FT Uk

UK £4.80; Republic of Ireland €4.
90 NATIONAL NEWSPAPER OF THE YEAR SATURDAY 4 FEBRUARY / SUNDAY 5 FEBRUARY 2023
I’m only buying 5 things in 2023

Lauren Indvik
HTSI
Siya Kolisi South Africa’s

Rugby World Cup
‘I have no ego’ winning captain
LIFE & ARTS
Germany’s trauma of war
FTSE 100 reaches all-time high Russia tests limits of pacifism

LIFE & ARTS
3 Non-tech focus boosts gain 3 Oil, bank and mining stocks lift index 3 US markets retreat
GEORGE STEER for being too exposed to oil and mining euro and the dollar since Brexit has also tions that the Federal Reserve would cut
groups, banks, insurers and consumer helped, lifting FTSE 100 companies in interest rates any time soon.
The FTSE 100 hit an all-time high yes- staples, while lacking high-growth tech- sectors such as oil production and basic “I’m surprised by how strong markets
terday, as the blue-chip index domi- nology stocks to rival the likes of Apple, materials that book the bulk of their are right now, but I get it with the UK,”
nated by multinational companies over- Amazon and Alphabet. revenues overseas. The pound fell 1.2 said Neil Birrell, chief investment officer
came the drag of a domestic economy “But these vices look a little more like per cent yesterday. at Premier Miton. “There’s genuine
headed for recession. virtues” now that inflation and rising The FTSE’s gains have come as global Shell, the value in the [FTSE 100], and it’s cheap.”
The stock index added as much as 1.1 rates are squeezing tech valuations and equity markets are buoyed by cooling second-biggest However, the long-term performance
per cent on the day to trade at 7,906.58, pushing investors towards “potential inflation and hopes that central banks group on the of the UK stock market remains unim-
topping its previous peak in May 2018, stores of value”, said Russ Mould, will slow the pace of interest rate rises. London market, pressive. The FTSE is up just 14 per cent Future design classics
before closing at 7,902. After ending
2022 up almost 1 per cent, the best-
investment director at broker AJ Bell.
Shell, the oil major that is the London
The Bank of England on Thursday
indicated that it may be close to ending
gained by 43 per
cent last year
since its dotcom-era high in 1999. Since
then, the US S&P 500’s value has risen
The best furniture makers
performing developed market index in Stock Exchange’s second-biggest group, its cycle of rate rises. But markets across by more than two-and-a-half times. HOUSE & HOME
local currency terms, the FTSE 100 has gained 43 per cent last year, while bank- the Atlantic retreated again yesterday US jobs total surges page 6
risen 6.1 per cent in 2023. In contrast the ing heavyweight HSBC rose 15 per cent after the US generated 517,000 new jobs FT View page 10
S&P 500 fell nearly 20 per cent last year. as higher interest rates boosted profits. for January — nearly three times as Day in the markets page 18
The UK has in the past been dismissed Sterling’s devaluation against the many as forecast — damping expecta- The Long View page 22
Eye in the sky

US anger over
China airship
A balloon that Washington has accused In praise of retiring by 62
Beijing of spying on sensitive nuclear
missile sites flies over Billings, Montana,
Simon Kuper
in the US this week. FT WEEKEND MAGAZINE
China yesterday denied the US accu-
sation, calling it a “civilian airship” that
had accidentally blown off course, but
the incident has shaken efforts by Wash-
ington and Beijing to stabilise their tur-
bulent relationship.
As the Pentagon discussed options
such as potentially shooting down the
balloon, US secretary of state Antony
Blinken cancelled this weekend’s visit to
China, where he had been expected to
meet Chinese president Xi Jinping.
Report & analysis page 4
Chase Doak/Reuters
EY looks at giving retired US partners

share of spoils from consulting spin-off
STEPHEN FOLEY — NEW YORK divide proceeds from the deal with just EY to consider allowing retirees to
weeks to go before EY’s 13,000 current participate in the proposed transaction
EY has told retired US partners that it partners around the world are due to be based on the value created by
is considering giving them a cut of given details of their own individual retirees when they were partners and
the proceeds from a spin-off of its financial packages. principals in the firm,” the email said.
Escalating row over Raab consulting arm, after complaints that Audit partners have been promised “Our recommendation is still being
the firm’s leadership is cashing in on a cash windfalls that are a multiple of considered by EY leadership.”
adds to pressure on Sunak business built by previous generations. their annual pay while consultants will EY declined to comment.
The row over Dominic Raab has An email sent to retired partners of the receive an allocation of shares in the Retired partners no longer have a
deepened after Number 10 failed to Big Four accounting firm, seen by the new company. Voting on the deal is stake in EY US and will not have a vote
deny reports that a written complaint Financial Times, said US executives expected to begin in April. on the split, although they form a large
about his behaviour had reached the were considering a request to boost US retirees are being given special creditor group. They have previously
centre of government before he was pension payouts or hand the retirees consideration because EY’s US firm has raised concerns about the plan to split
appointed justice secretary by Rishi shares in the new consulting business. an unfunded $7.5bn pension liability. EY in two, saying they were worried
Sunak in October. Some MPs believe EY has also agreed to pay for legal EY plans to put some of the proceeds about the financial strength and growth
that Raab should step aside while a counsel to advise retired partners in the from an initial public offering and debt prospects of the standalone audit firm
probe into his alleged bullying takes US during the process, according to sale by the consulting business into a that would ultimately stand behind the
place. ‘It’s getting ridiculous,’ said one Thursday’s email, which came from a trust to fund that liability — something pension obligations.
ex-Tory minister. ‘This is going on and committee of former partners picked by leaders say will provide extra financial Leaders of the other Big Four firms
on. It wears you out.’ the firm to represent retirees’ interests. security to the pensions — but the have come out against spinning off their
Bullying claims i PAGE 2 Retired US partners have weighed retirees are asking for more. own consulting arms.
in on the negotiations over how to “The committee had previously asked Under fire for dual role page 16
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2 ★ FTWeekend 4 February/5 February 2023
NATIONAL
Home loans Politics. Conservatives
Fixed-rate mortgage costs to drop Growing row over

Raab bullying
Price of five-year deal to
fall below 4 per cent after
Lenders, which set prices for their
fixed mortgage deals using financial
market expectations about future base
five years is now 3.21 per cent, down
from 3.93 per cent in January.
Ray Boulger, manager at broker John
price in recent weeks as stability
returned to markets. As rates on varia-
ble deals rose, brokers said more bor-
claims adds to
inflation outlook eases
JAMES PICKFORD, CHRIS GILES AND
rate movements, had already priced in
the latest tightening of monetary policy.
But after the BoE’s meeting, market
Charcol, said he expected lenders to
move quickly to improve their five-year
fixed deals, where the lowest rates are
rowers would return to the certainty of a
fixed monthly payment.
The average rate on two-year fixed
pressure on Sunak
SIDDHARTH VENKATARAMAKRISHNAN expectations of future rate increases around 4.2 per cent. “There’s a clear deals has fallen to 5.43 per cent, from
dropped further. Traders anticipate one ability in the market now to offer a five- 5.77 per cent at the start of 2023, accord-
Interest rates on five-year fixed mort- quarter-point rate rise in March, and year fixed rate at sub-4 per cent.” ing to finance website Moneyfacts. would approve an investigation. How-
gages are set to drop below 4 per cent that the BoE will then begin loosening Demand for fixed deals is also likely to Simon Gammon, managing partner at Truss and Johnson weigh in by ever, the person insisted the Cabinet
after the Bank of England suggested monetary policy by the end of the year. grow as interest charges on variable- broker Knight Frank Finance, said bor- joining ranks of dissident Tory Office’s propriety and ethics team,
inflation might come under control The change in expectations in the rate mortgages rise in response to mon- rowers would welcome a significant which briefs prime ministers on minis-
sooner than expected, brokers say. overnight index swap market, which etary tightening. After the turmoil that drop in the cost of two-year fixed mort- MPs urging immediate tax cuts terial appointments, had been made
On Thursday the bank raised its follows BoE decisions, suggests the aver- followed then prime minister Liz Truss’s gages. He said the decision on whether aware in writing of complaints about
benchmark interest rate by half a per- age central bank rate over the coming “mini” Budget in September, rates on to take out a five-year fix had become Raab’s conduct.
GEORGE PARKER, ROBERT WRIGHT
centage point to 4 per cent, in response two years will be 3.75 per cent, down many fixed deals rose above 6 per cent. more challenging as mortgage rates fall. AND JASMINE CAMERON-CHILESHE The Cabinet Office said any person
to high inflation. After 10 upward from 4.34 per cent at the start of Janu- It made variable rate loans a viable “Those who don’t quite know when to making a written complaint had to
moves since December 2021, the BoE ary. alternative for borrowers. fix are actually more interested in the Rishi Sunak was facing problems on choose whether to make a “formal com-
suggested rates might have peaked. The average BoE rate over the coming However, fixed deals have dropped in shorter-term deals,” said Gammon. multiple fronts yesterday as the row plaint”, which triggers a formal process.
over his appointment of Dominic Raab Downing Street said: “There are proc-
as justice secretary deepened and his esses within departments for civil serv-
two predecessors as prime minister told ants to make formal complaints. Those
Who has earnt most selling players to Premier League? him how to do his job. processes are known to civil servants
Total spend in the January window (€mn) Downing Street did not deny media should they choose to want to make a
reports that a written complaint about formal complaint.”
Ligue 1 - 131.5 the behaviour of Raab had reached the Sunak was asked repeatedly in a BBC
centre of government before Sunak interview at the G20 in Bali last Novem-
appointed him to the Ministry of Justice ber whether he had been made aware of
Liga Portugal - 126 in October last year. informal complaints against Raab. He
PREMIER LEAGUE
Number 10 insisted the prime minis- said only that he had been aware of no
Premier League clubs - 96.6 ter was not told about any “formal com- formal complaints.
plaints”, but declined to say whether Asked whether Case had failed to pass
Premier Liga (Ukraine) - 92.7 Simon Case, cabinet secretary, made on written complaints about Raab,
him aware of any written complaints. Number 10 said: “We’re not going to get
Eredivisie - 77
Some Conservative MPs believe Raab into the process of appointments or
Bundesliga - 53 should step aside while an investigation advice that the prime minister does or
Serie A - 36.1 by Adam Tolley KC into allegations that doesn’t receive.”
Championship - 31.1 the justice secretary bullied civil serv- Case is already facing heavy criticism,
LaLiga - 29.8
ants is under way, sparing the prime including from senior officials, for fail-
Others - 156 minister and the government further ing to uphold high standards in govern-
Sources: Transfermarkt • Others:
political damage. ment and for allegedly failing to defend
A-League Men, Allsvenskan, Carioca - Taça Guanabara, Eliteserien, Jupiler Pro League, Liga Profesional, MLS, “It’s getting ridiculous,” said one the interests of civil servants.
Paulistão A1 - Primeira fase, Premier League 2, Superligaen and SuperSport HNL Sunak, weakened by rows over his
cabinet appointments, faces the addi-
Who has made the most money Promoted teams are spending ‘It’s getting ridiculous. tional headache of getting advice from
selling players to Premier League more than ever This is going on and on. his two predecessors as prime minister.
clubs? How much the three promoted teams Liz Truss, whose disastrous 49-day
Past five seasons (€mn)
have spent in their first season in the It wears you out’ premiership ended last October, will
Premier League (€mn)
0 100 200 300
Championship champion
Former Tory minister break her silence tomorrow in a lengthy
Benfica article in a Sunday newspaper in which
Runner-up Play-off winner
Borussia former Conservative minister. “This is she is expected to renew her calls for
Dortmund 2022/23 going on and on. It wears you out.” immediate tax cuts.
Ajax 2021/22 Downing Street said Sunak was waiting Truss, unbowed by the disintegration
2020/21 for the conclusion of Tolley’s report of her economic policy last year, is
Lyon 2019/20 before deciding Raab’s fate. expected to increase pressure on Jeremy
2018/19 Number 10 did not deny a report in Hunt, chancellor, to announce tax cuts
Lille 2017/18
2016/17 The Times that Case was personally in his March Budget.
Real Madrid
2015/16 informed of a written complaint about Hunt and Sunak have made it clear
RB Leipzig 2014/15 Raab before Sunak reappointed him as that significant cuts will have to wait
Barcelona 2013/14 justice secretary. and fighting inflation is the main target,
2012/13 The Financial Times has been told by but Truss is among an increasingly vocal
FC Porto 2011/12 one person close to the process that at number of Tory MPs urging action now.
Atlético Madrid 2010/11 the time of Raab’s appointment there Johnson, who resigned as prime min-
0 100 200 300 were a number of written complaints ister last September, has called on
Source: Transfermarkt Source: Transfermarkt
relating to his conduct in his first spell as Sunak to send more tanks to Ukraine,
justice secretary from September 2021 on top of the 14 Challenger 2s that the
Playing away Premier League clubs spent €830mn

on new players during football’s
January transfer window, almost
choosing to prioritise talent from
abroad,” he said.
While turning a cold shoulder to
Boehly and Clearlake Capital since
their buyout last year has reached
another level.
to September 2022.
Raab denies bullying and Number 10
has said Sunak launched the independ-
UK has already committed.
In an interview with his close ally
Nadine Dorries on TalkTV, Johnson said
Premier League double the previous record. As a result,
English teams now account for more
English clubs, Premier League buyers
have been pouring money into the rest
But it is unlikely to be sustained. Last
month’s arrivals have an average age of
ent inquiry when he was “made aware of
formal complaints”.
yesterday: “I tell you this, Nadine, it
wouldn’t be a bad thing if we gave some
shops abroad than half of all spending this season by

Europe’s top five leagues.
Among the many striking aspects of
of Europe. The biggest beneficiary over
the past five years has been Portugal’s
Benfica, which has made more than
just 20, and all joined on unusually
long contracts. With the squad rebuild
now largely complete, this summer’s
One person familiar with the investi-
gation insisted that civil servants made
no formal complaint about Raab’s
more tanks ourselves.”
Sunak has insisted he is not irritated
by Johnson’s high-profile campaigning
in record spree the spree was how little of the Premier
League’s shopping was done at home.
€300mn from sales to England in that
time. Lyon, acquired by US investors
business is likely to be quieter.
Other English clubs have been busy
behaviour because they doubted that
then prime minister Boris Johnson
for Ukraine, which has included visits to
Kyiv and Washington. However, he has
Just 3 per cent of the outlay by top tier last month, ranks in the top five. too, particularly the three newly pointed out that he has increased mili-
clubs went to England’s lower leagues, Despite the flow of money to Europe, promoted sides hoping to stay in tary support for Ukraine compared with
the smallest portion on record. not everyone is pleased. La Liga chief football’s most lucrative league. Since levels while Johnson was in office.
Tim Bridge, lead partner of Javier Tebas accused English football returning to the top division last Johnson, who faces a House of Com-
consulting firm Deloitte’s sports this week of being a “doped market”, summer, Nottingham Forest have mons inquiry into whether he misled
business group, said the trend was where rich patrons enabled clubs to brought in 30 players at a total cost of MPs by insisting he broke no rules with
likely to cause “growing concern” for lose “barbaric amounts”. £164mn, while Bournemouth spent parties during coronavirus lockdowns,
clubs further down England’s football Chelsea’s record-smashing January heavily after being taken over in stuck to his stance that he never know-
pyramid, many of which were still spend has drawn the focus of the December by US billionaire Bill Foley. ingly infringed any regulations.
reeling from the financial impact of the football world. The London club laid Total spending this season by Forest, He also appeared to side with Tory
Big spenders: Chelsea (in blue) coronavirus pandemic. out €329mn — more than all the top Bournemouth and Fulham hit £300mn MPs calling for tax cuts before the elec-
forked out €329mn — more than all “Transfer income from Premier tier sides in Spain, Italy, France and during the January window, a record tion. “I have no doubt that, when the
the top tier sides in Spain, Italy, League clubs, which has historically Germany combined. While the Blues for newly promoted clubs. time comes, the government will make
France and Germany put together — been an important source of club had a long record of splurging under Josh Noble and Dan Clark sure that they start to reduce the tax
in the January transfer window funding, now appears to be less former owner Roman Abramovich, From Scoreboard, the FT’s weekly business Dominic Raab: some Tories say he burden and get the economy growing
Phil Noble/Reuters
guaranteed, with Premier League clubs spending under US investors Todd of sport newsletter ft.com/newsletters should step aside during the inquiry again,” Johnson told Dorries.
Medical breakthrough
First heart patients diagnosed using fibre optic technology

MAKE A WISE CLIVE COOKSON She has angina and shortness of breath. heart by flashing a pulse of light venture capital firms Albion Capital and
INVESTMENT New diagnostic technology that uses
“Now I feel great. I found out that I have upstream of the vessels being studied, Parkwalk, plus £1.8mn in grants from
something I’d never thought about: which warms the blood there by about the government agency Innovate UK.
Subscribe today at fibre optics to find the causes of heart
microvascular disease,” added Green. one degree. The sensor detects the time “This shows the real, tangible benefit
ft.com/subscribetoday disease has begun clinical testing at
“It’s brilliant that this research is being taken for the temperature to change that collaboration between NHS hospi-
London’s Barts Hospital.
carried out in the NHS.” downstream, from which the device can tals and universities can have for
The iKOr device, developed at Barts and Once identified, microvascular dis- tell whether the flow is obstructed by a patients,” said Finlay.
University College London, measures ease, in which blood vessels narrow and narrowing of the vessels. “It’s a great example of why it’s impor-
FINANCIAL TIMES Reproduction of the contents of this newspaper in blood flow around the heart. Research- thicken, can be treated with specific Medical physicists and engineers at tant to carry out research in the NHS,”
Bracken House, 1 Friday Street, London EC4M 9BT. any manner is not permitted without the publisher’s
prior consent. ers say it could eventually help thou- drugs that would not be prescribed University College London invented this he pointed out.
Published by: The Financial Times Limited, sands of patients suffering from cardio- without a diagnosis. fibre optic sensing technology. In 2019 The first phase of clinical testing will
Bracken House, 1 Friday Street, ‘Financial Times’ and ‘FT’ are registered trade marks vascular symptoms such as chest pains, The iKOr device has a temperature they set up Echopoint Medical to com- involve 10 patients and is likely to have
London EC4M 9BT. of The Financial Times Limited.
Tel: 020 7873 3000
whose cause cannot be identified with and pressure sensor that is just 0.2mm mercialise it in tandem with Barts. finished by the end of May. Then, sub-
Editor: Roula Khalaf The Financial Times and its journalism are subject to current techniques. wide, twice the thickness of a human Malcolm Finlay, consultant cardiolo- ject to regulatory approval, there will be
a self-regulation regime under the FT Editorial Code “This new device is a game-changer in hair, which is threaded through blood gist at Barts and Echopoint’s chief medi- a larger trial with 100 patients, Finlay
Subscriptions and Customer Service of Practice: www.ft.com/editorialcode how we manage heart disease, making it vessels on an ultra-thin catheter. cal officer, said the spinout had so far added.
Tel 0800 028 1407; subscriptions@ft.com;
www.ft.com/subscribenow Reprints a lot easier to assess the health of a per- It measures the flow rate around the received £2.3mn in equity funding from He estimates that the device would be
Are available of any FT article with your company son’s heart,” said Anthony Mathur, clini- commercially available in the NHS in
Advertising logo or contact details inserted if required (minimum cal director for interventional cardiol- Game-changer: three years’ time. Echopoint will then
Tel: 020 7873 4000; advertising@ft.com order 100 copies).
Letters to the editor ogy at Barts. Anthony take the technology overseas.
letters.editor@ft.com One-off copyright licences for reproduction of FT Three patients have so far undergone Mathur, clinical The procedure will add only slightly
Executive appointments articles are also available. the iKOr procedure, which is suited to director for to the cost of an angiogram, said Finlay:
Tel: 020 7873 4909; www.exec-appointments.com
For both services phone 020 7873 4816, or
finding problems with their “microvas- interventional “We believe that savings from personal-
Printed by alternatively, email syndication@ft.com culature”. These tiny blood vessels do cardiology at ised diagnosis of patients will vastly off-
Newsprinters (Broxbourne) Limited, Hertfordshire, not show up well in the angiograms used Barts, inserts a set any costs of using the device.”
Newsprinters (Knowsley) Limited, Merseyside, Newspapers support recycling by cardiologists to image the heart’s flow monitor Several hundred thousand patients a
Newsprinters (Eurocentral) Glasgow, and Irish Times, The recycled paper content of UK newspapers in
Dublin, Ireland 2018 was 69.2% larger arteries. into the heart of year worldwide could benefit from the
Margaret Green, 75, one of the three Margaret Green technology, he said, particularly
Charlie Bibby/FT
© Copyright The Financial Times Limited 2023. All pioneers, said the procedure “was a women, in whom microvascular disease
rights reserved.
strange feeling but not uncomfortable”. is more common than men.
4 February/5 February 2023 ★ FTWeekend 3
NATIONAL
Cost of living
Paws for effect Ansdell’s ‘Wounded Hound’ to go under hammer
Middle class
now the ‘new
vulnerable’
says Tory peer
Competition champion statutory basis on which they operated
was flawed.
Tyrie feels watchdogs are Last month Tyrie, who grilled bank
not protecting consumers chiefs as chair of the House of Commons
Treasury committee after the 2008
crash, gave a speech in parliament set-
GEORGE PARKER — POLITICAL EDITOR ting out a range of potential remedies.
Lord Andrew Tyrie, the Tory peer He said the statutory footing on which
charged with cleaning up the banking regulators were set up should be
industry after the financial crash, has strengthened to place consumers’ inter-
claimed that regulatory failures have ests as paramount in law, with a “duty of
left time-poor middle class Britons as expedition” to make decisions as
“the new vulnerable”. quickly as possible. A poodle stands in front of ‘The Wounded Hound’ by Richard Ansdell, 1847, which is expected to fetch up to £300,000 when it goes for sale at Christie’s next week.
Tyrie accused regulators of failing Tyrie, who has made recommenda- An Opulent Aesthetic: An Important Private Collection from an English Country House takes place at the London auction house on Thursday — Guy Bell/Shutterstock
across the board, creating a “crisis in tions to the government on potential
capitalism” where consumers felt they regulatory reforms, said watchdogs’
were regularly being ripped off and not objectives should be simplified, with
properly protected. rigorous targets and regular reviews.
The former chair of the Competition The Tory peer also advocated an
and Markets Authority, who also led a improvement to the governance of regu-
post-crash Parliamentary Commission lators to “improve the internal chal-
on Banking Standards, said: “We have lenge”, with an enhanced role for non-
widespread public dissatisfaction with executive directors.
capitalism. Tyrie has proposed an “A-team in the
“People feel alienated, they feel they Cabinet Office” to oversee watchdogs,
with powers to send in hit squads of peo-
ple “into the regulators to conduct
‘People feel alienated, they investigations”.
feel they live in a rip-off Noted for his caustic interrogatory
style, Tyrie left the CMA abruptly in
economy and it’s run 2020 after colleagues uneasy over his
for others, not them’ reformist agenda threatened a vote of
no confidence, according to people
live in a rip-off economy and it’s run for briefed on the matter.
others, not them. These attitudes run Tyrie quit citing frustrations with the
deep into the middle classes, who are “inherent limits” of his role. At the time
the new vulnerable.” he indicated he was moving on to lobby
Tyrie claimed consumers’ use of dig- more freely for the consumer-
ital platforms has left them prey to rip- orientated reforms he had called for at
off renewal charges by companies, the CMA.
which exploit customers who do not He said: “I was unable to get the board
have time to shop around. to realise there needed to be a strategic
“People are time poor,” he said, add- shift in the way the CMA was run. I real-
ing that traditionally vulnerable con- ised I was up against a brick wall. I was
sumers, such as the elderly or people better off leaving.”
with low educational attainment, were The CMA declined to comment, but
now being joined by the middle classes. its new management team has said it
Tyrie said regulators had widely wants people to be confident they are
failed, as he accused them of not pro- getting “great choices and fair deals”
tecting consumers from renewal penal- and to create an environment where
ties, not being ready for the energy price fair-dealing businesses can thrive.
shock, or stopping the discharge of The business department said it disa-
effluent into rivers. greed with Tyrie’s comments. “The gov-
“Hardly any of them have done ernment is committed to ensuring con-
enough,” he added. “Regulatory failure sumers get a better deal and protecting
has contributed to the crisis in capital- their hard-earned money,” it added.
ism, both in the UK and in other coun- The department highlighted reforms
tries.” including a new technology regulator
He claimed some watchdogs have called the digital markets unit, and a
been “captured” by the companies they review of the UK electricity market that
were supposed to regulate and that the is meant to cut the costs for consumers.
Industrial action
NHS staff in Wales call off

strike after revised pay deal
JASMINE CAMERON-CHILESHE leaders had managed the impact of the
AND SARAH NEVILLE
individual strike days very well up until
NHS workers in Wales have called off a now but it faced “a hugely disruptive
strike on Monday week after the Car- week for patients.” He urged ministers
diff government raised its pay offer, “to take the first step and find a resolu-
increasing pressure on Prime Minister tion to this deadlock with the unions”.
Rishi Sunak to follow suit ahead of the Although earlier this month he did not
biggest-ever week of walkouts by staff rule out one-off payments for NHS work-
in England. ers in England, Sunak argued against
raising public sector pay. He has said any
The GMB trade union and the Royal Col- increase risks worsening inflation, which
lege of Nursing said yesterday they had in December was 10.5 per cent.
suspended planned industrial action on Health secretary Steve Barclay last
February 13 following a revised pay deal month signalled to unions he would
from the Welsh government. examine the case for backdating this
The new offer consists of an extra year’s pay rise. But in recent days the UK
3 per cent, of which 1.5 per cent will be government has reiterated its commit-
consolidated and the rest a non-consoli- ment to focusing on pay talks for the
dated, one-off payment. It will be back- upcoming 2023-24 financial year, rather
dated to April 2022, and comes on top of than reopening or altering the agreed
a £1,400 increase already awarded to recommendations for 2022-23.
health workers in line with pay review In an interview with Piers Morgan on
body recommendations. Talk TV on Thursday, Sunak said he
The Welsh government’s move will would “love to give nurses a massive pay
add to pressure on Sunak to boost NHS rise. Who wouldn’t?” But he added:
pay in England, ahead of what is set to be “Money going into the NHS [is the] big-
the largest week of strike action in the gest it’s ever been, but we have to put
history of the health service. that in lots of different places. We need
Five unions have called or are organis- to hire more doctors, more nurses. We
ing walkouts expected to involve thou- need more scanning equipment so we
sands of ambulance staff, nurses and can detect cancers.”
physiotherapists. Thanking the unions for “construc-
Professor Sir Stephen Powis, NHS tive” talks, Wales’s health minister
medical director, said next week was Eluned Morgan said she hoped the pay
likely to be the most disruptive week of award would go “some way to recog-
strikes to date “and while local services nise their hard work”.
have worked hard to minimise impact RCN general secretary Pat Cullen said
for patients, the scale of action means Cardiff’s decision left Sunak with “no
increased disruption is inevitable”. place to hide”, and added: “If the other
Matthew Taylor, head of the NHS governments can negotiate and find
Confederation, which represents health more money for this year, the prime
groups across the country, said NHS minister can do the same.”
INTERNATIONAL
Surveillance claims
WORLD|
Blinken axes China trip over incursion
WEEK IN REVIEW| Pentagon says spy balloon gon on Thursday said a Chinese spy bal- currently over the centre of the US. ‘[It is a] US officials said China had previously
loon had entered US airspace this week He declined to say whether China’s mili- flown spy balloons over the country but
was flying over ballistic and was flying over Montana, where one tary was in control of the balloon, but civilian that this one spent more time overhead.
Investor optimism grows on bets

missile sites in Montana of the sensitive bases that house nuclear said US military commanders had airship The US said it had taken steps to ensure
intercontinental ballistic missiles was determined it posed no physical threat the balloon could not obtain sensitive
interest rates will soon hit peak DEMETRI SEVASTOPULO — WASHINGTON located. to civilians on the ground. used for military information.
China yesterday rejected suggestions Asked about China’s explanation, he research, Canada separately said it was moni-
European government bond markets surged the US secretary of state Antony Blinken it was a spy balloon, saying it was rather said: “We know that it’s a surveillance toring a “potential second incident”
most in years as investors bet interest rates on both has cancelled his weekend visit to China a “civilian airship used for research, balloon.” He said it would probably stay mainly without providing any details. Its for-
sides of the Atlantic would soon peak. after the Pentagon said it discovered a mainly meteorological, purposes” that over the US for a few days. [weather], eign ministry said it had summoned
The European Central Bank and the Bank of Eng- Chinese spy balloon flying over sensitive deviated from its planned course A senior state department official said China’s ambassador to Ottawa to protest
land raised rates by half a percentage point, with the nuclear missile sites in the western state because of winds and “limited self- Blinken spoke to Wang Yi, China’s top purposes’ against the balloon and that it would
BoE expressing optimism that inflation would fall of Montana. steering capability”. foreign policy official, yesterday to “continue to vigorously express our
below its 2 per cent target in coming years. The ECB A person familiar with the plans said “The Chinese side regrets the unin- inform him he was cancelling his trip,
Beijing position to Chinese officials through
benchmark deposit rate is now 2.5 per cent, while the the top US diplomat would not travel to tended entry of the airship into US air- which was due to begin this weekend. multiple channels”.
BoE’s rate has risen to 4 per cent. The European rate Beijing, where he had been expected to space due to force majeure,” it said. The official said the administration had Biden had asked the Pentagon to pro-
rises came a day after the Federal Reserve shifted to meet China president Xi Jinping. Beijing added that China would con- raised concerns about the balloon with vide military options regarding the bal-
the slower pace of a 0.25 percentage point increase. Blinken would have been the first tinue communicating with the US and China on Wednesday in Washington. loon but the administration ultimately
“Markets are taking a victory lap on what looks Biden administration cabinet secretary “properly handle this unexpected situa- “We’ve been crystal clear with our decided not to shoot it down because of
like co-ordinated ‘light at the end of the tunnel’ sig- to visit China and the first secretary of tion”. Chinese counterparts that this was an the risk to people on the ground, as well
nalling from central banks,” said Charlie McElligott, state to travel to the country in more Pentagon spokesperson Brigadier unacceptable and irresponsible inci- as its assessment that the balloon did
analyst at Nomura. than five years. General Patrick Ryder yesterday said dent,” said the official, who said China not provide China with intelligence that
The about-face came after the Penta- the balloon was flying eastward and was had violated US sovereign airspace. it could not glean from other means.
Hong Kong’s economy expected to

rebound after years of Covid curbs Bilateral ties. Diplomatic rift
Hong Kong’s economy contracted by 3.5 per cent last
year as the city struggled to preserve its status as
Asia’s financial hub, but economists forecast a
rebound to growth in 2023.
The Chinese territory’s economy shrank 4.2 per
Balloon raises Beijing-Washington tension
cent year on year in the fourth quarter of 2022,
according to official government data, marking a the Pentagon had taken steps to stop the
fourth consecutive quarter of contraction. Incident occurs amid severe A modern high-altitude surveillance balloon balloon from recording key informa-
Economists forecast Hong Kong’s economy would economic and security strains tion, a defence official said.
recover to 4 per cent growth in 2023, but warned it It is not unprecedented for the US and
would take months to reach pre-pandemic output. in the nations’ relationship China to fire accusations of spying at
The city, which was effectively cut off under travel 75,000ft Solar panels each other.
restrictions that lasted nearly three years, dropped Higher than provide Beijing has long claimed that Ameri-
HENRY FOY — BRUSSELS U2 spy plane power
most of its Covid-19 curbs and resumed quarant- DEMETRI SEVASTOPULO — WASHINGTON can ships and planes close to its borders
ine-free travel only late last year. are conducting surveillance.
A surveillance balloon drifting on the 80,000ft - The US insists its surveillance opera-
high-altitude breeze is not cutting-edge 100,000ft tions are carried out in international
spyware, but the Chinese blimp discov- Operational waters and airspace. Last year, Admiral
Pakistan terror attack kills 100 ered over the north-western US state of height John Aquilino, the head of US Indo-Pa-
and is linked to militant Islamists Montana has already proved to be a big cific Command, flew in a spy plane over
diplomatic irritant between the two 45,000ft the South China Sea.
countries, with secretary of state Higher than Other spy balloons have been
Antony Blinken postponing a trip to commercial jets observed over US territory, although
China where he was due to meet Chinese not typically lingering as long as the one
president Xi Jinping. spotted this week. Some analysts sug-
gested that the balloon was either
What is a spy balloon? Imaging or
Radar
released by mistake, or that the inten-
First deployed during the French revo- thermal tion was for it to be discovered to
lutionary wars, balloons were used dur- Launch camera remind the US to be on its guard.
ing the US Civil War to detect enemy Blake Herzinger, a non-resident fel-
troop movements, operated by spies Estimated path of Chinese balloon low at the American Enterprise Insti-
with binoculars. They were used exten- Sensors inside and outside tute, tweeted before China gave its ex-
sively during the cold war, as the US and the payload cabin used to planation “we need to at least consider
Soviet Union sought ways to monitor provide environmental, the possibility that this was a mistake”.
each other’s military. temperature, altitude and “Beijing isn’t insane. Sending a bal-
positional information
Lacking propulsion, they are subject loon over the continental United States
More than 100 people, mostly police officers, died and to the vagaries of wind currents. But the to collect against something they can
more than 150 were wounded in Pakistan’s worst low-cost devices that are simple to man- surely do clandestinely from space is a
terrorist attack in years on Monday. Investigators said ufacture can house cameras, radars and MONTANA totally unnecessary risk,” he said.
it was probably carried out by a suicide bomber linked radio devices. While the vast improve-
ment in satellite technology and prolif- Why the big diplomatic impact?
to an Afghanistan-based Islamist militant group.
eration of spy satellites, plus the US The incident came at a time of severe
increased use of unmanned drones, has economic and security strains in the US-
rendered them largely technologically CHINA China relationship, with political pres-
US reveals tech and defence deal with obsolete, they are still being used, par- sure from Congress on the White House
India to counter China’s influence ticularly for non-military observation. to take a strong stance against Beijing.
Michael McCaul, Republican head of
Why might one be used? the House foreign affairs committee,
Path of balloon was plotted
The US is launching big technology, space and While the Pentagon said the balloon did by US meteorologist Dan said Blinken should go to Beijing, and
defence initiatives with India in an effort to counter not provide China with capabilities that Satterfield, using Noaa’s tell “chairman Xi and his government
Source: FT research Hysplit Trajectory model
China in the Indo-Pacific and wean New Delhi off its went beyond its spy satellites, military that their military adventurism will no
reliance on Russia for weapons. and intelligence analysts said their slow longer be tolerated”.
US national security adviser Jake Sullivan and his speed and high altitude — they operate of activity on the ground. In 2019 the other states in the vicinity, including But other Republicans in Congress,
Indian counterpart, Ajit Doval, met in Washington as at about 80,000ft, far higher than com- Pentagon was revealed as having its own North Dakota, areas that house some of including Tom Cotton, a senator from
the countries announced co-operation in quantum mercial airliners — does allow them to spy balloon renaissance, launching a the bases from which the US would Arkansas, seized on the news of the bal-
computing, artificial intelligence, 5G wireless net- record in greater detail and over a larger pilot scheme of surveillance blimps to launch ICBMs in the event of war. loon to call on Blinken to cancel his visit.
works and semiconductors. They also created a area than satellites in orbit, with the “provide a persistent surveillance sys- “Clearly, the intent of this balloon is for They have also criticised the White
mechanism to facilitate joint weapons production. added benefit of being able to pick up tem to locate and deter narcotic traffick- surveillance,” a US official said. House for allowing such an incursion.
The initiative is the latest move by US president Joe more detail. ing and homeland security threats”. Malmstrom Air Force Base, home to “I don’t think the [Chinese] leader-
Biden to work more closely with allies and partners They are also harder to spot than the US air force’s 341st Missile Wing and ship understands how big a political
to counter China after an agreement between Biden metal drones or aircraft using tradi- What might China hope to gain? silos for 150 nuclear-capable interconti- deal this spy balloon is becoming in DC,”
and Indian premier Narendra Modi in May 2022. tional anti-surveillance equipment such The Pentagon said the balloon was nental ballistic missiles, is based in said Bill Bishop, a US-China analyst.
as radar. They can remain in the air for detected in US airspace earlier this week Montana, which is otherwise known for “[It] just darkens even more an already
weeks, providing a lengthy assessment after flying over Canada. Montana and mountains and prairies. US officials said rapidly darkening mood on the Hill.”
Referendum
Ireland struggles to alter ‘woman’s place in home’ constitution

JUDE WEBBER — DUBLIN and to permit same-sex marriage. Orla one gender alone.” She said the current In the following decades, progress on
O’Connor, director of the National wording was not only “transparently sex- women’s rights was slow: only in the
Men and women enjoy more equality
Women’s Council, said: “It’s a really key ist”, but an update would be “a symbolic past half century have Irish women
in Ireland than almost any other coun-
marker in terms of moving away from reparation for what was done to unmar- been able to drink a pint in a pub, serve
try on earth; there was a female head of
the old Ireland and the place where it ried women and children in this country on a jury, collect family allowance or
state in Dublin for longer than in all but
put women.” — such as the Magdalene Laundries”, she refuse to have sex with their husbands.
three other capitals, and the share of
A new public holiday will be inaugu- said, referring to institutions run by reli- Current politicians and commenta-
women on corporate boards is rising
rated on Monday in honour of St Brigid, gious orders where so-called fallen tors are taking nothing for granted.
faster than the EU average.
Ireland’s “matron” saint, who was born to women were forced into servitude. Labour party leader Ivana Bacik, who
Yet according to the Irish constitution, a unmarried parents in the fifth century The 1937 constitution was controver- chaired the parliamentary committee,
woman’s life and duties are in the home. and forced to work as a servant to her sial from day one: Hanna Sheehy Skeff- said public opinion favoured change,
“The state recognises that by her life father. She later gained power and influ- ington, a suffragette and activist, but “nothing is inevitable”.
within the home, woman gives to the ence after founding a monastery. blasted the text as a “fascist model in Maria Steen, a conservative Catholic
state a support without which the com- Plenty of groundwork for a referen- which women would be relegated to commentator, barrister and stay-at-
mon good cannot be achieved,” reads dum has already been done: a citizen’s permanent inferiority”. home mother to five children under 16,
MAKE A WISE INVESTMENT Article 41.2 of the 1937 constitution. It assembly, a forum to discuss constitu- opposed any amendment, as it was a
adds the state will “endeavour to ensure tional changes, has recommended “misconception” the constitution con-
that mothers shall not be obliged by eco- introducing gender-neutral language fined women to the home. Gender-neu-
Choose the Financial Times subscription for you nomic necessity to engage in labour to that would recognise the value of all car- tral language was an attempt “to erase
• React to trusted global news everywhere you the neglect of their duties in the home”. egivers and widen the definition of fam- women who choose a different way of
go, with ft.com and FT apps The coalition government, headed by ily from being based only on marriage. life, and any praise or acknowledgment
• Get the iconic FT newspaper delivered to your Prime Minister Leo Varadkar, has com- A parliamentary committee in Decem- for the work that they do”, she added.
home or office from Monday to Saturday mitted to holding a referendum on the ber published proposed new wording to But Linda Doyle, Trinity College Dub-
• Enjoy our award-winning lifestyle journalism issue this year. But he has not set a date recognise and support “care within and lin’s first female provost, said she had
with FTWeekend yet, despite pressure from activists, pol- outside the home and family including, personally “benefited from women
iticians and rights defenders. but not limited to the marital family”. being in much better positions now”.
Subscribe today at ft.com/subscribetoday
The failure to update the 86-year-old Karen Kiernan, chief executive of One She added: “Yes there’s progress, yes
constitution on this issue stands in con- Family, an advocacy group for one-par- it’s fantastic . . . but things don’t change
trast to amendments in recent years to ent families, said: “It’s really important Trinity College Dublin: first women unless you say ‘I want that change’ and
remove bans on abortion and divorce, that we understand that care is not for sculptures are installed this week then you go and do something about it.”
INTERNATIONAL
Non-farm payrolls War in Europe
Kyiv cautions
US new jobs total surges by half a million over Russia
Unemployment rate falls 53 years. The figures, which ended a
sequence of five months in which job
ing, you not only need to get inflation
down but you need to have the labour
gains were “widespread”, with the lei-
sure and hospitality sector registering
too intense, especially those linked to
the “extremely tight” labour market.
offensive and
to lowest for 50 years
despite Fed rate rises
growth declined, led to a bond sell-off as
investors reassessed whether the Fed
market to cool off as well,” Winograd
added. The central bank still hopes it
the biggest rise, at 128,000 positions.
“The robust 517,000 gain in non-farm
Recent figures showed an increase in
job openings for December, bringing the
seeks greater
COLBY SMITH — WASHINGTON
KATE DUGUID — NEW YORK
would keep interest rates high for longer
to bring inflation down.
“Today’s data point to a labour
will be able to bring inflation down to its
2 per cent target without causing a
severe disruption to the jobs market in
payrolls means that, despite most lead-
ing indicators of recession flashing red,
the economy is clearly not as close to
number of vacancies to 11mn. Unem-
ployment claims also fell last week to
their lowest level in nine months.
aid urgency
market that is strengthening, not a the world’s biggest economy. recession as we had suspected,” said However, wage growth has ebbed, and
The US generated more than half a mil- labour market that is weakening,” said The extent to which January hirings Andrew Hunter at Capital Economics. companies have begun to cut labour SAM FLEMING — KYIV
lion new jobs last month, taking unem- Eric Winograd, chief US economist at outpaced the forecast led investors to After this week’s Fed meeting, which costs by slashing hours and dismissing
Volodymyr Zelenskyy has warned
ployment to its lowest for decades AllianceBernstein. sell the two-year Treasury, which tends took the federal funds rate to a 4.50-4.75 temporary workers. In December, the
Ukrainian citizens against compla-
despite the Federal Reserve’s bid to cool The Fed has already warned investors to track rate expectations. The yield per cent range, chair Jay Powell struck labour force participation rate, which
cency in the face of an expected
the economy to fight inflation. they are wrong to expect interest rate rose 0.14 percentage points to 4.23 per an optimistic note, which ignited talk tracks those employed or searching for a
Russian offensive and called on
US payrolls increased by 517,000 for cuts soon, even as it shifted this week to cent, its highest since mid-January. the Fed was closer to ending its rate rises job, remained below its pre-pandemic
western allies to speed up their assist-
January, almost double December’s a 0.25 percentage point increase, lower The Bureau of Labor Statistics data earlier than first signalled. level, at 62.4 per cent.
ance to Kyiv.
total and nearly triple the consensus than 2022’s rises of 0.5 and 0.75 points. also showed that average hourly earn- But he also cautioned that the “disin- FT View page 10
forecast of 185,000. The unemployment “In order [for the Fed] to cut rates ings rose at an annual rate of 4.4 per flationary process” was still in its “early Day in the markets page 18 The Ukrainian president said he saw
rate, at 3.4 per cent, is now the lowest for over the summer, as the market is pric- cent. The BLS said that January’s jobs stages” and price pressures remained The Long View page 22 signs of some cities letting their guard
down despite continuing hostilities, a
“weakness” his country could not
afford.
New York. Events kingpin “Everyone needs to understand we
are at war — it’s not over,” he said at a
press conference after a summit with
Under-fire Madison Square Garden chief hits back top EU officials yesterday.
“The resilience of all of our guys
depends on both weapons and motiva-
tion. Motivation is given not only by the
partners, it can be inspired by the spirit
said: “James Dolan is the poster child of from within the country,” he added.
Tycoon comes out fighting privilege, as someone who inherited his Ukraine is preparing for an
after using facial recognition wealth and receives an annual $43mn intensification in hostilities as Russia’s
tax break from New Yorkers. invasion nears its first anniversary on
to bar lawyers from venues “New York shouldn’t allow petty February 24.
tyrants to impose their warped fantasies Ukrainian forces are under particular
SARA GERMANO — NEW YORK
on the public while reaping millions pressure in the eastern city of Bakhmut,
For nearly a quarter of a century, James each year from taxpayer subsidies.” where President Vladimir Putin is seek-
Dolan has ruled as a capricious king Hoylman-Sigal has sponsored legisla- ing a first significant battlefield victory
over Madison Square Garden, the sports tion that would make venues such as since early last summer.
arena that is home to his New York MSG protected spaces for public enter- Zelenskyy yesterday insisted he
Knicks basketball team. tainment. would not back down in Bakhmut, call-
Long-suffering Knicks supporters MSG said representatives such as ing the city a “fortress”.
have grown accustomed to managers Hoylman-Sigal should turn their atten- He urged his European partners to
being fired on a whim and to Dolan’s vol- tion to crime and homelessness in New boost their support for the country,
atile temper. York “rather than taking up the cause of including by imposing sanctions on sen-
But now he has found a way to shock a small percentage of attorneys so they ior managers of Rosatom, the Russian
even those New Yorkers who have been can attend Knicks and Rangers games”. nuclear company, citing alleged atroci-
otherwise hardened to his antics: by Dolan’s friends include activist hedge ties committed at the Zaporizhzhia
using facial-recognition technology to fund manager Nelson Peltz, while his nuclear power plant.
stop lawyers working on litigation foes tend to come from the ranks of pro- Zelenskyy also called on the EU to
against his company from entering the gressive politicians as well as the legions accelerate the process towards
arena, which is also the city’s premier of fans who support his teams. Ukrainian accession, which has been a
venue for concerts and other live events. Complaining about Dolan’s owner- repeated theme during the talks with
Public outrage could soon result in ship of the Knicks, who have not won a Brussels officials on Thursday and
legal consequences. Letitia James, the National Basketball Association cham- yesterday.
New York attorney-general, is probing pionship since 1973, has become a kind He said Ukraine’s forces had a chance
what one affected litigator has called of sport in itself and a frequent punch- to fight back against a Russian offensive
Dolan’s “dystopian” use of the software. line for local politicians trying to curry if allies supplied the right weapons.
Far from backing down, Dolan, the favour with voters. The US yesterday announced it would
heir to a cable television fortune, has Dolan has been a significant political send long-range smart bombs to
displayed his combative style in a round donor and has given money to Trump. Ukraine. But Washington is resisting
of interviews with local media. In one But in New York, a Democratic strong- Kyiv’s pleas for the Army Tactical Mis-
appearance last week, he suggested New hold, he has spent his cash more tacti- sile System, which has an even longer
York politicians should focus instead on cally. In 2021 he formed a super political range of about 185 miles, for fear it could
crime rather than worrying about the action committee, the Coalition to draw the Nato bloc into direct conflict
people he was ejecting, whom he dis- Bombastic: scholarships and ticket donations since Sports. He is also in talks to develop a ‘Dolan is the Restore New York, and raised nearly with Russia.
missed as “ticket scalpers” and “ambu- James Dolan at 2006 through the Garden of Dreams UK live-events venue in east London. $4mn in contributions aimed at shaping In Berlin, the German government
lance chaser” attorneys. Madison Square foundation. “Any attempt to minimise The US assets were inherited from his poster child last year’s state and local elections. yesterday said it approved the export of
This week he reportedly hired Hope Garden last year the impact of Jim’s leadership by cherry- father, Charles, founder of Cablevision of privilege, Among his endorsed candidates was older Leopard 1 tanks to Ukraine, days
Hicks, a former Donald Trump aide for a New York picking a few conflicts over the course of and HBO, and it is that privilege com- New York governor Kathy Hochul, who after it announced it would send the
used to going on the offensive, to handle Knicks game. more than three decades, coupled with bined with Dolan’s bombastic style that as someone won after a tight race and holds consid- more advanced Leopard 2 model and
the escalating public relations fallout. Below, former anonymous quotes from a handful of seems to so irk his detractors. who erable sway over a state project to rede- allow other European countries to send
Few of Dolan’s associates are willing to Trump aide disgruntled employees, paints a wildly The sports industry veteran velop Penn Station, which is located theirs.
go on the record, citing fear of blowback. Hope Hicks, misleading and wholly inaccurate por- described Dolan as “a guy who was born inherited beneath Madison Square Garden, as However, it is feared that getting those
One sports industry veteran, who reportedly hired trayal of his leadership.” sliding into home [base] who shows no his wealth well as the surrounding land. tanks on the ground will take several
described Dolan as “a petulant child”, to improve The latest episode captured public appreciation for his position in life”. Last week, Dolan told local New York months.
asked not to be identified because Dolan’s PR attention last month after a clutch of Yet some observers think that this and receives sports radio station WFAN that the Norway yesterday said it would buy
Rich Graessle/Getty Images
“there’s a John Mayer concert coming up lawyers complained they were denied time Dolan is picking a fight that he can- an annual “heritage” of the Knicks and Rangers to 54 new Leopard tanks with an option for
at MSG” they wanted to attend. entry to events during the holidays. One not afford to lose. His criticism of New the community was “very, very impor- 18 more, while giving no details on how
Another described Dolan as “some- was accompanying her nine-year-old York’s political establishment is fool- $43mn tant to us”, adding: “But in the end, it is a many of its 40-year-old tanks it could
one who almost inevitably manufac- daughter and friends to the “Christmas hardy, they warn, given that MSG has tax break’ private company. It’s owned, it’s not the give to Ukraine.
tures crises” and said the fight over Spectacular” at Radio City Music Hall, received a property tax abatement since US Post Office.” The centre-left government in Oslo is
facial recognition was “pettiness in the which Dolan also owns. 1982 in exchange for keeping his sports He said he had no plans to retire or sell purchasing the tanks against the advice
extreme”. Dolan controls MSG and Radio City teams in Manhattan. The arrangement the teams. “We make money on bring- of its own head of the armed forces, who
In a statement to the Financial through MSG Entertainment, where he has saved the company hundreds of mil- ing people into the Garden, selling recommended strengthening air
Times, MSG Entertainment pointed to is chair and chief executive, and the lions of dollars in taxes over the years. advertising, making our teams popular, defences instead.
the company’s charitable contributions, Knicks and ice hockey’s New York Rang- Brad Hoylman-Sigal, a Democratic et cetera. We don’t make money on Additional reporting by Guy Chazan in Ber-
including more than $70mn in grants, ers via the sister corporation MSG state senator from Manhattan, recently chasing people away.” lin and Richard Milne in Oslo
Boycott calls Corruption trial
Iran’s cultural world strains to find its voice amid protests Israel attorney-general warns
NAJMEH BOZORGMEHR — TEHRAN More than 300 protesters have been reopen but they’re not sure if they want itics. The Javan newspaper, which is
Netanyahu over judicial curbs
killed, including 44 children, according to have solo exhibitions yet,” he said. close to the elite Revolutionary Guards,
Like all gallery owners, Orkideh
to Amnesty International, the rights The state-run Fajr Film Festival is the criticised those who “believed their
Daroodi closed the doors of her Tehran JAMES SHOTTER — JERUSALEM
group. Four of the demonstrators have latest artistic event to stir controversy. absence could inflict irreparable dam- appointed by the previous government,
venue in October to show her support
also been executed. The festival, held each year in early Feb- age” on the festival, while the “reality is was seeking to prevent Netanyahu from
for the pro-democracy demonstra- Israel’s attorney-general has ordered
The protest movement has now sub- ruary to mark the Islamic revolution, that you’re not so important”. expressing his views.
tions that were escalating. Benjamin Netanyahu not to get
sided, and there is debate in the artistic used to be seen as a credible platform, Taraneh Alidoosti, who starred in The The clash comes amid a dispute over
involved in a controversial overhaul of
Her decision to reopen six weeks later community about whether to continue despite its state affiliations. Salesman, which won the 2016 best for- the Netanyahu government’s plans to
the country’s judiciary due to a conflict
for an exhibition by three female artists the civil disobedience campaign by But, this year, authorities have strug- eign language Oscar, was held for 19 overhaul Israel’s judiciary, which have
of interest stemming from the prime
triggered an immediate backlash, with keeping public places closed and refus- gled to maintain legitimacy as perform- days after she objected to the hanging of sparked censure from numerous
minister’s corruption trial.
red paint daubed on the gallery. ing to attend events, or to return to ers and directors have backed a boycott. a protester. The wife and daughter of Ali serving and former judicial officials,
“I was accused of normalising” the sit- work. Kiumars Pourahmad, an Iranian Daei, a former footballer who backed Since taking power in December, Netan- economists and two former heads of
uation in Iran, said Daroodi, 40, who While restaurants, shops, cinemas director, said the festival had “no value the strike call, were removed from a yahu’s coalition with ultrareligious and Israel’s central bank. It has also brought
owns O Gallery, a leading art venue. and theatres have mostly stayed open, and importance for me in particular in flight to Dubai. ultranationalist parties, widely tens of thousands of Israelis on to the
“But our lives have not become normal concerts have largely ceased. At the this bloody and painful year”. But actor Iran’s parliament is also pushing for a regarded as the most rightwing in streets in protest.
and none of us are the same as we were same time, new forms of expression Reza Kianian said he did not agree with law aimed at preventing prominent peo- Israel’s history, has made curbing the Proponents argue that the changes —
before,” she added. “How can anyone have emerged, notably a thriving pro- the boycott, insisting it was “never too ple from raising allegations against the power of the judiciary a priority. which will give the government and its
help the protest movement by not test art scene in the form of music, vid- late to have a dialogue in the country”. regime. However, in a letter to Netanyahu, allies control over the appointment of
working? If we choose to close our doors eos and cartoons. The regime is increasing pressure on The atmosphere in Tehran is calmer Gali Baharav-Miara said the PM should judges and allow a simple majority in
in the private sector, and stay in our Daroodi said her decision to reopen artists and celebrities to keep out of pol- than at the protests’ height, but a sense “avoid intervening in initiatives regard- parliament to override decisions by
homes and studios, we only become was justified. “The gallery as we knew it of gloom has set in. Yet acts of political ing changes in the judicial system” Israel’s top court striking down laws —
more isolated.” before doesn’t exist anymore and artists resistance continue. One O Gallery artist because there was a “reasonable con- are necessary to rein in an overly activ-
Iran’s regime shows no sign of com- are becoming more creative. Conversa- encouraged visitors to tear up her works cern” that his trial would pose a conflict ist judiciary that has used powers it was
promising with the movement that tions have changed — as if the gallery as a way to release their anger. of interest. never formally granted to push a
erupted five months ago following the has turned into a new refuge for artists,” “Other gallery owners that have not Netanyahu has been on trial for fraud, leftwing agenda.
death in custody of Mahsa Amini, a she said. “Why should we deprive our- yet publicly opened their spaces know bribery and breach of trust since May However, critics see the proposals as a
woman detained for not following the selves of the few private safe spaces left they need a different approach but they 2020. He has denied any wrongdoing power grab that will eviscerate checks
Islamic dress code correctly. to gather and talk about art and every- don’t have a solution on how to go on and dismissed the charges as a politi- and balances on government actions.
Some of the biggest and most endur- thing else?” without being accused of normalising cally motivated witch-hunt. Baharav-Miara echoed many of these
ing anti-government demonstrations Other venues are expected to start events,” Daroodi said. “But what seems His office said the attorney-general’s concerns in a blistering legal opinion
since Iran’s Islamic regime came to holding exhibitions after the Persian certain is that there can no longer be position was “unacceptable” and issued late on Thursday, warning that
power in 1979 followed, with the opposi- New Year holiday in March, although exhibitions just for the sake of exhibi- requested two weeks to provide a full the proposals would “fundamentally
tion demanding the theocracy be one gallery owner feared further Visitors were encouraged to tear up tions — at least for the foreseeable answer. Israel’s justice minister Yariv change the democratic nature of the
replaced by a secular administration. protests. “Most artists quietly tell us to works at one O Gallery exhibition future.” Levin said Baharav-Miara, who was state’s governance”.
INTERNATIONAL
Xi’s white-suited ‘[Some

workers]
did a lot of
army cast aside vicious

things. They
thought just
after abrupt end because

they wore
white suits,
of zero-Covid they were

exempt
from being
accountable’
Workers praised for helping implement
curbs left jobless, disillusioned and angry
ARJUN NEIL ALIM — LONDON unskilled workers, who received as little
KAI WALUSZEWSKI — BEIJING
ELEANOR OLCOTT — HONG KONG
as Rmb3,500 ($520) a month, accord-
ing to job postings seen by the Financial
For about a month last year, Liu, a 31- Times.
year-old migrant labourer, donned a Some local governments have threat-
white hazmat suit and enforced local- ened migrant workers, including
ised lockdowns in Beijing, an unpopular employees of Covid testing providers,
job that put him on the front line of who resorted to public demonstrations Shanghai: a ‘big
China’s fight against coronavirus. to demand unpaid wages. white’ worker
Once praised by President Xi Jinping Dabai also became frequent targets of sits in a sealed
for having “braved hardships and cour- public anger, as symbols of the govern- area during a
ageously persevered” in the face of the ment’s repressive strategy of stamping lockdown in
pandemic, workers such as Liu were left out the virus by restricting movement. June last year
jobless, disillusioned and angry by last Some were also caught abusing citi- Aly Song/Reuters
month’s abrupt end to zero-Covid rules. zens. Frustrated internet users com-
“The opening was very sudden,” said pared dabai to Mao Zedong’s zealous red
Liu, who is now a courier in the capital. guards during the Cultural Revolution.
“We all found out through the media.” Social media posts were circulated of
The state over the past three years workers beating locals for breaching
mobilised millions of workers, who curbs. In one case, a worker killed a dog
formed the backbone of the country’s whose owner was sent to a centralised
battle to contain the virus with lock- quarantine facility.
downs, quarantines and mass testing. “[Some workers] did a lot of vicious
Colloquially known as dabai, or “big things,” said a music teacher who volun-
whites”, owing to their distinctive per- teered as a dabai in Shanghai for four
sonal protective equipment, many were months but quickly became disaffected
doctors and nurses, civil servants and by the conduct of colleagues. “These
people thought just because they wore
the white suits, they were exempt from
‘The government sees accountability.”
migrant workers as Meanwhile the cost to local govern-
ments of maintaining an army of pan-
easily jettisoned, they demic workers was considerable, par-
have so few rights’ ticularly for smaller cities.
“The government sees migrant work-
local volunteers who were reassigned to ers as easily jettisoned, they have so few
administer Covid tests or staff tempo- rights,” said Mary Gallagher, an expert
rary fever wards. in Chinese law and labour politics at the
Others were migrant labourers who University of Michigan. “It’s hard for
did low-paid, unskilled tasks such as these types of workers to coalesce into a
checking digital health codes, sanitising labour movement.”
public areas and guarding housing com- Rory Green, chief China economist at
pounds that had been locked down. TS Lombard, played down the impact of
“If you look over the three-year the job losses on China’s wider labour
period, there was a kind of evolution market, where urban unemployment
[from] the reliance on volunteer party stood at 5.5 per cent in December,
members to then reliance on employ- although for young people the picture is
ees, not necessarily people medically considerably worse, at 16.7 per cent.
trained,” said Susan Shirk, a China spe- “Pre-Covid, a quarter of all jobs in
cialist at the University of California, China were in accommodation, cater-
San Diego. ing, retail and tourism,” he said. “The
Former dabai said they had been recovery here will relieve a lot of labour
stranded by the government’s chaotic market pressure.”
exit from zero-Covid, which for almost Many volunteers and medical work-
three years closed the country off from ers have been able to more easily transit
the world and subjected hundreds of into other jobs. “Other people working
millions to rolling lockdowns. at our booths were simply reabsorbed
As cities including Beijing, Shanghai into hospital jobs,” said a nurse at a test-
and Shenzhen scrapped PCR testing and ing booth at Beijing Children’s Hospital.
quarantine mandates, legions of work- But even those with medical training
ers were suddenly rendered unem- were affected by the sudden end of zero-
ployed, aggravating tensions between Covid. Yajie, a 21-year-old medical stu-
Chinese authorities and the low-skilled dent who spent two months working for
essential labourers. the local health commission of Lu’an, a
Many dabai had already complained city of 4mn in Anhui province, received
of harsh working conditions, long hours a subsidy of Rmb100 per day as well as
and pay cuts as the pandemic dragged room and board. But she said working as
into a third year and cash-strapped local a dabai had set back her medical career.
governments struggled to fund the sys- “Because of [our work] fighting the
tem of mass testing and quarantine, epidemic, my classmates and I missed
which required a sprawling workforce. our opportunity to do internships,” she
Covid swabbers with medical training said. After the restrictions ended “none
could earn about four times as much as of us ever received . . . any recognition”.
Subsidies dispute
Germany’s BMW to step up

investment in Mexico facility
CHRISTINE MURRAY — MEXICO CITY Europe, which argues they could
AMANDA CHU — NEW YORK
unfairly draw investment away and
German carmaker BMW yesterday breach World Trade Organization rules.
said it would invest €800mn to step up BMW said the plant was planned
electric vehicle production in Mexico, before the IRA and that “production fol-
as the Latin American nation stands to lows the market” for investment consid-
gain from its inclusion in US subsidies erations. But the German company’s
that have sparked tension with Europe. announcement, made days after Brus-
sels revealed a rival incentive plan, adds
The investment includes €500mn for fuel to the fire of the bloc’s criticism that
the construction of an assembly centre the US law is putting European industry
for lithium-ion batteries on the grounds at a disadvantage.
of a BMW car plant in San Luis Potosí. On top of the proximity to the US mar-
The remaining sum will be used to ready ket and its consumer tax perks for EVs,
the plant for EV production. BMW said BMW said it would also benefit from
the investment would create 1,000 jobs. Mexico’s labour force and its future sup-
The funding is among the largest in ply of lithium.
the flurry of clean energy deals in North At a recent summit in Mexico City, the
America after last year’s passage of the leaders of the US, Mexico and Canada
US Inflation Reduction Act climate law. reaffirmed their commitment to mak-
At least $34bn has been announced to ing the region of almost 500mn people a
develop the continent’s EV supply chain clean energy powerhouse.
since the bill was signed by US president While the IRA excluded European
Joe Biden, according to BloombergNEF, allies from its green subsidies, the bill
underscoring the region’s prime posi- extended EV final assembly tax credits
tion to cash in on the energy transition to Mexico and Canada. Countries with
and efforts to decouple supply chains free trade agreements with the US are
from China. also eligible for battery subsidies,
The $369bn in green subsidies have although companies are still waiting for
sparked a tense diplomatic row with the US Treasury to announce guidance.
FT BIG READ. INDIA
Allegations of stock manipulation and accounting fraud at one of the country’s largest conglomerates, led
by one of the world’s wealthiest men, present a challenge to its institutions at a pivotal moment.
By John Reed and Benjamin Parkin
O
n Tuesday the Indian bil-
lionaire Gautam Adani was
shaking hands with Israeli
prime minister Benjamin
Netanyahu to mark what
should have been a proud moment for
his conglomerate.
Adani’s ports division completed a
deal to take over Haifa’s port for $1.2bn,
a landmark foreign investment for
Israel and an emblem of a rising and glo-
bally expansive Indian business with
solid enough credentials to run critical
infrastructure in a deeply security-
conscious rich country.
But back in India, on the Bombay
Stock Exchange and in Adani’s head-
quarters of Ahmedabad, the financial
future of his eponymous group was on
the line.
Hindenburg Research, a New York-
based short seller, had the previous
week published a bombshell report
accusing the 60-year-old’s businesses of
engaging in “brazen stock manipulation
and accounting fraud”.
The Adani group rejects those allega-
tions absolutely. But even as he was pre-
paring to sign the Haifa deal, a $2.4bn
share offer by his flagship Adani Enter-
prises was doing little to stem the col-
lapse in his companies’ share prices.
By yesterday, his listed companies
had lost more than $100bn of their
value and the share sale was off. Adani,
once the world’s third-richest man, had
fallen to 17th place on Forbes’ billion-
aires list.
Apart from the future of the billion-
aire and his business empire, something
bigger is on the line: India’s probity in
corporate governance and pursuit of a
The Adani affair rocks Modi’s India

development model in which the state
has entrusted a few ultra-rich men with
running India’s infrastructure and pio-
neering investments abroad.
The Adani Group acknowledged as
much when it portrayed the short seller
report as “a calculated attack on India,
the independence, integrity and quality
of Indian institutions, and the growth ‘India has Modi became chief minister in 2001 eastern state of Jharkhand. Adani Power have been worse for the $2.4bn fol- Gautam Adani Adani’s crisis declined, even under
story and ambition of India”. shortly before religious violence in the said it “strongly refute[s]” allegations low-on public offer the group’s flagship has been a condition of anonymity.
The storm surrounding Adani comes been the state killed at least 1,000 and temporar- about the project. company Adani Enterprises was closing champion of The Adani group’s ability to keep rais-
during a proud year for the country, as it relative safe ily rattled business confidence. Adani’s relationship with Modi has on Tuesday, which had been intended to Narendra Modi’s ing money and service its debt is an
is set to become the world’s most popu- Adani became one of Modi’s biggest become a leading attack line of India’s broaden its investor base. agenda since he open question, say analysts who follow
lous nation and chairs the G20 group of haven champions in business, as he built a opposition, who have sought to portray For a while it looked as if Adani would came to power, Adani and Indian business abroad. The
leading economies. The fallout risks market, and local industrial empire that helped the the relationship as evidence of cronyism pull it off. Abu Dhabi-based IHC com- ploughing group says it will have no difficulty
damaging its status as a top pick of future prime minister sell Gujarat as an at the highest levels of government, mitted to buy 16 per cent of the shares, billions of meeting its debt obligations.
foreign banks’ emerging markets desks.
the Adani economic model for India. Their prox- something both sides deny. and Adani enlisted fellow billionaires’ dollars into Index provider MSCI last Saturday
“India has been the relative safe accusations imity was epitomised when Modi flew in The tycoon has always vehemently family offices to join the FPO. areas the said it was “closely monitoring” Adani
haven market, and the Adani accusa- are a cold an Adani jet after he was elected to denied the suggestion that he received But at the same time, other investors government stocks and factors that might affect
tions are a cold shower for domestic and national office in 2014. favourable treatment from Modi or any- were selling off Adani shares in spades, deems priorities their eligibility for inclusion in its indi-
foreign investors,” says Charlie Robert- shower for The longstanding relationship has one else, arguing that his company has weighing down the entire index. Adani’s FT montage: AFP/Getty ces, any change in which could have an
Images/Bloomberg
son, global chief economist with Renais- domestic coloured Indians’ perceptions of Adani’s always won business through fair and founder convened an afternoon “crisis” effect on their share prices.
sance Capital. clout. “He is perceived to be close to the transparent bidding. meeting to discuss options, according to Beyond the Adani affair, the outlook
If regulators and journalists are now and foreign government,” says Shumita Deveshwar, Indian journalists have in recent years a person familiar with the matter. for India Inc is positive. Finance minis-
empowered to probe any alleged wrong- investors’ chief India economist with TS Lombard. probed aspects of his group’s operations Shortly after, on Wednesday evening ter Nirmala Sitharaman presented a
doing then India could emerge “health- Adani has been a zealous champion of that raised questions, but reports were he shocked India’s business community budget in parliament on Wednesday in
ier in the long term”, he adds. Modi’s agenda since he came to power, carefully worded in a country where the by calling off the share sale altogether. which she described India’s fast-growing
But both the government and regula- ploughing billions of dollars into areas government brooks little criticism. “For me the interest of my investors is economy as a “bright star”, and
tors have so far stayed all but silent on the government deems priorities. These Hindenburg showed no such modera- paramount and everything is second- announced plans to spend $122bn on
the matter. If the allegations are proved have included simultaneously investing tion. In its report, published on January ary,” Adani said in a video address. capital expenditure in the coming year.
to be true, it would be an embarrass- in mining coal — which India wants to 24, the short seller claimed, among “Hence to insulate the investors from But Adani will need to restore its
ment for Prime Minister Narendra meet growing power demand — and other things, that the tycoon’s empire potential losses we have withdrawn the investors’ confidence if it wishes to
Modi, who has longstanding ties to renewable power, a longer-term priority used Mauritius-based funds to conceal FPO,” he added. retain its position as a master builder in
Adani himself, and a significant risk for as India sets ambitious green targets. the true extent of the family’s ownership Another person familiar with the Modi’s India, and profit from some of
the state-owned banks and insurers This business strategy has proved of Adani companies listed in Mumbai, matter says the sharp sell-off in Adani ‘The interest this. All eyes will now be on the com-
invested in Adani’s companies. lucrative, with Adani’s net worth rising thus skirting rules governing how much Enterprises’ shares had caught the bil- of my pany’s, and regulators’, further moves.
What the Modi government does next from about $7bn in 2014 to more than stock insiders can own. lionaire off-guard. “He’s shaken,” the Some have speculated Adani could
has great stakes for India, say opposition $100bn, making him one of the world’s It further alleged that Adani’s brother person says. “He doesn’t show it, but investors is raise cash by selling one or more of its
politicians, at a pivotal moment in its richest people. Vinod Adani controls 38 Mauritius- he’s shaken.” paramount. ports, power plants, or other assets.
development. “The pride of India is not But the pace of his companies’ growth based entities that have moved billions The question now is how much Returning to the market for another
the wealth of one industrialist,” says has proved a source of increasing scru- of dollars into public and private Adani Adani’s proximity to Modi will protect Hence to share sale is probably not an option, say
Mahua Moitra, an opposition MP who tiny at home and abroad, with critics companies in India, and that the group’s him — and if it does, what that says insulate others. Investors are keeping a “hawk’s
has pressed regulators to investigate alleging that his proximity to Modi has linked offshore entities made its listed about the systemic rigidity of India’s eye on Indian institutions that they
Adani’s companies in recent years. “The paid off in leniency by regulators who companies appear more creditworthy, institutions today. [them] from should not bail out Adani . . . and pri-
pride of India lies in the robustness of its allow him to muscle aside rivals. allowing them to borrow more. Reaction within India has been potential vate institutions will not want to put in
institutional structures,” she says, add- A leaked government audit from In a rebuttal that ran to more than muted. The government has said little. money at this stage”, says Anurag Singh
ing: “There are huge issues flagged now 2017, for example, alleged that his Adani 400 pages, Adani on Sunday rejected Sebi, the securities regulator, has made losses we of Ansid Capital in Chicago.
that may affect millions of retail inves- Power unit received “preferential treat- Hindenburg’s claims as baseless, ques- no public statement about the affair. At have “It’s a tough one to come out for the
tors in this country.” ment” that would allow it to charge tioned its motives, and likened the short India’s executive level, a sense of omerta Indian group,” he adds. “I don’t know
The ascent of Adani mirrors that of higher prices for electricity from a coal seller to a “sea pirate”. prevailed. Some leading CEOs contacted
withdrawn how they will come out of it.”
Modi. Both come from Gujarat, where power plant then being built in the But the timing of the report could not by the FT to share their views about the FPO’ Additional reporting by Jyotsna Singh
Obituary “Songs outlive people,” Barrett Strong

told The New York Times in 2013.
The Motown songwriter, who has died
“I don’t know,” he answered. With cus-
tomary vim, Gordy tricked out the riff
into a song. Adopted by an influential
same song the next year. His sublimely
sinuous and less jaunty version was how
Strong wanted it to sound.
most rewarding relationship. Strong’s
openness to new sounds gave rise to
“Psychedelic Shack”, The Tempations’
Motown legend aged 81, made the remark ruefully,
convinced he had not been properly
local radio DJ, it became a hit. In 1963, a
fast-rising group of Motown fans from
Motown’s working atmosphere was
competitive, pitching songwriting
turned-on, tuned-in classic from 1969,
and “Papa Was a Rollin’ Stone”, a funk
who wrote recompensed for the hits that he

co-wrote. But they will outlive him in
another sense. Posterity will pay tribute
across the Atlantic covered it for their
second UK album, With the Beatles.
A vibrant singer in the gospel-shouter
teams against each other. But there was
a collegiate ethos too, which Strong
relished. He modestly saw himself as a
epic about a fatherless family that
topped the charts in 1972.
Such songs refitted Motown’s hit
many of the to him every time someone listens to
“I Heard It Through the Grapevine” or
tradition, Strong’s stage career pro-
ceeded to head south with a series of
cog in a machine, complementing Whit-
field’s production skills and the musi-
factory for a more radical musical era.
But Strong left after it controversially
label’s top hits “Papa Was a Rollin’ Stone”.

Strong’s name is inextricably con-
nected to Motown Records, the great
singles that flopped. Opportunities were
limited by Gordy’s iron grip over
Motown. The label’s first million-selling
cianship of Motown’s in-house band.
“Everyone always says, ‘Well, you have
to give credit to everyone involved,’ and
relocated to Los Angeles in 1972. He
tried to relaunch his singing career in
1975 with an impressive debut album
Detroit label that dominated soul single “Shop Around” was initially it may sound corny,” he told Soul news- Stronghold, but it made scant impres-
and pop in the 1960s. He grew up in the intended for Strong until Gordy paper in 1975. “But it’s true.” sion. He recorded a follow-up in 2008.
Barrett Strong city, having moved there from Missis- abruptly decided it would better suit the Versatility was key to his success — he No footloose rollin’ stone himself, he
Songwriter and musician sippi as a child. When he first met higher-voiced Smokey Robinson. (The quickly adapted to different performers was married for 35 years to his wife,
1941-2023 Motown’s founder, Berry Gordy, in 1957 label boss imperiously woke Robinson and circumstances. He was officially Sandy, until her death in 2002. He is sur-
Strong was a teenager, performing with in the middle of the night to tell him.) credited as lyricist in his records, vived by seven children.
his four sisters in a gospel group Strong left Motown in frustration in although he wrote melodies too. “Songs After success as a songwriter, Strong In later life, he spoke regretfully of his
named The Strong Singers. From that 1961, but returned five years later hav- come in many ways,” he said. “Some- tried to relaunch his singing career decision to sell his songs’ publishing
encounter would emerge the first hit for ing failed to develop his music career. times, I just hear a phrase, like ‘I heard it rights. He also had an authorship dis-
Gordy’s fledgling label. This time he was hired as a songwriter through the grapevine’ and soon I get a pute with Gordy about the writing cred-
“Money (That’s What I Want)” came and paired with the producer Norman melody, and then the lyrics come.” its for “Money (That’s What I Want)”.
out in 1959 with Strong as lead vocalist. Whitfield, a childhood acquaintance. Edwin Starr’s stentorian protest Rancour vied with gratitude. “Every-
An infectious hip-swinger about the Their first song was “I Heard It Through anthem “War” was inspired by the ‘Sometimes, I just hear a thing at Motown was basically a team
love of lucre, at once brazen and inno- the Grapevine”, a hit for Gladys Knight experiences of Strong’s cousin, a para- effort, and it worked out fine in the end,”
cent, its genesis lay in a pounding Ray and the Pips in 1967. In keeping with trooper who was wounded in Vietnam. phrase . . . and soon I he said in 1999. Money was not all he
Charles-style piano vamp that Gordy
heard him playing one day. “What’s
Motown’s cost-efficient practices
(inspired by Detroit’s car industry),
The song was initially recorded in 1969
by The Temptations, the Motown act
get a melody, and then wanted, and glory will be his for as long
as his songs survive.
that?” Gordy asked, in Strong’s telling. Marvin Gaye had a bigger hit with the with which he and Whitfield had the the lyrics come’ Ludovic Hunter-Tilney
The FT View
A defining moment for central banks
central bankers are still trying to square lower peak in interest rates and even The risk of convinced about central bankers’ plans.
Monetary policymakers a number of circles before ending their cuts later in the year. Indeed, although a mistake is Despite the rate rises, and scope for
rate rises. The improved global growth the Fed’s preferred measure of underly- more ahead, investors chose to hear a
grapple with how to chart outlook, pushed up in part by China’s ing price pressures eased further, job
high — and
dovish message and initially scaled back
a path to terminal rates reopening, will bring some price pres- numbers rose unexpectedly yesterday, right now expectations of further central bank
sures. In Europe, the fall in natural gas leading to a sell off in markets. their words increases. In the direct aftermath, equi-
Parsing central bank communications is prices will alleviate a major inflationary The eurozone is further behind in its are being ties and bonds soared, building on a
a hit and miss exercise. Sometimes the force, but it could facilitate more spend- inflation battle. The ECB raised rates by examined rally over easing price pressures since
chosen language is a deliberate attempt ing. Job markets remain tight too, add- another 50 bps and committed to rais- closely the start of the year. This has loosened
to guide markets, at other times it is just ing to wage pressures. Central bankers ing by the same amount in March. Presi- financial conditions, which is itself infla-
a slip of the tongue. Clues for when also need to assess how much prior rate dent Christine Lagarde doubled down, tionary — further complicating central
interest rates will peak, and even start rises are impacting the economy. Pull- saying “we have ground to cover”. After banks’ task. If inflation proves more
falling, are now key for investment and ing together a convincing narrative of all, annual core inflation growth persistent, and rates need to go higher,
mortgage decisions. With inflation how everything plays out, and hence remains stubbornly high. Yet the bank’s investors will be in for a nasty repricing.
seemingly past its peak, this week the what terminal rate is appropriate is statement contained softeners, convey- Central banks’ recent slowing of rate
Federal Reserve, European Central tricky — as mixed messages from cen- ing “more balanced” risks to the infla- rises makes sense to better calibrate the
Bank and Bank of England indicated tral bank meetings this week conveyed. tion outlook and ambiguity on what peak rate as new data comes in. A sus-
that the end of their historic tightening The Fed slowed the pace of its rate happens after March. tained easing in core inflation and wage
cycle is in sight. They are now at a defin- rises to 25 basis points, noting that The BoE also raised rates by 50 bps, pressure may next persuade them to
ing moment: stop rises too late and “ongoing increases” would be necessary ditching language that it would need to stop decisively. Clearer communication
deepen this year’s economic slowdown, to hit its inflation target. But Fed chair act “forcefully”, and forecast inflation to will also be more important, just as rate
or too soon and high prices could Jay Powell struck a more positive tone at drop below target in 2024. This points to setting becomes ever more delicate in
become entrenched. The risk of a mis- the subsequent press conference. He an imminent end to its rate rises. Yet the this rate cycle’s final stretch. But this
take is high — and right now, their words said the “disinflationary process” was meeting minutes noted inflation risks will be challenging until central bankers
are being examined closely. under way and did not push back are “skewed significantly to the upside”. can pierce through the uncertainty with
ft.com/opinion Although headline inflation is falling, against markets, which had priced in a Amid the nuances, markets were not more convincing forecasts.
Opinion Culture Email: letters.editor@ft.com
Letters Include daytime telephone number and full address

Corrections: corrections@ft.com
If you are not satisfied with the FT’s response to your complaint, you can appeal
Kondo shows there is no to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com
magic in clinical tidiness Why so many South Africans feel let down by Ramaphosa
Lambert/Getty Images On the accession of Cyril Ramaphosa to Financial Times, as well as outside time when there is major world As someone who supported a black
the presidency of South Africa back in contributors like Justice Malala demand for coal. The list goes on. democratic government and had a
December 2017, I had a letter published (“South Africa needs to move beyond Finally, in the FT Weekend (Report, newspaper article from the Observer of
entitled “A day for the Beloved Country the ANC”, Opinion, December 20) have January 28) we read of the highly Nelson Mandela’s famous speech from
to rejoice” (December 22, 2017). A written a set of fine updates addressing troubling welcome just given to Sergei the dock illegally taped to the wall
photograph of Sidney Poitier from the the many issues that the country is Lavrov, foreign minister of Russia. In above his childhood bedroom, these
related movie was added to your online currently facing. summary, it is deeply concerning to see are tragic, damaging outcomes that
edition. Eskom’s inability to provide that President Ramaphosa has failed to hurt so many.
With deep sadness, I am writing adequate power causes enormous exercise true leadership and bring I am sure that if Mandela were alive
again, to acknowledge that my personal difficulties and significant about adequate change; something that today he would “Cry my Beloved
optimism then was badly misplaced. industrial challenges. Transnet, the the country needs, and so many had Country”, as do many of us.
David Pilling, Joseph Cotterill, state organisation responsible for hoped for following Jacob Zuma’s Michael S Norwich
Gideon Rachman and others from the transportation, is breaking down at a disastrous tenure. New York, NY, US
Democracy’s strength is it Another reason men are Recalling a conversation

allows debate and dissent comfortable in shorts with a British AI pioneer
products (all those stacking boxes, An inconsistency weakens the analysis Grace Cook’s article (and the images John Gapper’s article proposing that
Cordelia hangers, drawer dividers and labelling
devices) are now estimated to be in
of Martin Wolf’s Weekend Essay “In
defence of democratic capitalism” (Life
which accompany it) failed to refer to
the most recent of reasons for men’s
businesses using generative artificial
intelligence should pay human artists
Jenkins the tens of billions in the US and rising.
Professional organisers even have
& Arts, January 21).
He professes to love democracy, yet
apparent love of shorts — the tattoo
(Menswear, Life & Arts, January 21).
for training (Opinion, FT Weekend,
January 28) reminded me of a
their own industry bodies. he repeatedly shows a distrust of the In the past decade or so that tattoos conversation I had 40 years ago with
W
But we should give Kondo a break. common, ordinary person, the person have seemingly become the essential Professor Donald Michie, the
It’s not her fault that the craze she responsible for making democracy male accessory, I have seen unexpected pioneering UK AI researcher (and a
hen I was a child, my helped popularise has begun to feel work. How can he square that distrust numbers of men, in all weathers, Bletchley Park codebreaker).
mother would take oppressive. As her methods gained with his admiration of universal enforced into wearing shorts such that Michie told me how people such as
me to see a friend of traction, a new generation of organis- suffrage and government by the their investments of hundreds, perhaps brain surgeons were helping him (I
hers who lived in an ing gurus emerged, with ever more people? He sees the common person as thousands, of pounds are flaunted loud assume for a fee) to develop new AI
old house riddled with outlandish philosophies. highly susceptible to demagogues and and clear. products — then called “expert
cubby holes and secret spaces. Each Consider the Netflix series, Get views their consent to a government Paul Niblett systems”. These would mimic human
time, as we left, the friend would reach Organised With The Home Edit, whose and its legitimacy as resting primarily Stoke-on-Trent, Staffordshire, UK intelligence when assisting less
into a drawer and press something into relentless mantra “edit, categorise, on their prosperity — exactly as the experienced individuals — such as
my hand as a parting gift: a piece of blue contain, maintain” sounds suspi- Chinese government does. Keep them Birkins don’t fit usual trainee doctors — on complex jobs.
glass, a single pine cone. Once, a white ciously like a shopping list for what the prosperous and they’ll ignore the abuse Birkin, a woman’s handbag that ‘with Eventually, Michie thought, they
plaster elephant. These, I was meant show’s hosts refer to flintily as “prod- of fundamental rights. a modicum of care can last for ever’
criteria for a bubble would supplement if not supplant the
to understand, were great treasures. uct” — the accessories required to Wolf’s premise that democracy is What does Tim Harford have against role of the top professional by making
Today that friend might be regarded realise their Rainbow Method (and fragile is based on this lack of trust. He Birkin bags (Magazine, January 28)? his or her skills available to others.
as a good candidate to appear on the which are helpfully sold on their web- is not alone. Remember it’s money that He classes them with tulip mania, 19th Michie’s ideas were the forerunner of
kind of TV show in which a “declutter- site). These women transform jum- Many see the atrocities of the second century English railway speculation today’s generative AI models and
ing professional” arrives, Mary Pop- bled kitchen cabinets and overstuffed world war as an indication that human makes the world go round and the boom and bust of Bored Ape required what, as Gapper says, seems
pins-style, on the doorstep of a chaotic bedside drawers into perspex vitrines beings, no matter how “civilised”, are In your letters page recently, Professor non-fungible tokens in his otherwise right: that the skilled person whose
family home and restores peace and to display each pasta shell, teabag and not to be trusted. Surprisingly, he Andrew Oswald raised an interesting telling review of the speculative mania knowhow is essential to the product
order with the aid of some wicker bas- artfully arranged cotton bud. The nonetheless believes that success point arguing that the pursuit of of crowds. should receive some sort of financial
kets and a label printer. resulting aesthetic has a cold, pristine depends on the “wisdom of [the] money and material status in our lives Having shopped for and purchased a reward.
We were set on this path by organis- quality, a little like a modernist gal- elites”. might be a foundational mistake number of Birkin bags over the years, I Peter Marsh
er-in-chief Marie Kondo, whose best- lery, a little like a morgue. Although his article lacks any word (“Happiness stats complicate UK’s concede only slightly that “the rarest London SW11, UK
selling books evangelised the “life- This punitive style is deliberate, as of blame for all but those bugbears of levelling-up agenda”, January 14). It Birkin bags cost as much as a house” as
one host explains. “One of the main our time, Trump and Brexit, no side should however be borne in mind that the house purchased would have to be Building on the greenbelt
purposes of ‘product’ is to hold people has a monopoly on human error. those who earn more money are relied a rather small one. Although costly by
is no cure for housing crisis
No one would believe a accountable,” she chirps. The implica-
tion is that once installed, this
Fallibility, even of the “wise elite”, is
the very basis of democracy, a system
on to provide the cash to subsidise the
social benefits that help those who are
any measure, I would argue that the
standard Birkin bag is merely You report without comment Professor
door to Narnia existed Benthamite organising scheme might which, like the scientific method, less well off. expensive. What does the buyer get in Paul Cheshire’s view that London’s
in the back of a constantly spy on us in case we stuff creates methods to expose error and to Bearing in mind that the state relies return? A highly functional bag that is greenbelt is “the main cause of the
some kitchen roll into the bin labelled continuously self-correct. more on cash than love to keep going, extremely attractive and, with a city’s particular housing crisis” (“How
colour-coded wardrobe “healthy snacks”. Its strength and legitimacy lie not is not the pursuit of money and modicum of care, can last for ever and London became an inheritocracy”,
Of course there are benefits to a primarily in prosperity, and not in the material status more like a necessity which holds its value over time (no, I House & Home, January 28).
changing magic of tidying up”. A cere- good clear out. There’s evidence to wisdom of elites, but in its allowing than a mistake? don’t work for Hermès). Separately, your architecture critic
monial purge, she promised, would show that decluttering can destress us. debate, dissent, and doubt, without John Read I am sometimes jealous of my wife as reports the fact that “26 per cent of
purify our souls as well as the cupboard Studies attempting to measure the which all prosperity is fragile. London NW11, UK I believe the larger versions of the City residencies are classified as second
under the stairs. It sounded extremely effect of domestic disorder on our cor- Deborah Lewis Birkin would ably suit the travel needs homes” (“Beware hollowing out the
good. So much so that there was uproar tisol levels suggest that the owner of a Washington, DC, US Did the Château Lafite of both men and women. An offer of a City of London”, Opinion, January 30).
last week at the news that Kondo has very messy house lives under its cloud loan has yet to be made to me. The winter evenings’ darkened
relaxed her standards now that she all day. I was more convinced by the Don’t gloat over Goldman colour your judgment? Finally, Birkins don’t meet the three windows in Nine Elms, Westminster
has three kids to look after. “My home mum of two featured on the BBC’s I always enjoy reading Gillian Tett standards of a bubble that Harford and Kensington & Chelsea suggest
is messy, but the way I am spending superlative Sort Your Life Out who con- As John Gapper explains (“Morgan (Opinion, FT Magazine, January 21) cites — although high in this phenomenon is not confined to
my time is the right way for me . . . at fessed to sitting in her car after work, Stanley pulls the Pepsi trick on but fear that I must take exception to “marketability”, “speculation” would the City.
this stage of my life,” she said. gathering the strength to go inside and Goldman”, Opinion, January 21) when her Davos-inspired description of the be difficult (just try buying a new or As a father myself, I have huge
The reaction ranged from schaden- face the tottering piles. Her family’s “Goldman was a private partnership, it period 1945-1971 as a time of “relative used Birkin if you plan to corner the sympathy for young people trying to
freude to fury: had all those hours of purge not only removed that dread could decide its own destiny”. geopolitical stability”. Really? Just market) and I don’t believe “cheap get on to the housing ladder. But we
meticulously folding our underwear but turfed up nearly £2,000 in lost Now it’s more apparent Goldman think of the wars in Korea and money” has anything to do with will not necessarily serve their futures
really been for nothing? If Kondo was cash and unbanked cheques — a Sachs doesn’t need to live up to the Vietnam; the Cuban missile crisis; the wanting or buying a Birkin. better by sacrificing greenbelt and
ready to give up on tidying then per- bounty that brought the couple to expectation of critics. It needs to live ’67 war in the Middle East; Northern Birkins are a fun luxury — just ask biodiversity for second homes.
haps it did not hold life-changing tears of gratitude. up to its own expectations. Ireland; assassinations of JFK, Robert Jo Ellison. Gary Backler
magic after all — perhaps it was just a The freedom from anxiety, guilt and Morgan Stanley’s chief executive Kennedy and Martin Luther King; the Eric A Anderson London TW1, UK
massive, self-inflicted pain in the arse. shame that comes with tidying up is a James Gorman is right to celebrate cold war; more than 100 nuclear tests New York, NY, US
When did we get so organised? Since goal in itself. But the brutal solutions outperforming Goldman Sachs, but he in the Pacific; apartheid in South When ‘having it all’ can be
Covid-19 forced us to spend long days proffered by the extreme organisers shouldn’t gloat. Africa; the Congo; America’s political Just imagine if ChatGPT bad for work-life balance
at home contemplating our clutter at are a distraction. We should be able to Goldman Sachs still provides curated meddling in South and Central
close range, the maxim “a place for ditch the junk without excavating the advice to companies around the world. America; uprisings in Hungary and has its day in court Anne-Marie Slaughter’s musing on the
everything and everything in its mystery from our homes. There is It manages the assets of hundreds of Czechoslovakia; the ’68 riots in France The US lawsuit brought against media coverage of Jacinda Ardern’s
place” has become almost a moral wonder in a dusky corner — no one the nearly 3,000 billionaires in the and the list goes on. Hardly a sea of Stability AI (for training its generative resignation (“‘Having it all’ was always
imperative. The popularity of declut- would believe a door to Narnia existed world, with an estimated combined net geopolitical tranquility. I think it’s a AI with copyrighted images) makes me a poor measure of success”, Opinion,
tering TV programmes — with titles in the back of The Home Edit’s clinical worth of over $14tn. great example of groups believing wonder if the defendants will feed January 28) is on the right lines. After
like Sort Your Life Out, Hot Mess House wardrobes. In order for Goldman’s chief whatever they want, inspired by the ChatGPT with a huge amount of all, why would anyone, woman or man,
and The Minimalists: Less is Now (yes, Nor would the magic drawer executive David Solomon to take a magnificence of McKinsey’s arguments of other defendants’ really want to “have it all”?
really) — suggests considerable inter- belonging to my mother’s friend have victory lap, he must flatten the firm’s PowerPoints and maybe half a glass of lawyers in similar cases, and have the A real life-work balance surely
est in the fantasy of a hyper-organised survived a visit from the professionals. management hierarchy. This will allow Château Lafite. And as for a suitable generative text AI write their defence demands that we don’t have it all. But if
home. Not just a tidy one, but the kind After all, how do you categorise the the most talented people to guide the name for our present time, what about arguments and pleadings for them that’s really what you want, just don’t
in which individual crisp packets hang great treasure that is a pine cone? needed business model innovation. “Algorithms: An Inconvenient Truth”. (Opinion, January 28). have it all at the same time.
on alligator clips from a rail, in colour Mark M Spradley Tony Woodcock Marc Wajsberg Giovanna Forte
order. Sales of home organisation cordelia.jenkins@ft.com Chevy Chase, MD, US Valencia, Spain Knokke-Heist, Belgium London E9, UK
Opinion
Britain should not accept its status as the ‘sick man of Europe’
Forecasting is a mug’s game. Britain’s ter, and Jeremy Hunt, the chancellor, in the 1990s and 2000s, has receded. But all is not lost. The pendulum has no longer rely on the central European
Nicholas economy may or may not grow this year. are still picking up the pieces from their Third, the UK has an inefficient and begun to swing. The Sunak government taxpayer to train our workforce.
Germany and France may grow faster. disastrous inheritance. To regain credi- underpaid public sector. The govern- is showing signs of wanting to tackle Sooner rather than later the govern-
Macpherson But none of the big European economies bility, they have had to pursue a much ment’s solution has been to use inflation problems rather than to deny their ment needs to accept that it can’t cut
are predicted to grow by more than 1 per more restrictive policy than would have to impose the biggest cuts in real wages existence, notably by making the NHS wages in the public sector year after
T
cent. This is a world of small numbers in been the case had Liz Truss never in generations. History suggest this pol- one of its “five priorities”. A re-energised year. But the quid pro quo needs to be a
which no country will be satisfied with become premier. At the same time, the icy is unsustainable. Labour party is waiting in the wings. renewed focus on reform and produc-
he IMF has held a totemic its performance. Bank of England will have to keep inter- Finally, the economy is suffering from Positive noises are also emerging from tivity. The obvious starting point is the
place in British discourse Gross domestic product statistics are est rates higher for longer, having kept chronic under-investment, both in the the negotiations on the Northern Ire- NHS.
ever since 1976, when the notoriously unreliable in the short run, policy too loose in 2021. Macroeco- land Protocol. If the government can The country needs an honest conver-
country lost the confidence which is why, when I was at the Treas- nomic policy will hold back growth in finally get Brexit done, it can begin to sation about what an ageing population
of the markets and had to
apply for an emergency loan. So when
ury, I preferred to focus on revenues.
These rarely lied. They may be flattered
the short run. But that’s a price worth
paying for restoring stability.
Forecasting is a mug’s focus on how Britain co-operates with
the EU. This will be a slow process. But
and a more dangerous world means for
taxation. Simply raising the age of eligi-
the Fund predicts, as it did this week, by inflation at present but they still indi- Second, there was a perfectly respect- game. This is a world of the country will find a new equilibrium bility for the state pension is not
that the UK will grow slower than any cate that the economy has been stronger able political case for Brexit. And many small numbers in which no consistent with the wishes of the elec- enough. Sunak missed a trick when he
other advanced economy, it needs to be than many had feared. Falling energy of Britain’s problems predate its depar- torate to make it easier to do business repealed the health and social care levy.
taken seriously. prices will provide further support. ture from the EU. But the evidence country will be satisfied with our main trading partner. He should resist backbench Tory calls
Add to the mix a level of industrial Britain still has a lot going for it. It has that Brexit is a drag on economic per- Next, it needs to create an environ- for pre-election tax cuts the country
unrest not seen in decades, the Bank of strong university cities, not least Lon- formance is compelling. Britain’s trade private and public sectors. Infrastruc- ment that encourages investment and can’t afford.
England revising down to 1 per cent its don, a thriving research base, great crea- is growing more slowly than it did in ture policy has been driven by prestige innovation. Macroeconomic stability For much of the last 40 years, the Brit-
view of the economy’s trend rate of tive industries and an irrepressible the past. Inward investment is lower projects rather than a hard-headed should help, as would a supportive tax ish economy outperformed those of our
growth, a rate not experienced since financial sector. Unlike in the 1970s it now that the UK is no longer a gateway focus on which ones might yield the big- regime. Public investment needs to be near neighbours. If the nation grasps the
the 1970s, and the general gloom has a dynamic labour market. We to the single market. In a protectionist gest economic return. Lack of house focused on maximising returns. At some nettle of sensible structural reform,
around the third anniversary of Brexit should not get too downhearted. world dominated by large trading building and poor land use remain point, a government will create a better there is every reason it can do so again.
— and it’s tempting to ask whether Brit- But there is no denying that Britain blocs Britain finds itself isolated. The major barriers to growth. Every govern- planning system and more efficient
ain has regained its status as the “sick has a problem. tide of competition, which was a central ment promises planning reform; every taxes on property. But above all minis- The writer is a former permanent secretary
man of Europe”. First, Rishi Sunak, the prime minis- driver of British productivity growth government backs off. ters need to prioritise skills, now that we at the UK Treasury
Toyota has a tragic flaw in

the electric vehicle drama
average of 10 per cent throughout each
John of its five generations. The Prius is bet-
ter for the environment than in the days
Gapper when it was more admired.
All Consuming The improvement effort has not just
gone into Priuses: other models includ-
ing Corollas and Lexuses have also
I
evolved. Toyota sold a total of 2.7mn
hybrids last year, giving it an edge until
t is difficult not to have a soft spot now in meeting emissions standards.
for a company that started out by But as Europe and the US focus on vehi-
making textile looms and now cles with zero emissions, not just lower
defines its mission as producing ones, its ingenuity matters less.
“happiness for all”. Toyota became This change of emphasis has not
the world’s largest carmaker by steadily, pleased Toyoda, who warned in 2020
constantly and soberly improving its that “the current business model of the
vehicles, year after year. car industry is going to collapse”, if gov-
Akio Toyoda, a member of its found- ernments tried to enforce too rapid a
ing family, expressed its approach transition to pure EVs. His job switch is
nicely last week as he announced he unlikely to halt Toyota’s lobbying in
was stepping down as president. In his favour of hybrids, but it now emphasises
13 years in charge, he had to chose a subtler argument about the likely
between pursuing “quick victory” or “a shortages of lithium needed to make
path that leads back to the essential lithium-ion batteries for EVs.
qualities and philosophies that gave us Gill Pratt, Toyota’s chief scientist, tire-
strength . . . I chose the latter.” lessly insists that putting a lot of lithium
But Toyota has a flaw that, as in a into large batteries for EVs is a waste of
Greek tragedy, results from these noble precious resources if drivers are going to
qualities. It has been so focused on doing use them mostly for fairly short com-
better what it has always done that it mutes. The same amount of lithium
missed the turn in the road towards could be used more efficiently in terms
electric vehicles. So Toyoda will become of cutting carbon emissions by dividing
the company’s chair, while 53-year-old it among more hybrids (including plug-
Koji Sato, head of its Lexus luxury ins) with smaller batteries.
Ditch business as usual to brand, takes over.

The problem it faces is common to
many incumbent carmakers as they
attempt to pivot towards EVs, but Toy-
ota has turned into a matter of principle.
That is an interesting point, which
could be proved right if lithium short-
ages become as bad as some predict. But
Toyota’s strength in hybrids and weak-
ness in pure EVs make the company
tempt back older workers The days of Toyota having an ecological

halo from its hybrid engine Prius in the
mid-2000s are gone: it now sits squarely
at the bottom of Greenpeace’s ranking of
environmental carmakers.
The company needs to
buckle down and sell
The company sold 10.5mn vehicles a lot more EVs in order
Stereotyping has to go, along with dreary roles and the expectation of a job-free retirement across the world last year, of which
fewer than 25,000 were EVs that run on to be treated seriously
batteries alone. Until recently, it did not
merely lag behind carmakers such as so biased that I doubt whether govern-
trodden by bureaucracy, meaningless and well enough off financially to say might want to start a family, and men- Tesla and BYD, the Chinese company, in ments are going to listen very much,
SOCIETY training and frothy “initiatives” goodbye — could return. But others lost tally starting to exit after 50. We are also making the kind of zero emission cars to even if they should. It needs to buckle
imposed by managers who moved on, in a job and now can’t get back. While com- locked into the idea that age equals sen- which many governments want to down and sell a lot more EVs itself in
Camilla companies which showed no loyalty panies focus on race and gender dis- iority and higher pay. If we work to 70, switch decisively in the next decade or order to be treated seriously.
after years of service. “Even though I’m crimination, and the needs of Gen Z, we may not be able to demand ever- so, but hardly competed at all. Toyota is now attempting to catch up:
Cavendish writing programming code better than workplace age discrimination seems to higher wages or hog the corner office. Toyota did not overtake VW, Ford and it intends to invest $35bn in the electric
any time in my life”, wrote one, “if I be increasing. Seventy-eight per cent of We should seize opportunities to men- other manufacturers by chance: its dili- transition and sell 3.5mn EVs by 2030.
Y
returned to IT I’d be eaten alive, not by older American workers claimed to tor, and be mentored by, young people. gent focus on quality overtook Detroit’s Toyoda last week admitted the need to
the youngsters (they’re a joy), but by have seen or experienced it in 2020, the Working for different organisations carelessness in the 1980s and turned accelerate: “A carmaker is all that I am,
our country needs you” aggressively competitive middle man- highest level since 2003. In the UK, the over the years, I’ve been in a number of Japanese cars into a byword for reliabil- and I see that as my own limit.” A lot
pleads UK chancellor Jer- agers, who are driven to distraction to Chartered Management Institute has painful conversations about what to do ity. Toyoda revived it from a crisis over a rests on how far he permits Sato to
emy Hunt to the over-50s, find productivity gains”. found that only 4 in 10 managers are about poor old Buggins when he reaches fatal US crash soon after he took over change course.
echoing the concerns of Jay Are these the wails of curmudgeons open to employing anyone aged pension age. If he stays, he might block a and if you want an economical, sturdy It need not be too late for Toyota: pure
Powell at the Federal failing to move with the times? That’s between 50 and 64 to a large extent. job for a younger person. If he goes, he and long-lasting petrol or hybrid car, a EVs made up only about 10 per cent of
Reserve about the “excess retirements” certainly how senior workers are often It would be wrong to claim that every will take institutional memory and Toyota is still for you. new car sales last year, mostly driven by
which have drained America of 2mn portrayed. Perhaps we do become less expertise. I’ve witnessed brutal endings The evolution of the Prius shows how Europe and China with other parts of
workers. Policymakers remain per- tolerant as we age, with our irritating for people who’ve given their heart and Toyota operates. Putting an electric the world still lagging behind. Toyota
plexed by the Great Resignation, in
countries facing labour shortages. But
comments about how “that didn’t work
last time we tried it”. But maybe the
Maybe the really soul to places which don’t give a damn.
Others have kept on adding value into
engine alongside a petrol one was a radi-
cal innovation in 1997, when Toyota
also knows a lot about batteries, having
started work on the technology for the
it’s not the workers they should appeal really out-of-date people are managers out-of-date people are their 70s, on more flexible contracts. launched the first model in Japan. By Prius 30 years ago.
to: it’s the employers. who think 50 is “old” when it’s barely the managers who Those contracts are challenging to 2009, nearly half of all hybrids sold in History shows that Toyota can make a
Before Christmas, I predicted a “Great more than halfway through some lives. negotiate. The idea of a “mid-life MOT” the US were Priuses. The wedge-shaped remarkable amount of progress when it
Unretirement”, once the novelty of gar- The stereotypes are strikingly con- think that 50 is ‘old’ is potentially a powerful way to help car was driven by Hollywood stars and decides to get going, and it needs to do
dening wears off and savings wear thin. sistent around the world. A 2021 survey employers talk to staff openly and posi- was the Tesla of its day. that now with EVs. Its outgoing chief
But I’ve had to change my mind after by Generation, a global non-profit, employer is some blinkered millennial tively about their future plans, without Prius sales have fallen sharply since executive trod “a rough path requiring
provoking a huge response from FT found employers in Brazil, India, Italy, who resents grey-haired Dave in legal liability. then, yet Toyota’s engineers have kept a tremendous amount of time to bear
readers, many explaining why they’ve Singapore, Spain, UK and the US saying accounts. And older workers can be We may all need a chance to stop and on tinkering with it, steadily reducing fruit” after he took over. Welcome to
retired and will never return. Some they prefer staff under 45, who are a expensive. Replacing a 55-year-old with re-evaluate, but not forever locking our- the sizes of batteries and motors, another one.
cashed in corporate pensions after “better fit” with their company culture. a qualified 25-year-old reduces the wage selves out of work. In the US, an organi- extending its driving range and cutting
transfer values rose in the pandemic. A These employers agreed that older bill and the pension liability. Several sation called Encore offers retired pro- carbon emissions per kilometre by an john.gapper@ft.com
few were unwell. But what took me by workers performed just as well as readers with index-linked pensions fessionals a chance to work in non-
surprise was the vehement dislike younger ones; they just don’t want to from big UK employers wrote to say that profit. In Germany, older people can
expressed for many jobs. “If you could hire them. This chimes with US research their early retirement had been wel- take tax-free part-time “mini-jobs”,
press a button and delete everything I’d suggesting that Covid gave businesses comed by employers. where employers pay lower national Top reads at FT.com/opinion
ever done in every corporate job I’ve an excuse to push out older workers. Of What to do? Every ageing nation insurance.
had”, wrote one man, “I would feel noth- the 3.8mn Americans between 55 and needs to keep people working longer. Work shouldn’t feel like an eternal
ing at all”. 74 who lost their jobs after March 2020, Age stereotypes clearly need to be chal- grind but it too often does. And to me, 3 The real economic cost of the shadow 3 How the war in Ukraine met the culture
Having enjoyed most of my jobs, I was around 400,000 remained unemployed lenged. But perhaps we also need to that should make employers sit up. work that fills our days wars
dismayed by the outpouring of disillu- a year later, according to the US update the conventional career time- Calculating its impact could help us grasp Putin found friends in the west by posing as
productivity issues, writes Rana Foroohar a patron of ‘values’, writes Gideon Rachman
sionment. Readers with years of hard Schwartz Center. I suspect that people table in our heads: expecting to get on The writer is author of ‘Extra Time: Ten
graft in all sorts of industries felt down- who were disillusioned by the grind — the fast track around 30, just when we Lessons for Living Longer Better’
Opinion
Teachers’ strike lays bare the heartbreaking plight of schools The Tate ruling
is a victory
Lucy
denly thrust into the heart of crisis man-
agement.
on reducing the disadvantage gap had
ground to a halt. There are many rea-
ence if given the means to do so.
Recently, this has meant a relentless
increased, largely due to pupils’ addi-
tional pastoral needs, so how do we pro- against
Heller The Covid aftershocks have given us
no time to recover. Many schools are
struggling to get attendance back to pre-
sons, including greater financial pres-
sure on schools and families, but there is
also a sense that the agenda on reducing
focus on reading here at Ark. Like most
schools, we have seen far too many chil-
dren slipping behind their reading age.
vide better and systematic support?
Working with social services, child and
adolescent mental health services, and
rubbernecking
M
lockdown levels. Schools across Eng- disadvantage, so prominent under New But last year our students averaged families, is now part of the job. It should
land are seeing an absence rate of just Labour and the coalition government, more than 15 months’ progress over less be recognised as such, even if we might
any of us in the education under eight per cent, significantly up on has lost momentum. The pupil premium than 10 months. Sustaining this sort of hope other parts of the public sector get
world had mixed feelings 4-5 per cent pre-pandemic. While the which awards schools extra funding per impact requires not just money, but also additional investment in the longer BRITAIN
during the teachers’ government has provided some wel- head for a deprived intake, introduced commitment and impetus at every level term to lighten our load.
strike on “Walkout come financial support, the overall by Michael Gove and Nick Clegg, is — including in government. The education system also needs to Henry
Wednesday”. No one response has been disappointing. As a Most of all it requires teachers to be adapt to greater demand among
wants children to be missing out on National Audit Office report noted only nurtured and supported. Sadly, there younger graduates for flexible working,
Mance
school. But equally, it is hard not to sym- days ago, “progress in addressing learn- Losing untapped potential are no silver bullets in education. But which is increasingly expected in other
I
pathise with staff who have seen their ing loss has been inconsistent”. Partly as there is no substitute, either, for high workplaces.
pay fall by almost 15 per cent since 2010, a result, “the gap in attainment between of disadvantaged pupils is quality teaching in every classroom. But there is something more intangi-
while their job gets ever tougher, partic- disadvantaged pupils and other pupils not just a moral disaster Governments, and trusts like Ark, have ble we need alongside these concrete n a city such as London, with 9mn
ularly in recent years. has grown since 2019”. put significant investment into profes- improvements to conditions. Teachers people, you can’t be sure who is the
The pandemic was a huge shock to a This is particularly heartbreaking but an economic one too sional development, which makes a are some of the most trusted profession- most unpopular. Especially as
system already struggling to absorb given that slow but steady progress had positive difference. But there is no get- als in the country but they are not val- Prince Andrew lives near Windsor.
financial pressures and the growing been made, under successive govern- worth less in real terms — almost £200 ting away from the inevitable conse- ued as much as they should be, includ- But let’s take a guess. The city’s
needs of many of our most vulnerable ments of every political stripe, towards per primary age child — than it was in quences of reducing pay over a long ing by government. Solving education least liked residents right now may be
children. Trends that were worsening reducing this gap. Of course, losing all of 2015. Even rhetorically, it rarely fea- period of time, especially when the problems will not be cheap, but showing the residents of Neo Bankside.
anyway — rising poverty, pupil mental this untapped potential is not just a tures in ministerial speeches or articles. demands of the job keep growing. If we a sincere understanding of teachers’ These rich folk paid millions for flats
illness — were all exacerbated. Heads moral disaster but an economic one too. Reducing the attainment gap goes want to recruit the best people and keep critical role in our society, economy and with glass walls, even though the
and teachers found themselves racing to No strategy to boost Britain’s sluggish well beyond the school gates — it is inev- them, rewards need to track those of culture, doesn’t cost a penny. Indeed it’s Tate Modern had planning permission
move systems online, to support chil- productivity and get the economy grow- itably going to be harder for a child to other graduate professions. something we can’t afford not to do. for a viewing platform next door.
dren in their homes and ensure pupils ing can ignore the skills gaps across mul- learn if they are hungry, cold or living in Alongside pay, schools need to think Then they were surprised that hoi polloi
had access to laptops and food. It was an tiple labour markets. cramped, unhealthy conditions. But more about how to make the job as The writer is chief executive of Ark, a charity could see them. It seemed the most
exhausting period where staff were sud- Even before the pandemic hit, progress schools can make a substantial differ- attractive as possible. Workload has that runs a chain of state sector academies entitled privacy complaint since Prince
Harry’s book came out three weeks ago.
It’s like buying a chocolate teapot
then suing the water company. Yet on
Wednesday the Supreme Court ruled in
the residents’ favour.
When I went to the Tate and peered
into the flats, I struggled to feel sympa-
thy. They had sleek sofas and designer
lights. One of them appeared to be an
Arsenal fan. But the residents are right.
The villains here are the Tate — and
The writer, known for us, the gawping public. At its peak, the
viewing platform attracted 500,000 to
her strong female 600,000 visitors a year. They waved to
characters, is keeping the residents, took photos of their flats
and posted them on social media. Some
fans guessing to the end, brought binoculars. For the residents,
writes Emma Jacobs the court ruled, it was “much like being
on display in a zoo” — presumably
N
without the free food.
The legal question is whether the
ine years ago, Catherine Tate’s platform constituted a nuisance.
Cawood, the fictional The Supreme Court majority ruled
policewoman from Hebden that your neighbours can’t be a nuisance
Bridge, introduced herself if they are using their land in an
to a drug addict threatening “ordinary” way. So you can’t complain
to set himself alight — and to viewers of about the noise of them having sex, but I
the BBC drama Happy Valley. “I’m forty- imagine you might have a case against
seven. I’m divorced. I live with my sister, nonstop orgies.
who’s a recovering heroin addict. I’ve In the Tate’s case, it’s an art gallery.
two grown-up children — one dead, one The ordinary use is for people to look at
who don’t speak to me — and a grand- what’s inside. Maybe there aren’t
son . . . It’s complicated.” enough unmounted urinals and
This Sunday, fans now feverishly
sharing theories on social media will
tune into the finale of the third and last
season, to discover if Cawood, played
If you walk out of your
with exquisite range by Sarah Lanca- shower and your towel falls
shire, will capture the vengeful, psycho- down, the result might be
pathic Tommy Lee Royce (James Nor-
ton) and realise her dream of escaping on the internet forever
to the Himalayas in a jeep.
The blockbuster series has gilded the unmade beds to keep all the visitors
reputation of Sally Wainwright, its crea- entertained. But the Tate is fine without
tor, writer and director, who is also the viewing platform. Anyway, what
known for Last Tango in Halifax (BBC), a even is the view in question? Pretty
story of late-in-life love, and Gentleman much all you can see on the south side
Jack (BBC and HBO), which dramatised are the flats, about 30 metres away.
the romances of 19th-century lesbian That’s the point: the intrusion by
and landowner, Anne Lister. Disney has spectators wasn’t incidental, it was
commissioned her new series, The Bal- deliberate. We can’t get enough of
lad of Renegade Nell, set in 18th-century rubbernecking. We can’t stop ourselves
London and currently in production. from filming strangers or asking for
Happy Valley has the alchemy of critical selfies with celebrities. We cannot then
and popular success. Now appointment complain when people object. Camera-
TV, it won two Baftas for best drama and phones raise the stakes for anybody
proved a ratings hit for the BBC (episode Person in the News | Sally Wainwright overlooked: if you walk out of your
one of season three scored 11.3mn view- shower and your towel falls down, the
ers). Tom Harrington, head of television result might be on the internet forever.
‘Happy Valley’ creator

at Enders Analysis says, “you could Critics will see this ruling as a sign of a
probably count on one hand the number Nimby nation, where people choose to
of shows that have grown their viewing live next door to a cricket club yet
since 2014 like Happy Valley has. Since it complain about errant balls, or on top of
first appeared on BBC1, overall TV view- a music venue yet complain about the
ing has dropped 30 per cent.” noise. But this is different. The Tate
takes centre stage

As a child growing up in Sowerby ruling shouldn’t stop anyone building
Bridge, a market town in West York- homes, unless they include a huge view-
shire, Wainwright would write down ing platform. It might even reassure
bits of conversation she overheard. The residents that developers will think
dialogue was always her favourite bit of twice about their interests.
novels. She lacked confidence in her And there’s plenty of blame to go
academic abilities so her father, a lec- round. Richard Rogers & Partners
turer at Huddersfield Polytechnic, designed the flats with floor-to-ceiling
encouraged her to go to York University glass. The developers, who advertised
to study English Literature. After gradu- the flats as having “unparalleled views”,
ating, she drove a bus so that she could didn’t realise the planned Tate exten-
write around her shifts. Mellor, the screenwriter and director, moment, she talks of “a kink in his Leeds and co-author of a forthcoming progress. Sally’s generally arrive in tip- sion would have similar “unparalleled
West Yorkshire remains at the heart brought her to Granada Television. Mel- brain, a psychological deformity”, the book on the writer, is her “strong and top form. She’s very happy to talk, but views” of its clients’ living areas. The
of her work. “It’s really important that lor told the Guardian that “she was tal- next she switches tack to inquire about consistent focus on storytelling that the vision is there, and that is what she’d residents might have done some due
you don’t present a homogeneous ented and raw . . . she didn’t care . . . She his dinner. “What you having?” “Stew.” centres on older, female characters. like to see.” For O’Brien, the best strat- diligence. Those who live in glass
north,” Wainwright tells the FT. Happy would write what she wanted.” In Mel- “That’ll be all right.” “Humour is a great Through the life experience and often egy was to keep her involved. “If it is her homes, etcetera.
Valley’s locale is notable for the brutal lor, Wainwright found a friend and unof- tool of communication,” says Wain- gendered life experiences that make her baby, the obvious thing to do is to call All this is pretty moot, because the
beauty of the landscape that inspired ficial mentor: “Sometimes you need to wright. “It’s very human that people characters so complex, she [shows] the her and tell her how the baby is.” Tate’s viewing platform has been closed
poet Ted Hughes, former mill towns be shown the way by someone else,” she rally round and cheer each other up.” extraordinariness of the ordinary.” Today, she is determined to enjoy her since the pandemic started. The court
scarred by industrial decline, and the said after Mellor’s death last year. Wainwright takes issue with criticism success though she steers clear of social will probably find a compromise, such
humour and idioms of its characters. In 2000, At Home with the Braithwaites, that her male characters are feeble. “I media. “I get hurt by criticism. You can as damages for the flat owners or
But such granular local detail is coun-
ter to the general direction of television,
her first solo project, about a family who
wins the lottery, aired on ITV. This was
‘Through often gendered wouldn’t write a character who’s weak.
My male characters aren’t weak, they’re
get too cocky with the [compliments]. I
have to trust my own instincts on things.”
privacy film on the windows (which
apparently doesn’t work in the dark).
says Harrington, which “due to funding followed in 2009 with Unforgiven, which life experiences, she shows not centre stage.” And while the indus- Commissioners are keen for more. “I But we should learn the lesson. In
and distribution models is increasingly told the story of a female ex-convict. In the extraordinariness try has changed, she says, she still just want Sally to write about what she living cheek-by-jowl, city residents
being pitched to a worldwide audience”. 2013, she won her first Bafta for Last believes “women are judged by different wants to write about,” says Charlotte agree to some intrusions. We peek into
This blandness to satisfy foreign mar- Tango in Halifax, a love story between two of the ordinary’ criteria than men. There’s an assump- Moore, chief content officer of the BBC. each other’s windows; we overlook each
kets irks Wainwright; she insists that a 70-somethings, inspired by her mother. tion that men can do, but women have That doors are opening for her in an era other’s gardens; we sometimes overhear
“strong sense of place” contributes to Plotting is the hardest part of writing, In Cawood, Wainwright has created a to prove themselves.” of big budgets is thrilling. “We live in a each other’s arguments. Still there’s a
the success of shows, “whether it’s the says Wainwright, who works “really formidable and relatable middle-aged Wainwright has admitted she can find fabulous age of television, telly’s got so line between neighbourly nosiness and
desert in Breaking Bad or the snowy hard on the story. Dialogue is the fun woman, unpromoted, patronised by it difficult to let go. Fergus O’Brien, who sophisticated,” says Wainwright. “I’ve cameraphone-addled nuisance, and
bleakness of Fargo”. bit.” Even in the darkest scenes, she senior men, stubborn, irritable and directed Gentleman Jack and episodes of always thought TV had huge potential you don’t need binoculars to see it.
Early in her career, Wainwright looks for light touches, as when Cawood empathetic. What sets Wainwright Happy Valley, says: “Getting the script is to be an art form.” The Tate crossed it.
worked on The Archers, the country life berates her grandson for visiting his apart, says Kristyn Gorton, professor of very unlike other experiences of first
radio soap, and Emmerdale, before Kay psychopathic father in prison. One film and television at the University of drafts, which are usually a work in emma.jacobs@ft.com henry.mance@ft.com
Marvel action figure Disney insider plays New chapter In a novel plot twist, bookshops
key role in Peltz proxy board battle — PAGE 15 are opening more stores amid a revival — PAGE 22
Credit Suisse probed over

TotalEnergies defends strategy leaked customer accounts
after $3.1bn Adani investment SAM JONES — ZURICH
Swiss prosecutors have opened a crimi-

nal probe into the leak of thousands of
account details at Credit Suisse last
characterised the articles published as a
“concerted effort to discredit . . . the
Swiss financial marketplace.”
The bank said that more than 90 per
3 LNG was basis of cross-border alliance 3 Venture bet on India’s green energy year, in a case that is likely to have a
chilling effect on whistleblowing in the
cent of the accounts involved, some of
which dated back to the 1940s, were
secretive alpine country. closed.
The disclosures have not resulted
Switzerland’s Federal prosecutor said in any legal investigations being
yesterday it was investigating possible opened by Swiss authorities against the
corporate espionage and breaches of the bank.
country’s banking secrecy laws in rela- Individuals in Switzerland can, how-
tion to an international investigation by ever, serve up to five years in prison
a consortium of journalists into dirty under article 43 of the country’s 1934
money last February.
A series of articles published by
organisations including the Süddeut- The criminal
investigation by
sche Zeitung, The New York Times, The Swiss prosecutors
Guardian and Le Monde, under the follows media
tagline “Suisse Secrets”, claimed to articles detailing
expose accounts at Credit Suisse holding accounts
billions of dollars on behalf of criminals
and international human rights abus- Bank Secrecy Act if they disclose, dis-
ers. seminate or publish information on the
The leak, which in total covered infor- clients of Swiss banks. There is no public
mation on more than 18,000 Credit interest exemption.
Suisse accounts, was the single biggest The bank said yesterday that Credit
in Swiss banking history. Suisse “could not comment on ongoing
No Swiss media participated in the legal procedures.”
reporting as journalists and publishers The lender has been conducting its
are also liable for prosecution in Swit- own internal inquiry over the past
zerland for breaching bank secrecy few months, and has been co-operating
laws. with Swiss police authorities in the mat-
Credit Suisse said at the time of the ter.
leaks that it “strongly reject[ed] allega- The existence of an official national
tions and insinuations about the bank’s criminal investigation was first reported
purported business practices,” and by the Tages-Anzeiger newspaper.
Technology
Australia’s Recharge picked as

Britishvolt preferred bidder
France’s largest oil and gas company says its Adani investments were ‘undertaken in full compliance with applicable — namely Indian — laws’ — Krisztian Bocsi/Bloomberg
BENJAMIN PARKIN — NEW DELHI group, Total did not include its $4bn anné had said that the group could look ity index following what it described as a PETER CAMPBELL AND HARRY DEMPSEY battery technology, if sold to a new
WILLIAM LANGLEY — HONG KONG investment in a green hydrogen venture to cash in by selling a slice of it. “media and stakeholder analysis trig- buyer by Recharge, also has the poten-
Australian battery group Recharge
SARAH WHITE — PARIS with Adani announced last year, Asked in September about leverage in gered by allegations of stock manipula- tial to be commercialised.
Industries has been selected by EY as
TotalEnergies, one of the largest foreign through which it will buy a 25 per cent Adani Green Energy, Pouyanné said he tion and accounting fraud”. Over the past fortnight, more than 50
the preferred bidder to buy Britishvolt
investors in Gautam Adani’s business stake in Adani New Industries Limited. considered the balance sheet to be safe. Mohit Ralhan, chief executive of TIW interested buyers were whittled down to
out of administration, beating three
empire, said it had conducted due dili- That deal had not yet closed by the end The green energy division’s value has Capital, an asset management company, four companies that submitted bids on
other offers that were submitted ear-
gence “consistent with best practices” of 2022. roughly halved since the Hindenburg said Hindenburg’s report “threatens to Wednesday.
lier this week, according to two people
before pouring $3.1bn into the Indian The statement from Total came as the report was published. undermine investor confidence in India If the deal closes, the Australian group
with direct knowledge of the decision.
group now reeling from fraud claims. crisis engulfing Adani’s empire deep- Total said its Adani-linked business more broadly, and in the nation’s regula- will have seen off rival bids from a group
Total, France’s largest oil and gas ened, with shares in the Mumbai-listed only accounted for $180mn in net oper- tory framework”. Administrators at EY informed the of Britishvolt investors, and one from
company, first teamed up with Adani in companies remaining under pressure. ating income for 2022 — a sliver of the Adani has sought to reassure inves- company of its status yesterday private equity group Greybull Capital. A
2018 on a liquefied natural gas venture Hindenburg’s claims have become a entire amount, after its net operating tors about its financial footing. The deci- evening, and intend to carry on working fourth bid was tabled by the Saudi Brit-
before buying a $2bn stake in Adani leading attack line for opposition par- sion to abandon a $2.4bn share sale by on the bid over the weekend, the people ish Bank, a retail bank partly backed by
Green Energy, one of the group’s ties in India, who allege that tycoon Gau- Adani Enterprises, its flagship group, added. HSBC, according to two people.
Mumbai-listed companies, in 2021. tam Adani’s rise was helped by close ties
Hindenburg questioned prompted investors and analysts to “A clear bidder has emerged, subject EY and Recharge did not immediately
Its decision to lay out its exposure to to Prime Minister Narendra Modi’s gov- why a virtually unknown question whether the company will be to them showing to all parties they have respond to a request for comment.
Adani comes after US short seller ernment, something both sides deny. able to finance upcoming debt pay- proof of finance,” said one person Recharge was launched in 2021 by
Hindenburg unleashed a $100bn rout In its report, the short seller also took
firm in Ahmedabad was ments. Adani’s total debt has doubled to directly involved in the process. Scale Facilitation, a New York-based
across Adani’s companies. Adani has aim at the gas business with Total, que- picked as an auditor about $30bn since 2019. EY aims to sign a contract by Monday, investment vehicle. The company is
vehemently denied the allegations, call- rying why the venture had picked as its Gautam Adani said on Thursday that with the aim of receiving the funds early also planning to build a battery plant in
ing them malicious, discredited and an independent auditor a virtually income reached $30.2bn in the first nine his group had “an impeccable track next week, the person added. the city of Geelong, Australia.
“attack on India”. unknown firm with barely a dozen staff months of last year. record of fulfilling our debt obligations”. Britishvolt collapsed two weeks ago, Katch Fund Solutions, a creditor to
“TotalEnergies’ investments in in Ahmedabad, where Adani is head- As Adani sought to restore investors’ The group is seeking to repay some after the battery start-up ran out of Britishvolt, will be repaid the near
Adani’s entities were undertaken in full quartered. Total declined to comment. confidence, India’s parliament loans to creditors early in order to free cash, forcing it to make almost all of its £10mn of debt that it is owed that was
compliance with applicable — namely The French group’s joint venture on adjourned yesterday for the second up stock in group companies that it had 200 remaining staff redundant. It had secured against the land, according to a
Indian — laws, and with TotalEnergies’ LNG included developing an import time after the Congress party demanded pledged as collateral, said a person hopes of building a £3.8bn battery fac- person familiar with the matter. The
own internal governance processes,” facility on India’s eastern coast due to a probe into the share rout. The party familiar with the matter. tory in Blyth, Northumberland. remaining amount paid above that level
Total said yesterday. It added that it kick off this year. It has also bet big on has also called for nationwide protests India’s National Stock Exchange yes- While its failure dashed UK hopes of will go to EY in administrator fees and to
“welcomes the announcement by Adani solar energy in India, with its invest- against Adani on Monday. terday increased surveillance of trading creating a homegrown start-up, cove- repay other creditors, many of whom
to mandate one of the ‘big four’ account- ment in Adani Green Energy gaining so S&P Dow Jones Indices on Thursday in Adani Enterprises, Adani Ports and nants on its factory site mean that a bat- will receive little to nothing.
ing firms to carry out a general audit”. much in value before the allegations removed the conglomerate’s flagship Ambuja Cements. tery facility may well be erected there in Additional reporting by Michael O’Dwyer
In laying out its ties to the Indian that Total chief executive Patrick Pouy- Adani Enterprises from its sustainabil- See FT Big Read and Lex the future. The company’s prototype EY under fire page 16
Technology. Job losses
Big Tech groups disclose the $10bn price of redundancies and cost-cutting
costs such as severance payments, company that has not announced any image-sharing social network Pinterest, charges related to reducing office foot- tors on Thursday that the company
Earnings statements show investors appear encouraged by the job cuts or a cost-cutting programme, which said 150 roles would go. print is expected in 2023. would continue “hiring in priority areas,
extent of restructuring as steps taken. despite on Thursday reporting its first The deepest cuts have come from the Amazon chief executive Andy Jassy with a particular focus on top engineer-
Since formally announcing their cuts, decline in quarterly revenues in three biggest names. In November, Meta told employees in January the company ing and technical talent, as well as on the
‘year of efficiency’ bites the companies have together added and a half years. announced it would let go 11,000 of its would eliminate 18,000 roles. global footprint of our talent”.
more than $800bn to their market capi- According to Layoffs.fyi, a tracker employees, as well as dump office space Speaking to investors on Thursday, Microsoft’s planned savings — which
DAVE LEE — SAN FRANCISCO talisations. Meta, the earliest mover logging instances of tech redundancies, and data centres. Amazon’s chief financial officer Brian include 10,000 job cuts — have resulted
Amazon, Meta, Alphabet and Microsoft among the Big Tech groups, has seen its almost 250,000 employees have been On Wednesday, the Facebook parent Olsavsky said $640mn had been spent in it incurring a $1.2bn charge in the
will collectively incur more than $10bn value almost double since detailing its let go across the sector since the start of detailed charges of $4.6bn related to on severance in the fourth quarter of final three months of 2022, $800mn of
in charges related to mass redundan- job cuts in November. last year. restructuring. Severance costs ran to 2022, as well as an additional $720mn which was from severance pay.
cies, real estate and other cost-saving While savings could have been made Some of the most recent, from this $975mn, according to a company filing, on abandoning real estate, primarily Salesforce, which will not report earn-
measures, as the Big Tech companies by implementing more gradual cost past week, include software group Okta, though that cost was offset by due to pulling back on opening physical ings until March, is expected to be
reveal the hefty price they are paying to reductions, tech companies were being which laid off 300 employees, data anal- “decreases in payroll, bonus and other grocery stores. Amazon did not share another company facing significant
rein in spending. rewarded by the markets for “ripping ysis company Splunk, with 325, and benefits expenses”. A further $1bn in further details on charges it might incur restructuring costs, having announced a
The US companies that have been the band aid off”, said Wedbush analyst in the current quarter and beyond. 10 per cent cut in staff last month.
implementing the largest job cuts in the Dan Ives. Meta, the Google parent Alphabet, which is lay- That move came as activist investor
tech sector disclosed the high costs “Big Tech has been spending money earliest mover ing off 12,000 people, said it expected to Elliott Management took a multi-bil-
related to their restructuring efforts in like 80s rock stars for the last four to five among Big Tech incur severance costs ranging from lion-dollar stake in the company, saying
earnings statements released this week. years,” he said. “It feels like there’s peers Amazon, $1.9bn to $2.3bn, with most of the it intended to work “constructively with
The four groups had previously adults in the room now.” Alphabet and impact in the current quarter. At the Salesforce to realise the value befitting a
announced 50,000 job cuts to convince The process to become leaner amid Microsoft, has high end of that guidance, the cost of company of its stature”.
Wall Street they were heading into a macroeconomic pressure contrasts seen its value severance will work out at approxi- Likewise, Alphabet has drawn atten-
“year of efficiency”, as Meta chief execu- starkly with the pandemic-era hiring almost double mately $191,000 per employee. Alpha- tion from activist Sir Christopher Hohn,
tive Mark Zuckerberg described it. This boom when headcounts increased rap- since detailing bet faced a further $500mn in costs of TCI Fund Management, who wrote to
trend comes after more than a decade of idly at tech companies that were its job cuts in relating to office space reduction in the chief executive Sundar Pichai, saying he
heavy spending in a focus on aggressive responding to a rise in demand in digital November — David current quarter, it said. needed to make further headcount cuts
Paul Morris//Bloomberg
top-line growth. products and services. Despite the cuts, Alphabet chief and trim “excessive employee compen-
Despite the companies’ high upfront Apple remains the only large tech financial officer Ruth Porat told inves- sation”.
COMPANIES & MARKETS
Picking sides proves In a Swiss ski resort last month, a

European chief executive lamented
that geopolitics was making his life
At the end of last year, fewer than
9 per cent of the 1,404 EU and G7
companies with operations in Russia
businesses and what Evenett calls the
“Hotel California effect”: if Russian
authorities prevent you from getting
Uncoupling
from Russia
governments’ geopolitical goals.
“Russia is a dress rehearsal for China,”
Evenett said.
hard for CEOs in a complicated. He had been raised in the

age of postwar peace and globalisation,
where business was seen through the
before the invasion of Ukraine had left
the country, Evenett and IMD Business
School professor Niccolò Pisani
the money out of the country, why
bother selling?
Some executives also like to reverse
was meant
to be easy —
Uncoupling from Russia was
supposed to be easy; that is to say
inexpensive — its economy is relatively
fragmenting world prism of growth prospects and cost

efficiencies. Now he was being asked to
pick a side in a fast-fragmenting world
reported in a paper last month.
Where there have been divestments,
it has tended to be of less profitable
the moral argument. What is worse,
they ask: continuing to pay taxes in
Russia, or leaving billions of dollars
its economy
is relatively
small and the well-known risks of
doing business there meant there was
never a big rush of western investment.
— and was finding it hard. businesses, and some sellers have behind, which will in turn fund the war small. But But imagine a similar conflict
“Three years ago we did not talk included buyback clauses — perhaps in effort? This is a swipe rivals generally involving China — not a far-fetched
about these things. The fact that we do the hope that this war will be resolved throw at French bank Société Générale, imagine a prospect, according to General Mike
is frankly scary,” he said on the fringes soon and life can return to normal. which took a €3.1bn loss after it sold similar Minihan, head of US Air Mobility
of the Davos World Economic Forum. “The generation of corporate Rosbank in April to a company Command, who predicted that
This is one reason why nearly a year executives in their 50s and 60s have founded by Vladimir Potanin, a conflict Washington and Beijing could go to war
into Vladimir Putin’s war on Ukraine — never had to deal with geopolitical Kremlin-friendly billionaire now involving over Taiwan in 2025.
and despite western economic risk,” Evenett said. “It’s a profound targeted by US sanctions. Or perhaps it For every US dollar of foreign direct
sanctions, pressure from activists and shock to their mental and world view. is just hard to leave money on the table China investment in Russia, about $8 are
The Top Line the lack of near-term resolution to the
conflict — western companies that had
They are genuinely struggling with this
brave new world.”
and bid farewell to the peace dividend
we foolishly took for granted.
invested in China, Evenett pointed out.
Western CEOs might need to adjust to
Anne-Sylvaine established a presence in Russia have

largely stayed put, according to St
Gallen university professor Simon
To be sure, companies that have
promised to leave are finding it hard to
do: few buyers, huge discounts, local
One of the lessons of the Russian
example, for policymakers, is that
western businesses are out of sync with
the age of geopolitical dislocation faster
than they think.
Chassany Evenett. Uncouple they simply won’t. restrictions on winding down the times and may run counter to anne-sylvaine.chassany@ft.com
BUSINESS
Flying Dutchman must prove he can win over the doubters WEEK IN REVIEW
‘Not obviously box office’: how one

Spotlight
analyst greeted Hein Schumacher,
while others wanted someone with
a higher profile — Unilever/FrieslandCampina
Shell’s bonanza
Hein Schumacher 3 Shell, Europe’s largest oil and gas company, made a
Chief executive, party’s election manifesto in 2020, record annual profit for 2022 of almost $40bn after
Unilever although he once told the Dutch fossil fuel prices soared amid the upheaval caused by
newspaper NRC he no longer had the Russia’s war with Ukraine.
political ambitions of his youth.
Twenty-five years after Hein At Unilever, where he has sat on the 3 The last Boeing 747 — the jumbo jet introduced at
Schumacher spent time at a Dove board as a non-executive since the Paris Air Show in 1969 that helped to make long
soap factory in southern Germany as October, he will need to rekindle distance commercial flight affordable to the masses
part of a graduate traineeship at growth when household budgets are — was delivered to cargo carrier Atlas Air.
Unilever, he is returning as chief under pressure, while also managing
executive to scrub up the consumer high input costs and demands from 3 Universal Music
goods group. retailers to keep down prices. Group, whose artists
The maker of Ben & Jerry’s ice How best to juggle social and include Drake and
cream and Hellmann’s mayonnaise environmental concerns with Taylor Swift (pic-
has turned to the 51-year-old head of shareholder returns will be another tured), is in talks with
a Dutch dairy co-operative to succeed priority. Jope’s mission to do business streaming platforms
Alan Jope, after strategic missteps “with purpose” rankled some to overhaul the indus-
and financial underperformance investors: fund manager Terry Smith try’s economics and
made it a target for activist investor last year accused the company of direct more money
Nelson Peltz. having “lost the plot” for seeking to towards performers.
But while Schumacher is backed by “define the purpose of Hellmann’s”.
Peltz, who was previously an activist People close to Schumacher expect a
at Heinz, where the executive worked pragmatic approach, as well as a no- 3 Goldman Sachs transferred stakes in two privately
for more than a decade, he will need nonsense review of a sprawling held Russian investments to two former employees,
to win over other shareholders. product portfolio that spans Lynx part of its efforts to wind down its operations in the
“Not obviously ‘box office’ ” was deodorant, Persil laundry liquid and country following the invasion of Ukraine.
how Martin Deboo, analyst at Bovril beef extract.
Jefferies, described the appointment. Allan Leighton, chair of C&A and 3 Banks that lost billions from the meltdown of
FrieslandCampina, the company former Asda chief executive, said: “He Archegos Capital Management, including Credit
Schumacher has led since 2018, is an tells it as it is. He’s very Dutch in that Suisse and Morgan Stanley, will get back as little as 5
unlisted entity, whose annual way. Very practical: ‘this is how it is cents on the dollar from its restructuring, with bro-
revenues of €11.5bn are less than a and this is what we’re going to do kers such as Goldman Sachs funding the payouts
quarter of Unilever’s. about it’.” using cash left in the family office’s trading accounts.
One former Unilever executive and Chris Smith, manager of the Jupiter
some shareholders said they had UK Growth fund, said the merits of 3 A UK-based Perella Weinberg Partners banker was
expected someone with a higher separating Unilever’s food and found dead days after the investment bank put him
profile to take charge of the UK’s fifth ‘Obviously big step up for him, but I think he’s up “We moved him around frequently, household products assets would be
largest public company. Investor to the challenge.” challenging him as much as we could.” “an immediate question to ask”.
disgruntlement over Unilever’s it’s a big The change means Unilever, which After stints in Pittsburgh and He added that Jope’s faster than
underwhelming share price has step up for in 2020 abandoned its dual Anglo- London, Schumacher was put in planned departure could be “the
intensified after a botched £50bn Dutch corporate structure in favour of charge of Heinz’s China business in beginning of a cultural and leadership Banks that lost billions from the
takeover of GSK’s consumer health him, but I a unified UK base, will once again be 2011. “We knew he would work as shake-up at Unilever” with more
meltdown of Archegos Capital
business. think he’s led by a Dutchman after a period of hard as the Chinese,” Johnson added. changes in coming months.
Sir Dave Lewis, chair of the GSK British leadership under Jope. It also Yet 3G’s “top-down” management Schumacher will receive a salary of Management will get back as
spin-off Haleon, who earned the up to the means the group will be led by an approach left him “uncomfortable”, €1.85mn, slightly more than Jope’s
little as 5 cents on the dollar
nickname “Drastic Dave” for his cost- challenge’ outsider for only the second time in its Johnson said. Schumacher left the year €1.56mn last year, although his criteria
cutting during a 27-year stint at history. Several shareholders had after the takeover to become chief for performance-related bonuses —
Unilever, was a contender and had called for an external appointment to financial officer of FrieslandCampina, typically the largest component of the
been backed by some shareholders, replace Jope, a Unilever lifer. His although he had to persuade his wife to remuneration package — are the same
according to one person with predecessor, Paul Polman, was move from Shanghai to its base in the as his predecessor’s.
knowledge of the process. Unilever’s first chief executive not to small Utrecht town of Amersfoort. Shareholders have welcomed his on leave following a raid on its London office as part of
Unilever also approached Debra be promoted from within. He was promoted to the top job in background in finance, in contrast to an insider trading probe by German authorities.
Crew, Diageo’s chief operating officer, After four years at Unilever and 2018 and led the business, which is Jope’s expertise in marketing, although
and sounded out several senior three at the supermarket group owned by about 16,000 farmers, some queried his relative lack of 3 A US appeals court dismissed a bankruptcy peti-
managers at leading US-based rivals. Ahold, Schumacher moved to Heinz, through the pandemic and surge in experience in personal care and tion filed by a unit of Johnson & Johnson, upending
However, those who know where he initially worked in the inflation, as well as broader pressures household products. the healthcare company’s attempt to resolve billions
Schumacher said it would be a Netherlands before taking a on dairy farming in the Netherlands. Bert Flossbach, founder and chief of dollars of legal claims from customers alleging its
mistake to underestimate the succession of international postings. “The past few years have not been investment officer at Flossbach von talcum powder caused cancer.
Dutchman, whose broad His co-ordination of sensitive the easiest for the company,” he said in Storch, was among several investors to
restructuring of FrieslandCampina projects, including the rollout of SAP a letter this week to the co-op’s reserve judgment, saying it would 3 Social media platform Snap warned that revenues
involved asset disposals, factory technology, brought him to the members. “But there hasn’t been a day “talk to the management very soon” to could drop as much as 10 per cent in the first quarter
closures and job cuts. attention of Peltz, who had secured a that I didn’t enjoy going to work.” get an impression of the new boss. of 2023, as it is dogged by changes to Apple’s privacy
“He is absolutely not what you seat on the board. An outdoor enthusiast and avid But Johnson said: “I think he’ll be a policies that have disrupted its ability to tailor adver-
would expect from a traditional co- Bill Johnson, who ran Heinz for 15 equestrian, the father of three once very successful CEO . . . [who will] tising to users.
operative,” said René Hooft years before its takeover in 2013 by went riding in Mongolia with his maybe finally get this company where
Graafland, a former chief financial Brazilian-US investment firm 3G and family, who are expected to move with it ought to be.” 3 Shares in cyber security group Darktrace dropped
officer at Heineken who until this Warren Buffett’s Berkshire Hathaway, him to London. Alistair Gray, Emma Dunkley and Arash about a fifth after short seller Quintessential Capital
year was a director at said Schumacher was seen as a future Schumacher found time to Massoudi, with additional reporting by Management alleged potential accounting errors at
FrieslandCampina. “It’s obviously a chief executive of the ketchup maker. contribute to the conservative CDA Judith Evans one of the UK’s biggest tech companies.
3 AIG fired its interim chief financial officer, Mark
Technology
$40bn £4mn
Apple revenues drop for first time in three years after iPhone delays Shell’s annual
profit for 2022
after fossil fuel
Losses for year at
Donald Trump’s
Turnberry golf
prices soared course and resort
PATRICK MCGEE — SAN FRANCISCO demand. Apple posted total revenues of the latest quarter. Taken together, the ‘We’re now be. And so the problem is behind us.”
$117.2bn for the latest quarter, a fall of earnings reports from three of the But he offered a more gloomy assess-
Apple posted a decline in quarterly rev- at the point
5.5 per cent compared with the same world’s biggest companies provided a ment of sales of Apple’s Mac computers,
enues for the first time in three and a
period of 2021 and below analyst fore- note of caution for investors a day after where warning that “it will be a little rough in Lyons, less than a month after giving him the posi-
half years after “significant” supply
casts for $121.1bn. Net profits of $30bn better than expected results from Face- the short-term”. tion, saying he breached the insurance group’s confi-
chain disruptions in China delayed production
were 13.4 per cent lower than last time book owner Meta helped fuel a sharp Despite the lacklustre earnings and dentiality rules.
deliveries of iPhones during the impor-
and also slightly missed expectations. rally in technology stocks. is what we outlook, Apple did not announce any
tant holiday period.
“In total, we expect our March quar- Revenue growth slowed and earnings job cuts or a cost-cutting programme, 3 Court papers revealed that Blackstone has filed
The worse than expected performance ter year-over-year revenue perform- stalled at Amazon Web Services, the need it to marking it out as the only large tech eviction lawsuits against hundreds of tenants across
highlighted Apple’s dependence on ance to be similar to the December ecommerce group’s biggest money- be. And company to avoid mass redundancies. the US as the private equity group winds down its
China for manufacturing and came after quarter,” Cook said, adding that sales of maker, as big customers looked for ways Apple did not provide any forward pandemic-era forbearance programme to boost
shipments of its high-end iPhones were Macs and iPads would probably fall by to save on their cloud spending. so the guidance, something it has not done for returns.
hit by an outbreak of Covid-19 at an double digits in part because of a “chal- Alphabet’s revenue came in below problem is three years owing to what it describes as
assembly hub run by partner Foxconn lenging” economic environment. expectations as its advertising revenue pandemic uncertainty. 3 The Turnberry golf course and Scottish resort in
in Zhengzhou. Shares of Apple fell by more than fell for only the second time, partly behind us’ In an interview with the Financial Ayrshire owned by Donald Trump made losses of
Tim Cook, chief executive, signalled 3 per cent in after-hours trading on because of dollar strength and compari- Times, finance chief Luca Maestri said more than £4mn in the past financial year.
that revenues in the first three months Thursday but bounced back by the sons with rapid growth a year before. that Apple’s “active installed base” — the
of 2023 would also miss the prior year’s, same amount yesterday morning. Cook said that the China supply chain number of its devices in use — had 3 Octopus Energy expects to repay the British gov-
even though iPhone sales were expected Apple’s revenue shortfall came as challenges affecting iPhones had been passed 2bn, up from 1.8bn a year ago. ernment £1.2bn after its takeover of collapsed power
to accelerate, meaning sales of other Amazon and Alphabet pointed to fur- sorted, adding: “We’re now at the point Additional reporting by Richard Waters supplier Bulb, as falling wholesale gas prices slash the
products would be hit hard by lower ther weakening in some core markets in where production is what we need it to See Lex final bill from a predicted figure of up to £6.5bn.
COMPANIES & MARKETS
Billionaire Disney insider becomes

Automobiles
Ford joins
Red Bull for
pivotal figure in Peltz proxy fight return to
Formula 1
Marvel chair who acquired significant shareholding backs activist investor’s battle for board seat
PETER CAMPBELL AND SAMUEL AGINI
CHRISTOPHER GRIMES — LOS ANGELES
AND SUJEET INDAP — NEW YORK Ford is returning to Formula One after
a two-decade absence in an effort to
A key question hanging over Disney as it
drive demand for its electric vehicles,
battles a challenge from activist inves-
just as the sport starts to shift from the
tor Nelson Peltz concerns how many of
traditional engines for which it is
its shares are held by one of the com-
renowned.
pany’s own employees: Marvel chair
Isaac Perlmutter. The US carmaker has joined forces with
Perlmutter, the main backer of Peltz’s Red Bull to return to the sport in 2026,
push to gain a seat on the Disney board, when new rules requiring the use of sus-
became the company’s second-largest tainable fuels come into force.
individual shareholder in 2009 when he As it invests $50bn into its electric
sold Marvel to Disney in a cash and vehicles business, Ford is betting that
stock deal worth $4.2bn. At the time its return to F1 will allow it to showcase
only Steve Jobs held more shares, which its technology while increasing aware-
he acquired after selling Pixar to Disney. ness of its cars. Red Bull Ford Power-
It is unclear how much stock the trains will provide engines to both of
reclusive Perlmutter, who technically Red Bull’s F1 teams, which include
reports to chief executive Bob Iger, still reigning world champions and Scuderia
holds. Assuming Perlmutter has not AlphaTauri.
added or sold Disney shares since the Ford’s decision comes as F1, which is
Marvel deal closed, his stake would be owned by US billionaire John Malone’s
worth $2.4bn, around 1 per cent of the Liberty Media, has in recent years
company, according to FT calculations. expanded the number of races in the US.
Only investors with 5 per cent stakes or The sport has also been boosted by the
more have to disclose their holdings. success of Formula 1: Drive to Survive, a
The size of Perlmutter’s stake matters Netflix series tracking the drama of an
because a large holding could tip the F1 season.
scale in favour of Peltz’s Trian Partners Liberty Media has also sought to
if the proxy battle is as close as some of redraw the economics of the sport to
the firm’s past fights. entice manufacturers and investors. A
Peltz, who acquired a $900mn stake spending cap for teams has been
in Disney last year, is known for his cam- imposed and technical changes made to
paigns against big consumer product cars that are designed to make races
groups, including Procter & Gamble in more competitive.
2017. In that proxy fight, both sides Ford quit F1 in 2004 after several dec-
spent more than $100mn to woo share- ades during which it racked up 10 con-
holders, with Peltz winning by a paper- structors’ championships and 13 driv-
thin margin of 0.002 per cent. ers’ championships before it left the
Other significant individual share- sport. It remains the third most success-
holders at Disney include Jobs’s widow, ful engine manufacturer in F1 history.
Laurene Powell Jobs, and Lucasfilm’s “Ford is a global brand with an incred-
George Lucas. Disney hopes they will ible heritage in racing and the automo-
vote against Peltz’s move to gain a board tive world and they see the huge value
seat. From left, Danai dio, not Perlmutter — a move analysts both octogenarian billionaires, are ‘It appears ding of Peltz’s daughter last April, that our platform provides with over
Having an employee support an activ- Gurira, Lupita say has proved to be wise. Since then, friends and live in Palm Beach. Their resulting in a rare photograph of the half a billion fans around the world,”
ist challenge to a large corporation was Nyong’o and Feige has been named Marvel president foundations have jointly donated to the that Peltz Marvel chief. (Perlmutter is so publici- said Stefano Domenicali, chief executive
“definitely a unique situation”, said Florence and overseen some of the highest-gross- local Salvation Army, and both were started ty-shy that he attended the 2009 pre- of Formula 1.
Drew Chapman, chair of the share- Kasumba in ing movies of all time, including Aveng- Donald Trump donors, though Peltz mier of Iron Man in full disguise.) Also in Bill Ford, the carmaker’s chair, said:
holder activism department at Cole Marvel’s 2018 ers: Endgame and Black Panther. said he regretted his donation after the looking at the wedding photo are Peltz and CNBC “This is the start of a thrilling new chap-
Schotz, a law firm. “It appears that Peltz film ‘Black Peltz and Perlmutter began seeking January 6, 2021, riot in Washington. Disney host Jim Cramer, who was frequently ter in Ford’s motorsports story that
started looking at Disney because of his Panther’ — Marvel changes at Disney months before Iger’s In his book, Iger described Perlmutter critical of Disney management last year began when my great-grandfather won
relationship with Perlmutter.” Studios/Moviestore Collection
Ltd/Alamy
return as chief executive. According to as “a legendarily tough, reclusive char- because and in November led an on-air crusade a race that helped launch our company.”
He added that big individual share- documents that Disney filed with the US acter” and as having a reputation for of his for Chapek to be fired. Ford was expected to set out further
holders helped each side in a proxy con- Securities and Exchange Commission, being “penurious to the extreme”. He On Thursday, Trian issued a state- details of its F1 plans later yesterday.
test to build support. “Disney, more so Perlmutter called Disney board mem- acknowledged having “disagreements” relationship ment recommending that Disney share- The growing interest among carmak-
than other companies, has a large retail ber Safra Catz and general counsel with Perlmutter, but “respected where with holders replace board member Michael ers shows how the sport’s expansion
investor base which has its own chal- Horacio Gutierrez last July to advocate he’d come from in his life”. Froman, the former US trade represent- into the US and the Middle East is start-
lenges to building support. Having for Peltz’s board seat. He met Chapek in Perlmutter served in the Israeli army Perlmutter ative, with Peltz. Trian said Froman had ing to pay off. Volkswagen and General
prominent large shareholders starts to Palm Beach, Florida, not long before his in the six-day war of 1967 before moving [pictured “overseen weak corporate governance Motors have both also explored a return
help build the numbers.” dismissal as chief executive to lobby on to the US, where his first job involved at the company” and that Peltz would to the sport.
Peltz’s activist campaign has become behalf of Peltz. Perlmutter and Peltz, standing outside Jewish cemeteries in below]’ bring “a share owner mentality to the VW’s Audi brand has acquired a
a distraction for Iger, who returned to Brooklyn and being paid by grieving boardroom”. minority stake in Sauber Group, which
Disney as chief executive in November Peltz has become frustrated with Disney’s families to lead funeral services. He In response, Disney said it did not already owns an F1 racing team. The
with a mandate to revive the company began selling surplus goods and in the endorse Peltz or his son Matthew, who is forthcoming engine changes in 2026
and its sagging share price. Iger is
stock performance 1980s discovered he had a knack for running as an alternate. Such a move, have attracted Porsche, which is cham-
expected to discuss restructuring and Share prices rebased (100=Mar 20 2019) investing in distressed companies — the company said, would “threaten the pioning zero-carbon liquid fuels as a
cost-cutting plans when the company including Marvel. strategic management of Disney during way of continuing to sell engine-based
reports results on Wednesday, Wall 250 Following Disney’s acquisition of Mar- a period of important change in the cars.
Street analysts say. Disney closes Fox deal US media* vel, Perlmutter’s brusque style and media landscape”. But Porsche abandoned talks last year
Iger had a tense relationship with Per- 200 strong opinions often put him at odds Some Wall Street analysts say they do to partner with world champions Red
S&P 500
lmutter during his first stint as chief with colleagues, the FT reported in not expect Peltz’s push for a board seat Bull after failing to agree terms.
executive, so much so that he often dele- 150 2012. A female employee alleged that to succeed. Ford’s announcement comes a day
gated communications with him to Bob Perlmutter said he had a “bullet with Iger remained popular among inves- after the group’s latest results showed a
Chapek, according to former employ- 100 [her] name on it” after a disagreement tors, said Jason Bazinet, an analyst at $2bn loss last year, as a writedown on its
ees. Chapek served as chief executive Walt Disney about an email. A racial remark alleg- Citi. “I’d be shocked if a lot of people stake in electric vehicle group Rivian,
for 33 months before Iger returned. 50 edly made by Perlmutter was also voted with Peltz,” Bazinet said. “There’s the chip shortage and the shutting of its
Perlmutter is said to have been out- 2019 20 21 22 23 relayed to senior Disney managers, the so much goodwill that Iger has with self-driving car business took their toll.
raged when Iger reorganised Marvel in * Includes Alphabet, Amazon, Apple, AT&T, Comcast, Discovery (Warner Bros. FT reported. institutional investors that I would be Jim Farley, Ford chief executive, said
2015 to allow film producer Kevin Feige Discovery), Meta Platforms, Netflix and ViacomCBS (Paramount) In a sign of the closeness of their rela- stunned if they back an activist and slap on Thursday he was “frustrated” with
to report to the head of the Disney stu- Source: Refinitiv tionship, Perlmutter attended the wed- Iger across the face.” progress.
Technology. Takeovers
Broadcom chief seeks more acquisitions after $69bn deal for VMware
Whatever Broadcom’s next big move, seen Tan and Trump shaking hands in Asked how VMware — which makes “they do not deserve to exist”. com’s competitors’ datacentre hard-
Tan targets semiconductor Tan intends to lead it even as he coasts the Oval Office only months earlier. “virtualisation” software for managing “We look at VMware as the 23rd prod- ware, locking customers in to its own
and software businesses as he past the age at which most executives Looking back, Tan said his biggest corporate IT systems across data centre uct division,” Tan said. “Is there an over- kit. “The basic value proposition for
retire. “I just signed up for another five mistake in the Qualcomm “misadven- hardware and cloud computing plat- arching strategy? The answer, I hate to VMware to exist is that you must be able
signs on for five more years years. I’m having too much fun,” he said. ture” was going hostile. “You don’t know forms — fits with the rest of Broadcom’s say, is ‘no’. The only overarching strat- to virtualise every piece of hardware
Tan, who was born in Malaysia and what you’re getting into,” he said. “The portfolio, Tan said simply: “It doesn’t.” egy is the model that says we buy assets that exists in a data centre,” Tan said.
TIM BRADSHAW moved to the US to study at Massachu- only real way to do acquisitions is to do it Each of Broadcom’s 22 product divi- and we run them better.” “The minute you start degrading, dis-
Hock Tan, the executive who built setts Institute of Technology, has on a friendly, arm’s-length basis.” sions — which include semiconductors, Despite this model being compared criminating [or] deprecating pieces of
Broadcom into a $250bn tech heavy- worked in tech since the early 1990s. He By the end of 2018, Broadcom had networking gear and enterprise soft- with private equity, Tan insisted this is hardware, you just shoot yourself in the
weight through a series of bold acquisi- was hired to run what is now Broadcom closed an $18.9bn acquisition of CA ware — ran “very independently”, he the “biggest misconception” about foot.”
tions, has signalled more dealmaking in 2006, a year after private equity firms Technologies, a software company said, while sharing back-office functions Broadcom: “We are not consolidators, At the same time as trying to placate
after his $69bn move for VMware, as the KKR and Silver Lake paid $2.66bn for known for its high-margin mainframe and some sales teams. we are operators.” He bristles at analysts regulators, Tan is facing the threat that
71-year-old signs on for another five Avago Technologies, which originated business. A year later, Broadcom paid “They are [each] allowed to invest as who accuse him of slashing costs, halt- Apple — its largest customer, account-
years as chief. in Hewlett-Packard’s semiconductors $10.7bn for Symantec’s enterprise secu- much as they need to, to get to be ing innovation and raising prices after ing for about 20 cent of sales last year —
In an interview with the Financial division in the 1960s. rity business. If regulators approve its number one or maintain their number closing a deal. may replace the Broadcom wireless
Times, Tan said Broadcom would still After going public in 2009, Avago $61bn cash-and-stock takeover of one position” in their respective “I am not harvesting, I am trying to chips in its iPhones with parts the
look at semiconductor acquisitions, grew rapidly via acquisition, including VMware, which also sees Broadcom markets, Tan said. If any of those grow the product,” he said, a principle Cupertino-based company has designed
even after its hostile $142bn bid for semiconductor company LSI, network- assuming $8bn of debt, it will be Tan’s units had to rely on one of their “sister” he hopes will drive VMware customers in-house.
Qualcomm, was blocked in 2018 by ing tech maker Brocade and, in 2015, the biggest deal yet. divisions to achieve that goal, he added, to “consume more because it adds Tan said he was “confident I can out-
then-US President Donald Trump. $37bn takeover of communications value” to them, avoiding the need to engineer them” despite the huge success
Broadcom’s bid for datacentre soft- group Broadcom, whose name the Tech titan: raise prices. of Apple’s other chip designs. “They
ware provider VMware is also being group then took. Hock Tan’s Tan’s expansion strategy for VMware value technology to sell their hardware,
examined by competition enforcers in Tan’s dealmaking streak ran aground dealmaking ran rests on pushing it into every kind of so they will take the best technology.”
the US, Europe and the UK. in March 2018. Trump’s intervention aground in 2018 data centre, from private corporate Tan said he was considering Intel as a
Although mega tech mergers came against the Qualcomm deal, which came with Donald facilities to Big Tech’s vast cloud com- potential new foundry partner, as an
with heightened scrutiny these days, after the Committee on Foreign Invest- Trump’s puting platforms. It also forms the heart alternative to Broadcom’s main sup-
acquisitions remained a “key part of our ment in the United States raised intervention of his response to the European Com- plier, Taiwan-based TSMC.
strategy”, Tan said. national security concerns, put an end against the mission’s questions about the deal. Broadcom was also looking at a “little
Broadcom maintained a “select” list to what would have been the biggest Qualcomm deal In December, Brussels opened an in- bit more” insourcing, Tan said, includ-
Charlie Bibby/FT
of “companies with assets that we would tech takeover in history. depth probe, saying it had “prelimi- ing potentially manufacturing its own
love to buy”, Tan said. “On that list, Soon after, Broadcom relocated its nary” concerns that the company would substrates. “Substrates are something
there are some in semiconductors, there corporate headquarters from Singapore degrade or block interoperability we used to take for granted, like water
are some in software.” to California, completing a plan that had between VMware’s software and Broad- and air,” he said. “Not any more.”
COMPANIES & MARKETS
Financial services. Insolvency regulation Healthcare
Sanofi boss
EY under fire over dual role at warns against
cuts to clinical
battery start-up Britishvolt innovation
ADRIENNE KLASA — PARIS
Britain is at risk of falling behind Euro-

pean competitors in healthcare inno-
vation because of “short-term dra-
matic measures” that the government
has taken to plug the country’s deficit,
Sanofi’s chief executive has warned.
“If I see how quickly science is develop-
ing in France, how quickly innovation is
developing in clinical operations in
Spain, there is a real risk that other
countries take a big lead [over Britain],”
said Paul Hudson, the French pharma-
ceuticals company’s chief, despite how
“brilliant” the UK’s scientific commu-
nity was.
“Governments and in particular the
UK need to be a little bit careful that any
short-term dramatic measures against
the industry don’t lead to an erosion in
the sector and access to medicine for
patients,” he added, noting that in the
past two years clinical research had
declined in the country by 50 per cent.
Hudson said he had called for a stop in
cuts to healthcare and life sciences
research in conversations with No 10.
Major pharmaceuticals companies have
also criticised the scale of clawback
costs NHS pricing policies impose on the
industry, which accounted for more
than a quarter of last year’s UK sales.
Drugmakers signed a voluntary deal
with the NHS in 2019 to limit any rise in
the total branded-drug bill to 2 per cent
a year. But a combination of the pan-
demic and an increase in use of more
expensive treatments led to unusually
Conflict of interest fears after Britishvolt, having received four bids on Britishvolt paid start-up. “They wrote the whole busi- The chief ther. Although EY has not been accused high clawbacks in the past two years.
Wednesday, according to two people EY £500,000 a ness plan from scratch, they did every- of breaking any rules, questions over its The Department of Health and Social
firm moves from adviser to briefed on the process. month before thing,” said a person who had close financial role come at a sensitive time for the sec- Care did not respond to a request for
The prospective deal with the Aus- the start-up at involvement at the time. officer, head tor, as the government considers over- comment.
administrator at failed venture tralian battery company was selected Blyth failed, EY’s ties to the battery start-up at hauling the way the insolvency profes- The comments from Sanofi’s chief
over offers from a group of current according to two Blyth in Northumberland became even of finance sion is regulated. come amid a wider struggle between big
shareholders, private equity group people. Now its closer when Britishvolt’s chief financial systems The sector has also faced a backlash pharmaceuticals groups and national
PETER CAMPBELL, MICHAEL O’DWYER, Greybull Capital and the Saudi British administrators’ officer, its head of finance systems and after high-profile fines against Deloitte governments over drug prices, as poli-
GILL PLIMMER AND HARRY DEMPSEY
Bank, the people said. fees will be paid innovation and the chief of staff to its and the in 2020 and KPMG in 2022 over miscon- cymakers have to contend with tight
EY has come under fire over its switch EY’s administrators’ fees will be paid in priority to chief executive were all hired from the chief of staff duct by their insolvency teams. budgets and drugmakers face a tough
from adviser to administrator of the in priority to amounts owed to British- creditors consultancy in 2021. In a public consultation on oversight commercial environment.
failed battery start-up Britishvolt as volt’s creditors, as is normal in an insol- Gaul NE News/Alamy
In addition, EY used its relationship to its chief of the sector, which closed in March, the Sanofi predicted in annual results yes-
questions mount over a possible conflict vency. with the start-up to boost its corporate executive government said the scandals had “con- terday that it would grow at a more
of interest created by its twin roles. Since the firm was appointed as sustainability credentials, despite its tributed to a perception of a lack of moderate pace this year, after delivering
The Big Four consultancy was a long- administrator, new details have come to global boss criss-crossing the world in a were all objectivity and integrity generally by strong sales growth in 2022 driven by its
standing adviser to Britishvolt, playing a light that expose the closeness of the private jet dubbed “EY One”. The hired from insolvency practitioners”. hit Dupixent anti-inflammatory drug,
central role in devising its failed strat- existing relationship between the com- project was one of a select few the firm This “is almost as damaging to the which is used for diseases such as
egy, seconding a team to the company panies. highlighted as it reported its annual glo- EY in 2021 reputation of the insolvency profession eczema, and vaccines.
for almost two years and collecting mil- Before the company’s collapse, Brit- bal revenues in September. as a lack of objectivity and integrity Sanofi said that adjusted earnings per
lions of pounds in fees. ishvolt paid EY £500,000 a month, The Britishvolt project was also a itself”, it added. share, excluding currency movements,
Last month administrators from EY according to two people. During some chance for EY to demonstrate its con- The government’s proposed changes would be “in the low single digits” for
were ushered in to find a buyer for the months, the start-up spent more money nections with the UK government. Its include replacing self-regulation by pro- 2023. They grew 17 per cent to €8.26 per
business when it collapsed, igniting con- paying consultants, which included EY, team advising the start-up included fessional bodies, which detractors say is share in 2022 while sales rose 7 per cent
cerns over conflicts of interest in a sec- than it did its own staff, one of the peo- Mats Persson, a former chief of staff to insufficiently robust, with a statutory to €43bn.
tor that MPs have branded a “wild west”. ple said. Sajid Javid during his spell as chancellor, regulator. Sanofi is pursuing a five-year turn-
EY’s move from adviser to adminis- EY was involved from a very early and special adviser to David Cameron Unlike other professions such as audi- round plan under Hudson, who is in his
trator “must be a conflict of interest”, stage, and was instrumental in helping when he was prime minister. tors and lawyers, insolvency practition- fourth year at the company’s helm. But
said one industry figure who was close Britishvolt position itself as a function- Ministers offered Britishvolt a sup- ers are also regulated as individuals it has faced questions about the strength
to the Britishvolt process. ing enterprise, according to multiple port package worth £100mn if the com- rather than at firm level. of its drugs pipeline.
“You have to laugh,” said an EY people who worked with or for the pany raised private funding and began Government proposals for the sector Sanofi’s failure to develop a Covid-19
insider of the firm’s dual duties. construction work. In the end, British- include replacing its current system vaccine has hung over the company, as
Several employees at Britishvolt, volt hit neither target, and the money with one where firms employing insol- has the failure of several drugs it had in
which had ambitions to build the UK’s was never paid out. vency experts are directly accountable development. Analysts say that Hudson
largest battery factory, also questioned EY declined to answer whether Pers- for their conduct and the management needs to embark on a more ambitious
the validity of EY’s twin responsibilities son was involved in lobbying for British- of conflicts of interests. dealmaking spree.
during a heated video call between staff volt as it sought taxpayer funding. The government has yet to publish its “M&A is probably on the agenda for
and the administrators last month, In response to a detailed list of ques- response to submissions made during 2023,” wrote Michael Leuchten, an ana-
according to two people. tions about Britishvolt, EY said it “was the consultation. lyst at UBS. “We don’t think Sanofi’s val-
It is not unusual for advisers to be sub- an unsecured creditor of the company “I would hope that the government’s uation pivots on near-term estimates
sequently appointed as administrators. at the time of the appointment of report would at least in part address the but on the company’s ability to create
While some insolvency specialists administrators [because of fees owed to problem of perceived or potential con- optionality that will eventually allow for
argue that administrators have an it for its earlier advice], but will not vote flicts of interest by moving towards the an offset of the dependence on Dupix-
advantage if they know the business on any creditor resolutions that may be regulation of firms rather than individ- ent. Smart capital allocation could
well, critics say such arrangements cre- required as part of the administration ual practitioners,” said David Ereira, change investor perception.”
ate a risk that advisory firms will in process”. partner at law firm Paul Hastings, and Sanofi’s share price has fallen more
effect be marking their own homework, It added that “creditors of Britishvolt former chair of the government’s Insol- than 4 per cent in the past year, a less
threatening their independence. and monies owed will be disclosed in vency Service. drastic decline than at peers Pfizer,
EY yesterday selected Recharge due course as part of the administrators “But until the government publishes Johnson & Johnson, and Novartis.
Industries as the preferred bidder for report”, and declined to comment fur- its response, we just don’t know.” Additional reporting by Hannah Kuchler
Corporate responsibility. Personal misconduct
McDonald’s court ruling turns up heat on business executives

dismissed over a relationship with a The Delaware courts have typically flirting with female staff. Executives flags” along the way, including numer- wrongdoing that affects core business,
Decision allowing directors to subordinate in 2019. ruled on M&A and shareholder dis- “routinely ma[de] female employees ous accusations that McDonald’s toler- as well as beyond the duties of just board
be sued for ‘oversight’ failures Fairhurst, whom investors accused of putes, not personal misconduct claims. feel uncomfortable”, the investors ated harassment of employees at res- members, according to University of
fostering a “party atmosphere” at the But since 2019, after a decision that the alleged. taurants, including in employee com- California professor Steve Bainbridge.
opens new front in litigation group, “had an obligation to make a board of an ice cream company could be After several colleagues allegedly plaints filed with the Equal Employ- “Caremark has now grown to encom-
good-faith effort” to gather information liable for duty breaches for failing to reported Fairhurst for pulling a female ment Opportunity Commission. pass what amounts to human resources
JOE MILLER, ANDREW EDGECLIFFE- about misconduct and alert the board, monitor operations in the lead-up to a employee on to his lap at a party for McDonald’s declined to comment, but mismanagement,” he wrote in a blog
JOHNSON, SUJEET INDAP AND PATRICK
TEMPLE-WEST — NEW YORK
wrote vice-chancellor Travis Laster. deadly listeria outbreak, investors have human resources staff, shareholders in its filings to the Delaware court, the post last week. “What should have been
The former HR chief “could not con- increasingly gone after directors for fail- claimed Easterbrook recommended the company noted that its board was not a matter of employment law (and pun-
Before last week, few people outside of sciously ignore red flags indicating that ing to spot or stop corporate scandals company deviate from its zero-toler- aware of the “red flags”. Lawyers for ished severely thereunder) has become
McDonald’s corporate headquarters in the corporation was going to suffer that have cost them money. ance policy for acts of sexual harass- Fairhurst did not respond to requests a matter of the most controversial doc-
Chicago would have been familiar with harm”, Laster added. The case against Fairhurst was differ- ment by cutting Fairhurst’s bonus but for comment. A lawyer for Easterbrook, trine in corporate law.”
the name David Fairhurst. The 64-page decision took the com- ent. Fairhurst had been promoted to allowing the HR boss to keep his job. who is not a defendant in the case and “Delaware law is highly contextual,”
But a court decision involving the mercial litigation world by surprise. It chief people officer in 2015 by Easter- The lawsuit described “massive red has settled separately with McDonald’s, one senior corporate lawyer working
former “global chief people officer” at signalled for the first time that the Dela- brook, with whom he had become close declined to comment. with parties involved in the lawsuit cau-
the fast-food group, who was fired fol- ware courts would put operating execu- when they both worked at McDonald’s The lawsuit relies on the Caremark tioned, adding that it was too early to
lowing allegations of sexual misconduct tives, not just board members, in the in London. He was not, however, on the doctrine, referring to a 1996 Delaware predict a wave of cases against officers
in 2019, could become a cautionary tale crosshairs for failing to implement the burger chain’s board. decision. The Caremark decision held until further similar rulings were issued.
for companies across the US. “oversight” needed to stop wrongdoing. Shareholders alleged Fairhurst that boards of directors retained a duty “There are going to be people who are
A judge in Delaware, where two- “The ruling really will expand what breached his fiduciary duties by allow- of oversight over their companies. Such going to say this is going to lead to a mas-
thirds of Fortune 500 businesses are we see in terms of claims in years to ing a corporate culture to develop that claims have led to costly settlements for sive flood of litigation,” said Rollo Baker,
incorporated, found shareholders could come,” said Doug Baumstein, a securi- condoned sexual harassment and mis- some, including Boeing, which paid a partner at law firm Quinn Emanuel.
sue Fairhurst for allegedly failing to ties lawyer at Mintz. “It puts a little bit conduct. Recruiters were encouraged to $237.5mn in 2021 over a lawsuit alleging But cases such as the one against Fair-
attempt to prevent pervasive sexual more pressure on boards and manage- hire “young, pretty females” to work at its directors were liable for the two hurst, he added, “are exceedingly hard
harassment at the company, which lost ment to make sure that they really have its headquarters, they said, where he crashes of 737 Max jets. to allege and prove because they require
billions of dollars in market value after systems in place to detect bad conduct and Easterbrook hosted weekly happy The ruling concerns a former ‘global The McDonald’s decision widened the specific allegations of bad faith, which is
chief executive Steve Easterbrook was and then do something about it.” hours and developed reputations for chief people officer’ at the food group scope of Caremark claims beyond just very hard to do”.
COMPANIES & MARKETS
Fixed income. Corporate buyers Media
Activision to
Dealmakers battle rising rates pay $35mn
SEC fine over
by avoiding debt refinancing workplace
complaints
ANDREW EDGECLIFFE-JOHNSON
NEW YORK
Activision Blizzard, the maker of

popular video games including Call of
Duty, has agreed to pay a $35mn fine
to settle charges relating to its handling
of workplace discrimination and
harassment allegations.
In a statement yesterday, the
Securities and Exchange Commission
said that the group from 2018 to 2021
had been aware that its business units
lacked the controls and procedures
needed to collect and assess employee
complaints about misconduct.
As a result, it “lacked sufficient
information to understand the volume
and substance of employee complaints
about workplace misconduct and did
not assess whether any material issues
existed that would have required public
disclosure”, the SEC said.
Activision, which is facing a separate
lawsuit from US regulators seeking to
stop its $75bn sale to Microsoft, faced
a staff walkout in 2021 after its
management dismissed allegations in a
California lawsuit that it had harboured
a “frat boy” culture as “inaccurate”.
Later that year, chief executive Bobby
‘As the order recognises,

we have enhanced our
disclosure processes with
workplace reporting’
‘Portable capital structures’ allow sales of large stakes in companies The structure allowed Cameco to Easier to buyouts — has risen to 8.28 per cent, Kotick apologised for the “tone deaf”
or even complete takeovers to be simply purchase its minority stake for swallow: most from 4.74 per cent at the start of last response as the company told staff
preserve old borrowings amid executed with just enough cash to pay $2.2bn in cash, just less than half of the $7bn in year, data from Ice Data Services that it had fired 20 employees and
for a business’s equity. of Westinghouse’s $4.5bn equity cheaper debt on showed. reprimanded another 20 in an effort to
tough times for takeovers Buyers can avoid having to raise valuation. the books of That probably understates the true build a “more accountable workplace”.
extra money to pay off the debts of their Westinghouse’s $3.4bn in debt stayed Albertsons will cost, given that financing markets are The company also last year agreed an
ANTOINE GARA AND ERIC PLATT targets, as is typically the case. in place, allowing one of the biggest be transferable mostly shut to big private equity $18mn settlement with the Equal
NEW YORK
In the Albertsons deal, which is being transactions of the fourth quarter to in the takeover takeovers. The cost to borrow from Employment Opportunity Commission,
Investment bankers who string together reviewed by US regulators, most of the sidestep frozen credit markets. deal for the direct lenders in private markets in a federal agency that oversees civil
complex corporate takeovers have a $7bn in lower cost debt on the target’s “Advisers are modelling out grocery group some cases has surpassed 12 per cent or rights issues in the workplace, regarding
Ash Ponders/Bloomberg
new item on their checklists: avoid deal books will be transferable. transactions and there is a certain 13 per cent, according to investors. claims of sexual harassment, pregnancy
terms that force acquirers to refinance Kroger’s strong debt rating means it breakpoint above which refinancing “Selling a business with debt discrimination and related issues.
debt. will not need to repay the earlier debts at current rates make it not a good remaining in place is a real asset,” said The SEC’s seven-page order found
Keeping old borrowings on the books as legal covenants would have required opportunity for them to pursue,” said an executive involved in one of these that Activision had signed separation
rather than rolling into new bonds and if the buyer had a weaker financial one person involved in the deal. transactions. agreements with staff leaving the
loans has become a priority for private profile. So-called secondary transactions are However, portable structures are company requiring them to tell the
equity groups and corporate buyers as “Most capital structures that were another type of arrangement, in which viewed with scepticism by funds that company if they received any request
interest rates rise and lending markets executed prior to last year’s [market] new investors are brought in to take invest in corporate credit. for information from SEC staff, in viola-
constrict. sell-off offer significant value to a minority stakes that do not trigger a Fund managers are wary of tion of whistleblower-protection rules.
Because debt held over generally buyer, given in today’s market a change in control. acquisitions that might result in them “Activision Blizzard failed to
costs less, it has propped up valuations financing would be materially . . . more Recent secondary transactions holding debt that becomes riskier than implement necessary controls to collect
and made some megadeals possible in expensive,” said Jeff Greenip, global include Bain Capital’s sale of a large when they first agreed to buy it. and review employee complaints about
the toughest environment since the head of financial sponsors at Jefferies, minority stake in warehouse operator “What you are nervous about is that workplace misconduct, which left it
2008 financial crisis. the investment bank. Imperial Dade to Advent International someone will buy the company without the means to determine
“Buyers in this market are seeking Many deals have also been structured at a near $6bn valuation, and Partners and make the capital structure whether larger issues existed that
to keep the existing debt in place to avoid triggering “change of control” Group’s sale of a 50 per cent stake substantially [more leveraged]” as a needed to be disclosed to investors,”
whenever possible,” said a senior provisions that force buyers to repay in pipeline services company USIC to target company’s debt shifts on to the said Jason Burt, director of the SEC’s
adviser involved in one of the largest all outstanding debts and put new Kohlberg & Co for $4.1bn. acquirer’s books, said John Yovanovic, Denver Regional Office.
such deals of last year. financing in place. Neither involved new debt, according ‘Buyers in the head of high-yield portfolio manage- “Moreover, taking action to impede
Arrangements to preserve lower-cost In its sale of Westinghouse, a unit of to people briefed on the deals. ment at PineBridge Investments. former employees from communicating
debt were a hallmark of several big Canada’s Brookfield Asset Management Since the target companies were able this market Creditors of Latin American telecoms directly with the commission staff
transactions announced in late sold a 49 per cent stake in the nuclear to maintain the low-cost financing are seeking group Millicom International Cellular about a possible securities law violation
2022, including Kroger’s proposed services company to uranium miner they raised when interest rates were saw the value of their bonds slip last is not only bad corporate governance, it
$24.6bn takeover of rival grocer Cameco. low, sellers received valuations that to keep the week after the Financial Times reported Our global is illegal,” he added.
Albertsons; Brookfield’s $7.9bn sale of However, since another unit of were not as affected by higher financing existing that private equity giant Apollo was in team gives you Activision said that it was pleased to
Westinghouse; and private equity firm Brookfield that manages renewable costs that have swept through the talks to buy the business. market-moving have resolved the matter amicably. “As
BDT Capital’s near-$4bn purchase of energy investments purchased the market. debt in place Apollo, known for running its news and views, the order recognises, we have enhanced
grill maker Weber. remaining 51 per cent controlling stake, The yield on the average single B rated whenever portfolio companies with relatively high 24 hours a day our disclosure processes with regard to
Among the approaches are so-called the transaction did not lead to a change US corporate bond — a credit rating that levels of debt, plans to leave Millicom’s ft.com/markets workplace reporting and updated our
“portable capital structures”, which of corporate control. often includes many risky leveraged possible’ existing debts in place. separation contract language.”
Equities Financials
Top 3M shareholder fires warning Carlyle courts ex-Goldman executive

shot at chief for poor performance Schwartz for CEO amid long search
EMMA DUNKLEY look at everything [you] do” and “apply Times, comes just a week after 3M said it ANTOINE GARA AND JOSHUA FRANKLIN Blankfein as the group’s chief executive. chief financial officer Mark Mason,
NEW YORK
it not only to how 3M should operate would cut 2,500 jobs worldwide, largely Schwartz had held several top roles at people briefed on the search said.
One of 3M’s largest shareholders has
going forward, but also to who should in its manufacturing operations, which Carlyle Group has spoken to former Goldman, including chief financial Top internal candidates are Peter
called on the US conglomerate to
shape the future of 3M”. employ about 50,000 people. Goldman Sachs executive Harvey officer, co-head of the securities Clare, a veteran dealmaker who is chief
improve performance or consider
He added: “Regarding the ‘who’ we 3M spans industries from healthcare Schwartz about taking over as the division, and co-president and chief investment officer of Carlyle’s private
appointing a new chief executive, fol-
have not reached an ultimate conclu- to consumer goods, and products from private equity group’s chief executive operating officer alongside Solomon. equity unit, and Mark Jenkins, head
lowing five years of weak returns, legal
sion. However, as we find it increasingly adhesives to personal protection equip- as the company tries to complete a Since leaving Goldman, Schwartz has of its fast-growing credit investment
challenges and a falling share price.
unacceptable to be constantly put off in ment. protracted search for a new leader after chaired the board of directors at the operations.
Flossbach von Storch, the eighth-largest anticipation of a distant better future, The Minnesota-based company said Kewsong Lee’s abrupt resignation in Bank of London, a clearing bank, and is In a memo to employees late last year,
investor in the group, warned 3M boss we expect you to provide us with spe- last year it was aiming to spin off its August. also on the board at US online lender Carlyle’s interim chief executive and
Mike Roman that it is “increasingly con- cific answers regarding the ‘how’ and healthcare unit and put one of its sub- co-founder William Conway said the
cerned” about the operational running ‘who’ in a timely manner.” sidiaries into bankruptcy, following Schwartz, a two-decade veteran of New York and Washington-based
of the company and its “competitive The letter, seen by the Financial legal claims over allegedly faulty ear- Goldman who left the Wall Street bank
He departed Goldman five buyouts pioneer was working to
position” against rivals. plugs. 3M also said it would stop making in 2018, has discussed taking the top job years ago after losing out to conclude the search in the “near future”.
Bert Flossbach, co-founder of the Ger- chemicals that harm the environment at Carlyle, said two people familiar with Schwartz was co-head of Goldman’s
man asset manager, said in a letter to by the end of 2025 as a result of pressure the matter.
David Solomon in taking securities division in the years during
Roman: “While it is true that there have from regulators and shareholders. Though Carlyle has been working to over from Lloyd Blankfein and immediately after the 2008 finan-
been many challenges outside of man- Flossbach said it was “increasingly conclude its search for a new leader cial crisis before becoming CFO in 2013.
agement’s control in recent years, in our hard to take confidence in your still pos- early this year, no decisions have SoFi. He was also reportedly a candidate He held the role for four years before
view this does not fully explain the weak itive statements regarding the underly- formally been made, cautioned one to become CEO of Wells Fargo, a job that being promoted to co-president in Janu-
earnings development since you took ing health of 3M”. person briefed on the process. ultimately went to Charles Scharf. ary 2017, working alongside Solomon.
over as CEO in July 2018.” 3M has also faced legal challenges Schwartz did not respond to a His potential appointment comes A year later, Goldman’s succession
Flossbach said it was “concerning” over its earplugs which Flossbach said, request for comment. Carlyle declined after a lengthy search during which plans for Blankfein were clarified when
that the $65bn company’s revenue was in addition to the restructuring, had to comment. Carlyle considered internal candidates Solomon was named the bank’s sole
expected to be flat in the year ahead. “been a major distraction for the entire Should Schwartz get the job, Carlyle and a number of high-profile external president while Schwartz announced
Shares in 3M have dropped by more organisation and weigh on 3Mers’ would be recruiting one of Wall Street’s financial executives. his decision to retire from the bank.
than a half to $116 since 2018, while morale”. most experienced senior executives. The search committee had sounded The latest development was first
adjusted earnings per share are down by 3M said: “We are in regular discus- He departed Goldman five years ago out Goldman president John Waldron, reported by Semafor.
about 8 per cent over five years. 3M boss Mike Roman was chided sions with our shareholders and we after losing out to David Solomon in former Morgan Stanley chief operating Additional reporting by Kaye Wiggins in
He urged Roman to “take a deeper over weak earnings under his remit always welcome their feedback.” a contest to take over from Lloyd officer Jonathan Pruzan and Citigroup Hong Kong
COMPANIES & MARKETS
The day in the markets

On Wall Street
Goldman can regain its What you need to know
swagger with BNY Mellon 3 US dollar climbs after blockbuster jobs

report
3 World’s biggest economy adds far
Friday’s strong jobs numbers boost the US dollar
US Dollar index
more jobs than expected in January 114
3 Treasuries sell off while Wall Street
edges lower, erasing bigger losses earlier
112
William capital that banking deposits provide to

keep its lending machine humming.
market value of more than $40bn,
buying Bank of New York Mellon would
The dollar strengthened yesterday after
jobs growth in the world’s largest 110
Cohan In short, it needs to buy a big
commercial bank but not one that also
be a transformational deal for Goldman
and one, I believe, that would allow
economy unexpectedly accelerated,
damping expectations that the US
108
has an investment bank or investment- Goldman to keep intact its unique and Federal Reserve will soon stop raising
banking aspirations. insular culture while also allowing it to interest rates.
The perfect merger candidate for get bigger in asset management, Government bonds sold off heavily, 106
G
Goldman has long been Bank of New deposits and the back-office mechanics more than reversing the previous day’s
York Mellon, which operates in 35 of Wall Street. large gains.
104
oldman Sachs has lost its countries around the world and has BNY Mellon would be a good Wall Street’s blue-chip S&P 500 fell 0.1
swagger. The market value $1.8tn of assets under management and counterpoint to Goldman’s perennial per cent after the payrolls report and the
of the venerable 154-year- another whopping $44.3tn of assets strengths of investment banking and tech-heavy Nasdaq Composite slipped 0.1 102
old investment bank, at under custody or administration. trading — a business that seems less per cent, largely erasing earlier losses.
$121bn, is now $42bn less It also owns Pershing, one of the volatile at the bank than at other places. The US Dollar index, a measure of the
100
than its longtime arch-rival Morgan leading clearing houses on Wall Street, Goldman is simply better at it than its currency’s strength against a basket of
Stanley. It used to be that Goldman was and — perhaps best of all — the company competitors. six peers, rose 0.9 per cent, though the Aug 2022 2023 Feb
the more valuable bank for many years. is a complementary fit with Goldman. But there is also the no small matter of world’s reserve currency has declined Source: Bloomberg
Likewise, it used it used to be that the There is no overlap with Goldman’s whether Goldman’s prudential almost 9 per cent since September.
pay of Goldman’s chief executive was the world-class investment banking and regulator, the US Federal Reserve, would Leading central banks this week raised
gold standard on Wall Street. But in permit Goldman to make such a large, interest rates to their highest levels since from 3.5 per cent the previous month. “I’m Economic activity in the vast US
2022, Morgan Stanley’s CEO, James horizontal acquisition. the financial crisis, yet investors rushed shocked by these numbers,” said Steven services sector grew more than expected
Gorman, was paid $31.5mn for his work,
A good counterpoint to The Fed has not approved any such into equities and bonds after officials Blitz, chief US economist at TS Lombard. with the latest ISM non-manufacturing
down 10 per cent from the year before, strengths in investment deals on Wall Street since the days before hinted that the current cycle of monetary “If they’re really reflective of what’s going index rising to 55.2 per cent in January
while Goldman’s CEO, David Solomon, the 2008 financial crisis (and those were tightening may be nearing its end. on in the economy, one has to ask the from 49.2 per cent in December.
received $25mn, down 29 per cent.
banking, it’s a business forced, of course.) But it’s high time for But yesterday’s monthly job figures, question: what is the Fed doing slowing Across the Atlantic, the Stoxx Europe
Then there are reports of a morale that seems less volatile the Fed to allow much-needed which suggest the US economy remains down with rates?” 600 share index gained 0.3 per cent with
problem at the firm, which I guess is to be consolidation in the still-bloated resilient despite a significant rise in rates US government bonds sold off, with the Frankfurt’s Xetra Dax falling 0.2 per cent.
expected in the wake of Solomon’s recent banking sector to continue. over the past year, punctured some of the 10-year Treasury yield jumping 11 basis London’s FTSE 100 rose 1 per cent to a
decision to fire 3,200 employees, principal investment businesses. What’s Then there is the issue of employee optimism. points to 3.51 per cent, erasing a decline record high.
roughly 6 per cent of its global workforce more, Bank of New York Mellon’s morale. It’s a problem across Wall Street The US added 517,000 jobs in January, earlier in the week triggered in part by Yields on 10-year German Bunds and
of nearly 49,000, and of his recent relatively new CEO, Robin Vince, spent but Goldman being Goldman, its much higher than the 185,000 anticipated the Fed’s rate increase. Italian government bonds of the same
confession that the bank’s strategic focus 26 years in a variety of jobs at Goldman problems tend to be magnified and by Wall Street economists. The economy The yield on the interest rate-sensitive duration edged higher, retracing some of
on the Main Street consumer and other Sachs before moving last August. He showcased. And, to be frank, Solomon added 260,000 in December. two-year Treasury rose 18bp to 4.27 per the strong gains in the previous session.
more mundane commercial banking knows Goldman and vice versa. has become part of the problem. The jobless rate fell to 3.4 per cent cent as the price of the debt fell. George Steer
products has pretty much flopped. There are obstacles, of course. Time for him to ditch the two
Here, then, is some unsolicited advice Goldman has an unrivalled record Gulfstream private jets bought in 2019
for Solomon and the bank’s august board advising others on strategic deals but a under his direction; put the Markets update
of directors on how it can get its game lousy record making acquisitions on its extracurricular DJ-ing gig on hold until
back. First and foremost, Goldman own account, which is another factor the tension inside the bank subsides;
needs to bulk up its balance sheet, to that separates Goldman from its rivals. and, for goodness sake, reinstate the free
better compete with its Wall Street No one much remembers Goldman’s coffee, tea and snacks. US Eurozone Japan UK China Brazil
rivals, such as JPMorgan Chase, Bank of $6.5bn acquisition in 2000 of Spear We all know how hard everyone at Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
America and of course Morgan Stanley. Leeds & Kellogg, the market maker, Goldman is going to have to work to Level 4160.12 1815.27 27509.46 7901.80 3263.41 109616.53
The latter has pulled ahead largely which ended poorly. make the turnround a success. There % change on day -0.47 0.47 0.39 1.04 -0.68 -0.48
because of its focus on the more stable It has made plenty of other smaller might as well be a few moments of Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
profitability of wealth management acquisitions over the years but none has enjoyment along the way. Level 102.229 1.086 131.040 1.211 6.746 5.117
rather than on the more volatile been particularly memorable or game- % change on day 0.296 -0.731 2.060 -1.545 0.355 2.440
investment banking business that changing (with the notable exception of William Cohan is a former investment Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
remains Goldman’s bread and butter. J. Aron & Company, the commodities banker and author of ‘Power Failure: The Yield 3.522 2.188 0.485 3.050 2.915 12.880
Goldman needs access to the cheap trader. But that was back in 1981). With a Rise and Fall of an American Icon’ Basis point change on day 15.660 11.300 -0.940 4.900 0.000 23.800
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 434.12 80.81 74.56 1921.65 24.44 4293.00
% change on day -0.69 -1.66 -1.74 -0.22 4.00 0.06
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
4320 1840 8000
4160 7680
1760
4000
1680 7360
3840
| | | | | | | | |
3680 | | | | | | | | | | | | | | | | | | | |
1600 | | | | | | | | | | | | | | | | | | | | 7040 | | | | | | | | | | |
Dec 2023 Feb Dec 2023 Feb Dec 2023 Feb
Biggest movers
% US Eurozone UK
Clorox 7.29 Publicise 5.14 Haleon 3.47
Charles Schwab (the) 4.05 Novo Nordisk 3.91 B&m Eur Value Retail S.a. 3.44
Ups
Gilead Sciences 3.95 Edenred 3.55 Smith & Nephew 3.35

Tesla 3.87 Casino Guichard 3.01 Shell 3.27
Raymond James Fin 3.78 Grifols 2.86 Astrazeneca 3.20
%
Marketaxess Holdings -8.12 Intesa Sanpaolo -2.93 Vodafone -3.90
Gen Digital -7.96 Terna -2.76 Segro -3.83
Downs
Ford Motor -6.95 Caixabank -2.71 Centrica -2.97

Lumen -5.61 B. Sabadell -2.53 Persimmon -2.84
Amazon.com -5.05 Raiffeisen Bank Internat -2.36 Barratt Developments -2.35
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

Leaping to the top of the S&P 500 index Online pharmacy chain Zur Rose soared Screen technology developer Nanoco,
was Clorox, which raised its 2023 outlook following a surprising move to sell its which was suing Samsung over alleged
and hinted at plans to reduce its Swiss business to a subsidiary of intellectual property infringement, dived
overheads. healthcare provider Migros. after agreeing to a $150mn settlement
The manufacturer of cleaning products The Swiss seller said the deal would with the South Korean multinational.
forecast earnings of $4.05 to $4.30 per allow it to develop its core business-to- Chris Richards, Nanoco chair, said the
share in 2023, up from a range of $3.85 to consumer activities with a focus on outcome was “remarkable, given the
$4.22 stated in August. strengthening “its position in the €50bn relative scale of Nanoco and Samsung.
Near the tail-end of the blue-chip pharmacy market in Germany” and other The settlement value is almost three
benchmark was online retail behemoth European countries. times our own low-case damages model”.
Amazon, which issued a revenue forecast The transaction was set to generate But some market watchers had
for the current quarter that fell short of proceeds of SFr360mn ($394mn), leaving expected a far higher settlement. Danni
Wall Street estimates. Zur Rose also “largely net debt-free”, said Hewson, financial analyst at AJ Bell, said
Growth at Amazon Web Services, the Jefferies. last month that “analysts have suggested
company’s largest profit driver, TomTom, the maker of navigation that it could run to over £400mn”.
decelerated to 20 per cent in the fourth equipment, rallied after forecasting 2023 Uranium investor Yellow Cake fell
quarter, down from 27 per cent in the revenue of between €540mn and following a discounted share offering. It
preceding quarter, as customers looked €580mn, the midpoint of which would issued 15mn shares at £4.12 each, which
for cost savings. comfortably surpass the €536mn was 3.5 per cent lower than Thursday’s
Nordstrom jumped off the back of a achieved last year. closing price.
report that said activist investor Ryan Underpinning this performance was its Proceeds from the sale, which generate
Cohen had bought a “sizeable stake” in automotive division, which had a record a gross amount of £61.8mn, were mostly
the department store chain. backlog worth €2.4bn. Carmakers aimed at purchasing physical uranium
The Wall Street Journal said Cohen Stellantis, BMW, Renault and Volkswagen under its agreement with Kazatomprom,
was pushing for changes on Nordstrom’s are among the Dutch group’s customers. a Kazakhstan-based producer.
board, citing people familiar with the An earnings miss weighed on Norway’s The current price of the uranium
matter. Scatec, which reported an operating offered “a compelling buying
In the past few years Cohen, who built profit of NKr458mn ($45mn) for the opportunity”, said Yellow Cake.
his fortune as co-founder of Chewy, the fourth quarter, almost 17 per cent below A ratings change helped lift variety
pet supplier retailer, has helped stoke what analysts had expected. store chain B&M, which was upgraded
several rallies of meme stocks such as The renewable energy group said it from “hold” to “buy” by Deutsche Bank as
GameStop and Bed, Bath and Beyond. intended to cut its dividend to support its part of it sector-wide appraisal.
Ray Douglas “growth ambitions”. Ray Douglas Ray Douglas
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 $
-0.47% -0.47% -1.36% -0.69% -0.731% -1.545% -0.22%

No change
1.04% 0.47% 0.39% 2.060% 0.787% 0.12%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jan 04 - - Index All World Jan 04 - Feb 03 Index All World Jan 04 - Feb 03 Index All World Jan 04 - Feb 03 Index All World Jan 04 - Feb 03 Index All World Jan 04 - Jan 20 Index All World
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
4,160.12 27,509.46
20,746.47 15,476.43
7,901.80 2,356.73 2,395.26
3,852.97 19,506.84 7,633.45 25,716.86
14 436 31
Day -0.47% Month 8.92% Year -6.97% Day 0.34% Month 7.03% Year -1.34% Day 1.04% Month 4.60% Year 4.83% Day -0.21% Month 2.62% Year NaN% Day 0.39% Month 5.42% Year 0.25% Day 0.63% Month 1.83% Year -11.54%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
12,143.05 54,081.06 9,225.60
1,815.27 21,660.47 3,384.29
50,805.21 8,607.60 21,052.17 3,245.80
10,458.76 1,737.03
Day -0.47% Month 17.10% Year -12.36% Day 0.18% Month 9.96% Year 5.46% Day 0.47% Month 5.83% Year 0.16% Day -0.04% Month 10.23% Year 7.43% Day -1.36% Month 9.50% Year -11.85% Day 0.61% Month 4.09% Year 1.59%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
26,950.74
7,233.94 3,263.41
34,052.31 110,367.53 60,841.88
33,269.77 24,832.70 3,087.40 60,657.45
107 641 32 6,761.50
Day 0.00% Month 2.90% Year -2.89% Day -0.48% Month 5.28% Year -0.97% Day 0.94% Month 9.21% Year 3.95% Day -0.55% Month 10.29% Year 1.05% Day -0.68% Month 5.64% Year -2.92% Day 1.52% Month -0.53% Year 3.83%
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22 ★ 4 February/5 February 2023
Tw i t te r : @F T Lex
Strong US jobs data

poses risk to rate cuts
Adani/TotalEnergies:
and rallying markets
star dreck US bookstores: a novel resurgence
Number of books sold in the US US book industry revenue
Until this year Indian billionaire
Gautam Adani had star quality, and
with it a gravitational pull. That force
Millions
2018
% change
–
$bn
2018 25.4
Katie Martin
The Long View
attracted TotalEnergies into the Adani
orbit. It has invested $3.1bn in Adani
2019 2 2019 26.0
Group companies since 2018, including
the listed Adani Total Gas and Adani
Green Energy. Both shares have halved 2020 9 2020 26.1 i n a n c i a l m a r k e t s h av e n o t r i g h t , f o r t h e w ro n g re a s o n s . I t c o m - T h i s w e e k , t h e Fe d d e l i v e r e d a
in value since the publication of a exactly gone to plan so far this pletely resets the main risk to markets slimmed-
slimme d-do
down,
wn, qua
quarterter-p
r-poin
ointt ris
risee in
report on the Adani Group by short year. To the tut-tutting of big for the rest of this year. interest rates. Chair Jay Powell said
2021 9 2021 29.3
seller Hindenburg Research last week. m o n e y m a n a g e r s, J a n u a r y Now, said Mike Bell, global market “we’ve got a long way to go” to get infla-
This is embarrassing for brought gains iin n tth he vvaalue ooff strategist at JPMorgan Asset Manage- tion under control. But at the same time,
TotalEnergies. Concerns about Adani 2022 -6 2022*
2022 27.8 risky assets — a vote of confidence in the ment, “the big risk to markets this year he noted the emergence of disinflation-
had surfaced in August, yet the French soft-landing narrative. At the same is not a recession but a labour market ary forces, and, importantly, passed up
company only commented yesterday. 0 200 400 600 800 * FT estimate assuming price growth time, government debt markets kept up that remains robust. This would mean the opportunity to say that frothy mar-
of 1%
Claims that its exposure only Source: NPD BookScan Source: Association of American Publishers
their warnings of a serious recession the Fed cannot deliver the rate cuts that kets had got ahead of themselves.
represents about 2 per cent of capital ahead with robust demand for long- the market is pricing in.” So, now what? This is certainly a vin-
employed should not diminish dated bonds that crammed their yields To wit, when stocks opened an hour dication for those who believed the rally
shareholder concerns. How is tht is fo
f r a plot tw
t ist?
t US in 2021, said NPD BookScan. In belo
elow w sho
short
rt-te
-termrm debdebtt — the dr dread
eadeed after the employment data, the US’s S&P in risky assets, particularly in the US,
These investments, public and Bookstores, hav a ing struggled fof r t e case of Barnes & Noble, th
th t e chain inverted yield curve that has been the 500 index dropped a chunky 1 per cent had run too far.
private, focused on helping India years to compete ag a ainst Amazon and store has tht rived by acting more like k harbinger of so many downturns. before regaining a little poise. Among them is Iain Cunningham, co-
reduce its carbon footprint. ereaders, are enj n oying a revivala. independent shops. Store manag a ers “Something seems amiss to me,” Greg Alan Ruskin, a strategist at Deutsche head of multi-asset growth at asset man-
TotalEnergies bought over 37 per Thanks to th t e pandemic-fu f elled are given tht e fr
f eedom to stock what a Pete
eters rs,, co
co--chi
chief ef in
invvestm
stmentent offoffice
icerr at Bank, p ointe d out that the numb ers ager Ninety One.
cent of locally listed Adani Total Gas in boom in book sal a es, th
t e shops are t ey want to tailor to local
th a tastes. PGIM Fixed Income, told me at the start were a little out of whack. “There is a He is of the view that the full force of
October 2019 to sell LNG into India. expanding th t eir physical a fo
f otprint. In What a sells in New Yo Y rk Cityt maya of this week. “You can’t have a steeply the super-aggressive monetary tighten-
Despite this month’s fall, its share price t e US, Barnes & Noble, th
th t e mega not sell in Memphis. Stores hav a e al
a so inverted curve, rate cuts being priced in ing in 2022 had not yet properly leaked
remains well above TotalEnergies’ book chain, opened 16 new outposts been reorg r anised to makake it easier fof r presumably because recession is loom-
Innvestor
Inv orss mus
ustt no
now
ow go into asset valuations. “What the Fed’s
likely entry price. Also, Adani Total Gas last year and has plans to add an customers to browse and discover ing, and risk assets not really pricing in bacck to the dr
ba draawiwing
ng boa oarrd done and the ECB — that degree of tight-
appears to have minimal leverage with additionala 30 in 2023. This will tak ake new titl
t es and autht ors. The those outcomes. All those things can’t be ening is definitely going to bite,” he says.
net debt of worth $100mn, about the Barnes & Noble’s store count back serendipitous fi f nd is an experience true.”
to de
deci
cide
de wha
hatt wi
willll rea
eallllyy He was looking on at the rise and rise
same as its trailing ebitda. a ove th
ab t e 627 tht at
a it operat
a ed in t at
tha is hard to replicat a e online. He was right. After yesterday’s release driive ma
dr marrket
etss thi
hiss yeaearr in stocks at the start of this year in disbe-
However, the French energy group 2019,
9 befof re its acquisition by Elliottt Anotht er chapter is leftf to be of data showing that the US economy lief, convinced that recession risks were
could have a problem with Adani Manag a ement fo f r $683mn. writt
t en. Amazon still accounts fo f r added more than 500,000 jobs in Janu- feeling that the labour market just does simply not properly reflected.
Green Energy. The former acquired a It is not just th
t e big chains. a out 45 per cent of trade book sal
ab a es. a r y, s t re a k s a h e a d o f t h e 1 8 5,0 0 0 not fit with multiple other weak growth Ag a i n , h e m a y t u r n o u t t o b e r i g h t
19.75 per cent interest in this company Hundreds of new independent Like
k fif lm studios, th
t e publishing expected, it feels like the recession bet signals,” he said in a note to clients. about the market, and wrong about the
in January 2021. Then that was worth bookstores hav a e opened in recent industryr has become more reliant on simply must be wrong. “This is true.” recession, but the result is the same: the
about $4bn. As of yesterday that was years, according to th t e American blockb
k usters to drive sal a es, leav
a ing That is great news for the average But he added: “At a minimum, the point at which the market is crying out
worth 11 per cent less. Booksellers Associat a ion. The publishers and booksellers exposed human. It is les esss great news for ec ecoono- data adds to the perceptions of a unique for interest rate cuts and the Fed jumps
Adani cannot afford to lose the momentum is on th t eir side. A record to fe
f ast or fa
f mine sal
a es volat
a ility
ty. m i s t s a n d f u n d m a n a g e r s, w h o h a d c yc l e , re q u i r i n g a u n i q u e p o l i c y the other way is the moment that “risk
support of TotalEnergies. Though 825.7mn print books were sold in th t e Continued success is not guaranteed. almost unanimously pencilled in an response.” assets really don’t like”, he says.
profitable, Adani Green Energy is economic downturn, judging from the It also rips up many inves esttors’ game Inves esttors now have to go back to the
highly leveraged at 14 times its annual
ann ual exer ercis
cisee by ininvvestm
stment ent hou
housese plans for the year, prec eciisely bec
becaause it drawing board and sort out their think-
historical ebitda with rapidly rising occurred despite the value- e-h
heavy FTSE nd Netflix have soared between 10 Natixis to scour the thousands of pages hands the Federal Reserve a golden ing about what will really drive markets
capital spending. Moody’s noted in 100 outperforming the rest of the and 57 per cent. Apple aside, the rest of year-ahead outlooks from big banks opportunity to raise interest rates much this year. Like the Fed, they will struggle
August that a key credit risk factor for world by 11 per cent since the start of have typically cut about 10 per cent of and asset managers. (Thank you for higher than market participants had to make meaningful guesses about the
Adani Green Energy was any reduction 2022. Flows into tracker funds stayed jobs to show Wall Street some cursory your service, Natixis). previously expected. future and instead will need to be flexi-
in the shareholding by TotalEnergies. relatively strong, despite stockpickers’ commitment to cost control. Even so, Its analysis shows that the supposedly Even before the non-farm payrolls ble from one data release to the next.
Adani’s star shows every sign of hopes that the end of the bull market headcount exceeds their 2019 levels. big brains in the market were, in aggre- data, some investors fretted that the “It is pretty clear the market has been
burning out. TotalEnergies must not provided an opportunity to shine. More importantly, moderating gate, neutral on the US stocks and out- rally in stocks, which has been in play caught ‘offside’ when it comes to the
only consider marking down its Schroders is trying to offset the shift inflation figures have encouraged r i g h t n e g a t i ve o n E u ro p e . T h i s h a s since October, would eat itself, by gener- favourite trades of the year,” said Deut-
exposure to the Adani Group, but away from mutual funds by expanding hopes that the Fed’s tightening cycle worked out very badly so far. By the ating excess exuberance and, by exten- sche’s Ruskin. “At a minimum, this data
should also rethink its India energy into private markets and wealth will soon be over. That has prompted time February kicked off, stocks in both sion, more inflation. w i l l d e m a n d t r a d e r s re t re a t a n d
strategy. management. Two- o-tthirds of fees came investors to pile back into growth regions were up by about 6 per cent. But bulls were prepared to stick with r e g r o u p.” T h e y m a y a l s o h av e t o
from traditional areas in 2019. That companies after the 2022 rout. The But the apparently rude health of the it, in part because the interest rate set- embrace being wrong.
might fall to half by 2025, thinks enthusiasm may be overdone. US jobs market suggests that the down- ters in the US did not tell them they were
Numis. Analysts expect last year’s It is unclear that the acceleration of beat view on stocks may turn out to be wrong. katie.martin@ ft.com
UK asset management: outflows from asset management to be
£7bn last year, says Visible Alpha.
prices has been vanquished for good.
With rates to stay well above zero,
over active Schroders’ shares have rallied in line steady-state valuations must retreat
with global markets this year but from 2021 levels regardless.
Spare a thought for Britain’s fund earnings per share forecasts are where In 2022, the shares of Facebook
managers. Long under siege from the they were in 2017. At 15 times forward owner Meta fell by almost two- o-tthirds,
rise of passive investment and earnings, they are priced in line with driven by Mark Zuckerberg’s insistence
competition from retail platforms, they their long-term average. That seems on spending tens of billions on his
are now under assault from falling generous. It remains under pressure on vision for the metaverse. This week,
markets. Net mutual fund outflows last flows and fees, while attempts to after showing proper contrition and
year were the worst since records diversify are adding to costs. announcing a $40bn stock buyback,
began two decades ago, the Investment shares rose by more than a fifth and are
Association said. About £50bn left the up nearly 60 per cent for the year. Still,
industry, evenly split between retail the consensus forward 12 months
and institutional funds.
Scale is strength in an industry
Big Tech: earnings estimate for Meta remains
down 36 per cent from the end of 2021.
increasingly dominated by US giants pep in their step As such, Meta’s price/earnings
BlackRock and Vanguard. Each has multiple of 22 times is not far off the 25
close to $10tn of assets under Tech stocks apparently just needed the times it hit at the end of 2021. That
management. UK managers are small combination therapy of job cuts and snapback is far sharper than Big Tech
in comparison. LGIM, part of insurer Jay Powell. On Thursday afternoon, Big rivals. Tech stocks are only modestly
Legal & General, is the biggggeest with Tech’s earnings season concluded with cheaper than in the heady days of the
about $1.5tn AUM. Listed traditional fourth-q
-quuarter numbers for Apple, pandemic. Investors should note that
managers such as Schroders, Abrdn Alphabet and Amazon. The numbers redundancies and a monetary policy
and Jupiter are smaller still. were uninspiring. bounce are one-oe-offf phenomena.
The retreat from the stock market Apple recorded its first quarterly
was unsurprising given last year’s revenue drop in nearly four years.
economic turmoil and tech rout. Less Alphabet’s advertising business showed
Lex on the web
predictable was the scale of the UK further signs of slowing. So did For notes on today’s stories
outflows. Retail investors pulled £12bn Amazon’s cloud computing unit. go to www.
w ft.com/lex
out of UK stocks, contributing to total But so far in 2023, shares of Apple,
net outflows of £34bn since 2016. That Alphabet, Amazon, Microsoft, Meta,
Emissions inequality is evident within regions and between regions

Tonnes of CO2 equivalent per capita per year, 2022 (by income group)
80 40 40 The 10 per cent most polluting
North America East Asia Russia &
people in society are responsible for
30 30 Central Asia almost half of the annual green-
60 20 20 house gas emissions behind climate
change, creating a “strong incentive”
10 10 for policies targeting the elite group,
a UN-backed report has concluded.
40 0 0
The sweeping research from the
30 30
MENA Europe Paris-based World Inequality Lab,
20 20 20 examined the unequal effects of
climate change and also found that
10 10 the top 1 per cent of global emitters
were responsible for nearly a
0 0 0 quarter of the total growth in
Bottom Middle Top
50% 40% 10% pollution between 1990 and 2019.
20 20 20
Latin America South & south-east Asia Sub-Saharan Africa “Carbon inequalities” within
10 10 10 countries were now greater than
those between countries, said the
0 0 0 researchers.
Source: World Inequality Lab Sign up for The Climate Graphic: Explained newsletter ft.com/climate
Saturday 4 February / Sunday 5 February 2023
Siya Kolisi The rugby superstar has Lunch with the FT — PAGE 3
Follow us on Instagram @ft_weekend
Germany’s
uneasy peace
Russian, English, French and German. has to date been backed by nearly half a enormous sacrifices they had made.
An Oscar-nominated adaptation of ‘All Quiet on the Western Front’ is in To this day, Germany is intensely con- million signatures from the wider pub- In 1914, Germany stood proud and
s c i o u s o f t h e s u f f e r i n g t h e t wo wo r l d lic. Perhaps, then, it isn’t surprising that prosperous, a major European power,
wars caused millions of people in Remarque’s antiwar novel is finding despite its inherent faults as a semi-
tune with a long antiwar tradition. But as Berlin sends tanks to Ukraine, Europe and beyond. Where the victori- such resonance again. autocratic state with vast social inequal-
o u s p owe r s s e e p u r p o s e i n s u f f e r i n g , While Berger said that when he ity. Four years later, more than 2mn of its
Germany is grappling with the limits of pacifism. By Katja Hoyer m o s t G e r m a n s s e e o n ly s e n s e l e s s
slaughter and guilt.
d i re c t e d h i s f i l m a d a p t a t i o n , h e
“couldn’t have anticipated what would
men had been killed on the battlefields
of Europe, while another 2.7mn had
Berger chose to direct a German film be happening in Europe right now, with returned home mentally and physically
A
adaptation of All Quiet on the Western a war going on”, he feels “the topic never scarred. The country’s mighty economy
Front to capture this ongoing national g e t s o l d . . . n ow i s t h e r i g h t t i m e t o had exhausted itself; its monarchy had
fter all, war is war,” muses Main picture: against humans and care little for the trauma. American and British war films, show this film”. fallen; its pride had been injured.
Paul Bäumer, the 20-year- a Leopard 2 impact on them. he says, “never show my perspective, the In Remarque’s time in the 1920s, Women, such as the artist Käthe Koll-
old protagonist of the novel tank bound for While the futility of war is by no perspective I have as a German. Not that many German intellectuals also witz, couldn’t understand what it had
Al l Q u i e t o n t h e We s t e r n Ukraine is put means an exclusively German concept, of America, that saved Europe from responded to the specific conflict of the b e en for. She had reluc tantly, and
Front. He has just stabbed a through its few other nations give it centrality in the fascism, or England, which was attacked first world war with a rejection of all against objections from her husband,
French soldier who tumbled on top of paces this week commemoration of arme d conflic t . a n d d raw n i n to a w a r a g a i n s t t h e i r wars. Unlike the victorious powers, they
him in the muddy battlefields of the first for defence Remembrance Day in Britain empha- will . . . F Foor us, it’s the exact opposite. In found it difficult to find meaning in the Continued on page 2
world war. minister Boris sises those who sacrificed their lives, our national psyche, there is nothing but
Bäumer had volunteered to fight for Pistorius in and many p e ople up and down the guilt, horror, terror and destruction.”
Kaiser and fatherland, but nothing Augustdorf, country use the anniversary of the armi- Despite few Germans today having
could have prepared him for the reali- Germany stice that brought an end to the fighting any memory of all- out conflict,
Benjamin Westhoff/Reuters
ties of war. Watching the young French- in the first world war to solemnly swear, Bäumer’s words still resonate with them
man conconvulvulse
se and gur gurgle
gle as he slo slowl
wlyy “We will remember them.” as he describes war as “despair, death,
succumbs to his wounds, the intimacy In the US, Veterans Day, too, harks fear, and fatuous superficiality cast over
of the killing temporarily shatters the back to the first world war. President an abyss of sorrow. I see how peoples are
illusion of abstract conflict. Full of des- Woodrow Wilson set the tone at the first set against one another, and in silence,
perate regret, Bäumer tells the dead sol- one in 1919, when he said it would unknowingly, foolishly, obediently,
dier: “I see you are a man like me.” But, always “be filled with solemn pride in innocently slay one another.”
his comrades ask, what could he have the heroism of those who died in the
done? Killing the enemy is what they country’s service, and with gratitude for Germany’s collective conviction that
had come for. Bäumer agrees: “After all, the victory”. In Russia, where the sec- armed conflict is inherently futile has
war is war.” ond world war takes centre stage in the b e e n s e ve re ly t e s t e d b y t h e w a r i n
The G erman author Erich Maria collective memory of conflict, Victory Ukraine. Days before Russia launched
Rem
Re marque wrote these lines as a first Day is marked on May 9 with references its invasion on February 24 last year,
world war veteran. Published in 1929, to sacrifice at its core. None of these Annalena Baerbock, Germany’s foreign
his novel was a product of its time, writ- nations consider the wars they fought minister, was still defending her coun-
ten for a generation of G ermans who futile nor the individuals who took part try’s reluctance to help Ukraine defend
felt they had been sent to hell and back in them victims. itself: “Our responsibility after the sec-
for nothing. While other nations talk of duty, hero- o n d w o r l d w a r w a s t h a t n e ve r a g a i n
Yet, nearly a century later, All Quiet on ism and sacrifice, Germany’s history has from Germany there will be war, and
the Western Front is still central to Ger- made such positive commemoration of never again there will be genocide.”
many’s literary canon. It is widely read war difficult. At the heart of Berlin is no There it was, modern Germany’s oft-
in German schools, has been translated Below: Felix A rc d e T r i o m p h e , n o C e n o t a p h , n o repeated raison d’être: never again.
into 50 languages and sold about 20mn Kammerer as Tomb of the Unknown Soldier, but the B u t s i n c e B a e r b o c k s p o ke t h o s e
copies globally. While two American Paul Bäumer 19,000 sq m Memorial to the Murdered words, G ermany has not only
films were released in 1930 and 1979 in the 2022 Jews of Europe. On May 8 2020, the 75th announ
ann ounce ced d a €100
100bn bn boost to its own
respectively, in its country of origin the adaptation of anniversary of VE Day (known as Liber- military but has sent significant aid and
n ove l i s s o re ve re d t h a t n o G e r m a n ‘All Quiet on the ation Day in Germany), the Branden- weaponry to Ukraine — most recently,
director dared touch it. Until now. Western Front’ burg Gate, icon of the country’s capital, albeit reluctantly, Leopard 2 tanks —
Direct
ctoor Edward Berger’s 2022 Netf- was lit up with a “thank you” message in s o m e t h i n g t h a t s e n d s s h i ve r s d o w n
lix adaptation could become the most many German spines.
decorated G erman film of all time, Under the banner of general pacifism,
nominated for nine Oscars and 14 Bafta m a n y G e r m a n i n t e l l e c t u a l s h ave
aw a r d s . A s a n t i w a r i n o u t l o o k a s t h e opposed support for Ukraine. The femi-
book, it comes at a time when German nist magazine Emma published an open
tanks are being deployed on European letter to Chancellor Olaf Scholz, urging
soill for the fir
soi first
st tim
timee sin
since
ce the secon cond d him not to supply weapons as this bore
wo r l d w a r ( i n a n y t h i n g o t h e r t h a n a “the risk of a third world war”.
peacekeeping role). T h e l e t t e r p o i n t s t o “ t h e l e ve l o f
T h e re we re 93 ye a r s b e t we e n destruction and human suffering among
Remarque’s novel and Berger’s adapta- the Ukrainian civilian population” as a
tion. Ostensibly, they were created in reason not to help these very people
very different worlds. Remarque’s was defend themselves. Like Bäumer, today’s
full of the raw trauma caused by total German pacifists see war only as mean-
war and defeat. Berger’s is one of relative ingle ss suffering without purp ose.
peace and prosperity. “While
“Wh ile the
theyy tau
taught
ght thathatt dut
dutyy to oneone’’s
Yet the concept of war as abstract suf- c o u n t r y i s t h e g r e a t e s t t h i n g ,”
fering has endured in Germany. In the Rema
emarqu rquee’s herheroo mus
musees, “we alr alread
eadyy
collective memory, Bäumer’s words ring knew that death-throes are stronger.”
as true as ever: war is war, no matter The open letter was signed by dozens
what the context, its purpose or its par- of pub
publiclic fig
figur
urees, amo
among ng th
themem ac actor
torss,
ticipants. Higher forc rcees pit humans authors, academics and politicians. It
Life
Shortly before flying to Lithuania’s facade. Using images shot from a
Note from the capital city, I spot some posters on a

wall in London. “Got fired by Meta or
Twitter?” they shout in bold red
submarine along with lights, lasers and
smoke, the entire theatre is
transformed into a dark undersea
FTW editor capitals, and then, underneath, “Move
to Vilnius”, with a QR code for details.
world populated as much by man-
made debris as by marine life. Massed
This kind of guerrilla marketing is choirs in black hoods accompanied by
typical of recent campaigns by the a hypnotic electronic score further
Baltic capital to attract talent, immerse the audience, making me feel
particularly from the tech sector. as if I’ve swum into an episode of David
Lithuania is already one of the Attenborough’s Blue Planet.
fastest-growing fintech hubs in the EU
and there are plenty of start-ups, The following evening, I visit the
including the second-hand fashion State Youth Theatre to meet the
unicorn Vinted, but to grow further it Ukrainian film-maker Sergei Loznitsa,
needs people. who is directing his first stage play.
At a time of such relentlessly The city’s marketing campaign has Triumph of Death is a harrowing piece
gloomy news on so many fronts, a second function, which is about a that leaves the audience shell-shocked
small, recently independent nation as the curtain goes down.
how wonderful it is to read of making itself known to the rest of the Set in Nazi-occupied Ukraine,
Salman Rushdie’s new novel. We world. The tourist board gives me a Loznitsa’s play is based on Jonathan
tote bag, which says “I Only Date Littell’s award-winning Holocaust
open our Books section on page 8 People Who Know Where Vilnius Is” novel The Kindly Ones. The entire
with our review. “It’s a deeply (fortunately my husband does). And production has been mired in
then there’s my personal favourite, controversy, with calls for it to be
fascinating, richly symbolic tale,” an advert featuring the head and cancelled because it touches on
writes our reviewer, adding that it shoulders of a naked young woman Ukrainian collaboration and thus, it is
testifies to the “power of words to with an ecstatic smile on her face. The argued, plays into Putin’s propaganda.
slogan: “Vilnius. The G-spot of Europe. Loznitsa says his critics had not even
conjure reality”. It also testifies to Nobody knows where it is, but when seen the final script when they started
the author’s overcoming of you find it — it’s amazing.” attacking the production. Fortunately,
Vilnius has a long history of the Lithuanian ministry of culture
adversity after the chilling attempt welcoming dynamic outliers. Seven refused to bend to the pressure, and
on his life last August. hundred years ago, the city’s founder, the play opened to positive reviews.
Grand Duke Gediminas of Lithuania, “It describes a situation which is
You will, I hope, also be uplifted fired off letters to principalities across being repeated now,” says Loznitsa,
by the life story of my Lunch Europe inviting merchants and “only the role of the Germans is being
In the spirit of Gediminas

craftsmen to come to Vilnius. He played by the Russians. They are
guest. My encounter with surely offered them tax exemptions and killing Ukrainians because they’re
the most inspirational South promised religious tolerance towards Ukrainian. This story takes you into
Christians and Jews. At that time, the mindset of a mass killing
African alive today has been three Lithuania remained pagan, having machine.” For Lithuanian audiences,
years in the making. I have to give spent almost two centuries fighting off
an advance confession that I broke the Crusaders. It even merits a mention The Hague Is Waiting for You” hangs Vienna during the cold war. It’s full of An ad features the slogan
in Chaucer’s Canterbury Tales, when the VILNIUS over city hall offices. Lithuania has refugees from Ukraine, and thousands
‘Vilnius. The G-spot of
one of my adamantine Lunch Knight recalls fighting there. It was the
DIARY been warning about the threat from of freedom fighters and independent
rules: he himself did not eat, as he last country in Europe to adopt Moscow ever since Russian tanks rolled journalists have settled here from Europe. Nobody knows
Christianity, in 1387, choosing instead into Georgia in 2008 but tended to be Russia and Belarus, including the
was about to embark on some to worship multiple gods representing KIRSTY written off by its fellow EU and Nato campaign group led by the imprisoned where it is, but when you
training ahead of a big rugby the natural world, from oak trees to
grass snakes. LANG members as Russophobes. “On
February 24, we went from being
Russian opposition leader Alexei
Navalny. Their presence, combined
find it — it’s amazing’
match. (He is the captain of the “The Gediminas letter inspires me,” troublemakers to experts overnight,” with that of the German-led Nato
Springboks.) But his astonishing says the current mayor of Vilnius, says the mayor. battalion, means the Lithuanian there are echoes too of what happened
Remigijus Šimašius, a tall, blond, “There was a universal assumption security forces have been busy on their own soil during the Nazi
resilience in overcoming endless smiley man who is relentlessly positive immediately after the Russian invasion monitoring a huge upsurge in Russian occupation, when 95 per cent of the
adversity and his insights into about his city. “It shows that we have that Kyiv would fall and that we would cyber attacks and disinformation over once thriving Jewish community was
been a liberal city from the beginning be next,” says the deputy foreign the past 11 months. murdered, with the collaboration of
leadership and how to effect and that being open to the outside minister, Mantas Adomėnas. People local paramilitaries.
meaningful diversity will more world is in our genes.” were packing bags and poring over For a small country, Lithuania As a Russian-speaking Ukrainian,
than make up for the sparse diet. When he took over as mayor eight maps of Europe, planning their escape. punches above its weight in the art Loznitsa has also been criticised for
years ago, he went around all the start- “Now we realise that we overestimated world. In 2019, the country took the speaking out against the boycott of
Apparently in Europe at least, ups and asked them what they wanted. Russian military strength.” top prize at the Venice Biennale. The Russian-language films at festivals
despite or maybe even because of The answer was better public Adomėnas, who has a PhD in winning work, Sun & Sea, was an opera across Europe. He tells me how a
transport, more kindergartens and Classics from Cambridge and likes to created by three female artists. It was festival in Spain cancelled screenings of
the dire economic backdrop, we better public spaces, all of which he quote Homer, is impatient with Nato’s performed on an indoor artificial beach Andrei Tarkovsky films. Even dead
are all the keener to find sunshine claims to have delivered. Affordable response. “Soon it will be a year since with a cast of characters whose stories Russians are not exempt. “This is
rents are also an attraction, with a two- the invasion and Nato’s eastern flank were woven into an apocalyptic tale of absurd. What has this got to do with
or at least a brief escape. Well, be bedroom flat in the old medieval city has still not been fortified. Moscow will human greed leading to eco-disaster. Putin?” he asks wearily. “Destroying
careful what you wish for, Jo centre costing around €700 a month. launch a new offensive in the next Vilnius is building on the success of culture is Soviet behaviour. That’s
couple of months, so speed is of the Sun & Sea by inaugurating its own exactly their tactics, to cancel or
Ellison writes in her back page I’m in Vilnius along with other essence.” There is only one Nato biennale devoted to performance art. airbrush stuff they didn’t like. I think
column on the airports she hates European journalists for the city’s battalion based on Lithuanian soil The first edition is this summer. I’m most Ukrainians agree with me.”
700th birthday celebrations, which will right now and the government wants invited to the January launch, a And Lithuanians, too. It’s a
the most. You will all, I fear, continue throughout 2023. But nobody at least two more. Were Russian tanks performance by the artist and film- testimony to the country’s
recognise her account of the can escape the shadow of what is to cross the border, Article 5 of Nato maker Emilija Škarnulytė, a fearless openness that Loznitsa was invited by
sorry demise of the very idea of happening next door. Russian guns are would be triggered, and the entire free diver who likes to dress up as a a state-subsidised theatre to put on a
pointing at Lithuania from many western alliance would be required to mermaid and works with marine play that touches on a subject that’s as
glamour in travel. Thank you, as directions, including Moscow’s enclave declare war. biologists. For one night only she has painful for Lithuanians as it is for
ever, for reading us. in Kaliningrad to the west and Belarus Above: last month’s Over afternoon tea at the foreign been given the run of the Vilnius opera Ukrainians.
to the south. Ukrainian flags are Vilnius Light Festival ministry, Adomėnas muses that Vilnius house, a striking modernist Soviet
Alec Russell everywhere and a banner with “Putin, Go Vilnius/Gabriel Khiterer now feels like a border city, a bit like building with a wraparound glass Kirsty Lang is a broadcaster and writer
An uneasy peace Germany that had the capability to take

out all Nato bases in western Europe.
When Bonn decided to respond by
allowing Nato to increase its arsenal in
West Germany, Germans in both East
which he represents as German chancel-
lor today. In his Young Socialists capac-
ity, he travelled to East Germany to meet
with like-minded youth delegations and
wrote angry articles about the “aggres-
Now it was time to put the weapons
down and live in peace. Successive Ger-
man governments under Helmut Kohl,
Gerhard Schröder and Angela Merkel
spent the next three decades reducing
pacifism does not always equate to
peace. Recent surveys have shown that
the majority of Germans are in favour
of the government’s decision to send
Leopard 2 tanks to Ukraine and that
Continued from page 1 new European war. and West were terrified. An escalation sive-imperialist strategy of Nato”. the defence budget, which hovered just includes nearly two-thirds of SPD vot-
If indiscriminate pacifism was still a of tensions involving tactical nuclear Scholz’s current coalition partner, the above 1 per cent of gross domestic prod- ers and three-quarters of those who
allowed her teenage son Peter to enlist. controversial view in interbellum Ger- weapons would turn their countries into Green party, to which Baerbock uct for much of this time. support the once-pacifist Greens.
He left for the Western Front on October many, the second world war com- a wasteland. The peace movement that belongs, also has its roots in the radical When, in 1999, Germany entered into But Germany still has a way to go
12 1914 with gifts from his mother in his pounded it into national dogma. “Never had continued to grow throughout the pacifism of this period. It was an SPD one of its first armed conflicts since the towards normalising discussions
bag: a pocket chess set and a tattered again!” became a founding principle of 1960s and 1970s erupted into the largest chancellor, Helmut Schmidt, who had second world war, it was, as now, run by around concepts such as intervention
copy of Goethe’s Faust. The family hung both German postwar states. All Quiet on demonstrations the country had ever supported Nato’s decision to station the SPD with a Green foreign minister, and deterrence, and to feel comfortable
the back-white-red colours of the Ger- the Western Front was read in East and seen. On one single day, October 2 1983, more missiles in the country. With no Joschka Fischer. Justifying his support in a role of power and responsibility.
man Empire from their window in trib- West German schools, while pupils in more than 1mn people protested across major political party to the left of the for Germany’s contribution to Nato’s Some have called for this shift, including
ute. Eleven days later, Peter was shot both countries were shown the influen- West Germany. Human chains were SPD, there was no real way for people to intervention in Kosovo, which he saw Scholz himself with his announcement
dead in a trench in Belgium. tial 1930s film adaptation directed by formed between and around cities. express their protest through voting. So as a humanitarian move, given the indi- of a Zeitenwende, or a turning point for
His mother never recovered. Kollwitz Lewis Milestone. The whole country seemed on its feet. environmental concerns and political cations of ethnic cleansing, he pointed his country. But the “never again”
sank into depression and her art began Compared with the horrors of the first “Never again war!” chanted workers, pacifism combined to spark the forma- to the conflict inherent in unquestion- dogma persists as some studies indicate
to revolve around the horrors of war. world war, which largely took place on intellectuals and even soldiers. tion of the Green party in 1980. growing war weariness. A survey last
She supported pacifist campaigns with foreign battlefields and could easily be Among the pacifist activists was a Both Schröder and Merkel month found that 43 per cent of Ger-
works such her woodcut collection War mythologised, Hitler’s war had brought young firebrand, an aspiring leader in When Germany reunified a decade mans now think the war in Ukraine is
and a pair of statues titled The Grieving bombs, troops and violence to German his mid-twenties with a curly brown later in 1990 and the Soviet Union col- believed conflicts could be not Germany’s problem, compared with
Parents, which stand at the Vladslo Ger- soil. Civilians had seen the realities of mane and gift for sparkling rhetoric. Olaf lapsed shortly afterwards, it seemed as resolved by monetary and 32 per cent last April.
man war cemetery in Belgium where war for themselves. While this made the Scholz had become the deputy leader of if the German dream of the end of all Antiwar ideals have remained sacred
Peter is buried. In 1924, Kollwitz majority wary of rearmament, their the Young Socialists in 1982, the youth wars had come true. It had endured four diplomatic means to many Germans who are deeply
designed a poster for the mass protests respective governments quickly became wing of the Social Democratic party, decades on the front line of the cold war. alarmed by Scholz’s decision to approve
held at the 10th anniversary of the start pawns in a cold war game in which they tank exports to Ukraine. Wolfgang Mer-
of the first world war. Its message ech- had limited room for manoeuvre. Right: peace ing pacifism and Germany’s dogma: “I kel, a political scientist who has previ-
oed a mantra that has endured in Ger- In 1955 West Germany joined Nato, demonstrators have not only learnt the phrase: never ously been critical of weapon deliveries
many to this day: “Never Again War.” and East Germany its communist coun- form a human again war. I also learnt: never again to Kyiv, deems the move “strategically
During the interwar period, the views terpart, the Warsaw Pact. Both states chain to protest Auschwitz.” As with Baerbock today, and morally wrong”, fearing it will bring
of Kollwitz and fellow pacifists were by reintroduced conscription for men (the against the Fischer emerged as a vocal proponent an escalation of war for civilians in
no means uncontested. Many Germans, West in 1956, the East in 1962). Three stationing of US of principle over pacifism in the face of Ukraine. The philosopher Svenja
particularly veterans, found it difficult years after the formation of the military missiles in war in Europe, despite their party’s Flasspöhler worries about the “nuclear
to come to terms with the idea that all alliances, in March 1958, the West Ger- Germany in antiwar roots. ace” up Putin’s sleeve.
their efforts should have been in vain. man parliament entered into a “nuclear 1983 — Roland But Germany’s trauma sits deep. The Russian invasion of Ukraine may
Holschneider/AP
The manuscript of All Quiet on the sharing” agreement as a Nato partner. Despite Bundeswehr deployments in have prompted many Germans to think
Western Front was turned down by Pilots of its newly formed armed forces, Bosnia, Kosovo, Afghanistan and Mali, differently about war, to recognise that
S Fischer Verlag, one of Germany’s most the Bundeswehr, would be trained to the illusion that Germany would never it may sometimes be necessary to
prestigious publishers; and Ullstein, deliver US nuclear bombs. This appalled again be involved in large-scale war defend territory, values and principles.
which published it in 1929, only did so many Germans, just 13 years after the persisted. Both Schröder and Merkel But the German fear of war runs deep
after Remarque had toned down his end of the second world war, and over the believed that conflicts could always be and, as the literary heart of this paci-
antiwar messaging following criticism course of the spring of 1958, 1.5mn peo- resolved by monetary and diplomatic fism, All Quiet on the Western Front con-
from several war veterans who had read ple took to the streets to protest against means, a conviction that has seen them tinues to be read and revered.
the first draft. the decision. Pacifism was alive and well. bind the German economy tightly to As Germans begin to grapple with the
In 1931, the Prussian state parliament But neither German state had the those of autocratic states such as Russia changing world around them and
ordered the book to be removed from option to become a conscientious objec- and China. attempt to find a new role for their
school libraries. The Nazis burnt it in tor to a cold war in which it was the bal- It was Russia’s invasion of Ukraine country in it, Remarque’s words still
public in 1933, alongside other litera- ance of arms, including nuclear weap- that woke Germany from its pacifist haunt many minds a century after he
ture they considered degenerate. In ons, that secured peace. The US built up daydreams. While many German intel- wrote them. “After all, war is war.”
part, this response was down to fear. a nuclear arsenal in West Germany that lectuals continue to abhor the idea of
Remarque’s book had already sold 1mn would reach an estimated 5,000 weap- German tanks rolling into battle against Katja Hoyer’s ‘Beyond the Wall: East
copies by June 1930 with a message that ons. In 1979, the Soviet Union in turn Russian ones, large sections of the Germany, 1949-1990’ will be published by
ran contrary to Adolf Hitler’s plans for a stationed SS-20 Saber missiles in East public have begun to understand that Allen Lane on April 6
4 February/5 February 2023 ★ † FTWeekend 3
Life
played. But under white rule, black judged on what he delivers on the field.
Lunch with the FT Siya Kolisi

rugby teams had minimal state support, What he does off the field to earn more
and the idea of a black Springbok was is fine . . . because at the end of the day,
inconceivable. How bad was the racism for the players, rugby is going to end.”
when he started playing, I ask? And how That is clearly on Kolisi’s mind. He
‘I’ve got no ego at all’

is it that the sport has changed? revealed at the start of the year that
“I don’t like to shed light on the first after the World Cup he is moving to
part,” he says. “But I can tell you this: Paris to play for a French club, Racing
Rassie was the first coach to speak about 92. He is wary of talking about it, not
transformation. He understood what it wanting to give the impression that he
is. He picked black players who were already has one foot out the door. “But I
good enough, but also trained them for am very excited, obviously,” he says.
the required positions to be good. “It’s going to be something different.”
“It showed our country how strong He will be paid a lot more than in
diversity is when used properly, when South Africa. The relative anonymity
you put people in positions and train there may also be a boon. His fame
He is the South African rugby star who them. You don’t just say ‘I’m going to yields adoration in his homeland, but at
transform someone’ and throw him in a price. I recall Archbishop Desmond
rose from his township roots to lead there and hope he makes it.” Tutu saying to me once how the sight of
the Springboks to World Cup victory. The Springboks and the Proteas, the a black and a white student kissing on a
national cricket team, have quotas for campus had heartened him, showing
Over tomato soup and Caesar salad in non-white players. A recent run of that attitudes were changing. How was
London, he tells Alec Russell about the defeats for the Proteas has reanimated
an argument that sport has been sacri-
it for Kolisi when he and Rachel started
their relationship?
art of leadership, how a sport that was ficed for politics. This is especially hard “It was horrible in the beginning,” he
a bastion of apartheid became a for non-white players, who face racist says. “It was very bad. On social media
abuse on social media — but also often some people were very nasty. And my
multiracial success story — and why it question themselves as to the grounds wife doesn’t hold back and will let peo-
is vital to know what you don’t know for their selection. ple know how she feels too. But over
Kolisi steers clear of talking about time I just don’t care. I feel sorry for
quotas. But he again salutes Erasmus.
A
“He has told us, ‘I have picked some of ‘People where we come
you not because you are the best, but
few days before I am to because you are the right people for this from do not want people to
meet one of the world’s team, because of the stuff you have been give up. They’re not very
sporting gods, his latest through. I know that when it gets diffi-
impromptu homily lights cult on the pitch you won’t hide away.’ forgiving, because we face
up his homeland’s social “Sometimes if the public is saying a far harder circumstances
media feeds. Introducing himself as “a player is playing badly, he’ll come and
dad and a husband”, he touches on the talk to you and say in front of everyone, than just a rugby game’
power cuts and the unemployment ‘You are my guy.’ He’s done that to me
blighting his country before closing with once in front of everyone.”
a call for sport to give people “something Erasmus has had two bans during the them because it’s just normal. But I do
K
to smile about”. past two years for his public criticism of understand. You can’t force change.”
I am listening dreamily on my phone referees. Were his interventions difficult
in the reception of a London hotel when for the team? “It was difficult for every- olisi insists that he will return
the very same voice calls to me across one,” Kolisi says. “He had his reasons. We to South Africa after his con-
the foyer. I look up to see Siya Kolisi are all part of the rugby family and some- tract expires. His post-rugby
bounding out of the lift towards me. times families have disagreements . . . ” life, he says, will focus on the
South Africa’s Rugby World Cup-win- I am revelling in a warming bowl of foundation that he and
ning captain is half an hour early for our herby tomato soup and a Caesar salad. Rachel set up in 2020 to address
interview. Kolisi has forgone food ahead of his inequality, and the clothing brand, Free-
I should not be surprised. Kolisi has training. I appreciate the dom of Movement, in which he has a
lived his 31 years at full tilt. He is the importance of diet stake. He hopes his time in France will
township boy who became all too well, given open up new avenues for fundrais-
the first black captain of a I have a son who ing.He also thinks that the stronger
team long synonymous plays university links between European and South
with Afrikanerdom. He rugby. He had urged me African clubs will benefit his country.
is a titan of the ulti- to ask about the debate Players will visit and “see what it’s like
mate macho game over player health, in light of and not just the bad stuff they see on
who likes to speak of — Seb Jarnot reports of a possible link the news.”
faith, family and the between head injuries and dementia. Inevitably, some suggest that he has a
scourge of domestic Kolisi flags that some players worry the future in politics. He does have a vision
violence. He and game will lose its thrill, but he supports for government: to be run like the
Rachel, his white South African wife, you need a higher purpose than just the trend for monitoring via special Springboks. “We play against each other
have breathed new life into the frayed winning, and that this was one of the mouthguards and scrum caps or video. in different franchises and then we
spirit of the Rainbow Nation with their reasons for South Africa’s success. The “When they pull you out, you do get come together in one team. Politicians
public campaigns about the country’s Springboks have won the World Cup upset. But knowing what the end result should compete every four years in elec-
ills. One of seven global figures in a Netf- autobiography, Rise — English for three times since and including 1995, could be, it’s good . . . ” tions and then come back and work
lix series on leadership part-produced T H E G LOB E BA R , Phakama — he writes agonisingly about after emerging from sporting isolation On other fronts, he is pushing for towards the same plan.”
by Prince Harry, he will star on his own C L AY TO N H OT E L his mother’s ordeal and also of learning under apartheid. change to keep rugby relevant. He It seems too decent for a chance of
later this month, in a documentary CHISWICK of her death when he was 15. “We were in the darkest of places,” agrees with Carling, the former England success. Then again, Kolisi seems too
based on his autobiography. 626 Chiswick High Rd, Kolisi could so easily have been con- Kolisi says of the context of the 2019 captain, that the sport needs to embrace gentle for success on the pitch. This
Right now, though, I remind myself London W4 5RY sumed by all this. But he was guided final. It was a year after the disastrous the idea of stars. “Look at basketball. autumn he will be competing to be the
never to overestimate the glamour of from that fate by his grandmother and a presidency of Jacob Zuma. “Our coach Look at soccer. Yes, rugby is a team second captain ever to win two world
Soup of the day £7.50
professional sport. Kolisi’s 6ft 2in frame township primary school rugby coach said, ‘People want to listen to winners. sport. Those stars are nothing without cups. Now, however, he has a game to
has just emerged from an overnight Caesar salad £13.50 who saw his potential and steered him Win this trophy and your influence will their teammates. But rugby has been so prepare for on a freezing afternoon at
economy-class flight from Cape Town. Cappuccino £3.75 to a scholarship at a semi-private for- be more.’” conservative — if you celebrate crazily Twickenham. He races up to his room,
His hotel in west London’s suburbs, Americano £3.55 merly whites-only school. It is this Did that purpose help, I ask, when at you’ll be frowned upon because that’s changes into a Sharks strip and huddles
while discreet and friendly, at £120 a maelstrom of experiences, he says, that one stage in the final his team had to not what we do . . . I’m not saying with his coach. Never overestimate the
Diet Coke x2 £5.90
night and just along from a car dealer- drives him both on and off the pitch. make a last-ditch defensive effort go crazy. But we need to loosen up. glamour of professional sport.
ship, is hardly celebrity central. Harrogate still water £2.95 We have returned to the warmth of against relentless English pressure? “Rugby can’t compete with other
It is also at least 30 degrees colder Hot chocolate £2 the hotel for lunch. As the waiter takes “People where we come from do not sports financially. A player should be Alec Russell is editor of FT Weekend
than back home. As he poses on a street Total inc service £44.15 our orders, I ask Kolisi about his leader- want people to give up. They’re not very
corner for pictures, office workers ship philosophy. It is rooted, he says, in forgiving, because we face far harder
W
trudge by, heads down. Then a silver- his early lessons in responsibility. “I circumstances than just a rugby game.”
haired man with a muscular physique knew I had to look after my family too. I
stops and stares. learnt about community. People around hen I first broached
“Oh my God,” he says. “You have to let us always helped. . . And my grand- Lunch with the FT three
me take a selfie. I was a flanker too . . . ” mother always taught me to be happy in years ago, just before
Kolisi embraces his soulmate. In tough situations. I’ve been raised to see Covid closed the world,
rugby — a sport as close to legalised the positive in life — although not to be I had envisaged a braai
violence as you get, and which via diet blind to what’s happening in our coun- (barbecue) or even a meal at Kolisi’s
and training has reached new peaks of try. I just speak about my experiences home — he tells me that when not on
physicality — the two flankers on each because then you can’t lie.” tour he has pledged to Rachel to cook at
15-strong team have an especially pun- This feeds into the Instagram posts he least one meal a week for their two chil-
ishing role: they have to keep making delivers to his 700,000 followers about dren. But there are few breaks in the life
the big tackles to bring down thunder- gender-based violence. “It killed more of a professional, and now that, as of last
ing giants. Time and again they literally people in South Africa than Covid but year, South African clubs are playing in
put their bodies on the line. Kolisi not much is done about it,” he says. “I Europe’s Champions Cup, he is travel-
played this selfless role to perfection in think it’s because it doesn’t affect men. ling all the more. He is in London with
the World Cup final in November 2019, Well, it does affect men but men don’t his club, the Sharks of Durban, for a
when his Springboks demolished a want to talk about it. game against Harlequins at their Twick-
more fancied England team. “I have more men than women fol- enham ground. So, a light lunch before
“Oh my God,” the selfie-taker says lowing me on social media. They won’t training it is.
again, as he walks disbelievingly away. like it if I post about violence. But if I A group of white teammates banter
The only time I hear Kolisi mention God post about rugby, everyone is going to from across the reception. He teases
is when he tells me how he recites a dif- like it . . . ” them back. It is a picture-postcard
ferent verse from the Bible ahead of His leadership is most under scrutiny image of a multiracial team at ease with
S
every match. on the pitch. Rugby is a lightning-fast itself. Kolisi talks of a moment in the
sport. Errors change a game in a heart- final when Lukhanyo Am, another
iyamthanda (“we love you” in beat. His first three games in charge in black superstar, sprints down the pitch
isiXhosa) Kolisi was born in a 2018, after a dismal few years for the and appeals to Faf de Klerk, the tiny
township outside the indus- team, were “horrible” — he did not play Afrikaner playmaker, to pass him the
trial city of Port Elizabeth in well. But his partnership with the Afri- ball. As Kolisi writes in his memoir: “It
the dying days of white kaner coach Rassie Erasmus was key. wasn’t so long ago that a black centre
minority rule. It was three years before “Rassie knew I would be afraid at the would have thought twice about yelling
Nelson Mandela took office. His beginning. He created a system of at a white scrum half.”
upbringing was “a soft life, beautiful and shared leadership. Each player had a I was in Johannesburg in 1995, I tell
easy”, he says, compared with the condi- responsibility on the field, so I didn’t him, when Mandela embraced the
tions he saw two years ago when he and have to talk about everything. game, turning up for the final in the
Rachel drove around South Africa on a “I’ve got no ego at all. I think for a strip of a No 6 — the position played by
15,000km tour donating food. leader it shows strength when you know the then captain Francois Pienaar, and
“What I saw broke my heart,” he says. what you don’t know. A lot of people get now Kolisi. As immortalised in John
“Some places had no water. It’s over 20 it wrong when they want to talk about Carlin’s book Playing the Enemy — later
years of democracy and still a lot of peo- things they don’t know, and they lead Hollywoodised as Invictus — it was a
ple are suffering far more than I was. I people in the wrong direction.” masterstroke, helping to bind the frac-
was shocked at how people are living.” Kolisi has a steely side of course. I ask tured nation. But there was an element
His account is an implicit indictment about the moment when, in the heat of of make-believe to the story. There was
of the record of the ruling African the 2019 final, he whispered in the ear of only one non-white player in the team
National Congress in tackling the legacy a teammate who had made a costly mis- and the sport was still riven by race.
of apartheid. I demur, though, at the take. He smiles: “I was just telling him to Rugby had long had a proud tradition
idea that he had an easy ride. His relax and not to panic. And that we are in the African communities in the East-
mother, Phakama, just 18 when he was all good and we move on.” ern Cape region where Kolisi grew up,
born, was regularly beaten by his alco- Ahead of our lunch I had asked Will dating back to the arrival of English set-
holic father, who was even younger. She Carling, the England rugby captain of tlers in the 19th century. Steve Biko, the
eventually fled home, leaving Kolisi to the early 1990s, about captaincy. I put to legendary activist who was beaten to
be raised by his father’s mother. In his Kolisi his view that to be a great captain death in 1977 in police custody often
Style
Outfits to
I
’d love to get a dress or outfit immediately or go into a store. Arket If you have heavy, but delightfully soft, so it simply
for Valentine’s Day that’s does an almost identical one (pictured) the money and snakes around your curves.
fall for on
comfortable but interesting. as a back-up (£59, arket. t.ccom). want to make a If you aren’t a fan of matchy-matchy,
What do you suggest? As the dress is so impactful, go with very worthwhile then you could switch the velvet
Valentine’s Day
a simple silver, grey or black shoe or contribution to a trouser for the Gabrielle style
Ah, Valentine’s Day. Love it or hate it, just wear black tights with boots. For charity that does (pictured) from Tove (£595, tove-
there is no getting away from it. If larger frames, Chie Mihara slingbacks wonderful work studio.com). The combination of black
you’re heading out to an intimate are the right side of chunky (£297, for unemployed and ivory is timeless. Add a flat shoe or
dinner, just going for a drink or farfetch.com). For smaller frames, women, buy strappy sandal for a louche look.
having a “galentines” celebration with choose a softer heel in grey suede from Russell & Doing galentines instead? Go with
your girlfriends, let’s look at some Rupert Sanderson (£495, Bromley’s something comfortable but cool —
outfits that will serve you well, no rupertsanderson.com). Spotlight Norma Kamali’s jersey pieces are spot
matter what. If you want something a little quieter boots (£1,495, on for glamour, without that
First, can I urge you to check that (in both senses of the word), then how russellandbromley restrictive feeling that can really
you haven’t forgotten some killer dress, about a second-hand leopard-print .com). All the dampen the mood. I have an Obie
suit, top or pair of shoes that’s been Samantha Sung dress (£257, proceeds (less style (£185, net-a-porter.com, also
languishing in your wardrobe? If you vestiairecollective.com)? Fabulous with VAT) go direct available as a midi) and the true
can’t see it, you won’t wear it, so roll up gold accessories. Why not be a devil to Smart Works, beauty of it is that you can trim the
your sleeves and have a rummage. and try an orange or green shoe, or and you get to hem yourself. It’s laser-cut so you
If you don’t unearth anything special, coat, for that matter? Look to Gianvito turn a simple need a super-sharp pair of scissors —
then here are a few sugg ggeestions. Rossi, Roberto Festa or By Far for good outfit into a the brand recommends Ontaki
For many of us it’s got to be a dress coloured shoes. knockout one scissors but I just used my kitchen
for a special night out. At a December If you’re after black, try a slim-fitting and feel good ones. Add a modern heart necklace
drinks soirée, I saw this amazing silver LBD from The Fold (£295, about yourself from Mirit Weinstock ($215,
dress (pictured) on a very chic fashion thefoldlondon.com). The neckline to boot (sorry, miritweinstock.com) and layer a jacket
journalist. The Erika dress from flatters a shorter neck and suits couldn’t or a big teddy coat on top.
London-based occasionwear label Ilta average or small shoulders. Plus, it’s resist that). Lastly, if you don’t want to
(to rent from £72, hurrcollective.com) comfortable. These sorts of open necks If you’re go out and will be having a relaxed
is not just for Christmas, and I was scream out for some jewellery. Add a looking for the dinner on the sofa, can I recommend
thrilled to see that UK rental platform bit of drama with either a long earring, streamlining effect of a cuddling up in a tracksuit from
Hurr has it in lots of sizes. A scene- such as Anissa Kermiche’s Grand Fil suit but don’t want any Alabaste (£595, alabaste.com) in the
stealer if ever I saw one, it makes a d’Argent (£160, libertylondon.com) or a digg
ggiing in at the waist, finest Mongolian cashmere. Size up for
pleasant little jingle as you move. “look at me” necklace — I like a punchy then choose a matching a loose-fitting sweat-style shape that
If you want to make it more casual, choker from Area, which works on a trouser and shirt will keep you toasty while looking
you could layer a super-fine wool top larger frame (£302, mytheresa.com). ensemble from Vince Clockwise from top left: undeniably fabulous. Happy
underneath. I love a Cos turtleneck Wear it high with a long neck or use the (shirt, £405; trousers, Ilta dress, rent from £72, Valentine’s!
(£45, cos.com), which would look extender to drop the choker towards £445, selfridges.com). hurrcollective.com;
delicious in cream against the silver. the base of the throat for a shorter I recently bought it for a Tove trousers, £595, tove- Anna Berkeley is a London-based personal
Anna Berkeley If you have a short neck, go for the neck. For smaller frames, try a Celestial petite client who has a studio.com; Arket stylist who has worked in the fashion
round-neck version of this top instead. Raindrop pearl choker from Alighieri very full bust and roll-neck, £59, arket.com; industry for more than 25 years. Every
A word of warning, though: Cos’s (£350, matchesfashion.com). Depending tummy and she looked so Russell & Bromley month, she answers readers’ questions
Ask a stylist online delivery has been shockingly
slow for me for a while, so order
on how smart you want to be, add flats,
boots or a sleek heel.
tall and slender in it. The
fabric is sumptuous and
boots, £1,495,
russellandbromley.com
about fashion and what to wear. Email her
at anna.berkeley@ft.com
A rip
in time
ing in east London’s maze of vintage
shops was all part of the fun. American
Ap p a re l e m e r g e d s u p re m e a s t h e
Stanley knife of the scene. Every single
p e r s o n I k n e w h a d s o m e t h i n g f ro m
there and yet we never looked the same.
“Luxury brands meant nothing to the
people I knew,” says Kinney. “Because
i n f l u e n c e r c u l t u re h a d o n ly re a l ly
just begun, the pursuit of real-world
individuality felt more important than a
tag on your outfit.” This makes me feel
mildly better about DJing (the job du
jour) for Karl Lagerfeld at his Fendi
party wearing a not-so-expertly doc-
tored Zara dress.
“The look was unpolished, hedonis-
tic,” notes Nova Dando, a stylist at the
time who worked on shoots and music
videos for the likes of Klaxons, Bloc
Party and The Horrors. After enduring a
pandemic that forced us into the con-
fines of our homes, going “out out”
seems more tantalising than ever. And
what better way to confront a recession
and climate crisis than with a return to
charity shop finds and DIY fashion? “It’s
easy to adopt this look from what you
alread
aalr eadyy ha have in in your
your w ward
ardrrobobee or
or ca can n
B u t w a s t h i s n i c h e s c e n e t r u ly borrow from your parents’ wardrobe,”
Essay | The messy ‘going-out’ look of the noughties enjoying a comeback or were my fel- says Dando, “as it’s mostly retro vintage
low millennials, some now the gate- c l o t h i n g p a i r e d w i t h r i p p e d t i g h t s,
keepers of media empires, simply skinny jeans, oversized T-shirts and
is finding a new generations of fans on TikTok. feeling nostalgic? Surely for some- unwashed, backcombed hair.”
t h i n g t o b e re v i ve d , i t n e e d s t o b e “If I was wearing anything truly excel-
Alexa Chung asks whether this revival has legs worth revisiting. “I strugg gglle to imagine
that it will earn its place in the history
lent or even clean,” remembers Alison
Mosshart of The Kills, “it had probably
books,” notes Bunny Kinney, creative been given to me on a photo shoot or by
I
director of online video channel Now- Hedi Slimane [now the creative director
ness. “In my experience, it wasn’t a of Celine]. I wore his gold boots for years
t became apparent that fashion’s the flofloor
or onc
oncee cacav
aved in
in).
). The
These
se ima
image
gess p a r t i c u l a r ly d i ve r s e s c e n e : l a r g e ly straight. I wore them until all the gold
cyclical nature had reached vortex capture a scene of peo peop ple united by an white, heterosexual, cisgender and, was gone and all the boot was gone, and
speed last year when a spate of arti- enthusiasm for alternative music in, though inherently liberal in values, it they’d become nothing more than
cles emerged announcing the arguably, our last gasp of unfettered felt more or less apolitical.” flappy leather mud socks.”
return of an “Indie Sleaze” aes- freedom before the ability to go on the While it may have stood for nothing, Having his boots trashed didn’t stop
thetic. No soo oon ner had we wrapped our lash undocumented was swept away by the fashion might be worth revisiting Slimane from inviting The Kills to DJ
m i n d s a ro u n d t h e re s u r g e n c e o f a n wilful oversharing and sponsored posts. for its haphazard charm. What emerges for his autumn/winter 2023 collection
e a r l y- n o u g h t i e s t r e n d f o r o v e r l y Olivia V, a vide o e ditor living in from the sequins and skinny scarves of at The Wiltern in Los Angeles alongside
plucked eyebrows, it appeared Gen Z Toronto, started the @indiesleaze Insta- a very recen centltlyy bygon
gonee era — par partic ticu-
u- ‘I‘It wasn’t a particularly the sort of homogenised fashion only an Iggy Pop, Interpol and The Strokes. His
was busy excavating party pics from the gram account because she felt it was a larly when juxtaposed with the current algorithm could impose — is how vastly most recent Celine show is perhaps the
mid to late 2000s and plastering them decade “not yet neatly defined or revis- appetite for clean girl trends and diverse scene and, though different everyone looked from each strongest argument we have for the
on TikTok. ited”. Olivia’s account has inherently liberal in values, other. Like a fancy-dress party where potential re-emergence of Indie Sleaze,
I’d never heard the term Indie Sleaze 130,000 followers and the theme was drugs. one ingeniously smuggled into its title:
until I was tag ged in seve verral slightly counting. Hiding in the felt more or less apolitical’ I can remember wanting to look like The Age of Indieness.
cringe pictures of myself by an Insta- grid is a riot of flash pho- Julie Christie in Darling and the cover of “One of the most glaringly obvious
gram account of the same name. Upon tography taken from sites a Shangri-Las record. My most prized indications that Indie Sleaze has
seeing a baby-faced me pretending to such as Flickr, Tumblr and p o s s e s s i o n w a s a n av y s c h o o l c o a t I returned,” says Olivia, “is the fact that
s m o ke i n a b ro w n ve lve t d re s s I h a d P h o t o b u c ke t , a n d b o r - bought for £5 on Brick Lane. I wore it so many of the era’s great bands and artists
hemmed up with gaffer tape, I under- ro w e d f ro m T h e C o b r a - often that, to this day, regardless of what released new albums or music in 2022.
stood that Indie Sleaze was a recently snake, a seminal photoblog I have on, people think I’m wearing a The Yeah Yeah Yeahs, MIA, Arctic Mon-
i nve n t e d t e r m b e i n g re t ro a c t i ve ly run by photographer Mark Clockwise from main image: Peter Pan collar. I bought Russell & keys, Hot Chip, Uffie and Metric all put
applied to a cluster of messy club nights Hunter that I used to check Alexa Chung after a Klaxons Bromley loafers because they reminded out new albums recently.”
swaddled in the dawn of MySpace. In obsessively. It features the show in 2006; after the same me of Hampshire mums; knee socks If it’s coming back around again, I am
2007, we just called it going out. l i k e s o f D e v H y n e s, C o r y event in 2006; with friends from the Jo Joh
hn L ewis scho ol uniform m o r e t h a n h a p p y t o d r y- c l e a n m y
There I am with friends in Teddy’s Kennedy, Karen O and Sky in 2011; with Andrew department to look like a girl in a Sam blazer, minidre ressses and ballet flats,
Nightclub at The Roosevelt in Holly- Ferreira plastered in sweat VanWyngarden of MGMT Haskins photograph, and vintage 1960s because it’s a uniform I have never
wood, Camden’s hallowed Hawley Arms and glitter, not posing duti- in 2011; with Tennessee dresses so that I could get into The Cave s t r a y e d f a r f r o m . S o, d u s t o f f y o u r
pub, and The Old Blue L ast (a Vice - fully for the camera but par- Thomas at the Coachella Club for free. trilby and lace up those brogues, the
owned Shoreditch watering hole with an tying with unselfconscious festival in 2007 — Mark Hunter/ Achieving your dream look was an NME Tour may have ended but “It’s Not
upstairs room that hosted gigs so rowdy abandon. The Cobrasnake inexpensive pursuit and treasure hunt- Over Yet”.
Style
ser and her husband Chuck to sit for her From left: Alice
and then slowly cajoled them into Neel’s ‘Carmen
removing every layer of their clothing, and Judy’
which they had carefully picked for the (1972); ‘Marxist
occasion. “Alice took one look at us, and Girl (Irene
frowned,” writes Nemser. “‘All those Peslikis)’ (1972);
clothes,’ she wailed, as she looked me ‘Wellesley Girls’
over. ‘You look so fussy with all those (1967) — Courtesy of
the estate of Alice Neel and
layers of clothes and all that Mickey David Zwirner gallery
Mouse jewellery. You look so bourgeois
in that pin-striped suit,’ she admonished
A painter of
my husband. ‘I just painted a dentist and
he had all those clothes on too.’” In the
end, they were both painted almost fully
naked (Chuck kept his briefs on).
Neel aspired to capture the zeitgeist
clothes — as
through the people she painted. Her
portraits are rarely flattering for the sit-
ters, but show empathy and an under-
standing of their personal histories.
Clothing played a role in telling them.
In “Richard in the Era of the Corpora-
well as people
tion” (1978-79), Neel captures her eldest
son, who was then working for Pan Am,
‘Neel wanted to portray her

Myers, a friend of Neel’s, in her portrait Neel immediately fixating on their
from 1930. Forty-three years later, shoes. “She said, ‘Oh, how wonderful, housekeeper in that dress
young graduate Kitty Pearson was also you’re all wearing patent-leather shoes.’ because here was a woman
depicted nude with a blue top hat. Neel’s And that was so intriguing to her, and I
1970 portrait of Jackie Curtis and Ritta believe that when she started putting who also had other lives’
Exhibition | Known for her nudes, Alice Neel also Redd hides in plain sight a delicious lit- colour, she started with the shoes.”
tle detail: Curtis’s right toe peaks out of a Porn star and performance artist
hole in her tights, revealing the same Annie Sprinkle told New York Magazine wearing a crumpled suit, sitting uncom-
had an eye for dress, writes Annachiara Biondi bright red nail polish that she is wearing that Neel “would almost have an orgasm fortably in a chair. Neel said he looked
on her finger nails. Below: Neel’s over my high heels” after Neel painted “used up”. “The truth is I didn’t know
1970 work ‘The
I
Shoes are a recurring object of fasci- her in 1982 wearing a revealing corset, what the 1970s was about until I painted
nation. Neel’s portrait of art critic John Family (John garters, stockings and vertiginous heels. him,” Neel told Terry Gross on NPR’s
n Alice Neel’s 1972 painting of Irene them, but just as often she didn’t, turn- Gruen and his family from 1972 is also Gruen, Jane The look was chosen by Neel among Fresh Air programme. “And then I real-
Peslikis, the feminist artist and ing clothing into an inseparable element known as “Six Patent Leather Shoes” in Wilson and many costumes that Sprinkle had ised that it was the time when the corpo-
activist is draped over a purple of her subjects’ individuality. In being a a nod to the shiny footwear worn by the Julia)’ — also brought with her for her sitting. ration enslaved all the bright young
chair, her left arm raised to grip the painter of people, Neel became a painter three sitters. In The Art of Not Sitting known as ‘Six In her 1970 portrait of Andy Warhol, men. Because he looks just about ready
backrest, exposing a tuft of armpit of clothes. Pretty, Phoebe Hoban writes that Gruen, Patent Leather where the pop artist is nude from the to die of being enslaved by Pan Am.”
hair. Peslikis is wearing a violet-blue In “Wellesley Girls”, Neel’s 1967 paint- who in the painting also wears a violet Shoes’— Courtesy of the waist up, showing the surgical corset Nairne, who in her curatorial work for
estate of Alice Neel and David
tank top and velvety high-waisted trou- ing of Kiki Djos and her friend Nancy scarf and bright blue socks, recalled Zwirner gallery that he had to wear after being shot by the Barbican exhibition has been trying
sers in a similar shade. On her feet is a Selvage, clothing, colour and composi- Valerie Solanas in 1968, his laced-up to find out more about the people who
pair of dainty laced-up brown brogues. tion come together to represent the sit- brogues immediately catch the viewer’s sat for Neel, takes as an example the
The activist’s open, direct gaze is ters’ different personalities. Djos, on the eyes. (According to Hoban, the shoes story of Carmen and Judy. In the por-
arresting. So is her simple outfit, which left of the picture, spreads her legs wide might have been a reference to Warhol’s trait, Neel paints her housekeeper
amplifies Peslikis’s self-assurance. and stares back at the painter. Her con- commercial illustrator work for shoe breastfeeding her daughter while wear-
“[Clothing] is an aspect of her paint- fidence is mirrored by her flamboyant manufacturer I Miller.) ing a pink-and-magenta patterned
ing that doesn’t often get spoken about, outfit — a green and light-blue polka-dot At other times, Neel was so captivated dress. Through interviews with Car-
but it’s very relevant,” says Eleanor blouse, worn open at the neck, over a by what her subjects were wearing that men’s family, Nairne has discovered
Nairne, curator of Alice Neel: Hot Off the black miniskirt and bright violet tights. she would ask them to pose right away. that before immigrating to the US, Car-
Griddle, the largest UK exhibition to date Selvage, wearing a yellow crewneck This was the case of art historian Mary men was a fashion designer in Haiti.
of the artist’s work, which opens Feb- jumper over a black skirt, sits with her Garrard who, in the winter of 1977, “It made me think that that pink-and-
ruary 16 at London’s Barbican. “[With back straight and her hands quietly entered Neel’s apartment wrapped up in magenta dress has real flair to it,” she
clothing] she is trying to capture some- folded in her lap. She appears more a navy-blue pea coat, red scarf and cap. says. “Maybe Neel wanted to portray
thing of a person’s unique character and demure than Djos, but no less fierce, her “Stop, I want to paint you just like that,” her in that particular dress because this
something of the spirit of the age.” round hazel eyes fixed on the viewer. Neel said to Garrard, and so she was is a woman who worked with her as a
A self-described “humanist” and a Neel wasn’t an eccentric dresser her- painted. The same year, Neel encoun- housekeeper, but who also had other
“collector of souls”, the late American self, but clearly enjoyed clothing on tered Virginia Miller, who was wearing lives. Being stylishly dressed was part of
painter showed endless curiosity for her other people, dwelling with pleasure on cowboy boots, and asked her to sit for a her character.”
fellow human beings. In her six-decade- details such as a fur trim, the print of a portrait. “She said, ‘You have to wear
long career, stretching from the 1920s to dress or a colourful scarf. Sometimes the same outfit,’” Miller recounted to ‘Alice Neel: Hot Off The Griddle’ opens at
her death in 1984, she painted her these were the only items adorning the Hoban. the Barbican, London, on February 16
lovers, her family and neighbours and bodies of her subjects — such as the blue Clothing and its absence play a part
also politicians, intellectuals, artists and wide-brimmed hat and pearl necklace even in Neel’s nudes. In the 1970s, the Find out about our latest stories — follow
activists. She sometimes undressed worn by an otherwise nude Rhoda artist invited art historian Cindy Nem- @financialtimesfashion on Instagram
Designers tap into tapestry’s rich tradition

Fashion Interest in craft and numerous techniques, among them himself for missing out on”, as well as revolutionising garments to be perfor- riors, too. Influential decorators Beata
needlepoint, damask and jacquard. 1970s vintage tapestry coats. mative. Tapestry feels like the opposite Heuman, Rita Konig and the late Robert
longevity is driving a revival The resurgence of tapestry can be “It’s an artisanal version of what fash- of that. It feels luxe bohemian; [think] Kime have all championed the tapestry
of this ancient technique. attributed to a renewed interest in tradi- ion can be that has been lost for a long mid-2000s Olsen twins meets Mick Jag- renaissance in headboards as well as
tional crafts, says fashion historian and time, particularly in menswear,” he ger in Performance if it were a coat — hangings. Products with tapestry effects
By Scarlett Conlon co-curator of the V&A’s recent Fashion- muses. “Sportswear, technical gorpcore that’s what I want.” have been popping up in retail settings,
T
ing Masculinities exhibition, Marta and the hiking aesthetic were based in Tapestry is working its way into inte- too, via online homeware marketplaces
Franceschini. Glassette, ABASK and Collagerie.
echnical fabrics and athlei- It has arrived as “we are negotiating The London-based designer Walid al
sure might dominate every- our position between digital and physi- Damirji was one of the first of his profes-
day wardrobes, but the cal”, she says. “The styles emerging are a sion to champion upcycling fabrics
ancient art of tapestry — or mix of historical references to reassur- when he launched his brand By Walid in
at least the appearance — is ing traditions and creative interpreta- 2011. Sourcing offcuts of historical
providing a foil to utilitarianism. At the tion of what the future might mean.” Aubusson tapestries and intricate nee-
Paris shows in September, tapestry “Fashion is cyclical and trends come dlepoint fabrics and transforming them
effects appeared on floral suits in the and go, but we are moving away from a into footstools and cushions alongside a
spring collections of Paco Rabanne and throwaway society at last and towards a ready-to-wear clothing line, al Damirji
Dries Van Noten, and on baseball shirts greater appreciation of durable pieces describes his work as “rescuing” rather
at Marine Serre. In Milan, Etro intro- A tapestry-inspired outfit at that have been crafted and which than reusing.
duced it on a fringed mini dress, while Etro spring/summer 2023 — Penske Media/ underlie this trend,” adds the fashion “For me, it’s the love for distressed
Getty Images
some of London’s brightest rising stars business consultant and author Carolyn and thrown-aside pieces,” he says. “The
wove it into their own offerings — Char- Mair. “Fashion has been led by street cleaning takes for ever and the packing
lotte Knowles sent out dresses and leg- walls, and in China it was used for gar- style for a while and it seems that now is takes longer — not to mention the
gings in damask-print jersey, while ments and to wrap precious gifts. Wil- the time it can take back control. Poten- unfurling and so on — but then you have
Chopova Lowena repurposed vintage liam Morris called it the “noblest of the tially we are tired of instant gratification pieces that really have a story.”
textiles featuring fairytale forest scenes weaving arts”. and inauthenticity.” Al Damirji has been surprised by the
reflecting designer Emma Chopova’s Authentic tapestry, by strict defini- Stylist and editor Gary Armstrong has number of younger customers engaging
Bulgarian heritage. tion, is an intensely intricate process, set up search alerts on Vestiaire Collec- with his aesthetic. “It’s not as niche as I
Tapestry has roots in Ancient Egypt hand-weaving warp and weft threads tive and other second-hand retail sites thought!” he laughs. “They all write to
and the Inca empire, where it was used it together on a loom to create visible for the William Morris-inspired tapes- me on Instagram and say, ‘Can you tell
to shroud the dead. The Ancient Greeks designs on both sides of the fabric. Yet, try shoes from Jonathan Anderson’s From left: Marine Serre spring/summer 2023; Jerry Hall in a Vivienne Westwood me more?’ [They] really do respect the
and Romans used it to decorate their as a term, it has grown to encompass 2017 Loewe collection that he “kicked coat, 1997; a Louis Vuitton spring/summer 2023 bomber jacket — AFP/ Getty Images need to protect tradition.”
Travel
M
y house stands on its own and heat (natural springs, solar power
in a secluded valley curv- and firewood from our managed wood-
ing upward towards a lands see to that), but we also have few
range of hills where rivers outgoings beside farm machinery, ani-
rush through rocky mal feed and store-cupboard staples.
gorges. Below it are terraces planted And my lover is now my husband.
with wheat and rye, oranges and olives, When, in June 2010, we were married in
beans and maize. At the bottom of the the town hall, the whole village turned
valley lies a cluster of granite-built out to throw confetti, and I’m now
houses around a pepper-pot church: the stopped in the street by elderly ladies
small Spanish village that for 23 years sweetly asking after tu marido. In fact,
has been my stamping ground. the mayor of my village is himself
Most attempts to escape from the openly gay. Nowhere in Europe is now so
pressures of modern urban life are once- archaic, so backward, that it can resist
in-a-lifetime events. I have made the the powerful undertow of modernity.
move in two phases, like a driver chang- As for Extremadura, a small influx of
ing gear from fourth to third, and from independent travellers are finding their
third to a crawling second. way here — perhaps feeling the sense of
The first downward shift was in 1989, adventure, the excitement of discovery,
when I quit my job, climbed into my lit- that I first felt all those years ago.
tle brown Mini and drove all the way If the region has no very clear brand
from London to Ibiza. The Balearic identity, it’s partly thanks to the diver-
island was an eccentric Mediterranean sity of its climate, landscape and cul-
enclave back then, and for 10 years I ture. The rolling plans of the south,
lived with my Spanish lover in a white- where Extremadura bumps up against
washed farmhouse, for which we paid a Andalucía, have something of that
nominal rent, in the far north of the region’s smiling charm, with a dazzle of
island. We grew vegetables, kept chick- whitewash in pretty towns such as Jerez
ens for eggs and made a cool fresh cheese de los Caballeros and Zafra (not for
with the milk of a half-dozen goats. nothing is the latter nicknamed “Sevilla
As an introduction to the Good Life, it la chica”: “little Seville”).
wasn’t bad — but for me it didn’t go far The north, by contrast, is mountain-
enough. By the millennium, Ibiza was ous and well-watered, with lofty peaks
shaping up to be a Spanish Saint-Tropez. rising to 2400 metres. Northern coun-
I wanted my back-to-the-land fantasy to ties such as Las Hurdes, the subject of
unfold in a place more genuinely rural, Luis Buñuel’s 1933 documentary Land
and with wider horizons, than this bonk- Without Bread, and luscious La Vera, site
ers holiday island. Clearly it was time to of the Emperor Carlos V’s monastery-re-
move on. But where would we go? tirement home at Yuste, are best enjoyed
During a drive across the Iberian
peninsula from Lisbon to the ferry port
of Dénia, chance — or destiny — made SPAIN
the decision for us. Both night and heavy Madrid
rain were falling as we crossed the Port- Hoyos
uguese border on a back road with only
a roofless hut, once the customs post, to Cáceres
PORTUGAL
indicate a change of countries. We had EXTREMADURA
stumbled on Extremadura — the land- Mérida
Lisbon
locked region sprawling along Spain’s Badajoz
western flank — through the back door.
Immediately I liked what I saw. The Seville
Granada
wide-open landscape of this border
country — especially the rolling forest of ATLANTIC OCEAN
holm oaks known collectively as dehesa 100 km
— was remarkably lacking in traffic, ugly ©Mapcreator.io | OSM.org
modern buildings, or bothersome
human presence. As I was to discover,
Extremadura occupies an area the size
of Switzerland yet its two provinces,
Badajoz and Cáceres, have among the
lowest population density in Spain.
To the casual eye, the village of Hoyos
looked like an idyllic survivor of the old
My downshift to deepest Spain in springtime when snowmelt thunders
through deep gargantas (gorges).
For even more than culture, what
Extremadura offers is natural beauty
and biodiversity in spades. Latterly, I’ve
noted among my adopted extremeño
Europe. There was something forbid- neighbours a kind of astonished pride
ding in the grey crags that loomed above every summer in the Roman theatre at that foreigners will pay good money to
the hillsides. But also something soft and Spain | Paul Richardson swapped London for a farm in Extremadura, the sparsely Mérida and the spectacular new art gaze at something that previously had
familiar and welcoming about the museum in Cáceres built to house the little value for them: the region’s woods
patches of vineyard, the chestnut woods, world-class haul of German/Spanish and waters, its peaks and lowlands — a
the orchards where citrus trees spat- populated region whose landscapes are only now being discovered by visitors collector Helga de Alvear. third of which are now protected under
tered with bright spots of orange and yel- This has turned out to be a fine place Spanish or European law.
low lurked behind a thick, clotted mist. for our back-to-the-land project to grow The astonishing variety of bird species
John Berger, who eulogised the life- and prosper. Traditionally worked by to be observed in the National Park of
style of subsistence farmers in the Clockwise from main picture: covered the olive grove. We built a tiny depopulation. Climate-driven wildfires peasant farmers without pesticides and Monfragüe (including vultures, impe-
French Pyrenees in 1979’s Pig Earth, Paul Richardson in the fields stone house in the woods, then a much are ever more frequent and ferocious. herbicides, our land — despite the cli- rial eagles, and the rare black stork) has
would have appreciated the rhythms of near his house; Richardson larger one with a wine cellar and a store- Yet Extremadura’s historic cities are mate crisis — is still in good ecological kick-started a trend in ornithological
village life as it still was in the early (on left) with a friend; the room for our home-cured hams, our monumental symphonies in stone and health. Just as importantly, in a place tourism, attracting twitchers from the
2000s: the set-in-stone routines of the church of San Francisco Javier vats of olive oil, our jams and preserves. its traditional fiestas are thrillingly where land-based living is the norm, UK, Netherlands and Germany. Trek-
olive harvest in November, the pig in the town of Cáceres; black For a same-sex couple with no previ- archaic. The town of Guadalupe, whose there are still people around to pass on king and other adventure-based holi-
slaughter in December. Donkey carts Iberian pigs eating acorns; the ous connection to the area, the process of eponymous Virgin is the patroness of their wisdom. From my neighbours I’ve days are rapidly taking off. Tourism of
went by in the square; village ladies car- historic town of Trujillo, integration into this rough-and-tumble Extremadura, Mexico and much of learnt how to prune fruit trees and grape the low-key, high-earning sort is finally
ried the washing on their heads. 50km east of Cáceres; farming community was occasionally Latin America besides, is worth the jour- vines, and the complex arts of the making its mark, attracted by the natu-
Smitten with the region’s untarnished Richardson holding quinces fraught. In the early days, we endured ney for Francisco de Zurbarán’s lumi- annual matanza (pig slaughter) — part of ral advantages of a region that has been
beauty, we came back. And on one of grown on the farm; the homophobic graffiti — “gays out” was nous portraits of Hieronymite monks in a rich pork-based culture including, at bypassed by both the construction
those subsequent visits, the die was cast. church door in Hoyos; scrawled on the car — and curious or the sacristy of the monastery church — the apex of quality, Extremadura’s sub- boom of the 1990s and the mass-tour-
An elderly couple with grandiloquent the house where Richardson quizzical stares. My adopted home is cer- collectively perhaps the region’s most lime acorn-fed ibérico hams. ism boom of the early 21st century.
names were happy to find a buyer for and husband lived without tainly no earthly paradise. Unemploy- important artistic treasure. After nearly a quarter-century of life My own lightbulb moment came just
their piece of land a mile outside the vil- electricity for two years ment is rife and there is little economy to Contemporary culture is thin on the in Spain’s deep country, what has as the pandemic rolled in. On March 14,
Santiago Camus; Linda Griffith; Getty Images; Alamy
lage. Happy to sell, but sad to see it go: speak of beyond cash-in-hand for odd ground, but there are notable except- changed? At a personal level, we are now 2020 the Spanish government declared
from this land, Guadalupe and her hus- jobs, both factors leading to chronic ions: the festival of classical theatre held self-sufficient not only for water, light a state of emergency. Life in the cities
band had fed a whole family. “The soil’s ground to a halt, but here in our hidden
so good, you won’t even find a stone to valley it was business as usual. Reports
throw at a bird,” she told me. Five places to stay in Extremadura of basic supplies running low failed to
From the outset I understood that worry us: we had our own flour, our
Extremadura might not be the easiest Habitat La Cigüeña Negra Recently awarded a third Michelin star, comfortable hotel in the grandly austere countryside beside the hilltop town of homegrown veg, a freezer full of food.
place in which to live. Public transport Owned by the March family from Ibiza, Atrio restaurant is by some way surroundings of a 16th-century palacio Montánchez. finca-al-manzil.com Though officially locked down, we
was rotten: a rickety train ran four times this stylish new country hotel in remote Extremadura’s best. The couple’s newest stands within a few steps of the city’s roamed maskless and free over our
a day to Madrid. The region had no air- Sierra de Gata forms part of a 220- enterprise Casa Paredes, opened last two cathedrals, the “Old” (Romanesque) Casas del Naval seven hectares of farmland and oak-
port worth mentioning. Yet after the hectare estate producing fine olive oil November in another old-town palacio, and the “New” (Gothic/Renaissance). Cheerfully mixing antique pieces with woods. If the past 20 years had held
claustrophobia of island living, I rel- and heritage-breed beef (both served at has 12 suites decorated with blue-chip palaciocarvajalgiron.com contemporary furnishings, garden moments of doubt and insecurity, it was
ished the freedom of long drives on the in-house restaurant). habitatcn.com contemporary art and Scandinavian designer Jesús Moraime’s chic lodging now that I knew, with a blazing cer-
empty motorways. Lisbon was four furniture. restauranteatrio.com Finca al-Manzil in three self-contained cottages on his tainty, that my blind leap into wild west-
hours away, Seville five, Bilbao six. Atrio Restaurante Hotel Rural bliss meets a crisp modern 44-hectare country estate outside ern Spain had been a good move.
So we knuckled down and set about Toño Perez and José Polo’s restaurant- Hotel Palacio Carvajal-Girón Charming, sensibility at this casa rural where the Villanueva de la Vera gives a nod to
de-wilding our land, repairing water with-rooms occupies a stone palace in pocket-sized Plasencia is the historic hosts are an Austrian and an Provence and a wink to rural England. Paul Richardson’s new book ‘Hidden
tanks, rebuilding stone walls, slashing the medieval old town in Cáceres. capital of northern Extremadura. This Englishwoman. It sits in verdant casasdelnaval.com Valley: Finding Freedom in Spain’s Deep
and burning the brambles that had Country’ is published by Abacus (£20)
O
ne of my first tasks when brought low by ink; these days our does so. A pilot’s belts are many- return old items, and to immediately photographs, and when I lent him my
I joined British Airways — paperwork lives on our iPads, and notched; other items are replaced report any theft to our security team. cap it fell down to his eyes and he
20 years ago this week — curry is the most common hazard whenever they wear out or their Across the world, our crew hotels laughed so hard that I didn’t have the
was to report to Uniform (along with perspiration from owners change size. We’re required to must provide not only in-room kettles heart to ask for it back.
Stores, at that time external aircraft inspections in but also ironing boards and irons. I At his age I was already in love with
located by the eastern threshold of Kuwait’s high summer). Uniform stands for what I don’t mind ironing; indeed, listening to aeroplanes, but I was less keen on
Heathrow’s southern runway. On a Alongside the new range of choices, a podcast as I press the next day’s shirt uniforms. However, I’ve come to enjoy
chilly winter morning I negotiated the our uniform policy permits additions share with my colleagues: a and fasten my epaulettes and name wearing one. Above all, as someone
“magic roundabouts” by Hatton Cross, such as military decorations and the love of flying and a set of badge is as constant a part of my pre- who dislikes shopping and all non-blue
parked, then got out and leaned against Queen’s (or King’s) Commendation for flight routine as brushing my teeth. In colours, a uniform saves me time and
my car for a moment to gaze up at the Bravery in the Air. Our ties are rules and standards extremis — perhaps we’re on holiday money and spares me an entire
final approach path of the jets I ordinary or clip-on; I have one of each. somewhere and can help a disrupted category of daily decisions. It also
couldn’t believe I would soon fly. Mark Vanhoenacker Ties must be worn outside the flight flight on its way — we may fly in stands for what I share with my
A few weeks ago, British Airways deck; caps, too, except when ordinary clothes rather than uniforms, colleagues: probably a love of flying,
unveiled its latest uniform, designed by “politeness or safety” demands but special authorisation is required. and for sure a set of rules and
Savile Row tailor Ozwald Boateng and View from the cockpit otherwise. (Though there’s an old joke Pilots write their name codes (a standards that specify exactly what’s
offering many more choices to staff. — “it fits perfectly” — about a pilot five-letter abbreviation of their expected of me, and what I may expect
Female cabin crew, for example, have collecting a new cap and placing it surname and given names; mine is of others. It’s a most welcome contrast
four different options, including a under their upper arm, rather than on VANRM) inside their caps. My burn to my brief forays into academia and
jumpsuit. I can choose between single- selections, I’m reminded that much of their head.) In my first months as a rate for caps is about one per decade. I management consulting, and, indeed,
and double-breasted jackets and what now feels ordinary about my pilot, I once stood in the cockpit door lost one in a hotel lobby in San to the blank page that awaits when I sit
female pilots may choose between uniformed life once surprised and bade farewell to our customers Francisco early on the afternoon of down to write.
trousers, skirts and culottes. me. Offered both short- and long- with my tie loosened, my shirt’s top Halloween (one day I’ll write a short
Other options — all blue — include a sleeved shirts, nearly all pilots choose button unfastened and my hands in my story about the night I imagine it went Mark Vanhoenacker is a Boeing 787 pilot
turban, a trenchcoat, and (for those the former. We’re allocated a certain pockets. The captain advised me to on to have), and another when a boy for British Airways and the author of
winter trips to Montreal) a knitted number per year, but short-haul pilots, never do so again. suffering from cancer — he was perhaps ‘Imagine a City’ (Chatto & Windus/
cardigan or jumper and gloves that who fly on more days than long-haul At British Airways we report for our 10 — came to visit the cockpit after a Knopf). Follow Mark on Twitter
work on touchscreens. pilots, are more likely to use these up. regular flight-simulator training and flight to Manchester. He sat at the @markv747 or email him at
As I await my fitting and consider my Pilot shirts were once most often exams in uniform, but not every airline A BA pilot in the new uniform controls while his parents took mark.vanhoenacker@ft.com
Travel
Deep
snow and
dumplings
states. Lower costs than, say, a luxury Svaneti Museum of History and Ethnog-
Georgia | In the medieval town of Mestia, a team of local and Canadian guides l o d g e i n C a n a d a h ave n o t a l w a y s
included the greatest sense of security,
r a p h y, s t a n d s o n t h e o t h e r s i d e o f t h e
river. Rebuilt in 2013 with state and for-
yet a growing demographic of seasoned eig
eign n fun
fundin
dingg , it boas
oasts ts nin
ninth-
th-cencentur
turyy
is opening up a new frontier for adventure-seeking skiers. By Simon Usborne heli-skiers are itching for adventure. Christian iconography and Svaneti arte-
“People want to be safe but they also facts, including a ritual cauldron big
W
want to feel like they’re doing some- enough to boil three cows and an early
t h i n g r e a l a n d u n s c r i p t e d ,” s a i d pair of wood-and-leather snowshoes.
e were a motley crew, the town, while the E d w a r d s . “A n d t h i s i s a b o u t a s I could have spent a week in Mestia
b ro u g h t t o g e t h e r i n a great pyramid of unscripted as it gets.” without skiing at all. We gathered one
tiny airport by the Tetnuldi (4,854m) Edwards, in his early forties, watched evening for a Georgian wine tasting, and
promise of adventure sits to the east. Misha with a slightly older head and ate at different restaurants most nights.
high in the G eorgian Ushba, which rises 20 skipped the couloir with his own group, My favourite was Lushnu Qor, a low-key
Caucasus. A forestry consultant and a miles south of Elbrus not because of any risk of more serious timbe berr diner where a steady stream of
vet from oppo possite ends of Switzerland (5,642m) near the movement in the snow, but because, one beerr and steaming khinkali landed on
bee
were getting to know each other, while a Russian border, has time out of 100, that slough might push the tables of young local guides.
jet-lagged Italian entrepreneur based in long bewitched a skier too close to the rocks for his lik- The town buzze d with a sense of
Manila caught up with his father, a climbers. In his 1940 ing; the wisest guides assess risk not just energy and potential. A tiny new ski
robot-lawnmower tycoon from Vicenza. book Ten Great Moun- in the moment but across a career. rental shop with a bare chipboard front-
As we waite d for a window in the tains, the English Edwards and Buec eck kert were wary of age was beginning to ship in big-moun-
weather at Natakhtari airfield, which mountaineer Gra- stepping on toes. But they were also tain skis. It had not yet acquired a name.
sits opp osite a cho colate fac tory just ham Irving described keen to school the Margianis in a busi- “Maybe next year,” said the shopkeeper
outside the Georgian capital Tbilisi, the the peak alongside ness model that has been ev evoolving in as he adjusted some bindings. (I had bor-
airp
air port
ort’’s dog sno
snooze
ozed d in the sea seatt ne
nextxt Everest and the Canada since the first commercial heli- rowed my skis from the only rental shop
to mine. It was snowing heavily where Matterhorn. ski trip in 1965. Safety was only part of in Tbilisi, in a converted family garage
we were heading: a medieval mountain Skiing is much it. Edwards was also advising David behind a Soviet-era housing block.)
town now emerging as a new frontier newer to Svaneti. In the past decade, a Kaadze, our pilot, on how to string runs L o w c l o u d s t h re a t e n e d t o e n d t h e
in skiing. few grizzled tourers, as we welll as spon- together in the most fuel-efficient way, week with a day at the local resort. But
After a few hours, the storm eased and sored ski movie crews, have begun to and training Misha in the administra-
we piled into a Czech twin-propeller travel to the mountains in Ushba’s tive art of the end-o -off-day debrief. ‘People want to be safe but
plane of uncertain vintage, face d the shadow. There have been recent invest- E dw a r d s w a s s t i l l s t u n n e d by t h e
wind and soared into the clouds. ments in local ski resorts, too, and some mountainscapes around Mestia, but also to feel like they’re
Mestia, which lies in a steep- p-ssided val- heli-skiing run by a German ope perrator, saw equal potential in the town itself. doing something real and
leyy ab
le about
out an hou
hourr to the nor north,th, is best but much remains unskied; a Slovakian Down days because of bad weather are a
known
known for its me medie
dieval
val wat
watcht chtoower erss. adventurer only made the first descent feature of any heli operation. There are unscripted. This is about as
More than a dozen of the structures still of Ushba in 2017. no luxury spas in Mestia (I was staying unscripted as it gets’
Everywhere I looked, great peaks and in a three-star hotel on the main drag),
50 km snaking glaciers repeated into the dis- b u t t h e t ow n i s b l e s s e d w i t h d i s t r a c -
tance. This was high-alpine skiing, with tions, including for those unwilling to as I was skiing laps of Hatsvali after
RUSSIA helicopter drop-offs at 4,000m and long s a c r i f i c e s k i t i m e : t h e t wo l i f t s o f t h e l u n c h , wo r d c a m e i n v i a r a d i o o f a n
Ushba descents. We were divided into two fast- Hatsvali res esoort rise from the southern unexpected weather window. Misha
Mestia
tia m ov i n g g ro u p s o f f o u r s k i e r s p l u s a edge of tow own n and the bigger Tetnuldi called in the helicopter to a clearing in
guide. After one drop on the flanks of resort is a short drive away. the woods at the top of the resort. We
Tetnuldi, Misha (Alexei was out of Mestia’s charming cobbled main we re s o o n f ly i n g t ow a r d s a l i n e o f
Kutaisi action with a newborn) disappeared street, where scrawny cows nibbled at 3,500m peaks for two valedict ctoory runs
GEORGIA into a steep, unnamed couloir. He soon the thawing grass verges, is full of res- in snow that was turning creamy with
shouted up for me to follow, his voice taurants offering mainly Ge Geoorgian cui- the approach of spring.
Batumi Tbilisi bouncing off rock walls. sine,
sin e, incincludluding
ing its wonderfonderful ul khin hinkkali The experiment had been a triumph
Surfac
Sur facee sno
snow w cas
cascad
cadeed do down
wn ab aboout dumplings and khachapuri, a cheese- of big-mountain skiing in a fascinating
TURKEY
me in a wave of slough that I kept mov- filled bread. The town wears its cultural re g i o n t h a t b r i s t l e s w i t h p ro m i s e .
ARMENIA ing left to escape. Below the couloir, I heritage on every corner. The watch- Edwards and Bueckert would later sit
©Mapcrea
e tor.io | OSM.orgg
grinned at Misha like an idiot. He did the towers are protected, and one of them, down with the Margianis and agree to
same back. The guide, who had an imp- which is part of the Margianis’ old farm- join forces, starting with four weeks
rise above cobbled streets like fortified ish smile, told me he learnt to love the house, or machubi, has been restored as this winter. “This place has the potential
skyscrapers. The town of no more than mountains above Mestia while taking Clockwise from main: the slopes a small museum. Misha le d me to it to be like a Georgian CMH,” Edwards
2,000 people sits at the heart of the the sheep up with his grandmother. around Mestia, many of which o n e c l o u dy a f t e r n o o n , u p a s t e e p said, referring to the pioneering Cana-
Svaneti region, home to the Svans. They “ E a c h t i m e I w e n t , I w a l ke d a l i t t l e remain unskied; a typical church in winding road — and back in time about dian heli-skiing outfit. “There are just
proudly guard an ancient culture and higher,” he said. the Svaneti region; meat-filled 1,000 years. mountains and mountains and moun-
language — and some of Europe’s great- So recent is the ski scene in Mestia khinkali dumplings; a Georgian wine A raised slate hearth sat above a fire in Misha then bo bou unded up increasingly tains here.”
est mountains. that a young Misha had mastered the tasting; Ushba’s twin peaks the middle of a large windowless room rickety ladders as he scaled the interior There are legitimate questions about
I w a s p a r t o f a n e a s t- m e e t s - w e s t s p o r t o n wo o d e n s k i s e q u i p p e d w i t h dominate the view north from with thick stone walls and soot-stained of his family’s 30-metre watchtower. the sustainability of heli-skiing.
experiment in 21st-century heli-skiing. bull-skin bindings. Now, he was leading Mestia; the town’s watchtowers were timber beams. Livestock pens with They were built as status symbols, and Edwards has considered quitting but at
A new partnership between mountain an int
interernat
nation
ional al gr
group
oup of heli-s
heli-skkier
ierss, built as status symbols and to elaborately carved timber openings as lookouts in case of invasion. From the the moment prefers to limit and miti-
guides from Canada and Georgia prom- high above his home town. He brimmed protect against invasion; the view faced the fire. As recently as Misha’s top, Misha surveyed the valley before gate the impact of his trips, and encour-
ise d to combine the exp ertise of a with excitement; many of our descents over Mestia from Misha Margiani’s great grandparents’ time, animals spent looking down at the family chapel. “It’s ages guests to offset their emissions (he
heli-skiing heavyweight with the youth- were new to him. He wasn’t sure if one family home; guide Misha Margiani; nights inside, feeding through the open- where I will be buried,” he said. Moun- and Bueckert offset their own). He esti-
ful ambition and national pride of bowl we ventured into had ever been Simon Usborne enjoys a high- ings and warming more than a dozen tain life was perhaps always his destiny; mates each guest is responsible for 250
local guides. skied, and he could only translate its altitude powder run — Dino Sodamin/Expedition family members on sleeping platforms he was named in honour of Mestia’s litres of jet fuel during the week — equal
Engineering; Getty Images; Andrey Borodulin/AFP/Getty Images;
I had first met Matt Edwards, who name as “pirate of the land”. Alamy
above them. With its patriarch’s grand most famous son, Mikhail Khergiani, a to about four refills of a large family car
lives on Vancouver Island with his wife Edwards, meanwhile, was keen to fill throne closest to the fire, the home felt climber known across Europe as the (though jet fuel contains about 10 per
Angela Bueckert, at Last Frontier, a heli- what he saw as a gap in the market. For like a cross between an English medie- “Tiger of the Rocks”. cent more carbon than petrol).
skiing operation in British Columbia. years now, helicopters have opened up v a l f a r m h o u s e a n d a n o l d S w i s s c ow A n o t h e r m u s e u m i n t ow n i s d e d i - The e conomic impac t of the enter-
Edwards and Bueckert, who run their re m o t e t e r r a i n i n t h e f o r m e r S ov i e t herder’s chalet. cated to Khergiani. A third museum, the prise on a place like Mestia, meanwhile,
own travel company, Expedition Engi- b e came clear on the last night , when,
neering, sought wilder adventure and over a table crowded with local dishes
had heard about two hotshot young for our last dinner, Misha led a Georgian
guides in Mestia. ritual known as the supra. Zealously top-
Misha and Alexei Margiani, who are p i n g u p g l a s s e s o f c h a c h a , a f i e rc e
brothers in their early thirties, had built grappa, he ticked off a series of toasts.
up contacts with helicopter leasing com- First came God, then peace, then Geor-
panies and pilots through their other gia, with a round of “gaumarjos!”, or
work as volunteer mountain rescuers. “cheers”, before each gulp. By the 10th
Together with Alexei’s wife Tatiana, a toast, Misha had begun to freestyle. “We
former marine engineer, they were are trying to find something new in Mes-
planning their own heli-skiing business tia — it’s something other places did
when the Canadians got in touch. Could maybe 20 years ago,” he said, before
they help? r a i s i n g h i s g l a s s. “ T h a n k yo u f o r
Our helicopter for a trial week late last this . . . G Gaaumarjos!”
M a rc h — a n e w, $ 2 .5 m n A i r b u s i n
stealthy black — cut an incongruous fig-
ure on a farmer’s field as we mustered i / DETAILS
for our first pick-up just out of town. A
Simon Usborne was a guest of Expedition
cow idled past. Its bell, which had been Engineering (expeditionengineering.com),
fashioned from an old truck engine pis- which offers heli-ski trips to Mestia for
ton, jangled as it went. €7,000 per person, including five days
S o o n w e w e re f ly i n g a b ove Me s t i a heli-skiing, six nights at the Paliani Hotel,
towards Svaneti’s mountain giants. The transfers, meals and avalanche safety
f o r b i d d i n g t w i n p e a k s o f Us h b a equipment. The season runs from
(4,710m) dominate the view north from now until April 6
acclaimed in the west , such as The

Essay | After a brutal attack Satanic Verses and The Moor’s Last Sigh
(1995), have been richly allusive post-
modern discourses on history and poli-
last year, Salman Rushdie tics. But there’s a more innocent Rush-
die,, sti
die stillll enc
enchan
hanteted
d by the Ind Indian
ian and
Islamic epics and fable s of his child-
conjures up a fantasy world hood, such as the Panchatantra and the
Ramayana, where Gods are real and ani-
mals speak.
where India’s great religions Under their spell, Rushdie has written
n u m e r o u s f a n t a s y n o v e l s, f r o m h i s
converge. By Tanjil Rashid debut Grimus (1975) to the more recent
Two Years Eight Months and Twenty-Eight
Nights (2015). Baffling most critics, this
S
side of Rushdie had lately been seen as
something of an irrelevance. But it has
a l m a n Ru s h d i e m a y w r i t e found a receptive audience, especially
novels ab out p e ople, in in younger readers.
h i s w o r d s, “ h a n d c u f f e d t o V i c t o r y C i ty i s a c c e s s i b ly s i t u a t e d
history”, but the author is his- between these two Rushdies. By posing
tory itself. Since blowing open as an Indian epic teeming with Sanskrit
the d dooors ooff English literature in 119981 words and mythological characters and
with his second novel Midnight’s Chil- events, the novel explicitly places itself
dren
drren, a mag magica icall real
ealiist aut
autoobio
biogra
graphyphy in that Indian narrative tradition. But
that narrated the story of a whole sub- Victory City is also interspersed with a
contin
con tinent
ent thrthroug
ough h an en encha
chant
nteed ver er-- nameless editor’s ironic, self-referential
sion of his own life, Rushdie has seemed commentary, characteristic of Rush-
to represent something much bigger die’s postmodern tricks. This hybridity,
than himself. an ancient eastern wonder-tale
With his subsequent career as a novel- wrapp e d inside a mo dern we stern
ist, essayist and free speech icon, Rush- n ove l , i s o n e w a y i n w h i c h t h e b o o k
die has established himself as a living propagates its vision of cross-cultural
embodiment of our age of migration and unity, giving form to fusion.
fanaticism, of culture wars and conflict- Pampa dies aged 247, corresponding
ing narratives.
When his assassination was He has been transforming
attempted in a brutal attack at a literary
event in the US last summer — leaving this dark lead of historical
him blinded in one eye — we were taken reality into the brilliant
back three decades.
In 1989, Ayatollah Khomeini issued a gold of great stories
death sentence on Rushdie, and his pub-
lishers, for The Satanic Verses — his 1988
n ove l a b o u t I n d i a n i m m i g r a n t s i n to Vijayanagar’s documented existence
Thatcher’s Britain — for its allegedly between 1318 and 1565. But what’s
blasphemous depic tion of a Muham- described as her “city of words” is, in a
mad-like figure. sense, not Vijayanagar, or any physical
The controversy around The Satanic locale, but the great empire of literature
Verses was a landmark in the encounter itself. The entire novel is underwritten
between Islam and the west, and in the by this metaphor of the written word
fight over free speech, as if by writing constituting a real world, a utopia, a
about these themes he unleashed them metaphor that has shaped Rushdie’s
across the globe for decades to come. life-long understanding of himself as an
Those who demonise him, those who inhabitant of an “imaginary homeland”.
deify him, agree on this: Rushdie proved “Words are the only victors,” the
the power of a book. novel proclaims at the end. This child-
And so it makes perfect sense that Vic- like faith in the transcendence of the
tory City — his 15th novel, which he com- word pervades Victory Ci Citty, and is curi-
p l e t e d j u s t b e f o re t h e a t t a c k — i s a
deeply fascinating, richly symbolic tale
that testifies to this power of words to
conjure reality. “Fictions could be as
pow
po werful as histories,” Rushdie writes
about the novel’s protagonist, a ficti-
Magical power of words ously akin to the notion of a sacred text,
which he challenged at great personal
cost in The Satanic Verses.
Pampa’s narrative superpowers come
from the divine Parvati, and the novel
reprises throughout the trope of story-
tious 14th-century celestial bard called telling as a sacred vocation, intrinsic to
Pampa Kampana, who receives, then the Indian epics, whose authors, by tra-
fulfils, a prophecy that her words will Victory City i j a y a n a g a r ’s c h e q u e r e d h i s t o r y. all India is a version of Vijayanagar, and gar’s fate — allows it to betray her har- dition, were Gods.
s o m e d ay m a g i c a l ly c o n s t i t u t e a n by Salman Rushdie V i j a y a n a g a r w a s a re a l e m p i re i n the nation’s Muslim minority must now monious ideals. In Victory City, India is What of Rushdie’s powers? We cannot
empire: Vijayanagar (Sanskrit for vic- Jonathan Cape £22, 352 pages southern India, largely forgotten until a pay the price for its desecration. beset by communal violence and migra- know if they are god-given, but on the
tory city). book by Rushdie’s literary nemesis In also drawing its inspiration from tions between Vijayanagar and its Mus- evidence of this profoundly entertain-
Victory City purpo porrts to be a transla- rev ive d i n t e re s t i n i t . I n I n d i a : A Vijayanagar, Victory City is a riposte to lim neighbour Zafarabad, echoing real- ing tale — perhaps the rousing finale to
tion of a manuscript retelling “in plainer Wounded Civilisation (1976), the second Naipaul’s aestheticised, proto- o-H Hindutva world developments, while Pampa’s old the story of his monumental life —
language” the Jayaparajaya (Sanskrit volume of his non-fiction “India tril- incitements. Having spent their careers adversary Vidyasagar, guru to the impe- Rushdie certainly still has the gift of
f o r v i c t o r y a n d d e f e a t ) , a ve r s e e p i c ogy”, VS Naipaul surveys “the ruins of a l o o k i n g i n t o t h e s a m e m i r ro r o f t h e rial establishment, has the city’s historic alchemy.
authored by Pampa. long-superseded civilisation” and Indian past, two of the most gifted writ- s t re e t s re n a m e d t o c o m m e m o r a t e “Bad times,” he once wrote, “tradi-
The child of artisan potters, Pampa is Above: an image from the reflects on Vijayanagar’s reduction to a ers of South Asian origin in the postcolo- Hindu saints. tionally produce good books.” In the
t r a g i c a l ly o r p h a n e d . S o o n a f t e r s h e book ‘Ganga Ma’ that wilderness not far from the boomtown nial era have each somehow seen a dif- From Rushdie’s point of view, no 1980s it was the rise of dic tatorship
becomes a conduit for the goddess features a collection of of Bangalore. Its destruction by Muslim ferent picture reflected back. doubt, this is to teach readers a lesson a c ro s s S o u t h A s i a a n d r a c i s m i n t h e
Parvati, and spends years apprenticed photographs by Giulio invaders 500 years ago was, in Naipaul’s In Vijayanagar, where Naipaul saw about the India of today, where a war on post-imperial west; since then there has
in a cave to the Hindu sage Vidyasagar Di Sturco, who spent eyes, a symbol of the “mortal wound” only discord, Rushdie now conjures up a cultural memory is being waged. Only been his own death-threatened years in
(Sanskrit for ocean of knowledge), who 10 years documenting inflicted on India by Islam. fantasy world whose strength lies in t h i s we e k , Mo d i re n a m e d D e l h i ’s isolation and the ascent of hardline pop-
instructs her in wisdom and the arts, the effects of pollution, This narrative has since been appro- India’s great religions coming together, Mughal Gardens as Amrit Udyan, part ulists around the world. All along, Rush-
while exploiting her sexually. Eventu- industrialisation and priated by the Hindutva movement of “flow[ing] into each other like the rivers of the H indutva plan to erase all allu- die has been transforming this dark lead
ally, Pampa composes her poem, simul- climate change along rightwing Hindu nationalists, now in Ganga and Yamuna”. sions to the city’s Islamic inheritance. of historical reality into the brilliant
t a n e o u s ly c re a t i n g a n d c h ro n i c l i n g the Ganges power under Narendra Modi. For them Yet Pampa — mistress of Vijayana- The Rushdie novels that are gold of great stories.
Lessons from Dick Whittington

A chronicle of the life of the
T
he City of L ondon is a pal- m e d i e v a l b a n k i n g h u b. S o m e w h e r e , C
Citizen of Mercery predisposed practitioners did the same. Buying cloth of gold on
impsest richer and deeper near the bottom, is an imperial Roman London: Richard
L towards international trade. Long sup- c re d i t e a s i ly s h a d e d i n t o b o r ro w i n g
four-times London mayor than any rural historic commercial outpost. If this unsentimen- Whittington —
W ply chains required more sophisticated directly from Whittington.
who inspired an archetype. monument arrested in time tal place has a hero, it is Dick Whitting- The Boy Who
T financing than short, local ones. So did He was the go-to guy because he was a
by t h e N a t i o n a l T r u s t . I n ton, four times mayor of London. The Would Be Mayor
W dealing with the King of England. This risk taker. He kept substantial capital in
By Jonathan Guthrie the Square Mile, the overriding daily hick from the sticks who makes it big in b
by Michael McCarthy was a dangerous game at which Whit- liquid assets instead of tying it up in
demands of moneymaking have layered the metropolis never loses his currency. H
Hurst £25, 432 pages tington became accomplished. property as peers did. This allowed him
a global centre of digitised finance over a Pantomimes featuring a thigh-slapping When Shakes espe
peaare prudently pillo- to seize urgent opportunities.
Victorian counting house. Beneath, is a you
yo u t h w i t h a m a g i c a l c a t p l a y e ve r y rie d Richard II and praise d usurp er Absolute rulers have never been the
Christmas in theatres across the UK. Henry IV two centuries later, it reflected most reliable debtors. But Whittington
M i c h a e l Mc C a r t h y , a u t h o r a n d a reality. The Plantagenet monarch was sharp enough to realise a loan need
former politics lecturer, has chronicled Richard was a spendthrift. He dressed in not be rreepaid in ccaash. One aallternative
the life of the historical Richard Whit- merchant in his own right was always the finest fabrics and ensured his court was royal backing to become mayor and
t i n g t o n , w h o s e c a re e r s p a n n e d t h e part of the plan. It was the reason the tiltt the axi
til axiss of Cit
Cityy power to towar
wards ds the
re i g n s o f R i c h a r d I I , H e n r y I V a n d Whittingtons, minor Gloucestershire Richard Whittington mercers and against their deadly rivals,
H e n r y V, a n d i n C i t i z e n o f L o n d o n lando
lan downe
wners rs,, woul
ouldd ha
hav
ave app
apprrent
entic
iceed the grocers and brewers. Another sub-
explains how he inspired an archetype. their superfluous son to Fitzwarin in the was sharp enough to stitute was the franchise to collect duty
Elements of the myth perish along the first place. realise a loan need not o n E n g l a n d ’s h e f t y wo o l ex p e r t s,
way. No cat is mentioned in scanty docu- Whittington would have received a advancing money upfront to the crown
mentat
men tation
ion of the mermercha chant’
nt’ss lif
life.
fe. The leg-up proportionate to his potential be repaid in cash in return for future, recurring revenues.
feline, curiously similar to Puss In Boots usefulness as a commercial and political The monarch was too grand to calcu-
in its ability to improve its owner’s for- ally in the seething streets of the medie- late the return on that trade. Whitting-
tunes, only became part of the Whitting- val Cit
Cityy. He mad
madee the gra
grade.
de. Wh
Whenen he ton was not.
ton story two centuries after his death in was only 21, he contributed a generous His bequests to build almshouses and
1423. Nor did Whittington start out as a five marks to a bung from local mer- modernise Newgate’s horrendous jail
poor scullion, so oppressed he fled Lon- chants to “the great lords of the realm”. are the reason his name lived on, McCa-
don only to be lured back by the pro- Fitzwarin had likely staked Whittington rthy surmises, spawning the Dick Whit-
phetic chiming of Bow bells. Instead, his some working capital, returns on which tington myth. The life of the real Rich-
apprenticeship was a career opportu- allowed Whittington to start his career ard Whittington has lessons more useful
nity as valuable as a traineeship at Gold- as a City bigwig in style. to today’s ambitious young financiers
man Sachs or JPMorgan would be today. The two men were mercers, traders in than reliance on the mouse-catching
It made Whittington the protégé of Ivo silks, damasks and other luxury fabrics. a b i l i t i e s o f a p e t c a t . M a ke w e a l t h y
Fitzwarin, a powerful merchant and sol- The rise of Whittington in parallel with friends. Woo powerful clients with flexi-
dier, and a member of his household. that of his guild is at the heart of McCa- ble terms of business. Donate gener-
Whittington later joined the family by rthy’s engaging but necessarily supposi- ously to charity. It could all pay a long-
marrying Alice, one of Fitzwarin’s tional book. It marks the transition of Blue plaque marking the site of the lasting reputational dividend.
daughters. That was fortuitous. But the mercers from fancy goods pedlars to former house of Dick Whittington in
establishment of Whittington as a City international merchants and bankers. London — Alamy Jonathan Guthrie is the head of Lex
Books
A billboard in
Oklahoma
advertising the Camera
obscure
National
Association of
Manufacturers
in 1940. The
photograph
was taken by
Russell Lee Janet Malcolm’s sort-of memoir is a beguiling
as part of a
government but incomplete picture, writes Mia Levitin
B
programme to
address rural
poverty — Getty oth a pioneer and provocateur in her field, the long-
Images
form journalist Janet Malcolm was preoccupied by
the slipperiness of memory — whether on the ana-
lyst’s couch, the witness stand or in a subject’s self-
revelation to a writer. On staff at The New Yorker
from the mid-1960s until her death in 2021, she is the author
of genre-bending nonfiction books including In the Freud
Archives (1984), The Journalist and the Murderer (1990) and The
Silent Woman: Sylvia Plath and Ted Hughes (1994).
The posthumously published Still Pictures: On Photography
and Memory also defies categorisation. A reluctant memoirist
more comfortable probing the lives of others than her own,
Malcolm was suspicious of the “novelistic enterprise” of auto-
biography. Rather than a chronological narrative of her life,
then, Still Pictures offers 26 vignettes prompted by snapshots
she found in a box labelled “Old Not Go Goood Photos”, as well as
family letters and diaries.
Most of the short short cha chapte
ptersrs opopen en with a smallsmall bla blacck-an-and-
d-
white photo. We see Malcolm, née Jana Wienerová, in Prague
Who’s the real villain?

not the solution, more than half in 1934, in the arms of her beaming mother; as a smiling tod-
of Americans think it is too powerful, dler in a romper and matching sun hat; posed with her sister
Gallup surveys say. A Pew report last and stern-looking grandmother.
year found that just one in five Ameri- The most arresting image is of her leaning out of a train win-
c a n s t r u s t Wa s h i n g t o n t o d o t h e dow with her parents in 1939, en route to Hamburg to board an
right thing, suggesting that those who ocean liner for America — one of the last
set out to erode trust in government civilian ships to leave before the out-
have succeeded. break of war. Having bribed Nazi offi-
For a book of its historical thorough- cials for an exit visa, they were “among
Two historians shine a harsh light on democratic capitalism and how corporate ness, there are gaps in The Big Myth. the small number of Jews who escaped
First, it offers only the briefest analysis the fate of the rest by sheer dumb luck”,
of other large economies that struck a she writes.
America used ‘free enterprise’ to redefine government. By Andrew Edgecliffe-Johnson different balance between business and In addition to the family photos, Mal-
government. Second, it devotes surpris- colm riffs on came o app earance s: a
W
ingly little time to the post-financial cri- sum
summer mer cru crush,
sh, a chacharacracter
ter acactortor,
r, her
sis period, in which America’s debates Czech language teacher. At just 155
hen Suzanne Clark, The Big Myth:
T “free enterprise”, and began promoting about capitalism have taken on new life. pages, including an introduction by her
head of the US Chamber How American
H it as one leg of a “Tripod of Freedom” Top chief executives are rejecting Fried- friend and colleague Ian Frazier and an Still Pictures: On
of Commerce, delivered Business Taught
B propping up American liberty along- man’s view that they answer only to afterword by her daughter, the book is Photography
t h e l o b b y g r o u p ’s Us to Loathe
U s i d e re p re s e n t a t i ve d e m o c r a c y a n d shareholders, as their biggest investors mostly about her family history and and Memory
annual “state of Ameri- Government
G political freedom. encourage them to serve a wider social early years, painting a picture of émigré by Janet Malcolm
can business” speech in early January, aand Love the B u t d e i f y i n g f re e m a r ke t s m e a n t and environmental purpose. Republi- life in postwar New York. Granta £16.99
she had a withering me ssage for the FFree Market demonising government. Over the dec- cans, meanwhile, are pushing back on Adulthood is more sparsely covered: 176 pages
country’s political leaders. by Naomi Oreskes and
b ades, the book shows, “Big Business” what they argue is unwarranted corpo- Malcolm addresses the libel lawsuit that
The Chamber had often remarked E
Erik M Conway persuaded Americans that “Big Govern- rate activism. drag ge d on for a de cade and alights
with pride that business was the only B
Bloomsbury £28.27/ ment” was the villain, through propa- T h e a u t h o r s n o d t o t h e f a i l u re o f a briefly on her affair with Gardner Botsford, her editor at The
t h i n g t h a t w o r ke d i n A m e r i c a , s h e $$35, 576 pages gandist textbooks, newspaper columns, weakened Food and Drug Administra- New Yorker, whom she later married. Her first husband, Don-
recalled, but that could not stand: her comic strips and films. “We’ll have no tion to prevent the opioid crisis and to ald Malcolm, who died at 43, and their daughter Anne are
members n neeeded Washington ttoo w woork business often ignore is that our under- more films that treat the banker as vil- capitalist fundamentalists’ part in push- mentioned only in passing. “Memory speaks only some of its
too. “We need a government that can standing of the proper scope of govern- lain,” said a former Chamber of Com- ing climate science denial (the subject of lines,” she writes.
fulfil its role of setting the conditions for ment has been shaped by business. merce president on becoming head of an earlier book by the same authors) Fro m 1 9 75 u n t i l 1 9 8 1 , M a l c o l m w ro t e a p h o t o g r a p h y
our strength and our success,” Clark I n T h e B i g My t h , h i s t o r i a n s N a o m i t h e Mo t i o n P i c t u re A s s o c i a t i o n o f but their focus is on earlier decades. column for The New Yorker, collected in her first book,
said. Washington needed to choose gov- O re s ke s a n d E r i k M C o n w a y s h i n e a America in 1946. Finally, Oreskes and Conway risk fall- Diana & Nikon (1980). While that book concerned the aesthet-
erning over gridloc ock k, partner with the harsh, forensic light on just how corpo- Executives funded campaigns to con- ing into the same binary trap as the capi- ics of photography, the images in Still Pictures are not chosen
private sector and avoid “regulatory rate America has redefined these roles vince clergy that unregulated capitalism talist fundamentalists they decry: if crit- for their artistic merit. Photographs found in boxes of old
overreach”, she elaborated. “It is not the since the early 20th century. That, they was religious freedom’s best defence ics of government have been so convinc- pape perrs are often “barely readable” and prompt no rec ecoollecec--
role of government to direct the behav- show, was when groups such as the against godless communism. They pro- ing, then government’s defenders might tion, Malcolm notes. “Occasionally, however, like memory
iour of business, redistribute power in National Association of Manufacturers m o t e d f re e m a r ke t t h i n ke r s s u c h a s s p e n d m o re t i m e c o n s i d e r i n g w h a t i t s e l f , o n e o f t h e s e i n e r t p i c t u re s w i l l s u d d e n ly s t i r a n d
our economy, or undermine the compe- b e g a n d re s s i n g u p t h e i r c a m p a i g n s Ludwig von Mises and Friedrich von reforms would make it less vulnerable come to life.”
tition that fuels free enterprise.” against federal interventions such as Hayek. PepsiCo, General Motors and to such critiques. Washington, as Clark Some piec eces
es of the past are irretrievable, with the peo peop ple
A decade and a half after Wall Street child labour laws or workers’ compen- G e t t y O i l w e re a m o n g t h e u n n a m e d said, does need to work. who could fill in the blanks now gone; other details are inten-
e xc e s s e s p r e c i p i t a t e d a o n c e - i n - a - sation as battles for freedom. sponsors of Milton Friedman’s influen- Will this polemic help a divided coun- tionally held back. Malcolm teases us with their absence: a
lifetime financial crisis, triggering both T h e i r c re d o w a s w h a t t h e a u t h o r s tial 1980s television series, Free to try agree what a working government patterned plate brings to mind “illicit lunches with G” but she
government bailouts and new regula- (and the veteran investor George Soros Choose, in which the Chicago economist looks like? Probably not, but it offers a refrains from expounding, invoking “the prerogative of cow-
tions, disagreements are raging about before them) call market fundamental- brought monetarism to Middle Amer- valuable perspective on our current dis- ardly withholding”.
how far executives should stray into pol- ism — the beli elieef tha
thatt fr
freee mar
mark kets ar
aree ica. Then there were TV shows such as pute s ab out b oth the demo cratic and Reminiscent of Susan Sontag, whose 1978 Illness as Metaphor
iticians’ terrain. the only means to run an economy that Gene
enerral Eleclectri
tricc The
Theate
aterr, pr
preesen
sente ted
d by the capitalist sides of democratic capi- elide s her own cancer, Malcolm’s chapter “On B eing
Should BlackRock, the world’s biggest will not destroy other freedoms. Their one Ronald Reagan. Those on the losing talism. The roots of those arguments are Sick” recalls being cosseted by her mother during common
asset manager, invest Texan pensioners’ problem a century ago was that private e n d o f u n f e t t e re d c a p i t a l i s m , t h e deeper than we sometimes remember, childhood illnesses rather than what Frazier describes as
money in oil and gas companies whose industry was leaving many Americans authors note, did not have the funds for s o t h e c av e a t s a r e e a s i l y l o s t . B u t i f the “horrible physical pain” she suffered from her terminal
activities fuel global warming? Should behind: companies such as Edison and such slick public relations efforts. today’s executives want to address the lung cancer.
entertainment group Disney have a Westinghouse had wired up the coun- The Big Myth is not, its authors insist, tensions about their companies’ role in Still Pictures bucks the confessional mode we have come to
voice in debates on what Florida’s try’s cities but could find no business an anti-capitalist book. Their villain is a our societies, The Big Myth suggests one expect from memoirs since the proliferation of the genre
schooolc
sch olchil
hildr
dren
en lealearn rn ab about
out sa
samme-se -sexx case for electrifying rural areas. When fundamentalist distortion of the system starting point: for business to stop push- in the 1990s. But it doesn’t much matter that the pixels Mal-
relationships? Should Eli Lilly, the politicians moved to remedy such mar- that denies governments’ ability to help ing the idea that the only role of govern- colm chooses to share form an incomplete portrait. Like the
pharmaceuticals group, invest else- ket failures, the fundamentalists called capitalism work by addressing its peri- ment is to get out of its way. bulk of her life’s work, at its heart is an inquiry into the elusive-
where if it dislikes Indiana’s strict anti- them socialists. odic failures. “We lost the caveats,” they ness of truth.
abortion policies? But what such tussles At t h e s a m e t i m e , i n d u s t r i a l i s t s write. Four decades after Reagan said Andrew Edgecliffe-Johnson is the Although it may be her in the viewfinder, the real subject is
ove r t h e a p p ro p r i a t e s o c i a l ro l e o f re b r a n d e d p r iv a t e e n t e r p r i s e a s that their government was the problem, FT’s US business editor the unreliability of the camera.
Phoenix rising
The future of England’s built on a promise to “level up” those The North Will
T his book is not a dry academic account. campaign. In an ironic twist, the vote for ment developed a slogan: “The victory
neglected regions, seemingly confirmed Rise Again: In
R It draws on Niven’s personal experience Brexit was in many ways the return of of ideals must be organised”. That
industrial north is written in the transition of onetime Labour heart- SSearch of the as someone who grew up in Northum- the demand for English devolution. remains true, but what Niven gloriously
its cultural and progressive lands into new Tory strongholds. FFuture in b erland, was a founding memb er of a The 2019 ele c tion thumping p ose d demonstrates is that there is a prior
It is both a very local story but also Northern
N local art rock band, “Everything Every- a n ex i s t e n t i a l q u e s t i o n f o r L a b o u r : task: “The ideals of progress must be
past. By John McTernan one that taps into a bigger global picture Heartlands
H thing ”, and spent formative teenage h o w c a n a p ro g re s s i ve c o a l i t i o n b e imagined”. A better north is possible
W
of shifting social and political attitudes by Alex Niven
b years smoking joints in abandoned lead- c re a t e d i f t h e n o r t h h a s b e e n l o s t ? and the seeds of its future are in a past of
and their wider effect. Unsurprisingly, it Bloomsbury
B mining buildings near Hadrian’s Wall. It After Labour’s great defeats of 1931 and extraordinary achievements, from Red-
hy does it always rain in has generated copious commentary and C
Continuum £20 makes for engaging reading. 1935, the party’s Organisation Depart- car to Hollywood.
the Los Angeles of Blade reportage, much of which reflects the 3336 pages The book sits in an important tradi-
Runner? Because it rains agony of abandonment. tion — one persuasively described by
s o m u c h i n R e d c a r. Thankfully, Niven eschews miserabi- Scott Hames in The Literary Politics of
D i re c t o r R i d l e y S c o t t lism and instead creatively examines Manchester record producer and pro- S c o t t i s h D e vo l u t i o n ( 2 0 2 0 ) — t h a t
based the look of his classic 1982 cyber and retells the history of the north to moter Tony Wilson to musicians and emphasise s the centrality of cultural
noir film on a walk he used to take from ask what might it become. He finds the writers such as Delia Derbyshire, Emily creativity to the imagined communities
Redca
dcarr int
intoo Har
Hartle
tlep
pool, on En Engla gland’
nd’ss seeds of a dynamic progressive future Brontë, DH Lawrence and many others that power politics and identity.
north-east coast. “I’d cross a bridge at in an imaginatively curated account of who dreamt, composed and built a dif- Still, Niven betrays some blind spots.
night , and walk across the ste el its past. Progressive political and crea- ferent north. His construction of a “progressive iden-
works . . . It always seemed to be rather tive figures pepper his text. They range His central insight is that a p olitics tity” for the north ignores the equally
gloomy and raining, and I’d think ‘God f ro m i n f a m o u s N e w c a s t l e c o u n c i l requi
quirres a “p
“poli
oliss”, and tha
thatt a new cul
cul-- powerful conservative creativity in the
this is beautiful’”. leader T Dan Smith and legendary tural history of the north is fundamen- region. From Manchester’s fabled Liber-
This is just one of the striking fac ts tal to the creation of that new public. In als to Ernest Marples, the modernising
Alex Niven deploys in The North Will Rise Niven’s account, the north is not an Tory MP of the 1960s who brought us
Again — a compelling attempt to imag- absence — the “not London” — but a postcodes and motorways (and much
ine a future for England’s north by creat- presence, the source of British moder- else), there have been rightwing views
ing a new fou
founda
ndatio
tion
n myt
myth.h. The ne neeed nity. The region was not just the home of of progress.
for such a touchstone has long b e en coal, steel, ships, chemicals and the Such oversights also turn internecine
apparent. After industrial boom in the industrial revolution that powered Vic- when Nive ven
n unfairly seeks to blame
19th century gave way to economic and torian growth. It was also the cradle of Tony Blair, a Labour prime minister
social decline in the 20th, England’s the social democratic institutions — the who represented a northern constitu-
northern regions have tod odaay acquired trade unions, the Co-Op, the Labour ency, for betraying the region. A pro-
another new identity: the emblem of party — that made 20th century Britain. posed regional assembly for the north-
those left behind by globalisation. The richness and suggestiveness of east was not quashed by London-based
This was encapsulate d in the 2016 this account is its deep reading of cul- New Labour schemers but by voters in a
Brexit referendum, in which northern ture, which as Steve Bannon, former 2004 referendum. That campaign was
voters strongly backed leaving the EU. adviser to Donald Trump, once acutely the first success of a young Dominic
Boris Johnson’s subsequent 2019 gen- Birds perch on a bridge with views of observed is upstream of politics. Niven Cummings, the political strategist who
eral election landslide victory, partly an industrial site in Hartlepool — Alamy is a lecturer at Newcastle University but would later mastermind the Vote Leave
Books
The big business of

romance novels
Nilanjana Roy
Reading the world
I
t was love at first sight — and, her fans. But then, in early January,
reader, it lasted. I first dipped into Meachen reappeared online with a post
my grandmother’s vast collection that alluded to mental health problems
of Mills & Boons as a teenager in and concluded: “There’s going to be
late 1980s India; in between tons of questions . . . Let the fun
Margaret Atwood, Clarice Lispector and begin!” In June last year, Nancy
Jorge Luis Borges, I was soon devouring Brophy, a self-published romance
romance novels like popcorn, travelling suspense novelist who wrote a 2011
from Greek islands to Australian sheep blog post titled “How to Murder Your
stations, and through women’s fantasies Husband” was convicted of murdering
of sex, love and pleasure. her own spouse in 2018.
Literary snobbery kept me away Elsewhere, news stories tend to focus
from romances for a while, but in my on the commercial success of American
Tasia Graham
A
late forties I returned to the genre author Colleen Hoover, who self-
to better understand a younger published her first book Slammed in late
Spell of G ood Things,
Ayòòb
bámi Adébáyòò’’s heart-
re n d i n g f o l l o w- u p t o h e r
2017 Women’s Prize short-
listed debut novel Stay With
Me, examines Nigeria’s economic divide
In search of shelter generation who had grown up with
more freedoms than me, but also with
more online and offline pressures.
As a genre, romance has roots that
stretch back to ancient Tamil and
Sanskrit epics and the chivalric tales of
2012, and a decade on has sold more
than 8.6mn copies of her 24 novels. But
the field is vast, and includes writers
such as American author Emily Henry,
whose smart, funny novels often
feature protagonists who are romance
in the freshly restored democracy of the the Middle Ages. But it flourished in writers or literary agents themselves,
early 2000s. But as the book’s prover- Ayòbámi Adébáyò’s follow-up to her acclaimed debut ‘Stay With Me’ is a the mid-20th-c -ceentury when publishers and Ana Huang, who walks the line
bial epigraph — excerpted from TM such as Mills & Boon and Harlequin between romance and erotica with
Aluko’s 1966 novel Kinsman and Foreman started to tap into a voracious appetite panache in her Twisted series.
— indicates, Adébáỳò is keen to expose heart-rending tale about the state of modern Nigeria, writes Dzifa Benson for romance stories, particularly But despite this recent surge in
the fact that the gap between rich and among female readers. popularity, romance novels are still
poor, in human terms, is not as wide as it Books such as Roberta Leigh’s The derided. “No genre receives as much
would superficially seem. Savage Aristocrat (1978) and Janet sustained and widespread
Set in Osun State, and told through well-heeled parents, is engaged to news- This feels like a delibe berrate choice, by Dailey’s Dangerous Masquerade (1976) disapprobation as mass-market
the stories of two central characters — caster Kúnlé, the increasingly posses- both the author and publisher, and it helped to set the now well-e -esstablished romance fiction,” Jayashree Kamblé,
Eniolá and Wúràolá — whose live s sive and violent son of the would-be recalls Chinua Achebe’s incorporation rules. A good romance — whatever the Eric Murphy Selinger and Hsu-Ming
briefly dovetail with disastrous conse- state governor, a friend of Wúràolá’s of Igbo words and phrases into the nar- sub-
b-ggenre — still has to centre around Teo write in their introduction to The
quences, A Spell of Good Things is a state- father. Wúràolá’s world is a stifling one rative of his 1958 novel Things Fall Apart two (sometimes three) main Routledge Research Companion to Popular
of-the-e-n
nation novel that tackles political in which polygamous marriages are still as a way to subvert the power of the Eng- characters (this holds true for LGBT, Romance Fiction (2020).
corruption, societal expectations and rife and the pressure on women to wed lish language as spoken by the coloniser. paranormal or monster romances as This attitude stems in part from
the quest for self-determination. impinges on every aspect of their lives. It’s a bold move, meaning that in A Spell well); it must track the progress of love outdated prudery and a dismissal of
Adébáỳò couches the book in a frame- It is the trajectory to Wúràolá’s tradi- of Good Things, Yoruba is of equal status through conflicts and obstacles; and it women’s tastes. Some of the disdain
work similar to Kinsman and Foreman, tional betrothal ceremony that drives with English. should have a Happily Ever After comes from justified criticism that
which depicted the conflicts and contra- the collision of p ersonal, so cial and Stay With Me was celebrated for its (HEA) or at least a Happy For Now romance sticks to a well-worn formula
dictions of Nigeria’s transition from A SSpellll off G
Good
d Things
hi political choices to their tragic denoue- electrifying and often funny portrayal of (HFN) ending. — yet this is also true in genres such as
colonialism to independence. But here by Ayòbámi Adébáyò m e n t . A s Wú r à o l á’s m o t h e r Yè yé a couple undone by childlessness. The Today, romance novels are big crime and science fiction. It also misses
she adds gender disparity, violent con- Canongate £18.99, 352 pages observe s: “life was war, a series of tragedy in A Spell of Good Things pre- business. Industry research group NPD the point that readers turn to romance
flict and election fraud, to suggest how battles with the occasional spell of good cludes too much jocularity, but it’s a Books noted in 2016 that romance precisely because they know what to
little has changed about the precarious- things.” re f re s h i n g j o l t w h e n i t d o e s a r r i ve . accounted for 23 per cent of the overall expect, and that the genre has in recent
ness of Nigeria’s sociopolitical stability Divided into four sections and alter- Mostly the humour is presented in the US fiction market; now, thanks in part decades been quick to embrace more
in the half-century since Aluko wrote nating in chapters between Eniolá’s and form of irony and sarcasm; when in a to its surging popularity on Instagram progressive tropes.
his social satire. Wúràolá’s points of view, with the occa- bid to get Wúràolá to see Kúnlé for what and BookTok, romance is “the leading At the recent Apeejay Kolkata
Sixteen year-o -olld Eniolá finds his place sional insertion of those of peripheral he is, her sister Mòòttárá remarks: “If you growth category” of print sales in the Literary Festival, I noticed that the
at the ironically named Glorious Des- c h a r a c t e r s, t h e b o o k — a i d e d b y marry this guy and become Wúràolá US, with volumes reaching nearly authors who drew the most enthusiasm
tiny Comprehensive SSeecondary School Adébáỳỳòò’’s fluid and assured writing Coker, your initials will be W.C. Guess 19mn units last year. Interest in a genre from a crowd of mainly female 17- to
in je
jeopa
opard rdyy when
when his fat fatherher,
r, a his
histor
toryy style — is a breeze to read, despite the what you’ll be full of?” that offers an escape from the 25-year-o
-ollds were Anuja Chauhan, a
teacher, loses his job in a wave of govern- weightiness of its subject matter. Adébáỳò handles her characters with uncertainties of real life — as well as a romance author who writes sharply
ment education cuts that are similar to This is particularly so if, like me, your e m p a t h y a n d n u a n c e , s h ow i n g t h e i r happy ending — seemingly intensified funny and smart Indian popular fiction
the real-life sacking of 4,000 teachers in ear is attune d to the rhythms of the vulnerabilities es,, yearnings, shame and during the pandemic years. And and Durjoy Datta, bestselling author of
Osun State in 2000. Yoruba-inflected pidgin English that’s delusions. That perceptiveness has its readers trend young, with many of the over 20 winsome romances. “It’s a
As Eniolá’s father succumbs to acute part of everyday discourse in the former flip side; a preoccupation with inciden- most avid followers in the 13-24 age myth that you’re stupid if you enjoy
depres esssion — “the darknes esss that slith- British colony. Here, it’s rendered in dia- tal characters or events occasionally bracket, adding to the legions of older, romance novels,” Kritika, a 22-year-o -olld
ered back and forth with his thoughts” logue and as phrases within descriptive stultifies the plot. But there are so many diehard fans. chemistry student in the crowd, tells
— the family free -falls into penury. passages with all the Yoruba orthogra- things this unevenly paced novel does It helps, perhaps, that the lives me. “People who don’t read romance
Soon, Eniolá is begging in the streets phy and diacritic marks left intac t — get right to ensure that it’s a gripping of romance writers seem far more novels have no idea how much range
and being flogged at school for non-pay- m e a n i n g t h a t l i n e s s u c h a s “ K í l ó fa page-e-tturner. tumultuous than those of their literary they cover. In these books, I can dream,
ment of tuition fees — and his father has effrontery kèè?? (“What is this effron- With A Spell of Good Things, Adébáỳò fiction counterparts. Last month, even if real life is different.”
to take great care reading the newspa- tery?”) and “Yèyé, you look like a sisí confir
con firms
ms her gr great
eat ski
skill
ll for refl
efleectin
tingg romance author Susan Meachen was As for me, literary fiction and non-
per for job adverts so that it remains s t i l l ” ( a “ s i s í ” i s a yo u n g , a t t r a c t i v e Nigerian society back to itself, and deep- in the news for allegedly faking her fiction might remain my truest love,
pristine enough to exchange for food woman) ring true. And, remarkably, the ens her readers’ understanding of the own death; her demise was announced but those years of idly reading
afterwards. novel doesn’t have a glossary, as would turmoil that continues to grip that in a Facebook post purportedly written romances taught me one thing — a
Meanwhile, Wúràolá, an overworked b e typical in many English-language nation. It’s a sad story, but a delight to by her daughter two years ago, which greater respect for those readers and
junior
jun ior do
docctor and dut dutifu
ifull dau
daught
ghteer to books containing unfamiliar words. accompany this author on her journey. prompted an outpouring of grief from writers who trade in timeless dreams.
Midlands Noir and double crosses Grand deceptions

W Emotions stew before
ith so much crime matched by his love for the city, third outing , is soon in danger The surely pace is put under pressure
fic tion still p or- “ t h e r a i n , t h e p u b s, t h e p a s t y . . . aan
nd romantically entangled. Birthday by circumstance but insists on
traying women as women”. When Garrett is com- Jonas Merrick, the protagonist violence erupts in an Party holding off resolution.
p a s s i ve m u r d e r missioned by a rich, fascist indus- of Gerald Seymour’s In At the Kill erudite and narratively by Laurent Daniel Levin Becker’s transla-
v i c t i m s , i t ’s trialist to follow his wife Clara, he (Hodder and Stoughton, £22), is Mauvignier, tion renders Mauvignier’s prose
che ering to se e thriller writers falls in love with her. Danger fol- the antithesis of an action hero. skilful French thriller. translated by as fluid, often lovely: “If she could
Daniel Levin
give their female pro rottagonists lows. Marlow’s very engaging pro- H e l i ve s i n d u l l s u b u r b i a , e a t s By Jonathan McAloon Becker
read in his eyes, it’s possible that
agency, determination and physi- tagonist may herald the birth of a sandwiches packed by his wife for Fitzcarraldo
she’d read anger, hatred, resent-
L
cal prowess. In Codename Faust new genre: Midlands Noir. lunch and goes on caravan holi- ment, sadness, remorse, disap-
(Zaffre, £16.99) by Gustaf Skör- GENRE ROUND-UP Resurrection (Head of Zeus, days in Wales. Yet Merrick’s foes
£16.99
504 pages pointment, loneliness, an incom-
deman, Stockholm detective Sara £20) is the third outing for Dan shouldn’t underestimate him. aurent Mauvig- prehension equivalent to the one
Nowak pract ctiises the Israeli mar- THRILLERS Raglan, a former soldier in the Hidden in a drawer are medals for nier’s 13th novel is set she feels when she sees him star-
tial art of Krav Maga. She is on the French
ench For oreig
eignn Legi
egionon and MI6 bravery. Like John le Carré’s in a hamlet named t h e m s e lve s o r s a y o u t l o u d . B u t ing at her mother who doesn’t
trail of a former terrorist known operative, in David Gilman’s George Smiley, Merrick’s mild Three Lone Girls that they try to make a pleasant life for answer, who probably doesn’t
as Faust, who has murdered a By Adam LeBor increasingly assured series. An exterior conceals a steely deter- has just four residents. Ida, Patrice and Marion’s daugh- even hear him, and how often it’s
prie st . Smart and determine d, intriguing opening in the Sahara m i n a t i o n . I n t h e t h i r d vo l u m e Deep in rural France, it is “banal ter. As they prepare for Marion’s Ida wwhho hhaas ttoo ssay
ay,
y, M
Muum, D
Daad’s
Now a k s o o n u n d e r s t a n d s “ t h e and a murder on the London i n t h e M e r r i c k s e r i e s, h e h a s and ordinary [. . .] flat and rainy, 40th birthday party, their days talking to you.” But while the nar-
way that the past still controlled Lucinda investigates her sister’s Underground pull the reader into m ove d f ro m M I 5 t o O r g a n i s e d with zero tourists to combat the are relaid in granular, run-on sen- rative drifts skilfully between
t h e p re s e n t , h o w o l d a l l i a n c e s secret life, much of it recorded in an action-packed tale replete with C r i m e a n d i s s n e e re d a t b y h i s boredom wafting from its trails”. tences that are the legacy of Mod- perspectives, it never truly inhab-
determined life and death several h e r d i a r y i n a m i x o f e ro t i c , plane crashes, shoot-outs, hos- former
for mer col collea
league
guess. But Merr errick
ick In the French author’s other two ernism, which continues to exert its them. Mauvignier marshals
decades later”. The sequel to unapologetic detail and insightful tage-taking, betrayal and double- has targeted a powerful interna- books to have appeared in Eng- more of an influence on continen- them, phrasing them in his own
Skördeman’s fine debut Geiger, philosophising. “[She’s] writing a crosses from Africa to Moscow. tional network bringing in lish, everyday trips give way to tal European literature than it exquisite language.
Codename Faust also loops back p orno self-help b o ok. G o d help Gilman, a former paratrooper, cocaine to Liverpool. Seymour’s catastrophe, or atrocities are bur- does on anglophone prose. Conversely, the access we are
to communist East G ermany us. It’s going to sell millions,” m a ke s t h e a c t i o n s c e n e s f e e l p o rt raya l o f th e c ity ’s c r ime ied deep in everyday lives. The Mauvignier articulately un- afforded to every character’s
and its enduring legacy. Detail Lucinda muses. Campos has writ- authentic but without b og ging dynasty, and its inner riv ivaalries Birthday Party’s uninspiring set- picks the thoughts of emotionally motives, their vulnerabilities and
about Nowak’s domestic and ten three novels, but this is her them down in unnecessary detail. and tensions, is masterful. The ting is warning enough that some- inarticulate characters: Marion’s hesitations, makes them more
family life slows down the narra- first thriller. There could be a Mixed with Raglan’s back story, slow pace, density of description thing dreadful is going to happen. repressed memories, Patrice’s knowable as things e scalate.
tive, but the book still works as more evocative sense of place, but this makes for a satisfying inter- and inner monologue (rather Patrice Bergogne is a debt-rid- silent self-loathing and attempted Too knowable. At least conven-
a standalone. s h e b r i n g s a n o r i g i n a l a n d we l - national adventure. than dramatised scenes) demand den farmer clinging on to his DIY on his unreconstructed male tionally, unknowablene ss is
In Nothing Can Hurt You Now, come new voice. Philip Prowse’s Hellyer’s Line close attention from the reader. smallholding. His wife Marion is psy
sycche. But the ominous back- among suspense’s greatest assets.
by Simone Campos, deftly trans- There is no lack of atmospheric (Kernel Press, £7.99) unfolds in Finally, a quick hurrah for the younger, full of the energy and ground elements — Christine’s Towards the end, Patrice “thinks
l a t e d by R a h u l B e r y ( P u s h k i n scene-setting in Needless Alley Athens in the summer of 1974. It’s we l c o m e n e w s t h a t D a m a s c u s intelligence of a different sort of nasty letters, the threat of debt the three men have come to kill
Vertigo, £16.99), Lucinda prac- (Baske kerrville, £16.9 .999), Natalie a hot and dan dangergerous
ous tim
timee as the Station, by ex-CIA officer David world — far too good for him, by and a de clining farm — are them and that they won’t even
tises Thai kick-boxing. Her physi- Marlow’s highly accomplished ruling military junta collapse s McCloskey, reviewed here last Patrice’s reckoning. Things are revealed to be a sort of bluff. The have the certainty of knowing
cal resilience boosts her determi- debut. First world war veteran and Turkey invades neighbouring ye a r , h a s f o u n d a B r i t i s h p u b - also fraught between Marion and re a l d a n g e r c o m e s w h e n t h re e why they ey’’re being killed”. It’s a
n a t i o n t o t r a c k d ow n h e r s i s t e r William Garrett is a private detec- Cyprus. There is a spy in the Brit- lisher at Swift Press (£9.99). Don’t their neighbour Christine De brothers arrive and hold the ham- terrifying thought, but one that is
Viviviiana, who has disappeared. tive in 1930s Birmingham, at the ish embassy and Nick Hellyer, miss this enthralling , standout H a a s, a o n c e s u c c e s s f u l p a i n t e r let’s inhabitants hostage, bringing blunted for the reader, who has
Viviana is a beautiful model, liv- d e c i d e d ly s h a b by e n d o f t h e working for British intelligence, is debut — one of the b e st to come who moved from Paris a quarter of their own backstories, nested pas- more certainty than Patrice. Still,
ing a glamorous life in São Paulo. trade. He ensnares adulterous dispatched to determine the trai- across my desk in recent years. a century ago so she didn’t have to sages of thought and familial bag- revelations keep unfolding. Mau-
Or so Lucinda thinks, until she couples in honeytraps with the tor. Prowse lived in Athens at that talk about her art. Now, someone g a g e . Now t h e p a g e - l o n g s e n - vignier’s erudite thriller proves as
discovers that Viv iviiana is now a handsome, dissolute Ronnie, and t i m e a n d t h e G re e k c a p i t a l i s Adam LeBor is author of is sending her threatening letters. t e n c e s a n d re c u r s ive m e n t a l interested in the grander decep-
sex worker. Teaming up with throws up after each assignment. sharply drawn. British spies are ‘Dohany Street’, a Budapest noir All three are lonely, stewing in stocktaking become instruments tions of storyline as in the ways we
Graziana, Viviana’s girlfriend, His loathing for his work is not welcelcomeome and Hel Helllyerer,
r, in his crime thriller the things they can’t admit to of suspense. The narrative’s lei- deceive ourselves.
Books
Who owns history? Of love and war

From Sarajevo to Shanghai, this majestic masterpiece about
ical and anthropological collections,
Richard Lambert on a refused to let him have a photo for his displacement and despair spans decades. By Lucy Popescu
provocative look at museums book of its famous display of shrunken
heads: “The image you suggest is of the
and the tricky questions of displa
dis playay whi
whichch was remov emoved las lastt sumsum-- The World and throughout, recalling his voice and his
collections, stewardship m e r o u t o f re s p e c t f o r t h e p e o p l e All That It Holds storytelling helps Pinto thro rou ugh his
involved,” he was told. by Aleksandar bleakest moments.
and restitution “The people involved!” thunders Kuper Hemon Their world is so full of horror that
S
(deploying his own italics). “Who were Picador £18.99 Hemon’s charact cteers often question the
they, who consulted them . . and why 352 pages ex i s t e n c e o f a g o d . H e u s e s s t r i k i n g
tarting in Europe around the were they . . . given the right to deter- imagery to iilllustrate tth he sseenselessness
1830s, they flourished might- mine the policy of a famous and long-es- of war: “The trench was rife with cadav-
i ly i n t h e s e c o n d h a l f o f t h e tablished university museum?” ers, scattered like apples under the tree,
19th century as colonial pow- The great question now is about what a l re a dy ro t t i n g , t h e s t e n c h g ro w i n g
T
ers swept across Africa and purpose these museums serve today. thick as snot.” The passages depicting
Oceania: museums displaying the exotic Can they do more than offer empty gen- bloodshed are so relentless on occasion I
world of remote peoples who lived far eralities about the human condition, or here’s something majestic had to pause reading. But the brutality
away or long ago. Their main purpose, tell dark stories about empire? about The World and All That of conflict is beautifully contrasted with
in all its enlightenment arrogance, was Kuper’s response is to ask us, in his It Holds, Aleksandar the tenderness of the men’s love story
to demonstrate what Europeans and words, to “imagine a Cosmopolitan Hemon’s latest novel. An and, later, by the father-daughter rela-
then Americans saw as the long upward Museum, one that transcends ethnic epic tale spanning the first tionship — described as “the throbbing
p a t h t o c i v i l i s a t i o n — a n d t h e m o re and national identities, makes compari- half of the last century, it opens in 2014 of love in his head for a child that was
“primitive” or grotesque the objects on sons, draws out connections, tracks i n S a r a j e vo a n d e n d s i n S h a n g h a i i n not even his”. Hemon vividly conveys
display, the better. excchanges across political frontiers,
ex 1949. Not surprisingly, given its ambi- the unrelenting hardship, despair and
These were what Adam Kuper calls challenges boundaries: a museum set in tion, the novel took Hemon 12 years to monotony of the refugee’s life, of what it
“the museums of other people”, and in the shifting sands of the past and the complete. The Bosnian-American means to live without papers and retain
an enjoyable narrative he tracks their present but which is informed by rigor- author is best know own n for The Lazarus a shred of dignity. And he remains true
development across the western world, ous, critical, independent scholarship”. Project (2008) and The Book of My Lives to the multilingual world his characters
from Copenhagen to Berlin, from Paris Such museums would need to make (2013), as well as being a co- o-sscriptwriter inhabit, using a smattering of different
to Washington DC. But in today’s very room for challenging perspectives and of The Matrix Resurrections (2021). l a n g u a g e s w i t h o u t a lw ays o f f e r i n g
different world, he suggests they may be contrasting points of view, and to create Themes of displacement and migration a translation.
heading towards terminal decline. They partnerships that place equal value on recur in Hemon’s wo worrk — subjects he The narrative is occasionally com-
began to lose their way in the period of different cultures. They would have to knows well. In 1992, he visited Chicago, mandeered by a British master spy,
dec
ecoolonisation after the sec ecoond world rethink their sclerotic permanent exhi- just before Serbian forces devastated his Major Moser-Ethering (aka Sparky). He
war, and the mood has darkened in bitions, and to re-e e-exxamine their massive home city, and was granted political asy- first meets Pinto in Tashkent while play-
more recent years, when empire guilt reserve collections to see what new sto- lum. His great-grandfather left Ukraine i n g t h e G re a t G a m e , t h e c o n f l i c t
and the impact of Black Lives Matter ries could be told by objects that have for Bosnia before the first world war. b e t we e n t h e B r i t i s h a n d Ru s s i a n
have raised big questions about the very spent too long in the darkness. They The World and All That It Holds centres Empires over Central and South Asia.
existence of such institutions. The Pitt Rivers Museum in Oxford in the early 1900s — Bridgeman Images wo u l d e s t a b l i s h l e n d i n g l i b r a r i e s t o o n R a f a e l P i n t o, a B o s n i a n - J e w i s h Pinto saves his leg from gangrene and
Pressure has mounted for the return service other museums and build alli- apothecary who, having returned from soon after Sparky saves Pinto’s life. He
of objects that are seen to be an impor- ances to support collaborative touring studying medicine in Vienna, witnesses crops up again in Shanghai and helps
tant part of the identity of countries in people who share a culture (whatever exhibitions. the catalyst for the first world war: the secure a place for Rahela to study at the
Africa
Afr ica and beyond ond,, sucsuch
h as the Eth
Ethio-
io- that might mean) have collective rights The go o d news is that a numb er of assassination of Franz Ferdinand. Two American School.
pian treasures in the V&A or the Benin in historical artefac ts that date back institutions are already adapting to this years later, while serving in the Austro- The book is structured in order to pro-
Bronzes scattered across the museums centuries? Don’t museums which have way of thinking. The CSMVS museum in Hungarian army, he meets Muslim vide fragments from the protagonists’
of the west. New institutions like the preserved them for a century or more Mumbai is collaborating with museums orphan Osman Karisik. They fall in love, l i v e s. S o m e t i m e s a s e c t i o n w i l l e n d
wonderful National Museum of African have any legitimate claim? across India and beyond to tell new sto- survive cholera in the Carpathians and abruptly, jumping ahead a few years.
American History & Culture in Wash- And he doesn’t pull his punches when ries to its audiences. Belgium’s Royal then the Brusilov Offensive in Galicia Occasionally the author’s voice breaks
ington have told stories in a different it come s to a go o d numb er of institu- M u s e u m f o r Ce n t r a l A f r i c a h a s b e e n before being taken to a prisoner-of-war into the narrative before taking over the
way, focusing on particular peoples tions he thinks have sold out in one way through a major refit to reflect in a very camp in Tashkent, run by Russians. epilogue, which is set in Jerusalem a
rather than attempting some kind of or another. He deplore ress the “slew of d i f f e re n t w a y o n t h e r a c i s t l e g a c y o f The pair enjoy fleeting happiness on week before 9/11. Narrated in the first
universal narrative. vapid New Age platitudes” in Washing- King Leopold II’s Congo. And the British their release in 1919, before they are p e r s o n , a w r i t e r a t a l i t e r a r y f e s t iv a l
Should we care? Kuper, visiting pro- The
h Museum off O Other
h ton’s National Museum of the American M u s e u m i s w e l l a dv a n c e d i n r a d i c a l caught up in the machinations of the meets an elderly woman who sings him
fessor of anthropology at the London People: From Colonial Indian, and he criticise s the British plans to restructure its permanent exhi- Bolshevik revolution. They lose each an old Bosnian song and tells him a little
Scho ol of Economics, says that we Acquisitions to Museum for how it swallowed owed up the bition spaces in the years ahead. other in the mountains of Turkestan of her past. An idea for a novel is born.
should, and whether you agree or not, Cosmopolitan Exhibitions Museum of Mankind in 2004 and the Kuper’s provocative book may not and Pin
Pinto to ends
ends up str
struguggli
gling
ng to fin
find da I n h i s a c k n o w l e d g m e n t s, H e m o n
the argument he makes in The Museum by Adam Kuper heavy-handed way in which it closed the make him many friends in today’s safe place for himself and his adopted mentions Damir Imamović’s album, a
of Other People is important precisely Profile Books £25, 432 pages department of ethnography. museums of other people. But it should baby daughter Rahela. After a few gruel- contemporary take on Bosnian tradi-
because just about no one else is making But he reserves his special scorn for be req equuired reading for the trustees of ling years in the desert with fellow refu- tional music inspired by The World and
it. He asks questions that others are too Oxford’s Pitt Rivers Museum, mocking big museums everywhere. gees, they reach Shanghai. Here they All ThaThatt It Holds
Holds.. He cal calls ls it “an outra-
outra-
shy to pose, such as why are Nigeria’s i t s a p p ro a c h t o re s t i t u t i o n a n d t o survive the second Sino-Japanese war, geous masterpiece”, and I couldn’t think
m u s e u m s u n a b l e t o d i s p l ay t h e 5 0 0 decolonising the collection. Pitt Rivers, Richard Lambert is a former chair of the and Pinto struggles with opium addic- o f a m o re f i t t i n g d e s c r i p t i o n f o r
Benin Bronzes in their collections, or do home to Oxford university’s archaeolog- British Museum tion. Osman’s ghostly presence is felt Hemon’s own work.
Diversions
CHESS LEONARD BARDEN BRIDGE PAUL MENDELSON
Anish Giri, the world No 5 and Abdusattorov in 8
second prize was still If you can anticipate a bad Q 10 6 Dealer
Dea ler:: Sou
South
th Gamee All
Gam West’s 10♦ is still the master.
10 6 4
and Netherlands home successive games early on, 7 impressive in the context of situation, foresee little KQJ 7 4 North Eas
North Eastt Sou
South
th Wes
Westt Perhaps he does overtake
favourite, won the “chess then produced a strong his overall performances at problems and overcome Q7 — — 1H NB and tries the spade finesse.
6
N 2D NB 2NT NB
Wimbledon” at Tata Steel recovery and looked set for Tata where, since 2010, he them; at duplicate pairs, you K4 8 5 3 2 3NT That doesn’t go well.
5
Wijk aan Zee on Sunday, at least a tie for first. In the has won seven times, with should welcome them. Traps 8 W E
QJ 9 7 3 Did you spot the potential
after the Uzbek 18-year-old penultimate round, Carlsen 4
five second places and failed will cost average players 10 5 3 2 A blockage of the diamond
K J 96 3 2 10 5 4
Nodirbek Abdusattorov, missed a chance to win a key 3 only in 2021, when he was dearly, but the attentive S the suit. Declarer leads a suit? If so, to ensure that an
who had led for 12 of the 13 pawn and probably the game 2
sixth. player will succeed. A J 9 7 second diamond to dummy’s unblocking finesse position
rounds, suffered his only against India’s Rameshbabu 2505 Almost everyone played A K5 2 Q♦ and East shows out. exists, declarer must lead 9♦
1 9 86
defeat. The teenager Praggnanandhaa, 17, and A B C D E F G H
Amin Tabatabaei vs Rasmus in 3NT and received 6♣ A 8 Later, when South leads a to dummy’s K♦ and 8♦ to
dominated the first half of was visibly upset when Svane, Titled Tuesday 2022. lead. When dummy’s Q♣ third diamond, perhaps 9♦, dummy’s Q♦. Now, when he
the tournament, but played Norwegian journalists asked the marathon ending “a White to move and win. holds the first trick, declarer strong holding, losing K♦ to West will not cover and plays the third round, he
too conservatively in the him to explain his mistake. backbreaker” and later said White is a pawn up, but feels much relieved. He East’s A♦. All OK so far? declarer is stuck: if he ducks leads 6♦ and, when West
closing stages. “That’s just insane. I he would now take time Black threatens an instant returns to hand with a Not if West remains alert to in dummy, he is sealed off plays low, dummy’s 7♦ wins.
Magnus Carlsen, the world completely forgot about it” away from classical win by Rh1+. top heart and leads a low the diamond position. from his two winning J♦ pulls West’s 10♦, and the
champion, lost to both Giri replied Carlsen, who called tournaments. Yet his tied Solution, back page diamond towards dummy’s East returns 10♣, clearing diamonds; if he overtakes, contract is fulfilled.
POLYMATH 1,216 SET BY SLEUTH CROSSWORD 17,324 SET BY ROSA KLEBB

The Met has assembled an oversupply

of Eckersbergs, which collectively are as
enervating as a drab February day. The
precision he insisted on saps vitality
from his boats, harbours and views from
Copenhagen’s Charlottenborg Palace.
His line is too keen, his compositions too
pristine; he has forced life’s ordinary
disarray into deathly order.
His more astute acolytes, however,
managed to free themselves from the
aridity of his example, replacing it with
expressive idiosyncrasy. Not that they
embraced sloppiness. All through the
1830s and 1840s, they discovered that
the harder they looked and the more
detail they reproduced, the more emo-
tion could flow into their work. “Paint-
ing is but another word for feeling,” Con-
stable remarked in 1820, and over the
next couple of decades the Danish
nationalists kept rediscovering the
same wisdom.
It’s too bad that the curators have
omitted the foreigners whose spirits
preside over the show in absentia. For
Romantics such as Turner and Frie-
A
drich, the sailing ship operated as a sym-
bol of hope, destiny and the passage
wooden pier leans awk- through life. For Eckersberg, it was
wardly over a lake, its spin- merely an object: in his meticulous and
dly legs enveloped in marsh matter-of-fact “Hull Under Construc-
grass. Across the water, tion” from 1827, ribs and spine take
Copenhagen juts towards stolid shape, doggedly avoiding any hint
an amber sky, more a spasm of sooty of lyricism.
brushstrokes than a sharply defined A few years later, Rørbye, who was
skyline. On the milky expanse between one of his students, travelled to the
shores, a comma-sized man rows a scene of a wreck in a remote corner of
lonely boat. The city appears as both the country, made copious sketches and
smudge and chimera, and Christen painted it as a ravaged, half-submerged
Købke’s 1838 painting of it, too, floats skeleton. For all his reportorial accu-
between the ordinary and the tran- racy, he also endowed “Wreck on the
scendent, neutral reality edging into Northern Beach, Sank on May 9, 1832”
exalted metaphor. with an appropriately sombre aura. The
A similar process is at work in Marti- once-sound body, now broken by expe-
nus Rørbye’s 1830 vista of Viborg in cen- rience, lies baking in the mud, circled by
tral Jutland. Again, we see the city from
afar as a shadowed strip between pale The times called for a
sea and pale sky. Only the double-tow-
ered cathedral rears into a recognisable new style capable of
silhouette, violating the horizontal fusing patriotism and
stripes and giving the scene its single
shot of vigour. Rørbye, like Købke, has naturalism
discovered the magic in topographical
fact, transforming spires and turrets
into a tremor that is barely detectable predatory birds. For Eckersberg, the
through the haze. In both paintings, the ship was a machine; for Rørbye, an
mood is contemplative and suffused emblem of mortality.
with longing. As the poet Novalis had The tree was another motif that
pointed out a generation earlier,“Every- migrated northward from the studios of
German Romantics. In his “Limewood
In searching for a uniquely Tree” (c1838), Købke uses the tree’s
leaflessness to highlight its distinctive
Danish spirit, these painters anatomy. Branches resemble human
alchemised elements bones. Tiny twigs twist like exposed
nerves. You can feel Købke’s intense
from all over Europe empathy for this old and battered plant,
A nation paints its

which he draws like a portrait and
imbues with complexity and character.
thing at a distance turns into poetry: dis- Lorenz Frølich painted a similarly
tant mountains, distant people, distant venerable but slightly less tragic “Large
events: all become Romantic.” Oak”, standing apart from the forest. It’s
These evocative paintings glow qui- a portrait of an individual who has
etly in the Metropolitan Museum’s reached great age, not without suffering.
way into the future

Beyond the Light, a survey of 19th- Scattered dead sections coexist with
century Danish artists who basked in animate branches, a reminder that even
newfound nationalism even as they this old great oak will eventually fall and
watched their homeland’s global power nourish a new generation.
shrink. The exhibition confines its Danish painters also adopted the
scope to the kingdom’s borders — but Romantic metaphor of the window as
widen the angle even slightly and you artist’s eye, mediating and rearranging
can see that, in their search for a nature’s raw materials. Friedrich
uniquely Danish spirit, these painters invented the genre in 1805 when
alchemised elements from all over he penned two sepia drawings of
Europe. The neoclassical contours and the view from his Dresden studio. In
precise draughtsmanship of Jacques- Danish art | At the Metropolitan Museum, a survey of 19th-century works reflects the a third work, his wife Caroline leans
Louis David, the exalted spiritualism of out towards the riverscape and a
Caspar David Friedrich, Constable’s passing mast. Her face is hidden, but
Top left: ‘At a concentrated, quivering immersion newfound nationalism of a country whose global power was on the wane. By Ariella Budick we look over her shoulder and share
Window in the into nature, Turner’s wild stabs at her dreaminess.
Artist’s Studio’ Eckersberg visited Friedrich in Dres-
(1852) by den in 1816. Nearly four decades later,
Christoffer near the end of his life, he drew his two
Wilhelm sublimity — these and other influences Above: ‘A Large daughters from the back, gazing out of
Eckersberg fused into the Danes’ hushed and lumi- Oak’ (1837) by his studio window towards the court-
nous aesthetic. Lorenz Frølich yard beyond.
Right: ‘Viborg, Curators Freyda Spira, Stephanie The painters’ sensibilities couldn’t be
Seen from Schrader and Thomas Lederballe posi- Right: ‘Interior more different. Eckersberg imposes an
Asmild tion the works in a historical and politi- with an Easel, unyielding geometry on the scene, with
Klosterhave cal context. In the aftermath of the dev- Bredgade 25’ horizontals and verticals that snap into
near Søndersø’ astating Napoleonic wars, Denmark (1912) by place and perspectival lines that duly
(1830) by transitioned from absolute monarchy to Vilhelm converge on a vanishing point. Yet
Martinus constitutional democracy. The times Hammershøi somehow this image transcends its
Rørbye called for a new style capable of fusing compositional rigidity, radiating a wist-
patriotism and naturalism, with a dash Below: ‘The ful remembrance of the children these
Below: Rørbye’s of backward-looking pride. To counter Forum, Pompeii, two young women had once been. The
‘Wreck on the the ravages of modernity and sing the with Vesuvius in artist paints them like girls, miniatur-
Northern Beach, wilderness where the old myths the Distance’ ised by a high sill and a vast window.
Sank on May 9, dwelled, painters omitted signs of mili- (1841) by They bend their heads over a sheet of
1832’ (1833) tarisation, industrialisation and even Christen Købke paper and we follow their gaze, not out
Metropolitan Museum of Art;
Statens Museum for Kunst farming. Close observation was a sacred J Paul Getty Museum
to the unknown, but inward to their
task, subject to judicious self-editing. private huddle.
The Royal Danish Academy of Fine The muted national style lasted for
Arts acted as the crucible of this rejuve- many years. In 1912, Vilhelm Hammer-
nated age, training artists to perfect shøi was still busy uniting Friedrich’s
their craft and use it to preserve and romantic yearnings with Eckersberg’s
immortalise the nation. This new direc- monochrome rigour in “Interior with an
tion was spearheaded by the academy’s Easel, Bredgade 25”. It’s a work of gor-
greatest eminence, Christoffer Wilhelm geous bleakness, sapped of colour but
Eckersberg, who preached the thorough full of feeling. A weak winter light sidles
study of nature. in from the left, its angled rays slicing
As a young man, Eckersberg had lived across the gridded greys of bare floor,
in Paris and studied privately with wall and door. A black easel stands apart
David, then travelled to Rome, where he like a lone mourner at a funeral and a
committed ancient monuments to framed landscape painting hovers near
memory and imbibed the plein air spirit. the ceiling as if it had floated up there
Many of the painters in the Met show and got stuck.
were his students, and he exhorted In this one straggler of a canvas, we
them to obey the rules of mathematical take in the 19th-century lifecycle of
perspective and produce scrupulous melancholy, from source to habitat,
records of transient moments. He through work in progress, to the final
advocated a vision of the ideal; to reach product of exquisite gloom.
it, he bent nature into alignment with
his calculations. To April 16, metmuseum.org
Arts
T
o listen to Weyes Blood’s strides in terms of awareness with BLM
music is to be soothed by and #MeToo. But I don’t know if the
lush vocals and ethereal social consciousness has totally fruited
melodies. To listen to her into these beautiful communities with
words, however — both in peace and kindness. My older friends
her lyrics and in conversation — is to be are more accountable. Nowadays you
confronted with profound anxieties can be your principles online but you
about the modern world. don’t have to embody them.”
The American singer-songwriter, That Mering doesn’t feel at ease in her
whose real name is Natalie Mering, has own time may explain why her music is
earned considerable acclaim in recent typified by a timelessness — a beguiling
years for writing enchanting songs mix of Laurel Canyon serenity and futur-
about disenchantment. Her 2019 break- istic sounds. It’s a far cry from the noise
through album, Titanic Rising, married music scene in which she started. I ask
visions of ecological disaster with reflec- how she transitioned from such cacoph-
tions on the erosion of personal relation- onous sounds to being an artist whose
ships and social values. During Covid, its crystalline voice has been compared to
images of individuals “stuck inside the Joni Mitchell and Karen Carpenter.
wall” seemed prescient. “At a certain point, experimental
Her fifth and latest record, And in the music had become such a conformist
Darkness, Hearts Aglow, is both a thing that it felt more radical to write a
response to life in lockdown and a good, solid song,” she says. “I was never
broader, plaintive meditation on aliena- trying to specifically emulate the ’70s,
tion, narcissism and technocracy. Its but I was influenced by the same things
sounds are intimate, its resonance uni-
versal. The opener is titled “It’s Not Just ‘I like [my music] to feel
Me, It’s Everybody” and pointedly asks,
“Has a time ever been more revealing like a time machine to a
that the people are hurting?” place in the future which
The pain of losing or yearning for
identity, purpose and human connec- also feels very familiar’
‘I fetishise the past’

tion runs through the album, which was
hailed by many music critics (including
the FT’s) as one of 2022’s best. As the they were — folk, classical and Tin Pan
title suggests, there are moments in Alley. I like [my music] to feel like a
which warmth and light pierce through time machine to a place in the future
the gloom, but hope is often ephemeral. which also feels very familiar.”
One line starts “They say the worst is Mering often teases out such tonal
done” before continuing: “but I think it’s dissonances. Songs that sound oneiric
only just begun.” soup of rehashed nostalgia”, I wonder are usually rooted in real-world experi-
When we speak via Zoom, I ask the Weyes Blood | The Californian was a punk prophet of doom in her youth how she reconciles this cynicism with ences. Others with melancholy lyrics
34-year-old Californian what fuels this her own wistfulness for Gen X’s “unspo- may have a jaunty music video — the
malaise. “The worst is done in terms of ken code that you weren’t allowed to sell one for “It’s Not Just Me”sees her dance
lockdown but [there’s a] dystopian fla- — now she makes music that evokes 1970s Laurel Canyon. By Dan Einav out” and a pre-digital era — as heard in alongside a cartoon smartphone.
vour in everybody’s mouth that keeps the folksy track “Grapevine”, in which Humour is also a staple of her live per-
getting more intense,” she says. “Every- she pines “to go back to the camp with sona. “My songs are kind of sad but I’ll
body seems lost, and the ethos they the kerosene lamps”. make a lot of jokes during the show to
might’ve had has gotten washed away From top: the questioning of structures”. This “I do think I’m very typical in fetishis- keep it intimate and make sure that it
by this feeling they have to be more pre- Weyes Blood, acute sense of the world’s problems first ing the past. It’s a very millennial thing. doesn’t seem too pretentious.”
sentable or a version of themselves aka Natalie emerged when she was 12. “At the end of We were children before the smart- Looking beyond her current tour, she
that’s been hijacked by the anti-culture Mering; dancing the 1990s it was obvious something had phone took off, and our crossover into has already started thinking about her
of the internet.” with a cartoon died. I noticed that culture took a dip. I adulthood was particularly extreme next record. This one, she promises, will
The pervasiveness of technology, the smartphone in realised early on that we were all driving because we were dumped into a world be about hope. What, I ask tentatively, is
abdication of principles, lifestyle aspira- the video for SUVs and that we had warm winters that wasn’t what it had been even five the source of her optimism?
tionalism and “capitalist mumbo- ‘It’s Not Just Me, that felt ominous and strange.” years prior,” she explains. “So I am right “Culturally we’re so scared to let any-
jumbo” could be seen as the four horse- It’s Everybody’ I ask whether being a precocious here with my generation, but I have dif- thing die — everything is so archival. But
Kathryn Vetter Miller
men of what Mering calls her “loosely prophet of doom made it hard to fit in in ferent values. It’s painful to be sur- there’s something so valuable about lit-
apocalyptic” music. While she reassures California. “I became punk and ques- rounded by people who wish they had tle deaths and being able to repurpose
me that she doesn’t think the end of the tioned authority,” she says. “But it put those values but don’t practise them.” something . . . The only thing that will
world is actually nigh, she voices con- me in a weird spot generationally. To this I put it to her that many would argue come from that is something new.”
cerns about how our fixation with self- day, when I hang out with people my age that millennials are more engaged with
help and pushing new high-tech fron- I feel disproportionately like a Gen-Xer.” enacting change than previous genera- Weyes Blood tours the UK and Ireland from
tiers is occluding “societal healing and But given that she says we live in “a tions. “I do think we’ve made great February 8 and the US from February 22
Arts
photographed among the personal
effects and home decor that counteract
the generic quality of the televised
frontages: space heaters, chinoiserie,
carefully selected wallpaper patterns,
family heirlooms and family pets.
On an adjoining wall in the exhibition
is the letter Meadows and Parr distrib-
uted to the residents, asking for their
permission to photograph them. As
viewers, we are privy not just to the
nuances of working-class representa-
tions, but to the way that the young
Meadows and Parr fashioned them-
selves as photographers.
A later, more experimental genera-
tion of documentary photographers
emerges in the show. Anna Fox’s My
Mother’s Cupboards and My Father’s
Words (1999) are unadorned and highly
emotional sets of diptychs. On one side
of each work is a vicious and abusive
quote from her father, who was suffer-
ing from dementia; on the other are
understated photos of wrapping paper
rolls, glassware and piles of linen metic-
Photography | A new London venue ulously arranged by her mother.
The static compositions depicting
showcasing British work opens with her mother’s household labours show
Brandt’s photos are

an unflinching look behind England’s theatrical documents as
front doors. By Joshua Gabert-Doyon much as they are
anthropological ones
T Home truths
he story of documentary a dire attempt to enact control in a
photography typically is period of domestic breakdown. As with
one of swashbuckling Knorr, the performance of domestic
photojournalists and gawk- life in a supposedly documentary mode
ing depictions of urban pov- becomes an exploration of Fox’s own
erty, the camera a weapon in the fight upbringing.
against need. But one of the inaugural Some of the most memorable images
exhibitions at the Centre for British in the show come from David Moore,
Photography, which opened last month, who creates richly complex family
makes a compelling case for this docu- representations of poverty and depriva- scenes with blown-out whites and out-
mentary tradition as subtler and more tion. Jones’s photos — which depict the of-focus fragments that emerge from
inward-looking, focused as much on the happenings in and around a halfway just beyond the frame. In one, vivid
photographer as the photographed. house for young people — reveal a kind colours burst through a frosted glass
The centre, with 8,000 square feet of self-awareness on the part of both window while a child emerges from
over three floors, sits on upmarket subject and photographer. behind a curtain. This in turn cuts a sat-
Jermyn Street in London, not far Jones photographs the residents, most isfying angle across to the other side of
from the Royal Academy of Arts and of whom are black, with attention to the shot, where wisps of steam coming
auction house Christie’s, indicating the both their ambivalence and their poise, off a pot are balanced against a leather-
ambition of its private funder, the turning the faceless temporary accom- bound bible and a cigarette held too
Hyman Foundation. modation into a studio for self-making. close to the camera.
The English at Home — comprising The group shots and carefully posed In another, titled “Baby, TV, Earth,
works drawn from the funder’s own col- portraits are a powerful archive of black 1988”, an infant in a carrycot faces the
lection — takes its title, as well as the British history. TV, which flashes an image of planet
Clockwise from show’s opening salvo, from Bill Brandt’s Jones’s collaborative approach is Earth from space — in a suburban mise-
top left: ‘Baby, canonic 1936 photobook. Those candid offset by Karen Knorr’s Belgravia en-abîme, the baby looks at us looking at
TV, Earth, 1988’ images of a weary, enigmatic figure (1979), another highlight of the exhibi- her. Moore’s pictures interrogate the
by David Moore; dressed in a full maid’s outfit, from a tion. Knorr’s somewhat less sympa- photographic medium and deconstruct
from ‘The Black series titled The Perfect Parlourmaid that thetic portraits of urban aristocracy are its conventions, teasing out a sense of
House’ (1973) Brandt shot for the magazine Picture paired with (often inadvertently urgent intimacy and randomness.
by Colin Jones; Post, can seem slightly anachronistic — register something more telling about comical) quotes from her subjects (“I’d The happy accidents of Moore’s
from ‘Ray’s a formal and informative in tone. her negotiation of the role she performs like to be an Eye-Doctor. The Eye fasci- photos point to what might be lacking
Laugh’ (1994) But the photos are theatrical docu- and its artifice. This is only com- nates me,” reads one from a severe- in the centre’s show as a whole: the
by Richard ments as much as they are anthropolog- pounded by the fact that while the pho- looking teenager.) Just like Brandt, amateur snapshot, which is, after all,
Billingham; ical ones; Brandt captures the near- tos purported to be a glimpse into the Knorr had gained access to these gilded the overwhelming manner in which
from ‘June impenetrable expression of a servant hidden world of high society, the “per- interiors because she was born into most of us encounter photography at
Street, Salford, skilled in the performance of domestic fect parlourmaid” was employed in the them. The works emerge as a deeply home. In the venue’s attempt to estab-
1973’ by Daniel invisibility. The affectations of house- household of Brandt’s uncle — in other considered exploration of her own class, lish itself as an authoritative site of
Meadows and hold service, the gap between the words, Brandt wasn’t adventuring so stripped down to its most personal national photography, it prizes artistry
Martin Parr; human and the uniform, are a fitting much as turning the camera towards his and contrived. over all else.
‘English metaphor for the camera’s ability to family’s domestic arrangements. Directly across from Knorr is a wall of The show is still well worth visiting,
Parlourmaid complicate the difference between Brandt took photography out of the Daniel Meadows and Martin Parr: June but one would hope that an account
(Evening)’ performance and the everyday. confines of the studio and into the Street (1973), an early project they of British photography at its most
(1935) by Bill On first viewing, Brandt’s photos are a home, but traces of studio theatrics photographed as students. The series interior-facing could shed the hard
Brandt — David Moore; straightforward examination of house- remained. The Black House, a long-term revolves around the inhabitants of a ter- border between the professional and
Colin Jones; Richard hold service. But his compositions (the project shot in the mid-1970s by news- raced street in Salford that had been the quotidian.
Billingham; Daniel Meadows/
Martin Parr/Magnum Photos;
parlourmaid often hovering on the edge paper photographer Colin Jones, used for exterior shots on the soap opera
Bill Brandt Archive of the frame) and a strong sense of detail complicates the standard Dickensian Coronation Street. The residents are To April 29, britishphotography.org
When TV gets that shrinking feeling Review

OP ERA
to Micaëla’s aria and Nmon Ford
brought flair to his suave, smiling
Escamillo. With so much dialogue
turns him a little loopy. He decides to the proper science of psychoanalysis in TV comedy, reminding us that the cut, the conductor, Kerem
UPSTREAM take out his discomfort on his patients, seriously? Is there a middle way? sharpest of minds are frequently at the
Carmen
Coliseum, London Hasan, has no trouble keeping
by telling them “the truth” for a change, No one captured the contradiction mercy of the bodies in which they reside. AAAAE the show on the move. The last
PETER ASPDEN instead of indulging their anxieties.
Hovering somewhere between par-
more deftly than Woody Allen in his
movie Manhattan, made in 1979, the end
Its many admirers must surely be
feeling wary at the prospect of this sum-
Tannhäuser
Royal Opera House, London
scene is red hot, as it should be.
To February 24, eno.org
ody, farce and the merest touch of mel- of Tom Wolfe’s “Me Decade”. “You call mer’s reboot, which will co-star Nicho- AAAEE At the Royal Opera, a more
W
ancholy, Shrinking has little to do with your analyst Donnie?” his character las Lyndhurst as Frasier’s old friend; but problematical work has returned
genuine psychological exploration. Isaac asks Diane Keaton’s emotionally then they might have been equally scep- Now we know English National in revival. The Victorians loved
hatever happened to Instead, it sacrifices all plausibility to fragile Mary, “I call mine Dr Chomsky. tical on hearing the news that Cheers was Opera’s immediate future. Wagner’s Tannhäuser for its
Gary Cooper?” asks The Joke. The comic exchanges are per- You know, he hits me with a ruler.” In about to spawn a spin-off starring its Sufficient funds are available for seemingly clear moral choice
Tony Soprano of his formed with brio by an energetic cast, that compressed exchange, popular cul- verbose psychiatrist. the company to present a 2023-24 between lascivious excess and
therapist, Dr Melfi, in which includes a sombre and repressed ture’s discussion of psychic issues was In contrast, TV’s most persuasive season, but the following two religious piety, but 21st-century
the first episode of The Harrison Ford as Jimmy’s boss Paul, and transferred from the wood-and-leather depiction of the talking cure as a serious years remain uncertain. The long- attitudes, especially towards
Sopranos, which aired in 1999. “The Jessica Williams as Gaby, the kookiest, darkness of high Vienna to airy and air- and genuinely life-changing force is term plan is still for a new base women, have moved on.
strong, silent type. That was America. and possibly the smartest, colleague in headed America. HBO’s In Treatment, revived for a fourth outside London but retaining a The opportunity to explore
He wasn’t in touch with his feelings. He the practice. The show to have most successfully series in 2021 after an 11-year break presence at the Coliseum. Wagner’s psychological dilemma
just did what he had to do . . . Once The problems arise when the show mined that comedic stream remains from its first three seasons. It all takes In the meantime, the company was resisted by Tim Albery in his
they got Gary Cooper in touch with his dips into more profound moments — Frasier, still showing in early morning place in the tightly cropped, claustro- needs all the support it can get. production from 2010. It dabbles
feelings, they wouldn’t be able to shut the wider resonance of grief on all who reruns on Channel 4, the genius of its phobic office of therapist Paul Weston The second half of this season has with the idea that Venus’s domain
him up.” are touched by it — when it becomes, in premise — take one over-refined, pomp- (Gabriel Byrne, mostly Dr Chomsky just opened with a revival of its of endless pleasure is unreal, like
The tenuous sessions between the its opening episodes at least, gloopy and ous figure and twin him with a yet more with subtle elements of Donnie), whose tried-and-trusted Carmen. Calixto a performance in an opera house,
waste-disposal consultant and his infantile. And here is the dilemma faced extreme version of himself — is still joy- impassive reactions to his patients’ Bieito’s production of the opera contrasted with the bombed-out
mind doctor — masterclass duets from by therapy shows: do they succumb to ously intact, 30 years after its concep- traumas are hypnotically watchable. first graced ENO’s stage more wasteland of the world outside,
James Gandolfini and Lorraine Bracco — the undeniable comic potential of tion. Word-play and physical dexterity Inevitably, he is drawn, reluctantly and than a decade ago and has barely but otherwise offers little to look
were at the core of a drama that is psychobabble culture, or do they take have rarely been combined so skilfully guiltily, into the dramas that unfold in aged since. Bieito expunges any at and even less to think about.
commonly regarded as the kick-start of front of him. hint of picture-postcard Spain The headline attraction is must-
a golden age of television. Analysis Emotional Attempts to make the therapist’s and the result is a contemporary, have young Wagnerian, Lise
was never so riveting: the crime boss, skirmishes: workplace a focus of both ready wit and minimalist show that works Davidsen, as Elisabeth. Her
eloquent and monstrous, opening up Lorraine Bracco abiding solemnity are mostly unsuc- without a hitch, now that his mighty voice has taken on some
to the stern professional, skirting as Dr Melfi cessful, because although, yes, life is full more interventionist ideas have shrillness at maximum volume,
the boundaries between revulsion, fas- and James of contrasting emotions, they need their fallen by the wayside. but at anything less than blazingly
cination and duty. Their skirmishes Gandolfini as own, discrete spaces in which to evolve. Ginger Costa-Jackson plays loud she sang with beauty and
gave the otherwise brutal show both Tony Soprano in So-called dramedy may have become Carmen as a modern girl, no vamp dignity. Even better was Gerald
ethical gravitas and easily digestible ‘The Sopranos’ the most potent format of 21st-century or caricatured gypsy. Although Finley’s Wolfram, exceptionally
Alamy
emotional nuance. Programme-makers TV, but it rarely manages to make us cry her voice is only just big enough eloquent in his blend of words
took note. and laugh with equal intensity. Its con- for this theatre, it is keen, bright and music. Ekaterina Gubanova
Shrinking, newly arrived on Apple TV ceit is that quips and banter can correct and has fire in the lower notes, was an effective but not
Plus, is the latest in a line of shows, from the crooked timber of the human psy- which she is inclined to overplay. voluptuous-sounding Venus and
In Treatment and Crazy Ex-Girlfriend to che. In reality, as Tony Soprano so mem- Sean Panikkar returns to the Mika Kares a fine Landgrave.
Insecure, that have taken advantage of orably put it, there are no easy answers production with the vocal Musical standards under Sebastian
the easy hits provided by patient-thera- when you feel like there is ginger ale challenges of Don José well sorted Weigle were decent, but overall
pist scenarios. Jason Segel is the analyst, swilling inside your skull. and builds the role to a heat of this was an on-off performance.
Jimmy, whose tragic back-story — the passion. Carrie-Ann Williams, in To February 16, roh.org.uk
death of his wife in a car accident — ‘Shrinking’ is on Apple TV Plus now her ENO debut, rose impressively Richard Fairman
Arts
Writing
heading. Then Steve sent an email to the
composer John Adams and said, ‘You
should check out Anna’s music, she’s the
real deal.’”
Clyne smiles bashfully as she recalls
this, then breaks into embarrassed
laughter. Even now that she has won
music for several prizes and residencies with top-

flight orchestras, she still finds it hard to
shake her innate shyness. “My natural
personality is not gregarious,” she says.
Yet her music is so full of confidence:
b o l d , f l a m b oya n t a n d re s o l u t e ly
the body
melodic, flying in the face of post-serial-
ist austerity. “Melod odyy is at the heart of
my music, and the older I am, the more
comfortable I am to lean into that.”
She believes part of this comes down
to the fact that her home of the past 20
years has been New York. “Minimalism
and post-minimalism were birthed in
America, so there tends to be more gen-
Anna Clyne | The composer’s kaleidoscopic re-crossing there, for example, between
contemporary classical music and rock
and roll.”
string quartet has inspired a new dance work at But there’s more to it than that. “I find
that music with a sense of melody con-
the Royal Opera House. By Hannah Nepilova n e c t s w i t h s o m e t h i n g ve r y d e e p ly
rooted in us. Music is in many way ayss a
universal language; even the way we
W
speak has melodic inflections.”
Does she have misgivings, then, about
en I’m writing music, opposite: “What Pam is doing is adding music with no discernible melody? “It’s
I’ ll i mag ine t hat I’m another musical layer in a way: even if fine if it’s the music that you’re driven to
d a n c i n g . I l i ke t o f e e l you don’t hear the rhythm [that Pam is
how it is in the body,”
says comp oser Anna
creating], you see the rhythm against a
different rhythm behind it, almost like a
‘Music with a sense
Clyne. “For me, music and physicality counterpoint.” of melody connects
are interconnected.”
I t m a ke s p e r f e c t s e n s e , t h e n , t h a t
While Beethoven sits behind Breath-
ing Statues, Clyne’s kaleidoscopic work From above: composer Anna Clyne; choreographer Pam Tanowitz; Clyne works on a collage as part of her creative
with something very
Breathing Statues, Clyne’s 2020 string has channelle d asp e c ts of Irish folk process when composing musical pieces — Christina Kernohan; Rachel Hollings; Emily Andrews/Eyevine deeply rooted in us’
quartet, is the inspiration for a new fiddle, Klezmer and electronics, among
dance work at the Royal Opera House many other influences.
this month. Inspired by the Grosse Fuge She has fleshed out the dark emotions isten to any particular kind of music: “I took jobs at a grilled cheese shop run by write.” She does, however, have misgiv-
— Beethoven’s most visionary and tech- of Emily Dickinson’s poetry, resur- grew up with a lot of folk, jazz and pop stoners (“a munchies place”) and at an ings about composers who fail to reflect
n i c a l ly f e ro c i o u s s t r i n g q u a r t e t — rected the colourful world of the 18th- music. I loved Bob Dylan, Ella Fitzger- upmarket florist, where she once found on the purpose of their music.
Clyne’s piece takes as its starting point a century Vauxhall Pleasure Gardens and ald..” She sta
ald starte
rted d mak
making ing up mus
music ic off herself decorating the Christmas tree of “With my composition students,” she
very physical concept: breath. found ways to give expression to mental her own bat bat,, age
aged d se
sevven
en,, on a se
seconcond- d- Noel Gallagher from Oasis. says, “I try to help them question what is
“There’s an energy about the Grosse illness — all through her music. han
hand d pia
piano no wit
with h mis
missin
singg keys, befo eforre In fact, she very nearly jacked in the it they’re trying to say and whom they
Fuge, it almost feels like rock and roll,” Her pieces’ imaginative breadth occa- taking up the cello at school. Even while composing altogether: “I bought myself are trying to spe peaak to.” So whom is she
says the 42-year-old during a visit to sionally comes at the cost of internal s t u dy i n g m u s i c a t t h e Un i ve r s i t y o f a second-hand briefcase and went to an trying to speak to? She pauses. “I don’t
Manchester’s Royal Northern College of cohesion. But there’s no denying the Edinburgh and, later, the Manhattan interview on Wall Street to try and get re q u i re t h e re t o b e a n i n t e l l e c t u a l
Music, where she is attending a concert artistic freedom it gives her. School of Music, she was never expected into investment banking. It didn’t go unders
und erstan
tandin
dingg in ord order er to app
apprrecia
ciate te
featur
fea turinging her work ork.. “Bu
“Butt in one of the W h e re d i d t h a t s e n s e o f f re e d o m to pin her colours to any one mast. well. I just talked about musicand at the my work. I write my music to share with
movements, there’s a moment when the come from? Clyne says it was there from “I was very fortunate with my teach- end they said, ‘Why are you doing this? peopl
ople. e.”” Mor
oree cru
crucia ciallllyy, perh
erhaps
aps,, sh
shee
tumultuous energy suddenly stops and childhood. Growing up in the market ers — the wonderful Georgian composer You should stick with music.’” w r i t e s f o r h e r s e l f . “ H av i n g w r i t t e n
there’s this silence. That sense of pause town of Abingdon, near Oxford, she felt Marina Adamia at Edinburgh, and Julia Luckily, soon afterwards she received music since I was seven, I always wrote
is a central feature of Breathing Statues: no pressure to play an instrument or to Wolfe at Manhattan. One of the most a m e s s a g e f ro m o n e o f h e r i d o l s : t h e for the joy of writing ,” she says. “And
the idea of an ensemble breathing.” important things that Julia told me was composer Steve Reich, whom she had that continues to be the case.”
Given this emphasis on physicality, to trust my intuition.” met at a workshop and to whom she had
Breathing Statues has an affinity with And Clyne did trust it, as far as music sent some of her work in an uncharac- ‘Secret Things’ runs at the Royal Opera
d a n c e . At t h e Roya l O p e r a H o u s e , was concerned ed.. What she didn’t trust, teristic fit of chutzpah. “It said, ‘You are House’s Linbury Theatre from February
though, the dance gestures in Ameri- however, was her bank balance, so she a very good composer’ in the subject 4-1
4--16, roh.org.uk
can choreographer Pam Tanowitz’s
Secret Things will diverge from Clyne’s
musical gestures.
“As a non-dancer I would have imag-
ined my music being translated into a
physical gesture followed by a physical
silence,” says Clyne (who counts tap and
swing lessons among her extracurricu-
lar activities). “Pam doesn’t do that. She
fills those silences with movement.”
D o e s t h a t b o t h e r C ly n e ? Q u i t e t h e
insists: “If you took the lyric out and how similar Plant’s delivery was to his
THE LIFE listened to the track instrumentally, it own: “He sang it the same, phrased it
OF A SONG is clearly something new and different the same.” In effect, Marriott was
— a completely original piece of music.” complaining that Plant had copied, or
Plant later admitted that the lyrics at least been heavily influenced by, a
WHOLE LOTTA LOVE were “a nick, now happily paid for”, performance that was itself a copy.
alluding to a 1985 lawsuit that was The afterlife of “Whole Lotta Love”
settled out of court in Dixon’s favour came swiftly. The year after the release
for an undisclosed sum. “Whole Lotta of Led Zeppelin II, Alexis Korner’s big-
“Whole Lotta Love”, the opening track Love” is now credited to Page, Plant, band ensemble CCS (it stood for
on Led Zeppelin’s second album, Jones, Bonham and Dixon. Creative Consciousness Society)
released in 1969, is the epitome of what Not included in the list of credits for recorded a bold, brassy, largely
they did best: raw, raucous, gut- “Whole Lotta Love” is Steve Marriott, instrumental version with Plant’s
pummelling rock’n’roll, slathered with lead singer and guitarist of the Small vocals mimicked by a flautist with
sex. It kicks off with Jimmy Page’s Faces, the sharp-dressed 1960s mod lungs of steel. (Jimmy Page had
chugging juggernaut guitar riff; then rockers. He probably should be. In sometimes played with Korner’s Blues
the urgent rumble of John Paul Jones’s 1966 the band recorded “You Need Incorporated in the early 1960s.) The
bass, followed by the squeals of priapic Loving”, which was clearly a version of track immediately began an 11-year
rock-god Robert Plant detailing what Dixon’s “You Need Love”, though never run as the theme music for BBC TV’s
the object of his rampant lust “needs”. acknowledged as such; it was credited chart show, Top of the Pops. It was a
Finally, the runaway train of John to Marriott and bandmate Ronnie curious choice given that, though they
Bonham’s drums steams into the mix. Lane. Dixon never sued them. Page and had 10 hits in the US, Zeppelin didn’t
Then daringly, less than a minute Plant attended a number of Small release singles in the UK. “Whole Lotta
and a half into the song’s throbbing Faces gigs and, according to Marriott, Love” received plenty of airplay in the
progress, it slides off into an echoey, took a particular liking to “You Need US on FM radio, but, at five and a half
swirling, free-form soundscape filled Loving”. Later, when he heard “Whole minutes, it was too long for AM
with pinging cymbals, eerie Theremin Lotta Love”, Marriott was struck by stations. The band were eventually
effects and Plant’s orgasmic moans (an(an persuaded
p ersuad to release a three-minute
agglomeration, said Page, of “evil vversion
ersion (minus the experimental
sounds you’re not supposed to hear on on iinterlude),
nterlud which reached number four
commercial radio”), before tumbling ng oon
n tthehe Billboard Hot 100, making it
back into its original groove. A dark,
k, ttheir
heir biggest US hit. The CCS version
delirious mini-epic, it vies with rreached
eac number 58 in the US and
“Stairway to Heaven” for the title number
n u 13 in the UK.
of Zeppelin’s best-loved song. Among the many other covers
Except it wasn’t theirs. At least, ooff “Whole Lotta Love”, one of the
not entirely. most alluring is by Tina Turner
m
The track was initially credited (1975);
(1 it was her first solo single.
to the band’s four members, but its After
A a slow-burn intro, Turner
similarity to the song “You Need sstruts
tr her sultry way through the
Love”, written seven years earlier ssong’s
on sexual shenanigans against
by one Chicago blues legend — a llush
us orchestral arrangement that
Willie Dixon — and recorded smoothes
smoot over the rough edges of the
by another — Muddy Waters ooriginal
rigina but remains seductive.
— is unmistakable. For Inevitably, tribute acts
instance, “Whole Lotta Love” find
fi the song irresistible.
opens with the lines, Lez Zeppelin (“Are we
L
“You need coolin’, baby, llesbians?
e Definitely
I’m not foolin’ / I’m gonna maybe”) achieve a
m
send you back to schoolin’,” creditably
c raunchy
while the third verse of approximation
a in 2007,
“You Need Love” begins, while
w Dread Zeppelin
“I ain’t foolin’, you need (1989)
( come up with
schoolin’ /Baby, you know exactly
e what you’d expect
you need coolin’.” from
fr a reggae outfit fronted
However, whether the by
b a Vegas-era Elvis
two songs are close impersonator.
im
relations musically is
debatable. Page, quoted in Marc Lee
Sounds Like Teen Spirit, Timothy Robert Plant and Jimmy Page, More
M in the series at ft.com/
English’s study of how pop eats itself, 1969 — Philippe Gras llife-of-a-song
if of a son
Arts | Collecting
writing the book.’” She laughs. “And if
that’s the experience for us, removed
from the community, making our art,
Miriam Toews | The author imagine the lives of the women . . .”
It is clear how intense the project has
talks to Rebecca Watson about been for her. Was it important to have a
female team collaborating on the
project? “It does make a difference,” she
her truth-based bestseller says. “And part of [Sarah Polley’s] film-
making rule book or ethos is that she
believes in a collaborative effort.”
‘Women Talking’ becoming “I guess that’s something that I’ve
experienced my entire life, growing up
the way that I grew up. We were often
an Oscar contender sort of separate from the men. And
there seemed to be a way of talking,” she
A
laughs, murmuring “women talking”
under her breath. “Obviously there was
s the film Women Talking conflict and arguing and no agreement,
begins, a title card appears. no consensus. But, on the other hand, I
“What follows,” it reads, “is think there is a difference.”
an act of female imagina- As the writing addresses female expe-
tion.” Adapted from rience, I suggest, it must be reassuring to
Miriam Toews’s 2018 novel by Canadian relinquish your material knowing that
director Sarah Polley, it is certainly the there are things you can take as a given,
product of female invention. But that you don’t need to explain. “That’s
although what follows is imagined, the so true,” she says, emphatic yet quiet.
root is not. “There’s a shorthand.”
Between 2005 and 2009, in a Men- “And if it’s not necessarily a solidarity,
nonite colony in Bolivia, eight men sex- it is definitely an understanding . . . ”
ually assaulted and raped more than She stops, her eyes drawn to a distrac-
150 women and girls, spraying animal tion beyond the wall of the laptop. Her
anaesthetic into houses to render them mother is waving from the house oppo-
unconscious. Elders of the Anabaptist site — perfect timing, given our discus-
In the company
Christian church dismissed the attacks sion of female community. “There’s an
as “wild female imagination”: victims understanding, because we have all
were ignored or told they had been pun- experienced misogyny . . . and it’s in
ished by the devil. The truth was only our bones, it’s in our blood and there is
discovered when two men were caught something about that. When we get
breaking into a house. together as women, it’s a relief.”
of women
Novelist Miriam Toews, 58, grew up in Despite the gravity of the story,
a Mennonite congregation in Canada
and first heard about the attacks on the ‘Even if I try and put a
“Mennonite grapevine” before it
reached the news. “When I started hear- lid on it . . . [the Mennonite
ing about what was going on,” she tells experience] just has
me over Zoom from her home in
Toronto, “and with the experiences that such a hold on me’
I and my sister and my mother and my
grandmother and just about every Men-
nonite woman I know have had with Clockwise from main: ago or more,” she says, “I humour is laced into Women Talking.
sexual violence . . . I had questions in Miriam Toews outside had thought that I would One woman suggests: “Why don’t we
terms of, ‘Why do we write what we her home in Toronto; also like to make movies.” ask the men to leave?” A grandmother
write?’ I had questions.” Sarah Gadon and Alison But watching the director in the colony responds: “Ask all the men
Those question stewed for years and Pill star as Mennonite at work gave her an extra to leave? When before we have asked
became her eighth book — and an inter- sisters in the 2021 film appreciation. “My writer’s not even for the salt to pass?” Fury trem-
national bestseller. Polley’s film adap- of ‘All My Puny Sorrows’; brain just doesn’t move ors in her voice; the question hangs in
tation was nominated last week for Sarah Polley directing into those structures.” the air. And then all the women burst
two Oscars: Best Picture and Best a scene from the film I ask whether there into laughter, set off by the absurdity. In
Adapted Screenplay. of ‘Women Talking’; were aspects of the another scene, while two women argue,
The story focuses on the afterwards. A Claire Foy and Rooney novel she feared would a teenage girl mimes hanging herself out
group of women gather in a hayloft. Mara in a scene from be hard to translate to of boredom. Did Toews ask Polley to
They refine their arguments, circle the film screen. “I did think: how preserve the levity?
Arden Wray/New York Times/Redux/Eyevine;
around what justice means and what Alamy; MIchael Gibson
is she going to — or will “Absolutely. That was definitely up
their faith allows. In two days, the men she — do it? . . . Then, there and she did it so well.” But it was
will return from the city. The women when I saw the script also about protecting the characters
must reach a decision: either they will and the movie itself, I realised that there sisters, All My Puny Sorrows, was made from laughter. “It’s so easy to laugh at
leave, stay and fight, or do nothing. were sections of the book that just into a film in 2021. But Women Talking Mennonites . . . I grew up always with
With stirring performances from a weren’t a part of the film . . . and abso- depicts the religion in a way that is more that, feeling self-conscious,” she says.
cast including Claire Foy, Rooney Mara lutely, necessarily they weren’t.” immersive and extreme. Does she For the women of Women Talking,
and Frances McDormand (who also Women Talking was shot on 70mm film worry about the reaction? their faith is a support. So too is the
produces), it’s hard to imagine the film in an extra-wide aspect ratio originally “There are people who hate me and promise of laughter and the promise of a
being anything other than a success. But developed for macho 1950s Westerns. Its who wish I were dead . . . that has been new life. The story is upsetting to watch
it must have felt daunting for Toews. unexpected use here lends the movie a the case from the minute that I was born and difficult to shrug off afterwards, but
Many Mennonites in the Bolivian col- subversively epic quality. The title is, . . . but when I get that support or encour- what stayed with me too was the defi-
ony originally came from her home after all, tongue-in-cheek. The palette is agement from the Mennonites . . .” she ance of the performances, the brighter
town; the surnames she gave her char- dark, but scenes with children and land- trails off. “Even some very conservative edges of the landscape. There’s hope in
acters are loaned from her family. scapes are subtly brighter. Modern older Mennonite men writing to say, ‘We it. Does Toews agree?
“I think at the beginning it’s impor- details intrude like anachronisms, a cen- appreciate what you’re doing.’ That “That has to exist,” she says firmly. “I
tant to get a little Zen about it,” she says sus van driving by the colony with blar- means the world to me.” think in their narrative, in our art, in our
with a grin. “You know: detach, relin- ing speakers. Her eyes get shinier as she speaks. thinking and our imaginations, we have
quish control and just sit back.” “Even if I try and put a lid on it . . . it “With the making of the movie,” she to hope for change.”
During development, Toews read drafts just has such a hold on me,” Toews says says, “they had an on-set therapist.
of Polley’s scripts, watched casting audi- of her pull towards the Mennonites in When I read that, I thought, ‘Oh yeah, I ‘Women Talking’ is in US cinemas now and
tions and visited sets. “A hundred years her writing. Her novel about Mennonite would have enjoyed that when I was UK cinemas from February 10
Tech couple’s Surrealist collection comes to auction

The Art Market Lisson runs late in LA; abortion addressed in London show; Strauss wants to sell African art to African collectors. By Melanie Gerlis
A collection of 25 Surrealist works House, the gallery of designer Dries are increasingly interested,” says Helen Johannesburg and Cape Town, wants to the west to build markets for African
valued at £13mn-£18mn will be offered Van Noten (February 14-March 25). Waters, senior director at Cristea bring more buyers from within. “We artists.” Auction highlights from
through two sales at Christie’s in This opens to coincide with Frieze Los Roberts. She reports recent interest welcome the international demand for outside South Africa include the
London this season. Some of Europe’s Angeles (February 16-19), in which the from US museums in Rego’s work and African art, but how do we compete? Modern DRC painter Pilipili Mulongoy
Surrealist stars are among the fare, gallery also participates. says that a Northern Ireland museum By being African,” says Frank — “Two Black Crowned Cranes”
including René Magritte, Óscar Works in Gander’s Feelin’ everythin’, has bought one of each of Rego’s and Kilbourn, Strauss’s chair. This month, (c1980s) is offered at R70,000-R90,000
Domínguez and Yves Tanguy, but the whilst doin’ nothin’ include a Gerrard’s work from the show, which the auction house fields a new-format ($4,000-$5,200) — and Kenyan
collection is most notable for its personalised vending machine and a runs until March 4. Rego’s abortion sale of 104 works by contemporary and contemporary artist Cyrus Kabiru,
relatively high number of female ticket generator that prints individual etchings are priced at £10,000 while Modern artists from 17 countries in whose sculpture “Amittai” (2017) has a
artists and for its “Surrealists in exile”, GPS coordinates, plus two animatronic Gerrard’s works on paper are priced at Africa. Six external curators, and the R150,000-R200,000 estimate. South
those who left Europe for Mexico animals — a life-size mosquito, £4,000, her paintings at £9,000. collector Serge Tiroche, are also Africa’s Modern and contemporary
City, says Olivier Camu, deputy seemingly twitching to death, and a working on the February 28 auction. successes — Gerard Sekoto, William
chair of Impressionist and Modern magpie that counts down from 100. The boom in art from Africa has been One curator, Dana Endundo Ferreira, Kentridge, Zanele Muholi and Cinga
art at Christie’s. mostly powered by buyers and market- founder of the Pavillon 54 platform in Samson — are also in the sale.
The collection was amassed over Issues around abortion dominate at a makers outside of the continent. Now the Democratic Republic of Congo, says:
the course of more than 20 years by London exhibition that pairs etchings Strauss auction house, founded in “It is time to make sure that growth is Pittsburgh’s Carnegie Museum of Art
a tech-industry couple from the San from Paula Rego’s powerful abortion South Africa in 2008 and based in sustainable by not relying so much on has made its “most meaningful
Francisco Bay area, their interest series of 1999-2000 with recent ink acquisition for 50 years”, says director
piqued by a trip to Mexico, Camu says. works by Irish artist Joy Gerrard, ‘Two Black Eric Crosby, with a site-specific work
Among the offerings are wispy works whose strong, protest-based pieces Crowned by El Anatsui. The 33-ft wide, 16-ft
by the in-demand Leonora Carrington take in the US demonstrations against Cranes’ (2007) high work made with the Ghanaian
and Remedios Varo, while Wolfgang the repeal of Roe vs Wade. Image as by Pilipili artist’s trademark discarded metal
Paalen and Gordon Onslow Ford — Protest at Cristea Roberts Gallery Mulongoy, bottle-tops will hang in the museum’s
whose works are rarer at auction ‘Retrato del Doctor Ignacio highlights the “stuttering” legal est R70,000- public lobby from May.
— also feature. Chávez’ (1957) by Remedios Varo, backdrop since the constitutional right R90,000 Crosby, who met the artist when he
An institutional and market est £2.5mn-£3.5mn to abortion was enshrined in the US had an even bigger work in the
reappraisal of Surrealism has gained 50 years ago, Gerrard says. “It is museum’s renowned Carnegie
momentum in recent years — Camu incredible and frustrates all women International show in 2018, ranks the
notes that the title of last year’s Venice Delays in construction and planning that some progress gets rolled back,” acquisition of Anatsui’s “Palettes of
Biennale, The Milk of Dreams, was have pushed back Lisson Gallery’s she says, though notes strides made in Ambition” (2022) alongside pieces by
lifted from a fairy tale by Carrington. opening in Los Angeles, originally set Ireland where anti-abortion laws were Claude Monet, Winslow Homer and
Many of today’s popular artists also for autumn 2022. “As can happen with overturned in 2018. Other works by Richard Serra, among the artists
show a Surrealist bent. “The Surrealists extensive renovations, it has taken a lot Gerrard in the show feature a recent bought by the museum since its 1895
and [Sigmund] Freud opened the longer than I’d anticipated,” says Alex rally in Berlin against human rights founding by Scottish steel magnate
door to the mind, to the stuff of Logsdail, chief executive of the gallery. abuses in Iran and the UK’s vigils that Andrew Carnegie. “El is one of today’s
dreams and to psychological The opening of the Hollywood space is turned into protests against the most relevant sculptors, with works
unknowns that are now possible to now set for April 15, with a solo show of murder of Sarah Everard by a police that travel around the world and exist
express,” Camu says. work by Carmen Herrera, as originally officer in 2021. against the backdrop of the history of
Christie’s dedicated Surreal evening planned (until May 26). “These are not easy subjects. labour in Nigeria [where Anatsui
sale on February 28 has 15 works from Meanwhile, the gallery is preparing Abortion is not something you would works],” Crosby says. Anatsui’s auction
the collection, while another 10 are an LA pop-up show of work by the necessarily want up on a wall, but record sits at $1.95mn, set in 2021 for a
in a day sale on March 3. British artist Ryan Gander in The Little museums and even private collectors smaller-scale bottlecap work.
Critics’ choice
Television Dan Einav Radio
Funny Woman contrivance — she soon Before she died in 2021, the
Thursday, Sky Max, 9pm manages to land herself an great American writer Joan
aaeee agent (Rupert Everett) and Didion released a book of
There’s a meta moment in an unlikely break starring on uncollected essays from the
Sky’s new series, Funny a new TV sitcom. beginning of her career.
Woman, in which a While it can be enjoyable Let Me Tell You What I
scriptwriter character is watching Barbara’s repartee Mean (Monday-Friday,
talking about what makes a and raw, prankish energy Radio 4, 9.45am) is a series
compelling comedy. “It defuse the classist, sexist of readings from those
needs to be original, edgy, sneering she’s frequently works on subjects ranging
politically challenging and subject to, Arterton’s charm from Gamblers Anonymous
satirical,” he says. In other can only do so much to to second world war
words, everything that the compensate for the show’s veterans to writing itself.
actual show we’re watching uneven writing. This may The first episode features
doesn’t quite manage to be. be the Sixties, but there’s a reflection on Didion’s
Set in the showbiz scene of far too much swinging here rejection from Stanford
1960s London, this between old-fashioned University, which moves
underwhelming six-part farce and serious social from a description of her
adaptation of a Nick Hornby issues — diluting the impact father’s comforting
novel follows Barbara of the show as either comedy indifference to a discussion
(Gemma Arterton), a goofy or drama.
Blackpool beauty queen Beyond the tonal
who is more comfortable confusion, the series also
playing the role of the jester. struggles to build an
And so, renouncing her authentic sense of the
crown, she leaves home to world beyond Barbara.
pursue her dream of Supporting roles often seem
becoming a comic actress. less like characters than
But life initially seems to caricatures, while the period
be playing a cruel joke on detail is steeped in nostalgia
Barbara when she moves to and gimmicky faux-celluloid
London. A job at a shots, insistent needle-drops
department store leads to a and pop-culture references.
distressing encounter with But if the first half of
an aggressive customer, the series doesn’t quite Nolly a tale of endings: of a soap icon facing ‘Queen of the the sense that the ever-charismatic and
while work as an exotic captivate as a set-up, the On ITVX now up to a reality of being a washed-up Midlands’: slightly prickly Bonham Carter has been
dancer threatens to drag her show makes for sufficiently aaaee sixtysomething. Think of it as Sunset Helena Bonham superbly cast as a woman caught Joan Didion in 1987 — Getty
into a vortex of sleaze. Yet easy viewing for anyone The ITV soap opera Crossroads was so Boulevard by way of Broad Street, Carter as soap between indignant fury and weary loss,
through a combination of inclined to stick around to full of lurid, outlandish plot lines that a Birmingham. star Noele wounded pride and gnawing insecurity.
chance, chutzpah — and a see if Funny Woman delivers a regular viewership of 15mn were happy For the best part of two decades she Gordon in That she finds such depth of emotion of how parents live through
healthy dose of storytelling good punchline. to look past the dubious acting. But was “the queen of the Midlands” for the ‘Nolly’ amplifies what would otherwise seem to their children. With each
Nolly, a new ITVX series which tells the viewers who tuned in to see her bring be modest narrative stakes. episode running at less than
story of that show’s star, should be a touch of gravitas to a schlocky Davies, though, is sometimes guilty of 15 minutes, this is a
watched instead on the strength of the production. But an act of regicide by trying to oversell this quaint corner of wonderful showcase of how
lead performance. chauvinistic studio producers — who the pop-culture landscape. Too often, much wit and wisdom
Helena Bonham Carter plays Noele question the value of a strong-willed, touching glimpses of Nolly’s private life Didion could condense
“Nolly” Gordon, a doyenne of 1970s ageing leading lady — leaves her having give way to sentimental hagiography. A into just a few immaculate
British popular drama who led the cast to confront the fact that she’s been “a moment in which she boards a bus only lines. AAAAA
of the widely watched yet critically middling actress in a middling show”, to be greeted by effusive, adoring fans There are dissidents who
derided Crossroads for 18 years — until with no prospects and no other way to feels oddly similar to the much-derided are driven by political
she was abruptly axed in 1981. Earlier in define herself. Churchill-on-the-Tube scene in Darkest convictions and there are
her career she became the first woman What does a life played out almost in Hour. And whenever she rails against those, no less courageous,
to ever appear on colour television, the its entirety on camera look like when her industry’s callous sexism, she seems who are motivated by love.
first to interview a prime minister live the camera stops rolling? Nolly’s to do so in neatly scripted soundbites. China’s Accidental Activists
and the first female TV executive in the attempts to grapple with this question Still, Nolly avoids becoming too (Sunday, Radio 4, 1.30pm)
UK. But this niche three-part bio-series compel far more than any of the maudlin or righteous. While it details is an affecting documentary
by It’s A Sin creator Russell T Davies is behind-the-scenes drama of a soap that how TV can be cruel, it does also in which three women now
curiously uninterested in such few are likely to remember with as succeed as a warm and entertaining based in North America
beginnings and breakthroughs, which much affection as Davies. Even without tribute to someone who ultimately speak out about the
Gemma Arterton exudes a prankish energy as Barbara are seen only in brief flashbacks. This is knowing much about Gordon, you get loved life on the small screen. persecution that they have
experienced at the hands of
the Chinese Communist
party. We hear harrowing
Amol Rajan Interviews sporadically broadcast Amol — and more questioning of and the everyday, keeps the questions about whether he’s accounts of surveillance,
Friday, BBC2, 7.30pm Rajan Interviews series, the its subject than HBO’s discussion lively and a little a “white saviour” trying to extrajudicial kidnappings
aaaee BBC’s ubiquitous presenter curated Branson docu-series. unpredictable — for both assuage his guilt. It’s only and torture allegedly carried
Bill Gates wants enough meets the “face of American Getting some biographical viewer and interviewee. when talk turns to his out by the secret police for
money to buy the “world’s computing and capitalism” background out of the way, Gates is hardly known as infidelity that the gates, as it “crimes” such as helping
best cheeseburger”. Not one to discuss philanthropy, Rajan wastes little time in an engaging raconteur and were, close. victims of stigmatised
coated in gold leaf, he notes work and his views on broaching the big questions. there’s little here that is While Rajan deserves diseases. The women’s
in a new BBC interview, but everything from God to Was Gates a “tyrant” to his revelatory. But his answers credit for refusing to pander campaigns to free family
one from the golden arches. Donald Trump. Running at staff? Did he unfairly on matters of tech and to his guest, he may prove to members by putting
Beyond that, he has few just under 45 minutes, it undercut competition? charity are well considered, be as divisive as his pressure on the state give
needs for his inordinate provides more direct access Can philanthropy compound and there’s a commendable interlocutor. As he sits with them a sense of agency. But
wealth, “virtually all” of to the mind of a billionaire inequality? Is he a equanimity in how he one arm slung behind his the fear of being targeted
which he is set to donate to than The Elon Musk Show — romantic? This shift between negotiates awkward topics — seat, his slightly brash, and silenced haunts their
his charitable foundation. which suffered from the the personal and the such as his association with familiar tone can often be as lives even on the other side
In the latest episode of the absence of its hero/anti-hero Big questions: Bill Gates and Amol Rajan professional, the conceptual Jeffrey Epstein — and baiting distracting as it is disarming. of the world. AAAAA DE
Pop Ludovic Hunter-Tilney

unlikely to be the singer rock plodder about the kind
rhyming “quid pro quo” and of soulmate who doesn’t run
“no more woe” if such a song off with your husband.
ever gets written. The queen “Pretty Liar” is a Meghan
of country-pop appears to be Trainor-ish doo-wop
losing interest in the slapdown of the kind of man
country-music side of the who runs off with your best
equation, or so we must friend. “He loves me with his
Raye Shania Twain assume from Queen of Me’s pants on fire,” Twain cries, a
My 21st Century Blues Queen of Me dud attempt at a contempo- surreally pungent image of
Human Re Sources Republic Nashville pop makeover. romantic catastrophe.
aaaaa aaeee Opening track “Giddy Up!” Her singing is proficient
“A little context if you care to This should be a propitious is a toe-curling hoedown but less powerful than her
listen,” runs the introductory time for a new album from with an appallingly perky 1990s pomp, in a voice
lyric to the first UK number Shania Twain, only her sixth dance beat and absurd pitched lower than before, a
one single of 2023. It is since her 1993 debut. mangling of Gen Z slang side-effect of the illness that
“Escapism” by Raye, a Younger stars are paying (“Drunk in the city, got a she suffered.
bravura piece of storytelling court, such as Taylor Swift, litty in the cup”). “Brand Twain has an indomitable
that the rest of the year’s hits who cites the Canadian as an New” and “Waking Up character, but it’s
will struggle to match. The inspiration, and Harry Dreaming” cast Twain, not undetectable in these flimsy
London singer’s tale of a Styles, who invited her to altogether unsuccessfully, in songs. Whatever opportunity
heartbroken woman going on perform with him at last the mould of her successor was there for the taking has
a manic spree of benders is year’s Coachella festival. Her Swift. “Best Friend” is a pop- been lost.
recounted with commanding personal circumstances are
vocals and music bustling also looking up.
with narrative energy. The “queen of country-
Exuberant and dramatic, the pop”, as she was crowned
song sounds like something Raye varies her But she felt suffocated by the dress is mirrored by the little execs clamping “pink chubby in her multi-platinum
being uncorked, the vocals with label’s reluctance to allow her black dress-wearing heroine hands” over her mouth to heyday, has recovered from
explosive flipside to the seamless to make her own album. of “Flip a Switch”, delivering silence her. Other tracks the debilitating attack of
bottles of champagne that versatility on Pent-up anger reached a brutal begone to a man widen the frame of reference Lyme disease that caused a
contribute to its hedonistic her new album boiling point in a tweeted over a moody nocturnal to relationship woes, such as 15-year gap between albums
protagonist’s downfall. ‘My 21st Century outburst in 2021. “I’m done beat. “Black Mascara” caustic soul-revue belter in 2002 and 2017. Also in the
The context for “Escapism” Blues’ — Callum Walker being a polite pop star,” accelerates into a sleek “Oscar Winning Tears”, and past lies a complicated
Hutchinson
and the album that follows she announced. electronic number during social commentary about marital breakdown when
on its clattering stiletto heels, My 21st Century Blues which a refrain of “What you body shame and ecocide. Robert “Mutt” Lange, ex-
My 21st Century Blues, is follows her exit from done to me?” shape-shifts Raye varies her vocals with husband and former musical
frustration. Raye, whose real Polydor, in an “amicable and into a crushing farewell: seamless versatility, from partner, went off with her
name is Rachel Keen, was mutual decision” according “You’re done to me.” elaborate trilling to nasal former best friend. Twain is
signed to the major label to the label. Released “Ice Cream Man” is a monotones. The music, now married to her ex-
Polydor Records in 2014 independently through knockout power ballad about drawn from classic soul, bestie’s ex-husband.
when she was 17. A series of distribution and artist an episode of sexual assault modern R&B, dance-pop, The scenario sounds tailor-
top 20 singles followed, services company Human Re in a recording studio. “Hard blues and hip-hop, hits the made for a possible country
usually pairing her with Sources, the album is full of Out Here” makes ingeniously timeless sweet spot where song: “Two Wrongs Make Mr
dance music producers. break-ups, none amicable. interpolated use of the Red retro and contemporary Right”, perhaps, or “What
She also wrote for other “Escapism”’s bereft pleasure- Hot Chili Peppers’ “Give It meet. The sense of release Was Mine Is Yours Now (And
artists, including Beyoncé. seeker in her little black Away” to aim barbs at male is exhilarating. Yours Is Mine)”. But Twain is Indomitable: Shania Twain — Mark Von Holden/E! Entertainment/NBC via Getty
Critics’ choice
Films on release Danny Leigh
Saint Omer attended Kabou’s trial, EO sight of this small, Old EO is named for his bray.
Alice Diop overwhelmed by a strange Jerzy Skolimowski Testament animal in our At key moments there are
123 mins (12A) AAAAA sense of connection. Here, 88 mins (15) AAAAA kaleidoscopic century give us memorable line deliveries.
It is a straightforward fact she has an avatar in Rama Recent years in cinema pause for thought? Magic (Journalistic duty obliges me
that Saint Omer is a (Kayije Kagame), a French have brought fine-grained and threat arrive together. to point out that six animals
courtroom drama, an academic born to Senegalese animal portraits in Gunda That fairytale forest becomes share the role.) But while
account of a murder trial in parents: pregnant too, and (a pig) and Cow (self- a dazzling laser field: Bresson made his donkey
the northern French town of also obsessed. explanatory). Now, the bloodshed comes next. saintly, Skolimowski leaves
the title. But gavel-banging Checking into a functional Oscar-nominated EO makes If humanity is a menace, his beast less burdened
clichés are scoured away in Saint-Omer hotel, Rama is a drama from the odyssey of Skolimowski doesn’t by symbolism.
Alice Diop’s subtly at once our proxy, and her the restless donkey of the overstress the editorial. He also dances
groundbreaking film. The own representative alone. title. The film is a remake Brutality is our brand, mischievously with the
case would not support them Overlaps become evident of sorts: a riff on Robert whether in the salami essential fact of animals:
anyway. The accused has between the two women Bresson’s 1968 masterwork factory or senseless their unknowability. In close-
already confessed to the from childhoods Coly calls Au Hasard Balthazar. thuggery. But people are up, we are teased by the idea
charge whose circumstances “ordinary” (that wilfully Director Jerzy complicated. There is also a we might grasp what EO’s
are now to be established meaningless word). What Skolimowski is unafraid to kiss on the nose, a necklace gaze is saying. Perhaps the
before sentencing. The might it mean to see yourself tweak greatness. Where of carrots. Yet the common truth is about the eye of the
defendant is Laurence Coly reflected in a case like this? Bresson found a microcosm thread is ownership. Power. beholder. What kind of ass,
(Guslagie Malanda), a highly The critical question — in a single Pyrenean village, That is already the theme of the movie asks, believes they
educated woman originally how a mother might murder EO journeys across European one knockout movie this can read a donkey’s mind?
from Senegal, resident in her own child — remains the borders. Beginning in year, Tár. EO makes another. In cinemas now
France. Her crime is killing core. Diop asks it with modern Poland, change is
her daughter, a 15-month-old deceptive simplicity. A film- already afoot. Employment
left to be taken by the tide on maker of purpose, she holds in a circus is ended by
a beach near Calais. the camera on Malanda for protests, and so the film is
Reality shapes the film, a long, unbroken monologues. set in motion.
dramatisation of the actual (The actress is remarkable.) Yet “now” and “then” are
trial of Fabienne Kabou, who And we listen, not to an alibi, not easily untangled. Ahead
in 2013 abandoned her child but a context. Race and are lorry parks and slabs of
Ada to die on the same colonial history are part of it. industrial agriculture. There
beach. But Saint Omer is of a Still more so, the relationship are also forests still alive with
different order to the usual of mothers and daughters. wolves, and Jewish graves
vague pre-credits assurance But driving it throughout from the Holocaust. In place
“Based on a true story”. is Diop’s implied insistence of Bresson’s ascetic black and
Until now, Diop has been a that we seek the fullest white, EO brims with colour:
documentary maker. Most picture, however nuanced a string of vivid imagery
of what we hear comes and contradictory. Our sometimes captured in neon
verbatim from court records. questions might just beget or rave-red. There will be
And yet under that more questions, she suggests. stunning pit stops by
seemingly simple act of But all we can do is keep towering dams, spectral pet
reconstruction, the film is asking them, and not take shops, ornate villas.
more complex, more layered, clichés for answers. The movie looks great, but
still. While pregnant, Diop In cinemas now Subtly groundbreaking: Guslagie Malanda is defendant Laurence Coly in ‘Saint Omer’ with good reason. Might the ‘EO’: a meditation on power through the eyes of a donkey
The Whale outside world, his weight is supporting characters. stage play, winks to Moby- reason for being. But ever a creator was critic- Chinese-American, Wen DIY weapon to hand. His
Darren Aronofsky used as multifunctional Acerbic best friend Liz Dick and all. Aronofsky sees his proof, Shyamalan surely is. (Kristen Cui), and her seemingly sincere regret is
117 mins (15) AAEEE dramatic device. With a (Hong Chau) serves as A glimmer of a saving characters the way certain As shoddy and unsightly as adoptive parents, Eric and shared by the three politely
The camera is off at the failing heart, the physical dispenser of back-story. grace arrives with Elle (Sadie children look at spiders. his work has always been, it Andrew (Jonathan Groff and average citizens who join
start of The Whale, the peril of his bulk is framed as Thomas (Ty Simpkins) is a Sink), a glowering teen we Which leg first? has also kept packing Ben Aldridge). Large and him. It is just, they explain,
dislikeable new film from ticking clock. It also sets up door-knocking evangelical might take for a niece. In The film has been sold as cinemas in an era when all mournful enough to be that they have “the most
Darren Aronofsky. The a deeper question. As we who claims not to judge fact, she is Charlie’s long- Fraser’s comeback story. On kinds of smart, elegant Frankenstein’s monster, the important job in the history
scene is an English class, watch Charlie binge eat, self- Charlie’s sexuality, but spies estranged daughter, choosing screen, his actorly zeal holds movies have not. interloper is played by Dave of the world”. As for Wen and
taught on Zoom; but the loathing has clearly become a need for salvation. “I really now to re-enter his life. Her the thing together, although As per usual, his new Bautista. Apologising all family, their part in it is
tutor Charlie claims his a death wish. “I’m sorry,” he think God sent me here for a timing is narratively anyone unable to vote in the one opens with a wriggling round, he would very much nightmarish.
laptop is faulty. Don’t worry. says, repeatedly. But, we are reason,” he says. He can also expedient, but her fury raw Oscars may feel they are the bait of a set-up: a stranger like not to be having to do Spoiler warning:
Aronofsky has no intention primed to ask, for what? thank writer Samuel D enough to give the film a jolt. secondary audience. The arriving at the rustic what he is doing: staging a Shyamalan still couldn’t
of keeping us in the dark. The apologies are given to Hunter, adapting his own Desperate to connect, performance is fine. It’s The vacation cabin of a young home invasion with a weird, direct traffic. Yet this time
Lesson over, Charlie duly Charlie offers to help with Whale that’s the problem: around there is less of the
appears: actor Brendan her English homework. Not a film that gets smaller the sense that he proudly
Fraser in an award-winner of offers, begs. “I can pay you!” longer you think about it. hatched a gimmicky premise
a fat suit. His size is meant to he pleads, and for a moment, In cinemas now then made the rest up as the
make us reel, a grandstand the pathos cuts through. cameras rolled. The story is
vision of morbid obesity. But Aronofsky is all wrong Knock at the Cabin adapted from Paul G
Charlie is now enjoying gay for the material. (As co- M Night Shyamalan Tremblay’s horror novel The
porn, or trying to. His scale producer, he gave himself 100 mins (15) AAAEE Cabin at the End of the World,
makes it tricky. The tone of the job.) You can feel him Before the screening at and the borrowed structure
the scene is iffier even than it aiming to replicate The which I saw Knock at the and rhythm offset a cabbage
sounds. The same is true of Wrestler, his soulful 2008 tale Cabin, a trailer played patch of plot holes. A
the whole film: a supposed of doomed bodies starring celebrating the near quarter compelling idea even
meditation on emotional another veteran lead, Mickey century of hits made by its survives about the space
pain, made to gawk at. Right Rourke. But the new movie director, M Night between our responsibilities
before the tutorial, we get a ends echoing more typical Shyamalan, since his 1999 to family and, well, the rest
brief establishing shot: semi- projects such as Black Swan breakthrough The Sixth of the world. Call it a plot
rural Idaho. The rest takes or Mother! — cold and glib. Sense. “Wow,” I thought. twist: this is Shyamalan’s
place in Charlie’s drab, sad The film needs empathy for “The man really has made least bad film in years.
apartment. In lieu of the Desperate to connect: Brendan Fraser in ‘The Whale’ Charlie to have a genuine some terrible films.” But if Knocking: Abby Quinn, Dave Bautista and Rupert Grint In cinemas now
Classical Richard Fairman Jazz Mike Hobart Theatre Sarah Hemming

St John of the Cross. Lemons Lemons Lemons government breaking its own Pinter, Churchill, Crimp —
Arranged in four books Lemons Lemons laws no longer feels far- who have deliberately
dating from 1959 to 1967, its Harold Pinter Theatre, London fetched. And there are big limited their own currency
28 short pieces form a AAAAE sociopolitical questions to do or undermined dramatic
collection of around 70 We’re all left speechless with power, protest, structure to talk about the
minutes. None is longer than sometimes, but for Oliver democracy, restriction of absurdities and inequities of
four minutes, the shortest a (Aidan Turner) and expression and whose words life. It makes considerable
mere wisp of 45 seconds. Bernadette (Jenna Coleman) carry more weight. demands too of its cast, to
“This music has neither air that condition is perilous. But like so many absurdist which Coleman and Turner
Stephen Hough nor light,” wrote Mompou. They’re the couple at the comedies before it, Steiner’s respond admirably.
Mompou: Música callada “It is a weak heartbeat. One heart of Sam Steiner’s playful play becomes more In Josie Rourke’s
Hyperion doesn’t ask that it move far romcom who are fumbling philosophical than political, production they circle one
aaaae in space, but its mission is to their way through an average asking questions about the another in an empty space,
In a memorable phrase, penetrate in the great depths relationship when a law role of language in our lives the paraphernalia of normal
Stephen Hough has referred of our soul and in the most limiting every citizen to and the nature of intimacy. life suspended behind them
to Federico Mompou as the secret regions of our spirit.” 140 words per day slices Sentenced to life with limited in Robert Jones’s set. Tiny
composer of “music of Having earned his through their lives. Suddenly linguistic means, what would adjustments in body
evaporation”. Wistful, credentials on an earlier disc careless talk costs love. One you do? Where would you language alert us to subtext
dreamy, his miniature piano of Mompou, Hough has elaborate smoothie order, spend your words — at work and shifts in chemistry
pieces ease slowly into one’s returned to the composer one rambling phone or home? As the play jumps between them.
consciousness and, almost with more exquisitely judged conversation and they risk in time, flashing from scenes As drama, Lemons doesn’t
before they have made an playing. With individual Joe Chambers shows off his mastery of percussion in ‘Dance Kobina’ — Randy Cole facing one another in the before the ban to afterwards, quite get round the
impression, they are gone. headings such as “Placide”, evening lost for words. we notice how imprecisely limitations to narrative and
Born in Barcelona, “Très calme” and shimmers impressively. broods rhythmically, Steiner’s 2015 comedy Oliver and Bernadette character development that
Mompou (1893-1987) was “Tranquillo”, these Taken overall, the album is a and the leader’s “Gazelle arrives in the West End communicate when they it places on itself. But it’s
known as a shy, introverted miniatures might be thought compelling showcase for Suite” shape-shifts freighted with new meaning have words to spare. sharply observant and, in the
man. Soft-spoken by nature, to limit a pianist’s scope, but Chambers’ multiple skills through a beguiling mix of in the wake of lockdowns It’s a richly thoughtful hands of Rourke, Coleman
he wrote music that echoed Hough’s precision and The album opens with the riff-based percussion and and partygate. The idea of piece, and with it Steiner and Turner, quietly sad.
his own personality in its crystalline sound quality pay New York rhythm section’s minor-key blues. life changing utterly joins an august list of To March 18 then touring,
quiet reflection on the dividends. It is an irony of fluent piano-trio cover of The rest of the album is overnight and of a playwrights — Beckett, lemonstheplay.co.uk
thoughts and feelings that he Mompou’s music that the Kurt Weill and Ira Gershwin’s played by combinations of
kept hidden from sight. durations of these pieces “This is New”. The theme is the New York ensemble. ‘Lemons
His last major work is should be so tiny, yet their Joe Chambers set up by unison piano and Pianist Richard Germanson Lemons
Música callada, a title visionary quality seems to Dance Kobina bass. Robust solos unfold and double bassist Mark Lemons
borrowed from the Cántico invoke far distances of time Blue Note over walking-bass swing and Lewandowski are at the core, Lemons
espiritual by Carmelite friar and space. aaaae the sparse ping of the and their rich voicings and Lemons’: Jenna
American drummer Joe drummer’s cymbals add warm-toned support mesh Coleman and
Chambers’ fine-tuned urgency and thrust. beautifully with the leader’s Aidan Turner
Johan Persson
mastery of percussion first “Dance Kobina” comes vibraphone. The trio tracks
surfaced on the Blue Note next, built on a modal vamp, “Intermezzo” and a cover of
label’s edgier mid-1960s and played joyously by the “Moon Dancer”, written by
releases. He retains that Montreal band. Here the Austrian guitarist Karl
fractured pulse and Chambers’ clean precision Ratzer, both stand out.
rhythmic drive on this nicely gains tonal depth from the Two pieces have
balanced, mostly original set. chatter of Elli Miller saxophonist Marvin Carter
Two ensembles are featured, Maboungou’s Ngoma making a quintet: wistful
one based in New York, the drums, while vibes and alto on the gentle complexity
other from Montreal, and, alto sax stretch out of “Ruth”, peppery tenor sax
with the benefit of multiple purposefully. Later in the on a surging cover of Joe
tracking, the metallic set, “City of Saints”, written Henderson’s “Power to the
Precise and crystalline: Stephen Hough — Robert Torres angularity of his vibraphone by pianist Andrés Vial, People”.
4 February/5 February 2023 ★ 19
The Premier League is

global because it is local
Janan Ganesh
Citizen of nowhere
T
he club is called Arsenal. buyers skip London, which is too big to begun to monetise much of the foreign
To put the definite article leave a mark on, for clubs in the north audience. The pandemic, which was
before its name was or midlands. And how often they then supposed to end the gold rush, didn’t.
natural a couple of imprint themselves on those But a loss of local identity could. The
generations ago. Now, to communities. Thai-owned Leicester world likes the Premier League in part
me, it can sound affected: a case of and Gulf-owned City stand out as case because it is so alien. The best
“fakelore”. Yet, in the iconography studies. The Premier League sells to the argument against all-star games,
around the stadium, in the commercial outside world a kind of vicarious super leagues and other imported
branding, the club increasingly goes belonging. It sells authenticity. reforms is not moral or aesthetic, but
with “the Arsenal”. There are also more And, in the process, depletes it. Will strategic. There is no value in the
references to “north London” than the world still be so beguiled when the quick earner if it reduces fascination
when I was going as a teenager in the league feels like it could be anywhere? with the league over time. Manchester
1990s. The new prematch song is There is a cycle here: a distinctive United could sell the naming rights to
localist in its sentiments (“these streets culture hooks the outside world, which their stadium, but the storied “Old
Paris, September 1915, and the Guns are fashioned from wood, are our own”). Adidas brings out a line buys into it, which erodes that Trafford” is worth more to the
SNAPSHOT French photographer Léon Gimpel
comes across L’Armée de la rue Grenéta
warplanes from unwanted crates.
In other images, nurses tend to the
of vintage-themed merchandise with
larcenous frequency.
distinctiveness, which in turn bores the commercial brand in the round. “Long-
term greed,” I believe is the Goldman
preparing for battle. Returning acting-wounded, an artillery barrel What explains the ongoing clout of Will the world still be Sachs phrase.
‘War and Peace’ every Sunday armed with sweets,
Gimpel and his young heroes
points accusingly at a blindfolded
“prisoner”. Pépéte, the young
the Premier League? It is Europe’s best,
but not by a margin that is so beguiled when the
The French statesman Mirabeau is
meant to have said that Prussia was
(1915) by staged cheerfully innocent imitations
of the unimaginable horrors of 20th-
foreground aviator, was “the ace to
whom I entrusted all the parts”,
commensurate with its world appeal. It
has provided two of the last 10
league feels like it could not a state with an army, but an army
with a state. England, from outside,
Léon Gimpel century war. Gimpel wrote. The photographs they Champions League winners. Its be anywhere? can seem like a football league with a
Inspired by illustrator Francisque made together are a timely reminder internal competitiveness is also nation. The “EPL” has a claim to be our
Poulbot’s compassionate sketches of of war’s generational impact. overstated. Manchester City have won number-one soft-power asset. It is the
street children, Gimpel and his petits Alastair Bailey it four times out of the last five. And world. It is the dilemma that faces the subject a stranger is likeliest to raise
poilus present a unique subset of still foreign tycoons, even sovereigns, UK’s grandest private schools. Parents with me upon hearing my accent in the
Great War photography unblemished ‘War and Peace’ is at La Chambre, vie to own clubs here. Foreign viewers from Peru to Japan send their children US (where “Premier” rhymes with
by death or destruction. Strasbourg, to March 26 tune in. The result is financial mega- to Harrow and the rest because they “Vermeer”). I’ve seen a bar showing
strength: what the president of Spain’s sense something pukka, something West Ham at 2am somewhere around
top league calls a “doped market”. uniquely English, there. By definition, Sukhumvit Soi 12 in Bangkok. No great
Chelsea alone spent more on transfers though, doesn’t that stop being true shock, until I tell you that it was a
in the winter window than the other once the international share of the repeat from the 1993-94 season.
The worst airport big leagues of Europe combined.

The answer, or part of it, is all that
tradition and identity. The fan culture.
intake crosses a certain point? Or when
offshore campuses spring up in too
many places? To retain the world’s
I cherish all this about the league: the
last empire Britain has on which the
sun never sets. But to remain global, it
in the world The stadiums in the midst of
residential streets. The towns with few
interest, these institutions can’t be too
open to it.
must cling to the local. The song, the
artwork, “the” Arsenal: it can be a tad
other defining institutions. (Unlike, This is the one threat to the Premier studied. But much of the intended
say, in Germany, where wealth and League. It is hard to see another. audience is continents away.
culture are more dispersed through the Experts have predicted eight of its last
regions.) Note how often foreign zero recessions. Clubs have hardly janan.ganesh@ft.com
Jo Ellison
Trending
O
n an epic yet failed odyssey Everyone has their peeves when it So determined, presumably, that
last week, I had a comes to airports. British airports passengers will waive the fact the
revelation. Sprinting frustrate with their insistence that we airline is so grossly craven in its profit-
for 40 minutes on use their prissy little plastic baggies to hunting that they routinely charge a
disembarkation, through stack our toiletries, like some game of fee to choose a seat, in addition to the
arrivals, along travelators, via a giant cosmetological Tetris where we must ticket we might foolishly assume would
car park, to a bus, on a highway to choose between deodorant or be sufficient to allow us to get on the
another terminal and a new set of maintaining some semblance of plane. Yet Ryanair is only partly
departures, on a further connecting follicular control. Anxious flyers take responsible for the culture of screwing
train, through the duty-free shop and issue with airports with short runways passengers. From the bloated lounges
down an interminable corridor to — such as Courchevel — or perilous, and endless queueing to the missing
discover that I had, sadly, and by two such as Vágar in the Faroe Islands luggage (the missing luggage!) and the
minutes, missed my next connection, I (which has the thrill of sitting on a cliff costly extras, almost every single
came to this conclusion. Madrid-Barajas edge and being buffeted by high winds feature of the aeronautical experience
is the Worst Airport in the World. and heavy fog). Personally, I would is now a massive bore.
It wasn’t the fact that the separate gladly exchange the risk of danger So why fly, say those who, mindful of
terminals are about as handily located when considering my options than the melting ice-caps, prefer to reach
as planets in a solar system, so that in have to pass through those US hangars their destinations by unicycle or other
order to get from one to another in a where everything is staffed by a worthy, less carbon-burning means?
timely fashion you need to break the computer and the food looks like the Here again, the experience is pretty
speed of light. Nor the fact that the dreadful: even Eurostar, once a portal
social engineers who designed its Commercial airports give to total chicness, has been reduced to
mighty architecture conceived a a shabby simulacrum of its once
winding pathway to ensure passengers the lie to the idea that fabulously lovely self. The enforcement
are steered through every tiny there remains any glamour of new border controls following Brexit
dispensary and retail opportunity in has turned departures into a cattle
order to direct you even further from in modern travel station in which passengers are
your flight. corralled in huge, amorphous queues.
No, it was the lack of signage that The trains, meanwhile, are packed to
completely mystified me. Not even in undigested remnants one discovers full capacity because they’ve had to
Spanish. There were no clues in sight. in a corpse. scrap a load of services to allow the
Travellers are presumably expected Commercial airports give the lie to officers time to stamp the paperwork.
to intuit that Terminal “4S” is an the idea that there remains any On the flip side, crappy travel
appendage of Terminal 4 accessed via glamour in modern travel. For most expectations do make it all the more
a secret train that can be located only people, it’s just a sweaty, smelly schlep. exciting when finally you reach
through employing Spidey sense. (Actually, private airports aren’t much somewhere in which everything just
Flailing around, yelping at various better — they’re just commercial works. Having just been to Antwerp
people wearing tabards, I felt like airports with big white leather sofas for a work trip, I’m considering
Anneka Rice in Treasure Hunt, the and a better class of nut.) And yet the revisiting for a holiday, based on the
ancient television game show in which more unpleasant the journey is ease of travel and calm in which we all
she traversed the country using cryptic becoming, the more we try to get away. arrived. And any chance to visit
clues and local knowledge to find the This week, Ryanair reported its most Copenhagen is one I’ll gladly seize. The
winning spoils. At one point, just as profitable December quarter on record, airport is preposterously gigantic, but
in the TV show, I was joined by an pulling in some €211mn, and reiterated it’s jammed with obscenely attractive
enthusiastic staff member who jogged a profit forecast of between €1.325bn Scandinavians, serves tasty pastries at
alongside me to demonstrate a faster and €1.425bn in this financial year. metre intervals and has an array of
route. Or at least that’s what he told me The airline has rebounded from the retail outlets in which to dawdle while
as we raced into an empty concrete car pandemic, filling 93 per cent of seats. you wait out your delays. Most
lot in which I couldn’t see another soul. According to its chief executive significant, and magical of all, it boasts
Whatever . . . he wore a lanyard and Michael O’Leary, the cost of living signage you could spot from Mars.
seemed to have an insider’s knowledge crisis has only made people more
of the plot. determined to book that holiday. jo.ellison@ft.com
Capture — watch a new FT film starring Jodie Whittaker

Capture is a new FT drama regulations to protect children Ofcom. In Capture, a couple’s
starring Jodie Whittaker online than there are for the search for their missing son
(Doctor Who), Paul Ready sale of eggs — and more than leads them to a technology
(Motherland) and Shaniqua 50 per cent of children aged company, and a digital
Okwok (It’s a Sin), which looks eight-12 lie about their age gatekeeper who seems to have
at online harm, regulation and when signing up to social all the answers. Visit ft.com/
responsibility. There are fewer media sites, according to capture to watch
Chess solution 2505 1 Rb8+! Qxb8 (if Kf7 2 Qa7+ and Black is soon mated) 2 Qg1/g2+ Kf7 (Kh8 3 Qg7 mate) 3 Qg7+ Ke8
4 Qg8/h8+ and 5 Qxb8 wins easily with queen for rook.
Money
FINANCIAL TIMES | Saturday February 4 / Sunday February 5 2023
How to avoid
a nasty
landing after
redundancy CL AE R BA RR ET T
Limiting the financial ‘Is your partner
impact on your household financially abusive?’
PAGES 6–7
SE RIO US MO NE Y,
BA CK PA GE
Andy Carter
2 | Money FINANCIAL TIMES Saturday 4 February 2023
WEEKEND CATCH-UP
OIL & GAS FUND MANAGEMENT TECHNOLOGY
Shell annual profits Abrdn revives chief Apple revenue hit by

soar to almost $40bn investment role supply chain issues
Shell made a record annual profit for Abrdn has poached a senior executive Apple posted a decline in quarterly
2022 of almost $40bn after a from one of the largest global pension revenues for the first time in three and
tumultuous year in energy markets that investors for the newly created role of a half years after “significant” supply
drove up costs for households chief investment officer as the fund chain disruptions in China delayed
and highlighted many of the challenges group attempts to revive its fortunes deliveries of iPhones.
involved in the world’s transition from and devise a growth plan. The worse than expected
hydrocarbons. The Edinburgh-based group has performance came after shipments of
Europe’s largest oil and gas company hired Peter Branner from Dutch its iPhones were hit by an outbreak of
said that adjusted earnings had more company APG Asset Management, Covid-19 at an assembly hub run by
than doubled to $39.9bn, smashing the which runs €521bn on behalf of millions partner Foxconn in Zhengzhou.
FT montage/Dreamstime
previous record of $28.4bn set in 2008. of pensioners. Tim Cook, chief executive, signalled
The highest profits in Shell’s 115-year The position of chief investment that revenues in the first three months
history continued a record set of results
for the world’s biggest energy
companies, which have all benefited
officer, which disappeared at Abrdn
following the departure of Rod Paris
at the end of 2021, is aimed at
of this year would also miss the prior
year’s, even though iPhone sales were
expected to “accelerate”.
Crypto industry
from high prices for fossil fuels in the
past 12 months amid the upheaval
caused by Russia’s invasion of Ukraine.
defining the group’s strategy and
refocusing the investments business on
areas with the most growth potential.
Apple posted total revenues of
$117.2bn for the latest quarter, a fall of
5.5 per cent compared with the same
welcomes
Tom Wilson Emma Dunkley period of 2021. Patrick McGee
regulation plans
ECONOMY
INVESTMENT Financial Conduct Authority.
BoE raises interest Rules will not come But with only a small number
having done so, crypto busi-
rates to 4% into force for two nesses already registered for
years, warns lawyer anti-money laundering pur-
The Bank of England has increased poses would be temporarily
interest rates by half a percentage RAFE UDDIN permitted to promote their
point to a 15-year high of 4 per cent, Financial advisers and lawyers services.
but suggested they may have peaked. have welcomed the UK gov- Crypto UK, the industry
The BoE, which anticipates a milder ernment’s plans to regulate the body, welcomed this “bespoke
recession this year than previously crypto sector, which come exemption” which would
thought, said further rises would only amid turmoil in digital asset otherwise have seen crypto
be needed if there were new signs
Rising UK interest markets and calls for con- companies facing “a de facto
that inflation was going to stay too rates sumer protection following ban” on promoting products
high for too long. Per cent industry scandals. in the UK.
Samuel Tombs, chief UK economist 4 The Treasury this week Measures are to be phased
at Pantheon Macroeconomics, said announced plans for new rules in, with legislation covering
the BoE’s expectations of declining 3 governing the issuance, lend- stablecoin, tokens pegged in
inflation signal that it “doesn’t intend ing and trading of crypto value against a fiat currency,
2
to hike rates any further”. tokens. If implemented, proposed for later this year.
Britain is the only leading economy 1 crypto exchanges would have Regulation covering broader
likely to slide into recession this year, to ring fence retail funds in the activities such as trading are
the IMF said on Tuesday, predicting 0 face of insolvency, while planned for soon afterwards.
household would struggle with high 2015 20 23 undertaking due diligence and The FCA has also been asked
energy prices, rising mortgage costs Source: Refinitiv monitoring of assets listed on to consider what protections
and increased taxes. Chris Giles their platform. should be made available in
The measures build on an the future under the Financial
Charlie Bibby/FT
earlier government initiative Services Compensation
RETAIL FT SURVEY RETAIL to regulate advertisements for Scheme.
crypto and bring the market The latest plans follow a tur-
Pets at Home lifts How does your Tesco swoops for into line with the wider regime bulent period for the sector in
for financial assets, including a which a number of lenders and
profit guidance bonus measure up? Paperchase brand requirement for “clear, fair exchanges such as Celsius Net-
and not misleading” promo- work, FTX and Voyager Digital
Pets at Home has signalled that the After record payouts last year, many Tesco has bought the Paperchase tions. fell into difficulties, with the
pandemic-era boom for household pets investment bankers will be glad just to brand and intellectual property from “Proposals are ambitious fallout from these events dent-
will continue as it raised its annual hang on to their jobs this bonus season. administration, but not the stores, and a step in the right direc- ing confidence in cryptocur-
profit guidance for the year. Following the success of our annual putting about 1,000 jobs at risk. tion, but we’re talking a couple rencies.
The petcare and veterinary service bonus survey last year, FT Money is The struggling stationery chain of years before this is imple- Abbott, who represents a
provider benefited during the Covid-19 asking readers working in finance to collapsed on Tuesday after it failed to mented,” said Louise Abbott, a number of clients who lost
crisis from a surge in pet ownership, a complete an anonymous, three-minute find a buyer for the business. Staff at its crypto fraud lawyer at Key- money following the collapse
trend that started in lockdown and has online survey about their 2023 bonus London head office have been made stone Law. She noted meas- of FTX, US entrepreneur Sam
continued as people work more flexibly. round expectations. redundant. ures would “tighten the regime Bankman-Fried’s popular
Pets at Home said it expected As well as the likely size of your The supermarket group’s acquisition around who is able to run these crypto exchange, said the
underlying full year pre-tax profit to be bonus, we want to know how you intend casts doubt over Paperchase’s presence organisations”. anonymity associated with
close to £136mn, up from previous to invest, save or spend the money. on UK high streets although its 106 Planned regulations would crypto assets was attractive to
guidance of £131mn. Arjun Neil Alim and To access the survey, visit FT.com/ stores will continue trading for now. make it more difficult to oper- users but efforts to track trans-
Akila Quinio bonus Arjun Neil Alim and Abby Wallace ate a crypto business, with actions would deliver a bal-
retail investors benefiting ance of protection.
from greater transparency FTX’s collapse amid allega-
@FTMoney Email alerts Sign up for free email alerts at
ft.com/newsletters and scroll
over transactions and impro-
ved safeguarding measures.
tions that it misused customer
funds to prop up its venture
down to Personal Finance Crypto companies would capital arm has accelerated
have to be registered with the calls for regulation.
FINAN
FINANCIA
CIALL TIM
TIMES
ES Sat
Saturd
urday
ay 4 Feb
Februa
ruary
ry 2023
2023 Money | 3
NEWS Y Plug in your portfolio How to make the most

of the elect
ctrric vehicles revolution PAGE 9
Mortgage overpayments surge as interest bills rise

PROPERTY started when fixed rates began r e f i n a n c i n g i n N o v e m b e r, fixes among the top 10 lenders i n a ro w b e t w e e n D e c e m b e r Fu n d i n g c o n d i t i o n s h ave
Homeowners aim to creeping up in 2022 but took according to L&C Mortgages, a by volume are 1.23 and 1.35 and January, according to improved and as lenders com-
off when they went up to 4, 5 or broker. percentage points lower than Nationwide, declining by 0.6 pete harder for mortgage busi-
get cheaper rates 6 per cent after the ‘mini’ The Bank of England this in November, according to its per cent. n e s s a p r i c e w a r h a s b ro ke n
by raising equity Budget.” week raised its main interest remortgage tracker. David Hollingworth, associ- out, sending fixed rate costs
Big lump sum payments can rate to 4 per cent, a 15-y -yeear Standard variable rate s at ate director at L&C Mortgages, plummeting.
JAMES PICKFORD increase a borrower’s propor- high. However lenders’ appe- these lenders, meanwhile, are said: “Many [borrowers] may “ T h a t s a i d , r a t e s re m a i n
Mortgage borrowers moved to tion of equity in the home, tite for business had sparked a now dearer than the cheapest have lost track of how much higher than the lows of recent
pay down their housing debt which can also open the door renewed “price war” for new fixed rates — a reversal of the f i xe d r a t e s h av e i m p r o v e d ye a r s a n d t h o s e c o m i n g
after interest rates on home to a range of cheaper fixed-rate customers, L&C said. Average position in November. House since the pandemonium fol- towards the end of a fixed deal
loans soared, with lump-sum mortgage deals. rates for two - and five -year prices fell for the fifth month lowing the ‘mini’ Budget . will need to plan ahead.”
repayments and redemptions Loan-to-value bands typi-
jumping to £2.4bn in October call
ca llyy st
star
artt at bet
etwween 60 an andd
last year from £1.7bn in the 75 per cent LTV, with a differ-
same month in 2021. ent rate applying for every 5
The figures from industry percentage point increment
b o dy U K F i n a n c e i l l u s t r a t e above that.
the fallout from the govern- Sykes said there were
ment’s ““m mini” B Buudget of Sep- greater savings to be had in
tember 2022, which sparked paying down to a lower LTV for
turmoil on bond markets and t h o s e w h o w e re s t a r t i n g o n
cause d intere st rate s on higher LTVs. “If you’re cur-
fixed-rate mortgage deals to rently at 70 and you’re paying
skyrocket. d ow n t o 6 0 p e r c e n t t h e re
Researchers at estate agent probably wo wonn’t be much of a
Hamptons International esti- difference. Paying down from
mated the interest savings that
these borrowers would have ‘Fundi
‘Fun ding
ng co
cond
ndit
itioions
ns
made from paying their debt have
ha ve im
imprprov
oved
ed an andd as
early. They calculated that lend
lendererss co
comp
mpetetee hahardrder
er
overpayments made in Oc Octto- forr bu
fo busi
sine
nessss a pr
pric icee wa
warr
ber alone would save £1.3bn in
interes estt over tthhe ffoollowing 1122
hass br
ha brok
okenen ou
out’t’
m o n t h s, c o m p a re d w i t h
£187mn saved the previous 90 to 85 per cent will give quite
year. a dramatic difference in rates,”
Savings on overpayments he said.
were less marked in the latest Redemptions — when a bor-
November figures, with £1.1bn rower pays off their mortgage
s av e d o v e r 1 2 m o n t h s c o m - in full — were typically made
pared with £247mn in Novem- by older households with
ber 2021. But Hamptons said smaller mortgages and higher
t h ey ex p e c t e d D e c e m b e r t o levels of savings as their fixed-
show a continuing trend. rate deals expired, Hamptons
Aneisha Beveridge, research s a i d . L u m p - s u m ove r p a y -
d i re c t o r a t H a m p t o n s , s a i d ments are often made by
borrowers would make sav- yo u n g e r h o u s e h o l d s w i t h
i n g s b o t h by re d u c i n g t h e larger, higher loan-to-value
amount of debt they held and mortgages — those which will
le ssening the pain of higher be hit hardest when refinanc-
interest rates: “The returns ing follow owiing last year’s rate
from paying off mortgage debt rises.
aree si
ar sign
gnifific
ican
antl
tlyy hi
high
gher
er ththan
an Mortgage rates have eased
t h e y h av e b e e n a t a n y t i m e back significantly since peak-
over the past decade.” ing in October 2022, as stabil-
Chris Sykes, mortgage con- ity has returned to the bond
s u l t a n t a t b ro ke r P r iv a t e markets. Borrowers will pay
Finance, said there had been a £1,300 less annually for a two-
marked rise in the numbe berr of year fix on a £150,000 loan at
clients overpaying their mort- 60 per cent loan-to-value than
g a g e s i n r e c e n t m o n t h s. “ I t t h ey wo u l d h ave d o n e i f
Mortgage overpayments in October will save £1.3bn in

future interest — Adrian Sherratt / Alamy
OPINION
Why it’s
A
n investment of ¥1,000 book equity and is valued at $410bn, Bank of Japan since 2013, has focused ¥500,000 from April.
in Japan’s Nikkei index a 40 per cent premium to book. policy on improving growth Kuroda retires the same month.
would have grown to This difference is accounted for prospects and eliminating the The BoJ can finally, perhaps, move
finally time ¥1,270 over the past 30
years. Meanwhile,
$1,000 invested in the US’s S&P 500
by the two companies making very
different returns: MUFJ makes 6 per
cent on its book equity and JPMorgan
country’s persistent deflation. Japan’s
economy has grown on average just
0.4 per cent a year over the last four
away from ultra-low interest rates.
Kuroda’s controversial decision last
month to change its yield curve
to take a would now be worth $8,600.
Visit both countries and you might
14 per cent. However, this might
change. The US could face recession
decades. Economists have blamed
the shrinking population and
control programme can be seen, in
simple terms, as a signal that
F
look at be puzzled that the share price
performance of companies could be
so mediocre in one and so successful
this year, while Japan and China are
now reopening after Covid. And then
there is the issue of exchange rates.
deflation.
alling prices might sound

Japanese interest rates could rise.
This has led the yen to start to
recover against the dollar — as I write,
Japan in the other. I am not advocating the
state of a country’s public transport
In many ways, the currency
situation today reminds me of the
appealing, but they choke
economies. Kuroda’s very
it is ¥128. Hedge fund managers are
salivating, shorting Japanese
system as a reliable investment guide. mid-1980s. The US had raised low interest rates (they are government bonds, which we would
But the efficiency and cleanliness of interest rates sharply to counter currently minus 0.1 per expect to fall in value if interest rates
Narita airport and the trains into inflation, which had the unwelcome cent) were designed to bring back rise. This short is known as a
Tokyo contrast dramatically with the side effect of making the dollar rise modest inflation to promote “widowmaker’s trade” because of
shambles of New York’s Newark strongly and fuelling record Japanese consumer spending and business the number of careers it has
airport and the city’s oft-vandalised exports to the US. investment. destroyed. It is not that the idea is
subway. Central bankers eventually met Whether it is these policies, the bad, just that it can take a long time
The difference at least prompts me at New York’s Plaza Hotel and agreed higher oil price or the falling yen that to unwind.
to question the current balance of to try to lower the dollar’s have done it, Japanese inflation last Rising interest rates at home could
market valuations. In the mid-1980s, international value. This led to a December was 4 per cent after 30 also be enough to make Japanese
when I began my career, Japan made snowballing boom in the yen and years of stagnant prices. More financial institutions — anxious to
up more than 40 per cent of the Japanese assets, ending with a importantly, wage inflation is avoid currency losses — bring back
global index; today it is just 6 per cent. mighty bubble that popped in 1991. catching up, averaging 2 per cent in their huge foreign bond holdings, and
US equities made up 33 per cent; Could we be in for a repeat? the year to September. boost the yen and weaken the dollar.
today it is 62 per cent. I was too Current conditions certainly have This leaves the Japanese equity Confused? I would not be surprised.
inexperienced to suggest the index much in common with the Plaza market full of companies loaded This has baffled better brains than
Simon Edelsten was unbalanced then. I am old Accord moment. US rate rises last with cash, many selling world- ours. It is sufficient to know that
enough to know that it might be year meant the dollar went from leading products (such as robotics) interest rate moves are triggering
On investing today.
Over the years I have found that
buying ¥115 at the start of 2022 to
nearly ¥150 by October — great for
and with incentives to invest for the
future. Meanwhile, the government
huge shifts in the currency markets.
The dollar looks overly strong. If it is
taking note of valuations can help Japanese exporters and a factor in is addressing the population going to weaken, it makes holding
steer you around trouble. Equities are Japan finally beginning to “enjoy” problem — increasing the payment dollar assets less appealing. But a
generally valued according to their some inflation. to couples when a child is born from strengthening yen makes Japanese
earnings (or cash flow) and growth Haruhiko Kuroda, governor of the about ¥420,000 (£2,600) to stocks more attractive.
‘
potential. This can change swiftly In Japan you can buy great
during recessions, times of inflation companies at tremendous prices and
and when interest rates rise. enjoy the dividends while you wait. I
An alternative method think Japanese banks look
concentrates on book value — how particularly interesting — it would
much a company’s net assets are take only slightly higher interest
worth divided by the number of rates for profit margins to improve
shares. Unhelpfully, accountants sharply.
define this differently from country Suffice to say I have 12 per cent of
The Japanese to country. All the same, book value my funds today in Japan — twice the
per share offers investors a simple weight of the index. Meanwhile, I am
equity market is measure of how much company they relishing my next trip there, knowing
full of companies get for their money. the trains will be clean, fast and
For Japanese shares it is a lot. perfectly on time — and that a lot of
loaded with Mitsubishi UFJ bank has ¥18tn of companies are similarly well run.
cash, many book equity and the shares are valued
at ¥12tn, so you can buy its shares at a Simon Edelsten is co-manager of the Mid
selling world- 33 per cent discount to book value. Wynd International Investment Trust
leading products JPMorgan in the US has $290bn of
AFP/Getty
and the Artemis Global Select Fund
READERS WRITE
Is this the start of a great buy- jobs concentrated in certain we’ve built a small fraction of Corporation tax patently Rich People’s Problems: Alpe d’Huez is probably
to-let sell-off? areas, greenbelt and Nimbys. that figure. Buy-to-let is a shouldn’t be 0 per cent, but Should I sell my alpine ski somewhere in the middle but
House price to income ratios — 5820, via FT.com convenient fall guy for the Stuart Kirk has tapped into a apartment? it’ll be good for a while. — RM,
have soared over the past government, which won’t build core problem with how we Winter just arrived a little via FT.com
couple of decades and rents The uncomfortable fact is more houses and won’t punish productive allocation of later than normal this year.
have soared versus incomes. that the UK population is manage population increase. capital with our blend of The same happened in Japan, How to research your next
What was achievable before growing much faster than — gresham’sright, via FT.com corporation tax and capital while North America received investment
is simply not achievable now housebuilding. gains tax. — Mister mister, via a large early season dump. Let’s have more of this type
for those not already on the You don’t need to be a Corporate tax should be zero FT.com The weather doesn’t always of article and less encouraging
housing ladder, not least mathematician to see that but investors needn’t worry willingly co-ordinate with the ultra-rich to destroy the
because rental costs are so both the medium and long about it What evidence is there that Gregorian calendar. Ski hard. planet. — Armchair by the
high that it impedes saving for term do not look good for Abolishing corporate income the zero taxed profit would get — OMG2, via FT.com lake, via FT.com
Y
the — ever higher — deposit. home availability or lower tax would accelerate wealth distributed in wage rises? Of
— Northwold, via FT.com rentals. There are now almost redistribution to tax the huge profits generated by Prices in low resorts will fall You can comment on
10mn more people living here advantaged investors, the technology revolution, the as they become unreliable and FT Money articles
People blame the player than in 1995 (and this does not particularly endowments, plus flow has been mainly upwards consistently unsociable. via email at
(landlord using rental to include the trend towards sophisticated users of the tax not down. Prices in high resorts could money@ft.com or on Twitter
supplement their pension). “single-person household code, who will be naturally This is just reworked trickle rise strongly as a diminishing at @ftmoney. Comments may
They should blame the game formation”). skewed to the very rich. — No down economics. — Matthew number of them can offer be edited for length and
instead. Not building enough, Oh, and over that period F1 key, via FT.com Johnson, via FT.com reliable skiing. clarity.
FINANCIAL TIMES Saturday 4 February 2023 Money | 5
ANALYSIS
Is it ever worth parking money in a tax haven?

TAX year. Wide-ranging anti-avoid- and convenience and serve as — even if not resident in the UK residence, you can pay set approaching the 15-year mark
Zahawi affair involves ance rules are designed to useful succession vehicles. UK — would, on setting up a annual charges and claim can set up a “non-resident
ensure the tax treatment of Emma Chamberlain, a barris- trust, have to pay a 20 per cent “remittance basis” — paying trust” to hold non-UK assets,
an offshore trust: are gains and income is the same ter at Pump Court Tax Cham- inheritance tax charge on tax on overseas gains or divi- which can remain free of IHT
they legitimate? as if you held the assets in the bers, says: “Trusts enable assets put into the trust in dends only when you bring the indefinitely, known as an
UK or sometimes worse. assets in different jurisdictions excess of the nil rate band, cur- proceeds to the UK. “excluded property settle-
MARY MCDOUGALL Non-residents would not to be held without the need for rently £325,000, unless these After 15 years, you are usu- ment”.
Nadhim Zahawi’s sacking normally be liable for UK complicated and long probate assets qualify for IHT relief. ally deemed UK domiciled, Gains and income can
takes some heat out of the con- income or capital gains taxes. procedures on a death.” The perks of non-domiciles, pay UK tax on worldwide continue to be rolled up
troversy surrounding his tax So if non-UK resident family called non-doms, have been income and gains, and fall into tax free, provided the UK resi-
affairs. But the case leaves members invest through an What about inheritance tax? cut in the past decade. But the scope of UK IHT. dent takes no benefit from the
some intriguing questions for offshore company owned by a Those who are UK domiciled still, for your first 15 years of UK-resident non-doms trust.
other UK taxpayers, one of trust, UK income and capital
which surrounds tax havens. gains tax rules don’t apply to
Zahawi’s father acquired them — even when the under-
founder shares in YouGov, the lying business is UK-based.
polling company co-founded For example, they could
by his son. These appear to own shares through a vehicle
have been held via an offshore based in a low or no tax loca-
trust in Balshore Investments, tion — such as Gibraltar,
a company registered in Cyprus, Jersey, Guernsey, the
Gibraltar where there is no Isle of Man and Cayman
capital gains or dividend tax. Islands. The offshore structure
Zahawi said his father’s would not have to pay UK tax
shares, amounting to 42.5 per on distributions or gains from
cent of the equity, were “in the UK-resident’s company.
exchange for some capital and
his invaluable guidance”. What might go wrong?
But the sum of about £5mn There are traps for the
that Zahawi reportedly paid unwary. A UK resident who
HMRC — including a 30 per benefits from an offshore
cent penalty — relates to structure which they didn’t set
insufficient tax paid on profits up would pay tax on distribu-
from the sale of YouGov tions received. But they could
allow gains and income to roll
up largely tax free inside the
trust, and so defer tax due.
However, it is different if
you, as a UK resident and dom-
iciled person, were involved in
putting assets into the trust in
the first place. Then, you can’t
defer tax but must pay as and
when gains and income are
generated.
Also, if a UK resident gives
away assets to a non-resident
A UK resident who family member which are
benefits from an placed in an offshore structure
offshore structure would from which the UK resident
pay tax on distributions can benefit they may be judged
to be avoiding tax. If the trans-
shares. HMRC had “disagreed fer isn’t on a commercial basis
about the exact allocation” of HMRC may argue that it is the
his father’s stock, he said. UK resident who has effec-
The saga raises questions tively set up the trust or com-
over the use and abuse of off- pany, and demand tax.
shore structures. Also, if UK-resident trust
beneficiaries and family mem-
How can I lower my tax bill via bers who are not UK resident
an offshore structure? are paid proceeds from the
If you’re UK domiciled and trust which they give to you,
resident for tax purposes, set- you would have to pay UK tax
ting up an offshore structure to on the so-called “onward gift”
hold assets is “almost always” if they gave you the money
pointless, says Tim Stovold, within three years of being
head of tax at accounting firm paid by the trust.
Moore Kingston Smith. This isn’t the end of the com-
Domicile is the country plications: if you need more
which is your permanent detail, ask a lawyer.
home, and forms the basis of
inheritance tax liability. If you Why use offshore trusts at all?
are resident you will normally An offshore trust isn’t neces-
pay UK tax on all your world- sary to secure tax advantages
wide income and gains. for non-residents of the UK,
An offshore structure’s nor does it help UK-domiciled
administration fees would be individuals avoid tax.
at least £15,000 to £20,000 a But trusts can offer privacy
COVER STORY
LOSING YOUR JOB

From severance payments and debt management
to maximising pension benefits, Moira O’Neill
looks at ways to limit the impact on your household
J Surviving the
ob cut announcements in big
tech and banking have been
relentless since the start of
the year. Many thousands of
UK workers and their fami-
lies will be affected by global lay-offs
at Google, Microsoft, Spotify, Ama-
financial
zon, Goldman Sachs, Morgan Stanley
and elsewhere.
The UK redundancy rate is still rel-
atively low, having increased to 3.4
per thousand employees in the three
months to November 2022, accord-
ing to the Office for National Statis-
shocks of
tics. However, some economists see
stormier months ahead, with predic-
tions of an economic recession and
many more lay-offs.
And with even well-financed com-
panies reviewing their strategies, job
worries are not limited to those
redundancy
employed in struggling businesses.
Wherever you are working, it’s best to
have a financial plan.
“It’s better to be mentally prepared
so you’re not blindsided by it, so it
feels like a betrayal,” says Lizzy, 42,
who has been through redundancy
three times in her career in sales and
events. “Taking it personally is where
the danger comes from. We need to
break the taboos around talking
about redundancy, because it’s com-
mon and happens to a lot of people.”
FT Money looks at everything from
severance payments and debt man- two years and a salary of £50,000. down because you’re not working. past five years. He is married with a mortgage payment holiday — with
agement to maximising pension ben- They could currently expect a statu- You might not have to pay your train two children and has a mortgage, so some requiring that you have previ-
efits — and offers insights on how to tory payment of £1,142. The maxi- fare or buy lunch.” cutting back on expenditure was key ously made overpayments.
limit the impact on your household mum weekly amount used to calcu- But you may also have to decide if to surviving until the next job, though While you’re not making mortgage
finances. late statutory redundancy pay is £571 some spending, for example gym he was never between jobs for long. payments, you’re still racking up
— even if your weekly wage is higher, membership, is essential. If you’re He says: “Redundancy was always interest. So any outstanding mort-
Stick up for your rights with the maximum statutory redun- not yet on the property ladder, you after one year to 18 months and I only gage balance and mortgage payments
dancy pay just £17,130. might be able to move to a cheaper once got a pay-off — of one month’s will end up higher. And note that pay-
Redundancy hits hardest on people Many employees will leave with location to cut rental costs. You may salary. ment holidays will show up on your
in low-paid jobs, with the greatest dif- nothing. Since the average time to even end up preferring your new “The tech and fintech start-up credit file and affect your credit score.
ficulties in finding new work and little find a new job is three to six months, home. world does come with a degree of risk. Alternatively, if you have space, the
or no money to fall back on. Around a budgeting will be crucial. Check your Dimana Markova, 27, moved cities It has been easier every time. You get Rent a Room Scheme could help tide
third of adults have £1,000 or less in weekly and monthly spending. to save money when she was made used to conversations with recruiters you over. This allows you to earn up to
savings, according to Financial Con- Jonathan Watts-Lay, director of redundant from her digital market- and the process. Nothing’s forever £7,500 a year tax-free from letting out
duct Authority data. Wealth at Work, a financial wellbeing ing job at the end of 2020 aged 24. and I’ve become quite thick skinned. furnished accommodation in your
But even those fortunate enough to company, says: “Some costs might go Meanwhile, she negotiated with her I’m always networking and keeping home.
have well-paid work and some rainy employer to stay on as a freelancer, so in touch with contacts.” For some wealthier families, keep-
day cash need to think carefully when she had a little income coming in. As Liam has had a pay rise in his ing up with private school fees might
redundancy strikes. In one poll, She says: “They became a client current job, he’s saving up to get at be a worry. You might have insurance
nearly two-thirds of Britons said they rather than an employer. It was some least a month or two of income in for job loss. But it’s important to
could not survive three months out of income, but I still needed to think reserve. “Having back-up money will speak to the school’s bursar. The
work without borrowing money. about expenses and being money not be a bad thing,” he says. school may offer a temporary delay
First, know the law. You may be savvy. As well as cutting outgoings, look at or cut to fees, but be prepared to pay
entitled to a statutory redundancy “I did have savings but I didn’t want debts. If you have classic credit card interest later. Some schools may be
payment, but only if you have accu- to touch my rainy day fund. I also had debt with a high interest charge, con- able to offer financial help in excep-
mulated two years’ service. Daniel a small investment portfolio in a Van- sider consolidating it into a cheaper tional circumstances.
Parker, associate at law firm Winck- guard Isa and was very eager not to form, or using redundancy payments Of course, you may be fortunate
worth Sherwood, says: “Redundancy stop putting money in. So I decided to to pay it down. enough not to face a cash squeeze, at
can be especially tough on individuals live with my old phone a bit longer to Watts-Lay says: “Mortgage debt is least not for many months because
who do not have two years’ service, keep my investments going.” quite a chunky cost for most people — you are one of the many employees
who can be dismissed without a par- you can talk to your mortgage pro- lucky or sensible enough to have an
ticular process or a statutory redun- Reserve in the tank vider to ask for a holiday.” employment contract offering more
dancy payment [which] is not espe- Depending on your circumstances than the statutory redundancy terms
cially generous.” Liam, who is 35 and works in tech- and previous payment history, you — perhaps far more.
He gives the example of a 35-year- Dimana Markova moved cities to based business lending, has been might be able to take a break of up to Parker says: “Many larger employ-
old with their employer for just over save when redundancy struck made redundant four times in the six months. But not all providers offer ers offer discretionary enhanced
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2023 Money | 7
COVER STORY
Andy Carter
Tax relief How to make the most of

your pay-off and boost your pension
If you can afford it,t put some of your excess money. y It was an obvious
redundancy pay into your pension to choice to put it into my pension.”
boost your retirement savings. Ta Tx Evelyn Partners, a wealth advice
relief on pension contributions can firm, gives the example of someone
reduce income tax. But plan carefully.y earning £100,000 a year being offered
Jonathan Watts-Lay of Wealth at a redundancy package of £100,000.
Work, a financial wellbeing company, y The first £30,000 is tax free, but
says: “There are limits on the tax relief £70,000 will be taxable at the
you can receive from pension additional rate tax bracket and you
contributions each year,r so check would lose your personal allowance.
these carefully first.” Making a pension contribution of
Making a pension contribution £70,000 will restore your personal
could be an option for younger people allowance. And 25 per cent of the
who believe they will secure another pension contribution (£17, 7 500) can
job soon and can put away the surplus now be drawn tax free above the
cash. But if you are over 55 and don’t existing tax-free £30,000.
intend to return to work, you can use Zoe Bailey,
y director of financial
your pension to boost your income — planning at Evelyn Partners, says:
placing the taxable element into your “Compulsory redundancy can be
pension fund and converting 25 per quick, sometimes just two weeks, so
cent of the taxable redundancy pay you might not have the chance to
into tax-free income. focus on pensions.”
This option is available if you have In the example above, the pension
not hit the lifetime allowance for contribution exceeds the standard
pensions of £1.073mn, beyond which pensions annual allowance of £40,000.
there may be punitive tax charges. But the carry-forward rules normally
Rab Aitken, 65, pictured, did so allow use of any unused allowance
when he was made redundant a from the three previous tax years.
second time — from his T receive tax relief,f you must
To
managerial job at oil and have earned at least the
gas company EnQuest at amount you wish to
the start of the contribute in the tax year
pandemic. He opened a you are contributing for.r
separate self-invested But Bailey says that in
personal pension (Sipp) the right circumstances
for the balance over you could put £160,000
£30,000. into a pension gross.
He says: “Nobody expects An employee and employer
sympathy for a big pay-off but it’s also can also agree that all or part of a
annoying that the government takes redundancy payment,t above the
40 per cent of it. I don’t need to touch £30,000 tax-free element,t should be
packag
pack agees. Of
Ofte
ten,
n, em
empl
plooyees ne
neeed to one in four people pay tax on redun- bonus. People mentally start spend- my Sipp because my workplace paid direct into a pension as an
sign settlement agreements in order dancy. ing it rather than saving it.” pension is so good. So my Sipp is employer contribution. The employer
to get an enhanced package.” L aura Suter, head of p ersonal But you might think you should be about avoiding inheritance tax.” could then claim corporation tax relief.f
finance at AJ B ell, says: “Those prudent. Remember, you can reduce Using the pension becomes more For example, someone earning
Tax take who’ve lost their job will be faced with any income tax bill by making a pen- valuable if a redundancy package £70,000 could agree with their
a far higher tax bill than they might sion payment (see below). This can pushes you into a higher income tax employer to take tax-free redundancy
The first £30,000 of redundancy pay- expect. For a higher-rate taxpayer it be a good decision for many, but it’s bracket or puts you over the threshold pay of £30,000 with a £40,000
m e n t s i s p a i d f re e o f t a x . B u t t h e means they will pay up to £17,200 not the only sensible option. It’s bet- where the annual £12,500 personal employer contribution made direct
£30,000 tax-free limit has been fro- more in income tax on any redun- ter to stay calm, and don’t make any tax-free allowance tapers down. into the personal pension. The
zen since 1988. If inflation had been dancy payout [than] if the allowance h a s t y d e c i s i o n s a n d p e r h a p s t a ke Tim Laverick, now 64, was made employer saves on national insurance
allowed for, it would stand today at had risen with inflation.” independent advice. redundant in 2014 from his executive contributions payable on redundancy
£73,000. Effectively, many employ- If you have a big payout and are While you consider your longer role at Unilever.r He also put excess payments over £30,000.
erss ar
er aree hi
hitt wi
withth a st
stea
ealt
lth
h ta
taxx as ththeey walking into a new job, you may be term moves, you might think of top- money over the £30,000 tax-free limit With both employer and employee
head out of their employer’s door. tempted to buy a big-ticket item such ping up rainy day funds. There are into a pension scheme. He says: “It’s standing to benefit,t it’s worth a
Based on HMRC data and a free- as a dr
drea
eamm ca
carr. Zo
Zoee Ba
Bail
ileey, di
dirrecto
torr plenty of one-year fixed rate bonds not rocket science. At the time I would discussion, so raise the option as early
dom of information request, research of financial planning at Evelyn Part- now offering 4 per cent annual inter- have paid tax at 45 per cent on the as you can.
from AJ Bell concluded that around ners , says: “It’s the same as any est.
Also think about ov oveerpaying on
The UK redundancy rate is relatively low at present your mortgage. This is especially More over-55s are deciding not to work
attractive if you’re one of the many
Redundancies per 1,000 employees in the previous quarter UK employment rate, 55-64 year-olds (%)
homeowners who will see their fixed-
rate deal end this year, meaning a big 70
14
jump in monthly repayments. Most
12 lenders allow you to overpay your
mortgage by 10 per cent of the 65
10
remaining balance each year penalty
8 free.
And if you do receive a chunky pay- 60
6 out, beware of scams. Unfortunately,
4 fraudsters target people with redun- 55
danc y payments with tempting
2 offers.
0 If it’s too good to be true, it probably 50
1995 2000 05 10 15 20 22 is. Watts-Lay warns: “Your vulnera- 2000 05 10 15 20 22
bility is an issue. Being off guard
Source: ONS Source: OECD
means you’re sucked in more easily.”
INSIGHT
Lex populi UK asset

managers
suffer record
Financial commentary and investment insight
Twitter: @FTLex outflows
in 2022
Share buybacks: the good news and bad CHRIS FLOOD
The UK asset management industry
E
suffered its worst year on record in
2022 with net fund outflows surging
uropean companies are to £50.1bn as soaring inflation and
buying their own shares in EPS accretion game Why company executives love buybacks the cost of living crisis forced retail
spades. They earmarked investors to raid investment pots.
UK buyback announcements European integrated share count
$350bn for the purpose in Retail investors took £25.7bn out of
As a percentage of market cap (past 12 months) Number (bn)
2022, equivalent to 2.4 per funds last year, the first time that an
cent of their market value, according annual outflow for this group has
to analysis by Bernstein, a wealth 3.0 40 been recorded by the Investment
Estimate
manager. Stock repurchases reached Association, the trade body which has
£55.5bn in the UK market last year, 2.5 data stretching back to 2002.
according to AJ Bell. Shell and BP 30 “The scale of the outflows is eye-
alone accounted for £22bn. Lloyds, 2.0 watering,” said Emma Wall, head of
NatWest and Barclays contributed investment analysis and research at
£5.5bn to the buyback pot. 1.5 20 the fund supermarket Hargreaves
Investors usually see bumper Lansdown.
buybacks as supporting stock prices. 1.0 Just under £12bn of the withdraw-
But they may not be the bullish signal 10 als by retail investors came from UK
they appear. 0.5 equities funds, reflecting the gloomy
The positive case for buybacks is outlook for the British economy
that they return cash to shareholders 0 which is set to endure a lengthy reces-
0
on top of ordinary dividends while at 2011 12 13 14 15 16 17 18 19 20 21 22 2019 20 21 22 23 24 25 26 27 28 29 30 sion, according to the Bank of Eng-
the same time delivering growth. land’s forecasts.
Sources: Bloomberg; Datastream; Bernstein research Source: Bernstein analysis and estimates
The growth in question is only in Net retail sales of UK equity funds
earnings per share. By retiring stock, have been negative each year since
the company ensures the pie of future the Brexit referendum in 2016, with
income is divided among a smaller cumulative outflows reaching
number of diners. The pie will usually confidence — buybacks can indicate listed consumer goods company. Unilever trades at a significant £33.6bn since then.
be a little smaller too. Company debt unsustainable profits and a dearth of Schumacher, who takes the helm in discount to its peers. Its 17 times 2023 Laith Khalaf, head of investment
and interest costs typically rise. But investment opportunities. July after current boss Alan Jope earnings compares poorly with analysis at the fund platform AJ Bell,
borrowings are cheaper than equity That, at least, is one way to read the retires, will inherit an Nestlé on 22 times. said 2022 was “a calamitous year for
and interest is tax deductible, so the buyback spree oil majors are on. High underperforming company. An easy win for Schumacher would the UK’s fund management industry
whole exercise is usually described as oil and gas prices mean they are Shareholders interpreted Jope’s come courtesy of more marketing with money flying out of the door”.
“EPS accretive”. making bumper profits. Reinvesting abortive attempt to buy the spending, begun by Jope. An ill- The exodus by retail investors was
If earnings multiples do not these in value-added energy projects consumer products division of GSK as conceived profit margin target — now compounded by by institutional play-
change, that should increase the is easier said than done. The cost of an attempt to create a smokescreen. ditched — led to a fall in Unilever’s ers who pulled £24.4bn from UK-
market value of the remaining shares capital for oil and gas has risen, as Unilever has delivered volume and brand investment as a percentage of based funds last year, taking their
— giving shareholders the benefit of investors fret that fossil fuels will be product mix growth of 1.8 per cent a sales since 2016. cumulative withdrawals since the
the cash distribution without the tax edged out by the energy transition. year on average since 2003, Sluggish volumes may also be a start of 2016 to £16.2bn.
burden created by dividends. And deploying heaps of money in compared with Nestlé’s 3 per cent, reflection of Unilever’s sometimes “The rot is so deeply entrenched it
Bulls argue buybacks are a bit like renewables is also difficult. It takes according to analysis by Jefferies. underwhelming food brands. is difficult to see this trend reversing
capital expenditure, with the time for companies to build their That gap has widened significantly Unilever has begun tweaking its in any significant way,” said Khalaf.
company choosing to invest in its own capabilities. since the first quarter of 2020. The portfolio by selling its €6.8bn spreads Investment management repre-
assets — implying that executives Hiking dividends is an option — shares have reflected Unilever’s business in 2018 and its tea unit in sents a key source of export earnings,
think the stock is cheap. and indeed, oil companies have done lacklustre performance. Total 2021. A rumoured $3bn sale of its US tax revenues and high quality jobs for
That is as may be. But there is a that too. But commodity prices rise shareholder return over Jope’s nearly ice-cream business should follow. the UK but the outlook for the sector
downside to buybacks, too. Lex is a and fall, whereas dividends should be four years to the end of 2022 has been Schumacher — a dyed-in-the-wool has deteriorated. Big falls across
confirmed curmudgeon on the stable or growing. 14 per cent, versus the sector at 40 food executive, once at Heinz Foods financial markets last year combined
subject, while recognising that many The flexibility, in this case, comes per cent. — should know what to keep and with investor outflows and spiralling
investors love them. courtesy of the buyback. This, what to cull. Ideally, he should be able costs will force asset management
Buybacks are the flakier cousin of Bernstein argues, is a tool that will to recycle capital raised from chiefs to consider unpalatable deci-
dividends. They tend to reflect come in handy over and over again as divestments into faster-growing sions about job cuts.
exceptional — rather than sustainable investment opportunities dwindle markets and products. Asset managers are pleading with
— profits. They are also a poor further and supply constraints Unilever brands command loyalty. clients to ignore the economic gloom,
substitute for viable investment in bolster oil and gas prices. While that It managed to lift prices by 12.5 per pointing out the strength of the FTSE
corporate expansion. A company provides welcome cheques for cent in the third quarter with only a 100. The index hit an all-time high on
may be able to keep increasing profits investors, it is hardly a resounding limited impact on volumes. The Friday.
by investing in new products and show of faith in the sector’s long-term group’s emerging markets exposure “The outlook for the FTSE 100 is
services, getting better at it the bigger prospects. — accounting for 60 per cent of sales pretty positive. Just a fifth of the FTSE
it gets. Once it has retired all its — could get a boost from improving 100 revenues are from the UK, due
shares, the EPS accretion game is He’s a Schu-in economies and a weakening dollar. largely to banks and supermarkets,”
over. Unilever should close its valuation said Ben Kumar, head of equity strat-
To top things off, executives have a Incoming Unilever chief executive gap with peers if Schumacher lives up egy at the wealth manager 7IM.
self-serving bias in favour of Hein Schumacher — most recently to his promising CV. Valuations for UK equities, which
buybacks. They typically receive head of a Dutch dairy co-operative — are trading on a price to earnings
share bonuses for achievements that hardly ranks as a household brand. Lex online multiple of around 10.8 times for
include steadily-rising EPS. But the ex-Unilever executive has the For notes on today’s 2023, look attractive relative to his-
Take all of that together and — approval of activist Nelson Peltz, who New broom: Hein Schumacher stories go to FT.com/lex tory and other stock markets, accord-
rather than a way of signalling has agitated for change at the UK- has been named Unilever’s chief ing to analysts.
INSIGHT
How can investors ride the EV boom?

INVESTMENT EV-linked stocks have fallen, identifying which resources shocks, not least pollution dis- cent for global equities. could grow if the EV market
Tesla has plunged, but they have been more resilient will see demand sustained asters. Another approach is to go expands as vehicle makers
than Tesla. beyond the 2020s. For exam- The best-performing for funds linked to metals expect.
sector rivals have Tesla was down 64 per cent ple, sodium-ion batteries, a battery metal exchange- prices. Element Funds, a natu- “We’re in a rough patch right
been more resilient last year, but Hong Kong-listed technology touted by CATL, traded fund available to UK ral resources-focused asset now with the global economic
BYD is down only 15 per cent could reduce demand for met- investors this week was the manager, launched a $5mn situation,” says Kevin Murphy,
HARRY DEMPSEY AND and CATL, the world’s biggest als such as lithium. L&G Battery Value-Chain ETF, ETF last year tied to futures principal metals and mining
KENZA BRYAN
battery manufacturer, fell 26 a mix of miners and battery contracts for copper, lithium, analyst at S&P Global Com-
No company embodies the per cent in the past year. What about ETFs? manufacturers with annual- nickel and cobalt. modity Insights. “But the
growth potential of electric Cooper says the global EV Many retail investors opt for ised returns in the three years A small fund may not be energy transition is not going
vehicles more than Tesla. But market is dominated by China, funds to diversify risks, as to the end of 2022 of 21.4 per right for investors concerned away and electrification of
with the value of Elon Musk’s which accounts for 60 per cent miners can face extreme cent, compared with 3.8 per about liquidity. But the choice vehicles is going to ramp up.”
company falling from more of plug-in electric car sales.
than $1tn last year to $383bn, And, she adds, Chinese
many investors are rethinking carmakers are supplied by
exposure to the EV boom. Chinese battery, component
Global spending on electric and materials companies —
vehicles is projected to grow independently of Tesla.
from $287bn in 2021 to $1.31tn The shift to electric is trans-
in 2028, predicts data com- forming the automotive indus-
pany Sustainalytics. try, with powerful carmakers
But the nascent market giving ground in terms of pur-
faces a bumpy road, with con- chasing power to battery mak-
cerns about range anxiety, ers and miners.
shortages of raw materials, Indeed, lithium mining
and a push to establish supply companies have been resilient
lines away from China. to general equity weakness —
So should investors wait due to a 10-fold increase in the
before betting on EV? Or is it past two years of battery-
time to buy assets that benefit grade lithium chemical
from the EV revolution? prices to $75,000 a tonne,
according to S&P Global Com-
modity Insight. Industry
Riding the electric leader Albemarle advanced
vehicle wave 6 per cent, while close rival
Rebased ($) SQM jumped 48 per cent in the
Albemarle CATL* past year.
BYD Tesla Reg Spencer, an analyst at
LG Energy Solution Canaccord Genuity, says the
150 growth rate of electric vehicles
makes lithium, cobalt and
100
nickel miners the most attrac-
50 tive link in the supply chain.
0 Which corporates look

Feb 2022 Jan attractive?
2023 With car producers manag-
* Contemporary Amperex Technology
Source: Refinitiv ing a legacy portfolio of petrol
and diesel vehicles, more
Should you buy the Tesla dip? direct exposure to EV can be
Globally, Tesla figured found through suppliers.
prominently in funds with a Cooper’s preferred stocks
focus on batteries which fell 29 include Wuxi Lead Intelli-
per cent in 2022, according to gence, a leader in battery-
Morningstar, compared with making equipment, Zhejiang
an 18.4 per cent drop in global Sanhua Intelligent Controls,
equities. which makes battery heat
The plunge means this could management systems, and
be the right time to buy into Analog Devices, a maker of
battery technologies, says semiconductors for EVs.
Kenneth Lamont, senior fund Spencer argues otherwise:
analyst at Morningstar. “Mar- materials shortages mean
kets tend to overestimate the mining companies hold the
short-term impact of new pricing power. “If the power
technologies and underesti- lies with the producers of the
mate the long-term impact.” materials critical to manufac-
Deirdre Cooper, head of sus- turing the batteries that go into
tainable equity at Ninety One, the electric vehicles the best
says her firm avoids Tesla way to play it is through the
because of issues of labour, upstream,” he says.
corporate governance and the He expects big wins in small-
pace of its autonomous driving scale lithium producers that
rollout. “We’re not looking to could be acquired by bigger
buy the dip for those reasons.” groups.
For Nick Stansbury, head of
Does Tesla cast a shadow over climate solutions at Legal &
the EV and battery industry? General Investment Manage-
Not necessarily. While other ment, a key factor lies in
10 | Money FINA
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Highlights from this week’s issue

Pharmaceuticals prospects. “This momentum, Industrial services SThree’s contractor order book Electronic equipment
nt fastest rise in profit due to the
BUY together with further targeted BUY is up by 19 per cent year on year HOLD bounceback in travel demand.
GSK (GSK) business development, means SThree at £186mn, which provides Porvair (PRV)
V) Revenue from the division rose
GSK will also be in a strong (STEM) decent visibility (according to by 16 per cent to £64.7mn, while
position to deliver growth from management, it covers around a adjusted operating profit
Consensus-beating earnings 2026 onwards,” she said in a The staffer, which specialises third of fees for 2023). Trading The filtration manufacturing increased by 64 per cent.
signal that a turnround is statement. Whether investors in science and technology so far this year has been in line company has boosted its Group operating profit margin
finally under way at the will be comfortable with that roles, has a strong order book with expectations. margins by investing in improved from 10.8 per cent to
pharma group timeframe is another matter. and intends to keep hiring SThree wants to increase its automation 11.5 per cent due to “consistent
There are a handful of headcount in 2023. It is also , investment in productivity over
GSK reported better than potential approvals on the SThree has reported record pumping money into a new IT Porvair creates filters used the past five years”. It has
anticipated revenue for 2022, horizon that could bolster the profits and “exceptional” project. In 2022, it incurred in industrial and manufacturing automated more of its
due in significant part to its company’s shares. But US productivity in its full-year programme costs of £4.1mn and applications. Its three biggest procedures, and last year
blockbuster Shingrix shingles litigation surrounding the results. The group saw net fees the total project is expected to markets are aerospace, investment continued with
vaccine. The group, which is heartburn drug Zantac, a legacy rise by 21 per cent to £431mn, cost between £30mn and laboratories and metal melting. capital expenditure rising from
working to emerge from years of GSK product, remains a key drag while operating profit increased £35mn. This is expected to The latest full-year figures £3.2mn to £4.9mn.
share price underperformance, on the company’s shares. by 28 per cent to £77.6mn. impact margins for the next detail 18 per cent revenue Economic concerns are
now expects adjusted operating GSK shares currently trade on SThree has some important couple of years by between 1 growth and improving weighing on analyst
profit to increase by between 10 a forward price/earnings ratio of weapons in its arsenal that the and 1.5 percentage points. profitability. But with growing expectations, with FactSet
and 12 per cent in 2023. 9 for the 2024 financial year, general staffers lack. For a start, The internal running of the macroeconomic concerns and a forecasting that earnings per
Earnings per share (EPS) for which is a significant discount to 78 per cent of its net fee income company seems to have possible fall-away in industrial share will drop 10 per cent in full-
the fourth quarter came in at US and European peers on a comes from contract placements improved, with employee churn activity, the outlook for 2023 is year 2023 to 37p, before rising in
25.8p on sales of £7.4bn. The group average of 15. The and demand for temporary staff falling from 40 per cent to 30 far from certain. the following year. Broker Peel
company claimed that analysts’ company’s results this week is holding up well as businesses per cent. The strongest growth came in Hunt points to the net cash on
consensus put the EPS figure at received a lukewarm reception try to keep things flexible. SThree’s share price has risen the metal melting business. the balance sheet, record order
21.2p on sales of £7.1bn. from markets. Second, demand for tech and since last October. However, Revenue there grew 21 per cent book and improving productivity
Chief executive Emma However, we think the engineering skills is robust and with a forward price/earnings to £45.2mn with more than as reasons for optimism.
Walmsley stated that the improving drugs pipeline means this is unlikely to change any ratio of 10.6, it’s still cheaper 90bn cans produced from However, global supply chains
company had started 2023 with there’s strong evidence that time soon. than its five-year average and aluminium filtered by Porvair in and deglobalisation are
“good momentum” and was GSK’s days of underperformance These factors have translated has good long-term growth 2022. The aerospace and outside of management’s
bullish on its medium-term are behind it. Jennifer Johnson into some encouraging figures. prospects. Jemma Slingo industrial segment saw the control. Arthur Sants
DIRECTORS’ DEALS
Price Aggregate
Director Date (p) Value (£)
BUY
Atrato Onsite Energy Benedict Green 23 Jan 23 94 135,001
Chemring Stephen King 24 Jan 23 284 184,514
CyanConnode John Cronin (ch)** 23 Jan 23 17 50,000
Darktrace Jack Stockdale 20 Jan 23 243 145,756
Henry Boot Tim Roberts (ce)* 26 Jan 23 238 99,919
N Brown Lord Alliance* 20 Jan 23 30 1,211,919
Oxford Biodynamics Stephen Diggle 26 Jan 23 15 51,520
Sage Walid Abu-Hadba 23 Jan 23 766 306,426
Seeing Machines Martin Ive (cfo)* 24 Jan 23 7 73,648
SELL
Avation Rod Mahoney 25 Jan 23 116 172,305
Baltic Classifieds Justinas Šimkus (ce) 18 Jan 23 153 304,732
Baltic Classifieds Simonas Orkinas (coo) 18 Jan 23 153 106,623
CentralNic Horst Siffrin 18-20 Jan 23 142 2,067,822
GlobalData Mike Danson (ce) 26 Jan 23 1,150 32,071,580
Netcall Michael Neville 24 Jan 23 105 351,750
* Spouse/family/close associate ** Placing/open offer
Source: Investors’ Chronicle
The chief executive of GlobalData, Mike Danson, “materially ahead” of estimates, too. This implies
must have given quite a presentation at the that profit growth will exceed 15 per cent this year.
group’s capital markets day. Two days after the GlobalData trades on a forward price/earnings
event, Danson sold £32mn worth of shares “to ratio of 25, meaning it’s far from cheap. However, it
satisfy significant demand from new and existing is highly operationally geared, meaning profits
institutional investors” following the event. could accelerate quickly. With a sophisticated
It’s easy to see why they might be keen on the digital platform already in place, subscription
stock. In a trading update for the year to December growth should result in higher margins.
31 2022, management said revenue and adjusted Despite selling 2.78mn shares for £11.50 each,
Ebitda would be higher than analysts’ Danson still has beneficial interest in 60.1 per cent
expectations, at £242mn and £86mn respectively. of the total voting rights in GlobalData.
The group predicted that Ebitda in 2023 would be Jemma Slingo, Investors’ Chronicle
Investors’ Chronicle is the For in-depth analysis and 3 Brokers’ share tips
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MANAGED FUNDS SERVICE
Guide to data
The fund prices quoted on these pages are supplied by change, if shown, is the change on the previously quoted units in a unit trust are sold by investors. latest available before publication and may not be the
the operator of the relevant fund. figure (not all funds update prices daily). Those Single price: Based on a mid-market valuation of the current dealing levels because of an intervening portfolio
Details of funds published on these pages, including designated $ with no prefix refer to US dollars. Yield underlying investments. The buying and selling price for revaluation or a switch to a forward pricing basis.
prices, are for the purpose of information only and should percentage figures (in Tuesday to Saturday papers) allow shares of an OEIC and units of a single priced unit trust The managers/operators must deal at a forward price
only be used as a guide. The Financial Times Limited for buying expenses. Prices of certain older insurance are the same. on request, and may move to forward pricing at any time.
makes no representation as to their accuracy or linked plans might be subject to capital gains tax on sales. Exit Charges: The letter E denotes that an exit charge Forward pricing: The letter F denotes that that
completeness and they should not be relied upon when Guide to pricing of Authorised Investment Funds may be made when you sell units, contact the manager/ managers/operators deal at the price to be set at the next
making an investment decision. (compiled with the assistance of the IMA. The Investment operator for full details. valuation.
The sale of interests in the funds listed on these pages Management Association, 65 Kingsway, London WC2B Time: Some funds give information about the timing of Investors can be given no definite price in advance of
may, in certain jurisdictions, be restricted by law and the 6TD. Tel: +44 (0)20 7831 0898.) price quotes. The time shown alongside the fund the purchase or sale being carried out. The prices
funds will not necessarily be available to persons in all OEIC: Open-Ended Investment Company. Similar to a manager’s/operator’s name is the valuation point for their appearing in the newspaper are the most recent provided
jurisdictions in which the publication circulates. Persons unit trust but using a company rather than a trust unit trusts/OEICs, unless another time is indicated by the by the managers/operators.
in any doubt should take appropriate professional advice. structure. symbol alongside the individual unit trust/OEIC name. Scheme particulars, prospectus, key features and
Data collated by Morningstar. Telephone + 44 (0)20 Share Classes: Separate classes of share are denoted The symbols are as follows: 0001 to 1100 hours; ♦ reports: The most recent particulars and documents may
3194 1455. For other queries reader.enquiries@ft.com. by a letter or number after the name of the fund. 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to be obtained free of charge from fund managers/
The fund prices published in this edition along with Different classes are issued to reflect a different currency, midnight. Daily dealing prices are set on the basis of the operators.
additional information are also available on the Financial charging structure or type of holder. valuation point, a short period of time may elapse before * Indicates funds which do not price on Fridays.
Times website, www.ft.com/funds. Buying price: Also called offer price. The price at which prices become available. Charges for this advertising service are based on the
The funds published on these pages are grouped units in a unit trust are bought by investors. Includes Historic pricing: The letter H denotes that the number of lines published and the classification of the fund.
together by fund management company. manager’s initial charge. managers/operators will normally deal on the price set at Please contact data@ft.com or call
Prices are in pence unless otherwise indicated. The Selling price: Also called bid price. The price at which the most recent valuation. The prices shown are the +44 (0)20 7873 3132 for further information.
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OPINION
For love or
H
ow people manage If she tried to push back, the for abuse if one partner becomes a immortalised in a Billfold article by
money with their other restrictions would tighten. Sarah full-time carer and loses their the US financial journalist Paulette
money: the
halves is something I ended up working three jobs to earnings power (we hear from Perhach) is by far the most
find fascinating, support the family, while he quit his another survivor on the podcast who downloaded lesson in the app, says
particularly because few job and spent money like water. experienced this). co-founder Margot De Broglie.
hidden of us ever talk about it — sometimes,

even within our own relationships.
It’s possible to read the financial
Financially and emotionally
drained, victims of abuse feel
powerless to leave, and our secrecy
After years of being financially
independent, feeling like you have to
beg your partner for money is deeply
“A lot of community members have
shared that they leave any financial
talk until it becomes absolutely
victims of
W
compatibility runes before your very about money as a society plays into uncomfortable. necessary, so quite late into a new
first date. Will it be a swanky the hands of abusers. relationship,” she adds, making it
abuse
restaurant, street food or double Charities say many abusers are hile leaving the harder to spot warning signs.
espresso? And will they insist on using the cost of living crisis as a tool, “money stuff” to A separate module on bringing up
paying, go Dutch or bring a discount providing a convenient cover story if your husband might the topic of finances when dating is
voucher? (Martin Lewis once said the they take away a victim’s car or stop have been the norm also popular, offering questions to
latter was a sure-fire sign your date them from socialising with friends. in previous test the waters in the early stages of a
was marriage material). Sarah’s friends and family had no generations, this could cost you. relationship: “Are you saving up for
It could be a while before you idea what was going on until she was Wealth managers say it’s often a huge anything fun?” And when things get
disclose your property ownership asked why her clothes didn’t fit, and struggle for widows to take the more serious:“What financial
status or how much you earn. I know admitted she wasn’t allowed to buy financial reins later in life (it’s also a decisions do you think should be
a surprising number of couples who new ones. challenge for an industry geared to made as a couple?” or “If I spent £100
have no idea what their other half After that conversation, she could support male clients). on something and didn’t tell you,
makes. clearly see she needed to get out. For younger generations, there are would you be upset with me?”
Normally, it’s not until you live “You’re just so busy coping with it different issues. The high cost of Users are also urged to watch for
under the same roof that questions that you don’t really take a step back renting a home on your own — let signs of financial manipulation,
about joint accounts and how you and think about the full picture of alone buying one — adds to the including their partner being
might divide and mingle your money what’s happening to you.” pressure to couple up swiftly, and secretive about money, having a
come up — and it is then that things After her ex passed away, Sarah could also make it much harder to lifestyle at odds with their income or
can take a sinister turn. chose to speak out about her leave a bad relationship. asking to borrow money.
One in six women has experienced experiences to raise awareness of how Your Juno, a financial education Surviving Economic Abuse has
Claer Barrett financial abuse from a current or common this problem is: “Personally, app aimed at Gen-Z women, found that 60 per cent of people who
former partner, according to research I don’t feel at all ashamed — I think introduced specific financial abuse experience financial abuse will also
Serious Money by the charity Surviving Economic
Abuse, and it really can happen to
anyone can fall victim to abuse.”
Nor is this problem exclusive to
modules after a poll of users found
that 26 per cent had experienced it.
be coerced into debt by their partner,
making it even harder to leave and
‘
anyone — including financial experts. women, or heterosexual couples. The importance of building up a rebuild their lives.
On Money Clinic podcast this week, Having children can be a catalyst “Fuck Off Fund” (a phrase “Creditors can be fantastic, and in
I spoke to Sarah Coles, a senior many cases can write off the debt,”
personal finance analyst with says Nicola Sharp-Jeffs, the charity’s
Hargreaves Lansdown, who was founder, noting that banks are now
trapped in a financially abusive doing more to help victims.
relationship for years. Slowly, the financial industry is
She likens the experience to waking up to the problem. But the
“slowly boiling a frog”. As the abuse hidden nature of financial abuse
builds up gradually over time, “you partly rests on the taboo nature of
60 per cent of just adapt, and then it becomes this discussing how we manage money in
people who impossible situation”. relationships and getting a sense
When an abuser controls your check about what is normal, and
experience finances, they can control everything what is not. I think it’s something we
financial abuse you do. At first, her ex-partner would should all try to talk about.
sulk if she spent her own money on
will be coerced things she needed, but over time his Claer Barrett is the FT’s consumer editor
into debt by reactions became more extreme, and the author of ‘What They Don’t
evolving into rules about what she Teach You About Money’.
their partner could and could not spend money on.
Miss Peach
claer.barrett@ft.com
Saturday 4 February / Sunday 5 February 2023
Bells and Whistler Prices go uphill at the top resort — CANADA PROPERTY PAGE 3
B
Follow us on Instagram @ft_houseandhome
In search of New York
ben
be
ork,, sco
scouri
uringng the worl
for overlooked resources, such as 1950s
ntwood dining chairs by the French
maker Baumann. Right now, he’s look-
ing further east for undiscovered gems,
orldd hun
huntin
tingg (Clockwise
from top left)
Oak table by
Simon Pengelly;
Bold Chair by
For Adam Hills, co-founder with his
wife Maria Speake of the London-based
salvage and interior design studio Ret-
rouvius, deciding what constitutes a
future gem means first identifying what
seems very early even for me,” he says.
He recently did a clearance from a
high-end Mayfair jewellery company
which had relocated. “It had been kitted
o u t b y a t o p a rc h i t e c t a n d i n t e r i o r
tomorrow’s to Poland and the Czech Republic.

“Oveverr the years I’ve bought a lot of
stuff in Scandinavia, all the mid-cen-
tury Danish design, the Hans Wegners
and the Finn Juhls,” he says. “It’s still
Moustache;
Jupiter chair by
Mac Collins;
Lewis
Kemmenoe’s
d o e s n o t . “S o m e t h i n g m a d e i n p o o r
materials — plastics that degrade and
‘Mid-century Danish design

designer 20 years ago. I bought all the
furniture; eight vanloads. There was
almost no one else in the trade who
wanted to buy it because it was just seen
as bein
eingg tir
tireed and unfash
unfashionionabl
able,
e, but
design classics amazing, but it’s now a ridiculous price Patchwork is now a ridiculous price. that’s about the right time for me to go
a n d o t h e r b r a n d s a re re p ro d u c i n g Cabinet; Screen Pieces coming out of eastern in,” he says. “For a lot of people this stuff
them. The old pieces coming out of by Casey i s a t i t s l o w e s t e b b, b u t m y s e l f - a p -
eastern Europe are as well made, but McCafferty; Europe are just as well made’ pointed remit is to put things back into
by des esiigners we just don’t know abo bou ut. jewellery shop circulation, not just shrug my shoulders
As people increasingly can’t afford the cabinet, and condemn them. We have to find a
F i n n J u h l s, t h i s s t u f f i s g o i n g t o b e Retrouvius; b e come brittle and crack. Chipb oard way of reusing good things well.”
Interiors | How do you spot the Eames lounge really sought after.”
Fewer pieces by eastern European
(below) Eames
lounge chair and
that gets damp and swells and deforms.
T h i n ly m a d e t h i n g s t h a t w i l l b re a k
To find similarly overlooked pieces
you need to head to overlooked places
designers found their way into western ottoman — Joe Kramm when you sit on them,” he says. and do the hard work yourself. “If you
chair of the future? Kate Finnigan asks the experts Europe during the cold war era. “But for Gallery FUMI; Vitra
He recognises fashion cy cyccles in furni- go to the antique shops in Tetbury in
bac k in th e 193 0s and ju st aft er t he t u re s h i f t i n g e ve r y 2 0 ye a r s s o h e Gloucestershire or Church Street and
H
war those countries were impor- pre-empts the curve, getting in ahead Pimlico Road in London, of course you’re
tant craft-makers,” says Middle- o f m a i n s t re a m t a s t e s. “S o n o w w e not going to find a future classic,” Hills
ow do you unearth a future vintage items for restaurants and hotels, m i s s. “ T h e re w a s l o t s o f g l a s s s h o u l d b e l o o k i n g a t t h i n g s f ro m says. “You’ll find things that have
de sign classic, a pie ce of is in the business of finding future clas- prododuuction in the Czec ech h Republic. the 2000s, although admittedly that alread
alr eadyy reac eachehed d the pin
pinnac
nacle
le of the
their ir
furniture — old or new — s i c s . Fo r h i m t h a t m e a n s “ w e l l - Their crystal and chandeliers and value. So you have to go to the places I
that will resonate in years designed, well-crafted objects made of i n c re d i b l e m o u t h - b l ow n l i g h t s call ‘at source’: the house clearance jobs,
to come and, with luck, good materials, which for whatever rea- competed with Murano from Italy. the office furniture shops, antiques fairs
keep on increasing in value? son have fallen out of favour for the I’ve found a lot of stunning 1950s and and auctions. If you manage to make
We’re in the age of cheap mass produc- moment or are under the radar”. 60s lighting.” friends with your local house clear-
tion but in reaction to that there is grow- As a former buying director at The Middlemiss also p oints to cabinet ance person that’s the best source
ing consumer concern about the prove- Conran Shop and Habitat, Middlemiss work by Jiří Jiroutek, a furniture and because everything will be com-
nance and longevity of the products we has an expert eye for spotting high-q -quual- interior designer at the Czech manufac- pletely fresh and uncurated and you
choose to live with. Finding pieces that ity pieces and trends to come. He is the turer Interier Praha in the mid-century. can sweep in.”
are designed and made in a way that will man who fou found
nd the vin
vinta
tage
age furn
urnitu
iturre “The colour, the cabinet work, it’s just One piece Middlemiss always finds
stand the test of time matters. for London’s Sessions Arts Club and its quality and would fit any modern inte- challenging is the table. “It’s very
Paul Middlemiss, a British furniture upcoming Scottish outpost Boath rior. A second-hand Wegner sideboard easy to buy 500 old chairs but you’ll
dealer and founder of online retailer House, near Nairn. He also supplie s will cost thousands, but a Jiroutek will
Merchant & Found, who also sources Balthazar and the Minetta Tavern in be between £500 and £1,000.” Continued on page 2
House Home
The rare, the
A
pair of 19th- domestic and gamble — you might instead have a
century emu commonplace and look at Catherine Southon’s February 8
eggs mounted what was Antiques & Collectables sale, which
strange and on gilt-bronze
stands. A
extraordinary”. Being a
toy inventor and a life-
includes a shapely George IV oak settee
I would snap up if I could possibly
the baffling Bakelite coffin. A bronzed

bust of Ronald Reagan
long collector, Pryor says
he “tends to know what
squeeze it into my kitchen or entryway
(est £200-£300).
that once belonged to most things are. So when There are five items I also like the look of a colourful
Margaret Thatcher. I see something I don’t 1930s still life by New Zealand painter
These are among the understand, I’m given to Thatcher Frederick J Porter, previously sold by
curiosities to be found at interested in it.” when she was prime Tony Bradshaw’s former London
Sworders’ aptly named Among the other gallery The Bloomsbury Workshop
“Out of the Ordinary” sale highlights in the sale are minister that were (est £400-£600).
on February 7, now in its five items given to later recovered at a Also on my radar are a pair of
sixth year. The 579-lot Margaret Thatcher when Gothic Revival hallway chairs,
catalogue is a marvel and a pleasure to Both the idol and the trunk belong to she occupied 10 Downing Street that waste disposal site on offer at Fonsie Mealy in Kilkenny,
peruse, full of things I’ve never seen Gary Pryor, a toy inventor who has put were later recovered at a waste disposal Ireland, on February 15 (est €100-
before and would struggle to identify 200 pieces from his vast collection into site. That includes the aforementioned €150); a wonderful little painting of a
without the catalogue’s help. (What I the sale to clear space for new bust of Ronald Reagan, purportedly woman in a turquoise cardigan by
mistook for salvaged antique chair legs acquisitions. “Within four hours of given to her by the then US president Anne Rothenstein in Dreweatts’
turned out to be a pair of 19th-century consigning it all, I was back at an on a state visit, and a large and not February 10 sale (est £300-£500); and
gutta-percha telescopic hearing aids; antiques centre starting again,” he tells particularly accurate portrait of the a supremely elegant Sheraton Revival
who could have guessed?) me by phone. Iron Lady gifted by Indonesia’s then satinwood side table with leaves
The sale is a testament to the breadth Pryor says he spends “every waking minister of research and technology, painted on its slender legs, at
and variety of what can be found at hour” searching charity shops, car boot Bacharuddin Jusuf Habibie, who later Dreweatts later in February
auction. What I buy tends to be pretty sales and eBay for curiosities. It has became his country’s president. (est £400-£600).
run-of-the-mill — tables, chairs, led him on some unusual adventures — “They came to us from someone Sadly, I’ll have to sit these lots out.
paintings, the odd ceramic — items that he discovered the snow leopard fur whose father owned a storage company A sale of 13 plates by the late
are decorative but arguably functional. trunk in the garden shed of a woman during the 1990s, and helped move Sussex potter Quentin Bell at Ewbank’s
I’m now more eager to broaden my he’d met in a Tesco car park — and Margaret Thatcher out of No 10,” says last month made a serious dent in my
search. I’m particularly taken with the tried the patience of his long-suffering Otto Billström, 20th-century design savings — expecting to win none I
ancient Tell Brak eye idol in the wife (he agreed to move a Napoleonic- specialist at Sworders and one of the instead won three, of which my
catalogue — a small abstract sculpture era cannon out of his kitchen after sale’s organisers. “Her people put favourite is a little pink fish that
from present-day Syria dated 3300- finding it was infested with false it in storage, it probably got forgotten reminds me of the tiles Bell made for
3000 BCE that looks remarkably widow spiders). about, and he ended up salvaging the kitchen sink backsplash at
Lauren Indvik contemporary (est £400-£600). His obsession with the rare and them [when they were sent Charleston, the Bloomsbury Group
But I could live without the early strange began when he took his first for disposal].” A bust of Ronald Reagan country retreat where he grew up. It’d
20th-century yak-skin trunk panelled Saturday job helping his father’s If a bust of the man who popularised that belonged to Margaret look fetching next to those emu eggs.
Auction hunter in now-illegal snow leopard fur (est friend at an auction house, which “trickle-down economics” isn’t your Thatcher, in Sworders’
£800-£1,200). helped him separate “what was thing — hard to believe, but I’ll take a ‘Out of the Ordinary’ sale Lauren Indvik is the FT’s fashion editor
Illustration: Zebedee Helm
Inside Tomorrow’s approval. The Design Museum has been

broadening its collection to reflect a new
and wider definition of design, looking to
classics those cultures and people who have been

historically under-represented and
securing their work for future genera-
tions. For example, Khanchandani says,
“The BLM movement has sparked new
Continued from page 1 consciousness about design and archi-
tecture being white male privileged and
never find that many good old has resulted in the emergence of alterna-
tables,” he says. “Restaurants and hotels tive architectures and designs.”
always have fairly basic tables that are A recent acquisition is the Jupiter
easily replaceable. You don’t get large chair by Mac Collins, a British designer
numbers of good tables in a church or from Nottingham who is of Jamaican
schools. It tends to be a private resi- descent. “His work draws on his herit-
dence that has a beautiful table and age and is informed by stories of his Car-
Bath time that’s why the French farmhouse table ibbean family and elders,” says Khan-
Five homes for sale now in the beautiful was so popular. But they’ve pretty much chandani. “It creates this really interest-
English city all gone.” ing hybrid aesthetic that positions his
Page 4 His solution? To commission a con-
temporary designer, Simon Pengelly, ‘Good design needs to meet
formerly of Habitat, to design a new
one. “He’s made us a lovely oak, trestle- the economic, cultural and
based table [£1,200; merchantand- environmental challenges
found.com], a timeless piece that will
work with any vintage chairs. It’s pro- we’re knee-deep in’
duced in Romania from local oak, sus-
tainably forested. I’ve got one as my
desk in the office and I’ve just sent one work within the African diaspora.” It’s
over to an architect in America.” also a beautiful piece of furniture that
What about today’s other designers could work in any setting.
and makers? For Matthew Benjamin, The notion of individual taste is key,
head of operations for London-based too. “I like personal expression of design
interior designer Hollie Bowden, a in the home,” she says. “I think John
Crimes against nature future hit needs to say something about Soane demonstrated the importance of
We’re all nature photographers now — the time in which it is made. “The that when he created his house.” But
but this democratisation has drawbacks Eames lounge chair is an iconic piece of that can be something of a gamble, as
Page 6 design because it was a new take on that Hills will testify, because the aesthetic
machine-age of production,” he says. “A value of a future classic might at this
more comfortable, friendlier-looking stage be only in the eye of one beholder.
design that really said something about “I found a John Makepeace chair
that American, middle-class moment of recently,” says Hills. “In its day, the
plenty and consumption after the sec- Parnham school [founded by
ond world war.” Makepeace in 1977] was really expen-
Benjamin sees the interesting themes sive but was a very particular style —
of our own times as being sustainability everyone got slightly icked-out by the
and the circular economy, as well as a fussiness. Even the person selling it to
response to the classic designs that have me said, ‘This is one of the ugliest pieces
become overexposed through social of furniture I’ve ever had.’ But it was an
media platforms. incredible quality piece and it did find
“The way images circulate, designs someone who appreciated it.”
get catapulted into the algorithm, eve- In Khanchandani’s home, a daybed by
On the hepatica trail ryone sees it and even though it’s a (Clockwise from can be found on Instagram @therad- “What I’m interested in Hem — the Swedish design company
These early spring flowers are found great piece, it’s not special any more. top) Vintage fordgallery. Its next exhibition is in now is radical design and that describes its products as “furniture
globally, from Japan to Transylvania Today’s collectible design is a reaction crystal lights April.) Bowden cites Lewis Kemme- how it reflects the value of for the auction houses of tomorrow” —
Page 8 to that. The makers are doing highly from the Czech noe’s Patchwork Cabinet (“a new take our times. For me good sits alongside a colourful Bold Chair by
worked individual, special or dramatic Republic at on marquetry that is like post-punk- design is not just about form Paris-based Moustache. “But I also have
pieces going back to more rarefied online retailer DIY-studio-design”); Carsten in der and function but its my grandma’s crystal there,” she says.
modes of production from furniture Merchant & Elst’s Graywacke Chair 05 and lamps broader purpose and val- “All of these things mean something
design history.” Found; London- by Matthew Verdon, made from hemp ues. Today it needs to to me. They’re an expression of
He and Bowden often look for new based interior and bamboo, as contemporary pieces meet the social, eco- who I am.” If finances
designers at galleries, such as Fumi in designer she thinks will stand the test of time. nomic, cultural and allowed, she’d also
Mayfair, London. “Fumi is a great place Hollie Bowden; Priya Khanchandani, head of curato- environmental chal- throw in a Soap Table
for collectible design. We bought an designer rial at the Design Museum in London, lenges we’re knee-deep by the Dutch-Kiwi
amazing piece from there recently by Mac Collins in says the traditional concept of a design in and are only going to designer Sabine
Casey McCafferty, an incredible hand- his Jupiter classic should be challenged. “It goes heighten through the Marcelis. “I just love the col-
carved screen,” says Bowden. Simply chair; Paul back to Dieter Rams [the German mid- course of this century.” our and the texture. How it
called Screen, it is made from ash, saw- Middlemiss, century industrial designer associated When a cultural insti- feels contemporary but
House & Home Unlocked dust, clay pigment and polymer binder. furniture dealer with Braun and Vitsoe] and how he tution acquires a work it organic. But will it be a design
FT subscribers can sign up for our weekly email
“We also like Radford Gallery for up- and founder of defined the essence of Modernist prod- is providing a stamp of classic? I don’t know.”
newsletter containing guides to the global and-coming names that are slightly Merchant & uct design. It was very much about func- approval for future gen- In the business of predict-
property market, distinctive architecture, interior more affordable.” (The gallery, run by Found — Maureen M tionality versus aesthetic. Now, I erations — one that goes ing the future, the uncer-
Evans for the FT; Nick Rees
design and gardens. interior designer Max Radford, doesn’t find that idea quite rooted in a conform- beyond the fast-moving trends tainty is all part of
Go to ft.com/newsletters have a permanent London home but ist perspective,” she says. precipitated by social-media the thrill.
You need to contact the museum to league of Maurice Chevalier, Yves performance dresses. “She wanted to Opposite the bear are a pair of boxing
HOUSE MUSEUMS arrange a visit; a code will be sent to Montand and Charles Aznavour. “She look sombre and, with her kind of songs, gloves that belonged to her great love
gain access to the entrance hall, where was 18, still singing in the streets, not yet it was not a question of wearing feathers Marcel Cerdan, the former middleweight
AROUND residents returning from the shops will
direct you to the fourth floor. You ring
in the cabaret,” he says.
Her songs — on a playlist as you tour
and sequins,” Marchois explains. The
simple black style allowed the
champion who died in a plane crash on
his way to New York to join her in 1949.
THE WORLD the doorbell of the apartment and the museum — reflect her tumultuous “A favourite memory,” Marchois says,
Bernard Marchois lets you inside. love affairs and the hardships of her life. ‘She wanted to look sombre. “is the first time I saw Piaf perform. I’d
#2: The Musée Édith Piaf, Marchois, a friend of Piaf’s and the Abandoned at birth and raised by her seen her before, so I knew she wasn’t
Paris, France curator, founded the museum four years grandmother in a brothel, she knew With her kind of songs, it tall, but when she arrived on stage, she
after her death in 1963, aged just 47. Her poverty, alcoholism and drug addiction, was not a question of was so much taller.”
Dedicated to the life of the beloved life oozed theatricality on and offstage and survived several car crashes. At 1.47 metres, La Môme Piaf (the Little
quintessential French singer, this makes but he talks of her with an intimacy few The museum’s two small rooms bring wearing feathers or sequins’ Sparrow) was physically diminutive, but
for an unusual museum visit. For a start, professional guides can offer. to mind a doll’s house and are filled with her presence always loomed large. Her
it is just two rooms in an apartment in “She was very kind,” he says. “Funny, Piaf’s belongings, many donated by her expressiveness of her hands and face to sonorous voice has resounded down the
Paris’s 11th arrondissement, not far from approachable, not at all big-headed . . . friends and her second husband Théo come to the fore, visible in photographs decades to delight new fans today.
Rue de Belleville, where — legend has it very human.” Sarapo. Among them are her shoes (size and a small carved bust on display.
— the star was born on the doorstep of Piaf lived here before she became one 34), a crocodile-skin Hermès handbag Piaf’s 18 gold discs line the walls. A Deborah Nash
number 72. of the greats of French chanson, in the and her made-to-measure black giant teddy bear was a gift from Sarapo. museeedithpiaf.fr
House Home
Canada property | Mortgage

rates and rents are rising in
the ski resort — so buyers
hold off and locals are priced
Whistler prices go uphill i / AT A GLAN CE
At the end of December the average five-
year fixed mortgage rate was 5.89 per
out, writes Hugo Cox

cent, up from 3.45 per cent a year earlier,
according to government data.
W
Whistler is 1 hr 50 minutes by car from
Vancouver international airport.
hen Phil and Josiane of
Vancouver were first New rules allow home buyers in British
Columbia to pull out within three days of
looking to buy a home signing a contract, for a fee of 0.25 per cent
to renovate in the Cana- of the purchase price.
dian resort of Whistler
What you can buy for . . .
in 2019, they had the budget for a two-
bedroom flat. When they finally bought C$2.9mn ($2.18mn) A five-bedroom 2,076
in June for C$1.1mn ($827,000), average sq ft house in Alpine Meadows, a 10-
minute drive from the main Whistler ski
prices had risen so much that they could lifts (on the market with Whistler Real
only afford one bedroom. Estate Company).
Today, rising mortgage rates are
C$7.29mn A five-bedroom, six-bathroom
increasing their costs: in December house of 3,270 sq ft to the east of Whistler
the monthly payments on their varia- Village (Engel & Völkers).
ble-rate mortgage went from C$3,700
C$14.995mn A five-bedroom, 4,349 sq ft
to C$4,800. ski-in/ski-out chalet next to the
“Our financial adviser said that in the Blackcomb Mountain gondola, and within
long run, a variable rate would be the walking distance of Whistler Village
(Whistler Real Estate Company).
‘When I last rented it out
applicants gave PowerPoint
presentations about why “When I last rented it out I had appli-
cants giving me PowerPoint presenta-
I should choose them’ tions about why I should choose them,”
he says. Labour and materials price
increases sent a recent renovation to the
best thing for us. But right now, it’s feel- (Above) “Covid has contributed to our [eco- In October, Savills ranked it top in a desperate for listings,” says Brown. Cur- flat over budget, so he plans to rent it via
ing pretty scary,” says Josiane. Whistler has nomic] growth and population.” list of “digital nomad-friendly” global rently, inventory is 40 per cent below more lucrative short lets, which also
Following two years of high sales vol- appealed to Many buyers used new properties as ski resorts in an analysis that weighted the 10-year average, according to the allow friends to stay periodically.
umes, buyers are holding back from remote workers primary homes and some second-home internet speed, climate, quality of life, Whistler Real Estate Company. For Phil and Josiane, short lets for
Whistler home purchases as mortgage during the owners moved in full time. Canada’s connectivity and prices. The growing popularity of Whistler their new home provide the flexibility to
rates rise. Between October and Decem- pandemic; 2021 census showed Whistler’s popula- Tink Taylor, 50, who works for a soft- since the start of the pandemic has exac- use it when they want. The higher
ber, 111 homes sold in Whistler, down (below) a five- tion was 13,982, up from 11,746 in 2016. ware business, bought a home in Whis- erbated a longstanding shortage of income is useful given their increasing
from 189 over the same period in 2021, bedroom chalet, The town has long been popular with tler five years ago, to which he moved affordable homes for those working mortgage payments and the fact that
according to MLS data. Alpine buyers from abroad, especially Ameri- from Vancouver in January 2022. “For locally. Residents are increasingly being their renovation is also going over
“Part of it is reduced borrowing power; Meadows, cans, and is exempt from a two-year ban my role, which involves speaking to evicted from their homes due to renova- budget. Josiane estimates they will get
there is also uncertainty about the econ- C$2.9mn on foreign buyers of Canadian property, people across Europe, the Middle East, tions and sales, according to the Hous- an income of between C$5,000 and
Tourism Whistler/Vince
omy,” says Dave Brown, an agent with Emond; Scott Brammer
introduced at the start of this year and the Americas and Asia Pacific, the time- ing Needs Report published by the C$6,000 per month for short lets, com-
Whistler Real Estate Company. “Some aimed at urban centres. zone works well and the airport [in Van- Whistler Housing Authority in May. pared with C$3,000 to C$4,000 per
properties aren’t selling, and buyers are couver] offers all the routes I need to Rising prices have pushed family homes month for a long-term rental. Phil is
taking longer reviewing documents. travel,” he says. “And British Columbia out of the budget of all but the richest. preparing the 520 sq ft home to sleep up
They know they can take their time.” is a beautiful place.” The median sale price of a detached to six. “We just couldn’t cover the climb-
An hour and a half from Vancouver by Whistler offers a number of large house here in 2022 was C$3.9mn; the ing mortgage rates without the [short-
car, Whistler’s reliable snow and excel- homes within a short drive of the main median price of a condo apartment was term] rental income,” says Josiane.
lent facilities, including restaurants, bars ski lifts — with Whistler Creek, a five- C$800,000, according to MLS data. Choices like these mean fewer homes
and shops, made the British Columbia minute drive to the west of the village, a Brown says there is a pressing short- for Whistler’s permanent residents and
town popular with buyers during the popular choice. Taylor bought his home age of rental homes too, with prices Crompton is appealing for more owners
pandemic, as many sought rural proper- in Alpine Meadows, a five-minute drive increasing in the past year: “It has to offer homes on long-term leases, to
ties from which to work from home. The to the north, which avoids the traffic always been a problem but now is the stem the shortage of workers for local
median sale price increased from returning south to Vancouver after a worst I’ve ever seen for long-term rent- jobs. “Housing is always a struggle and
C$840,000 in 2019 to C$1.23mn in 2022, day’s skiing at the weekend. als since I moved here in 1991.” the core focus of businesses that are
according to MLS data. Most owners who were minded to sell Taylor says he has a long list of people recruiting staff,” he says. “We are still
“This was an appealing place to move their homes following the pandemic who have asked him to contact them coming to terms with the impact of peo-
to thanks to remote working,” says have already done so, reducing supply. next time he seeks tenants for the self- ple coming to live here permanently as a
Whistler’s mayor Jack Crompton. “There are 40 to 50 realtors in my office contained flat attached to his house. result of the pandemic.”
House Home
Hot property
Bath K Apartment, The Circus,
£595,000
Where In The Circus, a ring of

and the city views from the
rear of the property, taking in
Bath Abbey.
Why Designed by architect
Georgian town houses near the John Wood the Elder, and built in
Royal Crescent. the mid-1700s, The Circus is
By Madeleine Pollard What A two-bedroom, two- one of the best examples of
bathroom top-floor apartment. Georgian architecture in the city.
Highlights include the study area Who Savills
I House, Oxford Row, £1.075mn

Where On Oxford Row in the
Walcot neighbourhood, just north
of Bath centre.
What A three-bedroom, two-
bathroom Georgian town house
arranged over four storeys.
Features include the west-facing
patio area, the vaulted TV room
and the drawing room on the
first floor with high ceilings and
sash windows.
Why The house has been
refurbished while retaining period
features such as the original
Georgian fireplaces in the
top-floor bedrooms.
Who Winkworth
B House, Daniel Mews, Bathwick with an Aga, and a living room lit
£895,000 by a skylight.
Why To the front of the property
Where In Daniel Mews, situated is a gated cobbled courtyard,
just off Bathwick Street in Bathwick accessible via French doors from
to the city’s north-east. It’s a 10- both the kitchen and the living
minute walk to the city centre. room. It can also be used as a
What A two-bedroom lodge house parking space.
arranged over two floors. The Who Winkworth
ground floor features a kitchen
K Penthouse, Somerset Place, K House, Charlcombe, £3.5mn

£1.75mn
Where In an elevated position in
Where In Somerset Place, a the village of Charlcombe, 1.5 miles
Georgian crescent in the north of north of central Bath. The drive to
the city. It’s about 20 minutes on Bath Spa train station takes about
foot to the city centre, and 10 15 minutes, depending on traffic.
minutes by car to Bath Spa train What A late 17th-century Jacobean
station, with direct trains to London manor house with five bedrooms,
Paddington. Bristol international three bathrooms and an acre of
airport is a 40 to 55-minute drive. land. Outside are lawns, terracing,
What A two-storey Grade I-listed five parking spaces and a heated
penthouse apartment with three koi pond.
bedrooms and two bathrooms. It Why The property features
has far-reaching views of the city Jacobean-style cornicing,
and access to a communal garden. stone mullioned windows and
Why There is a private roof terrace, stone fireplaces.
as well as private gated parking. Who Knight Frank
Who Savills
House Home
Industrious photographers have

stitched together multiple images and
tweaked them into the fantasy of the
rugged outdoors. This world is bathed
in permanent sunshine, except at night.
The principles Then, constellations wheel overhead in

perfect detail, at the same intensity as
the street lights of a distant village.
of bad nature Tweaked wildlife photos are equally

common. I’m not referring here to
obvious fakes like the “Norwegian blue
photography owl” which did the rounds on social
media recently. Instead, I’m referring
to real animals that have been
idealised. Typically, the animal is
perfectly lit. It is looking directly out of
the frame, as if making conscious eye
contact with the viewer.
Nature is rarely like this, particularly
during the British winter. Right now,
the countryside is generally a study in
low-contrast browns, greens and greys.
Birds feature as hunched balls of
feathers. Food is scarce. Animals are
not at their best.
This was borne home to me by a trip
to a seal haul-out on Tyneside.
Scrutinising my photographs of a bull
seal later, I noticed that moulting had
given him a comical, moth-eaten
tonsure. He had a long string of mucus
dangling from one nostril.
Matthew Billington
T
He looked cold, hungry and fed up.
The summer mackerel shoals and the
he Wildlife Photographer “Here are some more impala Tolerable telephoto lenses retail for mating season were a long way off.
Jonathan Guthrie of the Year exhibition
showcases beautiful
behinds,” I told friends proudly,
showing them my safari photos.
under £1,000. You can take decent
landscapes and wildlife shots with a
I hovered the cursor over the “match
and patch” function. Then paused.
pictures of rare and “Is that a hairy caterpillar?” one of smartphone, too. My feeling is that editing software is
Nature therapy remarkable creatures. To
create these images, dedicated experts
them asked, peering at another snap.
“No,” I said. “That is a rhinoceros. It
The democratisation of nature
photography is welcome. You do not
best used as an adjunct to taking
photographs. It is not the main event.
crawled through leech-infested was a long way off.” have to schlep to Tanzania or South Clever tweakery must have gone into
swamps, sailed through ice-strewn I inherited my hobby from my Some of my photos Georgia to get pleasing results. A some of the images at the Natural
The democratisation of the seas and crouched for hours in father. He was a titan in the field. One have even merited an sharp picture of a garden blue tit is a History Museum. But not every cactus
field is a welcome result of cramped hides. evening every year he would produce
exhibition of their thing of wonder. Just do not expect bee in Karine Aigner’s contest-winning
Coming home, I had just one racks of slides and corral the family relatives to say so. shot of a spherical breeding cluster was
digitalisation, but the thought: not bad for a bunch of together. Sitting in the dark, stupefied own. We had to put “It’s your children I feel sorry for,” in perfect focus.
clever tweakery achievable professionals, but this lot would never with boredom and lulled by the
something on the my father-in-law observed sombrely, Jose Fragozo’s outstanding picture
make it as amateurs. whirring of the projector, I would drift after I had shown him 43 snaps of “The Disappearing Giraffe” showed just
with editing software has I know what I am talking about. I in and out of consciousness. walls of our identical godwits. “Think how many the hindquarters of an animal galloping
its drawbacks have been taking substandard nature “I think this might be one of a
downstairs loo photos they’ll have to throw away under a new elevated railway in Kenya.
photographs for decades. Some have crossbill,” he would say. when you die.” It said more about wildlife in the
even merited an exhibition of their “Isn’t it just a bit of fluff on the I am fine with that. But I do fret over Anthropocene than any standard safari
own. We had to put something on the slide?” my mother would ask, brightly. the beauty standards created by photo- shot: space for nature is decreasing fast.
walls of our downstairs loo. “No!” he would snap, blowing on the editing software. This is causing a whole I would have automatically deleted
In my view, none of the contributors equipment. Miraculously, the crossbill new genre of bad nature photos. It turns this photo because the animal’s head is
to the show at London’s Natural would take flight. photography into digital painting by hidden. It is a matter of cliché that art
History Museum has grasped the basic Bad nature photography was easier numbers. Taking pictures in the open is more about seeing than doing.
principles of bad nature photography. then. Analogue equipment limited the air becomes a starting point, rather Next time a visitor goes to use our
In this endeavour, the canonic image number of shots you could take. Little than an end in itself. downstairs loo, I will tell them: “While
reduces the animal to a small, blurred of the process was automated. Long The naffest products of this you’re in there, look out for my photo
blob in one corner of the frame. Ideally, lenses were expensive. technology are super-sharp, super- ‘Disgruntled Seal with a Head Cold’. It
it should be fleeing the snapper as he or Digital cameras do the bulk of the saturated landscapes. These crop up on really is one of my finest efforts.”
she crashes through the undergrowth decision making these days. It costs the walls of some budget hotels and as
or roars up in a Jeep. nothing to junk shots that flop. starting screens on digital devices. Jonathan Guthrie is head of Lex
Property Gallery UK Office: +44 20 7873 4907 | US Office: +1 212 641 6500 | ASIA Office: +852 2905 5579
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France
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England
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House Home
Hepatica’s
including a yellow-flowered hepatica in
Fukui prefecture. Much remains to be
found, but Massey rates japonica var,
pubescens as his favourite. His photos
happy valleys
justify his choice and he even describes
a visit to a tea room in the Kurama
highlands which sells plants of it in
pots, surely a unique distinction. The
form grows wild on the hills behind.
Breeders in Japan have encouraged
double-flowered forms, some of which
are scented. They are truly wonderful.
If you are planting a small hepatica
area in a small urban yard, why not
A new book tracks these delightful plants around sign up and pay for specimens of these
remarkable plants, available at
ashwoodnurseries.com?
the world with erudition and enthusiasm Two years ago, Massey gave me a
plant of a hybrid between an American
B
and Transylvanian hepatica, the
admired Millstream Merlin. It was
y my front door I have a were classed as anemones. Their pink, created by a great American grower
queue of happy hepaticas. white or blue flowers indeed have a and even Massey has failed to repeat
They are not distressed look of anemones and in Britain they the cross. As he has to multiply it by
migrants. They are appear in spring, but below their divisions, the Ashwood price per plant
fascinating plants and I am flowers they have three distinctive is £40. Honestly, it is worth it, the
giving them a good home. I will now bracts which anemones do not. Their freest-flowering semi-double dark
give them an even better one. They stems are never more than a few inches
have recently been honoured by a book long. Their leaves have several lobes Hepatica leaves were the
which tells everything known about and are usually a lovely fresh green or
their classification and cultivation. If prettily marked, a beauty in their own crypto-coins of misguided
you have been hesitant about growing right. In British flowerbeds the flowers medicine. A sprinkle will
hepaticas or even realising what they can be spoiled by rain, but guided by
are, hesitate no longer. My World of Massey I have learnt to grow them in not fire up a Tinder date
Hepaticas is unmissable, best acquired pots outdoors instead. I can then
at ashwoodnuseries.com (£48.95, protect them from the worst weather.
including UK delivery). The hepaticas available to gardeners (Clockwise from above) them imported from Germany, A great Japanese expert, Tomoo blue-purple one. It much likes growing
Its main author is their supreme are entirely hardy. Massey sets out a Hepatica americana var including for treatments of the liver. Mabuchi, has contributed to Massey’s in a clay pot by my door. Ashwood can
grower in Britain, John Massey, whose routine for British growers and shows acuta; Hepatica japonica They were completely useless, the book. Throughout, the text is a tribute send its list of simple rules for good
Ashwood Nurseries won gold medals at that most hepaticas are easy to please f japonica; author John crypto-coins of misguided medicine. to Anglo-Japanese friendships and to cultivation in small clay pots, kept
RHS Shows, including Chelsea in 2016, from year to year. I remain convinced Massey’s favourite, A sprinkle of hepatica leaves will not explorations by Massey, a boy from outdoors but moved out of the hot
for stunning displays of pink, white that they are excellent plants in pots Hepatica japonica var fire up a Tinder date. Bromsgrove, with Japanese botanists, summer sun. I obeyed in 2022’s frazzle
and blue hepaticas in flower. For nearly for anyone with a small semi-shaded pubescens — John Massey In Britain, Hepatica nobilis, the ranging from the Kurama highlands to of a July and August and now have
30 years he has grown these small courtyard or cool balcony. A small “noble liverwort”, had been described “hepatica valley”, the Grigorievsky clusters of furry buds waiting to open
plants in gardens and unheated space is no obstacle to happy in print as early as 1440. East Asia’s Gorge in Kyrgyzstan, where millions of on these obliging plants. I cannot wait
greenhouses and fathomed their likes gardening. Grow fine small plants and beautiful hepaticas remained white Hepatica falconeri flower freely. for spring.
and dislikes. He has also tracked them like Massey, concentrate on what undocumented but in 1730, in the Edo Massey’s photos taken there are superb. I will not pre-empt all the delights of
all over the world. His book is a work of makes them thrive. period, a hepatica was first mentioned Practical experience and observation growing hepaticas, reading about them
love, resting on more than 25 years of Wild hepaticas are scattered all over in a Japanese book too: I do not think incline him to classify some of the and looking at them. Massey’s book
travel, field botany and skilled the globe, from Norway to they were lurking behind any of the world’s hepaticas in new ways. He says it all, while remaining grounded in
cultivation; “my world” indeed. Transylvania, North America to China, plant names in that early classic, which supports those who believe there is proper botany. Choose a family of
Its photos are a wonder, beautifully but their greatest fan base is in Japan. often says things with flowers, Lady only one American species, Hepatica plants, travel to the wild to see them,
taken and printed, often showing rare In North America, a hepatica was first Murasaki’s Tale of Genji. americana, but with a variety too, take a good camera and turn your back
hepaticas in the wild. The combination mentioned in a book in 1778 and in Since the mid-19th century, Japanese acuta. Importantly, he and Mabuchi on retirement cruises. The world is full
is the finest book I know on a single 1814 a second form, observed in the growers of hepaticas left British growers separate the Japanese hepatica, of little-known botanical beauty, which
genus of plants. Biodiversity and wild, was classified. Indigenous far behind. Unlike us, they lived near japonica, and class it as a species in its varies for scientific reasons and is yet
ecology are its running themes, peoples, including Cherokees, used the wild hepaticas in their mountains and own right, not, as previously, a form of to be presented to the public.
together with human skill and leaves as a love potion, either chewing knew them as “breaking snow plants”, Europe’s nobilis. Close observation of Meanwhile, for hepatica owners, even
commitment. Gardeners will learn so them to make themselves sexier or referring to their flowering in early the flowers and leaves and study of the new ones, here is a Massey tip of the
much, but so will anyone concerned by dusting them, if they were women, Robin Lane Fox spring. They have been cherishing DNA have established this overdue moment: feed your hepaticas this week
our planet’s assets, even if they prefer to over the clothes of anyone they them for years, exhibiting them, distinction for Japan. on diluted fertiliser, calcified seaweed
look at plants rather than grow them. fancied. In the 1880s, Massey notes, as classifying them and loving them while Massey’s photos then help us to being an excellent choice. I can testify
Hepaticas are members of the many as 450,000lb of hepatica leaves On gardens we have been bumping along with appreciate the new forms that have that it makes them flower with even
buttercup family and for many years * were being used in the US, some of polyanthus in pots. been found in Japan since 2004, greater freedom.

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