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THURSDAY 24 OCTOBER 2019 WORLD BUSINESS NEWSPAPER EUROPE

Dark side Fruitful marketing Rage in Lebanon

FT investigates allegations of sexual Lessons can be learnt from launch A society that often seeks escapism
assault against a British boss — PAGE 5 of new US apple — JOHN GAPPER, PAGE 11 has shouted — ROULA KHALAF, PAGE 10

In the balance Briefing

Zuckerberg i Boeing reveals cost of Max 737 problems
grilled on Libra Boeing signalled it could delay its share buybacks
plan for years until it has returned its grounded 737
Max plane to service and also tackled a badly hit cash
position.— PAGE 13; LETTERS, PAGE 10; LEX, PAGE 12
Mark Zuckerberg, chief executive and
founder of Facebook, takes his seat as he i Tusk strives for EU consensus on Brexit
waits for the start of a congressional Donald Tusk was fighting to forge an EU consensus
hearing on the company’s Libra coin for a Brexit delay to January 31, as Brussels warned
project in Washington yesterday. that any other course would lead to the bloc being
During his first appearance on Capitol dragged into the UK’s political debate.— PAGE 2
Hill since last year’s hearings on Cam-
bridge Analytica, Mr Zuckerberg i Botswana pledge to test De Beers links
warned that any regulatory moves to Botswana’s main opposition
block Libra would hand China the leader has vowed to take a hard
advantage in the race to build a global line with De Beers in talks to
digital currency. Facebook has said it rejig how it operates its mining
will not go ahead with the scheme until of diamonds if he emerges victor
it secures the necessary regulatory from yesterday’s poll.— PAGE 4
approval in both Europe and the US.
As well as Libra, Mr Zuckerberg was i Swedbank vows to lift laundering cloud
grilled on data privacy, fake news, and Swedbank’s new chief has made lifting the “dark
whether Facebook should be broken up. cloud” of money-laundering claims a top priority but
Full story page 2 denied that US and European inquiries are an
Al Drago/Bloomberg existential threat for the lender.— PAGE 16

i Morales accuse opposition of coup plot

SoftBank to force 4,000 WeWork

President Evo Morales has accused Bolivia’s
opposition of plotting a coup, after they challenged
poll results suggesting that he may have won a fourth
term.— REPORT & GLOBAL INSIGHT, PAGE 3

i HK protesters warn over Lam’s removal

job cuts as part of turnround plan Pro-Democracy campaigners have warned Beijing
that its plan to replace Carrie Lam, Hong Kong’s
embattled chief executive, was unlikely to end the
protests that have engulfed the territory.— PAGE 4

i Metro Bank’s co-founder steps down

3 China, India and LatAm pullback 3 30% of workforce to go 3 New chair addresses staff
ARASH MASSOUDI — LONDON
ANDREW EDGECLIFFE-JOHNSON
AND ERIC PLATT — NEW YORK
WeWork is planning to cut as many as
4,000 jobs as part of an aggressive turn-
round plan put in place by Japan’s Soft-
Bank after it took control of the co-
working business this week.
The job cuts will amount to just under
30 per cent of WeWork’s global work-
force of about 14,000 people, according
to people with direct knowledge of its
plans. About 1,000 of the cuts will hit
employees such as cleaners, whose role
WeWork is looking at moving to an out-
sourcing company.
WeWork is also seeking to prioritise
three markets — the US, Europe and
Japan — and will pull back from other
regions including China, India and
much of Latin America. It has already
begun looking at building closures in
parts of its portfolio including China.
The news comes as WeWork employ-
ees and investors digested a $9.5bn Soft-
Bank rescue plan that helped the com-
pany avoid bankruptcy and included
terms that will hand up to $1.7bn to
Adam Neumann, the crisis-hit group’s
co-founder.
The SoftBank-controlled company
has set the goal of boosting occupancy
rates in its most important markets to
about 90 per cent, the people said. That
compares with an occupancy rate that
had dipped below 80 per cent as it pur-
sued a business model more focused on
global expansion.
Marcelo Claure, the SoftBank execu-
tive who has been named executive
Metro Bank’s co-founder quit as chairman as the UK
challenger bank’s latest quarterly results showed
further fallout from a reporting error that was
chairman of the office space provider, trations over the sums Mr Neumann discovered this year.— PAGE 13; LEX PAGE 12
told WeWork staff yesterday that the stood to collect under the SoftBank deal,
company would have to “right-size” its including a $185m “consulting fee”.
business to reach profitability and that Many WeWork staff hold shares in the Datawatch
this would include job cuts. company that were issued at a value
“Yes, there will be lay-offs — I don’t above the $19.19 per share at which Soft-
know how many — and yes, we have to About a quarter Bank is offering to buy them in a $3bn UK power generation
right-size the business to achieve posi- of the planned tender. The SoftBank offer values Terawatt hours Britain passed
tive free cash flow and profitability,” he staff cuts will hit WeWork at about $8bn, far below its 50 an environmental
wrote in a memo seen by the Financial employees such recent funding rounds, including a Soft- landmark in
Times. Mr Claure added: “But I will as cleaners Bank-led round that valued the com- Fossil fuels 40 the third quarter.
Electricity
promise you that those that leave us will pany at $47bn this year. generation from
be treated with respect, dignity and fair- One person who joined WeWork more 30 renewable sources
ness. And for those that stay, we will than three years ago said he received a
ensure everyone is aligned and shares in grant of stock at the time that was priced Renewables 20 exceeded that
from fossil fuels
future value creation.” at $20 per share, while the thousands of for the first time,
WeWork declined to comment. people who joined in more recent years 10 according to
One former employee told the FT that received stock at higher valuations. 2016 2017 2018 2019 consultancy
there was “a lot of anger” inside the Lex page 12 Source: Carbonbrief Carbonbrief.
company, with staff venting their frus- Winners and losers page 15

Trump claims ‘great job’ by US after

Turkey and Russia seal Syria safe zone
AIME WILLIAMS — WASHINGTON ple. And we’re willing to take the blame sanctions if Ankara complied with the
ANDREW ENGLAND — LONDON
and we’re willing to take the credit.” truce the US brokered last week. The
Donald Trump yesterday claimed the Mr Trump has been criticised by US agreement in effect hands Turkish Pres-
credit for ending fighting in north-east politicians, including members of the ident Recep Tayyip Erdogan what he
Syria, saying that he would remove the Republican party, for abandoning has long pressed the US to agree to — a
Chile’s protests expose sanctions he had imposed on Turkey to Washington’s local ally in Syria, and “safe zone” 30km deep inside north-
deep-seated inequalities punish it for launching an offensive handing a victory to Bashar al-Assad, east Syria cleared of the Kurdish forces.
against US-backed Kurdish militants. the Syrian president, and his two main The US decision to back the SDF had
Analysis i PAGE 3; Lex i PAGE 12 foreign backers, Russia and Iran. put severe strain on its relations with
The US president’s decision comes a day The Kurds dominate the Syrian Dem- Turkey, which regards the Kurdish
Austria €3.80 North Macedonia Den220
after Turkey and Russia reached a deal ocratic Forces, a group that the US forces as terrorists and an extension of
Bahrain Din1.8 Malta €3.60 to push the Kurdish forces from a so- armed and trained to spearhead the the Kurdistan Workers’ party.
Belgium
Bulgaria
€3.80
Lev7.50
Morocco
Netherlands
Dh45
€3.80 called safe zone along the border and fight against Isis in north-east Syria. Mr Trump yesterday said “a small
Croatia
Cyprus
Kn29
€3.60
Norway
Oman
NKr35
OR1.60
conduct joint patrols in the area, from After the Turkish offensive triggered number” of troops would remain in
Czech Rep Kc105 Pakistan Rupee350 which US troops have withdrawn. a global outcry amid fears it would cre- Syria to “protect the oil”. But he insisted
Denmark
Egypt
DKr37
E£42
Poland
Portugal
Zl 20
€3.60 Mr Trump, who was widely con- ate a humanitarian disaster and enable the US was “getting out” of the country.
Finland
France
€4.50
€3.80
Qatar
Romania
QR15
Ron17
demned for appearing to give Turkey Isis’s resurgence, Mr Trump imposed It was not clear how the US troops would
Germany €3.80 Russia €5.00 the go-ahead to launch the offensive this sanctions on several Turkish ministries. operate in the region now Syrian regime
Gibraltar
Greece
£2.70
€3.60
Serbia
Slovak Rep
NewD420
€3.60 month, said the US had done a “great He also threatened to double tariffs on forces had returned to the north-east.
Hungary Ft1200 Slovenia €3.50 job”. He added: “This was an outcome Turkey’s steel exports and warned he “Let someone else fight over this long
India Rup220 Spain €3.60
Italy €3.60 Sweden SKr39 created by us, the United States, and could “destroy” the country’s economy. bloodstained sand,” Mr Trump said.
Latvia
Lebanon
€6.99
LBP7500
Switzerland
Tunisia
SFr6.00
Din7.50 nobody else, no other nation. Very sim- Washington had pledged to lift the Russia cements regional role page 4
Lithuania €4.30 Turkey TL19
Luxembourg €3.80 UAE Dh17.00

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 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
2 ★ FINANCIAL TIMES Thursday 24 October 2019

INTERNATIONAL

Future of Europe Facebook

Tusk asks EU to agree fresh Brexit delay Zuckerberg

tells Congress
President of European meant the EU should accept Britain’s
request for a postponement of Brexit to
ers having to meet for a special summit
in Brussels.
“The one thing EU leaders can do now
for the UK is [give] the country the time
different Brexit date to January 31,
including a short “technical extension”
blocking Libra
Council speaks to leaders
about length of extension
January 31.
His plan would leave the door open to
There have also been signs of support
from Berlin. Steffen Seibert, Ms Mer-
it needs,” he wrote.
But diplomats in Brussels said there
of a few days. Any extension requires
unanimous support from the other 27
will be boon
JIM BRUNSDEN – BRUSSELS
GUY CHAZAN – BERLIN
the UK departing the EU sooner if it
were ready, leading to the proposal
being dubbed a “flextension”.
kel’s spokesman, said yesterday that an
extension “won’t fail because of Ger-
were still doubts about the position of
France, which has repeatedly warned
that Britain must justify the need for
member states, and EU envoys were
meeting yesterday in Brussels to discuss
the next steps. Two EU diplomats said
to China tech
It is understood that Mr Tusk wants any slippage in the Brexit deadline of no decisions were taken at the meeting
JIM PICKARD – LONDON
Donald Tusk was yesterday fighting to the EU to formally decide around the
‘We cannot prolong this October 31, and stressed that the depar- and that ambassadors were expected to KIRAN STACEY — WASHINGTON
forge consensus among EU members for end of this week or the beginning of situation indefinitely’ ture process needed to end. Amélie de hold further talks tomorrow. HANNAH MURPHY — NEW YORK
a Brexit delay to January 31, as Brussels next, providing time for the situation in Montchalin, France’s Europe minister, One said the EU was leaning towards China will steal a march on American
officials warned that any other course Westminster to become clearer. Mr
Amélie de Montchalin, responded caustically to the Commons granting an extension through written
France’s Europe minister technology if the US blocks Facebook’s
would lead to the bloc being dragged Johnson’s government and party are vote on Tuesday, saying that “we cannot procedure that could be done in less plans for a global digital currency,
into the UK’s domestic political debate. split on whether to push for a general prolong this situation indefinitely”. than 24 hours rather than a summit, but Mark Zuckerberg warned as he was
The European Council president election or try again to deliver its Brexit many”. He refused to be drawn on During a meeting between Mr John- that further discussion was needed to questioned over the company’s Libra
spoke with leaders, such as Germany’s deal, after the prime minister’s failure to whether Berlin would accept January son and opposition Labour leader Jer- decide the length of the delay. project in front of Congress for the
Angela Merkel and Ireland’s Leo Varad- secure a rapid timetable for passing the 31, saying he did not want to “pre-empt emy Corbyn yesterday, Dominic Cum- Mr Johnson warned Mr Tusk yester- first time.
kar, the day after UK premier Boris crucial withdrawal legislation. consultations” in Brussels. mings, the premier’s chief adviser, pre- day that moving the deadline to January
Johnson lost a key vote in the House of Mr Varadkar has publicly backed the Norbert Röttgen, chair of the German dicted the French would veto any Brexit 31 would ruin his efforts to push his deal The Facebook chief executive testified
Commons on implementing his Brexit plan for an extension to January 31, Bundestag’s foreign affairs committee, delay, said a person briefed on the mat- through the Commons, leaving no alter- yesterday for several hours during an
deal. Mr Tusk was making the case that which Mr Tusk hopes can be settled by a said in a tweet that the EU should ter. Labour rejected this prediction. native but a general election. often hostile hearing that ranged far
the political turmoil at Westminster “written procedure”, without EU lead- endorse a sizeable delay. In theory, the EU could offer the UK a See FT Big Read beyond the digital currency, touching
on everything from false advertising to
election interference.
Mr Zuckerberg acknowledged the
concerns of regulators and politicians
Impeachment inquiry. Taylor statement that Libra could allow money launder-
ing and undermine the supremacy of

Democrats leap on diplomat’s Ukraine testimony the dollar. But he insisted that cancel-
ling the scheme would be worse for
American political and financial leader-
ship.
“China is moving quickly with the
launch of a similar idea in the coming
Trump foes see growing months,” he said. “Libra is going to be
indications of presidential backed mostly by dollars and I believe
that it will extend America’s financial
quid pro quo arrangement leadership around the world, as well as
our democratic values and oversight.”
Asked specifically whether he would
LAUREN FEDOR — WASHINGTON
put his plans on pause until Congress
Democrats leading the impeachment had a chance to legislate on how to regu-
inquiry into Donald Trump say testi- late cryptocurrencies, Mr Zuckerberg
mony from William Taylor, the US top said: “Congress exercises significant
diplomat in Ukraine, provides the clear- oversight [over regulators], so that
est evidence yet that the US president seems to me like the appropriate way
engaged in a “quid pro quo” arrange- for that to happen.”
ment with his Ukrainian counterpart by Mr Zuckerberg was testifying in front
withholding US military aid in exchange of the House financial services commit-
for political favours. tee for the first time since he appeared
Mr Taylor’s testimony took place in the wake of the Cambridge Analytica
behind closed doors on Tuesday. But his scandal a year ago.
15-page opening statement detailed The hearing touched on Cambridge
months of interactions with US officials, Analytica, which saw a political consul-
including US ambassador to the EU tancy target voters using data illicitly
Gordon Sondland, and Tim Morrison, harvested from Facebook, as well as
Mr Trump’s top Russia adviser. The FT many of the political controversies the
highlights key passages and their signifi- company has faced since then.
cance to the inquiry. Mr Zuckerberg defended the com-
pany against concerns about a new pol-
The Pompeo link icy that allows false political advertis-
“On May 28 of this year, I met with Secre- ing, accusations that it suppresses the
tary Mike Pompeo who asked me to return views of people who are against vaccina-
to Kyiv to lead our embassy in Ukraine. It tions, and the charge that it has allowed
was — and is — a critical time in US- discriminatory advertising and, lastly,
Ukraine relations . . . The former Ambas- that it has simply grown too powerful.
sador, Masha Yovanovitch, had been Maxine Waters, the Democratic chair
treated poorly, caught in a web of political In focus: lawyer Rudy Giuliani ] . . . it became clear he abruptly ended the meeting, telling Dr ‘There elections as a “drug deal”, left the of the committee, said: “I have come to
machinations both in Kyiv and in Washing- William Taylor, to me by August that the channels had Hill, [Fiona Hill, Mr Trump’s former top administration. Mr Taylor also said that the conclusion that it would be benefi-
ton. I feared that those problems were still centre, diverged in their objectives.” Russia adviser] and Mr Vindman [Alexan- appeared during a visit to Kiev in late August, he cial if Facebook concentrates on
present.” addressed the House Democrats leading the inquiry der Vindman, director of European affairs to be two told Mr Bolton about his concerns about addressing its many existing deficien-
The White House has suggested Mr Tay- inquiry on have scrutinised Mr Giuliani’s activities at the National Security Council] that they the withholding of military assistance to cies and failures before proceeding any
lor was part of a “co-ordinated smear Tuesday. as part of their probe, but the former should have nothing to do with domestic channels of Ukraine. He said Mr Bolton told him to further on the Libra project.”
campaign” involving “radical unelected Background mayor of New York City has refused to politics. He also directed Dr Hill to ‘brief the US policy- send a cable directly to Mr Pompeo. But Mr Zuckerberg largely refused to
bureaucrats”. But Mr Taylor said he had shows, left co-operate. Mr Taylor went on to detail lawyers’. Dr Hill said that Ambassador Bol- bow to pressure to change the way Libra
been appointed by Mr Pompeo after to right, interactions with top US officials that ton referred to this as a ‘drug deal’ after the making’ ‘Quid pro quo’ was intended to work.
Marie Yovanovitch, former American Volodymyr led him to believe by mid-July that the July 10 meeting. Ambassador Bolton “According to Mr Morrison [Tim Morrison, He said Facebook would not enforce
ambassador to Ukraine, was abruptly Zelensky, meeting that President Volodymyr Zel- opposed a call between President Zelensky
William Taylor Mr Trump’s top Russia adviser], President regulations on the other companies that
removed from her post. Ms Yovanovitch Donald Trump ensky wanted with Mr Trump was con- and President Trump out of concern that it Trump told Ambassador Sondland that he launch digital wallets on the Libra plat-
has asserted that Mr Trump led a “con- and Mike ditional on opening investigations into ‘would be a disaster’.” was not asking for a ‘quid pro quo’. But Pres- form, despite concerns over money-
certed campaign” to have her fired. Pompeo Joe Biden, the Democratic presidential Mr Taylor recounted a call detailing a ident Trump did insist that President Zel- laundering. He said the Libra associa-
FT montage; AP; Getty
candidate, and his son, Hunter, as well July 10 meeting Ms Hill and Mr Vind- ensky go to a microphone and say he is tion would be based in Switzerland,
Twin-track foreign policy Images; EPA/Shutterstock
as alleged Ukrainian interference in the man had with Ukrainian officials, Mr opening investigations of Biden and 2016 despite unease this could circumvent
“There appeared to be two channels of US 2016 US election. He also believed this Volker, Mr Sondland and then-US election interference, and that President US rules and regulations. And he
policymaking and implementation, one condition was driven by the “irregular national security adviser John Bolton at Zelensky should want to do this himself.” insisted the currency would be backed
regular and one highly irregular . . . there policy channel” guided by Mr Giuliani. the White House. Mr Bolton, who Mr Taylor detailed a September 7 phone by a basket of real currencies, despite
was an irregular, informal channel of US reportedly referred to the linking of a call with Mr Morrison, which suggested pressure to switch solely to the dollar.
policymaking with respect to Ukraine, one Bolton walks out White House meeting between Mr that Mr Trump sought a “quid pro quo” In one concession, however, he did say
which included then-Special Envoy Kurt “They told me that Ambassador Sondland Trump and Mr Zelensky and the open- arrangement on aid as well as a White he thought it would be “completely rea-
Volker, Ambassador Sondland, Secretary of had connected ‘investigations’ with an Oval ing of investigations into Burisma [a House meeting between the two leaders sonable” if regulators insisted dollars
Energy Rick Perry, and as I subsequently Office meeting for President Zelensky, Ukrainian company linked to Joe — even if the White House insisted the should be the principle currency in the
learned Mr Giuliani [Trump personal which so irritated Ambassador Bolton that Biden’s son, Hunter] and the 2016 US president had not. basket.

Solidarity surcharge
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription German taxpayers grow weary of levy to help rebuild east
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
TOBIAS BUCK — BERLIN kel agreed to abolish the Soli for 90 per Cedric von der Hellen, a tax expert at between the vast sums raised by the sol-
Trump vs the Valley A Five Star plan? Dear Don...
cent of all taxpayers as of 2021. A law to the BDI German industry federation, idarity surcharge and actual disburse-
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
When Chancellor Helmut Kohl prom-
HMRC warns Lloyd’s of Brussels Insurance market that effects goes to parliament today. said: “There was always a political ments in the east — under a scheme
ised to build “blossoming landscapes”
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Briefing
to tap new talent pool with EU base
customs risks THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border

Yet critics insist the Soli must be promise that the Soli would be used only known as the solidarity pact — has wid-
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

being swamped
amid the economic ruins of eastern
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE Censors and sensitivity
by Brexit surge
some surgical procedures will be scrapped.— PAGE 4

scrapped for all taxpayers, including to fund the additional costs linked to ened notably over time.
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of

government debt in the first quarter of this year,
upsetting — LIFE & ARTS

Germany in 1990, taxpayers in east

taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15

3 Confidence in IT plans ‘has collapsed’

3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
Credit Suisse Art of persuasion Mystery deepens
i London tower plans break records
How To Spend It
companies, and have launched a legal reunification. But if you look at govern- Since 1995, the Soli has raised €331bn
A survey has revealed that a
adjust its negotiation position with the
record 455 tall buildings are
planned or under construction
in London. Work began on
over disputed painting of Jane Austen
engulfed in
EU, a Whitehall official said. “If running almost one tower a week

and west knew there would be a price

A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions
surge in workload expected once Britain press for certain options in Brussels.” The US secretary of state has failed to reconcile

fresh tax probe

case to have the increasingly unpopular ment spending you see that unity- for eastern Germany but the govern-
leaves the EU, customs authorities have In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep
admitted to MPs.
HM Revenue & Customs told a parlia-
of the Commons treasury select com-
mittee, HMRC said the timetable for
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
Chic new lodgings
mentary inquiry that the new system
needed urgent action to be ready by
delivering CDS was “challenging but
achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan
in Scotland

March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
in time “has collapsed”.
to pay.
complex programme” that needed to be In a stormy three-hour meeting, investors accused MAGAZINE
linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
tems to work properly. In November, 3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse
HMRC assigned a “green traffic light” to filed for Chapter 11 bankruptcy protection.— PAGE 16
3 Blow for bid to clean up Swiss image

Setting up a digital customs system
has been at the heart of Whitehall’s
Brexit planning because of the fivefold
increase in declarations expected at
British ports when the UK leaves the EU.
tax top-up declared unconstitutional. related investments in eastern Ger- ment spent just €243bn. The remaining
CDS, indicating it would be delivered on
time. But last month, it wrote to the i HSBC woos transgender customers
committee saying the programme had The bank has unveiled a range of gender-neutral
RALPH ATKINS — ZURICH it followed “a strategy offull client tax
been relegated to “amber/red,” which DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to
means there are “major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.

FINANCIAL TIMES
About 53 per cent of British imports
come from the EU, and do not require
checks because they arrive through the
single market and customs union. But
apparent in a number ofkey areas”. Credit
needs Suisse hascustomers.
of transgender been targeted by
— PAGE 20 HM Revenue & Customs said it had
HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
and it will be able to support frictionless back Switzerland’s attempts to clean up dering by “a global financial institution
Datawatch

(Deposito Legal) M-32596-1995;

Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
Few thought they would still be paying it “The solidarity surcharge was many have fallen sharply in recent €88bn has served only to inflate Ger-
international trade once the UK leaves its image as a tax haven. and certain ofits employees”. The UK
the EU . . . Internal ratings are designed The Swiss bank said yesterday it was tax authority added: “The international
to make sure that each project gets the
focus and resource it requires for suc-
Terror attacks inwith
co-operating western Europe after
authorities
offices in London, Paris and Amsterdam
Recent reach
itsattacks
notably the message
2011
— of this investigation sends a clear
that there is no hiding place for
The lure of the exotic
cessful delivery.” were contacted
Highlighted attack byOthers massacre bythose seeking to evade tax.”
local officials Robin Lane Fox on the flair
“concerning client tax matters”. Anders BreivikDutch in prosecutors, who initiated the
HMRC’s letters to the select commit- of foreign flora — HOUSE & HOME

Bracken House, 1 Friday Street,

The revelations about the system,
called Customs Declaration Service, are
likely to throw a sharper spotlight on
tee, which will be published today, pro-
vide no explanation for the rating
change, but some MPs believe it was
Lloyd’s of London chose Brus-
sels over “five or six” other
insurers to follow. Most of the
business written in Brussels
EU, with Dublin and Luxem-
bourg thought to be more likely
AFP
parts in Germany wereBrussels
while Australia’s revenue department
Norway
said it was investigating a Swiss
Publishing Director, Lionel Barber;
Norway, the
Dutch authorities said their counter- action, said they seized jewellery, paint-
attacks in Paris
also involved,
and Nice, and
ings and gold ingots as part of their
Brussels suicide
Nice bank.
the while French officials said their
probe;
investigation had revealed “several

whether Whitehall can implement a
host of regulatory regimes — in areas
caused by Mrs May’s unexpected deci-
sion to leave the EU customs union.
cities in its decision to set up an
EU base to help deal with the
will be reinsured back to the
syndicates at its City of London
homes for the industry. But Paris
Mr Nelson said the city won on The inquiries threaten to undermine
efforts by the country’s banking sector
three decades later. intended to help the government deal years, and now the bulk of revenues many’s already bulging tax take and
bombings — have
thousand” bank accounts opened in
bucked the trend
Switzerland and not declared to French

London EC4M 9BT.

ranging from customs and immigration
to agriculture and fisheries — by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
London’s specialist insurance
groups after the UK leaves the
its transport links, talent pool
and “extremely good regula-
tory reputation”.
Lex page 14
Insurers set to follow page 18
to overhaul business models and ensure
customers meet international tax
requirements following a US-led clamp- Publishing Company, The Financial Times Limited,
of generally low

western Europe
tax authorities.
fatalities from
The Swiss attorney-general’s office
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
said it was “astonished at the way this
down on evaders, which resulted in operation has been organised with the
billions of dollars in fines. deliberate exclusion of Switzerland”. It

registered office as above. Local Representative office;

The probes risk sparking an interna- demanded a written explanation from
tional dispute after the Swiss attorney- Dutch authorities.

City watchdog sends a clear message as

German citizens and companies have with an extraordinary crisis situation. from the Soli simply goes into the gen- budget surplus.
general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
ment” that it had been left out of the in the US to an “extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients THE RISE
Escape OF
the taper ECO-GLAM
trap
EU’s judicial liaison body. evade tax. It agreed to fines of $2.6bn.

banker loses job over WhatsApp boast How high earners can evade

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Credit Suisse, whose shares fell 1.2 per

subject ofinvestigations in the Nether-

lands, France and the UK. The bank said in Paris C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid. ISSN
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Houlder in London, and Michael Stothard
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funded the reconstruction of the east And we really had such a situation after eral budget.” Next year the solidarity pact formally
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON — LONDON

Tel: +44 207 775 6000, fte.subs@ft.com,

Shutdown risk as border
A boastful WhatsApp message has cost
a London investment banker his job
and a £37,000 fine in the first case of
Christopher Niehaus, a former Jeffer-
ies banker, passed confidential client
information to a “personal acquaint-
ance and a friend” using WhatsApp,
according to the FCA. The regulator said
ban people from installing apps on their
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set “a precedent
in that it shows the FCA sees these mes-
1135-8262.
Brussels takes tough stance on Brexit
with Spain handed veto over Gibraltar
regulators cracking down on commu- 390_Cover_PRESS.indd 1 19/01/2017 13:57

wall bid goes over the top nications over Facebook’s popular Mr Niehaus had turned over his device saging apps as the same as everything

www.ft.com/subscribetoday Congressional Republicans seeking to

avert a US government shutdown after
April 28 have resisted Donald Trump’s
attempt to tack funds to pay for a wall
on the US-Mexico border on to
chat app.
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
to his employer voluntarily.
The FCA said Mr Niehaus had shared
confidential information on the messag-
ing system “on a number of occasions”
last year to “impress” people.
Several banks have banned the use of
else”.
Information shared by Mr Niehaus
UAE: Al Nisr Publishing LLC, P.O.Box 6519. Dubai. Editor
through a “solidarity surcharge” that reunification in the 1990s,” said Isabel According to calculations by Martin comes to an end, meaning that all reve-
included the identity and details of a
client and information about a rival of ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
Jefferies. In one instance the banker GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
boasted how he might be able to pay off STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would

Advertising
stopgap spending plans. They fear
that his planned $33bn increase in
defence and border spending could
force a federal shutdown for the first
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staff’s communication.
Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
new media from work-issued devices,
but the situation has become trickier as
banks move towards a “bring your own
device” policy. Goldman Sachs has
clamped down on its staff’s phone bills
his mortgage if a deal was successful.
Mr Niehaus was suspended from Jef-
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Living wage rise to pile
pressure on care services
in Chief: Lionel Barber.
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
Britain’s plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
fully been singled out for unfavourable
treatment by the council at the behest of
Spain”. Madrid defended the draft
clause, pointing out that it only reflected
“the traditional Spanish position”.
require “existing regulatory, budgetary,
supervisory and enforcement instru-
ments and structures to apply”.
Mr Tusk wants talks on future trade
to begin only once “sufficient progress”

Qatar: Dar Al Sharq, PO Box 3488, Doha-Qatar. Tel: +97 has raised more than €330bn to date. Klocke, head of tax policy at the Ger- Beznoska, an economist at the German nues raised through the Soli will end up
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and

Tel: +44 20 7873 4000 asiaads@ft.com,

US budget Q&A and
Trump attack over health bill i PAGE 8
accessed without permission from the
user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
for comment.
Additional reporting by Chloe Cornish
Lombard page 20
About 2.3m people will benefit from
today’s increase in the national living
wage to £7.50 per hour. But the rise
will pile pressure on English councils,
which will have to pay care workers a
European Council president Donald
Tusk’s first draft of the guidelines,
which are an important milestone on
the road to Brexit, sought to damp Brit-
ain’s expectations by setting out a
Mr Tusk’s text left room for negotiators
to work with in coming months. Prime
minister Theresa May’s allies insisted
that the EU negotiating stance was
largely “constructive”, with one saying it
citizen rights, which Whitehall officials
believe means simultaneous talks are
possible if certain conditions are met.
Boris Johnson, the foreign secretary,
reassured European colleagues at a

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lot more. Some 43 per cent of care
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aged 25 and over — earn less than the
44557825
“phased approach” to the divorce proc-
ess that prioritises progress on with-
drawal terms.
was “within the parameters of what we
were expecting, perhaps more on the
upside”.
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had not intended to “threaten” the EU
when she linked security co-operation

Introduced in 1991, briefly abolished man taxpayers’ association. “But today Economic Institute in Cologne, the gulf going towards the general budget. “That
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Mar 30
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1248.80
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52.54
1251.10
Fed Funds Eff
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Soli is added to all payments of income budget is actually in surplus. So there is Mr Beznoska said.
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50.46
53.35
1244.85
50.35
53.13
1248.80
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INTERNATIONAL
GLOBAL INSIGHT
State of emergency
REGIONAL TENSION

Bolivia president denounces ‘coup’ plot Michael

Violent protests erupt as
opposition claims Morales
election result is rigged
ANDRES SCHIPANI — SANTA CRUZ
Evo Morales has accused Bolivia’s
opposition of plotting a coup against
him, after they challenged election
results suggesting the incumbent
president may have won a contentious
dramatic intervention followed days of
unrest in Bolivia after the election on
Sunday. The Organization of American
States and the EU have both expressed
concern about the count.
Protesters set fire to electoral offices
in a number of cities while demonstra-
tors took to the streets of the adminis-
trative capital La Paz to accuse the gov-
ernment of tampering with the results
to win another five-year term, with
police using tear gas to disperse them.
centage points, to win outright. If he
wins, he would avoid a December run-
off vote, which analysts said he may lose
against a united opposition.
However, Mr Morales insisted that
when the remaining votes come in from
the countryside he would win outright.
“I am very sure that with the vote from
the rural areas we will win on the first
round,” he said.
In an election in which more than 7m
ballots were cast, Mr Morales’ lead was
Stott
‘I am very tierra, president of Mr Morales’ Move-
ment for Socialism party in the Senate,
sure that
with the
said that if Mr Mesa “had proof of the
supposed fraud he should present it”.
There are concerns about the decision
Latin America lags
vote from
the rural
by the electoral authority on Sunday
evening to freeze the tally updates for
behind rest of world
areas we
nearly a day after it appeared that
Bolivia was heading for a second round
of voting. When the updates resumed
in race for growth
will win on on Monday evening, they revealed that
the first Latin America’s longest-serving sitting

fourth term.
“I want to denounce before the
Bolivian people and the world that
there’s a coup d’état in the making,” Mr
Morales said yesterday as he declared a
state of emergency.
He called on his supporters to “mobi-
lise peacefully” and be “prepared to
defend democracy” in a country with a
history of violent street protest. The
Mr Morales, Bolivia’s first indigenous less than 600,000 votes, the tightest
leader who has been in power for 14 result since he swept to a presidential
years, yesterday continued to hold a victory for the first time in 2005.
lead over his rival, former president Addressing thousands of supporters
Carlos Mesa. With 96.78 per cent of bal- in La Paz on Tuesday, Mr Mesa reiter-
lots counted, official results showed Mr ated that he would challenge the result.
Morales was ahead with 46.49 per cent, “Bolivia’s society will teach the dictator
while Mr Mesa was on 37.01 per cent. we are capable of facing him without
He requires at least 40 per cent of the violence . . . Democracy, yes, dictator-
vote, plus a lead of more than 10 per- ship, no,” Mr Mesa said. Adriana Salva-
Inequality. National protests
T
round’ president had stretched his lead and was
heading for outright victory. On Tues-
Evo Morales day, the electoral authority insisted the
president count was “completely accurate”.
Leaders in the opposition stronghold
of Santa Cruz called for an “indefinite
strike until democracy is respected”.
MAS supporters, including farmers and
miners, said they would “mobilise” to
“defend our democracy, our vote”.
roops on the streets in Chile. Riots in Ecuador.
Street protests in Argentina. Populism on the
march in Brazil and Mexico. Bolivians burning
ballot boxes. Political turmoil in Paraguay
and Peru.
While each of the crises breaking out across Latin
America has some unique characteristics, there is one
overarching reason: this is the world’s worst-performing
region in terms of economic output.
“Latin America is just not growing,” said Shannon K.
O’Neil, senior fellow in Latin American Studies at the
Council on Foreign Relations in New York. “So the pie for
everyone to share is not getting any bigger . . . It is not about
‘are they going left or right’ — even the best politicians are
finding that there is not a lot to hand out, there is not a
lot to work with.”

Piñera apology fails to ease Chile crisis
President’s offer to boost pay,
pensions and fuel subsidies
falls short of critics’ demands
BENEDICT MANDER — SANTIAGO
Demonstrators were gathering yester-
day in the Chilean capital Santiago and
other cities after an apology from Presi-
dent Sebastián Piñera for his govern-
ment’s “lack of vision” failed to quell
public anger and defuse a mounting
political crisis.
Mr Piñera had late on Tuesday
announced a package of reforms aimed
at pacifying the demonstrators who
have taken to the streets over a pro-
posed increase in metro fares, which
triggered a state of emergency.
The package, which requires congres-
sional approval, included a rise in the
minimum wage, pension payments,
health benefits and electricity subsidies
and will partly be financed by raising
taxes for the wealthiest Chileans. “It is
true that problems accumulated for
many decades and that different gov-
ernments were not able to recognise this
situation,” Mr Piñera said. “I recognise
and apologise for this lack of vision.”
Yet the apology and the proposals
stopped well short of the demands of Mr Masked fury:
Piñera’s most vocal critics. protesters clash
Santiago has in recent days been con- with security
vulsed by riots, looting and arson, push- forces in
ing the government to introduce the central Santiago
state of emergency and suspend the on Tuesday.
metro fares rise. A national strike yes- Below, President
terday was also widely respected, Sebastián Piñera
including by workers at the country’s Pedro Ugarte/AFP/Getty
biggest mines.
The protests have exposed deep-
seated anger among Chileans at an une-
qual system that has excluded them
from the country’s remarkable eco-
nomic performance in recent decades.
The demonstrations are “not about the
30-peso rise in metro fares, but 30 years
of a faulty democracy that didn’t attend
the needs of the majority of the people”,
said Camila Vallejo, a leader of Chile’s
Communist party. “If the government
wants dialogue, it must include social
organisations.”
Ms Vallejo and others have also called
for military personnel to be withdrawn
from the streets, but Mr Piñera has said
that, for now at least, the state of emer-
gency remains in place.
Many say the army’s presence has
only aggravated the violence, with at
least three of 15 confirmed deaths con-
nected to the military. Videos circulat-
ing on social media show soldiers per-
mitting looting. “We are deeply con-
cerned by the images of instances of
police brutality coming out of Chile,”
said José Miguel Vivanco, Americas
director at Human Rights Watch.
Mr Piñera’s declaration that he was
“at war against a powerful enemy” has
also provoked widespread contempt.
“The only war is against inequality,”
read one protester’s sign. “This isn’t war,
it’s history,” read another.
“In such conditions it will be difficult
to reach an agreement,” said Emilia Sch-
neider, the president of the influential
student union of the University of Chile,
the building’s façade covered in fresh
graffiti-inciting violence (“kill the
cops”) and demanding that Mr Piñera
and his “fascist” group resign.
On Tuesday, Ms Schneider led a meet-
ing of a few hundred students in the cen-
tral patio of the university’s main build-
ing opposite the presidential palace.
There was almost unanimous agree-
ment among the students of the need to
rewrite a constitution that dates back
to the dictatorship of General Augusto
Pinochet, a document that many see
as illegitimate.
Such a proposal was notably absent
from Mr Piñera’s reform pack-
age. Hordes of students have joined the
mass protests across Santiago and
around the country. Although most
took part peacefully, some masked agi-
tators hurled rocks at security forces
and lit fires in streets.
Not all protests have been violent. As
a student orchestra in a middle-class
neighbourhood in Santiago started
playing the national anthem — to which
the crowd sang along with alternative
lyrics that such protests will “always
make tyrants tremble” — many voiced
concern about the social divide.
“We are protesting peacefully here,
even if there are some sectors that
would like to portray us otherwise. But
there are no delinquents here. There are
families, with children, in a safe space,”
said Gustavo Becerra, a musician, echo-
ing widespread concerns about repres-
sion by the armed forces that for many
recall the darkest days of the dictator-
ship of Mr Pinochet in the 1970s.
Mr Becerra warned that the govern-
ment response to Chileans’ grievances
must be fast and serious. “If not, these
protests could continue for months,” he
predicted.
Quinn Markwith, analyst at Capital
Economics, said the Argentine finance
minister had estimated that the total
cost of the new measures proposed by
Mr Piñera would be $1.2bn, or 0.4 per
cent of gross domestic product.
“That estimate seems quite plausible
to us,” he said. “Chile’s public finances
are quite strong, and so they can afford
this without causing bond yields to rise.”
See Lex
Chile is perhaps the best example of this phenomenon.
Although it is one of Latin America’s best economic
performers this year and frequently cited as a model of
good macroeconomic policy, the capital Santiago experi-
enced its worst violence in three decades last weekend as
citizens vented their anger at entrenched wealth inequal-
ity and the high cost of living.
“Chile’s problems are more to do with the expectations
that come from success,” said Nicholas Watson, Latin
America managing director at the consultancy Teneo.
“Standards have become higher and . . . the last adminis-
tration and this administration do not offer anything
fresh, any vision for the long-term economic future of
the country.”
If only other countries
in Latin America had
Chile’s problems. The lat-
‘Even the best
est IMF world economic politicians are
forecasts, published last
week, painted a misera-
finding that there
ble economic picture for is not a lot to hand
the region. Instead of
growing 1.4 per cent this
out or work with’
year, as the fund pre-
dicted only six months ago, it now believes Latin America
will manage just 0.2 per cent — and that forecast was made
before the latest turmoil hit Chile and Bolivia.
Venezuela’s implosion under the revolutionary socialist
government of Nicolás Maduro is part of the problem: the
economy is set to contract by one-third this year, continu-
ing a man-made collapse which is unprecedented in the
region outside war or natural disaster.
The global trade war is sometimes cited as another cul-
prit for Latin America’s weak performance. But the emerg-
ing nations of Asia will still manage to grow at a 5.9 per cent
clip this year, down just a fraction from what was expected
in April. As for Africa, the IMF predicts it will grow by 3.2
per cent this year, or 16 times faster than Latin America.
What is going wrong? There is no single answer but the
most commonly cited explanations are an inability to
diversify away from commodities exports, a failure to
invest in infrastructure and education during the com-
modities boom, high levels of corruption and weak rule of
law and — with the exception of Mexico — no opportunity
to plug into global manufacturing supply chains.
The prospects are dim. The IMF’s forecasts for the next
five years predict that almost all of the continent will grow
below the global average for emerging market economies
and large nations such as Mexico, Argentina and Vene-
zuela will not even match the sluggish performance of the
world’s developed economies.
As always, the gloomy regional picture hides some
brighter news. Peru, Colombia, Bolivia and Chile will all
deliver respectable growth of between 2 and 3 per cent this
year. Brazil’s bold and radical economic reform
programme offers much promise, if it can survive the
political turmoil of the Bolsonaro presidency. Colombia’s
efforts to promote the tech industry and diversify its
economy deserve greater recognition.
But it is a sad comment on Latin America that its fastest-
growing economy this year — Panama, at 5 per cent — is
also one of its smallest.
michael.stott@ft.com

São Paulo. Social security Supercomputing

Pension reform vital to kick-starting Brazil’s economy
Passing of the legislation
represents a significant
victory for Bolsonaro
ANDRES SCHIPANI AND BRYAN HARRIS
SAO PAULO
After decades of delay and political
deadlock, Brazil has passed its long-
awaited pension reform. It is a big vic-
tory for far-right president Jair Bol-
sonaro and his economic tsar, the Uni-
versity of Chicago-educated Paulo
Guedes, who spearheaded its passage.
The costs of failure would have been
high. Brazil’s ballooning pensions
spending risked sparking “a social col-
lapse”, according to Rodrigo Maia,
Speaker of the lower house who shep-
herded the constitutional amendment
required to reform the pensions system
through a fractious Congress.
Why does it matter?
The pension reform, passed on Tuesday,
is seen as key to shoring up public
finances and restoring confidence in
Brazil’s sluggish economy, which
emerged from a recession in the previ-
ous quarter. Investors have been follow-
ing the reform saga because the coun-
try’s spending on social security is
among the highest in the world. Last
year, it accounted for 44 per cent of the
federal government’s budget and 8.6 per
cent of gross domestic product. Without
the reform, the pension outlays would
Pension reform impact
on Brazil’s public debt
Public debt, % of GDP
No reform
Bill as currently stands in Senate
Bill that passed Congress
140
Projections
2007 2020
Source: Capital Economics
balloon to 17 per cent of GDP in the next
four decades, according to official data.
The overhaul has already been priced in
by Brazil’s financial markets.
What’s in the reform?
Rogério Marinho, the government’s
social security secretary, said the reform
— which will increase retirement ages to
65 for men and 62 for women, from 56
and 53 respectively — represents
R$800bn ($194bn) in savings over the
next decade, plus R$270bn of ancillary
savings in the same period.
“This is a big number. It is a good
result,” said David Beker, chief econo-
mist at Bank of America Merrill Lynch
in São Paulo. The reform should prevent
the government’s debt ratio from rising
120 — a concern in a country where gross
public debt could have topped 120 per
100 cent of GDP “if reforms are not imple-
80 mented”, the IMF warned in July.
60
Will the public accept it?
Twenty years ago, former president
40 Fernando Henrique Cardoso came
2030 within one vote in the Senate of passing
the reform. Since then, political efforts
have waned. The current proposal was
initiated under Michel Temer, Mr Bol-
sonaro’s predecessor, but stalled after he
was charged with graft.
But since Mr Bolsonaro’s election last
year, most legislators have come round
to the idea that reining in social welfare
payments is necessary. Senior politi-
cians got the message across that losing
certain benefits would be beneficial for
future generations, with some people
rallying in favour of the reform. Opinion
polls show the overhaul has gained sup-
porters. “We cannot focus just on the
present, things are getting worse so the
reform is necessary,” said Elica Goulart,
a languages teacher who will retire soon.
What’s next?
International businesses have mostly
held back from investing in Brazil until
the reform passed. Many hope pension
reform will restore confidence in the
economy. But Vladimir Caramaschi do
Vale, chief economist for Latin America
at Indosuez Wealth Management,
warned Brazil “needs to keep pushing
through other reforms” if it really
wanted to unlock investments.
White House praises Google’s
claim of ‘quantum supremacy’
MADHUMITA MURGIA — LONDON
The White House has hailed Google for
a breakthrough called the “quantum
supremacy”, in which a quantum com-
puter carried out a calculation beyond
the ability of today’s most powerful
supercomputers.
First reported by the Financial Times
last month, Google officially confirmed
the research and put a paper about it in
the scientific journal Nature, yesterday.
After the announcement, Ivanka
Trump, an adviser to US President Don-
ald Trump said: “The Trump adminis-
tration is proud of its role in achieving
this feat, quantum supremacy, and we
look forward to helping usher in the
next generation of quantum technolo-
gies here in the United States.”
The National Quantum Initiative Act,
which authorised $1.2bn over five years
for quantum research, was signed by Mr
Trump last year.
The research paper claimed that
Google’s quantum processor was able to
perform a calculation in three minutes
and 20 seconds that would take today’s
most advanced classical computer,
known as Summit, about 10,000 years.
Quantum computers, if they can be
built at scale, will harness properties
that extend beyond the limits of classi-
cal physics to offer exponential gains in
computing power. Experts in the quan-
tum computing field have hailed it as a
key step towards useful applications.
“This is an important step forward
technically . . . but still a long way away
from quantum computers being able to
do useful calculations,” said David
Lucas, quantum physicist and lecturer
at Oxford university. “Progress gener-
ally doesn’t come by enormous step-
change breakthroughs but by gradual
progress, and I have great respect for the
technical engineering prowess that has
managed to scale up this system.”
IBM said yesterday that Google had
overstated its claim. IBM, in a race with
Google, said it would be able to program
a supercomputer to handle the same
task in only two and-a-half days using
their own methods.
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4 ★ FINANCIAL TIMES Thursday 24 October 2019

INTERNATIONAL

Democracy demonstrations Diamonds

Lam removal not enough, Beijing is warned Botswana ties

Hong Kong activists say
protests will go on even if
chief executive is replaced
SUE-LIN WONG — HONG KONG
Pro-democracy campaigners have
warned China that any move to ditch
Carrie Lam, Hong Kong’s embattled
leader, was unlikely to end the protests
that have engulfed the territory.
Beijing is drawing up plans to replace
Ms Lam with an “interim” chief execu-
tive, possibly as early as March, after
five months of sometimes violent dem-
onstrations against her rule, the Finan-
cial Times reported yesterday. If the
plan is enacted, Ms Lam’s successor
would serve the remaining years of her
term, which ends in 2022.
Lam Cheuk-ting, a pro-democracy
lawmaker in Hong Kong’s Legislative
Council, said the removal of Ms Lam
might not be enough to resolve the polit-
ical crisis. “We need to fix Hong Kong’s
systemic problems: namely the undem-
ocratic system and the police force
being out of control with no checks and
balances,” he said. But he added he
believed a new chief executive might
adopt a new strategy to deal with the
protests. “That may be a new start.”
Leading candidates to succeed Ms
Lam include Norman Chan, former
head of the Hong Kong Monetary
Authority, and Henry Tang, son of a tex-
tile magnate who has also served as the
Syria. Putin-Erdogan pact
territory’s financial secretary and chief
secretary for administration, according
to people briefed on the deliberations.
Hong Kong was plunged into its worst
political crisis in decades when hun-
dreds of thousands of people took to the
streets to protest against the introduc-
tion of a bill allowing extraditions to
mainland China.
Yesterday, Hong Kong’s legislature
formally withdrew the legislation,
‘We need to fix systemic
problems: the
undemocratic system and
police being out of control’
which would have allowed criminal sus-
pects to stand trial in courts controlled
by the Chinese Communist party.
The protest movement has since
morphed into a fight for democratic
elections, one of the demonstrators’ five
demands, which in addition to the for-
mal withdrawal of the extradition bill
call for an independent inquiry into
police brutality.
“Beijing doesn’t understand the Hong
Kong people and what we want. The
voices of the Hong Kong people are very
clear: five demands, not one less,” said
Bonnie Leung, a pro-democracy cam-
paigner. “These five demands are really
about rebuilding a system that can pro-
tect us from further mayhem.”
According to Martin, a 23-year-old
activist who has been on the front line of
the protests, replacing Ms was not
important because “she has been a pup-
pet this whole time”. He added: “What is
more important are the policies and
attitude of the next chief executive. If
they continue to butt up against us and
not listen to what we want, we won’t give
up our fight.”
China’s foreign ministry said the FT’s
report was “a political rumour with ulte-
rior motives”, according to Reuters.
A Hong Kong man suspected of com-
mitting a murder in Taiwan — originally
cited by Ms Lam as a reason for amend-
ing the extradition laws — walked free
yesterday as Hong Kong and Taipei disa-
greed over how to handle the case.
Hong Kong property fears see Markets
with De Beers
to be tested if
leader ousted
JOSEPH COTTERILL — GABORONE
Botswana’s main opposition leader has
vowed to take a tough stance with De
Beers in negotiations to restructure the
way it operates in the world’s second-
largest producer of diamonds if he wins
yesterday’s election, the closest fought
in the country’s history.
Duma Boko, who heads the coalition
Umbrella for Democratic Change, told
the Financial Times he intended to seek
“much fairer and more equitable” terms
from the Anglo American-owned com-
pany if his party overturned the ruling
Botswana Democratic party’s unbroken
53 years in power.
The aim was to increase Botswana’s
share of the wealth generated by the

Russia cements role as main regional power broker
Terms struck on safe zone
over Turkish border and the
withdrawal of Kurdish forces
AYLA JEAN YACKLEY — ISTANBUL
HENRY FOY — SOCHI, RUSSIA
Hours after Moscow and Ankara struck
what they described as a historic deal,
Russian and Syrian regime troops began
patrolling a stretch of north-east Syria
that has been at the centre of two weeks
of conflict and global diplomacy.
Their presence in an area, once the
preserve of US-armed Kurdish militants
and American troops, illustrates how
quickly the dynamics in the region have
shifted since President Donald Trump
gave the green light to a Turkish offen-
sive earlier this month.
Tuesday’s accord between Russian
president Vladimir Putin and Turkey’s
Recep Tayyip Erdogan in effect extends
a ceasefire brokered by the US last week
that allowed for the withdrawal of US-
armed Kurdish forces and the creation
of a safe zone where Mr Erdogan wants
to resettle 2m Syrian refugees.
Turkey’s move over the border abrup-
tly upended alliances in Syria’s complex
war, forced the US to hastily depart Sy-
ria and cemented Mr Putin’s role as the
pivotal power broker in the eight-year
conflict that has killed half a million.
“With US troops on their way out of
Syria, Russia is now the most important
arbiter among the different conflicting
parties in Syria,” said Galip Dalay, an ex-
pert at the Valdai Club, a Russian inter-
national affairs think-tank. “All roads
will lead to Moscow for the next stage in
the Syrian conflict. Although this gives
Russia more leverage, this will also put
more of the onus on Russian shoulders.”
Mr Erdogan said he and Mr Putin had
struck a “historic understanding” after
more than five hours of talks in the Rus-
sian resort of Sochi. Mr Erdogan has
long fumed about US co-operation with
a militia he says is a terrorist group
because of its links to Kurdish militants
who have waged a sporadic insurgency
inside Turkey since 1984.
Yesterday, Russian military police
and Syrian border guards began a 150-
hour deployment to remove the Kurd-
ish-led SDF and its weapons from a
30-km area south of the Turkish fron-
tier. Video footage showed Russian vehi-
cles in the border town of Kobani. Under
the pact, Turkish forces will join Rus-
sian soldiers next week to jointly patrol
Incursion: a 10km zone cleared of the SDF.
Turkish soldiers The Turkish defence ministry said
patrol the yesterday the army would not expand
northern Syrian the operation beyond the roughly
town of Tal 3,500-km area it seized from the SDF
Abyad, near the after invading on October 9. In exchange
border with for the SDF departure, Mr Erdogan, the
Turkey, main backer of the Syrian opposition,
yesterday has accepted the return of Syrian regime
Bakr Alkasem / AFP/Getty
forces to the border region for the first
time since 2012.
“Erdogan’s priority has transitioned
from regime change in Damascus to
border security [and] he will have no
choice but to now engage with Damas-
cus,” said Fadi Hakura, who leads the
Turkey Project at Chatham House, a
think-tank in London.
For Russia, which intervened mili-
tarily in Syria in 2015 for Syrian presi-
dent Bashar al-Assad, the deal with Tur-
key helps Moscow portray itself as a
peace broker as it eyes a post-conflict
political settlement in Syria.
Yesterday, Mr Trump claimed “big
success” in north-east Syria as the
ceasefire held. “Safe zone created!” he
tweeted. “Kurds are safe and have
worked very nicely with us.” But since
his decision to withdraw US troops from
the border, the Kremlin has accused
Washington of destabilising the country.
For the Kurds, the loss of US protec-
tion and Russia’s deal with Turkey has
spelt the swift end to their five-year
experiment in self-rule in the multi-eth-
nic corner of Syria. “The United States
abandoned the Kurds and, in fact,
betrayed them,” Mr Putin’s spokesman
Dmitry Peskov said yesterday.
Mr Putin’s meeting with Mr Erdogan
was the culmination of two weeks of
talks by Russian officials in Ankara,
Damascus and Tehran. Russia’s
expanded role in Syria may help it exert
broader influence across the Middle
East as the US steps back, analysts said.
“Russia has confirmed its ability to
carry out not only a military, but also a
diplomatic and mediation mission, in
Syrian affairs,” said Konstantin Kosa-
chev, chairman of the foreign affairs
committee in Russia’s upper house of
parliament.
‘All roads Russia’s cultivation of Turkey goes
deeper. Despite supporting opposite
will lead to sides in the Syrian civil war, Mr Erdogan
Moscow for and Mr Putin have worked closely in
recent years to reduce fighting and have
the next co-operated in other areas, including
stage in the Turkey’s acquisition of a Russian anti-
aircraft system that Nato warns will
Syrian harm its security infrastructure.
conflict’ That purchase got Turkey kicked out
of the US-led F-35 fighter jet program-
me. Other disputes continue to bedevil
the relationship with Turkey’s tradi-
tional ally, including a criminal case in
New York that was launched last week
against Turkey’s state-run lender Halk-
bank for allegedly helping Iran dodge
sanctions for its nuclear programme.
Yet the end of the Kurdish forces and
US partnership removes a major irritant
in relations with Washington, said Ilter
Turan, a professor at Istanbul’s Bilgi
University. “With the US abandoning
the SDF, its important partner has lost,
and I would expect both Ankara and
Washington to now expend efforts to
redress the relationship.”
industry, the lawyer said, adding: “We
have a future with De Beers but we will
need to redefine the terms of that future
and make it more equitable and fair.”
De Beers gets about two-thirds of its
diamonds from Botswana and the coun-
try negotiates sales agreements with the
company every 10 years. The current
deal expires in 2021 and President
Mokgweetsi Masisi has launched talks
to ensure a smooth transition. He has
said he is looking for a “win-win” from a
“wonderful relationship with De Beers”.
Diamonds account for about a fifth of
the gross domestic product of one of
Africa’s fastest-expanding economies
and about three-quarters of export
earnings. Debswana, a joint venture
‘We have a future with
De Beers, but we will
need to redefine the
terms of that future’
between the Gaborone administration
and De Beers, is the country’s biggest
employer outside the government and
the largest source of state revenue.
But Mr Masisi’s BDP is facing its
toughest electoral test since it took
power after the country won independ-
ence in 1966. Ian Khama, Mr Masisi’s
predecessor, has split from the party
and accused it of increasing authoritari-
anism. Analysts have said the race is too
close to call, although polls indicate a
lead for the BDP.
Meanwhile high levels of unemploy-
ment and inequality have led to rising
disquiet over the diamond industry,
with growing calls for a greater share of
sophisticated parts of the business, such
as sales and valuations, to be under-
taken in Botswana.
Few countries and businesses have
histories as entwined as Botswana and
De Beers. The company found what
would become the world’s richest dia-
mond mine, Jwaneng, soon after the
nation won independence.
As well as the 50-year-old Debswana
joint venture, the government also
holds a 15 per cent stake in De Beers,
with the rest owned by Anglo American.
“For our people, every diamond pur-
chase represents food on the table,” Fes-
tus Mogae, a former president, once
said. But many voters disagree. “These
diamonds benefit only the top officials,”
said a bus operator in the capital.
De Beers said its five-decade relation-
ship with Botswana was based on the
“agreement of terms that are fair and
beneficial to both partners”. It said: “De
Beers Group plays a significant role, not
as a foreign investor but as a corporate
citizen, in building Botswana’s future.”

Car industry Defence minister

US signals fresh talks with EU over tariff threat Indonesia cabinet pick raises rights concerns
JAMES POLITI AND GILLIAN TETT
WASHINGTON
Wilbur Ross, US commerce secretary,
has floated new talks with the EU as an
alternative to imposing tariffs on auto-
motive imports next month, raising
the possibility of a further reprieve for
Brussels in the transatlantic stand-off
over trade in the car industry.
In an interview with Trade Secrets, the
Financial Times newsletter, Mr Ross
said President Donald Trump could
choose “some other form of negotia-
tion” as a possible path in the face of the
administration’s controversial conclu-
sion that automotive imports are a
threat to US national security.
Washington’s threat to impose levies
on cars and car parts has emerged as a
huge source of strain in relations with
the EU, clouded the outlook for the glo-
bal economy, and faced resistance
among Mr Trump’s closest Republican
allies in Congress.
Although the threat of car tariffs
applies globally, it is most relevant to the
EU since Canada, Mexico, South Korea
and Japan have each struck deals with
the Trump administration to protect
them from the levies.
The Trump administration has hesi-
tated to pull the trigger on the tariffs so
far, amid concern, even from some high-
ranking officials within the administra-
tion, of the economic impact and politi-
cal backlash it could cause in the US.
‘[Trump] has quite a lot of
alternatives, and I don’t
think we should prejudge
what the conclusion will be’
In May, Mr Trump offered carmakers
a six-month reprieve from the levies,
setting up a new deadline for a decision
in mid-November.
A strict interpretation of US trade law
would present the president with a
binary choice between ploughing ahead
with tariffs or dropping the threat
entirely, but Mr Ross suggested a new
deferral might be possible.
“One [option] would be to say, ‘I’m
just not going to do anything’, the sec-
ond would be to impose tariffs on some
or all [countries] . . . the third might be
some other form of negotiation,” he
said.
Mr Trump “has quite a lot of alterna-
tives as to what he can decide to do, and I
don’t think we should prejudge what the
conclusion will be”, Mr Ross added.
The mere threat of levies had already
had the desired effect of spurring new
investment in the US car sector, he said.
“We are very encouraged by the willing-
ness of many [global carmakers] to pro-
duce more of their product in the US.
That’s really what the objective had
been, anyway.”
Transatlantic trade tension already
increased this month after Washington
moved to slap tariffs on $7.5bn of EU
goods — including French wine, Italian
cheese, Scotch whisky, and Spanish
olive oil — in response to a WTO ruling
that Europe’s Airbus had received illegal
subsidies. Bruno Le Maire, France’s
finance minister, described the tariffs as
“very aggressive”, but Mr Ross dis-
missed the criticism.
STEFANIA PALMA — SINGAPORE
Indonesian president Joko Widodo yes-
terday named his main political rival
Prabowo Subianto — a former general
accused of human rights abuses — as
his defence minister in a move likely to
disappoint moderate supporters of his
government.
The appointment of the former special
forces commander came as the Indone-
sian president announced his new cabi-
net line-up, following his inauguration
for a second term on Sunday after win-
ning elections in April.
In good news for investors, the presi-
dent reappointed Sri Mulyani Indra-
wati, a former World Bank managing
director, as finance minister, and added
Nadiem Makarim, a Harvard Business
School graduate who co-founded the
Indonesian unicorn ride-hailing
start-up Go-Jek, as education and cul-
ture minister.
“I don’t think I need to tell him his
assignment, he knows better than me,”
Mr Widodo said on announcing the
appointment of Mr Prabowo, a veteran
of Indonesia’s guerrilla war in East
Timor, making light of the fierce compe-
tition between the pair in the elections.
The appointment of the ex-general to
such a strategic portfolio threatens to
damage further the president’s reputa-
tion as a moderate reformer.
It comes as Mr Widodo has faced
fierce student protests in recent weeks
over legislation rolling back anti-cor-
ruption laws and proposed changes to
the criminal code to criminalise cohabi-
tation and sex before marriage.
Mr Prabowo has been accused of
being linked to the killing of separatists
in East Timor during the 1980s, and of
kidnapping student dissidents in 1998
during the collapse of the government of
his former father-in-law, the late auto-
crat Suharto.
Most of the alleged human rights vio-
lations committed during the Suharto
regime have never been fully investi-
gated in Indonesia and many have not
been substantiated.
Mr Prabowo has denied violating
human rights. In a booklet printed for
his latest presidential campaign, he said
that if the allegations were true he
would not be free to travel.
Usman Hamid, executive director at
Amnesty International Indonesia,
called on the government to “ensure
that past human rights violations cases
should be resolved by court proceedings
that fulfil international standards”.
“Prabowo should only hold a public
position if such proceedings acquit
him,” Mr Hamid said.
Mr Prabowo’s appointment comes at a
sensitive time for Indonesia, with the
army facing allegations of abuses in
West Papua, an outlying province where
dozens were killed in riots last month.
Some analysts argue Mr Prabowo
could interfere with the president’s
ambitious policy agenda, which
includes tricky labour reforms and is
aimed at energising south-east Asia’s
largest economy.
But Peter Mumford, head of south-
east and south Asia at Eurasia Group,
said in a note the former general’s
involvement in government could
instead raise fears of political Islam
gaining ground in Indonesia.
 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
Thursday 24 October 2019 ★ FINANCIAL TIMES 5

6 ★
King of cloud
computing
faces claims of
sexual assault
UK tech titan Lawrence Jones denies the
allegations, while extensive interviews with
former employees allege wider misconduct
By Madison Marriage and Lizzie Cernik
T
here are two sides to
Lawrence Jones MBE, one
of Britain’s wealthiest
technology entrepreneurs,
with an estimated £700m
fortune.
The first is the self-made man, music
lover and generous philanthropist who
mixes in high society and holidays with
business magnate and Virgin founder
Richard Branson at his properties on
Necker Island in the Caribbean and in
the Swiss Alps.
Last year, Mr Jones and his wife Gail
attended Prince Harry and Meghan
Markle’s wedding at Windsor Castle.
This month, the 51-year-old Welsh-born
father of four was photographed arm
in arm with prime minister Boris John-
son at the Conservative party confer-
ence in Manchester.
A powerful figure in the north of Eng-
land, Mr Jones recently broke into the
ranks of the UK’s 250 richest individu-
als. His cloud computing company
UKFast was selected this year as one of
Britain’s top 10 places to work in The
Sunday Times employer rankings.
The software services provider, which
employs 400 people, is expected to
open a new school soon, alongside the
Dean Trust, an educational charity. The
two organisations were granted govern-
ment permission in 2017 to open the
school, which will focus on digital skills,
and are looking for a suitable site.
But there is a darker side to Mr Jones,
whose Manchester-based company
counts the National Health Service and
the Ministry of Defence among its cus-
tomers.
Allegations about his conduct
emerged during an FT investigation
that involved interviews with more than
30 former employees.
It is alleged that Mr Jones sexually
assaulted two women in his employ-
ment in the past decade and he has been
accused of wide-ranging misconduct in
the workplace.
A number of other former employees
have also accused him of sexual harass-
ment; unwanted touching in the work-
place; verbal abuse and bullying; and
cultivating an atmosphere of fear at
UKFast.
All spoke to the Financial Times on
condition of anonymity because of fear
of retaliation by Mr Jones. Their claims
about the office culture are supported
by documents, photographs and screen-
shots reviewed by the FT and interviews
with family, friends and colleagues.
Mr Jones, for his part, denies categori-
cally claims of any unlawful behaviour,
declaring they are wholly untrue. “They
are also hurtful and damaging, espe-
cially to my wife, our family, and the
UKFast team,” he said. “We have dedi-
cated 20 years of our lives to UKFast and
we are hugely proud of how amazing the
business that we have built together is.”
He also denies having sexually
assaulted any young woman or female
employee of the company.
Mr Jones’ life story as a rags-to-riches
philanthropist is compelling. He set up
UKFast from a spare bedroom 20 years
ago, overseeing its growth to become
Britain’s largest privately owned hosting
provider with five data centres provid-
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Lawrence Jones, ing IT services for 5,700 UK companies.
above, has Last year, UKFast sold approximately
recently become a 30 per cent stake to Inflexion Private
one of the UK’s Equity in a deal valuing the software
250 richest company at £405m. Mr Jones and his
individuals wife each own 30.9 per cent of UKFast,
The Sunday Times/
News Licensing
making him the eighth-richest person
from Wales, according to The Sunday
Times Rich List.
Dubbed the “cloud computing king”,
Mr Jones has rubbed shoulders with
political heavyweights from Manches-
ter mayor Andy Burnham to Liberal
Democrat leader Jo Swinson. He has
donated £100,000 to the Conservative
party since 2017, and was last year
appointed an ambassador to the High
Sheriff of Greater Manchester.
The allegations of misconduct are far
removed from the fun-filled side of his
company, which has the motto: “Your
future is our business.” At UKFast’s
‘In what world do
you take a young girl
to a sex shop three
days after hiring her?’
headquarters in Manchester a large
slide runs from the top floor to its recep-
tion area where beanbags catch employ-
ees hurtling to its base. Staff can make
use of a free gym, a games room and a
giant chess board near its entrance, and
beers are handed out from an office bar
on Friday afternoons.
In the summer the company car park
is converted into a makeshift beach with
sun loungers; one winter it was trans-
formed into an ice-skating rink. Cinema
and fancy dress events for staff are held
throughout the year, and the Joneses are
known for hosting an annual summer
festival for the entire company in the
grounds of their own home, dubbed
UKFest.
Aside from Bupa health insurance,
one of the most alluring company perks
is the fact that large numbers of staff are
invited to Mr Jones’ properties — Le
Farinet in Verbier, Switzerland, and the
Castell Cidwm Lakehouse in Wales near
Mount Snowdon — for sports-filled holi-
UKFast: a slide days and team-bonding weekends.
runs from the Landing a job at UKFast often seemed
Manchester- like a dream come true, especially to
based group’s those in their late teens and early 20s
top floor to who were recruited directly by the
reception where entrepreneur in Manchester. One
employees land former employee said getting a job
on beanbags working for the millionaire initially felt
Lorne Campbell/Guzelian
like “winning the lottery”. Another
FINANCIAL TIMES
FT INVESTIGATION
viewed it as the “opportunity of a life-
time”.
The reality of working with Mr Jones
quickly became apparent, according to
former employees who described rou-
tine verbal abuse and sexually inappro-
priate behaviour in his daily interac-
tions with staff at his company’s head-
quarters located at the end of Manches-
ter’s Princess Parkway.
One woman, who was 20 when she
began working for UKFast, said she was
taken to a sex shop by Mr Jones just days
after starting her new role as his PA,
where he thrust a dildo into her face. She
added that later that day he purchased a
sex swing and lingerie and asked her to
gift wrap the items back at the office.
The woman, who worked for just two
weeks at UKFast, remains horrified by
the experience. “In what world do you
take a young girl to a sex shop three days
after hiring her?” she said.
Referring to himself as “Loz” or “LJ”
in the office, Mr Jones commonly sat in
meetings or at social events with female
employees on his lap, or walked around
the office bare-chested, multiple
sources said.
It is claimed the entrepreneur would
openly discuss with junior employees
intimate details about his sex life and
quiz them about their own relation-
ships.
Another woman said she was once
called into his boardroom when he was
having his hair cut while topless. She
said Mr Jones put his fingers on his nip-
ples and asked her: “Does this make you
feel awkward?”
A third woman described how he
knocked a glass of water into her lap and
asked: “Am I making you wet?”
His overt displays of physical affec-
tion towards favourite employees — typ-
ically the young women hired to work as
his PAs, receptionists or in marketing
roles — allegedly often involved tickling,
hugging, stroking women around the
waist, or patting them on the bottom.
Impromptu shoulder rubs and mas-
sages for both male and female staff
were also a regular occurrence, accord-
ing to more than a dozen former
employees.
Even worse for female staff were the
meetings he organised in hot tubs or
steam rooms at his properties in Man-
chester and Switzerland. “He would be
encouraging people to sit on his knee or
cuddle up next to him,” said one man,
who described the working environ-
ment as “misogynistic”.
At the 2016 Christmas party, bowls
were dotted around the venue filled
with Le Farinet-branded condoms. A
WhatsApp conversation, reviewed by
the FT, between a group of employees
shortly after the party showed their dis-
gust, with one complaining that it felt
like working in a “brothel”.
Public humiliations and foul-
mouthed tirades by Mr Jones were com-
mon. He was often verbally abusive in
meetings, across the open plan office
and in emails, according to more than a
dozen former employees.
Many of those interviewed said they
witnessed colleagues being sacked on a
whim. “There was this atmosphere of
fear and keeping your head down and
being a yes-man because anything else
would get you fired,” said one former
communications assistant.
Representatives of Mr Jones have
denied this, insisting that dismissals
happened in accordance with employ-
ment law and good practice.
Representatives of UKFast said they
took the allegations against Mr Jones
extremely seriously and intended to
investigate them.
Mr Jones in a statement emphasised
that UKFast was a highly regarded busi-
ness that had won several prestigious
awards for its corporate culture. “We
take great pride in the fact that our team
have over the past 10 years been respon-
sible for UKFast featuring regularly in
The Sunday Times’ Best Companies to
Work For list and similarly in the Great
Place to Work list.”
Some of the FT’s sources spoke highly
of working at UKFast when not working
with Mr Jones personally.
The most serious allegations against
Mr Jones involve sexual assault. One
alleged victim said she was molested by
the entrepreneur while on work trips to
Mr Jones’ properties in Wales and Swit-
zerland, including once at Richard
‘[Mr Jones] would
wake me up with his
hands under the duvet.
It was frightening’
Branson’s luxury Swiss chalet The
Lodge.
She said: “[Mr Jones] would wake me
up with his hands under the duvet. It
was frightening. Then I would recoil,
and he would walk out. He would have
his hands under my knickers, in a place
where I could not get away.
“[Once in Snowdon] he stood there
with a cup of tea in one hand and the
other hand in my underwear. I moved
and he took his hand away and said: ‘We
are climbing Mount Snowdon today’.”
A second alleged victim of sexual
assault requested the details of her story
were not published. Mr Jones’ alleged
actions have had a devastating impact
on these two women’s lives and they
remain traumatised by their experi-
ences. One victim said she has struggled
to form lasting romantic relationships
in the aftermath of her experience, and
although the abuse happened a number
of years ago, she has only recently been
able to talk about it to her mother.
Thursday 24 October 2019
One of the alleged victims left the
company but later returned in a differ-
ent role. Mr Jones’ supporters say this
undermines her allegations.
Several former employees said they
felt compelled to come forward about
the businessman’s behaviour given his
growing wealth and influence, particu-
larly in Britain’s educational sector.
His company claims to have devel-
oped partnerships with more than 60
schools and colleges and to have sup-
ported 60,000 young people across
Greater Manchester.
The focus is on improving digital skills
and encouraging young women to enter
the science, technology, engineering
and maths industries. On UKFast’s web-
Alpine perk: site, the company promotes, for exam-
large numbers ple, its links with the Girl Guides and a
of staff are new “digital challenge” badge.
invited to stay at Last year his company posted pre-tax
Lawrence Jones’ profits of £8.96m on turnover of
Farinet hotel £53.94m. Profits were lower than in
Mark Richards/Shutterstock
2017 because of a one-off £5m charita-
ble donation to the UKFast Community
and Education Trust, which aims to
help disadvantaged youths.
Mr Jones’ business success has ena-
bled him to make sizeable donations to
numerous other causes, such as tackling
homelessness.
In 2015, Mr Jones was awarded an
MBE from the Queen, an accolade he
highlights in his email signature and
social media profiles. Last February,
Princess Anne visited UKFast’s Man-
chester office after granting the com-
pany a Princess Royal Training Award
in 2018.
Several former employees have spo-
ken out, despite confidentiality agree-
ments, to raise complaints about Mr
Jones’s behaviour and prevent other
young women being put at risk. Multi-
ple former employees described him as
a “bully” with an intimidating presence
in and outside the workplace.
“The ability to pay your way out of
trouble — that’s really dangerous,” said
one former male employee.
“When I first started, UKFast seemed
amazing and Lawrence seemed like he
had built this amazing company with
this great culture,” said one former
employee. Several months later, she had
taken a radically different view. “It was
really dire . . . You felt like you were
walking on eggshells a lot of the time.
You didn’t know when [Mr Jones] was
going to be like your best friend and giv-
ing you shoulder rubs, or when he would
explode.”
Many former employees said it has
taken months, if not years, to recover
from their experience working for the
entrepreneur. One said she is overcome
by anxiety whenever she sees a Bentley
— one of several luxury cars he owns —
drive through Manchester.
For the alleged sexual assault victims
whose lives have been ripped apart by
the entrepreneur, that recovery process
is ongoing.
One said she wanted to expose the
businessman’s behaviour to ensure no
other women endure what she went
through. “If I can do anything to protect
anyone’s daughter from going through
that, that’s what has driven me.”
Additional reporting by Andy Bounds

Thursday 24 October 2019
Bewitching tale of animalism unleashed
FILM
Nigel
Andrews
W
e are in an alien, sinis-
terly bewitching world
in Monos. We recognise
it instantly. It’s home:
the home of our night-
mares. The home of those bad dreams
that fling us into a wilderness that seems
eerily pre-mapped in our minds, per-
haps to interact with people never met
before but whom we seem uncannily
to know.
Colombian-Ecuadorean moviemaker
Alejandro Landes has won prizes for
this third feature, including Best Film at
the recent London Film Festival. His
“heroes” are a group of teenage soldiers
guarding a captive woman, an engineer
they call “Doctora”, on a cloud-lapped
mountain in an unnamed Latin-Ameri-
can country. These overgrown kids play
macabre games — blindfold soccer,
strafe-at-will rifle contests — in this ver-
tiginous, spectacular nowhere. Death
and violence are only, ever, a trigger-
itch away.
The nicknames could come from
some Tarantino film about a delin-
quents’ kindergarten: Boom Boom,
Dog, Wolf, Bigfoot, Rambo . . . When a
boy and girl are “partnered”, the team
saw up trees to make their conjugal bed,
housed in a cave. A dwarf officer comes
and goes, barking orders. Then — 30-
some minutes in — we plunge into a plot.
The setting plunges too: we’re in a jun-
gle. Escape attempts by the Doctora,
abetted by a boy guard, detonate the
frenzies of pursuit and punishment.
Cross the team’s loyalty codes, as a team
member, and you may be tied to a tree
with lianas like poor Smurf. Mud-
camouflaged and semi-naked, he
resembles some forest god struggling to
escape his native form and shape.
There are barbarous and antic “down
times”. The ritualistic frolics with a pig’s
head suggest Landes has read Lord of the
Flies. He has probably also seen Aguirre,
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★ FINANCIAL TIMES
ARTS
Clockwise from above: ‘Monos’; Wrath of God and Apocalypse Now. We get
Jonathan Majors and Jimmie similar heady drafts of spectral exoti-
Fails in ‘The Last Black Man in cism. Some jungle vistas (wondrously
San Francisco’; Linda Hamilton shot by cinematographer Jasper Wolf)
in ‘Terminator: Dark Fate’ conjure Jackson Pollock, harmonising
their intermeshed infernos of lines
and blotches with a mysterious, godly
Monos colour sense. Add the “music” by com-
Alejandro Landes poser Mica Levi (Jackie) — whistles,
AAAAA drum rolls, unearthly nature sounds —
and in toto, so to say, we’re not in Kansas
By the Grace of God any more.
François Ozon It’s unkind to other child-soldier mov-
AAAEE ies (War Witch, Beasts of No Nation) to
praise Monos as unsentimental. They
Terminator: Dark Fate weren’t sentimental either. But their
Tim Miller stories had a humane underpinning.
AAEEE Monos removes the pins, and things fall
apart. Mere animalism is loosed upon
The Last Black Man in the world. But “mere” does no justice to
San Francisco Landes’s majestic vision of an unravel-
Joe Talbot ling planet. He says that the jungle is in
AAEEE all of us. So perhaps is the city, of which
we get one brief, aerial, disconcerting
glimpse. Jungle and city, though, are as
far apart here as Neptune and Earth in
Ad Astra. Monos, in its surreal power and
persuasiveness, deserves to be called a
sci-fi epic of the here and the now.
François Ozon’s By the Grace of God
is a worthy clump through a true story
worthy of our attention. Dramatising
the investigation and exposure of Cath-
olic church child abuse scandals in
France in 2014, Ozon builds a sober,
intelligent, well-acted movie that
seems, even so, just a little dead.
The guilt-tainted Father Bernard
Preynat (Bernard Verley) was protected
for years by his Cardinal (François Mar-
thouret). Ozon focuses on the cluster of
victim-survivors, some more emotion-
ally scarred than others, who came
together to campaign. A media storm
grows; so does the counter-clamour
from ardent Catholics. But “I’m doing
this for the church, not against it”,
argues one campaigner (Melvil Pou-
paud). For another (Denis Ménochet), a
beefy, malcontent atheist, Christian
faith is a distracting irrelevance. Right is
right. Justice is justice.
Sometimes the film feels like a right-
fulness love-in. We know the stakes; we
know the issues; what’s to surprise us?
Not much. Amid the talking heads and
grey, respectful, glacial photography we
feel the bite of drama only when a third
main character (Swann Arlaud) arrives.
He is the most volatile and tormented:
an epileptic with the sad-eyed, hollow-
cheeked, demon-haunted grace of a
Prince Myshkin. A glint of poetry peeps
for a while through the movie’s plodding
prose. It reminds us that truth in art is
seldom served by mere fidelity to fact,
nor reality by merest realism.
Frantic, sad, tired and imbecilic. That
describes the better bits of Terminator:
Dark Fate. I wanted to take aside this
cyborg sequel’s creators, from director
and co-writer Tim Miller to executive
Three-way evening on full power
DA N C E
Royal Ballet triple bill
Royal Opera House, London
aaaae
Louise Levene
Textbook triple bill-making from the
Royal Ballet this week, with three pro-
ductions from the late 1960s: a plotless
piece, a narrative ballet and a large help-
ing of tutus all danced to Shostakovich,
Elgar and Glazunov, played with relish
by Pavel Sorokin and the orchestra.
The evening got off to a flying start
with Kenneth MacMillan’s 1966
Concerto, a classical killer set to Shostak-
ovich’s ebullient second piano concerto.
Tuesday’s opening had a shakier begin-
ning, but the ensemble were fully in step
by the time they marched off at the close
of the first movement — and by the
precision-drilled finale, they were on
full power.
Marcelino Sambé has the speed, ele-
vation and throwaway brilliance needed
for the first movement, riding the air
like a paper plane. Anna Rose O’Sullivan
showed plenty of attack in her machine-
stitch footwork and drill-bit pirouettes.
Lauren Cuthbertson isn’t obvious cast-
ing for the languorous second move-
ment — inspired by the sumptuous lines
of Lynn Seymour working at the barre —
but swayed and folded with a dancerly
blend of self-discipline and self-regard.
Elgar subtitled Enigma Variations:
“Friends Pictured Within”, and Freder-
ick Ashton’s 1968 ballet added a second
layer of portraits, remodelling the
producer and story collaborator James
Cameron (yes, him), and tell them to try
reading Proust. Sometimes there is
more excitement in a page of deeply
thought, deeply characterised inaction
than in two hours of berserk crash-
bang-kerpow involving cipher
human(oid)s.
Who cares about hybrid cyborg Grace
(sheeny, inexpressive Mackenzie
Davis), colourless Mexican Dani (Nata-
lia Reyes) — a factory worker with a des-
tiny whom Grace is protecting — or their
pursuing antagonist, the galumphingly
dull Rev-9 android (Gabriel Luna),
whose novelty skill is to turn to puddles
of sticky black liquid.
Poor Linda Hamilton, of the first Ter-
minator, is pulled from semi-retirement
to play a senior-citizen Sarah Connor.
She looks ravaged and unhappy: no fun
here either. In fact nothing is fun — not
even the colliding-planes action
sequence in mid-movie that sets the CGI
skies on fire — until the arrival of, yes,
you guessed, Governor Schwarzenegger.
He plays Carl, our T1 and T2 android
now living incognito in a cabin-work-
shop bearing the sign “Carl’s Drapes”. A
composer’s thumbnail sketches to fit the
physical qualities of his chosen dancers
(Svetlana Beriosova, Anthony Dowell,
Antoinette Sibley et al), whose qualities
linger like cigar smoke in Julia Trevelyan
Oman’srichlynostalgicsetting.
Strong playing is needed to inject
drama into this essentially undramatic
autumn afternoon — composer despairs,
telegram arrives, composer rejoices —
but Laura Morera (Lady Elgar) infused
every yearning gesture with a lifetime of
love, honour and obedience. Bennet
Gartside (Jaeger) timed his weathercock
shifts of position to create a vivid and
persuasive portrait of Elgar’s publisher,
a performance as detailed as the decor
that surrounded him. Francesca Hay-
ward, fresh from another triumph as
Manon on Saturday afternoon, used
her childlike qualities and filigree foot-
work to more innocent effect as the
kittenish Dorabella.
Rudolf Nureyev’s dazzling 1969 stag-
ing of Marius Petipa’s Raymonda Act 3
7
wit-starved film-goer is finally offered
some moments of licensed hilarity. Carl
waxes eloquent, in that sombre
Teutonic monotone issuing from the
Aku-Aku Arnie head, about curtains.
“One wrong choice can ruin a room,” he
booms. This surely has the mileage for a
sitcom. Planet of the Drapes. Netflix, sign
now. The rest of the movie doesn’t have
the mileage even for a movie. It is surely
time for the Terminator series to lower,
as Carl might express it, the curtain.
The Last Black Man in San Francisco
has a bad case of whimsicality. There is
no cure for this except sour lemons,
which Joe Talbot’s film invites critics
to throw. Jimmie Fails plays a soulful
young black called Jimmie Fails (the
archness starts here), who moves into
the gingerbread-gothic mansion once
dwelt in by grandad (Danny Glover).
Squatter’s rights trump legal purchase,
at least in this tale. Insists Jimmie
grandly, his forebear didn’t just live
here, he built the place. Hmm. His wan-
nabe playwright pal (Jonathan Majors),
humming along, believing or not believ-
ing, shares the bootleg adventure. Plus,
briefly, Gramps.
The cinematography is gorgeous. San
Francisco’s hills and bays are fit for a
musical and almost get one. Choric tab-
leaux abound, with a cappella sin-
galongs. The house’s stained-glass win-
dows, filigree carvings and Victorian
knick-knacks are a knockout. Every
human being is a poet, at least when
translated to the poetic dimension.
Meanwhile everyday life has been
thrown under a trolley bus and we can’t
quite ignore its protesting squeals. Not
for a whole two-hour movie, however
much aspirational, wish-fulfilment
muzack is laid over it and us.
Francesca
Hayward in
‘Enigma
Variations’
Tristram Kenton
has saved many a mixed programme,
but it needs bravura technique, lusty
character dancing and a great deal of
salt and pepper. Barry Kay’s gorgeous
gold and white set always gets a round of
applause but the fun stopped abruptly
on Tuesday when the eight couples of
the czardas lurched into gear: callow,
ragged and faintly embarrassed.
Thankfully the grand pas was in better
shape. James Hay and Cesar Corrales
caught the eye with their nimble beaten
steps. Mayara Magri gave a scene-steal-
ing solo full of silky turns and thrilling
musicality — what fun she would have
with the teasing tempi of the heroine’s
variation. Sarah Lamb showed her usual
clinical finish in a slightly soulless read-
ing of the title role, but the ballet
belonged to Vadim Muntagirov, a dancer
who can be savoured in motion, in flight
and at rest, and whose manner gives a
real sense of happy ending.
To December 20, roh.org.uk
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8 ★ FINANCIAL TIMES Thursday 24 October 2019

Thursday 24 October 2019
The north-east is considered England’s most vulnerable region but some businesses report full order
books amid strong domestic demand even if investment has dropped off. So can they withstand Brexit?
I
n a room above Newcastle’s Live
Theatre, an engineer, a farmer and
a manufacturer of fitted kitchens
are discussing the future of the UK
economy — or at least their small
parts of it. Around the same table, an
accountant and a recruiter are compar-
ing notes on the outlook for their
businesses, while a pair of property
consultants assess the local market.
This disparate group has been meet-
ing on and off for years, convened by
Mauricio Armellini, the Bank of Eng-
land’s garrulous agent for the north-east
region as part of his intelligence-gather-
ing operations. The BoE’s UK-wide
network of agents exists to give policy-
makers a window into local communi-
ties. Agents hold face-to-face meetings
with hundreds of companies, of all sizes
and from all sectors, reporting back
their findings to inform monetary and
financial stability policy decisions.
For London-based policymakers try-
ing to track economic conditions across
the UK, the agents’ work has become
even more valuable in the past year.
Brexit has distorted businesses’ behav-
iour, with stockpiling, factory shut-
downs and swings in sentiment making
economic data unusually volatile and
difficult to decipher. Contacts on the
ground have helped gauge the impact on
the economy of prolonged uncertainty
but also the robustness of businesses
and households in the event of a shock.
“In the year I’ve been on the [BoE’s]
Monetary Policy Committee, the econ-
omy has got softer and softer,” says
Jonathan Haskel, a professor at Lon-
don’s Imperial College, and external
MPC member, who was part of the
‘Most of our clients are
doing well . . . business is
good. It’s not doom and
gloom — the world hasn’t
stopped for Brexit’
discussion in Newcastle.
Throughout that year, the BoE has left
interest rates on hold at near-record
lows, essentially waiting to see how
Brexit would play out. But when the
MPC next meets, on November 7, the
case for action may be growing clearer.
Until recently, the MPC has argued
that rates will eventually need to rise to
contain inflation and offset chronically
weak productivity growth. If the gov-
ernment succeeds in driving through its
Brexit deal, then some on the MPC say a
rebound in business investment could
put rate rises back on the agenda. That
was the gist of comments made by Dave
Ramsden, the BoE’s deputy governor,
and Gertjan Vlieghe, an external MPC
member, earlier this month.
If the UK leaves without a deal —
which remains a possibility — the MPC
has warned that rate cuts to limit the
economic shock would not be auto-
matic, as a likely fall in sterling — and its
inflationary effect — would limit their
room for manoeuvre. But Mr Vlieghe
and Michael Saunders, another external
MPC member, have suggested that even
if a chaotic Brexit is avoided, rate cuts
may be needed, because of the uncer-
tainty now damaging the economy
against a darkening global backdrop.
“A scenario of entrenched Brexit
uncertainty is likely to keep economic
growth below potential, and require
some monetary stimulus,” Mr Vlieghe
says. “We will probably know in the
coming weeks which of these scenarios
will prevail.”
A ‘slow-puncture’ economy
Once a home of heavy industry, from
shipbuilding to engineering and mining,
the north-east of England has suffered
more than most regions from post-
industrial decline. Now, Newcastle —
which voted to remain in the EU,
although the region as a whole opted to
leave — has a thriving university,
cultural institutions and a more resil-
ient service-based economy. But other
parts of the region remain reliant on a
handful of industrial employers.
The north-east would be worse
affected in the long term than any other
region, according to the government’s
own modelling, if the UK were to leave
the EU without a deal — or indeed even
if Boris Johnson’s current plan were to
pass — leading to an economic relation-
ship with the EU based on a bare-bones
free trade agreement.
This is a consequence of the area
being more reliant on goods exports,
especially in sectors such as carmaking
— Nissan recently said it would review
production of a new SUV model in Sun-
derland, 11 miles south-east of Newcas-
tle, if there was a no-deal Brexit. The
damage would be particularly painful
for a region where average incomes,
employment and productivity still lag
well behind the UK average.
Yet at least half the executives
gathered around the table say business
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★ FINANCIAL TIMES
FT BIG READ. UK
By Delphine Strauss
The North East lags behind on ... it has the highest
productivity and innovation ... unemployment rate in the UK ...
Unemployment rate, seasonally adjusted,
R&D expenditure per head, 2016 (€)
East of 1,200
England June to August 2019 (%)
1,000
South East North East
London
800
London East Midlands
UK Wales
600 North West
Scotland
North 400 Yorks. and Humber
West Midlands
East
Wales 200 UK
East of England
0 South East
80 90 100 110 120 130 Northern Ireland
GVA per hour worked index South West
(2017, 100=UK) 0 1 2 3 4 5
Sources: ONS, Eurostat Source: ONS
Snapshot of an economy
on the brink
is thriving, for now. “Most of our clients
are doing well . . . they are busy, busi-
ness is good, they’ll take on labour,” says
Andrew Moorby, managing partner at
the accountancy firm MHA Tait Walker.
He adds that his office has handled just
one insolvency in the past two years.
“It’s not doom and gloom — the world
hasn’t stopped for Brexit.”
Ian Dormer, managing director of
Rosh Engineering, admits that his busi-
ness repairing high-voltage equipment
is less sensitive to the economic cycle:
contracts with regulated electricity
companies and large industrial custom-
ers are usually long term. But he, too,
was struggling to keep up with orders.
“I’m turning work away because I can’t
get skilled labour,” he says.
Their reports of healthy order books
are at odds with the gloomy tone of
some recent business surveys, but
consistent with national trends in the
latest official data.
Figures from the Office for National
Statistics show gross domestic product
recovered from the second quarter’s
contraction to grow 0.3 per cent in the
three months to August — feeble by
historical standards, but probably
enough for the UK to escape a technical
recession. A fall in manufacturing out-
Top: Nissan’s Sunderland plant is a put was offset by a recovery in the serv-
dominant employer in the region. ices sector that drives the UK economy.
Farmer Gordon Meek, above, is And while business investment has
surprised that a weaker pound has been falling, consumers have so far been
not boosted exports, while Rosh willing to keep spending — helped by
Engineering’s Ian Dormer, top right, near-record employment, and a recent
bemoans a lack of skilled labour pick-up in real wage growth.
Mark Pinder
“The economy has not crashed,” Mr
Saunders said recently. “The effect of
Brexit uncertainties is perhaps akin to
... educational performance puts ... but businesses are less
it bottom of the class ... pessimistic than in most regions
Average Attainment 8 score* per pupil,
2017/18
London
South East
East of England
South West
England
North West
East Midlands
West Midlands
Yorks. and Humber
North East
44 45 46 47 48
* Score based on pupils’ performance in eight
qualifications including English and Maths
Source: ONS
the economy developing a slow punc-
ture such that growth has slowed to a
mere crawl.”
Rising export barriers
Almost all the executives in Newcastle
have already seen evidence of Brexit
making it harder to access international
markets.
“The [weakness of the] pound is right
to export but it doesn’t seem to work
somehow. It’s peculiar, people should be
buying our stuff,” says Gordon Meek, a
livestock and arable farmer, who
blamed uncertainty over tariffs that
could potentially take effect before an
‘People are not brave
enough to make the
investment. The only
deals being done are by
people who have to act’
order placed now was shipped.
Mr Dormer says his company stands
to lose contracts in the Netherlands and
Germany, which used to make up 5 to 10
per cent of his business, because ster-
ling’s volatility has made it impossible
to gauge costs. “We’re bidding for con-
tracts in six to 12 months’ time and we’re
having to put in clauses conditional on
what kind of Brexit we have . . . We’re
not even bidding. It’s a waste of time.”
For those companies struggling to
keep pace with domestic orders, there is
a problem closer to home: recruiting
skilled staff, in a labour market where
employment is close to record highs. Mr
While Newcastle has a resilient
services-based economy, some of
the region’s export-reliant
employers are seen as vulnerable
in most Brexit scenarios
FT montage/Dreamstime
Business confidence, Q3 2019
UK
England
Scotland
Northern*
North West
East Midlands
West Midlands
East of England
South East
South West
London
Wales
Yorks. and Humber
-20 -15 -10 -5 0 5 cliff-edge in just over 12 months” if a
* North East and Cumbria
Source: ICAEW
Dormer says his biggest concern is find-
ing skilled craftsmen — electricians,
mechanics or welders — because these
mobile but well-paid workers can earn
more in the south-east of England.
Labour shortages are an endemic issue
in UK engineering, but he believes they
have become more acute as a result of
European workers returning home, and
that a “bad Brexit” could make matters
worse.
The fundamental problem, shared by
everyone around the table in Newcastle,
was that the intense political uncer-
tainty, about both the Brexit outcome
and the potential for a radical change of
government, makes it too risky to press
ahead with the investments necessary
for their businesses to grow.
Mr Dormer says he had been willing
to make an exception for one recent
investment — buying a storage facility
that became available next to his own
premises.
“I bought it because I couldn’t miss
the opportunity,” he says, adding that
with fears of Brexit disruption stoking
demand for increased storage capacity,
“maybe it’s not such a gamble, I can
make a little bit on the side”.
But the general reluctance to commit
has been evident in national data. The
level of business investment has barely
grown at all since the 2016 referendum.
“People are not brave enough to make
the investment. The only deals being
done are by people who have to act,”
says David Downing, a partner at com-
mercial property consultancy Sander-
son Weatherall, who has seen weak
demand from industrial clients,
although other areas are doing better.
9
Mr Saunders argues that doubts over
a Brexit resolution have been especially
damaging, because businesses expected
clarity and delayed decisions they
would otherwise have made.
“There isn’t any investment. [People]
are busy, business is good, they’ll take
on labour . . . but that’s a short-term
thing, you can turn labour on and off,”
says Mr Moorby, the accountant. “They
don’t want to borrow. I think once they
understand what the [Brexit] outcome
is, they’ll do things.”
Rebound opportunity
Many economists, including some on
the MPC, see scope for a rebound in
growth if a Brexit deal finally brings
clarity, releasing pent-up demand for
investment.
Patrick Smith, regional managing
director for white-collar recruitment
firm Broster Buchanan, says businesses
with skills shortages are “hoarding
labour” so that they can respond
quickly if demand picks up. To him,
unemployment seems surprisingly low,
given the soft state of the economy.
Recent official data suggest that the
labour market may now be on the turn,
after a decade of unprecedented jobs
growth and a more recent recovery in
real wages. Although the broad picture
is still one of strength, figures for Sep-
tember show UK unemployment edging
up, wage growth slowing and a contin-
ued fall in the number of vacancies.
Moreover, under the terms of the
prime minister’s Brexit withdrawal
deal, a rebound cannot be relied upon.
Samuel Tombs, at the consultancy
Pantheon Macroeconomics, says that
under the deal negotiated by Mr John-
son’s predecessor Theresa May, busi-
ness could count on remaining in the
customs union and following single
market rules for trade in goods.
However, the UK is now on course for
a basic free trade agreement, with
customs checks and regulatory diver-
gence — and “the potential for another
trade deal cannot be agreed during the
transition period.
Economists say the danger is that
unemployment could rise abruptly
while household incomes fall if Brexit
goes awry. “My worry . . . is that
consumers could lower their spending,
perhaps materially,” Mr Haskel says.
Even with a more benign outcome, the
UK is likely to suffer long-term effects
from the extended period of stagnant
investment, which will restrict produc-
tivity growth, limiting future wage rises.
Mr Haskel has argued that part of the
explanation for the UK’s feeble produc-
tivity growth is that statisticians strug-
gle to measure investments in knowl-
edge — such as spending on software,
design, branding or business processes.
Now, however, he believes investment
in these more intangible factors is also
falling, with implications for productiv-
ity. “More and more of the puzzle on
productivity is about depressed invest-
ment growth,” he says.
Most of those meeting in Newcastle
were struggling to chart a course
through Brexit, but at least one of those
present felt the uncertainty was doing
his enterprise no harm — Jim Beirne, the
director of the theatre itself.
The Live Theatre is a social enterprise
that funds new writing by hosting other
businesses, including a gastropub and
office accommodation in neighbouring
buildings. Mr Beirne says it has already
reached its box office target for the year,
and that its pub and restaurant are busy.
“[It seems that] when things get bad,”
he says, “people do like to go and sit in a
darkened room together.”
Bullish mood At least half the
executives at the Newcastle meeting
say their domestic business is thriving
Brake on growth But they all say the
intense political uncertainty is making
it too risky to back big investments
Labour market signals Unemployment
edged up, wage growth slowed and
vacancies fell in the UK last month

10
THURSDAY 24 OCTOBER 2019
Humbled Trudeau must
govern a divided nation
Canada’s leader faces no-win scenario on energy and climate change
Canadian prime minister Justin Tru-
deau has won the election, but lost his
mandate. With the majority of voters
choosing another party, a humbled Mr
Trudeau will have to govern a divided
country.
Mr Trudeau’s Liberals swept into
power in 2015 on a message of hope,
change, and “sunny ways”. He enjoyed
a rare international profile for a Cana-
dian leader, joining Emmanuel Macron
and Angela Merkel as chief advocates
of liberal internationalism.
His honeymoon is now over. He will
be leading a minority government,
dependent on support from at least one
opposition party.
Ethics scandals and old photographs
of Mr Trudeau in blackface make-up
have tainted the once squeaky-clean
progressive champion. Equally painful
were Mr Trudeau’s policy contradic-
tions in his first term. He was ham-
mered in Quebec and by progressives —
who had welcomed his tough talk on
climate — for buying the Trans Moun-
tain pipeline in an effort to see the
project through. He then lost every seat
he held in the western, oil-producing
region when he made little progress in
building the pipeline.
Mr Trudeau held on to power by
driving home fears that his rival, Con-
servative Andrew Sheer, would back-
slide on social policy, cut social serv-
ices, and abolish Canada’s carbon tax.
True, the Liberal’s victory is a heart-
ening sign that a politician can win by
advocating climate action, open immi-
gration and multiculturalism. Given
the setbacks around the world, this can
no longer be taken for granted.
But in the next chapter, Mr Trudeau
will have to redefine his political brand,
which can no longer rely on being the
fresh face of clean, idealistic politics.
The Liberal platform includes tax
cuts, more money for child care and a
move towards universal prescription
Investors should call
time on the CEO as chair
A growing corporate trend to split up top roles should be encouraged
The corner office has never witnessed
so much turnover. The year is shaping
up to be a record in terms of change at
the top of the world’s biggest public
companies. In the US, a country that
has long championed the role of the
imperious chief executive, an underly-
ing trend is gaining traction: a move to
split the roles of CEO and chairman.
Change has been steady if slow over the
past decade — last year just over half of
S&P 500 boards had split the roles, up
from 38 per cent in 2008, according to
analysis by ISS Analytics. A spate of
recent cases, where companies have
split the roles after perceived failures,
has reignited the debate.
Dennis Muilenburg, CEO of Boeing,
was stripped of his chairmanship ear-
lier this month. The board acted just
hours after the release of a critical
report that identified a series of mis-
steps and communication failures by
the company during the development
of the crisis-hit 737 Max aircraft. Mr
Muilenburg joins others, including
Elon Musk who stepped down as chair-
man late last year as part of a deal with
the Securities and Exchange Commis-
sion to settle fraud charges. Adam Neu-
mann, the co-founder of WeWork, lost
his role as CEO last month. He stayed
on as non-executive chairman until
earlier this week, when he gave it up as
part of a rescue deal with SoftBank.
The cases could be seen as outliers; a
belated move to punish a CEO by a
board engaged in short-term crisis
management rather than a genuine
belief in the need for better govern-
ance. Boeing had insisted in May that
such a move was not necessary.
Equally, what these cases underline is
that if companies realise in a crisis that
it is necessary to split the two roles then
more should pre-empt such crises — or
at least try to — by doing so from the
start. The two roles are fundamentally
different. A chief executive’s role
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drug coverage. The government cannot
simply throw money at every worthy
cause, especially when it is already run-
ning a deficit in good economic times.
Mr Trudeau is vulnerable to a global
downturn, and looks set to see his fiscal
headroom shrink even further.
At the top of Mr Trudeau’s inbox of
policy challenges are climate change
and energy. Climate was the number
one driver of Canadians’ voting inten-
tions in the election. But in a vast, frigid
country — still economically depend-
ant on fossil fuels — the question of how
hard to push climate-focused reforms
is politically and geographically
divisive.
Jagmeet Singh — leader of the
leftwing New Democratic Party, and
Mr Trudeau’s most likely supporter in
parliament — will demand tougher
action on the environment. Yet the oil
producers in Canada’s west will ignore
hectoring lectures from Mr Trudeau on
the dangers of climate change. The
energy sector makes up 11 per cent of
Canada’s GDP, employs 4.4 per cent of
its workers, and is still dominated by
fossil fuels.
To move forward, Mr Trudeau will
have to abandon his sometimes high-
handed approach to domestic oppo-
nents, and apply some of the strategic
tact that his government displayed in
trade negotiations with the US. He
must try to accelerate the transition to
renewables without abandoning
swaths of the country to unemploy-
ment and fuelling a backlash against
his green agenda.
Minority governments are not unu-
sual in Canada. Mr Trudeau’s father,
Pierre Trudeau, also lost his majority in
his second term. But he then stormed
back to power in 1974 and became one
of the country’s longest-serving lead-
ers. To repeat this performance, the
younger Mr Trudeau will have to rein-
vent himself as a unifier.
should be to manage the company, to
focus on its strategic and operational
needs. A chairman is there to run the
board, to assess management perform-
ance, oversee remuneration and to
plan for succession. In short, to provide
the right checks and balances. A chief
executive who is also chairman risks
falling into the trap of being able to
mark his or her own homework.
Of course, a split is not a fail-safe
against bad corporate governance or
failure. In the UK, where the corporate
governance code requires companies
to “comply” by separating the two roles
or else “explain”, there are numerous
examples of dominant CEOs who cap-
tured the board. In the case of Royal
Bank of Scotland the presence of Tom
McKillop — a former pharmaceuticals
executive with no banking qualifica-
tions — as chairman from 2006 was
unable to save the bank from near-col-
lapse. There are also examples where a
strong leader is able to combine the two
roles successfully over a long period.
Jamie Dimon deserves credit for steer-
ing JPMorgan for the past 13 years as
both CEO and chairman. Nevertheless,
his tenure has not been without faults.
Some worry about succession planning
given Mr Dimon’s dominant presence.
A split may not fit every company
but is eminently preferable. The US
practice of having an independent lead
director does not always provide for
sufficiently robust oversight — Boeing
is a case in point. In the US, investors
are ramping up their push for greater
independence in the leadership of the
board as well as for independent board
chairs; some are also explicitly linking
the combination to failures of risk
oversight. Investors should demand
that every board at the very least
review seriously whether theirs is the
right governance for them — and com-
municate and explain the conclusion
openly to shareholders.
★ FINANCIAL TIMES
Letters
People value a fair opportunity over equality
Benedict Mander’s report “Chile’s
inequality ignites unrest” (October 22)
effectively articulates some of the
frustrations behind the protests in
Santiago: growth that is not inclusive,
and a sense of being left behind. But
like so much commentary on
contemporary political unrest, it then
makes the leap of assuming this anger
can be chalked up simply to inequality
of income and wealth.
This is a common mistake. In fact,
behavioural science shows that people
do not systematically dislike unequal
economic outcomes. People do not
value equality but fairness, where
economic success is chiefly a function
of talent and effort.
In our Harvard working paper we
show that economic unfairness,
Will Boeing have to design
the 737 Max all over again?
Megan Greene’s interesting article on
Boeing’s contribution to the dragging
down of American growth (October
22) prompts a question on which some
expert technical views would be
welcome.
An aircraft is normally designed with
a high degree of inherent stability,
which derives from carefully calculated
disposition of weights and shapes of the
main parts. Every part is designed in
relation to the others. Boeing’s decision
to take most of the structure of the 737
Max from a predecessor, essentially
adding bigger heavier engines to a
frame that had been designed for
something else, appears to have defied
that normal process and upset the
stability norms. The adaptive design
appears to have relied for stability on a
software solution to keep the aircraft
within narrow margins of attitude as
related to speed. That in turn seems to
have created the vulnerability
experienced.
What is the possibility that Boeing
might end up having to redo the whole
physical design, with cost
consequences that are likely to be
devastating without US government
intervention?
John Tippler
Spalding, Lincs, UK
In fact, Friedman made
the case for CSR policies
It was a pleasant surprise to read an
op-ed defending Milton Friedman in
the Financial Times (“Companies
should stick to maximising their
profits”, Jennifer Burns, October 21). It
should be noted, however, that
Friedman in his famous 1970 New York
Times Magazine article already made
the business case for corporate social
responsibility policies:
“To illustrate, it may well be in the
long-run interest of a corporation who
is a major employer in a small
community to devote resources to
providing amenities to that community
or to improve its government . . . In the
present [sic] climate of opinion with its
widespread aversion to ‘capitalism’,
‘profits’, the ‘soulless corporation’ and
so on this is one way to generate
goodwill as its byproduct of
expenditures that are entirely justified
by its own self-interest. It would be
inconsistent of me to call on corporate
executives to refrain from this
hypocritical window dressing because
Lebanon’s mass
demonstrations
are focusing
political minds
Notebook
by Roula Khalaf
measured in terms of low social
mobility, is strongly associated with
populist voting patterns in the 2016
US presidential election, the 2017
French presidential election, and the
2019 EU parliament election. But
income and wealth inequality have no
explanatory power. People are taking
to the streets not because they are
jealous of the success of others, but
because they themselves have not
been given a fair opportunity to
succeed.
What, then, is the path forward?
Look to countries with high social
mobility, such as Australia and Canada.
They create economic fairness by
twinning equal opportunity and
unequal outcomes. There is strong
state backing for the public goods that
And a source said: ‘Let there be light’
it harms the foundations of a free
society.”
In other words, if your clients believe
that your actions are saving the planet,
and as result they increase the demand
for your product, it may well be
profitable to engage in incurring the
cost of such actions. Even if you
rationally know that your company has
no significant impact on global
warming or the planet, if your
customers believe otherwise, you
should go ahead at the risk of being
called a profit-maximising hypocrite.
Theo Vermaelen
Professor of Finance,
INSEAD,
Fontainebleau, France
Most humans can’t resist
the lure of luxury living
A person who stands to inherit $6m
(Psychology of wealth, FT Wealth,
October 2019) would, at current rates
of return net of taxes, receive $100,000
and $250,000 annually in perpetuity.
This would certainly allow for a
comfortable life.
But it would not enable the recipient
— unless they consumed their
inheritance — to run with the fast
crowd. The fact that inherited money
dissipates so quickly establishes that,
as a flawed species, most humans are
unable to avoid the lure of luxury
living.
This is not a new issue. Victorian
novels are replete with the admonition:
“Never spend capital.” That advice was
just as widely ignored then as it is now.
Guy Wroble
Denver, CO, US
On the first day of Lebanon’s mass
protests, they were described as the
WhatsApp revolution, sparked by new
taxes on calls made through the app.
On the second day, they became the
“kick queen” revolution, when a
picture of a woman kicking a
policeman in the groin went viral. By
the fourth day, they were the DJ
revolution, as more than a quarter of
the 4m population thronged the
streets, swaying to blasting music
from volunteer DJs.
In this explosion of long simmering
anger, a society that often seeks
escapism to forget the civil war of the
1970s and 1980s collectively shouted
that it had had enough of the corrupt
and inept political class that has ruled
ever since. My only surprise is that it
has taken so long for the anger to spill
on to the streets.
There’s been a fair share of rioting,
looting and road blocking that have
ground the country to a standstill. But
even in the roughest of times, the
Lebanese love a celebration and so,
over the past week, they have raged
against corruption and nepotism in a
festive atmosphere.
People of all ages have borrowed a
slogan of the 2011 Arab uprisings that
translates as “the people want to bring
down the regime”. The protests have
been spontaneous, lacking leadership
or organisation and, remarkably for a
society divided along sectarian lines,
they have been devoid of a sectarian
tinge. Sunni and Shia, Christian and
Druze have united in their opposition
to decades of mismanagement.
If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com
create widespread opportunity — such
as education, healthcare and public
transit — and buy-in to market
competition, which converts that
opportunity to tangible rewards.
America is facing populist unrest
because it fails at the former; France
because it fails at the latter. The
Chilean government must offer public
policy that restores fairness, giving
everyone, no matter to which income
group they are born into, a real chance
at a better life.
Eric Protzer
Research Fellow,
Kennedy School of Government,
Harvard University, US
Paul Summerville
Victoria, BC, Canada
Former chief economist, RBC Securities
Remainers undermining
the UK’s political stability
It is really disappointing to see the
Financial Times’ continued Europhile
bias reflected in for example James
Blitz’s book review “Deal or no deal,
endless Brexit lies ahead” (October 21).
The great Martin Wolf may think that
the future growth of gross domestic
product will be less following Brexit
(Comment, October 18); but any good
economist — which he most certainly is
— knows that forecasts are highly
uncertain, and that economic progress
depends on the decisions of individual
economic actors.
What politicians should contribute
includes reasonable political stability,
which the continued campaign by
doctrinaire Remainers terribly
undermines. It is also making the UK’s
parliament a laughing stock; which is
not good.
Dermot Glynn
Twyford, Berks, UK
Split the Woodford fund
into ‘good’ and ‘bad’
On the winding up of Woodford Equity
Income: rather than a fire sale of all
assets, a more sensible approach would
be to split the fund in two — a “good
fund” containing the listed, reasonably
liquid stocks and a “bad fund” for the
rest — with unit holders receiving
holdings in each fund on a pro-rata
basis. The good fund could have a soft
opening, say, on a monthly, best
endeavours basis. Some holders may
choose to stay put and tough it out. The
bad fund would remain shut with
distributions as and when assets are
realised.
Mark Brown
London SE1, UK
Magnificent work not
eligible for Nobel Prizes
I was surprised that only now has the
Nobel committee applied to the
Economics prize the requirement for
experimental verification of theory.
This has always been the case in the
physical sciences, meaning that
eminent theoretical researchers such
as Professor Sir Roger Penrose and the
late Professor Stephen Hawking did
magnificent work describing black
holes, among other subjects, but were
not eligible for the Nobel Prize owing to
the lack of experimental verification.
Douglas Wells
Meudon La Forêt, France
If only there was a regime that could
be brought down. But Lebanon is not a
typical Arab state. It has a large
measure of democracy but Christian
and Muslims sects govern in an
uneasy power-sharing arrangement.
To bring down the regime would be to
overthrow a whole political class. It
would mean dismantling the sectarian
system and building a national secular
state. That is a worthy dream but not
one that is likely to be realised
anytime soon.
I think of Lebanon, my home
country, as ruled by a group of mini
dictators, who use patronage to
capture the sectarian loyalties of their
constituencies. Those who appear to
rule, moreover, do not necessarily
hold the levers of power. Although the
prime minister, Saad Hariri, is a
leader of the Sunni Muslim
community, and Michel Aoun, the
president, heads a Maronite Christian
party, the Iran-backed Hizbollah, the
Shia party that participates in
government, is by far the most
powerful group.
These mini dictators don’t impose
their will so much as ignore the
concerns of the wider public. The
economy is teetering on the brink of
collapse, with public debt reaching
150 per cent of gross domestic product
and large repayments looming. But
the appetite for corruption remains
voracious.
That is why decades after the end of
its civil war, Lebanon still feels as if it
is emerging from conflict, with its
economy battered and its public
Thursday 24 October 2019
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
Identify your company’s
purpose — then embed it
Your editorial “How to build a more
responsible capitalism” (October 14)
suggests how to encourage chief
executives and business owners to do
the right thing. For those who have
been convinced to pursue a purpose-
led strategy, there are two key areas to
tackle.
The first is identifying and
articulating what that purpose is.
Purpose should answer the question
“why” a company does what it does —
it’s the single underlying objective that
unifies all stakeholders. In the case of
Unilever, referred to in the editorial,
this purpose is “to make sustainable
living commonplace”. Identifying the
purpose is a strategic exercise involving
stakeholder consultations inside and
outside the company and aligning with
existing and future business and
sustainability strategies. It involves a
statement as well as — critically — a set
of goals, that align to business strategy
and that will engage and inspire
employees, as well as serve as a means
to measure progress.
The second is embedding the
purpose throughout the organisation.
This is the first immediate test of the
purpose. It requires on the one hand
changing systems and processes to
align with a new way of doing things.
But it also requires a mindset change —
to a belief that purpose will drive
business performance. This means
putting it at the heart of business
strategy, and at the heart of
engagement with employees,
customers, regulators, investors and
civil society. It’s a genuine shift in how
to do business, and examples like
Unilever show that the results can be
transformational.
Katarina Wallin Bureau
Managing Partner,
RISE Corporate Purpose Advisory,
Brussels, Belgium
Non-financial information
that needs closer scrutiny
I welcome your editorial “How to build
a more responsible capitalism”
(October 14) addressing as its second
imperative “accelerated improvements
in non-financial measures that assess
the impact companies have on society
and the environment”. However, this
misses one important aspect of good
corporate governance in any
organisation to ensure that its external
reporting is accurate and trustworthy.
That is the need for independent
assurance to be given when non-
financial information is reported by an
organisation to its stakeholders.
Today’s external reporting
requirements for non-financial
information do not include
information related to the
environmental and social aspects of an
organisation’s good governance. This is
both a national and an international
governance issue which needs to be
addressed if full reliance is to be placed
by stakeholders on your second
imperative.
Jeffrey Ridley
Visiting Professor of Corporate
Governance Assurance,
University of Lincoln, UK
Correction
c Italian energy group Enel does not
produce oil, as wrongly suggested in an
article on October 21.
services neglected and dysfunctional.
Though the intensity of the protests
has taken the political class by
surprise, no leader seemed shocked.
When the party chiefs have spoken
over the past week, they have
endorsed the grievances, telling the
people on the streets that they are
right to be angry.
Yet the politicians are scared, too, as
they should be. No revolt of this size in
the region has ended with the status
quo unchanged. The Arab Spring led,
with a few exceptions, to civil strife;
the more recent uprisings in Algeria
and Sudan are ushering in more
hopeful change. The last time the
Lebanese rose up in similar numbers,
in 2005, their protests were against
Syria, accused of assassinating Rafiq
Hariri, a beloved leader (and father of
the current prime minister). Those
protests forced the withdrawal of
Syrian troops.
One week in, Lebanon’s current
mass demonstrations have
concentrated minds. The cabinet on
Monday signed off a series of reforms
at lightning speed. No new taxes
would be introduced, salaries of past
and current ministers and
parliamentarians would be slashed in
half, banks would face new levies,
waste and corruption would be
contained. These are the right moves.
But they may be too late. Once
unleashed, popular revolts aren’t
usually tamed with promises of good
behaviour.
roula.khalaf@ft.com

Thursday 24 October 2019
A MER ICA
Janan
Ganesh
T
he best line in Steven Spiel-
berg’s otherwise inert
biopic of Abraham Lincoln
comes from one of the pres-
ident’s dodgy middlemen.
His job is to induce Democrats to back a
constitutional amendment that would
abolish slavery in the US. “It’s not illegal
to bribe congressmen,” he says, as his
reluctant paymaster, fresh from the
White House, squirms. “They starve
otherwise.”
Spielberg could bank on a joke about
19th-century corruption to still raise a
chuckle in 2012. There was enough cyn-
icism around. It was there every time
people said that politicians were “all the
same” or ranked them below car dealers
in the hierarchy of professional trust. It
was there when leaders were said to
Perfect apples
and the
Cosmic Crisp
BUSINESS
John
Gapper
T
he boldest launch of a new
apple in two decades will
soon reach US supermar-
kets in the form of the Cos-
mic Crisp. With 12m trees
already growing in the state of Washing-
ton and a $10m marketing budget, there
has been nothing quite like it since the
Pink Lady apple emerged from Aus-
tralia.
“It is enormously crunchy and wipe-
your-face juicy,” says Kathryn Grandy,
director of marketing for Proprietary
Variety Management, the US company
in charge of launching the Cosmic Crisp.
“Imagine the Possibilities”, is the tagline
for the attempt by growers in the biggest
apple-producing state in the US to rival
Braeburns and Galas.
The new apple’s marketing budget is
minuscule compared with the sum
Apple spends on iPhones. But the Cos-
mic Crisp, so named because someone
in a focus group compared the light
spots on its glossy red skin to the night
skies, is the latest effort by fruit farmers
to capture the loyalty of consumers.
In these days of farmers’ markets and
the rush to make products more
authentic and craft-like, branding an
AFRICA
David
Pilling
W
hen statisticians
decided to track how
well African countries
were doing in moving
towards their 2030 UN
sustainable development goals, they
discovered a curious thing: no one had
the faintest idea. More accurately, on
average, African governments keep
statistics covering only about a third of
the relevant data.
To be fair, the goals, which range from
eradicating poverty and hunger to cre-
ating sustainable cities and communi-
ties, are overly complicated and some-
times unquantifiable. The millennium
development goals that they super-
seded had eight goals with 21 indicators.
The SDGs have 17, with 232 indicators.
Yet statisticians for the Mo Ibrahim
Foundation, which compiled the report,
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Public cynicism is destroying our politics
have “lied” about Iraq’s weapons of
mass destruction, when credulity and
incompetence had been their truer
failings.
The politician as crook: there is no
doubting the timelessness of the trope.
The question is where it got us.
Populism was not just a response to
economic dispossession and ethnic
grievance. It also fed on a fashionable
and unwarranted cynicism about poli-
tics. In a country where politicians are
mostly respected, Donald Trump’s pres-
idential candidacy would never have
been viable. In a country where they are
assumed to be venal liars, he is “no
worse than the rest of them”, and per-
haps better for his lack of moral pre-
tences.
At this juncture, it is customary to tell
politicians to therefore clean up their
trade, the better to restore public confi-
dence. This is to let the rest of us off
much too lightly. At some point, voters
themselves must curb a mistrust of pub-
lic life that is extravagantly out of pro-
portion with its actual dirtiness.
Yes, there is some civic fumigation to
be done. The ease with which people flit
apple feels like an odd strategy, even if
the Cosmic Crisp is in most regards as
natural as the Cox’s Orange Pippin, a
British apple dating back to 1830. Both
were crossed from other varieties, not
genetically engineered.
But apple farmers have discovered
that it pays to have their own brands.
The Pink Lady, which was first trade-
marked in Australia in 1992, is based on
the Cripps Pink, a variety created 20
years before. Most shoppers still know it
as the former and will tolerate its higher
price.
Branding gives growers some pricing
power against supermarkets, rather
than always being at the latter’s mercy.
Although shoppers can distinguish vari-
eties of apples (more than with plums or
peaches), the common varieties are so
readily available from growers around
the world that retailers can pick the
cheapest supplier.
The usefulness of a brand means that
the WA38, a variety developed at Wash-
ington State University in 1997 and pat-
ented in 2014, is being launched as the
Cosmic Crisp. The state’s farmers have
replanted orchards from Red Delicious,
a venerable apple that has lost popular-
ity. “We have never had an apple of our
own,” says Ms Grandy.
Like other new fruits, the WA38 is
shielded by patents, and the university
gains a royalty from the sale of every
tree. But this is not the only way in
which it is controlled. It is a managed
variety — protected by trademarks as
well as patents, with only selected farm-
Fixing the data deficit is vital to drive development
are on to something. African states don’t
know enough about their people.
In this age of mass surveillance, that
might seem counterintuitive. Surely
governments, not to mention private
companies, have too much information
on their citizenry? In fact, in many
African nations with weak states, big
informal economies and undocu-
mented communities, the problem is
the reverse. How many people are there
in Nigeria? What is the unemployment
rate in Zimbabwe? How many people in
Kibera, a huge informal settlement in
Nairobi, have access to healthcare? The
answers to such basic questions are: we
don’t really know.
Nigeria last conducted a census in
2006, when the population — a sensitive
topic in which religion, regionalism and
budget allocations are messily inter-
twined — came out at 140m. These days
it could be 180m or 200m. Or perhaps
more. Or less. President Muhammadu
Buhari recently complained that statis-
tics quoted by international bodies,
such as those alleging that Nigeria has
more people living in absolute poverty
than India, were “wild estimates” bear-
ing “little relation to facts on the
★ FINANCIAL TIMES
Opinion
between government and the lobbying
of government is unconscionable. Cam-
paign donations, the oil in the engine of
US politics, should be more tightly con-
trolled. Mr Trump did not imagine the
“swamp”, even if he then paddled in it
with gusto.
But even if all these stains are taken
together, they would not warrant the
negativity that for so long passed in
The more we describe as
liars people who are not
liars, the easier it is for liars
to say they are not liars
polite company as worldliness. In 2015,
18 per cent of Americans said they
trusted Washington all or most of the
time. Even before the 2008 financial
crash, the number was just 24 per cent.
This was in a rich, tolerably well-gov-
erned country, deep into a boom, where
crime was falling and corruption was
low. In 2016, the US was the 18th clean-
est country out of 176, according to
ers being licensed to grow it according to
set standards.
The right to produce the Cosmic Crisp
is confined to farmers in Washington
until 2024 and may then be extended
until 2034, when the patent on the fruit
variety will run out. The state hopes
that the Cosmic Crisp brand will by then
have gained a value that outlasts its pat-
ents, as the Pink Lady did.
The cautionary tale is the Honeycrisp,
released in 1991 by the University of
Minnesota as an open variety that any-
one could grow if they paid the royalty.
The Honeycrisp is among the most pop-
ular US apples, and one of the varieties
crossed to make the Cosmic Crisp, but
its US patent protection expired in 2008
and it was not trademarked.
This varietal suits farmers.
Its flesh does not bruise or
brown easily and it can be
stored for up to a year
ground”. The riposte to that is simple.
Work out what is happening and do
something about it.
Likewise, unemployment is hard to
define, let alone quantify, in a broken
economy such as Zimbabwe’s where
cited jobless statistics range from 5 to 95
per cent. Is a struggling subsistence
farmer or a street-side hawker jobless or
gainfully employed? For that matter
what is the status of a government
Unemployment is hard to
define, let alone quantify,
in a broken economy
such as Zimbabwe’s
employee who receives her salary in a
useless electronic currency?
According to Seth Berkley, chief exec-
utive of the Vaccine Alliance, keeping
tabs on unregistered people in the
sprawling “slums” of Africa’s increas-
ingly massive megacities, is harder than
working out what is going on in isolated
villages. If governments do not know
whether a person exists it is all too easy
Transparency International. You are
forced to reach for the Iraq war as the
only explanation for this mistrust. But
then the figure for the mid-1990s, that
belle époque of peace and plenty, was 17
per cent. Suspicion has become a struc-
tural feature of US politics, not a cyclical
or event-dependent one.
Britain (the 10th cleanest country in
2016) is another nation that is con-
vinced, against all evidence, that it has
been run by self-dealing bandits since
forever. Guy Fawkes was the “last man
to enter parliament with honest inten-
tions”, says any giggling banter mer-
chant at a dinner party. And in enter-
taining this delusion for so long, to such
corrosive effect, it has ultimately come
true. The more we described as liars
people who were not liars, the easier it
became for liars to say they were not
liars. Authentic villains got lost in the
haze of indiscriminate cynicism.
It is telling how few of Mr Trump’s
supporters have mounted a defence of
his own behaviour of late. Instead, they
make tu quoque arguments about the
Democrats. It was a favourite of Soviets
during the cold war, this whataboutism,
That has made universities and the
farmers around them eager to manage
and brand their most promising varie-
ties. The University of Minnesota has
produced the SweeTango and Cornell
University the SnapDragon. The brands
now jostling for recognition include
Pazazz, Rave, and the Midwest Apple
Improvement Association’s Ludacrisp.
This competition is one reason for the
size and speed of the Cosmic Crisp
launch. Washington wants to use its
farming capacity and marketing clout to
develop the brand as fast as possible.
This could both boost revenues while
the variety is under patent and over-
power the emerging rivals.
There is a danger that apples become
so efficiently cultivated that they lose
the fruit’s essence. The Cosmic Crisp is
the ultimate expression of today’s
approach, with its consistent appear-
ance, balance of sweetness and tartness,
and the crispness and juiciness charac-
teristic of the modern apple.
The Cosmic Crisp also suits farmers.
Its flesh does not bruise or turn brown
to ignore their rights — to healthcare, to
education or to the vote. The Mo Ibra-
him Foundation found that only eight
countries in Africa register more than
90 per cent of births. Tens of millions of
people are literally invisible. Mr Ibra-
him, a Sudanese billionaire, calls data
“the missing SDG”.
Emmanuel Gyimah-Boadi, former
director of the Center for Democratic
Development in Accra, argues that a
national identity card, of the sort rolled
out in India and now being introduced
in Ghana, is a vital component of
democracy. “For me, it’s the beginning
of citizenship,” he says.
Ghana is also trying to use technology,
including the electronic tagging of
houses and online applications for gov-
ernment services, to throw light on its
opaque interactions with its 30m
citizens. The idea, says Mahamudu
Bawumia, the country’s vice-president,
is to draw people out of the informal
sector and into the formal one, so that
tax can be levied and services provided.
One indication of the low levels of
interaction between governments and
their citizenry is taxation. Of 21 African
countries surveyed by the OECD, the
which makes it all the more piquant in
the mouths of US conservatives. And
still, all they are doing is honouring a
culture — fomented by liberals as much
as the right — in which everyone in high
office is held to be chin-deep in muck.
It is there as far back as Chaucer,
never mind Shakespeare, this idea of the
corrupt churchman or senator. Democ-
racy cannot do without a certain meas-
ure of scepticism. But cynicism is
another thing, and nihilism yet another.
They lead to what the historian Richard
Hofstadter called “the paranoid style in
American politics”, where conspiracy
theories flourish and fringe elements
prosper.
In recent years, the answer to pop-
ulism has been tougher scrutiny of poli-
ticians, hence all the fact-checking of
their statements and scrutiny of their
funding. But the solution also requires
something counter-intuitive: a base
level of respect for their trade. The idea
that we all live in some great Tammany
Hall of deceit and graft is not just wrong.
It enables it to become true.
janan.ganesh@ft.com
easily and it can be stored for up to a
year after harvesting so that it remains
on supermarket shelves. The trees are
grown from dwarfing rootstock that lets
farmers fit more than 1,000 to an acre,
lined up neatly in rows. Today’s apple
orchards bear little resemblance to the
image in people’s minds.
Farmers can hardly be blamed for
responding to the market in this way —
they have limited choice, given con-
sumer preferences and the buying
strength of supermarkets. The Cosmic
Crisp is perfectly adapted to what retail-
ers and shoppers want, wrapped in a
trademark to make it profitable.
In the future, the consumer could tire
of what has been made for him and her
— the unnerving consistency of fruits
that always taste the same, with a crisp-
ness that takes months to fade. They
may miss their old quests for apples in
season, and the unpredictable pleasures
of the first bite. Until then, here is the
Cosmic Crisp.
john.gapper@ft.com
average tax take was 18.2 per cent of
output, with the Democratic Republic of
Congo on a lowly 7.6 per cent.
Even these numbers flatter. Most rev-
enue comes from the likes of customs
duty and mineral royalties, with few
citizens, including rich ones, paying
much income tax. The counterpart of
no taxation without representation is
“no representation without taxa-
tion”. Africa’s elites tend to sidestep the
state’s inadequacies through accessing
private health, private security, private
education and even private electricity.
Most poor people’s expectations of
service provision are rock bottom.
Africans need to start demanding
more of the governments that rule in
their name. More data won’t fix that by
itself. But if governments know — and
publish — exactly what is going on, they
have less excuse to ignore it. At last
week’s Financial Times Africa Summit
in London, Mr Bawumia said of Ghana’s
drive to keep tabs on its citizenry: “No
one can hide.” He would have been
better advised to say: “No one should be
forgotten.”
david.pilling@ft.com
11
The race is on
to reveal
mysteries of
consciousness
SCIENCE
Anjana
Ahuja
N
obody perceives or experi-
ences the world like you do.
You are an ever-changing,
unique collection of percep-
tions, memories and expec-
tations, of which you are constantly
aware. The sense that you know your
own mind is your consciousness at
work.
Yet despite thousands of years of
inquiry by philosophers and scientists,
the origins of consciousness have never
been truly understood. How does a
physical thing, the brain, generate a
subjective experience, such as delight in
the beauty of autumn? We have some
clues: disease, stroke or injury can
damage it; we fleetingly surrender it
during sleep or while anaesthetised. But
the exact neurological or physiological
structures that conspire to produce
consciousness remain elusive.
Now, a $20m effort will pit competing
theories against each other. The project,
by the Templeton World Charity Foun-
dation, was announced last week at the
Society for Neuroscience meeting in Illi-
nois and reported in the journal Science.
Appropriately for a head-to-head
contest, the first round will pit the front
of the brain against the back. The Global
Neuronal Workspace theory, led by
Stanislas Dehaene, a professor at the
Collège de France, suggests a starring
role for the prefrontal cortex, often
called the brain’s “CEO” because of its
importance in planning and problem
solving.
The theory contends that competing
How does a physical
thing, the brain,
generate a
subjective experience?
sensory stimuli jostle for neural atten-
tion, but only those that are prioritised
cut through to trigger other brain
processes, such as working memory and
decision-making. It is this “global
broadcasting” across the brain that we
experience as conscious thought.
Or does the engine of consciousness
purr at the back of the brain?
The integrated information theory,
pioneered by Giulio Tononi, a professor
at the University of Wisconsin, argues
that the more interconnected a system’s
parts are, the more likely it is to be
conscious. He predicts that intricately
connected cells near the back of
the brain should make a significant
contribution.
A logical consequence of Prof Tononi’s
mathematical idea, in which intercon-
nectedness and information exchange
are pivotal, is that non-biological matter
could also be conscious. This radical
view that inanimate matter could have
an inner life, known as panpsychism, is
surprisingly well-regarded among
philosophers. Our brains are, after all,
composed of atoms, just like all the
other stuff in the universe. For others,
though, this renders the IIT theory self-
evidently absurd.
The architects of the theories will play
no part in collecting or analysing data;
they will simply make predictions
against which their ideas will stand or
fall. Laboratories around the world will
scan the brains of 500 volunteers while
they carry out tasks related to con-
sciousness, such as image recognition.
Electroencephalography, or EEG, which
uses electrodes to measure electrical
activity in the brain, will also feature.
The collective effort will be managed
by Lucia Melloni at the Max Planck
Institute for Empirical Aesthetics in
Frankfurt. The play-offs between as
many as 11 different theories will help
scientists “get closer to understanding
consciousness [by] increasing confi-
dence in the theory that survives adver-
sarial collaboration”. The first results
are expected in about three years.
Human consciousness is a remarka-
ble phenomenon: the means by which
we comprehend the world, but seem-
ingly impervious to scientific inquiry. A
deeper understanding may allow us, for
instance, to more accurately infer levels
of consciousness in locked-in patients
and non-human animals.
Then again, some philosophers and
scientists think human consciousness
itself is an illusion, a charade in the
cranium destined to keep us fooled.
The writer is a science commentator
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12 ★ FINANCIAL TIMES Thursday 24 October 2019

Peugeot SA: style mileage

The French carmaker’s shares have outperformed European peers so far this year. A turnround plan under
Carlos Tavares has sped up the pace of new model releases, driving profits higher and helping to offset
declines in sales volumes. Operating margins last year were some of the highest among European carmakers.

Twitter: @FTLex Peugeot outperforms Contribution to PSA Q3 sales

WeWork/SoftBank:
facial massage
The dumb money was not so dumb
after all. Public investors rejected
WeWork’s plan to float. Instead,
SoftBank — supposedly the smart
money in tech — will double down on
its investment in the controversial US
offices business. The Japanese group is
injecting $6.5bn to dodge a writedown
and save face. The number of investors
convinced by SoftBank’s accounting
manoeuvres is dwindling fast.
The investment group would wind
up with 80 per cent of WeWork’s
equity. Yet even with a majority
economic stake, SoftBank would not
take full control. It plans to redirect
voting rights acquired from founder
Adam Neumann to an expanded
WeWork board. It will classify WeWork
as an associate, not a subsidiary.
Doing so attracts lenient accounting
treatment. Without technical control,
SoftBank does not need to record the
investment at cost and later adjust it
according to its earnings performance
— or the lack thereof. Instead, because
SoftBank may hold WeWork shares for
transfer to its Vision Fund, they would
be a financial asset measured at fair
value. This is in the eye of the beholder
for an unlisted stock.
SoftBank has been adept at
registering increases in stakes,
sometimes through transactions in
small parcels of shares, that boost the
notional value of the whole. At
SoftBank it contributes to group
earnings which are also swelled by a
share of paper profits from subsidiaries.
SoftBank’s earnings contain
worryingly little hard cash. This has to
service net debt that recently hit a
hefty $133bn, according to S&P Global.
SoftBank’s plans for WeWork remain
unchanged. It sees the crisis as not
unusual for tech companies. It
previously committed $10.65bn. The
latest offer includes a tender for up to
$3bn of stock, bringing forward a
previously agreed $1.5bn and around
$5bn in new debt.
WeWork burns through billions a
year and profitability is far off. Without
access to ample funds, growth will be
stunted. But WeWork’s arm’s-length
status means less pressure for Marcelo
Claure, the SoftBank executive
replacing founder Mr Neumann.
Public investors deserve credit for
refusing to throw good money into a
bad investment. SoftBank was once
credited for buying early stakes in
Yahoo and Alibaba. It is now better
known for a string of flops and mastery
of face-saving accounting wheezes.
Chile:
red metal, red mist
Chile’s billionaire president Sebastián
Piñera is no strongman dictator in
mirror shades. But this month Santiago
was rocked by the worst riots since
military dictator Augusto Pinochet was
in power. Emerging market investors
may well shrug. Yet Chilean equities
trade at a valuation premium. That will
be threatened if Mr Piñera’s
government cannot quell unrest.
Over the past 45 years, Chile has
transformed itself. In the early 1980s
the country was brought near to
collapse by a crisis that left half its
banks under state control. Since then,
Chile has become a bastion of
economic stability. A mandatory
pension system set up in 1981 was seen
as a model. State enterprises were
privatised. China’s appetite for copper
brought hefty foreign investment.
Ordinary Chileans are less impressed.
Many, for example, think the pensions
system has failed them. High fees over
decades means retirees only receive a
third of their lifetime average income,
one of the lowest rates among OECD
nations, according to UBS.
To his credit Mr Piñera is promising
to increase employer contributions
substantially. Will that be enough to
ensure Chile continues to be seen as
investor-friendly? Priced at 16 times
forward earnings Chile’s stock market
trades at a 24 per cent premium to
global emerging markets, even though
it is close to its three-year low.
It is too early to blame that slippage
on unrest. A near 20 per cent fall in the
peso since February 2018 weighs on
private consumption and earnings.
Yield spreads for dollar sovereign
bonds have only widened recently,
from two-year lows. Telecoms group
Entel and flag carrier Latam Airlines
have risen smartly this year, even
though the broad market has fallen.
Chile cannot control commodity or
currency market movements. Current
woes do not make the country a
stereotypical emerging markets basket
Share prices (rebased)
Stoxx Europe
600 Auto index
Jan Mar May Jul Sep Nov
2018
FT graphic Sources: Refinitiv; company; S&P Global
Practicality and chic give French
haute couture its va va voom. The
same applies to the motors from
Peugeot SA.
A sales update from PSA yesterday
showed third-quarter sales fell 4 per
cent. But market share gains enable
PSA to turn heads compared with its
industry’s shabbier performance.
Shares in the French carmaker are
back in vogue this year,
outperforming its European peers.
As they should be. Peugeot has
recovered in recent years by making
cars people want, without the
scandals and distractions of Renault
or the fallout from the emissions
scandal plaguing German carmakers.
Director of style Gilles Vidal deserves
at least some of the credit for the
case. While Mr Piñera maintains Chile’s
political stability, foreign investors
should hold their nerve.
Metro Bank:
doggone
Vernon Hill is a man in a hurry. Just
three weeks after announcing his
intention to step down at the end of the
year, the Metro Bank chairman has
packed his bags and quit the post “with
immediate effect”.
His sudden urgency is completely
understandable. On Wednesday after
the market close, Metro reported a
third quarter statutory loss before tax
of £6.7m, partly due to a large charge
for “prudent balance sheet actions”.
% change from Q3 2018
160
Product mix
PSA
140
Volume and
country mix
120
Sales to dealers
FCA
100
Operating margins
80 Per cent
60
Renault
40
Jan Mar May Jul Oct
2019
2014
dramatic turnround overseen by chief
executive Carlos Tavares since 2014.
It helps that more than 80 per cent of
PSA sales come from Europe. It added
to that regional bet with the acquisition
of Opel Vauxhall from General Motors
in 2017. True, this region’s sales
declined almost 3 per cent in the third
quarter. However, PSA has low
exposure to poorly performing Asia, in
particular China. Rivals such as
Volkswagen are more exposed to
China, suffering tumbling sales in the
industry’s biggest market.
Though units sold fell, PSA revenues
climbed 1 per cent in the quarter, saved
by higher prices partly from selling
more premium cars. Rolling out new
models more often continues to pay off
for PSA. Newer models command
The challenger bank he founded with
great fanfare (and dog bowls for thirsty
canines) is a mess. There is an
accounting scandal and a botched debt
issue had to be revived at a far higher
coupon. These problems have left
regulators baying for blood and
depositors pulling their funds.
Even without regulatory and
governance snafus, Metro had
problems. Its glitzy branch model was
an expensive anachronism soon after it
launched, rendered obsolete by digital
upstarts such as Monzo with their jazzy
pink cards and no-fuss banking.
Banks make money by borrowing
low and lending high. Even the best in
class are finding that tricky in today’s
climate. Metro, alas, is not best in class.
Its net interest margins have shrunk,
from 1.97 per cent in fiscal 2016 to
Price
Other
Currency
-4 -2 0 2
PSA Renault FCA
15 16 17 18
higher prices. The changes also help
the company meet tougher
regulatory emissions targets.
PSA aims to have a new model per
region per brand each year; that
meant 25 launches in total last year
compared with 17 in 2016. The
company wants to reduce the average
age of its range to 3.5 years by 2021
from 4.3 last year.
Mr Tavares has given a new look to
PSA while lifting group operating
margins to 7.7 per cent last year.
That is well ahead of those for
Renault and FCA, and even topped
VW. Yet PSA shares, at 6 times
forward earnings, only trade
at a small premium. That seems
mean, even in the realm of
fashionable investments.
1.62 per cent at the interim. Metro
ponied up an eye-watering 9.5 per cent
coupon for a £350m debt issue
designed to meet loss-absorbing
buffers required under Bank of
England regulations.
That gives it the necessary capital
but leaves little room for balance sheet
growth. Sure, it could sell off loans —
Barclays reckons on £1.7bn of non-core
loans, or 10 per cent of the total book at
the second quarter — but the corollary
would be less earnings.
Ultimately, Metro illustrates the
trouble for challengers. By definition,
they push the envelope. That draws the
attention of regulators, even without
Metro’s eccentricities. Its shares now
trade at a tenth of the £20 IPO price.
Alas, Mr Hill’s departure is far from
enough to turn this dog round.
Boeing:
no buy zone
Boeing knows how to make all the right
noises. The US aerospace giant
4 yesterday reiterated its confidence that
its 737 Max will be cleared to fly again
this year.
The jet has been grounded since
8 March after two crashes killed 346
6 people. The comments raised hope that
the company is close to turning the
4 corner on a crisis that has wiped $48bn
2 off its market value.
This may be an exercise in wishful
0 thinking. Boeing had originally
pencilled in a return-to-service date of
June. That was pushed back to
November. Now it is the fourth quarter.
It is likely to be extended again.
As Boeing receives most of the price
of aircraft it sells upon delivery, planes
on the ground for longer dent returns
for shareholders. The prolonged
grounding has come with a huge price
tag. Yesterday’s results revealed the
largest quarterly cash burn since at
least 2010. The $2.9bn in negative free
cash flow is nearly 3 times that
reported in the second quarter.
Not that Boeing is in danger of
running out of money. It ended the
quarter with $10.9bn of cash and
equivalents. That leaves its net debt to
forward 2020 ebitda at below 1 times.
And it still enjoys healthy access to the
capital debt market, selling $3.5bn of
bonds in April. But borrowing to fund
shareholder payouts is a slippery slope.
There are other concerns. Last
week’s revelation that a Boeing test
pilot had raised safety concerns about
the 737 Max two years before the fatal
crashes has not helped its case with
regulators.
Investors may want to start dialling
back their expectations. Boeing paid
out $3.5bn in dividends in the first nine
months of 2019 and repurchased
$2.6bn in shares in the first half.
The aircraft manufacturer wisely
chose to stop share repurchases during
the third quarter. Something else will
give if the cash crunch continues.
Without more planes in the air, the
dividend may have to go on the
chopping block as well.
Lex on the web
For notes on today’s breaking
stories go to www.ft.com/lex

CROSSWORD ACROSS
1 Sweet and innocent girl’s
4 Formal dinner and drink without
a place to sit (9)
No. 16,306 Set by ORENSE hugged by youth in charge (8) 5 Smart, understanding part of
6 Settle around end of year and clutch (7)
       
hunker down (6) 6 Food needed by copper on right
9 Hot line in forged notes (6) lines (5)
10 Former prime minister 7 Vetoes laws subject to
  dismissing leader and southern insurance starting late (9)
Asians (8) 8 Carpenter beginning to chase
11 The effect of giving up meat the joints (5)
  day after Christmas? (4,6) 14 Change the last word on
12 Right hand clenches when workers in case of deficit (9)
disregarding danger (4) 16 Exaggerate stitch (9)
    
13 Rock band’s first American 17 My ingress disturbed the effect
season (6) of group action (9)
15 Annoys son – that’s uncalled- 19 Food from kiln eaten by tribe,
for! (8) oddly (7)
  
18 Company present books as easy 22 Sikh – a kind wrapping cloth (5)
to understand (8) 23 Rodents can pick up last of
20 Reserve must accept wrong rotten food (5)
    grounding (6) 24 Time will be invested in genuine
21 Slip made by small child (4) revolutionary in due course (5)
23 Make a world suitable for a flyer
  (10)
25 Cob in mist looks nervous under Solution 16,305
this initially (8)
6 4 8 $ 5 ( 6 + ( ( 3 ' 2 *
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27 Hint to English – tread carefully! $ 7 $ / 2 : ( % % + ( / / 2
(6) / 1 7 & 2 , / 2
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JOTTER PAD murder planned (8) 3 $ 7 5 2 / 6 0 $ 5 . . $
DOWN 6 2
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stew (3,6) ' , 5 7 < $ / ( ; $ 1 ' ( 5
3 Free to admit the French must 2 5 & 7 < / * $
be annoyed (5) * / < & ( 5 , 1 $ / % ( 5 7
 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
Thursday 24 October 2019 ★ 13

High risk Lam hopes property reform Closing the Gulf Moscow’s mission to tap
will defuse Hong Kong anger — ANALYSIS, PAGE 21 Mideast allies for investment — INSIDE EUROPE, PAGE 12

Boeing 737 Max crisis hits buyback Tail

Risk
3 Share scheme likely to be suspended 3 Cost of grounded jets rises 3 Quarterly profits fall 43%
tomer by customer. We expect any con- taken on to ensure liquidity during the against last year’s $2bn in the third
Neil
PEGGY HOLLINGER — LONDON
cessions or other considerations to be crisis, the share buyback programme
‘Our top quarter. The group has also been hit by Hume
Boeing has signalled that it is likely to provided over a number of years,” said was being suspended, Mr Smith said. priority trade tensions with China, with a lack of
have to suspend its share buyback pro- Greg Smith, chief financial officer. “You Between 2013 and the end of the first remains the Chinese orders for the 787 Dreamliner
gramme for several years while it tack- can expect the impact to our cash flow quarter of this year, Boeing handed prompting a cut in the production rate If you want to take the temperature of the global economy
les a cash position that has been badly to affect 2019 and beyond.” $43bn to shareholders in buybacks. safe return from 14 a month to 12. next week, try central London.
hit by the grounding of the 737 Max, its Boeing has been unable to deliver any Boeing did not announce additional to service Dennis Muilenberg, chief executive, Thousands of miners, traders and producers will be
fastest selling jet. aircraft — or receive payments for new charges to the $5bn taken in July. How- who was stripped of the chairmanship arriving in town for LME Week, the largest annual gather-
The US aerospace group is facing one jets — since the grounding in March. ever, it said the cost of the programme of the this month, said the company was ing of the metals industry, and an unrivalled barometer of
of the biggest crises of its history, after Roughly 700 aircraft are either parked had risen by $900m in the third quarter. 737 Max’ working on the basis of the 737 Max’s business confidence. Industrial metals such as copper and
two 737 Max aircraft crashed within five in carriers’ hangars or by Boeing await- The group is also facing lawsuits from return to service in the fourth quarter. lead are used widely in manufacturing and can offer
months, killing 346 people. It conceded ing delivery while regulators examine victims’ families and pilots. But he warned that this might change. insights unmatched by other commodities or indicators.
yesterday that it was likely to face extra the company’s proposals to fix problems The crisis hit Boeing’s third-quarter “Our top priority remains the safe This year’s do is likely to be less boisterous than usual,
costs to compensate customers of the with the aircraft’s anti-stall system, operating earnings, which fell 43 per return to service of the 737 Max, and thanks to a new code of conduct for events sponsored by
737 for some time, even after the jet which was a factor in the crashes. cent to $1.3bn, on revenues down a fifth we’re making steady progress,” he said. the 142-year-old exchange. But it will provide precious int-
returns to service. In light of the pressures on cash, and to $20bn. The commercial aircraft divi- Editorial Comment page 10 elligence for those who have the stamina to keep up with a
“We are addressing the impact, cus- the need to address the additional debt sion reported a $40m operating loss Lex page 12 packed run of seminars, meetings and cocktail receptions.
Metal markets have been in the doldrums this year as
concern over the impact of the US-China trade spat on glo-
bal growth have trumped everything else. With the excep-
tion of nickel, which is up more than 50 per cent, all of the
major LME-traded metals have either fallen or flatlined.
Unsurprisingly, delegates will focus on getting a sense of
Seeing red demand trends. “We kind of
Peer-to-peer lender know what China is going to
do; they are going to keep
Except for nickel,
FundingSecure fails pressing the infrastructure which is up more
spending button,” said Colin
Hamilton of BMO Capital
than 50 per cent,
FundingSecure, which offered loans on Markets. “But it is the rest of all major metals
security ranging from classic cars to the world that has really got
Picasso paintings, has become the the problem at the moment.”
have fallen or
second UK peer-to-peer lender to Unloved zinc — used to flatlined this year
collapse in six months. rustproof steel — could be a
Rising defaults and legal issues point of focus. With Chinese refined production not rising
sparked the decision to call in as quickly as expected and limited new mine supply on the
administrators from CG Recovery horizon there could be a “pretty material shift in view” on
yesterday, leaving about 3,500 investors zinc, said Nicholas Snowdon, an analyst at Deutsche Bank.
exposed to losses. FundingSecure’s However, it is unlikely that anyone will be able to muster
collapse follows the failure of Lendy. much enthusiasm for aluminium, where prices are chroni-
CG said FundingSecure’s outstanding cally depressed and likely to stay that way unless demand
loan book stood at about £80m. The picks up or supply is cut. On that front, Alcoa and Rio Tinto
Financial Conduct Authority, the UK have both announced reviews of smelter capacity and
regulator, said any losses would not be other producers could follow.
covered by the Financial Services Copper is probably the most difficult commodity to call.
Compensation Scheme. The market is relatively balanced but, looking ahead to
FundingSecure offered retail investors 2020, it is not clear how demand trends are going to evolve
annual returns of up to 16 per cent on in Europe and the US.
property and pawnbroking loans. It said And that leaves nickel, this year’s star performer. The
it did not use borrowers’ credit scores metal — used to make stainless steel — soared over the
when making lending decisions, instead summer on the announcement of an export ban in Indone-
relying on the value of the assets used as sia, a key supplier of primary ore. It then rose higher, top-
security. It added that it carried out ping $18,000 a tonne in September, as the world’s biggest
background checks and “rigorous due stainless steel producer, China’s Tsingshan Holding Group,
diligence on ownership and title”. went on an unprecedented buying spree. This, in turn, led
CG highlighted “issues” created by one to the biggest ever decline in LME nickel inventories, caus-
case in which an art dealer was accused ing confusion and consternation in equal measure.
of selling paintings by Marc Chagall and Morgan Stanley analyst Susan Bates said those attending
Pablo Picasso to settle a debt after LME Week can expect “plenty of speculation” over the
pledging them as security on loans from company’s short and long-term plans.
FundingSecure. Nicholas Megaw
neil.hume@ft.com
Alamy

Bellwether Caterpillar blames trade

tensions after warning on profits
MAMTA BADKAR — NEW YORK earnings forecast to between $10.90 and $13.6bn, according to a Refinitiv survey.
MICHAEL POOLER — LONDON
$11.40 a share, down from $12.06 to Dealers reduced their inventories by
Caterpillar slashed its profit forecast $13.06, reflecting “modestly lower” $400m in the third quarter, compared
for the year yesterday, blaming trade sales in 2019. with an increase of $800m in the same
tension for uncertainty in the global The gloomy outlook is evidence of period a year ago. The decline in reve-
economy as it posted a bigger than how the trade conflict between China nues hit all Caterpillar’s main segments
expected decline in revenues. and the US, sparked by President Don- — construction, resources and energy
Pharma group hails ald Trump’s tariffs, is weighing on industries.
Alzheimer’s breakthrough The US industrial bellwether known for exporting companies. In construction, the group’s largest
its bulldozers, backhoes and other con- Caterpillar said it was moving to lower area, revenues edged up in North Amer-
Biogen chief executive Michel struction machinery said third-quarter output and to cut overheads. “We’re tak- ica supported by road and non-residen-
Vounatsos has hailed new data on its sales dropped 6 per cent year-on-year, ing action to reduce production levels to tial building. However, there was a dete-
aducanumab drug as a ‘turning point mostly because of weak demand from reflect dealer order patterns and will be rioration in Asia-Pacific amid competi-
in the fight against Alzheimer’s dealers. “We believe dealers reduced ready to increase production, if order tive pressures in China.
disease’. However, Alzheimer’s inventory due to uncertainty in the glo- levels improve,” said Mr Umpleby. Profits fell to $1.5bn or $2.66 a share in
researchers and campaigners greeted bal economy, resulting from trade ten- Shares fell 5 per cent in pre-market the three months ended in September,
the findings with greater caution. sions and other factors,” said Jim trade but recovered to trade up 1 per down from $1.7bn to $2.88 a share in the
Analysis i PAGE 12 Umpleby, chief executive. cent at $135.09. Revenues hit $12.8bn, year-ago quarter, shy of Wall Street’s
The group lowered its full-year missing analyst expectations for expectations.

Companies / Sectors / People

Companies
AIG...................................................................14
Aberdeen Standard Investments..14
Alcoa................................................................13
Analog Devices........................................22
Anglo American.........................................4
Antofagasta................................................22
BP.....................................................................16
Bain Capital.................................................21
Benchmark Capital ................................15
Biogen............................................................14
Blackstone ..................................................15
Boeing.......................................................12,13
Cambridge Analytica...............................1
Carl Zeiss Meditec.................................22
Cat Rock.......................................................14
Caterpillar...............................................13,22
Cheung Kong.............................................21
Clifford Chance.........................................16
Commerce Bancorp...............................14
DNB..................................................................21
Danske Bank..............................................16
De Beers.........................................................4
Debswana......................................................4
Delivery Hero............................................14
Eli Lilly...........................................................22
Eon...................................................................16
Equity Office Properties.....................15
Facebook.....................................................1,2
Fresnillo........................................................22
FundingSecure..........................................13
General Motors.........................................12
Google..............................................................3
Henderson Land......................................21
Hunting.........................................................22
IBM.....................................................................3
Intel.................................................................22
Invitation Homes.....................................15
iRobot............................................................22
JPMorgan Chase......................................15
Just Eat.........................................................14
KKR..................................................................21
Latitude Financial...................................21
Lloyd’s of London...................................14
M&G................................................................22
MPC Kinetic................................................21
Maguire Properties.................................15
Metro Bank............................................12,14
Micron............................................................22
Monzo.............................................................12
Naspers.........................................................14
New World Development...................21
Opel Vauxhall............................................12
Pandora........................................................22
Peugeot SA.................................................12
PropertyGuru.............................................21
Proprietary Variety Management..11
Prosus............................................................14
Prudential....................................................22
Qualcomm...................................................22
RWE.................................................................16
Renault...........................................................12
Retail Zoo.....................................................21
Rio Tinto.......................................................13
SM Trust.......................................................14
Saudi Aramco............................................14
Schibsted.....................................................22
SoftBank..................................................12,15
Storebrand..................................................22
Sun Hung Kai............................................21
Swedbank..............................................16,22
TPG..................................................................21
Takeaway.com..........................................14
Teekay Shuttle Tankers......................21
Texas Instruments.................................22
Tsingshan Holding Group..................13
Validus...........................................................14
Verizon...........................................................21
Walgreens Boots.....................................22
WeWork.................................................1,12,15
Wheelock Properties.............................21
Sectors
Aerospace & Defence.....................12,14
Banks.......................................12,14,16,21,22
Energy......................................................16,16
Financials...............................12,14,15,16,21
Food & Beverage.....................................11
Healthcare...................................................22
Industrial Goods......................................22
Insurance................................................14,22
Media..............................................................22
Mining........................................................4,22
Oil & Gas................................................14,16
Pharmaceuticals.................................14,22
Property...................................................15,21
Rail...................................................................14
Retail...............................................................22
Shipping........................................................21
Support Services..........................12,15,16
Technology.................................................22
Telecoms.......................................................21
Travel & Leisure......................................14
Utilities...........................................................16
People
Braathen, Kjerstin....................................21
Browne, John.............................................16
Claure, Marcelo....................................12,15
Dimon, Jamie..............................................15
Donaldson, Craig.....................................14
Grandy, Kathryn.......................................11
Gray, Jon.......................................................15
Gunningham, Sebastian.......................15
Henriksson, Jens......................................16
Hill, Vernon...........................................12,14
Lim, Olivier..................................................21
Macklowe, Harry......................................15
Minson, Artie..............................................15
Neal, John....................................................14
Neumann, Adam.................................12,15
Persson, Göran.........................................16
Schwarzman, Stephen..........................15
Son, Masayoshi.........................................15
Tavares, Carlos.........................................12
Torgeby, Johan.........................................21
Vidal, Gilles..................................................12
Vounatsos, Michel..................................14
Zuckerberg, Mark...................................1,2

© The Financial Times Limited 2019 Week 43

 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
14 ★ † FINANCIAL TIMES Thursday 24 October 2019

COMPANIES
INSIDE BUSINESS
Financials
EUROPE

Hill bows out as head of Metro Bank Henry

Results show more fallout
from reporting error
found earlier this year
NICHOLAS MEGAW — LONDON
Metro Bank co-founder Vernon Hill
stepped down as chairman with imme-
diate effect yesterday, as the challenger
bank’s latest quarterly results showed
further fallout from a major reporting
The bank reported a widening loss of
£4.9m for the third quarter, compared
with a £1.2m loss in the previous quar-
ter and £10m profit in the same period
last year.
The bank said a bungled bond issue in
late September led customers to make
net deposit withdrawals of £213m for
the month, setting back its efforts to
return to deposit growth. Overall cus-
tomer deposits increased £428m over
the third quarter to £14.2bn, but
Foy
ers weighed on its net interest income, The loss Metro and some senior managers are
which fell 10 per cent in the third quar- being investigated by the Financial Con-
widened to
ter from a year ago to £77m.
The reporting error and subsequent
share price collapse exacerbated long-
£4.9m for
duct Authority and the Bank of England
over the reporting mistake and the way
it was communicated to investors.
Russia hopes to turn
running criticism of Mr Hill, who had
founded US lender Commerce Bancorp.
the third
quarter,
Concern about the investigations
meant that last month the bank initially
Gulf ’s warm welcome
He had previously agreed to stand
down by the end of the year, but yester-
day said he would leave the role now and
compared
failed to attract investors to buy a new
bond that was required to meet new EU
regulations. However, it pulled off the
into cold, hard cash
then step down from the board at the
with a deal the following week after offering a
end of the year. £1.2m loss higher interest rate.

error discovered earlier this year.
Chief executive Craig Donaldson
refused to rule out accepting a takeover
as the bank prepared to outline a new
strategy to cut costs and return to profit.
“We are focused on an organic way
forward but . . . should something
occur, we will treat it with the right
respect because that’s the fiduciary duty
of the board,” Mr Donaldson told ana-
lysts yesterday evening.
remained well below the £15.7bn figure Michael Snyder, the bank’s senior
achieved at the end of last year. independent director, will take over as
Some large customers began with- chair on an interim basis, subject to reg-
drawing funds from Metro earlier in the ulatory approval.
year after it revealed the bank had been Mr Hill would be given the honorary
miscategorising commercial loans when title of “chairman emeritus” to recog-
calculating how much capital it needed nise his “extraordinary contribution” to
to hold against them, forcing it to raise the bank. Sir Michael said Mr Hill
new equity. “leaves a lasting legacy of creating fans
Its efforts to win back customers by through exceptional customer service
increasing interest rates offered to sav- and has revolutionised British banking.”
Pharmaceuticals. Treatments
in the The high interest payments on the
debt will weigh on the group’s income
previous for the next few years, which Mr Don-
period aldson said would be a factor in the
group’s strategic review.
Mr Hill said: “I wish all of our fans —
Metro Bank’s customers, colleagues and
shareholders — every success for the
next stage of the journey. As always, the
best is yet to come.”
See Lex
A
s Russian president Vladimir Putin’s official
jumbo jet flew over the Syrian desert last
week, he could afford himself a satisfied smile
that the dynamics of the country’s eight-year
war — and the wider geopolitics of the Middle
East — were shifting in Moscow’s favour.
When he landed in Riyadh a short while later, he was on
the hunt for signals that the region’s business climate was
doing likewise. Armed with a delegation of business lead-
ers and executives, Mr Putin’s first state visit to Saudi Ara-
bia for a dozen years was noteworthy for its focus on trade
and investment, amid a concerted push by the Kremlin to
translate its rising regional clout into bankable cheques.
“All of you, of course, are united by an interest in further
strengthening business ties and implementing new joint
mutually beneficial projects,” Mr Putin said at the inaugu-
ral meeting of the Russian-Saudi Economic Council, co-

Biogen hails ‘turning point’ in Alzheimer’s fight
Move to seek regulatory
approval for drug brings
opportunities and obstacles
HANNAH KUCHLER — NEW YORK
SARAH NEVILLE — LONDON
The revival of a potential drug to fight
Alzheimer’s, whose clinical trials had
been declared futile just months ago,
proved the value of sticking with the
search for treatments for the disease
when other pharmaceuticals companies
are “running away”, according to the
chief executive of its developer, Biogen.
By announcing this week that it would
seek regulatory approval after all for its
drug aducanumab, the US biotech com-
pany gave new hope to patients and car-
egivers — and its shareholders.
Michel Vounatsos, Biogen chief exec-
utive, told the Financial Times that the
new data analysed since the company
halted a patient trial in March marked a
“turning point in the fight against
Alzheimer’s disease”.
But among Alzheimer’s researchers
and campaigners, who have lived
‘If one company is
successful . . . that will
create more interest and
more innovation’
through decades of dashed hopes, the
excitement was tempered by a battle-
hardened caution.
While the opportunity is huge, so are
the hurdles. The theory that Alzhe-
imer’s patients suffer from a build-up of
amyloid plaques — hard clumps of pro-
tein between nerve cells in the brain —
may have found statistical support in a
large-scale human trial for the first
time, but the full data will not be pub-
lished until December.
Biogen licensed aducanumab in 2007
from Neurimmune, a Swiss company
which had found evidence that some
people benefited from antibodies that
cleared away the plaques, and has been
working to turn these antibodies into a
potential drug ever since.
In March a so-called futility analysis
of its two late-stage trials for the drug
found the benefits did not outweigh the
risks. The company abandoned the tri-
als, seemingly adding to the list of
Alzheimer’s drugs that have failed in the
late stages, leaving the industry with lit-
tle to show for billions of dollars spent.
Mr Vounatsos said Biogen remained
focused on finding treatments for the
condition when other “companies are
running away”. The Massachusetts-
based group said studying a larger data
set had shown aducanumab did work if
Brain scans taken at higher doses, improving cogni-
from an tion and the ability to perform daily
Alzheimer’s tasks such as cleaning and shopping and
patient. If the slowing clinical decline by 23 per cent
new drug wins compared with a placebo.
approval, Crucially, it announced that the US
pricing will be drug regulator was open to it filing for an
an issue for the approval.
millions of One of the two trials met its goal. On
patients who the study that failed, a subset of patients
could saw success: those who had taken more
potentially of the drug also had their decline
benefit — Science slowed. Biogen had at first been cau-
Photo Library
tious about giving higher doses because
of a side effect that swelled the brain —
but the majority of patients did not
experience any symptoms.
Paola Barbarino, chief executive of
Alzheimer’s Disease International,
which represents 100 Alzheimer’s asso-
ciations and federations around the
world, described the announcement as
“the most positive piece of news we have
had in decades” but warned that it was
“quite early stages”.
Analysts questioned whether the data
really would be enough to convince the
US Food and Drug Administration to
approve the drug. Evan Seigerman, an
analyst at Credit Suisse, warned inves-
tors to beware of “hype” around the pro-
spective Alzheimer’s drug while it
remains unclear which patients it works
best for or how to decide on the right
dose while avoiding side effects.
Others were relieved they had not
been wrong to be shocked in March.
“After months of apologising for getting
this story so wrong, we are relieved and
not entirely surprised,” said Thomas
Schrader, an analyst at BTIG. “Our
detailed molecular thesis for aducanu-
mab was that removing ‘junk’ from a
patient’s brain should help.”
Biogen must have received a “very
strong signal” from the FDA to
announce that it will seek approval, just
a day after its second meeting with the
agency, said Geoffrey Porges at SVB
Leerink. “I think the FDA of five to 10
years ago would have thrown this out
and said, ‘Go and do another study.’ But
the current FDA is fairly patient — and
industry-friendly and seems inclined to
find a way to approve the drug,” he said.
2007 23 % amyloid plaque.
Year that Slowing of clinical
Biogen licensed decline in trial
aducanumab from patients taking
Neurimmune the drug
Even if it does win approval, Biogen
will have to be careful how it prices the
treatment, given insurers and health-
care systems may struggle to pay for it
for millions of patients.
Mr Vounatsos would not discuss pric-
ing at this stage, but said the disease cre-
ated half a trillion dollars in direct and
indirect costs, indicating how the com-
pany will seek to justify its price tag.
James Kupiec, chief medical officer of
Promis Neurosciences and the former
head of Pfizer’s neuroscience unit, said
Biogen’s reversal will “revitalise” the
work pursuing the hypothesis that amy-
loid plaque causes cognitive decline in
Alzheimer’s patients, which many sci-
entists had recently “poo-pooed”.
Ms Barbarino agreed it could catalyse
investment in the field. “If one company
is successful . . . that will create more
interest and more pharmacological
innovation,” she said.
Alison Evans, head of policy at Alzhe-
imer’s Research UK, said that scientists
should also continue to look beyond the
“It is really important we explore all
avenues,” she said. “We have so much
unmet need, we need as many shots on
goal as possible.”
chaired by the powerful Saudi heir apparent Mohammed
bin Salman. “I want to emphasise that this co-operation is
mutually beneficial for both parties: attracting investment
in Russia while at the same time creating a significantly
high percentage of transactions in favour of our investor,”
Mr Putin added.
Souring ties with the west since sanctions were imposed
after Russia’s 2014 invasion of Crimea have crimped
inflows of European and US capital, and spooked many
would-be investors. That has seen Moscow turn east and
south for fresh sources of finance, with Mr Putin spear-
heading deeper ties with Beijing and targeting the wealthy
investment funds controlled by Riyadh, Dubai and others.
While Middle Eastern partners have no need for its pri-
mary exports — oil and gas — Russia has many attractive
wares. There is scope for Moscow to sell arms, metals and
grain to the region, while it has also pitched nuclear reac-
tors and space technologies to the Gulf’s rising economies.
The Riyadh visit, and a subsequent trip to Dubai a day
later, brought in $3.4bn of agreements, Moscow said —
valuable deals if they come to fruition.
While some involve petrochemical production or
hospitals, the biggest prize for Moscow were promises
from the countries’ huge sovereign wealth funds — Saudi
Arabia’s $320bn Public
Investment Fund (PIF) and
the UAE’s $100bn Mubadala
Money moving
— to invest in Russian infra- from Moscow to
structure projects.
The PIF agreed to form a
Riyadh is not
Saudi-Russian aircraft leas- what the Kremlin
ing company while the funds
are to invest up to $300m in
had in mind
Russia’s rail rolling stock.
Most of the deals are at least part brokered by Kirill
Dmitriev, head of the Russian Direct Investment Fund, the
Kremlin’s sovereign wealth fund, who days before
Mr Putin’s visit was awarded the King Abdulaziz second-
class order of merit, the kingdom’s highest honour.
But Moscow prefers big-ticket deals to medals. Aside
from a deal last year that saw the Qatar Investment
Authority pay $9bn for a 19 per cent stake in Rosneft, the
Russian state-owned oil producer, Middle East invest-
ments have been dwarfed by those made by Chinese com-
panies or state entities.
A mooted deal for Saudi Aramco, the kingdom’s oil com-
pany, to buy a stake in a new liquid natural gas project in
Russia’s Arctic has failed to materialise. A two-year-old
agreement between Russia and Saudi Arabia’s largest pet-
rochemical companies, Sibur and Sabic, to build joint facil-
ities, is still being developed.
China’s demand for energy and raw material supplies
has driven multibillion-dollar deals with Russian produc-
ers. However, Gulf investors have shown more appetite for
US tech start-ups than the less advanced industries that
dominate Russia’s economy.
And while Mr Putin’s geopolitical clout, in part thanks to
Moscow’s military dominance in Syria, means the red car-
pet is waiting for him in the region’s palaces, political
friendship does not always lead to cold, hard cash.
During Mr Putin’s visit, Mr Dmitriev hinted at the poten-
tial flipside of Moscow’s push into the Gulf: expectations of
mutual support. “I would say that some Russian investors
are interested [in the IPO of Aramco],” he told reporters.
“For the sovereign wealth fund to invest in the Aramco
IPO, this is still under discussion.”
With Riyadh keen to drum up maximum interest in the
potential listing, Moscow’s new-found interest in eco-
nomic partnership may prove timely.
But with Prince Mohammed keen to extract as high a
price as possible for the offering, Mr Putin and the execu-
tives that followed him to the Gulf may be forced to dig
deep. Money moving from Moscow to Riyadh was not the
direction the Kremlin had in mind.
henry.foy@ft.com

Insurance Travel & leisure

AIG sets up Lloyd’s syndicate targeting the rich Investors hold out for more on Just Eat deal
OLIVER RALPH
INSURANCE CORRESPONDENT
AIG has given a big vote of confidence
to Lloyd’s of London with a plan to dou-
ble the amount of business it does in
the insurance market.
The move will come as a boost to John
Neal, Lloyd’s chief executive, who has
outlined an ambitious plan to reform
and expand the 330-year-old insurance
marketplace. Mr Neal has been courting
business in the US, where AIG is based.
AIG is to set up a business — or syndi-
cate — at Lloyd’s which will sell insur-
ance to wealthy individuals in the US
and globally.
It will offer cover for risks in areas
such as property, motor and fine arts,
and will also look at product innovation,
including cyber insurance.
The US group said the business could
generate up to $1bn in annual premi-
ums. Its existing Lloyd’s syndicate, run
by its Talbot Underwriting unit, gener-
ated $950m of premiums last year.
AIG has not had a constant presence
at Lloyd’s in recent years. It left the mar-
ket in 2016 when it sold its stake in a
syndicate called Ascot Underwriting.
However, it re-entered two years later
when it bought Validus, Talbot’s parent
company, in a $5.6bn deal.
The latest expansion comes just four
weeks after Mr Neal unveiled a 146-page
blueprint for the future of Lloyd’s. The
document included plans to set up elec-
tronic exchanges for both complex and
more straightforward business, and to
streamline the claims process.
Mr Neal also wants to make it easier
for insurers to set up businesses at
Lloyd’s via a process known as “syndi-
cate in a box”. However, the new AIG
syndicate predates this process.
Mr Neal said AIG’s new business,
called Syndicate 2019, is a “significant
endorsement of the future at Lloyd’s
and represents strong support for our
vision to build the most advanced insur-
ance marketplace in the world”.
TIM BRADSHAW
Investors holding more than a fifth of
Just Eat’s shares have already rejected
Tuesday’s £4.9bn hostile takeover bid
from Naspers’ international dealmak-
ing unit, Prosus, with one fund suggest-
ing that it would take another £1bn to
get the deal done.
Aberdeen Standard Investments yester-
day joined SM Trust, Just Eat’s largest
investor with a 13 per cent stake, and
New York-based hedge fund Cat Rock in
calling for a higher offer for the London-
based food delivery pioneer.
Prosus had been hoping its cash offer
would trump a proposed merger of Just
Eat and Takeaway.com. Its offer of 710p
per share priced Just Eat at 20 per cent
more than Takeaway.com’s all-stock
bid, which has dwindled in value as
Takeaway’s share price has fallen in the
past two months.
Just Eat’s board has already rejected
Prosus’ bid, a position that some of its
biggest investors have so far supported.
Frederik Nassauer, investment direc-
tor at Aberdeen Standard Investments,
Just Eat’s fifth-largest shareholder with
a 5 per cent stake, said Prosus’ offer “sig-
nificantly undervalues” the company.
Last month, Aberdeen Standard
had also pushed back on the Takea-
way.com deal as originally proposed.
Yesterday, the investment group
pointed to recent stock sales from
Delivery Hero, a shareholder in
Takeaway.com after selling its German
business to its Amsterdam-based rival
earlier this year, as putting further pres-
sure on the deal.
“We continue to have an ongoing dia-
logue with the Just Eat board and
encourage them to further engage with
both parties, Takeaway.com and Prosus,
to explore all available options,” Mr
Nassauer continued.
Analysts predicted an escalating
bid battle for Just Eat, whose shares
closed above both offers at 746.20p
yesterday.

Thursday 24 October 2019
WeWork rescue deal leaves winners and losers
Crisis at the US co-working group has profound implications for investors, employees and Japanese backer SoftBank
FT REPORTERS
From the day SoftBank placed a jaw-
dropping $47bn valuation on WeWork
in January, the co-working company’s
fate was largely in the hands of two peo-
ple. Adam Neumann, the guru-like
cofounder who wielded outsized con-
trol, and Masayoshi Son, the SoftBank
founder who became his largest inves-
tor, were known for egging each other
on to expand ever more aggressively.
On Tuesday, after a failed initial pub-
lic offering left the business facing the
prospect of burning through its cash
within weeks, one man displaced the
other. Mr Neumann surrendered his
high-vote shares and chairmanship in
exchange for Mr Son’s tech and telecoms
company saving WeWork from an
urgent cash crunch.
The dizzying fall which took the valu-
ation of Mr Neumann’s creation from
$47bn in January to $8bn swept him
from command. Yet it was cushioned by
a near-$1.7bn package Mr Son offered
his protégé: Mr Neumann can sell Soft-
Bank $970m worth of shares, tap a
$500m line of credit and receive a
$185m “consulting fee”, according to
people familiar with its terms.
The rescue leaves questions hanging
over both men’s companies, however,
and its fallout has implications for other
players in the WeWork drama.
Neumann
Mr Neumann has lost the special class of
shares that just two months ago were
supposed to give him 20 times other
holders’ voting rights; he has surren-
dered his CEO’s role, his chairmanship
and his jet; and he has seen his fortune
plunge from a peak of about $13bn.
But Mr Neumann has still emerged a
billionaire. He had already sold hun-
dreds of millions of dollars’ worth of
stock before attempting to take
WeWork public.
With under 10 per cent of the com-
pany’s equity and voting rights and his
position downgraded to that of a board
observer, Mr Neumann’s sway will be
severely limited but he has secured the
right to nominate two directors, people
briefed on the matter said. What
remains unclear is how the man who
was the face of WeWork’s mission “to
elevate the world’s consciousness”
intends to use that remaining influence.
SoftBank
Mr Son had committed more than
$10bn to WeWork before its failed pub-
lic offering, and is now pouring in bil-
lions more — even though the com-
pany’s equity is now worth just $8bn.
SoftBank built its stake at valuations
between $20bn and $47bn, and con-
cerns that it would need to write it down
have contributed to a 27 per cent slide in
the Japanese group’s shares over six
months. This week, Bernstein analyst
Chris Lane calculated that a revaluation
of WeWork to just $8bn would crystal-
lise losses on SoftBank’s interests of
about $3.6bn, of which $2.2bn would be
from its direct investment.
On Tuesday, Mr Son suggested that
his confidence in WeWork was
undimmed, brushing aside its crisis of
recent weeks as just “growth chal-
lenges” that were common among “the
world’s leading technology disrupters”.
Installing Marcelo Claure, SoftBank’s
chief operating officer, as WeWork’s
executive chairman echoes a strategy
Mr Son has deployed when other invest-
ments soured. Mr Claure, as CEO of
Sprint, played a critical role in improv-
ing conditions at the SoftBank-backed
US carrier before its sale to T-Mobile.
“WeWork is in crisis and Marcelo
Claure will be instrumental in getting
the company back on the right track,”
said Pierre Ferragu, an analyst at New
Street Research.
Pointedly, though, SoftBank has
decided not to treat WeWork as a sub-
sidiary, even though it will own 80 per
cent of its stock. By not taking official
control it will avoid having to consoli-
date WeWork’s losses on its own balance
sheet.
Financials
Blackstone property arm racks up sales
MARK VANDEVELDE — NEW YORK
Blackstone celebrated a bumper quar-
ter in its real estate division, notching
up profitable property sales and raising
a $20.5bn war chest that is the sector’s
largest ever fund, helping push the firm
to a decisive earnings beat.
The largest private equity firm
reported net income of $779m for the
three months to June 30, 15 per cent
ahead of analysts’ forecasts compiled by
Bloomberg.
Asset sales in the quarter reached
UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
Adam Neumann is flanked in this FT montage by SoftBank’s COO Marcelo Claure and its chairman Masayoshi Son — Patrick T. Fallon/Bloomberg; Jackal Pan/Reuters; Charly Triballeau/AFP/Getty
We’s wide-ranging valuations
$bn
100
80
Range
60
40
20
0 80
2013 14 15 16 17 18 19
Sources: FT research; Crunchbase
Vision Fund
Mr Son has also had another goal in
mind in bailing out WeWork: its plunge
in value threatened returns on the Soft-
Bank Vision Fund, the $97bn pool of
capital backed by Saudi Arabia and Abu
Dhabi which invested in WeWork along-
side SoftBank itself.
The deal is a face-saving measure for
Mr Son, who pitched the Vision Fund to
SoftBank’s investors as a way to own
minority stakes in promising technol-
ogy companies without the Japanese
group having to take on too much debt.
Control over WeWork would have
conflicted with Mr Son’s strategy to
influence multiple industries without
SoftBank itself having to manage the
individual companies it backed.
People close to the company said Mr
$47bn 27%
Valuation placed Six-month slide in
on WeWork in shares of the US
January, now venture’s top
reduced to $8bn backer, SoftBank
Son is determined not to allow WeWork
to taint performance at a time when he
is hoping to raise a second Vision Fund.
Other investors
SoftBank is offering to spend up to $3bn
buying out other WeWork investors. Mr
Neumann can tender almost $1bn of his
shares, but that will still allow other
investors to get more than $2bn out of
the company.
The paperwork WeWork filed for its
abortive IPO named Benchmark Capital
as its largest shareholder after Mr Neu-
mann and SoftBank, with 32.6m shares.
The group fared better than most, lead-
ing an investment round in WeWork in
2012 when the company was valued at
just under $100m. Now, at a tender
price of $19.19 per share, the initial
$4.6bn in the real estate division alone.
That tally includes the sale of part of
Blackstone’s stake in listed Invitation
Homes, which became the largest
owner of single-family homes in the US
when it snapped up tens of thousands of
houses across the US during the fore-
closure crisis.
The firm also disposed of the final
office building in a portfolio acquired in
the $39bn take-private of Equity Office
Properties masterminded by Jon Gray,
now Blackstone’s president and chief
operating officer.
★ † FINANCIAL TIMES 15
COMPANIES
Staff who were given the chance to ten-
der some of their shares at $54 per share
in January are now being offered $19.19
per share. Some staff who took out loans
to exercise their stock options early are
now grappling with potential losses.
Several insiders contrasted the likely
fallout for WeWork’s staff with the sums
Mr Neumann stands to get even after
overseeing a collapse in its value.
The men who replaced Mr Neumann
as CEO, Artie Minson and Sebastian
Gunningham, have also drawn ire. One
employee said staff were taken aback
when Mr Minson expressed resentment
over leaks, telling employees that they
should act like a family, one that fights
on the inside but is a united front on the
outside.
“Artie was CFO when [the] company
lost 83 per cent of its value,” the person
said, and characterised Mr Minson as
“just as guilty as Adam” for the situation
confronting the company.
Vision thing
“The vision remains unchanged,” Mr
Son has said and people close to the res-
cue talks emphasised that there is still
demand for the company’s offering.
Now, however, Mr Son and Mr Claure
have to prove that a company that has
never made a profit can do so, and avert
the need to keep raising fresh funds.
WeWork’s rollercoaster ride We Company’s mounting losses One rival said WeWork’s rate of cash
Price of debt, 7.875% coupon, 2025 (cents per $) Operating losses ($m) burn could make it necessary for the
Japanese group to inject further capital.
105 0 Mr Minson and Mr Gunningham have
Unveils IPO
documents to public already sharply cut WeWork’s plans for
100 opening new premises but some observ-
Range banks -200 ers believe it may have to reconsider
touted during which of its existing sites can make the
the IPO 95
profits SoftBank will need to see.
process -400 Alex Snyder, assistant portfolio man-
90 ager at CenterSquare Investment Man-
Adam Neumann
steps down as CEO -600
agement in Philadelphia, said WeWork’s
Valuation range 85 next step was likely to be “a very lengthy
SoftBank announces review of its existing sites, given that
expected before $9.5bn rescue deal
-800 they grew so fast in such a short time”.
they pulled
Jun Dec Jun Dec Jun Reporting by Andrew Edgecliffe-
the listing May 2018 Jan 2019 Jul 2019 Johnson, Eric Platt, Kana Inagaki and
2017 2017 2018 2018 2019
Judith Evans
Source: Bloomberg Source: Bloomberg
See Lex
Benchmark stake is worth $626m, more
than 40 times that investment. No
investor other than SoftBank invested
at WeWork’s peak valuation of $47bn,
but others who bought in after Bench-
mark are likely to have suffered losses.
Some have taken a reputational hit
too: Nori Gerardo Lietz, senior lecturer
of business administration at Harvard
Business School, questioned how inves-
tor representatives on WeWork’s board
could have let it get so close to crisis.
Investors in Benchmark and other
WeWork backers including the Vision
Fund and Hony Capital “should be livid
[because] they entrusted the general
partners to be prudent stewards of their
capital and they were not.”
Benchmark declined to comment.
Lenders
Having missed out on the lucrative pay-
day it would have collected for leading a
successful WeWork IPO, JPMorgan
Chase has had to settle for “tens of mil-
lions of dollars” for its work assembling
a rival $5bn debt package.
Led by Jamie Dimon, the Wall Street
lender had developed close ties to
WeWork as it attempted to woo the
company as a client. Mr Dimon was
among the senior bankers to whom Mr
Neumann would often turn for advice,
and Mary Erdoes, the head of JPMor-
gan’s asset management unit, was
closely involved in the planned listing.
But the WeWork board’s decision to
use the SoftBank financing package
nonetheless proved favourable for
JPMorgan and two other lenders that
had hundreds of millions of dollars in
personal loans out to Mr Neumann.
Staff
WeWork employed more than 12,500
people as of June, but is planning to cut
as many as 4,000 jobs as part of an
aggressive turnround plan, according to
people familiar with the matter.
The EOP deal, struck at the pre-crisis
peak for the property market, reor-
dered the world of New York real
estate.
Mr Gray quickly set about selling
prestige assets to buyers including
Harry Macklowe and Maguire Proper-
ties, in deals that some of them would
later have cause to regret.
But the deal cemented Mr Gray’s
name.
He is now regarded as the heir appar-
ent of Blackstone’s billionaire founder,
Stephen Schwarzman.

16
Utilities
EU coal generators ‘haemorrhaging cash’
Plants’ owners risk loss
of €6.6bn as renewables
and gas continue advance
HARRY DEMPSEY — LONDON
Four in five of Europe’s coal-fired power
plants are unprofitable, with the poten-
tial for €6.6bn of losses for their owners
this year, according to a new report.
EU coal generators were “haemor-
rhaging cash” because they could not
compete with cheap renewables and
gas, said Matt Gray of Carbon Tracker,
the think-tank that compiled the report.
“Unless there’s dramatic changes, then
these losses could be sustained.”
Eon and RWE race to meet climate demands
Power groups head in opposite
directions as German sector
shake-up nears completion
TOBIAS BUCK — BERLIN
The long-awaited shake-up of Ger-
many’s energy market is almost com-
plete. Over the past month power
plants, wind farms and electricity net-
works have been shuffled from one
company to another, along with tens of
thousands of workers, millions of
customer accounts and billions of euros
in shares and cash.
The handover appears to have gone
smoothly but that should not obscure
the magnitude of the shift: when the
dust settles, Eon and RWE, two of Ger-
many’s biggest companies, will be trans-
formed beyond recognition.
“Five years ago the two groups . . .
were both integrated utilities that
owned upstream assets, power stations,
renewable networks and also supplied
retail customers. Now they are totally
different companies,” said Deepa
‘You have two attractive
markets that we could not
have tackled if we’d stayed
in the old structures’
Venkateswaran, analyst at Bernstein.
The utilities agreed a €43bn asset
swap in March last year but had to wait
until last month for approval from the
European Commission. Looking at the
share prices since, it would appear that
RWE has emerged the winner: its stock
has risen more than 50 per cent over 18
months, reflecting enthusiasm with
renewables. Eon, which is betting on the
networks and retail customer side of the
business, is up 5 per cent.
What is less clear is whether that
investor preference will continue. Gov-
ernments are under pressure to sharpen
policies against climate change and
expand the use of renewable energy — a
trend that sector insiders believe could
ultimately benefit the revamped RWE
and Eon in equal measure. In fact, the
Eon-RWE deal was struck in part to pre-
pare for that shift. If successful, the 2018
transaction could yet come to be seen as
a model for other European utilities.
Investors and analysts argue that the
divergence in the share price so far
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Coal-fired power has been hit by the
rising price of EU carbon credits —
allowances that industries must buy if
their CO2 emissions are above a certain
level. The cost of these credits has tre-
bled since 2017 to more than €25 per
tonne of CO2.
Carbon Tracker said its findings were
a warning to investors and policymak-
ers to prepare for the closure of coal-
fired power across the continent by
2030.
Of the EU’s 154.4GW of coal capacity,
45 per cent is already scheduled to shut
by 2030, with 13 member states com-
mitted to a complete phasing out by
then, according to lobby group Beyond
Coal Europe.
Energy. Restructuring
An Innogy wind farm in Germany. The combined renewable operations of Eon and Innogy will be passed on to RWE under the groups’ deal — Martin Leissl/Bloomberg
reflects at least in part the divergence in
strategy that flows from the 2018
deal. Under the agreement, Eon would
acquire full control of Innogy, an RWE
subsidiary that was spun off in 2016 to
manage the group’s renewables and
power distribution assets. The com-
bined renewable operations of Eon and
Innogy would then be passed on to
RWE, while Eon retained the grid and
retail customer side of the business.
The deal marked an admission by
both RWE and Eon that the model of the
integrated utility was broken. Ger-
many’s 2011 decision to phase out
nuclear power, coupled with the shift to
renewable energy, meant the core busi-
ness of both groups was eroding fast.
RWE chose to focus on generation,
with a strong emphasis on renewables.
Eon decided to bet on the stable, regu-
lated network and distribution side.
Both will emerge as leaders in their sec-
★ FINANCIAL TIMES
COMPANIES
Seven countries have made no com-
mitment at all on coal-fired power.
With coal-fired power stations losing
money, policymakers would face
“intractable problems” if they sup-
ported them in the long term, the
report said, because “[governments]
will have to choose whether to pass costs
to the utilities and destroy shareholder
value; pass costs to consumers and
Berlin has agreed to spend
€40bn until 2038, much of
it in mining communities,
to cushion the blow
tors: RWE will be the third-largest pro-
vider of renewable energy in Europe,
while Eon will boast 45m customers
across the continent, and a power grid
spanning 1.65m kilometres.
“The logic behind the transaction is
that both groups can focus on a specific
part of the value chain,” said Markus
Krebber, RWE finance chief. “Both
groups acquire extreme clout in their
respective sides of the business.”
Marc Spieker, finance chief at Eon,
said: “We realised that neither of the
groups on a standalone basis had the
financial firepower to invest in both
areas at the same time . . . You have two
€43 bn 16.7 %
Size of the asset RWE’s stake in
swap between Eon under the
Germany’s deal approved
RWE and Eon last month
Contracts & Tenders
push bills up; or fund them from debt
or taxes.”
Germany, Europe’s largest coal con-
sumer, looked most vulnerable to
losses, the report found, forecasting that
power company RWE would lose
€975m from its coal-fired power sta-
tions this year. Utilities in Spain and
Czech Republic were also exposed.
In January, Germany’s coal commis-
sion recommended eliminating all coal-
fired power stations by 2038, but there
is resistance to an earlier target, given
the country is also planning to phase out
nuclear power by 2022.
Berlin has agreed to spend €40bn
until 2038 — much of it in coal mining
communities — to cushion the eco-
intact, attractive markets that we sim-
ply could not have tackled if we had
stayed in the old structures.”
Until now investors appear to see
renewables as more attractive. How-
ever, Thomas Dresen, portfolio man-
ager at Union Investment, an investor in
both Eon and RWE, added a note of cau-
tion: “The electrification of industry is a
megatrend, as is the shift towards elec-
tric vehicles. That means there will have
to be huge investment in networks like
the one owned by Eon.”
Ms Venkateswaran said the relative
share price underperformance of Eon
also reflected concern about the group’s
debt levels, as well as fears over Npower,
the lossmaking UK retail business that it
has acquired as part of the RWE deal.
Renewables, Ms Venkateswaran
noted, were “extremely competitive”.
Eon, in contrast, will now derive up to
80 per cent of its earnings from the sta-
nomic blow: coal accounts for 40 per
cent of electricity generation.
“The German government plan is to
phase out coal by 2038, but it’s [likely]
it’ll be earlier simply because of market
forces,” said Claudia Kemfert at the Ger-
man Institute for Economic Research.
But Max Gierkink at the Cologne-
based Institute of Energy Economics
was sceptical that coal would be elimi-
nated earlier because nuclear power
was also being phased out and creating
renewable energy infrastructure could
take time.
There were also insufficient incen-
tives to build the gas-powered plants
needed to replace coal-fired generation
at peak times, he said.
ble, regulated networks business. In
addition, the group has promised to
deliver synergies of €600m-€800m a
year once Innogy is fully integrated.
The challenge facing RWE, mean-
while, is to work out how — and where —
to expand its renewables portfolio. Off-
shore wind parks in northern Europe
are likely to be an initial priority.
Analysts broadly agree both Eon and
RWE should benefit from the broader
energy shift. Countries need the private
sector to invest both in new renewable
capacity and in the networks to connect
plants with homes and factories.
In one important way their interests
have rarely been more aligned: under
the asset swap, RWE has acquired a 16.7
per cent stake in Eon, making it the larg-
est shareholder. Mr Krebber sounded
happy with that. “We have complete
confidence that Eon will develop well in
the years ahead, ” he said.
Oil & gas
Browne urges majors to
decarbonise more quickly
DAVID SHEPPARD
John Browne has warned energy
majors they will need to adapt their
businesses more quickly to the energy
transition because public opinion has
turned aggressively against the oil and
gas industry in the past 18 months.
The former BP chief executive told the
Financial Times that signs of slowing
demand growth for oil and gas were
compounding fears among investors
about the future of the sector. Compa-
nies needed to show they could decar-
bonise their operations to maintain
public support.
“It’s as if the energy transition has col-
lapsed in time,” he said. “Over the last
year or so what was to be a long transi-
tion feels like it should be faster — and
that is the result of general opinion.”
Lord Browne, who ran BP between
1995 and 2007, said oil majors were
squeezed by climate change concern
and growing fears that oil and gas, or
indeed global economic consumption,
may no longer grow at the same pace.
Thursday 24 October 2019
Financials
Swedbank
vows to lift
laundering
claims ‘cloud’
RICHARD MILNE — STOCKHOLM
Swedbank’s new chief executive has
made lifting the “dark cloud” of
money-laundering allegations a top
priority but denies that inquiries by US
and European authorities are an exis-
tential threat to Sweden’s oldest lender.
Jens Henriksson, who has been in
charge since the start of October after
his predecessor was fired over the affair,
said he and Göran Persson, chairman
and former Swedish prime minister,
had met the “relevant authorities” in
the US but declined to elaborate. A
number of US authorities, the European
Central Bank, and Latvian and Swedish
police are investigating Swedbank.
The shares have lost a third of their
value since the scandal broke in Febru-
ary. A report for the bank showed that
€135bn of “high-risk, non-resident”
money flowed through its Estonian
operations over a decade, SVT, the
Swedish public broadcaster, reported.
“I wouldn’t say it’s an existential prob-
lem. It’s a dark cloud that hangs over the
bank,” said Mr Henriksson, former boss
of Folksam, the lender’s second-largest
shareholder. He had spoken with other
banks facing similar investigations
probes but declined to say which.
Danske Bank, Denmark’s largest
lender, is under criminal investigation
in the US, Denmark, Estonia and France
over its own €200bn money-laundering
scandal, and its potential links to Swed-
bank were what caused the Swedish
group’s shares to sag.
Mr Henriksson said it was difficult for
a lender that was almost 200 years old
and founded “on sustainability” as a
savings bank to see headlines about
money laundering.
“It hurts us. And I want to get away
from that. I want us to be as open and
transparent as we can be about the his-
tory, and then looking forward I want to
be an industry leader.”
Swedbank has started 132 initiatives
to improve its ability to fight against
financial crime and is aiming to com-
plete about 70 of them by the end of the
year.
Mr Henriksson said that Swedbank’s
own internal investigation, led by Clif-
ford Chance, the law firm, with assist-
ance from forensic accountants, would
cost about SKr1bn (€93m) and was due
to be finished in early 2020.
Previously, Swedbank had said it
would not make recommendations
public after publishing a heavily
redacted and much-criticised initial
report into its links with Danske.
The Financial Times disclosed in
March that the New York State Depart-
ment of Financial Services was investi-
gating seven separate matters against
Swedbank. Some investors and analysts
are concerned whether the bank has
sufficient capital to withstand a poten-
tial large US fine.
Mr Henriksson said that the lender
was “financially strong” but that the
money-laundering issue was currently
only allegations, and also that the bank
could not make a guess about the size of
any fine.
The chief executive’s comments were
made as Swedbank’s third-quarter net
profit declined more than analysts
expected, dropping 13 per cent to
SKr4.66bn because of an increase in
costs that was partly down to the
money-laundering investigations.
While the 71-year-old maintained
that oil and gas will remain part of the
energy mix, their place is under growing
threat unless companies can accelerate
plans to reduce carbon in their opera-
tions.
“Hydrocarbons will be around, no
matter what anybody says, as they’re
very difficult to replace, but they may
not grow,” Lord Browne said. “And, in
order to be used effectively, they’re
going to have to be decarbonised one
way or another.”
Under Lord Browne BP went into
business lines such as solar as part of its
“Beyond Petroleum” push, but was
widely seen as having moved too early
in the market and the plan was largely
abandoned.
European companies have been step-
ping up efforts in recent years to invest
in renewables, while also setting targets
for emissions from their own operations
and — in some cases — also those pro-
duced from the fuels they sell. But such
investments are less than 5 per cent of
their capital expenditure.
 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
Thursday 24 October 2019 ★ FINANCIAL TIMES 17
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18 ★ FINANCIAL TIMES Thursday 24 October 2019

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 $

-0.82% -0.090% -0.232% -0.61% -0.42%

0.13% 0.07% 0.18% 0.67% 0.06% 0.34% 0.01% 0.055% 0.116%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Sep 24 - - Index All World Sep 24 - Oct 23 Index All World Sep 24 - Oct 23 Index All World Sep 24 - Oct 23 Index All World Sep 24 - Oct 23 Index All World Sep 24 - Oct 23 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
12,798.19 22,625.38
3,000.02 16,867.20
2,966.60 7,291.43 7,260.74 12,342.33 22,044.45 2,101.04 2,080.62
16,345.97
Day 0.13% Month 0.28% Year 8.88% Day -0.28% Month -3.09% Year 6.94% Day 0.67% Month -0.87% Year 4.41% Day 0.34% Month 3.69% Year 13.52% Day 0.34% Month 2.47% Year 0.05% Day -0.39% Month -0.52% Year -3.75%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,549.32 9,385.00 26,566.73
8,110.06 43,321.63 1,532.07 26,435.67 3,155.46 3,144.28
7,993.63 43,099.33 9,118.20

Day 0.07% Month -0.08% Year 8.61% Day -0.10% Month -0.47% Year -8.71% Day 0.06% Month 1.03% Year 11.24% Day NaN% Month NaN% Year NaN% Day -0.82% Month 0.37% Year 1.45% Day -0.52% Month -0.54% Year 2.09%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
107,164.70 39,058.83
26,836.42 5,653.44 22,351.07
26,807.77 5,628.33 2,985.34
103,875.66 21,901.01 2,941.62 36,093.47

Day 0.18% Month -0.33% Year 6.04% Day -0.20% Month 2.41% Year 25.62% Day -0.07% Month -0.66% Year 11.88% Day -0.60% Month 1.08% Year 17.91% Day -0.43% Month -2.16% Year 10.80% Day 0.24% Month 2.75% Year 14.43%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 33231.54 33262.64 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 24328.03 24475.38 Philippines Manila Comp 7933.76 7955.24 Taiwan Weighted Pr 11239.67 11271.25 Cross-Border DJ Global Titans ($) 336.74 335.96
Australia All Ordinaries 6778.20 6778.60 Czech RepublicPX 1059.29 1056.92 FTSE Italia Mid Cap 38227.28 38462.92 Poland Wig 57950.18 57986.45 Thailand Bangkok SET 1631.46 1620.78 Euro Stoxx 50 (Eur) 3606.89 3604.82
S&P/ASX 200 6673.10 6672.20 Denmark OMXC Copenahgen 20 1040.59 1040.99 FTSE MIB 22351.07 22487.08 Portugal PSI 20 5057.72 5016.17 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 1091.51 1092.88
S&P/ASX 200 Res 4579.40 4568.30 Egypt EGX 30 14126.51 14201.32 Japan 2nd Section 6820.84 6789.90 PSI General 3229.60 3207.93 UAE Abu Dhabi General Index 5151.80 5135.93 FTSE 4Good Global ($) 7296.41 7297.89
Austria ATX 3145.70 3118.18 Estonia OMX Tallinn 1241.14 1241.34 Nikkei 225 22625.38 22548.90 Romania BET Index 9619.19 9623.42 UK FT 30 3082.20 3071.90 FTSE All World ($) 348.41 348.38
Belgium BEL 20 3760.28 3768.47 Finland OMX Helsinki General 9673.10 9620.26 S&P Topix 150 1355.85 1349.62 Russia Micex Index 2821.58 2802.23 FTSE 100 7260.74 7212.49 FTSE E300 1549.32 1548.37
BEL Mid 8293.54 8239.98 France CAC 40 5653.44 5657.68 Topix 1638.14 1628.60 RTX 1392.47 1387.68 FTSE 4Good UK 6734.47 6699.20 FTSE Eurotop 100 3021.12 3016.37
Brazil Bovespa 107164.70 107381.11 SBF 120 4461.04 4462.98 Jordan Amman SE 1812.09 1814.38 Saudi-Arabia TADAWUL All Share Index 7887.36 7887.36 FTSE All Share 4003.99 3982.66 FTSE Global 100 ($) 1837.95 1836.02
Canada S&P/TSX 60 977.94 981.11 Germany M-DAX 26177.57 26245.78 Kenya NSE 20 2456.34 2456.34 Singapore FTSE Straits Times 3144.28 3160.67 FTSE techMARK 100 5211.62 5185.92 FTSE Gold Min ($) 1739.84 1753.47
S&P/TSX Comp 16345.97 16391.52 TecDAX 2808.94 2828.72 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 346.77 344.07 USA DJ Composite 9013.57 9008.32 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 628.44 625.23 XETRA Dax 12798.19 12754.69 Latvia OMX Riga 1031.11 1038.19 Slovenia SBI TOP 873.85 - DJ Industrial 26836.42 26788.10 FTSE Multinationals ($) 2059.28 2066.80
Chile S&P/CLX IGPA Gen 24735.69 25154.60 Greece Athens Gen 873.13 873.50 Lithuania OMX Vilnius 698.93 698.45 South Africa FTSE/JSE All Share 55571.45 55936.83 DJ Transport 10705.74 10747.59 FTSE World ($) 620.77 620.56
China FTSE A200 10397.51 10462.22 FTSE/ASE 20 2163.66 2168.85 Luxembourg LuxX 1346.68 1342.59 FTSE/JSE Res 20 44610.25 43859.74 DJ Utilities 875.95 873.27 FTSEurofirst 100 (Eur) 4296.25 4287.88
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 26566.73 26786.20 Malaysia FTSE Bursa KLCI 1568.79 1574.09 FTSE/JSE Top 40 49244.55 49610.14 Nasdaq 100 7872.97 7874.62 FTSEurofirst 80 (Eur) 4949.88 4950.22
Shanghai A 3081.80 3095.17 HS China Enterprise 10451.70 10526.86 Mexico IPC 43321.63 43363.54 South Korea Kospi 2080.62 2088.86 Nasdaq Cmp 8110.06 8104.30 MSCI ACWI Fr ($) 527.76 528.49
Shanghai B 264.32 265.63 HSCC Red Chip 4241.19 4288.51 Morocco MASI 11470.29 11507.74 Kospi 200 276.23 277.41 NYSE Comp 13100.08 13071.86 MSCI All World ($) 2204.29 2209.34
Shanghai Comp 2941.62 2954.38 Hungary Bux 41845.95 41234.58 Netherlands AEX 575.97 576.41 Spain IBEX 35 9385.00 9380.20 S&P 500 3000.02 2995.99 MSCI Europe (Eur) 1616.20 1611.89
Shenzhen A 1692.89 1706.30 India BSE Sensex 39058.83 38963.84 AEX All Share 829.52 837.08 Sri Lanka CSE All Share 5888.34 5880.40 Wilshire 5000 30588.39 30544.80 MSCI Pacific ($) 2714.01 2710.56
Shenzhen B 912.49 918.36 Nifty 500 9458.65 9448.25 New Zealand NZX 50 10853.79 11090.39 Sweden OMX Stockholm 30 1725.87 1728.22 Venezuela IBC 45008.61 46005.59 S&P Euro (Eur) 1637.74 1637.97
Colombia COLCAP 1613.42 1597.56 Indonesia Jakarta Comp 6257.81 6225.50 Nigeria SE All Share 26390.08 26448.62 OMX Stockholm AS 643.32 642.92 Vietnam VNI 987.79 987.19 S&P Europe 350 (Eur) 1595.99 1594.83
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 6522.20 6499.85 Norway Oslo All Share 987.72 994.59 Switzerland SMI Index 10023.52 10017.35 S&P Global 1200 ($) 2458.12 2456.14
Israel Tel Aviv 125 1576.97 1576.97 Pakistan KSE 100 33439.69 33198.96 Stoxx 50 (Eur) 3252.30 3243.46
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Oct 23 %Chg %Chg Oct 23 %Chg %Chg Oct 23 %Chg %Chg Oct 23 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 24.8 242.51 2.55 Bp 184.5 506.40 7.25 Inditex 1115.7 28.05 -0.24 Softbank . 724.7 4190.00 -108.00 Just Eat 746.20 18.1 27.0 Rank 247.50 14.1 76.8 Funding Circle Holdings 142.00 40.0 -56.2 Life Insurance 7784.64 7.4 15.7
Boeing 20.4 342.55 5.55 Prudential 165.7 1437.00 33.50 Santander 674.3 3.99 0.02 Tokyo Electron 512.1 20880.00 -895.00 Centrica 74.20 6.2 -45.4 Capital & Counties Properties 270.50 11.2 17.7 Capital & Regional 26.90 26.6 -2.7 Real Estate & Investment Servic 2756.11 3.4 17.7
Amazon.com 19.4 1760.65 -5.08 Royal Dutch Shell 136.5 2304.50 29.50 Bbva 319.7 4.91 0.02 Fast Retailing Co., 455.9 69020.00 -250.00 Melrose Industries 216.60 5.0 34.4 Pagegroup 445.00 9.1 -0.6 Foxtons 67.65 20.2 28.6 Fixed Line Telecommunication 2422.51 3.3 -
Microsoft 14.8 136.05 -0.33 Royal Dutch Shell 135.3 2303.00 21.50 Intesa Sanpaolo 308.1 2.27 -0.01 Sony 327.1 6355.00 -105.00 Standard Life Aberdeen 299.60 5.0 15.6 Avast 407.60 7.9 43.7 Gulf Marine Services 8.59 18.3 -16.6 Oil & Gas Producers 8480.97 3.2 0.5
Texas Instruments 13.3 120.11 -8.46 M&g 131.0 214.00 11.35 Unilever 247.8 53.14 -0.57 Toyota Motor 282.1 7420.00 20.00 Fresnillo 639.20 4.9 -28.0 Wh Smith 2248.00 7.7 28.4 Sportech 33.10 11.4 -19.3 Construction & Materials 6422.22 2.4 29.7
Facebook 13.2 184.53 2.19 Glaxosmithkline 129.2 1682.60 27.40 Sap Se O.n. 247.4 118.46 -1.04 Nippon Telegraph And Telephone 271.6 5315.00 -14.00 Auto Trader 560.40 4.7 27.0 Finablr 160.00 7.4 - Dfs Furniture 241.00 10.3 31.0 Mining 17676.47 2.3 3.7
Netflix 11.2 272.33 5.64 Astrazeneca 127.3 6919.00 116.00 Asml Holding 236.8 230.05 -1.75 Sumco 261.7 1749.00 -47.00 Standard Chartered 688.80 4.6 13.6 Premier Oil 86.32 7.2 28.1 Georgia Healthcare 195.50 9.8 -1.3 Gas Water & Multiutilities 5102.43 2.2 10.7
Caterpillar 8.8 133.25 -0.44 Hsbc Holdings 115.9 610.70 0.30 Daimler Ag Na O.n. 225.5 50.42 0.77 Mitsubishi Ufj Fin,. 246.8 559.60 4.30 Ashtead 2199.00 4.2 32.6 Domino's Pizza 284.60 7.1 21.2 Pendragon 12.60 9.6 -43.8 Pharmaceuticals & Biotech. 16517.97 1.7 14.7
Biogen 8.3 283.53 1.66 Lloyds Banking 101.9 60.28 -0.13 Basf Se Na O.n. 206.0 67.79 0.55 Honda Motor Co., 181.8 2877.00 -18.00 Bp 506.40 4.2 -0.2 Sig 119.60 6.5 7.6 Sthree 283.00 9.3 4.0 Electricity 7775.56 1.7 17.9
Chipotle Mexican Grill 7.8 783.56 -47.51 Reckitt Benckiser 88.2 5921.00 87.00 Siemens Ag Na O.n. 200.2 103.68 0.48 Sumitomo Mitsui Fin,. 174.6 3781.00 22.00 Anglo American 1979.80 3.6 15.8 Vesuvius 369.20 6.5 -25.8 On The Beach 451.00 8.7 20.3 Chemicals 12564.81 1.6 -3.7
Royal Dutch Shell 2304.50 3.2 -2.5 Tbc Bank 1320.00 6.5 -13.6 Sdl 552.00 8.7 11.1 General Retailers 2289.40 1.6 24.2
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Aviva 421.50 3.2 13.3 Senior 185.10 6.4 -3.9 Arrow Global 238.00 8.6 32.2 Real Estate Investment Trusts 3192.18 1.4 21.6
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Avery Dennison 127.77 9.34 7.88 M&g 214.00 11.35 5.60 Novozymes B A/s 40.73 1.91 4.93 Eisai Co., 6534.00 1000.00 18.07 M&g 214.00 - - Moneysupermarket.com 333.60 -13.8 18.9 Indivior 41.58 -23.4 -63.5 Health Care Equip.& Services 7948.84 -5.5 14.9
Rollins 38.69 2.71 7.53 Centamin 111.55 4.50 4.20 Seadrill 1.67 0.05 3.21 Kawasaki Kisen Kaisha, 1577.00 63.00 4.16 Smith & Nephew 1673.50 -8.6 17.1 Sirius Minerals 3.13 -11.0 -85.3 Trifast 159.00 -17.6 -15.0 Forestry & Paper 17567.33 -3.2 -4.3
Alexion Pharmaceuticals 106.22 6.94 6.99 Rathbone Brothers 2230.00 85.00 3.96 Norsk Hydro 3.31 0.10 3.12 Sumitomo Heavy Industries, 3355.00 120.00 3.71 Ocado 1284.00 -4.9 58.4 Micro Focus Int 1012.00 -10.3 -26.6 Dp Eurasia N.v. 70.40 -11.4 -29.7 Industrial Metals 3583.07 -1.8 -20.7
Invesco Ltd 17.06 1.03 6.43 Renishaw 3368.00 124.00 3.82 Evonik Industries Na O.n. 24.29 0.55 2.32 Sumitomo Metal Mining Co., 3468.00 119.00 3.55 Scottish Mortgage Investment Trust 472.00 -3.8 2.9 Network Int Holdings 515.00 -8.0 - Purecircle 130.40 -10.6 -48.8 Automobiles & Parts 4237.52 -1.6 -
Boston Scientific 40.63 2.45 6.42 Apax Global Alpha 163.50 5.50 3.48 Bayer Ag Na O.n. 66.50 1.50 2.31 Mitsui Eng & Shipbuilding Co., 1041.00 35.00 3.48 Barratt Developments 652.60 -3.6 41.2 Grafton 806.00 -7.2 22.9 Devro 157.60 -8.5 -0.5 Software & Computer Services 1958.48 -1.5 12.4
Intercontinental Hotels 4550.00 -3.5 4.4 Rathbone Brothers 2230.00 -6.3 -8.8 Xps Pensions 110.00 -7.9 -34.1 Aerospace & Defense 4815.97 -1.4 10.3
Downs Downs Downs Downs
Bae Systems 536.60 -3.4 15.4 Beazley 580.00 -5.6 15.2 Connect 32.50 -7.4 -27.0 Beverages 24803.65 -1.3 11.5
Texas Instruments 120.11 -8.46 -6.58 Dunelm 833.00 -42.50 -4.85 Gjensidige Forsikring 16.97 -0.96 -5.37 Tokyo Electron 20880.00 -895.00 -4.11
Mondi 1560.50 -3.3 -4.6 Pershing Square Holdings Ltd 1430.00 -5.4 38.6 Forterra 274.00 -7.1 22.0 Nonlife Insurance 3079.59 -1.1 0.2
Chipotle Mexican Grill 783.56 -47.51 -5.72 Aj Bell 371.00 -14.50 -3.76 Swedbank Ab Ser A 13.10 -0.61 -4.48 Sumitomo Chemical , 491.00 -16.00 -3.16
Hargreaves Lansdown 1744.00 -3.1 -6.1 Bank Of Georgia 1315.00 -5.3 -4.1 Woodford Patient Capital Trust 30.35 -6.6 -63.9 Food Producers 7132.24 -1.0 10.6
Analog Devices 106.06 -4.83 -4.35 Pets At Home 219.40 -7.80 -3.43 Heineken 93.68 -3.04 -3.14 Sumco 1749.00 -47.00 -2.62
Experian 2342.00 -2.9 24.3 B&m Eur Value Retail S.a. 363.00 -5.0 27.5 Vectura 82.00 -5.4 6.9 Household Goods 16530.61 -1.0 11.2
Microchip Technology 92.74 -3.63 -3.77 Airtel Africa 55.00 -1.70 -3.00 Stmicroelectronics 18.48 -0.54 -2.84 Softbank . 4190.00 -108.00 -2.51
Tui Ag 1003.50 -2.9 -12.9 Softcat 918.50 -4.8 58.4 Metro Bank 193.60 -5.1 -88.7 Food & Drug Retailers 4005.19 -0.9 21.9
Ww Grainger 309.58 -9.60 -3.01 Royal Bank Of Scotland 233.70 -7.00 -2.91 Dnb 15.42 -0.43 -2.73 Rakuten . 1040.00 -24.00 -2.26
Intertek 4971.00 -2.6 3.2 Diploma 1613.00 -4.7 35.7 Photo-me Int 92.30 -4.8 3.7 Personal Goods 38913.51 -0.8 10.7
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Oct 23 Currency Mid Change Mid Change Mid Change Oct 23 Currency Mid Change Mid Change Mid Change Oct 23 Currency Mid Change Mid Change Mid Change Oct 23 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 58.8892 0.2135 65.4615 0.1495 75.8607 0.1277 Indonesia Indonesian Rupiah 14029.0000 -11.0000 15594.7121 -33.2669 18072.1041 -49.4189 Poland Polish Zloty 3.8454 0.0111 4.2745 0.0067 4.9536 0.0047 ..Three Month 0.7767 0.0015 0.8626 0.0005 - -
Australia Australian Dollar 1.4610 0.0038 1.6241 0.0021 1.8821 0.0013 Israel Israeli Shekel 3.5293 -0.0042 3.9231 -0.0100 4.5464 -0.0143 Romania Romanian Leu 4.2798 0.0027 4.7574 -0.0034 5.5132 -0.0073 ..One Year 0.7775 0.0015 0.8617 0.0005 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4191 -0.0006 0.4856 -0.0009 Japan Japanese Yen 108.6200 0.0600 120.7426 -0.0958 139.9237 -0.1953 Russia Russian Ruble 63.8857 0.2607 71.0156 0.1945 82.2972 0.1760 United States United States Dollar - - 1.1116 -0.0015 1.2882 -0.0025
Bolivia Bolivian Boliviano 6.9100 - 7.6812 -0.0103 8.9014 -0.0173 ..One Month 108.6198 0.0596 120.7426 -0.0958 139.9236 -0.1955 Saudi Arabia Saudi Riyal 3.7507 - 4.1693 -0.0056 4.8316 -0.0094 ..One Month - - 1.1114 -0.1791 1.2883 -0.0025
Brazil Brazilian Real 4.0666 -0.0163 4.5204 -0.0242 5.2385 -0.0312 ..Three Month 108.6193 0.0586 120.7426 -0.0958 139.9233 -0.1961 Singapore Singapore Dollar 1.3633 0.0010 1.5154 -0.0009 1.7561 -0.0021 ..Three Month - - 1.1109 -0.1791 1.2886 -0.0025
Canada Canadian Dollar 1.3096 0.0006 1.4558 -0.0013 1.6870 -0.0026 ..One Year 108.6176 0.0552 120.7427 -0.0956 139.9236 -0.1971 South Africa South African Rand 14.6308 0.0092 16.2636 -0.0116 18.8473 -0.0248 ..One Year - - 1.1090 -0.1791 1.2894 -0.0025
Chile Chilean Peso 726.6500 0.8500 807.7479 -0.1418 936.0669 -0.7273 Kenya Kenyan Shilling 103.4000 -0.2000 114.9400 -0.3774 133.1994 -0.5177 South Korea South Korean Won 1172.4000 2.4500 1303.2459 0.9718 1510.2799 0.2187 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 7.0743 -0.0074 7.8638 -0.0188 9.1131 -0.0273 Kuwait Kuwaiti Dinar 0.3036 0.0001 0.3374 -0.0003 0.3910 -0.0006 Sweden Swedish Krona 9.6552 0.0062 10.7328 -0.0076 12.4378 -0.0162 Vietnam Vietnamese Dong 23206.5000 4.0000 25796.4659 -30.3139 29894.5619 -53.0896
Colombia Colombian Peso 3406.9300 -22.7800 3787.1615 -30.4571 4388.7907 -37.9566 Malaysia Malaysian Ringgit 4.1875 -0.0010 4.6548 -0.0074 5.3943 -0.0118 Switzerland Swiss Franc 0.9904 0.0017 1.1009 0.0004 1.2758 -0.0003 European Union Euro 0.8996 0.0012 - - 1.1589 -0.0007
Costa Rica Costa Rican Colon 581.8500 -0.3250 646.7875 -1.2329 749.5363 -1.8803 Mexico Mexican Peso 19.1300 0.0380 21.2650 0.0137 24.6432 0.0010 Taiwan New Taiwan Dollar 30.6120 0.0520 34.0285 0.0120 39.4342 -0.0097 ..One Month 0.8994 0.0012 - - 1.1588 -0.0007
Czech Republic Czech Koruna 23.0506 0.0913 25.6231 0.0671 29.6936 0.0599 New Zealand New Zealand Dollar 1.5593 -0.0006 1.7334 -0.0030 2.0087 -0.0047 Thailand Thai Baht 30.3038 - 33.6858 -0.0454 39.0371 -0.0761 ..Three Month 0.8989 0.0012 - - 1.1586 -0.0007
Denmark Danish Krone 6.7206 0.0088 7.4707 -0.0003 8.6574 -0.0055 Nigeria Nigerian Naira 362.9200 1.1700 403.4237 0.7590 467.5117 0.5990 Tunisia Tunisian Dinar 2.8353 0.0015 3.1517 -0.0026 3.6524 -0.0052 ..One Year 0.8970 0.0012 - - 1.1577 -0.0007
Egypt Egyptian Pound 16.1894 0.0172 17.9963 -0.0050 20.8552 -0.0184 Norway Norwegian Krone 9.1592 0.0114 10.1815 -0.0010 11.7989 -0.0083 Turkey Turkish Lira 5.7573 -0.0727 6.3998 -0.0896 7.4165 -0.1084
Hong Kong Hong Kong Dollar 7.8419 -0.0006 8.7170 -0.0124 10.1018 -0.0205 Pakistan Pakistani Rupee 155.7000 0.0500 173.0769 -0.1775 200.5720 -0.3264 United Arab Emirates UAE Dirham 3.6732 - 4.0831 -0.0055 4.7317 -0.0092
Hungary Hungarian Forint 295.2951 -0.1636 328.2515 -0.6242 380.3976 -0.9525 Peru Peruvian Nuevo Sol 3.3466 0.0090 3.7200 0.0050 4.3110 0.0032 United Kingdom Pound Sterling 0.7763 0.0015 0.8629 0.0005 - -
India Indian Rupee 70.9157 -0.0294 78.8302 -0.1388 91.3532 -0.2159 Philippines Philippine Peso 50.9800 -0.2200 56.6696 -0.3212 65.6722 -0.4119 ..One Month 0.7764 0.0015 0.8628 0.0005 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Oct 23 Oct 22 Oct 21 Oct 18 Oct 17 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 3082.20 3071.90 3073.50 3065.40 3072.00 0.00 3135.80 2704.70 Tech Hardware & Eq 43.17 Consumer Services 12.91 NON FINANCIALS Index 7.52 FTSE 100 Price Change FTSE 100 Price Change
Oct 23 chge% Index Oct 22 Oct 21 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Leisure Goods 41.39 Pharmace & Biotech 12.69 Mobile Telecomms 6.64 3I Group PLC 1078.5 9.00 Land Securities Group PLC 954.00 -9.00
FTSE 100 (100) 7260.74 0.67 6555.67 7212.49 7163.64 6962.98 4.52 1.50 14.77 285.94 6680.25 P/E Ratio net - - - - - 0.00 19.44 14.26 Construct & Material 24.57 Beverages 11.24 FTSE 100 Index 6.28 Admiral Group PLC 2037 -4.00 Legal & General Group PLC 270.80 0.60
FTSE 250 (250) 20180.94 0.00 18221.22 20181.91 20308.79 18406.48 3.15 1.59 20.01 498.01 15639.90 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Financial Services 23.89 Real Est Invest & Se 11.19 FTSE SmallCap Index 5.18 Anglo American PLC 1979.8 19.80 Lloyds Banking Group PLC 60.28 -0.13
FTSE 250 ex Inv Co (190) 21359.59 -0.04 19285.41 21368.74 21518.15 19446.58 3.32 1.47 20.57 556.05 16928.53 FT 30 hourly changes Food & Drug Retailer 23.04 Personal Goods 11.16 Nonlife Insurance 2.37 Antofagasta PLC 865.20 7.60 London Stock Exchange Group PLC 6936 -198.00
FTSE 350 (350) 4060.67 0.55 3666.35 4038.37 4020.05 3861.85 4.29 1.51 15.47 149.84 7463.69 8 9 10 11 12 13 14 15 16 High Low General Retailers 20.69 Equity Invest Instr 10.30 Mining 0.67 Ashtead Group PLC 2199 44.00 M&G PLC 214.00 11.35
FTSE 350 ex Investment Trusts (289) 4012.75 0.57 3623.08 3990.06 3970.61 3820.51 4.36 1.48 15.44 150.95 3805.01 3071.9 3072.4 3076.1 3020.4 3065.9 3073.1 3075.2 3079.6 3080.4 3086.1 3057.0 Health Care Eq & Srv 20.69 Utilities 10.18 Telecommunications 0.59 Associated British Foods PLC 2197 -9.00 Meggitt PLC 606.00 9.00
FTSE 350 Higher Yield (110) 3559.26 0.77 3213.63 3531.99 3509.87 3557.80 6.07 1.35 12.18 179.04 7084.01 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Support Services 19.40 Life Insurance 10.15 Banks -0.04 Astrazeneca PLC 6919 116.00 Melrose Industries PLC 216.60 2.90
FTSE 350 Lower Yield (240) 4226.19 0.32 3815.80 4212.66 4201.20 3799.80 2.41 1.92 21.65 95.33 4899.23 Real Est Invest & Tr 19.38 Food Producers 10.08 Basic Materials -0.70 Auto Trader Group PLC 560.40 6.40 Mondi PLC 1560.5 12.50
FTSE SmallCap (277) 5446.75 0.07 4917.83 5442.69 5447.81 5481.70 3.83 0.89 29.19 150.74 8394.61 Industrials 16.58 Aerospace & Defense 9.90 Tobacco -1.44
FTSE SmallCap ex Inv Co (155) 4426.34 0.11 3996.51 4421.69 4435.31 4631.98 4.40 0.93 24.33 123.48 7177.58 FX: EFFECTIVE INDICES Electricity 16.53 Industrial Eng 9.68 Oil & Gas Producers -2.92
Aveva Group PLC 3920 -34.00 Morrison (Wm) Supermarkets PLC 204.00 2.30
Aviva PLC 421.50 2.90 National Grid PLC 922.20 11.50
FTSE All-Share (627) 4003.99 0.54 3615.18 3982.66 3965.34 3815.79 4.27 1.49 15.73 146.43 7435.58
Oct 22 Oct 21 Mnth Ago Oct 23 Oct 22 Mnth Ago Technology 16.13 Travel & Leisure 9.68 Oil & Gas -3.33 Bae Systems PLC 536.60 1.20 Next PLC 6696 -128.00
FTSE All-Share ex Inv Co (444) 3929.95 0.56 3548.32 3908.08 3889.64 3749.01 4.36 1.47 15.55 147.07 3785.57 FTSE 250 Index 15.58 Media 9.67 Chemicals -5.63 Barclays PLC 165.78 0.48 Nmc Health PLC 2640 9.00
FTSE All-Share ex Multinationals (552) 1203.72 -0.13 900.78 1205.33 1210.18 1121.68 3.78 1.47 18.02 38.68 2344.30 Australia - - - Sweden - - - Electronic & Elec Eq 15.30 Industrial Transport 9.44 Forestry & Paper -5.82 Barratt Developments PLC 652.60 -16.20 Ocado Group PLC 1284 -10.00
FTSE Fledgling (102) 9451.59 -0.12 8533.77 9463.29 9429.91 10315.06 5.83 -0.33 -51.53 214.45 18860.41 Canada - - - Switzerland - - - Software & Comp Serv 14.78 Gas Water & Multi 8.39 Fixed Line Telecomms -11.53 Berkeley Group Holdings (The) PLC 4437 -104.00 Pearson PLC 678.60 4.40
FTSE Fledgling ex Inv Co (47) 11405.49 -0.22 10297.93 11430.33 11333.96 14948.81 13.50 -0.45 -16.55 297.22 22381.14 Denmark - - - UK 79.50 79.90 77.53 Health Care 13.61 Financials 8.06 Industrial Metals & -23.29 Bhp Group PLC 1639.6 21.20 Persimmon PLC 2355 -40.00
FTSE All-Small (379) 3783.88 0.06 3416.44 3781.48 3784.09 3823.37 3.94 0.79 31.96 103.62 7481.82 Japan - - - USA - - - Household Goods & Ho 12.96 Consumer Goods 8.06 Oil Equipment & Serv -25.48 BP PLC 506.40 7.25 Phoenix Group Holdings PLC 713.10 -0.40
FTSE All-Small ex Inv Co (202) 3306.75 0.10 2985.64 3303.61 3312.57 3489.74 4.69 0.81 26.40 92.01 6792.42 New Zealand - - - Euro - - - FTSE All{HY-}Share Index 7.67 Automobiles & Parts -35.94 British American Tobacco PLC 2716.5 48.50 Polymetal International PLC 1184.5 9.00
FTSE AIM All-Share (761) 886.02 0.21 799.98 884.15 885.19 976.86 1.71 1.37 42.61 10.80 1006.16 Norway - - -
British Land Company PLC 630.40 -8.00 Prudential PLC 1437 33.50
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Bt Group PLC 207.70 0.20 Reckitt Benckiser Group PLC 5921 87.00
Oil & Gas (12) 8766.24 1.23 7914.97 8659.98 8497.83 9351.90 5.99 1.36 12.31 398.25 9193.06 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bunzl PLC 1978 35.00 Relx PLC 1769.5 7.50
Oil & Gas Producers (8) 8508.43 1.24 7682.20 8404.46 8244.74 8992.46 5.98 1.36 12.27 384.09 9243.22 Burberry Group PLC 1942.5 12.00 Rentokil Initial PLC 438.00 -7.80
Oil Equipment Services & Distribution (4) 8222.44 0.51 7423.98 8180.79 8191.17 14679.59 6.63 0.97 15.49 544.02 7067.76 FTSE GLOBAL EQUITY INDEX SERIES Carnival PLC 3118 62.00 Rightmove PLC 576.40 2.80
Basic Materials (25) 5883.05 1.02 5311.76 5823.52 5800.49 5611.10 5.72 2.45 7.14 331.00 6758.56 Centrica PLC 74.20 1.10 Rio Tinto PLC 4058 30.00
Chemicals (8) 13329.30 0.76 12034.92 13228.82 13128.43 14392.79 2.53 2.36 16.76 302.92 12549.28 Oct 18 No of US $ Day Mth YTD Total
YTD Gr Div Oct 18 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2410 20.00 Rolls-Royce Holdings PLC 726.60 1.80
Forestry & Paper (1) 19169.18 0.81 17307.70 19015.63 19285.88 21435.58 4.62 2.44 8.88 885.56 22640.25 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1966 25.00 Royal Bank Of Scotland Group PLC 233.70 -7.00
Industrial Metals & Mining (2) 3859.53 3.10 3484.74 3743.62 3765.78 5259.97 18.23 1.48 3.72 538.98 4543.27 FTSE Global All Cap 8940 591.46 -0.3 -0.2 15.2 889.43
17.7 2.5 Oil & Gas Producers 102 331.91 -0.3 -0.3 1.1 597.28 4.6 4.7 Crh PLC 2782 66.00 Royal Dutch Shell PLC 2304.5 29.50
Mining (14) 16863.67 1.03 15226.08 16692.23 16613.84 15618.97 5.92 2.51 6.74 998.77 10208.71 FTSE Global Large Cap 1792 526.60 -0.3 -0.1 15.3 814.79
17.9 2.6 Oil Equipment & Services 37 244.69 0.2 0.2 9.8 387.49 13.8 4.9 Croda International PLC 4760 38.00 Royal Dutch Shell PLC 2303 21.50
FTSE Global Mid Cap 2161 774.32 -0.1 -0.3 15.1 1097.81
17.2 2.3 Basic Materials 352 472.46 0.2 0.2 5.6 775.51 8.8 3.5 Dcc PLC 7020 -82.00 Rsa Insurance Group PLC 526.60 -1.00
Industrials (106) 5505.64 0.47 4971.00 5479.83 5488.44 4852.82 2.55 1.06 36.93 119.65 6014.97
Construction & Materials (15) 6645.17 1.71 5999.87 6533.39 6555.93 5267.37 2.55 0.52 75.61 159.21 7504.65 FTSE Global Small Cap 4987 804.57 -0.2 -0.6 14.9 1098.96
16.8 2.1 Chemicals 161 713.01 0.0 0.0 7.8 1162.77 10.4 2.9 Diageo PLC 3123.5 9.00 Sage Group PLC 694.40 6.40
Aerospace & Defense (10) 5028.94 0.56 4540.59 5000.87 4956.78 4936.52 2.48 -0.28 -142.99 119.72 5694.84 FTSE All-World 3953 346.76 -0.3 -0.1 15.2 551.60
17.8 2.5 Forestry & Paper 20 249.54 1.0 1.0 0.7 458.14 4.3 4.0 Evraz PLC 393.00 12.80 Sainsbury (J) PLC 214.00 2.30
General Industrials (6) 4647.62 0.64 4196.30 4618.17 4634.30 4454.50 3.52 0.82 34.46 151.36 5722.43 FTSE World 2586 617.52 -0.3 -0.1 15.8 1318.51
18.3 2.5 Industrial Metals & Mining 93 328.44 0.1 0.1 -8.2 539.56 -5.3 4.9 Experian PLC 2342 -5.00 Schroders PLC 3080 -
Electronic & Electrical Equipment (10) 8660.27 -0.04 7819.29 8663.31 8694.65 6995.48 1.66 2.00 30.09 118.04 8222.43 FTSE Global All Cap ex UNITED KINGDOM In 8634 618.45 -0.3 -0.3 15.5 913.77
17.9 2.4 Mining 78 646.16 0.4 0.4 10.4 1082.29 14.9 4.2 Ferguson PLC 6504 28.00 Scottish Mortgage Investment Trust PLC 472.00 -
Industrial Engineering (12) 12729.36 0.49 11493.24 12667.39 12878.29 11881.59 2.61 1.57 24.41 328.57 16400.89 FTSE Global All Cap ex USA 7126 485.05 -0.1 0.7 10.7 792.38
13.9 3.2 Industrials 760 417.35 -0.3 -0.3 19.0 629.82 21.2 2.1 Flutter Entertainment PLC 7578 -32.00 Segro PLC 826.40 -4.00
Industrial Transportation (6) 3770.87 0.83 3404.69 3739.93 3802.35 4143.86 5.89 0.86 19.81 164.65 3773.62 FTSE Global All Cap ex JAPAN 7590 608.31 -0.3 -0.2 15.6 923.47
18.1 2.5 Construction & Materials 150 521.57 0.1 0.1 18.2 825.03 20.8 2.4 Fresnillo PLC 639.20 -10.80 Severn Trent PLC 2315 -2.00
Support Services (47) 8448.93 0.04 7628.47 8445.78 8455.02 7166.30 2.32 1.73 25.01 146.87 9243.93 FTSE Global All Cap ex Eurozone 8279 617.20 -0.3 -0.4 15.3 909.05
17.7 2.4 Aerospace & Defense 37 868.71 -2.1 -2.1 23.0 1293.72 25.0 1.9 Glaxosmithkline PLC 1682.6 27.40 Smith & Nephew PLC 1673.5 -20.50
FTSE Developed 2172 563.21 -0.3 -0.2 16.1 853.90
18.6 2.5 General Industrials 65 207.54 0.0 0.0 9.6 340.93 11.9 2.4 Glencore PLC 234.00 2.70 Smith (Ds) PLC 351.30 1.90
Consumer Goods (43) 18807.35 0.33 16981.01 18745.57 18706.03 19348.33 4.40 1.64 13.88 675.49 15250.47
FTSE Developed All Cap 5693 589.34 -0.3 -0.2 16.0 881.38
18.4 2.4 Electronic & Electrical Equipment 137 459.01 0.3 0.3 22.4 630.34 24.4 1.8 Halma PLC 1814 -26.00 Smiths Group PLC 1591.5 13.50
Automobiles & Parts (2) 4259.24 -0.11 3845.63 4264.05 4250.91 7637.62 2.56 2.89 13.50 108.61 4354.39
FTSE Developed Large Cap 900 523.83 -0.3 -0.2 16.2 807.74
18.8 2.5 Industrial Engineering 152 758.14 0.7 0.7 14.9 1135.94 17.5 2.5 Hargreaves Lansdown PLC 1744 -23.00 Smurfit Kappa Group PLC 2510 10.00
Beverages (5) 24829.96 0.24 22418.77 24770.61 24656.12 21462.10 2.22 1.72 26.08 535.18 18595.00
FTSE Developed Europe Large Cap 233 360.75 -0.1 1.2 12.6 654.25
16.5 3.7 Industrial Transportation 129 713.44 -0.5 -0.5 15.8 1081.11 18.0 2.3 Hikma Pharmaceuticals PLC 1960 -5.00 Spirax-Sarco Engineering PLC 7475 10.00
Food Producers (11) 7064.90 -0.15 6378.84 7075.55 7149.36 7145.88 2.57 1.95 20.00 109.88 6403.89
FTSE Developed Europe Mid Cap 350 584.22 -0.1 1.8 12.7 934.67
15.9 3.1 Support Services 90 470.28 -0.5 -0.5 27.2 672.90 28.8 1.5 Hiscox LTD 1480 -44.00 Sse PLC 1322.5 4.00
Household Goods & Home Construction (15)13840.22 -0.15 12496.23 13861.63 13920.52 13670.94 4.37 1.93 11.86 583.93 10866.74
FTSE Dev Europe Small Cap 725 809.15 0.1 2.0 13.1 1247.83
16.1 3.1 Consumer Goods 549 486.74 -0.2 -0.2 14.9 764.78 17.6 2.7 HSBC Holdings PLC 610.70 0.30 St. James's Place PLC 1025 -20.00
Leisure Goods (2) 12532.17 0.58 11315.20 12460.18 12591.13 9741.45 3.67 1.38 19.79 463.40 12845.52
FTSE North America Large Cap 264 642.75 -0.5 -0.6 19.2 917.29
21.2 2.0 Automobiles & Parts 134 360.04 -0.2 -0.2 6.4 553.18 9.7 3.4 Imperial Brands PLC 1853.6 2.80 Standard Chartered PLC 688.80 5.20
Personal Goods (6) 33803.76 -0.30 30521.15 33905.46 33634.06 31022.69 2.95 2.59 13.09 758.92 24427.77
FTSE North America Mid Cap 412 884.41 -0.1 -1.4 19.1 1166.01
20.8 1.8 Beverages 66 707.44 0.0 0.0 18.3 1119.28 20.5 2.3 Informa PLC 762.40 -0.60 Standard Life Aberdeen PLC 299.60 8.10
Tobacco (2) 30002.84 1.44 27089.33 29575.86 29463.48 39813.30 8.07 1.19 10.38 1767.59 22250.75
FTSE North America Small Cap 1338 890.97 -0.5 -1.8 18.0 1136.64
19.5 1.6 Food Producers 132 648.38 -0.9 -0.9 16.0 1040.28 18.4 2.3 Intercontinental Hotels Group PLC 4550 11.50 Taylor Wimpey PLC 167.50 -2.35
Health Care (18) 11951.27 1.31 10790.71 11796.56 11685.37 10543.95 3.58 0.88 31.71 360.26 10016.24
FTSE North America 676 424.20 -0.4 -0.8 19.1 618.78
21.1 2.0 Household Goods & Home Construction 60 484.28 0.6 0.6 20.9 758.79 24.2 2.6 International Consolidated Airlines Group S.A. 511.80 -3.40 Tesco PLC 242.10 -2.30
Health Care Equipment & Services (9) 7995.90 -0.69 7219.43 8051.11 7974.99 6748.59 1.75 2.42 23.60 134.35 7222.98
FTSE Developed ex North America 1496 255.71 -0.1 0.8 11.1 450.01
14.4 3.3 Leisure Goods 44 219.59 -0.9 -0.9 18.7 298.80 20.2 1.3 Intertek Group PLC 4971 -24.00 Tui AG 1003.5 12.70
Pharmaceuticals & Biotechnology (9) 16389.68 1.58 14798.11 16134.87 15982.86 14530.49 3.82 0.79 33.21 522.53 12314.14
FTSE Japan Large Cap 184 375.00 0.0 0.3 2.5 Personal Goods
10.9 513.33
13.5 100 864.56 -0.3 -0.3 20.6 1265.05 22.5 1.8 Itv PLC 137.70 1.90 Unilever PLC 4565.5 -20.00
Consumer Services (88) 5308.12 0.13 4792.66 5301.49 5300.58 4892.27 2.96 1.92 17.56 138.84 5331.25 FTSE Japan Mid Cap 321 596.05 0.1 1.8 7.7 775.61
9.9 2.2 Tobacco 13 902.96 0.3 0.3 1.2 2099.82 5.8 6.6
Food & Drug Retailers (6) 4162.53 -0.51 3758.32 4183.79 4208.37 3834.97 2.60 1.64 23.37 102.76 5129.01 Jd Sports Fashion PLC 767.60 -7.60 United Utilities Group PLC 887.00 -4.40
FTSE Global wi JAPAN Small Cap 845 643.81 0.2 2.7 9.0 867.08
11.2 2.2 Health Care 280 546.63 -0.3 -0.3 7.7 824.17 9.6 2.0 Johnson Matthey PLC 3046 38.00 Vodafone Group PLC 162.74 2.72
General Retailers (25) 2195.60 -0.78 1982.39 2212.96 2172.82 2092.32 3.14 2.03 15.68 51.34 2714.38
FTSE Japan 505 158.11 0.0 0.6 2.4 Health Care Equipment & Services
10.3 242.39
12.8 94 1052.00 0.3 0.3 13.1 1255.17 14.0 1.0 Just Eat PLC 746.20 14.20 Whitbread PLC 4180 55.00
Media (19) 8571.54 0.50 7739.17 8528.95 8502.61 7976.56 3.04 1.87 17.56 249.95 5664.32
FTSE Asia Pacific Large Cap ex Japan 930 674.40 -0.4 0.5 8.0 1135.02
10.8 2.9 Pharmaceuticals & Biotechnology 186 366.79 -0.7 -0.7 5.1 584.31 7.5 2.6 Kingfisher PLC 217.70 0.70 Wpp PLC 920.80 5.00
Travel & Leisure (38) 9564.60 0.40 8635.80 9526.63 9589.09 8640.13 2.97 2.01 16.79 241.50 9695.63
FTSE Asia Pacific Mid Cap ex Japan 844 818.90 -0.1 0.2 2.2 1322.64
4.8 3.2 Consumer Services 457 529.41 -0.8 -0.8 18.4 732.34 19.9 1.5
Telecommunications (6) 2466.87 1.16 2227.32 2438.54 2442.16 2412.71 5.44 0.36 51.54 73.67 3184.32 FTSE Asia Pacific Small Cap ex Japan 1780 520.59 0.2 0.2 4.3 822.38
6.9 3.1 Food & Drug Retailers 66 283.17 -0.3 -0.3 8.0 417.17 10.4 2.5
Fixed Line Telecommunications (3) 2511.39 0.14 2267.52 2507.76 2526.48 2948.94 7.10 1.40 10.03 123.49 2684.30
Mobile Telecommunications (3) 3651.62 1.59 3297.02 3594.30 3590.48 3273.99 4.75 -0.30 -70.00 81.43 4223.49
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
1774 528.11
3247 729.79
-0.4
-0.3
0.5
0.5
7.4 944.16
10.2 2.9 General Retailers
7.8 1167.33
10.8 3.0 Media
150 853.46
93 362.08
-1.2
-0.6
-1.2
-0.6
23.1 1138.97
16.9 504.14
24.2
18.6
1.0
1.8
UK STOCK MARKET TRADING DATA
Utilities (8) 7263.53 0.67 6558.19 7214.89 7146.44 6923.75 5.95 0.59 28.42 352.47 9552.66 FTSE Emerging Large Cap 892 697.45 -0.4 0.5 7.7 1123.23
10.7 2.9 Travel & Leisure 148 499.71 -0.2 -0.2 14.4 704.09 16.2 1.9 Oct 23 Oct 22 Oct 21 Oct 18 Oct 17 Yr Ago
Electricity (3) 7757.90 0.50 7004.55 7719.47 7683.66 6954.98 7.15 0.32 43.31 554.55 13435.13 FTSE Emerging Mid Cap 889 900.44 0.1 0.7 7.8 1434.79
10.9 3.7 Telecommunication 93 160.03 0.7 0.7 11.7 332.47 16.3 4.3 - - - - - -
Gas Water & Multiutilities (5) 6743.38 0.73 6088.55 6694.79 6621.79 6543.31 5.60 0.69 25.83 280.73 8770.71 FTSE Emerging Small Cap 1466 717.93 0.4 0.5 8.1 1100.87
11.2 3.3 Fixed Line Telecommuniations 39 135.59 1.1 1.1 14.6 314.43 20.1 4.8 Order Book Turnover (m) 358.15 130.16 34.82 34.82 34.82 163.50
Financials (305) 4919.18 0.04 4441.49 4917.02 4908.20 4589.81 4.27 1.61 14.52 198.85 5024.18 FTSE Emerging Europe 75 394.99 0.6 -0.7 21.0 703.51
28.3 6.6 Mobile Telecommunications 54 165.50 0.1 0.1 7.8 303.03 11.1 3.6 Order Book Bargains 874149.00 968530.00 915910.00 915910.00 915910.00 1211775.00
Banks (10) 3703.42 -0.06 3343.79 3705.52 3692.36 3613.31 5.49 1.70 10.72 202.93 3084.23 FTSE Latin America All Cap 235 910.77 -0.2 0.1 8.2 1507.62
11.2 3.2 Utilities 188 310.55 0.3 0.3 15.6 654.90 19.0 3.4 Order Book Shares Traded (m) 1676.00 1683.00 1652.00 1652.00 1652.00 2015.00
Nonlife Insurance (8) 3525.20 -1.16 3182.87 3566.66 3584.26 3548.19 4.05 1.53 16.12 139.66 6773.84 FTSE Middle East and Africa All Cap 330 648.60 -0.3 -1.0 3.8 Electricity
1.9 1085.67
5.0 131 347.78 0.4 0.4 16.2 722.87 19.5 3.3 Total Equity Turnover (£m) 6841.34 4910.41 8007.11 8007.11 8007.11 6192.47
Life Insurance/Assurance (7) 7893.00 1.19 7126.53 7799.83 7754.25 7276.17 5.05 1.78 11.09 370.82 8591.21 FTSE Global wi UNITED KINGDOM All Cap In 306 329.07 0.1 1.5 9.0 606.54
13.2 4.4 Gas Water & Multiutilities 57 314.01 0.2 0.2 14.4 683.86 18.1 3.7 Total Mkt Bargains 1024127.00 1102234.00 1046140.00 1046140.00 1046140.00 1364261.00
Real Estate Investment & Services (18) 2663.34 0.33 2404.71 2654.69 2669.62 2455.37 2.05 1.96 24.85 40.88 7518.06 FTSE Global wi USA All Cap 1814 729.66 -0.4 -0.8 1.9 Financials
19.1 1006.64
20.9 846 249.19 0.1 0.1 14.0 437.64 17.4 3.3 Total Shares Traded (m) 4902.00 5503.00 6161.00 6161.00 6161.00 6557.00
Real Estate Investment Trusts (40) 2870.02 -0.40 2591.32 2881.64 2878.74 2619.93 4.05 0.27 91.11 96.18 3953.56 FTSE Europe All Cap 1457 423.98 -0.1 1.3 12.9 740.28
16.7 3.6 Banks 278 199.55 0.1 0.1 8.4 382.46 12.6 4.3 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (39) 9924.73 -0.24 8960.96 9948.19 9927.18 8086.16 3.10 1.71 18.92 290.60 12337.57 FTSE Eurozone All Cap 661 412.18 -0.1 1.8 13.7 719.72
17.3 3.3 Nonlife Insurance 71 293.71 0.2 0.2 14.7 449.56 17.3 2.2 (c) Market closed.
Equity Investment Instruments (183) 10460.15 0.11 9444.39 10449.14 10473.60 9776.99 2.59 1.96 19.73 218.74 6070.16 FTSE RAFI All World 3000 3283 6766.97 -0.1 0.1 11.2 9605.73
14.5 3.3 Life Insurance 60 227.18 0.2 0.2 13.6 391.16 17.1 3.3
Non Financials (322) 4751.36 0.71 4289.96 4717.65 4692.76 4561.18 4.27 1.44 16.21 167.20 7720.36 FTSE RAFI US 1000 1060 11981.88 -0.1 -0.8 16.0 16616.82
18.4 2.6 Financial Services 206 339.85 -0.4 -0.4 22.5 488.80 24.5 1.9
Technology (16) 2009.81 0.50 1814.65 1999.78 2008.18 1680.09 3.15 0.85 37.47 61.03 2758.33 FTSE EDHEC-Risk Efficient All-World 3953 407.60 -0.1 -0.4 13.7 598.68
16.1 2.5 Technology 278 318.78 -0.9 -0.9 26.1 403.59 27.6 1.3 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 2211.19 0.45 1996.46 2201.32 2210.47 1868.55 3.24 0.79 38.98 69.12 3210.72 FTSE EDHEC-Risk Efficient Developed Europe 583 315.21 -0.1 1.1 10.5 513.58
13.7 3.2 Software & Computer Services 146 551.38 -1.2 -1.2 22.4 655.47 23.1 0.8 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (2) 3577.66 1.38 3230.24 3529.01 3546.11 2486.86 1.64 2.65 22.98 57.83 4371.57 Oil & Gas 150 339.78 -0.2 -3.8 2.4 598.26
6.0 4.7 Technology Hardware & Equipment 132 239.77 -0.4 -0.4 31.0 321.55 33.5 2.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Alternative Energy 11 103.59 -0.4 -0.4 9.7 145.10 11.2 1.5 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment & Services 151 345.62 -0.3 -0.3 8.4 615.41 11.4 3.1 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7210.40 7223.63 7236.76 7249.60 7220.30 7227.71 7229.71 7246.53 7259.12 7265.15 7203.00 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
FTSE 250 20101.53 20126.77 20186.08 20196.03 20117.88 20157.60 20164.52 20156.42 20169.47 20212.06 20085.21 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 5442.09 5442.77 5447.28 5446.56 5443.06 5439.14 5439.74 5439.34 5443.73 5448.12 5435.71
FTSE All-Share 3979.07 3985.75 3993.61 3999.58 3983.99 3988.47 3989.60 3996.74 4002.83 4005.63 3975.78 WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE 100 Day's high:15:27:30 Day's Low07:16:00 FTSE 100 2010/11 High: 7686.61(29/07/2019) Low: 6692.66(03/01/2019) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE All-Share Day's high:15:28:00 Day's Low07:15:00 FTSE 100 2010/11 High: 4186.17(29/07/2019) Low: 3657.52(03/01/2019) Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing BlackRock Greater Europe Investment Trust Pre 19.478 35.059 22.220 38.710 4.10000 4.00000 Dec 10 5.850 5.750 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Cenkos Securities Int 10.625 18.100 0.196L 0.464 0.600L 0.600 2.00000 2.00000 Nov 5 4.500 6.500 10/15 115.00 HTWS Helios Towers PLC 120.00 2.00 126.98 1.15 120000.0
There are currently no rights offers by any companies listed on the LSE. Filtronic Pre 0.000 0.000 0.135 2.652 0.630L 0.590 0.00000 0.00000 - 0.000 0.000 09/24 100.00 JARA JPMorgan Global Core Real Assets Ltd 107.80 -0.70 109.00 100.02 16059.5
Octopus AIM VCT Int 1.043 11.699 0.900 13.300 2.50000 2.50000 Jan 17 5.500 5.500 09/19 10.00 NWOR National World PLC 11.00 0.00 11.50 10.00 594.0
PipeHawk Pre 6.680 4.789 0.012 0.502L 0.910 0.450L 0.00000 0.00000 - 0.000 0.000
Softcat Pre 991.849 797.208 84.819 68.139 34.600 27.900 0.00000 8.80000 - 4.500 12.100

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
Thursday 24 October 2019 ★ FINANCIAL TIMES 19

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T♦ 37.87 -0.30 38.75 26.80 5.43 15.92 276738.01 Lockheed 371.98 -1.70 399.96 241.18 2.34 17.91 105046.22
ANZ 27.89 0.06 29.30 22.98 5.89 12.60 54110.16 Nokia 4.72 0.01 5.74 4.17 1.10 -45.50 29582.07 AstellasPh 1728.5 20.00 1840.5 1356 2.24 14.32 30057.37 AtlasCpcoB 293.50 -0.80 304.40 187.68 1.10 19.97 11861.93 AutomData 159.99 0.50 174.50 121.40 1.94 30.16 69385.35 Lowes♦ 111.40 -1.07 118.23 84.75 1.88 32.78 85978.37
BHPBilltn 35.40 0.01 42.33 30.31 4.93 14.38 71376.45 SampoA 36.03 -0.07 43.38 34.45 8.20 12.73 22194.41 Bridgestne 4395 48.00 4661 3888 3.71 11.65 30813.41 Ericsson 88.42 1.34 96.74 73.00 1.16 -32.38 28136.26 Avago Tech 281.31 -6.15 323.20 208.23 3.63 37.14 111587.46 Lyondell 88.26 0.29 96.94 68.61 4.64 9.09 29588.79
CmwBkAu 79.94 0.28 83.99 65.26 5.60 16.87 96858.34 France (€) Canon 2947 33.00 3516 2687.5 5.54 16.94 36186.71 H&M 207.90 0.35 208.80 123.50 4.88 25.86 31451.83 BakerHu 22.08 0.09 31.26 20.09 3.29 59.15 11412.93 Marathon Ptl 64.90 -0.28 73.00 43.96 3.09 13.94 42724.92
CSL 250.64 -0.11 258.65 173.00 1.03 40.08 77859.63 Airbus Grpe 120.16 -1.70 133.86 77.50 1.42 24.09 103930.75 CntJpRwy 22830 240.00 26255 20365 0.65 9.80 43297.55 Investor 489.80 -0.30 494.10 366.10 2.72 16.31 23106.32 BankAm 31.28 0.08 31.37 22.66 1.94 11.00 291117.1 Marsh&M♦ 99.13 0.08 103.37 74.30 1.69 33.77 50190.63
NatAusBk 28.87 -0.14 30.00 22.52 7.04 13.69 56968.53 AirLiquide 117.00 0.90 119.70 92.77 2.14 24.97 61520.04 Denso 4861 29.00 5369 4081 2.94 15.81 35262.39 Nordea Bk 70.86 -1.02 87.27 57.20 10.84 11.17 29722.8 Baxter 87.99 0.95 89.93 61.05 0.91 29.07 44923.81 MasterCard♦ 260.61 -0.66 293.69 171.89 0.35 39.67 261415.63
Telstra 3.57 -0.04 4.01 2.71 3.63 19.01 29061.04 AXA 24.14 0.05 24.27 18.43 5.76 37.08 64807.63 EastJpRwy 10200 200.00 10940 9063 1.50 12.34 35489.88 SEB 95.36 -0.52 99.38 78.88 6.63 10.54 21432.28 BB & T 53.42 -0.05 53.97 40.68 3.07 13.06 40929.86 McDonald's 198.94 -0.33 221.93 169.04 2.28 25.83 151080.94
Wesfarmers 40.27 -0.05 40.88 30.40 5.67 22.64 31251.76 BNP Parib 47.96 0.14 49.32 38.14 6.53 7.63 66623.05 Fanuc 20950 25.00 22060 15570 2.32 29.96 39352.49 SvnskaHn 94.22 -1.34 107.40 82.02 5.99 10.93 18918.55 BectonDick 251.60 1.32 264.74 208.62 1.23 88.15 67920.46 McKesson 145.58 -1.34 153.30 106.11 1.08 45.95 26918.34
Westpc 28.91 -0.07 30.05 23.30 6.67 14.10 69056.65 ChristianDior 432.00 -3.00 498.20 319.70 1.44 28.04 86682.13 FastRetail 69020 -250.00 70230 47040 0.71 41.78 67401.99 Swedbank 140.60 -6.60 214.80 120.75 10.37 7.73 16484.38 BerkshHat 314623-1557.00335109.08 279410 - 17.60 223330.73 Medtronic 105.73 1.24 112.05 81.66 2.03 30.83 141860.08
Woolworths 37.33 -0.12 38.42 27.03 2.64 31.67 32224.59 Cred Agr 11.82 - 12.51 9.10 6.05 9.00 37902.42 Fuji Hvy Ind 3054 16.00 3184 2208.5 4.81 13.75 21626.43 Telia Co♦ 43.02 -0.50 44.90 38.91 5.56 22.41 18756.15 Biogen 283.53 1.66 344.00 215.78 - 9.65 52295.4 Merck 82.53 1.23 87.35 66.10 2.61 22.84 211307.72
Belgium (€) Danone 73.40 0.52 82.38 60.20 2.74 21.19 55981.85 Hitachi 4169 40.00 4216 2767.5 1.30 15.61 37125.69 Volvo 145.65 0.60 155.00 112.85 3.52 9.08 24906.56 BkNYMeln 46.84 0.70 54.27 40.52 2.42 12.02 44154.29 Metlife 46.45 -0.06 51.16 37.76 3.70 7.57 43497.99
AnBshInBv 82.22 -0.62 92.71 56.39 2.25 24.34 154755.86 EDF 9.16 -0.02 15.73 9.05 3.51 14.98 31079.46 HondaMtr 2877 -18.00 3323 2412 3.97 9.21 47979 BlackRock 455.51 5.19 487.45 360.79 2.86 17.11 70409.9 Microsoft 136.05 -0.33 142.37 93.96 1.34 26.561046914.12
Switzerland (SFr)
KBC Grp 63.98 0.50 68.70 48.65 5.67 10.60 29597.2 Engie SA 14.97 0.01 15.24 11.31 5.20 43.75 40524.92 JapanTob 2454.5 46.00 2947.5 2179 6.32 10.84 45194.26 Boeing 342.55 5.55 446.01 292.47 2.23 39.49 192753.5 Mnstr Bvrg 56.34 0.40 66.38 47.74 - 28.99 30698.5
ABB 19.92 0.67 21.45 17.25 3.95 45.15 43599.4
Esslr Intl 128.75 1.30 129.55 100.60 1.60 39.69 32686.21 KDDI 2957 -25.50 3019 2331.5 3.62 11.41 64121.16 BrisMySq♦ 54.05 -0.38 57.37 42.48 3.05 14.09 88405 MondelezInt 52.72 0.01 56.72 38.79 2.00 20.42 76022.96
Brazil (R$) CredSuisse 12.49 0.08 14.14 10.36 2.16 13.35 32235.65
Hermes Intl 625.60 -7.60 656.60 462.40 0.75 43.59 73415.1 Keyence 67400 520.00 73870 50780 0.30 36.92 75456.63 CapOne 92.41 0.25 98.62 69.90 1.75 7.89 43463.95 Monsanto 127.95 0.02 127.97 114.19 1.64 23.62 56462.29
Ambev 18.81 0.04 20.77 14.54 1.83 24.38 72776.28 Nestle 102.50 - 113.20 77.74 2.46 31.95 308012.31
LOreal 239.10 -0.10 258.90 185.55 1.67 32.89 149324.82 MitsbCp 2707 3.50 3323 2520 4.71 7.70 39627.5 CardinalHlth 49.98 -0.77 58.31 41.03 3.87 10.90 14612.9 MorganStly 45.50 0.12 48.67 36.74 2.67 9.78 75200.94
Bradesco 32.71 -0.06 35.89 23.49 1.02 15.67 32431.39 Novartis 85.47 -0.48 94.40 71.69 3.45 27.25 218119.57
LVMH 375.00 -1.65 392.65 243.50 1.66 27.54 210690.01 MitsubEst 2108 -3.50 2152.5 1657 1.45 21.12 26998.67 Carnival 43.05 0.50 62.52 39.92 4.91 9.19 22691.67 MylanNV 18.57 0.26 37.56 16.63 - 305.72 9577.13
Cielo♦ 7.78 -0.11 13.71 6.25 17.91 7.34 5197.73 Richemont 74.26 0.40 87.44 60.44 2.47 13.71 39141.43
Orange 14.92 -0.02 15.22 13.08 4.87 20.26 44102.65 MitsubishiEle 1519.5 4.50 1592 1146 2.69 12.73 30037.5 Caterpillar♦ 133.25 -0.44 144.77 111.75 2.61 12.21 74965.97 Netflix 272.33 5.64 385.99 231.23 - 83.50 119235.57
ItauHldFin 30.89 0.38 91.08 27.19 4.39 10.77 37663.77 Roche 289.00 0.05 294.00 229.20 3.09 20.53 205019.05
PernodRic 157.50 0.55 179.50 128.60 0.89 27.72 46469.43 MitsuiFud 2733 7.50 2857 2263.5 1.64 16.08 24945.35 CBS 36.28 -0.06 59.56 35.76 2.01 4.40 12764.28 NextEraE 236.92 0.68 239.89 164.78 2.02 33.82 113507.16
Petrobras 31.47 0.19 33.70 23.33 1.00 12.33 57595.29 Swiss Re 102.90 -0.50 105.15 85.88 5.35 77.77 34018.22
Renault 48.99 -0.02 68.90 46.70 7.51 5.56 16102.66 MitUFJFin 559.60 4.30 694.90 490.50 4.01 9.00 70415.12 Celgene 104.44 -0.26 107.41 58.59 - 14.13 74020.94 Nike 93.22 -2.38 96.87 66.53 1.00 32.88 116154.69
Vale 47.10 -0.20 58.77 40.51 3.47 17.34 32778.12 Swisscom 513.00 1.40 513.60 438.40 4.41 17.01 26833.34
Safran 138.10 -0.95 145.40 101.00 1.37 26.64 66899.37 Mizuho Fin 166.60 1.30 198.00 150.10 4.59 48.17 38946.76 CharlesSch 41.44 0.52 49.24 34.58 1.47 15.39 54169.67 NorfolkS 183.96 -5.00 211.46 138.65 1.83 17.66 48456.31
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 39.22 43035.76
Sanofi 81.97 -0.10 85.90 71.74 3.88 27.63 114160.77 Murata Mfg 5921 84.00 16430 4304 3.22 48.32 36838.13 Charter Comms 434.99 -2.24 445.00 272.91 - 73.09 96340.57 Northrop 349.87 -2.51 383.89 223.63 1.42 17.90 59197.36
BCE 62.33 -1.58 65.45 50.95 5.04 18.91 43008.45 UBS 11.53 0.08 14.59 9.86 6.17 10.70 44908.99
Sant Gbn 37.71 -0.13 38.50 28.18 3.66-181.83 22912.12 NipponTT 5315 -14.00 5447 4050 3.46 11.85 95436.82 Chevron Corp 117.73 -0.07 127.34 100.22 3.97 15.07 223504.22 NXP 104.56 -3.22 113.50 67.62 0.97 15.97 34369.16
BkMontrl 97.55 -0.06 106.51 86.25 4.29 9.84 47602.05 Zurich Fin 390.10 -0.60 393.60 282.40 4.90 14.67 58930.77
Schneider 84.16 0.24 84.42 57.58 2.90 19.82 54447.36 Nissan Mt 671.00 -11.60 1034.5 635.10 8.67 12.27 26073.47 Chubb 150.02 1.52 162.44 119.54 1.98 18.14 68373 Occid Pet 42.71 0.49 75.79 39.97 7.39 8.36 31961.97
BkNvaS♦ 75.16 -0.03 76.49 66.36 4.80 10.76 69930.46 Nomura 499.90 8.70 550.90 330.70 1.22 -32.79 16078.35 Taiwan (NT$) Cigna 171.76 1.38 226.61 141.95 0.02 15.73 64858.17 Oracle♦ 54.23 0.12 60.50 42.40 1.68 16.92 178010.91
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 70.26 -0.04 72.28 49.87 1.17 18.21 56186.97 Nppn Stl 1548.5 2.50 2233.5 1413.5 5.27 6.86 13547.9 Chunghwa Telecom 112.50 -0.50 117.50 96.30 4.25 24.41 28508.85 Cisco 47.17 -0.39 58.26 40.25 3.03 17.18 200229.11 Pepsico 137.23 0.57 140.45 105.03 2.87 15.00 191358.36
SocGen 26.49 0.04 33.73 20.81 8.61 6.89 25128.74
CanadPcR♦ 286.22 -1.44 323.71 228.35 0.99 17.18 30394.01 NTTDCMo 2877.5 7.50 2913.5 2257.5 3.90 15.26 88355.07 Formosa PetChem 96.90 -0.60 122.50 94.00 4.94 27.36 30153.76 Citigroup 72.07 0.01 73.09 48.42 2.53 9.89 162810.2 Perrigo 54.22 0.08 75.42 36.28 1.46 82.41 7376.88
Total 47.32 0.14 52.27 42.65 5.62 12.93 140286.79
CanImp♦ 111.81 0.39 116.35 97.55 5.18 9.34 37984 Panasonic 903.00 8.40 1254.5 787.70 3.39 7.47 20395.46 HonHaiPrc 80.50 1.00 97.20 67.00 3.10 9.83 36455.37 CME Grp 201.28 -0.74 224.91 161.05 1.46 38.92 72076.85 Pfizer 36.63 0.20 46.47 33.97 3.87 16.60 202611.15
UnibailR 190.00 0.35 236.45 177.35 5.80 17.44 22215.04
CanNatRs 33.94 0.29 42.56 30.01 4.24 8.34 30802.02 Seven & I 4333 34.00 5133 3573 2.37 16.69 35361.38 MediaTek 372.00 0.50 391.00 199.50 2.68 28.47 19320.31 Coca-Cola 54.41 0.56 55.92 44.42 2.94 31.44 232658.65 Phillips66 108.47 -0.30 109.83 78.44 3.08 9.33 48653.32
Vinci 96.68 -0.12 101.70 70.18 2.86 17.17 65044.89
CanNatRy 115.97 -1.41 127.96 96.46 1.84 18.15 63820.64 ShnEtsuCh 12030 25.00 12265 7982 1.70 15.61 46146.69 TaiwanSem 293.00 -1.00 298.00 206.50 2.72 23.14 248190.31 Cognizant 60.33 0.43 74.85 56.73 1.34 16.51 33316.96 PhilMorris 81.77 0.60 92.74 64.67 5.64 16.06 127222.11
Vivendi 24.89 -0.06 26.69 20.81 2.08 63.15 33773.56
Enbridge 47.88 0.38 51.22 39.40 5.97 20.00 73995.04 Softbank 4190 -108.00 6045 3401.5 0.54 4.02 80614.27 Thailand (THB) ColgtPlm♦ 67.22 0.16 76.41 57.41 2.54 25.25 57670.9 PNCFin♦ 145.93 0.47 146.88 108.45 2.64 13.05 64976.34
GtWesLif 31.21 -0.05 34.42 26.83 5.21 11.95 22116.99 Germany (€)
Sony 6355 -105.00 6593 4507 0.56 9.55 74436.13 PTT Explor♦ 44.75 0.50 52.25 40.75 4.48 12.30 42179.26 Comcast 45.48 -0.29 47.27 32.61 1.78 17.15 205424.79 PPG Inds 125.40 0.13 126.08 94.41 1.63 23.71 29652.49
ImpOil 33.29 0.07 43.93 31.51 2.41 8.33 19219.21 Allianz 221.35 0.75 221.65 170.46 4.22 11.68 104439.91
SumitomoF 3781 22.00 4566 3380 4.62 9.84 47799.32 United Arab Emirates (Dhs) ConocPhil♦ 56.41 -0.13 71.82 50.13 2.15 9.00 62623.09 Praxair 164.50 -0.99 169.75 140.00 2.11 14.32 47306.22
Manulife 24.61 0.06 25.18 18.33 4.00 8.48 39829.12 BASF 67.79 0.55 74.61 55.64 4.89 23.55 69212.61
Takeda Ph 3811 14.00 4822 3401 4.8241267.06 55307.46 Emirtestele 16.70 0.02 17.80 15.20 4.85 15.86 39539.88 Corning 29.99 -0.02 35.34 26.75 2.57 17.85 23418.17 Priceline 1905.64 -1.38 2067.99 1612.41 - 19.33 92937.2
Nutrien 63.80 0.14 75.57 59.97 3.51 155.26 27909.84 Bayer 66.50 1.50 73.17 52.02 4.37 149.14 68935.86
TokioMarine 5750 19.00 6102 4929 3.19 14.02 37585.16 United Kingdom (p) Costco 297.91 -2.06 307.34 189.51 0.87 34.10 130978.2 ProctGmbl♦ 122.95 0.77 125.36 86.01 2.49 74.92 307710.75
RylBkC♦ 106.04 -1.23 108.25 90.10 3.96 11.52 116029.66 BMW 68.66 0.19 79.38 58.04 5.29 9.08 45945.96
Toyota 7420 20.00 7500 6045 3.03 11.02 222900.38 CrownCstl 141.35 0.05 149.47 103.21 3.17 81.19 58765.43 Prudntl 91.31 0.10 106.40 75.61 4.21 9.20 36706.62
Suncor En 40.04 -0.09 46.50 35.53 3.95 10.93 47161.92 Continental 122.50 -1.60 157.40 103.62 4.02 9.85 27235.14 AscBrFd 2197 -9.00 2659 2011 2.05 18.97 22405.68
Mexico (Mex$) CSX 71.72 -0.57 80.73 58.47 1.37 16.37 56109.18 PublStor 240.19 -0.35 266.76 193.89 3.37 28.32 41936.63
ThmReut 86.80 -0.35 94.28 62.92 2.27 128.40 33216.59 Daimler 50.42 0.78 60.00 40.31 6.68 12.93 59961.32 AstraZen 6919 116.00 8227.88 5312 3.23 51.20 112878.85
AmerMvl 15.51 0.02 15.78 12.32 1.18 16.67 36382.87 CVS♦ 65.68 -0.38 82.15 51.72 3.08 18.28 85416.62 Qualcomm 77.61 -0.86 90.34 49.10 3.23 26.81 94347.2
TntoDom♦ 74.50 -0.18 77.96 65.56 3.97 11.29 103519.4 Deut Bank 7.19 0.00 9.40 5.78 1.59 -4.10 16511.68 Aviva 421.50 2.90 442.30 3.87 7.12 7.28 21790.85
FEMSA UBD 176.00 -0.24 192.50 163.60 1.44 17.32 19883.29 Danaher♦ 138.49 1.41 147.33 94.59 0.46 41.20 99347.45 Raytheon♦ 203.34 -1.38 207.48 144.27 1.76 18.50 56625.97
TrnCan♦ 67.46 0.03 70.25 47.90 4.33 14.71 48064.9 Deut Tlkm 16.25 0.11 16.26 13.95 4.47 29.03 86030.18 Barclays 165.78 0.48 180.96 131.04 3.92 9.22 36440.86
WalMrtMex 56.95 0.28 59.87 47.41 1.50 26.06 51982.6 Deere♦ 174.37 -0.78 176.39 128.32 1.79 16.11 54904.38 Regen Pharm 303.96 2.65 442.00 271.37 - 16.67 32822.63
ValeantPh 30.80 -1.06 36.02 14.01 - -8.68 8158.48 DeutsPost 31.92 0.27 31.98 23.36 3.74 17.79 43597.54 BP 506.40 7.25 583.40 452.38 6.37 14.73 130016.04
Delphi 14.19 -0.16 26.82 11.89 2.43 5.72 1236.11 S&P Global 243.08 -3.10 269.57 156.68 0.89 30.52 59870.6
E.ON 8.92 0.05 10.26 8.08 5.00 34.42 26198.84 Netherlands (€) BrAmTob 2716.5 48.50 3657.5 2336.5 7.33 10.11 65244.24
China (HK$) Delta♦ 53.87 -0.38 63.44 45.08 2.82 7.28 34837.77 Salesforce 144.17 1.84 167.56 113.60 - 114.20 126437.09
Fresenius Med 58.80 0.88 76.68 55.44 2.06 14.07 19892.14 Altice 5.18 -0.02 5.45 1.53 - 3.59 7067.01 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 3.19 - 3.88 2.93 6.31 4.76 12504.25 Devon Energy 21.32 0.65 35.39 19.77 1.57 8.60 8615.52 Schlmbrg 35.36 0.54 55.75 30.65 5.73 23.44 48899.19
Fresenius SE 43.30 0.66 60.24 38.28 1.92 12.54 21704.69 ASML Hld 230.05 -1.75 243.85 130.12 0.94 42.18 108851.72 BT 207.70 0.20 268.60 157.67 7.30 9.62 26546.84
Bk China 3.18 -0.01 3.84 2.91 6.74 4.59 33910.51 DiscFinServ 80.97 -0.18 92.98 54.36 2.00 9.38 25767.98 Sempra Energy 147.21 0.33 148.14 104.88 2.56 19.98 40416.59
HenkelKgaA 85.75 - 93.25 75.55 2.21 15.93 24763.78 Heineken 93.68 -3.04 104.00 74.28 1.77 27.21 59982.13 Compass 1966 25.00 2150 1467.5 1.92 26.64 41650.73
BkofComm 5.33 -0.02 7.06 4.98 6.51 4.66 23797.21 Disney 131.23 -1.17 147.15 100.35 1.36 17.22 236386.68 Shrwin-Will 561.40 -5.49 578.36 355.28 0.79 36.04 51792.71
Linde 174.60 2.30 191.15 130.75 1.77 17.00 104921.38 ING 10.33 -0.02 12.14 8.20 6.83 10.06 44726.47 Diageo 3123.5 9.00 3633.5 2627 2.13 24.01 101293.87
BOE Tech 0.65 0.03 1.06 0.58 - 24.65 16.49 DominRes 82.91 0.09 83.23 67.41 4.28 54.61 66608.81 SimonProp 155.09 0.58 191.49 145.28 5.29 20.48 47768.9
MuenchRkv 250.40 1.30 250.40 181.20 3.83 14.72 40170.29 Unilever 53.14 -0.57 57.77 45.57 3.07 14.50 91248.15 GlaxoSmh 1682.6 27.40 1770.6 1408.8 4.75 18.93 106595.36
Ch Coms Cons 6.04 -0.04 8.87 5.80 4.54 4.47 3410.19 DowDupont 30.52 -0.65 48.38 30.06 12.46 8.93 68559.76 SouthCpr 35.81 0.47 42.42 29.01 4.52 18.82 27683.24
SAP 118.46 -1.04 125.00 83.95 1.30 40.68 161770.36 Norway (Kr) Glencore 234.00 2.70 343.60 188.50 6.71 42.55 43481.65
Ch Evrbrght 3.58 -0.06 4.10 3.09 5.20 5.25 5788.1 DukeEner 95.57 0.25 97.37 80.89 3.93 21.03 69632.4 Starbucks 82.73 -0.73 99.72 57.39 1.76 28.98 99027.81
Siemens 103.68 0.48 108.84 84.42 3.80 18.62 97963.54 DNB 157.00 -4.40 169.65 135.50 5.71 9.00 27088.17 HSBC♦ 610.70 0.30 687.70 6.30 6.55 11.26 157734.59
Ch Rail Cons 8.87 0.18 11.94 8.19 2.50 5.86 2348.52 Eaton 84.47 -0.25 89.07 64.46 3.28 16.24 35477.4 StateSt 66.40 0.35 77.00 48.62 2.87 11.90 24737.42
Volkswgn 170.05 0.25 170.75 129.60 2.93 6.72 55780.37 Equinor 170.80 0.95 220.30 144.50 5.17 7.46 62258.75 Imperial Brands 1853.6 2.80 2789 1736.2 10.13 11.40 22773.31
Ch Rail Gp 4.72 -0.03 8.21 4.65 2.92 5.65 2532.43 eBay 38.91 -0.04 42.00 26.01 0.36 14.47 32632.1 Stryker♦ 210.82 1.06 223.45 144.75 0.97 22.30 78868.52
Hong Kong (HK$) Telenor♦ 181.50 -2.50 190.80 148.10 4.97 24.58 28583.79 LlydsBkg 60.28 -0.13 66.79 48.16 5.33 11.34 55963.95
ChConstBk 6.29 -0.01 7.21 5.55 11.16 5.28 192841.14 Ecolab 189.20 0.80 209.87 135.77 0.96 36.51 54442.65 Sychrony Fin 34.86 -0.11 36.87 21.78 2.44 7.18 23127.52
AIA 74.70 -0.55 88.50 58.20 1.14 19.63 115154.81 Natl Grid 922.20 11.50 922.20 744.50 5.04 20.91 39875.12
China Vanke 28.35 -0.55 35.60 22.50 3.76 7.46 5704.62 Qatar (QR) Emerson 70.07 -0.16 73.24 55.39 2.82 19.67 43100.16 T-MobileUS 81.44 -0.23 85.22 59.96 - 21.12 69586.98
BOC Hold 26.95 -0.30 35.90 25.05 5.53 8.85 36335.37 Prudential 1437 33.50 1795 12.37 3.43 14.12 47894.14
ChinaCitic 4.54 -0.02 5.41 3.92 5.86 4.36 8616.03 QatarNtBk 19.68 -0.04 20.05 16.47 3.19 13.17 49923.91 EOG Res♦ 71.56 1.99 114.38 64.33 1.20 11.50 41552.25 Target 111.29 -1.90 114.83 60.15 2.42 17.54 56861.64
Ch OSLnd&Inv 25.75 -0.55 31.30 23.10 3.55 5.95 35976.44 RBS 233.70 -7.00 274.20 176.55 2.35 10.23 36023.73
ChinaLife 19.48 -0.20 23.35 15.44 0.95 14.79 18484.7 Russia (RUB) EquityResTP 87.56 -0.88 89.12 62.78 2.56 43.25 32471.86 TE Connect 93.55 -0.37 97.99 69.84 1.93 9.89 31426.74
ChngKng 52.85 -0.85 72.50 49.00 3.65 6.30 24891.6 ReckittB 5921 87.00 6796.34 5510 2.88 18.45 53712.54
ChinaMBank 37.25 -0.30 42.75 27.35 2.93 9.56 21807.47 Gzprm neft 236.20 0.84 256.40 145.02 3.49 3.06 87526.42 Exelon 45.63 0.38 51.18 43.02 3.14 19.26 44328.54 Tesla Mtrs 255.26 -0.32 379.49 176.99 - -68.16 45724.02
Citic Ltd 10.14 -0.06 13.28 8.65 4.11 5.45 37615.46 RELX 1769.5 7.50 2027 1497.5 2.38 22.95 44247.62
ChinaMob 64.95 -0.70 87.70 62.05 5.01 10.64 169587.78 Lukoil 5976 115.50 5996 4555 3.86 6.16 66882.62 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TexasInstr 120.11 -8.46 132.20 87.70 2.47 21.69 112137.09
Citic Secs 14.76 -0.22 21.20 12.68 2.75 15.20 4288.29 RioTinto 4058 30.00 5039 3489 5.94 6.55 70112.07
ChinaPcIns 29.40 -0.20 34.75 24.20 3.94 8.86 10404.93 MmcNrlskNckl 16544 82.00 16750 10558 13.35 10.30 40979.67 ExxonMb 69.34 0.25 83.75 64.65 4.86 16.51 293384.91 TheTrvelers 132.71 2.56 155.09 111.08 2.50 14.26 34555.79
CK Hutchison 72.20 -1.15 86.45 64.30 4.46 6.97 35504.45 RollsRoyce 726.60 1.80 1003.5 701.00 1.61 -5.79 17408.15
ChMinsheng 5.48 -0.04 6.36 4.98 7.31 4.02 5814.31 Novatek♦ 1340 -8.00 1382.2 1014.9 1.99 7.30 63686.46 Facebook 184.53 2.19 208.66 123.02 - 30.90 443928.09 ThrmoFshr 297.03 16.04 305.45 208.34 0.25 33.50 118952.11
CNOOC 11.90 -0.04 15.14 10.74 5.96 7.98 67752.51 RylDShlA 2303 21.50 2637.5 26.09 6.45 11.82 136383.83
ChMrchSecs 16.65 -0.09 19.99 12.30 2.17 20.22 13460.2 Rosneft 420.00 2.60 487.85 390.75 6.32 7.54 69675.07 Fedex 156.16 1.53 234.49 137.78 1.76 83.41 40743.75 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
HangSeng♦ 165.50 0.30 212.60 157.00 4.67 12.69 40348.89 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 5.92 -0.16 7.57 5.06 0.94 39.42 17737.95 Sberbank 239.57 -0.20 250.65 178.27 6.85 5.87 80950.62 FordMtr♦ 9.04 -0.04 10.56 7.41 6.72 16.53 35408.09 TJX Cos 59.76 -0.60 60.89 41.49 1.43 23.00 72249.56
HK Exc&Clr 241.20 -1.00 286.20 203.20 2.83 31.36 38792.08 StandCh 688.80 5.20 742.60 514.20 2.39 55.48 29252.64
ChShenEgy 15.22 -0.38 20.40 14.66 6.89 5.80 6596.21 Surgutneftegas 40.17 3.45 42.81 24.06 1.66 3.63 22463.79 Franklin 27.48 0.40 35.82 25.57 3.72 10.13 13843.07 UnionPac 168.91 -1.87 180.54 128.08 2.18 19.05 117253.83
MTR 44.35 0.30 55.75 37.50 2.75 18.50 34824.8 Tesco♦ 242.10 -2.30 254.10 187.05 2.38 18.08 25535.2
ChShpbldng 5.30 -0.07 7.10 3.97 0.22 141.16 13756.38 GenDyn♦ 176.99 -2.89 193.76 143.87 2.23 15.50 51122.52 UPS B 115.67 -0.43 123.63 89.89 3.27 20.85 81045.17
SandsCh 37.45 -0.10 44.70 29.85 5.38 19.43 38620.55 Saudi Arabia (SR) Vodafone 162.74 2.72 171.78 122.22 8.05 -11.62 55919.23
ChStConEng 5.41 -0.06 6.72 5.14 3.24 5.90 31462.23 GenElectric♦ 9.10 0.04 12.81 6.66 1.67 -3.64 79446.03 USBancorp 56.59 -0.06 57.81 43.14 2.65 13.12 89176.03
SHK Props 114.90 -0.50 142.00 99.50 4.16 7.30 42458.71 AlRajhiBnk 62.10 0.40 76.90 52.00 5.79 14.33 41392.28 WPP♦ 920.80 5.00 1060.5 791.00 6.52 16.53 15018.23
ChUncHK 8.01 -0.01 10.70 6.96 1.96 19.21 31254.15 GenMills♦ 51.32 0.23 56.40 36.42 4.04 15.65 31014.47 UtdHlthcre 250.82 1.34 287.94 208.07 1.53 18.62 237700.28
Tencent 320.00 -7.60 400.40 251.40 0.32 29.82 389839.26 Natnlcombnk 45.00 0.20 64.40 40.60 4.72 12.15 35993.28 United States of America ($)
CNNC Intl 5.22 -0.04 6.73 5.20 2.24 16.69 11485.42 GenMotors 36.03 -0.29 41.90 30.56 4.27 5.67 51433.95 UtdTech 139.76 -1.65 144.40 100.48 2.10 22.71 120600.66
SaudiBasic 90.00 -0.20 129.20 86.20 4.95 18.00 71986.56 21stC Fox A 33.50 0.05 41.70 27.73 0.70 12.88 11872.55
CSR 5.32 -0.03 8.62 5.16 3.27 11.23 2965.37 India (Rs) GileadSci 66.17 0.31 72.90 60.32 3.67 14.12 83801.36 ValeroEngy 93.88 -0.29 94.72 68.81 3.67 15.33 38904.19
SaudiTelec 100.20 -0.80 117.40 80.00 4.04 17.43 53430.02 3M 167.81 0.27 219.75 150.58 3.38 20.00 96535.05
Daqin 7.69 0.05 9.03 7.38 6.51 7.68 16160.65 Bhartiartl 360.35 - 397.00 256.03 1.32 -63.32 26077.5 GoldmSchs 211.63 2.03 234.06 151.70 1.55 8.76 76094.43 Verizon♦ 61.03 0.26 61.58 52.28 4.00 15.74 252413.17
Gree Elec Apl 0.01 - 0.04 0.01 - -0.10 17.46 HDFC Bk 1241.6 - 1282.7 942.50 0.63 28.43 95782.79 Singapore (S$) AbbottLb♦ 81.25 0.71 88.76 65.44 1.49 49.55 143601.06 Halliburton 20.25 0.35 36.51 16.97 3.60 13.25 17737.63 VertexPharm 191.76 0.70 195.81 151.80 - 22.18 49289.12
GuosenSec 12.14 -0.15 15.13 7.54 1.03 20.80 14071.77 Hind Unilevr♦ 2133.25 - 2149 1522 1.08 66.73 65120.82 DBS 24.79 -0.12 28.64 22.65 6.17 9.96 46520.87 Abbvie♦ 77.51 -0.36 94.98 62.66 5.30 27.25 114597.28 HCA Hold 126.27 1.04 147.42 110.31 1.20 12.02 43055.9 VF Cp 92.24 -0.92 96.20 67.18 2.18 28.21 36727.8
HaitongSecs 8.19 -0.14 11.50 7.01 2.12 10.58 3560.95 HsngDevFin 2142.95 - 2357.85 1653.05 0.97 21.64 52177.8 JardnMt US$ 55.05 -0.74 72.05 10.99 3.13 12.19 40573.66 Accenture♦ 184.03 1.31 202.80 132.63 1.62 25.01 123385.28 Hew-Pack 17.05 -0.07 25.72 15.93 3.83 6.00 25266.63 Viacom 21.83 - 33.48 21.52 3.71 5.42 7727.05
Hngzh HikVDT 31.68 -0.02 37.24 22.80 1.97 24.72 36156.86 ICICI Bk 455.10 - 459.00 311.80 0.34 42.29 41455.52 JardnStr US$ 30.64 0.04 40.70 29.03 1.12 10.62 33894.42 Adobe 261.50 0.41 313.11 204.95 - 43.99 126586.56 HiltonWwde 92.31 1.58 101.14 65.64 0.66 33.65 26479.54 Visa Inc 171.37 0.51 187.05 121.60 0.57 32.56 295952.49
Hunng Pwr 3.77 0.04 5.26 3.50 3.16 27.18 2259.71 Infosys♦ 650.60 - 847.00 599.85 2.81 17.21 39067.87 OCBC 10.65 -0.06 12.19 10.36 4.12 9.69 33166.2 AEP 94.69 0.54 95.10 72.07 2.81 23.39 46755.53 HomeDep 235.16 -2.04 238.99 158.09 2.14 22.26 257535.43 Walgreen 54.31 -1.02 86.31 49.03 3.31 10.44 49045.21
IM Baotou Stl 1.45 - 2.11 1.44 0.36 21.50 6492.88 ITC 251.05 - 310.00 234.05 2.38 23.93 43495.65 SingTel 3.23 -0.03 3.56 2.83 5.53 18.44 38689.33 Aetna 212.70 0.70 213.36 166.89 0.92 19.50 69637.98 Honywell 169.44 0.50 178.47 123.48 2.02 18.94 121067.84 WalMartSto 119.41 -0.17 120.71 85.78 1.85 25.68 339649.61
In&CmBkCh 5.50 0.04 6.19 4.81 5.27 5.67 60874.74 L&T 1431.8 - 1607 1191.3 1.13 22.32 28329.86 UOB 25.77 -0.12 27.97 23.39 3.96 9.91 31701.02 Aflac 52.43 0.01 57.18 41.45 2.05 12.60 38814.6 HumanaInc♦ 292.00 1.89 355.88 225.65 0.54 15.74 39445.4 WellsFargo 50.71 0.09 55.04 43.02 3.51 10.35 223433.69
IndstrlBk 18.94 0.01 20.66 14.60 3.80 6.14 51008.82 OilNatGas 141.90 - 178.90 115.55 5.57 6.02 25172.76 South Africa (R) AirProd♦ 210.86 3.89 232.47 148.44 2.17 26.95 46464.24 IBM 134.04 0.08 152.95 105.94 4.78 13.69 118742.71 Williams Cos 23.34 0.13 29.55 20.36 6.25-230.55 28282.54
Kweichow 1158.91 -11.89 1215.68 509.02 1.30 34.35 205790.03 RelianceIn 1392.4 - 1436.85 1016.4 0.49 19.00 124465.82 Firstrand 67.74 -0.56 71.79 54.86 4.40 11.98 25971.76 Alexion 106.22 6.94 141.86 92.56 - 17.70 23817.38 IllinoisTool 161.82 0.24 162.17 117.75 2.50 21.46 52343.62 Yum!Brnds 108.62 -1.48 119.72 84.53 1.45 25.61 33051.52
Midea 1.01 -0.02 1.69 0.98 5.03 -3.49 27.70 SBI NewA 275.45 - 373.80 244.35 - 24.92 34664.89 MTN Grp 95.66 0.03 114.43 75.05 5.49 18.94 12319.88 Allergan 174.92 - 189.00 114.27 1.69 -6.78 57390.73 Illumina 313.73 4.68 380.76 263.30 - 49.20 46118.31 Venezuela (VEF)
New Ch Life Ins 31.70 -0.45 46.95 27.30 1.99 6.76 4180.28 SunPhrmInds 405.20 - 604.80 344.55 0.51 31.25 13709.39 Naspers N 2141.5 -120.50 3750.01 2133.52 0.31 15.17 65085.93 Allstate 108.16 0.66 109.55 77.00 1.80 14.25 35605.38 Intcntl Exch 93.14 1.27 95.56 69.69 1.12 26.07 52197.03 Bco de Vnzla 898.00 -1.00 1080 5.20 431.37 - 178.42
PetroChina♦■ 4.02 0.01 6.13 3.69 3.74 11.79 10815.93 Tata Cons♦■ 2070.1 - 2296.2 1784.35 1.57 22.93 109535.94 Alphabet 1249.5 8.30 1296.98 977.66 - 24.93 374264.84 Intel 51.64 -0.37 59.59 42.36 2.41 11.89 228783.36
South Korea (KRW) Bco Provncl 69000 -999.00 116000 491.00 - 16.90 405.29
PingAnIns 93.90 -0.50 98.00 65.95 2.15 9.87 89178.93 Altria 46.43 0.09 66.04 39.30 6.98 13.69 86726.73 Intuit 256.35 3.02 295.78 182.61 0.77 41.37 66669.88
Indonesia (Rp) HyundMobis 240000-1000.00 263500 165000 2.14 11.09 19510.07 Mrcntl Srvcs 71000-4000.00 160000 1150 0.01 17.48 235.47
PngAnBnk 16.45 0.03 17.60 9.15 1.78 10.96 39926.32 Amazon 1760.65 -5.08 2035.8 1307 - 72.15 870917.89 John&John 130.20 1.00 148.99 121.00 2.84 21.33 343619.35
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 25500 -250.00 36000 24500 - -12.04 13962.89
Pwr Cons Corp 4.54 -0.03 6.25 4.53 - 9.11 7152.03 AmerAir 28.20 -0.07 40.58 24.23 1.44 8.22 12554.41 JohnsonCn 42.08 -0.61 44.65 28.30 2.50 18.64 33483.33
Israel (ILS) SK Hynix 77700-1400.00 84600 56700 1.98 5.36 48247.85 Closing prices and highs & lows are in traded currency (with variations for that
SaicMtr 23.20 -0.06 30.30 22.69 8.22 8.45 37725.28 AmerExpr♦ 116.85 -1.76 129.34 89.05 1.43 13.52 95614.95 JPMrgnCh♦ 124.51 -0.28 125.10 91.11 2.60 12.55 398129.41
TevaPha 27.97 - 88.44 21.75 - -2.01 8652.6 SmsungEl 51200 - 51500 36850 2.84 10.75 260706.97 country indicated by stock), market capitalisation is in USD. Highs & lows are
ShenwanHong 0.07 0.00 0.16 0.04 - -3.37 73.75 AmerIntGrp 53.11 -0.14 58.66 36.16 2.44-1749.02 46196.48 Kimb-Clark 134.12 4.74 143.50 100.32 3.19 22.01 46153.84
Italy (€) Spain (€) AmerTower 226.04 -0.70 242.00 148.43 1.54 67.47 100065.6 based on intraday trading over a rolling 52 week period.
ShgPdgBk 12.86 -0.07 13.33 9.60 3.65 6.26 51088.43 KinderM 20.33 0.01 21.50 14.62 4.63 21.61 46057.17 ♦ ex-dividend
Enel 6.75 -0.09 6.91 4.31 4.18 13.27 76227.53 BBVA 4.91 0.02 5.68 4.19 5.49 6.40 36378.39 Amgen 204.32 -0.52 211.90 166.30 2.74 15.97 122527.96
Sinopec Corp 4.59 -0.01 6.93 4.48 10.72 9.11 14933.53 Kraft Heinz 28.50 -0.01 57.38 24.86 7.28 -3.09 34763.66 ■ ex-capital redistribution
ENI 14.07 0.12 16.06 12.92 6.12 14.14 56847.78 BcoSantdr 3.99 0.02 4.68 3.39 5.98 9.42 73641.68 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 2.23 -0.02 3.35 1.82 - 164.23 3796.21 Kroger 25.02 0.17 31.98 20.70 2.36 11.66 20052.56 # price at time of suspension
Generali 18.39 0.04 18.40 13.68 5.07 12.58 32089.97 CaixaBnk 2.59 0.02 3.78 1.98 6.82 11.19 17194.3 Anthem 270.54 10.29 317.99 227.16 1.16 17.24 69207.51
Denmark (kr) Iberdrola 9.13 0.03 9.58 6.23 6.10 17.00 64582.54 L Brands 17.60 -0.13 38.00 15.82 10.76 8.08 4864.49
IntSPaolo 2.27 -0.01 2.36 1.80 9.00 9.43 44183 Aon Cp 192.13 -1.29 198.61 135.30 0.86 33.96 45312.3 LasVegasSd 59.13 0.51 69.60 47.39 5.20 23.37 45517.6
DanskeBk 98.20 -0.40 148.70 85.90 8.98 6.36 12598.06 Inditex 28.05 -0.24 29.00 21.85 2.27 23.11 97178.83
Luxottica 49.00 -0.34 59.54 48.62 2.11 22.75 26878.18 Apple 242.51 2.55 243.18 142.00 1.24 20.341095928.72 LibertyGbl 24.18 0.25 28.62 19.88 - -12.13 4965.85
MollerMrsk 8458 66.00 9914 6716 1.81 124.34 12661.31 Repsol 14.78 0.18 16.05 12.37 6.43 11.51 26258.5
Unicred 11.66 -0.02 13.07 9.07 2.40 6.94 28947.51 ArcherDan 40.58 0.02 49.38 36.45 3.42 17.28 22599.22 Lilly (E) 106.99 -2.86 132.13 101.36 2.28 25.11 103286.84
NovoB 359.70 -1.20 367.00 271.15 2.35 22.13 99688.17 Telefonica 7.22 0.07 8.06 5.86 5.75 - 41659.43

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
ShenwanHong 0.07 0.07 0.00 1.54 0.03 61.0 20.37 Infosys 650.60 650.60 0.00 0.00 -120.85 -15.7 -19.18 Oct 23 date Coupon S* M* F* price yield yield yield US Oct 23 date Coupon S* M* F* price yield yield yield US
Biogen 283.53 281.87 1.66 0.59 55.81 24.5 18.06 Renault 48.99 49.01 -0.02 -0.04 -6.14 -11.1 -11.50 High Yield US$ US$
StateSt 66.40 66.05 0.35 0.52 7.29 12.3 10.37 Midea 1.01 1.03 -0.02 -1.94 -0.09 -8.2 -17.36 Qwest Capital Funding, Inc. 08/21 7.63 B+ WR BB 105.10 4.59 -0.22 0.06 2.92 Goldman Sachs Group, Inc. (The) 02/28 5.00 BBB+ A3 A 110.45 3.55 -0.03 0.01 -
Schlmbrg 35.36 34.82 0.54 1.54 3.41 10.7 -5.25 Boeing 342.55 337.00 5.55 1.65 -29.89 -8.0 -9.15 High Yield Euro NationsBank Corp. 03/28 6.80 BBB+ Baa1 A 122.98 3.60 -0.04 0.03 -
Halliburton 20.25 19.90 0.35 1.76 1.95 10.7 -1.78 LibertyGbl 24.18 23.93 0.25 1.04 -2.01 -7.7 -4.76 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A 122.98 3.60 -0.04 0.03 -
Anthem 270.54 260.25 10.29 3.95 25.52 10.4 7.59 TexasInstr 120.11 128.57 -8.46 -6.58 -9.39 -7.3 -6.12 United Utilities PLC 08/28 6.88 BBB Baa1 A- 123.33 3.74 -0.03 0.09 -
Surgutneftegas 40.17 36.73 3.45 9.38 3.45 9.4 12.84 Danone 73.40 72.88 0.52 0.71 -5.68 -7.2 -8.82 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 123.33 3.74 -0.03 0.09 -
AtlasCpcoB 293.50 294.30 -0.80 -0.27 24.70 9.2 6.53 Naspers N 2141.50 2262.00 -120.50 -5.33 -162.52 -7.1 -9.95 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Goldman Sachs Group, Inc. (The) 05/29 5.25 BBB+ A3 A 113.44 3.59 -0.03 0.02 1.85
FastRetail 69020.00 69270.00 -250.00 -0.36 5750.00 9.1 5.07 TheTrvelers 132.71 130.15 2.56 1.97 -9.86 -6.9 -9.47 Brazil 01/22 12.50 BB- Ba2 BB- 115.18 5.10 -0.18 -0.42 3.43
Brazil 01/23 2.63 BB- Ba2 BB- 95.75 3.80 -0.01 -0.40 1.29 Euro
AstellasPh 1728.50 1708.50 20.00 1.17 142.50 9.0 13.10 Bhartiartl 360.35 360.35 0.00 0.00 -24.90 -6.5 1.11 Citigroup Inc. 02/30 4.25 BBB Baa2 A- 117.00 0.97 -0.01 0.25 -0.77
VertexPharm 191.76 191.06 0.70 0.37 15.67 8.9 8.99 MasterCard 260.61 261.26 -0.66 -0.25 -17.67 -6.3 -4.55 Colombia 03/23 2.63 BBB- Baa2 BBB 97.75 3.24 0.10 -0.38 0.99
Poland 03/23 3.00 A- A2 A- 100.62 2.83 0.01 -0.21 0.58 HBOS plc 03/30 4.50 BBB- Baa1 A- 116.28 1.18 -0.01 -0.24 -0.56
HonHaiPrc 80.50 79.50 1.00 1.26 5.80 7.8 8.05 IBM 134.04 133.96 0.08 0.06 -8.07 -5.7 -5.60 HBOS plc 03/30 4.50 BBB- Baa1 A- 116.28 1.18 -0.01 -0.24 -0.56
Fanuc 20950.00 20925.00 25.00 0.12 1485.00 7.6 4.70 PernodRic 157.50 156.95 0.55 0.35 -9.10 -5.5 -4.11 Turkey 03/23 3.25 - Ba3 BB 88.50 6.59 -0.30 0.91 4.34
Mexico 10/23 4.00 BBB+ A3 BBB 106.10 2.37 -0.12 -0.23 0.76 Goldman Sachs Group, Inc. (The) 02/31 3.00 BBB+ A3 A 122.57 0.89 -0.05 0.08 -0.85
SBI NewA 275.45 275.45 0.00 0.00 19.40 7.6 -8.70 CME Grp 201.28 202.02 -0.74 -0.37 -10.73 -5.1 -5.23
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Yen
Alexion 106.22 99.28 6.94 6.99 6.71 6.7 1.34 ChShenEgy 15.22 15.60 -0.38 -2.44 -0.80 -5.0 -6.28
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Mexico 06/26 1.09 BBB+ A3 BBB 101.23 0.90 0.03 0.05 -
Altria 46.43 46.34 0.09 0.18 2.92 6.7 13.55 Netflix 272.33 266.69 5.64 2.11 -13.95 -4.9 2.47
BOE Tech 0.65 0.62 0.03 4.84 0.04 6.6 -32.63 CBS 36.28 36.34 -0.06 -0.18 -1.82 -4.8 -13.41 Russia 06/28 12.75 BBB- Baa3 BBB 169.49 3.42 -0.01 -0.05 - £ Sterling
Cigna 171.76 170.38 1.38 0.81 10.29 6.4 7.34 Intuit 256.35 253.33 3.02 1.19 -12.80 -4.8 -4.70 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.31 2.25 -0.06 0.13 0.51
MorganStly 45.50 45.38 0.12 0.26 2.71 6.3 4.53 Starbucks 82.73 83.46 -0.73 -0.87 -3.98 -4.6 -8.94 Brazil 04/21 2.88 BB- Ba2 BB- 103.64 0.33 -0.01 0.18 -1.34 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
CharlesSch 41.44 40.92 0.52 1.27 2.42 6.2 -2.63 McDonald's 198.94 199.27 -0.33 -0.17 -9.36 -4.5 -5.90 Mexico 02/22 1.88 BBB+ A3 BBB 103.80 0.24 -0.01 0.01 -1.43 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Oct 23 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Oct 23 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 2.25-2.50 19-12-2018 2.00-2.25 2.00-2.25 1.25-1.50 Index change change change 1 month 1 year VIX 14.24 -0.22 14.46 36.20 11.03 Oct 23 Price £ Yield Day Week Month Year High Low £m
US Prime 5.50 19-12-2018 5.25 5.25 4.25 Markit IBoxx VXD 14.24 -0.28 14.52 33.17 4.07 - - - - - - - - -
US Discount 3.00 19-12-2018 2.75 2.75 1.75 ABF Pan-Asia unhedged 203.28 0.11 0.87 6.34 0.55 10.94 VXN 17.93 -0.41 18.34 38.70 14.55 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 373.33 0.42 -1.00 10.13 -0.43 9.69 VDAX 14.34 -0.73 15.07 - 10.48 - - - - - - - - -
UK Repo 0.75 02-08-2018 0.50 0.50 0.25 Corporates($) 307.65 -0.14 -0.15 12.47 -0.15 12.47 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 101.48 0.73 0.00 -2.67 19.67 0.00 105.47 101.48 33.70
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 237.79 0.13 -0.45 6.35 -0.21 5.74 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 101.07 0.63 1.61 -3.08 16.67 -18.18 101.77 101.04 32.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 255.33 0.27 -1.28 8.59 -0.63 10.88 Tr 4pc '22 108.34 0.46 0.00 -2.13 24.32 -45.88 110.70 108.25 38.39
Gilts( £) 352.89 0.49 -2.99 8.50 -1.74 10.51 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 123.98 0.47 -4.08 -2.08 27.03 -59.48 126.04 122.79 35.49
INTEREST RATES: MARKET Global Inflation-Lkd 277.78 -0.63 -0.46 7.50 -0.56 7.63 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 105.59 0.51 -3.77 -3.77 34.21 -63.04 107.75 98.23 23.73
Over Change One Three Six One Markit iBoxx £ Non-Gilts 364.67 0.38 -1.14 8.77 -0.46 8.68 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 141.44 0.79 -4.82 -2.47 23.44 -52.12 146.36 130.25 35.86
Oct 23 (Libor: Oct 22) night Day Week Month month month month year Overall ($) 261.17 -0.21 -0.42 9.15 -0.42 9.15 Australia 12/21 2.00 102.58 0.79 0.01 0.10 0.04 -1.32 Tr 4.25pc '36 149.33 0.98 -3.92 0.00 24.05 -44.94 155.71 134.96 30.11
US$ Libor 1.81288 0.002 0.014 -0.001 1.82175 1.93600 1.93250 1.96725 Overall( £) 353.08 0.45 -2.42 8.58 -1.34 9.95 11/28 2.75 113.66 1.16 0.02 0.15 0.15 -1.55 Tr 4.5pc '42 168.26 1.13 -4.24 0.89 21.51 -39.57 176.63 147.10 26.95
Euro Libor -0.57257 0.000 0.001 0.004 -0.49643 -0.43000 -0.40271 -0.31386 Overall(€) 247.05 0.22 -1.07 7.29 -0.58 8.65 Austria 10/23 1.75 109.23 -0.53 -0.01 0.04 0.13 -0.53 Tr 3.75pc '52 171.23 1.14 -3.39 1.79 22.58 -38.38 182.25 142.12 23.87
£ Libor 0.66913 -0.011 0.004 0.000 0.71113 0.78988 0.86788 0.97013 Treasuries ($) 242.97 -0.26 -0.65 7.26 -0.65 7.26 02/47 1.50 127.22 0.44 -0.05 0.01 0.19 -1.01 Tr 4pc '60 194.77 1.09 -3.54 2.83 25.29 -39.78 209.19 156.74 23.89
Swiss Fr Libor 0.008 -0.78900 -0.77260 -0.69640 -0.56720 FTSE Belgium 06/21 1.50 103.44 -0.61 -0.01 0.01 0.06 -0.27 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor -0.002 -0.11850 -0.11283 -0.05867 0.03283 Sterling Corporate (£) - - - - - - 06/47 1.60 123.61 0.66 -0.03 0.05 0.21 -1.13
Euro Euribor
Sterling CDs
-0.006
0.000
-0.44400
0.75000
-0.40400
0.82000
-0.34800
0.89500
-0.28400 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 Canada - - - - - - - GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 448.19 5.90 - - -3.55 23.50 03/22 0.50 97.42 1.62 -0.03 -0.05 0.07 -0.73
US$ CDs 0.000 2.45000 2.56000 2.65000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Denmark 11/20 0.25 101.10 -0.78 0.00 0.02 0.03 -0.20 Price Indices Day's Total Return Return
Euro CDs - - - - 11/23 1.50 108.92 -0.66 -0.01 0.04 0.14 -0.57 Fixed Coupon Oct 22 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 90.72 0.10 2456.35 -0.15 1.56 0.49
Short 7 Days One Three Six One Index change change change high low Finland - - - - - - -
04/21 3.50 106.10 -0.60 0.00 0.00 0.09 -0.16 2 5 - 10 Years 185.08 0.31 3692.10 -0.90 6.51 0.52
Oct 23 term notice month month month year Markit iTraxx 3 10 - 15 Years 221.96 0.45 4659.23 -1.90 10.11 0.82
Euro -0.76 -0.46 -0.77 -0.47 -0.68 -0.38 -0.65 -0.35 -0.60 -0.30 -0.56 -0.26 Crossover 5Y 227.27 1.64 -5.73 3.75 259.86 207.69 France 11/20 0.25 100.93 -0.60 -0.01 -0.02 0.05 -0.15
4 5 - 15 Years 193.27 0.37 3925.46 -1.30 7.43 0.68
Sterling 0.45 0.55 0.70 0.80 0.77 0.87 0.81 0.96 0.90 1.05 Europe 5Y 50.65 0.10 -1.85 -4.77 59.49 50.53 05/25 0.50 105.22 -0.42 -0.02 0.05 0.14 -0.75
5 Over 15 Years 370.58 0.66 5943.12 -5.03 17.03 1.15
Swiss Franc - - - - - - - - - - - - Japan 5Y 60.10 -0.01 0.70 -2.32 64.12 58.98 05/48 2.00 134.38 0.67 -0.03 0.05 0.19 -1.01
7 All stocks 186.93 0.43 3900.35 -2.75 9.92 1.04
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 57.10 -0.12 -1.64 -7.32 69.82 57.02 Germany - - - - - - -
US Dollar 1.79 2.09 1.78 2.08 1.74 2.04 1.83 2.13 1.83 2.13 1.85 2.15 10/20 0.25 100.86 -0.63 0.00 0.01 0.11 -0.03 Day's Month Year's Total Return Return
Markit CDX 02/25 0.50 106.05 -0.62 -0.01 0.05 0.17 -0.65
Japanese Yen -0.30 -0.10 -0.55 -0.25 -0.15 0.15 -0.25 0.05 -0.20 0.10 -0.10 0.20 Index Linked Oct 22 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 203.25 2.11 1.05 -11.29 215.60 200.97 08/48 1.25 131.96 0.12 -0.05 0.04 0.22 -0.94
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 1 Up to 5 Years 308.85 0.16 -1.53 -0.22 2506.48 -1.26 1.04
Nth Amer High Yld 5Y 335.49 2.33 -6.33 - 368.24 333.16 Greece 02/25 3.00 114.51 1.26 0.07 -0.11 -0.17 -3.39
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 2 Over 5 years 774.35 0.56 -7.37 9.91 5828.49 -7.37 10.41
Nth Amer Inv Grade 5Y 54.61 0.83 -1.63 -6.26 63.32 53.78 02/25 3.00 114.51 1.26 0.07 -0.11 -0.17 -3.39
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 506.02 0.43 -4.14 5.86 3996.52 -4.14 6.83
Ireland 03/22 0.80 103.15 -0.51 0.00 0.02 0.02 -0.45 4 Over 15 years 1002.92 0.60 -8.34 11.24 7360.58 -8.34 11.57
05/30 2.40 124.03 0.11 -0.03 0.01 0.08 -1.12 5 All stocks 694.97 0.51 -6.60 9.09 5319.85 -6.57 9.69
Italy - - - - - - -
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 04/22 1.20 103.13 -0.08 -0.03 -0.01 0.07 -2.36 Yield Indices Oct 22 Oct 21 Yr ago Oct 22 Oct 21 Yr ago
10/23 0.65 102.15 0.11 -0.04 -0.01 0.08 -2.52 5 Yrs 0.37 0.42 1.03
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
03/48 3.45 131.70 1.98 -0.07 0.02 0.16 -1.96
Crude Oil† Nov 54.00 -0.33 Corn♦ Dec 386.00 -2.25 Oct 22 Oct 22 Prev return stock Market stocks
Japan 03/22 0.10 100.85 -0.25 0.01 0.03 0.09 -0.16 inflation 0% inflation 5%
Brent Crude Oil‡ 60.45 0.87 Wheat♦ Dec 517.00 -0.50 Can 4.25%' 21 107.85 0.493 0.530 -0.24 5.18 82822.97 8
12/23 0.60 103.62 -0.27 0.00 0.02 0.08 -0.22 Real yield Oct 22 Dur yrs Previous Yr ago Oct 22 Dur yrs Previous Yr ago
RBOB Gasoline† Oct 1.60 -0.01 Soybeans♦ Nov 931.25 -2.75 Fr 2.25%' 20 - - - - - - -
12/28 1.90 119.27 -0.19 0.00 0.04 0.08 -0.35 Up to 5 yrs -2.20 2.80 -2.14 -1.85 -2.75 2.82 -2.69 -2.41
Heating Oil† - - Soybeans Meal♦ Dec 306.30 -0.80 Swe 0.25%' 22 114.32 -2.077 -2.057 -0.04 31.92 236704.26 7
09/47 0.80 110.61 0.40 0.01 0.03 0.07 -0.51 Over 5 yrs -1.91 24.89 -1.88 -1.52 -1.93 24.95 -1.91 -1.55
Natural Gas† Oct 2.28 -0.01 Cocoa (ICE Liffe)X Dec 1893.00 20.00 UK 2.5%' 22 114.19 -2.523 -2.478 -1.72 15.74 714180.92 28
Netherlands 07/21 3.25 106.77 -0.64 0.00 0.03 0.12 -0.17 5-15 yrs -2.36 10.04 -2.32 -1.64 -2.44 10.05 -2.40 -1.77
Ethanol♦ - - Cocoa (ICE US)♥ Dec 2442.00 -13.00 UK 2.5%' 24 365.84 -2.319 -2.261 -2.55 6.82 714180.92 28
07/25 0.25 104.24 -0.48 -0.02 0.05 0.17 -0.68 Over 15 yrs -1.86 29.20 -1.84 -1.51 -1.88 29.25 -1.86 -1.53
Uranium† Nov 25.15 0.00 Coffee(Robusta)X Nov 1210.00 -11.00 UK 2%' 35 290.77 -2.160 -2.140 -5.72 9.08 714180.92 28
Carbon Emissions‡ - - Coffee (Arabica)♥ Dec 97.85 -1.00 New Zealand - - - - - - - All stocks -1.91 21.85 -1.89 -1.52 -1.95 21.96 -1.93 -1.56
US 0.625%' 21 100.63 0.260 0.281 0.35 35.84 1419687.65 40
Diesel† - - White SugarX 334.50 -1.30 05/21 6.00 107.40 1.20 0.03 0.10 0.04 -1.08 See FTSE website for more details www.ftse.com/products/indices/gilts
US 3.625%' 28 128.11 0.269 0.292 0.14 16.78 1419687.65 40
Base Metals (♠ LME 3 Months) Sugar 11♥ 12.11 -0.07 Norway - - - - - - - ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 1726.50 7.50 Cotton♥ Dec 64.65 -0.02 05/21 3.75 104.03 1.16 0.00 -0.01 -0.03 -0.15 Gilt Closing Prices information contained herein is proprietary to
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 1230.00 -10.00 Orange Juice♥ Nov 98.20 0.45 Portugal 04/21 3.85 106.54 -0.55 0.00 0.03 0.03 -0.68 Tradeweb; may not be copied or re-distributed; is not warranted to be
amount.
Copper 5839.00 13.00 Palm Oil♣ - - 10/25 2.88 117.64 -0.07 -0.02 0.03 0.04 -1.55 accurate, complete or timely; and does not constitute investment advice.
Lead 2209.00 9.50 Live Cattle♣ Oct 109.95 -1.10 BONDS: TEN YEAR GOVT SPREADS Spain 01/21 0.05 100.60 -0.42 -0.01 0.01 0.06 -0.46 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Nickel 16670.00 110.00 Feeder Cattle♣ Oct 143.60 0.13 10/28 5.15 144.43 0.18 -0.03 0.03 0.10 -1.52
Spread Spread Spread Spread Sweden 12/20 5.00 106.14 -0.54 -0.01 0.00 0.06 -0.14 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Tin 16760.00 -160.00 Lean Hogs♣ Dec 65.30 0.00
Zinc 2478.50 18.00 Bid vs vs Bid vs vs 11/23 1.50 108.00 -0.45 -0.01 0.08 0.15 -0.60 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Precious Metals (PM London Fix) % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Gold 1485.35 -6.30 Oct 22 Month Year Australia 1.16 - -0.58 Italy - - - 04/21 2.00 104.30 -0.82 -0.02 0.03 0.06 -0.18 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Silver (US cents) 1762.50 -10.00 S&P GSCI Spt 409.76 -1.83 -13.79 Austria -0.53 - - Japan -0.19 - -1.93 United Kingdom 01/21 1.50 101.06 0.65 -0.04 -0.02 0.18 -0.14 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Platinum 887.00 -8.00 DJ UBS Spot 78.79 -0.54 -8.17 Belgium 0.66 - - Netherlands -0.48 - - 09/25 2.00 109.00 0.45 -0.04 0.01 0.23 -0.78
Palladium 1754.00 -17.00 TR/CC CRB TR 186.22 -0.34 -8.49 Canada - - - Norway - - - 12/28 6.00 147.97 0.59 -0.05 0.01 0.22 -0.86 Data provided by Morningstar | www.morningstar.co.uk
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark -0.66 - - Portugal -0.07 - - 07/47 1.50 106.48 1.22 -0.02 0.07 0.25 -0.70
Iron Ore 86.95 0.95 UBS Bberg CMCI TR 14.33 0.44 -7.66 Finland - - - Spain 0.18 - -1.56 United States 11/20 1.75 100.09 1.67 0.01 -0.01 -0.14 -1.27
GlobalCOAL RB Index 72.25 -0.25 LEBA EUA Carbon 25.15 2.03 27.73 France 0.67 - - Switzerland - - - 12/23 2.25 102.59 1.61 -0.01 -0.01 0.04 -1.46
Baltic Dry Index 1779.00 -27.00 LEBA CER Carbon 0.21 0.00 -25.00 Germany - - - United Kingdom 0.59 - -1.15 11/28 5.25 129.30 1.74 -0.02 -0.01 0.08 -1.46
LEBA UK Power 3130.00 -14.32 19.24 Greece 1.26 - - United States 1.74 - 0.00 11/47 2.75 110.25 2.25 -0.04 0.02 0.13 -1.14
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
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20 ★ FINANCIAL TIMES Thursday 24 October 2019

MANAGED FUNDS SERVICE

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield

Data Provided by

Aberdeen Standard Capital (JER) Dodge & Cox Worldwide Funds (IRL) MMIP Investment Management Limited (GSY) Omnia Fund Ltd Rubrics Global UCITS Funds Plc (IRL)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 6 Duke Street,St.James,London SW1Y 6BN Regulated Other International Funds www.rubricsam.com
FCA Recognised www.dodgeandcox.worldwide.com 020 3713 7664 Multi-Manager Investment Programmes PCC Limited Estimated NAV $ 720.70 - -0.44 0.00 Regulated
Aberdeen Standard Capital Offshore Strategy Fund Limited FCA Recognised UK Equity Fd Cl A Series 01 £ 2789.10 2817.70 169.11 0.00 Rubrics Emerging Markets Fixed Income UCITS Fund $ 138.48 - 0.41 0.00
Bridge Fund £ 1.9562 - 0.0030 2.00 Dodge & Cox Worldwide Funds plc - Global Bond Fund Diversified Absolute Rtn Fd USD Cl AF2 $ 1602.04 - 7.65 0.00 Rubrics Global Credit UCITS Fund $ 17.01 - 0.01 0.00
Rubrics Global Fixed Income UCITS Fund $ 172.84 - 0.27 0.00
Global Equity Fund
Global Fixed Interest Fund
£ 2.6059
£ 0.9765
-
-
0.0025
0.0018
1.16
4.15
EUR Accumulating Class
EUR Accumulating Class (H)
€ 14.52 -
€ 10.61 -
0.03 0.00
0.00 0.00
Diversified Absolute Return Stlg Cell AF2 £ 1541.34 -
Global Equity Fund A Lead Series £ 1613.70 1618.94 16.95 0.00
5.12 0.00
Q Rubrics India Fixed Income UCITS Fund $ 11.19 - 0.04 0.00 www.morningstar.co.uk
Income Fund £ 0.5906 - 0.0014 2.86 Rubrics India Fixed Income UCITS Fund $ 97.57 - 0.26 0.00
EUR Distributing Class € 11.85 - 0.03 4.23 Data as shown is for information purposes only. No
Sterling Fixed Interest Fund £ 0.8866 - 0.0032 3.11 EUR Distributing Class (H) € 8.64 - 0.00 4.48 offer is made by Morningstar or this publication.
UK Equity Fund £ 2.0843 - 0.0039 3.55 GBP Distributing Class £ 12.49 - 0.07 3.81
GBP Distributing Class (H) £ 9.07 - 0.00 4.46 Global Investment House Polar Capital Funds Plc (IRL)
USD Accumulating Class $ 11.66 - 0.01 0.00 Global GCC Islamic Fund $ 109.62 - -1.12 0.00 Regulated
Marwyn Asset Management Limited (CYM)

Slater
Global GCC Large Cap Fund $ 169.04 - -2.63 0.00 Automation & Artificial Intelligence CL I USD Acc $ 11.49 11.49 -0.07 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund
USD Accumulating Share Class $ 21.90 - 0.06 0.00
Global Saudi Equity Fund SR 266.23 - -5.26 0.00
Regulated
Marwyn Value Investors £ 355.06 - -7.84 0.00
Asian Financials I USD $ 381.90 381.90 -1.70 0.00 Guide to Data
Investments
GBP Accumulating Share Class £ 27.93 - 0.21 0.00 Biotechnology I USD $ 22.65 22.65 0.24 0.00
GBP Distributing Share class £ 19.55 - 0.15 1.10 Emerging Market Stars I USD Acc $ 9.85 - 0.05 0.00
EUR Accumulating Share Class € 29.55 - 0.13 0.00 European Ex UK Inc EUR Acc € 12.49 12.49 0.02 0.00 The fund prices quoted on these pages are supplied by
GBP Distributing Class (H) £ 11.09 - 0.03 1.17 Financial Opps I USD $ 13.39 - 0.00 2.42 the operator of the relevant fund. Details of funds
Optima Fund Management GEM Income I USD $ 12.54 - 0.09 0.00 published on these pages, including prices, are for the
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund HPB Assurance Ltd
Milltrust International Managed Investments ICAV (IRL) Other International Funds Global Convertible I USD $ 13.08 13.08 -0.02 0.00 purpose of information only and should only be used
USD Accumulating Share Class $ 26.95 - 0.17 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com JENOP Global Healthcare Fund Ltd $ 15.97 - -0.53 0.00 Global Insurance I GBP £ 7.36 - -0.07 0.27 as a guide. The Financial Times Limited makes no
GBP Accumulating Share Class £ 32.51 - 0.38 0.00 International Insurances Global Technology I USD $ 49.15 - -0.54 0.00 representation as to their accuracy or completeness
Regulated OPTIKA Fund Limited - Cl A $ 183.29 - 0.28 0.00
GBP Distributing Share Class £ 20.06 - 0.23 0.87 Holiday Property Bond Ser 1 £ 0.54 - 0.01 0.00 Healthcare Blue Chip Fund I USD Acc $ 13.06 13.06 -0.03 0.00 and they should not be relied upon when making an
MAI - Buy & Lease (Australia) A$ 102.52 - 2.25 0.00 Optima Fd NAV $ 98.12 - -0.03 0.00
EUR Accumulating Share Class € 31.40 - 0.26 0.00 Holiday Property Bond Ser 2 £ 0.66 - 0.01 0.00 Healthcare Opps I USD $ 47.42 - -0.23 0.00 Slater Investments Ltd (UK) investment decision.
MAI - Buy & Lease (New Zealand)NZ$ 97.29 - 0.06 0.00 Optima Discretionary Macro Fund Limited $ 79.23 - 0.55 0.00
GBP Distributing Class (H) £ 11.65 - 0.08 1.04 Income Opportunities B2 I GBP Acc £ 2.31 2.31 0.00 0.00 www.slaterinvestments.com; Tel: 0207 220 9460
British Innovation Fund £ 100.02 - 3.18 0.00 Platinum Fd Ltd $ 99.72 - 1.44 0.00
Algebris Investments (IRL) Japan I JPY ¥ 2205.43 - 14.46 0.00 FCA Recognised The sale of interests in the funds listed on these pages
Milltrust Global Emerging Markets Fund - Class A $ 88.67 - 0.28 0.00 Platinum Japan Fd Ltd $ 64.84 - -0.17 0.00
Slater Growth 550.29 550.29 -0.95 0.00 may, in certain jurisdictions, be restricted by law and
Regulated Optima Partners Global Fd $ 16.67 - 0.02 0.00 Japan Value I JPY ¥ 118.09 118.09 0.63 0.00
Slater Income A Inc 145.38 145.38 -0.08 0.00 the funds will not necessarily be available to persons
Algebris Allocation Fund - Class I EUR € 100.72 - 0.25 0.00 Optima Partners Focus Fund A $ 17.44 - 0.00 0.00 North American I USD $ 25.18 25.18 -0.17 0.00
in all jurisdictions in which the publication circulates.
Algebris Core Italy Fund - Class R EUR € 100.44 - 0.21 0.00 Optima STAR Fund (hedged) $ 96.62 - -0.32 0.00 UK Absolute Equity I GBP £ 19.61 19.61 -0.34 0.00 Slater Recovery 254.11 254.11 -0.46 0.00
Persons in any doubt should take appropriate
Algebris Financial Credit Fund - Class I EUR € 165.69 - 0.14 0.00 Optima STAR Long Fund $ 143.29 - -1.09 0.00 UK Val Opp I GBP Acc £ 11.76 11.76 -0.01 0.00 Slater Artorius 221.35 221.35 -0.01 0.27
professional advice. Data collated by Morningstar. For
Algebris Financial Credit Fund - Class R EUR € 145.21 - 0.12 0.00 The Optima Lloyd George Asia Fund $ 97.90 - 0.35 - other queries contact reader.enquiries@ft.com +44
Algebris Financial Credit Fund - Class Rd EUR € 102.78 - 0.09 5.72 Mirabaud Asset Management (LUX) (0)207 873 4211.
Algebris Financial Income Fund - Class I EUR € 142.65 - -0.13 0.00 www.mirabaud.com, marketing@mirabaud-am.com
Algebris Financial Income Fund - Class R EUR € 133.50 - -0.13 0.00 Conviction based investment vehicles details available here www.mirabaud-am.com The fund prices published in this edition along with
Algebris Financial Income Fund - Class Rd EUR € 91.87 - -0.07 4.82 Regulated additional information are also available on the
Polar Capital LLP (CYM) Financial Times website, www.ft.com/funds. The
Algebris Financial Equity Fund - Class B EUR € 111.91 - -0.16 0.00 Mir. - Glb Strat. Bd I USD $ 114.59 - -0.04 0.00
Oryx International Growth Fund Ltd Regulated funds published on these pages are grouped together
Algebris Macro Credit Fund - Class I EUR € 112.99 - 0.28 0.00 Mir. - DiscEur D Cap GBP £ 136.15 - -0.52 0.00
Other International Funds European Forager A EUR € 191.84 - 0.59 0.00 by fund management company.
Algebris Macro Credit Fund - Class R EUR € 111.53 - 0.27 0.00 Mirabaud - UK Equity High Alpha £ 122.96 - 0.22 0.00
Algebris Macro Credit Fund - Class Rd EUR € 111.53 - 0.27 0.00 NAV (Fully Diluted) £ 9.10 - -0.52 0.00
Hermes Investment Funds Plc (IRL) Prices are in pence unless otherwise indicated. The
Algebris Quant Arbitrage Fund - Class EB EUR € 100.01 - -0.17 0.00
Dragon Capital Group change, if shown, is the change on the previously
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 702 0888
1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam quoted figure (not all funds update prices daily). Those
FCA Recognised designated $ with no prefix refer to US dollars. Yield
Fund information, dealing and administration: funds@dragoncapital.com Hermes Abs Return Credit Fund Class F Acc USD € 1.92 1.92 -0.01 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY) percentage figures (in Tuesday to Saturday papers)
Other International Funds Hermes Asia Ex-Japan Equity Fund Class C Acc GBP £ 2.54 2.54 0.00 0.00 Morgens Waterfall Vintiadis.co Inc
Regulated allow for buying expenses. Prices of certain older
Vietnam Equity (UCITS) Fund A USD $ 23.09 - 0.01 0.00 Hermes Asia Ex-Japan Equity Fund Class C Acc USD € 4.54 4.54 -0.01 0.00 Other International Funds insurance linked plans might be subject to capital
The Antares European Fund Limited Monument Growth 15/10/19 £ 499.58 504.59 -3.32 2.49
Hermes Europe ex-UK Equity Fund Class F GBP Accumulating £ 2.14 2.14 0.00 0.00 Phaeton Intl (BVI) Ltd (Est) $ 528.04 - 7.90 0.00 Stonehage Fleming Investment Management Ltd (IRL) gains tax on sales.
Other International Hermes Europe Ex-UK Equity Fund Class F Acc EUR € 4.13 4.13 -0.02 0.00 www.stonehagefleming.com/gbi
AEF Ltd Usd (Est) $ 639.08 - 7.44 - Hermes European Alpha Equity Fund Class F GBP Accumulating £ 1.75 1.75 0.00 0.00 enquiries@stonehagefleming.com Guide to pricing of Authorised Investment Funds:
AEF Ltd Eur (Est) € 604.00 - 6.58 0.00 Hermes European Alpha Equity Fund Class F Acc EUR € 3.49 3.49 -0.02 0.00 Regulated (compiled with the assistance of the IMA. The
Hermes Global Emerging Markets SMID Equity Fund Class F GBP Accumulating £ 1.15 - 0.01 - SF Global Best Ideas Eq B USD ACC $ 181.18 - -2.65 0.00 Investment Management Association, 65 Kingsway,
Ennismore Smaller Cos Plc (IRL) Hermes Global Emerging Markets Fund Class F GBP Accumulating £ 2.08 2.08 0.01 0.00 Prusik Investment Management LLP (IRL) SF Global Best Ideas Eq D GBP INC £ 213.22 - -1.83 0.24 London WC2B 6TD.
5 Kensington Church St, London W8 4LD 020 7368 4220 Hermes Global Emerging Markets Fund Class F Acc USD € 4.36 4.36 0.00 0.00 Enquiries - 0207 493 1331 Tel: +44 (0)20 7831 0898.)
FCA Recognised Hermes Global Equity Fund Class F GBP Accumulating £ 2.44 2.44 0.01 0.00 Regulated
Ennismore European Smlr Cos NAV £ 142.64 - 0.38 0.00 OEIC: Open-Ended Investment Company. Similar to a
Hermes Global Equity Fund Class R Acc USD € 5.29 5.29 0.00 0.00 Prusik Asian Equity Income B Dist $ 191.06 - -0.89 4.79
Arisaig Partners unit trust but using a company rather than a trust
Ennismore European Smlr Cos NAV € 165.40 - -0.31 0.00 Hermes Global Equity ESG Fund F GBP Accumulating £ 1.82 1.82 0.01 0.00 Orbis Investments (U.K.) Limited (GBR) Prusik Asia Emerging Opportunities Fund A Acc $ 153.64 - -0.11 0.00 structure.
Other International Funds
Arisaig Africa Consumer Fund Limited $ 10.48 - 0.04 0.00
Hermes Global High Yield Credit Fund Class F Acc EUR € 3.33 3.33 0.01 0.00
Hermes Global Small Cap Equity Fund Class F GBP Accumulating £ 1.63 1.63 0.01 0.00
28 Dorset Square, London, NW1 6QG Prusik Asia Fund U Dist. £ 180.85 - 0.75 0.00
Asset Management
Managemen
Asset Management
www.orbis.com 0800 358 2030 Different share classes are issued to reflect a different
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 97.03 - 0.29 - Hermes Global Small Cap Fund Class F Acc USD € 2.17 2.17 -0.01 0.00
Asset Management Asset Management
Regulated currency, charging structure or type of holder.
Arisaig Asia Consumer Fund Limited $ 96.73 - 0.31 0.00 Hermes SDG Engagement Equity Fund Class F USD Accumulating $ 2.09 - 0.00 0.00 Orbis OEIC Global Cautious Std GBP Inc £ 10.22 - 0.02 -
Arisaig Global Emerging Markets Consumer Fund $ 12.19 - 0.07 0.00 Hermes SDG Engagement Equity Fund Class F GBP Accumulating £ 1.09 - 0.00 0.00 Selling price: Also called bid price. The price at which
Ennismore European Smlr Cos Hedge Fd Orbis OEIC Global Balanced Standard £ 14.15 - 0.07 5.61
Arisaig Global Emerging Markets Consumer UCITS € 14.16 - 0.09 0.00 Hermes Multi-Strategy Credit Fund Class F GBP Accumulating Hedged £ 1.21 1.21 0.00 0.00 units in a unit trust are sold by investors.
Orbis OEIC Global Equity Standard £ 16.18 - 0.08 3.98 Purisima Investment Fds (CI) Ltd (JER)
Arisaig Global Emerging Markets Consumer UCITS STG £ 15.50 - 0.16 0.00 Other International Funds Hermes Impact Opportunities Equity Fund Class F USD Accumulating $ 2.27 - -0.01 0.00 Natixis International Funds (LUX) I SICAV (LUX) Orbis OEIC UK Equity Standard £ 8.18 - -0.04 4.25
Arisaig Latin America Consumer Fund $ 26.94 - 0.04 0.00 NAV € 605.22 - 17.97 0.00 Hermes Impact Opportunities Equity Fund Class F GBP Accumulating £ 1.18 - 0.00 0.00 Regulated Buying price: Also called offer price. The price at
FCA Recognised
Hermes Unconstrained Credit Fund Class F USD Accumulating $ 2.23 - 0.00 0.00 PCG B 222.75 - 0.75 0.00 which units in a unit trust are bought by investors.
ASG Managed Futures Fund I/A (USD) $ 104.81 104.81 0.72 0.00
Hermes US SMID Equity Fund Class F GBP Accumulating £ 2.71 2.71 0.02 0.00 PCG C 218.13 - 0.73 0.00 Includes manager’s initial charge.
Harris Global Equity Fund R/A (USD) $ 317.52 317.52 -0.89 0.00
Hermes US SMID Equity Fund Class F Acc USD € 4.77 4.77 0.01 0.00 Loomis Sayles Global Growth Equity Fund I/A (USD) $ 148.25 148.25 -0.80 0.00
Single price: Based on a mid-market valuation of the
Loomis Sayles U.S. Growth Equity Fund I/A (USD) $ 154.99 154.99 -1.43 0.00 Toscafund Asset Management LLP (UK)
underlying investments. The buying and selling price
Artemis Fund Managers Ltd (1200)F (UK) Equinox Fund Mgmt (Guernsey) Limited (GSY) www.toscafund.com
for shares of an OEIC and units of a single priced unit
57 St. James's Street, London SW1A 1LD 0800 092 2051 Regulated Authorised Funds trust are the same.
Authorised Inv Funds Equinox Russian Opportunities Fund Limited $ 175.48 - -0.93 0.00 Aptus Global Financials B Acc £ 3.48 - -0.02 4.48
Aptus Global Financials B Inc £ 2.52 - -0.01 5.63 Treatment of manager’s periodic capital charge:
Artemis Monthly Dist R Acc 92.13 - 0.35 4.15 Intrinsic Value Investors (IVI) LLP (IRL)
The letter C denotes that the trust deducts all or part
Artemis US Smllr Cos I Hdg Acc 103.57 - -0.58 - 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Natixis Investment Funds (UK)
of the manager’s/operator’s periodic charge from
FCA Recognised Authorised Funds capital, contact the manager/operator for full details
IVI European Fund EUR € 23.69 - -0.04 0.00 DNCA European Select Equity Fund £ 0.94 - 0.00 1.92 of the effect of this course of action.
Euronova Asset Management UK LLP (CYM) IVI European Fund GBP £ 27.29 - 0.08 0.16 Harris Global Concentrated Equity Fund £ 1.78 - 0.00 1.38
Regulated H2O MultiReturns Fund N/A (GBP) £ 1.93 - -0.01 0.97 Toscafund Asset Management LLP Exit Charges: The letter E denotes that an exit charge
Loomis Sayles U.S. Equity Leaders N/A (GBP) £ 2.83 - -0.01 0.05 www.toscafund.com may be made when you sell units, contact the
Smaller Cos Cls One Shares € 45.04 - -0.19 0.00 Pictet Asset Management (Europe) SA (LUX)
manager/operator for full details.
Smaller Cos Cls Two Shares € 30.16 - -0.13 0.00 Tosca A USD $ 285.98 - -15.19 -
15, Avenue J.F. Kennedy L-1855 Luxembourg
Smaller Cos Cls Three Shares € 15.22 - -0.05 0.00 Tosca Mid Cap GBP £ 306.66 - -6.38 -
Tel: 0041 58 323 3000 Ram Active Investments SA Time: Some funds give information about the timing of
Smaller Cos Cls Four Shares € 19.54 - -0.07 0.00 Tosca Opportunity B USD $ 455.40 - -8.48 -
Kames Capital ICVC (UK) FCA Recognised www.ram-ai.com price quotes. The time shown alongside the fund
Pegasus Fund Ltd A-1 GBP £ 73.36 - -3.38 0.00
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Pictet-Absl Rtn Fix Inc-HI EUR € 110.67 - -0.12 0.00 manager’s/operator’s name is the valuation point for
Other International Funds
0800 358 3009 www.kamescapital.com Pictet-Asian Equities Ex Japan-I USD F $ 303.17 - 1.42 0.00 their unit trusts/OEICs, unless another time is
RAM Systematic Emerg Markets Core Eq $ 99.25 - 0.51 -
Authorised Funds Pictet-Asian Local Currency Debt-I USD F $ 178.17 - 0.10 0.00 indicated by the symbol alongside the individual unit
RAM Systematic Emerg Markets Eq $ 174.83 - 0.72 - trust/OEIC name.
Kames Global Equity GBP B Acc £ 2.26 - 0.00 0.23 Pictet-Biotech-I USD F $ 807.04 - 34.83 0.00 RAM Systematic European Eq € 450.70 - -0.58 -
FIL Investment Services (UK) Limited (1200)F (UK) Kames Investment Grd Glbl Bd A Inc GBP H 592.83 - 1.14 2.23 Pictet-CHF Bonds I CHF SFr 516.12 - -0.61 0.00 RAM Systematic Funds Global Sustainable Income Eq $ 127.78 - 0.59 0.00
Pictet-China Index I USD $ 144.99 - 0.69 0.00 Troy Asset Mgt (1200) (UK) The symbols are as follows: ✠ 0001 to 1100 hours; ♦
130, Tonbridge Rd, Tonbridge TN11 9DZ RAM Systematic Long/Short Emerg Markets Eq $ 114.74 - -0.27 - 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Ashmore Investment Management Limited (LUX) Callfree: Private Clients 0800 414161 Pictet-Clean Energy-I USD F $ 102.10 - 0.21 0.00 RAM Systematic Long/Short European Eq € 142.75 - -0.08 - 65 Gresham Street, London, EC2V 7NQ
midnight. Daily dealing prices are set on the basis of
2 rue Albert Borschette L-1246 Luxembourg Pictet-Digital-I USD F $ 432.07 - 0.35 0.00 RAM Systematic North American Eq $ 302.83 - -1.20 - Order Desk and Enquiries: 0345 608 0950
Broker Dealings: 0800 414 181 the valuation point, a short period of time may elapse
FCA Recognised Pictet-Em Lcl Ccy Dbt-I USD F $ 184.96 - -0.03 0.00 RAM Tactical Convertibles Europe € 143.66 - -0.03 - Authorised Inv Funds
OEIC Funds before prices become available. Historic pricing: The
Ashmore SICAV Emerging Market Debt Fund $ 97.28 - 0.07 5.68 Pictet-Emerging Europe-I EUR F € 420.94 - 4.59 0.00 RAM Tactical Global Bond Total Return € 148.31 - 0.07 - Authorised Corporate Director - Link Fund Solutions letter H denotes that the managers/operators will
Fidelity American Fund W-ACC-GBP £ 45.66 - 0.15 0.61 Pictet-Emerging Markets-I USD F $ 652.31 - 5.99 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 168.01 - 0.21 0.67 RAM Tactical II Asia Bond Total Return $ 150.00 - 0.16 - normally deal on the price set at the most recent
Fidelity Cash Fund Y-ACC-GBP £ 1.01 - 0.00 0.55 Pictet-Emerging Markets Index-I USD F $ 289.56 - 1.26 0.00 Trojan Investment Funds
Ashmore SICAV Emerging Market Total Return Fund $ 84.64 - 0.15 5.23 New Capital UCITS Fund PLC (IRL) valuation. The prices shown are the latest available
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.20 - 0.00 3.06 Pictet-Emerging Corporate Bonds I USD $ 135.20 - -0.03 0.00 Trojan Ethical O Acc 105.69 - 0.02 0.00 before publication and may not be the current dealing
Ashmore SICAV Global Small Cap Equity Fund $ 141.21 - 0.68 0.00 Leconfield House, Curzon Street, London, W1J 5JB
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 1.91 - 0.00 3.44 Pictet-Emerging Markets High Dividend I USD $ 130.98 - 0.93 0.00 Trojan Ethical O Inc 105.59 - 0.02 0.00 levels because of an intervening portfolio revaluation
EM Active Equity Fund Acc USD $ 130.50 - 0.90 0.00 www.newcapitalfunds.com
Fidelity Global Focus Fund W-ACC-GBP £ 25.20 - 0.14 0.36 Pictet-Emerging Markets Sust Eq I USD $ 107.34 - 0.13 0.00 or a switch to a forward pricing basis. The
EM Equity Fund Acc USD $ 103.74 - 0.24 0.00 FCA Recognised
Fidelity Global High Yield Fund Y-ACC-GBP £ 14.98 - -0.04 3.20 Pictet-EUR Bonds-I F € 637.64 - -2.22 0.00 managers/operators must deal at a forward price on
EM Mkts Corp.Debt USD F $ 91.84 - 0.23 6.71 Wealthy Nations Bond Fund - USD Inst Inc. $ 121.96 - 0.17 -
EM Mkts Loc.Ccy Bd USD F $ 80.48 - 0.31 5.65
Fidelity Japan Fund W-ACC-GBP £ 4.05 - 0.03 0.61 Pictet-EUR Corporate Bonds-I F € 220.22 - 0.31 0.00 Ruffer LLP (1000)F (UK) request, and may move to forward pricing at any time.
Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.39 - 0.03 0.43 Euro Value Credit Fund - EUR Inst Acc € 103.32 - 0.12 - Forward pricing: The letter F denotes that that
EM Short Duration Fund Acc USD $ 136.22 - -0.22 0.00 Pictet-EUR Government Bonds I EUR € 177.67 - -0.65 0.00 65 Gresham Street, London, EC2V 7NQ
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.07 - 0.00 0.57 Global Value Credit Fund - USD Ord Acc. $ 198.36 - 0.17 - managers/operators deal at the price to be set at the
Pictet-EUR High Yield-I F € 287.30 - 0.25 0.00 Order Desk and Enquiries: 0345 601 9610
Short Dated Corporate Bond Fund Y ACC GBP £ 10.71 - 0.01 3.74 Asia Pacific Equity Income Fund - USD Ord Inc. $ 100.75 - 0.58 -
Pictet-EUR Short Mid-Term Bonds-I F € 137.65 - -0.03 0.00 WA Fixed Income Fund Plc (IRL) next valuation.
Authorised Inv Funds
Fidelity Special Situations Fund W-ACC-GBP £ 36.90 - -0.10 2.27 China Equity Fund - USD Ord Acc. $ 153.71 - 0.03 - Regulated
Kames Capital VCIC (IRL)
Dynamic European Equity Fund - EUR Ord Inc. € 185.70 - 0.26 -
Pictet-EUR Short Term HY I EUR € 128.98 - 0.04 0.00
Authorised Corporate Director - Link Fund Solutions Investors can be given no definite price in advance of
Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 - 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 100.59 - 0.00 0.00 European Multi-Sector € 124.02 - 0.47 3.30
Fidelity UK Select Fund W-ACC-GBP £ 3.20 - -0.01 1.96 Global Equity Conviction Fund - USD Ord Acc. $ 131.63 - -0.98 - LF Ruffer European C Acc 615.32 - 4.86 0.66 the purchase or sale being carried out. The prices
FCA Recognised Pictet-Euroland Index IS EUR € 165.03 - 1.30 0.00
Swiss Select Equity Fund - CHF Ord Acc.SFr 145.63 - -0.46 - LF Ruffer European C Inc 112.40 - 0.89 0.72 appearing in the newspaper are the most recent
Atlantas Sicav (LUX) Institutional OEIC Funds Absolute Return Bond B GBP Acc 1118.69 - -0.12 1.74 Pictet-Europe Index-I EUR F € 205.57 - 1.28 0.00
US Growth Fund - USD Ord Acc. $ 292.02 - -2.82 - LF Ruffer European O Acc 602.13 - 4.72 0.35 provided by the managers/operators. Scheme
Regulated Europe (ex-UK) Fund ACC-GBP £ 5.89 - 0.00 0.92 Pictet-European Equity Selection-I EUR F € 766.89 - -3.85 0.00
Eq Market Neutral B Acc 938.75 - -0.06 0.00 US Small Cap Growth Fund - USD Inst Acc $ 133.95 - -0.73 - LF Ruffer Equity & General C Acc 442.52 - 2.23 0.52 particulars, prospectus, key features and reports: The
American Dynamic $ 5061.92 5061.92 81.67 0.00 High Yield Global Bond A GBP Inc 519.63 - 0.20 3.65 Pictet-European Sust Eq-I EUR F € 294.25 - 0.60 0.00 most recent particulars and documents may be
Strategic Portfolio UCITS Fund - USD Inst Acc. $ 126.48 - -0.46 - LF Ruffer Equity & General C Inc 405.52 - 2.05 0.52
American One $ 4940.04 4940.04 63.07 0.00 Pictet-Global Bds Fundamental I USD $ 131.04 - -0.20 0.00 obtained free of charge from fund
High Yield Global Bond B GBP Inc 1103.26 - 0.43 4.31 All Weather Fund - EUR Inst Acc € 96.93 - 0.26 - LF Ruffer Equity & General O Acc 433.07 - 2.16 0.20 Yapi Kredi Asset Management (TUR)
Bond Global € 1533.59 1533.59 -9.79 0.00 Kames Emerging Market Bond Fund - B Acc USD $ 11.26 - -0.03 0.00 Pictet-Global Bonds-I EUR € 189.73 - -0.61 0.00 managers/operators. * Indicates funds which do not
Dynamic UK Equity Fund - GBP Inst Acc. £ 116.26 - 0.19 - LF Ruffer Equity & General O Inc 400.95 - 2.00 0.22 www.yapikrediportfoy.com.tr Tel: + 90 (212) 385 48 48
Eurocroissance € 1095.88 1095.88 16.52 0.00 Kames Global Equity Income B GBP Acc 1846.91 - 7.42 0.00 Pictet-Global Defensive Equities I USD $ 197.10 - 0.32 0.00 price on Fridays.
Global Alpha Fund - USD Ord Inc $ 107.12 - -0.30 - LF Ruffer Gold C Acc 189.10 - -3.75 0.00 Other International Funds
Far East $ 911.77 - 9.42 0.00 Kames Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Pictet-Global Emerging Debt-I USD F $ 439.69 - -0.71 0.00
Findlay Park Funds Plc (IRL) LF Ruffer Gold C Inc 114.45 - -2.27 0.00 Eurobond Fund TRY 0.138265 - -0.000521 - Charges for this advertising service are based on the
Kames Global Diversified Growth Fund - B Acc EUR € 11.21 - -0.02 0.00 Pictet-Global Env.Opport-I EUR € 231.45 - 1.21 0.00
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 LF Ruffer Gold O Acc 184.99 - -3.68 0.00 Koc Affiliate and Equity Fund TRY 0.890242 - 0.751456 - number of lines published and the classification of the
Kames Global Equity Market Neutral Fund - B Acc GBP £ 9.80 - -0.01 0.00 Pictet-Global Megatrend Selection-I USD F $ 315.10 - 0.64 0.00
FCA Recognised LF Ruffer Japanese C Inc 124.57 - -0.26 0.53 DPM Bonds and Bills Fund (FX) $ 1.038022 - 0.899236 0.00 fund. Please contact data@ft.com or
Global Sustainable Equity B Acc GBP £ 16.05 - -0.01 0.00 Pictet-Global Sust.Credit HI EUR € 158.32 - -0.20 0.00
LF Ruffer Japanese C Acc 267.42 - -0.56 0.53 call +44 (0)20 7873 3132 for further information.
American Fund USD Class $ 127.11 - -0.91 0.16 Global Sustainable Equity C Acc GBP £ 16.22 - 0.00 0.00 Pictet-Greater China-I USD F $ 661.05 - 0.76 0.00
LF Ruffer Pacific & Emerging Markets C Acc 363.47 - -4.12 1.27
American Fund GBP Hedged £ 65.49 - -0.47 0.17 Kames Absolute Return Bond Global Fund - B Acc GBP £ 10.30 - 0.00 0.00 Pictet-Health-I USD $ 318.05 - 1.30 0.00
Barclays Investment Funds (CI) Ltd (JER)
American Fund GBP Unhedged £ 98.47 - -0.12 0.16 Pictet-SmartCity-I EUR € 203.03 - 1.34 0.00
LF Ruffer Pacific & Emerging Markets C Inc 99.91 - -1.13 1.34
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Short Dated High Yld Bd B Acc GBP £ 10.54 - 0.01 0.00 LF Ruffer Pacific & Emerging Markets O Acc 355.37 - -4.05 1.00
Short Dated High Yld Bd C Acc GBP (Hdg) £ 10.61 - 0.00 0.00 Pictet-India Index I USD $ 124.89 - -0.16 0.00
FCA Recognised LF Ruffer Total Return C Acc 444.48 - -1.44 1.55
Strategic Global Bond A GBP Inc 1158.10 - 2.24 0.53 Pictet-Indian Equities-I USD F $ 599.69 - -0.52 0.00
Bond Funds LF Ruffer Total Return C Inc 290.36 - -0.94 1.57
Strategic Global Bond B GBP Inc 657.89 - 1.29 1.18 Pictet-Japan Index-I JPY F ¥ 18321.48 - 70.78 0.00
LF Ruffer Total Return O Acc 434.95 - -1.43 1.55
Sterling Bond F £ 0.49 - 0.00 1.77 Pictet-Japanese Equities Opp-I JPY F ¥ 11532.17 - 78.30 0.00
LF Ruffer Total Return O Inc 283.97 - -0.94 1.57
Pictet-Japanese Equity Selection-I JPY F ¥ 16911.90 - 124.18 0.00
Foord Asset Management Pictet-LATAM Lc Ccy Dbt-I USD F $ 145.64 - -0.56 0.00
Website: www.foord.com - Email: info@foord.com
Pictet-Multi Asset Global Opportunities-I EUR € 126.28 - 0.14 0.00
FCA Recognised - Luxembourg UCITS Pictet-Nutrition-I EUR € 240.29 - -0.07 0.00
Foord International Fund | R $ 40.26 - 0.00 - Link Asset Services (UK) Pictet-Pacific Ex Japan Index-I USD F $ 452.29 - 1.56 0.00
CCLA Investment Management Ltd (UK) Foord Global Equity Fund (Lux) | R $ 12.92 - -0.01 - 65 Gresham Street, London, EC2V 7NQ Northwest Investment Management (HK) Ltd Pictet-Premium Brands-I EUR F € 200.56 - 0.70 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET Order Desk and Enquiries: 0345 922 0044 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9331 9220 Pictet-Russia Index I USD $ 97.29 - 0.55 0.00
Regulated
Authorised Inv Funds Authorised Inv Funds Other International Funds Pictet-Russian Equities-I USD F $ 85.33 - 0.81 0.00
Foord Global Equity Fund (Sing) | B $ 15.83 - -0.02 0.00 Yuki International Limited (IRL)
Diversified Income 1 Units GBP Inc £ 1.60 1.60 0.00 1.69 Northwest China Opps Class T $ $ 2688.72 - 27.11 0.00 Pictet-Security-I USD F $ 289.02 - 1.35 0.00
Foord International Trust (Gsy) $ 39.96 - -0.01 0.00 Investment Adviser - Morant Wright Management Limited Tel +44-20-7269-0207 www.yukifunds.com
Diversified Income 2 Units GBP Inc £ 1.54 1.54 0.00 1.72 Northwest Feilong Class T $ $ 1882.68 - 15.28 0.00 Pictet-Select-Callisto I EUR € 98.36 - 0.03 0.00
Diversified Income 3 Units GBP Inc £ 1.55 1.55 0.00 1.70 LF Morant Wright Japan A Acc 390.08 - 6.25 0.85 Northwest Fund Class T $ $ 2432.91 - 53.42 0.00 Regulated
Pictet-Small Cap Europe-I EUR F € 1361.69 - 1.89 0.00
LF Morant Wright Japan A Inc 377.60 - 6.04 0.79 Northwest Warrant Class A $ $ 1167.71 - 102.98 0.00 Pictet-ST Emerg Local Currency Debt-I USD F $ 106.67 - 0.01 0.00 Yuki Mizuho Umbrella Fund
LF Morant Wright Japan B Acc 423.24 - 6.79 1.36
Pictet-ST.MoneyMkt-I € 138.41 - 0.00 0.00 Yuki Mizuho Japan Dynamic Growth ¥ 6448.00 - 56.00 0.00
LF Morant Wright Japan B Inc 383.42 - 6.14 1.38
Pictet-ST.MoneyMkt JPY I USD ¥ 100833.05 - -1.09 0.00 Yuki Japan Low Price ¥ 39939.00 - 251.00 0.00
LF Morant Wright Nippon Yield A Acc 414.69 - 6.76 2.84
Franklin Templeton International Services Sarl (IRL) Pictet-ST.MoneyMkt-ICHF SFr 120.34 - -0.01 0.00 Yuki Japan Value Select ¥ 13521.00 - 72.00 0.00
LF Morant Wright Nippon Yield A Inc 328.06 - 5.35 2.91
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Pictet-ST.MoneyMkt-IUSD $ 144.40 - 0.01 0.00 Yuki Asia Umbrella Fund
CG Asset Management Limited (IRL) LF Morant Wright Nippon Yield B Acc 438.44 - 7.15 2.83 S W Mitchell Capital LLP (IRL)
Other International Funds Pictet-Timber-I USD F $ 184.69 - 0.12 0.00
25 Moorgate, London, EC2R 6AY LF Morant Wright Nippon Yield B Inc 346.96 - 5.66 2.90 Regulated Yuki Japan Rebounding Growth Fund JPY Class ¥ 28774.00 - 129.00 0.00
Franklin Emerging Market Debt Opportunities Fund Plc Pictet TR-Agora I EUR € 126.57 - -0.41 0.00
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 SWMC European Fund B EUR € 17135.14 - -0.18 0.00 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1170.90 - 5.49 0.00
Pictet TR-Corto Europe I EUR € 142.10 - 0.14 0.00
FCA Recognised Franklin Emg Mkts Debt Opp CHFSFr 16.38 - 0.03 9.25 SWMC Small Cap European Fund B EUR € 13166.48 - 14.98 0.00
Pictet TR-Divers Alpha I EUR € 107.36 - -0.15 0.00
Franklin Emg Mkts Debt Opp GBP £ 10.63 - -0.02 6.70
CG Portfolio Fund Plc Pictet TR-Kosmos I EUR € 109.48 - -0.02 0.00
Franklin Emg Mkts Debt Opp SGD S$ 22.61 - 0.01 5.05
Absolute Return Cls M Inc £ 124.62 124.62 0.37 1.19 Pictet TR-Mandarin I USD $ 156.04 - -0.54 0.00
Franklin Emg Mkts Debt Opp USD $ 17.67 - 0.03 6.56
Capital Gearing Portfolio GBP P £ 33653.33 33653.33 87.54 0.95 Lloyds Investment Fund Managers Limited (1000)F (JER) Pictet-US High Yield-I USD F $ 175.42 - 0.09 0.00
Capital Gearing Portfolio GBP V £ 163.12 163.12 0.42 1.22 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Pictet-USA Index-I USD F $ 278.11 - 1.90 0.00 Zadig Gestion (Memnon Fund) (LUX)
Dollar Fund Cls D Inc £ 163.18 163.18 1.35 1.74 Other International Funds Pictet-USD Government Bonds-I F $ 707.06 - -2.12 0.00 FCA Recognised
Dollar Hedged GBP Inc £ 100.00 100.00 0.25 1.98 Pictet-USD Short Mid-Term Bonds-I F $ 138.01 - -0.07 0.00 Memnon European Fund - Class U2 GBP £ 178.03 - 1.11 0.00
Lloyds Investment Funds Limited
Real Return Cls A Inc £ 201.45 201.45 1.50 2.51 Pictet-USD Sov.ST.Mon.Mkt-I $ 108.60 - 0.00 0.00
Euro High Income € 1.5810xd - 0.0040 2.71 Oasis Crescent Management Company Ltd
GAM Pictet-Water-I EUR F € 406.26 - 1.34 0.00
High Income £ 0.8722 - 0.0038 3.73
funds@gam.com, www.funds.gam.com Other International Funds
Sterling Bond £ 1.5670xd - 0.0080 2.24
Regulated Oasis Crescent Equity Fund R 10.34 - -0.06 0.74
Lloyds Multi Strategy Fund Limited
LAPIS TOP 25 DIV.YLD-D £ 111.44 - 1.10 1.91
Conservative Strategy £ 1.2910 - 0.0030 0.00
Chartered Asset Management Pte Ltd Growth Strategy £ 1.8630 - 0.0050 0.00
Other International Funds Aggressive Strategy £ 2.5130 - 0.0110 0.00
CAM-GTF Limited $ 286811.16 286811.17 3910.00 0.00 Global USD Growth Strategy $ 1.6770 - 0.0000 0.00
CAM GTi Limited $ 680.46 - -39.43 0.00 Dealing Daily Oasis Global Mgmt Co (Ireland) Ltd (IRL) RobecoSAM (LUX)
Raffles-Asia Investment Company $ 1.40 1.40 -0.01 2.91 Genesis Investment Management LLP Regulated Tel. +41 44 653 10 10 http://www.robecosam.com/
Other International Funds Oasis Crescent Global Investment Fund (Ireland) plc Regulated
Emerging Mkts NAV £ 7.21 - -0.16 0.00 Oasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.99 - 0.00 2.46 RobecoSAM Sm.Energy/A £ 18.94 - 0.10 1.43
Oasis Crescent Global Equity Fund $ 30.73 - 0.03 0.60 RobecoSAM Sm.Energy/N € 17.91 - 0.01 0.00
Oasis Crescent Variable Balanced Fund £ 9.74 - 0.01 0.12 RobecoSAM Sm.Materials/A £ 187.42 - 0.82 1.55
Merit Fixed Income Fund RobecoSAM Sm.Materials/N € 200.96 - -0.03 0.00
Cheyne Capital Management (UK) LLP OasisCresGl Income Class A $ 10.83 - 0.01 2.96
+44-203-865-0430 RobecoSAM Sm.Materials/Na € 133.03 - -0.02 1.53
OasisCresGl LowBal D ($) Dist $ 12.15 - 0.00 0.94
Other International Funds https://www.meritkapital.co.uk Platinum Capital Management Ltd RobecoSAM Gl.Small Cap Eq/A £ 117.57 - 0.53 1.33
OasisCresGl Med Eq Bal A ($) Dist $ 12.87 - 0.01 0.48
Cheyne European Event Driven Fund (M) € 144.16 - -0.70 - MeritKapital UK Ltd Oasis Crescent Gbl Property Eqty $ 9.37 - 0.00 1.59 Other International Funds RobecoSAM Gl.Small Cap Eq/N € 216.92 - 0.01 0.00
price updated (D) daily, (W) weekly, (M) monthly Merit Fixed Income Fund $ 1042.31 - 4.21 0.00 RobecoSAM S.HealthyLiv/B € 225.75 - -0.29 0.00
Platinum All Star Fund - A $ 131.90 - - -
RobecoSAM S.HealthyLiv/N € 216.54 - -0.26 0.00
Platinum Global Growth UCITS Fund $ 10.37 - -0.11 0.00
RobecoSAM S.HealthyLiv/Na £ 156.77 - 0.52 1.19
Platinum Global Dividend UCITS Fund $ 56.66 - -0.22 0.00
RobecoSAM S.Water/A £ 260.68 - 1.00 1.30
RobecoSAM S.Water/N € 234.03 - -0.17 0.00
 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
Thursday 24 October 2019 ★ FINANCIAL TIMES 21

MARKETS & INVESTING

Equities. Policy reversal Equities

Real estate
Hong Kong property reforms group joins
spate of pulled
threaten to overheat prices Australia IPOs
DANIEL SHANE — HONG KONG

PropertyGuru, an online real estate

Respite for real estate groups
but doubts over whether
shake-up will fix supply issues
HUDSON LOCKETT — HONG KONG
Hong Kong’s chief executive Carrie Lam
has been keen to focus on economic dis-
content rather than the political drivers
of the territory’s worst crisis since the
end of British rule more than 20 years
ago. Her prime target — lifting more
Hong Kongers on to the property ladder.
Ms Lam announced a series of meas-
ures last week that included seizing land
from private landlords to build public
housing and relaxing mortgage require-
ments for first-time buyers.
Hong Kong-listed real estate stocks
jumped as a result with developers add-
ing about $4bn to their market capitali-
sations, as investors focused more on
the boost to demand than any unlocking
of supply.
But the government’s desire to sup-
port homebuyers signals a reversal after
years of attempts to damp demand and
has raised concerns from analysts that it
could overheat a housing market that is
already ranked as the world’s least
affordable.
Under the changes to mortgage
requirements, first-time buyers can
borrow up to 90 per cent of the value of a
property worth as much as HK$8m
(US$1m) — up from HK$4m.
They can use 80 per cent leverage to
buy a property worth as much as
HK$10m, up from HK$6m.
David Ng, an analyst at Macquarie
Capital, said the changes were a “dan-
gerous move” that could boost prices in
the secondary market, which are only 5
per cent off their record high in June.
Hong Kong property prices still near record highs
Centaline Property Centa-City Leading index
1997 2000 05
Source: Centaline Property Agency
Yafei Tian, a banking analyst at Citi-
group, said loosening mortgage require-
ments ran counter to a decade of caps on
loan-to-value ratios from the Hong
Kong Monetary Authority, the city’s de
facto central bank, which were sup-
posed to curb runaway prices.
These restrictions had the effect of
“pricing a lot of people out of the
market”, she added.
While Ms Lam’s new housing policy
was well intentioned, Ms Tian said, it
came at a time when property prices
were already elevated due partly to a
decade of steady demand from main-
land Chinese buyers.
For property groups run by the terri-
tory’s tycoons, recent stock market
gains are a welcome respite from a price
rout driven by anti-government pro-
tests over a proposed law that could
have seen criminal suspects extradited
to mainland China.
The bill has since been withdrawn but
protesters’ demands have now broad-
ened to include democratic reforms
amid increasingly violent clashes with
police.
Even after the latest fillip, shares in
200
150
100
50
0 snapped up by developers.
10 15 19
Sun Hung Kai and Wheelock Properties,
two of the territory’s biggest developers,
are down more than 13 and 11 per cent,
respectively, since the end of June.
The other plank of Ms Lam’s housing
plans is boosting housing supply to help
keep a lid on prices. This will be a chal-
lenge. But according to Christopher Yip,
analyst at Standard and Poor’s, “there
really isn’t much out there” that can
change the supply enough to fix the
imbalance with demand.
He pointed to a dearth of available
flats and a surplus of demand driven by
Hong Kongers less willing to live with
their parents after marriage, as well as
steady flow of immigration from the
mainland.
A UBS analysis of property market
bubbles worldwide, published last
month, ranked Hong Kong as the most
expensive among 25 global cities.
The territory’s median home price
has risen to almost 21 times the median
household income, according to public
policy group Demographia.
Meanwhile, government data show
that the average wait for public housing
provided to low-income households has
Hong Kong’s risen to five and a half years. To improve
plans to ease access, Ms Lam plans to seize about 700
rules for new hectares of land over the long term,
buyers and seize under the territory’s Land Resumption
land for home Ordinance — a huge increase on the 20
building could hectares that Citi estimates has been
lead to sky-high taken into public hands under that law
property prices over the past five years.
Alamy
But landowners must be compen-
sated for assets taken by the govern-
ment and many of the agricultural plots
being targeted have already been
In 2017, a CGS-CIMB Securities report
calculated that farmland held by four
developers — Sun Hung Kai, Henderson
Land, Cheung Kong and New World
Development — could be built out to
provide 150m square feet of gross floor
space. That is enough to meet nearly a
decade of estimated demand in Hong
Kong with flats much more spacious
than the average.
But David Webb, a Hong Kong-based
activist investor, cautioned that agricul-
tural plots in Hong Kong were often
scattered and took time to consolidate
and rezone.
Greater blame for the housing short-
age, he said, lay with the government,
which has in the past limited land auc-
tions to support property prices.
“It’s not so much the developers are
hoarding land but that they and the gov-
Changes ernment are in cahoots over the supply,”
he said, pointing to local tycoons’ exten-
were a sive representation in the 1,200-mem-
‘dangerous ber election committee which chooses
Hong Kong’s chief executive.
move’ that “Because of that structure, the gov-
could boost ernment has to respond to the wishes of
tycoons,” said Mr Webb. “In practice,
prices in the there are a lot of inefficiencies baked
secondary into that system until we democratise
the election committee and [Hong
market Kong’s] legislative council.”
portal focused on south-east Asia, has
shelved plans for a stock market listing
in Australia, the latest in a string of with-
drawn share offerings in the country.
Singapore-based PropertyGuru said
in a statement yesterday that its board
had decided not to proceed with its pro-
posed initial public offering in Sydney
where it was looking to raise as much as
A$380m ($260m).
The shares, which were marketed in
an indicative range of A$3.70 to A$4.50
each, had been due to start trading on
the Australian Securities Exchange
tomorrow.
“Despite strong engagement through-
out the process with prospective inves-
tors, the board and existing sharehold-
ers have determined not to proceed with
the offer,” said Olivier Lim, Property-
Guru chairman, in the statement. “This
decision took into account current IPO
market sentiment.”
Private equity groups KKR and TPG,
which own a combined 58 per cent stake
in PropertyGuru, did not respond to
requests for comment.
A person familiar with Property-
Guru’s plans said: “The economy [in
Australia] is soft, the housing market is
sketchy and recovering from a big drop,
consumer sentiment isn’t great, and
‘This decision [to pull
the listing] took into
account current IPO
market sentiment’
plenty of people think the market has
peaked.”
“IPOs have certainly lost momentum
in Australia, falling from about 35 per
cent share of the PE exit market in
2013-15 to 2 per cent for 2016 to first-
half 2019,” said Johanne Dessard, prac-
tice director, global private equity at
Bain & Co. “PE firms tend to favour sec-
ondary sales and trade exits in Aus-
tralia, which offer more certain acquisi-
tions and quicker deals.”
PropertyGuru’s decision comes after
Latitude Financial, Australia’s biggest
non-bank lender, pulled its listing just
over a week ago, citing fears that shares
would have fallen in their debut.
Latitude, which like PropertyGuru is
backed by KKR, had been expected to
raise A$1bn in what would have been
Australia’s biggest listing this year.
Several smaller offerings have also
been shelved. Bain Capital-backed
Retail Zoo, which makes health juices,
said yesterday it would not be going
ahead with an IPO. MPC Kinetic, which
provides services to upstream energy
clients, did likewise two weeks ago.
“The risk appetite among fund man-
agers is low for primary listings — it’s
FastFT both a valuation and quality issue,” said
Our global Matthew Haupt, portfolio manager at
team gives you Wilson Asset Management. “One factor
market-moving is that some recent listings . . . haven’t
news and views, performed well, which points to a mis-
24 hours a day match between valuation and quality.”
ft.com/fastft Additional reporting by Jamie Smyth in
Sydney

Currencies Fixed income

Traders unwind bearish bets on pound
after breakthrough in Brexit talks
TOMMY STUBBINGTON
Investors have spent much of the past
three years fretting about slumps in
sterling but traders are no longer
positioning for a weakening UK
currency after the recent break-
through in Brexit talks and have begun
to unwind a series of related bets.
The two-year inflation swap, a closely
watched gauge of the market’s short-
term expectations for retail price rises,
has tumbled to as low as 3.1 per cent
from 3.6 per cent two weeks ago.
The decline, which is by some dis-
tance the sharpest since the height of
the financial crisis, has brought UK
inflation expectations close to their
lowest level in the period since the 2016
referendum on EU membership.
That vote and ensuing collapse in
sterling unleashed a wave of price rises
as the weaker pound drove up the cost of
imported goods. The fall over the past
week implies that fund managers are
abandoning bets on a second inflation-
ary spike.
“To see such a sharp move in a short
space of time is quite striking,” said
Theo Chapsalis, head of UK rates strat-
egy at NatWest Markets. “If you take out
no-deal risks, you have to go back to
pricing in what inflation used to be,
under more normal conditions.”
Swap transactions involve two sides
agreeing an exchange of cash flows.
Inflation swaps are used by investors to
place bets on future inflation rates or to
protect their portfolios against rising
prices.
The recent sterling rally — it has
surged more than 5 per cent against the
dollar over the past two weeks, easily
The pound has rallied more than
5 per cent over the past two weeks
the biggest gain among major curren-
cies — should be enough to drag down
inflation on its own, by making imports
more affordable.
But the moves in swaps are sharper
than those implied by the currency
gains alone. That is because some inves-
tors have sold their hedges against fur-
ther steep declines in sterling as the risk
of a no-deal Brexit, including potential
bottlenecks at ports and potential tar-
iffs, has appeared to recede.
“Another leg down in sterling would
mean imported inflation,” said Howard
Cunningham, a fund manager at New-
ton Investment Management. “But as
we look at a possible deal, the currency
effect could go into reverse.”
Yesterday, the two-year sterling infla-
tion swap was trading at 3.154 per cent,
its lowest level since May 2018.
Longer term expectations of UK infla-
tion have also fallen, although they
remain high compared with record-low
levels in other major economies such as
the euro area.
“The UK won’t be immune to those
disinflationary forces coming from else-
where,” said Daniela Russell, head of UK
rates strategy at HSBC.
Bankers mount defence of bond issuers
against ‘greenwashing’ accusations
PATRICK TEMPLE-WEST — WASHINGTON
Banks in the booming green bond
market are bristling against claims
from sceptical investors that some
issuers’ eco-friendly credentials are
little more than marketing.
Executives have defended issuers
against the “greenwashing” accusations,
saying that, while green bonds may be
an imperfect weapon in attacking
climate change, they can still help to
move companies in a cleaner direction.
“There is not a lot of greenwashing,”
said Ralph Hamers, chief executive of
Dutch bank ING. “A lot of issuers are
really serious about this subject and are
really identifying specific projects that
they target with this kind of money.”
Mr Hamers said the industry, as it
matures, would get better at assessing
which deals are genuinely benefiting the
environment.
This month, the total amount of sus-
tainable debt in global markets sur-
passed $1tn, according to an estimate
from BloombergNEF, a data provider.
Crédit Agricole CIB leads a league
table for green bond underwriters so
far this year, judged by funds raised,
according to data from Dealogic. Bank
of America Merrill Lynch was in
second place.
As the market has grown, so has
investor scrutiny. Just as asset managers
have faced questions over whether the
make-up of their environmental, social
and governance-focused equity funds
justify their labels, green bonds have
been branded oxymoronic when issued
‘We would like to be the
bank that helps every
client. We might be a little
bit critical in the future’
by groups or nations contributing to glo-
bal greenhouse gas emissions.
A green bond issued this month by
shipowner Teekay Shuttle Tankers
drew fire for questionable eco-friendli-
ness — it was raising money to build four
new fuel-efficient tankers.
Johan Torgeby, chief executive of
Swedish bank SEB, an underwriter on
the bond, said there were shades of
green. The Teekay deal, he said, was
“not necessarily a dark green one for the
activists who like to say there is no
carbon capture here. We would like to
be the bank that helps every single cli-
ent on their journey, and we might be a
little bit critical in the future if we do not
believe the journey to be fast enough or
strong enough.”
Green bonds by telecoms group
Verizon this year to fund 5G expansion
prompted analysts at Morgan Stanley in
a report “to question this green classifi-
cation” for the use of proceeds.
To standardise what qualifies as green
bonds, the International Capital Mar-
kets Association has established volun-
tary guidelines.
“The borders of what can reasonably
be called green have been tested a few
times,” said Johanna Köb, head of
responsible investment at insurance
group Zurich, adding that greenwash-
ing, in her view, did not happen often.
“The world is not black or white,”
said Kjerstin Braathen, head of Norwe-
gian financial services group DNB,
another Teekay underwriter. “It is not
going to be green or brown. It is really a
broader part of the full business envi-
ronment that has to transition into a
new world.”
 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
22 ★ Thursday 24 October 2019

The day in the markets Sugar rush after

What you need to know
India’s tax cut
3 Texas Instruments results ricochet
starts to wear off
across chipmakers
Texas Instruments’ gloomy outlook takes its toll on tech
3 Lira rallies after US lifts sanctions Indices rebased
against Turkey 104
3 Brent crude breaks $60-a-barrel mark
S&P 500
Benjamin Parkin
Stocks swung between modest gains and
losses yesterday as investors assessed
the latest Brexit developments and
103
Markets Insight
dissected a stream of earnings results.
The pound edged back from the week’s 102

I
highs, steadying at $1.2888 against the t was a fitting image. Days after his But the experience of the US, which nerves. The collapse of IL&FS led to a
dollar, after parliament on Tuesday night finance minister announced a lowered its corporate tax rate from 35 to funding squeeze across India’s lenders
supported the prime minister’s deal to 101 surprise $20bn corporate tax cut 21 per cent in December 2017, offers a with the central bank forced to take over
withdraw the UK from the EU but then last month, India’s prime minister somewhat underwhelming parallel a co-operative bank last month.
voted against his fast-track timetable for S&P 500 Information Technology Narendra Modi strolled on to a about the lasting effects of such a move. Investors in India also have to con-
Britain’s departure. 100 stage in Houston with none other than Since its January 2018 peak, the S&P tend with slowing growth beyond the
This political manoeuvring thrust a 10 Oct 2019 23 the US’s own tax cutter-in-chief. 500 equity index is up only another 5 country’s borders. While the relatively
general election back on to the agenda. Awash with praise both at home and per cent with big falls in the interim. introverted South Asian economy is bet-
Source: Bloomberg
“If Boris [Johnson] is able to secure early abroad for the reform, the raucous Business confidence has faltered as ter shielded from global headwinds than
elections, the kneejerk reaction in the “Howdy Modi” rally alongside Donald concerns have grown about the trade other emerging markets, a fifth of GDP
pound would also probably be lower,” Trump was a triumphant moment for war with China and its potentially comes from gross exports, according to
said Stephen Gallo, European head of FX in the Philadelphia Semiconductor index, retreated 3 basis points to 0.69 per cent. the Indian premier. destructive effect on the global econ- investment bank Morgan Stanley. That
strategy at BMO Capital Markets. which tracks 30 companies in the sector. In Asia, Japan’s Topix was the only The convenient timing of the sortie omy. This is reflected by a sustained leaves equity investors with plenty to
“But a Conservative majority and the “Texas Instruments was a massive leading index in positive territory, rising even prompted the embittered opposi- slide in the Business Roundtable’s CEO lose if the world enters a recession.
prospect of the withdrawal agreement disappointment for those looking for 0.6 per cent, while Hong Kong’s Hang tion politician Rahul Gandhi to snipe Economic Outlook Index. Edelweiss, a local broker, initially esti-
finally getting through the House should early signs of a rebound in the Seng index fell 0.8 per cent after it was that the rally was “the world’s most There are of course enormous differ- mated an 8 to 10 per cent boost to corpo-
eventually push the pound back up semiconductor industry,” said Peter reported that Beijing was seeking to expensive event, ever!” rate earnings from the tax cut but
Nirmala Sitharaman, India’s finance revised its range down to 1 to 3 per cent
again,” he added.
The Turkish lira rose more than 1.3 per
Garnry, head of equity strategy at Saxo
Bank.
replace Carrie Lam, the territory’s
embattled chief executive, on the back of minister, had caught markets on the
‘The first 48 to 72 hours in light of concerns about the economy.
cent to TL5.7340 against the dollar after The day’s pensive mood helped to lift months of political unrest. hop by lowering corporate taxes from was a reaction like when Capital Economics expected the
an effective rate of around 35 per cent to Sensex to end the year at 37,500 —
the US said it was lifting sanctions
against Turkey.
haven assets such as gold and high-
quality government bonds.
Brent crude, the international
benchmark, broke through the $60-a- 25 per cent — with a special 17 per cent
you say to someone, hey, higher than its level before the tax cut
In US equities, a gloomy sales outlook The metal rose more than 0.3 per cent barrel barrier, rising more than 1.7 per tariff for newly created manufacturing I’ve got a bag of goodies’ was announced but down about 4 per
from Texas Instruments spooked to close to the $1,500 an ounce mark cent, while WTI, the US marker, rose 1.8 companies. cent from current levels. “We think the
chipmakers, leading to a 1.4 per cent fall while the yield on the 10-year gilt per cent to $55.46 a barrel. Ray Douglas Indian stocks jumped as if Ms Sithara- rally in local equities will be shortlived,”
man had stabbed them with an adrena- ences, not least that the US appeared to it said.
lin shot. The Bombay Stock Exchange’s be at the peak of a cycle as its cut took The key, investors said, was patience.
Markets update Sensex index closed 5 per cent higher effect while India is chugging along at The tax cut brings India’s corporate rate
following the announcement, the big- what many hope will be the bottom. But in line with other emerging markets,
gest one-day move in a decade, and with the initial sugar high over, Indian leaving the country better poised to pick
pushed still higher the next day. investors are left to consider a more up manufacturers fleeing tariffs levied
US Eurozone Japan UK China Brazil Some of that was relief. GDP growth sombre picture. as part of the US-China trade dispute.
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa had slowed to a six-year low, at 5 per “The first 48 to 72 hours was an The extra cash could mean extra
Level 3000.02 1549.32 22625.38 7260.74 2941.62 107164.70 cent year-on-year between April and immediate reaction, [like] when you investment, and herald further reforms.
% change on day 0.13 0.06 0.34 0.67 -0.43 -0.20 June, which was quite a comedown for a say to someone, hey, I’ve got a bag of “This is a large transfer from the public
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ large economy celebrated until recently goodies,” said Nitin Bhasin, head of sector to the private sector,” said one
Level 97.546 1.112 108.620 1.288 7.074 4.067 as the world’s fastest growing. Traders research at brokerage Ambit Capital. Mumbai-based analyst.
% change on day 0.021 -0.090 0.055 -0.232 -0.104 -0.398 had been made miserable by a months- “Now the market is adjusting to reality.” That is why India-watchers said
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond long decline in equities. That reality is a domestic — and global investors would be wise to stick around.
Yield 1.748 -0.394 -0.143 0.599 3.216 6.700 Hence the jubilance among execu- — economy facing big obstacles. India’s “The euphoria seems to have gone
Basis point change on day -4.030 -2.700 -0.220 -2.800 -0.400 0.700 tives and investors who celebrated the financial system has faced a reckoning away,” said Prabodh Agrawal, chief
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX) tax cut as a masterstroke that would since triple A rated infrastructure financial officer of IIFL, a financial
help drag India’s stock market and the lender IL&FS collapsed last year, spark- group. “But the long-term benefits will
Level 348.41 60.45 55.31 1485.35 17.63 2811.10
wider economy out of a rut. “This is the ing fears of contagion. Both public and be there.”
% change on day 0.01 1.46 1.94 -0.42 -0.56 0.01
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.
best move ever,” said one pharmaceuti- private lenders have built up alarming
cal CEO. piles of bad loans, adding to sector benjamin.parkin@ft.com
Main equity markets
S&P 500 index Eurofirst 300 index FTSE 100 index
3040 1560 7520

2960 1520 7360

2880 1480 7200

| | | | | | | | |
2800 | | | | | | | | | | | | | | | | | | | |
1440 | | | | | | | | | | | | | | | | | | | | 7040 | | | | | | | | | | |

Aug 2019 Oct Aug 2019 Oct Aug 2019 Oct

Biggest movers
% US Eurozone UK
Avery Dennison 7.88 Novozymes 4.93 M&g 5.60
Rollins 7.53 Seadrill 3.21 Evraz 3.37
Ups

Alexion Pharmaceuticals 6.99 Norsk Hydro 3.12 Standard Life Aberdeen 2.78
Invesco Ltd 6.43 Evonik Industries 2.32 Crh 2.43
Boston Scientific 6.42 Bayer 2.31 Prudential 2.39
%
Texas Instruments -6.58 Stmicroelectronics -2.84 Royal Bank Of Scotland -2.91
Chipotle Mexican Grill -5.72 Dnb -2.73 Hiscox Ltd -2.89
Downs

Analog Devices -4.35 Heineken Holding -2.69 London Stock Exchange -2.78
Microchip Technology -3.77 Coloplast -2.35 Barratt Developments -2.42
Ww Grainger -3.01 Adidas -2.20 Berkeley Holdings (the) -2.29
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 Eurozone London

Texas Instruments led the US chipmakers Carl Zeiss Meditec dropped after revising M&G, Prudential’s recently demerged
sharply lower after it kicked off earnings a trading update given at the start of European arm, rallied to the top of the
season with a warning that its markets October to cut earnings expectations. FTSE 100 gainers after brokers including
had deteriorated further. The medical laser maker stuck with its Deutsche Bank, Barclays and JPMorgan
Intel, Analog Devices, Qualcomm and previous sales target but said margins Cazenove all advised buying.
Micron all retreated after TI said trade would be materially weaker than The stock had fallen sharply on
tension had made buyers far more indicated, which led analysts to cut profit Tuesday following a placing by Prudential
cautious in recent months. estimates by about 7 per cent. shareholders.
Caterpillar also fell after a profit Carl Zeiss’s correction was due to the “While the business outlook might be
warning, with the industrial bellwether discovery of higher than expected unexciting, the share price offers
cutting year-end guidance to reflect external costs and a greater proportion of surprisingly compelling value”, said
subdued construction markets across the sales coming from low-margin equipment, Deutsche Bank, which forecast M&G to
Asia-Pacific region due mostly to lower according to Kepler Cheuvreux analysts. deliver a dividend yield of nearly 17 per
demand from China. Jewellery retailer Pandora led Stoxx cent over the next 18 months.
Mixed third-quarter figures sunk Eli Europe 600 gainers after an upgrade Prudential was helped by Barclays
Lilly. Headline earnings beat consensus from “sell” to “hold” from Carnegie calling it “the only true large-cap growth
forecasts thanks to cost-cutting and Securities, the Swedish research house. stock in the sector”.
lower taxes but the drugmaker’s key Initial feedback on Pandora’s brand Hunting, the oilfield equipment maker,
growth franchises, including diabetes relaunch and new product ranges gained after Jefferies started coverage
treatment Trulicity and Taltz, its psoriasis suggested that momentum had improved with a “buy” rating.
drug, disappointed due to weak pricing. so that investors were better to take a While the outlook for US shale gas
Walgreens Boots retreated after wait-and-see approach, Carnegie said. dominated the investment case, Hunting
JPMorgan turned cautious. The retailer’s Swedbank fell as rising costs meant its had an opportunity to make bolt-on
profit growth was unlikely to improve in third-quarter earnings missed forecasts. acquisitions and had an improving
the short term because of US Storebrand gained after quarterly international business, Jefferies said.
reimbursement pressure and challenges results from the Norway-based life Antofagasta edged higher after the
in its UK business, the broker said. insurer showed improved solvency ratios, copper miner said third-quarter output
Roomba maker iRobot tumbled after which revived hopes of a cash return was up 4.6 per cent, in spite of potential
cutting earnings targets for both 2019 early next year. disruption from civil unrest in Chile.
and 2020 due to tariff-related expenses, Schibsted, the Scandinavian media Fresnillo slipped after cautioning that
which it had failed to pass on to group, faded after Kepler turned cautious full-year gold production would be at the
customers with higher prices. Bryce Elder on valuation grounds. Bryce Elder lower end of its target range. Bryce Elder