CAREERS

Is it time to
‘
Messages from the archive of The Tories are still in power for a Starmer. I know one housebuilder I’m hoping we can tempt you to a
Rutherford Hall, critical couple of years/months/who knows? so worried his comms consultants are too breakfast meeting with a few of our

start sucking communications strategist we don’t want them deciding you are
part of the Anti-Growth Coalition just
close to the Tories.
BTW What’s Priya up to? Apparently
large business clients who are still
holding out against the anti-growth

up to Labour? From: rutherford@Monkwellstrategy

To: johnJ@bigenergy.co.uk
Hell yes, you need to start sucking up
yet. Team Truss is going to be
desperate for support so will be
especially attentive to those they think
she’s on some special project for you?

to Labour. Just to give you a sense of
things, I’ve already had six job
inquiries from sitting Tory MPs
terrified they are going to lose their
seats. Three of them came during Liz
Truss’s conference speech.
You saw the film Speed? Well, there’s
a bomb under the Tories and the
moment the Truss Bus drops below 22
are still sympathetic and have ideas on
removing barriers to business. The
trick is to play both sides. Just don’t get
back on the bus! Best Rutherford
Find me on Strava, KoM Sydenham
Hill, PR London to Brighton: 3h 59m
WhatsApp to Stephen: We need to
start hedging for Labour. The mood has
From: rutherford@Monkwellstrategy
To: rachel.Reeves@parliament.org
Hi Rachel, it was great to catch up at
the Labour conference. Fantastic
speech. I know you aren’t allowed to
show any complacency but just to say I
happen to know a great priced interior
decorator who’d love to work on the
Downing Street flat :-)
Anyway we’ve got a number of big
coalition (between us, I think a number
could prove very supportive). They
have some v good thoughts on how to
Our rivals who unleash the opportunities of Brexit.
You’ll find a warm and enthusiastic
traded on being audience. Best, Rutherford
close to Boris Find me on Strava . . .
will be desperate From: Rutherford@Monkwellstrategy
for some red To: Client list
Monkwell is offering select clients a
cred so we need to series of breakfasts with key Labour

per cent in the polls — boom. Ok, so the
Speed analogy is not perfect. In the
film, the mad bomber had the sense
not to get on the bus himself, whereas
Liz is still at the wheel.
So yes, get those invites flowing.
Specify your pronouns in the emails!
And remember you love windfall taxes
and are very excited about the New
Green deal. We are still just at the stage
where they are thrilled to be taken
seriously. They know you guys hedge
your bets but small gestures count.
How about funding a part-time
Rutherford Hall researcher for one of Labour’s Treasury
or business team? It’s a small sum to
Criticalcomms you, but gives you a direct line in.
One caveat. Don’t get too visible yet.
flipped. I had one client on, desperate
for 30 mins with Keir Starmer — and
that’s not a sentence I was writing often
last year. Others are screaming for a
chat with a shadow minister who isn’t
even a household name in his own
household. We need to rebalance the
team with some Labour hires
WhatsApp to Stephen: I know; the
ones who are really close will be staying
on but there are always a couple who
want to cash in their contacts and Keir
is having another office reshuffle. Our
rivals who traded on being close to
Boris will be desperate for some red
cred so we need to move fast. There’s
business for us in this too if people
think we’ve got a good channel into
clients who are excited about what
you’ve done with Labour and are keen
to hear more (between us, I think some
could prove very supportive). I wonder
if we can tempt you to a breakfast
meeting with a few of them. I think
you’ll find a warm and enthusiastic
audience. Best, Rutherford
Find me on Strava . . .
From: rutherford@Monkwellstrategy
To: jacobrees.mogg@parliament.co.uk
Dear Jacob, Glad we caught up at
party conference. You handled yourself
superbly in a v stressful week.
Whatever the polls say I don’t think
Labour should be calling in the interior
designers just yet.
’
move fast figures (and one with Jacob Rees-Mogg
for balance!) We’re keeping this small
so you get some good face time. Here’s
theprogramme. I enclose a surprisingly
long list of Labour’s policies and it will
definitely be good to find one you can
enthuse about. Hope you can make it.
Best Rutherford
Find me on Strava . . .
WhatsApp to Bobbuilder: Hi Bob,
We’re having a breakfast meeting with
Labour’s planning spokesman and
wondered if you’d be interested. It’s
one of a run of events with key Labour
players we’ve been cultivating. Usually
it’s clients only, but for you . . .
Messages recovered by Robert Shrimsley

Diversity in the workplace Dear Jonathan

Less elitism, more inclusion: the legal

YOUR QUESTIONS FOR OUR EXPERT — AND READERS’ ADVICE

I cannot see
a future in

industry aims for change medicine. What

alternatives
do I have?

I am a final-year medical further degree. Thomson

student. I enjoy some
aspects of medicine but
Lawyers say the culture is when I look at the type of
work junior doctors do, I
holding back efforts to cannot see myself doing it. I
make the profession more cannot afford to do a
masters. What alternatives
inclusive, write Kate do I have?
Beioley and Jane Croft Female, 20s
had wanted to try
something different, and he
learnt a lot from his
experience. After a year, he
realised he “wouldn’t be in
consulting for ever” and
“liked the practice of being a
doctor”.
Like Thomson, almost
every other doctor who had

W
hen Tom joined a City
law firm, he did not
expect anyone to care
what his father did for a
living, or where he went
to school.
“My dad’s a builder,” says the 30-year-
old lawyer, who recently moved to the
public sector. “When I was about to
qualify as a solicitor, I had to give my
birth certificate to a partner to confirm
my identity . . . On seeing it, [he]
leaned back in his chair, looked over the
top of the paper and said, ‘Builder?
Haven’t you come far . . . ?’ I couldn’t
shake the feeling that the comment was
at my expense.”
Tom (not his real name) is one of
more than a dozen lawyers and barris-
ters who spoke to the Financial Times
about incidents that include being
mocked for wearing the wrong shoes,
having a “working class” accent, or
attending a state school. They say that
although the profession is slowly
becoming more diverse, a culture of cas-
ual elitism persists in some top firms,
cementing a white, middle-class bias
that is holding back social mobility and
hampering inclusion.
In spite of efforts to hire lawyers from
a range of backgrounds, the UK’s biggest
corporate law firms still remain largely
white, male and privately educated,
particularly in their upper echelons. A
2020 study of 10 firms by the Bridge
Group, a social equality organisation,
including Allen & Overy and Clifford
Chance — which belong to the “magic
circle”, the group of international UK-
based firms that work on the City’s big-
gest deals — found more than half of
partners attended an independent
school, compared with just over 6 per
cent of the wider UK population.
A Chambers Student Guide study the
previous year found that a third of train-
ees at the “magic circle” were Oxbridge
graduates.
The same issues are common at the
Bar in England and Wales. A report by
the Legal Services Board, the legal regu-
lator, in 2020 noted that there “is sub-
stantial over-representation of lawyers
who were privately educated”. White
men represented 53 per cent of the judi-
ciary in England and Wales, new figures
showed in July 2022.
Inside the dining rooms
When lawyers are promoted to partner
at Slaughter and May, one of England’s
most prestigious law firms, they are
given a number. It does not correspond
to a locker or desk, but to a pigeon hole
in the partners’ dining room, which
holds their own napkin.
Dining rooms are common at City law
firms and act as water coolers — meeting
places for gossip etc (but with better
cups).
Tahina Akther, a One lawyer with knowledge of
chancery and Slaughter and May said the dining room
family finance was a leveller, and encouraged partners
barrister: ‘When to mix regardless of background.
I came to the “Most professional service firms are
inns there was a hierarchical environments,” the lawyer
wow factor. says. “If you’ve been through the public
[But] there was school system you know how it
a bit of a feeling works . . . [at boarding school] there
of imposter are prefects and you had a fagging sys-
syndrome . . . tem . . . [when I started in law] I under-
Do I belong stood that whatever partners wanted,
here?’ you had to say yes.” He also adds that he
Charlie Bibby/FT
believed “law firms are very merito-
cratic environments once you’re in”.
In high-octane City firms, associates
work gruelling hours under the supervi-
sion of partners, and networking with
clients to drum up new work has rein-
forced an emphasis on “affability” and
clubbability.
A female lawyer who recently quali-
fied into a UK law firm wrote to the FT to
say colleagues with “working class”
accents had been asked to “tone them
down”. Barristers also say they have felt
the need to change their regional accent.
Confronting biases
Pressure to assimilate to law’s white,
middle-class culture is “exhausting” for
those from different backgrounds, says
Dr Louise Ashley, author of Highly Dis-
criminating: Why the City Isn’t Fair and
Diversity Doesn’t Work, published in Sep-
tember. “It’s the kind of exhausting that
can affect career progression.”
She says law firms need to confront
their cultural biases. “A lot of this does
not happen strategically or con-
sciously . . . It’s about institutionalised
norms, rituals and customs that are
accepted and difficult for the people
within them to see . . . ”
The Bar is similarly perceived as dom-
inated by privately educated Oxbridge
graduates who are at ease in the rarefied
environs of the Inns of Court (Inner
Temple, Middle Temple, Lincoln’s Inn
and Gray’s Inn), with their ancient
squares, beautiful landscaped gardens
and large dining halls.
To be called to the Bar, would-be
advocates must complete 10 qualifying
sessions, focused on topics such as advo-
cacy skills. Until relatively recently
these sessions could include eating for-
mal dinners, complete with port and
wine for frequent toasting, as well as
grace said in Latin.
Tahina Akther, 41, a chancery and
family finance barrister was called to
the Bar in 2003. She is the daughter of
Bangladeshi immigrants — her father
was a steelworker and she was educated
at state schools. “When I came to the
inns there was a wow factor,” she says.
“It can seem like a different world. I was
The Bar is perceived
as dominated by
privately educated
Oxbridge graduates
part of this exclusive club.” But she adds:
“There was a bit of a feeling of imposter
syndrome . . . Do I belong here? ”
Making progress
Law firms, the Bar Council and the Inns
of Court have all made great efforts to
hire and retain a more diverse mix of
individuals, through apprenticeships,
scholarships — which are merit and
means based — and virtual placements
open to a wider mix of students.
Allen & Overy, an international law
firm, took on its first cohort of legal
apprentices in 2022 and Clifford Chance
now offers open-access online schemes
that a wider range of students can take
part in. More than 30 per cent of the
firm’s 2021/22 trainee intake attended
non-selective state school, compared
with just under a fifth 10 years previ-
ously, and more than a quarter were on
free school meals.
But academics and lawyers say reten-
tion is as important as recruitment.
According to the Bridge Group report,
opacity surrounding the “partner
track”, which determines who is pro-
moted, and the importance of relation-
ships with “sponsoring” partners, can
“disadvantage individuals from lower
socio-economic groups”.
Firms such as Freshfields have put in
place sponsorship programmes aimed
at promoting a greater number of
women. But Ashley says the only sure
way to create a fairer process is by
ensuring diversity among those who
make the decisions. “Democratising
organisations and reducing hierarchies
are the things that actually work,” she
says.
Many individual barristers, chambers
and the Bar Council now run events for
under-represented groups to promote
wider access to the profession.
Yet while the Bar is becoming more
diverse, some advocates fear that one of
the biggest challenges now is retaining
barristers — particularly at the criminal
bar. A quarter of all specialist criminal
barristers, who can earn as little as
£12,200 in their first three years, have
left over the past five years because they
cannot live on the low rates of legal aid
pay.
There are concerns that in future
years diversity could go backwards —
because the ranks of barristers is where
the future judges and senior barristers
are drawn from.
Peter Eguae, 41, is a criminal barrister
who grew up on a north London council
estate. He has described reaching the
Bar from where he started in life as “like
starting the London marathon from
somewhere in Cumbria”. If barristers
continue to leave, he says, then “in real-
ity, in 20 or 30 years time the judiciary
could look like it did in the 1990s”.
Jonathan’s answer
After five or six years
studying as a student, when
many of your undergraduate
friends have already been in
the workforce for a couple of
years, it is perhaps not
surprising that you are
considering other options
that get you into the
workplace quickly. In the UK,
you’d still have two more
foundation years’ training
(FY1 & FY2) to complete
before being a fully
registered and qualified
doctor.
Dr Lois Brand, associate
director of Clinical Studies at
Oxford, says that your
question is common among
final year students. “They
can feel trapped, and my
role is to show them that
they have choices.” She also
observes that medical
students who are not caught
up in the day-to-day
hospital workload, “have
time to observe the bigger
picture. Especially in the
very challenging last five
years, they may have
observed a sense of despair
in the workforce around
them.”
One of your choices,
increasingly common, is to
take time out after your
second foundation year, a
so-called FY3. Completing
these jobs will give the base
for being a doctor and may
offer you an insight into the
many areas in medicine —
you can read about 100
different careers in Simon
Eccles and Stephan Sanders’
So you want to be a brain
surgeon? (third edition).
Dr Ross Thomson, now an
academic cardiologist,
started his foundation years
in 2003. He did leave
medicine and joined a
strategy consulting
company. “Doctors have
many sought-after
transferable skills,” he
observes. These include, “a
data/evidence approach to
problems, the ability to
communicate complex and
challenging concepts often
with uncertain information,
and able to work in time
pressured, stressful
situations.”
Strategy consulting could
be one option for you and
wouldn’t necessarily need a
gone into consulting at his
company has since returned
to medicine. This experience
echoes what Brand sees,
“more than 50 per cent of
those who leave medicine,
return, citing stability,
fulfilment, and teamwork”.
You have already gained
many valuable and
transferable skills and could
explore using those in the
private sector without a
further degree. Your choices
would be greatly enhanced
once you are a fully qualified
doctor, so finishing your
FY1&2 would give you the
most straightforward set of
choices.
Readers’ advice
Perhaps this young lady is
not cut out to be a doctor.
No harm done that she
realises this now. With her
medical training she can
always try working as an
analyst in the City
specialising in eg medical
innovation/technology etc.
Alternatively she can retrain
to another subject.
Dexterhouse
I think this student is
assuming that changing
field is harder than it really
is eg it’s not uncommon for
humanities grads to go into
things like software
development — if that’s
possible, there should be a
wide array of options.
ClimateDoc
The next problem
I’m a recent graduate
working for a big tech
company. The pay is decent
with good benefits and I’m
in line for a promotion.
However, I’ve been offered a
similar role at a start-up in
Barcelona. The pay is
considerably less but
it’s an opportunity I want
to accept. Should I stick it
out with the tech group or
book my flight to Spain?
Male, 20s
Jonathan Black is director
of the Careers Service at
the University of Oxford.
Every fortnight he answers
your questions on personal
and career development
and working life. Do you
have a question for him?
Email:dear.jonathan@ft.com
Monday 17 October 2022
‘When teams are under pressure,
people will stand together and fight’
The travel boss says it was
the close-knit culture at
the company that helped
it weather the Covid-19
crisis, writes Oliver Barnes
W
hen Friedrich “Fritz”
Joussen started at Tui in
2012, he was attracted
by the challenge of join-
ing a company in the
throes of crisis.
Activist investors were pushing
to break up the ailing travel group, cost
savings were needed to offset an aust-
erity-inspired slowdown in the sector,
and the long-mooted merger of Germa-
ny-based Tui AG and its UK-based sister
tour operator Tui Travel had repeatedly
failed to get off the ground.
“If you don’t have a crisis, if you don’t
want to change . . . you don’t need lead-
ers,” says Joussen, speaking on the eve of
his final board meeting as chief execu-
tive from the company’s headquarters
in a sleepy business district in the Ger-
man city of Hannover. “That said, I
thought that would have been the big-
gest crisis in my career.”
At the end of September, Joussen left
Tui after almost a decade at the com-
pany — most of which has been spent in
the top job. In person, he cuts an impos-
ing figure at 6ft 7in tall (2m), but his size
is offset by a broad grin and relaxed
demeanour.
Joussen grew up in a middle class fam-
ily of five in the German port city of
Duisburg, a coal mining and iron and
steel manufacturing centre, where his
father worked as a legal adviser for steel
group Thyssen (before its merger with
Krupp). In his youth, he was academic.
He attended Landfermann-Gymna-
sium, one of Germany’s oldest schools
which traces its origins back more than
450 years.
Within his first two years at Tui, Jous-
sen had wrapped up the stop-start
merger negotiations, creating what
remains the world’s biggest tour opera-
tor, which employed more than 70,000
staff at its height (now closer to 40,000
people).
But he suspects his greatest legacy will
be simply keeping the company afloat
‘Running a company
without revenues is the
most difficult spot I’ve
been in professionally’
when the Covid-19 pandemic struck.
“Regulation brought our business to
zero,” recalls Joussen. “In my profes-
sional career, running a company with-
out revenues is the most difficult spot
I’ve been in.”
In the three months to the end of June
2020, Tui reported revenues of just
€75mn, down 98 per cent on the year
before. For the full financial year, the
company booked a €3.2bn loss. It sur-
vived only thanks to €400mn in cost
savings and nearly €5bn in bailout loans
from the German state. Only this year
did the company report its “first broadly
break-even quarter post-pandemic”.
Joussen has been replaced by Tui’s
chief financial officer, Sebastian Ebel,
who Joussen first met when running
Vodafone’s German division.
Joussen was on a Caribbean holiday in
January 2020 when he first heard about
the novel coronavirus and the ensuing
lockdown in the Chinese city of Wuhan.
However, he was initially unfazed and
so were Tui’s customers — January and
February 2020 marked record highs for
bookings.
But by mid-March, just hours before
Germany closed its borders in an
attempt to halt the fast-spreading virus,
Joussen gathered his executive team to
ask a simple question: “How much
money do we have in the bank?” “These
are things you don’t usually ask as a
CEO,” he adds.
Joussen first worked as a software
engineer in the US before joining the
telecoms division of the Düsseldorf-
based Mannesmann Group, which was
later taken over by Vodafone. He then
climbed the ladder to run Vodafone Ger-
many.
The first half of Joussen’s career at the
vanguard of the booming telecoms
industry was plain sailing. “It was
always next record, next record, next
record. You just needed to organise
growth,” he says.
Joining Tui marked a significant
departure for Joussen. He joined a loss-
making company and as a newcomer to
How to Lead. Friedrich Joussen, former chief executive, Tui
Friedrich Joussen, who came to Tui in 2012 from a telecoms background, said his outsider status gave him a ‘10,000m perspective’ of how to restructure the lossmaking travel group — Ole Spata/FT
the industry faced a lukewarm recep-
tion from some in the travel sector.
But Joussen saw his outsider status as
an advantage. “When you come from
the outside, sometimes you have the
benefit of not being too much in the
details,” he says. He could see the
merger and the company’s restructur-
ing from a “10,000m perspective”
which allowed him to bypass the doubt-
ers who said “this is not possible, this
cannot be done”.
Peter Long, an industry veteran who
first ran Tui Travel before serving as
chair and latterly deputy chair of Tui
until last year, told the FT at the time of
the merger that without Joussen the
tie-up “wasn’t going to work”.
Joussen then went about overhauling
the company’s business model. Instead
of trying to beat platforms such as Air-
bnb at their own game, he invested in
hotels and cruise ships to create a verti-
cally integrated business model. “You
have to have a good strategy and then
you need to talk a lot” to investors and
colleagues, explains Joussen. “You need
to have good arguments.”
The ultimate testament to the success
of Joussen’s shake-up of the company is
that it did not face the same fate as rival
operator Thomas Cook, which collapsed
into liquidation in 2019 after 178 years
of trading, he says.
But despite the strong position he
had put Tui in, Joussen was “not sure”
the company “could survive” when the
pandemic hit. For the first few weeks of
the crisis, he slept only a few hours a
night.
His schedule was reduced to a liquid-
ity meeting in the morning and a cost
meeting in the afternoon, interspersed
with hours upon hours of calls to inves-
tors, banks and government ministers.
He says he focused only on the short
Three
questions
3 Who is your leadership hero?
Lao Tzu’s [an ancient Chinese
philosopher] words on leadership are
the essence of leadership: “When the
best leader’s work is done the people
say, ‘We did it ourselves’.”
3 What was the first leadership lesson
you learnt?
One of my early managers told me
you should always keep your desk
clean; second, whenever you have a
decision to make, make it; and third, if
you advise people to do something,
only advise them if you’re going to
follow up with them.
3 What would you be doing if you
were not a chief executive?
A strategic consultant as I like to think
about things and implement things.
★ FINANCIAL TIMES 17
WORK & CAREERS
term and the things he could change,
extracting a lesson from his chess coach
during his teenage years. “When you
make a move and you hit the clock, the
move is done,” he says. “The best way of
losing a chess game is when you think
about things you cannot change.”
Joussen attributes the company’s suc-
cess in weathering the pandemic to the
close-knit team he forged. “Companies
are not about systems and processes,
they are about people,” he says.
Ebel is not the only board member to
have a long history with Joussen. Three
other board members have been work-
ing with him for the best part of two dec-
ades.
“We jointly got out of the pandemic,”
says Joussen. “When teams are under
pressure, it’s a chance to achieve spirit
because people will stand together and
fight.”
After the first wave of the pandemic,
heartened by the support of the German
state, Joussen was assured that he had
secured Tui’s survival. But he was sur-
‘The best way of losing a
chess game is when you
think about things you
cannot change’
prised by how long the crisis dragged on.
“They wouldn’t have financed us if
we were not a good company before the
crisis . . . so the state had enormous
trust that we were a good business and
able to repay,” he explains. “If they had
the trust, why shouldn’t we have the
trust?” Tui still owes about €2bn to KfW,
the German development bank.
Despite emerging intact from the pan-
demic, Tui has been gripped by fresh
troubles in recent months.
In March, the German government
launched an investigation into the sale
of 29.9 per cent of Alexei Mordashov’s
34 per cent stake in Tui after it emerged
that the Russian oligarch, who is under
sanctions, had transferred the shares to
a company owned by his wife. The
investigation is ongoing.
Throughout summer, the airline has
also been blighted by flight cancella-
tions and delays, costing the company
€75mn. The energy crisis and inflation-
ary pressures across Europe also look
set to spark a consumer slowdown later
in the year.
But is that challenge enough for Jous-
sen? Not quite. “The market normalises
and you have more normal challenges
. . . as bad as flight cancellations or
whatever are, you say this is more nor-
mal,” says Joussen. “And then the ques-
tion is how up are you for a normal life?”
And what is his advice for his succes-
sor? “Nothing is less important, less
wanted than the advice of a former
CEO,” says Joussen. “Everybody does it
their own way.”
18
Quest to deconstruct ancient Greek monuments
Andreas Angelidakis’s new
installation, which playfully
explores his country’s classical
heritage, is now on show in
Paris. The Athens-based
artist talks to Peter Aspden
T
he central Athens apart-
ment of Andreas Angel-
idakis is in Exarcheia, a dis-
trict noted for its low toler-
ance of the status quo.
Anarchist slogans and disorderly dis-
cussions dictate the vibe here, and its
unruliness naturally attracts artists.
Angelidakis’s home seems to offer a dif-
ferent kind of Athenian story, however.
His armchairs are built with armrests
made to look like ancient marble col-
umns; fabrics with classical motifs hang
from the ceiling. It is, on first glance, like
a soft-furnishing homage to the golden
age of Pericles.
But the look is partly temporary, says
Angelidakis, who is using the apartment
for putting the finishing touches to his
new exhibition at Paris’s Espace Nie-
meyer, running until October 30. The
installation, commissioned by watch-
maker Audemars Piguet’s contempo-
rary art programme, bears the porten-
tous title “Center for the Critical Appre-
ciation of Antiquity”. But its ironic
intent is clear from the first viewing.
The softness of the fabrics and furni-
ture, built with foam blocks, is a crucial
part of the work: here are the famous
monuments of Greece’s capital city, res-
cued from their clichéd and formulaic
reproduction by way of their witty
deconstruction. In real life, the antiqui-
ties of Athens are solemn, imposing
reminders of the city’s past glories; in
Angelidakis’s warm space, they are wel-
coming and provide safe refuge from the
frenetic outside world.
It is a place where visual puns abound:
in a series of small statues of a naked
man he is, first, standing on the
Ionic capital of a column; then the
Above: Andreas Angelidakis in Athens. Above right: statues from his project — Vassilis Karidis/Courtesy of the artist and Audemars Piguet
capital seems to rise through him and
becomes something like a puffball skirt;
then, rising still further, it resembles
the protective padding of an American
football shirt; then, finally, it
wraps around his eyes like a virtual
reality headset.
But there is more to the show than
that. The “Center” has a philosophical
purpose too, a kind of provocative
recasting of ancient history. “I have
been obsessed with architecture and
antiquities since I was a kid,” Angel-
idakis tells me. “My initial response [to
receiving the commission] was to
explore this idea of ‘soft ruins’, setting
up this centre which would be a place
just to relax and hang out.”
★ FINANCIAL TIMES
ARTS
But then he conceived the idea of the
centre as “an organisation in search of
something”, which would be based on a
fusion of literary history and his own
autobiography. His installation is
loosely centred on the Temple of Olym-
pian Zeus, the remnants of which still
stand proud in the centre of the city, and
which became an important space in his
upbringing. “It used to be a gay cruising
area,” he says, and he is not talking
about antiquity here. “I remember
clearly the first time my friend took me
there, and I saw all this activity going on
right next to the temple. It showed me a
totally different part of Athens. And I
began to find my own version of the city,
and how to look at antiquity.”
I
The more deeply he researched his
subject the more interested he became
in the marginalia behind the familiar
stories. The temple was initially com-
missioned in the sixth century BC, dur-
ing the time of the Tyrants who ruled
the city, only to be abandoned by the
democratic government that succeeded
them and disliked the colossal scale of
the project.
Centuries later, the Roman emperor
Hadrian, as part of a grand building pro-
gramme, decided to complete the build-
ing, the remains of which we see today.
But it was not destined to remain intact,
and was largely dismantled in the medi-
eval era for its marble. It was among
these reversals of fortune and layers
of interpretation that Angelidakis
found inspiration.
In the earliest photographs taken of
the temple in the mid-19th century, for
example, there is a tiny hut resting on
top of a couple of its columns. It was the
abode of a Stylite monk, who reportedly
lived there for 20 years. “Of course the
archaeologists demolished the hut, and
even erased it from some of the photo-
graphs,” he says. “It was a story that did
not fit their narrative.”
Now a version of the hut is on display
in his centre in Paris. “Looking at the
past couple of years and the behavioural
experiment of Covid, it struck me that
we have all become kind of soft Stylite
monks, except that it is not the column
that is keeping us high, but all the things
we used as relief, from antidepressants
to vitamins and energy healers.”
Another incidental story from the
temple’s modern history concerns the
collapse of one of the columns, which
broke into fragments. “It was inter-
preted as a bad omen, there were a lot of
superstitions and rumours going
round,” says Angelidakis. “So people
flocked to see the fallen column.” He
points to an antique photograph on the
wall, which shows the crowds. “You see
A portal into black gay history
PODCASTS
Fiona
Sturges
n the new podcast Black and Gay,
Back in the Day, activist and writer
Ted Brown recalls the day he came
out. Brown, who went on to be a
leading light of the UK branch of the
Gay Liberation Front, had spent his
early life in the US and moved to London
in his teens with his mother, a Jamaican
civil rights activist. At 15, he was “very
sad and lonely. I told my mother, ‘Mum,
I think that I am becoming homosexual.’
That was the only term I knew in those
days. I didn’t know any gay people.” His
mother was accepting, though she cried
when she realised her son would have to
grow up dealing not only with racism
but with homophobia too.
Released to coincide with UK Black
History Month and conceived by the
campaigner and podcaster Marc
Thompson, Black and Gay, Back in the
Day unearths the LGBTQ stories of the
past via a single photograph. The
opening episode features a picture of
Brown in 1973. He is sitting on a bicycle
in a leather jacket and flared jeans, a
copy of Gay News, the magazine where
he worked as a writer, clipped on the
those tables all around? They were used
to serve coffee to everyone who came to
look. And they became the first cafés in
the area.”
If his work is challenging traditional
narratives of antiquity, I ask him what
kind of narrative should be told. “It is not
so much giving a new narrative, as ask-
ing questions,” he replies. He refers to
the demolition in the 19th century of the
mosque that used to stand in the centre
of the Parthenon. “I would like to know
why the Parthenon is considered less
interesting [with] a mosque inside it,”
he says.
While on the subject of that particular
building, I ask if he has any views on the
possible return of the Parthenon sculp-
tures. “Honestly, it is not the kind of
subject that the Center would
approach,” he says playfully, nestling his
personal views inside his fictional
organisation. “It is a subject which has
become oversaturated. I love the Par-
thenon frieze, but I mostly use Google
when I want to see it — I am not going to
go to a museum.”
Angelidakis trained as an architect at
the Southern California Institute of
Architecture, attracted by the school’s
conceptual approach to the discipline.
He describes his methodology as a
reversal of the “representation-to-
realisation sequence of the production
of buildings”, which essentially means
he doesn’t build anything. Does he have
plans to? “I don’t think so. When I went
to Los Angeles, I figured out why I
wanted to be an architect, which was to
understand the concepts behind, and
reasons for, buildings.”
The housing of his project in the
Installation view of Angelidakis’s new ‘Center’ — Courtesy of the artist and Audemars Piguet
back of his bike. Now in his seventies,
Brown talks to the young journalist and
producer Abi McIntosh about his
experience of growing up black and gay,
and about queer representation in the
media. Along with telling the stories
behind certain images, the series’
objective is to pair black LGBTQ elders
with their younger counterparts in
conversation, a smart idea that makes
room for veteran voices and draws a
Ted Brown in 1973, in the photo that
features in an episode of ‘Black and
Gay, Back in the Day’ — Courtesy of Ted Brown
Monday 17 October 2022
Espace Niemeyer, designed in the 1960s
by Oscar Niemeyer as a headquarters
for the French Communist party, could
not be more fitting, he says.
“Niemeyer was one of those architects
who most clearly envisioned public
space and public functions. But it was
for a kind of future that never material-
ised. We don’t all work in offices like
Brasília, with amazing sofas and brutal-
ist interiors. Whereas I am looking at a
past which might have been slightly dif-
ferent from what we imagine, and
whose story is still malleable.
“So it is putting a flexible past into
‘I love the Parthenon
frieze, but I mostly
use Google when I
want to see it’
a future that is imaginary. That is
so perfect.”
Notwithstanding his teases with time
travel, Angelidakis has some pointed
comments to make about present-day
Athens in his installation too. There are,
in one corner, some long plastic bins
piled upon one another, of the kind that
adorn any urban building site. “The
Center found these rubble chutes
around the place,” he says deadpan.
“But I saw them as columns. A kind of
new architectural order for the city. The
Airbnb Order.”
‘Center for the Critical Appreciation
of Antiquity’,Espace Niemeyer, Paris,
October 11-30, espace-niemeyer.fr
clear line between past and present.
The second and newest episode
revolves around a photo of three black
women, all members of the Black
Lesbian and Gay Centre, marching
against Section 28, a law passed in 1988
that prohibited the “promotion of
homosexuality” in schools. Here the
campaigner Fopé Ajanaku tracks down
one of the women, Femi Otitoju, in
Haringey, north London, who was
working in local government at the
time. In a warm and wide-ranging talk,
the pair talk about the importance of
galvanising local communities to the
anti-racist cause and their battles
against the assumption that people of
colour are more likely to be
homophobic. Looking at the picture,
Otitoju says it reminds her how rights
can be so easily taken away and that “we
should never get complacent.”
Another newly launched podcast,
Black British Lives Matter, is described by
its host, British actor and comedian
Lenny Henry, as “jollof rice for the
mind, jerk chicken for the spirit”. It
finds Henry and the writer Marcus
Ryder leading conversations about what
it means to be black in Britain today.
In the opening episode they are joined
by fashion designer Ozwald Boateng,
the journalist and presenter Afua
Hirsch and the academic and curator
Carol Tulloch for a smart and
thoughtful chat about fashion and
black identity.
Monday 17 October 2022
The young people of Iran, under the battle cry of ‘woman, life, freedom’, want to taste the liberty
they see on social media. But they face a regime that is resilient and organised.
Iran’s Generation Z revolution
N
arges, a young Iranian pro-
tester, walks confidently
through ranks of riot police
on her way to work with
her long, black, wavy hair
clearly on show. In another country her
appearance would be unremarkable
but in the Islamic republic, which has
strict rules about what women can wear
in public, it is unthinkable. More unu-
sual still is the response: nothing.
This flagrant defiance of wearing a
compulsory hijab in public is becoming
a new normal — something women like
Narges could not have imagined before
the tragic death of Mahsa Amini a
month ago. The 22-year-old Kurdish
woman died in the custody of morality
police on September 16 after allegedly
violating the Islamic dress code. Her
death has outraged Iranians and
sparked nationwide protests that have,
in turn, provoked a heavy-handed,
lethal response from the state.
Generation Z has surprised the coun-
try — and the world — by refusing to
back down during one of the most wide-
spread and long-lasting anti-regime
demonstrations in the Islamic republic’s
history. “Woman, life, freedom” has
become the battle cry of young men and
women in the streets, on university
campuses and in schools. Their ultimate
goal, protesters say, is to overthrow the
Islamic republic in favour of a secular,
democratic system, even if the cost is
their lives.
They are facing down a regime sup-
ported by formidable institutions such
as the elite Revolutionary Guards and a
multi-layered network of loyalists and
businessmen whose interests depend on
a continuation of the status quo.
Nonetheless, the protests are a serious
warning to Iran’s rulers that they are
grappling with a different generation,
many of whom do not relate to the
regime’s ideology and are furious about
being deprived of the everyday
freedoms and opportunities afforded to
their international peers. Their move-
ment has the potential to inspire more
demonstrations and strikes as a cost of
living crisis deepens, posing one of the
most significant threats to the Islamic
republic’s 43-year dominance.
Top leaders — at least publicly — dis-
miss the idea that the anti-regime pro-
tests are a historic turning point. Ana-
lysts do not expect the regime to rethink
a supreme leader as ultimate authority,
its hostility towards the US, flexing mus-
cles in the Middle East or expansion of
the nuclear programme.
Protesters, who have radical ambi-
tions for their country’s future, say that
the time for kneejerk political gestures
has run out. The impasse has many
Iranians worried about difficult days
ahead. In a joint statement, five promi-
nent economists have likened the grow-
ing chorus for change to a flood which
has been roaring but has suddenly faced
a deadlock. They say the choice facing
political leaders is either to clear the
way or let the floodgates burst and
unleash a torrent of disruption.
Extensive poverty, corruption of
those linked to the regime and declining
political participation in recent years
have all weakened social capital and fos-
tered a sense of hopelessness, the econ-
omists say. In addition, Iranian families’
welfare has, on average, declined by
37 per cent over the past decade, causing
the middle class to shrink.
Narges, 27, says it is this gloomy pic-
ture that makes her generation’s fight
inevitable: the prosperous future she
dreams cannot be achieved living under
theocracy. “I do value going out without
a hijab and the regime’s forces com-
pletely ignore me while passers-by say
‘bravo’ to women like me,” she says.
“But this system has inflicted irrepar-
able damage to us from our childhood.
Only its collapse can help us end in-
equalities between men and women and
have freedom for the most basic, nor-
mal things.”
Generation Unrest
Iran has long had a robust protest cul-
ture; a symptom of the country’s strug-
gle to transition from a traditional soci-
ety to a modern one. Its contemporary
history has been shaped by regular
pockets of social unrest and several
uprisings including two revolutions — a
constitutional one more than a century
ago and the 1979 Islamic revolution.
A slow shift towards greater moder-
nity and more progress for women has
become more urgent as a new gener-
ation grows impatient. The last national
census six years ago showed those aged
between 10 and 24 make up about
22 per cent of the population of 80mn.
★ FINANCIAL TIMES 19
FT BIG READ. MIDDLE EAST
By Najmeh Bozorgmehr
tech-savvy protesters using VPNs to
circumvent bans on social media, ana-
lysts say the republic is losing the
media war.
The overseas opposition also uses
satellite television to convince Iranians
that a revolution is in the making and
that a united front can finally bring
down 43 years of the Islamic republic.
Iran’s supreme leader Ayatollah Ali
Khamenei, the target of slogans such as
“death to the dictator”, denies the dis-
sent is homegrown and instead has
blamed external players, including the
US, Israel and Saudi Arabia. “The only
solution is to resist,” he says.
For many Iranians, his response
underlines how out of touch the regime
is. Shahla, a housewife and mother of
two teenage boys, comes down too hard
on ordinary people. “What I hate the
most is that the Islamic republic pro-
tects the most junior members of its
loyalists but is so tough on us,” she says.
“Why is it a problem to say one individ-
ual made a mistake in the case of Amini
and apologise?”
A regime under pressure
Although analysts say those at the top of
Iran’s political system remain united in
how to deal with the discontent, another
regime insider says those at the mid-
level are unhappy at seeing young
protesters being killed and think the
response has gone too far. They believe,
he says, that the regime should listen to
protesters and take actions while the 83-
year-old Ayatollah Khamenei is alive.
His death — and the rumoured suc-
cession of his second son, Mojtaba —
could make any reforms far more com-
plicated or near impossible, he adds,
because protesters have made clear
they will not accept him.
Protesters meanwhile see no benefit
in talking with the authorities. Moein, a
23-year-old history student, says the
Islamic republic has no intention to
change its structures of power. “People
from a motorcycle delivery man to a
doctor have reached a stage where they
don’t want to give up on their demands
which are equal rights for men and
‘This Their values contrast sharply with those
of Iran’s ageing yet determined leaders,
be ready for . . . a hybrid warfare which
is extraordinarily heavy and compli-
rivals were not allowed to run. Mehdi
Behabadi, head of semi-official ISPA
Protesters block
a road in Tehran
women and freedom,” he says.
Even if protests are suppressed, he
system has some of whom are in their nineties. cated work for us and armed forces’ opinion poll centre, says “a considerable this month, adds, “we shall see bigger protests in the
An increasingly educated population, commanders.” majority” of Iranians harbour a danger- above. The crisis future”. Analysts agree. “The pent-up
inflicted including women who occupy about 60 Ahmad Zeidabadi, a reformist polit- ous level of “anger” towards the Islamic trails decades of political demands . . . are now mani-
irreparable per cent of university places, fast-paced
urban development and wider access
ical analyst and former political pris-
oner, told the semi-official ILNA news
republic. “Every time there have been
widespread protests, they subside only
disappointment
in presidents to
fested in non-controversial, inclusive
slogans such as ‘woman, life, freedom’,”
damage to to the internet and smartphones, have agency that “part of the system thinks superficially while the anger piles up deliver change. says Saeed Hajjarian, a strategist for
us from raised public expectations.
Young people want fair and transpar-
power, dignity and wealth belongs to
insiders and its loyalists . . . while the
increasing the level of violence [next
time],” he says.
Iran’s supreme
leader Ayatollah
reformists. “This shows the centre of
gravity of the society’s demands has
childhood. ent government, better welfare, decent rest of the people have no rights such as Behabadi also believes the number of Ali Khamenei, shifted from politics to citizens’ rights
jobs as well as the ability to travel establishing political parties, running demonstrators in recent years is only below, denies . . . for all social classes rather than only
Only its abroad and enjoy a healthy sex life — not for elections and taking part in decision “a tiny percentage of all those who are the dissent is the urban middle class.”
collapse necessarily within marriage.
Iran’s Generation Z, who have grown
making and hence they have no right to
protest.”
angry” because many believe the risk of
participation outweighs the reward.
homegrown
STR/EPA-EFE/Shutterstock
Iran’s hardliners warn that the contin-
uation of protests is putting Iran’s terri-
can help up with the internet, say the things they It is this political order that protesters Aila, a 19-year-old computer engi- torial integrity at risk and could
are fighting for are incompatible with are pushing back against, many of neering student, is sympathetic but has embolden separatists to fight the central
us end a system that demands an Islamic life- whom come from the urban middle chosen not to join protests at her uni- government in a country which
inequalities style; early marriage, more children and
defending one’s religion against threats.
class who, until recently, were widely
regarded across society as spoiled and
versity. “I’d like to see the Islamic
republic gone as I see no future for
includes ethnicities such as Arabs,
Kurds, Baluchis, Turks and Sunni
between Protecting these values, however, is pampered by their privileged, educated myself in my homeland with all the Muslims.
essential for the regime to satisfy mil- families. Now they stand in front of riot injustice, gender discrimination, While protests in Iranian
men and lions of zealous loyalists in Iran and the police showing no fear of being killed. gloomy economic perspective and Kurdistan have intensified since
women’ Middle East who represent one of its
main pillars of power.
Over the past month, more than 40 pro-
testers have died, according to state tel-
waste of talents,” she says. “But I
don’t see an option for a successor
Amini’s death, people in the city of
Zahedan, home to ethnic Baluchis
Major General Mohammad Bagheri, evision. Amnesty International says and surely don’t want to see insecu- and Sunnis, have separately clashed
Iran’s chief of staff for the armed forces, 144 men, women and children have rity that the absence of an established with the authorities after a 15-year-old
has warned his military commanders lost their lives, including 20 teenage government can bring.” girl was allegedly raped by a senior
that “traditional approaches will not boys and 3 girls. Iran’s leaders are encouraged that the police official. Amnesty says at least 82
work anymore” if it wants to foil threats Bijan Abdolkarimi, a professor of phi- protests have not yet snowballed into were killed but officials put deaths at 19.
to power such as those fuelled by social
media. He positioned the protest move-
losophy at Islamic Azad University, says
the failure to understand the country’s
mass demonstrations. Labourers have
held some sporadic strikes but teachers,
‘The centre Pushback against the regime protests
also coincides with renewed calls to sign
ment as part of a wider battle against youth is a mis-step. “This generation farmers, businessmen and the pious of gravity a nuclear deal with the Biden adminis-
foreign influence. is rebellious,” he told the reformist masses, including mid-ranking clergy, tration and put an end to US sanctions
“Today, we are facing multiple mili- Etemad daily newspaper. “It doesn’t are largely in a wait-and-see mood. of the on Iran’s oil and banking sectors. A lack
tary, cultural, newly emerged and some-
times unknown threats . . . We have to
accept men’s authority over women and
. . . fights with tradition and questions
Meanwhile, Iranians overseas are urg-
ing silent supporters to rise up, organis-
society’s of movement on the deal is fuelling pub-
lic frustration as inflation reaches 42.1
all its principles . . . The worst way to ing demonstrations in western capitals demands per cent and the youth unemployment
The new generations driving Iranian protests
deal with them is police, military and
security approaches.”
and lobbying for international backing.
But this disparate opposition is not seen
has shifted rate climbs to 23 per cent.
Nuclear talks remain deadlocked
Population structure of Iran, 2022 (’000)
Anger piles up
as a viable alternative to the regime, from after Washington and Tehran failed to
partly as they are far from unified. agree on the most recent draft proposed
Total population Dissent, however, is not limited to the It is for this reason that a regime politics to by the EU, the mediator in those negoti-
1979 37.2mn
2022 88.6mn
younger generation. There have been at
least three other major protests since
insider close to hardline forces says the
protests are not seen as an immediate
citizens’ ations. Diplomats and analysts do not
expect any progress until after the US
Age
2009 led by the middle and working threat to the Islamic republic. rights’ midterms in November. Some politi-
classes in which hundreds were killed. “Protesters are not from a political cians say securing a deal is vital to help
100 The latest crisis follows decades of party, they don’t have a leader. They are quell discontent.
90 disappointment in successive political not ideologically motivated to die for Narges, a trained IT engineer, is work-
80 leaders to deliver change. Political their causes. As soon as they get ing as an accountant and earns a
Born 70 Born
reforms initiated in 1997 by Moham- arrested, they express regret,” he says. monthly salary of about $250 which
before 60 before mad Khatami, then president, were met “Iran’s opposition overseas is no threat. barely covers her daily expenses. She
1979 1979 with resistance from hardliners. Later, Can they all get together and have one envies the lives of the young people and
revolution 50 revolution centrist president Hassan Rouhani charismatic leader like Imam [Ruhol- teenagers in other countries that she
40 promised a more functioning economy lah] Khomeini to take out millions of obsessively follows on YouTube.
Millennial Millennial
30 under a nuclear deal that his govern- supporters on to the streets [as hap- “Not only have I never experienced
20 ment signed with world powers in 2015. pened in the 1979 revolution]? No.” the pleasures of teenagers in the US,
Gen Z Gen Z The deal collapsed in 2018 when the The insider adds there will be no sig- Britain, Australia, I cannot use my own
10
US, under the Trump administration, nificant concessions beyond measures creativity and talent to have a decent
1979 0 1979 pulled out. such as an unspoken and relaxed salary and be hopeful about my future,”
1,000 600 200 0 0 200 600 1,000
The election of hardliner Ebrahim approach to wearing hijabs in public. she says. The only option, she says, is to
Female Male Raisi as president last year marked a But with the unrest and brutal crack- continue protesting “until we defeat the
new low. Turnout was 48.8 per cent — downs playing out on platforms like Islamic republic even though I’m aware
Source: UNDP
one of the poorest on record after main Instagram and WhatsApp thanks to the system is frightening and vengeful.”
20 ★ FINANCIAL TIMES Monday 17 October 2022

The FT View
Global economic warning lights are flashing red
Policymakers need to be
level-headed and focus on
building resilience
“Polycrisis”: this was the description
Jean-Claude Juncker gave the nexus of
challenges facing the EU in 2016, when
he was European Commission presi-
dent. Last week the International Mone-
tary Fund underscored how multiple
clouds — including the European energy
crisis, rapid interest rate rises and
China’s slowdown — have been gather-
ing over the global economy. What has
seemed like separate crises emerging
from many different regions and mar-
kets are now coalescing: we may be fac-
ing a polycrisis on a global scale.
It is rare for so many engines of the
global economy to be stalling all at once:
countries accounting for one-third of it
are poised to contract this year or next,
according to the IMF. Indeed, its out-
ft.com/opinion look for the largest economies — the US,
the eurozone and China — is bleak. As
global inflation rates have touched their
highest in 40 years, central banks have
been raising interest rates this year with
a synchronicity not seen in the past five
decades, and the US dollar has hit its
strongest level since the early 2000s.
These forces are driving the gloomy
forecasts and creating new strains.
Emerging economies have been sad-
dled with higher dollar-denominated
debt burdens and disruptive capital out-
flows. Meanwhile, mortgage rates and
corporate borrowing costs have surged
across the world. Many gauges of finan-
cial market stress are also flashing red,
as the rapid snapback in rates from lows
during the pandemic has exposed vul-
nerabilities. Fire-sale dynamics are an
ongoing risk, as UK pension funds
recently demonstrated.
The proximate causes of the global
maelstrom are two historic shocks in
quick succession: Covid-19 and Russia’s
invasion of Ukraine. The Federal
Reserve has raised interest rates at its
sharpest pace since the early 1980s,
when Paul Volcker was its chair, to
quash inflation spurred in part by pan-
demic support and supply bottlenecks.
Meanwhile, Putin’s weaponisation of
natural gas flows means Europe is
undergoing a huge terms-of-trade
shock, and China’s economy is suffering
under its zero-Covid policy, alongside a
property market crash. Indeed, new ail-
ments have emerged before the scars of
the pandemic have even healed.
The multiple and mutually reinforc-
ing shocks have left policymakers with a
difficult balancing act. For govern-
ments, efforts to boost growth and sup-
port households and businesses need to
avoid pouring further fuel on the infla-
tionary fire and raising debt burdens —
which have already been pushed up by
the pandemic — particularly as borrow-
ing costs are now rising. The more inter-
est rates rise, the greater the risks of a
housing market crash and further finan-
cial market strains. Yet for central bank-
ers, not tightening monetary policy
The more enough may embed high inflation.
interest rates While there are no simple solutions,
there are some lessons. Today’s fragile
rise, the greater
economy needs policy to be well cali-
the risks of a brated and attuned to risks. The UK is
housing market an example of how not to do it. Its bull-
crash and in-a-china-shop approach of recent
further financial weeks shows what happens when reali-
market strains ties are ignored. Policy errors are partly
why the IMF sees a one-in-four chance
of global growth next year falling below
the historically low level of 2 per cent.
The contagious effect of global crises
intensifies the need to build resilience.
While the banking system was strength-
ened after the financial crisis, policy-
makers did too little to bolster the non-
bank financial system. Many will also
lament the lack of productivity-enhanc-
ing and inflation-busting investments in
skills, technology and fossil fuel alterna-
tives over the past decade, when interest
rates were low. Without level-headed-
ness and long-term thinking the global
economy will only continue to lurch
from one crisis to the next.

Opinion Asia
Letters
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com

Renault and Nissan

If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com

alliance comes unstuck Big Oil presents straw man arguments for the energy crunch
For someone who has taken home
Maria Hergueta
$80mn in total compensation the past
four years, I would have expected more
compelling arguments from Chevron’s
chief executive Mike Wirth (Interview,
October 14). Perhaps the lack of
accountability to an independent chair
has softened his critical thinking skills.
Instead, he managed only to put forth
straw man arguments, delivered with a
pitch-perfect “get off my lawn” air of
grievance.
Energy markets are not any more
volatile today than in years past, with
or without the increased emphasis on
climate policy. Looking at weekly Brent
prices back to 1990, the standard
deviation in year-on-year prices from
1991-2012 was 0.37. In the decade since,
it has been 0.38 (excluding a 10-week
period for Covid).
Wirth argues that the energy
“crunch” predates the war in Ukraine,
due to under-investment in supply. A
“crunch” would suggest there is not
enough supply to meet demand. If that
were true, Opec would have no need
for a 2mn barrels a day decrease in its
production quota.
Regardless, reduced capex in the
industry has been exclusively due to
market forces. First, the wild excess of
the shale boom massively oversupplied
the market. Wall Street crushed
exploration and production companies
for their profligate ways, and E&Ps
responded by reining in capex and
becoming more conservative with their
cash (read: returning it to
shareholders).
Second, investors are loath to let
carbon-based chieftains overinvest in
capacity when the world is poised to
need far less of their product in the
decades to come.
So yes, the Biden administration sees
the need to reduce carbon emissions.
But let’s not pretend coal plants have
shuttered because of any government
policies. Those that have closed were
too expensive to operate relative to
natural gas or renewables. For all the
emphasis on climate change, there has
been no carbon tax to capture the
emissions’ externality.
Wirth is right on one key point,
though. The blame for fossil fuel use
lies as much with consumers as with
suppliers.
Thankfully, more and more drivers
are choosing to drive electric; a
development no amount of finger
wagging from Big Oil executives is
likely to reverse.
Eric Crawford
Former Equity Research Analyst
UBS Investment Bank
Carmel, IN, US

Japanese partner, which in turn holds

Leo only 15 per cent and no voting rights in
the French company. Nissan’s pro-
Lewis posal, say people close to the discus-
sions, is that the mutual stakes be
equalised at 15 per cent.
The imbalance — increasingly
Complicated to explain, It’s not the Fed’s job to What links AI, Plato and
harder still to understand act as an aid worker an English polymath?
Recently, the 2022 Physics Nobel Edward Luce’s piece on the Federal Jemima Kelly (“AI-driven justice may
Committee rewarded the pioneers of Reserve and developing economies be better than none at all”, Opinion,
quantum physics (“What quantum (“The world is starting to hate the Fed”, September 29) likens the contrast

S
ince his 2018 arrest, impris-
onment and escape from
Japanese justice, a favourite
assessment of Carlos Ghosn
is that he was the glue that
held together the Renault-Nissan
automotive alliance.
The analogy works pretty well. In
addition to his skills as a businessman,
he undoubtedly had strong glue-like
attributes — a go-to fixer for fissures.
After the companies held emer-
gency talks on reshaping the alliance
for the electric vehicle era, it is starting
to look as if it could benefit from any
fixative. It has been a long while since
the once-pioneering Renault-Nissan
alliance was something other than a
cautionary tale. Finally, it may pro-
duce a positive lesson for the global
industry.
The talks, for which Renault chief
executive Luca de Meo flew to Japan
earlier this month, were painfully
overdue. And while the fundamental
The companies have
crawled towards what
looks like a state of
partnership in name only
reasons things are so bad are complex,
the Ghosn-as-glue metaphor has
become the most easily grasped narra-
tive of the past four years because, in
the former supremo’s absence, things
have clearly become unstuck.
Quite apart from the financial mis-
eries reported by both companies, the
alliance has crawled towards what
looks a lot like a state of partnership in
name only. Executives describe a
near-dysfunctional working relation-
ship on existing joint projects and a
mutual suspicion that makes any new
ones seem implausible.
Despite this, the alliance has set
itself up for a monumental series of
stress tests as it attempts to reimagine
the whole marriage as a challenger to
Tesla.
In this dire situation, though, a way
forward has presented itself. Renault,
after two years under the more prag-
matic leadership of de Meo, needs
investment from Nissan on an electric
vehicle venture, and formal permis-
sion to transfer technology to a com-
bustion engine joint venture with
China’s Geely.
Nissan sees these requests as a
golden opportunity to secure an end to
the imbalance at the heart of the rela-
tionship. Renault holds a 43 per cent
stake and voting rights in its larger
loathed by Nissan as a reminder of the
bailout that resulted in the existence
of the large stake held by Renault and
a mechanism for what it sees as on-
going exploitation by its partner — was
the primary stress point that required
all that glueing from Ghosn.
Since word of the talks emerged,
some analysts have taken it as a posi-
tive sign. There are numerous obsta-
cles to agreement, but the most likely
alternative is that the alliance falls
apart just when both companies —
along with the third alliance partner
Mitsubishi — need it more than ever. If
a rebalancing of the stakes is accompa-
nied by a new, transparent version of
the master agreement that underpins
the alliance, there is at least a possibil-
ity of the Franco-Japanese behemoth
muddling along.
The problem, grumble Nissan exec-
utives, is that particularly on the mat-
ter of intellectual property, Ghosn
behaved as if the groups were bonded
by something much stronger than
they really were. IP was liberally
shared as a currency of goodwill
within an alliance unable to mint
much of that in other ways. That has
left things more blurred than they
might ideally be when spin-off ven-
tures and deals require the individ-
ually and co-owned IP to be teased
apart and as the alliance moves ahead
with the €23bn electrification plans
announced in January.
The difficulty created by the Ghosn-
era IP regime, say people close to both
Nissan and Renault, is that while the
alliance will always demand a certain
level of loyalty, success in the electric
vehicle era will only happen if both
partners acknowledge that they need
an open relationship.
The electrification of cars (in partic-
ular the transformation of vehicles
into mobile software platforms), the
evolution of battery technology and
the phasing-out of internal combus-
tion models will require a great deal of
rapid partnership formation, and IP
sharing, with parties outside the alli-
ance. Renault appears on track, for
example, to deepen its relationship
with Google.
The false appeal of the Ghosn-glue
imagery is that it depends on the idea
of a magic binder — the missing ingre-
dient between the success of the alli-
ance and the mess it is now in. The rea-
son a rebalancing of the stakes is so
vital is that it will symbolically reset
thinking on what this relationship
could be. If it ever really needed glue,
what the alliance most clearly needs
now is greater flexibility.
leo.lewis@ft.com
physics tells us about reality”, Opinion,
October 12).
Quantum, such a quizzical word. It is
commonly invoked by quacks, more
often than it is by scientists because,
although quantum stuff permeates our
everyday lives, it’s quite complicated to
explain and even harder to really
understand.
In fact, it shocked physicists,
including Albert Einstein himself,
because quantum science is weird and
rather unrelatable.
That’s why we need good examples
and metaphors — the cat that’s dead
but alive at the same time, somehow.
Similarly, your science commentator
Anjana Ahuja cleverly came up with a
curious comparison for the observer
effect, the fact that just looking alters
physical systems, including quantum.
So, are bananas curved and yellow,
even if we don’t look at them?
Quantum could probably provide a
pompous and pretentious answer. But
it’s way simpler — bananas are always
curved and yellow, unless we look at
them.
Then they become mushy and
brown, barely suitable for banana
bread.
That’s mysterious and mind-
blowing, not quantum. Scientists
should look into it. And avocados, too.
Fernando Gomollón-Bel
Cambridge, UK
Pension fund chickens
come home to roost
Following my remarks about pension
funds acting as “shadow banks”
reported in the FT on October 7
(“Pension scheme USS was warned on
debt strategy”, Report, October 7), and
despite the somewhat caustic
responses it produced from some
online “commentators”, I’m glad to see
that the Financial Reporting Council
and the Financial Stability Board are
taking up the issue of resilience of the
non-bank sector (“Pensions crisis
sheds light on finance sector risk, says
bank”, Report, October 13).
I was always astonished by the way
that the FSB, in its earlier reports on
shadow banking (2013), had explicitly
ruled out as an object of concern
pension funds, preferring to
concentrate on Chinese wealth funds.
When banks — following Basel III —
had started to pull back from
“infrastructure” investing because the
provisioning costs were too high,
governments, including that of the UK,
sought other sources and pointed to
pension funds.
Much of the discussion about the
reworking of Solvency II, or the UK
‘Bananas are always curved and
yellow, unless we look at them’
government’s own successor to it, has
been directed to getting pension funds
to be able to invest in this way.
Back in the mid-2010s, I had pointed
out how some Australian pension
funds were taking up infrastructure
and on occasions doing so via non-
listed assets.
In that country, members of defined
contribution schemes had their own
individual accounts. They could switch
funds. The question was how were
accounts valued when investments
were not marked to market. Whose
model was being marked to, to whose
advantage?
And more recently, we’ve seen
questions about illiquidity with respect
to property funds being raised by the
IMF (“Retreat from bond funds with
illiquid assets threatens stability, IMF
warns”, Report, October 5).
Now we see the role of pension funds
in the mayhem around liability-driven
investing.
No wonder I said chickens were
coming home to roost.
Bernard H Casey
Social Economic Research, London, UK
and Frankfurt, Germany
LDI managers are like
ill-prepared harriers
Liability-driven investment managers
are like cross-country runners who
have assumed it will always be sunny
in their races.
Now it is raining and they have asked
the organisers for a waterproof jacket
(“LDI strategy is still sound, says one of
its architects”, Report, October 4).
Next they will want help over the
muddy bits or ask for different shoes
because they are on slippery ground.
They should be told to get
themselves immediately better and
properly prepared or to stop running.
Charles Sentance
Jurby East, Isle of Man
Opinion, October 13) demonstrates the
problem where any cure is sadly worse
than the disease. Luce is correct to note
that the international response to the
Fed’s actions is largely unfair. The Fed
cannot take international economics
into its portfolio, especially as there are
already disturbing discussions on
adding environmental, social and
governance guidelines and social
justice to its remit, thus further eroding
the Fed’s credibility.
However, to expect international
institutions to react to the Fed would
also set a concerning precedent. It
cannot be the job of the IMF and World
Bank to come to the rescue of every
developing economy every time the
Fed raises rates. Such a solution could
easily overtax these organisations’ own
portfolios, never mind the moral
hazard and domestic pressures.
Would these organisations not then
simply become the de facto central
bank to the global south? Would this
not expand the forced structural
adjustments the author decries?
Luce correctly argues that
“progressive-minded steps to help
disadvantaged Americans are
regressive for the world’s
disadvantaged”. But this is sadly a side
effect of the Fed’s proper mandate and
the dollar’s heft.
Fed chair Jay Powell does deserve
blame for not seeing inflation sooner,
but his duty is to act as a steward of the
domestic economy, not an
international charity worker.
Evan Nebel
Arlington, VA, US
A welcome but tardy
move from Citigroup
Citigroup’s decision to wind up its
institutional banking operations in
Russia, seven months after Moscow
attacked Ukraine, is welcome, if tardy
(Report, FT.com, October 14).
Citi’s announcement comes as
Russia’s central bank is asking all
banking institutions to submit lists of
“essential staff” who will be exempt
from Russia’s ongoing military
mobilisation. That includes foreign
invested ones, like the Russian
subsidiary of Austria’s Raiffeisen Bank,
Russia’s largest foreign-owned bank.
Similar directives have gone out to IT
companies.
By participating in this mobilisation,
these companies who choose to remain
in Russia are complicit in Moscow’s
ongoing war of aggression, and its
related atrocities.
Nataliya Popovych
Co-founder, Business for Ukraine Coalition
Copenhagen, Denmark
between artificial intelligence-driven
justice, which cannot explain itself, and
human justice, which can, to Plato’s
slave and free doctors.
The experience in the US is that AI
used by law enforcement teams has
consistently discriminated against poor
and black defendants, often as the data
on which the AI is trained was
garnered from a system which has
historically done just that —
discriminate.
Facial recognition AI has much more
trouble discriminating between black
faces as it has been trained in the past
on predominantly white (and male)
faces.
An AI judge would be unable to
respond to an unusual argument from
a defendant.
In comparison with doctors, Kelly
should perhaps note the proverb
quoted by the English polymath
Francis Galton in his 1872 adventurer’s
handbook The Art of Travel: “Though
there is a great difference between a
good physician and a bad one, there is
very little difference between a good
one and none at all.”
Peter Slessenger
Reading, Berkshire, UK
An inadequate boss is
preferred to a shouty one
Viv Groskop’s column was interesting
(“Forget the ‘toxic boss’ — meet the
toxic underlings”, Opinion, October 10)
but I must call out her claim that
fictional middle manager David Brent
was a “toxic” boss.
As far as I can tell he was actually
well liked by the majority or his staff
(excluding the troublesome “the
Swindon lot”), he just wasn’t a
particularly good manager.
Given the choice I think most people
would take Brent’s inadequacies over
Sir Philip Green’s shouty tirades.
David Coombs
Corby, Northamptonshire, UK
No healthcare IT system
I know puts patients first
Having worked as a doctor in six
countries across three continents, I can
confirm that software systems
variously prioritise the needs of
doctors, nurses, evaluation, costings
and efficiency as Riku Ruotsalainen
writes (“NHS must prioritise nurses
over doctors in IT reform”, Letters,
October 11).
I have yet to encounter a system with
the experience of the individual patient
at its core.
Dr John Doherty
Stratford-upon-Avon, Warwickshire, UK
Monday 17 October 2022
Restoring the nation’s credibility will be hard for Hunt
britain
Martin
Wolf
O
ne down and one to go.
Talking to policymakers
attending the annual
meetings of the IMF and
World Bank made clear the
blend of amusement, anxiety and anger
with which many view the UK. Kwasi
Kwarteng’s “mini” Budget was the
wrong policy (unfunded tax cuts) at the
wrong time (a global crisis). Liz Truss
more than shared his folly. She might
survive as a figurehead. But she lacks
the judgment required of a prime min-
ister. She should go, too. Members of
parliament, not party members, should
then choose the new leader and prime
minister. A general election should
follow.
Confidence in the rationality and
self-discipline of British policymaking
has been damaged, just as trust in the
Free trade
has not
made us free
business
Rana
Foroohar
A
couple of weeks ago, I spent
some time reporting in
North Carolina, a red state
that has been known to
swing blue from time to
time. I had a fascinating conversation
with a manufacturing executive, who
told me, “Sometimes we vote Democrat,
and sometimes we vote Republican. But
we always vote on trade.”
He was referring in particular to the
accession of China into the World Trade
Organization in 2001, which decimated
certain areas of US industry. While this
particular gentleman held his nose and
voted for Donald Trump in the last elec-
tion, he was also supportive of President
Joe Biden’s trade policies, which have
been not just about tariffs but also about
higher labour and environmental stand-
ards in any new trade deals.
The fact that both Republicans and
Democrats are rethinking trade policy
says something important about our
geopolitics. The idea that trade was pri-
marily a pathway to global peace and
unity, rather than a necessary way of
balancing both domestic and global con-
cerns, is over.
We are entering a new era, in which
concepts such as Francis Fukuyama’s
The European Political Community is built for challenging times
Petr
Fiala
O
n October 6, Prague Castle
hosted an unprecedented
gathering of states to
launch the European Polit-
ical Community. The point
of the new forum is simple: to bring
together all the nations of Europe,
inside and outside the EU, in order to co-
ordinate our response to critical threats
and to accelerate the path to prosperity.
From the beginning, the community
was meant to be a common space flexi-
ble enough to accommodate all Euro-
pean nations comfortably. We do not
need any new acronyms or any new sec-
retariats. And the intention was not to
set up another intergovernmental
organisation.
What we do need is an inclusive
approach to solutions, faster responses
to problems and a place for mediating
country’s willingness to keep its word
was damaged by the desire to break the
agreement over Northern Ireland
reached so triumphantly three years
ago. To regain that confidence, a return
to the status quo ante will be insuffi-
cient. Jeremy Hunt, the new chancellor,
knows he cannot be sacked. He must
now do whatever it takes.
One reason why a mere reversal
will be insufficient is that interest rates
have risen, which will raise costs of
debt service. A part of this was due
to developments in the world, above
all, the need to tackle the upsurge in
inflation. But there is also the impact
of the UK-specific shock delivered on
September 23 by Kwarteng’s “mini”
Budget. It would be optimistic to hope
this will simply vanish from people’s
minds.
The safest strategy would be to
present a credible forecast of declin-
ing ratios of debt to gross domestic
product in the medium term — credible,
that is, to the Office for Budget Respon-
sibility. That forecast must be based
neither on unspecified cuts in spending
years hence nor on implausible acceler-
ations in the rate of economic growth.
“end of history” or Thomas Friedman’s
“Golden Arches” theory are no longer
relevant.
All this was expressed quite elo-
quently in a speech last week at the
Brookings Institution in Washington
DC, by Canada’s deputy prime minister
Chrystia Freeland.
Freeland called for an end to the Pan-
glossian assumptions that free trade
would necessarily make countries free,
and a more clear-headed approach to
global capitalism and diplomacy in the
wake of Russia’s war in Ukraine and
China’s support for Russia.
As she rightly put it, “Workers in our
democracies have long understood that
global trade without values-based rules
to govern it made our people poorer and
our countries more vulnerable. They
have long known that it enriched the
plutocrats, but not the people.”
Our system of neoliberal globalisation
has created more wealth at a global scale
over the past half-century than ever
before. But there has also been huge
growth in inequality within many coun-
tries. And there is research to show that
the entities that have benefited most
from the past several decades of globali-
sation have been multinational compa-
nies and the Chinese state — or more
particularly, the people running them.
Autocrats have done well too, often by
using trade and commerce as weapons
in geopolitical conflicts. “With hind-
sight,” said Freeland, “it is clear that
appointing Gerhard Schroeder to the
Rosneft board was as essential an ele-
ment in Putin’s war planning as any
dialogues between nations — regardless
of their membership in different, some-
times overlapping, clubs.
The format chosen was thus as broad
as possible: one political leader from
each country was invited, together with
the presidents of the European Com-
mission and European Council. Space
was deliberately left for bilateral and ad
hoc meetings, without the straitjacket of
official resolutions.
Forty-four European nations, from
Iceland to Azerbaijan, accepted the invi-
tation, encompassing not just the geo-
graphical extent of our continent but
also the scope of the European civilisa-
tion. Only the Russian and Belarusian
regimes were deliberately left out.
Europe is unusually united on impor-
tant questions today: the threat posed
by Russia is so severe that our other dif-
ferences seem almost petty. It was natu-
ral therefore that the Prague agenda
should be dominated by the war, with
pledges to maintain support for Ukraine
and talks on how to return peace and
stability to our continent.
But no less important were the
★ FINANCIAL TIMES
Opinion
This time, the chancellor must eschew
fantasies.
It would be a good idea to produce a
less expensive energy package than
Kwarteng’s. But that package is a one-
off, at least in principle. It is more
important to reverse the permanent tax
cuts in the “mini” Budget. Reversal of
the cuts in the higher rate of income tax
and corporation tax will be insufficient.
In sum, another round
of austerity is
both impossible and
undesirable
The Institute for Fiscal Studies suggests
that the permanent fiscal hole, before
these reversals, was about 2.5 per cent
of GDP. About 1.75 per cent of GDP
more tightening is needed (a little over
£40bn a year). That is the least Hunt
needs to do if he is to be sure of restoring
credibility. He might find he needs to
do more.
The big question is how to deliver
such a tightening. The chancellor has
military exercise.” Likewise, China
restricted Norwegian exports of fish
when the Nobel Prize was given to
human rights activist Liu Xiaobo. Cana-
dian exports of pork and canola were
banned when Canada honoured an
extradition treaty with the US and
detained the CFO of Huawei.
All of these things, like Beijing’s mask-
hoarding in the wake of Covid, are
understandable from a Chinese per-
spective. And the west is certainly guilty
of its own historical mercantilism and
transactionalism. I’ve always thought
that America’s embrace of China’s entry
into the WTO had more to do with US
corporate lobbying than any real belief
in the possibility of political change.
The point here is that the current sys-
tem of economic globalisation isn’t
The current system of
globalisation isn’t going
to magically dissolve
political differences
debates on other pressing challenges to
our prosperity and wellbeing, particu-
larly the soaring energy prices that are
blighting the lives of European citizens,
as well as affecting businesses and pub-
lic institutions.
We have seen a shift in the debate
here, with some solutions sketched with
Co-ordinating the
interests of countries
both inside and outside
the EU is essential
greater clarity than before. It was partic-
ularly pleasing to see discussions on
energy interconnectors in the North Sea
and the Balkans and beefing up produc-
tion capacity with countries such as
Norway and Azerbaijan. There was also
discussion of various security building
and peace monitoring missions in
places of need.
The summit offered an opportunity
for leaders of nations destined to live
already suggested that taxes will have
to rise and spending will have to be cut.
It seems obvious that the greater part of
this adjustment will have to be via taxes.
It will be extremely difficult to get large
spending cuts through parliament,
especially since high inflation will
reduce the real value of departmental
spending substantially. Indeed, rises in
nominal spending will be needed, for
this reason.
It will surely be impossible to justify
large cuts in benefits in real terms in
the middle of the cost of living crisis.
The big public services need to be
maintained: indeed, the NHS is already
under huge pressure. The government
wishes to spend more on defence,
rightly so, given the Ukraine war. A
government that wants to sustain
growth needs to raise public invest-
ment, not cut it. Interest costs are also
sure to rise. Last but not least, slashing
aid would be unconscionable, given how
Covid and the war have hit the world’s
poorest.
In sum, another round of austerity
is both impossible and undesirable. If
the government is unwilling to reinstate
all the tax cuts it has made, it needs
going to magically dissolve political dif-
ferences. We are heading towards a new,
post-neoliberal paradigm in which val-
ues, rather than just “everyday low
prices” as the Walmart retail slogan
goes, become a more important consid-
eration in economic policy decisions.
The change will come with challenges.
I was recently asked on TV how people
living on $25,000 a year in the US would
fare in a new era of inflation, which will
be fuelled in part by the end of the
“cheap capital for cheap labour” bargain
between China and the west. In the
short term, not well. And yet, if you
asked these people whether they’d
rather have more cheap goods from
Amazon or a job that would cover the
costs of education, healthcare and hous-
ing (all of which have been rising at mul-
tiples of the core inflation rate for some
time now), they’d pick the latter.
Creating those jobs is the opportunity
of the new era. In her speech, Freeland
laid out the possibilities for “friend-
shoring.” This shouldn’t be a closed
club, but rather open to any number of
countries that will play by the rules.
together, but who usually do not have
much chance to talk. Moreover, there
were several important meetings that
promise to defuse or even unblock nego-
tiations, notably the one attended by the
leaders of Turkey, Armenia and Azerba-
ijan. Before the Prague summit, the
president of Turkey and prime minister
of Armenia had not met face to face
since the countries agreed to improve
relations in 2009. That is precisely the
kind of outcome that the EPC was
designed to foster.
Together with European Commission
president Ursula von der Leyen, I met
Recep Tayyip Erdoğan, the president of
Turkey, to discuss Turkish-EU relations
in some detail. Several meetings focused
on the situation of Bosnia and Herze-
govina, and on relations between Serbia
and Kosovo.
Denys Shmyhal, the prime minister of
Ukraine, held numerous meetings
related to economic and security assist-
ance, including further shipments of
arms to his country. I was also briefed
about a successful meeting between
French president Emmanuel Macron
to find other taxes to take their place.
Property taxation could play a part. So
could a carbon tax. It is also untrue that
higher taxation must kill the economy.
What matters is how taxes are raised
and what they are spent on.
The Bank of England must similarly
show that it will not let the misbehav-
iour of the government force its hand
on monetary policy. That is why it
was made independent, after all. Infla-
tion is too high. Policy must address this
now. If, as it believes, the pension funds
are now reasonably safe, it must stop
supporting the gilts market. That
should help concentrate minds in the
Treasury.
The Brexit revolutionaries have
increasingly seized control of the coun-
try. With Truss as prime minister, they
must have thought they had gained a
final victory. But they had over-reached
instead. Markets have refused to
finance their fantasies and opinion polls
show that ordinary people have had
enough. Maybe, the cold water of eco-
nomic and political reality is at last
breaking the UK’s Brexit fever.
martin.wolf@ft.com
Matt Kenyon
It should also be green: the transition
to clean technology is the classic exam-
ple of a “productive bubble,” in which
public support for a transformative
technology that is then privatised by
companies of all sizes (not just big
entrenched monopolies) creates sus-
tainable, shared growth.
The US, Canada and Mexico have a real
opportunity here. There are plenty of
Canadian and American start-ups that
hold important intellectual property in
the green battery sector, for example. If
they can work together and leverage
manufacturing capacity and demand in
both the US and Mexico, you could see a
win for both the economy and the planet.
Friend-shoring will have its chal-
lenges. But I doubt they’ll be harder or
riskier than counting on autocrats for
energy and a single geopolitical conten-
tious island, Taiwan, for most of the
world’s semiconductors. Let the new
era begin.
rana.foroohar@ft.com; her book ‘Home-
coming: The Path to Prosperity in a Post
Global World’ will be published this week
and Liz Truss, the UK prime minister.
Dozens of bilateral or trilateral meet-
ings took place during the summit, or on
its margins.
This is a critical juncture for Europe.
But despite these pressures, the partici-
pants displayed unity and a willingness
to co-operate. I am proud that the birth
of the EPC will be forever connected to
the capital of the Czech Republic. And I
am convinced that the sceptics are
wrong to worry that it will degenerate
into a mere talking shop anytime soon.
The issues Europe faces are too serious
for that to be allowed to happen.
At a time of overlapping crises and
ongoing challenges, we need an open
platform capable of accommodating
different interests from across Europe.
We seek free discussion that reinforces
mutual understanding and helps us to
refine our positions on the most press-
ing issues of the day. The EPC is a space
to do just that.
The writer is prime minister of the Czech
Republic, which currently holds the presi-
dency of the Council of the European Union
21
NHS can
help cure the
UK’s economic
malaise
Matthew
Taylor
R
egrettably, economic and
political debate often por-
trays the NHS as a drain on
public resources. With a
budget of just over £150bn,
health now consumes 40 per cent of
day-to-day spending on public services,
so perhaps this preoccupation with
costs is not surprising.
But this is to look through the wrong
end of the telescope. Far from health
spending being seen as a drag on growth,
it should be part of a balanced strategy
for economic prosperity. Our new
research demonstrates what an investa-
ble proposition the NHS is.
As the proportion of funding has risen
— along with more evidence that the
NHS faces a significant capacity gap —
discussion about how the health service
is funded has intensified. Experts and
celebrities have joined siren calls to
abandon the “bottomless pit”.
But what if we were to look at the NHS
in a different light? With a prime minis-
ter stating that her three priorities are
“growth, growth and growth”, invest-
ment in heath and care could help lift
Britain’s economic malaise.
The NHS is the fifth biggest employer
globally and by far the biggest in the UK.
In most towns and cities, it is the single
biggest employer and makes a vital con-
tribution to the local economy through
job creation, purchasing of local services
and keeping people healthy for work.
My organisation has commissioned
independent analysis to determine the
impact of investment in healthcare on
not just health outcomes but labour pro-
ductivity and broader economic activity.
The results should be taken as seriously
Investing in health reduces
long-term sickness and is
associated with an increase
in the employment rate
in the Treasury and Downing Street as
the health and social care department.
The economic activity of a local area,
and how productive it is, is heavily influ-
enced by its inhabitants’ health. Unmet
health and care needs are among the
key reasons for people of working age
being out of the labour market. Rela-
tively small reductions in the number of
those off for long-term sickness could
have a huge impact on labour produc-
tivity and economic activity.
A one per cent decrease in the propor-
tion of workers off due to long-term
sickness is associated with an additional
180,000 workers joining the workforce.
This would be a significant boost to the
economy at a time of ongoing challenges
in labour market participation, wide-
spread labour and skills shortages and
the rising cost of living.
In addition, NHS staff are a major con-
tributor to their local economies and
productivity. However, the NHS itself
has a record number of vacancies — over
130,000. In places with labour shortages
it is the health and care sector that often
finds it the hardest to recruit, leading to
a vicious cycle of overstretched services
meaning more people are without the
help they need and unable to work. This
makes recruitment even harder. One
local NHS leader told me about watch-
ing staff cross the road from their work-
place to “better pay and conditions” in a
distribution warehouse.
Investing in health reduces A&E use
and long-term sickness, and both are
associated with an increase in the
employment rate. When it comes to
quantifying the return on investment,
our analysis reveals that every pound
invested in the NHS results in around
£4 back to the economy through
increased productivity and workforce
participation.
With the UK facing major labour mar-
ket and economic growth challenges, it
is time for our political leaders to start
considering the vital contribution the
NHS makes to the wider economy. It
directly and indirectly supports our
population, our local economies and
our productivity and should be consid-
ered an essential building block of any
national — and local — plan for growth.
The NHS is both an engine room for
the economy and a security net for com-
munities. We should stop seeing it as a
drain on public resources — investment
in health must be at the heart of the gov-
ernment’s plan for growth.
The writer is the chief executive of the NHS
Confederation
22 ★ FINANCIAL TIMES Monday 17 October 2022

Rutherford Hall
Is it time to start sucking
up to Labour?
Z WORK & CAREERS

The world
needs more
‘desk-bombers’
{ Methane tax: revenues
from ruminants }
Agricultural methane emissions
Global Top five emitters*
Billion metric tons of CO2 equivalent Million metric tons of CO2 equivalent, 2019
3.5 500
2019
3.49
3.4
400

3.3
300

1990 3.2
3.16 200

3.1
100

3.0
Pilita Clark 1990 95 2000 05 10 15 19
India Brazil China
0
US Pakistan
Business Life Source: World Bank * Representing 43% of agricultural methane emissions

Raising revenues from cows gives new having more than five times as many

F
rom time to time, office life
breeds a catchphrase that
sounds deeply strange and yet
makes sense as soon as
someone says it. I came across
one the other day: “desk-bombing”.
As a colleague at work explained,
this is the act of approaching someone
at their desk without warning, and
talking to them.
You are joking, I said.
I am not, he replied.
He had heard it from a man he had
been working with at another company
who had spent days vainly emailing a
woman to get something approved,
even though she sat within eyesight in
the same office.
With time ticking on, my colleague
got fed up and said: “Why don’t you
just go over and ask her to approve
it?” The other man, visibly appalled,
said no. “I’m not just going to go and
desk-bomb her.”
My colleague gawped. Since when
had something as innocuous as asking
someone an unscheduled question at
work become so offensive that an
entire buzzword had been invented to
describe it?
If this were a random, isolated
instance of inanity, I would ignore it.
But it is part of a pattern that
seems to be on the march: an
outbreak of overweening shyness, or
intolerance of interruption, that is at
best self-destructive and at worst
unproductive and annoying.
I say this as a chronic desk-bomber,
surrounded by other bombers. None of
us would waste time faffing around
with an email when we could simply
talk to someone face to face instead. It’s
more efficient and usually more
enjoyable.
People wearing headphones are
given a wide berth, obviously. So is
anyone staring at their screen with a
panicked look on their face. But
otherwise, all are more or less fair
bombing game.
I might have felt more shy about
this when I first joined the FT but even
then, the idea of sending a message
from my desk would have seemed dull
and futile.
“ When did something
as innocuous as asking
someone an unscheduled
question at work
become so offensive? ”
If you think anyone fearing a
desk-bomb is likely to be under
30 years old, you may be wrong. As a
twenty-something colleague told me
the other day, he once sat next to a
forty-something person who used to
send him emails about work tasks.
“What did you do?” I asked. “I emailed
back and said ‘OK’,” he said.
Still, fear of desk-bombing is related
to another curious fact of office life —
an aversion to using the phone — which
does seem more prevalent among
younger people. More than 80 per cent
of Americans between 22 and 37 years
old have to gird themselves to make a
phone call because they are so anxious
about mucking up, one US survey
showed in 2018.
Parents of very successful millennials
have told me over the years that their
children still ask them to phone for a
dental appointment, or order
takeaways. The parents, like me,
find this baffling. But we grew up
with landlines and learnt to answer
the phone as children, so we take
phone skills for granted, says Mary
Jane Copps, founder of a Canadian
phone use consultancy called The
Phone Lady.
“For somebody who’s never had to
Kenneth Andersson
meaning to the word “moolah”. New sheep as people, New Zealand is a
answer a phone, they have no idea Zealand’s prime minister Jacinda tiddler among methane emitters. The
what’s going to happen, they’re frozen,” Ardern has proposed just such a tax on biggest five, including Brazil, India and
she told me last week, by phone. the methane released by ruminants. China, represent 43 per cent of
Her company charges banks and Predictably, the plan is unpopular agricultural methane emissions.
other companies up to $3,100 a day to with beef and sheep farmers already As the first country to introduce an
train staff who seem to be increasingly facing higher input costs. Demand for agricultural methane levy, New Zealand
fearful about phone calls. “I would say these two meats is relatively sensitive will set the standard. It will depend on
40 per cent of my business is now to price. factors including number of animals,
focused on phone anxiety whereas Climate scientists really hate the size of the farm and efforts of
when I started the company 16 years methane, a greenhouse gas with some owners to mitigate emissions, such as
ago, it might have been 10 per cent,” 80 times the warming effect of carbon by varying the type of feed.
she said, adding not all of the dioxide. More than half of global If the levy is implemented, Ardern has
phone-phobic are young. methane emissions derive from fossil promised to recycle proceeds by
For one thing, everyone is busy and fuels and waste. America’s new Inflation helping laggard local meat farmers cut
phone calls can take more time. Also, Reduction Act includes a methane tax their methane. Even so, one would
the first BlackBerry devices went on to limit those from the former. assume that farmers would try to pass
sale in the 1990s. “We’ve been talking But roughly 40 per cent of methane added costs on to consumers, hitting
with our thumbs ever since,” says emissions come from agriculture, demand.
Copps. “It doesn’t matter what mostly from ruminant burps and their A 2010 US study on price sensitivity
generation you’re from.” manure. Emissions have increased (elasticity) covering 70 years revealed
The good news is that it is not that steadily, by a tenth, in the last 20 years that increasing beef prices would have
hard to get over phone fear. It just to 3.5bn tonnes of CO2e. three times the impact on demand as it
takes practice, says Copps, whose Debate has raged over what to do would on much more commoditised
techniques include requiring people to about this sector for years. Indeed, New farm produce such as eggs. More recent
go without texting or emailing anyone Zealand’s farmers have faced the threat studies confirm this.
for at least three days, and only using of such a tax before, 20 years ago. New Zealand’s efforts to tax methane
the phone.
I recommend a similar approach for
Farmer protests helped defeat it then.
New Zealand’s agricultural methane
merit attention. Getting it past farmers
there will be hard enough. In countries
anyone who is ever gulled into thinking emissions, about 27mn tonnes in 2019, with large agricultural emissions, such
there is such a thing as desk-bombing. have not changed much since then,
according to World Bank data. Despite
as India and Brazil, the political
prospects for that though stink.
pilita.clark@ft.com

CROSSWORD
No 17,227 Set by SLORMGORM
        ACROSS
1 Does this primarily after Boris’
 disgraces? (8)
5 Surfacing sailor by west-flowing river (6)
10 Tennis star fraudsters picked up by the
  ears (7)
11 Sick English convict repelled criminal (7)
12 Given a fresh line-up, team steal draw
(9)
   13 Famous swinger in court with detective
sergeant (5)
15 Earl associated with low-calorie cream
(5)
  
16 Drunk pirates hugging male monkeys?
(8)
19 Whatever is a New York happening? (8)
 20 Suit and tie? (5)
21 Greek character guided back by
  volunteers (5)
23 One who tells tales in court near Barking
(9)
25 Tumbler Rod briefly stored in a
    Conservative club (7)
27 Might one say Bright Eyes or Tapestry?
(7)
28 Sausages, but no starter in French place
(6)
   29 Large men breaking barrier in city
abroad (8)
DOWN
1 Upset about price news chief solicited
  (8)
2 Breathtaking lass going out with Etonian
(11)
3 On radio, a pitch intended to make
amends (9)
4 Tree native to Germany’s Saxony-Anhalt
JOTTER PAD (5)
6 Let everybody old put on top in winter
(5)
7 Publication mostly eager to be turned
around (3)
Businesses
8 Names of contacts (5)
9 What joiners are doing is absolutely
fascinating (8)
For Sale
14 Extremely happy oven more hot after
Solution 17,225 repairs (4,3,4)
16 Sex in home for monks is first concern
3
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5 7 & 1 $ & 6 couple of Es (8)
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