FRIDAY 11 NOVEMBER 2022 INTERNATIONAL NEWSPAPER OF THE YEAR USA $2.50 Canada C$3.

00

Europe shifts stance on ‘Frankenfoods’ Why Kherson retreat will not weaken Putin
BIG READ, PAGE 17 ALEXANDER BAUNOV, PAGE 19

Wall St rallies ‘I should have done better’ Bankman-Fried

contrite as he races to salvage crypto empire
Briefing
i WeWork closes 40 sites

as US inflation
as profits pledge fades
The office group has said it will
close “underperforming” US sites
in an effort to cut costs as it failed
to post a profit more than a year

falls to lowest
after going public.— PAGE 6

i Biden to meet Xi
The White House has said the US
and Chinese presidents will meet

since January
in person for the first time as
leaders ahead of the G20 summit
in Bali next week.— PAGE 2

i Blow to rich Chinese

The wealth of the country’s 100
richest people shrank by more
3 Price growth cools to 7.7% in October than a third last year as the tough
Covid policy and faltering growth
3 Pressure eases on Fed over rate rises ate into private wealth.— PAGE 4

i Brookfield and EIG tie up

COLBY SMITH — WASHINGTON
KATE DUGUID — NEW YORK
US inflation cooled more than expected
in October, sparking a rally on Wall
Street as expectations mounted that the
Federal Reserve will next month raise
interest rates by less than in recent
meetings.
Annual consumer price growth
slowed to 7.7 per cent, less than the 8 per
cent forecast by economists, to hit its
lowest level since January.
The S&P 500 surged by more than
4 per cent after the data were published.
The two-year Treasury yield, which is
particularly sensitive to interest rate
expectations, dropped 0.3 percentage
points to 4.32 per cent.
The lower than expected readings
ease pressure on the Fed to maintain its
policy of aggressive interest rate rises to
combat inflation.
“The fact the Fed may slow down
from here means what could break out
is a conversation not just about reces-
sion rather than inflation but a conver-
sation about maybe avoiding a recession
entirely,” said Jim Paulsen, chief invest-
ment strategist at The Leuthold Group,
a research firm.
Investors in the futures market
increased bets that the Fed would lift
interest rates by 0.5 percentage points in
December, having raised by 0.75 per-
centage points at its past four meetings.
“The hope has been we would see a
cresting in the inflationary pressures,
and today’s report gave us some evi-
dence of that,” said Joe Davis, global
chief economist at Vanguard.
October’s figures showed used vehicle
prices, medical care costs and airline
fares all declining, although rents rose.
The inflation data, released by the
Bureau of Labor Statistics, followed
unexpectedly tight midterm elections
that left the battle for control of Con-
gress still hanging in the balance.
High inflation has dogged Joe Biden’s
administration for most of his presiden-
tial term, igniting fears of a pronounced
economic downturn at some point next
year as the Fed steps up its efforts to get
price pressures under control.
Jay Powell, Fed chair, signalled last
week that the central bank would prob-
ably need to lift interest rates to a higher
level than initially expected as it grap-
ples with an economy that has proved
resilient in the face of rising rates.
Most economists now expect rates to
peak at close to 5 per cent next year, well
above the 4.6 per cent projected by most
Fed officials as recently as September.
Traders focused on “core” CPI, which
excludes food and energy.
Core CPI rose 0.3 per cent from the
previous month, well below the 0.6 per
cent recorded in September and the
0.5 per cent increase forecast by econo-
mists. For the past year, core inflation
was up 6.3 per cent for October, pulling
back from the previous month’s four-
decade high of 6.6 per cent.
Powell has repeatedly warned that the
higher interest rates need to rise and the
longer they stay at a level that is con-
straining economic activity, the greater
the odds of the economy tipping into a
recession. Most economists expect a
contraction next year, with the jobless
rate rising substantially.
Additional reporting by George Steer in
London and Hudson Lockett in Hong Kong
Second term page 2
Markets pages 12 & 13
Sam Bankman-Fried stands to lose much of his $24bn fortune if FTX and Alameda collapse — FT montage/Bloomberg/Dreamstime
FTX was on the brink of collapse yes-
terday as chief Sam Bankman-Fried
raced to secure billions of dollars to sal-
vage his empire after rival Binance
ditched an eleventh-hour rescue of one
of the biggest crypto exchanges.
Venture capital firm Sequoia Capital
said it would mark down its $214mn
investment in the group to zero after a
run on the exchange blew a hole in
FTX’s balance sheet, cast serious
Canada’s Brookfield and EIG
Global Energy Partners of the US
are set to take over Origin, one of
Australia’s biggest energy
companies, for $11.8bn.— PAGE 8
i Ex-auditor sues Vatican
Libero Milone, dismissed in 2017
after trying to investigate “off the
books” Swiss bank accounts, has
launched a €9.3mn legal action
against the Holy See.— PAGE 4
i Amazon unleashes robot
The US ecommerce giant has
launched a warehouse robot that
can “detect, select and handle
individual products in our
inventory”.— PAGE 20
Datawatch
Reality check
Perception of the US population (%)
True proportion Estimated proportion
Income >$1m
Transgender
Muslim
Jewish
Immigrants
Black
Own a gun
Married
Obese
doubts over its survival and shook the FTX marks a spectacular fall for White
Fully vaccinated
wider crypto market. 30-year-old Bankman-Fried, one of Christian
Bankman-Fried said FTX, which is the sector’s most prominent figures. 0 20 40 60 80
Source: YouGov (2022)
being probed by the US Securities and Much of his $24bn fortune will evapo-
Exchange Commission, had only rate if FTX and Alameda go bust. Americans overestimate the size of
$400mn in easily tradeable US dollar Chief apologises page 6 minorities and underestimate that of most
assets to cover a record $5bn surge of Funds face wipeout page 12 majority groups. This holds for sexual,
redemption requests on Sunday. “I’m Markets Insight page 13 religious and ethnic minorities. The error
has been attributed to fear of minorities
sorry. That’s the biggest thing. I fucked FT View page 18
and negative media portrayals
up, and should have done better.” Gillian Tett page 19
The abrupt change in fortune for Lex page 20

Musk calls time on ‘forever’ with ban

Abortion proves decisive
in US battleground races
The impact of abortion on the key US
midterm races surprised pundits who
had predicted that the overturning of
the constitutional right would have
faded in voters’ minds. But women
appear to have been more galvanised
by the issue than polling suggested.
They also tipped the balance in having
abortion rights included in the Vermont,
Michigan and California constitutions.
Democrats are hailing a reckoning over
which issues are most salient to voters.
Clawing back ground i PAGE 2
on Twitter staff working from home
IAN JOHNSTON AND
CRISTINA CRIDDLE — LONDON
Elon Musk has banned remote working
at Twitter in his first email to staff since
buying the company, warning that the
social media platform needs “intense
work” in the office to turn it round.
The move is a sharp reverse from
former chief executive Parag Agrawal’s
post-pandemic policy that staff could
work from home “full time forever”.
“We are changing Twitter policy such
that remote work is no longer allowed,
unless you have a specific exception,”
Musk wrote in a company-wide email
sent to employees yesterday morning
and seen by the Financial Times.
Employees must be in the office for a
minimum of 40 hours a week, except
for those “physically unable to travel”
or with “a critical personal obligation”.
“The road ahead is arduous and will
require intense work to succeed,” he
said. Musk added that he would review
and approve any exemptions to the pol-
icy himself, instructing managers to
compile lists of any staff seeking to con-
tinue remote working.
The new policy matches Musk’s
demands at his electric carmaker Tesla,
where in June he insisted staff should
work at least 40 hours a week in the
office or else find new employment.
The email to Twitter employees, first
reported by Bloomberg, was the first
they have received directly from Musk
since his $44bn takeover. He has inst-
ead used his personal Twitter account to
brainstorm initiatives for the company.
One Twitter employee said: “It’s not a
massive surprise, given how he does
things at other companies. [The] man-
ner of the comms and the lack of notice
haven’t helped bring people with him.”
Some staff who moved farther away
from the office during the pandemic are
now faced with long commutes.
“Remote workers work more, not
less,” said Bruce Daisley, former Euro-
pean vice-president. “Musk might find
that his team end up more frustrated by
this additional jab at them.”
Musk began slashing the 7,500-strong
workforce last week “in an effort to
place Twitter on a healthy path” as he
warned of a “massive drop in revenue”.
Twitter is at odds with its social media
rivals. At TikTok, staff were asked to
return to the office for at least two days a
week from September, while Meta,
which owns Facebook and Instagram,
has encouraged remote working.
Richard Waters page 6
Meta jobs cull page 8
Lex page 20

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FT Wilshire 2500 4871.89 4980.16 -2.17 Oil Brent $ 94.22 92.65 1.69 Prices are latest for edition
FT Wilshire 5000 38060.17 38911.31 -2.19 Gold $ 1715.25 1678.65 2.18 Data provided by Morningstar
2 ★ FINANCIAL TIMES Friday 11 November 2022

INTERNATIONAL

Bali White House race

Biden and Xi to hold talks at G20 summit President

Meeting will attempt to
ease rising tensions
between two sides
DEMETRI SEVASTOPULO — WASHINGTON
US president Joe Biden and his Chinese
counterpart Xi Jinping will meet in per-
son for the first time as leaders before
the G20 summit in Bali next week, in a
high-stakes encounter that comes amid
rising tensions between the two powers.
The White House said the meeting
would happen on Monday in Indonesia,
which is hosting the G20 from Tuesday.
It will be their sixth conversation since
Biden entered the Oval Office, but their
first face-to-face meeting since the then
vice-president met Xi at Davos in 2017.
“The leaders will discuss efforts to
maintain and deepen lines of communi-
cation between the United States and
the PRC [People’s Republic of China],
responsibly manage competition, and
work together where our interests align,
especially on transnational challenges
that affect the international commu-
nity,” said Karine Jean-Pierre, White
House press secretary. They would also
discuss regional and global issues.
The meeting comes as the US and
China grapple with a range of conten-
tious issues that have sent relations to
their lowest level since the countries
established diplomatic ties in 1979.
It also comes weeks after Xi secured
an unprecedented third term as leader,
and on the heels of an unexpected
reprieve for Biden on Tuesday when the
US midterms. Right to choose
Democrats avoided a rout in the mid-
term elections.
On Wednesday, Biden said he would
use the Bali meeting to outline the US
position on the China relationship and
‘What I want to do is
understand what he
believes to be in the critical
national interests of China’
explore whether there was any possibil-
ity of finding resolutions.
“What I want to do with him when we
talk is lay out . . . what each of our red
lines are, understand what he believes
to be in the critical national interests of
China, what I know to be the critical
interests of the US, and to determine
whether or not they conflict with one
another. And if they do, how to resolve
it,” Biden said.
A senior US official said Biden wanted
to have a “strategic conversation” with
Xi and also hoped to “build a floor for
the relationship”. One of the top issues
on the agenda is expected to be Taiwan,
over which tensions have risen dramati-
cally over the past two years.
When the leaders held a virtual meet-
ing a year ago, Biden stressed the need to
ensure that competition did not “veer
into conflict”. In August, China
responded to House Speaker Nancy
Pelosi visiting Taipei with military exer-
cises that included firing missiles over
Taiwan for the first time.
Antony Blinken, secretary of state,
recently said China wanted to speed up
the process by which it pursues “reunifi-
cation” with Taiwan, over which it
claims sovereignty. Biden has on four
occasions said the US would defend Tai-
wan from a Chinese attack.
Asked on Wednesday if he would
deliver the same message to Xi in Bali,
Biden responded: “I’m going to have
that conversation with him.”
China accuses the US of diluting the
“One China” policy, under which Wash-
ington recognises Beijing as the govern-
ment of China and acknowledges, with-
out endorsing, the Chinese position that
Taiwan is part of China.
Beijing is also angry about draft legis-
lation on Capitol Hill that would
approve $10bn in funding over five
years to provide weapons to Taiwan.
will make final
decision on
re-election
early next year
JAMES POLITI, LAUREN FEDOR AND
KIRAN STACEY — WASHINGTON
Joe Biden took heart from yesterday’s
US inflation report, saying his eco-
nomic plan was “showing results”, as
the president weighs up a decision on
whether to run for a second term in the
White House.
After his prospects were boosted by a
stronger than expected performance by
Democrats in midterm elections, Biden
said he would make a final decision on
whether to seek re-election early next
year.
“Our intention is to run again. That’s
been our intention, regardless of what
the outcome of this election was,” Biden

Women voters claw back ground for Democrats told reporters, adding he hoped to have
conversations with his wife, Jill, about a
new presidential campaign between
Thanksgiving and Christmas.
“I don’t feel any hurry one way or
another to make that judgment . . . my
Concerns over abortion laws guess [is] it will be early next year,” he
said.
proved more important than In a statement yesterday following
many pollsters had predicted data that revealed October’s consumer
price index rising by 7.7 per cent, mark-
FT REPORTERS

Like Republican senatorial candidate

Dr Mehmet Oz, Ece Bal, 28, who works
in healthcare in Philadelphia, is the
child of Turkish immigrants to the US.
But on the Wednesday morning after
Oz’s defeat in Pennsylvania’s midterm
elections, Bal pointed to a critical differ-
ence that led her to back his opponent,
Democrat John Fetterman.
“Abortion stances are absolutely
important to me,” she said. “Fetterman
is very much pro-choice and did not
want Roe [vs Wade] overturned,
whereas Oz did. As a young female liv-
ing in the US, I simply never want to see
it happen that abortion access becomes
restricted in the state that I live in.”
In the early hours of Wednesday,
Pennsylvania’s election results indi-
cated that Bal was not alone, as Demo-
crats swept to victory in closely fought
Senate and governors’ races.
Fetterman, the brash, hoodie-wear-
ing Democrat, pulled off an unexpect-
edly strong victory over former televi-
sion physician Oz, despite suffering a
stroke early in the campaign, while
Democrat Josh Shapiro won the state’s
governor’s race by a wide margin over
Trump-backed Doug Mastriano.
The impact of abortion on key mid-
term races came as a surprise to many
pundits, who had predicted the
Supreme Court’s decision in June to
overturn Roe vs Wade, the ruling that
enshrined the constitutional right to
abortion, would fade in voters’ minds.
Republicans had pointed to soaring
inflation and President Joe Biden’s low
approval rating ahead of Tuesday’s
vote as the salient issues of the mid-
term elections.
Yet from Michigan to Pennsylva-
nia, exit polls and early vote tallies
showed that women voters were more
galvanised over Roe vs Wade than pre-
election polling had suggested, with
many indicating that abortion was sec-
ond only to concerns on the economy.
In Pennsylvania, 35 per cent of regis-
tered voters surveyed in the state’s Sen-
ate race said they were “angry” about
the court’s decision, according to data
Delight: from AP VoteCast, a nationwide survey
supporters of of about 115,000 registered voters.
John Fetterman, In the same race, women in the state
inset, celebrate
in Pittsburgh as
preferred Fetterman over Oz by 53 per
cent to 45 per cent, AP’s survey of regis-
results arrive tered voters found, while college-edu-
on Tuesday cated women voted for Fetterman over
Quinn Glabicki/Reuters
Oz by 60 per cent to 39 per cent.
“I appreciate my rights and those for
my children,” said Susannah Bien-
Gund, a mother of two boys, who had
voted for Democratic candidates. “I’m
relieved for Pennsylvania,” she added,
referring to Fetterman’s win.
Jocelyn Frye, president of the
National Partnership for Women &
Families, a non-partisan non-profit
group, said voters had “rejected the
false narrative that too often treats
women and issues they care about as
separate from the economy”.
“We have long said that women, who
are the majority voting bloc and a major
driver of our economy, do not live their
lives in silos,” Frye said.
“They do not see their economic
security as separate from their ability
to control their reproductive health.”
The influence of the female vote was
also felt in other races on Tuesday, as
well as in other statewide votes on social
issues. Democrats saw a similar trend to
Pennsylvania in Michigan, where the
party secured a majority in the House
and Senate for the first time in 40 years,
and also held on in the governor and
attorney-general’s races as well as a
closely contested congressional district.
According to AP VoteCast data,
women voted 56 to 43 per cent for Dem-
ocratic governor Gretchen Whitmer
over her Republican competitor Tudor
Dixon, another female candidate, while
men broke 52 to 47 per cent.
The divide was even starker among
surveyed college-educated women, 62
per cent of whom preferred Whitmer
compared with 37 per cent who backed
Dixon. Thirty-six per cent of all sur-
veyed registered voters in Michigan said
they were “angry” about Roe vs Wade.
Women also tipped the balance in
other statewide ballots. In Michigan,
California and Vermont, voters chose to
[Women] ‘do enshrine the right to abortion in their
state constitutions, while those in more
not see their conservative Kentucky rejected an
economic amendment that would have blocked
any right to abortion at state level.
security as The better than expected results for
separate Democrats have raised hopes that abor-
tion could be the issue that ultimately
from their determines Senate control, particularly
ability to in the Georgia Senate run-off race,
which is scheduled for early December
control their after the Republican and Democratic
reproductive candidates failed to clear the required
50 per cent threshold.
health’ In Georgia, Carrie, a 20-something in
Atlanta, said she had concerns about the
economy, but had decided to cast a vote
for Democrat Raphael Warnock and
would do so again in the run-off.
“When you go to the grocery store and
things cost a bit more, that doesn’t help,”
she said. “But it’s all about abortion.”
Reporting by Courtney Weaver in Wash-
ington, Sara Germano in Philadelphia, Tay-
lor Nicole Rogers in Atlanta and Caitlin Gil-
bert in New York
John Burn Murdoch see Opinion
‘I don’t feel any hurry one
way or another to [decide]
. . . my guess [is] it will
be early next year’
ing the smallest 12-month increase
since January, the president said his
administration was “making progress
on bringing inflation down, without giv-
ing up all the progress we have made on
economic growth and job creation”.
He added: “I will work with anyone,
Democrat or Republican, on ideas to
provide more breathing room to mid-
dle-class and working families. And I
will oppose any effort to undo my
agenda or to make inflation worse.”
As counting continued after Tues-
day’s election, the Republicans were
edging towards wresting control of the
House of Representatives. Control of the
Senate will be determined by the out-
come in the states of Georgia, Arizona
and Nevada.
The midterms were seen as a boost for
Ron DeSantis, the Florida governor, and
his chances of challenging former presi-
dent Donald Trump for the Republican
presidential nomination. When asked
who would be the toughest competitor,
Biden commented: “It would be fun
watching them take on each other.”
Biden has faced doubts about his will-
ingness to run given that he turns 80
later this month and has been dogged by
low approval ratings.
Exit polls from the midterm elections
showed more than two-thirds of Ameri-
cans do not want him to seek a second
term, but he told reporters his message
to sceptics was: “Watch me!”
Biden said that after he returns from a
forthcoming trip to north Africa and
Asia for a series of international sum-
mits, he would invite leaders of both
parties to the White House to discuss
possible ways to find compromises.
While he pointed out he was “open to
any good ideas” the president added he
did not see a need for a big change in
direction on policy from the administra-
tion.

Reaction

Business leaders urge bipartisan push in wake of close results

MAKE A WISE ANDREW EDGECLIFFE-JOHNSON, DEREK policymakers, not “bomb-throwers”. Frank Macchiarola, head of policy for companies being pulled into “culture
INVESTMENT BROWER AND PATRICK TEMPLE-WEST
NEW YORK
If Republicans claim a small House the American Petroleum Institute, the war” fights over issues from abortion to
COLBY SMITH — WASHINGTON majority as forecast, the risk is that fire- Big Oil lobby group, expressed hope that education, however. Some business
Subscribe today at brands from the party’s Freedom Cau- both parties could still work together on champions noted the wide margin of
ft.com/subscribetoday An old piece of conventional wisdom cus could hold its leadership hostage. energy, including permitting reform victory for Florida governor Ron DeSan-
resurfaced in US corporate circles as Business groups hope instead that con- that would speed installation of new tis, who has clashed with Disney over
Tuesday’s midterm elections gressional mathematics will push mod- infrastructure, from pipelines to elec- gay rights and with cruise ship compa-
approached: divided government is erates to reach across the aisle. tricity transmission lines. nies over Covid-19 vaccinations.
FINANCIAL TIMES Good Friday, Independence Day, Thanksgiving, the good for business, because a lack of “There’s huge opportunity for biparti- Some lobbyists privately expressed “He is the epitome of the new sharp
330 Hudson Street, day after Thanksgiving, Christmas Day and the day total control prevents either party san collaboration,” said Jeffrey Sonnen- relief that moderate, “pro-business” divide between the interests of business
New York, NY 10013 after Christmas Day.
from doing anything too extreme. feld, a Yale School of Management candidates had fared better than popu- and the grandstanding Maga spirit,”
Subscriptions and Customer Service US subscription rates, 1 year $406. Periodicals With several tight races still left to call, professor with strong chief executive lists, saying it should send a signal to said Sonnenfeld, citing former presi-
Tel: +1 800 628 8088 postage paid at New York, NY and at additional
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leaving the shape of the House and Sen- connections. both parties about who to field for the dent Donald Trump’s “Make America
Advertising to F.T. Publications Inc., PO Box 469, Newburgh, NY ate unresolved, business leaders let Clarke voiced optimism that the new 2024 general election. great again” slogan.
Tel: +1 917 551 5040 12551; USPS number, 190640; ISSN# 0884-6782. themselves hope that a more narrowly House majority would concentrate on Executives have been alarmed to see If Republicans take control of either
usads@ft.com divided government than polls had sug- fighting inflation, reining in regulation the House or the Senate, finance indus-
Letters to the editor © Copyright The Financial Times Limited 2022.
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Reprints are available of any FT article with your ton lobby group. ness School professor Bruce Kogut, not- the House,” said John Miller, an analyst
Printed by company logo or contact details inserted if required Gary Shapiro, chief executive of the ing support for such efforts in both at Cowen. Many companies would
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Evergreen Printing Company, Bellmawr, NJ licences for reproduction of FT articles are also Consumer Technology Association, parties. And this week’s crisis at become less vocal about their environ-
Bay Area Production Services, Fremont, CA available. echoed that sentiment, sharing on FTX, the cryptocurrency exchange, mental and social stances in response,
For both services phone +44 20 7873 4816, or Twitter a colleague’s verdict that Ameri- could similarly trigger bipartisan crypto US Capitol: a call has gone out for Kogut predicted: “It’s going to be a more
Published daily except Sundays, New Year’s Day, alternatively, email syndication@ft.com
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Friday 11 November 2022
Kherson retreat inflicts double blow on Russia
Pullout squanders Moscow’s main campaign success and hands Kyiv opportunity to expand military options
HENRY FOY — BRUSSELS
ROMAN OLEARCHYK AND
FELICIA SCHWARTZ — KYIV
The billboards put up by Russian forces
in Kherson boasted the Ukrainian city
would be Russian “for ever”. In reality, it
was for little more than eight months.
Under sustained bombardment from
a Ukrainian counter-offensive that
started on August 29, Russian troops at
risk of encirclement were ordered to
withdraw from the city on Wednesday.
Their retreat is a significant victory
for Kyiv that robs Moscow of its biggest
military achievement and changes the
calculus for both sides as winter nears.
Ukrainian and western officials had
speculated for weeks that a Russian
withdrawal from the city, which is close
to Crimea, was imminent, but urged
caution while playing down expecta-
tions of a rapid advance.
But analysts said that control of the
city would expand Kyiv’s options for
inflicting greater damage on Russia’s
diminished invasion aims and its ability
to hold the territory it still controls.
“Kherson is important to both sides,”
said one western intelligence official.
Even if Kherson is evacuated quickly,
it is very unlikely to lead to a rout of Rus-
sian lines. By retreating from the city
that sits on the north-western bank of
the Dnipro river close to its Black Sea
delta, Russia aims to reinforce its
defences on the other bank, where it has
been building defensive lines for weeks,
reinforced by natural features such as
canals and marshy ground.
As such, western officials expect that
while Ukraine will be able to recapture
the north-western bank by the end of
November, Russia will be able to hold
the other side.
General Mark Milley, chairman of the
US joint chiefs of staff, has estimated
that Russia had up to 30,000 troops
north of the Dnipro in that area. “This is
going to take them days and perhaps
even weeks to pull those forces south of
that river,” he told an event in New York.
Aside from its symbolic value as the
only provincial capital city captured by
Russia in its more than eight-month
invasion, Kherson is important as a stra-
tegic location from which Ukraine can
recalibrate its counter-offensive.
The wider Kherson region links main-
land Ukraine to the occupied peninsula
of Crimea, and the city lies about 100km
from the isthmus that affords Russia a
narrow land corridor with which it
resupplies forces from its bases there.
Ukraine battles for territory in the south
Russian missile strike
Russian-claimed control
Reported Ukrainian partisan warfare
Under Russian control
Populated areas
UKRAINE
Mykolayiv
Dnipro river
Kherson
50km
Source: Institute for the Study of War.
Updated 7am GMT Nov 10
* Crimea was annexed by Russia in
2014 but this is not recognised by the
international community
© FT
‘Road dust’
Green groups hit at EU plan
to curb brake pad pollution
ALICE HANCOCK — BRUSSELS
All new automobiles sold within the EU
will have to limit the particle pollution
from brake pads, under proposals to be
introduced ahead of a ban on combus-
tion engine vehicles in the bloc from
2035.
The Euro 7 rules, announced yesterday,
are a simplification of previous Euro-
pean emissions standards for cars,
trucks and vans. Regulations will even-
tually cover a broader range of pollut-
ants such as microplastics from tyres.
They also set rules for the durability of
batteries in electric vehicles.
But environmental groups criticised
the “historic failure” of the industry to
reduce toxic air pollution.
Anna Krajinska, from campaign
group Transport & Environment, said
the European Commission proposals
were “so weak, the auto industry might
have drafted them themselves”.
Thierry Breton, EU internal market
commissioner, said the auto sector was
“committed to a very large transforma-
tion to decarbonise” and that Brussels
wanted to introduce “an affordable
★ FINANCIAL TIMES 3
INTERNATIONAL
That would put three important roads appointed commander of Russia’s inva- Ukraine sinks into a stalemate over win-
along the land bridge and a number of sion force last month, claimed his troops ter, as some western officials have sug-
Russian logistics sites and ammunition had been repelling Ukrainian attacks gested, the recapture of Kherson will
dumps within range of Ukraine’s high- and inflicting significant losses on their give Kyiv leverage as it lobbies western
precision rocket systems, threatening a adversary. governments to step up supplies of arms
critical supply route that has fuelled Surovikin said the withdrawal would and ammunition, and financial support.
Russia’s war effort from the peninsula. “free up forces and equipment that will “It is encouraging to see how the brave
The area of Kherson province on the be used to take actions, including of an Ukrainian forces are able to liberate
right bank of the Dnipro is “strategically offensive nature, in other areas where more Ukrainian territory, the victories,
important from a military standpoint as the operation is being conducted”.
it gives us firepower control of the roads Wallace said Russian commanders
from Crimea used as supply lines by the “clearly took a decision that they
Crimea represents the
Russians”, said Serhiy Kuzan, an adviser wanted to remove themselves behind most significant military
at Ukraine’s defence ministry. “It will be the natural border [of the river] — a per-
a very big blow to the Russian forces.” fectly logical measure”.
conquest in Putin’s more
That proximity to Crimea could also Kuzan said that while Russia had than two-decade rule
cause Russia to shift more forces south “already bade farewell to the city of
to protect the approach to the annexed Kherson as an administrative centre”, the gains the Ukrainian armed forces
peninsula, a territory from which Presi- having in past weeks evacuated its non- are making belong to the brave, coura-
dent Vladimir Putin could never coun- military staff and officials, it had simul- geous Ukrainian soldiers,” Jens Stolten-
tenance retreat. Crimea represents his taneously strengthened troop levels berg, Nato secretary-general, said on
most significant military conquest in his around the city and along the front lines Wednesday. “But of course the support
more than two-decade rule, and is home on the west bank of the Dnipro. they receive from the United Kingdom,
to Russia’s Black Sea fleet. “Their best ground forces remained. from Nato allies and partners is also
Kherson, captured in March, “is the But they moved their artillery on the essential . . . We will continue to sup-
one objective that Russia achieved east side of the Dnipro river, from where port Ukraine,” he added.
among all its plans”, said Ben Wallace, they can reach the front lines,” Kuzan Additional reporting by John Paul Rath-
UK defence secretary. “And now they’ve said. bone in London and Max Seddon in Riga
given it up. Which must beg the ques- Front line: Ukrainian troops attack Russians near Kherson — Viacheslav Ratynskyi/Reuters Even if the conflict in south-east See Opinion
tion in the Kremlin: what was it all for,
all those lost Russian lives?”
Military analysts said the manner of
Russia’s withdrawal will be key to Mos-
cow’s longer-term prospects in south-
east Ukraine. A Ukrainian counter-of-
fensive in the north-east in September
sparked a chaotic retreat, decimating
Russia’s lines and military capacities.
“If Russia can withdraw its units with-
out heavy losses it will probably be in a
stronger position to hold its existing
front lines,” said Rob Lee, senior fellow
at the Foreign Policy Research Institute,
a US think-tank. “That is why [how] the
withdrawal is conducted is critical.”
Yesterday’s development came as the
US assessed that both sides had sus-
tained heavy losses. Milley said more
than 100,000 Russian soldiers had been
killed or wounded in Ukraine, and Kyiv
had “probably” suffered similar losses.
Ukraine has informed its allies that it
plans to advance slowly and carefully as
its forces move to retake Kherson,
according to one western diplomat,
wary of Russian troops who may remain
in the city and the greater threat from
the other bank of the river. Ukrainian
officials urged caution on Wednesday
over the reality of the Russian with-
drawal, fearing a trap was being set.
As he announced the planned retreat,
General Sergei Surovikin, who was
Under Russian control UKRAINE
Ukrainian-claimed counter-offensive
Assessed Russian presence
Nuclear power plant
Regions annexed by Russia*
Zaporizhzhia
Zolota Balka nuclear
power plant
Dudchany
Kakhovka bridge
Antonivsky Nova Kakhovka
bridge
KHERSON
CRIMEA*
reform that is not too much of a burden
on consumers and industry”.
He also noted that his team had
focused on “road dust” emissions from
tyres and brakes, as these would ulti-
mately become the main source of air
pollution once combustion engines
were phased out.
The 2035 ban on combustion engines
in new cars agreed last week is the first
element to be signed off under the EU’s
Fit for 55 legislation, designed to cut the
bloc’s greenhouse gas emissions by 55
per cent by the end of the decade.
Further elements of the Fit for 55
rules are due to be agreed this week, as
part of EU efforts to cut emissions in line
with the Paris climate agreement.
The commission said the new rules
would increase the cut in nitrogen oxide
emissions from cars and vans by around
35 per cent and by 56 per cent from
buses and lorries by 2035, compared
with previous limits introduced in 2014.
Particulate matter from braking
would be reduced by about 27 per cent,
it estimated. Car industry executives
said the rules placed too much of a bur-
den on the sector.
4 ★
Forbes list
Xi presides over big drop in tycoons’ wealth
Zero-Covid policy and
tech crackdown among
reasons for hit to richest
WILLIAM LANGLEY — HONG KONG
The wealth of China’s 100 richest people
shrank by more than a third in 2022, as
Beijing’s zero-Covid policy, faltering
growth and a push for “common pros-
perity” dented valuations of top compa-
nies and ate into private wealth.
The fortunes of the wealthiest tycoons
fell 39 per cent to $907.1bn from $1.48tn
last year, according to Forbes. It was the
biggest decline since the publication
started compiling its China’s 100 Rich-
Paul Allen
Art collection
breaks record
Artwork amassed by the late
Microsoft co-founder Paul Allen has
broken the sales record for a single
collection, fetching $1.5bn at auction
at Christie’s in New York as art
market valuations remain robust
amid global economic headwinds.
Wednesday’s auction of 60 lots was
the first of two sales, with the
remaining 95 artworks set to be sold
in New York yesterday. Roughly half
of the works bought exceeded
Christie’s valuation estimates.
The star of the night was Georges
Seurat’s 1888 painting “Les Poseuses,
Ensemble (petite version)”, pictured,
which was sold for $149mn, including
the buyer’s premium. Lucian Freud’s
1983 painting “Large Interior, W11
(after Watteau)” went for $86mn.
Christie’s said the artwork was “the
largest and most exceptional” private
collection ever offered. Steff Chávez
Khan sets up showdown with Pakistan’s military
If ex-PM can prevail, his party
will be in pole position to win
general election, say analysts
BENJAMIN PARKIN — NEW DELHI
FARHAN BOKHARI — ISLAMABAD
A charismatic 70-year-old retired crick-
eter with his leg in a cast poses one of the
greatest challenges to the dominance of
Pakistan’s military in decades.
The 500,000-strong armed forces
have long played a decisive role at the
heart of the country’s politics, interven-
ing in everything from coups to behind-
the-scenes string-pulling in a system
rarely questioned by civilian leaders.
But since a gunman pumped three
bullets into him last week, former prime
minister Imran Khan has become the
biggest threat to this status quo in years
— by implicating the military in the
attempt on his life. In a searing speech,
Khan accused Major General Faisal
Naseer, a senior official of the ISI intelli-
Church probe
Vatican’s ex-aides seek €9mn over dismissal
AMY KAZMIN — ROME
The Vatican’s former chief auditor and
his deputy, who were dismissed in 2017
after trying to investigate the Catholic
Church’s “off the books” Swiss bank
accounts, have launched a €9.3mn legal
action against the Holy See.
Libero Milone and his number two, Fer-
ruccio Panicco, are claiming damages
for lost earnings, emotional distress and
loss of reputation over how they were
forced from their jobs after being
accused of misconduct. They were later
publicly accused by the then powerful
Cardinal Giovanni Angelo Becciu of spy-
ing on the private lives of their Holy See
superiors, including Becciu himself.
Milone, a former head of Deloitte
Italy, had been picked in 2015 to estab-
lish an auditor-general’s office for the
Holy See, as Pope Francis sought to
clean up the church’s financial affairs,
including management of millions of
euros in charitable contributions from
Catholic faithful around the world.
But Milone said he and his team were
stonewalled in their requests for details
of Vatican-owned Swiss bank accounts
est list more than 20 years ago. The
wealth of only two people grew, Forbes
said, while 79 billionaires became
poorer. Three newcomers made the list.
Forbes blamed the decline on Bei-
jing’s tech crackdown, a strict adher-
ence to zero-Covid policies that has
throttled growth and damped consumer
demand, and concerns about President
Xi Jinping’s consolidation of power. The
slide in value of the renminbi also
chipped away at fortunes. “The past
year has been one of China’s most diffi-
cult in recent decades,” said Russell
Flannery, Forbes editor-at-large.
Zhong Shanshan, the chair of bottled
water company Nongfu Spring,
remained in the top spot with $62.3bn,
gence agency, of colluding with Khan’s
arch-rival, Prime Minister Shehbaz
Sharif, to try to kill him. Khan urged
outgoing army chief General Qamar
Javed Bajwa to investigate Naseer.
While Khan has not provided evi-
dence for the allegations, the claims set
up a rare public showdown between the
popular leader and the most dominant
institution in Pakistan. If successful,
many analysts say Khan’s Pakistan
Tehreek e Insaf party will win the next
general election, which has to be held in
2023, restoring to power a leader with
far greater clout less than a year after
being ousted in a no-confidence vote.
“Imran is at the peak of his power
right now, especially after this assassi-
nation attempt,” said Vali Nasr, a politi-
cal scientist at Johns Hopkins University
and former US government adviser on
Pakistan. “The military has proved that
it’s not capable of dealing with
this . . . The more he challenges the mil-
itary, the more popular he gets.”
Both Sharif and the armed forces
strongly deny Khan’s allegations over
later found to have been used by the
Holy See to invest about £300mn bet-
ween 2014 and 2018 in a luxury devel-
opment in London. The deals were
authorised by the Vatican secretariat, of
which Becciu was second-in-command.
Although Vatican authorities claimed
there was “irrefutable evidence” against
Pope Francis in
2016 with Libero
Milone, then the
Vatican’s chief
auditor. Milone has
denied wrongdoing
Milone at the time of his departure, they
then shelved the case but never publicly
exonerated him. Milone, who has
always denied wrongdoing, said the epi-
sode destroyed his reputation.
“I’m put on the cross because I did the
right things,” Milone said this week.
“There’s a small mafia in the Vatican
that tries to block any change . . . They
still live in the medieval era.”
Since Milone’s departure, the Vatican
has suffered revelations over its finan-
cial decisions, prompting a reorganisa-
FINANCIAL TIMES
INTERNATIONAL
down 5 per cent from the year before.
Robin Zeng, chair of CATL, the world’s
largest electric vehicle battery maker,
remained in third place after his fortune
dropped 43 per cent to $28.9bn.
The net worth of Pony Ma fell more
than half after the share price of inter-
net giant Tencent, which he heads,
plumbed four-year lows. Alibaba
founder Jack Ma saw his personal for-
tune almost halve after his company’s
value dropped roughly 60 per cent.
Shein founder Chris Xu was a notable
newcomer, with a fortune estimated at
$10bn, while Hui Ka Yan, chair of strug-
gling property group Evergrande and
once one of the country’s richest people,
dropped off the list.
South Asia. Assassination bid
the shooting. Calling the accusation
against Naseer “baseless and irresponsi-
ble”, the army said: “No one will be
allowed to defame the institution or its
soldiers with impunity.” The stakes are
high ahead of the selection this month of
a new army chief, after Bajwa retires.
The military has loomed large over
‘Imran is at the peak of
his power right now,
especially after this
assassination attempt’
Pakistani life ever since its independ-
ence from British rule in 1947, when the
country was carved out of modern-day
India as a homeland for the subconti-
nent’s Muslims. While generals have
ruled openly through coups and martial
law, political scientists said that in
recent years they had opted to influence
politics from behind the scenes.
This system, rarely questioned by the
country’s leaders, has prompted politi-
tion of its charitable donations wing. It
realised well over £100mn in losses
when the London site involved was sold
to Bain Capital recently for £186mn.
Becciu, once a close aide of the Pope,
was stripped of his responsibilities in
2020. He and nine others were indicted
by the Vatican prosecutor last year for
financial wrongdoing, including embez-
zlement and abuse of office in connec-
tion with investments into the London
property. Becciu has always denied any
wrongdoing. His trial is ongoing.
Milone said his years at the Vatican
were the “most difficult” of his career.
Although he expected the assignment to
be “an opportunity to contribute to the
modernisation of the church”, he ran
into resistance from powerful individu-
als uncomfortable with his efforts.
Milone said he initially met monthly
with the Pope to brief him but had been
denied any papal audiences for the
entire year before he was forced out. He
had also found his office was bugged.
The Vatican declined to comment but
said the Holy See’s promoter of justice,
who is its chief prosecutor, reopened the
probe into Milone’s case in the spring.
China’s economy has faltered after
repeated Covid-19 lockdowns, with poli-
cymakers battling to boost consumer
spending. The official goal of 5.5 per cent
annual growth was already well out of
reach, analysts said, while the World
Bank predicted the country would grow
more slowly than the rest of Asia for the
first time in more than three decades.
Gross domestic product expanded
just 3.9 per cent year on year in the third
quarter.
The rapid decline in wealth also fol-
lows a push for “common prosperity”, a
political agenda that seeks to reduce
inequality through wealth distribution
and welfare policies. Xi, who has
secured an unprecedented third five-
cal scientists to call Pakistan a “hybrid”
democracy that blends civilian elect-
oral politics with military rule. The
military denies it intervenes in politics.
Many believe the armed forces, whose
interests span everything from security
to business, even quietly helped Khan’s
rise to power in 2018 on a welfarist, anti-
corruption platform, something both
sides deny. The relationship soured
while Khan was in office, however, when
he challenged the military’s position on
vital issues, including the selection of a
new intelligence chief last year.
The fallout, combined with Pakistan’s
worsening economic outlook, paved the
way for his removal in April, with the
military’s tacit assent, say officials.
But if they expected Khan to fade into
obscurity, this proved a dramatic mis-
calculation. With the economy in crisis
under a painful IMF programme, the
PTI leader has railed against the mis-
management and alleged venality of
ruling elites, transforming his party into
a unique movement with enough clout
to confront the generals.
Shanghai expo
Foreign businesses avoid China import fair
THOMAS HALE — SHANGHAI
China has wrapped up a flagship
import trade fair that sought to boost
international access to its market,
although few foreigners attended amid
strict anti-coronavirus measures that
are constraining trade and travel.
The China International Import Expo in
Shanghai, one of the world’s largest
trade events and a personal project of
President Xi Jinping since its launch in
2018, hosted more than half of the big-
gest multinationals, said organisers.
The event, held partly virtually last
year, comes at a pivotal moment as the
economy faces intensifying pressure
from the government’s zero-Covid poli-
cies, weakening trade data and mount-
ing scrutiny of its reopening prospects.
While foreigners were largely absent
from the conference centre near Shang-
hai’s Hongqiao airport, almost 500,000
visited stalls of companies’ latest prod-
ucts and technologies on display.
Beijing still requires a week of hotel
quarantine for overseas arrivals, and
unlike with previous events such as its
Winter Olympics, a “closed loop” sys-
year term in power, insists the policy
will be one of the country’s most impor-
tant objectives over the next 15 years.
“[Xi’s] common prosperity pro-
gramme has attacked the two sectors
with the largest concentration of wealth
— property and technology,” said
Andrew Kemp Collier, managing direc-
tor at Orient Capital Research, adding
the technology sector was “almost cut in
half” by new rules. “It is clear Xi Jinping
favours the state system because of the
control it offers central government to
engineer changes in the economy.”
The total net worth of individuals on
the Hurun China Rich List, a separate
gauge of the richest people released on
Tuesday, shrank by 18 per cent.
Guy Bell/Shutterstock
“Imran Khan’s popularity is signifi-
cantly higher than anybody antici-
pated,” said Azeem Ibrahim at the New
Lines Institute think-tank in Washing-
ton and a former adviser to Khan. The
PTI leader has successfully pushed a
narrative “that the country is in chaos
and people in power are manipulating
the system to benefit themselves”.
Sharif and his allies accuse him of
recklessly inflaming political tensions
for his own gain and he faces several
legal cases, including over the alleged
misdeclaration of assets, that could bar
him from contesting elections.
Some critics, however, view Khan’s
attacks on the military as a cynical nego-
tiating ploy by lambasting them in pub-
lic to force them to back him.
“This is just a tactic to mount pressure
on the military to concede to his
demands, which are to remove the coali-
tion government and force early elec-
tions,” said Maleeha Lodhi, a former
diplomat. “Far from opposing military
intervention in politics, he wants the
army to intervene on his behalf.”
tem was not set up to facilitate foreign
attendance at the fair, which applied its
own Covid-19 protocols, including an
entry requirement of a negative PCR
test within the past 24 hours.
At a booth for Danish group Arla
Foods Ingredients, Shanghai-based Asia
head Alexander Leufgen said some cus-
Official trade data this
week showed Chinese
imports fell last month for
the first time since 2020
tomers from China and abroad had
struggled to get into the event because of
the measures. Arla was hosting an event
for them downtown, he added.
“It’s a strict regime,” said Andreas
Thorud, China director at the Norwe-
gian Seafood Council, adding that Nor-
wegian seafood exports to China were
up 4 per cent year on year by volume
and 46 per cent in terms of value, mark-
ing a record.
Such growth highlights the appeal of
China’s market to foreign exporters
Friday 11 November 2022
Mediterranean
Paris warns of
‘consequences’
after taking
migrant ship
from Italy
AMY KAZMIN — ROME
LEILA ABBOUD — PARIS
Paris has warned of “strong conse-
quences” for the Franco-Italian rela-
tionship after France agreed to accept a
ship of 231 migrants from the Mediter-
ranean refused shelter in Italy.
French interior minister Gérald Dar-
manin said yesterday that those aboard
the charity-run Ocean Viking, including
40 children, would disembark at the
military port in Toulon.
But he also criticised Italy’s new right-
wing government for what he called its’
“incomprehensible” and “selfish”
refusal to let the Ocean Viking dock at
an Italian port earlier despite repeated
appeals to Rome from the ship.
“France decided on an exceptional
basis to make up for the Italian govern-
ment’s unacceptable behaviour and to
invite the ship to come,” he said.
“France deeply regrets that Italy has
decided not to behave like a responsible
European state in dealing with this.”
The treatment of the Ocean Viking is
being seen in Paris as an early indicator
of how Italy’s new government, led by
the far-right Giorgia Meloni, will behave
in respect to its European partners. Ille-
gal migration is a politically charged
issue in both Italy and France.
Meloni’s rightwing coalition, which
includes her Brothers of Italy party,
Matteo Salvini’s League and Silvio Ber-
lusconi’s Forza Italia, campaigned in
September’s election on a pledge to stop
the flow of migrants from north Africa
to cross the Mediterranean to Italy.
Darmanin said there was “no doubt”
Italy was legally obliged to offer safety to
the Ocean Viking as it had been in Italy’s
search and rescue region — interna-
tional waters in which the country is
responsible for aiding boats in distress.
In a sign of irritation at Italy’s con-
duct, Darmanin announced Paris had
decided not to take in 3,500 migrants in
Italy due to be relocated to France as
part of a new “solidarity mechanism”
that disperses migrants arriving in Italy
and other coastal nations to a range of
EU states. He also said border checks
would be reinstated between the two
countries in the coming days.
Meloni insists Rome is adhering to its
international obligations. She told the
Brothers of Italy that her government’s
refusal to accept the Ocean Viking, and
its initial rejection of hundreds of pas-
sengers on two other non-governmental
organisation vessels last week, was justi-
fied as “these are not shipwrecked per-
sons, these are migrants”.
But the European Commission on
Wednesday reminded member states
that “the legal obligation to rescue and
ensure the safety of life at sea is clear
and unequivocal, irrespective of the cir-
cumstances that lead people to be in a
situation of distress”.
French president Emmanuel Mac-
ron’s government now faces an embold-
ened far-right of Marine Le Pen’s Rass-
emblement National that has been criti-
cal of its handling of migration. Darma-
nin has been charged with helping to
pass a new law in the coming months to
clamp down on people arriving illegally
and increase deportations.
Darmanin yesterday said France
would convene a European ministerial
meeting to discuss the actions of chari-
ties carrying out sea rescues.
despite the curbs and disruptions caus-
ed by the pandemic. In 2020, China
briefly halted European salmon imports
after an outbreak was linked to Beijing’s
Xinfadi wholesale market. Covid cases
near ports have also obstructed trade.
Leufgen said Arla had recorded dou-
ble-digit revenue growth in China this
year and it remained an attractive mar-
ket. “One side-effect of Covid-19 has
been that health awareness [in China]
has increased,” he said.
Official trade data this week showed
Chinese imports, which boomed early in
the pandemic, fell last month for the
first time since 2020, while exports also
contracted, despite forecasts of a 4.5 per
cent rise. The economy grew 3.9 per
cent in the third quarter, well below a
state target of 5.5 per cent for the year.
Several foreign businesses had to att-
end the fair remotely, via a video confer-
ence of almost entirely domestic media.
Yet at an opening address on Friday via
video link, Xi said China remained com-
mitted to the “fundamental national
policy of opening up to the world”.
Additional reporting by Wang Xueqiao in
Shanghai
Friday 11 November 2022 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Friday 11 November 2022

Truce over Moderna seeks to gain slice of revenues from BioNTech/Pfizer Covid jab with patented mRNA technology y COMPANIES

FTX founder Helping hand Amazon launches cutting-edge

warehouse robot in race to slash logistics costs
WeWork to
close offices
apologises as after $629mn
quarterly loss
crypto empire GEORGE HAMMOND — LONDON

Office company WeWork is closing

nears collapse
sites in a bid to cut costs and has failed
to post a profit more than a year after it
went public.
The group announced yesterday it
would shut about 40 “underperform-
ing” offices in the US. Taken together,

3 Exchange short of redemption funds the closures will cut almost 5 per cent
of WeWork’s total desk space and hit

3 Bankman-Fried prepared to bow out revenues.

But WeWork said that shutting offices
would help to reduce costs, as it
announced a third-quarter net loss of
SCOTT CHIPOLINA — LONDON trading house Alameda Research were $629mn, two-thirds of which was
in FTT, a coin issued by FTX. restructuring, depreciation and other
Sam Bankman-Fried has apologised for Binance chief Changpeng Zhao, Bank- non-cash expenses. Revenues for the
the crisis that has engulfed his financial man-Fried’s arch-rival, on Sunday said period were up 24 per cent year on year
empire and admitted that crypto his exchange would liquidate its FTT to $817mn.
exchange FTX did not have enough holdings, igniting both a sell-off in the Chief executive Sandeep Mathrani
readily accessible funds to meet a $5bn token and a run on FTX. has promised to make the company
wave of customer withdrawals. Bankman-Fried yesterday said he profitable and reduce spending, which
In a series of tweets published yester- planned to wind down trading at spiralled under his predecessor,
day, Bankman-Fried said: “I’m sorry. Alameda and also said he was prepared WeWork co-founder Adam Neumann.
That’s the biggest thing. I fucked up, and to stand down as the leader of FTX. “We are leveraging all the tools at our
should have done better.” Binance on Tuesday launched a deal disposal to continue executing against
Bankman-Fried’s mea culpa comes as to rescue FTX, but backed out a day our goals,” he said.
FTX, one of the world’s biggest crypto later, citing concerns about FTX’s busi- The market has been challenging for
trading venues, teeters on the brink of ness practices and reported investiga- office landlords in the past year.
collapse. The 30-year-old founder and tions by US regulators. WeWork’s rivals, including Regus-par-
chief executive said yesterday that FTX The US Securities and Exchange Com- ent IWG, have also suffered.
had only $400mn in easily tradeable US mission has expanded an investigation A significant proportion of workers
dollar assets to cover a record $5bn into FTX, which includes examining the are regularly working from home and
platform’s cryptocurrency lending the economic outlook is darkening, with
products and the management of cus- WeWork’s key markets in the US and
‘Every penny . . . will go to tomer funds, according to a person The US group says the Sparrow robotic arm is its first that can ‘detect, select and handle’ individual goods Europe facing the prospect of recession.
users, unless or until we’ve familiar with the matter. Andre Fernandez, WeWork’s chief
Wall Street’s regulator launched the under pressure to cut costs in its its capital expenditure in logistics by financial officer said the company was
done right by them’ probe months ago but sought additional
DAVE LEE — BOSTON
Online Stores division, on which $10bn compared with 2021. feeling the “impact of inflation, particu-
Amazon has launched a new ware-
Sam Bankman-Fried information after Binance’s acquisition
house robot that can pick and sort
founder Jeff Bezos built his empire, Amazon first introduced robotics larly [rising] energy costs in Europe”.
plans were announced on Tuesday, the which has struggled to grow in 2022. into its warehouses in 2012 with the Since WeWork’s initial public offer-
millions of individual products, in a
surge of redemption requests on Sun- person added. The agency is also exam- Last month, the tech group warned $775mn acquisition of Kiva, a group ing, via a special purpose acquisition
move that will automate more jobs as
day. He had believed in the run-up to the ining FTX’s relationship with a US that consumer spending was in that had produced a drive unit that company, Mathrani has slashed billions
the US ecommerce giant faces pres-
crisis that the exchange had 24-times entity, FTX US. “uncharted waters” as it issued reve- could move stacks of shelves around a of dollars of annual costs and sought to
sure to cut logistics costs.
average daily withdrawals of US dollar Bankman-Fried said yesterday that nue forecasts well below Wall Street designated area. There are now persuade investors that the company
liquidity available. users in FTX.US, which is a separate The group said the robot, named expectations, becoming the latest big 520,000 of these units in use in its glo- has curbed its earlier excesses.
The admission by Bankman-Fried, entity from his main international Sparrow, is its first with the capability tech company to warn of slower bal operation, the company said. Under Neumann, WeWork pursued
whose personal fortune was estimated exchange, “are fine”. to “detect, select and handle individ- growth and higher costs. The ecommerce group processed aggressive growth, bankrolled in large
just months ago at $24bn, casts fresh The crisis at FTX has also dealt a blow ual products in our inventory”, a task The poor retail performance has led approximately 5bn packages in 2021 part by billions of dollars from Japanese
doubt on whether customers will be to prominent investors. that had previously been the domain Amazon to backtrack on its logistics — about 13mn a day — with 75 per cent investor SoftBank.
made whole. Bankman-Fried said the Venture capital firm Sequoia Capital of Amazon’s warehouse employees. expansion plans. It has paused, or being handled by its robots in at least When the business listed at a second
value of the group’s assets exceeded cli- said it would mark down its $214mn Sparrow, a robotic arm that har- cancelled operating, at about 50 US one part of the delivery process. attempt last year, an executive at the
ent deposits, but that “liquidity varies investment in FTX to zero. “In recent nesses computer vision technology to warehouses, according to data from While picking up small items is an company said: “Next year we will be
widely, from very to very little.” days, a liquidity crunch has created sol- identify and pick up small products, logistics analyst Marc Wulfraat. It has easy task for humans, creating a sys- profitable. There’s no way not to be prof-
“Every penny of that — and of the vency risk for FTX,” Sequoia said in a was unveiled in Boston yesterday. also reduced its workforce from a high tem capable of handling a large vari- itable.”
existing collateral — will go straight to note on Wednesday to investors in its The ecommerce group said the of 1.62mn in March this year to ety of shapes, sizes and weights, with- That promise looks unlikely to be
users, unless or until we’ve done right by fund. robot would “benefit” its employees, 1.54mn at the end of September. out needing to be recalibrated, has met. Yesterday, WeWork said it
them,” Bankman-Fried said. Other backers including SoftBank, who could now focus on less repetitive The belt-tightening brings to an end proved a challenge for engineers. expected an adjusted earnings before
Bankman-Fried’s woes began late last Tiger Global, BlackRock and hedge fund tasks. It said 700 new “categories” of two years of pandemic-fuelled invest- Sparrow uses seven suction cups at interest, tax, depreciation and amorti-
week when crypto industry publication managers Paul Tudor Jones and Izzy jobs had been created at the company ment in logistics, during which time the end of a robotic arm to grab items, sation loss of more than $500mn for the
CoinDesk reported that a large portion Englander also face losses. related to robotics. its delivery network doubled in size. sorting products to be sent to the next year, though Mathrani said he expected
of the assets backing the executive’s See Markets and Lex The new robot comes as Amazon is This year, Amazon said it had reduced step in the packing process. to break even in December.

Public Notice
Valley’s headcount reductions mark start of low-growth phase
planet, while also reversing a rapid
INSIDE BUSINESS period of expansion. Twitter’s head-
count had doubled in the space of five
TECHNOLOGY years. Meta’s had risen more than three-
fold.
Richard A simplistic explanation is that the
good times simply led to weak manage-
Legal Notices Notice to Advertisers
Calls to the Financial Times Advertising Department Waters ment that has now been exposed by a
downturn in the economy. Blinded by a
may be monitored. growth spurt, the tech companies sim-
ply failed to prepare for the inevitable
back at pre-pandemic levels. Meta co-
founder Mark Zuckerberg said he was
among the people to make this error.
Yet besides misjudgment and weak
management, there were also some
strong incentives behind tech’s hiring
spurt. One was the race to attract scarce
engineering talent. According to some,
that left tech leaders such as Zuckerberg
with little choice but to ramp up their
hiring, even if they knew they would

F
Acceptance of any advertisement for publication will be
subject to the then current terms and conditions of
insertion of advertisements in FT publications.
or anyone looking for more
A copy of the terms and conditions of insertion of evidence that some of the tech
advertisements in FT publications can be obtained from industry’s most successful
+44 (0)20 7873 3000, or viewed at www.FT.com/
advertising
companies are entering a new,
low-growth phase, the arrival
of mass job losses will look like an
important moment. The companies’
high growth rates, even as they reached
massive size, seemed to defy economic
gravity. Not anymore.
Elon Musk’s precipitate move to axe
half of Twitter’s workforce, with the loss
of 3,700 jobs, came days before Face-
book parent Meta said it was sacking
reversal.
The combined revenues of the five
biggest tech companies — Alphabet,
Amazon, Apple, Meta and Microsoft —
soared during the pandemic, jumping
19 per cent in 2020 and 28 per cent in
2021. This year, by contrast, growth is
expected by analysts to fall back to 9 per
cent, the same as it was in 2019.
Yet Big Tech’s hiring binge has actu-
ally accelerated
into the downturn. One mistaken belief of
Leaving aside
Amazon, which executives was that the
had a 1.6mn-strong pandemic jump in online
probably need to take severe corrective
action later on.
A long period of rock-bottom interest
rates also made it economically rational
for tech companies to invest in new
projects that would not see a pay-off for
many years. One venture capital inves-
tor who sits on a number of private tech
company boards said this kind of think-
ing was pervasive.
Competitive concerns also played
their part, this investor says: companies
were worried that if they didn’t sink
money into long-term bets that might
determine the future of the tech indus-

Businesses For Sale 11,000 workers, or more than one in

eight.
Meanwhile Stripe, one of the most
successful private payments companies
of recent years, cut around 1,100 peo-
ple, or 14 per cent of its workforce — one
of the most visible signs of the wave of
job cuts that have been sweeping
through the world of private tech start-
ups.
This kind of company-wide “downsiz-
ing” — the euphemism once used by
companies in other industries to justify
mass job cuts — is just the most visible
sign of the reversal in the tech industry’s
Business for Sale, Business Opportunities, Business Services, hiring boom. Across the industry, mar-
Business Wanted, Franchises ginal projects are being shut down and
Runs Daily
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hiring freezes imposed.
Classified Business Advertising What makes this all the more striking
UK: +44 20 7873 4000 | Email: advertising@ft.com is that it has hit a group of companies
that are still some of the richest on the
workforce at the
end of 2021, the activity would lead to a
other four have step-change in business
adde d nearly
100,000 workers between them over
the past 12 months, for a growth rate of
18 per cent. That is well above the 10-13
per cent annual growth seen over the
last half-decade.
The mea culpas have been piling up
from tech executives. One explanation
is simply that they misread the econ-
omy. Stripe CEO Patrick Collison said he
had been overconfident in thinking that
the growth spurt that began in 2020
would continue through 2023.
Another was the mistaken belief that
the pandemic jump in online activity
would lead to a step-change in business.
Instead, many people have quickly
returned to old habits and ecommerce is
try, their rivals would. Another strong
incentive to hire was the clamour
among stock market investors for
growth at almost any price.
With the turning of the interest rate
cycle, all of these incentives have evapo-
rated. The question now is how widely
this has sunk in. Still flush with cash and
beset by the habitual optimism that per-
vades the industry, many tech compa-
nies are still looking for a return to what,
in recent years, has passed as normality.
Collison sounded an ominous note in
his message to Stripe’s workers: “We
think that 2022 represents the begin-
ning of a different economic climate.” As
that message sinks in more widely, there
are likely to be many more job losses
ahead.
richard.waters@ft.com
Friday 11 November 2022 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Friday 11 November 2022

COMPANIES & MARKETS

Oil & gas Technology

Brookfield bets on energy transition Aveva investor

Canadian asset manager
joins US-based EIG in
deal for Australia’s Origin
NIC FILDES — SYDNEY
Canada’s Brookfield Asset Management
and US-based EIG Global Energy Part-
ners are set to take over one of Aus-
tralia’s largest energy companies. The
A$18.4bn ($11.8bn) bid is for what they
call a “once in a generation” opportunity
to invest in the energy transition.
Origin Energy, a liquefied natural gas
developer and energy company with
4.2mn residential customers, said it
would recommend the deal to its share-
holders if the indicative and non-bind-
ing offer of A$9 a share was formally
made. Its shares rose 36 per cent to $7.90
on yesterday’s news.
Gas prices have soared since Russia’s
invasion of Ukraine, boosting the reve-
nues and values of Australia’s LNG
exporters. But Australia faces a tough
task in reducing its domestic energy
reliance on coal-fired power. Companies
including Origin and AGL have come
under pressure from shareholders to
detail how they will accelerate plans to
switch to renewable sources.
Brookfield and EIG have targeted
Australia in the past for opportunities in
the energy transition. Brookfield’s Glo-
bal Transition Fund, co-led by former
Bank of England governor Mark Car-
ney, had made a bid for AGL, alongside
software magnate Mike Cannon-
Brookes, this year. Brookfield partly
Technology. Sector turbulence
owns electricity transmission business
AusNet, which means the deal is likely
to be scrutinised by regulators.
EIG, which has formed a gas company
called MidOcean to pursue deals,
backed a failed bid for oil and gas com-
Origin, which owns the
country’s largest power
station, will be broken up
if the deal completes
pany Santos in 2018 and bought stakes
in four Australian gas projects from
Tokyo Gas for $2.1bn last month.
The bid for Origin was the consor-
tium’s third after offers in August and
September were rebuffed. The bid is
pitched at a 55 per cent premium to Ori-
gin’s share price the day before the offer
was revealed. The bid value includes
Origin’s net debt of almost A$3bn.
Origin, which owns the country’s larg-
est power station, would be broken up if
the deal completed. MidOcean would
take over its gas operations and stake in
the Australia Pacific LNG project, which
is jointly owned with ConocoPhillips
and Sinopec. Brookfield would acquire
the retail and energy supply businesses.
The fund said it had built A$20bn of
investment to fund Origin’s transition to
renewable sources by 2030.
Stewart Upson, head of Brookfield’s
Asia-Pacific arm, said Origin was
uniquely placed to contribute to Aus-
tralia meeting its net zero targets. “The
global energy transition is a once in a
generation investment opportunity
which requires trillions of dollars of
investment,” he said. Groups such as
AGL and Origin had lost their “utility”
status as public companies due to the
investment needed to switch from fossil
fuels to renewable sources. Australia
would require at least A$80bn of invest-
ment in its energy market to hit its 2030
climate reduction targets.
Frank Calabria, Origin chief execu-
tive, said: “We believe Origin is in a
strong position to lead the energy transi-
tion, capture opportunities, and create
value for shareholders.”
Australia’s energy sector has been on
a consolidation wave. Woodside com-
pleted a merger with BHP’s oil and gas
business this year; Santos merged with
Oil Search in a A$21bn deal last year.
poised to reject
Schneider’s
‘opportunistic’
takeover bid
HARRIET AGNEW — LONDON
SARAH WHITE — PARIS
A top-five investor in Aveva plans to
reject Schneider Electric’s “highly
opportunistic” takeover of the soft-
ware developer because the £9.5bn
offer price fails to take into account its
future potential.
Hedge fund Davidson Kempner, which
has built a 3.8 per cent stake in Aveva,
said yesterday it had “deep concerns”
about both the deal and how the com-
pany’s board was handling the process.
Schneider said on September 21 that
it would pay £31 a share for the 40 per
cent of Aveva it did not own — a 41 per
cent premium over the company’s clos-
ing share price in August, before the

Meta jobs cull underlines threat from TikTok
Boss moderates metaverse
bet amid heightened scrutiny
from investors on spending
HANNAH MURPHY — SAN FRANCISCO
IAN JOHNSTON AND CRISTINA CRIDDLE
LONDON
After 18 years of bumper growth, a new
reality dawned on Meta on Wednesday
as chief executive Mark Zuckerberg
announced a drastic retrenchment of
his company’s workforce.
The job cuts — equal to about 13 per
cent of its workforce, or 11,000 employ-
ees — speak to the competitive threats
that Meta, which owns Facebook, Insta-
gram and WhatsApp, is facing from
deep-pocketed Chinese rival TikTok.
They are also the first sign that Zuck-
erberg has been forced to moderate his
costly bet on building a digital avatar-
filled metaverse amid heightened scru-
tiny from investors over spending.
“The bubble has burst,” one former
Meta employee said.
The job cuts are part of a cull in tech.
Groups that rely heavily on advertising
revenue have been hammered as
brands slash budgets against a backdrop
of high inflation and the heavy cost of
capital.
According to Layoffs.fyi, a website
that tracks tech companies’ job cuts,
there have been more reductions in the
first nine days of November than in any
other month of 2022.
Even with the headcount correction,
Meta had more staff than it did last year,
analysts noted, a sign of how rapidly the
company ballooned during its pan-
demic boom. At the end of December
2021, the company had nearly 72,000
staff; on Wednesday, the cuts shrank its
workforce of more than 85,000 to
around 74,000.
“Meta laying off 11k people takes it
back to December 2011 levels. Wait, no
— December 2021,” wrote Benedict
Evans, an independent tech analyst and
former venture capitalist.
Many investors and even some
employees have been critical of what
they perceive as Zuckerberg’s over-
hiring in an effort to seize the spoils of
pandemic trends, including more online
communication and shopping.
“They grew so quickly and were so
lavish with perks,” said Zaven Nahape-
tyan, a former senior engineering man-
ager at Facebook who left in 2021 to
found decentralised social media plat-
form Niche.
“There’s so many teams that did not
Meta’s offices need to be there and so many products
in London. that no one knows about. I’m not sur-
Businesses prised that reality is now catching up
reliant on ad with them.”
revenue have Others believe Zuckerberg acted
been hit hard as rationally in staffing up as fast as he
brands reduce could and always realised he would
budgets amid need to reckon with it at a later point.
high inflation “It was a land grab for engineers. Eve-
and heavy ryone knew it was wasteful,” said Kevin
capital costs Landis, a tech investor at Firsthand
Joshua Bratt/PA
Funds. “They absolutely knew they
were being wasteful, and they abso-
lutely knew it was the right thing to do.”
A sombre Zuckerberg appeared
before those who remained at an all-
hands meeting on Wednesday.
“I know there must be just a range of
different emotions. I want to say up
front that I take full responsibility for
this decision,” he said, according to a
video of the meeting shared with NBC
News. “And it was one of the hardest
calls that I’ve had to make.”
Either way, the reckoning has left
many current and former Meta workers
reeling.
One former employee described the
mood internally as “big chaos”, adding:
“This is a complete shit show.” Interns
with offers to return for future positions
were fretting over whether their places
would still be guaranteed, one of them
said.
In some cases, reductions appeared to
be more based on cutting select roles
and teams than low performers, accord-
ing to two other insiders.
Of the areas targeted, recruitment
was badly hit. Companies including
Stripe and Twitter have focused their
job cuts on recruiters as they have fro-
zen hiring, meaning Meta’s recruiters
were also braced for losses.
“I think most of us on the recruiting
team had an idea we would be let go this
morning,” Ryan Anderson, a Boston-
based recruiter who was let go from
Meta on Wednesday, wrote on LinkedIn.
Zuckerberg acknowledged that
recruitment was “disproportionately
affected” and Meta was “restructuring
our business teams more substantially”.
Even Reality Labs, the augmented and
virtual reality division underpinning
Zuckerberg’s metaverse vision, suffered
cuts.
For those who remain, confusion
reigns.
“It is very unclear who takes over
Zuckerberg what projects and relationships,” said
one employee, adding that even those
‘finally read who stayed were downtrodden. “It’s
the room totally brutal.”
There were signs that the cuts had
and took appeased investors, who wiped more
action’ than $89bn from the company’s market
capitalisation in late October after Meta
Dan Ives, posted declining revenues. Meta shares
Wedbush closed up more than 5 per cent on
Wednesday.
Brent Thill, analyst at Jefferies, said
he did not expect the job cuts to hurt
Meta’s revenue growth trajectory and
was “encouraged by the potential for
positive earnings per share revisions for
the first time in 15 months”.
Others said the outlook remained
bleak.
Dan Ives, an analyst at Wedbush Secu-
rities, said Zuckerberg “finally read the
room and took action”, which was a
“step in the right direction”
However, Meta’s job cuts were “an
ominous sign of dark days ahead for
Zuckerberg & Co. The metaverse strat-
egy remains a head-scratcher, and social
media headwinds are gathering”.
Additional reporting by Richard Waters in
San Francisco
potential offer emerged.
When the deal was announced, top
traditional long-only shareholders in
Aveva, including Canada-based Mawer
Investment management and M&G
Investments, said they planned to reject
it because it was an opportunistic bid
trying to take advantage of recent weak-
ness in the share price.
The takeover is due to be voted on by
shareholders next week. Schneider,
which aims to close the deal in the first
quarter of 2023, will need to secure sup-
port from at least 75 per cent of minority
shareholders.
It would only take about
10% of the overall
shareholder base to reject
it for the deal to be blocked
Given the French group cannot vote,
it would only take about 10 per cent of
the overall shareholder base to reject it
for the deal to be blocked.
Aveva is one of Britain’s oldest tech-
nology groups. Spun out of Cambridge
university in the 1960s, its software has
focused primarily on the energy, infra-
structure and manufacturing sectors —
areas Schneider also covers — although
it has expanded beyond that.
The company is navigating a shift to
rely more on subscription revenue,
which analysts say could be challenging
and take several years, but investors
believe will be beneficial longer term.
Davidson Kempner said Aveva’s chief
executive Peter Herweck, who joined 18
months ago on secondment from Sch-
neider, had “presided over poor com-
munication of the business model”.
Schneider said last month it was still
pursuing a full takeover of Aveva, but
added that it could also decide to main-
tain its 59 per cent ownership. “This is
not an absolute must-do deal for us,”
said chief financial officer Hilary Maxon
on an earnings call. Yesterday it said it
still believed its bid offered an “attrac-
tive certain cash value in a difficult trad-
ing environment”.
At the moment the deal is a scheme of
arrangement, a court-approved agree-
ment between Schneider and Aveva’s
shareholders. Schneider could switch to
an offer to get the deal done, which
would involve buying Aveva’s shares
from the market. An offer is easier to
pass because it only requires the major-
ity of minority shareholders to accept it,
compared with 75 per cent needed in a
scheme of arrangement.
Davidson Kempner said in the case of
an offer, Aveva chair Philip Aiken and
the board needed to raise the price “to
deliver extra value from that switch”.
It called on Aiken to defend “the inter-
ests of minority shareholders”.

Technology Tobacco

Foxconn undeterred by China disruption
KATHRIN HILLE — BRUSSELS
Foxconn, the world’s largest contract
electronics manufacturer, says the
bulk of its spending on production
facilities will continue to be in China,
despite the disruption at its plants
caused by Beijing’s zero-Covid policy.
Foxconn chair Liu Young-way told in-
vestors yesterday that the recent uphea-
val at its 200,000-strong factory town in
Zhengzhou, which led to some workers
scaling fences and walking home, was a
crisis created by the pandemic.
The hit to production of iPhones
forced a rare warning from Apple this
week of lower iPhone 14 Pro and iPhone
14 Pro Max shipments than anticipated,
and customers experiencing longer wait
times to receive their products.
The higher transmissibility of the
virus and “the country’s dynamic zero-
Covid policy” were to blame, Liu said.
“How to meet those requirements is a
challenge for us. Not just Zhengzhou,
but other plants and our competitors
face the same challenge.” He said he
hoped Beijing could change its policy as
the virus became less deadly.
The remarks by the Taiwanese com-
pany, China’s largest private-sector
employer and exporter, were unusual,
because it normally avoids comments
that could be deemed political.
Liu downplayed the risk that the
Zhengzhou disruption could allow
rivals to snatch Apple orders from Fox-
conn. Although he conceded that the
company needed to adjust its pandemic
management model, he said the largest
portion of capital investment for next
year would still flow to China, alongside
investments in factories in Vietnam,
India and Mexico.
Liu said the need for reallocating
capacity in response to the pandemic
would not drive diversification of the
company’s manufacturing footprint
beyond China. “There are other drivers
behind that, like geopolitics. Capacity
reallocations for those reasons are more
likely,” he said.
His comments came as the cost of
managing output under Beijing’s draco-
nian Covid-19 controls, along with rising
inflation, ate into Foxconn’s profitabil-
ity. The group’s gross margin, which Liu
aims to increase to 10 per cent, fell to
6.16 per cent in the third quarter from
6.4 per cent in the previous quarter.
Foxconn’s net profit for the Septem-
ber quarter was NT$38.8bn ($1.2bn), a 5
per cent increase on the same period last
year but below analysts’ expectations of
NT$41.3bn.
The company said it expected reve-
nue to be flat in the current quarter and
next year. While its consumer electron-
ics business was likely to be weaker in
2023 than this year, cloud products, per-
sonal computers and electronic parts
would continue to drive growth, it said.
Longtime backers save Juul from bankruptcy
OLIVER BARNES — LONDON
Juul Labs has secured a cash bailout
from two of its earliest investors and
announced plans to cut jobs as part of a
reorganisation aimed at bringing the
Altria-backed e-cigarette group back
from the brink of bankruptcy.
The vaping group had been considering
a Chapter 11 filing as its cash reserves
dwindled in the face of falling sales and
pressure from regulators.
But longtime investors Riaz Valani,
general partner at Global Asset Capital,
and Nicholas Pritzker, a San Francisco
real estate magnate who co-founded
Tao Capital, had agreed to throw the
company a lifeline, said a person famil-
iar with the matter. The size of the bail-
out package has not been disclosed.
“Today, Juul Labs has identified a
path forward, enabled by an investment
of capital from some of our earliest
investors,” the company said.
Along with the cash injection, Juul will
cut 400 jobs, which amounts to about a
third of its workforce, and reduce its
operating spend by between 30 and 40
per cent.
The plan was first reported by the
Wall Street Journal.
In July, Juul’s products were banned
by the US Food and Drug Administra-
tion for playing a role in the rise of
underage vaping. However, the DC Cir-
The e-cigarette business will axe 400
jobs and cut spending by up to 40%
cuit Court of Appeals placed a stay on
the marketing denial order and the FDA
launched an additional review into its
decision, allowing Juul to keep its prod-
ucts on the shelves.
Before the FDA ruling, sales of Juul
products were already in decline as pub-
lic concern mounted over its role in the
teen vaping epidemic.
Last year, Vuse Alto, a product
made by rival R.J. Reynolds, a subsidi-
ary of British American Tobacco, over-
took Juul as the best-selling US vape
product.
Altria, the cigarette maker behind the
Marlboro brand in the US which owns
35 per cent of Juul, cut the value of its
stake in the vaping company to just
$450mn in July. Altria’s stake is worth
3.5 per cent of its original value. The
Marlboro maker paid $12.8bn for a
stake in Juul in 2018.
In September, Altria ended its non-
compete agreement with Juul.
Friday 11 November 2022 ★ FINANCIAL TIMES 9
10 ★ FINANCIAL TIMES Friday 11 November 2022

COMPANIES & MARKETS

Moderna battles for Covid vaccine rewards

Ending of lockdown-era patents truce with BioNTech and Pfizer triggers struggle for future of mRNA technology
HANNAH KUCHLER — LONDON
In autumn 2020, as drugmakers raced
to get vaccines to market in the face of
the biggest public health crisis in a gen-
eration, Moderna made a bold pledge: it
would not enforce its patents against
rivals developing Covid-19 jabs.
This year, however, almost two years
after Pfizer and BioNTech beat it to the
first approved messenger RNA jab,
Moderna fired back with a lawsuit over
patents for a technology that could open
the door to many more vaccines.
If Moderna wins, it could gain a slice of
billions of dollars in revenues from the
BioNTech/Pfizer Covid jab. Perhaps
more importantly, it would also signal to
investors and Big Pharma that the Mas-
sachusetts-based company is primed to
dominate the future mRNA market.
Stephen Reese, an intellectual prop-
erty lawyer with Clifford Chance who
advised Pfizer on its deal with BioN-
Tech, said Moderna’s pledge had been
made in the “heat” of the pandemic.
“The Rubicon has been crossed in a
way, now that Moderna has gone out to
sue over a Covid-19 vaccine,” he said.
“Fundamentally, this is not a fight about
Covid-19 vaccines, this is a fight and
ongoing litigation about mRNA plat-
forms.”
Sales of coronavirus shots are falling
and forecast to slump further. Moderna
and BioNTech are investing their pro-
ceeds in looking at ways to use mRNA,
which delivers genetic codes into the
body, in vaccines for other infectious
diseases, including HIV, and in medi-
cines such as personalised cancer treat-
ments. However, they are still far from
market.
Vaccine makers are likely to increase
the price of the shots significantly as US
commercial payers take over buying the
jabs, which have previously been
bought on government contracts.
Moderna first signalled it was prepar-
ing a lawsuit in March, announcing it
was “updating its patent pledge never to
enforce its patents for Covid-19”. With
plentiful supply of vaccines in middle-
and high-income countries, the com-
pany said it now expected those outside
the poorest 92 nations “using Moderna-
patented technology” to respect its
intellectual property.
In August, it filed its suit against Pfizer
and BioNTech in the US and Germany,
saying it would seek damages for the
‘The infringement of three patents. One cov-
ers a key modification made to reduce
Rubicon side effects that allows for larger doses,
has been which is thought to be why the Pfizer
and Moderna jabs were more successful
crossed in than German mRNA company Cure-
a way, Vac’s first-generation vaccine, which
did not include the tweak.
now that Others cover the design of the spike
Moderna protein, which teaches the immune sys-
tem to recognise the virus, based on
has gone Moderna’s previous work on another
out to sue coronavirus that caused Middle East
said the royalties would probably only
count after the expiry of the pledge not
to enforce patents, thereby excluding
the vast majority of sales so far.
“If Moderna prevails, Pfizer will pay
royalties, probably under 10 per cent of
sales, and that’s the worst that could
happen to them.”
The three companies’ share prices
barely budged when Moderna filed its
lawsuit.
Moderna has moved carefully, aware
the battle will also play out in the court
of public opinion, and has not sought an
injunction to stop Pfizer and BioNTech
selling their vaccine.
It has also excluded many of the sales
to the US government, which gave Mod-
erna a helping hand worth at least
$2.5bn, and is not pursuing a slice of
sales to the poorest countries.
Santos Rutschman said Moderna
appeared to have a “fairly persuasive
case”, pointing in particular to the pat-
ent covering the spike protein.
“The full-length spike protein that
was developed before the pandemic,
when Moderna was working on
MERS . . . that’s what enabled it to
quickly produce the mRNA vaccine for
Covid-19. There are some similarities in
the technology there so I think the case
is relatively powerful,” she said.
The patent could still be invalidated if
it is too broad, or if someone else holds a
similar patent that was filed earlier.
Jacob Sherkow, a patent attorney at
the University of Illinois College of Law,
also says Moderna has a good chance of
winning. But he warns that the more
potential inventors, the more compli-
cated the case could be. While mRNA
Covid jab sales drop Immunisation has only recently become a success, sci-
as prices rise drive: Moderna entists have been working on its devel-
and BioNTech opment for so long that many of the ear-
Revenue ($bn)
60
are hoping to
use mRNA for
liest patents may have expired.
“All things being equal, it probably
other infectious favours Moderna but things could
55 diseases as their change in a hurry,” he said.
sales of Jorge Contreras, a law professor and
50 coronavirus director of the programme on intellec-
shots are tual property and technology law at the
expected to University of Utah, said a common
2021 22 23
45 slump — Frederic J. approach in pharma patent suits was
“the best defence is a strong offence”.
Brown/AFP via Getty Images

Legal Notices Respiratory Syndrome. Doses delivered (bn) He said it would not be surprising if
over a But Moderna’s lawsuit was not the 6 Pfizer or BioNTech “found patents that
Covid-19 first in what promises to be a many-
party fight over who owns which pat-
5 could be applied to Moderna’s products,
and thus countersued Moderna for
vaccine’ ents in the world’s most lucrative vac- 4 infringement”.
cine. 3 But one person close to BioNTech said
CureVac had already sued BioNTech the founders would be reluctant to sue
in July, with its chief executive Franz 2 back — though may find they have to as
Werner Haas claiming BioNTech was 1 a public company accountable to inves-
‘The “standing a bit on our shoulders”, refer-
ring to patents including one related to
2021 22 23 tors.
Another possibility is that Pfizer and
potential manufacturing and one to how you Average price per dose ($)
40
BioNTech argue the pandemic is ongo-
damages at mRNA is delivered into the body.
BioNTech declined to comment. 35
ing, because the World Health Organi-
zation has not yet declared it over, so
stake here Pfizer said: “We remain confident in our
30
Moderna’s pledge should still stand.
[are fuelling intellectual property supporting the
BioNTech/Pfizer vaccine and will vigor- 25
Or, Contreras argued, the US govern-
ment could step in to facilitate a settle-
lawsuits], ously defend against the allegations of
20
ment to avoid potential barriers to prep-
with these the lawsuit.”
Moderna has been sued by Alnylam 15
arations for future pandemics.
Most legal experts expect the battles
vaccines Pharmaceuticals, Arbutus Biopharma 2021 22 23 to eventually conclude in a web of cross-
being and Genevant Sciences, which also lay
claim to the delivery mechanism used
* Based on Pfizer/BioNTech, Moderna,
AstraZeneca, J&J and Novavax
licences, which should ensure new vac-
cines and therapeutics get to patients.
distributed on the jab. Moderna said the companies’ Revenue from Covid shots Large pharmaceutical companies that
to billions claims were “unfounded” because its
vaccine does not infringe any “valid pat- $bn
lagged behind in the race for the vaccine
are now investing heavily in mRNA,
of people’ ents”.
2021
0
2022
10 20 30 40
including Sanofi, which bought Trans-
Aziz Burgy, a US patent litigator at late Bio for $3.2bn in 2021, and GSK,
Axinn Partners, said companies were Pfizer/ which is partnering with CureVac. They
BioNTech
looking at their intellectual property to may have to cough up royalties to who-
work out if they had any claims. “The Moderna Moderna
ever wins these battles, or be more likely
lawsuits have popped up recently in lawsuit set to partner with the mRNA leaders.
large part because of the potential dam- to cost Santos Rutschman said the battle was
ages at stake here, with these vaccines AstraZeneca Pfizer/ Podcast primarily “reputational”, enabling
being distributed to billions of people.” BioNTech The loneliness of Moderna and Pfizer and BioNTech to
up to 10% the long Covid
If Moderna wins, legal experts esti- J&J of revenues stake their claim in this new market.
employee. Could
mate it could be awarded damages long Covid be “We’re going to see a winner and the
worth anywhere from 1 per cent to 10 loser in the news. But I think both com-
Novavax 0 the world’s next
per cent of sales. big workplace panies actually are going to win at the
But Ana Santos Rutschman, a profes- health crisis? end of the day.”
sor of law at Villanova University who Revenues for Q3 and Q4 2022 are forecast ft.com/podcasts Additional reporting by Jamie Smyth in
Source: Airfinity
has written a book on Covid vaccines, New York

Pharmaceuticals

AstraZeneca drops US submission for Oxford jab approval

HANNAH KUCHLER — LONDON
AstraZeneca has abandoned its sub-
mission for US regulatory approval for
the Covid-19 vaccine it developed with
Oxford university, almost two years
after it was initially approved in the UK
and Europe.
Pascal Soriot, AstraZeneca’s chief exec-
utive, said the company had decided to
focus its regulatory team’s efforts on
areas with larger unmet medical need,
pointing to 19 regulatory approvals
since the last earnings call.
“We have decided to withdraw appli-
cation in the United States simply
because the US marketplace is well sup-
plied and in fact, the demand for vac-
cine in the US and elsewhere in the
world is declining,” he said.
He added that the submission in the
US was growing “very complicated and
very large”, as the company compiled
vast amounts of data on the Vaxzevria
vaccine, which received temporary
approval in the UK in December 2020,
and in the EU, in January 2021.
“It didn’t make any sense for us to
continue pursuing this application. We
have many other things we can do that
will have a much bigger impact on help-
ing patients and creating value,” he said.
AstraZeneca distributed the vaccine
on a non-profit basis during the pan-
demic and sold 3bn doses. But in the US,
officials criticised it over how it pre-
sented data on the efficacy of its vaccine.
Now, the market has been saturated by
the Pfizer and Moderna mRNA jabs.
In March, AstraZeneca’s head of
research and development said it would
consider not submitting for approval in
the US if it found it was “banging its
head against a brick wall indefinitely”.
Soriot said the company had not given
up developing other vaccines.
Before the pandemic, AstraZeneca
only had a nasal spray vaccine for flu,
but last year it formed a new unit that
includes shots. He said internal discov-
eries gave the company “good hope”
that it would invent new vaccines, but
the proof would take three to five years.
“We are at the beginning of the jour-
ney. Just like 10 years ago we were at the
beginning of the oncology journey,”
Soriot pointed out.
Ahead of the UK chancellor’s Autumn
Statement next week, Soriot called on
the government to protect spending on
innovative drugs, which he said could
reduce hospitalisations and costs.
“Unfortunately, the government, in
the recent past, has been focused on
massively reducing prices and invest-
ment in innovative medicine,” he said.
AstraZeneca raised its earnings guid-
ance for the full year, after its margins
were boosted by soaring sales of higher
priced oncology and rare disease drugs
and a drop in revenue from non-profit
Covid-19 vaccine contracts.
The Anglo-Swedish drugmaker
expected 2022 core earnings per share
to increase by a high twenties to low
thirties percentage, compared with pre-
vious guidance to expect a mid-to-high
twenties rise.
The company reported $11bn in
third-quarter revenue, up 19 per cent
year on year at constant exchange rates,
and higher than analysts’ forecasts of
$10.8bn.
Sales of Vaxzevria declined as
expected to $180mn from $1.1bn in the
same quarter the year before.
Core earnings per share were $1.67, up
70 per cent year on year at constant
exchange rates, and above the average
analysts’ estimate for $1.54. The core
gross margin was 81 per cent, up 6 per-
centage points.
Friday 11 November 2022 ★ FINANCIAL TIMES 11
12 ★ FINANCIAL TIMES Friday 11 November 2022

COMPANIES & MARKETS

Energy. Windfall taxes Crypto

Trio of digital
US beats EU as magnet for green currency
investment, says Iberdrola funds face
FTX wipeout
STEVE JOHNSON

Investors in three digital currency funds

face the risk of being wiped out as the
FTX crypto exchange teeters on the
brink of collapse.
The trio of exchange traded products
are invested purely in FTT, the digital
token of the FTX platform, which has
plunged more than 80 per cent this
week as a run on FTX has cast doubt
over its survival.
The VanEck FTX Token exchange
traded note (VFTX), the 21Shares FTX
Token ETP (AFTT) and the CoinShares
FTX Physical FTX Token ETP (CFTT)
had combined assets of €27.7mn as of
October 31, according to data from
Morningstar Direct, having launched
between February and April of this year.
The products are listed on several
continental European exchanges and
registered for sale in the EU and Switzer-
land, although not in the UK or US.
The fallout from the meltdown at
FTX is also taking its toll on a series
of other cryptocurrency ETPs,
particularly those invested in Solana,
which has tumbled 47 per cent since
Monday amid speculation that FTX will
need to sell its large holding in the token
in order to raise vital funds.
Bitcoin has fallen 18 per cent over the
same time period. The ProShares
Bitcoin Strategy ETF (BITO), the
world’s largest crypto ETP, experienced

‘Just because you can buy

Spanish utility’s boss Galán
laments European politicians’
responses to energy crisis
BARNEY JOPSON — MADRID
The US is marching ahead of the EU as a
more attractive destination for clean
energy investment as government
responses to the cost of living crisis
diverge, according to one of the world’s
biggest energy companies.
Ignacio Galán, executive chair of
Iberdrola, said that, even though the EU
had been first to act decisively on
decarbonisation, the balance had
shifted as green incentives in the US’s
Inflation Reduction Act made it a “very
much” more appealing place to invest.
In an interview with the Financial
Times, the head of the Spanish group
lamented the EU’s proposed cap on
revenue from electricity generation as
well as Spain’s planned windfall tax on
its biggest energy companies, including
Iberdrola.
“The key issue is that these measures
can create uncertainty,” Galán said.
His comments point to global tension
as governments take different paths in
the battle to manage soaring living
costs and an economic slowdown while
continuing to push the transition to
cleaner energy.
Galán was speaking before Wednes-
day’s unveiling of the 2023-25 invest-
ment plans for Iberdrola, which is
Europe’s biggest utility by market value
ahead of Italy’s Enel and already has
operations stretching from the US to
Brazil to Australia. Iberdrola plans to
invest €36bn in renewable generation
and power networks with the US receiv-
ing 34 per cent of that, the largest share.
It is also close to finalising its €9bn
acquisition of US group PNM Resources,
which will receive €2bn of investment,
lifting the US investment share to 47 per
cent.
Galán welcomed the Inflation Reduc-
tion Act, an economic package passed in
August, that provides $370bn in tax
giveaways for wind and solar power,
batteries and other green technologies.
“The US government took longer to
take the climate change theme
seriously. But now they are committed
to it they are putting in all the necessary
support,” he said.
He praised the US legislation for
promoting electrification via carbon-
free vehicles and heating systems and
for providing a solid framework for the
next 10 years.
A good example of its scale, he said,
was green hydrogen, an alternative fuel
generated using renewable energy.
The US was providing about $100bn
of support to produce it, he said, while
the EU — which has green hydrogen in
its long-term plan to reduce reliance on
Russian gas — was offering just $5bn.
But Iberdrola is a long way from
abandoning the EU. In its 2023-25
investment plans, Spain will get
17 per cent of the capital and other EU
countries, including France, Germany
and Italy, will receive a combined 12 per
cent.
The UK, where it owns ScottishPower,
will receive 20 per cent.
Iberdrola is seeking to participate in a
variety of green projects funded by the
EU’s €800bn coronavirus recovery
funds, which began to be distributed last
year, and Galán stressed that the
European Commission was committed
to more renewable power.
But he was downbeat on the response
to the crisis prompted by the fallout
from Russia’s invasion of Ukraine and
record-high gas prices.
The EU, he said, was aiming at the
wrong target with its proposal to impose
a €180/MWh cap on the electricity
revenues of non-gas power producers.
“The energy crisis is about gas,” he
said. “If instead of gas markets you
intervene in the electricity market, the
result will be less investment in clean
electricity and ultimately more gas
dependence.”
Such moves denied investors the
“certainty, stability, predictability” they
needed, he said. “If you intervene at
€180, why not €67, where the cap is in
Spain? And why not tomorrow €120?”
Green day: While the EU is proposing a windfall
tax only on oil and gas groups, Spain has
Iberdrola wants
to participate proposed a temporary 1.2 per cent tax
in projects on the revenues of the country’s largest
funded by the energy groups.
EU’s €800bn Despite the Socialist party-led
coronavirus government’s rhetoric on “excess”
recovery funds, corporate earnings, Galán said
but Ignacio Iberdrola’s profits in Spain were down
Galán, below 14 per cent from a year ago in the past
left, is critical of quarter.
the region’s That was largely because it sells a lot
policymakers of electricity via long-term contracts at
Angel Garcia/Bloomberg
fixed prices based on production costs
with the current average wholesale
price at about €70/MWh.
If the windfall tax comes into force as
envisioned “we will go to the courts to
defend the interests of shareholders”, he
said.
Asked if the tax was leading to less
Iberdrola investment in Spain, he
replied: “It’s certainly not making Spain
very attractive for investment. Not only
for us, for everybody.”
In the nine months to the end of
September, Iberdrola reported global
net profits of €3.1bn on revenues of
€37.9bn.
The US, where it owns Avangrid, is
‘The result the company’s largest investment
destination but the country’s share of
will be less new funds this year has been 25 per
investment cent, lower than the proportion set for
2023-25.
in clean Latin America will receive 14 per cent
electricity of the total in the next three years.
Galán said: “The world is in the
and more middle of a crisis, so our priority is to
dependence make as much investment as we can but
without putting at risk our financial
on gas’ solidity.”
something on a platform
doesn’t mean it meets all
the requirements’
record trading volume on Tuesday amid
the chaos, with 49.3mn shares traded,
worth $576mn, 64 per cent higher than
the previous record.
The volume spike for BITI, the
ProShares Short Bitcoin Strategy ETF, a
bet on a falling price, was 366 per cent
above any other day since launch with
7.2mn shares worth $288mn changing
hands, according to ProShares.
Some are likely to be critical of ETP
providers, regulators and stock
exchanges that were happy to facilitate
products that made it easier for
retail investors to access FTT, a digital
coin maintained by a single, unlisted
company.
“A lot of these vehicles [crypto ETPs
in general] have been created entirely to
legitimise cryptocurrencies and bring
them into the mainstream financial
system,” said Kenneth Lamont, senior
fund analyst for passive strategies at
Morningstar. “We have always warned
against it. Just because something is in a
wrapper and you can buy on a platform
doesn’t mean it meets all the require-
ments you would expect from other
financial instruments,” he added.
ETP providers defended their deci-
Our global sions to offer these products, however.
team gives you “At the time we looked at it, FTX had
market-moving a sterling reputation,” said Townsend
news and views, Lansing, head of product at CoinShares.
24 hours a day “In hindsight, it’s an unfortunate reality
ft.com/markets that FTX is struggling.”
See Lex

Asset management Fixed income

Fund executives warn over fragmenting Disaster-struck nations offered lifeline

regulation amid supply chain pressures
ADRIENNE KLASA AND HARRIET AGNEW
Top fund management executives
have voiced concerns that fragmented
regulation will hold them back as asset
managers try to balance the demands
of a highly interconnected investment
industry against retreats from
globalisation.
Regulation of the fast-growing
sustainable investment sector is an area
of concern. European regulators took a
lead on defining standards for so-called
environmental, social and governance
investing this year, with the Sustainable
Finance Disclosure Regulation, which
aims to improve transparency and
prevent greenwashing.
But the UK is consulting on its own
version of rules, which could take a
different approach to the EU in the
aftermath of Brexit.
“It’s great that the [UK] regulators are
consulting on this stuff but it is our
fear that we’ll have a separate set
of rules,” Patrick Thomson, chief
executive for Europe at JPMorgan Asset
Management, told the Financial Times
Future of Asset Management event.
“My big concern is around the
federalisation or fragmentation of
regulation. Adding complexity to fit a
local narrative might not be the best
outcome for customers,” he added.
Diverging paths between the UK and
its larger neighbour create stresses for
fund managers aiming to deliver global
strategies to clients.
“If there are nuances and differences
in regulations across each European
market, that makes it very difficult to
have a common product across those
markets,” said Jeremy Taylor, UK chief
executive of Lazard Asset Management.
Fiona Frick’s Unigestion wants to be
more selective on company choices
Stockpicking fund managers are also
increasingly affected by deglobalisa-
tion. As global supply chains have
buckled under the pressure of external
shocks from the coronavirus pandemic,
Russia’s invasion of Ukraine and tension
between the US and China, many
companies are now looking closer to
home as they consider reversing
decades of global outsourcing.
Fiona Frick, chief executive of Swiss
asset manager Unigestion, said: “In the
past 10 to 20 years, companies were
mostly valued on revenues. Now it will
be on operating profits and how they
integrate costs into their model. So
we will be more selective with the
companies we choose.”
For investors, being able to assess the
impact of economic shifts across supply
chains has been essential to valuing
companies this year, whether from
surging energy costs or changing
production patterns.
“That is incredibly valuable insight
in understanding the challenges that
companies are faced with,” said
Thomson. “So deglobalisation, yes, [is
a factor] but this is still a global
investment management industry.”
on delaying sovereign debt repayments
MARTHA MUIR
A broader list of countries affected by
natural disasters should be able to
pause debt payments, under a scheme
drawn up by international financial
institutions including the IMF, World
Bank and private sector lenders.
Vulnerable countries will be able to add
climate resilient debt clauses (CRDCs)
in to future bonds they offer on
international markets, using new
measures published by the Interna-
tional Capital Market Association.
If defined trigger events occur, such
as droughts, earthquakes, floods and
hurricanes, nations should be able to
defer payments for a maximum of two
years, freeing up funds for disaster relief.
The measures, announced at the
COP27 summit in Egypt, come in the
wake of highly indebted, climate-
affected nations like Pakistan struggling
to keep up with their debt obligations.
The country has been hit by
unprecedented flooding since June,
triggering a humanitarian crisis and
causing an estimated $30bn in damages.
A draft pap er from the UN
Development Programme in September
proposed that Pakistan negotiate debt
relief with its creditors.
While CRDCs have previously been
included in a small number of bonds
and loans, particularly in the Caribbean,
efforts by the ICMA, which represents
banks and investors, are an attempt to
standardise the practice and make them
applicable in a wider range of disaster
situations and locations.
Any country could take advantage of
‘We live in a world where
countries are vulnerable to
both growing debt levels
and risk of climatic shocks’
the measures but the ICMA said they
are likely to be most suitable for
“low-income countries, small island
developing states or other developing
countries particularly vulnerable to the
impacts of climate change”.
Leland Goss, the ICMA’s general
counsel, said in a statement: “We live in
a world today where countries are
vulnerable to both growing debt levels
and an increasing risk of climatic
shocks. If sovereign borrowers can
avoid default at the time of a natural
catastrophe, this will benefit both
affected countries but also their
creditors and the global financial
system that might otherwise be
providing finance potentially simulta-
neously in multiple jurisdictions.”
The clauses were drawn up by a
private sector working group, chaired
by the UK Treasury, which included the
IMF, World Bank, academics, as well as
banks and investment firms.
The ICMA did not specify whether
issuers would be subject to a price
premium for inserting CRDCs in to debt
issues.
Previous attempts to incorporate
private finance in disaster relief have
drawn mixed results.
The World Bank’s pandemic bonds in
2017 raised $320mn but they were
designed to pay out only if an outbreak
of an infectious disease such as Ebola
reached a second country and caused at
least 20 deaths.
Investors enjoyed high returns but
the instruments were criticised for
producing small amounts to help with
the Ebola crisis in central Africa.
Friday 11 November 2022 ★ FINANCIAL TIMES 13

COMPANIES & MARKETS

The day in the markets Crypto ecosystem

What you need to know
must be made
3 US stocks surge on lower than
safer for investors
expected inflation data
Wall Street stocks soar as data show US inflation cooling
3 Government bonds also rally as Indices rebased
expectations grow of lower Fed rate rise
3 Europe’s equities also advance but
Asia indices hit by earlier losses
105
Frances Coppola
Wall Street stocks shot higher and
Treasuries rallied yesterday after
Nasdaq Composite
S&P 500
104
Markets Insight
October’s closely watched inflation data

T
103
came in cooler than expected, setting the
stage for lower US Federal Reserve rate he sudden collapse of the US regulators are now investigating entire system now seems to depend on a
rises. 102 crypto exchange FTX raises relationships between FTX and few big personalities, trusted by thou-
The benchmark S&P 500 added serious questions about Alameda, including whether customer sands. Bankman-Fried is one. He built
4.1 per cent in early New York trading the state of the crypto eco- funds may have been misused. up a huge empire in a short period of
while the tech-heavy Nasdaq Composite 101 system. Without serious If customer funds have been lent out, time and has given lots of money to good
rose 5.7 per cent. changes in the way it works, it is hard to then unless Bankman-Fried succeeds in causes. He seemed an all-around good
In government bond markets, the yield seehowitcanbecomepartoftheexisting finding a buyer who will pay near full guy. So investors showed a remarkable
on the two-year Treasury, which is 100 mainstream financial system, let alone price (which appears a tall order), cus- willingness to back his ventures without
particularly sensitive to interest rate replace it as some would like to see. tomers of FTX’s international exchange the usual financial due diligence.
moves, slipped 30 basis points to 4.32 per
99
The crisis at FTX, and before that seem set to lose a substantial part of • Concentration. There are not many
cent. The yield on the benchmark 10-year crypto lender Celsius, Voyager, hedge their funds. Some — perhaps many, major crypto exchanges and banks, and
Treasury fell 28bp to 3.86 per cent. Mon Tue Wed Thu fund Three Arrows Capital and digital because FTX attracted retail traders those who run them all know each other
The bounce in markets came after the Source: Refinitiv
tokens terraUSD and luna, has little do and encouraged ordinary people to and invest in each other’s companies.
US consumer price index reading for with cryptocurrency as a technology. deposit their wages into its accounts — When they get on, everything is fine; but
October came in at 7.7 per cent, marking Rather, it exposes what financial will suffer hardship as a result. when they fall out, they can do immense
the smallest 12-month increase since but arrive at a higher than expected “The fact the Fed may slow down from systems look like when there are insuffi- FTX is far from the first crypto com- damage. It should not be possible for a
January and a sharp drop in the annual terminal rate. here means what could break out is a cient checks and balances. Crypto peo- tweet from Binance’s chief executive to
rate of inflation of 8.2 per cent in Former US Treasury secretary conversation not just about recession ple rail against central banks and regu- spur a run that brings down its largest
September. Economists had forecast an Lawrence Summers earlier this week said rather than inflation, but a conversation lators but they exist for good reasons. These problems will be rival; but that is what happened.
8 per cent rise. the terminal rate could hit “6 [per cent] or about maybe avoiding a recession Exactly what went wrong at FTX is painfully familiar to • Opacity. Crypto was supposed to
The dollar fell immediately after the more”. But markets now expect the Fed’s entirely,” Paulsen said. “Maybe we’ll have still unclear. Its chief executive, Sam improve the transparency of financial
CPI report, trading down 1.4 per cent benchmark interest rate to peak at a soft landing”. Bankman-Fried, insisted it was just a anyone studying the transactions. But crypto companies
against a basket of six peers. around 4.8 per cent in May 2023, having Across the Atlantic, the Stoxx Europe liquidity failure. But Binance, which history of financial panics such as FTX reveal very little about
The lower than expected readings ease previously predicted a peak of just over 600 added 2.7 per cent and London’s initially agreed to buy FTX to shore up their financial status — much less than
pressure on the Fed to maintain its policy 5 per cent in June. FTSE gained 1.2 per cent. liquidity, pulled out of the deal after would be expected of a conventional
of aggressive interest rate rises to “[The CPI numbers] will be a catalyst, I In Asia, Tokyo’s Topix shed 0.7 per cent, looking at its books. pany to fall amid token collapses, bank bank. The opacity of Bankman-Fried’s
combat inflation. think we’ll have a pretty good market the Hang Seng index in Hong Kong fell 1.7 There are reports that FTX has a runs and allegations over the use of companies, FTX and Alameda, was
Fed chair Jay Powell signalled earlier rally to the end of the year,” said Jim per cent and China’s CSI 300 of Shanghai- balance sheet hole of about $8bn. Unless customer funds. The failure of Celsius, worsened by a complex corporate struc-
this month that the central bank would Paulsen, chief investment strategist at and Shenzhen-listed stocks lost 0.7 per someone is prepared to commit a lot of Voyager and, in 2021, the crypto lender ture, intercompany transfers and the
slow the pace of monetary tightening The Leuthold Group. cent. George Steer and Hudson Lockett capital, FTX will eventually file for Cred, show similar characteristics. reported use of holdings of a native
bankruptcy. Investors are bracing Underlying these failures are four major token to boost the balance sheet.
themselves for the worst: Sequoia weaknesses in the crypto ecosystem: These problems will be painfully
Markets update Capital has already written down its • Interconnectedness between compa- familiar to anyone who has studied the
investment to zero. nies in the form of opaque crossholdings history of financial panics and banking
More worryingly, it appears that and circular lending practices such as crises. They seem to be endemic to
customer funds are compromised. rehypothecation. Rival crypto exchange financial systems. Crypto has shown it is
US Eurozone Japan UK China Brazil Indeed, it is hard to see how a balance Binance had a substantial holding of no different.
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa sheet hole of such size could have FTX’s native token, FTT. When it If crypto is to have a future as a main-
Level 3926.31 1704.26 27446.10 7375.34 3036.13 110082.81 developed unless the exchange had announced that it would sell its holding, stream financial product, it must now
% change on day 4.74 2.56 -0.98 1.08 -0.39 -3.08 been lending out customer funds. it sent people scurrying to sell FTT and accept the regulation and controls that
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ Reuters reported that FTX lent cus- pull their funds from FTX. make financial systems safe for inves-
Level 110.701 1.018 141.585 1.168 7.248 5.325 tomer funds to Alameda Research after • Too much reliance on personalities. tors, creditors and depositors.
% change on day 0.137 1.496 -3.213 2.636 0.142 3.147 it was hit hard by the failures of Three Crypto was supposed to eliminate the
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond Arrows Capital and Voyager in May this need for trust between people. “Don’t Frances Coppola is an independent
Yield 3.848 2.006 0.241 3.289 2.701 12.424 year. And the US justice department and trust, verify” was the mantra. But the financial commentator
Basis point change on day -26.200 -15.900 -1.280 -15.600 0.500 67.500
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 399.07 94.22 87.22 1715.25 21.32 3754.60
% change on day 3.88 1.69 1.62 2.18 2.75 -0.44
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
4160 1760 7680

1680 7360
3840 1600
7040
1520
| | | | | | | | |
3520 || | | | | | | | | | | | | | | | || | 1440 || | | | | | | | | | | | | | | | || | 6720 | | | | | | | | | | |

Sep 2022 Nov Sep 2022 Nov Sep 2022 Nov

Biggest movers
% US Eurozone UK
T Rowe Price 15.89 Asml Holding 9.84 Convatec 8.97
Mohawk Industries 15.35 Klepierre 8.06 Segro 8.45
Ups

Svb Fin 14.53 Dassault Systemes 7.84 Jd Sports Fashion 8.28

Invesco Ltd 14.14 Continental 7.71 Intermediate Capital 8.22
Carnival 14.08 Stmicroelectronics 7.04 Schroders 8.08
%
Cboe Global Markets -3.89 Tenaris -4.13 B&m Eur Value Retail S.a. -4.52
Mckesson -2.89 Credit Agricole -3.44 Rolls-royce Holdings -3.00
Downs

Campbell Soup -2.71 Saipem -3.41 Bae Systems -2.95

Jm Smucker (the) -2.45 Caixabank -2.57 Shell -2.87
Hershey (the) -2.41 Thales -2.40 Imperial Brands -2.79
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Wall Street Europe London

Electric truck and van maker Rivian France’s Teleperformance tumbled by a An upgrade to its full-year outlook helped
jumped after reiterating its annual third before trading was suspended at send ConvaTec to the top of the FTSE
guidance to deliver 25,000 vehicles the request of the outsourcer. 100 index. The medical products maker
despite supply chain constraints. The sell-off was triggered by a report expected organic revenue to grow
The Amazon-backed manufacturer in Time magazine that said Colombia’s between 5.4 per cent and 5.8 per cent
added that, once these limits were ministry of labour had “launched an from a previous target of 4 per cent to
removed, “our plant would have the investigation into . . . subcontractor 5.5 per cent, owing to “good sales
ability to run at two times the currently Teleperformance, relating to alleged growth”, it said.
expected output for the remainder of union-busting, traumatic working RBC Europe was reassured by this
2022”. conditions and low pay”. The Paris-based performance, which suggested that
An upgrade to its guidance alongside group said it was confident its subsidiary ConvaTec was “able to offset the worst
an increase to its share buyback scheme had “always developed the company in effects” of inflation.
sent ZipRecruiter surging. compliance with the law”. Joining ConvaTec in the top of half of
The online employment site posted Teleperformance subsequently the blue-chip benchmark was Centrica,
earnings of 17 cents a share in the third launched a share buyback programme for which launched a share buyback scheme
quarter, 5 cents above the Refinitiv- up to €150mn “as a result of the situation and issued a more bullish assessment of
compiled estimate, as its core profit induced” and would apply for the its full-year earnings.
forecast was lifted to between $173mn resumption of share trading “as soon as Helped by “strong” volumes in
and $179mn for the full year from $163mn possible”. electricity generation and gas production,
to $177mn stated in August. Danish pharma company ALK-Abelló the group now expected adjusted
Forecast-beating results lifted fashion retreated after trimming its outlook and earnings per share to be “towards the top
brand Ralph Lauren, which reported delivering third-quarter tablet sales of end” of analysts’ expectations. The utility
earnings of $2.23 a share for its fiscal DKr458mn ($62.3mn), which missed the said it would also be returning money to
second quarter, beating analyst estimates DKr483mn estimate from Jefferies. investors by buying up to 5 per cent of its
by 15 cents. But it also warned of The Hørsholm group added that, owing issued share capital.
“increased caution around consumer to a “somewhat weaker performance in Retailer WHSmith rallied after
sentiment in Europe and North America” Europe”, it expected tablet sales to grow reinstating its dividend and announcing
for the following quarter. less than 20 per cent in 2022 against an that its North America business was set
Lower than expected US inflation data earlier projection of above 20 per cent. to become larger, in profit terms, than its
sent housebuilders rallying, with A profit miss weighed on Norway’s high street business in the UK.
PulteGroup, Lennar, Toll Brothers and AutoStore, a specialist in warehouse For the year ending August 2022, it
DR Horton climbing in anticipation that automation, which posted adjusted core swung to a pre-tax profit of £73mn
the Federal Reserve would reduce the profits of $55mn in the third quarter — against a loss of £55mn a year earlier. Ray
pace of its rate rises. Ray Douglas 9 per cent below consensus. Ray Douglas Douglas
14 ★ FINANCIAL TIMES Friday 11 November 2022

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.98% -1.70% -3.213% -1.022% -0.28%

4.74% 6.28% 3.08% 1.08% 2.56% 3.88% 1.496% 2.636% 2.18%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Oct 11 - - Index All World Oct 11 - Nov 10 Index All World Oct 11 - Nov 10 Index All World Oct 11 - Nov 10 Index All World Oct 11 - Nov 10 Index All World Oct 11 - Nov 10 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
3,926.31 19,806.73 7,375.34 14,146.09 2,402.23
27,446.10
3,577.03 6,826.15 26,401.25 2,202.47
18,206.28 12,172.26
Day 4.74% Month -7.33% Year -11.60% Day 3.19% Month -0.58% Year -2.42% Day 1.08% Month -2.10% Year 7.07% Day 3.51% Month 8.08% Year NaN% Day -0.98% Month -5.13% Year -10.02% Day -0.91% Month -3.63% Year -23.51%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
51,164.03 1,704.26 8,133.20
11,003.33 16,701.03
46,326.68 16,081.04 3,173.18
3,105.00
10,417.10 1,531.73 7,261.10
Day 6.28% Month -13.60% Year -27.03% Day 1.77% Month 6.20% Year 0.31% Day 2.56% Month -0.97% Year -2.50% Day 1.15% Month -2.23% Year -6.95% Day -1.70% Month -18.81% Year -35.58% Day 0.24% Month -2.24% Year 3.34%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
6,556.83
33,516.96 24,394.28
60,613.70
115,940.64 3,025.51 3,036.13
29,210.85 110,526.47 20,466.77 57,991.11
5,818.47
Day 3.08% Month -0.66% Year -3.18% Day -3.08% Month -1.19% Year 1.22% Day 1.96% Month 0.94% Year -0.20% Day 2.58% Month 8.37% Year -5.01% Day -0.39% Month -6.81% Year -15.99% Day -0.69% Month 1.66% Year 2.75%

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 144073.49 143091.48 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 26432.96 25735.44 Philippines Manila Comp 6167.57 6241.68 Taiwan Weighted Pr 13503.76 13638.81 Cross-Border DJ Global Titans ($) 409.79 392.16
Australia All Ordinaries 7145.70 7187.40 Czech RepublicPX 1245.41 1241.78 FTSE Italia Mid Cap 39769.93 38509.12 Poland Wig 54391.15 53294.45 Thailand Bangkok SET 1619.23 1622.45 Euro Stoxx 50 (Eur) 3848.82 3728.03
S&P/ASX 200 6964.00 6999.30 Denmark OMXC Copenahgen 20 1752.04 1719.04 FTSE MIB 24394.28 23780.07 Portugal PSI 20 5836.29 5790.16 Turkey BIST 100 4467.10 4467.10 Euronext 100 ID 1245.75 1216.92
S&P/ASX 200 Res 5638.70 5721.60 Egypt EGX 30 11756.56 11781.58 Japan 2nd Section 7228.27 7239.06 PSI General 4486.40 4408.47 UAE Abu Dhabi General Index 9222.93 9251.11 FTSE 4Good Global ($) 9493.97 9078.20
Austria ATX 3178.12 3145.19 Estonia OMX Tallinn 1740.43 1736.60 Nikkei 225 27446.10 27716.43 Romania BET Index 11397.81 11257.25 UK FT 30 2489.50 2428.20 FTSE All World ($) 399.07 384.17
Belgium BEL 20 3671.80 3607.11 Finland OMX Helsinki General 10924.46 10795.74 S&P Topix 150 1666.55 1678.67 Russia Micex Index 2436.57 2445.30 FTSE 100 7375.34 7296.25 FTSE E300 1704.26 1661.67
BEL Mid 9555.74 9337.28 France CAC 40 6556.83 6430.57 Topix 1930.17 1935.49 RTX 1245.71 1212.57 FTSE 4Good UK 6666.96 6552.56 FTSE Eurotop 100 3345.58 3266.52
Brazil IBovespa 110082.81 113580.09 SBF 120 5044.27 4941.68 Jordan Amman SE 2436.53 2439.99 Saudi-Arabia TADAWUL All Share Index 11407.18 11486.53 FTSE All Share 4054.69 3994.13 FTSE Global 100 ($) 2448.63 2336.75
Canada S&P/TSX 60 1210.07 1172.88 Germany M-DAX 25270.81 24279.49 Kenya NSE 20 1669.31 1664.62 Singapore FTSE Straits Times 3173.18 3165.50 FTSE techMARK 100 6256.95 6133.37 FTSE Gold Min ($) 1556.91 1543.64
S&P/TSX Comp 19960.60 19344.25 TecDAX 3068.01 2942.06 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 337.60 337.60 USA DJ Composite 11161.20 10741.74 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1341.34 1400.47 XETRA Dax 14146.09 13666.32 Latvia OMX Riga 1112.17 1104.66 Slovenia SBI TOP - - DJ Industrial 33516.96 32513.94 FTSE Multinationals ($) 2481.08 2523.49
Chile S&P/CLX IGPA Gen 29172.05 28996.47 Greece Athens Gen 898.00 891.80 Lithuania OMX Vilnius 907.76 904.96 South Africa FTSE/JSE All Share 70710.27 69640.23 DJ Transport 14231.75 13502.72 FTSE World ($) 726.75 697.45
China FTSE A200 9808.99 9874.24 FTSE/ASE 20 2193.80 2177.26 Luxembourg LuxX 1440.63 1414.92 FTSE/JSE Res 20 69497.37 68375.13 DJ Utilities 935.85 895.05 FTSEurofirst 100 (Eur) 4493.01 4381.36
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 16081.04 16358.52 Malaysia FTSE Bursa KLCI 1449.74 1446.19 FTSE/JSE Top 40 64087.41 63027.83 Nasdaq 100 11461.51 10797.55 FTSEurofirst 80 (Eur) 5227.68 5063.76
Shanghai A 3182.12 3194.73 HS China Enterprise 5417.13 5534.76 Mexico IPC 51440.31 50545.76 South Korea Kospi 2402.23 2424.41 Nasdaq Cmp 11003.33 10353.18 MSCI ACWI Fr ($) 582.21 591.51
Shanghai B 289.53 290.75 HSCC Red Chip 3139.36 3181.80 Morocco MASI 10656.17 10686.41 Kospi 200 311.13 315.23 NYSE Comp 15182.08 14587.76 MSCI All World ($) 2509.77 2554.87
Shanghai Comp 3036.13 3048.17 Hungary Bux 43164.34 43973.77 Netherlands AEX 700.65 677.26 Spain IBEX 35 8133.20 8040.40 S&P 500 3926.31 3748.57 MSCI Europe (Eur) 1700.94 1701.36
Shenzhen A 2083.79 2104.41 India BSE Sensex 60613.70 61033.55 AEX All Share 949.11 918.20 Sri Lanka CSE All Share 8322.62 8293.50 Wilshire 5000 39156.41 37306.44 MSCI Pacific ($) 2432.08 2455.22
Shenzhen B 1115.60 1116.91 Nifty 500 15440.00 15567.25 New Zealand NZX 50 11091.93 11143.48 Sweden OMX Stockholm 30 2106.11 2033.12 Venezuela IBC 9281.77 9179.70 S&P Euro (Eur) 1726.69 1677.35
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 6966.84 7070.08 Nigeria SE All Share 43477.48 43461.60 OMX Stockholm AS 809.75 776.55 Vietnam VNI 947.24 985.59 S&P Europe 350 (Eur) 1746.85 1701.62
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7286.88 7045.20 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 11120.49 10904.33 S&P Global 1200 ($) 2883.66 2767.81
Israel Tel Aviv 125 1936.00 1941.84 Pakistan KSE 100 42901.27 42265.36 Stoxx 50 (Eur) 3679.72 3597.93
(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 Nov 10 %Chg %Chg Nov 10 %Chg %Chg Nov 10 %Chg %Chg Nov 10 %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 150.8 190.30 12.71 Shell 271.8 2315.00 -68.50 Asml Holding 566.1 544.70 48.80 Softbank . 2145.2 6833.00 -186.00 Fresnillo 854.00 21.7 -2.7 Aston Martin Lagonda Global Holdings 150.00 42.9 - Pod Point Holdings 70.80 35.9 - Industrial Transportation 3757.24 17.0 -
Amazon.com 95.9 97.66 11.52 Astrazeneca 264.2 11158.00 312.00 Nestle N 447.3 111.77 0.97 Nintendo Co., 629.1 5756.00 -27.00 Frasers 778.00 20.4 0.5 Ferrexpo 139.60 34.2 - Hochschild Mining 66.80 29.7 - Personal Goods 32410.31 11.0 -9.4
Apple 66.7 143.11 8.24 Bp 217.3 470.75 -11.35 Novartis N 338.6 83.57 0.50 Tokyo Electron 534.0 40920.00 -430.00 Jd Sports Fashion 116.35 18.1 - Iwg 169.85 31.0 - Majedie Investments 196.00 22.9 - Electronic & Electrical Equip. 9461.60 10.4 -
Nvidia 48.3 152.93 15.17 Glencore 165.6 501.20 -9.20 Sap Se O.n. 316.0 103.70 5.54 Toyota Motor 455.3 1958.50 -30.00 Anglo American 3132.00 17.9 4.1 Synthomer 143.20 26.2 - Dfs Furniture 148.20 19.1 - Industrial Engineering 15151.38 9.0 -
Microsoft 42.8 239.96 15.45 Unilever 159.6 4043.00 -27.00 Roche Gs 287.4 335.58 2.74 Kawasaki Kisen Kaisha, 420.0 2586.00 -22.00 Endeavour Mining 1692.00 15.7 4.3 Morgan Advanced Materials 304.50 25.3 - Chrysalis Investments 66.50 19.0 - General Industrials 6317.97 6.1 -
Advanced Micro Devices 38.6 67.54 7.62 British American Tobacco 120.3 3316.50 -76.00 Intesa Sanpaolo 287.2 2.18 0.02 Fast Retailing Co., 416.9 80610.00 -830.00 Next 5680.00 14.9 - Hammerson 24.05 23.3 - Tt Electronics 147.60 18.3 - Pharmaceuticals & Biotech. 20632.91 6.0 10.3
Alphabet 22.4 93.69 6.37 Gsk 96.8 1408.20 1.00 Allianz Se Na O.n. 275.9 198.58 9.66 Honda Motor Co., 333.3 3289.00 -138.00 Hargreaves Lansdown 891.40 14.7 - Liontrust Asset Management 1090.00 22.3 - Metro Bank 94.60 14.9 -2.1 Travel & Leisure 6500.31 6.0 -
Alphabet 17.1 93.76 6.36 Rio Tinto 91.0 5148.00 29.00 Unicredit 261.6 13.03 0.18 Sony 313.3 11020.00 -170.00 Antofagasta 1351.50 14.4 0.6 Currys 78.10 22.0 - Georgia Capital 719.00 14.7 12.1 Support Services 10477.31 4.4 -
Walt Disney (the) 16.9 89.92 3.17 Diageo 89.0 3722.50 98.00 Totalenergies 248.0 56.77 0.06 Mitsubishi 287.0 4370.00 58.00 Schroders 451.00 13.6 - Int Distributions Services 237.50 22.0 - Carr's 117.00 14.1 -24.9 Mining 10594.08 4.0 -
Netflix 11.8 271.77 17.11 Haleon 85.9 279.60 -6.65 Eni 229.2 14.07 0.05 Sumitomo Mitsui Fin,. 273.9 4352.00 19.00 Intermediate Capital 1230.50 13.6 - Wizz Air Holdings 2218.00 21.7 - Provident Fin 187.00 13.8 - Industrial Metals 7149.99 3.8 12.3
Halma 2329.00 12.7 - Genuit 305.00 20.8 - Avon Protection 1180.00 13.5 3.1 Media 9241.00 3.7 -5.1
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Spirax-sarco Eng 11880.00 12.7 - Genus 3216.00 20.5 - Tyman 212.00 13.0 - Food Producers 5671.22 2.1 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
T Rowe Price 124.14 17.02 15.89 Grafton 810.80 83.90 11.54 Adyen 1502.80 169.60 12.72 Fujikura 1065.00 150.00 16.39 Harbour Energy 368.10 -8.6 4.7 Firstgroup 93.55 -9.7 -9.5 The Gym 104.00 -12.0 -59.1 Automobiles & Parts 1486.75 -10.3 -
Mohawk Industries 103.02 13.71 15.35 Integrafin Holdings 300.40 29.20 10.77 Vestas Wind Systems A/s 25.17 2.66 11.80 Kajima 1517.00 98.00 6.91 Shell 2315.00 -7.1 43.5 Hilton Food 560.00 -8.0 - Petra Diamonds 101.00 -10.6 39.9 Real Estate & Investment Servic 2227.82 -10.2 -
Svb Fin 238.57 30.27 14.53 Kainos 1390.00 135.00 10.76 Asml Holding 544.70 48.80 9.84 Kawasaki Heavy Industries, 2857.00 143.00 5.27 Bae Systems 777.00 -5.6 41.2 Vinacapital Vietnam Opportunity Fund Ld 400.50 -6.0 - Dignity 408.50 -6.8 - Electricity 10151.74 -8.9 0.7
Invesco Ltd 18.16 2.25 14.14 Currys 78.10 7.20 10.16 Siemens Energy Ag Na O.n. 14.07 1.13 8.69 Nexon Co., 2473.00 119.00 5.06 Bp 470.75 -4.6 41.8 Energean 1483.00 -4.8 71.0 Int Personal Finance 71.90 -6.5 - Banks 3064.92 -8.5 0.8
Carnival 9.77 1.21 14.08 Molten Ventures 415.40 37.60 9.95 Infineon Tech.ag Na O.n. 29.65 2.16 7.86 Sapporo Holdings 3680.00 130.00 3.66 Dcc 4623.00 -3.8 - Vietnam Enterprise Investments 538.00 -3.9 -28.7 Taylor Maritime Investments 95.00 -5.0 -4.5 Real Estate Investment Trusts 2415.22 -8.0 -
Glencore 501.20 -3.4 32.5 Qinetiq 352.80 -3.5 34.1 Paypoint 552.00 -4.7 - Mobile Telecommunications 2547.86 -5.6 -
Downs Downs Downs Downs
Gsk 1408.20 -2.7 - Puretech Health 238.00 -3.1 - Atrato Onsite Energy 86.90 -4.4 -23.2 Gas Water & Multiutilities index 5712.18 -4.6 -3.8
Cboe Global Markets 118.47 -4.80 -3.89 B&m Eur Value Retail S.a. 357.20 -16.90 -4.52 Credit Agricole 9.37 -0.33 -3.44 Kobe Steel, 601.00 -49.00 -7.54
Informa 558.00 -1.2 8.2 Wood (john) 150.50 -2.3 - Downing Renewables & Infrastructure Trust 107.50 -4.0 1.3 Life Insurance 6363.87 -3.5 -
Mckesson 375.05 -11.17 -2.89 Wood (john) 150.50 -4.70 -3.03 Santander 2.55 -0.06 -2.26 Kubota 2011.00 -152.50 -7.05
Reckitt Benckiser 5680.00 -1.1 - W.a.g Payment Solutions 79.70 -2.2 - Blackrock Latin American Investment Trust 394.00 -3.7 16.3 General Retailers 3294.51 -2.5 13.9
Campbell Soup 50.05 -1.40 -2.71 Rolls-royce Holdings 85.96 -2.66 -3.00 Safran 111.66 -2.34 -2.05 Yokohama Rubber Co Ltd 2167.00 -151.00 -6.51
British American Tobacco 3316.50 -1.0 21.9 Petrofac 113.70 -1.7 1.4 Abrdn Property ome Trust 52.90 -3.5 - Food & Drug Retailers 4038.67 -2.3 -7.4
Jm Smucker (the) 144.02 -3.62 -2.45 Bae Systems 777.00 -23.60 -2.95 Novo Nordisk B A/s 112.47 -1.63 -1.43 Unitika 247.00 -17.00 -6.44
Pearson 961.20 -1.0 58.4 Bellevue Healthcare Trust 160.80 -1.5 - Bakkavor 91.00 -3.2 - Tobacco 36025.84 -2.3 23.4
Hershey (the) 225.15 -5.57 -2.41 Shell 2315.00 -68.50 -2.87 Zurich Insurance N 438.44 -4.47 -1.01 Casio Computer Co., 1288.00 -78.00 -5.71
Homeserve 1189.00 0.0 34.5 Contourglobal 250.00 -1.4 30.0 Avi Japan Opportunity Trust 105.00 -3.0 - Household Goods 10441.72 -2.2 -
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Nov 10 Currency Mid Change Mid Change Mid Change Nov 10 Currency Mid Change Mid Change Mid Change Nov 10 Currency Mid Change Mid Change Mid Change Nov 10 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 160.3840 0.3376 163.2956 2.7933 187.3120 5.2030 Indonesia Indonesian Rupiah 15687.5000 28.0000 15972.2976 268.1882 18321.3939 503.1965 Poland Polish Zloty 4.6059 -0.0830 4.6895 -0.0127 5.3792 0.0440 ..Three Month 0.8566 -0.0226 0.8714 -0.0096 - -
Australia Australian Dollar 1.5160 -0.0370 1.5435 -0.0139 1.7705 0.0035 Israel Israeli Shekel 3.4791 -0.0700 3.5422 -0.0170 4.0632 0.0249 Romania Romanian Leu 4.7920 -0.0938 4.8790 -0.0207 5.5966 0.0373 ..One Year 0.8571 -0.0227 0.8703 -0.0095 - -
Bahrain Bahrainin Dinar 0.3769 -0.0001 0.3837 0.0057 0.4402 0.0113 Japan Japanese Yen 141.5850 -4.7000 144.1553 -2.5463 165.3567 -1.0938 Russia Russian Ruble 60.7000 -0.8000 61.8019 0.1268 70.8913 0.9135 United States United States Dollar - - 1.0182 0.0153 1.1679 0.0300
Bolivia Bolivian Boliviano 6.9100 - 7.0354 0.1058 8.0702 0.2076 ..One Month 141.5845 -4.7010 144.1551 -2.5467 165.3562 -1.0947 Saudi Arabia Saudi Riyal 3.7595 -0.0010 3.8277 0.0565 4.3907 0.1118 ..One Month - - 1.0179 -0.1197 1.1680 0.0300
Brazil Brazilian Real 5.3247 0.1624 5.4214 0.2444 6.2188 0.3448 ..Three Month 141.5832 -4.7036 144.1546 -2.5478 165.3551 -1.0969 Singapore Singapore Dollar 1.3861 -0.0153 1.4113 0.0059 1.6188 0.0243 ..Three Month - - 1.0174 -0.1197 1.1683 0.0300
Canada Canadian Dollar 1.3338 -0.0142 1.3580 0.0062 1.5577 0.0239 ..One Year 141.5778 -4.7149 144.1515 -2.5542 165.3562 -1.1016 South Africa South African Rand 17.4388 -0.3387 17.7553 -0.0728 20.3667 0.1385 ..One Year - - 1.0156 -0.1196 1.1688 0.0299
Chile Chilean Peso 885.7750 -18.0500 901.8551 -4.5442 1034.4939 6.0760 Kenya Kenyan Shilling 121.8000 - 124.0111 1.8642 142.2498 3.6596 South Korea South Korean Won 1377.4500 12.7500 1402.4559 33.8690 1608.7198 55.8948 Vietnam Vietnamese Dong 24867.5000 0.5000 25318.9555 381.1131 29042.7509 747.8044
China Chinese Yuan 7.2477 0.0103 7.3793 0.1213 8.4646 0.2295 Kuwait Kuwaiti Dinar 0.3079 -0.0015 0.3134 0.0032 0.3595 0.0075 Sweden Swedish Krona 10.6176 -0.2353 10.8103 -0.0735 12.4002 0.0513 European Union Euro 0.9822 -0.0150 - - 1.1471 0.0125
Colombia Colombian Peso 4801.9050 -105.1850 4889.0790 -31.9871 5608.1318 24.5934 Malaysia Malaysian Ringgit 4.7005 0.0090 4.7858 0.0810 5.4897 0.1515 Switzerland Swiss Franc 0.9673 -0.0168 0.9849 -0.0020 1.1297 0.0100 ..One Month 0.9820 -0.0150 - - 1.1470 0.0125
Costa Rica Costa Rican Colon 614.2700 -3.5900 625.4213 5.8016 717.4040 14.3716 Mexico Mexican Peso 19.3643 -0.2283 19.7158 0.0675 22.6154 0.3221 Taiwan New Taiwan Dollar 31.8625 0.0020 32.4409 0.4897 37.2121 0.9596 ..Three Month 0.9814 -0.0150 - - 1.1467 0.0125
Czech Republic Czech Koruna 23.8541 -0.4058 24.2871 -0.0419 27.8591 0.2550 New Zealand New Zealand Dollar 1.6628 -0.0350 1.6930 -0.0096 1.9420 0.0101 Thailand Thai Baht 36.8800 0.0437 37.5495 0.6083 43.0720 1.1579 ..One Year 0.9796 -0.0149 - - 1.1456 0.0125
Denmark Danish Krone 7.3066 -0.1104 7.4392 0.0011 8.5334 0.0939 Nigeria Nigerian Naira 442.5000 - 450.5330 6.7727 516.7944 13.2955 Tunisia Tunisian Dinar 3.2425 -0.0431 3.3014 0.0064 3.7869 0.0484
Egypt Egyptian Pound 24.3894 0.0241 24.8322 0.3975 28.4843 0.7602 Norway Norwegian Krone 10.1125 -0.2417 10.2960 -0.0876 11.8103 0.0289 Turkey Turkish Lira 18.4935 -0.0977 18.8292 0.1850 21.5985 0.4444
Hong Kong Hong Kong Dollar 7.8465 -0.0027 7.9889 0.1174 9.1639 0.2327 Pakistan Pakistani Rupee 221.5000 -0.1450 225.5210 3.2448 258.6892 6.4903 United Arab Emirates UAE Dirham 3.6730 - 3.7397 0.0562 4.2897 0.1104
Hungary Hungarian Forint 393.9498 -7.2967 401.1014 -1.2879 460.0928 3.5342 Peru Peruvian Nuevo Sol 3.8560 -0.0609 3.9260 -0.0020 4.5034 0.0466 United Kingdom Pound Sterling 0.8562 -0.0226 0.8718 -0.0096 - -
India Indian Rupee 81.8025 0.3569 83.2875 1.6099 95.5369 2.8639 Philippines Philippine Peso 58.1950 0.1950 59.2515 1.0863 67.9658 1.9704 ..One Month 0.8563 -0.0226 0.8717 -0.0096 - -
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 Nov 10 Nov 09 Nov 08 Nov 07 Nov 04 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2489.50 2428.20 2440.20 2419.90 2404.60 0.00 2880.10 2152.10 Oil & Gas Producers 42.03 Gas Water & Multi -4.07 Life Insurance -16.76 FTSE 100 Price Change FTSE 100 Price Change
Nov 10 chge% Index Nov 09 Nov 08 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 41.44 Health Care Eq & Srv -5.31 Equity Invest Instr -16.98 3I Group PLC 1300 47.00 International Consolidated Airlines Group S.A. 136.62 6.64
FTSE 100 (100) 7375.34 1.08 6597.86 7296.25 7306.14 7340.15 3.70 1.72 15.74 248.91 7554.43 P/E Ratio net - - - - - 0.00 19.44 14.26 Tobacco 23.00 Mobile Telecomms -6.95 FTSE 250 Index -17.48 Admiral Group PLC 2085 98.50 Intertek Group PLC 4017 141.00
FTSE 250 (250) 19377.24 3.91 17334.57 18649.00 18697.89 23433.25 3.06 0.93 35.07 493.01 16083.44 FT 30 hourly changes Aerospace & Defense 12.54 Media -7.82 FTSE SmallCap Index -17.73 Airtel Africa PLC 119.90 0.40 Jd Sports Fashion PLC 116.35 8.90
FTSE 250 ex Inv Co (174) 19872.23 4.16 17777.38 19077.98 19138.90 24299.13 3.16 1.47 21.54 528.11 16833.78 8 9 10 11 12 13 14 15 16 High Low Mining 11.98 Travel & Leisure -7.93 Industrial Eng -18.38 Anglo American PLC 3132 74.50 Kingfisher PLC 236.90 10.70
FTSE 350 (350) 4094.38 1.50 3662.77 4033.95 4040.16 4206.30 3.60 1.62 17.16 133.01 8322.15 2428.2 2421.1 2421.3 2426.2 2425.9 2425.4 2466.8 2477.5 2483.8 2493.4 2416.8 Pharmace & Biotech 9.96 Beverages -8.78 Construct & Material -19.64 Antofagasta PLC 1351.5 52.50 Land Securities Group PLC 632.80 34.80
FTSE 350 ex Investment Trusts (271) 4028.08 1.40 3603.45 3972.61 3979.00 4095.59 3.67 1.71 15.91 133.46 4231.45 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Health Care 8.92 Oil Equipment & Serv -9.06 Fixed Line Telecomms -22.84 Ashtead Group PLC 5178 346.00 Legal & General Group PLC 246.80 10.50
FTSE 350 Higher Yield (131) 3492.51 0.22 3124.34 3484.80 3492.94 3295.42 5.13 1.78 10.94 150.01 7996.42 Basic Materials 5.03 Nonlife Insurance -9.20 Electronic & Elec Eq -24.74 Associated British Foods PLC 1537.5 28.50 Lloyds Banking Group PLC 43.30 0.74
FTSE 350 Lower Yield (219) 4286.91 2.84 3835.00 4168.70 4171.66 4883.17 2.05 1.19 40.97 89.16 5275.03 FT WILSHIRE 5000 INDEX SERIES Personal Goods 1.01 Software & Comp Serv -10.79 Leisure Goods -25.06 Astrazeneca PLC 11158 312.00 London Stock Exchange Group PLC 8072 184.00
FTSE SmallCap (240) 6137.13 2.20 5490.18 6005.10 6019.37 7518.49 3.43 0.46 63.81 191.19 10301.28 Electricity 0.63 Technology -10.86 Household Goods & Ho -26.36 Auto Trader Group PLC 571.00 17.00 M&G PLC 185.30 7.45
FTSE SmallCap ex Inv Co (127) 4899.32 2.26 4382.85 4791.08 4807.92 6301.82 3.61 2.41 11.48 144.72 8544.93 Nov 09 Nov 09 Banks 0.48 Tech Hardware & Eq -11.44 Chemicals -26.45 Aveva Group PLC 3145 15.00 Melrose Industries PLC 125.95 4.35
FTSE All-Share (590) 4054.69 1.52 3627.26 3994.13 4000.38 4187.58 3.60 1.59 17.49 131.55 8322.38 Beverages 31.66 Telecommunications -11.48 Real Est Invest & Tr -29.02
FT Wilshire 5000 38060.17 FT Wilshire Mid Cap 5191.40 Aviva PLC 437.40 11.10 Mondi PLC 1593.5 43.50
FTSE All-Share ex Inv Co (398) 3954.59 1.41 3537.71 3899.68 3906.06 4035.89 3.67 1.72 15.83 130.82 4217.84 FTSE 100 Index -0.12 Financial Services -11.55 Food & Drug Retailer -30.35
FT Wilshire 2500 4871.89 FT Wilshire Small Cap 4680.23 B&M European Value Retail S.A. 357.20 -16.90 National Grid PLC 1018 31.40
FTSE All-Share ex Multinationals (527) 1084.17 3.47 804.19 1047.85 1050.59 1344.85 3.86 1.24 20.85 36.31 2301.40 NON FINANCIALS Index -1.83 Financials -12.51 General Retailers -32.58
FT Wilshire Mega Cap 4836.71 FT Wilshire Micro Cap 4620.06 Bae Systems PLC 777.00 -23.60 Natwest Group PLC 240.00 3.00
FTSE Fledgling (82) 11407.34 0.17 10204.83 11388.03 11334.55 13538.43 3.76 4.73 5.62 331.42 24662.68 Utilities -2.89 Industrials -13.82 Real Est Invest & Se -32.80
FT Wilshire Large Cap 4895.73 Barclays PLC 157.00 2.60 Next PLC 5680 260.00
FTSE Fledgling ex Inv Co (32) 14942.66 0.62 13367.47 14849.95 14783.52 18418.08 3.44 7.95 3.66 432.38 31381.78 FTSE All{HY-}Share Index -3.64 Consumer Services -15.80 Industrial Transport -39.92
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Barratt Developments PLC 412.30 22.80 Ocado Group PLC 713.20 44.80
FTSE All-Small (322) 4279.39 2.09 3828.27 4191.87 4200.21 5233.70 3.45 0.71 41.04 132.87 9212.92 Consumer Goods -4.03 Food Producers -16.41 Automobiles & Parts -59.02
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Berkeley Group Holdings (The) PLC 3826 205.00 Pearson PLC 961.20 22.60
FTSE All-Small ex Inv Co (159) 3687.38 2.20 3298.67 3608.04 3619.66 4735.64 3.60 2.60 10.66 108.85 8145.08 Support Services -16.44 Industrial Metals & -79.48
mark. Copyright ©2022 Wilshire. All rights reserved. BP PLC 470.75 -11.35 Pershing Square Holdings LTD 2885 -10.00
FTSE AIM All-Share (759) 841.57 1.84 752.85 826.35 831.13 1243.90 1.62 1.52 40.52 11.82 987.62
British American Tobacco PLC 3316.5 -76.00 Persimmon PLC 1378 96.50
FTSE All-Share Technology (21) 1983.74 3.21 1593.32 1922.12 1911.50 2271.97 1.91 0.80 65.05 38.02 2871.11
British Land Company PLC 405.20 23.20 Phoenix Group Holdings PLC 567.00 15.60
FTSE All-Share Telecommunications (6) 1652.45 2.24 1327.23 1616.23 1642.59 1840.12 6.35 1.18 13.29 58.51 2460.53 FTSE GLOBAL EQUITY INDEX SERIES Bt Group PLC 120.35 4.50 Prudential PLC 929.60 27.20
FTSE All-Share Health Care (14) 14368.72 2.04 11540.79 14080.81 13860.30 13787.84 2.77 0.99 36.49 343.37 13278.65
Nov 10 No of US $ Day Mth YTD Total
YTD Gr Div Nov 10 No of US $ Day Mth YTD Total YTD Gr Div Bunzl PLC 3042 105.00 Reckitt Benckiser Group PLC 5680 -2.00
FTSE All-Share Financials (256) 4445.20 2.33 3570.33 4344.02 4352.58 4965.81 3.79 1.40 18.86 159.03 4939.59
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Burberry Group PLC 1975.5 3.50 Relx PLC 2377 53.00
FTSE All-Share Real Estate (55) 875.25 5.89 735.41 826.60 824.53 1182.65 3.96 4.51 5.60 28.87 917.92
FTSE Global All Cap 9522 654.26 -1.5 3.5 -22.8
-21.2 1047.26
2.4 Oil Equipment & Services 24 278.59 -2.8 10.7 19.1 514.70 23.4 4.2 Centrica PLC 83.30 5.72 Rentokil Initial PLC 562.80 21.80
FTSE All-Share Consumer Discretionary (85) 4573.96 2.91 3673.75 4444.59 4469.50 5583.52 2.32 1.04 41.39 101.72 4845.55
FTSE Global All Cap 9522 654.26 -1.5 3.5 -22.8
-21.2 1047.26
2.4 Basic Materials 394 566.07 -0.8 6.5 -15.8 1041.51 -12.3 5.0 Coca-Cola Hbc AG 2042 42.00 Rightmove PLC 548.80 28.40
FTSE All-Share Consumer Staples (24)19357.82 -0.03 15547.98 19363.55 19310.39 19139.86 3.94 1.16 21.98 617.01 17680.99
FTSE Global Large Cap 1907 584.27 -1.5 3.2 -23.0
-21.5 964.03
2.4 Chemicals 196 766.41 -0.8 6.7 -20.9 1354.62 -18.7 3.1 Compass Group PLC 1878 18.00 Rio Tinto PLC 5148 29.00
FTSE All-Share Industrials (84) 6382.91 3.48 5126.68 6168.11 6164.08 7348.57 2.24 1.36 32.80 131.14 7384.15
FTSE Global Mid Cap 2264 847.50 -1.6 4.4 -21.0
-19.5 1276.06
2.3 Forestry & Paper 20 250.20 -0.9 8.0 -18.0 504.08 -15.5 3.9 Convatec Group PLC 230.80 19.00 Rolls-Royce Holdings PLC 85.96 -2.66
FTSE All-Share Basic Materials (22) 8623.26 0.75 6926.10 8559.29 8646.80 7727.44 6.30 2.01 7.89 536.92 11753.16
FTSE Global Small Cap 5351 876.98 -1.8 3.5 -23.4
-22.0 1262.76
2.2 Industrial Metals & Mining 98 458.06 -1.0 8.7 -17.2 875.72 -13.0 8.2 Crh PLC 3295.5 107.50 Rs Group PLC 946.00 40.00
FTSE All-Share Energy (13) 8389.27 -2.64 6738.17 8616.34 8771.90 6181.29 3.58 2.74 10.17 301.53 10206.25
FTSE All-World 4171 384.17 -1.5 3.4 -22.7
-21.2 651.22
2.4 Mining 80 881.00 -0.5 4.7 -5.3 1716.96 0.4 6.4 Croda International PLC 7096 446.00 Sage Group PLC 759.40 24.40
FTSE All-Share Utilities (10) 8463.29 3.48 6797.61 8178.95 8096.45 8237.99 4.51 0.68 32.66 293.03 12785.77
FTSE World 2664 697.45 -1.6 3.9 -22.3
-20.8 1586.47
2.4 Industrials 803 470.06 -1.0 8.3 -21.7 749.34 -20.3 2.1 Dcc PLC 4623 70.00 Sainsbury (J) PLC 212.80 -5.60
FTSE All-Share Software and Computer Services (18) 2142.49 3.30 1720.82 2074.14 2062.39 2437.93 1.92 0.80 65.22 41.24 3280.83
FTSE Global All Cap ex UNITED KINGDOM In 9230 691.34 -1.5 3.3 -22.9
-21.4 1085.43
2.3 Construction & Materials 154 532.75 -1.0 6.7 -27.9 896.12 -26.4 2.3 Dechra Pharmaceuticals PLC 2840 178.00 Schroders PLC 451.00 33.70
FTSE All-Share Technology Hardware and Equipment (3) 4911.78 0.94 3945.08 4866.03 4856.61 6734.53 1.81 0.91 60.97 78.21 6348.07
FTSE Global All Cap ex USA 7712 459.44 -0.6 4.7 -23.4
-21.2 815.98
3.4 Aerospace & Defense 35 866.35 -0.9 14.3 7.9 1350.21 9.3 1.5 Diageo PLC 3722.5 98.00 Scottish Mortgage Investment Trust PLC 800.00 46.00
FTSE All-Share Telecommunications Equipment (1) 615.18 3.38 494.10 595.06 604.45 674.46 2.00 2.31 21.68 11.51 879.34
FTSE Global All Cap ex JAPAN 8117 683.23 -1.6 3.6 -22.7
-21.3 1103.22
2.4 General Industrials 76 227.47 -1.1 13.1 -18.0 401.69 -16.1 2.6 Endeavour Mining PLC 1692 39.00 Segro PLC 857.80 66.80
FTSE All-Share Telecommunications Service Providers (5) 2544.00 2.19 2043.31 2489.41 2530.07 2832.06 6.54 1.17 13.07 91.72 3448.18
FTSE Global All Cap ex Eurozone 8858 693.81 -1.6 2.8 -22.5
-21.0 1086.35
2.3 Electronic & Electrical Equipment 157 590.29 -0.4 7.8 -26.6 848.23 -25.5 1.6 Entain PLC 1356 51.50 Severn Trent PLC 2717 79.00
FTSE All-Share Health Care Providers (3)10927.33 0.33 8776.70 10891.78 10869.30 8703.21 0.53 4.48 41.86 58.27 10142.32
FTSE Developed 2180 640.17 -1.7 4.0 -22.4
-21.0 1031.60
2.2 Industrial Engineering 158 939.14 -0.9 12.4 -18.8 1492.20 -17.3 2.0 Experian PLC 2958 190.00 Shell PLC 2315 -68.50
FTSE All-Share Medical Equipment and Services (2) 5378.92 4.34 4320.28 5154.99 5178.09 6277.81 2.65 0.97 39.03 142.76 5195.83
FTSE Developed All Cap 5830 667.59 -1.7 4.0 -22.5
-21.1 1059.89
2.2 Industrial Transportation 133 863.31 -1.3 6.5 -22.3 1401.89 -20.0 3.5 F&C Investment Trust PLC 935.00 22.00 Smith & Nephew PLC 1056.5 26.50
FTSE All-Share Pharmaceuticals and Biotechnology (9)20569.32 1.95 16521.04 20176.85 19836.81 19550.98 2.80 0.98 36.32 492.51 17114.00
FTSE Developed Large Cap 834 599.88 -1.6 3.9 -22.6
-21.2 983.94
2.3 Support Services 90 493.43 -1.5 1.3 -30.5 734.02 -29.6 1.6 Flutter Entertainment PLC 11645 180.00 Smith (Ds) PLC 313.60 12.70
FTSE All-Share Banks (12) 3024.24 0.44 2429.04 3010.92 3021.04 2971.49 4.30 2.61 8.92 128.47 2676.32
FTSE Developed Europe Large Cap 220 351.64 -0.7 9.3 -21.8
-19.4 3.3 Consumer Goods
695.96 569 520.92 -1.5 2.1 -24.4 875.11 -22.9 2.5 Frasers Group PLC 778.00 39.00 Smiths Group PLC 1621.5 15.00
FTSE All-Share Finance and Credit Services (8)10953.81 2.66 8797.97 10669.92 10550.38 10114.46 1.90 2.05 25.59 208.86 14718.04
FTSE Developed Europe Mid Cap 355 527.12 -0.8 12.5 -31.6
-29.8 905.62
3.1 Automobiles & Parts 132 484.56 -3.6 -4.4 -37.3 783.39 -36.4 2.0 Fresnillo PLC 854.00 32.60 Smurfit Kappa Group PLC 3153 178.00
FTSE All-Share Investment Banking and Brokerage Services (31) 8604.68 5.39 6911.18 8164.60 8203.46 10756.66 5.13 1.72 11.37 387.97 12084.86
FTSE Dev Europe Small Cap 748 745.51 -1.1 12.4 -32.5
-30.7 1230.59
3.2 Beverages 72 730.81 -1.2 4.2 -9.3 1239.39 -7.7 2.3 Glaxosmithkline PLC 1408.2 1.00 Spirax-Sarco Engineering PLC 11880 600.00
FTSE All-Share Closed End Investments (192)11836.74 3.11 9507.13 11479.26 11484.88 14458.01 2.63 -1.15 -33.03 270.41 7398.06
FTSE North America Large Cap 234 804.14 -2.1 2.6 -22.9
-21.8 1206.84
1.8 Food Producers 134 694.03 -0.2 5.4 -11.6 1195.56 -9.7 2.5 Glencore PLC 501.20 -9.20 Sse PLC 1668.5 54.50
FTSE All-Share Life Insurance (6) 6475.53 3.31 5201.07 6267.97 6342.34 8389.40 4.73 1.08 19.55 294.59 7924.42
FTSE North America Mid Cap 423 1061.04 -2.1 3.3 -18.9
-17.6 1472.07
1.9 Household Goods & Home Construction 65 486.04 -0.3 6.1 -25.7 819.23 -23.8 2.9 Haleon PLC 279.60 -6.65 St. James's Place PLC 1153.5 80.00
FTSE All-Share Nonlife Insurance (7) 3581.83 2.19 2876.89 3505.08 3456.12 3530.93 4.03 1.24 20.04 130.27 7628.02
FTSE North America Small Cap 1333 1048.85 -2.5 2.8 -20.5
-19.5 1395.31
1.7 Leisure Goods 53 221.26 -2.5 -0.7 -30.5 312.86 -29.6 1.4 Halma PLC 2329 116.00 Standard Chartered PLC 562.80 -0.60
FTSE All-Share Real Estate Investment and Services (10) 2129.92 5.25 1710.73 2023.77 2018.85 2975.14 2.36 3.76 11.24 41.03 6351.04
FTSE North America 657 527.53 -2.1 2.7 -22.1
-21.1 809.36
1.8 Personal Goods 98 817.24 -0.7 3.8 -29.2 1256.43 -28.1 2.0 Harbour Energy PLC 368.10 -8.00 Taylor Wimpey PLC 104.05 6.07
FTSE All-Share Real Estate Investment Trusts (45) 2189.95 6.00 1758.94 2066.05 2060.84 2934.62 4.23 4.58 5.16 78.21 3308.69
FTSE Developed ex North America 1523 242.73 -0.6 6.9 -23.0
-20.8 464.31
3.2 Tobacco 15 947.62 -1.1 7.4 -1.4 2678.79 3.0 6.1 Hargreaves Lansdown PLC 891.40 62.60 Tesco PLC 227.90 -0.40
FTSE All-Share Automobiles and Parts (2) 1494.37 6.50 1200.26 1403.21 1411.61 4236.29 0.65 -53.35 -2.88 14.02 1554.66
FTSE Japan Large Cap 169 347.58 -1.0 2.2 -23.8
-21.9 510.92
2.5 Health Care 343 694.48 -0.8 6.2 -12.0 1106.16 -10.7 1.8 Homeserve PLC 1189 - Unilever PLC 4043 -27.00
FTSE All-Share Consumer Services (2) 3093.97 0.96 2485.04 3064.56 3070.24 2649.72 1.24 1.71 47.09 38.43 3924.69
FTSE Japan Mid Cap 340 485.56 -0.7 -0.8 -20.9
-18.9 677.78
2.6 Health Care Equipment & Services 133 1311.43 -1.3 2.6 -21.2 1608.10 -20.5 1.1 HSBC Holdings PLC 474.15 -2.55 Unite Group PLC 965.50 59.50
FTSE All-Share Household Goods and Home Construction (13) 8717.45 6.11 7001.76 8215.61 8081.45 13918.05 8.14 1.61 7.64 665.58 7802.86
FTSE Global wi JAPAN Small Cap 896 541.70 -0.5 -0.1 -22.1
-20.0 785.05
2.8 Pharmaceuticals & Biotechnology 210 472.70 -0.5 8.7 -4.9 809.41 -2.9 2.2 Imperial Brands PLC 2093 -60.00 United Utilities Group PLC 1022.5 35.30
FTSE All-Share Leisure Goods (2) 19029.01 6.83 15283.88 17812.42 17840.57 24594.82 3.55 1.59 17.67 831.45 21266.43
FTSE Japan 509 142.86 -1.0 1.6 -23.2
-21.3 235.13
2.6 Consumer Services 427 491.56 -2.4 -1.9 -30.2 701.46 -29.5 1.3 Informa PLC 558.00 7.40 Vodafone Group PLC 105.76 1.66
FTSE All-Share Personal Goods (4) 27875.52 2.00 22389.30 27329.88 27345.83 31062.20 1.86 2.81 19.14 402.68 21802.99
FTSE Asia Pacific Large Cap ex Japan 1088 615.76 0.0 -0.2 -26.1
-24.1 1121.52
3.4 Food & Drug Retailers 69 312.41 -1.1 11.2 -9.3 496.39 -7.3 2.4 Intercontinental Hotels Group PLC 4741 33.00 Whitbread PLC 2564 29.00
FTSE All-Share Media (11) 9484.35 2.46 7617.72 9256.73 9307.52 10036.00 2.34 1.45 29.47 221.42 6673.21
FTSE Asia Pacific Mid Cap ex Japan 868 893.84 0.2 3.1 -21.1
-18.8 1569.44
3.6 General Retailers 141 851.21 -2.6 -7.3 -33.4 1162.38 -32.9 1.1 Intermediate Capital Group PLC 1230.5 93.50 Wpp PLC 844.00 26.40
FTSE All-Share Retailers (22) 1849.19 4.38 1485.25 1771.58 1777.04 2837.76 2.74 3.63 10.06 45.23 2401.74
FTSE All-Share Travel and Leisure (29) 6336.51 2.58 5089.41 6176.85 6284.88 8238.60 0.63 -9.71 -16.24 40.16 6553.13 FTSE Asia Pacific Small Cap ex Japan 2115 508.43 0.6 1.7 -30.2
-28.3 867.52
3.2 Media 75 271.28 -4.4 0.8 -42.2 389.89 -41.6 1.4
FTSE All-Share Beverages (5) 28473.84 2.68 22869.86 27731.55 27784.55 29319.28 2.10 1.99 23.87 584.47 22819.43 FTSE Asia Pacific Ex Japan 1956 491.45 0.1 0.2 -25.7
-23.5 951.29
3.4 Travel & Leisure 142 424.60 -1.3 5.5 -17.2 619.57 -16.4 1.2
FTSE All-Share Food Producers (10) 5778.77 2.37 4641.44 5644.97 5551.25 6995.14 2.56 2.34 16.73 85.60 5565.61 FTSE Emerging All Cap 3692 661.43 -0.2 -0.8 -24.9
-22.5 1152.00
3.9 Telecommunication 89 129.32 -0.5 8.2 -12.8 304.47 -9.5 4.2 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 36025.90 -2.36 28935.59 36895.06 36499.65 27729.76 6.57 0.92 16.48 1728.22 33671.43 FTSE Emerging Large Cap 1073 605.61 -0.3 -1.7 -26.4
-24.1 1060.68
3.9 Fixed Line Telecommuniations 31 99.68 -0.9 9.6 -11.6 269.70 -7.5 5.2 Nov 10 Nov 09 Nov 08 Nov 07 Nov 04 Yr Ago
FTSE All-Share Construction and Materials (15) 7245.37 3.62 5819.40 6991.94 7009.63 8706.60 3.18 0.64 48.94 227.86 8837.55 FTSE Emerging Mid Cap 918 986.33 0.1 3.9 -14.2
-11.3 1728.82
4.0 Mobile Telecommunications 58 153.94 -0.3 7.4 -13.4 312.19 -10.6 3.7 Order Book Turnover (m) 99.23 553.62 71.78 256.01 256.01 256.01
FTSE All-Share Aerospace and Defense (7) 4971.33 -2.56 3992.91 5101.84 5036.56 4742.96 2.37 0.15 284.83 104.10 6063.49 FTSE Emerging Small Cap 1701 730.65 0.4 0.9 -24.6
-22.2 1218.42
3.4 Utilities 200 299.75 -0.5 4.3 -12.7 699.37 -10.3 3.5 Order Book Bargains 967596.00 650467.00 668103.00 823987.00 823987.00 823987.00
FTSE All-Share Electronic and Electrical Equipment (10)11111.60 4.68 8924.71 10615.24 10596.66 14071.54 1.58 1.98 31.99 159.06 10987.40 FTSE Emerging Europe 111 110.04 0.2 16.4 -73.5
-72.3 230.08
3.0 Electricity 142 342.52 -0.5 3.7 -11.2 786.96 -8.8 3.4 Order Book Shares Traded (m) 1614.00 1283.00 1450.00 1437.00 1437.00 1437.00
FTSE All-Share General Industrials (8) 5082.59 3.54 4082.28 4908.68 4898.24 5570.22 2.80 1.17 30.60 134.98 6703.89 FTSE Latin America All Cap 262 745.23 -2.0 2.6 5.112.8 1458.01
10.9 Gas Water & Multiutilities 58 288.90 -0.4 5.8 -16.2 697.73 -13.7 3.8 Total Equity Turnover (£m) 8466.44 7105.90 5437.91 5816.58 5816.58 5816.58
FTSE All-Share Industrial Engineering (5)16738.79 4.59 13444.40 16003.65 15988.16 20595.36 1.56 2.01 31.88 261.52 22484.72 FTSE Middle East and Africa All Cap 331 754.56 -0.1 1.9 -5.3-2.5 3.2 Financials
1381.62 853 247.73 -1.3 6.7 -17.4 475.78 -15.1 3.3 Total Mkt Bargains 1219137.00 871062.00 883794.00 1056704.00 1056704.00 1056704.00
FTSE All-Share Industrial Support Services (31)10073.94 4.85 8091.28 9608.40 9619.46 12010.99 1.88 1.69 31.36 182.30 11586.16 FTSE Global wi UNITED KINGDOM All Cap In 292 291.05 -1.8 7.1 -19.1
-16.5 3.7 Banks
593.59 270 192.55 -1.2 7.7 -14.9 412.25 -11.7 4.2 Total Shares Traded (m) 6371.00 5807.00 5947.00 6648.00 6648.00 6648.00
FTSE All-Share Industrial Transportation (8) 5662.29 6.33 4547.89 5325.13 5384.96 7016.60 2.06 3.42 14.21 98.14 5932.59 FTSE Global wi USA All Cap 1810 905.50 -2.2 2.6 -22.3
-21.3 1.7 Nonlife Insurance
1309.92 71 342.25 -0.8 9.5 -2.3 571.07 0.4 2.9 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)16753.13 0.15 511.19 16728.12 16103.00 20728.87 1.96 1.81 28.16 329.06 21161.70 FTSE Europe All Cap 1463 398.25 -0.7 10.1 -25.6
-23.4 3.2 Life Insurance
756.73 51 200.86 -1.1 4.2 -16.9 386.65 -13.8 4.2 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (9) 7700.54 0.21 6184.98 7684.66 7772.38 6269.54 6.78 2.01 7.33 517.27 11820.11 FTSE Eurozone All Cap 664 383.01 -0.5 12.1 -26.1
-23.9 3.2 Financial Services
722.51 211 406.81 -1.8 7.0 -18.5 617.38 -17.2 1.8
FTSE All-Share Precious Metals and Mining (5)10046.94 2.96 8069.58 9757.79 9664.97 21462.49 3.56 1.83 15.37 358.99 7083.44 FTSE EDHEC-Risk Efficient All-World 4171 443.97 -1.3 5.1 -18.7
-16.9 2.8 Technology
698.27 362 423.56 -1.9 -2.5 -37.6 552.59 -37.0 1.2
FTSE All-Share Chemicals (7) 13542.87 5.52 10877.48 12833.84 12907.19 19197.38 2.62 2.11 18.08 324.25 13573.28 FTSE EDHEC-Risk Efficient Developed Europe 575 290.96 -0.7 11.3 -29.6
-27.6 3.3 Software & Computer Services
511.24 186 631.68 -1.6 -6.2 -40.9 763.69 -40.7 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) 8143.98 -2.64 6541.15 8364.51 8515.46 5998.88 3.58 2.74 10.17 292.72 10275.28 Oil & Gas 131 409.67 -3.5 6.8 25.030.2 4.6 Technology Hardware & Equipment
835.48 176 380.32 -2.1 1.5 -33.6 534.09 -32.8 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 87 409.43 -3.7 6.0 28.934.6 857.17
4.8 Alternative Energy 20 172.38 0.0 9.6 -17.3 247.36 -17.0 0.4 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Sector Indices Real Estate Investment & Services 142 229.66 -0.2 -2.3 -30.2 447.34 -28.3 3.4
Non Financials (334) 4978.81 1.29 4453.97 4915.35 4922.48 5025.89 3.55 1.64 17.14 156.96 8989.12 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 108 418.31 -0.9 4.4 -29.9 976.65 -27.9 4.0
For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE Global Large Cap 1907 584.27 -1.5 3.2 -23.0 964.03 -21.5 2.4
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 7290.32 7275.83 7281.22 7289.30 7287.19 7289.00 7289.21 7283.79 7282.20 7307.53 7263.74 mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index® Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 18676.96 18591.87 18558.72 18588.62 18612.05 18588.53 18577.91 18565.63 18621.43 18687.66 18545.07 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ.
FTSE SmallCap 6016.39 6007.28 6002.83 6004.18 6009.71 6005.22 6001.15 5998.02 6001.62 6016.39 5997.90 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE All-Share 3992.48 3983.13 3984.49 3989.10 3988.96 3988.98 3988.69 3985.87 3986.83 3999.36 3976.58 of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
Time of FTSE 100 Day's high:15:23:00 Day's Low09:19:45 FTSE 100 2010/11 High: 7672.40(10/02/2022) Low: 6826.15(12/10/2022) please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:15:23:00 Day's Low09:21:00 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 3i Group Int 1760.000 2199.000 182.700 227.400 23.25000 19.25000 Jan 11 50.500 40.250 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- AstraZeneca 3rd 33144.000 25406.000 1723.000 371.000 1.540 0.330 0.00000 0.00000 - 288.800 276.900 11/09 250.00 Ithaca Energy PLC 230.00 - 254.90 221.00 0.0
There are currently no rights offers by any companies listed on the LSE. Auto Trader Group Int 249.800 215.400 148.000 150.000 12.230 12.630 2.80000 2.70000 Jan 27 8.300 7.700 10/31 4.00 BWN Bowen Fintech PLC 6.25 0.25 6.00 5.90 343.8
Bank of Georgia Group 3rd 1417.111 986.432 891.928 581.147 17.130 10.980 0.00000 0.00000 - 739.300 148.800 10/27 10.00 UMR Unicorn Mineral Resource PLC 18.50 -1.50 19.50 10.00 513.5
Endeavour Mining 3rd 1883.400 1967.500 443.900 536.300 0.830 1.340 0.00000 0.00000 - 68.000 65.000 10/24 1.00 ATN Eastinco Mining and Exploration PLC 0.95 -0.05 1.00 0.90 916.5
Ithaca Energy A 1337.585 618.996 1741.345 228.332 0.000 0.000 0.00000 0.00000 - 10/21 55.00 AIM SND Sondrel (Holdings) PLC 59.00 0.00 60.00 51.67 5160.2
Manolete Partners Int 5.514 10.184 5.461L 2.605 10.000L 5.000 0.00000 0.39000 - 0.500 1.390 10/07 10.00 ACG ACG Acquisition Company Ltd 10.30 0.10 10.10 9.85 160.9
National Grid A 9444.000 6941.000 1572.000 1083.000 34.400 13.300 0.00000 17.21000 - 49.370 10/04 1.00 MII Milton Capital PLC 1.03 0.00 1.20 1.00 102.5
Nightcap Pre 35.943 5.969 0.238 5.296L 0.000 0.000 0.00000 0.00000 - 0.000 0.000
QinetiQ Group Int 673.400 600.100 104.500 42.400 19.500 3.900 2.40000 2.30000 Feb 3 7.400 7.000
Renewi Int 952.000 915.600 71.600 43.900 0.660 0.450 0.00000 0.00000 - 0.000 0.000
Schroder Income Growth Fund Pre 5.909L 57.092 8.530L 82.410 5.70000 5.30000 Nov 4 8.200 7.800
Tate & Lyle Int 849.000 656.000 68.000 21.000 29.400 21.900 0.00000 10.50000 - 12.800 36.167
WH Smith Pre 1400.000 886.000 63.000 116.000L 36.200 62.600L 0.00000 0.00000 - 0.000 0.000

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Friday 11 November 2022 ★ FINANCIAL TIMES 15

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Denso 7247 -128.00 9575 6549 2.05 19.19 40330.8 Novartis 82.30 0.49 88.42 73.01 3.36 9.28 204513.87 Boeing 178.50 9.76 233.94 113.02 - -28.95 105995.23 Lilly (E) 366.24 2.97 369.80 231.87 0.80 69.40 347993.15
ANZ Bank 24.28 -0.27 28.33 20.78 5.91 10.71 47887.37 Nokia 4.56 0.11 5.71 4.12 - 16.34 26463.92 EastJpRwy 7813 15.00 8280 6373 1.36 -7.57 20855.22 Richemont 107.10 3.35 146.10 90.28 1.67 26.51 57796.13 Booking Holdings 1944.81 78.99 2715.66 1616.85 - 80.07 75437.99 Linde 327.42 12.98 346.50 262.47 1.12 51.87 161867.27
BHP Group 40.56 -0.62 53.72 35.69 9.63 10.02 135444.08 SampoA 47.39 0.04 48.74 35.85 3.48 10.47 25720.37 Fanuc 19790 -255.00 25300 18740 2.42 22.74 28221.82 Roche 330.50 2.70 404.20 298.60 2.44 22.99 240046.49 Bristol-Myers 79.61 -0.17 81.17 53.22 2.18 29.59 169263.63 Lockheed 488.46 3.28 494.66 328.20 1.96 24.32 128013.25
CmwBkAu 104.04 -0.73 109.18 86.98 3.20 20.58 116415.72 France (€) FastRetail 80610 -830.00 88230 54310 0.69 36.56 60391.97 Swiss Re 78.38 1.98 102.20 68.18 6.91 19.66 25726.7 Broadcom 496.25 26.78 677.76 415.07 2.61 32.50 200981.97 Lowes 203.85 17.22 263.31 170.12 1.28 19.45 126529.81
CSL 282.73 3.12 319.78 240.10 1.02 42.58 89934.42 Airbus Grpe 113.14 -0.16 120.36 86.52 - 21.53 90796.42 Fuji Hvy Ind 2432.5 -33.50 2684 1664.5 2.44 27.00 13214.82 Swisscom 501.60 2.60 587.40 443.40 4.01 15.49 26862.25 Cadence Design 157.51 9.75 194.97 132.32 - 73.07 43206.14 Lyondell 83.20 3.10 117.22 71.46 4.60 5.75 27091.95
NatAusBk 31.00 -0.66 33.75 25.43 2.75 17.37 64492.61 AirLiquide 137.44 2.88 153.40 114.48 1.93 26.33 73240.29 Hitachi 7083 -64.00 7460 4750 1.72 10.03 48454.25 UBS 16.89 0.54 19.90 13.10 1.88 9.03 61543.56 CapOne 113.82 12.95 160.54 90.27 1.52 4.90 43444.93 Marathon Ptl 118.92 3.06 120.98 59.55 1.68 68.27 55733.15
Telstra 3.96 0.03 4.20 3.62 2.40 33.88 30182.59 AXA 26.62 0.12 29.09 20.34 5.17 9.31 63328.63 HondaMtr 3289 -138.00 3755 3043 4.16 6.72 42079.23 Zurich Fin 431.80 -4.40 461.70 376.00 4.25 14.94 67165 CardinalHlth 78.85 -1.32 81.57 45.85 2.14 47.38 20669.27 Marsh&M 166.07 6.76 183.14 142.80 1.39 29.62 82372.3
Wesfarmers 46.22 -0.02 61.34 40.03 3.66 24.99 34569.58 BNP Parib 50.85 0.59 68.07 40.67 5.07 7.60 63905.19 JapanTob 2817 18.00 2824 2000 5.14 13.86 39792.36 Taiwan (NT$) Carnival 9.77 1.21 24.34 6.11 - -1.35 10865.58 MasterCard 333.62 17.98 399.92 276.87 0.58 44.17 318207.77
Westpac Bank 23.61 -0.11 24.67 18.80 3.58 18.06 54527.58 ChristianDior 675.00 31.50 733.50 513.00 1.00 25.58 124054.46 KDDI 4264 -4.00 4636 3237 2.98 13.80 69348.9 Chunghwa Telecom 108.50 -0.50 132.50 105.50 3.91 23.81 26416.12 Caterpillar 231.23 5.69 237.90 160.60 1.60 22.67 120334.26 McDonald's 275.28 -2.51 280.57 217.68 1.64 31.80 201621.65
Woolworths 33.75 0.55 41.13 31.67 3.04 40.48 27082.55 Cred Agr 9.46 -0.25 14.27 8.09 8.15 5.36 29298.95 Keyence 57110 -210.00 74710 44880 0.37 46.11 98100.72 Formosa PetChem 82.50 -0.80 103.50 75.20 0.71 16.02 24665.09 Centene Corp 83.59 -0.29 98.53 69.51 - 42.52 47333.65 McKesson 375.05 -11.17 401.78 215.27 0.41 49.26 53179.64
Belgium (€) Danone 49.53 -0.41 58.41 46.48 3.77 17.49 34081.93 MitsbCp 4370 58.00 4845 3370 3.35 9.42 45499.28 HonHaiPrc 100.50 -2.00 116.00 99.50 3.95 10.21 43726.37 CharlesSch 77.15 -1.12 96.24 59.35 0.80 31.62 140092.49 Medtronic 81.89 2.60 122.93 79.20 2.63 25.91 108837.72
AnBshInBv 52.90 0.71 58.72 45.56 0.97 27.40 93565.67 EDF 11.91 0.01 12.53 6.64 3.94 9.51 47129.5 MitsubEst 974.70 2.33 977.62 876.51 - - - MediaTek 660.00 10.00 1200 533.00 5.57 9.47 33127.54 Charter Comms 372.63 22.75 706.93 297.66 - 17.66 58008.16 Merck 101.51 -0.08 103.76 71.50 2.24 24.22 257368.05
KBC Grp 50.00 -0.28 86.50 45.53 6.63 8.44 21222.58 Engie SA 13.90 0.53 14.61 9.79 3.67 10.16 34464.98 MitsubishiEle 1323 -12.00 1553 1225.5 3.21 11.42 20063.9 TaiwanSem 407.50 -9.50 650.00 370.00 2.60 16.35 331632.19 Chevron Corp 180.67 2.74 186.38 110.73 2.53 25.74 349350.48 Meta 196.64 0.99 384.33 169.00 - 15.41 450997.53
EssilorLuxottica 172.25 6.50 195.00 132.70 0.60 54.53 78467.69 MitsuiFud 872.94 -3.89 949.18 684.38 - - - Chipotle Mexic. 1449.54 73.72 1895.99 1196.28 - 73.41 40182.86 Metlife 75.30 2.53 75.57 57.05 2.18 11.95 59080.85
Brazil (R$) Thailand (THB)
Hermes Intl 1434 79.50 1678 957.60 0.31 63.90 154134.76 MitUFJFin 710.70 2.20 828.30 601.40 3.88 6.96 66670.3 Chubb 212.02 1.90 218.99 173.78 1.29 12.76 87998.96 Microsoft 239.96 15.45 349.67 213.43 0.83 29.641788775.38
Ambev 16.10 -0.38 18.07 12.81 3.48 24.44 47622.67 PTT Explor 34.25 -0.75 41.25 32.75 5.62 9.49 26526.17
LOreal 338.55 10.75 433.65 300.45 1.14 42.82 185008.26 Mizuho Fin 1645 18.00 1683.5 1397 5.03 7.60 29502.17 Cigna 320.67 -4.33 331.05 191.74 1.08 23.64 98039.8 Mnstr Bvrg 97.43 1.20 100.47 71.78 - 43.97 50833.48
Bradesco 12.82 -0.45 17.72 12.69 6.44 5.96 11726.5 United Arab Emirates (Dhs)
LVMH 686.80 28.80 741.60 535.00 0.98 29.85 351911.73 Murata Mfg 7327 -210.00 9410 6604 1.74 14.21 34972.06 Cintas Corp 437.14 17.11 461.44 343.86 0.72 44.44 44389.01 MondelezInt 64.01 0.62 69.47 54.72 1.79 24.42 87413.24
Cielo 5.06 -0.37 6.22 2.01 2.86 17.21 2581.74 Emirtestele 24.30 0.70 38.98 11.60 2.75 27.17 57535.64
Orange 9.76 0.00 11.94 8.93 5.923361.36 26419.92 Nippon T&T 3931 13.00 4128 3054 2.83 11.95 100562.43 Cisco 45.00 1.09 64.29 38.61 2.86 18.53 184877.44 Monsanto 10.00 0.01 10.01 9.66 - 53.16 250.00
ItauHldFin 23.20 -0.45 26.04 18.86 3.32 9.23 21603.32
PernodRic 186.60 6.10 214.50 166.60 1.61 29.25 49006.77 NipponTT 3931 13.00 4128 3054 2.83 11.95 100562.43 United Kingdom (p) Citigroup 48.29 2.93 69.67 40.01 3.64 5.52 93520.94 MorganStly 88.06 4.61 109.73 72.05 2.06 12.72 148831.04
Petrobras 29.66 -0.40 42.08 26.76 16.08 4.25 41456.03
Renault 31.14 1.73 38.07 20.47 - -24.14 9374.46 Nissan Mt 488.40 -4.50 654.30 436.50 - 14.98 14559.44 Anglo American 3132 74.50 4292.5 2487.5 5.69 6.20 51378.76 CME Grp 174.30 3.30 256.94 166.58 1.78 27.73 62700.06 Netflix 271.77 17.11 700.99 162.71 - 28.04 120943.22
Vale 74.59 1.44 107.11 61.85 17.31 3.35 66943.49
Safran 112.20 -1.80 123.12 87.85 0.371165.01 48806.83 Nomura 481.50 -4.20 562.20 460.30 5.06 -31.28 10996.64 AscBrFd 1537.5 28.50 2066 1223 0.40 25.41 14215.63 Coca-Cola 60.00 1.23 67.20 52.28 2.41 30.92 259449.17 NextEraE 83.48 5.28 92.91 67.22 1.68 127.18 165888.42
Canada (C$) Nppn Stl 2174 -27.50 2318.5 1690.5 3.90 3.24 14591.93 AstraZen 11158 312.00 11540 8090.32 1.861889.27 165035.92 Cognizant 56.97 2.95 93.47 51.33 1.45 16.31 29278.1 Nike 98.79 6.69 177.75 82.22 1.02 29.95 124836.25
Sanofi 86.97 0.13 106.08 76.45 3.54 18.25 112233.85
Bausch Hlth 9.75 0.88 36.26 5.10 - -3.21 2645.34 Panasonic 1199.5 -12.50 1429.5 1006.5 2.21 11.46 20790.62 Aviva 437.40 11.10 606.58 341.92 4.88 57.55 20501.16 ColgtPlm 74.50 1.04 85.18 67.84 2.07 33.88 62223.46 NorfolkS 241.39 10.85 296.87 203.65 1.49 23.12 55885.22
Sant Gbn 44.36 1.98 64.82 35.20 2.95 11.01 23291.68
BCE 62.16 0.85 74.09 55.66 5.13 22.83 42501.49 Seven & I 5655 78.00 6083 4552 1.93 20.33 35405.09 Barclays 157.00 2.60 209.45 132.06 1.91 3.81 31288.12 Comcast 32.53 1.14 54.59 28.39 2.65 12.41 140311.69 Northrop 533.39 0.25 556.27 345.90 1.00 14.21 82095.2
Schneider 140.58 6.02 173.78 110.02 1.78 25.74 81741.69
BkMontrl 131.63 4.90 154.47 113.73 3.13 11.11 66840.8 ShnEtsuCh 15995 -255.00 20480 14185 1.92 14.47 46424.94 BP 470.75 -11.35 503.30 310.53 3.34 17.08 109576.16 ConocPhil 128.07 2.81 138.49 66.06 1.31 24.47 159578.09 NXP 164.44 9.72 239.91 132.08 1.18 28.09 42612.14
SocGen 23.58 0.18 37.68 18.34 2.26 4.14 20399.73
BkNvaS 69.26 3.25 95.00 63.19 4.88 9.51 61866.14 Softbank 6833 -186.00 7217 4210 0.68 5.55 83151.06 BrAmTob 3316.5 -76.00 3645 2514 6.50 11.22 72216.32 Constellation 247.53 7.74 261.53 207.59 1.07-1292.56 39907.09 Occid Pet 70.11 2.18 77.13 26.05 0.05 39.47 63723.97
Total 56.52 -0.19 58.43 40.09 4.60 11.27 150720.66
Brookfield 59.53 4.67 79.04 51.07 1.00 21.66 72295.83 Sony 11020 -170.00 14745 9213 0.58 13.29 98153.9 BT 120.35 4.50 201.40 113.80 - 11.68 13945.83 Corning 33.49 1.43 43.47 28.98 2.47 30.34 28321.99 Oracle 78.04 2.38 106.34 60.78 1.43 34.22 210395.34
UnibailR 52.38 3.94 73.09 39.68 - -7.75 7400.18
CanadPcR 104.10 2.27 106.93 86.12 0.66 27.35 72597.14 SumitomoF 4352 19.00 4461 3672 4.87 8.00 42254.87 Compass 1878 18.00 1970.5 1435 0.75 45.69 36070.95 Corteva 66.87 -0.03 68.43 43.74 0.69 32.71 47778.08 Pepsico 179.47 0.92 183.58 153.37 2.04 37.91 247257.47
Vinci 95.89 1.46 103.74 80.74 2.70 22.08 58381.96
CanImp 63.94 2.25 167.50 55.35 8.55 4.86 43391.59 Takeda Ph 3896 16.00 4063 2993 4.90 13.21 43539.9 Diageo 3722.5 98.00 4097 3282.5 1.95 28.63 109445.84 Corteva 66.87 -0.03 68.43 43.74 0.69 32.71 47778.08 Perrigo 33.14 1.06 44.23 31.32 2.50 -39.22 4461.96
Vivendi 8.55 0.22 12.16 7.59 6.76 -15.86 9654.79
CanNatRs 80.74 1.03 88.18 48.42 2.25 13.73 67031.9 TokioMarine 2799.5 -9.00 2808.5 1886 8.33 4.30 40336.04 GlaxoSmh 1408.2 1.00 2753.96 1280.92 5.68 16.26 80880.63 Costco 507.17 17.20 612.27 406.51 0.54 46.95 224473.33 Pfizer 47.27 0.55 61.71 41.45 2.85 13.95 265267.81
CanNatRy 164.43 3.16 171.48 137.26 1.36 26.21 83480.31 Germany (€)
Toyota 1958.5 -30.00 2375.5 1805 2.76 8.34 225680 Glencore 501.20 -9.20 548.30 346.40 1.77 18.35 84435.22 CrownCstl 136.85 9.20 208.69 121.71 3.44 59.44 59260.45 Phillips66 105.54 1.45 111.28 67.08 2.96 41.21 50770.13
Enbridge 54.24 1.09 59.69 46.88 5.61 20.76 82343.93 Allianz 200.05 11.13 232.50 156.22 4.62 13.12 83195.37
Mexico (Mex$) HSBC 474.15 -2.55 567.20 409.85 3.41 10.36 111029.21 CSX 30.72 1.29 38.63 25.80 1.10 19.67 64575.48 PhilMorris 92.88 1.91 112.48 82.85 4.55 18.48 143982.79
GtWesLif 30.99 1.00 41.50 27.99 5.67 9.56 21651.02 BASF 48.91 1.36 69.15 37.90 6.50 8.41 45733.64
AmerMvl 19.72 -0.10 21.44 15.66 1.61 16.32 43258.47 Imperial Brands 2093 -60.00 2164 1434.23 6.60 7.00 23313.22 CVS 99.39 -0.17 111.25 86.28 1.74 19.37 130595.17 PNCFin 163.97 8.42 214.50 143.52 2.52 14.97 66132.22
ImpOil 75.55 1.11 79.83 41.04 1.24 23.84 34639.18 Bayer 51.41 1.15 67.99 43.91 3.75 52.33 51423.3
FEMSA UBD 148.85 2.40 169.96 120.63 1.33 124.54 16612.65 Jardine Mathes. 62.50 - 60.50 47.52 2.37 12.06 18127.36 Danaher 264.86 17.91 331.69 233.71 0.29 35.05 192808.2 PPG Inds 123.02 8.84 172.78 107.06 1.67 31.31 28913.07
Manulife 23.04 0.81 28.09 20.81 4.62 7.15 32618.17 BMW 82.85 2.60 97.60 67.58 2.21 4.58 50780.72
WalMrtMex 73.68 -0.22 82.93 64.81 0.67 37.57 66439.76 LlydsBkg 43.30 0.74 56.00 38.10 5.94 6.01 36445.9 Deere 403.25 6.16 446.76 283.81 0.84 25.68 121708.77 ProctGmbl 139.75 3.27 165.35 122.18 2.21 27.54 333373.55
Nutrien 104.92 4.11 147.93 84.18 2.02 16.53 41167.73 Continental 59.76 4.22 111.96 44.44 - 9.56 12169.34
LSE Group 8072 184.00 8612 6230 0.95 82.54 32618.33 Delta 35.82 2.36 46.27 27.20 - 49.86 22967.37 Prudntl 107.17 4.75 124.22 85.46 3.70 6.37 39438.56
RylBkC 130.90 3.03 149.60 116.75 3.10 12.76 136045.89 Deut Bank 9.96 0.27 14.64 7.46 - 10.18 20967.17 Netherlands (€)
Natl Grid 1018 31.40 1271.45 844.29 4.83 23.73 39906.88 Devon Energy 69.47 2.71 79.40 35.55 2.45 19.23 45413.45 PublStor 300.50 15.79 421.76 270.73 2.30 35.31 52778.46
SHOP 48.39 6.62 222.87 33.00 - 1.84 36186.48 Deut Tlkm 19.41 -0.30 19.77 14.47 2.98 23.16 98534.07 ASML Hld 544.20 48.30 777.50 376.10 0.60 43.62 225219.06
Natwest Group 240.00 3.00 284.42 196.92 4.38 9.45 33540.07 Digital Realty 106.94 9.85 176.53 85.76 3.74 20.88 30747.63 Qualcomm 117.93 7.50 192.68 101.93 1.97 15.67 132199.53
Suncor En 47.49 0.84 53.62 28.77 2.01 18.83 48210.54 DeutsPost 38.23 2.46 58.31 29.68 3.48 10.05 48229.17 Heineken 86.06 1.40 100.95 77.50 1.10 15.49 50470.68
Prudential 929.60 27.20 1516.5 782.40 1.27 15.10 28089.55 DiscFinServ 108.58 8.54 129.12 87.64 1.49 7.06 29666.85 Raytheon 97.27 2.14 106.02 79.00 1.78 43.72 142985.46
ThmReut 147.74 3.97 156.62 119.23 1.26 11.17 53268.37 E.ON 8.84 0.15 12.54 7.28 5.12 5.10 23773.14 ING 11.02 0.04 14.00 7.90 5.24 9.31 42284.51
ReckittB 5680 -2.00 6824 5400 3.07 -24.58 46714.52 Disney 89.92 3.17 176.87 86.28 - 60.63 163931.18 Regen Pharm 738.31 -4.64 769.63 538.01 - 11.90 79061.03
TntoDom 89.59 1.99 109.08 77.27 3.32 12.31 121889.37 Fresenius Med 28.97 0.80 63.66 26.19 4.45 9.09 8642.43 Unilever 46.40 0.17 48.81 39.36 3.09 23.82 137390.07
RELX 2377 53.00 2634.82 2056 2.01 31.36 53197.25 Dollar General 250.17 7.81 262.21 183.25 0.58 28.26 56430.15 S&P Global 342.60 28.50 484.21 279.32 0.78 31.76 111619.08
TrnCan 62.52 0.86 74.44 54.60 5.07 36.92 47435.87 Fresenius SE 24.04 0.69 38.64 19.76 3.61 7.89 13670.13 Norway (Kr) RioTinto 5148 29.00 6343 4354 9.76 5.38 80638.45 DominRes 62.54 2.12 88.78 59.67 3.47 22.74 52113.03 Salesforce 155.25 13.19 309.90 136.04 - 120.51 155252.8
HenkelKgaA 61.60 0.60 74.75 56.55 2.86 17.01 16293.95 DNB 184.25 2.10 220.50 168.05 9.34 11.91 28411.55
China (HK$) RollsRoyce 85.96 -2.66 161.91 64.44 - 58.48 1867.13 DukeEner 96.61 3.16 116.33 83.76 3.48 22.73 74391.91 Schlmbrg 53.21 0.14 55.12 27.65 0.81 46.75 75451.45
Linde 322.85 7.45 330.70 244.00 1.11 52.08 162507.95 Equinor 362.95 -11.90 410.95 217.70 1.34 15.83 113972.07
AgricBkCh 2.33 -0.03 3.15 2.22 8.80 3.17 9127.89 Shell PLC 2315 -68.50 2527 1534.2 2.61 12.20 124291.89 DuPont 71.14 4.11 84.08 49.52 1.45 25.54 35341.57 Sempra Energy 155.20 5.13 176.47 119.56 2.44 44.89 48784.54
Mercedes-Benz 63.34 3.42 77.90 50.19 2.05 6.58 68993.66 Telenor 97.48 1.88 148.80 88.54 9.13 16.65 13490.22
Bk China 2.61 -0.03 3.20 2.51 8.20 3.35 27815.28 StandCh 562.80 -0.60 641.00 406.20 1.57 12.62 21669.48 Eaton 161.17 4.87 175.72 122.50 1.63 35.00 64095.32 Shrwin-Will 239.97 17.97 354.15 195.24 0.79 39.87 62186.65
MuenchRkv 288.50 6.20 289.90 205.15 3.27 14.31 41152.29
BkofComm 4.03 -0.08 5.74 3.84 8.35 3.45 17982.09 Qatar (QR) Tesco 227.90 -0.40 304.10 194.35 4.01 11.60 21792.76 eBay 44.14 3.57 76.58 35.92 1.41 134.71 23952.97 SimonProp 121.10 8.18 171.12 86.02 5.09 20.53 39593.14
SAP 105.02 6.86 128.46 81.35 1.70 24.45 131359.66
BOE Tech 0.68 0.03 0.87 0.57 - 11.36 17.24 QatarNtBk 20.12 -0.37 27.00 18.40 2.42 16.80 51029.61 Unilever 4043 -27.00 4178 3267.5 3.58 20.76 58161.66 Ecolab 151.80 11.15 238.93 131.04 1.11 45.02 43236.9 SouthCpr 55.79 2.45 79.32 42.42 4.95 14.74 43127.3
Siemens 120.70 4.94 156.98 93.67 2.79 18.85 104457.48
Ch Coms Cons 3.22 -0.04 5.17 3.09 6.08 2.77 1813.21 Saudi Arabia (SR) Vodafone 105.76 1.66 141.60 97.40 7.31-236.60 32946.68 Edwards Lifesc. 72.20 2.21 131.73 67.13 - 35.18 44638.41 Starbucks 94.53 2.90 117.34 68.39 1.68 29.63 108463.72
Volkswgn 184.30 4.55 290.00 158.80 2.51 6.47 55372.34
Ch Evrbrght 2.10 -0.04 3.11 2.04 10.97 2.94 3393.34 AlRajhiBnk 85.30 -0.10 117.40 78.60 2.37 17.18 90732.6 WPP 844.00 26.40 1231.5 713.00 3.14 16.08 12480.12 Eli Lilly 366.24 2.97 369.80 231.87 0.80 69.40 347993.15 StateSt 79.83 4.61 103.76 58.62 2.35 12.88 29292.83
Ch Rail Cons 3.96 -0.04 5.95 3.75 6.37 2.18 1047.87 Hong Kong (HK$) Emerson 93.27 3.15 100.00 72.41 1.88 23.62 55150.55 Stryker 218.17 11.01 279.28 188.84 1.02 48.56 82560.17
Natnlcombnk 57.20 -0.60 82.00 56.80 2.13 22.81 68113.69 United States of America ($)
Ch Rail Gp 3.61 -0.04 5.88 3.48 5.48 3.01 1935.74 AIA 67.15 -0.90 92.50 57.25 1.72 17.76 101188.21 EOG Res 142.57 2.95 150.88 80.67 0.98 20.69 83744.12 Sychrony Fin 38.30 3.29 51.09 27.22 2.04 5.85 17255.74
SaudiBasic 84.30 -0.90 141.40 84.80 3.24 13.03 67251.69 21stC Fox A 29.62 1.18 44.95 28.02 1.37 13.91 8959.3
ChConstBk 4.39 -0.06 6.23 4.12 8.13 3.31 134511.09 BOC Hold 25.30 -0.30 32.75 23.20 4.26 13.42 34090.55 Equinix 641.47 43.52 847.10 494.89 1.54 134.53 59360.42 T-MobileUS 148.94 0.30 154.38 101.51 - 71.67 185304.32
SaudiTelec 38.80 - 48.88 37.10 8.67 8.15 51588.9 3M 128.73 4.90 186.30 107.07 3.97 14.75 71154.6
China Vanke 11.26 -0.10 21.70 9.96 12.16 5.26 2735.9 Ch OSLnd&Inv 16.46 -0.26 27.35 14.58 6.33 4.22 22959.63 EquityResTP 63.84 4.16 94.32 59.32 3.26 21.61 24124.45 Target 164.44 11.45 268.98 137.16 1.67 13.40 75685.59
Singapore (S$) AbbottLb 103.22 3.76 142.60 93.25 1.50 30.38 179971.69
ChinaCitic 3.07 -0.03 4.08 2.92 8.79 2.95 5822.8 ChngKng 45.50 0.40 57.00 42.90 3.38 10.76 20905.63 Exelon 38.72 1.03 50.71 29.10 3.41 25.80 38472.72 TE Connect 121.81 7.61 166.44 104.76 1.40 19.19 38959.58
DBS 34.54 -0.13 37.49 29.45 3.16 15.08 64128.69 Abbvie 149.84 2.22 175.91 115.01 2.99 26.94 264980.28
ChinaLife 9.49 -0.13 15.04 8.53 6.92 4.30 8999.8 Citic Ltd 7.35 -0.12 9.26 6.96 6.35 3.51 27249.43 ExxonMb 110.01 1.11 114.66 57.96 2.74 23.67 453053.46 Tesla Mtrs 190.30 12.71 400.65 177.12 - 45.04 600907.66
JardnMt US$ 47.68 0.16 62.10 42.60 3.11 9.20 13829 Accenture 283.09 16.65 417.37 242.95 1.13 33.33 188190.14
ChinaMBank 29.35 -0.85 70.80 25.40 4.68 5.61 17172.36 Citic Secs 13.66 -0.30 21.32 11.82 3.04 7.27 4561.29 Fedex 166.92 8.88 260.50 141.92 1.48 10.41 43435.37 TexasInstr 171.68 6.69 199.90 144.46 2.11 24.10 155811.91
OCBC 12.24 -0.01 13.54 10.98 3.04 13.00 39722.48 Activision Bli. 73.24 1.58 82.00 56.40 0.55 24.69 57319.48
ChinaMob 48.30 -0.05 58.65 45.90 6.41 7.72 125944.14 CK Hutchison 40.85 -0.75 60.45 38.80 4.84 5.35 19962.87 Fidelity NIS 64.51 2.79 122.06 56.53 2.09 111.66 38278.91 TheTrvelers 183.39 1.24 187.98 145.40 1.70 13.11 42976.99
SingTel 2.63 0.08 2.88 2.31 2.52 47.28 31320.94 Adobe 326.85 27.98 699.54 274.73 - 37.29 151952.57
ChinaPcIns 14.58 -0.16 25.90 12.10 8.67 4.92 5156.92 CNOOC 10.10 -0.08 12.54 7.55 3.89 9.11 57379.21 Fiserv 100.05 3.87 110.94 87.03 - 58.31 63534.56 ThrmoFshr 516.44 31.73 668.94 475.77 0.17 30.78 202543.51
UOB 29.21 0.07 33.33 25.47 3.00 13.84 35289.91 Advanced Micro 67.54 7.62 164.46 54.57 - 30.48 108898.54
ChMinsheng 2.41 -0.01 3.29 2.19 9.81 3.23 2555.5 HangSeng 114.10 - 169.50 110.00 4.64 18.97 27801.1 FordMtr 14.36 1.05 25.87 10.61 0.60 3.74 56716.86 TJX Cos 73.97 3.89 76.94 53.69 1.22 31.47 85883.09
AEP 91.21 3.39 105.60 80.22 2.84 21.33 46869.51
ChMrchSecs 12.92 0.07 18.56 12.06 3.43 11.38 13230.69 HK Exc&Clr 255.80 -4.20 483.60 208.20 3.10 29.80 41332.15 South Africa (R) Franklin 25.36 2.66 36.20 20.24 3.84 7.78 12638.34 Truist Financial Corp 45.80 3.11 66.10 40.01 3.50 11.88 60759.26
Aflac 69.33 1.81 69.43 52.07 1.64 12.58 43108.6
Chna Utd Coms 3.46 0.01 4.08 3.30 3.28 17.13 14781.15 MTR 35.65 -0.15 43.70 33.45 2.99 26.67 28178.63 Firstrand 66.90 0.12 79.34 53.25 3.70 12.67 21519.57 GenDyn 252.86 3.34 254.99 188.64 1.59 25.39 69421.08 Twitter 53.70 0.35 60.16 31.30 - -224.30 41093.72
AirProd 287.82 7.69 316.39 216.24 1.80 35.06 63838.18
ChShenEgy 22.85 0.40 27.65 15.98 8.63 7.18 9835.67 SandsCh 16.80 -0.36 24.90 12.50 - -19.17 17328.17 MTN Grp 137.30 1.92 211.49 115.46 - 19.59 14835.36 GenElectric 84.72 1.57 112.68 59.93 0.33 -30.23 92570.84 UnionPac 212.01 8.60 278.94 183.70 1.88 22.72 130343.92
Allstate 129.18 1.24 144.46 106.11 2.16 8.82 34259.77
ChShpbldng 3.55 -0.03 4.36 3.36 - -260.50 10816.87 SHK Props 85.85 1.00 101.70 83.10 5.00 10.14 31705.13 Naspers N 2201.79 95.59 2853.25 1392.5 0.26 12.39 54986.96 GenMills 78.86 -1.48 82.10 61.41 2.25 24.16 46806.22 UPS 172.16 9.67 233.72 154.87 2.04 13.60 125645.97
Alphabet 93.69 6.37 151.55 83.34 - 0.97 559597.23
ChStConEng 4.93 0.02 6.40 4.52 4.41 3.77 27777.03 Tencent 231.40 -5.40 509.00 198.60 0.60 9.41 282558.3 South Korea (KRW) GenMotors 40.56 2.50 67.21 30.33 - 7.02 57623.46 USBancorp 44.67 1.43 61.11 38.39 3.40 10.16 66364.31
Altria 44.22 -1.00 57.05 40.35 6.86 38.27 79240.91
ChUncHK 3.48 -0.03 4.43 3.27 4.34 7.94 13570.57 India (Rs) HyundMobis 220500 - 265500 189500 1.81 8.61 15093.01 Amazon 97.66 11.52 188.11 85.87 - 1.75 996286.41 GileadSci 81.96 -0.37 83.80 57.17 2.99 19.28 102791.55 UtdHlthcre 543.63 2.97 558.10 436.00 0.89 34.87 507940.19
CNNC Intl 5.95 -0.03 8.92 5.78 2.12 15.35 15475.24 Bhartiartl 825.75 6.70 841.45 628.75 - 186.04 60117.57 KoreaElePwr 18150 -450.00 25100 16500 6.75 -10.61 8458.85 AmerAir 14.93 0.95 22.03 11.65 - -4.62 9699.77 GoldmSchs 376.60 14.60 407.48 277.84 1.49 7.35 127529.79 ValeroEngy 132.14 4.14 146.81 65.13 2.56 67.51 50941.12
CSR 2.70 -0.05 3.80 2.37 7.37 7.69 1504.08 HDFC Bk 1524.75 16.40 1722.1 1271.6 - 27.28 103900.32 SK Hynix 89100 -100.00 134000 80400 1.73 6.38 47090.64 AmerExpr 155.08 9.22 199.55 130.65 1.04 17.47 115882.42 Halliburton 37.64 0.83 43.99 20.77 0.60 24.53 34178.88 Verizon 38.25 0.63 55.51 34.55 5.72 8.34 160622.02
Daqin 6.61 0.07 7.25 5.95 7.36 9.88 13558.8 Hind Unilevr 2513.6 4.80 2734 1927 1.21 71.06 72197.46 SmsungEl 60400-1600.00 80800 51800 2.39 10.46 261769.83 AmerIntGrp 60.76 2.30 65.73 47.05 1.82 6.51 45143.47 HCA Hold 221.97 12.96 279.02 164.47 0.75 12.17 62753.21 VertexPharm 306.72 -2.62 318.38 179.96 - 39.48 78732.4
GuosenSec 8.84 0.03 11.70 8.43 2.64 10.03 10766.44 HsngDevFin 2504.1 0.60 3021.1 2026 0.87 22.49 55631.29 Spain (€) AmerTower 219.82 18.78 291.99 178.17 2.04 45.04 102349.42 Hew-Pack 29.14 1.34 41.47 24.08 2.48 6.10 29308.03 VF Cp 29.84 2.94 78.91 26.46 5.69 11.34 11592.87
HaitongSecs 4.16 -0.03 7.34 3.77 6.65 4.68 1807.65 ICICI Bk 910.70 0.20 943.25 642.15 0.21 30.49 77607.43 BBVA 5.31 0.02 6.19 3.97 6.74 7.50 32576.62 Amgen 286.04 -3.61 296.67 198.64 2.12 32.27 152625 Hilton Worldwi. 137.00 7.11 167.99 108.41 - 108.82 37052.47 Visa Inc 204.05 10.12 235.85 174.60 0.56 39.18 333624.74
Hngzh HikVDT 28.68 -0.29 55.55 28.10 2.83 15.56 36309.24 Infosys 1501.95 -9.25 1923.3 1360 1.91 31.31 77258.63 BcoSantdr 2.55 -0.06 3.48 2.32 2.88 5.31 43663.09 Amphenol Corp 78.22 3.74 88.45 61.67 0.86 36.14 46548.29 HiltonWwde 137.00 7.11 167.99 108.41 - 108.82 37052.47 Walgreen 37.84 0.95 53.46 30.39 4.37 6.36 32724.53
Hunng Pwr 3.11 - 5.74 2.62 6.11 -3.62 1863.04 ITC 356.00 -4.70 361.45 207.00 2.87 31.21 53981.01 CaixaBnk 3.19 -0.08 3.64 2.22 0.82 21.76 26155.67 Analog Devices 157.11 8.88 191.95 133.48 1.53 61.18 80805.63 HomeDep 310.65 23.90 420.61 264.51 1.85 22.98 318020.62 WalMartSto 142.03 2.56 160.77 117.27 1.35 33.50 385503.21
IM Baotou Stl 2.12 0.19 3.21 1.75 - 35.63 9265.9 L&T 1977.65 -25.85 2056 1456.35 0.86 34.62 33969.37 Iberdrola 10.52 0.25 11.49 8.47 3.87 18.73 68111.88 Anthem 482.58 12.71 - - - - - Honywell 213.21 4.58 227.91 166.63 1.52 31.26 143345.82 Walt Disney 89.92 3.17 176.87 86.28 - 60.63 163931.18
In&CmBkCh 3.56 -0.04 4.94 3.37 8.21 3.38 39379.33 OilNatGas 139.85 1.20 189.80 119.85 6.17 4.18 21507.37 Inditex 24.46 0.14 32.28 18.55 0.87 26.78 77617.23 Aon Cp 293.25 12.15 341.98 246.21 0.59 61.28 60658.59 HumanaInc 552.92 -0.55 571.30 363.73 0.44 28.29 69999.85 Waste Manage. 159.49 1.29 175.98 138.58 1.24 43.12 65466.99
IndstrlBk 15.56 0.07 23.22 15.01 5.05 4.21 44600.02 RelianceIn 2572.5 -31.50 2856.15 2222 0.26 31.06 212774.88 Repsol 13.65 -0.29 16.23 9.60 4.23 8.64 20185.11 Apple 143.11 8.24 182.13 129.04 0.52 27.522276610.77 IBM 140.40 3.01 144.73 114.56 4.02 31.25 126934.82 WellsFargo 48.03 2.06 60.30 36.54 1.39 11.26 183017.88
Kweichow 1475 15.10 2216.96 1359 1.33 32.79 255652.42 SBI NewA 605.75 -9.80 622.70 430.70 0.63 17.83 66087.02 Telefonica 3.62 0.01 5.06 3.24 9.19 2.75 21309.41 Applied Materi. 102.65 8.27 167.06 71.12 0.80 16.42 88310.76 IDEXX Laborato. 406.24 26.36 664.70 317.06 - 54.78 33643.56 Williams Cos 33.58 0.91 37.97 24.86 4.21 31.40 40905.76
Midea 0.36 0.01 0.61 0.35 - -4.05 13.81 SunPhrmInds 1010.65 -2.90 1070.95 733.70 0.70 39.74 29643.21 Sweden (SKr) Aptiv 108.56 11.09 179.40 77.96 - 64.89 29412.93 IllinoisTool 221.51 9.89 248.11 173.52 1.84 30.19 68044.85 Workday 154.34 19.39 307.81 128.72 - 1477.50 31021.34
New Ch Life Ins 14.76 -0.06 24.70 12.04 9.99 2.90 1945.25 Tata Cons 3205.65 -10.40 3920 2950.1 1.08 32.31 143389.73 AtlasCpcoB 119.38 7.06 133.60 22.08 6.18 7.95 17549.94 ArcherDan 94.67 1.61 98.88 61.80 1.35 22.92 52005.47 Illumina 237.26 21.41 397.44 173.45 - 54.59 37320.21 Yum!Brnds 124.07 2.02 139.85 103.97 1.39 27.62 34949.01
PetroChina 3.25 -0.05 4.49 3.01 7.07 6.79 8739.16 Israel (ILS) Ericsson 61.83 1.57 117.32 58.81 3.68 9.09 17891.73 AT&T 18.74 0.36 21.53 14.46 9.57 7.87 133524.35 Intcntl Exch 101.54 4.28 138.46 88.60 1.12 16.40 56715.33 Zoetis 138.09 4.92 249.27 124.15 0.62 37.51 64359.88
PingAnIns 34.75 -0.70 69.40 31.30 6.94 5.72 32983.31 TevaPha 32.87 0.47 37.23 23.83 - 29.01 10285.53 H&M 120.52 2.26 191.86 98.25 5.28 16.57 16580.12 Autodesk 220.22 25.61 335.48 163.20 - 112.94 47536.48 Intel 29.18 1.66 55.00 24.59 4.11 6.96 120417.61 Zoom 80.86 9.02 268.88 70.44 - 20.64 20292.6
PngAnBnk 10.87 -0.02 19.06 10.39 1.62 6.41 29104.25 Investor 193.54 9.38 228.75 158.22 1.83 8.30 33210.83 AutomData 250.28 9.90 261.59 192.26 1.32 44.93 103823.09 Intuit 396.75 28.20 716.86 339.36 0.56 57.62 111831.87 Venezuela (VEF)
Italy (€)
Pwr Cons Corp 7.20 -0.07 9.81 5.99 1.25 14.77 10919.08 Nordea Bk 106.24 -0.02 113.78 85.25 13.91 12.36 37378.1 AutoZone 2488.14 23.25 2560.01 1703.32 - 26.07 47228.49 John&John 173.23 0.78 186.69 155.72 2.09 25.72 452907 Bco de Vnzla 1.15 -0.01 2.14 0.32 144.29 - 470.22
Enel 5.01 0.19 7.25 3.96 7.05 24.20 51859.73
SaicMtr 14.25 -0.03 23.10 13.77 4.23 7.04 22971.32 SEB 118.70 1.00 141.85 91.64 8.60 9.90 24087.22 Avago Tech 496.25 26.78 677.76 415.07 2.61 32.50 200981.97 JohnsonCn 66.41 2.56 81.69 45.52 1.49 35.17 45743.89 Bco Provncl 2.83 0.01 3.30 1.70 - 0.00 118.98
ENI 14.07 0.05 14.85 10.43 4.62 6.15 51651.66
ShenwanHong 0.09 - 0.18 0.05 - 2.76 101.04 SvnskaHn 103.90 0.10 105.40 80.88 4.86 10.17 19030.99 BakerHu 30.14 0.63 39.78 20.42 2.12 80.89 30179.22 JPMrgnCh 134.49 4.75 169.44 101.28 2.44 10.15 394486.73
Generali 16.66 0.34 21.55 13.67 8.50 9.72 26818.79
ShgPdgBk 6.78 -0.01 8.81 6.64 6.88 4.28 27458.08 Swedbank 164.20 0.20 195.30 124.50 8.96 8.75 17506.42 Bank of NY 44.46 2.36 64.63 36.22 2.52 12.45 35932.09 Kimb-Clark 126.35 2.52 144.53 108.74 3.22 27.50 42640.44 Closing prices and highs & lows are in traded currency (with variations for that
IntSPaolo 2.18 0.02 2.92 1.58 1.62 70.06 43068.01
Sinopec Corp 3.35 -0.03 4.28 3.06 4.00 4.18 10869.48 Telia Co 29.52 0.18 41.70 27.93 6.85 10.39 11370.4 BankAm 38.08 1.56 50.11 29.31 1.77 12.37 305494.22 KinderM 18.21 0.63 20.20 15.01 5.26 45.61 40920.14 country indicated by stock), market capitalisation is in USD. Highs & lows are
Unicred 13.03 0.18 15.93 7.75 0.89 20.09 29689.85
Sinopec Oil 1.95 -0.01 2.37 1.70 - 639.92 3650.84 Volvo 193.50 4.96 218.65 148.24 3.39 12.57 28949.03 Baxter 53.34 1.69 89.70 49.83 1.75 24.45 26889.8 KLA Corp 362.11 24.59 442.44 250.20 0.93 21.61 51316.99 based on intraday trading over a rolling 52 week period.
Japan (¥) Kraft Heinz 37.64 -0.09 44.87 32.73 3.67 53.23 46103.92
Denmark (kr) Switzerland (SFr) BectonDick 227.05 8.76 277.29 215.90 1.28 45.56 64752.12 ♦ ex-dividend
AstellasPh 2068.5 1.00 2205 1739 2.36 30.09 26821.06 Kroger 47.61 -0.45 62.78 40.18 1.43 25.20 34079.54
DanskeBk 120.65 -2.05 133.25 91.28 1.60 8.58 14236.8 BerkshHat 451931.0415986.04544389.26393012.25 - 8.81 269724.19 ■ ex-capital redistribution
Bridgestne 5173 -171.00 5509 4042 3.40 11.37 26075.94 ABB 29.45 0.71 33.86 23.84 2.59 14.67 59817.78 LasVegasSd 40.87 0.92 48.27 28.88 - -31.39 31231.48
MollerMrsk 15400 250.00 24070 13185 2.13 2.61 17647.05 Biogen 289.00 6.69 292.45 187.16 - 32.23 41616.41 # price at time of suspension
Canon 3198 -21.00 3516 2467 3.24 14.95 30125.9 CredSuisse 4.09 0.08 9.59 3.52 2.24 -6.67 11205.32 LibertyGbl 19.22 0.89 29.56 15.22 - 0.95 3303.96
NovoB 836.70 -12.10 864.40 604.40 1.08 41.88 199546.07 BlackRock 746.10 76.48 973.16 503.12 1.91 22.64 112060.44
CntJpRwy 16440 -35.00 17920 14660 0.84 -29.78 23919.48 Nestle 110.08 0.96 128.90 103.42 2.29 19.84 312953.58

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
ASML Hld 544.70 495.90 48.80 9.84 91.00 20.1 -0.18 Bradesco 12.88 13.27 -0.39 -2.94 -3.83 -22.9 -19.68 Nov 10 date Coupon S* M* F* price yield yield yield US Nov 10 date Coupon S* M* F* price yield yield yield US
DuPont 71.14 67.03 4.11 6.13 11.53 19.3 17.44 Perrigo 33.14 32.08 1.06 3.30 -6.50 -16.4 -18.19 High Yield US$ US$
Applied Materi. 102.65 94.38 8.27 8.76 16.35 18.9 -1.97 Petrobras 29.15 30.06 -0.91 -3.03 -4.22 -12.6 -16.23 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 -
Aptiv 108.56 97.47 11.09 11.37 16.94 18.5 4.25 Tesla Mtrs 190.30 177.59 12.71 7.15 -25.01 -11.6 -35.68 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Anglo American 3132.00 3057.50 74.50 2.44 476.00 17.9 10.54 DominRes 62.54 60.42 2.12 3.51 -6.69 -9.7 -27.01 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 -
BlackRock 746.10 669.62 76.48 11.42 112.29 17.7 4.48 Disney 89.92 86.75 3.17 3.66 -9.33 -9.4 -25.38 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Continental 59.82 55.54 4.28 7.71 8.42 16.4 4.18 Walt Disney 89.92 86.75 3.17 3.66 -9.33 -9.4 -25.38 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Ecolab 151.80 140.65 11.15 7.93 20.45 15.6 -11.80 ItauHldFin 23.06 23.65 -0.59 -2.49 -2.21 -8.7 2.25 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 -
SouthCpr 55.79 53.34 2.45 4.58 7.39 15.3 15.23 Nutrien 104.42 100.81 3.61 3.58 -9.41 -8.3 -11.38 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
CapOne 113.82 100.87 12.95 12.84 15.00 15.2 1.26 Equinor 362.95 374.85 -11.90 -3.17 -31.05 -7.9 -3.20 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
KLA Corp 362.11 337.52 24.59 7.28 47.67 15.2 -2.88 Chna Utd Coms 3.46 3.45 0.01 0.29 -0.29 -7.7 -3.35 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Adobe 326.85 298.87 27.98 9.36 40.92 14.3 -23.18 Shell PLC 2315.00 2383.50 -68.50 -2.87 -176.50 -7.1 3.34 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
IM Baotou Stl 2.12 1.93 0.19 9.84 0.26 14.0 -0.47 ANZ Bank 24.28 24.55 -0.27 -1.10 -1.70 -6.5 5.11 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
Boeing 178.50 168.74 9.76 5.78 21.75 13.9 9.40 McKesson 375.05 386.22 -11.17 -2.89 -22.53 -5.7 1.20
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Analog Devices 157.11 148.23 8.88 5.99 19.09 13.8 -6.44 Cielo 5.18 5.43 -0.25 -4.60 -0.31 -5.6 -5.12
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
eBay 44.14 40.57 3.57 8.80 5.32 13.7 -6.24 WalMrtMex 74.47 73.90 0.57 0.77 -4.25 -5.4 3.47
Qualcomm 117.93 110.43 7.50 6.79 14.05 13.5 -20.06 CaixaBnk 3.19 3.27 -0.08 -2.57 -0.18 -5.4 7.00 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
NXP 164.44 154.72 9.72 6.28 19.59 13.5 -8.65 NatAusBk 31.00 31.66 -0.66 -2.08 -1.74 -5.3 0.26 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Autodesk 220.22 194.61 25.61 13.16 26.00 13.4 -1.39 PTT Explor 34.25 35.00 -0.75 -2.14 -1.75 -4.9 -6.76 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
Lowes 203.85 186.63 17.22 9.23 24.03 13.4 -3.72 BP 470.75 482.10 -11.35 -2.35 -22.75 -4.6 5.45 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
Nov 10 Rate Current Since Last Day's Month's Year Return Return Nov 10 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 23.10 -2.99 26.09 38.93 16.03 Nov 10 Price £ Yield Day Week Month Year High Low £m
US Prime 6.25 22-09-2022 5.50 Markit IBoxx VXD 22.34 -2.42 24.76 45.37 3.27 - - - - - - - - -
US Discount 3.25 22-09-2022 2.50 ABF Pan-Asia unhedged 189.49 0.73 1.23 -13.79 0.14 -13.74 VXN 29.47 -3.02 32.49 44.05 9.94 Tr 0.75pc '23 98.51 2.93 -4.25 5.40 -24.48 497.96 100.82 97.34 34.36
Euro Repo 0.53 01-11-2022 0.374 Corporates( £) 318.63 0.71 1.01 -19.50 6.76 -20.86 VDAX 21.87 -1.18 23.05 93.30 - Tr 0.125pc '24 96.45 3.12 -4.29 4.35 -28.28 447.37 99.44 94.34 35.55
UK Repo 3.00 02-11-2022 2.25 Corporates(€) 205.86 0.38 0.33 -14.77 0.52 -15.59 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 97.20 3.04 -4.70 0.00 -31.99 424.14 105.86 93.15 39.93
Japan O'night Call 0.00-0.10 01-02-2016 0.00 Eurozone Sov(€) 212.43 0.54 0.02 -16.51 0.74 -17.87 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 90.95 3.10 -4.62 -2.82 -32.02 400.00 98.77 86.33 35.32
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 Gilts( £) 276.80 1.52 1.07 -23.00 9.01 -24.73 Tr 1.25pc '27 91.28 3.27 -4.66 -3.25 -29.37 380.88 104.30 85.65 40.99
Overall( £) 283.27 1.28 1.02 -21.75 8.15 -23.37 BONDS: BENCHMARK GOVERNMENT Tr 0.875pc '29 85.27 3.26 -4.68 -4.68 -28.04 312.66 102.36 78.21 43.62
INTEREST RATES: MARKET Overall(€) 207.20 0.51 0.14 -16.00 0.72 -17.21 Red Bid Bid Day chg Wk chg Month Year Tr 4.25pc '32 108.05 3.26 -5.51 -6.32 -27.39 243.16 135.62 98.13 40.33
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 107.95 3.50 -4.63 -7.65 -26.47 236.54 145.94 94.91 31.68
Nov 10 (Libor: Nov 09) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia 11/22 2.25 99.98 2.92 0.02 0.05 0.26 2.74 Tr 4.5pc '42 113.32 3.57 -4.55 -7.75 -27.29 224.55 169.96 93.79 28.35
US$ Libor 3.81214 -0.003 0.753 0.020 3.87857 4.63000 5.15629 5.63286 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 79.37 3.86 -0.17 0.06 0.01 - Tr 3.75pc '52 106.89 3.38 -5.06 -8.15 -28.24 225.00 180.27 82.51 25.11
Euro Libor -0.64957 -0.064 0.000 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 631.55 22.36 - - -10.92 -16.67 02/50 1.00 91.36 1.83 -0.13 0.16 -0.06 1.55 Tr 4pc '60 118.47 3.15 -5.69 -9.48 -30.62 228.13 213.01 87.32 25.13
£ Libor 0.18063 -0.005 0.000 -0.006 2.96160 3.46580 4.07140 0.81363 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 87.84 2.63 -0.10 0.04 0.00 2.87 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 75.97 2.89 -0.08 -0.01 -0.05 2.54
CREDIT INDICES Day's Week's Month's Series Series
Yen Libor
Euro Euribor
0.000
0.000
-0.06005
1.41500
-0.03231
1.80200
0.04083
2.33300
0.04867
2.87400
Index change change change high low
Belgium 06/27 0.80 93.32 2.34 -0.08 0.06 0.03 2.78 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 74.72 3.08 -0.07 -0.02 -0.05 2.44
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day's Total Return Return
Canada 03/25 1.25 93.87 4.07 -0.02 0.20 0.08 2.92
US$ CDs 0.000 3.84000 4.50000 5.03000 Crossover 5Y 488.26 -37.04 -64.67 -153.40 688.92 488.26 Fixed Coupon Nov 10 chg % Return 1 month 1 year Yield
06/30 1.25 85.59 3.43 -0.04 0.14 0.01 1.93
Euro CDs 0.000 1.38000 1.70000 2.14000 Europe 5Y 99.57 -8.06 -14.05 -35.08 142.08 99.57 1 Up to 5 Years 81.82 0.34 2353.06 3.45 -4.19 3.15
12/48 2.75 86.80 3.53 -0.01 0.17 0.23 1.60
Japan 5Y 93.13 0.94 -7.82 -16.87 119.29 92.19 2 5 - 10 Years 150.68 1.15 3178.50 9.01 -13.63 3.28
Short 7 Days One Three Six One Denmark 11/29 0.50 87.87 2.40 -0.12 -0.07 -0.17 2.59
Senior Financials 5Y 108.55 -8.68 -15.04 -41.89 155.06 108.55 3 10 - 15 Years 162.16 1.87 3725.76 14.08 -20.39 3.48
Nov 10 term notice month month month year 11/52 0.25 55.90 2.30 -0.11 -0.09 -0.24 2.07
Markit CDX Finland 09/24 0.00 96.11 2.17 -0.07 0.15 0.16 2.85 4 5 - 15 Years 152.54 1.35 3310.67 10.38 -15.75 3.36
Euro 1.16 1.46 1.20 1.50 1.23 1.53 1.55 1.85 1.99 2.29 2.40 2.70 5 Over 15 Years 236.47 3.32 4047.17 26.88 -35.09 3.35
Emerging Markets 5Y 278.97 8.89 -17.23 -45.57 335.29 270.08 09/29 0.50 86.42 2.70 -0.10 0.06 0.03 2.95
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 141.38 1.72 3144.30 13.23 -21.16 3.34
Nth Amer High Yld 5Y 540.81 21.49 15.18 -52.31 625.47 501.79 France 05/28 0.75 91.52 2.40 -0.09 0.07 -0.01 2.70
US Dollar 3.50 3.70 3.65 3.85 3.74 3.94 4.40 4.60 4.93 5.13 5.12 5.32
Nth Amer Inv Grade 5Y 92.34 3.60 1.26 -10.21 110.98 87.58 05/48 2.00 82.29 3.00 -0.07 -0.03 -0.05 2.40
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 86.94 2.09 -0.09 0.07 0.02 2.53
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked Nov 10 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 56.13 2.10 -0.08 0.00 -0.04 2.11
1 Up to 5 Years 327.36 0.18 4.73 3.89 2760.77 4.73 5.07
Greece 01/23 3.50 100.45 1.43 0.07 0.45 0.12 1.69 2 Over 5 years 590.71 2.64 34.59 -34.63 4496.65 34.59 -34.37
01/28 3.75 98.38 4.10 -0.07 -0.01 -0.16 3.55 3 5-15 years 464.42 1.44 18.15 -14.23 3750.16 18.15 -13.59
Ireland - - - - - - - 4 Over 15 years 691.45 3.36 46.49 -42.61 5110.81 46.49 -42.46
05/26 1.00 95.75 2.27 -0.08 0.15 0.16 2.75 5 All stocks 553.03 2.27 29.09 -30.74 4293.87 29.09 -30.40
02/45 2.00 83.84 3.01 -0.08 -0.02 -0.05 2.47
Italy 02/25 0.35 94.49 2.93 -0.08 0.05 -0.35 3.12 Yield Indices Nov 10 Nov 09 Yr ago Nov 10 Nov 09 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 05/30 0.40 91.08 1.67 -0.03 0.01 -0.63 2.67 5 Yrs 3.15 3.32 0.64 20 Yrs 3.55 3.72 1.13
03/48 3.45 86.62 4.32 -0.08 -0.02 -0.23 2.73 10 Yrs 3.40 3.58 0.93 45 Yrs 3.04 3.24 0.87
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
Japan 04/25 0.05 100.03 0.04 -0.01 -0.01 0.01 -0.03 15 Yrs 3.56 3.73 1.08
Crude Oil† Dec 85.59 -0.24 Corn♦ Dec 661.25 -3.25 Nov 09 Nov 09 Prev return stock Market stocks
12/29 0.10 99.35 0.19 -0.04 -0.01 0.00 0.23
Brent Crude Oil‡ 94.22 1.57 Wheat♦ Dec 806.50 0.00 Can 4.25%' 26 110.62 1.536 1.576 -0.44 5.25 70933.17 8
12/49 0.40 77.04 1.42 -0.05 0.00 0.14 0.76 inflation 0% inflation 5%
RBOB Gasoline† Dec 2.56 0.02 Soybeans♦ Jan 1445.50 -6.50 Fr 0.25%' 24 103.54 -1.775 -1.784 0.57 17.92 250980.79 17
Netherlands 07/27 0.75 93.54 2.22 -0.10 0.07 0.03 2.71 Real yield Nov 10 Dur yrs Previous Yr ago Nov 10 Dur yrs Previous Yr ago
Natural Gas† Dec 5.98 0.12 Soybeans Meal♦ Dec 411.20 -6.40 Swe 1.00%' 25 125.09 -0.392 -0.372 0.48 35.38 217177.43 6
01/47 2.75 105.76 2.43 -0.08 -0.03 -0.06 2.39 Up to 5 yrs -1.68 1.47 -1.56 -3.74 -2.25 1.47 -2.14 -4.10
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X Dec 2072.00 -26.00 UK 0.125%' 24 104.88 -3.343 -3.322 0.53 15.24 591801.52 31
Aluminium 2329.50 21.50 Cocoa (ICE US)♥ Dec 2520.00 -12.00 New Zealand 05/31 1.50 78.68 4.55 -0.10 0.11 0.32 2.01 Over 5 yrs -0.12 19.74 0.01 -2.51 -0.14 19.79 -0.01 -2.52
UK 2.50%' 24 379.54 -2.291 -2.255 0.68 6.82 591801.52 31
Aluminium Alloy 1675.00 -905.00 Coffee(Robusta)X Nov 1839.00 -9.00 09/40 2.50 116.44 2.51 -0.05 0.10 0.00 1.42 5-15 yrs -0.39 8.57 -0.23 -3.10 -0.48 8.57 -0.32 -3.19
UK 2.00%' 35 248.74 -0.130 0.012 3.58 9.08 591801.52 31
Copper 8280.00 199.00 Coffee (Arabica)♥ Dec 163.75 -1.40 Norway 08/30 1.38 85.91 3.47 -0.06 0.04 0.02 1.91 Over 15 yrs -0.07 25.98 0.06 -2.45 -0.08 25.99 0.05 -2.46
US 0.625%' 24 98.25 2.132 2.108 -0.03 40.98 1575441.96 47
Lead 2086.50 25.50 White SugarX 527.80 4.10 Poland 01/23 2.50 99.05 7.43 0.00 0.10 0.32 4.88 All stocks -0.14 17.10 -0.01 -2.52 -0.17 17.17 -0.04 -2.54
US 3.625%' 28 108.83 1.906 1.898 -0.49 16.78 1575441.96 47
Nickel 25000.00 250.00 Sugar 11♥ 19.33 -0.05 07/27 2.50 79.31 7.95 -0.11 -0.64 0.44 5.14 See FTSE website for more details www.ftse.com/products/indices/gilts
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value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
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Platinum 993.00 13.00 Spread Spread Spread Spread Sweden 06/30 0.13 114.79 -0.10 -0.03 -0.02 -0.08 1.68
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Richards Bay ICE Futures 183.85 -3.75 TR/CC CRB TR 301.71 -3.46 27.80 Canada 3.43 1.34 -0.73 Norway 3.47 1.38 -0.69 07/27 1.25 90.46 3.47 -0.03 0.09 -0.94 2.90 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 2.40 0.31 -1.76 Portugal 2.50 0.41 -1.66 07/47 1.50 64.95 3.67 -0.17 -0.03 -0.80 2.70
LEBA UK Power 1048.00 -37.43 -39.60 Finland 2.70 0.61 -1.46 Spain 2.86 0.77 -1.30 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 2.09 0.00 -2.07 Sweden -0.10 -2.19 -4.26 03/25 0.50 90.95 4.54 -0.05 0.06 0.21 3.74
unless otherwise stated. Italy 1.67 -0.42 -2.49 Switzerland 0.92 -1.17 -3.24 02/30 1.50 83.49 4.16 0.01 0.07 0.19 2.82
Japan 0.19 -1.90 -3.97 United States 4.16 2.07 0.00 02/50 0.25 64.04 1.96 0.08 0.19 0.08 -
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16
Marvel crowd-pleaser that’s also an elegy
This week’s film releases
reviewed by Danny Leigh
and Leslie Felperin
N
ot everything is as simple as
conquering the film indus-
try. For Marvel, Ryan Coog-
ler’s 2018 Black Panther was
a milestone after a decade
of unbroken success. The movie quickly
became a cultural landmark too — a
comic-book epic hinged on black talent
— and a billion dollar hit ($1.34bn, to be
exact). But humanity is more vulnera-
ble than superheroism. Two years later,
in August 2020, the film’s gifted star,
Chadwick Boseman, died from a cancer
he had kept private. Now the sequel,
Black Panther: Wakanda Forever,
arrives with a freighted remit. How does
a crowd-pleaser double as an elegy?
Kudos to Coogler for wrangling the
impossible this gracefully. The death of
Boseman’s King T’Challa is the starting
point, tech-whizz kid sister Shuri (Leti-
tia Wright) dazed with grief. But it soon
becomes clear that the shadow of loss
will fall over the movie even when not
directly addressed. As the plot rolls into
motion, we realise this must be the
chassis of the movie Coogler first
scripted for Boseman to star in.
Instead, T’Challa’s mother Ramonda
(Angela Bassett) appears before the
international community. World lead-
ers tut about the dangerous potential of
lone African state Wakanda having a
monopoly on the super-metal vib-
ranium. A glacial Bassett tells them
what worries her: “The dangerous
potential of you.” The zinger zings.
And somewhere, the cursor flashes
again on an already long thesis about the
geopolitics of Marvel movies. But
Coogler does better than window dress-
ing. As well as the fog of grief, the chill of
history pervades. US power has a cameo
but the movie turns mostly on relations
between Wakanda and the Talokan, a
sub-aquatic nation with a Mesoameri-
can back-story.
Truth be told, the sight of massed gill-
men tips the scales into pulp silliness
★ FINANCIAL TIMES
ARTS
Above: Letitia Wright in ‘Black Panther: Wakanda Forever’. Below: ‘Retrograde’ captures the final months of the US presence in Afghanistan — Tim Grucza/OTP
m o re t h a n Co ogler might have
intended. But the postcolonial revenge
movie also goes in surprising directions,
with a subtlety you don’t take for
granted in a film of this scale. And, like
the original, the sequel has a knack of
meeting the real-world moment.
Visions of deluges have overtones of cli-
mate crisis; a key scene suggests Coogler
knows the Russian antiwar masterpiece
Come and See.
And out of the water, the spectacle is
fine. Even in a less mournful context, no
second instalment could muster the
sheer novelty of Black Panther’s glee-
ful Imax Afrofuturism. But as block-
buster, the movie still packs a bassy
punch, with little of the sense Marvel
sequels often have of the contractually
obliged glancing at their watches.
It does also sprawl out of focus. A girl-
genius undergrad from MIT is drawn
into the story, then left to loiter like a
work experience person between coffee
runs. And even by Marvel’s over-
crowded standards, a cast is too big
when Lupita Nyong’o and Michaela Coel
become spare parts. But Wright, cru-
cially, is the ace in the pack. Her bruised
gravity is what lets the movie finally
strike a note of triumphant uplift with-
out the awful clang of insincerity.
In the end, though, all roads lead
back to Boseman. If Black Panther
was one kind of watershed, Wakanda
Forever can’t help being another. Trag-
edy has always been an easy win for
Marvel, laying waste to worlds so that
chiselled heroes can gaze damp-
eyed into the middle distance. Now, real
life has shocked the glib out of the
operation. For the first time in the
company’s history, the tears actually
mean something. DL
In UK and US cinemas now
Behold the flourish of technique with
which fabled Iranian director Jafar Pan-
ahi opens his new film No Bears. In an
unnamed Turkish town, street vendors
criss-cross; finally we settle on a wait-
ress; seamlessly, she becomes our focus.
A wrenching drama takes flight in sec-
onds. And then the spell is broken. An
assistant wanders before the actors. He
speaks into the camera: “How was it?”
The question is put to Panahi himself,
director too of this film-within-a-film,
stationed at a laptop in another country.
This much comes with the tang of real-
ity. Panahi is banned from film-making
by the Iranian state, and No Bears is the
fifth feature he has illicitly made since
that diktat in 2010. Like the rest, its very
existence is an act of defiance, a meta-
fictional portrait of a dissident artist still
at work. It also has a flavour all its own: a
complex layer cake of guilt and suspi-
cion, where even a great shot by a
master director is a suspect device.
The Panahi of No Bears is based just
minutes from his Turkish location,
internally exiled in a village on the Ira-
nian side of the border. But here the
mood is breezy. A gushing landlord is
delighted to host him; a generous neigh-
bour prepares his lunch. As neighbour-
hood kids pose for snapshots, the scene
might even pass for some kind of idyll.
Prepare for the mood to curdle, and
the camera to be implicated. Soon,
rumours start to spread that Panahi has
also photographed a young couple,
whose relationship offends regional cus-
toms. The locals are no longer friendly.
With the village a nest of misogynist
traditions, No Bears feels prophetic of
the women’s protests that have recently
swept Iranian cities. An omen too of the
worsening of Panahi’s own situation:
just weeks after wrapping the film, he
was sentenced in July to six years in
prison. By necessity, the director’s films
since 2010 have often required he be his
own star, forever wry and unruffled.
Here, though, even Panahi — at least as
seen in the movie — grows frayed,
unnerved by his closeness to the border,
and by the villagers’ mounting hostility.
But the hounded maestro is only half
the story. No Bears also returns to the
film Panahi is making by proxy in Tur-
key, another tale of two lovers with
hopes of a border crossing. The world
might be inclined to look at the direc-
tor’s enduring career and simply cele-
brate the great god of cinema. Panahi
himself offers a far darker sting in the
tail — seeming to indict the very act of
telling stories in the midst of tyranny. It
is one of many troubling ideas in a brave
and brilliant film, one that reminds us to
prize the truth above all. DL
In UK cinemas now
The world already saw the scene that
opens Matthew Heineman’s bristling
documentary Retrograde. It was an
apparent conclusion — the doomsday
chaos of Kabul airport in August 2021,
as the US military at last left Afghani-
stan. Heineman stayed on with his
crew. By then he had already been in the
country eight months.
And so his study of the end of an occu-
pation rewinds to the start of that year, a
dwindled American presence in Hel-
mand province still training Afghan sol-
diers to keep their own peace after an
undated handover. History, of course, is
always circling. Among the Taliban, it is
pointed out, are many men who were
the babies of fathers killed during the
2001 invasion.
Heineman is best known for Cartel
Land, his film about the Mexican drug
war, a project that, like Retrograde,
married a widescreen aesthetic and
startling access. Here that access gets
close-up indeed once the exit is formal-
ised. With US decision-makers kept
pointedly off-camera, a multi-sided
portrait takes shape on the ground:
Afghan troops readying (or not) with
Friday 11 November 2022
Black Panther: Wakanda Forever
Ryan Coogler
AAAEE
No Bears
Jafar Panahi
AAAAA
Retrograde
Matthew Heineman
AAAAE
Causeway
Lila Neugebauer
AAAEE
increasing unease; local interpreters
turning anxious; ever more downcast
American troops dutifully wrecking
computer equipment.
The result is at once fascinating and
unbearable: a chronicle of a can kicked
forever down the road finally and
terribly coming to a halt. DL
In UK cinemas now
The soft-spoken yet gut-punching low-
budget drama Causeway stars Jennifer
Lawrence as Lynsey, a military veteran
newly returned from Afghanistan and
recovering from injuries and a serious
case of PTSD. Lynsey isn’t comfortable
being back in New Orleans: military
service meant an escape from her boozy
mother Gloria (Linda Emond) and
other domestic troubles. But with
nowhere else to go, she bunks at the
family home while she recovers, taking
a menial job cleaning pools.
A warm friendship starts to kindle
with James (Brian Tyree Henry,
superb), the garage owner Lynsey hires
to fix a truck that seemingly belonged to
her absent brother. It transpires that
James is missing his sister, whose own
‘Wakanda Forever’ has
little of the sense Marvel
sequels often have of the
contractually obliged
glancing at their watches
absence is explained later on. They
develop a surrogate sibling relationship,
a bond seldom explored in such depth in
cinema. It’s novel too that, though the
film acknowledges that James is black
and Lynsey white, their different back-
grounds don’t dominate the story.
As the title might suggest, Causeway is
about in-between states of mind and
transitional points in life. As good-
hearted if, like the rest of us, moderately
flawed people, James and Lynsey want
to help each other get to the other side.
Inevitably that results in missteps and
misunderstandings — the script is dia-
grammatic in places — but director Lila
Neugebauer, making her feature debut,
elicits finely underplayed performances
from the cast.
Lawrence seems to be returning to
her roots here, in the kind of risky,
gritty, minimal-make-up indie cinema
that brought her acclaim at the begin-
ning of her career in films such as Win-
ter’s Bone. She also gets to demonstrate
how good she is at collaborating with
other performers, harmonising with
Henry and Emond for a series of
gorgeous actorly duets. LF
In UK cinemas and on Apple TV Plus now
Left: Iranian
director Jafar
Panahi’s new
film ‘No Bears’
was filmed
illicitly. Below:
Brian Tyree
Henry and
Jennifer
Lawrence in
‘Causeway’
Wilson Webb
Friday 11 November 2022
Brussels is considering easing regulation on the technology during a year in which drought cut harvests
and the war reduced exports from Ukraine. But critics say it is an untested risk being pushed by ‘Big Ag’.
E
uropean fast-food consumers
demand long, straight chips,
which means European
potatoes need to be sizeable.
But this summer, Europe’s
weather had other ideas.
A punishing drought meant Dutch
farmer Hendrik Jan ten Cate was forced
to spray water from a local canal on his
potatoes to prevent them shrinking.
“Irrigation is very expensive. About
10 per cent of my costs was water this
summer,” he says. “Farmers who could
not irrigate lost half their harvest.”
Ten Cate’s other outlays were up
25 per cent, he says, because of the high
price of gas. Fuel for tractors, fertilisers
and pesticides all got more expensive.
He can see only one answer if Europe-
ans still want to eat home-produced
food: gene-edited crops, which are more
resistant to drought and extreme heat.
“Climate change is coming faster than
we are developing new crops,” he says.
“We need new techniques. There is a big
danger to food production in Europe.”
Gene editing is a form of genetic
engineering where genes can be deleted
or added from the same or similar
species. It is distinct from genetic modi-
fication, which introduces DNA from
foreign species.
Proponents argue that gene editing is
the same as conventional plant breeding
but simply accelerated, with greater
accuracy. “If you introduce a foreign
gene, it’s a GMO. If you just change the
genetic letters within the organism, it’s
conventional-like,” says Petra Jorasch of
lobby group Euroseeds, which repre-
sents plant breeders. “This is also what
you do with conventional breeding
methods.”
That is not how it is seen in Europe.
The European Court of Justice, the EU’s
highest court, decided in 2018 that gene
editing should come under GMO regula-
tion, where regulators must give high
priority to potential risks.
When GMO technology first arrived
‘You need to start now to
address the problems
that are escalating. If you
start five years from now,
it would be too late’
in Europe in the 2000s it met fierce
opposition in a region that prides itself
on the quality and provenance of its
food. Products were labelled “franken-
foods” and trial fields were attacked by
protesters. Regulators tightened rules
so much that only one type of geneti-
cally modified wheat has ever been
grown in the EU (although dozens of
crops are now authorised for imports,
mostly for animal feed).
Now, the mood on gene editing in
Europe is shifting. In September,
agriculture ministers from the 27 mem-
ber states urged Brussels to speed up a
re-examination of GMO regulation. The
following month, the European Com-
mission confirmed that it would issue a
proposal to ease regulation for some
gene-editing technologies in the second
quarter of 2023.
The moves come during a year in
which widespread drought cut harvests
across Europe, with Spain losing half its
olive crop. The war in Ukraine has
reduced exports from a country known
as the bread basket of Europe. The
drought and conflict, combined with
high energy costs, have driven up food
prices and caused shortages in the
developing world.
“The situation has changed. We have
to be able to produce a sufficient supply
of food. We need to take advantage of
technology to adapt to climate change
and maintain biodiversity,” says Pekka
Pesonen, secretary-general of Copa-Co-
geca, the EU farmers’ union.
But fears of “frankenfoods” run deep.
Environmentalists and activists say
agricultural companies have seized on
climate change to foist untested tech-
nology on the public. Solving hunger is a
seductive argument, they say, to win
over politicians and sceptical popula-
tions without evidence to back it up.
“There is no reason to deregulate gene
editing,” says Mute Schimpf, food cam-
paigner at NGO Friends of the Earth
Europe. “It is a new technology devel-
oped in the last 10 years. We don’t know
how it might impact on nature, on
agriculture and how the consumer
interest will be affected.”
Yet Europe is now an outlier among
large economies in treating gene-edited
crops in the same way as GMOs, and
some lawmakers are beginning to
believe the risks are outweighed by the
potential benefits for farmers, for the
economy and for the environment.
“Plants obtained with new genomic
techniques could help build a more
resilient and sustainable agri-food
system,” said Stella Kyriakides, Euro-
pean commissioner for health and food
safety, when launching a consultation
★ FINANCIAL TIMES
FT BIG READ. AGRICULTURE
By Andy Bounds and Emiko Terazono
on her proposal this year. “This has been
the guiding principle for EU food policy
GMO vs in the past and will always continue
Crispr to be so.”
Pros and cons
How gene editing differs Scientists have crossbred species to
create more resilient crops for decades.
from gene modification For example, researchers have pro-
duced a strain of wheat that combines
Gene editing, using techniques such as the high yield of one type with the solid
Crispr, is faster, simpler and more stem of another, which helps it resist
accurate than conventional genetic wind and rain.
modification. Advocates say gene editing does much
the same, more effectively. It could, for
Genetically example, help develop wheat that pro-
modified vides nutrients to the soil, says Pesonen,
organisms: reducing the need for fertiliser.
Creating a GMO “They are fundamentally different to
involves inserting a GMOs,” Pesonen says. “Imagine the
foreign gene into the improvement that we could get in the
DNA. This takes place at best-case scenario, both in terms of the
a random location. The GMO plants nutrients or the protein content and the
take on characteristics associated with competitiveness.”
the new gene. Tests can clearly Hopes are also high for creating crops
distinguish GM from non-GM plants that can withstand the effects of the
shifting climate. “If we could breed
Crispr: The Crispr crops based on what we know on genet-
component ics to be more drought tolerant, more
identifies the saline tolerant, more heat tolerant, and
DNA to to produce more under certain condi-
be altered and tions, that definitely could help us in
the Cas9 terms of both food security as well as
enzyme acts adaptation to climate change,” says
like scissors, snipping Ismahane Elouafi, chief scientist at the
out the unwanted UN Food and Agriculture Organization.
strand. A new DNA strand is added Critics of the technology see this argu-
and enzymes repair it. ment as a canard. They say the Euro-
The techniques change the plant, pean Commission’s move is driven not
but the outcome is indistinguishable by science, but by agribusiness lobby-
from traditional breeding processes. It ing, and that the present regulatory
is also quicker and cheaper than regime should be maintained. They are
creating a new GMO also concerned about the potential lack
of transparency for consumers.
Christoph Then, of German NGO
Testbiotech, which warns on the risks of
genetic engineering, says the intended
and unintended changes caused by gene
Global regulatory landscape with GMOs
Legislation open towards gene editing
Open legislation or positive statement being prepared
Discussion ongoing with no decision being made
Source: Plant Physiology Strict GMO regulation for gene-edited products
Europe’s new
appetite for
gene-edited
food
editing could go far beyond what can be
expected from conventional breeding.
“We think that there needs to be proper
risk assessment. We think the current
[regulatory] framework is appropriate,”
he says.
Molecular geneticist Michael Anto-
niou at King’s College London warns
that gene-editing technology is not as
precise as claimed, is not the equivalent
to breeding and is no different to genetic
modification.
He fears unintended changes in the
gene’s biochemistry and its composi-
tion. “You risk the possibility of creating
new toxins and new allergens or adding
to known toxins and allergens,” he says.
Martin Häusling, a German MEP who
is the Green party’s spokesperson for
agriculture, says there are other ways
for farmers to tackle climate change,
such as crop rotation, soil improvement
techniques and naturally adapted seeds.
He and other opponents also charge
that gene-edited products will further
strengthen the grip of “Big Ag”, the large
agricultural input companies, espe-
cially seed providers such as Bayer,
Corteva and BASF.
Small-scale farmers will be left more
dependent on external inputs, such as
seeds, fertilisers and pesticides, he says.
“They are therefore also more vulnera-
ble in terms of bad years, and the
climate challenges.”
However, supporters of the technol-
ogy claim that gene-editing research
and development is more accessible for
small- and medium-sized players and
university research labs than GMO
development.
Technological advances have made
gene editing relatively cheaper than
that for GMOs, while some gene-editing
technologies are provided on open plat-
forms if they are for research purposes.
Companies and research labs based
in countries that treat gene-edited
products in the same way as conven-
tionally bred products do not have to
spend time and money dealing with the
regulatory process.
Lower costs and reduced lead times
have attracted scientists and entrepre-
neurs to launch start-ups, which have
raised hundreds of millions of dollars
from venture capital investors. Euro-
seeds says 90 per cent of its members
are SMEs.
Not a silver bullet
Despite expectations that gene-edited
crops could help mitigate the effects of
climate change, the reality is they are
still a pipe dream.
Only a handful of gene-edited prod-
ucts have been approved for sale,
Dutch farmer
Hendrik Jan ten
Cate says Europe
must turn to
new techniques
to maintain
sustainable food
production
Marco Hofsté/FT
including a soyabean that produces oil
with reduced saturated fat in the US,
and a tomato with an amino acid that
reduces blood pressure in Japan.
Even with gene editing, creating a
crop which, for example, is drought
resistant will take at least five years,
according to scientists at the University
of Calgary.
This is because there are multiple
genes and various genetic structures
that affect a plant’s tolerance to
drought, and these need to be analysed,
changed and tested incrementally.
Many advocates of the technology
acknowledge that while genetic engi-
neering speeds up research and offers
greater accuracy in the changes, it is not
a silver bullet.
While disease resistance is “quite easy
to target in response to editing”, says
Sarah Raffan, a researcher focusing on
gene editing of wheat at the UK’s Roth-
amsted Research institution, drought
resistance is a more “complex trait”.
“This one gene might add a little bit of
drought resistance under certain condi-
The poor harvests
due to the summer
drought across
Europe have added
to pressure for a
regulatory rethink
tions, but you then need another gene
for different things.”
There has been greater progress in
gene editing to improve yields. Inari, a
US agritech company set up in 2016, has
been working on gene editing to
increase yields on wheat, corn and soya-
beans as well as reducing the necessary
water and nitrogen fertiliser. Its chief
executive Ponsi Trivisvavet, who over-
saw a recent $124mn late-stage invest-
ment round, describes gene editing as a
“super powerful technology”.
Inari is targeting yield increases of up
to 20 per cent in corn, wheat and soya-
beans, with input reduction targets of
40 per cent in water and nitrogen
fertiliser for corn. Trivisvavet says the
start-up is almost there with its soya-
bean yield targets, noting: “All of this
can’t be done with the [conventional]
technology.”
Inari has labs in the US and Belgium
and Trivisvavet wants the EU to move
faster on allowing gene editing. “If [the
EU doesn’t] embrace this technology,
it’s going to be super tricky to address
[the effects of] climate change. We hope
that the EU will actually join forces with
the rest of the world,” she says.
Drought tolerance, yield increases,
and improving yields with smaller
17
amounts of inputs are complicated to
solve, she notes. “You need to start now
to actually address the problems that
are escalating. If you start five years
from now, it would be too late.”
The global outlook
EU policymakers who support bioengi-
neering also fear falling behind the rest
of the world in the technology race.
More than 15 countries have set rules
that are open to gene editing in crops,
including China, India, Argentina and
Australia, according to Thorben Sprink
and colleagues at Germany’s Julius
Kühn Institute, a federal research
centre for cultivated plants. Many coun-
tries, including the US, Canada, Brazil
and Japan, do not differentiate gene
editing from conventional breeding.
More governments have been clarify-
ing their regulatory regimes around
gene editing over the past few years. The
UK is looking to ease its regulations
since departure from the EU: new
legislation that would allow gene-edited
crops and animals to be developed and
sold in England is to be debated in the
House of Lords, the second chamber of
parliament.
India earlier this year announced that
certain gene-edited crops would be
exempt from GMO rules. China, the glo-
bal leader in crop gene-editing research
with about 75 per cent of the world’s
patents, introduced guidelines on com-
mercialising products that, according to
analysts, reduce the approval time from
about six years down to one or two.
With the EU being a leading importer
of agricultural products, including corn
and soyabeans for animal feed, its poli-
cies on genetic engineering have a big
impact on those of its trade partners.
That’s especially the case for develop-
ing countries that rely on income from
the EU, says Elouafi at the FAO. “[With]
countries from the global south, if there
is a debate over gene editing [and
whether it is] a GMO or not, they tend to
not use it even for their research
programmes. They are so afraid to lose
the European market that they just stop
using it.”
It also holds back R&D, scientists
warn. “Plant breeders are hesitant to
add breed varieties using genome edit-
ing if they’re not going to be able to sell
it,” says Raffan.
Gene blues
The campaign to bring gene editing to
Europe faces a steep obstacle: for the EU
to rule that the technology is on a par
with conventional breeding would
require a qualified majority of member
states in favour.
However Germany, the biggest mem-
ber, has already said it would remain
neutral, which counts as a “no” vote.
Germany’s coalition government con-
tains the Green party and they control
the agriculture ministry. “I don’t think
we currently have a majority of member
states,” says Jorasch of Euroseeds.
Lawmakers may be influenced by a
growing popular backlash against the
technology. A recent public consulta-
tion by the European Commission
received 70,000 responses with 98 per
cent opposed to a policy change, as
NGOs urged members of the public to
write in, often providing canned
responses for them to use.
Other surveys have found that con-
sumers tend to have low awareness and
knowledge of gene-edited food. A
survey of more than 2,000 people by the
UK’s Food Standards Agency in July
2021 found that only 20 per cent of
respondents said they were fairly or
very well informed on the subject.
After being given information on gene
editing and GMO technologies, 39 per
cent of the respondents said they
thought gene-edited foods were fairly or
very safe to eat, while 30 per cent
thought they were fairly or very unsafe,
while 31 per cent said they did not know.
The European Food Safety Agency,
which is responsible for risk assess-
ments, in October published a report
finding that gene-editing techniques
were lower risk than GMOs, less likely to
cause unintended mutations or inter-
fere with traditional plants.
Advocates hope information like this
will make sceptical lawmakers think
twice, and consider what sustaining the
ban on gene editing might mean for
farmers. Brussels is pushing ahead with
plans to slash pesticide use in half by
2030, to reduce nitrogen pollution from
farms — meaning less fertiliser — and to
cut methane emissions from animals,
measures likely to shrink the EU herd.
Farmers say they are running out of
tools to maintain productivity. On his
dried-out polder in the southern
Netherlands, ten Cate, 45, wonders how
long he can continue to grow his pota-
toes, onions, carrots and sugar beet.
“We have to innovate if we want to
produce food in Europe,” he says.
“Maybe we will become dependent on
other countries if we do not adopt these
new technologies.”
18 ★ FINANCIAL TIMES Friday 11 November 2022

The FT View
FTX’s $8bn crunch exposes a dog-eat-dog cryptosphere
The near-collapse of
Bankman-Fried’s empire
leaves Binance dominant
The trajectory from hero to zero can be
swift and brutal, as Sam Bankman-
Fried can attest. The 30-year-old boss of
FTX, who last year aspired to buy
Goldman Sachs, this week saw his on-
paper $24bn fortune crumble, as his
crypto exchange suffered an $8bn
liquidity crunch. SBF marketed himself
as the friendly face of crypto, who was —
at least ostensibly — engaging with regu-
lators, and attracting celebrities and
blue-chip investors. His empire’s down-
fall leaves a dog-eat-dog cryptosphere
that ordinary investors, regulators and
politicians should treat with caution.
SBF’s woes began on November 2,
when CoinDesk revealed that his hedge
fund, Alameda Research, was full of the
tokens FTX prints out of thin air, FTT.
ft.com/opinion Of Alameda’s $14.6bn in assets, nearly
$6bn was FTT, with $2.2bn of it pledged
as collateral against loans. Four days
later, FTX’s arch-rival, Binance, said it
would sell its $580mn of FTT in light of
the revelations. This spooked custom-
ers, who withdrew as much as $6bn
from FTX in three days, eroding FTT’s
value from $22 to $5. FTX appealed to
Binance to rescue it on Tuesday. In a
surprise to precisely no one, Binance
killed the deal less than two days later,
citing inquiries by US securities and
futures watchdogs into FTX, and alleg-
edly mishandled customer funds. FTX
limps on to find other white knights.
Its travails leave many questions, not
least how an exchange, valued in Janu-
ary at $32bn, could suffer a liquidity
crisis if correctly managed. One view is
that if a project is based on little more
than the greater-fool theory, quite aside
from what seems like circular account-
ing, sooner or later the facade will come
crashing down. In April, SBF likened
“yield farming” — a complex crypto
lending practice FTX offered — to a box
whose value is determined by others’
willingness to contribute more dollars
to it, prompting his Bloomberg inter-
viewer to suggest that this sounded
much like a Ponzi scheme.
Critically, FTX customers are now fro-
zen out of their accounts. Equity inves-
tors, some of whom should have clearly
known better — including the Ontario
Teachers’ Pension Plan, SoftBank and
BlackRock — are expressly not SBF’s top
priority. It is, shockingly, the second
time this year, after Celsius Network’s
bankruptcy, that a Canadian pension
fund has been burnt following a bad
crypto bet. Pension funds have no busi-
ness investing customers’ retirement
savings in a market as volatile as crypto.
The saga leaves Binance’s Changpeng
“CZ” Zhao as top dog, with the world’s
biggest crypto exchange. CZ alleged as
he sold FTT: “We won’t support people
who lobby against other industry
players behind their backs.” SBF later
addressed a “particular sparring part-
ner” on Twitter: “Well played, you won.”
The leading Binance’s position should worry
exchange’s watchdogs and lawmakers, given both
its sheer size, with more than 28mn
position
users, and its pugnacious attitude to
should worry regulations. It has designed itself to be
watchdogs and based everywhere, yet nowhere. The US
lawmakers, justice department is investigating it
given both its over money-laundering controls; Reu-
sheer size and ters reported this week that Binance
processed $8bn of transactions for Ira-
its pugnacious nian entities since 2018.
attitude to Despite exchanges’ importance as a
regulations bridge between crypto and fiat
currencies, and despite other crypto
implosions this year, effective regula-
tion is still not in place. This needs to
change, urgently.
CZ has mused, accurately, that FTX
holds key lessons, including never using
a token you create as collateral. He is
also correct to forecast that Binance’s
dominance will attract more regulatory
scrutiny. It is necessary but will only
happen if watchdogs are empowered to
police an area of finance that is
currently wreaking unnecessary havoc.

Opinion Data Points

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

Red and Blue

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to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com

America refuse Banks must live up to their climate rhetoric Inflation analysis fails to
mention profiteering
to budge In response to your Big Read “Carney
clings to his green dream” (November
against urgent sustainable
development challenges including
harnessing the power and potential of
the financial sector, we won’t succeed
Paul Donovan’s Markets Insight
column (“Fed must be clear that
inflation is spurred by profits”,
10), we believe financial institutions climate. in averting climate disaster. Opinion, November 3) makes the
need to be held accountable for the It paints a dismal picture, showing It is no exaggeration to say the future important point that inflation is driven
John Burn-Murdoch voluntary initiatives they are a part of.
Too many companies are failing to
that only 20 per cent of financial
institutions currently publicly
of our world will be shaped by what
financial institutions do when it comes
by profit-taking, rather than wages or
commodity inputs, but he ignores two
live up to their rhetoric — or, in the acknowledge their impact on people to solving climate and societal crises — key factors. The current inflation crisis
worst cases, using empty words or and the planet, and less than 40 per and whether they are held accountable is linked to profiteering, but isn’t that a
US voters have never held lower opinions of the opposing party, unsubstantiated claims. Our new cent have disclosed long-term net zero for their actions. result of consolidation, mergers and a
leading to a calcification of politics as few cross the aisle Financial Systems Benchmark, targets. While significant efforts are Andrea Webster lack of competition? Oligopoly and the
published at the start of COP27, being made by some financial Financial Systems lead, concentration of markets allow
Average rating of opposing parties by Share of voters in national US elections assesses the performance of 400 of the institutions, frustration is high and World Benchmarking Alliance corporations to hike profits.
people who identify with the other party who switched between the main parties world’s largest financial institutions trust in the sector is low. Without Amsterdam, The Netherlands But inflation is mainly fuelled today
(0 = least favourable, 100 = most fav.) in consecutive elections (%) because of high aggregate demand, the
100 25 gross amount of capital in the system.
Democrats, as rated
by Democrats
Individual
surveys Glimmer of hope in Memo to PM: science Quantitative easing, near zero interest
rates and massive Covid stimulus
75 20
US-UAE energy deal needs a long-term strategy spending have allowed too many
Republicans, as rated
by Republicans 15
Smoothed average
The news that leading OPEC+ Long-term sustainable economic dollars, pounds and euros to chase the
50 countries are reaping colossal benefits growth is contingent on creating a available goods and services.
Reps, as rated 10 from the rise in oil prices (“Bumper thriving environment for the UK’s When governments “print extra
by Dems earnings raise pressure on oil majors to strongest economic catalysts: science, money” then inflation is the result.
25
Dems, as rated 5 help ease cost of living crisis”, Report, technology and innovation (“R&D David Shanet Clark
by Reps November 2) risks complicating statistical success must not be a cover Retired High School Economics Teacher
0 0 climate diplomacy in many ways. for cuts”, Opinion, November 4). Huntington, Cambridgeshire, UK
1980 2000 2020 1960 1980 2000 2020
First, the announcement of the As chancellor, Rishi Sunak was right
Sources: FT analysis of American National Election Studies, the Cooperative Election Study and CNN/Edison
exit poll. Left-hand chart based on prior work by John Sides, Chris Tausanovitch, and Lynn Vavreck
substantial payout to Saudi Aramco’s to commit to increasing public spending Did Keynes borrow from
shareholders might further increase on research and development to £20bn
Euripides for that quote?

T
he past two years of Amer-
ican life have been tumul-
tuous by any country’s
standards. More than a
million deaths in a mis-
managed pandemic, a homegrown
attack on the seat of government, a
legislative decision that targeted mil-
lions of women and inflation soaring
to a 40-year high, all while the former
president looms on the sidelines.
These sorts of things usually upend
politics, at minimum delivering a firm
rebuke of the incumbent, and in some
cases producing a complete realign-
ment. Take the UK’s decision to leave
the EU: within three years of the refer-
endum, fully 40 per cent of British vot-
ers had switched parties, no longer
feeling at home in their old tribe.
But the US appears immune to such
shifts. In an election that promised,
variously, a red wave of inflation-in-
duced anger, a blue backlash over
abortion rights and a Trumpian
revival among Republican ranks, the
The political landscape
seems almost perfectly
calibrated to keep
results on a knife-edge
most stunning takeaway is not how
much has changed, but how little.
At the time of writing, less than five
per cent of midterm voters have
changed allegiance since 2020. This is
the second lowest amount of vote-
switching recorded in a US election
since data collection began in 1952,
narrowly beaten by the general elec-
tion two years ago.
Usually such political tumbleweed
would imply apathy, but this uniquely
American inertia is instead the result
of voters feeling more strongly about
politics than ever before. This renders
crossing the aisle unthinkable for all
but a tiny minority.
In the early 1970s, when asked to
rate their feelings towards their politi-
cal opponents from 0 (icy dislike) to
100 (positively glowing), Republicans
and Democrats alike placed their
rivals at just above 57. Hardly a warm
embrace, but cordial enough.
Since then, and especially in the past
two decades, that has fallen to a frosty
20. Simultaneously, the share of
Americans who say there are big dif-
ferences between the parties has dou-
bled from 40 per cent to 80. Essen-
tially, US politics is calcifying.
We see this stubborn polarisation
playing out with specific issues, too.
The repeal of Roe vs Wade was
unquestionably a huge motivating fac-
tor in vote choice this week, best illus-
trated in Michigan where 14 per cent
of former Trump voters backed a bill
that creates a constitutional right to
abortion.
But in the same state’s race for gov-
ernor, where the Democratic candi-
date put abortion rights front and cen-
tre of her campaign, only half that
number swung from red to blue. This
suggests party allegiance comes first,
even on such a key issue.
How can something that millions
are incensed about not have played a
bigger role? Because the rise in parti-
san polarisation over recent decades
has come hand in hand with increased
sorting on issues. In 1980, attitudes to
abortion were virtually indistinguish-
able among Democrat and Republican
voters. But by 2020, Americans were
already much more neatly sorted into
pro-choice Democrats and anti-choice
Republicans.
It is this increasing attitudinal close-
ness within each party’s base, and the
growing distance between the two,
that produces stalemates like we saw
this week, and there are no signs that
the pace or direction of travel are set to
change. Indeed, data also shows ideol-
ogy increasingly trumping identity, as
black, Hispanic and Asian voters in
the US sort themselves into liberals
and conservatives.
One such shift was illustrated by
Ron DeSantis’s success in the Florida
governor’s race, where the possible
Republican presidential candidate
won historically blue Miami-Dade
county by 11 points on his way to
statewide victory. This was a 40-point
swing in the six years since Hillary
Clinton won the county by 30 points in
her 2016 tilt at the White House.
If a week is a long time in politics,
then two years is an aeon. But the US
political landscape seems almost per-
fectly calibrated to keep results on a
knife-edge. With the parties fighting
over an ever-shrinking number of gen-
uinely persuadable voters while the
ranks of die-hards continue to swell,
my prediction is that we’ll still be wait-
ing up for the result long after polls
close in 2024.
john.burn-murdoch@ft.com
the strain on the kingdom’s tense
diplomatic relations with other oil
exporters. Not only has Saudi Arabia
been one of the biggest winners of the
global supply crisis, but the kingdom is
also the architect of the recent OPEC+
production cut, which caused
considerable diplomatic friction with
the US, among others.
Secondly, the bumps in the
diplomatic road are compounded by
concerns about loss of emphasis on the
energy transition. There are
widespread reports that around the
world the appetite for the sorts of
investment needed to combat and
manage climate change is declining.
Yet, the same day your article was
published, a glimmer of hope — for
diplomats and climate experts alike —
emerged from Abu Dhabi, where
President Joe Biden’s special co-
ordinator Amos Hochstein and Sultan
Al Jaber, UAE minister of industry and
advanced technology and chief
executive of the Abu Dhabi National
Oil Company, agreed a deal to target
$100bn in clean energy investment.
The strategic partnership between
the US and UAE, which aims to
produce 100 gigawatts of clean energy
by 2035, could well become a major
milestone in climate diplomacy.
Significantly, this energy deal does
not overlook the emerging economies.
Such an inclusive approach, co-led by
the UAE, the host of COP28 next year,
can be a model for reinvigorating the
COP format.
Anthony Harris
Former British Ambassador to the UAE
Senior Executive Officer
Tysers Insurance Brokers
Dubai, United Arab Emirates
The ghost of Marx still
stalks Japanese politics
I am a 35 and, according to Leo Lewis’s
column, part of the “rich world’s first
degrowthed cohort”. But I am highly
sceptical whether the philosophy of
“degrowth” is really understood in
Japan (“‘Degrowth’: Marxism is back
for the modern age”, November 7).
Japan is one of the rare countries
where a communist party is active
despite adopting capitalism and being a
developed country.
This year marks exactly 100 years
since the Japanese Communist party
was established.
However, in the party’s centenary
commemorative speeches, there was
no remorse for the murders and
terrorist acts that the party had
provoked in the 1950s. Instead, it is
using the sophistry that criminal acts
were committed by a splinter group,
while hiding its original intention of
overthrowing the regime behind
innocuous topics such as peace and
gender.
Therefore, now that the vivid
memories of the former leftists have
faded, even those who are critical of the
government consider the JCP just like
any other opposition and are not
interested in Marxism. The general
public reads new books that comment
on classics but not the key classics
themselves. After all, in the JCP of
today, even a member of parliament
has never read The Communist
Manifesto, let alone Das Kapital. And
what of the people on the street?
Most problematic is that the current
trend is all about blind obedience to
Marx and lacks critical examination of
his theory. Shinzo Koizumi, a classical
economist, asserted the acceptance of
Marxism not because its theory was
excellent but because it incited people
to envy others’ wealth and nobility.
The emergence of the ghost of Marx is
by no means unconnected with today’s
sharp confrontation between
‘wokeism’ and populism.
Takeo Tamashiro
Tokyo, Japan
When annual reports start
to feel like ‘boardwashing’
Cat Rutter Pooley clearly feels boards
do protest too much about their
corporate governance obligations
(“Boards need to realise they don’t
always know best”, Opinion,
November 8). But the norm is for
200-plus page annual reports, full to
overflowing with governance
statements, which invariably claim
what a great job the board is doing.
If overclaiming environmental, social
and governance credentials is
described as greenwashing, are we now
seeing instances of boardwashing?
Barry T Gamble
Banbury, Oxfordshire, UK
by 2024-25. The new prime minister
has spoken warmly on R&D,
recognising its unique ability to power
growth. Investment in science and
technology will tackle longstanding low
productivity through the creation of
new knowledge, ideas and processes. It
will also help deliver better health
outcomes, a successful business
investment environment and more jobs.
Science is a long-term endeavour
that delivers long-term resilience.
Many of the innovations that saved
lives and rescued economies during the
Covid-19 pandemic, including the
technology underpinning mRNA
vaccines, originated from basic
research breakthroughs made decades
ago. With sustained investment, the
UK can build on its position as a global
hub for new world-leading innovation.
Without it, we will fall behind key
global competitors who are willing to
go further to discover the technologies
of the future.
It is critical that progress does not
stall. The chancellor must use the
Autumn Statement on November 17 to
recommit to a long-term plan to
support one of the UK’s greatest
strengths.
Demis Hassabis
Founder and Chief Executive, DeepMind
Dame Sue Ion
Former Chair, UK Nuclear Innovation
Research Advisory Board
Jürgen Maier
Vice-chair, Northern Powerhouse
Partnership
Sir Mene Pangalos
Executive Vice President,
Biopharmaceuticals R&D, AstraZeneca
Sir Adrian Smith
President, Royal Society
Full list of signatories is at FT.com/Letters
The free seat policy is one
reason we’ll miss the ENO
If the English National Opera moves to
Manchester, where it may tread on the
toes of Opera North (Report,
November 5), I trust the Royal Opera
will take up the ENO’s baton and
provide free seats to young people and
cheap seats to community groups so
that the enjoyment of opera can be
spread to those not normally able to
afford seats. I will sorely miss the ENO.
Alternatively, Opera North could come
to London.
Or, why not just leave things as they
are.
John Fisher
London IG8, UK
Stephen Cerier (Letters, November 10)
was right in pointing out that Ruchir
Sharma’s Keynes quote (“Economists
see recession coming, so maybe it’s
not”, Opinion, November 7) was
actually something said by John
Pentland Mahaffy. What Keynes wrote,
to the editor of the New Statesman and
Nation, was: “The inevitable never
happens. It is the unexpected always.”
But what was Keynes’s source? It is
well known that Keynes loved, and
much reflected on Greek tragedy,
especially in relation to decision-
making in conditions of uncertainty.
Here he was most probably
reminiscent of the final chorus of
Euripides’s Bacchae: “The gods have
many shapes. The gods bring many
things to their accomplishment. And
what was most expected has not been
accomplished. But god has found his
way for what no man expected. So ends
the play.”
Incidentally, this reminds us that
economics is a moral (not a natural)
science and different disciplines,
including the humanities, can teach the
sort of practical wisdom that the classics
cherished and that decision-making in
the real world so often requires.
Giovanni Farese
Professor of Economic History
European University of Rome, Italy
Sir Evelyn’s quip about
the NHS was so revealing
Sir Evelyn de Rothschild, whose death
you reported this week (“Adviser to
royalty Rothschild dies aged 91”,
Report, November 9), was a prudent
custodian of his family’s bank.
He “wouldn’t have traders in his
shop” (as he used to say) — thus
avoiding the fate of Barings — and
didn’t sell his “shop” to Chase
Manhattan, like the Flemings.
However, as was evident in his
interview with you in 2017 (“Sir Evelyn
de Rothschild and wife Lynn on life,
politics and chocolate”, FT Wealth,
October 20, 2017), he was occasionally
distanced from 21st-century Britain:
his comment that in today’s world “you
know the name of your doctor but not
the name of your bank manager”
reveals someone unaccustomed to
the current reality of GP practices in
the NHS . . .
Charles Mercey
Employee of NM Rothschild and Sons,
1985-2019
Tellisford, Somerset, UK
Friday 11 November 2022
Do not mistake Kherson retreat for a crack in Putin’s armour
Alexander
Baunov
T
he order that Russian troops
should withdraw from the
key city of Kherson — the
only regional centre they
have managed to take since
February — is the latest in a series of
major defeats for Moscow in Ukraine.
Just two months ago, the Russian army
was forced to flee from all its previously
occupied areas of the Kharkiv region.
General Sergei Surovikin, who was
appointed commander of Russian
troops in Ukraine after the Kharkiv
withdrawal, has warned that “difficult
decisions” may lie ahead. The loss of
Kherson is all the worse because this
was one of four occupied Ukrainian
regions that the Kremlin announced it
was annexing at the end of September.
From the start of the invasion, there
has been speculation that military
failure could lead to the downfall of
Crypto’s future
may be divided,
not dead
FINANCE
Gillian
Tett
J
ust when it seemed that
cryptoland could not get any
crazier — it has. Last week, Sam
Bankman-Fried, the 30-year
old wunderkind, oversaw an
empire worth more than $32bn, com-
posed of the FTX crypto brokerage and
Alameda fund. He was a sports sponsor,
philanthropist and backed by main-
stream financiers such as BlackRock.
Indeed, when I recently met “SBF” (as
he is known) at a conference, he was
thronged by Wall Street and Washing-
ton players.
No longer. This week SBF revealed
that FTX has seen $6bn in customer
withdrawals, and tried (and failed) to
sell itself to his arch-rival Binance, the
biggest crypto exchange. Unless he can
plug a reported $8bn liquidity hole,
bankruptcy looms.
This is the crypto version of the 2008
Lehman Brothers shock. Not because it
could cause the implosion of main-
stream finance; the crypto universe is a
mere $1tn in size today (a third of last
year) and its tokens mostly operate like
chips in a casino (ie they can only be
used there). But what the FTX saga has
done is unleash crypto contagion,
further deflating a bubble previously
Politicians must shout about the benefits of skilled immigration
SOCIETY
John
Thornhill
I
f you have ever completed a
Captcha security verification test
on a computer or are learning a
foreign language on the Duolingo
app (options include Spanish,
Korean or High Valyrian from Game of
Thrones), then you probably have an
immigrant called Luis von Ahn to thank
for the experience.
Born in Guatemala City, von Ahn
moved to the US for university and has
built his career in the country. As a
computer scientist at Carnegie Mellon
University, he created the reCaptcha
squiggly-letter fraud protection test
bought by Google in 2009. He then
founded Duolingo, which now employs
600 people and has a stock market
value of $3.1bn.
On a recent trip to London, von Ahn
Vladimir Putin. After all, the Greek and
Argentine juntas collapsed after failed
military adventures, and unsuccessful
colonial wars led to the Carnation Revo-
lution in Portugal and the dismantling
of the Salazar-Caetano regime.
Other examples suggest we should be
cautious: being defeated in Kuwait in
1991 did not bring down Saddam Hus-
sein, and Slobodan Milosevic’s national-
ist regime survived the routing of Serb
forces in Croatia and Bosnia. However,
even if large-scale failures in Ukraine do
not bring down Putin, they may change
the face of his regime.
Russia’s objectives in the war against
Ukraine are anything but clear. They
have included “denazification” and
“decommunisation”; ensuring the secu-
rity of inhabitants of the Donbas; the
demilitarisation and non-admission of
Ukraine to Nato; the return of formerly
Russian lands; the protection of the Rus-
sian language; and even the “saving” of
Ukrainian cities from gay parades.
The lack of clearly defined objectives
makes the definition of victory uncer-
tain. But this ambiguity also makes the
criteria for defeat unclear — let alone one
pumped up by cheap fiat currency.
Indeed, the sector is a key example of
how investor risk appetite has been hurt
by central bank tightening (which, as I
have noted before, is ironic given that
crypto was billed as a hedge against
central bank excess). And just as the
Lehman collapse sparked a subprime
rethink, FTX will cause a re-evaluation
of crypto. Recriminations loom.
So does this mean that crypto will now
die? Not necessarily. But in the short
term, many mainstream investors and
institutions will probably run away,
unless there is sweeping regulatory
reform. For the FTX implosion has
revealed that the sector has at least two
big Achilles heels.
One is that it is fiendishly difficult to
know what assets underpin digital
tokens (other than blind faith), since
balance sheets are often opaque. FTX
and Alameda used to be considered well
capitalised. But last week a report sug-
gested that their balance sheets were
padded by massive holdings of a digital
token called FTT, which none other
than FTX itself had issued.
FTX has not confirmed this. But what
is clear is Binance’s head Changpeng
“CZ” Zhao later tweeted plans to drop
his holdings of FTT, causing the token’s
price to collapse — and sparking a down-
ward spiral for SBF. Opacity is costly.
The second issue is custody, where
practices have long been a dangerous
mess (as I also recently warned). The
SBF empire was simultaneously a bro-
ker, proprietary trader, lender and cus-
todian for the crypto world, reportedly
made a powerful case for the economic
benefits of skilled immigration, which
he himself personifies. Amid increasing
talk of competition with China, popula-
tion 1.4bn, von Ahn says: “China proba-
bly has more people in the 90th percen-
tile of intelligence than the entire popu-
lation of the UK. I think the only way to
compete with them is to be open to the
best minds in the world.”
The political debate about immigra-
tion in both the US and the UK is
dominated by those who rail against the
inflows of illegal immigrants across the
Rio Grande or the English Channel.
Opinion polls show that many voters
share those concerns. But what is all too
often lost in that highly charged discus-
sion are the real economic benefits that
skilled immigrants bring to their host
countries. Yet there is increasing public
recognition and support for that argu-
ment, too.
In the UK, public attitudes towards
immigration have been warming since
the Brexit vote of 2016. An Ipsos poll
published last month showed 46 per
cent of respondents thought immigra-
tion had a positive impact on the coun-
★ FINANCIAL TIMES
Opinion
so bad as to endanger Putin. In fact, the
Russian president had already survived
several serious defeats: the invasion’s
opening “blitzkrieg” failed, and Russian
troops were forced to retreat from
around Kyiv and several other cities.
Russia lost the Moskva, the flagship of its
Black Sea Fleet, and abandoned Snake
Island, its first successful capture from
the start of the war. After the hasty
In Russia, the invasion is
seen as a victory. It is as
hard for the president to
lose the war as it is to win it
retreat from the outskirts of Kharkiv,
another symbolically important target —
the bridge to Crimea — was attacked.
Other leaders might have already been
toppled by such military failures, but not
Putin. The fact is that Putin’s supporters
do not perceive the invasion of Ukraine
as an act of aggression. For them, it’s a
retaliation against the much more pow-
erful west. Researchers of Russian
rehypothecating assets on a large scale.
This created concentrations of power
(which, in another irony, make a mock-
ery of crypto’s decentralised mantra). It
also means customers may not recoup
their funds. Hence the panic, given the
lack of any investor safety net — or
lender of last resort — in crypto land.
In theory, these problems could be
fixed if crypto were forced to adopt the
same regulatory tenets around custody
and transparency as fuddy-duddy fiat-
based finance. If so, mainstream inves-
tors might stay involved. bipartisan
congressional bills are already floating
that try to do just that. But these have
not been implemented yet, amid politi-
cal gridlock. And, in practice, crypto
players’ attitudes towards regulation is
— at best — mixed.
Just as the Lehman collapse
led to a subprime rethink,
the FTX saga is likely to
spark recriminations
try, against 29 per cent who said it had a
negative one. That compares with 35 per
cent positive and 41 per cent negative
when the tracker survey was launched
in 2015.
As has been well documented, skilled
immigrants have had an enormous
impact on the west coast tech industry
in the US, particularly those from India
and China. According to a July report
from the non-profit National Founda-
Rhetoric in the debate
has turned ugly
despite the advantages
for host countries
tion for American Policy, foreign-born
entrepreneurs founded 55 per cent of US
start-ups valued at more than $1bn. It is
a similar, if smaller scale, story in the
UK: 18 per cent of the fast-growing tech
companies were created by a foreign-
born founder, according to TechNation.
Immigrants have long been a power-
ful, risk-taking entrepreneurial force in
society are observing a startling paradox.
History puts Russia in a row of vast west-
ern colonial empires. But after its defeat
in the cold war, the collapse of the Soviet
Union and the economic hardships of the
1990s, a growing number of Russians felt
they had been reduced to a colony ruled
by western forces. They now believe they
are casting off the yoke which so humili-
ated their country and “imposed” capi-
talism upon it.
In the eyes of dissatisfied Russians,
any form of resistance to the west is a
victory, almost regardless of the end
result. Even in retreat, they will console
themselves with the thought of having
prevented Russia’s “further enslave-
ment”. This is why there is no direct link
between military setbacks and the
weakening of Putin’s power. It is as diffi-
cult for the president to lose this war as
it is to win it. Domestically, even the
invasion itself is a sort of victory. Mean-
while, the passive majority can be con-
vinced that any outcome is the best pos-
sible one. And the critics will be silenced
with repression, just as they are now.
There are signs that after retreating
from Kherson, the more pragmatic
Ta k e B i n a n c e . T h i s w e e k C Z
announced a flurry of transparency
initiatives, and criticised FTX for using
its own token as collateral and lending
without proper reserves. But Binance
mostly operates offshore, and CZ says
he dumped FTT tokens because “we
won’t support people who lobby against
other industry players” — presumably
with regulators. Welcome to another
crazy plot twist that will (rightly) scare
institutional investors.
Yet it would be a mistake to assume
that this means all crypto is dead. One
reason is that there is still a large pool of
players who use digital assets to evade
government controls — whether due to
libertarian ideologies, or to engage in
nefarious activities, or to move money
out of jurisdictions such as China.
FTX’s implosion is unlikely to change
this; after all tether remains the biggest
stablecoin today, even though US regu-
lators have repeatedly censured it for
misleading balance sheet statements.
Second, even as private sector crypto
assets shrivel in value, governments are
copying some of the underlying technol-
the US, says AnnaLee Saxenian, a pro-
fessor at University of California, Berke-
ley, who has written extensively about
the culture of Silicon Valley. When they
struggled to access the “old, white
boys’” club on Sand Hill Road, which
has historically controlled the west
coast venture capital industry, they cre-
ated their own professional networks.
“Migration is a risk-taking activity,”
she says. “They are a select group that
are gutsy, high skilled and often come to
the US to go to graduate school. We get
the elites.”
Sadly, the rhetoric on immigration
has turned ugly in both countries and
doors have been closing to skilled immi-
grants and foreign students. That has
not passed unnoticed in Canada and
France, which have both been stepping
up efforts to woo would-be entrepre-
neurs who might have otherwise gone to
the US or UK.
The British government has intro-
duced a skilled visa regime, which tech
companies applaud, but it has not
changed perceptions that the country is
unwelcoming. Lord Simon Wolfson, a
Conservative peer who backed Brexit,
elements in the Kremlin will look for a
compromise. Whether or not the retreat
is a military trap for Ukrainian troops, as
many fear, it is impossible for Moscow to
control the city and support forces cut
off from Russian supply lines by the
large Dnipro river. The word “negotia-
tions”, once almost a taboo, is increas-
ingly heard from Russian officials.
Moscow may try to secure a formal
recognition of its control over the rest of
the occupied territories, and a cessation
of Ukrainian offensives, in exchange for
the return of Kherson to Ukraine and an
end to the bombardment of critical
infrastructure before the winter sets in.
But there are two problems with this
offer. One is the total lack of trust from
Kyiv. The other is that it would endan-
ger Putin’s status as the challenger of the
west. The risk is that this will push the
Russian president into a virtually end-
less war for its own sake, and even
tougher repression at home than he
might have first thought necessary.
The writer is a senior fellow at the Carnegie
Endowment for International Peace and a
former Russian diplomat
Efi Chalikopoulou
ogies themselves. Most notably, central
bank digital currency, or CBDC, experi-
ments are heating up, not least because,
as I was told last month, the government
of China (and, to a lesser extent,
Europe) want CBDCs to displace private
digital assets.
The retail version of CBDCs seems
unlikely to fly any time soon. But many
European and Asian central bankers
think wholesale CBDCs could be useful.
And while the Federal Reserve is less
enthusiastic, Jerome Powell, its chair,
recently suggested he could accept
private-sector dollar stablecoins if (and
only if) they were Fed-regulated.
Thus the crypto future could be
bifurcated: one sphere of shady,
offshore activity and another of sober,
tightly controlled central bank experi-
ments. This is certainly not what the
libertarians who first launched the
crypto dream ever expected. But it
seems the most likely bet — unless there
is badly needed regulatory reform.
Either way, prepare for more twists.
gillian.tett@ft.com
has been urging the government to
attract more foreign workers. The
choice, he told the BBC, was between an
open free-trading nation and a “fortress
Britain” — which was not the post-Brexit
country that he and many Brexit voters
had wanted.
Opening up the US to more skilled
immigration tops the wishlist of reforms
advocated by the Economic Innovation
Group, a Washington-based policy insti-
tute. For all the talk of American excep-
tionalism, the US has become “very
lazy” at renewing the lifeblood of that
exceptionalism by attracting talented
immigrants, says John Lettieri, EIG’s
president. “If necessary, we can frame
immigration as a ruthlessly self-inter-
ested policy. We can be acquisitional in
terms of global talent,” he says.
However the debate is framed, there
is a compelling argument in both the US
and the UK to welcome more skilled
foreign workers. Increasing numbers of
voters appear willing to listen.
Politicians need to make the case
more boldly.
john.thornhill@ft.com
19
Hunt has a
choice between
politics and
economics
BRITAIN
Chris
Giles
W
hen you’re in a budget-
ary hole, stop digging.
This has been the atti-
tude Jeremy Hunt has
adopted since being
appointed chancellor four weeks ago.
Ever since September’s “mini”
Budget, when financial markets lost
confidence in the health of the UK’s pub-
lic finances, it has been clear the coun-
try will pay a price for that mistake. The
government’s average borrowing cost
has gone up from 1.1 per cent at the start
of the year to 3.8 per cent this week.
The vast majority of this increase
reflects global forces — rising inflation
and higher interest rates — but the mar-
kets are watching. They will be more
exacting in assessing UK budgetary
plans than for most other countries and
Hunt knows he must present a convinc-
ing case. In Thursday’s Autumn State-
ment he needs to demonstrate sustaina-
ble public finances, credible policy
measures, and borrowing and debt that
will be resilient to some further eco-
nomic shocks. This is why the chancel-
lor talks so frequently about “eye-water-
ingly” difficult decisions.
Chief among these choices is what bal-
ance to strike between tax increases and
spending cuts. It is almost certain that
he will opt for the relatively easy options
of allowing inflation to drag people into
higher tax brackets, rather than putting
up rates, and cutting some investment
expenditure — scheduled to be at histor-
ically high levels — instead of squeezing
public services too much.
The Autumn Statement
will show if the chancellor
can make ‘eye-wateringly’
difficult decisions
Those are in the bag, but will not be
enough to close the fiscal hole, which
Treasury insiders put at a little over
£50bn a year by 2027-28, when the econ-
omyshouldbebacktoworkingnormally.
The remaining measures will reveal
whether Hunt has prioritised good eco-
nomics or smart politics in this state-
ment. Economics suggests he should
front-load the extra pain, putting in
place almost immediate spending cuts
and tax increases similar to the pro-
grammes followed by Norman Lamont
and Ken Clarke in the early 1990s.
That would not necessarily deepen
the coming recession, since the Bank of
England is there to moderate demand
and offset a fiscal contraction with inter-
est rates that are lower than they other-
wise would be.
With interest rates at 3 per cent, the
BoE has scope to loosen monetary pol-
icy if necessary because the immediate
budgetary tightening is sufficiently
aggressive. Let us be clear. The UK’s cen-
tral bank thinks a recession is needed to
tame inflation, but there is no need for it
to be deep, so long as companies do not
seek to push prices up excessively and
workers moderate pay demands.
In this scenario, by the next election
(which has to be called by late 2024)
inflation would probably be under con-
trolandtherewouldbescopeforaperiod
of faster than normal growth. Front-
loading the budgetary repair job would
have been the necessary step, instantly
making UK economic policy credible.
There might even be some further gains
to be enjoyed from financial markets
looking favourably on prudence, fur-
ther lowering borrowing costs.
The problem with front-loading is it is
terrible politics. Immediate tax rises
and spending cuts would be unpopular
with Conservative MPs and across the
country. Sorting out the public finances
would put the UK in a better position for
the second half of the decade, but that’s
when Labour is likely to be in power.
There is therefore a risk that Hunt
backloads difficult decisions to 2025
and after and minimises the immediate
political pain from fiscal consolidation.
If Labour wins the coming election, it
inherits weak public finances and huge
demands for better public services.
Financial markets might well think
that this government pledging that the
next one will run sustainable public
finances is not credible and, once again,
punish the UK. Hunt’s big choice there-
fore is economics or politics. It will be
the making of this chancellor.
chris.giles@ft.com
20 ★ FINANCIAL TIMES Friday 11 November 2022

Centrica: gas gains

The utility is having a very good crisis. Centrica has tidied up its balance sheet, resumed its dividend and
announced a buyback. Clearly it wants to keep shareholders onside. Even after its recent share price
increase, Centrica still only trades on 3.4 times forward earnings.

Twitter: @FTLex
FTX:
liquid state
It appears Sam Bankman-Fried has not
heard of blockchain’s record-keeping
capabilities. In a lengthy twitter thread
yesterday, the crypto tycoon blamed
the collapse of his FTX exchange on a
clerical error. That looks odd.
SBF tweeted that he mistakenly
believed FTX customers had plenty of
liquidity earlier this week to facilitate
withdrawals. He was not aware of
leverage within the FTX system. He
could not have got it more wrong.
Panicked FTX account holders were
prevented from withdrawing their
assets this week.
SBF insists FTX is illiquid but not
insolvent. That is, its asset value
exceeds that of liabilities. He seeks a
multibillion-dollar cash infusion to
bridge any cash gap. To some, giving
FTX a lifeline at the moment might
seem absurd. Never mind its highly
opaque operations, severe regulatory
and legal risks are mounting.
But a template for taking on such a
risk might exist. Shares of Coinbase,
the listed crypto exchange, have
dropped 80 per cent in price this year
as crypto trading volumes have
plummeted. But it clearly lists its client
assets and liabilities and cash.
Moreover, it is not explicitly or tacitly
lending out client funds, which FTX
seems to have done.
Recall the financial crisis. JPMorgan
bought Bear Stearns. Barclays took on
Lehman Brothers. Mistakes were
made. Private equity firm TPG
invested $1bn into bank Washington
Mutual, shortly before it went belly-up.
Wall Street has plenty of specialist
funds and strategic buyers that make
swashbuckling wagers during panics.
This week venture capital
powerhouse Sequoia wrote down its
$214mn investment in FTX to zero.
The Silicon Valley titan also noted,
however, that in 2021 FTX had
generated $250mn in operating profit.
How much of that comes from fees and
commissions, versus volatile trading
gain, is not clear. But the former could
be the basis of a restructured FTX.
During the financial crisis, distressed
acquisitions occurred under a strong
legal and regulatory regime that
oversaw the process. Nothing that
substantial exists in cryptocurrency.
The immediate task is unravelling
the links between FTX customer
accounts and apparent lending to SBF’s
trading operation, Alameda Research.
Its foolishness likely caused this week’s
run on FTX. SBF had better pull
together all the records it can find.
Japan cars:
change of gear
Everything we know about Japanese
carmakers is changing. A long-
established pattern of yen weakness
boosting shares has not worked this
year. Investors need a new strategy.
A weaker yen has meant higher
profits for Japan’s big three carmakers
Toyota, Honda and Nissan. The
formula still holds true for other
exporters such as gaming. Nintendo
just posted a record fiscal first-half net
profit in the six months to September.
In the past year, the currency has
weakened from ¥113 to ¥146 against
the US dollar. Each ¥1 fall should
produce a more than ¥40bn operating
profit for Toyota. Yet while operating
earnings did improve for the trio, they
largely disappointed markets.
Toyota’s profit for the September
quarter was significantly below market
expectations. It also cut its production
target for the fiscal year to March.
Though Honda managed to raise its
full-year outlook for operating profits,
the forecast for the full year was still
below expectations.
Part of this poor showing has been
because of strategic hedging by
carmakers, which have increased their
proportions of overseas production.
Instead of providing carmakers with
record profits, this year’s yen collapse
exacerbates the rising costs of
imported raw materials and energy.
Combined with chip supply
disruptions, these factors cloud the
sector’s future.
Nissan is also coping with changing
dynamics in its partnership with
Renault. The two are renegotiating
their equity ties, in which Renault
owns 43 per cent of Nissan but Nissan
has a 15 per cent stake in Renault,
adding uncertainty.
Shares of Nissan and Toyota are
down more than 12 per cent this year,
more than double the declines of the
broader benchmark index. Yet shares
of the trio trade at a premium to
Volkswagen. For Toyota, that
Centrica has tidied up its balance sheet
Liabilities (£bn)
Net (debt) / cash Other
Technical pension deficit Total
Gross decommissioning*
Full Year Full Year
2019 2020
Half Year Half Year Half Year
2019 2020 2021
FT graphic Source: Centrica
Centrica is a brave utility indeed. The
UK energy group’s customers are
facing rising energy costs, partly paid
for out of the public purse. It asks the
government for support to refurbish
the Rough gas storage field while
earning pots of money from the
commodity boom.
Now it has decided to divert
£250mn of its bumper 2022 profits
into buying back stock.
Surely this waves a red rag to UK
chancellor Jeremy Hunt’s windfall tax
bull. Well, perhaps. But Centrica —
whose retail business has been
mopping up failed rivals and
provides long-term support for the
energy transition — has good reason
to keep shareholders onside.
A trading update from Centrica
premium is more than double. Supply-
chain disruptions and output cuts
should soon narrow that valuation gap.
Bayer:
cropping up
Sales rose more than 10 per cent in the
first nine months of the year. Ebitda
profits before special items jumped
more than a quarter. Nine-month
results from Bayer on Tuesday showed
the German pharmaceutical and
agrichemicals conglomerate’s resilience
in the face of a downturn.
The strong figures, however, did not
hide the black legal cloud that still
hangs over Bayer. This arises from its
$63bn acquisition in 2018 of Monsanto,
Capital returns will resume
£m
Buybacks
0
2017
-2
*Shareholders will receive parts in 2022 and 2023
Sources: S&P Capital IQ and Bernstein
-4
Centrica has lagged behind the market and peers
Total returns (rebased)
-6
-8
Full Year
2021
Half Year
2022
2017 2018
*Oil and gas assets
boosted its profit outlook for this year.
It should make £1.5bn of net profits, up
six times since 2021.
Trouble is, the extra money comes
from its residual upstream and
power generation arms, as well as its
trading business. This is not expected
to last. The commodity markets
will retreat, eventually, and the
production profiles of ageing nuclear
reactors and oil and gas will decline
over time.
At its core, Centrica is a retail energy
supplier that needs investors with an
eye on the long term. A disastrous push
by the UK energy watchdog Ofgem to
increase competition in this arena led
to market failures, including Bulb,
which required a government bailout
worth about £4bn.
the US agrochemicals group. It makes
the herbicide Roundup, which US
courts have linked to cancer. The cost
of eventual legal outcomes cannot be
priced accurately. Bayer has set aside
$16bn so far for Roundup legal action.
Bayer shares are below €51, almost
two-thirds of their peak in April 2015, a
year before its bid for Monsanto. They
trade on a forward price-to-earnings
ratio of less than seven, much lower
than rivals. The past couple of years
have nevertheless been good for Bayer.
The sharp rise in global food prices
has boosted demand for its seeds and
weed killers. Adjusted sales in the first
nine months were up almost 17 per
cent over the previous year in Bayer’s
crop science division.
Bayer highlighted how sales growth
was driven by higher prices for the
Dividends
500
400
300
200
100
2018 2019 2020 2021 2022 0
expected*
FTSE 100 utilities index 140
120
100
FTSE 100 index
80
60
40
Centrica
20
0
2019 2020 2021 2022
Source: Refinitiv
Britain clearly needs energy
suppliers that the government need
not backstop. That helps explain why
Centrica is throwing its long-suffering
investors a sop. It has fixed its
balance sheet and has net cash.
The shares are still only on
3.4 times 2022 earnings. Total
returns to shareholders — which this
year may amount to £430mn in
dividends and buybacks if the latter
is completed before year end —
should be a quarter of its net
earnings. That is historically low for
Centrica.
Profitable energy companies make
attractive targets for windfall taxes.
But the government would be unwise
to bash Centrica given its central role
in the energy system.
herbicide glyphosate, the main
ingredient in Roundup. But it warned
that glyphosate prices were already
declining in the third quarter.
Bayer is fighting market fears that
the expiry of patent protection on
important products will depress profit.
The group has some defensive
qualities. So, in theory, did the
Monsanto deal. Bayer saw attractions
in combining its expertise in herbicides
with Monsanto’s strength in seeds.
But the legal liabilities that Monsanto
dragged in with it will continue to
brake any share price gains. It can
support quarterly profits by keeping
costs reined in. But the stock remains a
bet on unpredictable US court cases —
and a dire warning to acquisitive CEOs
to balance strategic imperatives with
extensive due diligence.
Twitter:
pay off
Elon Musk wants Twitter to become a
lot more than a bird logo and a blue
check mark. The self-proclaimed
“Chief Twit” wants to transform the
social media platform into a super app.
He has already taken some steps in
that direction. Twitter last week filed
registration paperwork that would
allow it to process payments.
Musk can join the queue. Plenty of
big US tech companies, with deeper
pockets and bigger customer bases,
are trying to do the same thing — with
little success.
His inspiration is Tencent’s WeChat.
In China, the app is used for everything
from messaging and gaming to food
delivery and paying the rent.
Moreover, it has some 1.3bn users.
Twitter has just 238mn daily ones. But
the conditions that gave rise to WeChat
in China are unique and impossible to
replicate in the US.
WeChat launched in 2011 just as
smartphone sales in China were taking
off. Most people who had never had a
computer or internet connection at
home skipped straight to the web via
mobile phone. Limited foreign
competition enabled WeChat to thrive.
On top of this, WeChat also has strong
support from Beijing, which sees it as a
way to connect digitally with (or,
depending on your point of view, keep
tabs on) the country’s 1.4bn citizens.
In the US, consumers have long
relied on different apps for different
functions. Creating a super app there
would require overcoming entrenched
consumer behaviours. Twitter must
convince users of the merit of having
all their personal data tracked by one
app, no small feat when trust in Big
Tech has deteriorated.
Twitter’s small user base already
must play catch-up to bigger rivals.
Facebook boasts nearly 2bn daily users
and PayPal has more than 430mn
active accounts. Meanwhile, less than a
fifth of Twitter users are US based.
Musk said Twitter “will do lots of
dumb things in coming months”. His
super-app ambitions may well be one
of them.
Lex on the web
For notes on today’s stories
go to www.ft.com/lex

CROSSWORD
No 17,249 Set by PHSSTHPOK
        ACROSS

 1 Swear when angry with your lover (14)

10 Finally, revolving doors keep going (5)
  11 Terrifying arachnid starts natural
evolution! (9)
12 Crime committed by criminal (7)
13 Counter to initialisation of
programmable computer (7)
 
14 Gesture for quiet before game gets
good (5)
16 Throw out sample of clothes I cart
softly back (9)
     19Processed desert air is the most dry (9)
20 Succeed in dash to start legal
proceedings (5)
22 Quickly flashes empty suit and gowns
   (7)
25 Brief the French on the Louvre
Pyramid, for instance (7)
27 Commissions dynastic marriages (9)
     28 Did rent get picked up for next to
nothing? (5)
29 Removing the creases from formal
wear? (14)
 
DOWN

2 Steel bar goes on railroad (9)

3 Demonstrated what sheets might be

made of (5)
4 Exactly the worst place to get a spot?
(2,3,4)
5 Miscalculated blood needed by
hospital department (5)
JOTTER PAD 6 Agreement offers head and knee
alternately (9)
7 In the centre of Stalingrad,
ultramicroscopy is developed (5)
8 Tramp has pastier complexion (7)
9 Watery grave after one is dispatched (6)
15 American soldier captures a vulgar
Republican general (9)
Solution 17,248 17 Betting system? Loser at it,
unfortunately (9)
0 $ 0 % 2 , 0 , 7 $ 7 , 9 ( 18 Suggest how unmarried couples live
$ 2 9 1 0 5 1 $ together initially in Middle Eastern
-
2
8 ' * ( 6 +
( 5 $
, 3
$
7
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: $
8
1 *
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federation (9)
5 ( 0 2 ' ( / , 1 6 , ' ( 5 19 Merit book switches Republican to
' 8 ( 5 7 , Democrat (7)
2 2 ' / ( 6 ' ( & ( 0 % ( 5 21 Arouse former lover with glimpse for
0 , ' ' / (
2 1 ( 6 , ' ( ' 6 3 ( ( & +
audience (6)
6 & 3 , 2 ( 23 Rhesus monkey head / To half a year is
7 + ( 5 ( 7 2 1 $ 3 + 7 + $ fed? (5)
2
7
/ 6
5 2 7 +
1
(
*
/ (
3 $
9 ( 1 6
5
( 6
24 Bandage or cast (5)
( , 2 1 $ 5 7 $ 26 Particles of living matter are found in
0 ( / 7 : $ 7 ( 5 6 0 ( / / dungeons (5)