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THE FINANCIAL TIMES
LIMITED 2012 No: 37,942

Printed in London, Liverpool, Dublin,

Frankfurt, Brussels, Stockholm, Milan,
Madrid, New York, Chicago, San Francisco,
Dallas, Orlando, Washington DC,
Johannesburg, Tokyo, Hong Kong,
Singapore, Seoul, Abu Dhabi, Sydney
Mediobanca moves to
oust Generali chief
Mediobanca, the Milan
investment bank that has
dominated Italian finance for
most of the past 60 years, is
preparing an attempt to oust
Giovanni Perissinotto, the
chief executive of Italian
insurer Generali, according
to two people familiar with
the situation. Page 13
Pentagon under fire
The Pentagon is gradually
unveiling battle guidelines
that will underpin the US
strategic shift towards Asia,
but they are generating
controversy at home and in
the region. Page 6
Romney talks tough
The Republican presidential
candidate Mitt Romney is
taking an aggressive tone on
Chinas economic policies,
but the strategy runs the
risk of alienating some of his
allies in corporate America.
Page 4; www.ft.com/uselection
Kidnap rocks Lebanon
The kidnap of 11 Lebanese
Shia pilgrims in Syria last
week threatens to destabilise
Lebanon, analysts say, if
Lebanese Shia seek revenge
attacks. Page 6;
Philip Stephens, Page 9;
www.ft.com/syria
Boost for Philippines
It has been a good week for
the Philippines, with the
economy defying forecasts
by growing 6.4 per cent in
the first quarter and
Moodys upgrading the
country to stable. Page 5;
www.ft.com/beyondbrics
Xstrata payout risks
Xstratas chief executive will
receive retention payments
of nearly 29m should the
miners merger with
Glencore go through, risking
a backlash from investors.
Page 13; Lex, Page 12
News Briefing
Indian
growth
lowest for
a decade
By James FontanellaKhan
in New Delhi
India became the latest develop-
ing economy to hit the brakes
yesterday after it recorded its
slowest expansion in almost a
decade, partly because of politi-
cal paralysis that economists
fear could lead to a bigger crisis.
The economy expanded at an
annual rate of 5.3 per cent in the
first quarter, from 9.2 per cent
in the same period last year, as
agriculture and manufacturing
were hit by sharp slowdowns.
The news comes as first-
quarter US growth was revised
down from 2.2 per cent to 1.9 per
cent, fuelling further concerns
over weak global growth.
Indias slowing emerging
economy joins those of China
and Brazil, both of which have
shown signs of a slowdown in
recent months.
Chinas purchasing managers
index, due to be released today,
is set to confirm weaker indus-
trial orders. Brazils central
bank, meanwhile, this week cut
its benchmark rate to a historic
low as part of efforts to revive
growth in Latin Americas larg-
est economy.
Pranab Mukherjee, Indias
finance minister, blamed the
weak data on the poor perform-
ance of the manufacturing sec-
tor, which shrank 0.3 per cent
from a year earlier. He also
promised to take all necessary
steps to trim the countrys bal-
looning budget and current
account deficits, which are a big
drag on growth.
But economists close to the
government said it needed to act
quickly to repair confidence.
Govinda Rao, a member of the
economic advisory council to
the premier, said the latest data
should be the final wake-up
call for the government.
Indias growth in the first
three months of this year was
slower than after the collapse of
Lehman Brothers in late 2008,
when it decelerated to an
annual rate of 5.8 per cent.
Loss of US momentum, Page 4
Policy dilemma, Page 5
Separate section
Cybersecurity
Warnings of war serve to focus
minds
TOMORROW IN
FT WEEKEND
How To Spend It
A wine festival
with philanthropic
clout, Marrakechs
new wave of
luxury hotels
Plus a special
18page diamond
jubilee section
Twelve years as a
corporate hippy
Business Life, Page 10
Time to break the glass?
The eurozone on edge. Robert Zoellick, Page 9
Capital f light in first three months Draghi hits at handling of Bankia
Spain suffers 100bn exodus
German chancellor Angela Merkel at Ozeaneum, a museum of the sea in Stralsund, Germany, the venue for a meeting of the Council of the Baltic Sea States yesterday epa
Rubbish revolt
As campaign pledges go, a
promise not to privatise the
rubbish removal industry does
not typically inspire the
masses. But it resonated in
the Greek town of Keratea
when delivered by Alexis
Tsipras, the leftwing leader
vying to become prime
minister. The town was the
scene of a 128day standoff
between police and protesters
over a plan to build an
EUfunded rubbish dump to
serve the capital. Page 2
By Claire Jones and
Patrick Jenkins in London
and Miles Johnson in Madrid
Madrid was dealt a double blow
yesterday after it emerged that
almost 100bn in capital had
left the country in the first
three months of the year and
the head of the European
Central Bank lambasted its
handling of Bankia, the trou-
bled lender.
Data published by Spains
central bank showed 97bn had
been pulled out in the first
quarter about a 10th of the
countrys gross domestic prod-
uct as concerns mounted over
Madrids ability to contain its
twin economic and financial
crises, which have forced
government borrowing costs to
euro-era highs.
The data seemed to corrobo-
rate earlier assessments from
economists that foreign inves-
tors were selling Spanish
assets, while Spanish banks
were increasing holdings of
domestic bonds, helped by cash
accessed through the ECBs
three-year liquidity operations.
My concern is we havent
yet seen the most recent num-
bers, which could be far worse,
said Raj Badiani, an economist
at IHS Global Insight. We are
seeing a perfect storm.
In a damning indictment of
Spains handling of Bankia, its
third-largest lender, Mario
Draghi, ECB president, said
national supervisors had
repeatedly underestimated the
amount a rescue would cost. He
cited the rescue of Dexia, the
Franco-Belgian lender, as
another example.
There is a first assessment,
then a second, a third, a
fourth, Mr Draghi said. This
is the worst possible way of
doing things. Everyone ends up
doing the right thing, but at the
highest cost.
Mr Draghis comments come
after Spain announced last
week it would inject an extra
19bn of capital into Bankia.
Madrids biggest bank national-
isation will take the total state
aid pumped into Bankia to
23.5bn. In February, Spain
said no more public money
would be needed for its banks.
Mr Draghi said the lesson
from Bankia was that supervi-
sion of banks which presented a
risk to the entire eurozone
financial system should rest
with a centralised authority,
rather than national regulators.
Strengthening the European
Banking Authority, a small
regulatory body that relies on
national regulators to interact
with banks in each EU member
country, could help advance the
case for pan-European bank
bailouts. That idea has been
advocated by peripheral euro-
zone bankers and policy makers
as a means to break the feed-
back loop between troubled
sovereign finances and weak
banks in need of state bailouts.
Some European policy mak-
ers see a more powerful pan-EU
banking supervisor as a vital
prerequisite for further mutual-
isation of European funding
issues, including the potential
opening up of the European
Stability Mechanism as a bail-
out equity investor in banks.
The main argument against
the ESM taking direct bank
stakes is that currently it is up
to national authorities to decide
on the financing needs of their
own troubled institutions, said
one European official. If a
European entity is going to
inject money into a bank it
needs to have confidence in the
numbers.
Additional reporting by
Brooke Masters in London
Eurozone woes, Pages 2 & 3
Editorial Comment, Page 8
Robert Zoellick, Page 9
Markets, Pages 2426
www.ft.com/brusselsblog
By Alan Rappeport in New York
An anti-obesity initiative
launched by Michael Bloomb-
erg, New Yorks mayor, to ban
the sale of supersized sweet-
ened drinks in restaurants, cine-
mas and stadiums has attracted
fierce criticism from the US
beverage industry but won
praise from public health
experts, who are urging others
to adopt the model.
Mr Bloombergs plan would
stop food service establishments
selling sugary drinks in portions
bigger than 16 ounces (475ml).
Diet sodas or drinks containing
milk would be exempt, and res-
taurants could still offer free
refills.
New Yorks department of
health said large portion sizes
were contributing to the widen-
ing obesity epidemic, pointing
to data that show more than
half of adult New Yorkers are
overweight or obese. The admin-
istration said people were con-
suming bigger soda portions
with more empty calories but
not feeling fuller or less thirsty.
However, Stefan Friedman,
spokesman for the New York
City Beverage Association, said:
The city is not going to address
the obesity issue by attacking
soda because soda is not driving
the obesity rates.
Mr Bloombergs success at
driving public health initiatives
including banning indoor
smoking and enforcing calorie
labelling at restaurants has
prompted accusations of nanny
statism. Yet his administrations
policies have been applauded by
public health officials and emu-
lated around the world a fact
not lost on the drinks industry.
Coca-Cola, the worlds largest
soft drink maker by revenues,
said in a statement: New York-
ers expect and deserve better
than this. They can make their
own choices about the bever-
ages they purchase.
PepsiCo, the food and bever-
age group, had no comment on
the Bloomberg proposal. How-
ever, in an interview last month
Derek Yach, PepsiCos head of
global health policy, acknowl-
edged the beverage industry
should do more to market mod-
eration. I actually think there
are more innovative ways we
could help people on the bever-
age side, Mr Yach said. Some-
times it will mean limiting the
actual portion size of a can.
The latest proposal came after
the beverage industry success-
fully beat an earlier attempt by
Mr Bloomberg to implement a
tax on soda.
Public health experts praised
the latest plan and said the ban
could be replicated elsewhere.
This addresses the single
most important issue in devel-
opment of obesity, which is
overconsumption of calories,
said Marion Nestle, a public
health and nutrition professor
at New York University. I do
think it will become a model, if
they can get away with it.
Obesity has become an
increasing concern globally. The
World Health Organisation esti-
mates that 500m, or 12 per cent
of the worlds population, is
obese.
Mr Bloombergs proposal will
be submitted to the New York
City board of health, which will
vote on the amendment after a
three-month comment period.
Critics take pop at NewYork soda ban plan
Size of a typical US
fast-food outlets soda
Source: US department of agriculture
1957
8oz
1997
32-64oz
JUNE 1 2012 Section:FrontBack Time: 31/5/2012 - 20:34 User: robertss Page Name: 1FRONT EUR, Part,Page,Edition: EUR, 1, 1
2

FINANCIAL TIMES FRIDAY JUNE 1 2012
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By Eric Sylvers in Rome
The European Central Bank
still has tools at its disposal
if governments do not heed
its call to act to calm mar-
kets and stimulate growth,
Ignazio Visco, a member of
the ECBs governing coun-
cil, said yesterday.
The central bank has not
ruled out a third longer-
term refinancing operation
(LTRO), though one is not
necessary at present, Mr
Visco, governor of the Bank
of Italy, said in a Financial
Times interview.
He said: I dont think
there should be any doubt
the central bank can do
things if price stability is at
risk, and if financial stabil-
ity puts price stability at
risk. There will always be
things the bank can do.
When asked if the ECB
might undertake another
LTRO, he referred to the
boy scouts maxim, Always
be prepared, adding: Well
see what happens and then
decide accordingly. At this
moment there is no liquid-
ity problem so there is no
need for another LTRO.
In a speech at the Bank of
Italys annual meeting yes-
terday, Mr Visco said the
EU should intervene
directly to bail out troubled
banks rather than leaving
the job to national govern-
ments. The European Sta-
bility Mechanism (ESM),
the blocs rescue fund,
should not be restricted to
making emergency loans to
governments, he said.
There must be the possi-
bility of intervening
promptly in the securities
markets and directly in
favour of banks, with proce-
dures that are more flexible
and less penalising for the
beneficiary countries that
respect the rules of the
union, he said. It must be
possible to make effective
use of the significant
resources already allocated
by the member states.
Mario Draghi, ECB presi-
dent, also signalled yester-
day that he wanted the
ESM in future to be used
directly to recapitalise the
regions banks.
Mr Visco went on to say
that the moral hazard of
counting on help from oth-
ers so as to persevere in the
bad policies of the past
needs to be prevented by
strong political and regula-
tory pressure.
He followed Mr Draghis
call for EU leaders to clarify
their commitment to the
euro. This would orient
the markets assessments in
the same direction.
ECB prepared
to act if needed
EUROZONE WOES
As campaign pledges go, a
promise not to privatise
the rubbish-collecting
industry does not typically
inspire the masses.
But it had a special
resonance in the small
Greek town of Keratea
when delivered yesterday
evening by Alexis Tsipras,
the leftwing leader vying
to become the next prime
minister.
Keratea, an hours drive
from Athens, was the
scene last year of a 128-day
stand-off between police
and protesters over a
government plan to build
an EU-funded rubbish
dump to serve the capital.
Petrol bombs and
banners in hand, members
of Mr Tsiprass party, the
Coalition of the Radical
Left better known as
Syriza flocked to the
Keratea cause. Some
questioned whether the
resistance merely served to
protect the land for
developers.
Nonetheless, the party
emerged from the struggle
with a fresh chapter to add
to its grassroots myth, and
went on to reap what was
arguably Mr Tsiprass
greatest electoral triumph.
After taking just 4 per
cent of the Keratea vote in
2009 national elections,
Syriza jumped to 28 per
cent in last months
contest, trouncing the
traditional parties, Pasok
and New Democracy, that
have held sway here for a
generation.
We can learn from you
how a society that
struggles collectively can
win things and change
things! Mr Tsipras told a
rally on the towns main
square. The event marked
the unofficial launch of
Syrizas campaign ahead of
a June 17 rerun that may
be Greeces most important
election since a military
junta collapsed and
democracy was restored in
1974. At stake is whether
the country will seek a
radical course in its effort
to emerge from five years
of crisis and, perhaps, its
future in the EU.
We are in a battle
zone, said Chryssanthos
Lazarides, a top New
Democracy official. The
winner takes all.
For Mr Tsipras, a
charismatic 37-year-old who
vaulted to prominence by
promising to tear up
Greeces barbaric loan
agreement with the EU
and the IMF, the challenge
will be to demonstrate that
Syrizas surprising second
place finish was more than
a temporary expression of
populist rage.
So far, the polls suggest
he is succeeding. Most
show Syriza just ahead or
just behind the centre-right
New Democracy. All show
the partys base expanded
from a month ago. Its too
close to call, said Dimitris
Mavros, head of the MRB
research firm, who credited
Mr Tsipras with capturing
the emotional part of the
voters.
In Keratea, the young
leader flashed some of the
skills that made that
possible, barely consulting
his notes during a
45-minute speech that was
fluid and forceful.
He blamed corrupt
politicians not the people
for Greeces debts, and
promised to renegotiate the
unpopular bailout. He
ridiculed a cast of villains
the IMF, greedy bankers,
the German chancellor
Angela Merkel, Siemens,
Pasok and New Democracy
but always with a smile.
Throw them in jail!
someone screamed, and the
crowd roared.
Theodore Kaklamanakis,
a 57-year-old teacher whose
two adult sons are
unemployed, said: The
speech was wonderful
because it transmitted the
feelings of the people.
Konstantinos
Papathymios, a 28-year-old
musician, dismissed as
scaremongering the chief
argument levelled against
Syriza: that the partys
programme would
ultimately force Greece to
leave the euro and the EU
itself. The problem is not
that we have the euro or
the drachma or anything
else, he said. The real
problem is whether people
will starve and leave the
country or work and have
something to eat.
Not everyone views the
Keratea rebellion in such a
warm light. To some, it
was a worrying sign of
Syrizas propensity for
fanning social flames. We
felt law and order had
broken down. The Syriza
people brought bulldozers
to dig up the main road to
Athens, and the riot police
were scared to tackle
them, said Katerina
Priftis, a housewife.
In Athens, mention of
the town calls to mind the
citys own riots last year, a
conflagration that Mr
Tsipras did not condemn.
But yesterday in Keratea,
Mr Tsiprass gospel went
unchallenged. We tell the
truth, we are not corrupt,
and thats why you trust
us, he told the crowd.
Lets finish what we
started!
Additional reporting by
Kerin Hope in Athens
Tsipras aims to
add substance
to Syrizas acts
of resistance
Rerun vote
The leftwing leader
is playing a pivotal
role in Greeces most
important election
for decades, writes
Joshua Chaffin
We tell the truth,
we are not corrupt,
and thats why
you trust us
Alex Tsipras
Syriza leader
Liquidity
Polands consumers defy gloom
Polands economy remained
resilient in the face of the
eurozone crisis, with data
yesterday showing gross
domestic product growing
at an annual 3.5 per cent in
the first quarter, largely on
the strength of domestic
demand, writes Jan
Cienski in Warsaw.
However, the underlying
data suggest the Polish
economy may not be able
to continue defying gravity.
The GDP increase was in
line with expectations, and
showed a slight slowdown
from the last quarter of
2011, when the economy
was growing at an annual
pace of 4.3 per cent.
The figures from the
Polish statistical agency
showed weaker export
growth a result of
eurozone troubles and
some signs of slowing
investment growth, partly
owing to the completion of
some infrastructure projects
associated with the
European Football
Championship, which kicks
off in Warsaw next Friday.
But Polands consumers
continued their role as the
main support of the
economy, which they have
done for the past four
years. Strong domestic
demand is one of the
reasons Poland was the
only EU country not to fall
into recession in 2009, and
why it has since been one
of the EUs fastest growing
economies.
More news and analysis,
www.ft.com/europe
Spain has come under inter-
national pressure to acceler-
ate the 19bn rescue of
Bankia as Madrid intensi-
fied diplomatic efforts to
win support for a mecha-
nism for direct European
support for troubled banks.
Soraya Senz de San-
tamaria, Spains deputy
prime minister, flew to
Washington yesterday to
meet Tim Geithner, US
Treasury secretary, and
Christine Lagarde, manag-
ing director of the Interna-
tional Monetary Fund. The
fund denied that any form
of financial assistance was
being discussed. Theres
been no request for finan-
cial assistance from Spain
and the IMF is not making
plans for financial assist-
ance to Spain, Gerry Rice,
the IMFs director of exter-
nal relations, told reporters
in Washington.
A Spanish official
declined to comment on the
subject of the meeting but
said it was pre-planned and
that Spain kept in regular
contact with international
organisations and its Euro-
pean partners about the sit-
uation in the eurozone.
The trip came as the
European Commission
called on Spain to explain
as quickly as possible its
plans to inject 19bn into
Bankia-BFA, and Mario
Monti, the Italian prime
minister, warned of huge
possibilities of contagion
because of the uncertainty
dogging the eurozone.
The centre right govern-
ment of Mariano Rajoy is
seeking to win more inter-
national backing for Euro-
pean rescue funds to be
allowed to directly recapi-
talise troubled banks, side-
stepping an intervention in
the finances of national
governments, and for the
European Central Bank to
support Spanish debt two
positions not shared by
Germany.
Luis de Guindos, Spains
finance minister, met his
German counterpart on
Wednesday. Mr Rajoy has
insisted Spain will not need
international assistance,
and that the bailout of Ban-
kia will be paid for by state
rescue fund the Frob, a role
that will require it to raise
money in the capital mar-
kets.
Amadeu Altafaj, Euro-
pean Commission spokes-
man, said in a radio inter-
view yesterday the commis-
sion had not yet been told
what the Spanish govern-
ments restructuring plans
for Bankia were or what
options were being consid-
ered. The sooner uncer-
tainties are removed the
better, he said, adding the
commission would then
study the proposals to see
if they complied with rules
on state aid. Uncertainty
over how Madrid will fund
the Bankia rescue this week
pushed the gap between
what Spain and Germany
pay to borrow for 10 years
to the highest since the
adoption of the euro.
Meanwhile at home, Mr
Rajoy has been forced to
face down calls for a formal
investigation into the
nationalisation of Bankia,
with the issue becoming an
increasing political contro-
versy and embarrassment
for the ruling Popular party
due to its intimate connec-
tions with Bankia. Follow-
ing the governments insist-
ence any inquiry should be
held behind closed doors,
the parliamentary spokes-
woman for Spains opposi-
tion Socialist party labelled
a decision to veto an in-
house inquiry shameful.
The government was
spreading a blanket of
silence and has shelved this
issue, Soraya Rodrguez
told Spanish radio.
Bankia was formed out of
a fusion of seven savings
banks, or cajas, with close
ties to the PP of Mr Rajoy,
with local politicians from
the party having served on
the boards of its component
members. Until May, Ban-
kia was led by Rodrigo
Rato, a former PP finance
minister and managing
director of the IMF.
The bank was created
and sold to predominantly
small savers under the aus-
pices of Spains previous
socialist government, voted
from power last November.
Bankias listing had
received an endorsement
from Elena Salgado, then
finance minister, who said
in June last year that the
reforms that helped create
Bankia would provide les-
sons for the rest of Europe
and for the world.
One small Spanish politi-
cal party, Union, Progress
and Democracy, said it
would press for a high court
probe into Bankias rescue.
Popular party politicians
have taken aim at Miguel
Angel Fernndez Ordez,
Bank of Spain governor,
who has said he will step
down a month early amid
political pressure.
Robert Zoellick, Page 8
Indepth, www.ft.com/euro
Spain lobbies for bank support
Unrest: Spanish police in riot gear wrestle with a protester during a coalminers demonstration in Madrid yesterday Reuters
Bankia rescue
Madrid is stepping
up efforts to secure
direct EU backing
for the banking
system, writes
Miles Johnson
The IMF is not
making plans for
financial assistance
to Spain
Gerry Rice
IMF director
JUNE 1 2012 Section:World Time: 31/5/2012 - 19:43 User: withersm Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1
FINANCIAL TIMES FRIDAY JUNE 1 2012

3
By David Gardner in Dublin
After a bitterly fought
referendum on the fiscal
compact intended to help
stabilise the eurozone, Irish
voters looked yesterday as
though they were grinding
out a grudging endorsement
through gritted teeth.
If they do vote Yes and
both sides in this fight
know they could say No it
will be more because of
Irelands likely need for
more European Union bail-
out funds next year than
out of conviction.
Should the Yes vote pre-
vail after the count the
result is expected this
evening there will be a
lot of angry Yeses, said
Joan Burton, a senior
Labour party minister in
the Fine Gael-Labour
government.
The surge in the polls of
Sinn Fin, the republican
party, and the high level of
undecided voters going into
the plebiscite, signal that
Irish citizens are decidedly
fed up after being bundled
into an EU-International
Monetary Fund rescue pro-
gramme in 2010, when vast
bank debts run up in a pro-
perty binge overwhelmed
the national finances.
The crisis has helped
Sinn Fin shrug off its
paramilitary past and
eclipse Fianna Fil, the
near-hegemonic party until
its implosion at last years
general election, as the
voice of Irish nationalism.
One recent poll even ranked
Gerry Adams, the Sinn Fin
leader, as more popular
than Enda Kenny, the Fine
Gael prime minister.
Speaking in front of the
General Post Office, where
the Easter Rising against
British rule was launched
and the republic proclaimed
in 1916, Mr Adams said all
such gains had been given
away. The Taoiseach [Mr
Kenny] says hell win back
sovereignty by the cente-
nary in 2016, but this is not
the way to do it, Mr
Adams said. We need to
send a very clear signal to
the rest of Europe that we
need a different direction.
Lucinda Creighton, the
Europe minister, says that
Irelands prospects are
entirely dependent on sta-
bility in the eurozone and
on insuring access to its
bailout facility, the Euro-
pean Stability Mechanism.
Whatever the result, all
sides agree the referendum
campaign must now give
way to a debate on the
future. Yet the mould of
Irish politics, set by the
tribal divisions of the
1922-23 civil war, looks to be
cracking as a result of the
crisis. Sinn Fin is moving
out from its working-class
base into the middle
classes, while starting to
recast its populist econom-
ics and anti-EU attitude.
The question now is, are
you going to get a Sinn Fin
that swallows up Fianna
Fil and eclipses Labour,
and get you to a left-right
divide, says Diarmaid
Ferriter, one of Irelands
leading historians.
But Irelands politics are
conditioned not just by its
small export-dependent eco-
nomy, bobbing in the wake
of the eurozone crisis, but
the sensitive issue of sover-
eignty, as it approaches the
centenary of 1916. Therell
be a scramble for ownership
of 1916, says Professor Fer-
riter. The winner will be
the party that can plausibly
link regaining sovereignty
to the day-to-day concerns
of a reeling nation.
Mr Kennys government
must tackle issues ranging
from a gathering crisis over
home loans to a stimulus
of up to 10bn it hopes EU
institutions will facilitate
and co-fund. Dublin has
also been fighting for a deal
to restructure 31bn of the
banking debts assumed into
its sovereign debt, without
which it is hard to see it
regaining entry into the
bond markets in 18 months.
Ms Creighton adds: In
the event Spanish banks
have to be bailed out, and it
happens through the ESM
function, we will be looking
for the same opportunities
retrospectively.
But aspects of the Irish
model, such as how to build
bridges between the buoy-
ant export and foreign
investment-driven economy
and a domestic economy on
its knees, are also entering
the debate.
Neil OLeary, chairman of
Ion Equity, a leading pri-
vate equity firm, suggests a
short-term rise in Irelands
cherished 12.5 per cent rate
of corporation tax to 15 per
cent. What investors worry
about is high taxation and
uncertainty, but 15 per cent
is still low taxation. If you
made clear the country
needs five years at 15 per
cent you could do it without
too much damage, he says.
It would demonstrate that
the country as a whole is
sharing the burden.
But 12.5 per cent corpora-
tion tax has become a
touchstone of independ-
ence. It has been turned
into the flag and the
national anthem, so emo-
tive in the public debate
that even Sinn Fin signed
up to it, says Elaine Byrne,
a politics lecturer at Trinity
College.
This is seen as our
one Green Card, says Prof
Ferriter. The last vestige
of our sovereignty.
Editorial Comment, Page 8
Irish take pragmatic mood into f iscal pact vote
Eurozone stability
hangs on plebiscite
Sovereignty fears
influence electorate
Decision day: a Yes vote will owe much to the likely need for more EU bailout funds Bloomberg
EUROZONE WOES
We have been here before:
the eurozone equivalent of
Groundhog day. Alarm is
gripping European
financial markets,
borrowing costs are rising
for the periphery countries
and one is in the spotlight.
This time it is Spain.
Most of the remedies
under discussion involve
recapitalising Spanish
banks with European
money, if possible without
imposing further austerity
on the Spanish economy.
The one place where
very little is being said
publicly, however, is
Germany, whose approval
as principal financier is
essential to any such deal.
The official line is clear:
We are confident the
Spanish government can
deal with the problem. The
measures it has taken so
far have been sensible. We
believe them when they
say they do not need
European money.
If Spain does need help,
however, Berlin says the
tools are available: Madrid
can borrow from the
European Financial
Stability Facility, the
temporary eurozone rescue
fund set up in 2010, or the
European Stability
Mechanism, its permanent
replacement. But that
means signing up to
international supervision,
and Spain is too proud.
The superficial view is
that Germany is just being
bloody-minded again
forcing excessive austerity
on its partners in exchange
for its financial support.
The reality is rather more
complex.
From Berlins point of
view, there are at least
four good short-term
reasons to keep schtum:
the Irish referendum on
the eurozone fiscal treaty;
the rerun elections in
Greece in June;
parliamentary elections in
France; and the financial
markets. Unguarded
German comments could
have a negative impact on
any of those.
Beneath the surface,
however, there is a more
lively debate in Germany
about the way forward for
the eurozone, and the
future of the EU, than in
any other member state. It
is less doctrinaire and
more radical than the
outside world seems to
realise.
For a start, there is a
broad consensus across the
political establishment,
from Angela Merkels
Christian Democratic
Union on the right to the
Social Democrats and
Greens on the left, in
favour of closer economic
integration in the
eurozone. Loosely defined
as fiscal union, it goes well
beyond the present ill-
enforced budget discipline.
It would involve much
more closely co-ordinated
national budget strategies.
Joschka Fischer, one-
time revolutionary, Green
party leader and former
foreign minister, says the
EU needs a clear vision to
revive public confidence.
At a meeting of the
European Council on
Foreign Relations in Berlin
this week, he spelt out the
challenge. We are now
very close to break-up, he
said. Either we move
ahead very fast, or we will
go back to disintegrating.
Will we share our wealth?
Will we integrate our debt?
Will we transfer our power
to common institutions?
Germany is ready to put
all those things on the
table in exchange for
closer integration. The
problem is that its partners
in the eurozone, including
France, Italy and Spain,
the most important, want
to see the colour of the
German cash first and
negotiate the integration
later.
Take jointly guaranteed
eurozone bonds, for
example. From Italys
Mario Monti, to Franois
Hollande, Frances new
Socialist president, and
Mariano Rajoy, Spanish
prime minister, such a
pooling of debt is seen as a
vital step to restoring
confidence in the sovereign
bond markets.
Ms Merkel does not say
No to eurozone bonds. She
says: Not without treaty
change. The German
constitutional court in
Karlsruhe would never
allow Germanys sovereign
guarantee to be given to
its eurozone partners
without them submitting
to effective and centrally
budgeted discipline.
But does anyone else
want it? The Pew Global
Attitudes poll on Tuesday
showed that Germany is
the only European country
(out of eight questioned)
where a healthy majority
(59 per cent) still thinks
economic integration is a
good thing. Poland is also
positive. France, Italy and
Greece are all strongly
critical.
The same poll indicated
that Germany is the most
respected country in
Europe everywhere
except in Greece and Ms
Merkel is the most
respected leader. It does
not quite tally with
headlines suggesting Ms
Merkel is isolated and
Berlin is seen as the big
bully.
Berlin prepared
to pay the price
of integration
Its partners, including
France, Italy and
Spain, want to see
the colour of the
German cash first
GLOBAL INSIGHT
Quentin Peel
in Berlin
JUNE 1 2012 Section:World Time: 31/5/2012 - 18:58 User: jamesa Page Name: WORLD2 USA, Part,Page,Edition: USA, 3, 1
4

FINANCIAL TIMES FRIDAY JUNE 1 2012
By Robin Harding
in Washington and
Anjli Raval in New York
First-quarter growth for the
US was revised down from
an annualised rate of 2.2
per cent to 1.9 per cent on a
day of gloomy data for the
worlds largest economy.
The downward revision to
gross domestic product
coincided with a weak jobs
report from payrolls
processing company ADP
and a rise in new claims for
unemployment insurance.
Two reports are due today
official payrolls data for
May and the purchasing
managers index for manu-
facturing but it is getting
harder to blame weakness
on passing factors, such as
this years unseasonal
weather, rather than on a
loss of momentum.
How well the US economy
stands up to renewed uncer-
tainty in Europe will influ-
ence global growth pros-
pects as well as president
Barack Obamas chances of
re-election this autumn.
One sign of hope was that
gross domestic income, an
alternative measure of
national output that can be
more accurate than GDP,
rose 2.7 per cent in the first
quarter compared with 2.6
per cent in the last quarter
of 2011 still not strong,
but consistent with the
drop in unemployment in
the early months of this
year. The US Federal
Reserve uses GDI to test the
reliability of early GDP esti-
mates and judge whether
they will later be revised.
The downward revision to
GDP reflected a smaller
build-up of inventories,
higher imports than previ-
ously thought and lower
spending by state and local
governments.
New claims for unemploy-
ment insurance rose 10,000
to 383,000 for the week to
May 26. Analysts surveyed
by Bloomberg had expected
the figure to stand at the
370,000 mark. The previous
weeks level of 370,000 was
revised up to 373,000.
The four-week moving
average, which smooths out
seasonal quirks, rose 3,750
to 374,500, but this is still
below the 384,250 reported
at the end of April.
On balance, the disap-
pointing tone of this report
is consistent with the over-
all trend in the recent data
flow, which continue to
show weakening growth
momentum, said Millan
Mulraine at TD Securities
in New York.
Some analysts were more
positive. The labour mar-
ket has come off the boil a
little since spring arrived,
but the slowdown is much
more modest than . . . we
saw last year, said Paul
Ashworth, chief US econo-
mist at Capital Economics.
Meanwhile, the ADP
employment report sug-
gested that the private sec-
tor created only 133,000 jobs
in May, compared with an
April estimate of 113,000,
which was downwardly
revised from the original
report of 119,000.
While Mays increase
was the 28th consecutive
monthly advance, it none-
theless reflected a notable
slowdown in the recent
pace of hiring, said Joel
Prakken, chairman of
Macroeconomic Advisers, a
research firm that helps to
compile the data.
The sharpness of the
deceleration seems consist-
ent with other incoming
data suggesting the econ-
omy, weighed down by
heightened uncertainty
over the European financial
crisis and by growing con-
cerns about domestic fiscal
policy, slowed early in the
year.
The ADP figure closely
tracks the official payrolls
figure over time although it
tends to be more volatile.
If the official payroll
number is in line with ADP
. . . then May will be the
third straight soft month,
said Ian Shepherdson, chief
US economist at High Fre-
quency Economics.
He reiterated the impact
of high petrol costs between
December and April on
employment growth, but
said with prices now bar-
relling back down, we look
for better numbers in the
summer.
Revised growth
rate adds to loss
of US momentum
Firstquarter growth
drops to 1.9%
Unemployment
claims up 10,000
WORLD NEWS
From his office in a red
brick warehouse in
Cleveland, Ohio, Dale
Fellows whose business
prints everything from
business cards to
billboards exudes
satisfaction at Mitt
Romneys aggressive tone
on Chinas economic
policies.
Mr Fellows is chairman
of the Republican party in
nearby Lake County,
carried by George W. Bush
in 2000 and 2004 and which
swung to Barack Obama in
2008s presidential election.
The county could be
pivotal again this year and,
as a 30-year veteran of
political battles in
Americas rust belt, Mr
Fellows thinks Mr
Romneys confrontational
attitude on trade will be
well received in the region.
Its time to push the
envelope, says Mr
Fellows. [The Obama
administration] dropped
the ball big time theyve
done just the opposite of
what they talked about in
2008 and now we are more
subservient and dependent
on China than ever
before.
During the presidential
campaign four years ago,
Mr Obama vowed to take
China to the mat over its
trade policies in an
attempt to win over voters
who blamed a wave of
manufacturing job losses
on international
competition.
Some of the anxiety in
Ohio over globalisation
may have waned over the
past two years, as
Americas industrial sector
has started consistently
adding jobs again for the
first time in more than a
decade, and there are even
examples of re-shoring,
or companies moving
production back to the US.
The unemployment rate
in Ohio has dropped to
7.4 per cent, substantially
lower than the national
average of 8.1 per cent.
But scepticism about the
benefits of free trade
remains.
Mr Romney has been
seeking ways to tap into
that, accusing Mr Obama
of breaking his promises to
confront China.
However, the strategy
runs the risk of alienating
some of Mr Romneys allies
in corporate America and
on Wall Street, as well as
fellow Republicans on
Capitol Hill.
Mr Romney maintained a
tough stance on China in
the Republican primary
contest, vowing to brand it
a currency manipulator.
Critics say it could lead
to the imposition of
punitive tariffs on a vast
swath of Chinese imports,
stoking a trade war.
Last week, his campaign
made clear that he
intended to double down
on this message during the
general election, releasing
an ad that promised Mr
Romney would make
China play by the rules
from his first day in office.
But Democrats say Mr
Romneys hard line on
China isnt credible, given
his background as chief
executive of Bain Capital,
and his otherwise full-
throated support of free
markets.
I dont think anybody
believes Romney when he
says hes going to stand up
to China, says Sherrod
Brown, the Democratic
senator from Ohio, who is
running for re-election this
year. Its so out of
character, he says.
Tim Burga, president of
the AFL-CIO federation of
trade unions in Ohio, says
blue-collar voters in the
state will see through Mr
Romneys rhetoric given
his opposition to the
Obama administrations
bailout of the countrys car
industry, his past in the
private equity business,
and his support for efforts
to clamp down on
organised labour.
Romneys not going to
be able to have it both
ways, says Mr Burga, at
his office in Columbus, the
state capital.
That is not to say that
Mr Obamas Democratic
base is thrilled with the
administrations trade
policy, either. Many would
like to see China labelled a
currency manipulator
and some are displeased at
the failure to renegotiate
the North American Free
Trade Agreement, both
things which Mr Obama
pledged in 2008, then
dropped.
The administrations
decisions to press on with
FTAs with South Korea,
Panama and Colombia,
even with modifications to
their labour and
environmental standards,
were also unpopular.
But the Obama campaign
will try to energise its base
and appeal to
independent and swing
voters by arguing that
the trajectory of US trade
policy has become
significantly more worker-
friendly since the days of
the Bush administration,
while not hampering
growth in US exports.
The renminbi has
appreciated about 12.5 per
cent in real terms over the
past two years, which the
administration believes is
insufficient but moving in
the right direction.
And the White House
points to a string of cases
it has brought against
China at the World Trade
Organisation, as well as
the duties it has slapped
on some Chinese goods.
Mr Obamas Ohio
supporters say the decision
to impose duties on
Chinese tyres saved jobs at
the Cooper Tire & Rubber
in Findlay and a similar
move on steel pipes helped
workers at the US Steel
plant in Lorain.
Theres no president
that I can remember that
has done more for trade
enforcement, says Donnie
Blatt, a co-ordinator for the
United Steelworkers union
in Columbus.
But in Warren, where
RG Steel recently
announced hundreds of job
cuts, it was clear attacking
a US presidents trade
policy was much easier
than defending it.
Marty Riffle, a 54-year-
old worker for Indias Tata
Steel, laments the
garbage Chinese imports
that are still flooding the
market. I really dont
have any faith in Obama
whatsoever, he says.
Romney talks tough on China
in effort to appeal to workers
Campaign trail
Republican adopts
a tough stance on
trade but critics
doubt action will
match his words,
writes James Politi
By Adam Thomson
in Mexico City
Mexicos leftwing candidate
for the July presidential
election has jumped in pop-
ularity and is within sight
of the long-time frontrun-
ner, an influential opinion
poll showed on Thursday.
With just a month before
Mexicans cast their votes,
Andrs Manuel Lpez Obra-
dor, who represents Mex-
icos leftwing parties, shot
up to 34 per cent from 27
per cent just a month ago
and 22 per cent in March.
The rise in the Reforma
newspaper poll places him
just points behind Enrique
Pea Nieto of the centrist
opposition Institutional
Revolutionary party (PRI),
now on 38 points compared
with 42 points in April.
The same poll shows
Josefina Vzquez Mota of
the ruling conservative
National Action party
(PAN) falling deep into
third place, with just 23 per
cent compared with 29 per
cent a month ago.
The figures are based on
the effective vote, which
strips out undecided voters.
Other polls still show Mr
Pea Nieto with a double-
digit lead.
Mr Lpez Obradors
increasing popularity sev-
eral polls show that he has
now overtaken Ms Vzquez
Mota coincides with the
growth of a dynamic youth
movement in Mexico. In the
last month it has appeared
from almost nowhere,
injecting passion into what
was until recently a dull
election.
Known as #YoSoy132 (I
am No. 132), which invites
people to join the 131 stu-
dents of Mexico Citys Ibero
University who this month
used online social media to
protest the candidacy of Mr
Pea Nieto, the student
movement has spilled on to
the streets.
Last week, thousands of
sympathisers marched
through Mexico City to pro-
test the candidacy of Mr
Pea Nieto, whose PRI
party ruled Mexico for 71
uninterrupted years until
2000.
Many of them see the 45-
year-old Mr Pea Nieto as
just the youthful and tele-
genic face of a party that
they believe has not
changed since it lorded over
the country in a one-party
system that Perus Mario
Vargas Llosa, winner of the
Nobel Prize for literature,
once called the perfect dic-
tatorship.
The movement says it is
much more than just anti-
PRI, however.
Insisting on its non-parti-
san principles, it rejects
what it calls the countrys
vested interest groups
elite political circles, the
leaders of Mexicos monopo-
lies and duopolies and, in
particular, the two leading
media companies, which
together control almost all
television and news.
All of this has helped
ramp up the popularity of
Mr Lpez Obrador, a sea-
soned campaigner who feels
more at home whipping up
support in Mexicos streets
and public plazas than in
front of a television camera.
The 58-year-old, who has
long denounced the coun-
trys media groups for what
he claims is skewed cover-
age, says he is in favour of
private business. Signifi-
cantly he is the only lead-
ing candidate to reject the
idea of opening Pemex, the
state oil monopoly, to pri-
vate capital.
In an interview with the
Financial Times earlier this
year, Mr Lpez Obrador
described his economic
approach as heterodox but
rational.
Without privatising state
assets or raising taxes, but
instead by closing tax loop-
holes big corporations do
not pay taxes and exor-
cising corruption, he says
he will double public invest-
ment and produce growth
of 6 per cent a year.
Growth slows in the US
Source: Thomson Reuters Datastream
*
Annualised quarterly % rate
Quarter-on-quarter % change
2009 10 11 12
-8
-6
-4
-2
0
2
4
6
Gross domestic
income
US GDP*
Leftwinger gains ground in Mexico poll
Little to lose in confronting Beijing
The Romney campaign has
stepped up its criticism of
President Barack Obama for
being too lenient with China
on its economic policies,
saying the US has little to
lose in being more
confrontational with the
Asian nation and brushing
off concerns that this could
lead to a trade war, writes
James Politi in
Washington.
If you go with an
outstretched hand
to countries
that are
cheating, you
get the short end
of the stick and
we have been
seeing that for
some time with
China, said Oren
Cass, a domestic
policy adviser to
Mitt Romneys
campaign.
Taking a tougher
stance will not endear
us to the Chinese
leadership, but we have
little to lose if they are
already pursuing the
policies that harm us.
Although Mr Romney has
pledged to label China a
currency manipulator on
his first day in office, which
the Obama administration
has declined to do, Mr
Romney is not supporting
legislation in Congress
intended to force China to
allow its currency to
appreciate
further.
In April, Tim
Geithner, US
Treasury
secretary, was
scathing about Mr
Romneys plans to
label China a
currency manipulator.
Like you can solve
problems in the world, a
very complicated world
we live in, by calling
people names? he said.
A supporter of Andrs Manuel Lpez Obrador holds aloft a doll of the presidential candidate at a rally in Mexico City last month Reuters
JUNE 1 2012 Section:World Time: 31/5/2012 - 19:18 User: jamesa Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1
FINANCIAL TIMES FRIDAY JUNE 1 2012

5
WORLD NEWS
The dramatic drop in
Indian economic growth is
not bothering the likes of
Mahendra Saraf.
A farmer, he works in a
sector that has seen growth
shrink to 1.7 per cent in the
first three months of 2012,
against 7.5 per cent in the
same period last year. But
Mr Saraf, 26, is confident
the blow to his profits will
be cushioned by govern-
ment subsidies. Global and
domestic demand was not
strong, but the government
buys excess grain at a fixed
price, so we will get that
money anyway, he says.
Such safety blankets the
size of which vary from
state to state and industry
to industry are among the
targets of those who say the
government of Prime Minis-
ter Manmohan Singh, needs
to take radical measures to
restore growth in the
Indian economy.
With growth in the first
quarter of 2012 at 5.3 per
cent, the slowest rate in
nine years, policy makers
are panicking about how to
turn things around.
Its an absolute disas-
ter, says Omkar Goswami,
head of the Corporate and
Economic Research Group
in New Delhi. We went
from nearly growing at
10 per cent to 5 per cent in
less than two years . . . its
very, very concerning.
Although New Delhi often
blames the eurozone sover-
eign debt crisis for Indias
woes, domestic economists
argue that the difficulties
are self-inflicted, blaming
the political paralysis that
has set in over the past two
years as the Congress party-
lead coalition has stumbled
from one crisis to another.
The Indian economy is
losing its shine and the pol-
icy response so far has
ranged from non-existent to
ineffectual, said Eswar
Prasad, senior fellow at the
Brookings Institution. Fis-
cal policy is adrift and the
reform process has lost
momentum, compounding
the effects of a weak exter-
nal environment.
Chakravarthy Rangara-
jan, chairman of the prime
ministers economic advi-
sory council, said: I had
expected the rise in the
agricultural growth rate
will perhaps compensate, to
some extent, the decline in
the industrial production.
But that does not seem to
happen. Therefore, the over-
all growth rate remains
subdued. It is disappoint-
ing. Agriculture was not
the biggest loser in 2012s
first quarter. Manufactur-
ing, which 12 months ear-
lier was growing at 7.3 per
cent, contracted 0.3 per
cent. But financial services,
the largest element of GDP,
continued to expand, grow-
ing 10 per cent.
The sharp drop in quar-
terly growth was primarily
owing to a slowdown in
investment. Andrew Ken-
ningham at Capital Eco-
nomics says this is partly
a result of higher interest
rates, which have caused
credit growth to slow.
He adds: But in addition,
many projects have been
postponed or cancelled due
to lack of approval for land
acquisition, particularly in
the steel and power sec-
tors.
Business figures say this
fall-off in investment is visi-
ble across sectors, although
some such as telecoms
and infrastructure have
been badly hit. Renewa-
bles are a little insulated,
but the power sector in gen-
eral has not been good,
says Sumant Sinha, chief
executive of Renew Power,
a wind farm developer.
Banks have got burnt lend-
ing to this sector, so we
have to work harder to get
financing, while interest
rates are still high, and this
constrains our ability to get
projects off the ground.
The Reserve Bank of
India cut rates by 50 basis
points in April, more than
expected, but still not
enough to make many capi-
tal intensive investments
viable, according to Leif
Lybecker Eskesen, chief
India economist at HSBC.
Manufacturing in India
is a terrible story, says
Ajit Ranade, chief econo-
mist at Aditya Birla Group,
one of Indias largest con-
glomerates. Clearly the
biggest priority is reviving
investor spending, and in
especially the private sec-
tor, where the growth rate
is nearly zero now.
But inflation of 7.23 per
cent means the central
bank is not in a position to
cut rates again.
Back at his farm Mr Saraf
discusses expansion, but
others have not been so for-
tunate. Local media report
suicides among farmers.
The stories highlight the
governments dilemma. If it
wants to revive growth it
will have to pass unpopular
reforms that will hurt the
likes of Mr Saraf, but if it
fails to do so it risks drag-
ging the economy into its
worst crisis for 20 years.
Additional reporting by
Kanupriya Kapoor
Slowdown
puts India
in policy
dilemma
Delhis response
Political paralysis
and stalled reforms
have taken their
toll, write James
FontanellaKhan
and James Crabtree
Indias economic crunch
Source: Thomson Reuters Datastream
Real GDP (annual % change)
2009 2010 2011 12
0
2
4
6
8
10
Sector growth (annual % change)
2009 2010 2011 12
-2
0
2
4
6
8
10
12
14
16
Manufacturing Agriculture/
forestry/fishing
Financial/
real estate/
business services
Indian agriculture is struggling, though some farmers are protected by subsidies Reuters
Policy response so
far has ranged
from nonexistent
to ineffectual
Eswar Prasad
Brookings Institution
By Roel Landingin in Manila
Hours after the Philippines
announced its economy had
expanded by 6.4 per cent in
the first quarter, defying
expectations of much lower
growth, the skies darkened
and heavy rains fell.
In an instant, Manilas
narrow and dirty roads
were flooded, jamming traf-
fic hours ahead of the
evening rush hour. In some
parts of the city, thunder-
storms tripped power lines
and triggered blackouts.
This week, the country
has enjoyed no shortage of
good news, said Euben
Paracuelles, an analyst with
Nomura. Along with the
GDP data, Moodys changed
its outlook on the country
to positive from stable.
A government statement
said: After four quarters of
lacklustre performance, the
Philippine economy is off to
a rousing start in the year
of the water dragon. The
country is now one of east
Asias top performers.
While the events may be
coincidental, the sudden
showers point to a big ques-
tion facing President
Benigno Noynoy Aquino
and his economic planners.
Can the government handle
it if the economy grows any
faster, given the inadequate
state of infrastructure?
When his mother, the late
Corazon Aquino, became
president after overthrow-
ing Ferdinand Marcos in
1986, the economy quickly
went from contracting 7.3
per cent in 1985 to growing
6.7 per cent in 1988.
But the lights soon began
to go out as her government
did not move quickly
enough to build power
plants. By the early 1990s,
the blackouts lasted all day.
To his credit, Mr Aquino
has an ambitious pro-
gramme to boost infrastruc-
ture spending and mobilise
private capital to build toll
roads, airports and light
rail systems through public-
private partnerships.
Last week, he gave the
go-ahead to two elevated
expressways across Manila
to ease road congestion and
boost links between cities
and ports to the north and
south. Yesterday the eco-
nomic planning council
approved a plan to build
toll roads to Manilas inter-
national airport.
But after almost two
years in office, Mr Aquinos
government has tendered
just one PPP project, a toll
road covering just a few kil-
ometres in length.
The good news is that
public construction, after
falling for five straight
quarters since Mr Aquino
assumed office, has begun
to pick up again, growing
36.4 per cent in the fourth
quarter and 62.2 per cent in
the first quarter.
However, government
spending in the first quar-
ter, while growing, still fell
short of planned levels.
For full story,
www.ft.com/beyondbrics
Rapid Philippine growth
highlights need to build
6.4%
Firstquarter growth in
gross domestic product
Indonesia bids to unify time
Running a vast archipelagic
nation like Indonesia is far
from easy, with 6,000
inhabited islands stretched
across more than 3,000
miles, writes Ben Bland.
Now, the latest initiative
to bring the nation closer
together and drive growth
has baffled some. The
government is planning to
merge the countrys three
time zones on October 28,
following in the footsteps of
the Chinese Communist
party which unified five time
zones in 1949.
Gita Wirjawan, trade
minister, said the move
would help businesses
operate more efficiently,
bringing Indonesia into sync
with China, Singapore,
Malaysia and South Korea.
But coordinating such a
shift will be costly and
economists question if it
will boost productivity.
In full, www.ft.com/bb
JUNE 1 2012 Section:World Time: 31/5/2012 - 17:26 User: hayesa Page Name: WORLD4 USA, Part,Page,Edition: EUR, 5, 1
6

FINANCIAL TIMES FRIDAY JUNE 1 2012
WORLD NEWS
By Abigail FieldingSmith
in Beirut and
Roula Khalaf in London
Fears are mounting that the
kidnap of 11 Lebanese Shia
pilgrims in Syria last week
threatens to destabilise Leb-
anon if its Shia mount
revenge attacks and mili-
tant Shia group Hizbollah
fails to contain the violence.
Government efforts have
intensified after an
expected release last week
failed to happen and activ-
ists now say that the kid-
nappers demands have
changed. Instead of money
and weapons, they want
prisoners to be released
from Syrian jails.
The fate of the pilgrims
highlights how closely
interwoven Lebanese and
Syrian politics are and the
complex web of sectarian
regional politics in which
the Syrian uprising is now
entangled.
If these people are dead
in Syria weve got problems
in Beirut, theres no ques-
tion about it, said one resi-
dent of the Lebanese capi-
tals southern suburbs con-
trolled by Hizbollah.
Last week, the pilgrims
travelling back by bus from
Iran were kidnapped in
northern Syria, in an area
held by the largely Sunni
opposition to President
Bashar al-Assads regime.
The kidnap followed sev-
eral days of bloody sectar-
ian clashes in north Leba-
non. After news of the kid-
nap broke, protesters set
fire to tyres on roads in the
southern suburbs of Beirut.
Sayyed Hassan Nasrallah,
Hizbollahs elusive leader,
emerged from hiding to
appeal for calm on the
groups television station.
Hizbollah and the coun-
trys Sunni political estab-
lishment are desperate to
avoid another descent into
civil war such as the one
that ravaged the country
between 1975 and 1990. The
Hizbollah-backed govern-
ment has appealed to sup-
porters of the Syrian oppo-
sition such as Qatar and
Turkey to help obtain the
hostages release.
At the end of last week,
the mediation efforts
appeared to have paid off
when the Lebanese govern-
ment announced that the
hostages had been released.
Politicians from across Leb-
anons sectarian faultline
came together as it was
reported that Saad Hariri,
the leader of the opposition
and de facto head of Leba-
nons Sunni community,
had donated his aircraft to
fly the hostages back.
Mr Nasrallah thanked Mr
Hariri for his efforts on
behalf of the hostages, as
well as Mr Assad, for secur-
ing the release of the
women and elderly accom-
panying them on the bus.
The hostages were not
released. Randa Slim, a
researcher at the New
America Foundation, a
Washington-based think-
tank, argues that by thank-
ing Mr Assad, Mr Nasrallah
put [the hostages] straight
on the side of the regime,
made them representatives
of the regime, which was
likely to increase their
price.
The activists involved in
the mediation efforts say
that the hostages are now
spread out across units of
the group, making a mil-
itary rescue problematic.
Some Lebanese Shia have
threatened to kidnap mem-
bers of the Syrian opposi-
tion if the hostages are not
released, activists say.
There are already ten-
sions in Lebanon, without
the hostages, and there is
no question that failure to
release them will augment
Lebanons tensions, said
Hilal Khashan, a professor
of political science at the
American University of
Beirut. But he added: Hiz-
bollahs leadership will not
allow a doomsday scenario
to unfold.
Editorial Comment, Page 8
Philip Stephens, Page 9
Kidnap rocks Lebanese stability
US Marines train in Pohang, South Korea Getty
New US battle guidelines
partly designed to counter
the military challenge from
China are attracting strong
criticism at home and
abroad as unnecessarily
provocative to one of Amer-
icas strongest economic
partners.
The AirSea Battle fight-
ing concept aims to main-
tain military dominance in
strategically important
areas as the US reconfig-
ures its global outlook more
towards Asia. It is being
gradually unveiled by the
Pentagon, which has been
viewing Chinas military
build-up in the past couple
of decades with concern.
Yet as Washington strug-
gles to strike the right bal-
ance between competition
and co-operation in its rela-
tionship with Beijing, there
are warnings even from
within the military that
the new doctrine will unnec-
essarily aggravate China.
AirSea Battle is demon-
ising China, James Cart-
wright, a retired general
and former vice-chairman
of the joint chiefs of staff,
said last week. Thats not
in anybodys interest.
The new doctrine has
strong cold war echoes.
Alarmed by the threat of
Soviet troops overrunning
western Europe, US mili-
tary planners developed a
battle-fighting doctrine in
the 1970s called AirLand
Battle which became the
basis for much of the
nations military policy in
the later stages of the cold
war, from new weapons to
relationships with its allies.
AirSea Battle could have
an equally important role in
shaping policy and strategy
over the next two decades.
Officials say it is aimed at
cementing US alliances in
Asia and countering the
anti-access, area-denial
weapons and capabilities
developed by other nations.
This is probably the
defining challenge today
and, as we view it, in the
near future, Admiral
Jonathan Greenert, the
navy chief, said last week.
Leon Panetta, defence
secretary, will travel to
Asia in the next week,
where he will explain the
implications of the doctrine
for US allies.
The guidelines attempt to
address the big strategic
themes facing a military
winding down from the Iraq
and Afghanistan wars: the
rise of Asia; the shift in
focus to sea and air power
that the vast Asia-Pacific
region demands; and the
importance of cyberwarfare.
Yet AirSea Battle is being
developed in a different
context from its cold war
cousin. While the Soviet
Union was an adversary
with whom economic links
were almost non-existent,
the US and China have deep
economic ties, from trade to
Treasury bonds.
Amid such delicate poli-
tics, US officials insist pub-
licly that AirSea Battle is
not focused on one country
or even one region, but is
about technologies that are
being developed by a host
of countries and potentially
non-state actors.
This notion should not
be hijacked by any particu-
lar scenario, General Nor-
ton Schwartz, the Air Force
chief of staff, said last week
when asked if China was
the main target.
Yet privately officials
acknowledge that the Pen-
tagon has been alarmed by
Chinas investments in pre-
cisely the access-denial
weapons that AirSea Battle
is designed to address, from
ballistic missiles that can
sink warships to subma-
rines and Beijings emerg-
ing cyberwar capabilities.
The guidelines are also
being introduced in an era
of budget cuts. The Penta-
gon has reduced its budget
by $485bn in the next dec-
ade, and could be forced to
cut a similar amount if Con-
gress does not reach a
broader budget deal this
year. But to be effective,
AirSea Battle will require
huge investments in a new
long-distance bomber, war-
ships and submarines and
in cyber capabilities.
For about the last 12
years, if you wanted some-
thing, we basically could
afford it, said Lieutenant
General George Flynn, one
of the Pentagons senior
planning officials. The new
fiscal reality is going to
require us to make choices.
However, the Pentagon
has made no secret of its
view that Asia is now a cen-
tral priority in its long-term
strategy. One of the key
projects that your genera-
tion will have to face is sus-
taining and enhancing
American strength across
the great maritime region
of the Pacific, Mr Panetta
told graduates of the US
Naval Academy at Annapo-
lis this week.
For some observers, Air-
Sea Battle will push the US
into dangerously provoca-
tive war planning against
China. One of the docu-
ments the Pentagon has
released the Joint Opera-
tional Access Concept rec-
ommends that in the event
of any conflict, the US
attack enemy anti-access/
area-denial defences in
depth. In the case of
Chinas anti-ship missiles,
that would mean preparing
for a large pre-emptive
strike on military bases in
mainland China.
The big risk is that such
an attack would lead to a
very dramatic escalation
and China might even think
it was an attempt to take
out its nuclear capability,
said Raoul Heinrichs of Aus-
tralian National University.
Chen Guangcheng, the
blind Chinese legal activist,
has delivered a stinging
rebuke to Beijing over what
he said was its deteriorat-
ing respect for the law.
In his first big public
appearance since arriving
in the US after fleeing
house arrest in his home-
land, Mr Chen said mem-
bers of his family in China
continue to face frenzied
retaliations from local
authorities. I think what
Im most concerned about
. . . is the state of law in
China. Its still very much
being trampled on, he said
in New York yesterday.
In full: www.ft.com/asia
Pentagons new battle
plans face censure
Military strategy
Doctrine focusing
on AsiaPacific
and particularly
China is seen as
overly provocative,
writes Geoff Dyer
By Heba Saleh in Cairo
Egypt ended a 30-year state
of emergency yesterday in a
victory for the countrys
pro-democracy activists.
The much-hated emer-
gency law which gave
police extensive powers of
arrest and detention had
been in force continuously
since 1981, when Hosni
Mubarak became president
during a surge in violence
by Islamist militants who
assassinated Anwar al-
Sadat, his predecessor.
The emergency law was
renewed every three years
under Mr Mubarak and
before last years uprising
the opposition had con-
stantly demanded that it be
lifted. Since then, protesters
have demonstrated against
its reintroduction by the
ruling generals, who added
fresh provisions to it after
riots outside the Israeli
embassy last year.
As it announced the lift-
ing of the law the military
council that has ruled
Egypt since the toppling of
Mr Mubarak pledged to pro-
tect security in the country
until it has handed over
power to an elected presi-
dent at the end of June.
Mr Mubarak used the law
to intimidate critics and
political opponents who
were frequently referred to
emergency courts with no
right of appeal.
The legislation was also
used to clamp down on
political activity and to pre-
empt efforts to organise
against the regime.
Critics say the legislation
promoted a culture of impu-
nity in the security serv-
ices, which were never held
accountable for human
rights violations such as
torture and extended deten-
tion without trial.
The end of the emer-
gency law is hugely signifi-
cant on the symbolic level,
said Heba Morayef, Egypt
researcher for Human
Rights Watch. If you think
of the generation of the
Tahrir Square activists
[who overthrew Mr
Mubarak], none of them has
known Egypt without the
emergency law. Its expiry
also means all detainees
held under the law should
be released immediately.
Ms Morayef said the
change may not have a big
impact in practice, because
the ruling military council
has bypassed the emer-
gency law and tried protest-
ers in military tribunals
that are widely recognised
to fall below internationally
acceptable standards for
fair trials.
She also noted that
although it will no longer
be possible to try anyone
before an emergency court,
several cases already being
heard by such tribunals will
continue. These include the
trial of protesters accused
of invading the Israeli
embassy in September.
The peoples assembly
[parliament] should do
something about these
cases because the defend-
ants will have no right of
appeal, said Ms Morayef.
Egypt ends 30 years of emergency law
Lebanese Shia express anger
at the pilgrims detention
JUNE 1 2012 Section:World Time: 31/5/2012 - 19:19 User: summersj Page Name: WORLD5 USA, Part,Page,Edition: USA, 6, 1
FINANCIAL TIMES FRIDAY JUNE 1 2012

7
A disuniting kingdom
B
ritons will be celebrating
Queen Elizabeths diamond
jubilee this weekend with a
record number of street par-
ties and support for the monarchy at
its highest for at least 20 years a
remarkable recovery from her annus
horribilis of 1992, when Windsor Cas-
tle caught fire and several of her chil-
drens marriages fell apart.
But how united is the United King-
dom? The past 60 years have brought
a blistering pace of change including
globalisation, mass immigration,
European integration, devolution and
a dramatic increase in incomes that
has allowed people to live freer, more
individual lives but opened new social
divisions. It is a nation still grappling
with what these changes mean.
Pride in being British was palpable
in the optimistic but poorer days
when Elizabeth acceded. Britain had
been on the winning side in the sec-
ond world war, one of the most unify-
ing events in its history, and showed
signs of emerging from postwar aus-
terity. Rationing of tea, the nations
favourite drink, was lifted.
There was some sense of a new
world being created, says David
Kynaston, author of Family Britain:
1951-1957. The National Health Serv-
ice was very powerful, new buildings
were going up, things like new
schools, and there was a great move
. . . from inner cities to new towns and
estates with new mod cons.
There was also a common bond, de-
spite divisions among classes, regions
and nations. This was a deferential,
conservative society in which 35 per
cent of people thought the Queen had
been directly chosen by God, accord-
ing to an opinion poll in 1956.
People had no inhibitions in talking
about British native genius and
took their idea of history from books
such as H.E. Marshalls Our Island
Story. India had left the empire, but
Elizabeth could travel the world with-
out leaving lands she ruled.
Today, the empire has crumbled
to be replaced by the Commonwealth
and even Scotland is discussing a
breakaway. The devolved nationalist
government proposes to hold a refer-
endum on independence in 2014. Polls
suggest the Scots will not vote Yes,
and no other part of the UK is threat-
ening to pull out but Scotland may
back a second option of deeper devolu-
tion. The union is loosening.
Meanwhile, the divide between the
UKs wealthiest corner, London and
south-east England, and poorer parts
such as northern England and Wales
has widened faster since the 1970s
than in any other big country.
Londons rise has been a global suc-
cess a magnet for foreign wealth and
ambitious people of all nationalities
but it is now widely felt that Britain
grew too dependent on illusory finan-
cial growth engineered in the City.
In 1952, it was Scotland that
brought the only blemish on the
Queens dazzling debut. Prime minis-
ter Winston Churchill decided her
title would be Elizabeth II causing
offence north of the border, where she
was the first monarch of that name,
the crowns having been united only
after Englands first Elizabeth died
350 years earlier. Scots were so angry
that, when post boxes bearing the
royal cipher E II R appeared, some
people removed the II and a few put
explosives through the slot.
In 1953, when the Queen came to
Edinburgh to receive the honours of
Scotland after her coronation, she
wore a coat rather than sovereign
robes, which was criticised as an
insult to the dignity of the occasion.
Then, though, there were only hints
of the later nationalist surge. The
Unionists, as Conservatives were
known there, reached a peak of more
than half the popular vote at the 1955
general election. In 2010, they won
16.7 per cent and one seat out of 59.
Mr Kynaston says Britain has
moved from class-based politics to a
more identity-based politics, which
has to do with nationalism or nation-
hood, or gender or ethnicity. The
monocultural society of the 1950s has
become dispersed as the era of the
mass political party has ended. That
fits todays much more privatised,
individualistic society and technol-
ogy has played a big part in that.
We should not exaggerate these cen-
trifugal forces. While many now iden-
tify more with their core country,
81 per cent of people still felt very
or somewhat proud to be British in
2007, according to the British Social
Attitudes Survey. National identity is
adapting to changing circumstances.
In 1952, there was full employment
and hyperbole about a new Eliza-
bethan age. Leaders were more wary,
knowing the economy was war-weak-
ened and its influence waning. The
Queen gently punctured expectations,
saying: I do not feel at all like my
great Tudor forebear, who was blessed
with neither husband nor children,
who ruled as a despot and was never
able to leave her native shores.
Today, people earn on average three
times as much in real terms but are
apprehensive about the future as Brit-
ain struggles to emerge from its long-
est depression in more than a century.
According to the Chartered Institute
of Personnel and Development, the
nation is more productive, more
prosperous, more unequal, more
stressed, more workless. John Phil-
pott, the CIPDs chief economist, says:
Even during good times, people do
not seem much happier about their
working lives and many exhibit the
symptoms of work-related stress.
Britain was emerging from auster-
ity in 1952 and is desperate to do so in
2012. Todays austerity, however,
hardly matches earlier privations.
And, short of another world war, dis-
persed Britain seems unlikely to
return to 1950s togetherness.
Through it all the strife of the
1970s, the Thatcherite revolution of
the 1980s Queen Elizabeth has been
a steady, calming figure. There is
nervousness, though, about what fol-
lows. In one poll, only 39 per cent
thought the crown should pass to her
son, Charles, while 48 per cent wanted
it to go to her grandson, William.
Within 40 years of the reign of Eliza-
beth I, England had plunged into a
civil war that led to the execution of
the king. That would be an extreme
outcome to repeat. More likely, the
country will muddle through, reshap-
ing Britishness for the 21st century.
UK Six decades after coming to the throne in a nation united by recent war, the
Queen reigns over a more divided one struggling with austerity, writes Brian Groom
Society
Sources: The World Top Incomes Database; House of Commons Library; CIPD; IMF; Haver Analytics; MoD; ONS FT Graphic
Real GDP growth (annual % change)
-6
-4
-2
0
2
-6
-4
-2
0
2
4
6
1952 55 60 65 70 75 80 85 90 95 2000 05 11
0.34
5.33
2.24
-2.08
0.78
4.46
0.65
Suez
crisis
UK joins the
European
Economic
Community
Margaret
Thatcher
becomes
prime minister
Start of
miners
strike
Nationalists
take power
in Scotland
Devolution to
Scotland, Wales and
Northern Ireland
North Sea oil begins
to ow, inaugurated
by Queen in Aberdeen
At 1.4tn, UK output is
more than four times
larger than 60 years ago
or, allowing for population
growth, 3
1
/4 times larger
Marriage is no longer an expected
social norm. While cohabitation,
divorce and childbirth out of wedlock
were frowned upon in 1952, they
are now commonplace as is civil
partnership among samesex couples
Income
Top earners share of income shrank
until the 1970s but has since widened
sharply. The High Pay Commission
says inequality levels are back where
they were in the 1940s and heading
towards those of Victorian times
Employment
The most visible change in
employment patterns in the past
60 years is the entry into the
labour force of women, who are
often balancing family commitments
with parttime work
Military
In 1952, British men still did national
service and the country was involved
in the Korean war. Today, the UK has
a smaller professional army that also
includes women and is stretched by
conflicts in Iraq and Afghanistan
Politics
The Conservatives and Labour
dominated the scene in 1952 but
have since lost voting shares to
the Liberal Democrats, Scottish
and Welsh nationalists and less
mainstream parties
Britain in the world
The 1970s and 1980s were
characterised by doubledigit
inflation. Since the UKs entry into
the European Economic Community,
trade has increasingly been with its
neighbours rather than its empire
Income shares of top 5% and 10%*
*
% of taxpayers up to 1990 then % of adults
15
20
25
30
35
40
1952 60 70 80 90 2000 09
Top 10% income share
Top 5% income share
Combined share of vote won by
Conservative and Labour parties
1951
96.8%
2010
65.0%
Working-age females in the labour force
1952 2011
35% 71%
Total UK service personnel
(as of Apr 1)
= 50,000
186,400
0.30% of population
871,700
1.73%
of population
1952
2011
Births outside marriage
1952
2010
4.8%
46.8%
Exports to Europe (% of total)
1952
2011
29.8%
60.0%
ANALYSIS
On the web
In depth To read news, analysis and
comment on the debate over Scottish
secession from the UK, go to
www.ft.com/union
Lindsey Spinks
Economy
JUNE 1 2012 Section:Features Time: 31/5/2012 - 19:06 User: paleita Page Name: BIG PAGE, Part,Page,Edition: USA, 7, 1
8

FINANCIAL TIMES FRIDAY JUNE 1 2012
Without fear and without favour
Friday June 1 2012
To contribute please email: letters.editor@ft.com or fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address For corrections email: corrections@ft.com
LETTERS
Position where the pillar stood proud
From Sir Edward Dashwood.
Sir, I was most interested to read
Jane Owens informative article
(Flower shows erotic garden lets it
all hang out, May 25) about the
erotic nature of the Brewin Dolphin
garden at this years Chelsea Flower
Show. She comments on the Temple
of Venus that my ancestor built and
that a flint pillar once stood in front
of the oval cavity, no doubt to add to
the erotic symbolism. Research here
on the ground has suggested that the
said flint column was actually placed
behind the mound, but read into that
what you wish.
Edward Dashwood,
High Wycombe, Bucks, UK
Not paying taxes
was a sound move
From Mr Thomas Papakonstantinou.
Sir, Following the wealth of
discussion and commentary
generated by the ongoing Greek
drama, one could form the
perception that Greeks got what
they deserved for not paying their
taxes.
Its true that tax evasion is partly
responsible for Greeces current
misfortunes, however it was in the
countrys long-term interest given
the circumstances: for the past 20
years, the Greek state has been
mismanaged to a great extent, with
inefficient processes and a lack of
spending controls.
On top of that, the public sector
has been further burdened by jobs
created for the sole purpose of
securing votes. In this environment
of corrupt and unrestrained
spending, public finances have been
treated as a treasure to be looted
rather than as an asset to be
sustained. How do you stop this
engine of wasteful spending if youre
not the one running it?
You stop funding it. Much like the
shrewd investor who stops funding
enterprises with bad prospects,
Greeks stopped giving their money
where it was not being put to good
use. Their actions accelerated
change: having run out of tax fuel
and restricted by a fixed currency,
the engine that is the Greek state is
finally forced to optimise for
efficiency.
So lets not blame the Greeks
for not paying their taxes; of all
their financial decisions so far, this
one has probably been the most
sound.
Thomas Papakonstantinou,
Athens, Greece
Whose language is it anyway? Oscar Wilde (left) and George Bernard Shaw
Fire sale of assets
would come with
its own petrol
From Mr Gustavo Rinaldi.
Sir, Martin Wolfs conclusions are
totally compelling. I would only
query his suggestion that a fire sale
of assets would draw a wave of
inward direct investment. That could
. . . generate new economic activity
in the longer run.
We can explain most of the
difference of spreads between
countries with their net international
investment position.
Sales of assets to foreigners worsen
the NIIP and therefore increase the
spread that, ceteris paribus, the
country faces. Fire sales are not a
solution. They look more like putting
petrol on the fire.
Gustavo Rinaldi,
Turin, Italy
Selfinterest of ECB not of Germany will determine Europes fate
From Mr Eric Lonergan.
Sir, Martin Wolf is perceptive, as
always, in his analysis of Germanys
interests (The riddle of German self-
interest, May 30). But Germany is
no longer Europes principal power
broker. It is the European Central
Bank that determines the fate of
nations.
Deposit flight from Spain and Italy
raises the spectre of large-scale
financial panic. The contingent
liabilities dwarf the financial
resources of any single nation.
Germany cannot insure the deposit
base of the eurozone; it is a multiple
of German gross domestic product.
Only the ECB can halt a run on
banks and sovereigns.
The future of Europe will therefore
be determined by the interests of the
ECB. Self-preservation suggests that
it will prevent complete collapse. If
necessary, it will overrule Germany
to do this, as the longer-term
refinancing operations and
government bond purchase
programme suggest. But self-
preservation and preventing collapse
do not amount to genuine cyclical
relief and policy stimulus.
Indeed, the ECB appears to believe
that in addition to price stability it
has a mandate to impose structural
reform.
To this extent, cyclical pain is part
of its agenda. A true, aggressive,
easing of monetary policy through
GDP-weighted quantitative easing,
for example, will not be forthcoming
until there is deflation. Only then
will the ECB view QE as mandate-
consistent.
Perversely, deflation becomes
Europes best hope for an exit from
recession and recurrent financial
panic. The challenge now is for
countries to stay the course until the
price level across Europe falls.
Eric Lonergan,
M&G Investments,
London EC4, UK
Trade gap means EU cash helps China
From Mr Jeremy Prescott.
Sir, The EU-China trade deficit
(Tempestuous trade winds,
Analysis, May 29) is one cause of the
current eurozone turmoil and the
ineffectiveness of the authorities
response.
Using a deficit of around 150bn
and a median European Union wage
of 30,000, the deficit means that 5m
EU jobs have been directly
offshored to China, with indirect
effects of at least twice that. And
with a working population of some
225m in the EU, that accounts for
some 2-4 per cent of an average
unemployment rate now pushing
11 per cent.
The deficit also means that money
pumped into the EU leaks into
supporting the Chinese economy,
rather than the EU and its
unemployed. Despite the difficulties,
its time for some action.
Jeremy Prescott,
London SE21, UK
Corrections
KPMG is predicting 1bn of
investments in non-performing
consumer loans by banks in 2012,
not sales, as reported on May 30.
United Grain Company is not a
monopoly in exporting Russian grain
as incorrectly stated in an article on
May 31.
Berlin must buy Spanish bonds to signal faith in the euro
From Mr David K. Richards.
Sir, Martin Wolfs analysis is stark
and correct: The eurozone is on a
journey towards break-up and
German leaders will have to choose
between a shipwreck and a change
of course. To prevent a break-up,
Germany must give a clear signal
that she is determined to keep the
eurozone together.
The clearest way to do that is for
the German government (not the
European Central Bank) to take
advantage of the break-up premium
in the financial markets and buy
outstanding Spanish bonds. This act
should be viewed not as a bailout of
Spain, but as an investment in the
viability of the eurozone. It would
also be a profitable investment for
German taxpayers: Spanish bonds
yield over 6 per cent, while new
German bonds can be issued at
under 1.5 per cent. The risk to the
German taxpayer is non-existent if
the euro stays together.
Attacking the break-up risk
premium in the financial markets is
essential if the Spanish economy is
to grow and Spain can be expected
to meet its budget deficit targets.
There can be little doubt about the
Rajoy governments determination to
bring its budget into balance; but a
slipping economy makes meeting its
goals virtually impossible. The poor
economic conditions in Spain are
only partly due to government
budget austerity measures; the
greater influence is the starvation in
bank credit. Although in part this is
due to the harsh capital
requirements demanded by the
European, and Spanish, bank
regulators, the principal reason for
the tight credit conditions is high
funding costs for the banks; these
stem from the break-up premium on
Spanish sovereign debt with which
Spanish banks must compete for
their funds. These high funding costs
strangle credit conditions and
economic growth in the Spanish
economy which, in turn, makes
achieving budget targets an
impossibility. German purchases of
Spanish bonds would quickly bring
down the euro break-up interest rate
premium and bank funding costs.
This would allow credit and
economic growth in the Spanish
economy to resume and enable the
Spanish government to meet its
budget deficit targets.
It is in the hands of the German
government to choose. Without
directly attacking the break-up
premium in the financial markets,
the Spanish economy will not grow
and the euro break-up is inevitable.
David K. Richards,
Santa Monica, CA, US
Energy proposals
losing their spark
From Prof Dieter Helm.
Sir, The current UK energy market
reform proposals (A Gosplan for the
UK energy market, editorial, May
26) do indeed look ominously like a
Gosplan-like reabsorption of the
energy market into the belly of
Whitehall. The combination of
extraordinary complexity and the
government contracting is unlikely
to end well, opening the floodgates
to lobbyists in search of subsidies.
What started out as a sensible set of
reforms has turned into a complex
morass. I doubt anyone in the
Department of Energy and Climate
Change could even list all the
current and proposed interventions.
Energy secretary Ed Davey says he
is not in the business of predicting
future electricity prices. Yet his
approach requires just that if he is
to set the contract prices. No doubt
he will be aided by his highly
questionable assertions about gas
prices and his desire to protect
consumers from gas price volatility.
It does not have to be like this. To
put electricity market reform back
on track, ministers need to remind
themselves what the two questions
are to which EMR is supposed to be
the answer: how to ensure sufficient
investment to keep the lights on; and
how to secure decarbonisation.
The first requires the quantity of
investment to be set, and the second
requires a carbon price whereas
Mr Davey wants to fix the quantity
and price of that investment, as well
as fixing the price of carbon and
choosing the low-carbon technologies
too. The market bit of EMR can be
harnessed to these two purposes by
auctioning the capacity required
allowing all and everyone to bid, and
then constraining the investment
path to meet the carbon target
through a carbon price. The market
reveals the costs and the contract
price. The government fixes the
quantity and the carbon price.
Instead the secretary of state and
DECC officials will pick winners
and winning prices. The history of
energy policy is littered with such
ill-judged adventures. Time indeed to
change track as you suggest.
Dieter Helm,
New College, Oxford, UK
Ireland is the natural home of English
From Dr John Doherty.
Sir, To find English in its natural
home, all the evidence (James
Joyce, Oscar Wilde, W.B. Yeats,
George Bernard Shaw, Samuel
Beckett, Seamus Heaney) points in
the same direction to Ireland
(Choose the English that helps you
win, Business Life, May 24).
John Doherty,
Cnoc an Stollaire, County Donegal,
Ireland
New York Notebook
The Russians are
coming (with apps)
I am a child of the cold war. I
remember the days when our
president called the Soviet Union
an evil empire. I am steeped in
domino theory. I even learnt how to
duck and cover in the event of a
nuclear attack.
As a result, my mind began racing
this week after I received a press
release from an outfit run by the
current occupants of the Kremlin
that suggested in the words of that
old Hollywood film comedy that
the Russians are coming, again.
RT, an international news network,
wanted the world to know that its
Occupy W@ll Street application for
Facebook users had been nominated
for an award given by a marketing
industry group in the US called
PromaxBDA (a self-described leader
of the international conversation
about the role that marketing plays
in the monetisation of media).
This is the first game inspired by
the Occupy Wall Street Movement,
Margarita Simonyan, editor-in-chief
of RT, proclaimed in a statement. It
serves as a platform for the
frustrated 99 per cent out there
longing for a voice and ability to
impact the future. Facebook friends
now have their voices heard!
Before we go any further, I must
admit that I am one of the last
people in the world who should pass
judgment on anyones Facebook app.
I havent signed up for Facebook yet
because Im really rather shy and I
dont think that I have ever
knowingly downloaded an app myself
(I would argue that one reason
human beings bear children is so
they can do this sort of thing for us).
But I was fascinated by RTs
description of its game. The app
enables people to leave comments
and occupy property on a virtual
map of New Yorks financial district.
This way they can take a stand or
chat with others across the globe,
share their Facebook profiles, invite
friends, read news and join the
Occupy community from the comfort
of their homes.
My first thought was that this all
sounded like one of Joe McCarthys
bad dreams. After all, here were
Russians on our soil, virtually
speaking, using our social network
the one in the movie! to turn
people around the world against our
state-of-the-art free markets.
The difference this time around is
that this Russian revolution is meant
to remain virtual. No one is trying
to steal our nuclear secrets or to
tamper with our precious bodily
fluids by fluoridating our water.
Rather, the Russians are coming to
teach the disaffected to play games.
Im guessing this is a somewhat
Russian thing to do, since they, like
other people who have lived under
authoritarian governments, probably
needed to play all kinds of elaborate
games in their heads to keep sane in
the face of dangerous and depressing
circumstances.
But what struck me in this case is
that the survival skills honed under
communist rule now have capitalist
uses in this instance, involving the
development of a Facebook app that
enables people sitting on couches to
seize virtual property as a way of
expressing their frustration with the
way things are.
Pessimists among us are probably
right to fear that this has negative
implications for our US republic.
This kind of politics is intentionally
purposeless; nothing really happens.
But as purposeless political activity
goes, its some of the best. Indeed, it
could be argued that virtual politics
represents a solution to one of the
enduring problems of social
movements their tendency to
attract all kinds of people, including
the immature and the unstable.
Amusements such as RTs
Facebook app make it easier to
distract such people before they do
something stupid in their real lives.
Maybe the world would have been a
better place if there had been a
Baader-Meinhof app or a Weather
Underground app that would have
enabled New Left activists whose
screws were too loose to blow off
steam without spilling blood.
As I read the Russian press release
I couldnt help but think that we
could do with a little more of this
sort of thing in the US. The political
news this week was dominated by
stories recounting unsubstantiated
assertions by Donald Trump, the
property developer and television
personality, that President Barack
Obama wasnt born in the US a
position held by the so-called
birther movement in this country.
I began to hope as the week wore
on that some savvy computer
programmer, perhaps in Russia,
could develop a birther app
sufficiently sticky to keep Mr Trump
and his playmates glued to their
computer screens until election day
so the rest of us could catch a break.
gary.silverman@ft.com
Gary Silverman
Commission barks
up the wrong tree
Brussels forgets that imbalances are a twoway problem
Just like a teacher with her less
disciplined pupils, the European
Commission has handed out its
reports to the 12 EU countries it
believes are guilty of macroeco-
nomic imbalances. These docu-
ments which will be discussed at
the next European Council
include recommendations that, if
not acted upon, could lead to the
imposition of financial sanctions.
In principle, the decision to look
at indicators that go beyond the
fiscal position of the individual
member states is welcome. The cri-
sis was a product of private as well
as public sector imbalances and it
is only by recognising the impor-
tance of both that the eurozone
can hope to find a way out of the
woods.
But in spite of this encouraging
step, the commission has failed to
show it fully understands that
imbalances are a two-way problem.
Too large current account sur-
pluses are as damaging as exces-
sive deficits. And yet, when the
commission chose which countries
to single out for further analysis, it
used criteria that are skewed
against the countries in deficit.
As a result, for all the impres-
sive paperwork produced, the
reports say little about one of
the eurozones main problems:
Germanys large current account
surplus. This was some would
say unsurprisingly just below the
6 per cent limit that is considered
worthy of attention.
Having ignored the real elephant
in the room, the commission could
then concentrate on Brussels all-
time favourite the fiscal state of
individual countries. But even
here, the analysis presented is not
fully convincing.
Take the case of France. The
commission seems determined to
enforce the deficit target agreed
for 2013. But this is barking up the
wrong tree. Frances priority
should be to draw a medium-term
plan of fiscal consolidation and
structural reforms, not to rush
through a set of immediate auster-
ity measures that risk choking off
its already struggling economy.
To be fair, Olli Rehn, the EUs
economic affairs commissioner,
opened the door to an extension of
the 2013 deficit target for Spain,
provided it presents a credible plan
of fiscal consolidation. But while
politically and economically wise,
this move was somewhat overdue.
The message the commission is
sending about Spain shows it can
be sensible when assessing the
problems of the eurozone. But
until it is willing at least to iden-
tify all of the currency blocs prob-
lem, it will do little to help to find
a meaningful and long-lasting solu-
tion to the crisis.
Russias shame
Moscows support for Assad is damaging to its interests
Kofi Annans plan to bring peace
to the conflict in Syria has failed.
Since UN monitors landed on
April 14, Amnesty International
has counted 1,300 dead. The massa-
cre last week by pro-regime thugs
of 108 civilians 49 of them chil-
dren should leave no doubt about
President Bashar al-Assads dis-
dain for a peaceful solution.
The international community
must now come up with an alter-
native. But any efforts to step up
the pressure on Syrias murderous
regime are still being stonewalled
by Russia. Vladimir Putin, playing
up theories of western conspiracy
in Syria, prefers to side with a
bloody tyrant. So President Assad
wins time and more die.
Moscows support of the Syrian
regime is not just reprehensible. It
is destructive to Russias own
interests. Syria may be home to
Russias only Mediterranean naval
base. But should Mr Assad fall as
well he may eventually then
Moscow risks losing everything.
Todays opposition will hardly
grant privileges to the country
that supplied the arms used
against its families. Moscows
blind eye has also cost it credibil-
ity, not just with the west but with
the Arab League.
Moscow must understand that
its course will carry heavy costs.
And that passage of a UN Security
Council resolution on Syria does
not have to mean military inter-
vention. There are steps that can
be taken before then, such as refer-
ring Mr Assad to the International
Criminal Court.
Hillary Clinton, US secretary of
state, yesterday denounced Rus-
sias stance. For too long, western
powers have feared alienating Rus-
sia, key to sensitive Iranian
nuclear talks. More pressure can
be exerted. Mr Putin arrives in
Paris and Berlin today to discuss
extending commercial ties. It
should be made clear that this
would be difficult while Russia
blocks Security Council action.
The US and its allies might also
explore whether the UN general
assembly could commission an
investigation into human rights
abuses in Syria. This need not be
linked to an ICC referral, which
would need Russian support. But
information gathered could make
its position harder to sustain.
Pressure must be matched by
incentive. Moscow should be given
assurances that the west will use
any influence with a new govern-
ment to help maintain its interests
in the country and that any resolu-
tion will not be stretched into mili-
tary action. For without such
pledges, Russia is unlikely to shift.
And the world will watch as Syria
descends into civil war.
Hunt at Leveson
Culture secretary diminished by handling of BSkyB bid
Two accusations hung over Jer-
emy Hunts head when he testified
to the Leveson inquiry. The first
was that the culture secretary had
breached the ministerial code
when adjudicating on News Corps
abandoned bid for BSkyB. The sec-
ond was that he was less than
candid with parliament when
explaining his behaviour. He dis-
pelled neither.
True, the bigger charge of bias in
News Corps favour did not stick.
In spite of the chumminess evi-
dent in communications between
Mr Hunts office and the media
group, nothing emerged to suggest
that this had unduly affected the
culture secretarys final decision.
But Mr Hunt seems to have been
extraordinarily careless about how
the process was handled. While he
claimed not to have understood
fully the meaning of the term
quasi judicial when given the
role, it is fairly obvious that such a
process should treat all interested
parties equally. Mr Hunt should
not have allowed one of his special
advisers, Adam Smith, to give
News Corp such preferential
access to information.
The culture secretary said that
Mr Smith, who has since resigned,
acted without his authorisation.
This would be a weak excuse even
if one accepted it. The fact remains
that under the ministerial code,
ministers are responsible for the
conduct of their advisers.
This casualness seems to have
extended to Mr Hunts statements
to parliament. When News Corp
first disclosed the messages to the
Leveson inquiry, he told the House
of Commons that he had only had
official minuted contact with
News Corps main lobbyist, Fred-
eric Michel. Yesterday he admitted
to exchanging a number of texts
with Mr Michel including one in
which he looked forward to having
a coffee with the lobbyist when the
quasi-judicial process was over.
The affair raises questions about
David Camerons judgment. Mr
Hunt took on the quasi-judicial
role when Vince Cable, the busi-
ness secretary, stood aside after
making hostile remarks about
Rupert Murdoch. It was reckless of
Mr Cameron to hand responsibility
to a minister who hours before had
been speaking in favour of News
Corp. When questions emerged
about the process, he should have
referred Mr Hunt to the adviser on
ministers interests.
The prime ministers forbearance
has not helped Mr Hunt, who
emerges a diminished figure, his
authority undermined by his close-
ness to the Murdochs. Apart from
acting as a human shield for
Mr Cameron, it is hard to see what
purpose he now serves.
JUNE 1 2012 Section:Features Time: 31/5/2012 - 19:32 User: paleita Page Name: LEADER USA, Part,Page,Edition: USA, 8, 1
FINANCIAL TIMES FRIDAY JUNE 1 2012

9
COMMENT
S
everal weeks after rumours
surfaced of a London whale
taking huge positions, JPMorgan
Chase announced it had suffered a
$2bn loss on hedging activity that its
chief executive Jamie Dimon rightly
called sloppy and stupid. Within
days, the $2bn loss was rumoured to
have grown much larger, although
the bank has not disclosed details.
The US Securities and Exchange
Commission and, more oddly, the
FBI are investigating the situation.
Certainly the SEC has reason to
check the banks disclosures, but
hopefully neither losing money nor
stupidity have become crimes.
People have already seized on the
incident to call for more regulation,
including a tougher Volcker rule.
Others will no doubt say this shows
regulators lack resources to police
the system. Maybe when we know
the facts we will conclude there are
things that can be done better. But
ready, shoot, aim shouldnt be our
approach. The public deserves better
than saddling the economy with
rules to pretend we are doing
something if those rules wont work.
A simpler and more effective
approach would be a whale rule
requiring immediate public
disclosure say, within 48 hours
of any whale positions. Positions in
US Treasuries should be excluded,
but otherwise a linked trading
strategy involving a gross position
greater than $25bn, perhaps or
even $50bn would be subject to a
public reporting requirement.
Without drowning the market in
details of smaller positions (which
should remain confidential), a whale
rule would give the market details of
enormous trades by regulated banks.
We do something similar for
personal securities trading by
officers, directors or 100 per cent
holders of listed companies. They
have two days to disclose purchases
or sales to the SEC.
This should guarantee that CEOs,
regulators and investors are aware of
huge bets. Not only would investors
find out things they should know
but the state would not have to hire
people to implement more rules.
The Office of the Comptroller of
the Currency and the Federal
Reserve already have legions of staff
posted permanently in the nations
largest banks with authority to halt
any practice they deem unsafe and
unsound. If the supervisors didnt
react to JPMorgans whale, there is
little reason to believe that giving
the same people more rules to
enforce would help.
If government supervisors did try
to control things and the bank
defeated their efforts, that would be
a more persuasive case for stronger
rules. But first we need to lift the
secrecy surrounding what the
supervisors knew and when they
knew it. Accountability should be a
discipline among regulators, not just
among the regulated.
The dangers of over-regulation
are apparent from one of the most
sweeping increases of regulatory
costs and burdens in the Dodd-Frank
act. This provision gives the Fed
authority to examine and supervise
systemically important financial
institutions (SIFIs) outside the
banking system. Though well-
intended, this step is likely to prove
very costly because it can smother
companies under supervisory
blankets that will degrade their
flexibility and competitiveness.
If the Fed couldnt stop the London
whale inside a bank it knows
intimately, what reason is there to
think it will do any better spotting,
let alone controlling, the risks at
General Electric, Fidelity or
whatever other companies are
ultimately determined to be SIFIs?
Are the costs of increased
bureaucracy and moral hazard that
Dodd-Frank will cause outside the
banking system really justified by
more protection for the public? If
not, we would gain as much from
scrapping the regulation of SIFIs and
simply asking banks to hold more
capital, be more liquid and diversify
more so they can cope whatever
happens to a supposed SIFI.
Risk-taking is essential to our
economy and inherent to capital
markets. Large institutions such as
JPMorgan make very large profits
and must be expected occasionally
to have very large losses. JPMorgans
capital reserves are there to absorb
losses on loans or on transactions,
and to some extent that is normal.
While it never hurts for the SEC to
take a quiet look at a companys
disclosures, large trading losses are
not necessarily cause for criminal
investigations or a public circus.
The writer is chairman of Breeden
Capital Management and was the
Securities and Exchange Commission
chairman from 1989 to 1993
Richard Breeden
More of the
same wont
end stupidity
we need a
whale rule
Our approach should not
be ready, shoot, aim,
saddling the economy
with rules just to pretend
we are doing something
It is time Europe reached for the emergency plan
We cannot predict the outcome of
the Greek election, nor whether a
new Greek government will simply
drive a harder bargain for more
subsidies, rather than seek to leave
the eurozone. Greeces eurozone
partners are frustrated, although
they still seem willing to offer
considerable aid to avoid a crisis
precipitated by a Greek exit from the
euro if Greeces leaders and public
commit to a viable programme.
If Greece leaves the eurozone, the
contagion is impossible to predict,
just as Lehman had unexpected
consequences. A Greek exit would
trigger a hit to confidence in other
sovereign euro assets. Eurozone
leaders need to be ready. There will
not be time for meetings of finance
ministers to discuss the outlook and
debate the politics of incrementalism.
In panicked markets, investors flee
to safe assets, sparking other flames.
Some argue that if a crisis begins
the ECB can overwhelm it. Yet the
differences of views on the ECB
board raise doubts about its ability
to respond fast, fully, and forcefully.
Moreover, the states that stand
behind the ECB would have to
decide to permit it to provide further
funds to banks with poor collateral,
or those that flirt with insolvency.
Eurozone leaders need to be prepared
psychologically and through the
European Stability Mechanism to
recapitalise banks.
Even massive injections of ECB
liquidity may not be enough. When
I ask developing-country veterans
of financial panics what advice they
would offer, their response is
uniform: governments have to
guarantee bank deposits and
probably other liabilities. In the
eurozone, the guarantees of some
national sovereigns are unlikely to
be sufficient and only that of the
euro-sovereign will suffice. It is far
from clear that eurozone leaders
have steeled themselves for this step.
After Lehmans collapse, the
illiquidity began to choke the
corporate sector, too. Major
companies feared they could not get
bank loans or roll over commercial
paper. Bankruptcies loomed.
Eurozone banks have spent three
years under pressure to deleverage,
build capital, and reduce risk. I
doubt that the first instinct of their
executives in a crisis will be to pump
out loans to business borrowers.
But if we wake up to news of a
major corporate bankruptcy, lenders
and savers may pull back just as
they would from a blow to banks.
When financial markets get
anxious, peril often strikes two or
three links down the financing chain.
So eurozone leaders need to be
monitoring liquidity risks in the
corporate sector. And if banks get
emergency assistance, bank
executives will need to be pressed to
keep providing customers with cash.
No one wants to have to act on
the break the glass instructions.
But it is wise to read them and to be
prepared. The seriousness of the
emergency steps should encourage
eurozone leaders to take precautions
such as getting ESM capital into
banks now and agreeing on a
medium-term funding assurance for
countries such as Spain. This
assurance could come from the ESM
or partial deployment of eurozone
bonds in ways that maintain market
discipline on state financings.
This recommendation does not
conflict with Germanys call for
fiscal discipline and microeconomic
reforms. Those steps must be taken.
Germany has understandably been
unwilling to turn on its fiscal tap
unless those reforms are realised.
Yet Germany will not achieve its
strategic aims of a more integrated
and fiscally sound eurozone unless it
supports reforming states and
prepares for contagion. Good leaders
anticipate. They ready themselves to
move quickly and seize the
moment to further larger ends.
The writer is president of the
World Bank Group
Robert Zoellick
Germany will not achieve
its strategic aims unless
it supports reforming
states and prepares for
a crisis of contagion
The secret to
the eurozone
crisis. Keep
your eyes on
German bond
yields, says
Stephen King
FT.com/alist
A
The list
E
urozone leaders may be
nearing a break the glass
moment: when one smashes
the pane protecting the emergency
fire alarm. While those living in the
eurozone building, especially those
on the executive floors, will not want
to hear an alarm, they had best read
the instructions. Events in Greece
could trigger financial fright in
Spain, Italy, and across the eurozone,
pushing Europe into a danger zone.
The summer of 2012 offers an eerie
echo of 2008. Markets are signalling
anxieties about a major asset class.
In this round, eurozone sovereign
debt has replaced mortgages as the
risky investment. Banks are under
stress. Depositors have not yet begun
to run, but they are starting to jog.
The European Central Bank, like
the US Federal Reserve in 2008,
has sought to reassure markets by
providing generous liquidity, but
collateral quality is declining as the
better pickings on bank balance
sheets are used up.
Oil, blood
and the
wests double
standards
and large a good thing. Listening to
some of these politicians one could
almost imagine that they had always
carried a torch for Arab democracy.
Thats until you get to the caveats.
Democracy is all very well as long
as it does not threaten western
interests. Elections are fine except
when voters seem likely to embrace
Islamists. Support for the uprisings
has been selective and conditional.
Sure, Nato lent its military to the
overthrow of Libyas Muammer
Gaddafi. But mention repression of
the Shia majority in Bahrain and
silence descends. Privately, policy
makers criticise the kingdoms ruling
al-Khalifa family for resisting reform.
Privately. As I have heard one
European diplomat observe, much
of the worlds oil passes through
Bahraini waters; and Shia Iran sits
menacingly across the Gulf.
Saudi Arabia is a no-go area. Much
of the Islamist extremism within and
without the Middle East has its roots
in the Wahhabi fundamentalism that
flourishes under the House of Saud.
But Saudi Arabia is the worlds
largest oil exporter. The Saudis also
buy hugely expensive military kit
and, since the war in Iraq, serve as
a vital Sunni counterweight to Iran.
I recall a conversation with Tony
Blair during George W. Bushs ill-
fated campaign to bomb the Middle
East into democracy. The march of
freedom, the then British prime
minister said, was unstoppable. So
why had he just returned from a
mission to sell advanced fighter
jets to the Saudi regime? For once
Mr Blair seemed lost for words.
Governments are not alone in their
double standards. The other day
Mr Blair was confronted in London
by a demonstrator calling him a war
criminal. It has become an article of
faith among the liberal intelligentsia
that Mr Blairs support for Mr Bushs
war in Iraq was at very best an act
of vainglorious imperialism and more
likely a criminal conspiracy.
Yet as Syria descends into ever
standards, western policy makers
tend to shrug their shoulders and
reply this is the world as it is. As far
as, say, Bahrain and Saudi Arabia
are concerned, they will take the
criticism on the chin. What the
realpolitik misses, I think, is the
deeply corrosive effect of the
accumulated hypocrisies on the
wests standing and influence.
During the cold war, the US and
its allies could cite the need to fight
against Soviet communism. They
could make a cold calculation that
for all the occasional agitation, the
Arab street was not a threat to the
status quo. Satellite television, the
web and social networking lay
somewhere in a deep distant future.
Now Barack Obama, Franois
Hollande, David Cameron and the
rest confront a painful paradox.
The wars in Iraq and Afghanistan
and the political awakening in the
Arab world have greatly weakened
their capacity to effect change in the
Middle East.
Yet the instant transmission
around the world of images of bloody
repression demands that they act.
The west cannot win. Given the
sorry record of the past half-century,
it hardly deserves to.
philip.stephens@ft.com
more bloody civil war, critics of the
toppling of Saddam Hussein are
among those complaining that the
international community is standing
idly by while Bashar al-Assad
continues to slaughter his people.
Never mind that Saddam had
massacred the Shia of southern Iraq
and used chemical weapons to
murder Kurds in the north.
As it happens, the carnage in Syria
throws up a dilemma that reaches
beyond the familiar cynical choices
between realism and idealism.
Western leaders share international
outrage at the wanton killing of
civilians by Mr Assads regime.
They want to see him removed from
office. But to suggest that there is
an easy option by way of military
intervention is to abandon intelligent
analysis to understandable anger.
Syria is not Libya. Mr Assads
military is armed with sophisticated
Russian weaponry and large stocks
of chemical weapons. Would
bombing save Syrian lives? I suspect
that the combination of the
particularly brutal killings in Houla
and Russian intransigence at the UN
will eventually push the west into
arming the insurgents. But no one
should suppose that this will bring a
happy ending.
Confronted with charges of double
Syria is not
Libya. Mr
Assad has
Russian
weaponry
and stocks
of chemical
weapons
The Middle East is a graveyard for
ethical foreign policies. Whenever
American and European leaders
speak in lofty tones of an
unflinching commitment to political
pluralism, the rule of law or human
dignity, this benighted region turns
around to shame them.
Local people habitually talk of the
wests double standards. This is not
new. Even if one puts aside
colonisation, recent history has been
littered with grim examples of the
elevation of selfish interests above
declared values. One good starting
point is 1953 and the toppling by the
US at British incitement of
Mohammed Mossadegh. The then
Iranian prime ministers embrace of
economic modernisation and social
reform promised a shining model for
the region. He made the mistake of
thinking Iran rather than Britain
should own its oil industry.
The archives of western foreign
ministries bulge with evidence of
the contradictions and hypocrisies.
Diplomats stationed in the region
American and European have for
decades crafted eloquent dispatches
questioning whether support for
Arab autocrats sat easily with the
espousal of universal values; or if
one-sided support for Israel did not
ignore the legitimate rights of
Palestinians. The telegrams went
unread. The tyrants had the oil and
the Palestinians were powerless.
More than half a century later the
tensions have surfaced again in the
reaction to the Arab spring. After
some hesitation, western leaders
have decided that popular demand
for representative government is by
Philip Stephens
Too much pessimism over Britains productivity
domestic product. The Cambridge
paper argues, however, that the true
figure could be as big as 6 per cent.
The implications of this difference
are dramatic. If most of the fiscal
deficit is cyclical, what is needed is
to increase demand. If most of the
deficit is structural, what is needed
are permanent increases in tax and
reductions in spending.
In essence, the pessimists believe
the UK has lost something close to
12 per cent of GDP, in perpetuity.
As the Cambridge authors note, such
a loss would be like a giant natural
disaster. It would be far bigger, in
fact, than most such disasters.
Two-thirds of the difference
between the actual output and what
would have been expected on the
historic trend can be arithmetically
explained by the collapse in
productivity, with the rest being
explained by a declining labour force
and higher unemployment.
The OBR (in line with many
others) thinks that almost all of the
productivity shortfall is permanent.
This conventional wisdom relies on
the following points: the relative
contraction of high productivity
sectors, such as banking; weaker
growth of the capital stock as
investment fell; loss of skills; lower
innovation, because of less formation
of new companies; credit constraints;
and inefficient allocation of financial
capital.
The problem is that these
explanations do not work. The shift
in jobs from high productivity
sectors can explain, at most, a tiny
fraction of the productivity shortfall,
because it has been quite general.
Again, the ratio of capital to labour
has continued to rise during the
recession. Moreover, low investment
now can be offset by higher
investment in future. Again, the loss
of skills cannot be that large, partly
because unemployment is modest.
Finally, the view that the financial
collapse has demolished innovation
does not make sense: the
productivity shortfall has been far
too swift; and credit-constrained
companies do not account for much
innovation. Moreover, such effects
cannot explain the differences in
experience between the UK and US.
The supply-side doomsters argue as
if an economic neutron bomb has hit
the economy, demolishing
productivity, while leaving no trace.
So is there an explanation? Yes.
The hypothesis of the paper is that
the combination of a general collapse
in demand with incentives to hoard
labour explain what has happened. If
demand were to rebound, so would
productivity. The authors argue that,
because of the steep fall in real
wages, companies have been able to
maintain profits while keeping on
workers that are costly to recruit.
Bosses in the US are strongly
motivated to raise profits, via
job-shedding. This is less true in
the UK.
There are two principal arguments
set against this hypothesis: that it
does not explain why employment
has expanded and it does not explain
the persistent inflation.
The to my mind, convincing
rebuttal of the first point is that
employment has expanded for
labour in low-productivity, low-wage
activities, where hoarding did not
The dominant narrative
that performance has
deteriorated permanently
is not just depressing,
but implausible
W
hat explains the collapse
in UK productivity? This
is the most important
question confronting UK policy
makers. Unfortunately, it is also
hard to answer with confidence. But
the dominant narrative that
performance has deteriorated
permanently is not just depressing,
but implausible. Worse, it risks
becoming a self-fulfilling prophecy,
with excessively tight policies
generating exactly the dire outcome
that conventional wisdom expects.
The output of the UK economy is
now about 14 per cent below what
was expected prior to the banking
crisis. As Bill Martin and Robert
Rowthorn of the Centre for Business
Research at Cambridge university
note, in an important paper, policy
makers and others believe that the
crisis inflicted major structural
damage with the result that national
output may be only 2 per cent or
so below potential.* For this very
reason, the Office for Budget
Responsibility has concluded that the
cyclical element in the fiscal deficit
is only about 2 per cent of gross
occur. It has not expanded for
high-productivity, high-wage labour.
This then is a divided response in a
dual labour market. The response to
the second point is that there is no
evidence of general domestic price
pressures. Unexpectedly, high
inflation has been caused by shocks,
particularly higher import prices and
the rise in value added tax.
This is no academic debate. What
we see is pessimism about potential
supply, driven by an unexplained
economy-wide productivity shortfall.
But an event that cuts across the
economy needs an economy-wide
explanation. The combination of a
huge shortfall in demand with the
decline in real wages and the
incentives to hoard workers is such
an explanation. Worst of all, the
pervasive supply pessimism risks
being a self-fulfilling prophecy. Such
a weakly supported hypothesis
cannot justify such a dire outcome.
Sensible policy makers should start
off optimistic. The alternative is far
too grim to be accepted.
* Is the British economy supply
constrained II? www.cbr.cam.ac.uk
martin.wolf@ft.com
Martin Wolf
Daniel Pudles
JUNE 1 2012 Section:Features Time: 31/5/2012 - 19:17 User: paleita Page Name: COMMENT USA, Part,Page,Edition: USA, 9, 1
10

FINANCIAL TIMES FRIDAY JUNE 1 2012
Potted history
1977 Ben Cohen and Jerry
Greenfield complete icecream
correspondence course from
Penn State university
1978 The pair use $12,000 to
open their first icecream parlour in
Burlington, Vermont
1981 First Ben & Jerrys franchise
opens on Route 7 in Shelburne,
Vermont
1984 A suit is filed against
Pillsbury, HagenDazss parent
company, after Pillsbury tried to
limit distribution of Ben & Jerrys
in Boston
1985 Ben & Jerrys Foundation
established
2000 Ben & Jerrys is sold to
Unilever for $326m
How do you stop copyright
infringement when it is as
simple as copy and paste
or in the case of images,
right-click followed by
save-as?
One way is to adopt the
attitude that if you cant
beat them, join them. But
this mantra is easier to say
that do when your
business is built on digital,
creative content.
Getty Images, the worlds
biggest digital image
agency, is trying a counter-
intuitive approach that
actually removes a barrier
to infringement. The
company has completely
noticeable shift: users were
more likely to explore the
site further, register and
purchase.
Ms Chien accepts that
not everyone will like it.
Weve had people say to
us its too big, that the
opacity isnt right, she
says, reflecting the fact
that some may still see the
watermark as obstructing
the view.
Another big debate also
emerged over how to
shorten the web address.
The company eventually
settled on gty.im, reflecting
how other media
companies have used
distinctive short URLs to
promote their content. The
New York Times, for
example, uses nyti.ms.
It was a big decision to
use gty.im as the short
address thats the only
written link to Getty
Images on the watermark
now, says Ms Chien.
The problem
Would you recommend upgrading or building a
computer using a solid state drive (SSD) instead of a
hard drive? And are there any issues surrounding this?
Anon, London, UK
The answer
Why not upgrade or build it with both? On an existing
PC, adding a 60Gb SSD drive like OCZs Agility 3 for
about $70 (54) allows you to install the operating
system and key applications for much faster loading
times using this flash memory. Using Windows 7 should
mean you avoid SSD installation issues. Your data can
then be stored on the old hard drive or, if building from
new, you can buy a 500Gb hard drive.
Send your technology and gadget questions to
chris.nuttall@ft.com
The last word
A new watermark
shows a shift in
the fight against
infringement,
writes Rob Minto
?
Ask the tech expert
Chris Nuttall
Personal
technology
MORE ON FT.COM
For more news and reviews
on the latest gadgets, go to
www.ft.com/personaltech
Googles vision
returns to the
humble desktop
The problem with Googles
first Chromebooks was
that they represented a
computing future that had
not yet arrived.
In the search companys
vision of tech utopia, all
digital work, from word
processing to spreadsheets
and image editing, can be
done online, with no need
for Windows, its desktop
or the programs that it
features. Google proposes
storing all your files in
data centres, rather
than on a computers
hard disk. The files
load in software that is
also stored in the cloud,
so it can be maintained
and updated on remote
servers, keeping your PC
free from program clutter,
spyware and viruses that
can slow regular Windows
machines to a crawl after
a while.
I found the first
Chromebooks, which came
out last year, too restrictive
in confining all my work to
a browser. I missed my
desktop and many
programs that did not have
strong equivalents on the
web, while managing
files on it proved hard.
Samsung and Acer
produced the first
Chromebooks, with the
Chrome web browser as
the operating system.
Now Samsung has come
up with both a new version
of the laptop (right) and a
handysized square mini
PC (above), to which a
keyboard, mouse and
monitor can be
attached the
Chromebox.
The new
Chromebook has a
more powerful
processor and
Samsung
Chromebook
and Chromebox

revamped its digital

watermark the semi-
transparent sign of
ownership that cannot be
removed unless a picture is
purchased and which
makes it much harder to
see the actual image.
In place of a large getty
images stamp across the
middle of each photograph,
its watermark is now a box
on the right-hand side.
Even more significant, the
company argues, is what is
written inside of it: a
shortened web address and
a photographer credit.
The web address, when
copied into a browser,
takes the user to
information about the
picture, including details of
how to buy the rights to
use it.
The old watermark
was seen as more of a
hindrance than a benefit,
explains Jim Gurke, a
marketing executive for
media, where influential
bloggers and online
personalities can be just as
influential on consumer
behaviour as commerical
media, the company is
tacitly accepting that some
people will use its content
without paying.
This has been a constant
bugbear of picture
agencies, who rely on
clients to pay for usage.
Getty captions itself with a smaller stamp of ownership
the company. In effect,
Getty is trying to turn the
watermark from a barrier
into a signpost back to its
website.
The company, which is
owned by US private
equity fund Hellman &
Friedman, is experimenting
with a different approach
to non-commercial,
unlicensed use of its
images. In the age of social
The challenge has been to
keep up with those who
ignore the commerical
rules.
So, the new watermark
eschews Gettys name in
favour of crediting the
individual photographer.
We thought it was more
humanising to put the
creator rather than just
repeat the company name,
claims Yvonne Chien,
another marketing
executive.
The watermark change
goes back to a decision last
year by Gettys London
office to employ marketing
agency R/GA London to
revitalise the brand.
When the agency gave us
their top four or five ideas,
this one stood out, says
Ms Chien.
The company soft-
launched the watermark to
5 per cent of the sites
visitors and looked at the
data. There was a
What a long, strange trip its been
Despite selling his
quirky icecream brand
to a consumer goods
giant, Jerry Greenfield
is still a hippy at heart,
writes Louise Lucas
We all scream: Jerry Greenfield and Ben Cohen (below) use wacky names on their icecreams, such as Applyy Ever After (below) which highglights their support for gay marriage Bloomberg
I
t is four or five questions into
our interview and Jerry
Greenfields arm is around my
waist and he is guffawing
generous belly a-wobble as he
chortles: I like it.
This does not normally happen
when the Financial Times interviews
businessmen. But then Mr Greenfield,
one half of Ben & Jerrys, the junior
high school buddies from New York
who founded the worlds hippest ice-
cream company, is not your normal
businessman. When I balk at the thin-
as-a-whip PR who tries to stop us
talking after just 10 minutes, Mr
Greenfield extends the near-cuddle
and completely disregards the minder.
Similarly, while the counter
cultural brand he cofounded is
plugged in to every new social media,
he doesnt use Facebook. Its nothing
philosophical, he explains, lest this
be taken as a sleight against the new
era of rich college dropouts. I just
cant figure it out.
Even his job within Unilever, the
Anglo-Dutch consumer goods group
that bought Ben & Jerrys 12 years
ago, is leisurely. Were not involved
in management or operations, he
says of the business he and Ben
Cohen founded in a renovated petrol
station in Burlington, Vermont, 34
years ago. We have jobs with no
authority or responsibility and we get
to do anything we want.
What they want, it transpires, is to
pursue their social missions
anything from championing gay
marriage (complete with HubbyHubby
ice cream in the US and Apple-y Ever
After in the UK) to supporting Occupy
New York.
This is clearly not a time-intensive
pursuit. Mr Greenfield appears to
spend most days of the working week
in one or other of the companys
Vermont offices but definitely not
eight hours a day.
Despite working for a group that
employs almost 170,000 people and has
revenues of more than 40bn, Mr
Greenfield remains the antithesis of a
pinstripe automaton. He is a hippy at
heart who, with Mr Cohen, learnt how
to make ice-cream by doing a
$5 correspondence course and now,
incongruously, is sitting in Londons
ultra-cool private members club Soho
House flanked by minders so thin
they presumably do not even inhale
the treat for which he is famous.
Paradox has dogged Ben & Jerrys
too. The company was accused by its
fans of selling out to big business
when it was acquired by Unilever for
$326m. Once in a while you get
shown the light in the strangest of
places if you look at it right, Mr
Cohen said in a statement at the time,
quoting the Grateful Dead, the rock
band to whom they paid tribute with
their Cherry Garcia flavour, named
after the bands lead guitarist, Jerry.
Ben & Jerrys bid to limit income
disparity has stretched from the
initial pledge, whereby the chief
executive was paid no more than five
times the lowliest scooper. The ratio
today is 21 times, which the company
Mr Polman is a great chief
executive, says Mr Greenfield, and
the company continues to push the
limits of what an activist outspoken
business can do.
Echoing Mr Polman, Mr Greenfield
also likes to link doing the right thing
with financial performance. The
more caring and giving Ben & Jerrys
has been, the more successful its
become, he claims. Ben would tell
you its a spiritual law: as you give, so
you receive.
Mr Greenfield wants to keep on
giving, and he reckons the internet
has made it easier for socially minded
entrepreneurs. We didnt know what
a PC was, he says, describing how he
and Mr Cohen chose where to go to
college by hunching over an almanac
and atlas and writing up lists. Now
there are opportunities to connect
people on issues.
T
he issues that concern him
may have new names but
they have their roots in the
campaigns that existed when
he started out: income equality, now
as part of the Occupy movement; and
equal rights, most recently in favour
of gay marriage.
Mr Greenfield is also keen on
nurturing the next generation of
business founders. Hence his latest
campaign and the reason he is in
London designed to award
entrepreneurs who come up with
cool new models for sustainable
businesses with a (modest) cash
prize and the chance to have their
brands name immortalised on a tub
of his ice-cream.
With Ben & Jerrys on a roll and the
issues piling up on a daily basis, being
an ice-cream maker with a mission
could be one of the most bankable
(and karma friendly) businesses on
the planet. And, as if to prove the
point, like a Hollywood star on a
promotional tour, the hippy
businessman who is Jerry Greenfield
is wooing the press. Outside the
interview room, the long queue of
supplicants only reinforces the idea:
the laughing Buddha, with the magic
recipe for ice-cream and life, awaits
within.
On the software side,
Google has restored the
desktop. But its Chrome
browser is still the centre
of the action and is
summoned up whenever
you click on an app on the
desktop.
With the app icons, I
expected a redesigned
program or app to appear
when clicked, such as the
improved YouTube interface
on Google TV. Instead, the
Chrome browser pops up,
showing YouTubes regular
web page.
Putting in a USB stick,
I was able to read the files
on it in an improved file
manager and edit a picture
within the browser, although
the same could not be done
with a video file.
If you still pine for
Windows functionality, a
beta app within Chrome lets
you access a standard
desktop PC remotely and
run its desktop on the
Chromebook. This is more
or less an admission that
the Chromebook still lacks
the rich functionality of
Windows or Mac programs
and, at $450 (380 in the
UK) rising to $550
(430) for a WiFi plus 3G
version it seems
expensive for the limited
hardware it contains. In
fact, Googles vision of the
Google says it operates at
more than double the speed
of the old laptop. Trying it
out this week, speed does
seem its strongest suit it
boots in seven seconds and
revives instantly from sleep
mode when you lift the lid.
Web pages load licketysplit
and graphics are detailed
and responsive when
playing games within the
browser.
Physically, the laptop is
light at 3.3lbs and has a
sharp 12.1in display, HD
webcam, a memory card
slot, no hard drive and just
4Gb of memory. The
trackpad is now much
smoother. The Chromebox
has 16Gb of memory and
even seemed a tad faster
in operation.
Before and after: the old Getty watermark (left) and the new
BUSINESS LIFE
says is still well below the 2010
American average of 343 quoted by
the website Executive Paywatch.
Income disparity is not the only
eyebrow-raising aspect of the sale to
Unilever and Mr Greenfield admits it
has been a rocky road. Its been
about 12 years and things now are
really good, he says warmly. But
its been up and down. Probably, if
you talked to me three or four years
ago, I might have been giving you a
better story.
The irony, of course, is that while
Mr Greenfield looks like a cuddly relic
from another era when college kids
set up ice-cream parlours rather than
billion-dollar technology companies
much of the world of business is
slowly catching up with him.
So, when he says, you cannot have
a world where we make enough
money to live but all of a sudden
we dont have air to breathe,
you could be forgiven for
thinking you are talking to
Paul Polman, Unilevers
chief executive.
Under Mr Polman,
Unilever, whose brands
include Dove shampoo, Flora
margarine and Domestos
cleaning products, has been a
champion of sustainability: the
fair trade espoused by Ben &
Jerrys now extends to a broad
range of products and the
company has said it will double
sales while halving its
environmental footprint.
future seems to involve
paying more for less.
The Chromebox seems
more reasonable at $330
(280) if you already have
the required accessories.
The Chromebooks speed
is its greatest virtue, but
with Ultrabook laptops
appearing with similar
instant on features and the
imminent Windows 8
promising faster boot times
and performance, Google is
in danger of becoming the
pacemaker that eventually
has to drop out of the race.
We get
to do
anything
we want
Googles concept of Chromebooks was ahead of its
time when its browseronly, strippeddown laptops
appeared a year ago even though we all seem to
spend most of our computing lives online and inside
a web browser. A second attempt out this week tries
to get closer to answering the needs we have today.
JUNE 1 2012 Section:Features Time: 31/5/2012 - 18:12 User: paleita Page Name: BizLife, Part,Page,Edition: USA, 10, 1
FINANCIAL TIMES FRIDAY JUNE 1 2012

11
ARTS
Romance and
elegance:
Megan
Fairchild and
Joaqun De
Luz in
Tchaikovsky
Suite No. 3
Paul Kolnik
The shock of Balanchines steps
DANCE
Tchaikovsky Suite No. 3
Lincoln Center, New York

Apollinaire Scherr
begin small the foot caressing the
floor, then the air before expanding
to the whole body.
But for us to recognise the passage
from small to large and earth to air,
Fairchild and De Luz must give the
transitions between big effects more
weight. And I am sure they will.
Once they recover from the physical
shock the dance delivers
Baryshnikov thought his legs would
drop off and the ballerina part is
equally impossible the steps will
begin to breathe.
Until Sunday, returning in the winter
as part of New York City Ballets
Tchaikovsky celebration,
www.nycballet.org
Balanchine discovered in
Tchaikovsky, his fellow Petersburger,
romance and imperial elegance
entwined or at least following
fast on one another. But in this odd,
late ballet, the choreographer kept
them apart.
Tchaikovsky Suite No. 3 begins in
a swoony state. Behind a foggy
scrim, Ask la Cour kneeled in
despair. The cause soon materialised:
barefoot Venuses in long skirts of
lilac tulle who did not do steps so
much as drape themselves and their
loose tresses around this forlorn
dreamer.
The doomy waltz that followed was
somewhat more upright. Janie
Taylor drove Sebastien Marcovici
backwards and in circles as another
chorus of women, again in yards of
tulle and with hair flying, closed in.
By the scherzo, the corps had
doubled. The women remained as
pointe-less as ever, but the
choreography did gain some form,
with the leads zipping around in the
foreground, as we expect of soloists.
Suddenly, dreamy impressionism
yielded to what until 1970 stood (and
elsewhere still does stand) alone as
Theme and Variations. Made to order
for American Ballet Theatre in the
grand classical manner, the 1947
work belongs to the eras crystalline
odes to classicism, Symphony in C
and Ballet Imperial. The women were
now betutued, squired, numerous
and clearly subordinate to Megan
Fairchild and Joaqun De Luz.
Tchaikovskys music, Balanchine
once noted, isnt soulful, its
spiritual. It does not burrow into
emotions, he explained, but brings
them into harmony. More
schematically than the
choreographers other Tchaikovsky
ballets, Suite No. 3 marks the
passage from soul to spirit; the
Theme and Variations movement
is the apotheosis. Punctuated by
radical shifts in direction, the steps
poignancy to the steadfastness with
which father/daughter hew to their
daily habits: lifelines to the dream
of an unchanging world. There is a
corresponding horror to the moments
in which familiarity cracks, hairline-
fissuring faith, hope and comfort.
And in case you mistake this near-
wordless story for a modern-day
silent movie, lend your ears to the
soundtrack. Its bewitching colours
now a gurning electronic score (like
a hurdy-gurdy) playing an extended,
ineluctable danse macabre, now the
eternally protean music of the
wind are the mocking continuo to
a story about the worst horror of all.
When the continuity stops. For each
of us; for all of us.
Whisky is Gods gift to humanity.
Almost nothing on Earth surpasses
it, so The Angels Share, from the
directing-writing firm of Ken Loach
and Paul Laverty, knows it is the
best McGuffin for a story of Scottish
teenagers planning the perfect
robbery. The film won a Cannes Jury
Prize last weekend. Thats what you
get for sweetness, panache and a
little light politicising. Robbie (Paul
Brannigan), a Glaswegian with a
petty crime record, wants to steal
into a castle with his mates and
siphon off a wee dram a few
thousand pounds worth of the
worlds most valuable antique malt.
That the script writes itself, or
seems to, is a tribute to Lavertys
unshowy skill. This Loach, likewise,
is unrecognisable from the Loach
who batters a subject to death when
political passions overcome cinematic
flair. Brannigan is exactly right for
Robbie, a cussed charm on the
outside, inwardly the unforced sense
of a tormented soul. There is a
beautifully portrayed weeping fit as
he listens to an assault victims
mum hold forth in one of those
police-organised meet the casualties
of your crime sessions. Nowhere in
the movie is reality short-changed
for story effect. Even the ageing,
English-accented whisky expert
(Charlie MacLean, playing himself in
all but name), who might have been
a target for old-colonial derision in
another Loach film, has his cameo in
the sun: a gleaming joy in his task, a
winking delight in communicating
whiskys winking beauty.
Who ever thought we needed Snow
White and the Huntsman?
Hollywoods fairy tale fad reaches
its nadir with this listless, witless,
bum-numbing adventure-whimsy
featuring Kristen Stewart (Snow),
Charlize Theron (Queen) and, as
the seven vertically-challenged
miners, a cast of Brits
(including Ray Winstone, Bob
Hoskins, Ian McShane) for
whose judgment you weep and
for whose future or those of
their agents you tremble.
In cyberspace everyone can hear you
scream. With Prometheus the
Blogville banshees finally have their
way. Here is Ridley Scotts long-
promised Alien prequel, giving us the
gory glory of the story before the
story. The film is, according to taste,
amazing, inspired, formulary,
chaotic, cataclysmic, catchpenny or
in a phrase (albeit as long as the
spaceships signature crawl past the
camera in the deep-space
introduction) exactly the way it
had to be to fulfil so many
expectations of so many people.
The Prometheus, containing
astronaut Noomi Rapace, robot
Michael Fassbender, bankrolling
expedition boss Charlize Theron (in
her own Manhattan-style apartment)
and other shrewdly picked stars
south of the A list, is, we learn, the
ship that touched down on the alien
planet before Sigourney Weaver and
the Nostromo. Its mission? To
discover the race, or its remains,
that first created human life, as
indicated by newly discovered
terrestrial cave paintings. Some
doubters persist: If youre willing to
discount three centuries of
Darwinism . . . Of course we are.
This is a movie. And it is set in
2089 AD.
The gloves come off quickly;
likewise the helmets (theres oxygen
in the mysterious hollow mountain
they find); likewise, later, several
limbs and corporeal human
accessories. The keen fan, Scott
has said, will recognise strands of
Aliens DNA. The keen fan will be
regularly concussed by these strands.
There are the eggy canisters on the
alien floor; the decapitated android
Calculated
not to
alienate
Blond bombshell:
Michael
Fassbender
in Prometheus;
below, Gary
Maitland in
The Angels
Share
who retains conversational powers;
and dont expect the first films most
famous horror moment not to get a
cover version . . .
Damon (Lost) Lindelof and John
Spaihtss screenplay is canny in all
senses. It is skilfully,
opportunistically crafted. It is full of
can-do moments empowering the
digital special effects (monsters and
machines that use or cannibalise
H.R. Gigers marvellous old designs).
And, broadly, it could have come
from a can. Freshness here is as rare
as air. Swedens Rapace, launched
into star-space by The Girl With the
Dragon Tattoo, seems as boxed in by
her English dialogue as by her
helmet. We long, throughout, for
Aliens high-end funky supporting
cast (Harry Dean Stanton, Yaphet
Kotto, John Hurt). Best in show here
is Fassbender. His robot tools his
locution after Peter OToole in
Lawrence of Arabia (his personal
inflight movie), blonds his hair
likewise, and moves about like a
kinetic sculpture carefully testing
the basics of human verisimilitude.
He, like the rest, ends up as mayhem
fodder. But if there is another Alien
spin-off a pre-prequel? the
Blogville banshees must insist that
Fassbender stays on board.
From lifes creation to its un-
creation. Bla Tarr, the Hungarian
minimalist who crafts lyrical
nightmares in black and white
(Werckmeister Harmonies,
Stntang), declares that The Turin
Horse will be his last film. Who
could be surprised? What on earth
could he do for an encore? This dark,
wild, extraordinary film has already
spawned as many interpretations as
there are critics. Mine? Its a reverse
Creation. The story unfolds or
unravels? over six days, in which a
rural cart-driver (Jnos Derszi,
resembling a Michelangelo prophet)
and his daughter (Erika Bk) find
subsistence and existence
mysteriously slipping from them.
In images gouged from Tarrs
monochrome palette, the daily battle
goes on between the Beckettian
rituals of domestic continuity she
dressing the old man for work, he
and she finger-eating their single
steaming potato, the horse being fed
and tended and an outside world
showing signs of terminal
convulsion. The wind howls and
batters. (Its a struggle to walk to
the well in the yard.) The woodworm
stop making noises (!). The horse
stops eating and drinking. A band of
rowdy gypsies traipse through, like
some last herald of terrestrial
anarchy or first evacuation party
from Life on Earth.
Midway roughly a visitor
delivers a speech of apocalyptic
foreboding. Late on, father, daughter,
horse and cart slog beyond the
skyline, only to return moments
later (all in a single static long
shot). Back in the house, the lights
fail. And thats about it for plot;
though lets mention the spoken
prologue relating to Friedrich
Nietzsches sobbing embrace of an
abused cab-horse in Turin on
January 3 1889, after which the
philosopher stopped writing and
went to live for 10 years with his
mum. Another form of reverse
creation, wouldnt you say?
If I declare that the film is
thrilling, beautiful and nearly heart-
stopping you will say: Oh you
critics. How you love suffering. How
you must think suffering is art. No,
dear reader, I have known real
suffering: I have sat through
Terrence Malicks The Tree of Life.
The Turin Horse, unlike that, is
darkly funny. There is a lunatic
FILM
Nigel Andrews
Prometheus
Ridley Scott
The Turin Horse

Bla Tarr
The Angels Share

Ken Loach
Snow White and the
Huntsman
Rupert Sanders
Dignified: Makram J. Khoury as
Abraham in The Beloved Keith Pattison
This version of the story of Abraham
and Isaac is not about Gods
compact. It focuses entirely on man;
his zeal, which leads him to
undertake the sacrificial trip to the
mountain in the first place, and in
particular the psychological legacy
of the event on members of the
family.
Abraham is the only named
character in Amir Nizar Zuabis
version, the others being the Son
(portrayed both as a young boy
immediately after the event and in
manhood some time later), the Sons
wife in later years and his mother.
At intervals, a couple of sheep (the
Wise Ram and the Young Lamb) also
pop up to offer commentaries,
sometimes with unexpected humour.
They even swing on to the stage
suspended from meat hooks at one
point, ready to be slaughtered and
carved by the Son in his later career.
But this is not the only aspect in
which the Sons path through life
has been shaped by his near-sacrifice
on Mount Moriah (or, to Arabs
and/or Muslims, Marwah). We see
him assault his pregnant wife and
drive her away, rather than risk
bringing a son into a world where a
father could do such things, just as
earlier we have seen his mother flee
the family home with the boy rather
than remain around such a man as
Abraham. In little more than an
hour, Zuabis adaptation and staging
examine the viewpoints and
experiences of mother, son and
finally Abraham himself.
It is natural to interpret this in
the light of the contemporary world
from which Zuabis ShiberHur
company comes in Palestine (this is
the companys third visit to London
but, under the auspices of World
Stages London, its first English-
language production here). Abraham
seems to personify fervent believers
on either side of the Middle Eastern
conflict: those who listen to voices in
their heads, rather than to those
around them, whom they supposedly
love; the others, but in particular the
Son, are left to live with the
unconsidered consequences of such
ardour.
Makram J. Khoury is as dignified
as ever, but does not thereby make
his Abraham sympathetic; Rivka
Neumann and Rami Heuberger show
that it is as much as the Mother and
Son can do simply to carry on in
any kind of life.
www.bushtheatre.co.uk
THEATRE
The Beloved
Bush Theatre, London

Ian Shuttleworth
WEEKEND ARTS
The Summer Exhibition is where
the RA must engage the next
generation; its failure to do so
keeps it a step behind the times.
Read Jackie Wullschlager on the
future of a great British
institution in Life & Arts tomorrow
JUNE 1 2012 Section:Features Time: 31/5/2012 - 16:58 User: cheald Page Name: ART USA, Part,Page,Edition: USA, 11, 1
12

LEX ON THE WEB
For Lex notes on todays breaking stories
go to www.ft.com/lex
For email, go to www.ft.com/nbe
CROSSWORD
No. 14,019 Set by BRADMAN
1 2 3 4 5 6 7
8
9 10
11 12
13 14 15 16
17
18 19 20
21
22 23 24
25 26
27
A L B A N Y S T A M F O R D
U E A R A T E
C H A R L E R O A C T O N
K U E M E S E V
L O M E B A S S E T E R R E
A A R G T R R
N O R W C H E R C H T
D V C S
O S S E T T S C H E L D T
R R B O T V A
H U N T S V L L E P E E L
O E W L E G R B
D H A K A O N A N S E A
E T L S T U U N
S C H W E R N G L A M S
JOTTER PAD
ACROSS
1 Probe inside garment, one being
worn with one gun hidden (13)
9 Wine and a bit of bread for the
French boy (7)
10 Butler featuring in feeble story (7)
11 Publication that covers a lot of
ground? (5)
12 A bit more severe after change of
direction (9)
13 Prolongs explanation for using fast
bowlers only? (5,3)
15 German children may be more
helpful (6)
18 Spoil voting sheet with 100 Xs
written in! (6)
19 Shabby attire journalist has on at
party (3-5)
22 Fruit from tree in can after
processing (9)
24 Theatrical Miss is a solid fgure (5)
25 Saint helping beggar with half a
cloak and one drink (7)
26 Mum, one who scolds half-heartedly
and who tries to cope? (7)
27 Plant has unusual spot on the leaf
(9-4)
DOWN
1 Requests may be terribly insensitive
putting two couples off initially (7)
2 Naughty lad is under vehicle frst
sign of mischief noted here? (9)
3 Fish was off, we may deduce? (5)
4 Get in Uri for bending underhand
scheme? (8)
5 Feature of a religious group
keeping quiet (6)
6 Jew is having a religious ceremony
in which aged Liberal participates
(9)
7 Lord showing no bitterness, one
having been ousted (5)
8 Ministers short account about the
end of government (6)
14 To get out of the way at speed is
dodgy (4,5)
16 Audacious action going wrong in
strange uprising (7-2)
17 Monster in little boys room thats
troubled many after start of
evening? (8)
18 The old man and the old woman
embracing a new country (6)
20 Fault makes one resign without
hesitation (7)
21 Polish off Friday fare eating at home
(6)
23 Excommunication of priest admitting
foremost of sins (5)
24 Trees with needles beginning to fall
(5)
SOLUTION 14,018
World blog
Europe editor Tony
Barber on why it is
Germany, rather than
Spain, that might benefit
most from European
infrastructure investment
www.ft.com/theworld
Tax, productivity
and prosperity
Blog: chief economics
commentator Martin
Wolf on why focusing on
a countrys tax burden
to explain economic
performance is a
mistake
www.ft.com/wolfexchange
Most read
1
2
3
4
5
US growth worries join eurozone
fears
Pressure on Madrid to probe
Bankias fall
Rush for havens as euro fears rise
Rockefellers and Rothschilds unite
France to cap top pay in state
groups
TODAY ON FT.COM
THE LEX COLUMN
Friday June 1 2012
Location, location, location
IPO volume by country ($bn)
Sources: Dealogic; Thomson Reuters Datastream
Indices rebased (in local currency)
0
50
100
150
200
250
300
2007 08 09 10 11 12
Year-to-date
Hong Kong
US
China
UK
Jan 2011 May 2012
70
80
90
100
110
120
S&P 500
Hang Seng
Palmreading
Facebook is friendless. Graff
Diamonds failed to sparkle. Kayak is
going nowhere. Where initial public
offerings from social networks,
jewellers, online travel services and
others are stuck, a little palm oil
may grease the wheels. Felda,
Malaysias biggest palm plantation,
is planning a $3.2bn IPO. It would
be the worlds second-largest
offering this year. Could an
emerging market success get the
global market flowing again?
Investors reluctance to shell out
on the relatively unknown is
understandable: stock markets are in
a slump. Nearly $14bn of planned
listings have been pulled globally so
far this year. This makes Felda
Global Ventures Holdings look even
bolder. But this is not an ordinary
IPO. Many of the shares will be
mopped up in Malaysia.
FGVH is part of Malaysias
Federal Land and Development
Authority. Its prospectus was
launched by the prime minister.
Cornerstones, or locked-in, big-name
investors who get in ahead of the
hoi polloi, are likely to take a large
chunk, as they often do in Asia.
More than a 10th of the rest will go
to plantation workers and most of
the remainder to domestic investors.
An election is expected soon in
Malaysia, so a little wealth-
spreading will do no harm.
The Felda offering is, in short,
intensely local, so even a roaring
success will not signal a wider
resurgence. The news is not all bad,
however. In Hong Kong, the centre
of the listings world for the past
three years, IPOs since January 2010
are on average at least a fifth under
water, according to Dealogic. But in
New York, the top venue this year
even before Facebook, the social
networks post-IPO share price
tumble overshadows the fact that
new offerings this year are, on
average, up by a 10th. Graff, whose
offering is the largest to be pulled
this year, chose Hong Kong in part
for the success of peers such as
Prada and to raise its profile in
Asia. Given the better performance
by New York, the jeweller might
want to reconsider its destination, if
and when it tries again.
Xstrata pay
These miners have a high opinion of
their worth. Mick Davis, chief
executive of Xstrata, is to be paid
nearly 30m over three years to stay
in his job if the merger with
Glencore goes ahead and he becomes
chief executive of the combined
group, on top of his current
arrangements. Even allowing for the
mountains of cash that mining
companies have generated in the
commodities boom, this is largesse
on a scale to turn a bankers head.
Investors who have taken to their
high horses recently about less
egregious examples of overpaid
bosses now face a test.
Glencores $90bn merger of
equals with Xstrata is, in effect, a
takeover of the latter by the former,
given that the trading and mining
house already owns 34 per cent of its
target. The terms are 2.8 Glencore
shares for each Xstrata share. Those
terms were not altered when both
sides published details yesterday. So
Xstrata investors have even more
reason to focus on the 173m
management incentive that their
board has awarded to top executives,
of which Mr Davis is to get nearly
10m in each of 2013, 2014 and 2015.
The board uses two arguments to
justify this. One is that Mr Davis has
created tremendous value at Xstrata.
That is half-true: Xstrata has become
a 27bn mining powerhouse under
his stewardship but miners have
ridden a decade-long commodities
boom and Mr Davis is already well
paid for the wealth he has created. A
second is that he is indispensable to
making the merger a success. That is
bogus. There are plenty of talented
mining executives to choose from:
nobody is indispensable, even in an
industry that thinks itself special.
The proposed Xstrata/Glencore
merger is putting too much focus on
Mr Davis. Xstratas board should pay
less attention to its chief executive
and more to explaining to its own
rather sceptical investors where
exactly the value in this merger lies.
CGI/Logica
All things come to pass even an
end to Logicas independence. Years
of bid speculation ended yesterday
when the Anglo-Dutch IT services
group finally secured a marriage
offer from Canadas CGI. The latters
recommended cash bid, at 105p a
share, puts a 2bn enterprise value
on Logica, and starts with
irrevocable acceptances from two
investors holding almost a fifth of
the equity. These will fall away only
if a rival offer is pitched at least 10
per cent higher.
The deal has some rationale. The
Canadian IT services group, whose
2011 revenues were two-thirds of
Logicas, draws almost all its
business from North America; Logica
gets 94 per cent from Europe. So a
marriage would allow both to
support their globalising private
sector client bases and, if managed
well, should provide cross-selling
opportunities. The deal will be
immediately accretive to CGI
(management estimates by 25-30 per
cent before deal and integration
costs). Reasonable synergies are
promised 125m a year after three
years for a one-off 165m cost.
But the terms are hardly a
knockout and more than a whiff of
opportunism hangs over the deal.
True, the offer is a 60 per cent
premium to Logicas undisturbed
price ahead of the announcement.
But that has been hit by Europes
malaise, especially in the public and
financial services sectors, and the
need to restructure and drive down
costs in parts of Logicas business.
Logica shares traded in the 120p-140p
range during the first seven months
of 2011. The exit multiple is 10 times
2012 earnings so no premium
compared with peers such as
Capgemini and the enterprise value
to earnings before interest, tax,
depreciation and amortisation ratio
is under 7. That might leave room
for a rival bidder to emerge. Long-
suffering Logica shareholders should
sit tight for now. An end is in sight.
Oracle and HP
Sayres law states that in any
dispute, intensity of feeling is
inversely proportional to the amount
of value at stake. In business, the
intensity ramps up as growth
subsides and a fight for share begins.
One delightfully nasty business
dispute goes to court this week.
Oracle announced a year ago that it
would no longer update its software
for servers running on Intels
Itanium chips, arguing that the
processors were becoming obsolete.
The main buyer for the chips was
Hewlett-Packard, which uses them in
its Integrity servers. Oracle had
recently got into the server business,
so it looked a bit like it was unfairly
crippling a competitor. HP alleges
that Oracle is contractually obliged
to keep the updates coming. Each
company has trumpeted documents
making the other look disingenuous.
Why all the heat? It is a big
market. Some $53bn in servers were
sold in 2011, a 7 per cent increase
from the year before, according to
Gartner. But in the first quarter,
sales shrank. The question is
whether this industry will come to
resemble personal computers:
slowing growth, falling margins and
share gains by low-cost competitors.
The results of the biggest
competitors do not paint a pretty
picture. HPs high-end server
business shrank by a 10th in 2011
and by 23 per cent in the past
quarter. Dells server business is still
growing, but the pace has slowed.
Oracles hardware business has been
steadily shrinking (the company says
it is intentionally giving up
unprofitable business). IBM, which
leads in higher-end servers, describes
its business as very profitable but a
modest grower.
In PCs, most of the value has
accrued to software designers (and
Eni/Snam
The ideal number of legs for a dog is
probably four. The fire-breathing
canine in Enis logo has six. Now it
is losing one, with the Italian oil
groups sale of a 30 per cent stake in
gas distribution utility Snam to
Italys state investment company.
The 3.5bn transaction is a welcome
step in Enis repositioning: it has
been dragging a conglomerate
discount like a lead weight for years.
With the recovery of its Libyan
production and a strong recent
exploration record, shedding Snam
will allow Eni to bark more like its
peers.
Eni is selling the 30 per cent stake
(less one share) to Cassa Depositi e
Prestiti at an 11 per cent premium to
Snams closing price on Wednesday;
the additional 22 per cent stake it
owns will be sold later to other
investors. The transaction with CDP
means, though, that Snams 11bn of
debt will be deconsolidated from Eni
by the end of the current fiscal year.
Eni estimates that this will bring its
ratio of net debt to equity below 20
per cent, from 46 per cent, after the
transaction closes, probably in the
fourth quarter of 2012.
CDP is a more logical owner for
Snam; the bank plays a key role in
financing Italys infrastructure and
already owns a stake in Terna, the
operator of the electricity grid. It is
also a strategic Eni shareholder (it is
selling a small bit of that stake to
finance the Snam purchase).
The question is how Eni goes
about shedding its perceived
discount to the integrated oil sector,
which Goldman Sachs estimates at
25 per cent. The deal will raise its
return on capital employed to 10.4
per cent from less than 10 per cent
today. For a company spending
45bn by 2015 developing its
exploration assets, any improvement
is welcome. Coupled with the
forthcoming sale of its stake in Galp,
which should raise another 3bn, the
sale will leave Eni closer to standing
on four legs.
one very skilled hardware-software
integrator, Apple). There is nothing
to suggest the server business will
not follow suit, generating a lot of
fierce arguments along the way.
JUNE 1 2012 Section:FrontBack Time: 31/5/2012 - 20:53 User: dysonb Page Name: 1BACK USA, Part,Page,Edition: EUR, 12, 1

13
Companies and sectors in this issue
Companies
3i Group......................................26
AMR Corp................................... 14
AT&T............................................14
Accenture .................................. 17
Admiral........................................26
Aegon...........................................16
Agricultural Bank.......................14
Air FranceKLM..........................15
Airbus...........................................15
Alpha Bank.................................26
Alpha Natural Resources........26
Amrica Mvil ............................ 14
Apple................................. 12,14,26
Aquarius Platinum....................26
Atento.......................................... 14
Atos Origin..................................17
Autonomy....................................17
Aviva.............................................16
Axa................................................16
BBVA............................................14
BHP Billiton................................ 14
BP................................................. 15
Bank Danamon.......................... 16
Bank Ekonomi............................16
Bank Permata .......................... 16
Bank of America.......................26
Bankia......................................... 1,2
Barclays.......................................16
Best Buy..................................... 14
Biome Technologies.................26
CGI Group................................... 17
CME Group................................ 24
Capgemini ..................................17
China Mobile.............................. 14
Chow Tai Fook...........................17
Cliffs Natural Resources......... 26
Cole Haan................................... 14
Commerzbank..............................2
Costco..........................................17
DBS.............................................. 16
Daimler ........................................ 15
Danske Bank.............................. 14
Dell...........................................12,17
Deutsche Bank...........................16
Deutsche Brse.........................24
EADS............................................ 15
EDF............................................... 15
EFG Eurobank............................26
Enel ................................................ 2
Eni...................................2,12,15,26
Facebook..................... 10,16,17,26
Facebook ................................... 16
Felda.............................................17
Fidessa........................................26
Ford........................................ 16,25
Fox................................................16
France Telecom.........................15
GDF Suez....................................15
Galp.............................................. 12
Gap............................................... 17
General Motor............................16
Generali........................................13
Glencore.................................12,24
Goldman Sachs......................... 16
Graff ............................................17
Groupon......................................26
HSBC........................................... 16
Halfords .....................................26
Hartford Financial Services.....16
HewlettPackard.........................12
IBM.......................................... 12,17
ING............................................... 16
ITV................................................26
Inditex.......................................... 14
Intel...............................................12
InterContinental Hotels........... 26
JPMorgan Chase.........................9
Jackson........................................16
Jazztel..........................................14
Joy Global .................................. 26
Jyske Bank ................................14
KPN.............................................. 14
Kayak........................................... 12
Kazakhmys ............................... 26
Kohls...........................................26
Lagardre.................................... 15
Leap Wireless............................ 26
Limited Brands...........................17
LinkedIn...................................... 26
Logica..................................... 17,26
Louis Dreyfus Commodities....17
Macys..........................................17
Mediobanca................................ 13
MetLife.........................................16
Misys............................................ 17
Morgan Stanley......................... 16
Netflix.....................................14,26
Nike.............................................. 14
Noble Energy.............................26
Norilsk Nickel ............................. 14
Oracle...........................................12
Pirelli.............................................13
Pohjola Bank.............................. 14
Postbank..................................... 16
Prada............................................12
Procter & Gamble..................... 17
Prudential....................................16
Renault.........................................15
Repsol .......................................... 14
Richemont...................................17
Royal Bank of Scotland...........16
Royal Dutch Shell......................15
Rusal ............................................ 14
Safran...........................................15
Sage.............................................26
Saks..............................................17
Sandvik....................................... 26
Santander....................................14
Sany Heavy.................................17
Sears Holdings..........................26
Snam...................................... 12,26
Sony Pictures.............................14
Spar Nord................................... 14
Standard Chartered..................16
Swiss Re......................................16
Sydbank.......................................14
TJX................................................17
TPG...............................................14
Target...........................................17
Telecom Italia........................13,14
Telefnica....................................14
Terna............................................12
Thyssen.......................................26
Trafigura................................ 14,24
Transamerica..............................16
US Airways................................. 14
Umbro..........................................14
UniCredit ..................................... 13
Unilever........................................10
Vitol.........................................17,24
Vodafone..................................... 14
Walmart.............................14,17,26
Walt Disney................................ 14
Warner Brothers........................14
Xstrata....................................12,26
YPF............................................... 14
Sectors
Aerospace................................... 15
Banks...................................... 14,16
Gen Financial ..........12,13,15,16,17
Gen Industrials...........................15
Gen Retailers..............................17
Life Assurance........................... 16
Media........................................... 14
Mining..................................... 12,14
Mobile & Telecoms...................14
Oil & Gas................................12,15
Personal Goods......................... 14
Support Services.......................12
Technology HW & Equ........12,17
Travel & Leisure........................14
FINANCIAL TIMES
THE FINANCIAL TIMES LIMITED 2012 Week 22
News Briefing
Source: Thomson Reuters Datastream
Swiss franc
Agianst the dollar (SFr per $)
1.00
0.95
0.90
0.85
Jan 1 2012
0.935
May 31 2012
0.971
The Swissie firmed on good
national data, Page 26
Chinese banker held
A top official at AgBank
has been detained amid a
disciplinary probe. Page 14
D Bank chief goes
Josef Ackermann ended
his decade in charge with
a strong defence. Page 16
US shoppers resilient
Shoppers increased their
spending in May despite
economic woes. Page 17
Hollande eyes elections
New French presidents
call for salary restraint has
a political motive. Page 15
GM social media nerves
Decision to pull Facebook
ads shows it is unsure of
the platform. Page 16
Challenges reflected
Graffs failed Hong Kong
IPO shows the hurdles
other groups face. Page 17
Hollywoods hopes dim
Purchases from Apples
iTunes store are slowing,
hitting hopes for a cloud
based revival. Page 14
Bank deal threatened
New Indonesian restriction
threatens DBSs takeover
of Danamon. Page 16
Inside Business: Telefnica
In the biblical flood that is
the eurozone crisis, the
Spanish group is wobbling
but not sinking. Page 14
Exchange eyes safety
Deutsche Brse is to clear
offexchange interest rate
swaps. Page 24
LCH action is critical
Spain vulnerable if clearing
house raises its margin
requirements. Page 24
Junk bond shift
Investors face changes as
Ford and its finance unit
exit key indices. Page 25
Insight: Eurozone crisis
Germany has left it too
late to cut out the blocs
infected parts. Page 24
Markets & Investing
Companies
Friday June 1 2012
Summer blues Equity markets hit lows as investors take flight Page 25
It is hardly news that
European bond markets are a
mess. But the stress in the
periphery is leading to unusual
moves even in core markets
normally sloshing with
liquidity as traders and
investment banks pull back.
Some of Europes biggest
hedge funds think the markets
have not been this dislocated
since early 2009, after Lehman.
On the face of it this seems
odd. The Vix and VStoxx
indices suggest that US and
European equity investors are
far less fearful than last year
or even 2010. Similar measures
of implied volatility in bond
markets are still a fraction of
last Novembers highs.
Dig deeper and warning signs
appear. Trading has all but
dried up in corporate bonds in
the secondary market. Volumes
in German Bund futures are at
Christmas holiday levels.
Traders are less willing to
risk money on bond and swap
arbitrages, leading to wider
gaps between securities that
should trade in line.
Laurent Fransolet at Barclays
Capital points out that investor
flows are already having a
measurably bigger impact on
bonds, with the periphery
suffering the most.
Two trades stand out. Italy
and Germany sell bonds linked
to eurozone inflation, so their
break-even inflation rate the
bond markets forecast of
inflation, nominal minus real
yields should be the same.
Arbitraging this involves being
long and short both countries,
so investors have no sovereign
exposure. Ideal? Not quite: the
lack of liquidity and the impact
of any downgrade on Italys
inflation-linked bonds have
seen the trade swing wildly.
Blame for another oddity is
being put on a big Dutch
housing association and hedge
funds closing trades. This has
led to the rapid flattening of
the yield curve in euro swaps,
the cost of swapping fixed for
floating-rate money and one of
the most liquid markets. The
gap between five and 30-year
swaps this month fell the
fastest since 2008. Back then it
presaged problems to come.
The less liquid markets get, the
more vulnerable they are when
hit by bad news.
The Short View
James Mackintosh
Mediobanca
moves to
oust head
of Generali
By Eric Sylvers in Rome
Mediobanca, the Milan invest-
ment bank that has dominated
Italian finance for most of the
past 60 years, is preparing an
attempt to oust Giovanni Peris-
sinotto, the chief executive of
Italian insurer Generali, accord-
ing to two people familiar with
the situation.
Mediobanca, which owns 13.5
per cent of Generali, will make
its move at a board meeting as
early as tomorrow, according to
one of Generalis largest inter-
national shareholders.
Generali has long been the
crown jewel in Mediobancas
portfolio and the banks attempt
to exert its authority over
Italys biggest insurer by premi-
ums is seen as a throwback to
when Mediobanca was all pow-
erful in Italian finance.
For the past 60 years
Mediobanca has used an intri-
cate system of cross sharehold-
ings in some of Italys largest
companies to protect its inter-
ests.
UniCredit, Italys largest bank
by assets, owns 9 per cent of
Mediobanca. The two banks
plus Generali are linked to other
Italian companies, including
Telecom Italia and Pirelli.
Mario Monti, Italys prime
minister, has tried to unravel
the web of cross-shareholdings
with a new law that forbids
bank and insurance company
directors from also holding
board seats at rivals.
The move is part of a push by
Mr Monti to open up the Italian
economy to increased competi-
tion.
Any move by Mediobanca to
eject Perissinotto would be a
terrible signal to the markets,
said a Generali investor. This
is the worst possible time for
the old Italy to try to reassert
itself.
While it is not certain that
Mediobanca will muster enough
support at the board meeting to
oust Mr Perissinotto, it is
thought unlikely that Alberto
Nagel, chief executive of the
investment bank, would have
moved without having some
assurance on votes. Generali
said that there was no board
meeting on the agenda.
Mr Perissinotto has at times
countered attempts by
Mediobanca to assert influence
on Generali and is known to
have a strained relationship
with Mr Nagel.
Under Mr Perissinotto, Gener-
ali has expanded outside Italy, a
move thought to be opposed by
Mediobanca. Mr Perissinotto
was also against the appoint-
ment of Cesare Geronzi, a
former chairman of Mediobanca
supported by Mr Nagel, as Gen-
erali chairman in 2010. Mr
Geronzi stepped down a year
later after Mediobanca manage-
ment, including Mr Nagel,
turned against him.
Mr Perissinotto and Mr Nagel
are said to have also clashed
regarding a Mediobanca-backed
plan to save financially troubled
Fondiaria-Sai, Italys second-
largest insurer by premiums.
Though he has never openly
declared it, Mr Perissinotto is
said to back an alternative plan
put together by two private
equity funds.
Mr Nagel and Renato
Pagliaro, Mediobanca chairman,
met Mr Perissinotto on Wednes-
day to tell him of their inten-
tion, according to the two peo-
ple familiar with the matter.
The two Mediobanca execu-
tives will use the recent poor
performance of Generalis
shares as the stated reason for
wanting to oust Mr Perissinotto.
Perissinotto and bank
chief known to clash
Insurer says no
meeting on the agenda
Getting the boot Nike plans Umbro sale
US sportswear group Nike said that it plans to focus on its core brand and other fastergrowing
business lines by divesting its Umbro and Cole Haan brands Report, Page 14 Nigel French
Investors balk at 30m
windfall for Xstrata chief
By Helen Thomas, Javier Blas,
David Oakley and
Anousha Sakoui in London
Xstrata has provoked the anger
of top shareholders by promis-
ing a 30m windfall to Mick
Davis to retain him as chief
executive of the FTSE 100 miner
after its proposed merger with
commodity trader Glencore.
The payout could ignite a
fresh round of investor activism
weeks after a number of busi-
ness leaders were forced to step
down by investor rebellions,
including the heads of Aviva
and Trinity Mirror.
Xstrata shareholders attacked
the absence of performance tar-
gets in Mr Daviss package,
whose sole condition is that he
stays at the combined company
for three years.
This is very provocative and
has changed the debate from a
vote on the Glencore-Xstrata
merger to a debate on Mick
Daviss remuneration, said one
top 20 shareholder in the miner.
Another investor added: The
shareholders of Xstrata are not
getting a premium, but Mick
Davis clearly is getting one.
Shareholders representing
nearly 12 per cent of Xstrata
told the Financial Times that
they were unhappy with the so-
called golden handcuffs. The
pay arrangements will be put to
a shareholder vote on July 12.
Should Xstrata investors fail to
back them, the $67bn merger
between the miner and the
trader would collapse.
The payment is part of a
larger pay package for Mr
Davis. In addition to the 28.8m
retention bonus that would pay
out from 2013 to 2015, he will be
enrolled in a performance-
related incentive scheme at the
merged company, which could
pay out an estimated 6m next
year. As part of the merger, Mr
Davis will also receive shares
worth 25m, which were
granted under past pay plans.
Sir John Bond, Xstratas
chairman who will lead the new
board, said in a letter to Xstrata
shareholders that the ability of
the merged company to gener-
ate superior returns was
dependent upon the retention
of key Xstrata personnel. In
addition to Mr Davis, a further
72 executives will split about
200m in payouts.
The retention packages were
part of Mr Davis conditions for
sealing the merger, said people
close to the deal.
Xstrata has already provoked
investor anger over its pay poli-
cies. At its annual shareholder
meeting last month, 39 per cent
of investors withheld their sup-
port for its pay plan.
Lex, Page 12
.
Regulators eye limits on insurers
deemed to pose systemic risk
By Brooke Masters and
Alistair Gray in London
Some 48 insurance groups in 13
countries are being targeted by
global regulators for possible
designation as systemically
important, a label that could
lead to higher capital require-
ments and limits on business
lines.
The move is part of a world-
wide effort by the Group of 20
leading economies to prevent a
repeat of the 2008 financial cri-
sis, which led to the collapse of
dozens of banks as well as the
US government rescue of AIG,
previously considered one of the
worlds strongest insurers.
The International Association
of Insurance Supervisors will
consider five factors: group size,
international spread, involve-
ment in non-traditional insur-
ance and non-insurance activi-
ties, as well as links to the rest
of the financial system and the
extent of domination of particu-
lar markets.
Banking supervisors went
through a similar process last
year, looking at more than 70
banks before picking 29 global
systemically important financial
institutions (GSifis) and impos-
ing on them capital surcharges
of between 1 per cent and 2.5
per cent of their assets. The GSi-
fis are also required to write
living wills that would make
it easier to shut them down.
In designing the insurance
GSifi regime, regulators have
given heed to arguments that
traditional life, liability and
property insurers generally sur-
vived the crash unscathed.
The scoring process will give
greatest weight up to half the
total to the amount of non-tra-
ditional business the groups do,
including derivatives trading,
financial guarantees and short-
term funding business.
Peter Braumller, chair of the
IAIS executive committee, said
We do not feel we should
unnecessarily penalise tradi-
tional insurers who could have
a stabilising effect.
The first list of GSifi insurers
will probably be announced
next year.
US rethink, Page 16
JUNE 1 2012 Section:2Front Time: 31/5/2012 - 20:30 User: fitzgeraldi Page Name: 2FRONT EUR, Part,Page,Edition: EUR, 13, 1
14

FINANCIAL TIMES FRIDAY JUNE 1 2012
COMPANIES
By Simon Rabinovitch
in Beijing
A leading Chinese banker
has been detained in an offi-
cial disciplinary investiga-
tion, shaking investor confi-
dence in the quality of cor-
porate governance at one of
the nations leading com-
mercial banks.
Agricultural Bank
of China, the countrys
third-largest lender by
assets, said in a statement
that Yang Kun, its
executive vice-president,
was assisting relevant
mainland authorities in
connection with certain
investigations. He has
been detained by Commu-
nist Party disciplinary
authorities.
Hong Kong-listed AgBank
shares have fallen 5 per
cent since Wednesday after-
noon when Mr Yangs
detention was first reported
on the website of Caixin, a
Chinese financial magazine.
If found guilty, Mr Yang
would be the highest-rank-
ing Chinese bank official to
be ensnared in a corruption
scandal since the countrys
banks started going public
in 2005.
The stock market listings
were meant in part to sub-
ject the banks to greater
scrutiny to ensure they
would operate more along
commercial lines and avoid
a repeat of the mismanage-
ment that led to a bad loan
problem in the 1990s.
AgBank was the last of
the countrys four major
state-owned banks to go
public in 2010 because it
was seen as the weakest of
the group.
Over the past few years it
has worked to persuade
investors that it has come a
long way from its original
mandate of serving rural
communities to become a
more modern, diversified
financial institution.
The board is of the view
that, as at the date of this
announcement, the banks
business, operations and
financial status have not
been affected, it said in a
statement to the stock
exchange. The bank will
follow the development of
this incident and will make
further announcements as
and when appropriate.
Mr Yang joined AgBank
in the early 1980s and
climbed the ranks until he
was appointed vice-presi-
dent in 2004, responsible for
a portfolio that included
corporate banking and real
estate lending.
According to Caixin, a
well-respected financial
media outlet, the investiga-
tion is focusing on Mr
Yangs business relation-
ship with a property devel-
oper. It said that Mr Yang
and the developer had been
involved in a gambling inci-
dent.
It is the second time this
year that AgBank has been
hit by questions about its
corporate governance. A
branch manager from the
eastern province of Jiangsu
fled China with what local
police said were more than
Rmb100m ($15.7m) of funds
that he had allegedly fraud-
ulently borrowed.
Chinese
banker
detained
in probe
BANKS
AgBank executive
helping authorities
Nike, the US sportswear
group, said yesterday that it
would divest its Umbro and
Cole Haan brands in an
effort to focus on its core
brand and other faster-
growing business lines.
Divesting of Umbro and
Cole Haan will allow us to
focus our resources on the
highest-potential opportuni-
ties for Nike Inc to continue
to drive sustainable, profita-
ble growth for our share-
holders, said Mark Parker,
Nike chief executive.
Umbro, the UK-based
football brand, sponsors the
England team kit and its
diamond logo appears on
sportswear around the
world. Nike took Umbro pri-
vate in 2008 for 285m, as
the Oregon-based company
sought to increase its foot-
ball revenues, which it said
at the time had reached
$1.5bn annually.
However, Umbro failed to
perform under Nike. Reve-
nues of $276m in 2006 fell to
$224m last year. Nike did
not indicate if it would seek
to relist Umbro or sell it.
In 2009, Nike wrote down
$400m based on Umbros
declining goodwill, a move
that helped the company
achieve a lower effective
tax rate for the year.
Cole Haan had revenues
of $518m last fiscal year, a
12 per cent rise from the
previous year. It operates
190 stores worldwide.
Nike revenues were
$20.8bn last year, up from
$16.3bn in 2007.
David Gelles
Nike to divest its Umbro
and Cole Haan brands
PERSONAL GOODS
BHP Billiton has received
final environmental
approval for its $20bn iron
ore project in Western Aus-
tralia, as the worlds biggest
mining groups come under
pressure from shareholders
to take a more cautious
approach to investment.
The London-listed miner
said yesterday that Aus-
tralias federal government
had approved the project,
which involves expanding
the outer harbour at Port
Hedland, enabling BHP to
increase its exports of iron
ore to about 350m tonnes a
year by 2022. The project,
including work at the mine,
could cost in excess of
$20bn, according to analysts
at Deutsche Bank.
The outer harbour devel-
opment one of BHPs
mega-projects that will
total as much as $100bn
in capital expenditure over
the next 15 years is likely
to be considered by the
BHP board later this year.
Jac Nasser, chairman,
said this month the indus-
try now has more projects
than cash flows. All of us in
the industry are having to
make choices.
His comments echoed
those of Alberto Caldern,
BHPs chief executive of
aluminium, nickel and cor-
porate development, who
has said capital spending
would be approved and
managed in a way that
maximises value, reduces
risk and balances short and
long-term returns.
Analysts expect BHP to
press ahead with the outer
harbour expansion, which
requires building a 4km
jetty and dredging a 30km
channel to the ocean.
BHP expects Chinese
demand for iron ore to
remain strong until 2024.
Last year, the miner pro-
duced about 144m tonnes of
iron ore from its operations
in Western Australia.
Helen Thomas
BHP wins approval for
$20bn Australian project
MINING
Frank Lampard: Umbro
sponsors England team kit
Moodys has downgraded
nine Danish lenders includ-
ing the largest, Danske
Bank, by two notches as
part of the rating agencys
broad review of the Euro-
pean financial sector.
The banks were down-
graded primarily due to
weakness in the Danish
domestic economy, which
the agency said had led to
deteriorating asset quality
and weak profitability for
the sector.
For a change it is not so
much the difficult situation
in the eurozone which has
led to the downgrades,
although that is a factor,
said Simon Harris, manag-
ing director of financial
institutions at Moodys.
The major reason is the
sluggish domestic economic
growth, weakening real
estate prices and high
unemployment in Denmark
which has hit asset qual-
ity. Denmark is still suffer-
ing from the effects of a
burst real estate bubble
during the financial crisis,
which led to a steep reces-
sion and sent loan losses for
the regions banks soaring.
The countrys largest
lender Danske Bank, which
was cut two steps from A2
to Baa1, hit back at the
downgrade saying that it
had a very comfortable
capital buffer and strong
political support. It added
that it does not under-
stand Moodys very nega-
tive view of the sector.
We have had a close dia-
logue with Moodys, said
Henrik Ramlau-Hansen,
Danske Banks chief finan-
cial officer. We are certain
that Moodys has heard our
arguments, but we do not
think they are reflected in
the rating.
Standard & Poors has cut
Danske Banks long-term
rating from A to A minus.
Michael Stothard
Danske Bank bemused at
Moodys view on sector
BANKS
Vladimir Potanin, the big-
gest shareholder in Norilsk
Nickel, said the Russian
miner may cancel up to 10
per cent of the companys
stock held via subsidiaries,
a move that could ease cor-
porate governance concerns
at the heart of a conflict
over the business.
Mr Potanin told reporters
yesterday that the com-
panys board could make a
decision on cancelling this
so-called treasury stock
before the end of the year.
It could help equal out
board representation at the
worlds biggest nickel pro-
ducer between warring
tycoon shareholders Mr
Potanin, who owns about 30
per cent, and Oleg Deri-
paska, whose UC Rusal alu-
minium group owns 25 per
cent. The cancellation of
the stake may ease con-
cerns that management has
joined forces with Mr
Potanin. Norilsk will begin
this process shortly, Mr
Potanin told reporters.
Norilsk shares climbed 2.6
per cent in Moscow, outpac-
ing a 1.2 per cent gain on
the metals and mining
index Minex. But some
investors were sceptical the
move could happen while
the ownership of an 8.1 per
cent stake initially sold to
Trafigura remains unclear.
Rusal said it would wel-
come the move. We have
always called for the treas-
ury shares to be cancelled,
the company said.
The Russian parliament
is due to review legislation
that would enforce the can-
cellation of voting rights for
treasury stakes.
Catherine Belton
Norilsk board to consider
cancelling treasury stock
MINING
The private equity group
TPG and US Airways are in
talks over a joint bid for
AMR Corp, the parent com-
pany of American Airlines,
according to people familiar
with the situation.
American, the third-larg-
est US carrier, filed for
bankruptcy protection in
November. It cited untena-
ble labour costs.
For US Airways, the fifth-
largest carrier, working
with TPG would add finan-
cial heft and an investment
group with experience in
the airline industry.
Talks are at an early
stage and a possible part-
nership is just one of sev-
eral options under consider-
ation, according to people
familiar with the situation.
The private equity group
would be interested in a
deal that provided the
opportunity for operational
improvement, rather than
just straight financing,
according to those people.
Rick Schifter, a managing
partner at TPG, previously
sat on the board of US Air-
ways, and David Bonder-
man, a TPG co-founder, is
an experienced airline
investor. TPG declined to
comment.
US Airways and AMR did
not immediately respond to
requests for comment.
Under bankruptcy rules,
AMRs management has an
18-month exclusive period
in which the company can
determine its own plan of
reorganisation and can bat
away proposals from third
parties. After that period, or
once AMR has filed its
standalone plan with the
court, creditors can propose
alternatives, possibly in
conjunction with buyers.
The link between TPG
and US Airways was first
reported by Reuters.
Dan McCrum and
David Gelles
TPG and US Airways hold
talks over bid for AMR
TRAVEL & LEISURE
2.6%
Rise in Norilsks shares in
Moscow yesterday
Hollywood studios banking
on a cloudbased locker
system to revive home
entertainment sales face an
uphill battle after a new
report showed a slowdown
in purchases of film content
from Apples iTunes store,
writes Matthew Garrahan
in Los Angeles.
While revenues from
subscription rental services
such as Netflix are
increasing, sales of feature
films on iTunes the largest
US online movie retailer by
sales have slowed,
according to the report from
IHS Screen Digest, a media
research firm.
Online film revenues in the
US more than doubled in
2011 to reach $992m and
are on course to double
again in 2012 to $1.9bn, said
Dan Cryan, the author of the
report. But subscription
rental services such as
Netflix drove this growth,
with total digital rental
revenues rising 355 per cent
to $727m. Revenues from
online film purchases
increased by less than $6m
or 2.4 per cent to
$236m in 2011.
With consumers turning
away from buying films
online in favour of renting
them digitally, the outlook is
bleak for UltraViolet, a new
industrywide, cloudbased
locker system that
Hollywood hopes will
stimulate purchases of film
content. When consumers
go digital, they go to rental,
said Mr Cryan. Theres just
no interest in owning
anything.
UltraViolet has the support
of most big Hollywood
studios, including Warner
Brothers and Sony Pictures,
and several consumer
electronics groups and
retailers, such as Walmart
and Best Buy. They hope
UltraViolet will replace lost
income from sales of
physical discs: DVD sales
slumped 20 per cent in 2011
to $6.8bn, according to the
Digital Entertainment Group,
which represents studios,
retailers and consumer
electronics groups.
UltraViolet allows
consumers to buy a film,
whether on a physical disc
or digitally, and then watch
it on the device of their
choosing. But it has been
slow to take off and
consumer reviews have been
mixed. Bob Iger, chief
executive of Walt Disney
which is not participating in
UltraViolet recently said it
was not as robust as we
expected or as consumer
friendly as we hoped.
Walmart, the biggest US
retailer of physical discs,
recently launched a disc to
digital initiative to speed
takeup of the service.
Customers can pay $2 per
disc to convert their existing
DVDs to cloudbased files
that can be streamed or
downloaded to any device.
Uma Thurman in Kill Bill: customers are moving to online rental services such as Netflix for their blockbusters Reuters
Hopes for Hollywood cloud darken
Telefnica looks to be wavering, but not drowning
Before the eurozone debt crisis turned into
a biblical flood, few corporate creatures
strode the earth more imperiously than
the muscular companies of Spain. On its
own patch, each was a big beast
Santander, BBVA, Repsol. But Telefnica,
the lumbering state telecoms monopoly
turned global predator, was arguably the
daddy of them all.
Today, with Europes water levels
continuing to rise, the question is whether
Telefnica and similar animals will make
it safely to the ark. After all, Telefnicas
57bn debt load is visible all the way from
Mount Ararat. Happily for staff, customers
and shareholders, the answer is almost
certainly yes but all three groups are
already paying a substantial price to
ensure Telefnica climbs aboard.
The price for staff is thousands of job
cuts in Spain, Telefnicas depressed yet
still competitive home market, and other
vital areas such as Brazil. For customers,
initially only in Spain, it is Telefnicas
decision to cut subsidies for mobile phone
handset upgrades. As for shareholders,
they are being hit where it hurts most: a
sharply reduced dividend, necessitated by
shrinking profits and a share price that
has tumbled 40 per cent in the past year.
Less than five years ago Telefnica, with
a market capitalisation above 100bn, was
the worlds fourth-largest telecoms group
after China Mobile, AT&T and Vodafone.
It seemed this week as if a Darwinian
process of natural selection was occurring
when Telefnica, the Tyrannosaurus Rex
of the Madrid bourse, lost its place as
Spains largest company by market value
to Inditex, the fleet-footed impala of the
fashion world. The telecoms group also
outlined ambitious-sounding plans to spin
off its German division and some Latin
American assets in stock market listings.
Dividend cuts at Telefnica come as a
shock because few companies in Spain or
elsewhere have so generously rewarded
investors over the past decade. Until
recently, intercontinental expansion and
ever higher dividends defined the 12-year
reign of Csar Alierta, chief executive. He
steadily raised the payout to shareholders
from 0.25 a share in 2003 to 1.60 last
year. As that trend goes into reverse, a
restless spirit is stirring institutional
investors: some voted against Mr Aliertas
reappointment as CEO and against his
boards pay, which Telefnica made public
in March for the first time. Doubtless the
view is different from its headquarters on
Madrids Gran Via, but the 10.2m
awarded in 2011 to Mr Alierta in salary,
bonus, shares and pension contributions
makes him appear to be perpetually
passing Go on the Monopoly board.
Still, todays disgruntled investors are
the same who once praised Mr Alierta,
justifiably, for his ability to execute a well-
planned strategy of international
acquisitions, solid cash flow and a robust
credit profile. Telefnicas debt appears
extremely high, but the company is good
at managing liquidity risk.
According to Moodys, the credit rating
agency, it has already refinanced all its
maturing debt for this year and 40 per
cent of its debt maturing in 2013 at a
time when not all Spanish borrowers have
found a warm welcome in the capital
markets. Furthermore, Telefnica held
5bn in cash and cash equivalents as of
March, and it can draw if necessary on
8.5bn in long-term bank facilities.
For sure, the severe funding strains to
which the Spanish central government,
regions, banks and businesses are exposed
are unlikely to leave Telefnica unscathed.
But the companys challenges are broader
in scope. They start in Europe, where its
O2 unit in the UK is underperforming and
its investment in Telecom Italia is a
disappointment. In Spain, Telefnicas
market domination is being undermined
by sparky newcomers such as Jazztel, a
broadband services provider.
The challenges are no less formidable in
Latin America. Telefnica is the leading
telecoms operator in Argentina, Brazil,
Chile and Peru, but it is losing its edge to
Carlos Slims Amrica Mvil, which plans
to invest $25bn over the next three years
to improve its regional network, and
which also hopes to buy KPN in Europe.
In the near term Telefnica must tread
with particular care in Argentina. Not
content with seizing a controlling stake in
YPF, the oil company, from Repsol, the
Spanish energy group, Argentina has just
ordered Telefnica to pay $42m in
compensation and fines for failing to
prevent a mobile phone outage in April.
On top of it all, Telefnica is finding it
hard to raise cash by offloading non-core
assets such as Atento, its call-centre
business. Mr Alierta deserves credit for
turning Telefnica into a flourishing, well-
run global company. As with Spain itself,
though, the hard work starts now.
Tony Barber is the Financial Timess
Europe Editor
tony.barber@ft.com
www.ft.com/insidebusiness
Tony
Barber
INSIDE BUSINESS
on Europe
COMPANIES ROUNDUP
AgBanks shares are off 5% since the news broke Bloomberg
More news at
FT.com
The World
Germany, rather than
Spain, needs infrastructure
investment
www.ft.com/theworld
beyondbrics
Are rich Russians
overpaying for prime
London property?
www.ft.com/bb
Franchising
It is second time
this year AgBank
has faced issues
over corporate
governance
JUNE 1 2012 Section:Companies Time: 31/5/2012 - 18:41 User: hyltonm Page Name: CONEWS1, Part,Page,Edition: USA, 14, 1
FINANCIAL TIMES FRIDAY JUNE 1 2012

15
COMPANIES
It says much about France that its
version of the UK-led shareholder
spring is being spearheaded by the
new Socialist government.
While in London it is angry institu-
tional investors who have taken up
cudgels against excessive boardroom
rewards, in Paris as is so often the
case it has been left to the state.
First in the line of fire for Franois
Hollande, the newly elected Socialist
president, are the patrons du public,
the men who run the large govern-
ment-owned companies that are still a
central part of the countrys indus-
trial fabric.
Mr Hollandes government said this
week that it was planning immediate
pay cuts to make sure grand figures of
French business such as Henri Pro-
glio, chief executive of state-controlled
nuclear power group EDF, earn only
20 times as much as their lowest paid
workers. This means Mr Proglio could
be facing a 1m pay cut, leaving him
to get by on 600,000 a year.
Jean-Marc Ayrault, the French
prime minister, is no leftwing extrem-
ist, but he said the cuts were justified
by the need for fairness at a time of
economic hardship and soaring job-
lessness.
I believe in the patriotism of com-
pany directors who can understand
that the crisis demands exemplary
behaviour from its political and busi-
ness elites, he said.
There is also a clear political dimen-
sion to the plans. Mr Hollandes presi-
dential campaign struggled to gain
much momentum before he declared
to a mass rally in January that
the the world of finance is my
adversary. And with the first round
of the French parliamentary elections
now barely more than a week away,
the Socialists hope a similar attack on
excessive pay will strike a chord with
a public that remains deeply hostile to
the wealthy.
It is also clear that Mr Hollandes
government would like its patriotic
rallying call for restraint to extend
beyond just the companies in which it
owns a controlling stake to those
where it is a minority shareholder:
including such names as GDF Suez,
the gas power group, France Telecom,
Renault and EADS, the Franco-Ger-
man parent of Airbus.
France is unusual in that it still
owns large stakes in many of its lead-
ing international companies and Mr
Hollandes government has wasted no
time in showing it is willing to stamp
down vigorously on generous execu-
tive wage deals.
Yesterday, it used its 30 per cent
stake in Safran, the aircraft engine
maker, to organise a successful share-
holder revolt against a golden para-
chute deal for its chief executive,
Jean-Paul Herteman.
It also used its 16 per cent stake in
Air France-KLM, the struggling air-
line, to make a symbolic vote against
a 400,000 pay-off already awarded
for Pierre-Henri Gourgeon, its sacked
chief executive, which the French
prime minister described as lacking
decency.
One director said he was shocked
at the aggression shown by the gov-
ernment shareholder.
When contacted by the Financial
Times, several companies in which
the French state owns a minority
stake declined to speak on the record
about the governments attempts to
enforce wage restraint.
But in private they were united in
their response that Mr Hollande
would not be able to force through
changes to their pay deals in the same
way as the state-controlled groups.
Its not the same story for the
minority stakes, said a senior indus-
try insider.
At many of these companies you
have Anglo-Saxon investors who own
more combined than the French state
and they will want pay decided in the
normal way.
One of the companies said the gov-
ernments board representatives
would need to convince the full
board and the remuneration commit-
tee to alter things.
The industry insider also said that
he believed that chief executives such
as Stphane Richard, at France Tele-
com, Grard Mestrallet, at GDF, and
Tom Enders, at EADS, would be asked
to make a symbolic gesture on pay,
such as declining new stock options
or bonuses.
For the leaders of state-owned
groups such as EDFs Mr Proglio and
Luc Oursel, of Areva, the proposed
pay cuts if finalised by the govern-
ment are likely to be far more than
symbolic.
Lawyers in Paris say that a French
decree going back to the 1950s gives
ministers the power to change
the wages of members of the senior
executive committees of state-control-
led companies, even those like
Mr Proglio and Mr Oursel who are
mid-contract.
In a corporate environment in
which senior politicians and business
leaders are drawn from the same
caste, it might also be considered poor
form for a senior state employee not
to be seen to be doing his bit.
Mr Proglio, who is disliked by some
senior Socialists because of his ties to
Nicolas Sarkozy, the former president,
is old enough and rich enough to be
more worried about holding on to
power than his salary, according to
one of his associates.
Pierre Moscovici, the finance minis-
ter, said Mr Proglio had already
decided to accept the cut, although
EDF officials said this was not yet
the case.
A bigger worry for some business
people in industry is that the cuts to
senior executive pay could strip
out talent at the level below chief
executive, such as the respected
EDF finance director Thomas
Piquemal.
Im not sure people like him would
stay, said an analyst. There are
many such people who are ready to
leave who would be snapped up by
the private sector or banks.
France links pay cuts and patriotism
GENERAL FINANCIAL
News analysis
As parliamentary elections
approach, the new
Socialist presidents call for
restraint has a political
motive, says James Boxell
Brussels push begins
with bankers bonuses
Several measures to curtail executive
pay and give shareholders more clout
are working through the Brussels
legislative system, with farreaching
implications for how European
companies operate, writes Alex
Barker in Brussels.
The most imminent is a European
parliament proposal to outlaw banker
bonuses that exceed fixed pay, a
measure inserted into a draft law
on capital rules for financial
institutions.
At the same time the European
Commission is working on a plan to
give shareholders in Europes listed
companies a binding vote on
executive pay, as well as empowering
bank investors to set specific
remuneration caps.
While the commission initiative will
take some years to become law, the
bank bonus caps could be enacted
within months.
MEPs are firmly behind the strict
bonus curbs and are in a strong
bargaining position, given the
reluctance of EU member states to
be seen fighting the corner for high
rolling bankers.
Negotiators are pushing for a deal
to enact the law by the end of the
summer, or by the autumn at the
latest.
These efforts to place curbs on
some morally indefensible
bonuses are being warmly
welcomed by Michel Barnier, the
commissioner overseeing the EU
single market.
The former French foreign minister
is at the same time working on his
own proposals on corporate
governance and pay, to be unveiled
in the autumn.
His measures are designed to give
a legal boost to the shareholder
spring, which Mr Barnier sees as a
very positive development that
should be accompanied by a rule
making spring.
Alongside a binding vote for
shareholders in all listed
companies, he wants investors in
banks to set a maximum ratio of
bonus to salary, as well as a ratio of
the pay of the lowest to the highest
earners.
The big difference with the
parliaments proposals is that no limit
is set in law that is for
shareholders to decide.
Some bank lobbyists are hoping to
defuse the parliaments plans by
pushing the question of ratios into
the Barnier proposal.
MEPs are wary. There is no way
we will be fobbed off by that, said
one person involved in the
negotiation.
Mr Hollande
struggled
in the
presidential
campaign
before he
declared
that the
world of
finance
is my
adversary
ON FT.COM
The price of French
patriotism? A 70
per cent pay cut
www.ft.com/
alphaville
Pay cuts at the top
CEOs
Source: FT research
84.4%
Total salary (Excluding stock options)
Potential
% cut*
Henri Proglio
CEO start date: Nov 2009
Pay 2011
1,590,000
69
100%
Guillaume Pepy
Feb 2008
250,000
100%
Jean-Paul Bailly
Mar 2010
636,000
52.1%
Pierre Graf
Sep 2003
617,000
83.2%
Luc Oursel
Jun 2011
679,000
40
36
51
Potential % cut* Potential % cut* Potential % cut*
Potential % cut: 0
*
Based on the French governments plan to cap CEO pay, in which it has a controlling stake, at 20 times the lowest paid worker
French state (% ownership)
By Matt Steinglass
in Amsterdam
EADS, the European aero-
space group that includes
Airbus, passed the torch to
a new top management
team at its shareholders
meeting yesterday in
Amsterdam, but the com-
panys new chairman
missed the handover.
Arnaud Lagardre, the
French media scion who
succeeds Bodo Uebber as
chairman of EADSs board
of directors, unexpectedly
did not attend the meeting.
Mr Uebber said that Mr
Lagardre had begged off
appearing, saying he had
other things to attend to.
Mr Lagardres absence
fuelled concerns that he is
too focused on his family
media concern Lagardre,
which has suffered a series
of setbacks recently, to
devote attention to EADS.
Lagardre owns 7.5 per cent
of EADS but Mr Lagardre
has long said he intends
ultimately to sell that share.
The no-show partly
upstaged the succession of
Thomas Enders as EADS
chief executive, replacing
Louis Gallois. Mr Enders, a
former German para-
trooper, has served as chief
executive at Airbus since
2007 and guided the com-
pany to some of its best
results to date last year.
Shareholders warmly wel-
comed his appointment,
with more than 99 per cent
voting to approve him.
In contrast, 11.6 per cent
voted against the absent Mr
Lagardres appointment as
chairman.
I think it shows con-
tempt towards the share-
holders, said Viviane Nei-
ter, a French professor of
corporate governance who
attended the meeting as a
private shareholder. Im
not saying he wont be
effective as a board member
but its a lack of respect.
The appointments of Mr
Enders and Mr Lagardre
will help maintain the deli-
cate balance between
French and German influ-
ence at EADS.
The French and German
governments each maintain
a 15 per cent stake in the
company, with the addi-
tional 7.5 per cent shares of
Lagardre and of Ger-
manys Daimler mirroring
each other. The group also
has twin headquarters in
Paris and Munich.
Airbus maintains a simi-
lar balance, with its main
factories in Toulouse but its
headquarters in Hamburg.
Mr Enders said he intends
to concentrate on Toulouse
to improve efficiency, a
move that led the German
government to clumsily
demand more influence at
the company in March.
EADS has emphatically
rejected such political inter-
ference and says it ulti-
mately wants to reduce the
French and German govern-
ment shares of its equity.
Lagardre misses
EADS handover
AEROSPACE
By Guy Dinmore in Rome
Oil and gas developments
that were halted off the
coast of Italy in response to
BPs Gulf of Mexico disaster
in 2010 are expected be
given approval to resume
today.
An official, who asked not
to be named, said Mario
Montis cabinet was
expected to authorise
4.5bn of investments in
offshore drilling that had
received approval before
law 128 in effect halted all
new Italian offshore devel-
opments from August 2010.
He said a cabinet decree
would also include two
other elements that he
described as positive for the
oil and gas sector.
Law 128 was one of the
most controversial pieces of
industrial legislation passed
by the previous centre-right
government of Silvio Ber-
lusconi, banning explora-
tion and future production
within five miles of the Ital-
ian coast and 12 miles off
vaguely defined protected
areas.
Some officials involved in
the law, passed in hasty
response to BPs oil spill,
later admitted that the leg-
islation had gone too far
and suggested that Sicilian
interests had played a
behind-the-scenes role in its
approval by parliament.
Law 128 was a disaster.
Italy was the only country
to react so severely to [the
ruptured] Macondo [well],
said Claudio Descalzi, head
of exploration and produc-
tion for state-controlled Eni,
who has been lobbying for
changes in his role as presi-
dent of the Assomineraria
industry association.
The cabinet decree, if
agreed, will come into effect
once signed by the head of
state but will require parlia-
mentary approval to remain
in force.
Amending law 128 is seen
as a big element of a new
national energy strategy
formulated by Corrado Pas-
sera, minister for industry,
but its passage through par-
liament could face resist-
ance from local politicians
and environmental groups,
meaning that the govern-
ment is unlikely to seek a
full repeal of the existing
law.
Eni and Royal Dutch
Shell are among the oil and
gas companies hoping to
reopen projects that they
considered promising,
including gasfields in the
Adriatic already being
exploited by Croatia and
oil and gas finds in the
Sicilian channel. Shell
declined to comment.
Mr Descalzi said Eni had
averaged 20 wells drilled a
year since 2000 until law 128
was passed. Last year was
zero, he said. Big compa-
nies left and gave up.
Italy produces about 10
per cent of its oil and gas
needs but the industry esti-
mates this could be doubled
within a decade, depending
on how far the government
is prepared to confront
opposition to developing
onshore and offshore reser-
voirs.
Italy poised to lift
offshore oil ban
OIL & GAS
Arnaud Lagardre:
unexpected absence
4.5bn
Value of investments set to
be authorised by Rome
JUNE 1 2012 Section:Companies Time: 31/5/2012 - 18:57 User: hyltonm Page Name: CONEWS2, Part,Page,Edition: USA, 15, 1
16

FINANCIAL TIMES FRIDAY JUNE 1 2012
COMPANIES
By James Wilson
in Frankfurt
Josef Ackermann has ended
his decade in charge of
Deutsche Bank with a
robust defence of his
record, saying Germanys
flagship bank would have
needed a state bailout in
the financial crisis if he had
not improved profitability.
Mr Ackermann told the
annual shareholder meeting
just hours before stepping
down that global economic
recovery was under threat
and accused some eurozone
countries of lacking the will
to carry out reforms.
Financial activity was
muted and the bank had to
exercise caution, he said,
with Asian growth showing
fatigue and German com-
panies lowering their
expectations.
The warnings came as
Anshu Jain, the head of
Deutsches investment
bank, and Jrgen Fitschen,
head of its regional opera-
tions, prepared to take over
as Deutsches co-chief exec-
utives today, after a drawn-
out succession process that
caused deep divisions
within the bank.
Some shareholders urged
the meeting to vote against
the banks supervisory
board for mishandling the
succession. Paul Achleitner,
the incoming supervisory
board chairman, is being
urged by some investors to
carry out a board shake-up.
Mr Ackermann was one
of the few international
bank chief executives to
survive the financial crisis.
He led Deutsche to record
profits before the crisis but
is a contentious figure in
Germany.
He admitted that some in
Germany viewed the pre-
crisis profit target a 25 per
cent pre-tax return on
equity as a sign of greed
but said Deutsche needed to
be globally competitive and
had pulled ahead of rivals
in profitability.
If we had not managed
this, we would certainly not
have come through the
severe financial crisis with-
out taxpayers money and
this bank would look com-
pletely different to how it
does today, he said.
The incoming co-chief
executives are considered a
sensible but temporary
compromise, balancing Mr
Jains value as head of the
banks most profitable oper-
ations with Mr Fitschens
good network in Germany.
Mr Ackermann, who at
one time favoured a leader-
ship role for Axel Weber,
now chairman at UBS,
referred briefly to the new
co-chief executives, saying
they could continue the
success story of the bank.
He gave more praise to
Hugo Bnziger, chief risk
officer, who was overlooked
as a successor and left
Deutsche yesterday. To me
you were consistently the
most important adviser,
especially during the finan-
cial crisis, he said.
Under Mr Ackermann,
Deutsche cemented its
international growth and
derives 60 per cent of reve-
nues outside Germany but
also shored up its domestic
base with the purchase of
Postbank, a big retail rival.
They entered the US to
offer savings and invest-
ment products to the mil-
lions of baby boomers
approaching retirement.
However, after a decades-
long effort to break Amer-
ica, some of Europes big-
gest life assurers are
rethinking their strategy in
the face of regulatory con-
cerns and highly competi-
tive market conditions.
Many came to the US
market because it is big
which is not necessarily the
best reason, says Spencer
Horgan, insurance analyst
at Deutsche Bank.
The latest sign of a shift-
ing landscape came yester-
day when Swiss Re dis-
posed of its capital-inten-
sive US closed life assur-
ance business for $600m, to
Prudential-owned Jackson
National Life Insurance,
saying it saw attractive
growth potential in the UK
and continental Europe.
At least one European
insurer, Aviva, has been
considering plans to quit
the US. Analysts estimate
that Aviva USA would fetch
only about half the $2bn the
FTSE 100 group paid for the
business six years ago.
Others have been writing
substantially less new busi-
ness in the country. Axa of
France wrote 136m of new
business in the US last
year, down two-thirds since
2007. That compares with a
group-wide fall in new busi-
ness of about a fifth during
the same period.
Regulation threatens to
make life even tougher.
The UKs Prudential has
warned that forthcoming
capital requirements for
EU-based insurers could
make it impossible for its
American arm to compete
with domestic peers.
Any retreat by the Euro-
peans would come after an
aggressive, often acquisi-
tion-led, advance into the
worlds biggest insurance
market by premiums.
The Pru acted early by
purchasing Jackson one of
the largest US life assur-
ance groups, for 406m in
1986. Since 1995 there have
been 22 acquisitions of US
insurers by western Euro-
pean companies with a
transaction value of more
than $1bn, Bloomberg data
show. By contrast, US
groups have been far less
eager to expand in Europe,
with only six such deals in
the other direction.
European insurers are
important in the US retire-
ment market: five of the 20
biggest annuity providers in
the US by sales are owned
by European groups,
according to data from
Limra, the trade body.
Several European insur-
ers garner chunky propor-
tions of sales from the US.
For example, the US busi-
ness of Aegon accounts for
63 per cent of the Dutch
groups capital expenditure.
Aegon paid $10.9bn in
1999 for Transamerica.
But to underscore the dif-
ficulties in the US market,
MetLife, the S&P 500
insurer, said last week it
would scale back its varia-
ble annuities business.
Variable annuities are
among the potentially most
problematic products. They
tend to offer minimum
guaranteed returns even
though the portfolios can
invest in equities as well as
in less volatile fixed income
securities.
There are quite a lot of
guarantee-type products in
US life assurance, which
are generally tougher than
those offered in Europe,
says Toby Langley, analyst
at Barclays.
In order to meet such
guarantees, the insurers
involved usually attempt to
hedge their exposure to the
potentially volatile assets
but they have had mixed
success in doing so. Sales of
such annuities fell 7 per
cent to $36.8bn in the first
quarter.
Metlifes shift away from
the area follows the deci-
sion this year by Hartford
Financial Services to sell its
variable annuities business.
Yet rivals argue the
retrenchment by others
gives them an opportunity.
Weve come through the
crisis without any issues,
says Mike Wells, chief exec-
utive of the Prus Jackson.
The flight to quality
pushes advisers to us.
Going into the financial
crisis there was a percep-
tion by competitors that it
was sort of a land race. We
held our pricing while there
was a price war on the
guarantees, and the fees on
those guarantees.
But for all the difficulties
faced by some operators in
the US, its sheer size
remains a powerful lure.
For European insurance
groups with global aspira-
tions its seen as very
important that they have a
strong position in the US,
says Simon Harris, manag-
ing director at Moodys, the
rating agency.
Although competition can
be more intense than in
Europe, the economic back-
drop is much healthier than
European insurers domes-
tic markets.
Its nice to have some
exposure to the US at the
moment, says Kevin Mol-
loy, senior vice-president at
Axas US business. The
macro situation seems to be
improving a little bit faster
than in Europe, he says.
Mr Wells of the Pru hails
the benefits of transatlantic
diversification: The [busi-
ness] cycles are different
and that gives you much
more robust, more balanced
earnings. Thats not an
immaterial issue.
He says the macro trend
of ageing baby boomers,
which attracted European
insurers to the US in the
first place, still holds true,
adding: You get about
8,000 to 10,000 of them a day
turning 65 right now.
www.ft.com/insurance
By Ben Bland in Jakarta
and Jeremy Grant
in Singapore
One of Asias biggest pro-
posed banking takeovers
was cast into doubt yester-
day when the Indonesian
central bank unveiled plans
to cap individual investors
ownership of banks at 40
per cent.
The restriction could pre-
vent Singapores DBS from
completing a potentially
transformative $7bn take-
over of Bank Danamon, an
Indonesian bank that is 67
per cent-owned by
Temasek, the Singapore
state investor that controls
DBS.
Halim Alamsyah, a dep-
uty governor of Bank Indo-
nesia, told analysts yester-
day that the bank owner-
ship cap, which he first pro-
posed last year, would be
set at 40 per cent for finan-
cial institutions and 30 per
cent for other investors.
But he said the regulation
would apply only to new
investments and would not
be retroactive, providing
relief to foreign banks such
as HSBC and Standard
Chartered, which had
feared they would be forced
to sell down their respective
stakes in local lenders Bank
Ekonomi and Bank Permata
to the new threshold.
He also told analysts on a
call that the rules might
allow banks that had better
than average corporate
governance to hold more
than 50 per cent.
Indonesia has one of the
most liberal bank owner-
ship regimes in Asia, with
foreign investors allowed to
own up to 99 per cent of
local banks. Foreign lenders
such as DBS are keen to
gain access to Indonesias
fast-growing banking sec-
tor. The central bank said it
wanted to restrict owner-
ship by individual investors
to improve governance.
Foreign investors fear the
regulation is part of a trend
towards economic national-
ism in the run-up to the
presidential election in 2014.
DBS announced in early
April that it was planning
to buy the 67 per cent stake
in Bank Danamon that is
held by Temasek. Analysts
said that if DBS was unable
to obtain majority control,
it would probably walk
away from the deal.
Without the path to own-
ership, my guess would be
that it will be difficult for
DBS to continue with this
deal, said Kevin Kwek, an
analyst at Sanford Bern-
stein in Singapore.
The final regulation
would need approval by the
central banks board of gov-
ernors. Mr Kwek warned
that Bank Indonesia had a
history of shifting course on
regulatory issues.
Danamon shares fell 2.75
per cent yesterday to
Rp5,300 and are down 17 per
cent since the proposed deal
was unveiled in early April.
DBS shares closed down 0.3
per cent at S$13.22.
Temasek declined to com-
ment. DBS was not immedi-
ately available to comment.
By James Crabtree and
Neil Munshi in Mumbai
Morgan Stanley has come a
step closer to winning
approval to enter Indias
commercial banking market
in a move that, if granted,
will put the US bank in
competition with the likes
of Standard Chartered and
Deutsche Bank, which
already have commercial
licences in Asias third-
largest economy.
Morgan Stanley yesterday
said it had received in-
principle approval from
the Reserve Bank of India
for a banking licence, but
declined to comment on the
banks plans.
Goldman Sachs has also
applied for a licence. The
US investment bank said it
was company policy not to
comment on regulatory
licence applications.
The approval is part of
the long process required
for the two US-based insti-
tutions to move beyond the
more limited licences under
which they currently run
investment banking and
capital markets operations
in India.
Analysts cited further
steps beyond the in-
principle stage, including
readying a branch and
recruiting certified staff,
before the RBI would con-
sider a final licence
approval. The process from
this point could take four to
six months, said Ashvin
Parekh, financial services
leader at Ernst & Young.
The licence, if granted,
would allow Morgan
Stanley to transact in lucra-
tive areas such as foreign
exchange, interest rate
swaps and futures, and to
raise deposits locally.
The approval comes at a
tough time for foreign oper-
ators trying to crack the
banking sector in India,
where slowing growth and
weak investor sentiment
have seen sharp declines in
mergers, acquisitions and
initial public offerings.
Last year Barclays
decided to withdraw
entirely from its Indian
retail business, undoing a
five-year period of expan-
sion to concentrate on a
smaller range of investment
and corporate banking
activities. Royal Bank of
Scotland is also awaiting
RBI approval for the sale of
its retail network to HSBC.
Analysts said the appli-
cant banks were looking to
the long-term opportunities
provided by Indias fast-
growing market, which Bos-
ton Consulting Group fore-
casts will grow to $28.5tn by
2025, making it the worlds
third largest.
Its a little late in the
day, but its never too late
because the economy is still
growing, said Deven Chok-
sey, managing director at
KR Choksey, a Mumbai-
based broker. A lot of
activity is still to come, par-
ticularly in wealth manage-
ment, which is likely to
grow well.
On the surface, General
Motors decisions this
month to pull paid ads from
Facebook and sit out the
annual television advertis-
ing mania of the Super
Bowl appear contradictory.
On the one hand it was
unwilling to spend on the
900m-strong social network,
where there is little consen-
sus about returns on adver-
tising investment. On the
other, it was pulling back
from what many media
executives see as the most
tried and tested advertising
event of the year, with 111m
viewers.
The automakers $4.47bn
advertising budget remains
unchanged from 2011 but its
moves underscore the diffi-
culty companies face navi-
gating the shift from tradi-
tional advertising towards
the less understood plat-
forms of social media and
mobile devices.
Advertisers are still com-
ing to grips with how to use
these more interactive plat-
forms, analysts say, and are
reluctant to commit to
Facebook and Twitter while
there is no established met-
ric for measuring success.
Its analogous to when
television came on the
scene and companies asked:
Does it work? How do we
plan for it? says Daina
Middleton, chief executive
of Performics, a digital mar-
keting agency.
For companies from Fox
to Facebook, these changes
carry high stakes. And no
other sector spends more on
marketing than automotive,
which contributed 17 per
cent of all US advertising
spending last year, Kantar
Media estimates.
So while TV networks
push to retain automakers
ad budgets carmakers are
allocating 39.6 per cent to
TV this year compared with
41.4 per cent in 2011 and
42.3 per cent in 2010 social
and mobile outlets are try-
ing to prove they have bet-
ter outlets.
The trends are in their
favour. Global ad revenue
at Facebook, by far the larg-
est recipient of social media
budgets, should reach
$5.06bn this year, up from
$3.15bn in 2011, eMarketer
estimates. Mobile ad spend-
ing in the US will jump
from $1.45bn in 2011 to
more than $10bn by 2016,
eMarketer forecasts.
Automakers will spend
$11.6bn of their total
$30.9bn advertising budgets
online in 2012, up 39 per
cent from 2011, according to
Borrell Associates, the
research firm. That com-
pares with a 16 per cent rise
in overall online ad spend
forecast by ZenithOptime-
dia, suggesting that car-
makers are catching up
with other advertisers.
Automakers broadcast-
ing spending will rise 8.9
per cent to $6.6bn this year,
Borrell estimates, lifted by
the Olympics, which GM
sponsors, and the Super
Bowl, for which NBC
charged a record $3.5m for
some 30-second spots.
Automakers growing dig-
ital and mobile spending is
converging with a shift in
the way consumers buy
cars, arriving at dealerships
with more information
gathered online and the
ability to comparison shop
on their smartphones.
That makes location-
based mobile advertising a
real opportunity for deal-
erships to capture custom-
ers, Ms Middleton says.
Reaching the right audi-
ence is critical because
fewer people are shopping
for cars, with annualised
sales of 12.8m in 2011 com-
pared with pre-recession
highs of more than 16m.
Owners are also keeping
cars longer and using
longer financing terms.
High unemployment, high
petrol prices and younger
Americans dwindling inter-
est in car ownership also
have an effect, analysts say.
Dealers and automakers
are increasingly targeting
the most likely buyers, says
Kip Cassino, Borrell execu-
tive vice-president. If
youre trying to get one per-
son instead of a great
bunch of people, the focus
of your ads is a bit differ-
ent.
The proportion of pros-
pects who follow through
with a purchase climbed
from about 55 per cent
before the recession to 70
per cent in 2011 and is
expected to reach 83 per
cent this year.
To succeed in social
media, particularly with
younger consumers, Ms
Middleton says automakers
and dealers must identify
new measures of engage-
ment. After someone likes
our page, what are we going
to do with them? she asks.
After GM turned against
Facebook ads, Ford took
aim at its rival with a tweet
saying: Its all about the
execution. Our Facebook
ads are effective when stra-
tegically combined with
engaging content and inno-
vation.
Ford studies the commu-
nication and consumption
habits of 18 to 33-year-old
millennials, said Sheryl
Connelly, its manager of
global trends. Millennials
are really sophisticated.
They cut through market-
ing and rely on word-of-
mouth. It has changed the
tone of our conversation.
You cant have a mono-
logue it has to be collec-
tive, co-operative thing.
Additional reporting by
Andrew Edgecliffe-Johnson
Def iant Ackermann bows out
BANKS
Deutsche Bank
chief defends record
German lender told
to exercise caution
Carmakers find
social media
tricky to tackle
MEDIA
News analysis
GMs decision to
withhold spending
shows it is unsure
of the platform,
says Shannon Bond
Indonesian rule threatens DBS takeover of Bank Danamon
BANKS
Its analogous to
when TV came and
companies asked:
Does it work? How
do we plan for it?
On the line: NBC charged a record $3.5m for some 30second advertising spots during the Super Bowl AP
M Stanley closer to Indian approval
BANKS
Morgan Stanley is seeking
an Indian banking licence
European
insurers in
US rethink
LIFE ASSURANCE
News analysis
Swiss Res sale of
its American book
is latest sign of
shifting landscape,
writes Alistair Gray
Insurers face clash of rules
Regulation is changing the
equation for European
insurers operating in the
US, writes Alistair Gray.
At least one disposal is
certain: the European
Commission has ordered
Dutch group ING to offload
its insurance and
investment management
business in the US along
with that in other regions
as a condition for receiving
state aid during the
financial crisis.
Regulatory concerns could
also push Europeans to sell
their US operations in a
less direct manner, say
analysts.
The capitalintensive
nature of many US life
assurance products make
American operations
obvious disposal candidates
for European groups whose
regulatory capital positions
are a potential problem.
They include Aviva, whose
incoming chairman and
interim chief executive John
McFarlane acknowledged
this month that the UK
insurer needs to improve its
capital position materially.
Yet with US life
companies trading at a
discount of about 10 per
cent to their book value,
analysts say few European
insurers will be in a hurry
to sell the assets.
Prudential paid only
46 per cent of European
embedded value an
insurance specific measure
for Swiss Res closed US
business.
Still, new rules threaten
to bring matters to a head.
Brussels is in the process
of deciding which countries
it deems to have an
equivalent regulatory
system to Solvency II, the
capital requirements regime
due to take effect at the
start of 2014.
Unless a country is
deemed equivalent,
EUbased insurers overseas
operations would have to
comply with Solvency II as
well as local rules.
Kevin McCarty, president
of the National Association
of Insurance Commissioners,
indicated in May that US
regulators had no intention
of becoming equivalent.
22
Number of purchases of US
insurers by European groups
Legal Notices
JUNE 1 2012 Section:Companies Time: 31/5/2012 - 18:16 User: hyltonm Page Name: CONEWS3, Part,Page,Edition: USA, 16, 1
FINANCIAL TIMES FRIDAY JUNE 1 2012

17
COMPANIES
Asian listings
By Jeremy Grant
in Singapore
Felda Global Ventures, the
Malaysian palm oil pro-
ducer, has outlined plans
for an initial public offering
that could raise more than
$3bn, making it the second-
biggest issue this year after
Facebook.
The Malaysian govern-
ment, which owns FGV, is
moving forward despite the
withdrawal of a planned
IPO by Graff Diamonds, the
jewellery business, yester-
day and a poor showing by
Facebooks stock since its
Nasdaq float this month.
The government is bank-
ing on the commitment of
12 cornerstone investors
and the heavy allocation of
shares to cash-rich domestic
institutional investors to
ensure the IPOs success
even if market conditions
deteriorate, according to
people familiar with the
transaction.
The Kuala Lumpur stock
market has bucked the
recent global downward
trend, with the FTSE
Malaysia index up 0.6 per
cent since the start of May.
FGV, the worlds third-
largest palm oil producer by
land under cultivation, is
owned by Felda, a govern-
ment agency that controls
880,000 hectares of palm oil
plantations.
Feldas roots are in land
settlement programmes
conceived in 1956 as a way
of eliminating rural poverty
at the time of Malaysias
independence from Britain.
It accounts for about 10 per
cent of global production of
palm oil, which is used in
products such as cooking
oil and shampoo.
According to the prospec-
tus, Kuala Lumpur is sell-
ing down its stake to 40 per
cent, with about 78 per cent
of new and existing shares
to be issued set aside for
domestic investors.
The float comes before
elections expected within
months. It will include the
allocation of shares to thou-
sands of poor farmers.
The price was set
between M$4.00 and M$4.65
($1.26 to $1.46) for the insti-
tutional tranche of the
float, expected on June 28.
The price for the retail
tranche was set at M$4.55.
The cornerstone investors
have been allocated 31.5 per
cent of the shares. They
include Fidelity, Hong
Leong Group, Qatar Invest-
ment Authority and Lem-
baga Tanjung Haji, an
Islamic pension fund.
Felda has also signed an
alliance with Vitol, the oil
trading house, to collabo-
rate on the supply, interna-
tional trading and market-
ing of various commodi-
ties. Vitol, however, is not
an investor in the IPO.
FGV said that for the
year ended in March earn-
ings before interest, tax,
depreciation and amortisa-
tion were M$2.1bn on a pro
forma basis. Profit after tax
was M$1bn.
www.ft.com/lex
The collapse of Graff Dia-
monds $1bn initial public
offering in Hong Kong
highlights the challenges
facing groups, such as For-
mula One, that hope to list
in Asia in the coming
months.
The high-end jeweller is
the third company in the
past week to pull a Hong
Kong IPO, after China Non-
ferrous Mining Corp, a cop-
per producer, and China
Yongda Automobiles Serv-
ices, a car dealer, also
scrapped deals.
Ascendas Hospitality
Trust this week postponed a
$630m IPO in Singapore
because of challenging
market conditions, with
global stocks falling more
than 8 per cent over the
past month.
In the US, confidence in
IPOs has been badly shaken
by Facebook, whose shares
have lost more than a quar-
ter of their value since the
social network raised $16bn
from investors.
While deals are falling
apart left, right and centre,
the failure of Graff to com-
plete its large, high-profile
IPO is a big blow to the
Hong Kong market, accord-
ing to dealmakers.
Unlike other recent
scrapped offerings, Graff
was a big prospect in a hot
sector.
This is more damaging
[than the other failed deals]
because it is consumerism
and consumer stuff had
continued to perform well,
says one dealmaker.
Its a real sign that the
markets really are not open
for deals.
F1, Bernie Ecclestones
motor racing group, is pre-
paring for a $2bn IPO in
Singapore next month, in
an unusual stapled deal
that will see its shares sold
together with debt. Felda,
the Malaysian palm oil
group, yesterday released
the prospectus for its $3bn
listing on the Bursa Malay-
sia stock exchange.
Graffs failure is a warn-
ing sign for companies plan-
ning to issue equity in com-
ing weeks.
Philippe Espinasse,
author of IPO: A Global
Guide, said: Such a high-
profile deal being pulled
will certainly mean that
issuers will now be even
more cautious before
launching their IPOs.
Mr Espinasse added that
many companies planning
offerings would need to
revise their ambitions in
terms of valuation and
would be advised to secure
cornerstone investors and
anchor orders ahead of
launch.
Graff did not sign up cor-
nerstone investors for its
deal. Cornerstones are large
investors who commit to
buying a certain number of
shares before the IPO is
launched in exchange for a
guaranteed allotment in the
deal.
Analysts say Graffs
shares were expensive com-
pared with other luxury
groups such as Richemont,
and that its lack of brand
recognition among many
investors was another
problem.
Other groups premarket-
ing IPOs in Hong Kong at
the moment include Inner
Mongolia Yitai Coal, China-
lco Mining Corp Interna-
tional and Huadian Fuxin
Energy Corp. Dealmakers
say some of these deals are
likely to be withdrawn or
postponed unless markets
recover substantially.
Sany Heavy, a Chinese
machinery maker, is plan-
ning a $2bn share sale in
the city in the coming
months, according to
dealmakers, having
scrapped a $3.3bn listing
last September.
Some 46 companies have
withdrawn or postponed
IPOs worth a total $7.7bn in
Asia in 2012, according to
Thomson Reuters.
Hong Kong, the worlds
biggest centre for listings in
2010 and 2011, has dropped
to fourth place this year,
after Nasdaq, New York
and Shenzhen.
Hong Kong listings have
totalled $3.2bn this year,
according to Dealogic, com-
pared with $35bn for the
whole of 2011.
Investors in the city have
been burnt by the poor per-
formance of many deals
over the past few years.
Shares in Chow Tai Fook,
for example, have fallen
almost a third since the
jeweller listed in Hong
Kong late last year.
Singapores SGX
exchange has attracted six
IPOs this year, including
Bumitama Agri, another
Malaysian palm oil pro-
ducer, and last week Swee
Hong, a construction and
tunnelling company in Sin-
gapore.
Magnus Bcker, SGX
chief executive, said:
While we do not disclose
our IPO pipeline. It remains
healthy and a number of
companies are ready to
come to the market when
conditions are right.
Investors will be watch-
ing to see whether F1
presses ahead with a
planned $3bn float in Singa-
pore next month if condi-
tions worsen.
Plans last year by Man-
chester United to list in Sin-
gapore were put on ice
shortly after the football
club notified the exchange
of its intent to seek a list-
ing, due to poor market con-
ditions.
Additional reporting by
Jeremy Grant in Singapore
See Lex
www.ft.com/ipos
Malaysias
FGV sets
out $3bn
IPO plan
Palm oil producer
courts key investors
Tranche set aside
for poor farmers
Pulled Graff deal a
blow to Hong Kong
News analysis
The highend
jewellers troubles
are reflected across
the market, writes
Robert Cookson
Such a highprofile
deal being pulled
will mean that
issuers will now be
even more cautious
Hong Kong has dropped to fourth place for listings this year Dreamstime
By Anjli Raval in New York
American shoppers
increased their spending in
May despite uncertainty
over US economic growth
and the jobs market,
according to monthly sales
figures from the countrys
largest retail chains.
Total sales at stores open
for at least a year rose 4 per
cent last month, according
to Retail Metrics, the
research group. Sales were
stronger than the 1.8 per
cent forecast, but below the
5.5 per cent gain in May
2011.
The modest but healthy
gains followed a dismal
showing in April, when
retailers posted what some
analysts said was their
weakest performance since
November 2009. Sales were
affected by an earlier Easter
and unusually warm
weather which brought
shoppers to stores earlier in
the season and a weaker
economic environment.
Industry watchers had
warned that May sales
might again suffer because
of these factors. But despite
declining consumer confi-
dence, sales were strong.
Mothers day benefited
retailers, as did Memorial
day holiday promotions.
Joel Bines, a retail analyst
at AlixPartners, said the
data showed the resiliency
of the US consumer.
There was nothing fun-
damentally out of the ordi-
nary compared to April.
The fear was that without a
major event like Easter we
would see a real deflation in
demand for consumer
goods, but we just did not
see it, he said.
Limited Brands, parent of
the Victorias Secret linge-
rie brand, said its same-
store sales rose 6 per cent
in the four weeks ended
May 26, beating Thomson
Reuters expectations of 4.7
per cent. The rise was in
line with sales growth for
the same month a year ago.
TJX, the fashion and
apparel group, said same-
store sales increased 8 per
cent, ahead of consensus
forecasts of 5.3 per cent and
well above the May 2011
sales rise of 2 per cent.
Gap reported a same-store
sales rise of 2 per cent, fall-
ing below expectations of
3.1 per cent, but better than
the 4 per cent fall recorded
for the same month last
year.
The company has spent
several years struggling to
reverse declining sales in
the US, having lost its
verve in fashion and mar-
keting. Analysts say Gaps
popular spring collection
could herald the retailers
long-awaited turnround.
The companies that
report monthly sales figures
represent about 10 per cent
of total US retail sales and
are an indicator of con-
sumer spending, which
accounts for more than two-
thirds of the economy. How-
ever, analysts said much of
the positive data had to do
with individual company
strategies.
Macys, the department
store chain, reported on
Wednesday that same-store
sales for May rose 4.2 per
cent to $2.12bn. Analysts
had expected a 4 per cent
gain. Macys move to tailor
fashions to local markets
has helped the company
post earnings growth in
recent quarters.
US shoppers show resilience despite economic uncertainty
GENERAL RETAILERS
Contracts & Tenders
Legal Notices
By Mark Wembridge, Maija
Palmer and Anousha Sakoui
The board of Logica has
unanimously recommended
a 1.7bn all-cash takeover
approach from Canadas
CGI Group, making the IT
services company the third
UK technology business to
be acquired by a North
American counterpart in a
year.
The struggling company
said CGIs offer of 105p per
share a 60 per cent pre-
mium over its share price
at the close of trading on
Wednesday represented
good value. The takeover, if
agreed by shareholders,
follows the recent buyouts
of Misys and Autonomy by
US companies.
The initial reaction is
one of major sadness as yet
another of the large and
long-established names
from the UKs strong tech-
nology background is
acquired by an overseas
predator, said Richard
Holway, analyst at Tech-
MarketView.
While the offer from Mon-
treal-based CGI represents a
large premium to Logicas
closing price on Wednesday
it is 19 per cent lower than
a year ago and 36 per cent
below the price when Andy
Green took over as chief
executive in 2007. The
shares have lost more than
half their value in the past
12 months following two
profit warnings and a
restructuring that included
the loss of 1,300 staff.
Logica shares rose in
London yesterday, closing
69 per cent up at 110.9p,
slightly ahead of the offer
price, suggesting there is
some expectation of a coun-
ter bid.
Logica is one of the
cheapest IT service compa-
nies and even at acquisition
multiples it is attractive
enough to flush out another
buyer, George OConnor,
analyst at Panmure Gor-
don, said.
European services compa-
nies, including Capgemini
and Atos Origin, Indias IT
outsourcing companies, and
US companies such as Dell,
IBM and Accenture have all
been mooted as potential
counter bidders. However,
industry advisers said few
companies were willing to
pursue the deal amid the
eurozone crisis.
CGI, founded in 1976,
employs 31,000 people,
reported revenues of
C$4.3bn (2.7bn) last year
and has a market capitalisa-
tion of C$5.4bn, based on
Wednesdays closing price.
Logica has 41,000 employees
and posted revenues of
3.9bn in 2011.
The Canadian group gen-
erates most of its profits in
North America but is keen
to expand into Europes
200bn a year IT services
industry. Logica makes
most of its income from the
eurozone and this month
reiterated its outlook for
the year.
Logica shareholders will
vote on the proposed takeo-
ver in July. The deal must
receive approval from
investors holding three-
quarters of its stock.
Rothschild, Deutsche
Bank and Bank of America
Merrill Lynch advised Log-
ica, while CGI was advised
by Goldman Sachs.
See Lex
Logica board backs 1.7bn
takeover by Canadas CGI
TECHNOLOGY HARDWARE
Logica: Cheap enough to
flush out another buyer
More news at
FT.com
Morgan Stanley to
raise Smith Barney stake
Morgan Stanley said it
would look to buy an extra
14 per cent of Smith
Barney from Citigroup,
tightening its grip on the
retail brokerage that is the
banks biggest revenue
generator. Smith Barney,
whose 17,000 brokers
advise wealthy private
investors, is already 51 per
centowned by Morgan
Stanley, which has options
to buy the remaining stake
in three steps over the
next three years. It will
now enter into a
negotiating process with
Citi to determine the
price.
ExGoldman M&A
banker joins Greenhill
Greenhill & Co has hired
former Goldman Sachs
banker Luca Ferrari and is
opening up a Stockholm
office in a countercyclical
European expansion drive
by the independent
investment bank. Mr
Ferrari is set to join the
boutique advisory group
this August as cohead of
its European corporate
advisory business,
Greenhill said yesterday.
Goldman Sachs former
head of M&A for Northern
Europe will take over from
Brian Cassin who recently
moved to Experian to
become the information
services groups chief
financial officer.
ft.com/companies
JUNE 1 2012 Section:Companies Time: 31/5/2012 - 18:36 User: hyltonm Page Name: CONEWS4, Part,Page,Edition: USA, 17, 1
18

FINANCIAL TIMES FRIDAY JUNE 1 2012
Fund Bid Offer D+/- Yield
ACP Partners Investment Managers (Ireland) Limited (IRL)
www.acpi.com
FSA Recognised
ACPI India Fixed Income UCITS Fund GBP 81.65 - 0.37 0.00
Emerg Mkts Fixed Income Fund USD $ 109.61 - -0.39 0.00
Global Equity Fund USD $ 86.85 - -1.97 0.00
Global Fixed Income Fund USD $ 108.16 - 0.39 0.00
Global Fixed Income Fund EUR 132.86 - 0.48 0.00
ACPI FM Limited (JER)
Regulated
Global Credit Fund USD $ 11.90 11.90 0.01 0.00
Multi Strategy Fund USD $ 187.31 - -2.14 0.00
Equity Alpha Fund USD $ 10.98 10.99 0.00 0.00
Focused Equity Fund USD $ 9.19 9.20 -0.25 0.00
Multi-Asset Fund USD $ 10.15 10.15 0.03 0.00
Hedge Equity Fund USD $ 117.02 - -1.16 -
International Bond Fund USD $ 17.86 17.86 0.08 0.00
Select Unit Trust - Balanced Fund USD $ 11.10 11.11 0.00 0.00
ACPI
Other International Funds
Global Credit Fund USD $ 10.82 - 0.01 0.00
Global Credit Fund EUR 10.82 - 0.01 0.00
India Fixed Income Fund USD $ 8.98 - -0.06 0.00
Select Fund USD $ 142.67 - -1.13 0.00
Strategic Opportunities Fund USD $ 119.94 - 1.10 0.00
Absolute Return Fund Trust
Other International
Euro Class 835.72 - 8.51 -
ACTIVE TRADING FUND (IRL)
Regulated
Active Trading Fund USD $ 932.29 - -1.78 0.00
Active Trading Fund EUR 930.84 - -2.17 0.00
Active Trading Fund GBP 933.11 - -1.99 0.00
Adelante Exotic Debt Fund Limited (GSY)
Trafalgar Court, Admiral Park, St Peter Port, Guernsey
Regulated
Adelante Exotic Debt Fund Limited $ 20.98 - -1.66 0.00
Alceda Fund Management S.A.
Managed on the Alceda UCITS Platform
www.alceda.lu
FSA Recognised
AC Risk Parity 7 Fund (EUR A) 120.00 126.00 -0.17 0.00
AC Risk Parity 7 Fund (GBP A) 120.72 126.76 -0.18 0.00
AC Risk Parity 7 Fund (USD A) $ 119.28 125.24 -0.13 0.00
AC Risk Parity 12 Fund (EUR A) 137.31 144.18 -0.31 0.00
AC Risk Parity 12 Fund (GBP A) 102.94 108.09 -0.23 0.00
AC Risk Parity 12 Fund (USD A) $ 146.92 154.27 -0.27 0.00
AC Spectrum Fund (EUR A) 103.74 108.93 2.79 -
AC Spectrum Fund (GBP A) 102.89 108.03 2.72 -
AC Spectrum Fund (USD A) $ 102.63 107.76 2.86 -
Alger SICAV (LUX)
Regulated
American Asset Growth A $ 29.64 31.53 -0.51 0.00
American Asset Growth I $ 31.33 31.33 -0.54 0.00
Allied Dunbar Intl Fund Mgrs (1600)F (IOM)
www.alliedunbarint.com +44 1624 661551
FSA Recognised
ADI Managed $ 1.5490 1.6340 -0.0070 0.01
ADI Mgd Currency $ 0.3501 0.3685 0.0000 0.00
ADI W'wide Eq $ 1.4730 1.5560 -0.0120 0.00
ADI Nth Amer $ 3.5930 3.7930 -0.0340 0.00
ADI Far East $ 2.2930 2.4330 -0.0110 0.01
ADI Gilt & Income 0.3585 0.3774 0.0020 2.10
ADI UK Cap Gth 0.7185 0.7624 -0.0013 1.34
ADI Europe Fd 2.8480 3.0090 -0.0190 0.36
For conversion prices of shares phone: 01624 662860
American Century Sicav (LUX)
JPM customer service: +352-46-268-5633
FSA Recognised
ACI Conc Gbl Grwth Eq A Acc $ 10.23 - -0.10 -
ACI Conc Gbl Grwth Eq I Acc $ 10.28 - -0.10 -
ACI Gbl Grwth Equity Acc F $ 10.51 - -0.09 0.00
ACI Gbl Grwth Equity I Acc F $ 10.69 - -0.09 0.00
ACI US AllCap Grwth Eq A Acc $ 10.47 - -0.10 -
ACI US AllCap Grwth Eq I Acc $ 10.51 - -0.10 -
Amundi Funds (LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FSA Recognised
Absolute Var 2 EUR 96.22 - 0.00 0.00
Bd. Euro Corporate AE Class - R - EUR 16.00 - 0.02 0.00
Bd. Global AU Class - R - USD $ 22.55 - -0.01 0.00
Eq. Emerging Europe AE Class - R - EUR 25.44 - -0.35 0.00
Eq. Emerging World AU Class - R - USD $ 83.45 - -1.14 0.00
Eq. Greater China AU Class - R - USD $ 430.22 - -5.62 0.00
Eq. Latin America AU Class - R - USD $ 545.08 - -9.34 0.00
Eq. US Opportunities AU Class - R - USD $ 10.35 - -0.18 0.00
Antares Investment Management Ltd
Other International
AEF Ltd Usd (Est) $ 432.18 - 1.67 -
AEF Ltd Eur (Est) 432.85 - 1.78 -
Arisaig Partners
Other International Funds
Arisaig Africa Consumer Fund Limited $ 14.97 - -0.01 0.00
Arisaig Asia Consumer Fund Limited $ 42.66 - -0.50 0.00
Arisaig Latin America Fund Limited $ 25.17 - -0.06 0.00
ARN INVESTMENT SICAV (LUX)
12, rue Eugne Ruppert, L-2453 Luxembourg
Regulated
ARN Newly Indus.Ec.Fd A -C $ 82.44 - -0.93 0.00
Artemis Investment Management LLP (CYM)
Regulated
Artemis Gbl Hedge Fd Ltd GBP 50.12 - 0.73 0.00
Artemis Gbl Hedge Fd Ltd EUR 47.50 - 0.69 -
Artemis Gbl Hedge Fd Ltd USD $ 50.70 - 0.74 -
Artemis UK Hedge Fd Ltd EUR 156.29 - 0.86 -
Artemis UK Hedge Fd Ltd GBP 171.30 - 0.99 -
Artemis UK Hedge Fd Ltd USD $ 162.90 - 0.93 0.00
Artisan Partners Global Funds PLC (IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FSA Recognised
Artisan Global Funds plc
Artisan Emerging Markets Fund AUDA$ 9.62 - -0.05 -
Artisan Emerging Markets Fund Class I EUR 7.72 - -0.06 0.00
Artisan Emerging Markets Fund Class I USD $ 7.05 - -0.13 0.00
Artisan Global Value Fund Class I USD Acc $ 10.04 - -0.14 0.00
Artisan Value Fund Class I USD Acc $ 10.40 - -0.17 0.00
Ashburton Fund Managers Limited (JER)
17 Hilary Street, St Helier, Jersey JE4 8SJ 01534 512000
FSA Recognised
Ashburton Global Funds PCC
Sterling Asset Mgt. Fund PC 2.2923 2.4069 -0.0088 0.86
Sterling Asset Mgt. Fund PC - Class I 100.3352 105.3520 -0.3811 1.63
Fund Bid Offer D+/- Yield
Euro Asset Mgt. Fund PC 1.1827 1.2418 -0.0048 0.83
Global Euro Asset Management Fund PC I 94.1814 98.8905 -0.3753 -
Sterling Total Return Bond Fund PC 6.0462 6.2578 -0.0028 2.04
Dollar Total Return Bond Fund PC $ 1.0040 1.0391 -0.0012 2.05
Sterling Intl. Eq. Fund PC 48.4186 50.8395 -0.1859 0.00
Dollar Intl. Eq. Fund PC $ 8.8392 9.2812 -0.0565 0.00
Americas Eq. Fund PC $ 1.8737 1.9674 -0.0284 0.00
Americas Eq. - Feeder PC 1.1665 1.2248 -0.0134 0.00
European Eq. Fund PC 4.0697 4.2732 -0.0142 0.00
European Eq. - Feeder PC 1.0445 1.0967 -0.0026 0.00
European Eq - Feeder PC - Class I 91.1088 95.6642 -0.2150 0.00
Japan Eq. Fund PC $ 2.0254 2.1267 -0.0048 0.00
Japan Eq. - Feeder PC 0.9937 1.0434 0.0006 0.00
Ashburton Japan Equity Fund PC "I" class $ 88.5170 92.9429 -0.2051 -
Chindia Eq. - Feeder PC 0.9686 1.0170 -0.0051 0.00
Chindia Eq - Feeder PC - Class I 66.3266 69.6429 -0.3383 0.00
Ashburton Fund Managers Limited (JER)
Regulated
Ashburton Replica Portfolio Ltd
Asset Management Fund 34.1780 35.8869 -0.1253 0.00
$ Asset Management Fund $ 29.9428 31.4399 -0.1355 0.00
Euro Asset Management Fund 1.4087 1.4791 -0.0058 0.00
Multi Asset Cautious Fund GBP 1.0646 1.1178 -0.0018 0.00
Multi Asset Cautious Fund GBP - Class I 99.0358 103.9876 -0.1693 0.00
Multi Asset Balanced Fund EUR 0.9601 1.0081 -0.0035 0.00
Multi Asset Balanced Fund GBP 1.1173 1.1732 -0.0038 0.00
Multi Asset Balanced Fund USD $ 1.0879 1.1423 -0.0047 0.00
Multi Asset Balanced Fund GBP - Class I 99.8044 104.7946 -0.3342 0.00
Multi Asset Balanced Fund USD - Class I $ 95.3478 100.1152 -0.4021 0.00
Multi Asset Balanced Fund EUR - Class I 97.1620 102.0201 -0.3512 0.00
Multi Asset Aggressive Fund GBP 1.0112 1.0618 -0.0041 0.00
Ashburton Emerging Markets Funds Limited
Chindia Eq Fund $ 0.7708 0.8093 -0.0064 0.00
Chindia Eq - Class I $ 101.7182 106.8041 -0.8267 0.00
Ashburton Money Market Fds Limited
Money Market 1.3171 1.3171 0.0000 0.00
$ Money Market $ 1.1708 1.1708 -0.0002 0.00
EUR Money Market 1.1808 1.1808 0.0000 0.00
Ashmore Investment Mgmt Ltd (CYM)
Regulated
Ashmore Emerging Markets Debt $ 208.00 - 1.60 0.00
Ashmore Management Company Ltd (GSY)
Regulated
Emerging Mkts Liquid Inv P'folio $ 10.04 - 0.10 18.05
Local Currency Debt Pflo $ 28.81 - 0.08 0.00
Russian Debt Portfolio $ 69.14 - 0.83 0.00
Ashmore Asian Recovery $ 30.63 - -0.87 0.00
Multi-Strategy $ 18.24 - -0.27 0.00
Emerging Mkts Global Inv Pfolio $ 8.48 - -0.32 0.00
Emerging Mkts Corporate High Yield $ 122.82 - -0.31 0.00
Turkish Debt Fund Ltd $ 97.29 - 2.56 0.00
Ashmore Sicav (LUX)
2 rue Albert Borschette L-1246 Luxembourg
FSA Recognised
EM Equity Select USD F $ 101.61 - -1.49 0.00
EM Mkts Corp.Debt USD F $ 106.24 - -0.18 4.42
EM Mkts Debt NOK F NKr 101.93 - -0.30 12.27
EM Mkts Debt GBP F 107.14 - -0.31 4.23
EM Mkts Inv.Grade Corp. Debt USD F $ 109.97 - 0.15 0.00
EM Mkts Loc.Ccy Bd USD F $ 104.97 - -1.60 0.00
EM Mkts Loc.Ccy Money Mkt USD F $ 96.65 - -1.17 0.00
EM Mkts Sov.Debt USD F $ 106.28 - -0.32 0.00
EM Mkts Sov.Inv.Grade Debt USD F $ 109.78 - -0.21 0.00
Emerging Markets Debt Inst USD $ 167.09 - -0.36 9.72
Emerging Markets Debt Inst EUR 99.03 - -0.22 26.82
Emerging Markets Debt Retail USD $ 93.28 - -0.26 5.88
Emerging Markets Debt Retail EUR 144.18 - -0.43 16.69
Local Currency GBP F 99.89 - -1.21 0.29
Local Currency Inst EUR F 94.97 - -1.18 1.78
Local Currency Inst USD F $ 80.83 - -0.98 1.07
Local Currency Retail EUR F 93.87 - -1.15 0.37
Local Currency Retail USD F $ 103.65 - -1.26 0.55
Aspect Capital Ltd (UK)
Other International Funds
Aspect Diversified USD $ 361.67 - 3.15 0.00
Aspect Diversified EUR 216.43 - 1.82 -
Aspect Diversified GBP 109.55 - 0.96 -
Aspect Diversified CHF SFr 104.47 - 0.86 0.00
Aspect Diversified Trends USD $ 106.91 - 1.93 0.00
Aspect Diversified Trends EUR 106.63 - 1.92 0.00
Aspect Diversified Trends GBP 109.50 - 1.98 0.00
Atlantas Sicav (LUX)
Regulated
American Dynamic $ 2145.15 - -2.21 0.00
American One $ 1948.82 - 3.86 0.00
Bond Global 1147.70 - 18.41 0.00
Eurocroissance 547.25 - 10.76 0.00
Far East $ 562.78 - -3.75 0.00
Atlantis Investment Mgmt (Ireland) Ltd (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 00 353 1 542 2000
FSA Recognised
Atlantis Asian Fund USD F $ 5.80 - -0.02 0.00
Atlantis Asian Fund GBP 8.20 - 0.02 0.00
Atlantis Asian Fund EUR 8.90 - -0.02 0.00
Atlantis China Fd F $ 5.66 - 0.03 0.00
Atlantis Japan Opps Fund USD H $ 1.18 - 0.01 0.00
Atlantis Japan Opportunities Fund GBP 10.81 - 0.14 0.00
Atlantis Japan Opportunities Fund EUR 12.08 - 0.12 0.00
Atlantis New China Fortune Fund $ 0.91 - 0.00 15.38
Atlantis China Healthcare Fund H $ 1.08 - 0.00 0.00
Atlas Capital SA
Other International Funds
First European Growth Inc - USD Class $ 126.66 - -4.17 0.00
First European Growth Inc - CHF ClassSFr 262.93 - -9.39 0.00
First USD Composite Inc $ 611.17 - -5.23 0.00
First EURO Composite Inc 110.77 - -0.97 0.00
For Attica Institutional Multi-Manager Plc Fds see MM Institutional Fds Plc
BLME Asset Management (LUX)
BLME Sharia'a Umbrella Fund SICAV SIF
Regulated
$ Income Fund - Share Class A Acc $ 1095.76 - 1.32 0.00
$ Income Fund - Share Class B Acc $ 1110.69 - 1.36 0.00
$ Income Fund - Share Class G Acc 1030.89 1030.89 1.28 0.00
$ High Yield Fund - Share Class A Acc $ 1052.18 - 3.19 -
BNP Paribas Investment Partners (LUX)
10, Harewood Avenue, London NW1 6AA
Investors Services (44) 020 7595 6762
FSA Recognised
BNP Paribas Insticash
BNP Paribas Insticash EUR F 116.59 - 0.00 0.00
BNP Paribas Insticash GBP F 128.30 - 0.00 0.00
BNP Paribas L1
BNPP L1 Bd Asia ex-Japan F $ 138.14 - 0.14 0.00
Fund Bid Offer D+/- Yield
BNPP L1 Bd Best Selection Wrld Emerging F $ 221.10 - -2.23 0.00
BNPP L1 Bd Best Selection Wrld Emerging Inc 137.83 - -0.10 8.92
BNPP L1 Bd Currencies World F 1463.22 - 2.66 0.00
BNPP L1 Bd Europe Emerging F 545.18 - -1.86 0.00
BNPP L11 Bd World F 317.02 - 3.61 0.00
BNPP L1 Bd World Emerging F $ 964.10 - -3.47 0.00
BNPP L1 Bd World Emerging Inc 148.61 - -0.57 0.00
BNPP L1 Bd World Emerging Corporate Inc $ 103.17 - -0.26 0.00
BNPP L1 Bd World Emerging Local F $ 158.85 - -1.93 0.00
BNPP L1 Bd World Emerging Local Inc 100.80 - -0.29 6.62
BNPP L1 Bd World High Yield F 81.94 - -0.14 0.00
BNPP L1 Dyn World Inc 89.42 - -0.22 0.00
BNPP L1 Eq Asia Emerging F $ 80.78 - -0.62 0.00
BNPP L1 Eq Best Sel Asia ex-Japan F 379.55 - -0.79 0.00
BNPP L1 Eq Best Sel Euro F 285.40 - -4.97 0.00
BNPP L1 Eq Best Sel Europe F 132.42 - -2.23 0.00
BNPP L1 Eq Best Sel Europe Inc 84.67 - -1.61 4.11
BNPP L1 Eq Best Sel Europe ex-UK F 93.25 - -1.54 0.00
BNPP L1 Eq Best Sel Europe ex-UK Inc 85.55 - -1.60 2.62
BNPP L1 Eq Best Sel USA F $ 292.70 - -4.25 0.00
BNPP L1 Eq China F $ 258.52 - -2.32 0.00
BNPP L1 Eq Euro F 203.51 - -3.48 0.00
BNPP L1 Eq Europe F 372.00 - -5.93 0.00
BNPP L1 Eq Europe Emerging F 997.98 - -12.88 0.00
BNPP L1 Eq Europe Growth F 29.01 - -0.50 0.00
BNPP L1 Eq High Div Pacific F 53.65 - 0.29 0.00
BNPP L1 Eq India F $ 80.13 - -1.03 0.00
BNPP L1 Eq India Inc 165.63 - 1.12 1.36
BNPP L1 Eq Indonesia F $ 206.07 - -8.62 0.00
BNPP L1 Eq Pacific ex-Japan F 144.95 - 0.37 0.00
BNPP L1 Eq Russia F 89.11 - -1.59 0.00
BNPP L1 Eq Russia Inc 99.00 - -1.99 1.97
BNPP L1 Eq Turkey F 193.40 - -0.98 0.00
BNPP L1 Eq USA Growth F $ 156.49 - -2.21 0.00
BNPP L1 Eq USA Small Caps F $ 106.71 - -1.99 0.00
BNPP L1 Eq World Emerging F $ 515.66 - -9.42 0.00
BNPP L1 Eq World Energy F 554.55 - -13.12 0.00
BNPP L1 Eq World Health Care F 451.50 - 1.08 0.00
BNPP L1 Eq World Materials F 76.25 - -0.72 0.00
BNPP L1 Eq World Utilities F 103.02 - 0.21 0.00
BNPP L1 Green Future F 65.68 - -0.29 0.00
BNPP L1 Green Future Inc 65.92 - -0.43 2.80
BNPP L1 Green Tigers F 126.85 - 0.56 0.00
BNPP L1 Opportunities USA F $ 87.32 - -1.03 0.00
BNPP L1 Opportunities USA Inc 119.32 - -0.29 2.40
BNPP L1 Opportunities-H USA Inc 37.19 - -0.44 2.31
BNPP L1 Opportunities World F 94.45 - -0.15 0.00
BNPP L1 Real Est Securities Eur F 147.32 - -1.80 0.00
BNPP L1 Real Est Securities Wrld Inc 158.07 - 2.31 0.00
BNPP L1 V350 F 102.57 - -0.08 0.00
BNPP L1 V350-H-Inc 93.17 - -0.07 8.76
BNPP L1 Wrld Commodities F $ 84.74 - -0.87 0.00
BNPP L1 World Volatility Inc 96.16 - 0.07 -
Parvest
Bond Euro 182.79 - -0.32 0.00
Bond Euro Medium Term 164.12 - -0.24 0.00
Bond USA High Yield $ 190.89 - -0.32 0.00
Bond USD Inc $ 126.71 - 0.65 3.46
Bond World Corporate Inc $ 102.65 - 0.42 7.74
Bond World Emerging $ 365.79 - -0.67 0.00
Bond World Inflation-Ld 137.01 - 0.28 0.00
Commod Arbitrage F $ 106.36 - 0.59 0.00
Equity Australia A$ 605.35 - -2.67 0.00
Equity Brazil Inc $ 103.25 - -1.75 3.94
Equity BRIC $ 115.90 - -1.84 0.00
Equity Japan Inc 1830.00 - -12.00 2.59
Equity Japan Small Cap Inc 2887.00 - 1.00 3.36
Equity Latin America Inc $ 497.60 - -8.38 3.07
Equity Russia Opp.Inc $ 62.88 - -1.76 3.61
Equity South Korea Inc $ 79.49 - -0.43 2.96
Equity USA Inc $ 58.11 - -0.85 3.75
Equity USA Mid Cap $ 121.04 - -2.85 0.00
Equity USA Value Inc $ 69.14 - -1.33 3.90
Flexible Bond Europe Corp. 113.55 - -0.05 0.00
Flexible Bond Wrld Inc $ 18.78 - 0.02 3.28
Multi-Strat. FX 102.67 - -0.05 0.00
Real Estate Securities Europe 60.24 - -0.72 0.00
Step 80 Wrld Emerging EUR F 95.05 - 0.12 0.00
Step 90 EURO F 1140.21 - 3.80 0.00
Wrld Agriculture F 90.21 - -0.41 0.00
Wrld Agriculture USD F $ 73.32 - -0.33 0.00
BNP Paribas
Other International Funds
Campbell FME Large $ 3272.96 - 78.02 0.00
BNP GLF USD $ 1222.03 - 0.01 0.00
BNY Mellon Global Funds (IRL)
160 Queen Victoria Street EC4V 4LA +44 (0) 131 305 3131
FSA Recognised
Asian Eqty A USD F $ 2.84 - 0.00 0.00
BNY Mellon Absolute Return Equity 1.01 - 0.00 0.00
BNY Mellon Asian Equity Fund $ 3.23 - 0.00 0.00
BNY Mellon Brazil Equity $ 1.11 - -0.03 0.00
BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund $ 0.89 - -0.01 -
BNY Mellon Emerging Markets Corporate Debt Fund $ 98.71 - 0.15 -
BNY Mellon Euroland Bond Fund 1.60 - 0.00 0.00
BNY Mellon Global Equity Higher Income $ 1.03 - 0.00 -
BNY Mellon Global Property Secs 1.11 - -0.01 0.00
BNY Mellon Global Bond Fund $ 2.35 - 0.01 0.00
BNY Mellon Global Equity Fund $ 1.43 - -0.01 0.00
BNY Mellon Global High Yield Bond 1.43 - 0.00 0.00
BNY Mellon Global Opportunities Fund $ 1.70 - -0.01 0.00
BNY Mellon Global Real Return EUR Fund 1.13 - 0.00 0.00
BNY Mellon Global Real Return $ 1.20 - 0.00 0.00
BNY Mellon Long-Term Global Equity GBP 1.29 - -0.01 0.00
BNY Mellon UK Equity Sterling 1.50 - 0.01 0.00
BNY Mellon US Equity Fund $ 1.08 - -0.02 0.00
Emerging Mkts Debt C USD F $ 1.82 - -0.01 0.00
Emerging Mkts Debt LC - C USD F $ 1.53 - -0.01 0.00
Evolution Global Alpha C EUR F 95.64 - -0.41 0.00
Global Dynamic Bond Fund C USD F $ 1.06 - 0.00 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL)
Regulated
Global Liquidity USD $ 1.00 - 0.00 0.35
Global Liquidity EUR 1.00 - 0.00 0.29
Barclays Investment Funds (CI) Ltd (JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FSA Recognised
Bond Funds
Sterling Bond F 0.44 - 0.00 3.76
Baring International Fd Mgrs (Ireland) (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FSA Recognised
ASEAN Frontiers A GBP Inc 100.91 - 0.21 0.66
Asia Growth A GBP Inc H 34.55 - 0.05 0.00
Fund Bid Offer D+/- Yield
Australia A GBP Inc 65.70 - 0.02 2.29
Dynamic Emerging Markets A GBP Acc F 9.54 - 0.04 -
Eastern Europe A GBP Inc 52.53 - 0.50 0.26
Emerging Mkt Debt LC A GBP Hedged Inc 10.53 - -0.06 4.85
Emerging Opportunities A GBP Inc H 19.07 - -0.02 0.00
Europa A USD Inc H $ 34.23 - -0.02 1.00
Glb Aggregate Bond A USD Inc H $ 11.14 - 0.02 1.97
Glb Emerging Markets A GBP Inc H 18.59 - -0.04 0.00
Glb Select A GBP Inc H 7.86 - -0.04 0.00
Glb Resources A GBP Inc H 13.72 - -0.09 0.00
High Yield Bond A GBP Hedged Inc H 6.83 - -0.02 6.90
Hong Kong China A GBP Inc 476.64 - 0.06 0.00
India Fund - Class A GBP Inc 8.76 - 0.00 -
International Bond A GBP Inc F 17.66 - 0.13 2.73
Latin America A USD Inc H $ 40.46 - -0.34 0.32
MENA A GBP Inc F * 8.99 - -0.01 1.40
Baring Global Mining Fund - Class A GBP Inc 7.55 - 0.02 -
North America A GBP Inc F 42.02 - -0.15 0.00
Baring International Fd Mgrs (Ireland) (IRL)
Regulated
China A-Share A GBP Inc 5.70 - 0.14 0.00
Barings (Luxembourg) (LUX)
FSA Recognised
Russia A GBP Inc F 31.98 - -0.56 0.00
Bedlam Funds Plc (IRL)
20 Abchurch Lane, London, EC4N 7BB
Dealing: 00 3531 542 2907 Enquiries: 00 4420 7648 4300
FSA Recognised
Bedlam Global A 157.10 157.10 -1.53 0.00
Bedlam Global B 165.03 165.03 -1.58 0.00
Bedlam Emerging Markets A 201.86 201.86 -2.33 0.00
Bedlam Emerging Markets B 203.92 203.92 -2.34 0.00
Bedlam Europe A 110.45 110.45 -1.72 0.00
Bedlam Europe B 116.08 116.08 -1.79 0.22
Bedlam Japan A 75.79 75.79 1.32 0.00
Bedlam Japan B 75.86 75.86 1.32 0.00
Bedlam UK A 117.80 117.80 -1.30 0.40
Bedlam UK B 120.57 120.57 -1.32 1.64
Bedlam Global Income Fund 82.30 82.30 -0.57 4.49
Blackmore Capital Management Limited (GSY)
Regulated
Branded Comm Opps Fd Class A 1.03 - 0.00 0.00
Branded Comm Opps Fd Class B 1.21 - 0.00 0.00
Branded Comm Opps Fd Class C 1.23 - 0.01 0.00
Branded Comm Opps Fd Class E 1.01 - 0.00 -
BlackRock (JER)
Regulated
BlackRock UK Property 34.42 - -0.02 4.17
BLK Intl Gold & General $ 9.09 9.58 0.14 0.00
Blairmore Holdings Inc
Other International Funds
Smith & Williamson Investment Management
Administrators - S G Hambros Bank & Trust (Bahamas) Limited
NAV $ 10.32 - 0.00 0.22
Blakeney Management Ltd (LUX)
Regulated
Blakeney Investors $ 26.91 - -0.70 0.00
Blakeney Investors-S08/08 $ 7.59 - -0.20 0.00
Blakeney Investors-S11/08 $ 11.53 - -0.30 0.00
Blakeney Investors-S10/09 $ 9.98 - -0.26 0.00
Blakeney Investors-S04/10 $ 9.36 - -0.24 0.00
Blakeney Investors-S09/10 $ 9.64 - -0.25 0.00
Blakeney Investors-S11/10 $ 9.24 - -0.24 0.00
BlueBay Asset Management LLP (LUX)
Regulated
BlueBay Em Mkt Abs Ret Bd IN 99.49 - -0.27 -
BlueBay Em Mkt Bd B - USD $ 259.91 - -0.27 0.00
BlueBay Em Mkt Corp Bd B $ 150.45 - -0.08 0.00
BlueBay Em Mkt Sel Bd B - USD $ 151.17 - -1.04 0.00
BlueBay Emg Mkt Loc Ccy Bd B - USD $ 158.60 - -2.20 0.00
BlueBay Gbl Convert Bd I - USD $ 153.60 - -0.51 0.00
BlueBay Gbl High Yield Bd B $ 108.93 - -0.02 0.00
BlueBay High Yield B - EUR 268.13 - 0.46 0.00
BlueBay High Yield Corp Bd B 114.95 - 0.05 0.00
BlueBay Inv Grd B - EUR 145.19 - 0.40 0.00
BlueBay Inv Grd B Euro Gov Bd Fund 113.11 - 0.17 0.00
BlueBay Inv Grd I Euro Agg Bd Fund 112.36 - 0.25 0.00
BlueBay Inv Grd Libor Fd B 117.91 - 0.14 0.00
BlueBay Struct.Fds: High Inc Loan Fd 165.77 - 0.06 0.00
BlueBay Struct.Fds: High Yield Enh Fd 180.42 - 0.19 0.00
BlueBay Asset Management LLP (CYM)
Regulated
BlueBay Distressed Opp Fd Lim A 111.81 - 0.62 0.00
Bluebay Macro Fd A $ 124.93 - -0.29 0.00
Bonfield Asset Management Limited
Other International Funds
The Longbow New Europe Fund $ 46.38 46.38 -3.44 0.00
BONHOTE
Other International Funds
Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 7143.00 - -178.00 0.00
Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 9151.00 - -32.00 0.00
Braemar Group PCC Limited (GSY)
Regulated
Ground Rents Class A 1.06 - 0.00 0.00
Ground Rents Class B 1.08 - 0.07 0.00
UK Agricultural Class A 1.08 - 0.00 0.00
UK Agricultural Class B 1.15 - 0.00 0.00
Student Accom Class A 1.42 - 0.00 0.00
Student Accom Class B 1.10 - 0.00 0.00
CG Portfolio Fund Plc (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 00 353 1 542 2000
FSA Recognised
Real Return Cls A 192.95 192.95 1.27 1.47
CG Dollar Fund 139.43 139.43 1.11 1.14
Capital Value Fund Cls V 116.87 116.87 0.20 0.17
CG Portfolio Fund Ltd (CYM)
Regulated
NAV 23898.88 - -229.18 0.75
CP Global Asset Mgmnt P/ Ltd. (CYM)
186A, Telok Ayer Street, Singapore 068632, Tel 65 6222 5366
Regulated
CP Multi-Strategy Currency Fund (USD) $ 96.27 - -3.23 -
CACEIS (Switzerland) SA
Tel: +41 22 360 94 00 www.caceis.ch
Other International Funds
Dynamic Ratchet Bond Fund-Japan 4756.00 - -2.00 0.00
Capita Financial Managers (Ireland) Limited (IRL)
1 Adelaide Court, Adelaide Road, Dublin 2, Ireland +353 1 400 5300
Regulated
CF Heartwood Multi Asset B Acc Nav 121.14 - 0.02 0.00
Capital International funds services (LUX)
6, route de Trves, L-2633 Senningerberg,Luxembourg
Capital International is part of
The Capital Group Companies
www.capitalinternationalfunds.com
FSA Recognised
Growth Funds
Cap Int All Ctry Eq B SFr 15.17 - -0.11 0.00
Cap Int All Ctry Eq B 12.63 - -0.09 0.00
Cap Int All Ctry Eq B $ 15.64 - -0.15 0.00
Cap Int All Ctry Eq BD 10.12 - -0.03 0.01
Fund Bid Offer D+/- Yield
Cap Int Emerg Asia Eq B SFr 7.71 - 0.03 0.00
Cap Int Emerg Asia Eq B 6.42 - 0.03 0.00
Cap Int Emerg Asia Eq B $ 7.95 - -0.06 0.00
Cap Int Emerg Asia Eq Bd 5.12 - 0.01 0.00
Cap Int Global Equity B $ 14.62 - -0.15 0.00
Cap Int Global Equity BD 9.21 - -0.03 0.12
Cap Int Global Equity B SFr 14.18 - -0.10 0.00
Cap Int Global Equity B 11.81 - -0.08 0.00
Cap Int European Eq BD 7.06 - -0.03 1.05
Cap Int European Eq B 9.50 - -0.09 0.00
Cap Int European Eq B SFr 11.41 - -0.11 0.00
Cap Int European Eq B $ 11.77 - -0.14 0.00
Cap Int Japan Equity B 6.55 - -0.01 0.00
Cap Int Japan Equity B $ 8.11 - -0.04 0.00
Cap Int Japan Equity B SFr 7.86 - -0.02 0.00
Cap Int Japan Equity BD 5.23 - 0.01 0.00
Cap Int AsiaP ex Jp Eq B SFr 14.01 - -0.02 0.00
Cap Int AsiaP ex Jp Eq B 11.66 - -0.02 0.00
Cap Int AsiaP ex Jp Eq B $ 14.45 - -0.06 0.00
Cap Int Asia Pex Jp Eq BD 8.96 - 0.02 0.30
Cap Int Em Mkts Fund BD 49.23 - -0.18 0.30
Cap Int Em Mkts Fund B SFr 76.53 - -0.14 0.00
Cap Int Em Mkts Fund B 63.71 - -0.11 0.00
Cap Int Em Mkts Fund B $ 78.96 - -1.04 0.00
Growth and Income Funds
Cap Int Glb Growth Inc BD 8.42 - 0.02 0.65
Cap Int Glb Growth Inc B 10.99 - -0.03 0.00
Cap Int Glb Growth Inc B SFr 13.20 - -0.03 0.00
Cap Int Glb Growth Inc B $ 13.61 - -0.07 0.00
Cap Int Eur Growth Inc B 14.63 - -0.09 0.00
Cap Int Eur Growth Inc B SFr 17.56 - -0.12 0.00
Cap Int Eur Growth Inc B $ 18.11 - -0.17 0.00
Cap Int Eur Growth Inc BD 10.90 - -0.03 1.54
Cap Int US Growth Inc B 12.90 - -0.04 0.00
Cap Int US Growth Inc B SFr 15.50 - -0.04 0.00
Cap Int US Growth Inc B $ 15.98 - -0.09 0.00
Cap Int US Growth Inc BD 10.26 - 0.01 0.19
Objective Based Funds
Cap Int Em Mk Tot Opp B SFr 10.66 - 0.04 0.00
Cap Int Em Mk Tot Opp B 8.88 - 0.04 0.00
Cap Int Em Mk Tot Opp B $ 11.00 - -0.08 0.00
Cap Int Em Mk Tot Opp Bd 6.89 - 0.02 2.10
Cap Int Gbl Abs Inc Grow B $ 9.81 - -0.11 0.00
Income Funds
Cap Int Em Mkts Debt B SFr 12.53 - 0.07 0.00
Cap Int Em Mkts Debt B 10.43 - 0.06 0.00
Cap Int Em Mkts Debt B $ 12.92 - -0.08 0.00
Cap Int Em Mkts Debt Bd 7.87 - 0.03 3.99
Cap Int Em Mk LocCur Dbt B $ 10.25 - -0.13 0.00
Cap Int Em Mk US$ Debt B $ 10.05 - -0.03 0.00
Cap Int Euro Bond B SFr 16.37 - 0.04 0.00
Cap Int Euro Bond B 8.86 - 0.06 1.66
Cap Int Euro Bond B $ 16.88 - -0.01 0.00
Cap Int Euro Bond BD 13.63 - 0.03 0.00
Cap Int Glb H Inc Opp B SFr 29.49 - -0.02 0.00
Cap Int Glb H Inc Opp B 24.56 - -0.01 0.00
Cap Int Glb H Inc Opp B $ 30.41 - -0.10 0.00
Cap Int Glb H Inc Opp BD 12.78 - 0.05 5.25
Cap Int Global Bond B SFr 18.99 - 0.09 0.00
Cap Int Global Bond B 15.81 - 0.07 0.00
Cap Int Global Bond B $ 19.58 - 0.04 0.00
Cap Int Global Bond BD 10.60 - 0.10 1.24
Luxembourg Capital International is part of The Capital Group Companies
CATCo Reinsurance Opportunities Fund Ltd. (UK)
9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Authorised Funds
CATCo Re Opps Fund Ords $ 1.1038 - 0.0640 4.85
CATCo Re Opps Fund C-shares $ 1.0924 - 0.0126 -
CATCo Reinsurance Fund Ltd. (BMU)
Regulated
CATCo Re Fund Ltd Series A $ 1113.9600 - 10.5412 -
CATCo Re Fund Ltd Series B $ 1123.2100 - 11.2224 -
Cedar Rock Capital Limited (IRL)
Regulated
Cedar Rock Capital Fd Plc $ 254.32 - -7.24 0.00
Cedar Rock Capital Fd Plc 247.92 - -4.94 0.00
Cedar Rock Capital Fd Plc 206.22 - 0.50 0.00
The Charlemagne Fund (CYM)
Regulated
NAV EUR 245.79 - 0.69 -
NAV USD $ 244.26 - 0.65 -
Charlemagne Capital (IOM) Ltd
Other International Funds
OCCO Eastern European $ 340.51 - -1.55 0.00
Charlemagne New Frontiers R $ 13.14 - -0.23 0.00
Magna Umbrella Fund PLC
Magna Africa R 8.92 - -0.11 0.00
Magna Eastern European R 7.35 - -0.10 0.00
Magna Emerging Mkts Div Fd R Acc 10.34 - -0.05 0.00
Magna Emerging Mkts Div Fd R Dist 9.62 - -0.04 2.96
Magna Global Emerging Markets R 7.93 - -0.04 0.00
Magna Latin American R 9.42 - -0.10 0.00
Magna Mena R * 11.70 - 0.09 0.00
Magna New Frontiers R 8.45 - -0.07 0.00
Magna Turkey R 8.61 - -0.09 0.00
Magna Undervalued Ass Fd R 9.22 - 0.00 0.00
Charles Schwab Worldwide Funds Plc (IRL)
Regulated
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Chartered Asset Management PTE Ltd
Other International Funds
CAM-GTF Limited $ 364263.25 364263.25 2724.69 0.00
CAM GTi Limited $ 1080.41 - -55.47 0.00
Raffles-Asia Investment Company $ 2.41 2.41 0.01 2.16
Cheyne Capital Management (UK) LLP (IRL)
Cheyneinvestor.Relations@cheynecapital.com
Regulated
Cheyne Convertibles Absolute Return Fund 1089.12 - -1.58 0.00
Cheyne Convertibles Absolute Return Fund $ 1085.60 - -1.60 0.00
Cheyne Convertibles Absolute Return Fund 1064.20 - -1.55 0.00
Cheyne Capital Management (UK) LLP
Other International Funds
Cheyne European Event Driven Fund 129.62 - -3.89 0.00
Cheyne High Income Credit Fund EUR Inst 120.26 - -2.00 -
Cheyne Real Estate Debt Fund Class A1 139.53 - 0.97 -
Cheyne Long/Short Credit Fund $ 168.96 - -1.94 0.00
City Financial Asian Absolute Growth Fund(CYM)
Regulated
Asian Absolute Growth Class A $ 101.51 - -0.11 0.00
Asian Absolute Growth Class C $ 105.14 - -0.06 0.00
Fund Bid Offer D+/- Yield
City of London Inv Mgmt Co Ltd (IRL)
2nd Floor, Guild House, Guild Street, Dublin 1 00 353 1 448 5033
FSA Recognised
The Em.Mkt Value & Growth GBP-Inst 10.41 - -0.07 0.00
The Em.Mkt Value & Growth GBP-Ret 10.26 - -0.07 0.00
The Emerging World USD - Retail A $ 56.83 - -0.73 0.00
The Emerging World USD - Instl $ 60.08 - -0.78 0.00
The Natural Resources USD Retail A F $ 5.77 - -0.19 0.00
The Natural Resources USD - Instl $ 5.90 - -0.20 0.00
CMI Asset Mgmt (Luxembourg) SA (LUX)
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311
FSA Recognised
CMI Global Network Fund (u)
Regional Equity Sub Funds
CMI Continental Euro Equity 19.76 - 0.03 1.24
CMI Pacific Basin Enhanced Equity $ 37.55 - -0.15 1.98
Single Country Equity Sub Funds
CMI German Equity F 42.02 - 0.04 1.51
CMI Japan Enhanced Equity F 2084.18 - -13.17 1.40
CMI UK Equity 9.75 - 0.10 1.86
CMI US Enhanced Equity F $ 49.12 - -0.68 0.58
Index Tracking Sub Funds
Euro Equity Index Tracking 12.43 - 0.06 3.84
Japan Index Tracking 390.06 - -2.54 1.55
UK Eqty Index Tracking 12.28 - 0.12 2.92
US Eqty Index Tracking $ 36.91 - -0.54 0.76
Managed Sub Funds
Global Bond 1.66 - 0.01 1.49
Global Network Mgd Global Mxd 1.91 - -0.01 0.82
Global Equity 1.90 - -0.01 0.59
Bond Sub Funds
CMI Euro Bond F 41.95 - 0.27 3.28
CMI Japanese Bond 1705.48 - 2.98 0.51
CMI UK Bond 8.19 - 0.02 2.61
CMI US Bond $ 13.85 - 0.05 1.90
Currency Reserve Sub Funds
CMI Euro Currency Reserve 25.60 - 0.00 0.81
CMI Stlg Currency Reserve 5.01 - 0.00 0.72
CMI US Dllr Currency Reserve $ 9.96 - 0.00 0.00
CMI Access 80% Gu F 5.52 - 0.00 0.00
CMI Fund Managers (IoM) (IOM)
Clerical Medical Hse, Victoria Road, Douglas, IoM IM99 1LT 01624 625599
FSA Recognised
CMI High Income PLC 0.4941 0.5255 0.0012 3.04
CMI Sterling Roll Up PLC 2.9365 3.1236 0.0062 0.00
Maximum Permitted Charge 8.5%
Cohen & Steers SICAV (LUX)
Regulated
European Real Estate Securities 12.63 - -0.14 2.54
Europ.RealEstate Sec. IX 15.30 - -0.17 0.00
Gbl RealEstate Sec. I $ 8.09 - -0.16 2.68
Gbl RealEstate Sec. IX $ 9.08 - -0.18 0.00
Comgest SA (LUX)
17 square Edouard VII - 75009 Paris, www.comgest.com
FSA Recognised
Comgest Asia F $ 3077.49 - -0.46 0.00
Comgest Europe F SFr 3971.08 - -53.41 0.00
Comgest Far East Limited (LUX)
Regulated
Comgest Panda $ 2131.34 - -10.70 0.00
Comgest Far East Limited (KYG)
Other International Funds
C.F.E. ONYX FUND $ 42.05 - -0.31 0.00
Comgest SA (FRA)
17 square Edouard VII - 75009 Paris
FSA Recognised
Comgest Magellan 1524.01 - -13.82 0.00
Comgest AM International Ltd (IRL)
46 St Stephen's Green, Dublin 2, Ireland
FSA Recognised
Comgest Gth Asia ex Jap DIS F $ 5.44 - -0.04 119.74
Comgest Gth Emerging Mkt DIS F $ 26.30 - -0.53 0.17
Comgest Gth Europe DIS F 12.36 - -0.18 0.00
Comgest Gth GEM PC DIS F 9.49 - 0.01 0.26
Coupland Cardiff Funds Plc (IRL)
31/32 St James's Street, London, SW1A 1HD
FSA Recognised
CC Asia Alpha Fd - Cls A Euro 12.54 12.54 -0.14 0.00
CC Asia Alpha Fd - Cls B USD $ 12.20 12.20 -0.13 0.00
CC Asia Alpha Fd - Cls C GBP 12.03 12.03 -0.13 0.00
CC Japan Alpha Fd - Cls A Euro 4.35 4.35 -0.07 0.00
CC Japan Alpha Fd - Cls B GBP 4.69 4.69 -0.08 0.00
CC Japan Alpha Fd - Cls C JPY 448.25 448.25 -7.16 0.00
CC Asian Evolution Fd. Cls A USD $ 12.76 12.76 -0.07 0.00
CC Asian Evolution Fd. Cls B GBP 12.02 12.02 -0.06 0.00
CC Asian Evolution Fund - Cls C USD Acc $ 13.95 13.95 -0.10 0.00
Coutts (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, P.O. Box 4935, Guild St, IFSC Dublin 1 00 353 1 642 8400
FSA Recognised
Coutts Investment Programmes
Cont EUR Spec Equity Ser 1 F 76.51 - -0.58 -
Cont EUR Spec Equity Ser 2 F 79.03 - -0.60 0.60
Cont EUR Spec Equity Ser 5 F 79.11 - -0.59 0.85
UK Equity Index Programme Ser 1 F 21.03 - -0.35 2.88
UK Equity Index Programme Ser 2 F 21.34 - -0.35 3.28
UK Equity Index Programme Ser 5 F 21.54 - -0.35 3.53
UK Specialist Eqty Pro Ser 1 F 15.04 - -0.17 0.16
UK Specialist Eqty Pro Ser 2 F 15.33 - -0.18 0.96
UK Specialist Eqty Pro Ser 5 F 15.37 - -0.18 1.21
US Equity Index Programme Ser 1 F $ 44.78 - -0.64 0.59
US Equity Index Programme Ser 2 F $ 45.61 - -0.65 0.94
US Equity Index Programme Ser 5 F $ 45.73 - -0.66 1.17
Contl Eurp Eqty Index Prog Ser 1 F 234.78 - -3.60 2.52
Contl Eurp Eqty Index Prog Ser 2 F 239.22 - -3.66 2.84
Contl Eurp Eqty Index Prog Ser 5 F 239.65 - -3.67 3.11
US Sovereign Bond Index Prog Ser 1 F $ 24.74 - 0.13 1.73
US Sovereign Bond Index Prog Ser 2 F $ 24.84 - 0.13 1.92
US Sovereign Bond Index Prog Ser 5 F $ 25.18 - 0.13 2.17
Continental Eurp Sovereign Bond Index Prog Ser 1 F 118.35 - -0.19 3.02
Continental Eurp Sovereign Bond Index Prog Ser 2 F 118.84 - -0.19 3.18
Japan Specialist Equity Programme Series 1 F 2876.00 - -12.00 -
Japan Specialist Equity Programme Series 2 F 3086.00 - -12.00 0.80
Japan Specialist Equity Programme Series 5 F 3093.00 - -12.00 1.07
Swiss Equity Pro Ser 1 F SFr 202.67 - -1.22 0.33
Swiss Equity Pro Ser 2 F SFr 207.07 - -1.25 0.20
Swiss Equity Pro Ser 5 F SFr 207.25 - -1.24 0.46
Pac Basin Eqty Pro Ser 1 F $ 44.87 - -0.19 1.34
Pac Basin Eqty Pro Ser 2 F $ 45.90 - -0.20 1.62
Pac Basin Eqty Pro Ser 5 F $ 46.16 - -0.20 1.89
UK Sovereign Bond Index Prog Ser 1 F 14.74 - 0.12 3.06
UK Sovereign Bond Index Prog Ser 2 F 14.81 - 0.13 3.25
UK Sovereign Bond Index Prog Ser 5 F 14.93 - 0.13 3.50
Swiss Franc Pro Ser 1 F SFr 104.74 - -0.07 1.60
Swiss Franc Pro Ser 2 F SFr 106.00 - -0.07 1.78
Coutts Equator Emerging Markets 1 F $ 30.06 - -0.34 1.35
Coutts Equator Emerging Markets 2 F $ 30.14 - -0.33 1.48
Coutts Equator Emerging Markets 5 F $ 30.18 - -0.34 1.76
Global Investment Grade Programme USD S1 F $ 108.46 - -0.18 2.98
Global Investment Grade Programme EUR S1 F 106.72 - -0.14 2.98
Fund Bid Offer D+/- Yield
Global Investment Grade Programme GBP S1 F 112.32 - -0.16 2.98
Global Investment Grade Programme CHF S1 FSFr 99.31 - -0.15 2.98
Global Investment Grade Programme USD S2 F $ 109.53 - -0.18 3.13
Global Investment Grade Programme EUR S2 F 108.05 - -0.15 3.13
Global Investment Grade Programme GBP S2 F 111.26 - -0.15 3.13
Global Investment Grade Programme CHF S2 FSFr 99.98 - -0.15 3.13
Global Investment Grade Programme GBP S5 F 111.86 - -0.17 3.38
UK Specialist Equity Income Ser 1 F 7.82 - -0.05 2.88
UK Specialist Equity Income Ser 2 F 7.90 - -0.04 4.29
UK Specialist Equity Income Ser 5 F 7.91 - -0.05 4.53
Absolute Rtn Multi Asset Prog Ser 1 GBP F 9.66 - -0.05 -
Absolute Rtn Multi Asset Prog SER 2 GBP F 9.76 - -0.05 -
Absolute Rtn Multi Asset Prog SER 2 USD F $ 9.73 - -0.06 -
Absolute Rtn Multi Asset Prog SER 2 EUR F 9.76 - -0.05 -
Absolute Rtn Multi Asset Prog SER 5 GBP F 9.81 - -0.05 -
Absolute Rtn Multi Asset Prog SER 5 USD F $ 9.84 - -0.05 -
Absolute Rtn Multi Asset Prog SER 5 EUR F 9.90 - -0.05 -
Absolute Rtn Multi Asset Prog SER 9 GBP F 9.86 - -0.06 -
Absolute Rtn Multi Asset Prog SER 9 USD F $ 9.81 - -0.06 -
Absolute Rtn Mutli Asset Prog Ser 9 EUR F 9.58 - -0.05 -
** 30 day average yield
Coutts (IRL)
Regulated
Coutts Liquidity Fund Plc
Dollar Ser 1 $ 1.00 - 0.00 0.04
Dollar Ser 3 $ 68.97 - 0.00 0.04
Dollar Ser 4 $ 67.38 - 0.00 0.01
Dollar Ser 5 $ 1.00 - 0.00 0.19
Sterling Ser 1 1.00 - 0.00 0.36
Sterling Ser 3 60.23 - 0.00 0.36
Sterling Ser 4 58.73 - 0.00 0.26
Sterling Ser 5 1.00 - 0.00 0.51
Euro Ser 1 1.00 - 0.00 0.06
Euro Ser 3 73.69 - 0.00 0.06
Euro Ser 4 71.87 - 0.00 0.01
Euro Ser 5 1.00 - 0.00 0.21
CQS Cayman LP (CYM)
Regulated
Conv & Quantitative Fund (Final) $ 2767.24 - -9.81 -
Directional Opportunities (Final) $ 3415.42 - 5.37 -
ABS Fund (Final) $ 4133.29 - 39.49 0.00
Diversified Fund (Final) $ 1492.88 - 2.04 -
Asia Fund (Final) $ 1199.19 - -7.99 0.00
Credit Long Short Fund (Final) $ 1148.54 - 6.36 -
Crdit Andorr Asset Management (LUX)
www.creditandorra.com
FSA Recognised
Crediinvest SICAV Money Market Eur I 11.21 - 0.00 0.00
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00
Crediinvest SICAV Fixed Income Eur 10.17 - -0.02 0.00
Crediinvest SICAV Fixed Income Usd $ 10.33 - -0.01 0.00
Crediinvest SICAV Spanish Value 168.71 - -3.10 0.00
Crediinvest SICAV International Value 154.18 - -1.88 0.00
Crediinvest SICAV Big Cap Value 12.51 - -0.22 0.00
Crediinvest SICAV US Multistrategy $ 11.91 - -0.19 0.00
Crediinvest SICAV Sustainability 11.58 - 0.05 0.00
Daiwa Europe Fund Mgrs Ireland Ltd (IRL)
Regulated
Monthly Dividend High Yield $ 6.82 - -0.05 0.00
Daiwa Gaika MMF
AU$ Portfolio A$ 0.01 - 0.00 -
US$ Portfolio $ 0.01 - 0.00 -
Euro Portfolio 0.01 - 0.00 -
Canadian Dllr Pfolio C$ 0.01 - 0.00 -
New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 -
Daiwa Bond Series
Monthly Dividend AUD Bd A$ 10.42 - 0.01 0.00
Monthly Dividend EUR Bd 9.85 - -0.01 0.00
Monthly Dividend CAD Bd C$ 10.52 - 0.03 0.00
Mthly Div US Preferred Secs $ 7.04 - -0.02 0.00
Daiwa Equity Fund Series
New Major Economies $ 10.06 - -0.15 0.00
Global CB $ 9.56 - -0.05 0.00
Dantrust Management (Guernsey) Ltd (GSY)
Regulated
Dantrust II Limited kr 361.90 363.60 10.16 0.00
DAVIS Funds SICAV (LUX)
Regulated
Davis Value A $ 26.96 - -0.47 0.00
Davis Value B $ 23.78 - -0.42 0.00
Davis Global A $ 19.93 - -0.37 0.00
Davis Global B $ 17.67 - -0.32 0.00
Deutsche Investment Funds Ltd (IRL)
Regulated
Deutsche Americas Bond Fund $ 63.48 - -0.03 0.00
CABEI Central America Fund $ 1884.11 - -3.01 0.00
Dodge & Cox Worldwide Funds (IRL)
111 Buckingham Palace Road Victoria, London SW1W 0SR
www.dodgeandcox.worldwide.com 020 7340 8695
FSA Recognised
Dodge & Cox Worldwide Funds plc-Global Stock Fund
USD Accumulating Share Class $ 9.97 - -0.20 0.00
GBP Accumulating Share Class 10.59 - -0.11 0.00
EUR Accumulating Share Class 12.10 - -0.12 0.00
Dodge & Cox Worldwide Funds plc-International Stock Fund
USD Accumulating Share Class $ 9.46 - -0.22 0.00
EUR Accumulating Share Class 9.00 - -0.12 0.00
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 10.45 - -0.20 0.00
GBP Accumulating Share Class 10.51 - -0.09 0.00
EUR Accumulating Share Class 10.97 - -0.09 0.00
Dominion Fund Management Limited
PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Guernsey - Channel Islands United Kingdom GY1 3PU
+44(0)1481 734343 info@dominion-funds.gg www.dominion-funds.com
Other International Funds
Dominion CHIC Fd DC Class 11.90 - -0.05 0.00
Dominion CHIC Fd IC Class 11.92 - -0.05 0.00
Dominion CHIC Fd DC Class 10.08 - -0.07 0.00
Dominion CHIC Fd IC Class 10.08 - -0.07 0.00
Dominion CHIC Fd US$ DC Class $ 9.27 - -0.08 0.00
Dominion CHIC Fd US$ IC Class $ 9.27 - -0.08 0.00
Dominion CHIC Fund CHF DC ClassSFr 102.36 - -0.71 0.00
Dominion CHIC Fund CHF IC ClassSFr 102.36 - -0.71 0.00
Fund Bid Offer D+/- Yield
DX EVOLUTION PCC LIIMITED - DXE () FUND 100.00 - - -
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 100.00 - - -
Dragon Capital Management
1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds
Vietnam Enterprise Investments (VEIL) $ 2.35 - -0.04 0.00
Vietnam Growth Fund (VGF) $ 15.30 - -0.95 0.00
Edinburgh Partners Limited (IRL)
12 Charlotte Square, Edinburgh, EH2 4DJ +353 1 673 7627
Dealing - Fax only - +353 1 607 1978
FSA Recognised
Edinburgh Partners Opportunities Fund PLC
European Opportunities I EUR F 1.60 - -0.02 2.23
European Opportunities I GBP F 1.27 - -0.02 2.27
European Opportunities I USD F $ 1.98 - -0.05 2.20
European Opportunities A EUR F 1.57 - -0.02 1.68
Global Opportunities I USD F $ 1.18 - -0.02 2.07
Global Opportunities I GBP F 0.76 - -0.01 2.14
Global Opportunities I EUR F 0.96 - -0.01 2.10
Global Opportunities A GBP F 0.72 - -0.01 1.61
Pan European Opportunities Fund Class I - EUR 1.02 - -0.02 -
EFG Hermes
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds
The EFG-Hermes Egypt Fund $ 26.08 - -0.80 0.00
MENA Fixed Income Fund Ltd (Class A: Sub Class 1) $ 1032.40 - 11.55 0.00
Middle East & Developing Africa Fund (Final) $ 18.95 - -0.19 0.00
Saudi Arabia Equity Fund SR 7.75 - 0.14 0.00
Egerton Capital European Fund Plc (IRL)
Regulated
Egerton Capital Equity Fund Plc 160.23 - 3.51 0.00
Egerton European Dollar Fund Ltd
Other International Funds
European Dollar USD NAV A $ 109.73 - 0.99 0.00
Egerton European Dollar USD NAV B1 $ 110.53 - 0.93 0.00
European Dollar USD NAV C1 $ 114.83 - 0.99 0.00
Egerton European Equity Fund Ltd
Other International Funds
NAV A 54.32 - 0.55 -
NAV B1 54.61 - 0.52 0.00
NAV C1 56.64 - 0.55 0.00
Ennismore Smaller Cos Plc (IRL)
5 Kensington Church St, London W8 4LD 020 7368 4220
FSA Recognised
Ennismore European Smlr Cos NAV 63.47 - 0.06 0.00
Ennismore European Smlr Cos NAV 79.55 - 0.24 0.00
Ennismore European Smlr Cos Hedge Fd
Other International Funds
NAV 294.42 - -1.82 0.00
Equinox Fund Mgmt (Guernsey) Limited (GSY)
Regulated
Equinox Russian Opportunities Fund Limited $ 178.12 - -2.35 0.00
Ermitage Group Funds
Other International Funds
Money Funds
Ermitage Money Market Fund Sterling 18.53 - 0.00 0.00
Ermitage Money Market Fund US $ $ 15.73 - 0.00 0.00
Ermitage Money Market Fund Euro 13.50 - 0.00 0.00
Hedge Funds
Asset Selection A USD (Est) $ 17.00 - -0.07 -
Asset Selection H USD (Est) $ 12.30 - -0.05 -
Global Multi Strategy Fund B USD (Est) $ 111.20 - 0.11 -
European Absolute Fd EUR 30.12 - 0.01 -
European Absolute B EUR 100.50 - 0.02 -
Distressed and Event Alpha Class (Est) $ 207.40 - -0.18 -
Global Long/Short Fund Class B USD Series 2 (Est) $ 101.12 - 0.36 -
Global Dynamic Trading Fund Class A USD $ 81.19 - -1.37 -
Ermitage Selz Fund US$ $ 320.64 - 1.13 0.00
Managed Funds
Gbl Wealth Mgt Strategies Ltd A GBP 10.98 - -0.07 0.00
Gbl Wealth Mgt Strategies Ltd C GBP 11.75 - -0.02 0.00
Gbl Wealth Mgt Strategies Ltd E GBP 10.80 - -0.04 0.00
Euronova Asset Management UK LLP (CYM)
Regulated
Smaller Cos Cls One Shares 21.52 - 0.29 0.00
Smaller Cos Cls Two Shares 15.43 - 0.21 0.00
Smaller Cos Cls Three Shares 7.64 - 0.11 -
Smaller Cos Cls Four Shares 10.35 - 0.14 0.00
Eurobank EFG Fund Management Company (Lux) S.A. (LUX)
Regulated
(LF) Absolute Return 1.14 - 0.00 0.00
(LF) Absolute Return II 9.96 - -0.05 0.00
(LF) Balanced - Active Fund (RON)RON 13.23 - -0.05 0.00
(LF) Balanced - Polish Fund (PLN) Zty 6.50 - -0.02 0.00
(LF) Eq Dynamic Polish (PLN) Zty 5.00 - -0.03 0.00
(LF) Eq Flexi Style Greece 0.62 - -0.01 0.00
(LF) Turkish Equities 12.19 - 0.05 0.00
(LF) Eq Emerging Europe 0.81 - -0.01 0.00
(LF) Global Equities 0.74 - -0.01 0.00
(LF) Greek Equities 0.13 - 0.00 0.00
(LF) Greek Government Bond 6.02 - -0.48 0.00
(LF) Cash Fund 1.10 - 0.00 0.00
(LF) Cash Fund (PLN) Zty 10.95 - 0.00 0.00
(LF) Cash Fund (RON) RON 13.61 - -0.01 0.00
(LF) Income Plus $ $ 1.17 - 0.00 0.00
(LF) Money Mkt Fund - Res 10.04 - 0.00 -
(LF) FOF Balanced Blend 1.05 - 0.00 0.00
(LF) FOF BRIC 0.77 - 0.00 0.00
(LF) FOF Equity Blend 0.84 - 0.00 0.00
(LF) FOF Real Estate 10.21 - 0.08 -
(LF) FOF New Frontiers - - - -
Federated International Funds Plc (u) (IRL)
c/o BNYM, Guild House, Guild Street IFSC, Dublin 1, Ireland
FSA Recognised
Federated High Income Advantage
USD Institutional Service Series $ 32.78 - -0.03 0.00
EUR Institutional Series H 205.63 - -0.08 0.00
Federated US Bond Fund
Euro Shares- Instl Series F 140.88 - 0.48 0.00
Federated Short-Term US Treasury Securities
Institutional Serv Series $ 1.00 - 0.00 0.00
Institutional Series H $ 1.00 - 0.00 0.00
Federated Short-Term US Govt Securities Fund
Institutional Serv Series $ 1.00 - -9.17 0.00
Investment Series $ 1.00 - 0.00 0.00
Investment Gth Series $ 168.92 - 0.00 0.00
Full fund performance data at
www.ft.com/funds
MARKETS | MANAGED FUNDS SERVICE
JUNE 1 2012 Section:Stats Time: 31/5/2012 - 19:05 User: sheehanr Page Name: UT4 EUR, Part,Page,Edition: EUR, 18, 1
FINANCIAL TIMES FRIDAY JUNE 1 2012

19
Fund Bid Offer D+/- Yield
Institutional Series H H $ 1.00 - 0.00 0.01
Federated Short-Term US Prime Fund
Institutional Service Series $ 1.00 - 0.00 0.00
Institutional Series $ 1.00 - 0.00 0.13
Investment - Dividend Ser H $ 1.00 - 0.00 0.00
Institutional Services - Dividend Ser H $ 1.00 - 0.00 0.00
Institutional Shares Accumulating F $ 107.52 - 0.00 0.00
Federated Short-Term Euro Fund
Institutional Series H 1.00 - 0.00 0.43
Institutional Service Series H 1.00 - 0.00 0.24
Institutional Series Accumulating H 119.86 - 0.00 0.00
Institutional Service Series Accumulating H 114.71 - 0.00 0.00
Federated Short Term Sterling Liquidity Fund
Institutional Series H 1.00 - 0.00 -
Institutional Service Dividend Series H 1.00 - 0.00 -
Federated Strategic Value Equity Fund
Class A Shares F $ 7.69 - -0.09 2.95
Class C Shares F $ 7.69 - -0.09 2.95
FIL Fund Management (LUX)
2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Phone: 800 22 089, 800 22 088
Regulated
China Consumer A-GBP 9.59 - -0.12 0.00
China Focus A-GBP 3.00 - -0.04 0.00
China Opportunities A-GBP 0.91 - -0.01 0.02
Global Financial Services A-GBP 0.27 - 0.00 0.00
Global Health Care A-GBP 0.29 - 0.00 0.00
Global Industrials A-GBP 0.55 - -0.01 0.00
Global Inflation-Linked Bd A-GBP-Hdg 1.24 - 0.00 1.04
Global Real Asset Securities 1.21 - -0.02 0.00
Global Technology A-GBP 0.14 - 0.00 0.00
Global Telecomms A-GBP 0.22 - 0.00 1.93
India Focus A-GBP 2.76 - -0.06 0.00
Latin America A-GBP 2.02 - -0.01 0.24
Findlay Park Funds Plc (IRL)
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
FSA Recognised
American Fund USD Class $ 49.68 - -0.63 0.00
American Fund GBP Hedged 27.00 - -0.37 0.00
Latin American Fund USD Class $ 16.62 - -0.22 0.00
Fitzwilliam Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Total Return Fund PCC Ltd
Fitzwilliam Opprtunity Dollar $ 116.61 - -0.76 0.00
Fitzwilliam Opprtunity Sterling 130.46 - -0.68 -
The TRF Commodity Plus Dollar Fund $ 123.95 - 1.04 0.00
The TRF Commodity Plus Sterling Fund 121.56 - 1.05 0.00
Foord Asset Mgt (Guernsey) Ltd (GSY)
Regulated
Foord International Trust $ 27.54 - -0.02 0.00
Fiduciary International Ireland Limited (IRL)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds
Franklin Templeton Emerging Market Debt Opportunities Fund Plc
Frk Templeton Emg Mkts Debt Opp CHFSFr 18.86 - -0.46 6.10
Frk Templeton Emg Mkts Debt Opp GBP 10.70 - -0.28 5.98
Frk Templeton Emg Mkts Debt Opp EUR 13.24 - -0.31 6.03
Frk Templeton Emg Mkts Debt Opp USD $ 18.51 - -0.46 6.11
Franklin Templeton Investment Funds (LUX)
26 Bld Royal L-2449 Luxembourg 00 352 466667 212
www.franklintempleton.co.uk UK freephone 0 800 305 306
FSA Recognised
Class A Dis
Frk Gbl R.Estate (USD) A Dis $ 7.67 - -0.15 0.80
Frk High Yield $ 6.76 - -0.01 6.32
Frk High Yield (Euro) 6.05 - -0.02 6.00
Frk Income $ 10.97 - -0.09 4.70
Frk US Government $ 9.82 - 0.01 2.79
Frk US Liquid Reserve Inc $ 9.72 - 0.00 0.00
Frk US Total Return $ 10.92 - 0.02 2.22
Frk US Low Duration Fd $ 9.62 - -0.01 0.58
Tem Asian Bond $ 13.25 - -0.09 2.58
Tem Asian Growth $ 28.17 - -0.31 0.06
Tem Emerging Markets $ 30.92 - -0.48 0.00
Tem Emg Mkts Bd $ 18.62 - -0.18 5.27
Tem Emg Mkts Balanced AQdis $ 8.43 - -0.14 1.36
Tem Euro Gov. Bond 9.68 - -0.02 1.80
Tem Euro Liquid Reserve 4.43 - 0.00 0.88
Tem Europ Corp Bond Fd F 10.18 - 0.02 2.82
Tem European Total Return 8.56 - -0.03 2.80
Tem Global $ 21.19 - -0.45 0.56
Tem Global (Euro) 10.79 - -0.11 0.20
Tem Global Aggregate Bond Fd F $ 9.56 - -0.05 1.59
Tem Global Balanced $ 16.83 - -0.30 1.66
Tem Global Bond $ 18.88 - -0.20 2.82
Tem Global Bond (Euro) 10.27 - 0.00 2.31
Tem Global Equity Income $ 7.50 - -0.16 3.40
Tem Global High Yield Fd F $ 9.52 - -0.05 5.39
Tem Global Income $ 10.95 - -0.17 2.01
Tem Global Smaller Cos $ 24.40 - -0.50 0.21
Tem Global Total Return $ 16.09 - -0.18 4.12
Tem Latin America $ 68.31 - -1.60 0.33
Class A Acc
Frk Asia Flex Cap Fd $ 11.77 - -0.12 0.00
Frk Biotech Discovery $ 13.03 - -0.08 0.00
Frk Euroland Core Fund 11.16 - -0.22 0.00
Frk European Growth 9.84 - -0.06 0.00
Frk European Sml Mid Cap Gth 18.49 - -0.23 0.00
Frk Global Growth $ 10.45 - -0.23 0.00
Frk Global Sml Mid Cap Gth $ 19.30 - -0.34 0.00
Frk Gold and Precious Mtls Fd F $ 7.76 - -0.10 0.00
Frk India $ 19.43 - -0.36 0.00
Frk MENA Fund $ 4.41 - -0.02 0.00
Frk Mutual Beacon $ 46.51 - -0.70 0.00
Frk Mutual Euroland Fd 10.64 - -0.19 0.00
Frk Mutual European EUR 15.51 - -0.24 0.00
Frk Mutual Gbl Disc $ 12.26 - -0.25 0.00
Frk Natural Resources Fd F $ 8.30 - -0.31 0.00
Frk Real Return Fd F $ 10.23 - -0.06 0.00
Frk Strategic Income Fd $ 13.04 - -0.05 0.00
Frk Technology $ 6.96 - -0.13 0.00
Frk Tem Global Gth & Val $ 17.07 - -0.35 0.00
Frk Tem Japan 409.34 - -2.12 0.00
Frk Templeton Gbl Equity Strategies Fd $ 8.51 - -0.16 0.00
Frk Templeton Gbl Fundamental Strat Fd $ 9.66 - -0.15 0.00
Frk U.S. Focus Fund $ 9.57 - -0.21 0.00
Frk US Equity $ 15.77 - -0.24 0.00
Frk US Opportunities $ 7.47 - -0.15 0.00
Frk US Sml Mid Cap Gth F $ 12.78 - -0.26 0.00
Frk Wrld Perspective Fd $ 13.33 - -0.21 0.00
Tem Asian Sml Comp Fd $ 25.69 - -0.24 0.00
Tem BRIC $ 13.70 - -0.24 0.00
Tem China $ 21.21 - -0.27 0.00
Tem Eastern Europe 19.69 - -0.22 0.00
Tem Emerging Mkts Sml Comp Fd $ 7.09 - -0.10 0.00
Tem Euro Money Market Fd 1012.71 - 0.01 0.00
Tem Euroland 10.82 - -0.18 0.00
Tem European EUR 12.58 - -0.21 0.00
Tem Frontier Mkts Fund $ 14.63 - -0.14 0.00
Tem Growth (Euro) 9.56 - -0.08 0.00
Tem Korea $ 4.93 - -0.02 0.00
Tem Thailand $ 16.20 - -0.32 0.00
Fund Bid Offer D+/- Yield
Frontier Capital (Bermuda) Limited
Other International
Commercial Property-GBP Class (Susp) 98.43 - 0.00 0.00
Global Real Estate-GBP C Class (Susp) 96.28 - 0.00 -
GAM Limited (IRL)
FSA Recognised
GAM Fund Management Ltd
Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
GAM Star Fund Plc
GAM Star Absolute Euro USD Inc F $ 9.88 - -0.08 0.00
GAM Star Asia-Pacific Eqty USD Acc F $ 9.11 - -0.06 0.00
GAM Star Asian Eqty USD Ord Acc F $ 11.70 - -0.10 0.00
GAM Star Cap.Appr.US Eqty USD Inc F $ 10.50 - -0.24 0.00
GAM Star Cat Bond USD Acc $ 10.16 - 0.03 -
GAM Star China Equity USD Acc F $ 15.90 - -0.19 0.00
GAM Star Composite Abs Rtn EUR Ac F 10.35 - 0.00 0.00
GAM Star Cont European Eqty GBP Acc F 2.13 - -0.03 0.00
GAM Star Cred Opportunities EUR Acc 9.75 - 0.03 -
GAM Star Cred Opportunities GBP Acc 9.73 - -0.01 -
GAM Star Cred Opportunities USD Acc $ 9.52 - -0.01 -
GAM Star Discretionary FX USD Acc F $ 9.43 - -0.09 0.00
GAM Star Dynamic Gbl Bd USD Acc H $ 10.49 - -0.04 0.00
GAM Star Emerging Asia USD Class ACCU $ 10.84 - -0.09 -
GAM Star Emerg. Market Rates USD Acc F $ 10.84 - 0.01 0.00
GAM Star Emerg Market Tot.Ret.USD Acc F $ 11.34 - -0.05 0.00
GAM Star European Eqty USD Acc F $ 14.79 - -0.42 0.00
GAM Star GAMCO US Equity Acc F $ 9.29 - -0.18 0.00
GAM Star GEO USD Acc F $ 7.02 - -0.14 0.00
GAM Star Global Conv Bond USD Acc F $ 10.00 - 0.01 0.00
GAM Star Global Eq Inflation Fcs USD II Acc F $ 125.69 - -2.60 0.00
GAM Star Global Rates USD Acc F $ 10.97 - -0.05 0.00
GAM Star Global Selector USD Acc F $ 11.29 - -0.13 0.00
GAM Star Japan Eqty USD Acc F $ 9.35 - 0.01 0.00
GAM Star Keynes Quant Strat USD Acc F $ 10.48 - 0.18 0.00
GAM Star North of South EM Equity Acc F $ 9.79 - -0.17 -
GAM Star Technology USD Acc F $ 10.90 - -0.14 0.00
GAM Star Trading Acc F $ 9.36 - 0.06 0.00
GAM Star US All Cap Eqty USD Acc F $ 8.88 - -0.15 0.00
GAM Star Worldwide Eqty USD Acc F $ 2244.37 - -48.95 0.00
GAM Limited
Other International Funds
GAM Absolute Return Bond USD $ 108.12 - -0.53 0.00
GAM Asia Equity Inc $ 567.41 - -4.61 0.09
GAM Asia Eqty Hdg Inc USD Open $ 210.74 - 1.47 0.00
GAM Capital Appreciation Eqty USD $ 282.02 - -6.44 0.00
GAM Composite Abs Rtn Access Acc 96.89 - -0.85 0.00
GAM Composite Abs Rtn GBP Listed 142.15 - 0.16 0.00
GAM Composite Abs Rtn GBP Open 211.28 - 0.24 0.00
GAM Diversity Inc USD Open $ 651.34 - 2.78 0.00
GAM Diversity II Inc USD Open $ 198.83 - 0.85 0.00
GAM Diversity III USD Open $ 115.28 - 0.49 0.00
GAM Euro Special Bd EUR Open 127.41 - 0.35 0.00
GAM Eurp Eqty Hedge USD Open $ 230.69 - -1.80 0.00
GAM GAMCO Equity $ 992.90 - -18.99 0.00
GAM Global Diversified USD Inc $ 240.97 - 0.02 0.56
GAM Interest Trend Inc $ 312.07 - -1.73 0.00
GAM Japan Equity Inc $ 931.56 - 0.83 0.00
GAM Multi-Diversified EUR 100.40 - 0.41 0.00
GAM Multi-Emg Mkts USD Open $ 612.71 - -3.79 0.00
GAM Multi-Europe II USD Open $ 113.57 - 0.51 0.00
GAM Multi-Europe USD Open $ 469.99 - 2.08 0.00
GAM Asia-Pacific Equity Inc $ 1088.22 - -7.30 0.47
GAM Selection Hedge Inc $ 2924.45 - -142.90 0.00
GAM Singapore/Malaysia Equity $ 2421.11 - -24.17 1.07
GAM Sterling Special Bond Inc 247.60 - -0.36 3.34
GAM Trading Inc USD Op $ 992.67 - 3.04 0.00
GAM Trading II GBP 1.25 XL 104.42 - 0.40 0.00
GAM Trading II Inc USD Op $ 322.74 - 0.99 0.00
GAM Trading III Inc USD Op $ 165.67 - 0.51 0.00
GAM Trading IV Inc USD Op $ 157.56 - 0.49 0.00
GAM Trading V Inc USD Op $ 131.78 - 0.41 0.00
GAM US Dollar Special Bond Inc $ 634.20 - -0.89 0.00
GAM Worldwide $ 1969.60 - -43.02 0.50
GAMut Investments Inc. T Class $ 121.67 - -1.07 0.00
GLC Ltd
Other International Funds
GLC Diversified USD (Final) $ 66.23 - -1.33 0.00
GYS Investment Management Ltd (GSY)
Regulated
Taurus Emerging Fund Ltd $ 155.29 158.46 -8.30 0.00
Generali International Limited
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances
Global Multi-Strategy Managed $ 3.66 3.95 -0.06 0.00
UK Multi-Strategy Managed 3.57 3.85 -0.05 0.00
EU Multi-Strategy Managed 2.10 2.27 -0.01 0.00
Global Bond USD $ 3.43 3.70 -0.02 0.00
Genesis Asset Managers LLP
Other International Funds
Emerging Mkts NAV 5.05 - -0.05 0.00
Griffin Umbrella Fund (IRL)
Regulated
European Opportunities Fund A 126.44 - -0.18 0.00
European Opportunities Fund B 95.46 - -0.14 0.00
Renaissance Eastern European Allocation Fund 389.93 - 0.19 0.00
Renaissance Eastern European Fund A 428.91 - -4.11 0.00
Renaissance Eastern European Fund B 91.40 - -0.91 0.00
Renaissance Ottoman Fund 108.19 - -0.59 0.00
HPB Assurance Ltd
PO Box 179, IOMA House,, Hope Steet, Douglas,, Isle of Man, IM99 1PU 01624 681343
International Insurances
Holiday Property Bond Ser 1 0.59 - 0.00 0.00
Holiday Property Bond Ser 2 0.65 - 0.00 0.00
HSBC Fd Administration (Jersey) Ltd (JER)
HSBC House, St. Helier, Jersey JE1 1HS 01534 606520
FSA Recognised
Intl Sterling Income 1.0389 1.0707 -0.0008 0.03
Hamilton Lane Private Equity Fund PLC (IRL)
Regulated
NAV $ 148.27 - 8.90 -
Hamon Investment Group
Other International Funds
Asian iTech $ 5.01 - -0.48 0.00
Asian Market Leaders - USD $ 22.28 - -0.20 0.00
Asian Market Leaders - GBP 11.26 - -0.01 0.00
Greater China - USD $ 8.20 - -0.07 0.00
Greater China - GBP 3.34 - 0.00 0.00
Oriental Long Short $ 78.99 - -4.20 0.00
Selected Asian P'folio $ 44.77 44.78 -0.66 0.00
HANDELSBANKEN FUNDS SICAV (LUX)
15 rue Bender, L-1229, Luxembourg +352 27 486 1
FSA Recognised
America Shares $ 40.69 - -0.29 0.00
Commodity A SEK F SKr 113.44 - -0.88 0.00
Commodity AI SEK F SKr 120.27 - 1.77 -
Commodity BI SEK F SKr 108.18 - -0.84 2.25
Euro Liquidity A F 103.52 - 0.00 0.00
Fund Bid Offer D+/- Yield
Euro Liquidity AI F 104.05 - 0.00 0.00
Europe Selective 76.31 - -1.12 0.00
Far East Shares $ 9.64 - -0.14 0.00
Global Ethical A F SKr 108.14 - -0.48 0.00
Global Ethical AI F SKr 109.45 - -0.48 0.00
Global Ethical BI F SKr 99.89 - -0.44 3.00
International Shares $ 91.40 - -0.97 0.00
Nordic Shares 55.16 - -0.69 0.00
Russia Shares F SKr 54.51 - -0.66 0.00
Swedish Bonds Shares SKr 3545.35 - 6.44 0.00
Swedish Sht Term Ass Sh A 2 F SKr 139.75 - 0.00 0.00
Swedish Short Term Assets Shares FSKr 139.44 - 0.00 0.00
Haussmann Hldgs NV Curacao
Other International Funds
Haussman $ 2111.20 - -34.03 -
Haussmann Holdings NV Cls C 1865.85 - -26.51 0.16
Henderson Fund SICAV (LUX)
16, Boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg
FSA Recognised
Indian Equity GBP Inc 630.00 - 7.00 0.00
Heritage Wealth SIF
Other International Funds
Heritage Wealth SIF - Bal. EUR 98.38 - 0.19 0.00
Heritage Wealth SIF - Bal. USD $ 96.89 - -0.17 0.00
Heritam Sicav
Other International Funds
Eastern European Heritage EUR 174.47 - 4.90 0.00
Energy Fund $ 93.56 - 1.55 0.00
European Opportunities Fd EUR 99.61 - 0.59 0.00
USA Growth $ 113.40 - 1.33 0.00
Hermes Investment Funds Plc (IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ 020 7680 3720
FSA Recognised
Global Emerging Markets Fund 1.74 1.74 0.00 0.00
Global Equites Selection Fund F 1.24 1.24 -0.01 0.00
Japan Equity Fund F 1.06 1.06 0.00 0.00
Pan European Small Cap Companies Fund 1.81 1.81 0.00 0.00
Quant Global Equity Fund 1.56 1.56 -0.01 0.00
Sourcecap European Alpha Fund F 1.12 1.12 0.01 0.00
Sourcecap Europe Ex-UK Cls Z GBP Acc 1.04 1.04 0.01 -
UK Smaller Companies Fund 1.91 1.91 0.00 0.00
UK Small and Mid Cap Companies Fund 2.35 2.35 0.01 0.00
Global Investment Grade Z GBP Acc 1.09 1.09 0.00 0.00
Global High Yield Bond Fund Cls Z GBP Acc 1.10 1.10 0.00 0.00
Horizon Asset Management Plc (CYM)
Regulated
Managing Partners British Prprty Opps Fd GBP Grwth 110.48 - 0.47 0.00
IKANO Funds (LUX)
Regulated
All seasons Fd 11.15 - -0.01 0.00
European Equity 9.07 - -0.13 0.00
Global Equity 7.46 - -0.05 0.00
IT Asset Management
Other International Funds
IT Funds Info Tech UK Dist 519.95 - -2.91 0.00
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FSA Recognised
Env Mkts (Ire) Stl A 1.60 - -0.01 0.00
Env Mkts (Ire) Stl B 1.54 - -0.01 0.00
Env Mkts (Ire) Euro A 1.37 - -0.01 0.00
Env Mkts (Ire) Euro B 1.08 - -0.01 0.00
Env Mkts (Ire) USD A $ 1.30 - -0.02 0.00
Env Mkts (Ire) USD B $ 1.15 - -0.02 0.00
Asian Env Mkts (Ire) Stl A 0.73 - 0.00 0.00
Asian Env Mkts (Ire) Stl B 0.72 - 0.00 0.00
Asian Env Mkts (Ire) USD A $ 0.83 - -0.01 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV 4.48 - 0.00 0.00
Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FSA Recognised
IVI European Fund EUR 11.04 - -0.15 0.00
IVI European Fund GBP 12.21 - -0.19 0.00
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FSA Recognised
Invesco Management SA
Invesco Asia Balanced A dist $ 14.77 - 0.00 4.73
Invesco Asia Consumer Demand Fund A income $ 10.63 - -0.03 0.36
Invesco Asia Infrastructure (A) $ 12.15 - -0.06 0.82
Invesco Asia Opportunities Equity A $ 80.42 - -0.16 0.00
Invesco Asia Pacific Real Est Sec Fd A Dist $ 8.16 - -0.06 1.03
Invesco Absolute Return Bond Fund A 2.89 - 0.00 0.00
Invesco Balanced Risk Allocation Fund A 13.56 - 0.05 0.00
Invesco Capital Shield 90 (EUR) A 11.25 - 0.01 0.00
Invesco Emerging Europe Equity Fund A $ 8.83 - -0.01 0.00
Invesco Emerging Local Currencies Debt A Inc $ 10.15 - -0.04 5.91
Invesco Emerging Mkt Quant.Eq. A $ 10.18 - -0.03 0.00
Invesco Energy A $ 22.00 - -0.76 0.00
Invesco Euro Corporate Bond Fund (A) 13.66 - -0.01 0.00
Invesco Euro Inflation Linked Bond A 14.57 - 0.11 0.00
Invesco Euro Reserve A 322.51 - 0.00 0.00
Invesco European Bond A 5.61 - 0.00 0.00
Invesco European Growth Equity A 15.26 - 0.01 0.00
Invesco Global Absolute Return Fund A Class 10.72 - 0.03 0.00
Invesco Global Bond A Inc $ 5.45 - 0.01 1.99
Invesco Global Equity Income Fund A $ 40.30 - -0.33 0.00
Invesco Global Inc Real Estate Sec A dist $ 8.22 - -0.01 3.38
Invesco Global Inv Grd Corp Bond A Dist $ 10.68 - 0.02 3.15
Invesco Global Leisure A $ 20.64 - -0.39 0.00
Invesco Global Smaller Comp Eq Fd A $ 33.92 - -0.39 0.00
Invesco Global Structured Equity A $ 29.45 - -0.05 1.08
Invesco Global Total Ret.(EUR) Bond Fund A 11.21 - -0.04 0.00
Invesco Gold & Precious Metals A $ 8.52 - 0.00 0.00
Invesco Greater China Equity A $ 32.53 - -0.25 0.00
Invesco India Equity A $ 30.28 - -0.07 0.00
Invesco Japanese Equity Adv Fd A 1666.00 - -5.00 0.00
Invesco Japanese Value Eq Fd A 586.00 - -5.00 0.00
Invesco Latin American Equity A $ 9.04 - -0.18 0.00
Invesco Nippon Small/Mid Cap Equity A 486.00 - 6.00 0.00
Invesco Pan European Equity A EUR Cap NAV 10.62 - 0.02 0.00
Invesco Pan European High Income Fd A 10.51 - -0.03 4.45
Invesco Pan European Small Cap Equity A 11.89 - -0.03 0.00
Invesco Pan European Structured Equity A 9.81 - 0.03 0.00
Invesco UK Investment Grade Bond A 0.93 - 0.00 3.40
Invesco US Structured Equity A $ 13.97 - -0.18 0.00
Invesco US Value Eq Fd A $ 20.50 - -0.38 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FSA Recognised
Invesco Stlg Bd A QD F 2.35 - 0.00 5.03
Fund Bid Offer D+/- Yield
Invesco Sterling Rerserve F 1.73 - 0.00 0.00
Invesco Asian Equity A $ 5.06 - -0.03 0.40
Invesco ASEAN Equity A $ 89.64 - -0.18 0.53
Invesco Bond A $ 29.84 - 0.07 1.92
Invesco Continental Eurp Small Cap Eqty A $ 108.99 - -0.23 0.47
Invesco Emerging Markets Equity A $ 31.66 - -0.09 0.00
Invesco Emerging Markets Bond A $ 21.23 - -0.05 4.88
Invesco Continental European Equity A 4.34 - 0.02 1.28
Invesco Gilt A 14.44 - 0.03 2.79
Invesco Global Small Cap Equity A NAV $ 79.90 - -0.78 0.00
Invesco Global High Income A NAV $ 12.86 - -0.03 5.72
Invesco Gbl R/Est Secs A GBP F F 5.84 - -0.05 1.15
Invesco Global Health Care A $ 71.22 - -0.75 0.00
Invesco Global Select Equity A $ 9.73 - -0.06 0.00
Invesco Jap Eqty Core A $ 1.18 - -0.01 0.27
Invesco Japanese Equity A $ 13.81 - -0.08 0.00
Invesco Korean Equity A $ 21.27 - 0.04 0.00
Invesco PRC Equity A $ 39.95 - -0.10 0.00
Invesco Pacific Equity A $ 34.81 - -0.27 0.35
Invesco Global Technology A $ 10.77 - -0.16 0.00
Invesco UK Eqty A 5.00 - 0.02 1.94
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 80.17 - -1.12 -
Fund Bid Offer D+/- Yield
Invest AD - UAE Total Return Fund *AED 63.64 - 0.04 0.00
Invest AD - Emerging Africa Fund $ 94.89 - -0.58 0.00
Invest AD - GCC Focus Fund * $ 103.19 - -0.39 0.00
Investec Asset Management Ireland Ltd (IRL)
JP Morgan Admin Svs Ire Ltd, JP Morgan Hse, IFSC Dub 1 00 353 1 612 3363
FSA Recognised
Investec Liquidity Funds Plc
Euro Liquidity A Acc EUR * 11.90 - 0.00 -
Euro Liquidity I Inc EUR * 1.00 - 0.00 0.16
Short Dated Bd A Acc GBP * 13.02 - 0.00 -
Short Dated Bd I Acc GBP * 13.90 - 0.00 -
Sterling Liquidity A Acc GBP * 13.15 - 0.00 -
Sterling Liquidity I Inc GBP * 1.00 - 0.00 0.57
US$ Liquidity A Acc USD * $ 11.95 - 0.00 -
US$ Liquidity I Inc USD * $ 1.00 - 0.00 0.28
Investec Global Strategy Fund (LUX)
49 Avenue JF Kennedy
L-1855 Luxembourg Enquiries 020 7597 1800
FSA Recognised
Investec Global Strategy Fund
Africa & Middle East A Acc USD * $ 16.68 - 0.01 -
Africa Opps A Acc USD $ 17.24 - -0.39 0.47
American Equity A Acc USD $ 14.60 - -0.32 -
American Equity A Inc USD $ 68.27 - -1.47 -
Asia Pacific Eq. Acc USD $ 21.80 - -0.43 0.92
Asia Pacific Eq. Inc USD $ 21.57 - -0.43 0.97
Asian Equity A Acc USD $ 17.05 - -0.32 0.49
Asian Equity A Inc USD $ 25.01 - -0.47 0.44
Continental European Equity A Inc USD $ 288.84 - -6.83 1.01
Continental European Equity A Acc USD $ 12.08 - -0.28 0.98
EAFE A Inc USD $ 12.92 - -0.26 0.46
Emrg Mkts Blended Debt A Acc $ 20.22 - -0.14 6.05
Emrg Mkts Blended Debt A Inc $ 18.79 - -0.13 6.05
Emrg Mkts Corp Debt A Acc USD $ 20.46 - 0.00 4.08
Emrg Mkts Curr A Acc USD $ 18.95 - -0.16 3.38
Emrg Mkts Curr Alpha A Acc USD $ 19.14 - -0.01 -
Emrg Mkts Equity A Acc USD $ 15.43 - -0.32 -
Emrg Mkts Hard Curr Debt A Acc USD $ 21.68 - -0.02 3.52
Emrg Mkts Hard Curr Debt A Inc USD $ 20.96 - -0.02 3.53
Emrg Mkts Local Curr Debt A Acc USD $ 25.21 - -0.31 6.88
Emrg Mkts Local Curr Debt A Inc USD $ 18.59 - -0.23 6.88
Emrg Mkts Local Curr Dyn Debt A Acc USD $ 19.30 - -0.23 6.50
Emrg Mkts Local Curr Dyn Debt A Inc USD $ 17.97 - -0.21 6.52
Emerging Markets Multi-Asset A Acc USD $ 19.45 - -0.26 -
Emerging Markets Multi-Asset A Inc USD $ 19.45 - -0.25 -
Enhanced Gbl Energy A Acc USD $ 15.90 - -0.38 -
Enhanced Nat Resources A Acc USD $ 18.35 - -0.26 -
Euro Money A Acc EUR 69.06 - 0.00 0.20
Euro Money A Inc EUR 26.12 - 0.00 0.20
Global Bond A Acc USD $ 98.29 - 0.24 1.06
Global Bond A Inc USD $ 45.09 - 0.11 1.08
Global Contrarian Equity A Acc USD $ 19.83 19.83 -0.27 -
Global Defensive Bd A Inc USD $ 19.50 - 0.00 1.65
Global Dynamic A Acc USD $ 88.93 - -1.53 -
Global Dynamic A Inc USD $ 88.26 - -1.52 -
Global Energy A Acc USD $ 15.41 - -0.57 0.30
Global Energy A Inc USD $ 270.66 - -10.03 0.21
Global Energy Long Short A Acc USD $ 16.46 - -0.32 -
Global Equity A Acc USD $ 206.01 - -3.77 -
Global Equity A Inc USD $ 204.28 - -3.74 -
Global Franchise A Acc USD $ 28.88 - -0.38 0.75
Global Franchise A Inc USD $ 28.56 - -0.38 0.77
Global Gold A Acc USD $ 19.67 - -0.18 -
Global Gold A Inc USD $ 70.87 - -0.65 -
Global Natural Resources Fund A Acc Gross USD $ 9.36 - -0.29 -
Global Natural Resources Fund A Inc Gross USD $ 9.36 - -0.29 -
Global Opp Equity A Inc USD $ 22.13 - -0.31 0.23
Global Strat Equity A Acc USD $ 14.19 - -0.28 -
Global Strat Equity A Inc USD $ 77.18 - -1.54 -
Global Strategic Inc A Acc USD $ 25.13 - 0.01 4.57
Global Strategic Inc A Inc USD $ 20.47 - 0.01 4.57
Global Strat Managed A Acc USD $ 89.83 - -0.84 0.16
Fund Bid Offer D+/- Yield
Global Strat Managed A Inc USD $ 39.33 - -0.37 0.18
High Income Bond A Acc GBP Hdg 63.49 - -0.19 7.17
High Income Bond A Inc GBP Hdg 16.61 - -0.05 7.17
Inv Grade Corp Bond A Acc USD $ 20.14 - 0.06 4.53
Inv Grade Corp Bond A Inc USD $ 29.21 - 0.08 4.53
Latin Amer.Corp.Debt A Acc USD $ 22.96 - -0.08 6.47
Latin Amer.Corp.Debt A Inc USD $ 18.96 - -0.07 6.50
Latin Amer.Eq. A Acc USD $ 18.15 - -0.30 0.85
Managed Currency A Acc USD $ 126.90 - -0.42 -
Managed Currency A Inc USD $ 34.24 - -0.11 -
Mid East & N Africa A Acc USD * $ 14.22 - -0.06 -
Multi-Asset Protector Fund A ACC USD $ 18.59 - -0.04 -
Sterling Money A Acc GBP 56.55 - 0.00 0.20
Sterling Money A Inc GBP 9.99 - 0.00 0.20
UK Equity A Acc GBP 9.59 - -0.19 1.56
UK Equity A Inc GBP 53.53 - -1.02 1.59
US Dollar Money A Acc USD $ 65.59 - 0.00 0.20
US Dollar Money A Inc USD $ 20.07 - 0.00 0.20
* Daily except Fridays and Post Ramadan & Hajj Pilgrimage holidays
Investec Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Investec Expert Investment Funds PCC Limited
Global Commodities & Resources Fund $ 30.41 - -0.15 -
Investec Professional Funds PCC Ltd
Global Diversified Growth I Inc USD $ 20.20 21.26 -0.37 -
Global Diversified Growth A USD $ 27.99 29.46 -0.51 -
Investec Premier Funds PCC Ltd
Africa A USD $ 18.98 19.98 0.57 -
Pan Africa A USD $ 25.63 26.98 0.91 -
Fund Bid Offer D+/- Yield
J O Hambro Capital Mgmt Ltd (IRL)
14 Ryder Street, London SW1Y 6QB, United Kingdom
Phone: 0845 450 1972
FSA Recognised
Asia ex Japan EUR Retail 1.21 - 0.00 -
Asia ex Japan GBP Retail 1.12 - 0.00 -
Asia ex Japan USD Retail $ 1.12 - 0.00 -
Asia ex Japan SMC EUR Retail 1.18 - 0.00 -
Asia ex Japan SMC GBP Retail 1.09 - 0.00 -
Asia ex Japan SMC USD Retail $ 1.09 - 0.00 -
All Europe Dynamic Growth EUR Retail 0.91 - 0.00 0.00
All Europe Dynamic Growth GBP Retail 0.86 - 0.00 0.00
Continental European Ret GBP 1.91 - 0.01 2.22
Continental European Ret EURO H 1.75 - 0.00 0.35
Emerging Markets Retl Inc NAV 0.92 - 0.00 0.00
Emerging Mkts EUR Retl Inc NAV 0.99 - 0.00 1.41
Emerging Markets USD Retail $ 1.09 - -0.01 0.00
European Select Values Ret GBP H 2.51 - 0.00 0.32
European Select Values Ret EURO H 1.25 - 0.00 0.31
European Retail GBP H 1.74 - 0.01 1.33
European Retail EURO H 0.62 - 0.00 119.01
Global Emerging Markets Opportunities GBP Retail 0.81 - 0.00 -
Global Emerging Markets Opportunities USD Retail $ 0.78 - -0.01 -
Global Emerging Markets Opportunities EUR Retail 0.92 - 0.00 -
Global Select Retail EUR 1.26 - -0.02 0.00
Global Select Retail GBP 1.27 - -0.02 0.00
Japan Hedged Retail GBP 0.82 - 0.00 1.64
Japan Ret GBP 1.27 - 0.01 1.01
Japan Ret EURO 1.06 - 0.00 0.60
Japan Ret JPY 152.10 - -0.37 0.01
UK Growth Retail GBP 1.56 - 0.02 1.71
JPMorgan Asset Mgmt (1200)F (UK)
Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
Diversified Real Ret A Net Acc 48.91 - -0.13 -
Diversified Real Ret A Net Inc 48.91 - -0.13 -
JPMorgan Asset Management (Europe) S.a.r.l (LUX)
6 Route de Trves L-2633 Senningerberg Luxembourg
Tel (352) 34 10 1 (Other funds)
Fax (352) 34 10 8000 (Others funds)
www.jpmorgan.com/assetmanagement
FSA Recognised
Equity US
JF America Eq A (dist)-USD (1) F $ 46.73 - -0.63 -
JF US Smaller Co.A (dist)-USD (1) $ 15.86 - -0.15 -
JPM Brazil Equity A (acc)-EUR (1) F 61.54 - -1.32 -
JPM Brazil Equity A (dist)-USD (1) F $ 8.55 - -0.26 -
JF US Value A (dist)-USD (1) $ 13.23 - -0.12 -
JPM Am Eq A (acc)-USD (1) F $ 11.48 - -0.15 -
JPM Am Eq A (dist)-USD (1) $ 87.10 - -1.17 -
JPM Am Eq A (acc)-EUR Hdg (1) F 7.07 - -0.10 -
JPM Am L Cap A (acc)-EUR (1) F 11.39 - 0.01 -
JPM Am L Cap A (acc)-USD (1) F $ 11.98 - -0.11 -
JPM Am L Cap A (dist)-USD (1) F $ 10.64 - -0.10 -
JPM US Aggr Bd Aacc-EUR (hdg) (1) 78.13 - 0.15 -
JPM US Smaller Co.A (acc)-USD (1) F $ 10.65 - -0.09 -
JPM US Smaller Co.A (dist)-USD (1) $ 108.21 - -0.99 -
JPM H US STEEP A (acc)-EUR (1) F 9.34 - -0.01 -
JPM US Value A (acc)-EUR Hdg (1) F 7.30 - -0.08 -
JPM H US STEEP A (inc)-EUR (1) F 9.21 - -0.01 -
JPM H US STEEP A (acc)-USD (1) F $ 11.59 - -0.13 -
JPM US Dyn A (acc)-EUR (1) 6.81 - 0.00 -
JPM US Dyn A (acc)-USD (1) F $ 10.13 - -0.09 -
JPM US Dyn A (dist)-USD (1) $ 13.96 - -0.13 -
JPM US Growth A (acc)-EUR Hdg (1) F 7.41 - -0.10 -
JPM US Growth A (acc)-USD (1) F $ 12.80 - -0.16 -
JPM US Growth A (dist)-GBP (1) F 6.33 - -0.03 -
JPM US Growth A (dist)-USD (1) F $ 6.85 - -0.09 -
JPM US Select 130/30 A (acc)-EUR Hdg (1) F 6.81 - -0.08 -
JPM US Select 130/30 A (acc)-USD (1) F $ 9.65 - -0.10 -
JPM US Select 130/30 A (dist)-GBP (1) F 6.57 - -0.02 -
JPM US Select 130/30 A (dist)-USD (1) F $ 9.81 - -0.11 -
Fund Bid Offer D+/- Yield
JPM US Sm Cap Grth A (acc)-EUR (1) F 70.35 - -0.17 -
JPM US Sm Cap Grth A (dist)-GBP (1) F 9.26 - -0.04 -
JPM US Sm Cap Grth A (acc)-USD (1) F $ 13.75 - -0.16 -
JPM US Sm Cap Grth A (dist)-USD (1) $ 94.64 - -1.11 -
JPM US Value A (dist)-GBP (1) F 13.91 - -0.04 -
JPM US Value A (acc)-USD (1) F $ 12.11 - -0.12 -
JPM US Value A (dist)-USD (1) F $ 15.13 - -0.15 -
JPM US Dyn 130/30 A (acc)-EUR Hdg (1) 6.77 - -0.06 -
JPM US DYN 130/30 A (acc)-USD (1) F $ 9.60 - -0.09 -
JPM US DYN 130/30 A (dist)-GBP (1) F 7.80 - -0.01 -
JPM US DYN 130/30 A (dist)-USD (1) F $ 119.09 - -1.02 -
Equity Asia
JF ASEAN Equity A (acc)-SGD (1) F S$ 15.03 - 0.04 -
JF Asia Al+ A (acc)-USD (1) $ 17.80 - -0.20 -
JF Asia P ExJapEq A (dist)-GBP (1) F 15.71 - -0.10 -
JF Asia P ExJapEq A (acc)-USD (1) F $ 15.86 - -0.21 -
JF Asia P ExJapEq A (dist)-USD (1) $ 40.34 - -0.53 -
JF Asia P ExJapEq A (acc)-SGD (1) F S$ 11.52 - -0.07 -
JF China A (acc)-USD (1) F $ 23.47 - -0.29 -
JF China A (acc)-SGD (1) F S$ 10.09 - -0.05 -
JF China A (dist)-HKD (1) F HK$ 8.90 - -0.11 -
JF China A (dist)-USD (1) $ 38.04 - -0.46 -
JF Greater China A (acc)-SGD (1) F S$ 12.19 - -0.07 -
JF Greater China A (acc)-USD (1) F $ 18.82 - -0.23 -
JF Greater China A (dist)-HKD (1) FHK$ 10.01 - -0.12 -
JF Greater China A (dist)-USD (1) F $ 23.48 - -0.29 -
JF Hong Kong A (acc)-USD (1) F $ 14.89 - -0.20 -
JF Hong Kong A (dist)-HKD (1) F HK$ 8.95 - -0.13 -
JF Hong Kong A (dist)-USD (1) F $ 39.05 - -0.54 -
JF India A (acc)-SGD (1) F S$ 11.17 - -0.09 -
JF India A (acc)-USD (1) F $ 19.63 - -0.29 -
JF India A (dist)-USD (1) $ 57.73 - -0.87 -
JF Japan Alpha Plus A (acc)-USD (1) F $ 9.14 - 0.03 -
JF Japan Alpha Plus A (dist)-USD (1) $ 11.81 - 0.04 -
JF Korea Eq A (acc)-USD (1) F $ 9.19 - -0.07 -
JF Korea Eq A (acc)-EUR (1) F 7.40 - 0.01 -
JF Korea Eq A (dist)-USD (1) F $ 9.57 - -0.08 -
JF Singapore A (acc)-SGD (1) F S$ 14.51 - -0.06 -
JF Japan Eq A (acc)-EUR (1) F 4.68 - 0.06 -
JF Japan Eq A (dist)-GBP (1) F 5.74 - 0.06 -
JF Japan Eq A (acc)-JPY (1) 411.00 - -1.00 -
JF Japan Eq A (acc)-USD (1) F $ 6.95 - 0.03 -
JF Japan Eq A (dist)-USD (1) $ 17.56 - 0.06 -
JF Japan Sm Cap A (acc)-USD (1) F $ 6.29 - 0.00 -
JF Japan Sm Cap A (dist)-USD (1) $ 6.00 - 0.00 -
JF Pacific Eq A (acc)-EUR (1) F 8.57 - 0.03 -
JF Pacific Eq A (dist)-GBP (1) F 11.57 - 0.01 -
JF Pacific Eq A (acc)-USD (1) $ 11.94 - -0.07 -
JF Pacific Eq A (dist)-USD (1) $ 56.15 - -0.32 -
JF Singapore A (acc)-USD (1) F $ 22.98 - -0.26 -
JF Singapore A (dist)-USD (1) F $ 29.75 - -0.33 -
JF Taiwan A (acc)-EUR (1) F 14.24 - -0.07 -
JF Taiwan A (acc)-USD (1) F $ 14.01 - -0.20 -
JF Taiwan A (dist) HKD (1) F HK$ 10.75 - -0.16 -
JF Taiwan A (dist)-USD (1) F $ 12.11 - -0.18 -
JPM Japan Dyn A (acc)-JPY (1) F 356.00 - -1.00 -
JPM Japan Dyn A (dist)-JPY (1) F 353.00 - -1.00 -
JPM Japan 50 Eq A (acc)-EUR (hdg) (2) F 70.89 - -0.43 -
Equity Emerging Markets
JPM Brazil Equity A (acc)-USD (1) F $ 8.83 - -0.28 -
JPM Brazil Equity A (acc)-SGD (1) F S$ 10.88 - -0.26 -
JF Eastern Europe Eq A (dist)-EUR (1) F 25.62 - -0.33 -
JF Latin Am Eq A (dist)-USD (1) F $ 37.08 - -0.89 -
JPM Eastern Europe Eq A (acc)-EUR (1) F 15.75 - -0.20 -
JPM Eastern Europe Eq A (acc)-USD (1) F $ 98.70 - -2.20 -
JPM Eastern Europe Eq A (dist)-EUR (1) 38.30 - -0.49 -
JPM Em Eur MEA Eq A (acc)-EUR (1) F 14.99 - -0.22 -
JPM Em Eur MEA Eq A (acc)-USD (1) F $ 17.34 - -0.41 -
JPM Em Eur MEA Eq A (dist)-USD (1) F $ 48.98 - -1.14 -
JPM Em Eur MEA Afr Eq A (acc)-SGD (1) F S$ 11.70 - -0.19 -
JPM Em MEA Eq A (acc)-SGD (1) F * S$ 11.08 - -0.02 -
JPM Em Mkt Alpha Pl A (dist)-GBP (1) F 6.37 - -0.05 -
JPM Em Mkt Alpha Pl A (acc)-USD (1) F $ 13.40 - -0.19 -
JPM Em Mkt Alpha Pl A (dist)-USD (1) F $ 12.98 - -0.18 -
JPM Em Mkt Corp Bd A (acc)-EUR Hdg (1) F 90.80 - 0.05 -
JPM Em Mkt Corp Bd A (acc)-USD (1) F $ 115.77 - 0.05 -
JPM Em Mkt Debt A (acc)-USD (1) F $ 15.94 - -0.09 -
JPM Em Mkt Eq A (dist)-GBP (1) F 29.26 - -0.25 -
JPM Em Mkt Eq A (acc)-EUR (1) F 12.48 - -0.08 -
JPM Em Mkt Eq A (acc)-USD (1) F $ 19.44 - -0.31 -
JPM Em Mkt Eq A (dist)-USD (1) $ 27.17 - -0.43 -
JPM Em Mkt Infra Eq A (acc)-EUR (1) F 14.27 - -0.15 -
JPM Em Mkt Infra Eq A (acc)-USD (1) F $ 7.08 - -0.14 -
JPM Em Mkts Ccy Alpha A (acc)-EUR (1) F 9.66 - 0.01 -
JPM Em Mkts Lcl Cur Dbt A (dist)-EUR(1) F 102.78 - -0.10 -
JPM Em Mkts Local Ccy Debt A (div) EUR 100.53 104.07 -0.10 -
JPM Em Mkts Eq A (acc)-SGD (1) F S$ 12.48 - -0.11 -
JPM Em Mkt Sm Cap A (acc)-EUR (1) F 7.30 - -0.04 -
JPM Em Mkts Loc Ccy Debt A (dist)-GBP (1) F 81.55 - -0.25 -
JPM Em Mkts Loc Ccy Debt A (mth)-USD (1) F $ 14.41 - -0.14 -
JPM Em Mkt Sm Cap A (dist)-GBP (1) F 5.33 - -0.05 -
JPM Em Mkt Sm Cap A (acc)-USD (1) F $ 9.04 - -0.14 -
JPM Europe Conv Eq A (dist)-EUR (1) F 16.34 - -0.17 -
JPM Latin Am Eq A (acc)-USD (1) F $ 27.48 - -0.66 -
JPM Latin Am Eq A (dist)-USD (1) $ 51.27 - -1.23 -
JPM Latin Am Eq A (acc)-SGD (1) F S$ 12.06 - -0.20 -
JPM Russia A (acc)-USD (1) F $ 10.58 - -0.24 -
JPM Russia A (dist)-USD (1) F $ 10.39 - -0.23 -
Equity Europe
JF Euroland Eq A (dist)-USD (1) F $ 5.86 - -0.12 -
JF Europe Dynamic A (dist)-EUR (1) 12.55 - -0.14 -
JF Europe Eq A (dist)-USD (1) F $ 29.19 - -0.57 -
JF Europe Sm Cap A (dist)-EUR (1) F 9.54 - -0.07 -
JF Germany Eq A (dist)-EUR (1) F 18.41 - -0.26 -
JPM Euroland Eq A (acc)-EUR (1) F 8.34 - -0.11 -
JPM Euroland Eq A (dist)-EUR (1) 26.32 - -0.34 -
JPM Euroland Eq A (inc)-EUR (1) F 4.67 - -0.06 -
JPM Europe Conv Eq A (acc)-EUR (1) F 11.51 - -0.12 -
JPM Europe Dyn A (dist)-EUR (1) F 10.98 - -0.13 -
JPM Europe Dyn A (acc)-EUR (1) F 11.97 - -0.14 -
JPM Europe Dyn A (dist)-GBP (1) F 13.32 - -0.19 -
JPM Europe Dyn Mega Cap A (acc)-EUR (1) 8.19 - -0.11 -
JPM Europe Dyn Mega Cap A (acc)-USD (1) F $ 7.79 - -0.19 -
JPM Europe Dyn Mega Cap A (inc)-EUR (1) F 6.54 - -0.09 -
JPM Europe Dyn Mega Cap A (dist)-EUR (1) F 6.31 - -0.09 -
JPM Europe Dyn Sm Cap A (dist)-EUR (1) F 10.12 - -0.06 -
JPM Europe Dyn Sm Cap A (acc)-EUR (1) 16.70 - -0.11 -
JPM Europe Eq A (acc)-EUR (1) F 9.25 - -0.09 -
JPM Europe Eq A (dist)-EUR (1) 28.75 - -0.29 -
JPM Europe Eq A (cap)-USD (1) F $ 11.01 - -0.21 -
JPM Europe Focus A (acc)-EUR (1) F 8.15 - -0.09 -
JPM Europe Focus A (acc)-USD (1) F $ 9.35 - -0.19 -
JPM Europe Focus A (dist)-EUR (1) F 7.10 - -0.08 -
JPM Europe Micro Cap A (acc)-EUR (1) F 10.09 - -0.04 -
JPM Europe Micro Cap A (dist)-EUR (1) F 10.04 - -0.04 -
JPM Europe 130/30 A (acc)-EUR (1) F 7.76 - -0.07 -
JPM Europe 130/30 A (acc)-USD (1) F $ 10.51 - -0.20 -
JPM Europe Sel 130/30 A (acc)-EUR (1) F 6.77 - -0.08 -
JPM Europe Sel 130/30 A (acc)-USD (1) F $ 9.43 - -0.20 -
Fund Bid Offer D+/- Yield
JPM Europe Sel 130/30 A (dist)-EUR (1) F 9.12 - -0.11 -
JPM Europe Sel 130/30 A (dist)-GBP (1) F 4.96 - -0.07 -
JPM Europe Sm Cap A (acc)-EUR (1) F 11.57 - -0.08 -
JPM Europe Sm Cap A (dist)-EUR (1) 32.09 - -0.22 -
JPM Europe Sm Cap A (dist)-GBP (1) F 12.69 - -0.12 -
JPM Europe Strat Grth A (acc)-EUR (1) F 11.89 - -0.08 -
JPM Europe Strat Grth A (dist)-EUR (1) F 7.43 - -0.05 -
JPM Europe Strat Grth A (dist)-GBP (1) F 10.83 - -0.10 -
JPM Europe Strat Val A (dist)-EUR (1) F 9.40 - -0.12 -
JPM Europe Strat Val A (acc)-EUR (1) F 8.33 - -0.10 -
JPM Europe Strat Val A (dist)-GBP (1) F 11.47 - -0.16 -
JPM Europe 130/30 A (dist)-EUR (1) F 7.19 - -0.06 -
JPM Europe 130/30 A (dist)-GBP (1) F 5.77 - -0.07 -
JPM Germany Eq A (dist)-EUR (1) F 7.28 - -0.10 -
JPM Germany Eq A (acc)-EUR (1) F 14.16 - -0.20 -
JPM Global Dyn A (acc)-SGD (1) F S$ 13.21 - -0.09 -
JPM Global Div A (div) - USD (1) $ 98.94 - -1.27 -
JPM High Eur STEEP A (dist)-GBP (1) F 8.52 - -0.04 -
JPM High Eur STEEP A (acc)-EUR (1) F 10.18 - -0.03 -
JPM High Eur STEEP A (acc)-USD (1) F $ 12.68 - -0.15 -
JPM High Eur STEEP A (inc)-EUR (1) F 9.68 - -0.02 -
JPM H US STEEP A (dist)-GBP (1) F 11.51 - -0.04 -
JPM UK Eq A (acc)-GBP (1) F 10.41 - -0.13 -
JPM UK Eq A (dist)-GBP (1) 6.67 - -0.08 -
Equity Global
JF Gbl Dyn A (dist)-USD (1) F $ 12.04 - -0.16 -
JF Gbl Eq (USD) A (dist)-USD (1) F $ 33.36 - -0.53 -
JPM Gbl Dyn A (dist)-GBP (1) F 11.91 - -0.08 -
JPM Gbl Dyn A (acc)-USD (1) F $ 11.10 - -0.15 -
JPM Gbl Dyn A (dist)-USD (1) F $ 13.05 - -0.18 -
JPM Gbl Dyn A (acc)-EUR (1) F 6.68 - -0.03 -
JPM Gbl Dyn A (acc)-CHF (hdg) (1) FSFr 108.32 - -1.24 -
JPM Gbl Dyn A (acc)-EUR Hdg (1) F 4.91 - -0.06 -
JPM Gbl Dyn A (acc)-SGD (Hdg) (1) F S$ 10.64 - -0.12 -
JPM Gbl Dyn A (inc)-EUR (1) F 6.81 - -0.03 -
JPM Gbl Eq (USD) A (acc)-EUR (1) F 70.84 - -0.47 -
JPM Gbl Eq (USD) A (acc)-USD (1) F $ 9.91 - -0.16 -
JPM Gbl Eq (USD) A (acc)-EUR Hdg (1) F 5.60 - -0.06 -
JPM Gbl Eq (USD) A (dist)-USD (1) $ 19.28 - -0.31 -
JPM Gbl Eq (USD) A (dist)-EUR Hdg (1) F 5.32 - -0.07 -
JPM Gbl Focus A (acc)-EUR (1) F 14.98 - -0.14 -
JPM Gbl Focus A (dist)-EUR (1) 20.17 - -0.18 -
JPM Gbl Real Estate Sec (USD) A (acc)-EUR Hdg (1) F 5.52 - -0.04 -
JPM Gbl Real Estate Sec (USD) A (acc)-USD (1) F $ 8.27 - -0.08 -
JPM Gbl Real Estate Sec (USD) A (inc)-EUR Hdg (1) F 5.09 - -0.04 -
JPM Gbl Sel Eq A (acc)-USD (2) F $ 141.05 - -1.65 -
JPM Gbl Sel Eq A (dist)-USD (2) F $ 95.71 - -1.11 -
JPM Gbl Soc Resp A (acc)-USD (1) F $ 8.86 - -0.12 -
JPM Gbl Soc Resp A (dist)-USD (1) F $ 5.30 - -0.08 -
Equity Sector
JF Europe Tech A (dist)-EUR (1) F 4.86 - -0.05 -
JF Pacific Tech A (acc)-EUR (1) F 12.03 - 0.06 -
JF Pacific Tech A (acc)-USD (1) F $ 14.12 - -0.06 -
JF Pacific Tech A (dist)-USD (1) F $ 9.17 - -0.04 -
JF Pacific Tech A (dist)-GBP (1) F 11.05 - 0.03 -
JF US Tech A (dist)-USD (1) F $ 1.97 - -0.03 -
JPM Europe Tech A (acc)-EUR (1) F 13.93 - -0.13 -
JPM Europe Tech A (dist)-EUR (1) F 8.99 - -0.08 -
JPM Europe Tech A (dist)-GBP (1) F 6.85 - -0.08 -
JPM Gbl Cons Trends A (acc)-EUR (1) F 12.67 - -0.07 -
JPM Gbl Cons Trends A (acc)-USD (1) F $ 15.42 - -0.23 -
JPM Gbl Corp Bond A (div)-EUR Hdg (1) 75.17 - 0.02 -
JPM Gbl Focus A (acc)-CHF (hdg) (1) FSFr 126.51 - -2.00 -
JPM Gbl Focus A (acc)-EUR Hgd (1) F 7.80 - -0.12 -
JPM Gbl Nat Resources Fd (1) F S$ 16.51 - -0.45 -
JPM Gbl Natural Res A (dist)-EUR (1) F 14.99 - -0.37 -
JPM Gbl Natural Res A (acc)-EUR (1) F 17.40 - -0.43 -
JPM Gbl Natural Res A (acc)-USD (1) F $ 13.24 - -0.45 -
JPM H US STEEP A (acc)-EUR Hdg (1) F 12.49 - -0.14 -
JPM US Tech A (acc)-EUR (1) F 102.39 - -0.61 -
JPM US Tech A (dist)-GBP (1) F 1.77 - -0.02 -
JPM US Tech A (acc)-SGD (1) S$ 12.98 - -0.10 -
JPM US Tech A (acc)-USD (1) F $ 13.44 - -0.21 -
JPM US Tech A (dist)-USD (1) F $ 6.80 - -0.10 -
Equity Africa
JPM Africa Eq A (acc)-EUR (1) F 16.55 - -0.19 -
JPM Africa Eq A (acc)-USD (1) F $ 9.62 - -0.20 -
JPM Africa Eq A (dist)-GBP (1) F 6.81 - -0.09 -
JPM Africa Eq A (inc)-EUR (1) F 66.71 - -0.76 -
Bonds Broad Market
JPM Agg Bd A (acc)-USD (1) F $ 11.62 - 0.03 -
JPM Euro Agg Bd A (acc)-EUR (1) F 11.20 - 0.01 -
JPM Gbl Agg Bd A (acc)-USD (1) F $ 12.23 - 0.00 -
JPM Gbl Agg Bd A (dist)-USD (1) $ 13.27 - 0.00 -
JPM Gbl Cath Eth Balanced A (acc)-EUR (1) F 100.22 - -0.30 -
JPM Gbl Conv (EUR) A (acc)-CHF Hdg (1) FSFr 20.13 - -0.05 -
JPM Gbl Conv (EUR) A (dist)-GBP Hdg (1) F 11.04 - -0.03 -
JPM Gbl Div A (acc)-EUR (1) F 78.73 - -0.27 -
JPM Gbl Div A (div)-EUR Hdg (1) 71.68 - -0.73 -
Bonds Extended Market
JPM EU Gov Bd A (acc)-EUR (1) F 11.91 - -0.02 -
JPM Gbl Conv (EUR) A (acc)-EUR (1) F 11.33 - -0.03 -
JPM Gbl Conv (EUR) A (dist)-EUR (1) F 9.82 - -0.02 -
(1) JPMorgan Funds
(2) JPMorgan Investment Funds
Jefferies Bache Limited (LUX)
9 Devonshire Square, London, EC2M 4HP Tel: +44 (0) 20 7548 4000
Regulated
Bache Global Series (BGS)
BGS Commodity Index -AI- (USD) $ 74.84 78.58 -0.45 0.00
BGS Commodity Index -AI- Ann. Distr. (USD) $ 92.69 97.32 -0.57 0.00
BGS Commodity Index -BI- Ann. Distr. (EUR) 104.42 104.42 0.28 0.00
Jefferies Umbrella Fund (LUX)
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626
FSA Recognised
Europe Convertible Bd A (Dis) - D - EUR F 11.34 - -0.04 1.57
Europe Convertible Bd B (Cap) 12.57 - -0.04 0.00
Global Convertible A (Dis) F $ 16.85 - -0.09 0.74
Global Convertible B (Cap) F $ 19.71 - -0.10 0.00
Global Convertible A Hdg GBP(Dis) F 10.94 - -0.04 0.71
Global Convertible B Hdg GBP (Cap) F 12.69 - -0.05 0.00
Global Convertible Hdg A (Cap) F $ 16.22 - -0.06 0.78
Global Convertible B Hdg (Dis) F $ 19.00 - -0.07 0.00
Global Convertible A Hdg EUR(Dis) F 13.50 - -0.05 0.72
Global Convertible B Hdg EUR (Cap) F 14.42 - -0.05 0.00
Global Convertible A Hdg CHF (Dis) FSFr 19.65 - -0.07 0.59
Global Convertible B Hdg CHF (Cap) FSFr 21.39 - -0.09 0.00
Jubilee Financial Products LLP
Other International Funds
Jubilee Emerging Europe Momentum Fund 99.81 - - -
Swiss & Global Asset Management (LUX)
funds@swissglobal-am.com, www.jbfundnet.com
Regulated
JB BF ABS-EUR/A 74.49 - -0.05 3.35
JB BF Absolute Ret Def-EUR/A 104.88 - -0.06 2.80
Fund Bid Offer D+/- Yield
JB BF Absolute Ret Def-GBP/A 104.43 - -0.07 2.67
JB BF Absolute Ret EM-CHF SFr 99.56 - -0.15 0.00
JB BF Absolute Ret EM-EUR/A 103.01 - -0.16 3.03
JB BF Absolute Ret EM-USD/A $ 101.12 - -0.15 2.79
JB BF Absolute Ret Pl-EUR/A 104.38 - -0.29 3.46
JB BF Absolute Ret Pl-GBP/A 110.17 - -0.30 3.23
JB BF Absolute Ret Pl-USD/A $ 110.32 - -0.30 2.82
JB BF Absolute Return GBP/A 106.86 - -0.20 2.60
JB BF Absolute Return-GBP/B 121.71 - -0.23 0.00
JB BF Absolute Return-EUR/A 101.77 - -0.20 2.83
JB BF Absolute Return-USD/A $ 103.85 - -0.20 2.72
JB BF Cred Opportunities-EUR/B 145.94 - -0.22 0.00
JB BF Credit Opportunities-USD $ 102.29 - -0.18 0.00
JB BF Dollar-USD/A $ 114.81 - 0.54 4.00
JB BF Dollar Med Term-USD/A $ 121.22 - 0.20 2.64
JB BF EM Infl Linked-CHF/A SFr 94.42 - -0.99 1.05
JB BF EM Infl Linked-EUR/A 95.25 - -0.99 1.04
JB BF EM Infl Linked-GBP/A 93.82 - -0.97 -
JB BF EM Infl Linked-USD/A $ 95.36 - -0.96 1.64
JB BF Emerging-EUR/A 128.00 - -0.48 4.49
JB BF Emerging-USD/A $ 147.45 - -0.52 4.84
JB BF Euro Government-EUR/A 105.10 - -0.17 4.19
JB BF Euro-EUR/A 120.43 - 0.10 4.34
JB BF Global Convert-EUR/A 63.98 - -0.14 1.38
JB BF Global High Yield-EUR/A 102.98 - -0.17 6.80
JB BF Global High Yield GBP/A 97.37 - -0.16 1.61
JB BF Global High Yield-USD/A $ 111.91 - -0.19 6.04
JB BF Inflation Linked-CHF/B SFr 104.25 - -0.49 0.00
JB BF Local Emerging-CHF/A SFr 94.51 - -1.48 1.47
JB BF Local Emerging-EUR/A 95.15 - -1.48 4.92
JB BF Local Emerging-GBP/A 106.20 - -1.60 3.72
JB BF Local Emerging-USD/A $ 127.52 - -1.88 4.59
JB BF Swiss Franc-CHF/B SFr 185.59 - 0.05 0.00
JB BF Total Return-CHF SFr 101.61 - -0.03 0.00
JB BF Total Return-EUR/A 44.95 - -0.01 3.76
JB Commodity-EUR/A 70.26 - -1.06 1.37
JB Commodity-EUR/B 81.05 - -1.23 0.00
JB Commodity-USD/A $ 79.62 - -1.16 1.27
JB Commodity-USD/B $ 91.88 - -1.34 0.00
JB EF Abs Ret Europe-EUR/A 110.84 - -0.07 0.09
JB EF Abs Ret Europe-EUR/B 110.86 - -0.08 0.00
JB EF Asia-USD/A $ 108.04 - -0.72 0.50
JB EF Biotech-USD/A $ 133.99 - -0.80 0.08
JB EF Black Sea-EUR/A 27.90 - 0.02 0.64
JB EF Black Sea-USD/A $ 25.87 - -0.28 0.32
JB EF Central Europe-EUR/A 172.71 - -1.01 0.39
JB EF Chindonesia-USD/A $ 78.26 - -0.79 0.13
JB EF Chindonesia-USD/B $ 78.34 - -0.79 0.00
JB EF Energy Transition-EUR/B 113.04 - -2.02 0.00
JB EF Energy Transition-USD/B $ 110.34 - -3.27 0.00
JB EF Euro Large Cap-EUR 88.50 - -1.74 0.00
JB EF Euroland Value-EUR/A 88.56 - -1.74 1.67
JB EF Europe Sel.Fd-EUR/A 50.65 - -0.68 0.56
JB EF Europe S&Mid Cap-EUR/A 100.99 - -1.49 0.27
JB EF Europe-EUR/A 154.93 - -2.04 1.19
JB EF Global-EUR/A 63.30 - -0.01 0.61
JB EF German Value-EUR/A 145.70 - -2.57 1.63
JB EF Gl Emerging Mkts-EUR/A 69.14 - -0.01 0.54
JB EF Health Opport - USD/A $ 113.26 - -1.00 0.08
JB EF Health Opport-USD/B $ 113.30 - -1.01 0.00
JB EF Japan-JPY/A 6995.00 - -47.00 0.24
JB EF Luxury Brands-EUR/A 158.58 - -2.47 0.36
JB EF Luxury Brands-USD/A $ 132.97 - -3.63 0.27
JB EF Luxury Brands-GBP/B 94.75 - -1.68 -
JB EF Special Val. EUR/A 95.64 - -0.48 1.57
JB EF Swiss S&Mid Cap-CHF/B SFr 362.65 - -4.95 0.00
JB EF US Leading-USD/A $ 275.20 - -3.35 0.27
JB EF US Value-USD/A $ 115.10 - -1.71 0.40
JB Ms Africa Opp.-EUR/B 94.30 - -1.87 -
JB Ms Global Sel. EUR/B 96.67 - -0.39 0.00
JB Strategy Balanced-CHF/B SFr 129.30 - -0.20 0.00
JB Strategy Balanced-EUR 128.91 - -0.19 0.00
JB Strategy Balanced-USD/B $ 110.91 - -0.55 0.00
JB Strategy Inc-CHF/B SFr 110.95 - -0.08 0.00
JB Strategy Inc-EUR/B 141.04 - -0.06 0.00
JB Strategy Inc-USD/B $ 132.33 - -0.37 0.00
JB Strategy Growth-CHF/B SFr 77.05 - -0.23 0.00
JB Strategy Growth-EUR 90.45 - -0.28 0.00
Kairos Investment Management Ltd (CYM)
Regulated
Kairos Equity E1 728334.93 - -682.66 0.00
Kairos Equity E2 (Est) 1076.88 - -27.55 0.00
Kairos Eurasian Fund A-EUR 54.41 - -0.65 0.00
Kairos Eurasian Fund B-USD $ 54.26 - -0.67 0.00
Kairos Fund Ltd A-EUR 252.99 - 1.11 -
Kairos Fund Ltd B-USD $ 134.02 - 0.54 0.00
Kairos Fund Ltd C-EUR 257.22 - 1.15 0.00
Kairos Fund Ltd D-USD $ 135.53 - 0.56 0.00
Kairos Low Volatility E1 486106.34 - 919.01 0.00
Kairos Low Volatility E2 496130.60 - 1161.97 0.00
Kairos Low Volatility D2 (Est) $ 1135.95 - -4.80 0.00
Kairos Medium Term Fund Ltd E1 529586.48 - 4579.36 0.00
Kairos Medium Term Ltd E2 (Est) 95.03 - -1.24 0.00
Kairos Multi Strategy E1 (Est) 1612.95 - -23.73 0.00
Kairos Multi Strategy E2 (Est) 1207.67 - -17.88 0.00
Kairos Multi Strategy D1 (Est) $ 1722.93 - -24.27 0.00
Kairos Multi Strategy D2 (Est) $ 1269.33 - -18.01 0.00
Kairos Opportunity E2 (Est) 146.11 - -0.41 0.00
Kairos Opportunity D2 (Est) 151.42 - -0.42 0.00
Kames Capital ICVC (UK)
3 Lochside Avenue, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Ethical Cautious Managed A Acc 1.12xd - 0.00 2.17
Ethical Cautious Managed A Inc 0.98xd - 0.00 2.20
Ethical Corporate Bond A Acc 1.62xd - 0.00 4.17
Ethical Corporate Bond A Inc 1.01xd - 0.00 4.16
Ethical Equity A Acc 1.03 - 0.01 1.18
High Yield Bond A Acc 0.95 - 0.00 6.40
High Yield Bond A Inc 0.51 - 0.00 6.41
Inflation Linked A Acc 1.24xd - 0.00 -
Investment Grade Bond A Acc 1.26xd - 0.00 4.04
Investment Grade Bond A Inc 1.00xd - 0.00 4.04
Sterling Corporate Bond A Acc 0.56xd - 0.00 4.54
Sterling Corporate Bond A Inc 0.27xd - 0.00 4.54
Strategic Assets A Acc 0.94xd - 0.00 1.42
Strategic Bond A Acc 1.54xd - 0.00 4.29
Strategic Bond A Inc 1.09xd - 0.00 4.29
UK Equity Absolute Return A Acc 1.09 - 0.00 -
UK Equity A Acc 1.63 - 0.01 0.77
UK Equity Income A Acc 1.37xd - 0.01 4.07
UK Equity Income A Inc 1.23xd - 0.01 4.18
MANAGED FUNDS SERVICE
Full fund performance data at
www.ft.com/funds
JUNE 1 2012 Section:Stats Time: 31/5/2012 - 19:06 User: sheehanr Page Name: UT5 EUR, Part,Page,Edition: EUR, 19, 1
20

FINANCIAL TIMES FRIDAY JUNE 1 2012
Fund Bid Offer D+/- Yield
UK Opportunities A Acc 1.11 - 0.01 0.76
UK Smaller Companies A Acc 1.52 - 0.01 0.33
Kames Capital VCIC (IRL)
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FSA Recognised
Absolute Return Bond B GBP Acc 10.19 - -0.01 -
High Yield Global Bond A GBP Inc 4.90 - -0.01 6.69
High Yield Global Bond B GBP Inc 10.17 - -0.02 7.18
Investment Grade Global Bd A GBP Inc 5.06 - 0.01 2.67
Strategic Global Bond A GBP Inc 10.21 - 0.00 3.13
Strategic Global Bond B GBP Inc 5.79 - 0.00 3.63
Key Asset Management
Other International Funds
Key Hedge (Est) $ 401.51 - -3.39 0.00
Key Europe Inc (Est) 167.43 - -3.02 0.00
Key Recovery (Est) $ 169.64 - 0.04 0.00
Key Global Inc (Est) $ 555.10 - -10.89 0.00
Key Trading (Est) $ 99.55 - 0.85 0.00
Kleinwort Benson (Channel Islands) Investment Management Limited (JER)
Regulated
Kleinwort Benson Global Funds Limited
Kleinwort Benson International Equity Growth 12.01 - 0.03 0.43
Sterling Currency 54.04 - 0.00 0.00
Euro Currency 33.61 - 0.00 0.00
US Dollar Currency $ 59.19 - -0.01 0.00
Sterling Income Bond 4.41 - 0.02 2.86
Euro Income Bond 11.61 - 0.08 2.51
International Bond 72.02 - 0.14 0.00
Bond & Equity 4.46 - 0.04 4.41
International Equity 51.71 - 0.30 0.00
All Weather Sterling 1.24 - 0.00 0.00
All Weather Euro 1.11 - 0.01 0.00
All Weather US Dollar $ 1.11 - 0.00 0.00
Sterling Conservative Strategy 10.32 - 0.01 0.00
Euro Conservative Strategy 10.03 - 0.02 0.00
US Dollar Conservative Strategy $ 9.94 - -0.01 0.00
Sterling Dynamic Strategy 10.91 - 0.07 0.00
Euro Dynamic Strategy 9.25 - 0.08 0.00
US Dollar Dynamic Strategy $ 9.80 - 0.08 0.00
Sterling Progressive Strategy 11.21 - 0.06 0.00
Euro Progressive Strategy 9.60 - 0.04 0.00
US Dollar Progressive Strategy $ 9.97 - 0.02 0.00
Trojan 10.82 - 0.00 0.00
Kleinwort Benson (CI) Fd Svcs Ltd (GSY)
Regulated
Kleinwort Benson Elite PCC Ltd Range
Elite Multi-Asset Growth Fund A Income Shares 1.01 1.01 -0.01 0.00
Elite Multi-Asset Growth Fund A Reinvest Shares 1.01 1.01 -0.01 0.00
Elite Multi-Asset Growth Fund C Shares 1.01 1.01 -0.09 0.00
Elite Multi-Asset Conservative Fund A Income Shares 1.03 1.03 0.00 0.00
Elite Multi-Asset Conservative Fund A Reinvest Shares 1.03 1.03 0.00 1.47
Elite Multi-Asset Conservative Fund B Shares 1.01 1.01 0.00 1.50
Elite Multi Asset Balanced Fund C Inst Shares 1.24 1.24 0.00 -
Elite Multi-Asset Balanced Fund A Income Shares 1.22 1.22 0.00 0.00
Elite Multi-Asset Balanced Fund A Reinvest Shares 1.22 1.22 0.00 0.00
Elite Multi-Asset Balanced Fund B Shares 1.18 1.18 0.00 0.00
Elite Multi Asset Conservative Fund C Inst Shares 1.05 1.05 0.00 -
Elite Multi-Asset Balanced USD Fund A Income Shares $ 1.02 1.02 -0.01 0.00
Elite Multi-Asset Balanced USD Fund B Shares (Susp) $ 1.03 1.03 0.14 -
Elite Sterling Income Fund 11.37xd 11.42 0.08 3.83
Lansdowne Partners Limited Partnership
Other International Funds
Lansdowne European Equity Fund Ltd
A Class EUR 167.46 - -5.01 0.00
A Class USD $ 165.84 - -4.61 0.00
B Class USD Ser 1 $ 172.90 - -4.72 0.00
B Class EUR Ser 1 162.43 - -4.75 0.00
Lansdowne UK Equity Fund Ltd
UK Equity EUR 377.78 - 0.49 0.00
UK Equity GBP 424.48 - 0.40 0.00
UK Equity USD $ 375.87 - 0.37 0.00
Lansdowne Global Financials Fund Ltd
EUR Restricted 218.14 - -13.67 0.00
EUR Non-Restricted 226.04 - -14.16 0.00
USD Restricted $ 227.63 - -13.91 0.00
USD Non-Restricted $ 236.59 - -14.45 0.00
GBP Restricted 232.70 - -14.09 0.00
GBP Non-Restricted 243.85 - -14.76 0.00
Lansdowne European Long Only Feeder Fund Limited
USD Absolute Class $ 86.10 - -3.68 -
GBP Absolute Class Series 101 90.22 - -9.64 0.00
EUR Absolute Class 162.47 - - -
USD Relative Class $ 94.54 - -4.26 0.00
GBP Relative Class 94.60 - -4.26 0.00
EUR Relative Class 93.37 - -4.32 0.00
Lansdowne Global Long Only Fund Limited
CHF Relative Class SFr 82.65 - -3.54 0.00
EUR Absolute Class 84.21 - -3.26 0.00
EUR Relative Class 84.31 - -3.44 0.00
GBP Absolute Class Series 1 87.39 - -3.34 -
GBP Relative Class 84.69 - -3.42 0.00
USD Absolute Class Series 1 $ 87.73 - -3.31 -
USD Relative Class $ 86.73 - -3.45 0.00
Euro Long Only Feeder Absolute Legacy Shares Euro Series 1 166.00 - -7.27 0.00
Euro Long Only Feeder Absolute Legacy Shares GBP Sreies 1 176.93 - -7.56 0.00
Euro Long Only Feeder Absolute Legacy Shares USD Series 1 $ 174.29 - -7.46 0.00
Lazard Fund Managers (Ireland) Ltd (IRL)
IDA Business Park, Drinagh, Wexford Town, Co Wexford, Ireland 353 53 91 49888
FSA Recognised
Lazard Global Active Fund Plc
Emerging World Fund Inst Acc F $ 23.44 - 0.05 0.00
Global Controlled Volatility Fund USD Inst Acc $ 101.49 - -0.96 -
Global Fixed Income Inst Acc $ 136.92 - -0.27 0.00
Global Fixed Income Retail Dist $ 137.64 - -0.27 2.38
Global Trend USD Inst Acc $ 101.81 - -1.99 -
Lazard Classic Value Equity Fund US$ Inst Acc F $ 8.90 - -0.03 0.00
Lazard Developing Markets Equity Institutional Euro Dist. F 9.01 - 0.02 0.50
Lazard Developing Markets Equity Institutional Sterling Acc 9.25 - -0.02 -
Lazard Developing Markets Equity Institutional US$ Acc F $ 10.99 - -0.25 0.00
Lazard Developing Markets Equity Institutional US$ Dist. F $ 11.00 - -0.26 0.00
Lazard Emerging World F $ 23.02 - 0.05 0.00
Lazard European Equity F 1.61 - -0.01 1.37
Lazard European Equity Fund US$ Inst Acc F $ 0.76 - -0.01 0.00
Lazard Global Classic Value Equity Institutional F $ 8.78 - -0.03 1.71
Lazard Global Classic Value Equity Institutional Stg Acc F 1027.70 - 2.36 -
Lazard Japanese Equity F 49.40 - -0.36 0.78
Lazard Japanese Equity Inst. JPY Inc F 50.50 - -0.36 0.00
Lazard Japanese Equity X JPY Acc F 51.55 - -0.36 0.00
Lazard Japanese Equity Fund US$ Inst Acc F $ 9.08 - -0.04 0.00
Lazard North American Equity F $ 1.35 - -0.02 0.00
Lazard Pan European F 0.93 - 0.00 1.19
Lazard Thematic Global Ex-Japan X NAV $ 150.92 - -1.10 0.67
Fund Bid Offer D+/- Yield
Lazard Thematic Global Fund US$ Inst Acc F $ 134.46 - -0.47 0.00
Lazard UK Equity F 169.98 - 1.75 1.82
Sterling High Quality Bd F 11543.71 - 19.73 2.73
Sterling High Quality Bd Instl 11607.97 - 3.70 3.42
Thematic Global Fund Institutional Class $ 135.79 - -0.48 1.03
Thematic Global Fund Institutional Sterling Class F 8706.52 - 21.15 1.06
Lazard Global Portfolio Funds
Lazard Global Listed Infrastructure Sterling Fund F 78.69 - -0.49 1.74
Lazard Global Investment Funds
Emerging Markets Allocation US$ inst Acc $ 105.16 - -1.09 -
Emerging Markets Bond Fund Euro Hedged Inst Acc F 105.94 - -0.04 0.00
Emerging Markets Bond Fund USD Inst Acc F $ 106.08 - -0.04 0.00
Emerging Markets Equity Fund EUR Inst Inc 91.50 - -0.32 -
Emerging Markets Local Debt Fund Euro Hedged Inst Acc F 96.39 - -1.28 0.00
Emerging Markets Local Debt Fund USD Inst Acc F $ 97.40 - -1.27 0.00
Emerging Markets Local Debt GBP HEDG INST DIST F 102.65 - -1.36 -
Emerging Markets Total Return Debt Fund Euro Hedged Inst Acc F 102.46 - -0.20 0.00
Emerging Markets Total Return Debt Fund USD Inst Acc F $ 102.71 - -0.19 0.00
Emerging Markets Total Return debt Euro Hdgd Inst Acc B Cls F 101.71 - -0.22 0.00
Emerging Markets Total Return debt Euro Hedged Retail Acc F 100.33 - -0.21 -
Emerging Markets Total Return debt STG HDG INST ACC F 100.92 - -0.20 -
Emerging Markets Total Return debt Inst Acc B USD $ 100.57 - -0.19 -
Legg Mason Dublin Funds (IRL)
Rochestown, Drinagh, Wexford, Ireland
FSA Recognised
Legg Mason Global Funds PLC
Equity Funds
BFM Asia Pacific Equity A dis(A) $ 177.13 - -4.01 0.63
BMF Emerging Markets Eq Pr dis(A) $ 76.30 - -1.82 0.77
BFM European Equity A dis(A) 104.71 - -1.89 1.92
BFM Intl Large Cap A dis(A) $ 57.11 - -1.41 1.70
BW Global Opp.Fixed Inc A dis (M) $ 111.18 - -0.72 2.08
CBA US Aggressive Growth A dis(A) $ 99.29 - -1.59 0.00
CBA US Appreciation A dis(A) $ 101.49 - -1.25 0.00
CBA US Fundamental Value A dis(A) $ 80.07 - -1.65 0.07
CBA US Large Cap Growth A dis(A) $ 102.81 - -1.44 0.00
LM Batterymarch Gbl Equity Fd $ 89.32 - -1.86 0.27
GC Global Equity A dis(A) $ 78.77 - -1.63 0.21
LM CM Growth A dis(A) $ 80.38 - -1.20 0.00
LM CM Opportunity A dis(A) $ 160.61 - -3.21 0.00
LM CM Value A dis(A) $ 106.83 - -1.61 0.00
LM Permal Gl Absolute A dis(A) $ 98.70 - -0.32 0.00
LMHK China Fund A dis $ 86.21 - -2.21 0.39
Legg Mason PCM US Equity Fund A Acc. USD $ 92.42 - -1.91 -
Royce Europ. Smaller Companies A acc 112.76 - -1.53 0.88
Royce Global Smaller Companies A dis $ 107.15 - -2.31 0.00
Royce Smaller Companies A dis(A) $ 171.40 - -3.15 0.00
Royce US Small Cap Opp A dis(A) $ 278.11 - -6.39 0.00
Fixed Income Funds
BW Global Fixed Inc A dis(S) $ 128.68 - -0.50 1.85
WA Asian Opportunities A dis(D) $ 115.80 - -0.53 2.39
WA Brazil Equity A dis(A) $ 65.80 - -2.06 2.63
WA Div Strategic Income A dis(D) $ 91.95 - 0.22 3.52
WA Emerging Markets Bd A dis(D) $ 117.09 - -0.56 4.57
WA Euro Core Plus Bd A dis(D) 91.31 - 0.07 1.67
WA Euro High Yield A dis (D) 92.43 - -0.22 7.62
WA Gl Blue Chip Bd A dis(M) $ 106.04 - 0.13 1.60
WA Gl Core Plus Bd A dis(D) $ 103.63 - 0.10 2.44
WA Gl Credit Abs Ret Fd A dis $ 101.68 - 0.21 0.00
WA Gl Credit Cl.A dis (D) $ 103.15 - 0.33 1.96
WA Global High Yield A dis(D) $ 81.35 - -0.22 6.94
WA Global Inf-Linked A dis(D) $ 107.48 - 0.14 1.86
WA Gl Multi Strategy A dis(D) $ 122.03 - -0.04 3.77
WA Inflation Mgmt A dis(A) $ 118.44 - 0.56 1.48
WA UK Core Plus Bond A dis (D) 107.21 - 0.80 2.32
WA UK Infl-Linked Plus A dis (D) 119.22 - 0.13 1.41
WA UK Long Duration A dis (D) 110.58 - 0.93 2.11
WA US Adjustable Rate A cap $ 97.93 - 0.04 0.00
WA US Core Bond A dis(D) $ 98.89 - 0.26 1.84
WA US Core Plus Bond A dis(D) $ 108.73 - 0.23 1.65
WA US High Yield A dis(D) $ 81.53 - -0.16 6.73
WA US Short Term Govt A dis(D) $ 101.80 - 0.08 1.04
Money Market Funds
WA US Money Market A dis(D) $ 1.00 - 0.00 0.03
Legg Mason Luxembourg Funds (LUX)
145 Rue du Kiem, L-8030 Strassen
FSA Recognised
Other classes available: Class C, Class I
Equity Funds
LM Emerg. Markets Eq A Ord $ 274.18 - -4.77 0.00
LM Eurold Eq.A Euro Cap 85.02 - -1.56 0.00
Money Funds
LM Eurold Cash A Euro Cap 135.70 - 0.00 0.00
Asset Allocation Funds
LM M-Man.Bal A Cap Euro 119.02 - -0.35 0.00
LM M-Man.Bal A Cap USD $ 113.02 - -0.57 0.00
LM M-Man Cons A Cap Euro 117.10 - -0.25 0.00
LM M-Man Cons A Cap USD $ 119.75 - -0.18 0.00
LM M-Man Perf A Cap Euro 119.73 - -0.53 0.00
LM M-Man Perf A Cap USD $ 110.57 - -0.85 0.00
Legg Mason UK Funds (1200)F (UK)
PO Box 10649, Chelmsford, CM99 2BD
Dealing & Enquiries: 0844 620 0013
www.leggmason.co.uk
Authorised Inv Funds
Equity Funds
US Equity Income A Inc 107.40 - -0.60 -
Liongate Capital Management (CYM)
www.liongate.com
Regulated
Liongate Multi-Strategy Fund
Class A1 $ 1770.74 - -0.10 -
Class B1 1720.91 - 0.07 0.00
Class C1 1790.90 - -0.10 -
Class D1 120800.84 - -34.81 0.00
Class E1 SFr 1596.58 - -0.64 0.00
Class F1 SKr 965.54 - -0.10 0.00
Liongate Commodities Fund
Class A $ 1041.12 - 0.64 -
Class B 1009.23 - 0.42 0.00
Class C 970.28 - 0.81 0.00
Lloyd George Management
Other International Funds
LG Antenna Fd Ltd $ 57.42 - -0.23 0.00
LG Asian Plus Ltd $ 55.63 - 0.37 0.00
LG Asian Smaller Cos $ 92.69 - -1.87 0.00
LG India Fd Ltd $ 45.69 - -1.22 0.00
Lloyds TSB Offshore Fd Mgrs (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
FSA Recognised
Lloydstrust Gilt 12.7000 - 0.0100 1.81
Lloyds TSB Offshore Funds Ltd
Capital Growth 1.7000 - -0.0020 0.51
Euro High Income 1.5470 - 0.0010 5.06
European 5.7460 - -0.0160 0.06
High Income 0.8302 - 0.0009 6.22
International 3.2640 - -0.0310 0.00
Fund Bid Offer D+/- Yield
North American 11.1100 - -0.1400 0.00
Sterling Bond 1.3520 - 0.0020 4.72
UK 5.6910 - 0.0160 0.77
Lloyds TSB Offshore Gilt Fund Ltd
Lloyds TSB Gilt Fund Quarterly Share 1.3090 - 0.0000 3.11
Monthly Share 1.2630 - 0.0000 3.22
Lloyds TSB Money Fund Ltd
Australian Dollar A$ 165.4010 - 0.0130 -
Euro 53.0620 - 0.0000 -
New Zealand Dollar NZ$ 200.1320 - 0.0080 -
Sterling Class 52.3730 - 0.0010 -
US Dollar Class $ 60.8940 - 0.0000 -
Lloyds TSB Offshore Multi Strategy Fund Ltd
Conservative Strategy 1.0520 - 0.0010 3.23
Growth Strategy 1.1990 - -0.0070 1.58
Aggressive Strategy 1.2370 - -0.0120 0.00
Global USD Growth Strategy $ 0.9618 - -0.0167 0.00
Dealing Daily
Lombard Odier Darier Hentsch (LUX)
Queensberry House 3 Old Burlington Street London W1S 3AB
FSA Recognised
Lombard Odier Funds
1798 Europe Eq. L/S CHF C A SFr 10.38 - 0.06 -
1798 Europe Eq. L/S EUR C A 10.43 - 0.06 -
1798 Europe Eq. L/S USD C A $ 10.40 - 0.06 -
1798 Optimum Trend (EUR) P A 11.95 - 0.05 0.00
1798 Optimum Trend (USD) P A $ 11.49 - 0.05 0.00
All Roads (CHF) PA SFr 15.78 - 0.04 -
All Roads (USD) PA $ 9.85 - 0.03 -
All Roads (GBP) PA 9.98 - 0.03 -
All Roads (EUR) PA 10.02 - 0.03 -
Alpha Japan (EUR) P A F 6.08 - -0.03 -
Alpha Japan (CHF) P A F SFr 7.71 - -0.04 0.00
Alpha Japan (JPY) P A F 703.00 - -3.00 0.00
Alpha Japan (USD) P A F $ 8.63 - -0.04 -
Alternative Beta P A F SFr 113.59 - -0.69 0.00
Alternative Beta P A F 75.65 - -0.45 0.00
Alternative Beta P A F $ 112.01 - -0.67 0.00
BBB-BB Bond CHF F SFr 13.54 - 0.00 0.00
BBB-BB Bond EUR P 10.54 - 0.00 0.00
BBB-BB Bond GBP F 9.21 - 0.00 0.00
BBB-BB Bond USD F $ 14.93 - 0.00 0.00
Clean Tech P A F 5.40 - -0.02 0.00
Commodities (CHF) P A SFr 7.98 - -0.08 -
Commodities (EUR) P A 8.00 - -0.08 -
Commodities (USD) P A $ 8.08 - -0.08 -
Convertible Bd P A 13.62 - -0.05 0.00
Convertible Bd Asia P A F SFr 12.52 - -0.01 0.00
Convertible Bd Asia P A F 13.20 - -0.01 0.00
Convertible Bd Asia P A F $ 13.16 - -0.01 0.00
Emerging Consumer (CHF) P A SFr 10.87 - 0.00 -
Emerging Consumer (EUR) P A 11.00 - 0.00 -
Emerging Consumer (USD) P A $ 10.77 - -0.02 -
Emerging Eq.Risk Par.(EUR) 7.78 - -0.02 0.00
Emerging Eq. Risk Par.(USD) $ 6.73 - -0.10 0.00
Emerging Market Bd P A $ 21.14 - -0.03 0.00
Emerging Loc.Curr.&Bds. P Dyn.Hdg FSFr 9.34 - 0.07 -
Emerging Loc.Curr.&Bds. P A F SFr 10.18 - 0.08 0.00
Emerging Loc.Curr.&Bds. P A F 12.20 - 0.10 0.00
Emerging Loc.Curr.&Bds. P A F $ 10.50 - -0.03 0.00
Euro Credit Bd PA F 11.29 - 0.02 0.00
Euro Government Bd PA F 11.05 - 0.03 0.00
Euro Inflation-Linked Bd PA F 11.21 - 0.00 0.00
Euro Resp.Corp.Bd. PA 16.46 - 0.02 0.00
Europe High Conviction PA 6.93 - -0.10 0.00
Eurozone Small&Mid Caps F 31.91 - -0.55 0.00
Generation Global (CHF) P A F SFr 8.27 - -0.09 0.00
Generation Global (EUR) P A F 11.36 - -0.12 0.00
Generation Global (USD) P A F $ 9.58 - -0.21 0.00
Global Energy (USD) P A F $ 8.93 - -0.31 0.00
Golden Age (CHF) P A F SFr 13.64 - -0.13 0.00
Golden Age (EUR) P A 9.21 - -0.09 0.00
Golden Age (USD) P A F $ 12.72 - -0.17 0.00
Government Bd (USD) P A $ 20.34 - 0.12 0.00
Invst.Gde A-BBB (CHF) P A SFr 12.43 - -0.01 0.00
Japan Small & Mid Caps P A 1508.00 - -7.00 0.00
Money Market (EUR) P A 112.23 - 0.00 0.00
Money Market (GBP) P A F 10.20 - 0.00 0.00
Money Market (USD) P A F $ 10.28 - 0.00 0.00
Neuberger B.US Core(USD)P A $ 9.10 - -0.18 0.00
Sands US Growth (USD) PA $ 10.76 - -0.18 -
Selective Gbl P A 169.02 - 2.07 0.00
Tactical Alpha (CHF)P A SFr 9.67 - 0.02 0.00
Tactical Alpha (EUR)P A 9.84 - 0.02 0.00
Tactical Alpha (USD)P A $ 14.06 - 0.02 0.00
Technology P A 9.84 - -0.10 0.00
Technology P A $ 14.85 - -0.19 0.00
Total Return Bond (EUR) P A 12.11 - 0.01 0.00
Total Return Bond (USD) P A $ 17.69 - 0.02 0.00
William Blair Gbl Gth P A F $ 9.55 - -0.17 0.00
William Blair Gbl Gth P A F 10.33 - -0.06 0.00
Wld Gold Expertise P A F SFr 24.94 - 0.03 0.00
Wld Gold Expertise P A 19.40 - 0.02 0.00
Wld Gold Expertise P A $ 24.43 - -0.10 0.00
Lombard Odier Funds II
Balanced (EUR) P A F 105.02 - -0.19 0.00
Conservative (EUR) P A F 103.69 - -0.02 0.00
LO Selection
Balanced (CHF) P A F SFr 98.27 - -0.27 0.00
Balanced (EUR) P A F 106.47 - -0.24 0.00
Conservative (CHF) P A F SFr 99.61 - -0.13 0.00
Conservative (EUR) P A F 104.47 - -0.03 0.00
Conservative (USD) P A F $ 98.31 - -0.34 0.00
Global Allocation (GBP) P A F 8.34 - 0.00 0.00
Growth (CHF) P A F SFr 96.75 - -0.54 0.00
Growth (EUR) P A F 107.80 - -0.59 0.00
M & G Securities Ltd (UK)
Property & Other UK Unit Trusts
M&G Property Portfolio A Acc 0.80 0.84 0.00 3.13
M & G (Guernsey) Ltd (GSY)
Regulated
The M&G Offshore Fund Range
American Fund 107.18 111.64 -0.71 -
Corporate Bond 1210.72xd 1248.16 3.00 3.67
Global Basics 2189.48 2280.71 -0.85 0.09
Global Leaders 2539.58 2645.40 -17.02 1.52
High Yield Corporate Bond 911.31xd 939.49 -2.16 5.88
Macro Episode Fund Limited 95.81 99.81 -0.42 -
Optimal Income Fund 124.38xd 129.57 -0.01 4.20
Recovery Fund Limited 'A' Participating Shares 98.10 102.19 0.43 0.63
Recovery Fund Limited 'I' Participating Shares 98.39 102.49 0.44 1.45
Strategic Corporate Bond Fund 121.89 126.97 0.27 3.62
UK Growth 1117.88 1164.46 1.49 1.94
UK Select Fund 863.52 899.50 6.95 1.48
Other International Funds
M&G Property Fund - Retail 6.56 6.91 -0.02 4.53
M&G Property Fund A Inc 6.56 6.56 -0.02 5.07
Fund Bid Offer D+/- Yield
MFS Meridian Funds SICAV (LUX)
Regulated
Absolute Return A1 18.05 - 0.05 0.00
Asia ex-Japan A1 $ 20.20 - -0.44 0.00
China Equity Fd A1 $ 8.08 - -0.18 0.00
Continental European Eqty A1 10.53 - -0.15 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 13.29 - -0.16 0.00
Emerging Markets Debt A1 $ 29.88 - -0.04 0.00
Emerging Markets Eq.A1 $ 11.55 - -0.22 0.00
European Core Eq A1 18.22 - -0.30 0.00
European Res.A1 19.08 - -0.26 0.00
European Smaller Companies A1 27.25 - -0.24 0.00
European Value A1 20.95 - -0.23 0.00
Global Bond A1 $ 11.06 - -0.02 0.00
Global Conc.A1 $ 22.85 - -0.42 0.00
Global Energy Fund A1 $ 13.26 - -0.40 0.00
Global Equity A1 $ 29.81 - -0.60 0.00
Global Equity A1 15.25 - -0.26 0.00
Global Multi-Asset A1 $ 14.12 - -0.12 0.00
Global Res.A1 $ 18.45 - -0.35 0.00
Global Total Return A1 12.49 - -0.10 0.00
High Yield A1 $ 21.37 - -0.04 0.00
High Yield Fund A1 12.53 - 0.02 -
Inflation-Adjusted Bond A1 $ 15.05 - 0.08 0.00
Japan Equity A1 $ 7.26 - -0.09 0.00
Latin American Equity Fd A1 $ 19.17 - -0.36 0.00
Limited Maturity A1 $ 13.83 - 0.00 0.00
Prudent Wealth Fd A1 $ 11.22 - -0.11 0.00
Research Bond A1 $ 15.50 - 0.05 0.00
UK Equity A1 5.88 - -0.09 0.00
US Conc.Growth A1 $ 10.19 - -0.18 0.00
US Government Bond A1 $ 16.75 - 0.05 0.00
Value A1 $ 13.93 - -0.23 0.00
MMIP Investment Management Limited (GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited
European Equity Fd Cl A Initial Ser 1630.46 1636.81 -20.06 0.00
Japanese Equity Fd Cl A Initial Ser 181129.00 182180.00 -7997.00 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 926.95 929.72 -10.23 0.00
Pacific Basin Fd Cl A Initial Ser $ 2277.25 2303.78 20.06 0.00
UK Equity Fd Cl A Series 01 1426.31 1443.09 -23.77 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1505.92 - 2.70 0.00
Diversified Absolute Return Stlg Cell AF2 1519.12 - 3.01 0.00
MAM Funds (IRL)
Regulated
Miton Global Diversified Income A 99.30 - -0.20 -
Man Investments
Other International Funds
Man AHL Alpha USD Shares $ 783.60 - 5.41 0.00
Man AHL Diversified Plc $ 89.96 - 0.83 0.00
Mangart Global Fund Ltd (CYM)
Regulated
B Shares EUR Nav (Final) 134.61 - -2.84 0.00
B Shares USD Nav (Final) $ 134.61 - -2.84 0.00
Manulife Global Fund (LUX)
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
www.manulife.com.hk
FSA Recognised
American Growth Fund A $ 17.79 - -0.19 0.00
Asia Total Return Fund (Class AA) F $ 0.96 - 0.00 -
Asia Value Dividend Equity Fund AA F $ 1.17 - 0.00 1.29
American Growth Fund AA F $ 1.02 - -0.01 0.00
Asian Equity Fund A $ 2.35 - -0.01 0.52
Asian Equity Fund AA F $ 0.76 - 0.00 0.18
Asian Small Cap Equity Fund AA F $ 1.42 - 0.00 0.26
China Value Fund A $ 6.40 - -0.03 0.30
China Value Fund AA F $ 2.01 - -0.01 0.04
Dragon Growth Fund A $ 1.35 - -0.01 0.54
Dragon Growth Fund AA F HK$ 6.56 - -0.05 0.04
Emerging Eastern Europe Fund AA F $ 1.60 - -0.02 0.05
Emerging Eastern Europe Fund A $ 3.74 - -0.04 0.17
Emerging Markets Infrastructure Fund Class AA $ 0.89 - 0.00 -
European Growth Fund A $ 7.54 - -0.09 1.10
European Growth Fund AA F $ 0.54 - -0.01 0.71
Global Contrarian Fund AA F $ 0.80 - -0.01 0.00
Global Property Fund AA F $ 0.78 - -0.01 0.40
Global Resources Fund AA F $ 0.91 - -0.01 0.00
Healthcare Fund AA F $ 1.06 - -0.01 0.00
India Equity Fund AA F $ 0.85 - 0.00 0.00
International Growth Fund A $ 3.04 - -0.03 0.00
International Growth Fund AA F $ 0.70 - -0.01 0.00
Japanese Growth Fund A $ 2.44 - -0.01 0.00
Japanese Growth Fund AA F $ 0.63 - 0.00 0.04
Latin America Equity Fund AA F $ 1.05 - -0.01 0.69
Russia Equity Fund AA F $ 0.53 - -0.01 0.00
Strategic Income AA F $ 1.12 - 0.00 3.89
Taiwan Equity Fund AA F $ 1.20 - 0.00 0.62
Turkey Equity Fund AA F $ 0.73 - -0.01 0.28
US Bond Fund AA F $ 1.24 - 0.00 3.49
U.S. Special Opportunities Fund AA F $ 0.84 - 0.00 5.62
US Small Cap Equity Fund AA F $ 0.83 - -0.02 0.00
US Treasury Inflation-Protected Securities Fund AA F $ 1.38 - 0.01 0.77
Marfin Capital Partners Limited (IOM)
12 Hay Hill London W1J 8NR 0207 054 9257
Regulated
Marfin Diversified Strategy Fund - USD A $ 76.93 - 0.00 0.00
Marfin Diversified Strategy Fund - Euro A 72.42 - 0.00 0.00
Marfin Diversified Strategy Fund - Euro B 76.81 - 2.64 -
Marlborough International Management Limited(GSY)
First Floor, Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FSA Recognised
Marlborough North American Fund Ltd 20.42 20.63 0.15 0.00
Marlborough Tiger Fund Ltd F 24.70 24.95 -0.17 0.00
Marwyn Investment Management LLP (CYM)
Regulated
Marwyn Value Investors 309.73 - 4.92 -
Meditor Group Limited (BMU)
Regulated
European Hedge Fd (B) (Est) $ 558.69 - 2.68 0.00
European Hedge Fd (C) (Est) $ 284.39 - 1.44 0.00
Melchior Hedge Funds (CYM)
Regulated
Melchior European Fund Ltd EUR Class 152.56 - 0.33 -
Meridian Fund Managers Ltd
Other International Funds
Global Gold & Resources Fund $ 496.31 - -36.59 -
Global Energy & Resources Fund $ 103.86 - -3.74 -
Metage Capital
Other International Funds
MGS $ 208.28 - -1.36 -
MEMO $ 472.76 - -8.35 0.00
MEMV $ 106.95 - -2.71 -
Mirabaud Gestion AM (FRA)
Regulated
Mirabaud Euro Actions 111.53 - -2.16 0.00
Mirabaud France Actions 123.01 - -2.50 0.00
Fund Bid Offer D+/- Yield
MitonOptimal Offshore (GSY)
www.MitonOptimal.com
Regulated
Core Diversified Fund (USD) $ 106.31 - -0.33 0.00
Core Diversified Fund (EUR) 90.29 - -0.32 0.00
Core Diversified Fund (GBP) 98.16 - -0.32 0.00
Managed Flexible US$ Fund $ 97.66 - -0.23 0.00
Offshore Global (GBP) 88.91 - 0.55 0.00
Offshore Global (USD) $ 83.28 - 0.46 0.00
Offshore Special Situations (GBP) 133.17 - 0.40 0.00
Offshore Special Situations (USD) $ 123.30 - 0.34 0.00
Offshore Special Situations (EUR) 103.69 - 0.26 0.00
Offshore Special Situations (YEN) 11044.53 - 24.99 0.00
Morant Wright Management Ltd (CYM)
Regulated
MW Japan Fd Ltd A $ 18.89 - 1.28 0.00
MW Japan Fd Ltd B $ 17.30 - -0.75 0.00
Morgan Stanley Investment Funds (LUX)
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FSA Recognised
US Advantage A F $ 34.89 - -0.33 0.00
Absolute Return Currency A F 25.65 - 0.25 0.00
Asian Equity A F $ 36.85 - -0.54 0.00
Asian Property A F $ 14.21 - -0.23 0.00
Asian Property AX F 8.70 - -0.09 1.30
Diversified Alpha Plus A F 27.91 - -0.21 0.00
Emerg Europ, Mid-East & Africa Eq A F 52.57 - -0.70 0.00
Emerging Markets Debt A F $ 72.67 - -0.02 0.00
Emerging Markets Domestic Debt AX F 15.28 - -0.05 5.58
Emerging Markets Equity A F $ 32.71 - -0.55 0.00
Euro Bond A F 13.22 - 0.01 0.00
Euro Corporate Bond AX F 20.79 - -0.07 4.71
Euro Liquidity A F 12.88 - 0.00 0.00
Euro Strategic Bond A F 35.79 - 0.01 0.00
European Currencies High Yield Bd A F 16.13 - -0.04 0.00
European Equity Alpha A F 28.54 - -0.34 0.00
European Property A F 19.10 - -0.18 0.00
European Small Cap Value A F 35.11 - -0.33 0.00
Eurozone Equity Alpha A F 6.61 - -0.10 0.00
Global Bond A F $ 38.35 - 0.07 0.00
Global Brands A F $ 68.64 - -0.81 0.00
Global Convertible Bond A F $ 33.88 - -0.06 0.00
Global Property A F $ 19.94 - -0.31 0.00
Indian Equity A F $ 20.59 - -0.47 0.00
Latin American Equity A F $ 58.46 - -1.62 0.00
Short Maturity Euro Bond A F 19.50 - -0.02 0.00
US Dollar Liquidity A F $ 13.03 - 0.00 0.00
US Growth A F $ 38.75 - -0.50 0.00
US Growth AH F 27.10 - -0.35 0.00
US Growth AX F 24.91 - -0.14 0.00
US Property A F $ 51.31 - -0.29 0.00
US Property AX F 30.07 - 0.04 0.41
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Phaeton Intl (BVI) Ltd (Est) $ 385.77 - -5.49 0.00
Natixis International Funds (Lux) I SICAV (LUX)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FSA Recognised
Absolute Asia AM Pac Rim Eq Fd IA $ 80.50 80.50 -0.56 0.00
ASG Laser Fund I/A (USD) H $ 1100.56 1100.56 -7.79 0.00
Harris Associates Global Value Fund H 154.91 154.91 -1.46 0.00
Harris Associates US Large Cap Value Fund $ 143.67 143.67 -2.63 0.00
Loomis Sayles Emerging Debt & Currencies Fund IA $ 146.22 146.22 -1.99 0.00
Loomis Sayles Global Credit Fund I/A (USD) H $ 134.07 134.07 -0.09 0.00
Loomis Sayles US Large Cap Value $ 101.60 101.60 -0.23 0.00
Vaughan Nelson US Small Cap Val Fund IA $ 178.72 178.72 -3.30 0.00
Natixis International Funds (Dublin) I plc (IRL)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated
Loomis Sayles Global Opportunist Bond Fund H-S/D GBP 10.44 10.44 -0.03 6.17
Loomis Sayles Multisector Inc Fd I USD $ 12.83 12.83 -0.02 5.85
Loomis Sayles Inst High Inc Fd I USD $ 7.99 7.99 -0.02 10.27
Loomis Sayles Global Opportunist Bond Fd I USD $ 13.64 13.64 -0.03 6.60
Natwest (IRL)
Guild Hse PO Box 4935 Guild St, IFSC, Dublin 1
00353 1 642 8400
FSA Recognised
Series 10
Absolute Rtn Multi Asset Prog SER 10 GBP F 9.76 - -0.05 -
Nemesis Fund Plc (IRL)
Regulated
Nemesis Credit Opportunities Advisor EUR Acc 109.48 - -0.43 0.00
Nemesis European Value EUR Advisor Acc 162.00 - -1.91 0.00
Nemesis Global Value Fund 91.73 - -2.12 0.00
Nemesis Inflation Advisor EUR Acc 101.35 - -0.03 0.00
Nemesis USA Value USD Advisor Acc $ 95.46 - -2.11 0.00
Nevsky Capital LLP (IRL)
51 Berkeley Square, London W1J 5BB +44 (0)20 7360 8888
FSA Recognised
Traditional Funds Plc
Eastern European $ 67.85 - -1.44 0.00
Nevsky Capital LLP
Other International Funds
Nevsky Fund Plc EUR Acc 1190.16 - -11.74 0.00
Nevsky Fund Plc GBP Acc 1195.31 - -11.04 0.00
Nevsky Fund Plc USD Acc $ 1203.69 - -11.51 0.00
New Capital Fund Management Ltd (IRL)
Leconfield House, Curzon Street, London, W1J 5JB
FSA Recognised
New Capital UCITS Funds
Asia Pacific Equity Fund USD Class A $ 93.06 - -1.00 2.33
Asia Pacific Equity Fund EUR Class B 91.30 - -1.07 2.48
Asia Pacific Equity Fund GBP Class C 92.30 - -1.02 2.44
Asia Pacific Equity Fund CNY USD Hedged Class F $ 95.14 - -1.23 2.33
Asia Pacific Equity Inc D Class D SFr - - - -
Asia Pacific Equity Inc USD I Class D $ 104.07 - -1.11 -
Asia Pacific Equity Inc SGD Class DS$ 104.02 - -1.13 -
Dynamic European Equity EUR Cls D 104.67 - -1.79 -
Dynamic European Equity GBP Cls D 111.60 - -1.89 -
Dynamic European Equity USD Cls D $ 104.62 - -1.72 -
Global Fixed Income USD $ 118.09 - -0.16 0.00
Global Fixed Income USD CNY Hedged $ 104.54 - -0.37 -
Total Return Bond USD Cls $ 142.73 - -0.18 0.00
Total Return Bond EUR Cls 135.33 - -0.17 0.00
Total Return Bond GBP Cls 150.96 - -0.18 0.00
Fund Bid Offer D+/- Yield
Total Return Bond Fund Canadian Dollar Class C$ 99.19 - -0.12 0.00
Total Return Bond Fund CHF SFr 103.22 - -0.13 0.00
Total Return Bond Fund INR Hdg R $ 99.84 - -1.09 -
Total Return Bond Fund USD $ 107.18 - -0.37 -
Total Return Bond Fund USD I $ 104.02 - -0.13 -
Total Return Bond GBP Distributor Class 108.40 - -0.13 4.33
US Growth Class A USD $ 110.42 - -2.20 0.00
US Growth Class B EUR 107.41 - -2.23 0.00
US Growth Class C GBP 109.32 - -2.24 0.00
US Growth Class D CHF SFr 110.00 - -2.29 0.00
US Growth Class I USD $ 99.37 - -1.97 -
Wealthy Nations Bond USD Cls A $ 108.86 - -0.04 5.01
Wealthy Nations Bond EUR Cls B 106.42 - -0.04 5.33
Wealthy Nations Bond GBP Cls C 108.20 - -0.04 5.12
Wealthy Nations Bond CHF Cls DSFr 105.43 - -0.04 -
Wealthy Nations Bond EUR Cls D 105.24 - -0.03 -
Wealthy Nations Bond GBP Cls D 108.71 - -0.03 5.05
Wealthy Nations Bond CHF Cls ESFr 105.15 - -0.04 5.04
Wealthy Nations Bond INR Hdg Cls D $ 99.38 - -0.99 -
Wealthy Nations Bond INR Hdg I Cls D $ 100.52 - -1.00 -
Wealthy Nations Bond NOK Cls DNKr 106.42 - -0.01 -
Wealthy Nations Bond USD Cls D $ 105.52 - -0.05 -
Wealthy Nations Bond USD CNY Hedged Class F $ 106.80 - -0.28 4.83
Wealthy Nations Bond SGD Class GS$ 152.82 - -0.05 4.74
Wealthy Nations Bond Class H S$ 101.33 - -0.03 3.47
Wealthy Nations Bond Class I $ 104.44 - -0.27 3.20
New Capital Alternative Strategies
All Weather Fd USD Cls $ 112.40 - -0.21 -
All Weather Fd EUR Cls 102.78 - -0.18 0.00
All Weather Fd GBP Cls 109.47 - -0.23 0.00
Tactical Opps USD Cls $ 92.52 - 3.89 0.00
Tactical Opps EUR Cls 77.13 - 3.39 0.00
Tactical Opps GBP Cls 85.53 - 3.72 0.00
NewSmith Investment Funds Plc (IRL)
Regulated
NewSmith UK Equity 1.71 - 0.02 0.00
Newton Fund Mgrs (CI) Ltd (1200)F (JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FSA Recognised
Newton Offshore Strategy Fund Ltd
UK Equity 1.5254 - 0.0102 2.24
Global Equity 1.3683 - 0.0032 1.92
Global Balanced 1.1327 - 0.0042 2.18
Global Balanced (Accumulation) 1.2257 - 0.0045 2.14
Bridge 1.2748 - 0.0033 2.34
Sterling Fixed Interest Class 0.8318 - 0.0017 4.12
Global Fixed Interest Class 1.0140 - 0.0019 4.83
Diversified Assets 1.0920 - 0.0037 3.03
Special Situations 0.9611 - 0.0013 3.84
Alternative Assets 1.0014 - -0.0003 1.37
Nordea 1, SICAV (LUX)
E-Mail: nordeafunds@nordea.lu, Phone: +352 43 39 50 0
FSA Recognised
Emerging Consumer Fund F 14.56 - -0.15 0.00
European Alpha Fund F 7.36 - -0.11 0.00
European Value Fund 35.50 - -0.22 0.00
Far Eastern Equity Fund $ 16.13 - -0.06 0.00
Latin American Equity Fund 10.58 - -0.06 0.00
Nordic Equity Fund 48.03 - -0.79 0.00
North American Growth Fund H $ 8.18 - -0.12 0.00
North American Value Fund $ 29.77 - -0.41 0.00
European High Yield Bond Fund F 20.72 - 0.01 0.00
Global Stable Equity Fund F 9.30 - -0.06 0.00
Heracles Long/Short MI Fund - AP - EUR F 50.71 - 0.04 0.00
Northwest Investment Management (HK) Ltd
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
Northwest $ class $ 1770.29 - -29.47 0.00
Northwest China Opps $ class $ 2343.44 - -51.12 0.00
Northwest China Opps class 2298.32 - -50.84 0.00
Northwest Warrant $ class $ 582.20 - -107.20 0.00
Oasis Crescent Management Company Ltd
Other International Funds
Oasis Crescent Equity Fund R 6.84 - 0.02 0.52
Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated
Oasis Global Investment (Ireland) Plc
Oasis Global Equity $ 19.08 - -0.26 0.97
Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 19.37 - -0.25 0.85
OasisCresGl Income Class A $ 10.59 - -0.06 2.23
OasisCresGl LowBal D ($) Dist $ 10.12 - -0.10 0.00
OasisCresGl Med Eq Bal A ($) Dist $ 9.71 - -0.09 -
Oasis Crescent Gbl Property Eqty $ 7.27 - -0.10 3.58
Odey Asset Management LLP (CYM)
Regulated
OEI MAC Inc A 285.65 - -10.71 0.00
OEI Mac Inc B 156.71 - -4.51 0.00
OEI MAC Inc USD $ 1573.85 - -58.79 0.00
Odey European Inc EUR 629.89 - -26.41 0.00
Odey European Inc A GBP 238.43 - -9.74 0.00
Odey European Inc B GBP 135.33 - -5.53 0.00
Odey European Inc USD $ 293.10 - -11.82 0.00
Giano Capital EUR Inc 3914.53 - 238.97 0.00
Odey Asset Management LLP (IRL)
FSA Recognised
Odey OEAF EUR A Class 87.53 - -1.22 0.00
Odey OEAF GBP D Class 99.89 - -1.62 -
Odey Pan European 205.10 - -1.77 0.00
Odey Pan European GBP D 131.38 - -1.41 0.00
Odey Allegra STG A 84.43 - -0.77 0.00
Odey Allegra USD $ 98.04 - -1.82 0.00
Odey Allegra European EUR 139.84 - -1.97 0.00
Odey Allegra European EUR I F 137.04 - -1.93 0.00
Odey Allegra European USD $ 133.26 - -3.43 0.00
Odey Allegra European GBP 159.96 - -2.59 0.00
Odey Allegra European GBP I 160.68 - 0.52 -
Odey Allegra International GBP Class 125.35 - -1.13 0.00
Odey Allegra International GBP D Inc F 113.56 - -1.03 0.00
Odey Allegra International Euro Class 100.56 - -0.70 0.00
Odey Allegra International Euro I Class 92.75 - -0.64 0.00
Odey Investments Plc (IRL)
Regulated
Odey Giano European Fund EUR 105.42 - 0.49 -
Fund Bid Offer D+/- Yield
Odey Odyssey Fund GBP I 96.47 - -1.31 -
Odey Giano European Fund GBP 105.18 - 0.48 -
Odey Odyssey Fund GBP R 94.57 - -1.28 -
Odey Giano European Fund USD $ 106.19 - 0.47 -
Odey Odyssey Fund USD $ 96.80 - -1.31 -
Odey Odyssey Fund EUR 85.37 - -1.16 -
Odey Wealth Management (CI) Ltd (IRL)
FSA Recognised
ODEY OPPORTUNITY CHF SFr 99.46 - 0.42 0.00
ODEY OPPORTUNITY CHF I SFr 99.52 - 0.42 0.00
ODEY OPPORTUNITY EUR 116.08 - 0.48 0.00
ODEY OPPORTUNITY EUR I 173.38 - 0.72 0.00
ODEY OPPORTUNITY GBP I R 191.13 - 0.79 0.00
ODEY OPPORTUNITY GBP R 123.25 - 0.52 0.00
ODEY OPPORTUNITY NOK NKr 104.49 - 0.42 0.00
ODEY OPPORTUNITY NOK I NKr 106.67 - 0.49 0.00
ODEY OPPORTUNITY USD $ 122.70 - 0.47 0.00
ODEY OPPORTUNITY USD I $ 182.18 - 0.72 0.00
Omnia Fund Ltd
Other International Funds
Estimated NAV $ 409.71 - -5.76 -
Optima Fund Management
Other International Funds
Optima Fd NAV $ 73.75 - -1.91 0.00
Optima Discretionary Macro Fund Limited $ 82.26 - 0.04 0.00
The Dorset Energy Fd Ltd NAV (Est) $ 40.15 - 1.02 0.00
Platinum Fd Ltd $ 63.92 - -2.37 0.00
Platinum Fd Ltd EUR 12.77 - -0.50 0.00
Platinum Japan Fd Ltd $ 30.71 - -1.32 0.00
Optima Emerging Markets Fd Ltd $ 14.20 - -0.08 0.00
Optima Partners Global Fd $ 11.68 - -0.34 0.00
Optima Partners Focus Fund A $ 11.08 - -0.30 0.00
Cuttyhunk II Limited Unrestricted USD Acc NAV $ 1160.98 - -3.56 -
Orbis Investment Management Ltd (BMU)
Regulated
Orbis Global Equity $ 112.61 - -0.66 0.00
Orbis Optimal (US$) $ 71.20 - -0.31 0.00
Orbis Optimal (Euro) 24.14 - -0.07 0.00
Orbis Optimal (Yen) 955.00 - -3.00 0.00
Orbis Leveraged (US$) $ 111.06 - -0.84 0.00
Orbis Leveraged (Euro) 36.48 - -0.29 0.00
Orbis Leveraged (Yen) 872.00 - -7.00 0.00
Orbis Japan Equity (US$) $ 21.03 - -0.16 0.00
*Orbis Prices as of May 24th
Orbis Sicav (LUX)
Regulated
Orbis Japan Equity (Yen) 2017.00 - -16.00 0.00
Orbis Japan Equity (Euro) 13.71 - -0.12 0.00
Orbis Asia ex-Japan - Investor Shares $ 16.02 - -0.26 0.00
Orbis Global Equity - Investor Shares 88.36 - 0.62 0.00
Orbit Asset Management
Other International Funds
Orbit Global Strategy $ 146.33 - -1.13 0.00
Orbit Euro Strategies 127.10 - -0.89 0.00
Oryx International Growth Fund Ltd
Other International Funds
NAV (Fully Diluted) 3.09 - 0.02 0.00
PFPC International Ltd
Other International Funds
Intl Dollar Reserve A $ 1.00 - 0.00 0.05
Intl Dollar Reserve B $ 1.00 - 0.00 0.01
Intl Dollar Reserve Bear $ 1.00 - 0.00 0.01
Permal Investment Mgmt Svcs Ltd
www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares
Investment Holdings N.V. $ 4601.69 - -93.20 0.00
Macro Holdings Ltd $ 4038.25 - -56.94 0.00
Fixed Income Holdings N.V. $ 439.13 - -3.15 13.57
LUX Advantage Multi-Strategy Fund $ 1356.00 - -28.89 -
LUX Natural Resources $ 1299.87 - -45.52 -
Strategic Allocation A $ 1255.55 - -21.00 -
Pictet (LUX)
3 BLD ROYAL L-2016 Luxembourg
Tel: 0041 58 323 3000
FSA Recognised
Pictet-Absl Rtn Glo Cons-I EUR F 105.75 - 0.19 0.00
Pictet-Absl Rtn Glo Cons-P EUR F 103.64 - 0.18 0.00
Pictet-Absl Rtn Glo Cons-Pdy EUR F 100.82 - 0.17 0.62
Pictet-Absl Rtn Glo Div-I EUR F 120.97 - 0.19 0.00
Pictet-Absl Rtn Glo Div-P EUR F 116.48 - 0.18 0.00
Pictet-Absl Rtn Glo Div-Pdy EUR F 112.93 - 0.18 0.30
Pictet-Absl Rtn Glo Div-R EUR F 112.93 - 0.18 0.00
Pictet-AbsRetGloDiv-HI CHF F SFr 175.37 - 0.29 0.00
Pictet-AbsRetGloDiv-HI GBP F 101.79 - 0.16 0.00
Pictet-AbsRetGloDiv-HI JPY F 13434.00 - 21.00 0.00
Pictet-AbsRetGloDiv-HI USD F $ 152.98 - 0.24 0.00
Pictet-AbsRetGloDiv-HP CHF F SFr 168.88 - 0.27 0.00
Pictet-AbsRetGloDiv-HPdy GBP F 95.12 - 0.15 0.23
Pictet-AbsRetGloDiv-HP USD F $ 147.28 - 0.23 0.00
Pictet-Agriculture-I EUR F 139.67 - -1.31 0.00
Pictet-Agriculture-I USD F $ 173.51 - -1.97 0.00
Pictet-Agriculture-P EUR F 136.19 - -1.28 0.00
Pictet-Agriculture-P dy EUR F 136.19 - -1.28 0.00
Pictet-Agriculture-P dy GBP F 109.01 - -0.87 0.00
Pictet-Agriculture-P dy USD F $ 169.19 - -1.92 0.00
Pictet-Agriculture-R EUR F 133.36 - -1.25 0.00
Pictet-Agriculture-R USD F $ 165.67 - -1.88 0.00
Pictet-Agriculture-P USD F $ 169.19 - -1.92 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 164.05 - -0.86 0.00
Pictet-Asian Equities Ex Japan-P USD F $ 153.02 - -0.81 0.00
Pictet-Asian Equities Ex Japan-P dy USD F $ 149.89 - -0.79 0.15
Pictet-Asian Equities Ex Japan-HI EUR F 107.79 - -0.57 0.00
Pictet-Asian Local Currency Debt-I EUR F 121.35 - 0.45 0.00
Pictet-Asian Local Currency Debt-I USD F $ 150.75 - 0.26 0.00
Pictet-Asian Local Currency Debt-P EUR F 116.74 - 0.44 0.00
Pictet-Asn Lcl Ccy Dbt-Pdy USD F $ 127.28 - 0.23 2.78
Pictet-Asn Lcl Ccy Dbt-Pdy GBP F 83.25 - 0.43 2.84
Pictet-Biotech-P USD $ 331.20 - -4.11 0.00
Pictet-Biotech-P dy GBP F 213.13 - -0.64 0.00
Pictet-Biotech-HP EUR F 247.08 - -3.10 0.00
Pictet-Biotech-I USD F $ 361.00 - -4.48 0.00
Pictet-Biotech-P dy USD F $ 331.06 - -4.11 0.00
Pictet-CHF Liquidity-P F SFr 124.37 - 0.00 0.00
Pictet-Clean Energy-I EUR F 49.38 - -0.76 0.00
Pictet-Clean Energy-I USD F $ 61.35 - -1.06 0.00
Pictet-Clean Energy-P EUR F 47.34 - -0.73 0.00
Pictet-Clean Energy-P USD F $ 58.81 - -1.02 0.00
Pictet-Clean Energy-P dy USD F $ 58.81 - -1.02 0.00
Pictet-Clean Energy-P dy GBP F 37.89 - -0.53 0.00
Pictet-Convertible Bonds-I EUR F 94.47 - -0.29 0.00
Fund Bid Offer D+/- Yield
Pictet-Convertible Bonds-P EUR F 92.56 - -0.29 0.00
Pictet-Convertible Bonds-P dy EUR F 92.37 - -0.29 0.47
Pictet-Convertible Bonds-R EUR F 90.63 - -0.28 0.00
Pictet-Digital Communication-I EUR F 118.84 - -1.35 0.00
Pictet-Digital Communication-I USD F $ 147.63 - -1.98 0.00
Pictet-Digital Communication-P EUR F 108.61 - -1.24 0.00
Pictet-Digital Communication-P USD $ 134.93 - -1.81 0.00
Pictet-Digital Communication-P dy USD F $ 130.13 - -1.74 0.00
Pictet-Digital Communication-P dy GBP F 84.85 - -0.84 0.00
Pictet-Digital Communication-R EUR F 100.53 - -1.16 0.00
Pictet-Eastern Europe-I EUR F 309.32 - -4.97 0.00
Pictet-Eastern Europe-P EUR F 298.32 - -4.80 0.00
Pictet-Eastern Europe-P dy EUR F 298.05 - -4.80 0.00
Pictet-Eastern Europe-P dy GBP F 237.79 - -4.34 0.00
Pictet-Em Lcl Ccy Dbt-HI EUR F 122.57 - -0.42 0.00
Pictet-Em Lcl Ccy Dbt-HP EUR F 117.96 - -0.40 0.00
Pictet-Em Lcl Ccy Dbt-I EUR F 149.55 - 1.23 0.00
Pictet-Em Lcl Ccy Dbt-I USD F $ 185.33 - -0.61 0.00
Pictet-Em Lcl Ccy Dbt-P EUR F 143.85 - 1.19 0.00
Pictet-Em Lcl Ccy Dbt-P USD F $ 178.30 - -0.59 0.00
Pictet-Em Lcl Ccy Dbt-Pdy USD F $ 135.62 - -0.45 5.47
Pictet-Em Lcl Ccy Dbt-Pdy GBP F 89.88 - 0.55 5.57
Pictet-Emerging Markets-I USD F $ 485.28 - -5.01 0.00
Pictet-Emerging Markets-P USD $ 457.89 - -4.73 0.00
Pictet-Emerging Markets-P EUR F 368.58 - -3.08 0.00
Pictet-Emerging Markets-P dy USD F $ 453.18 - -4.68 0.00
Pictet-Emerging Markets Index-I USD F $ 220.58 - -3.25 0.00
Pictet-Emerging Markets Index-IS USD F $ 221.77 - -3.26 0.00
Pictet-Emerging Markets Index-P dy USD F $ 199.28 - -2.95 1.64
Pictet-Emerging Markets Index-R USD F $ 211.21 - -3.11 0.00
Pictet-Emerging Markets Index-P USD $ 215.87 - -3.19 0.00
Pictet-Emerging Markets Index-R dy GBP F 132.81 - -0.70 1.40
Pictet-EUR Bonds-HI CHF F SFr 602.27 - 0.42 0.00
Pictet-EUR Bonds-HP CHF F SFr 579.41 - 0.39 0.00
Pictet-EUR Bonds-I F 446.90 - 0.31 0.00
Pictet-EUR Bonds-P F 429.99 - 0.30 0.00
Pictet-EUR Bonds-P dy F 294.55 - 0.20 3.40
Pictet-EUR Corporate Bonds-HI USD F $ 192.24 - 0.32 0.00
Pictet-EUR Corporate Bonds-HI CHF FSFr 226.75 - 0.39 0.00
Pictet-EUR Corporate Bonds-HP USD F $ 183.96 - 0.30 0.00
Pictet-EUR Corporate Bonds-HP CHF FSFr 217.01 - 0.36 0.00
Pictet-EUR Corporate Bonds-I F 168.39 - 0.28 0.00
Pictet-EUR Corporate Bonds-P F 161.08 - 0.27 0.00
Pictet-EUR Corporate Bonds-P dy F 100.95 - 0.17 3.76
Pictet-EUR Government Bonds-P dy F 102.68 - -0.11 3.44
Pictet-EUR High Yield-HI CHF F SFr 243.19 - -1.27 0.00
Pictet-EUR High Yield-HP CHF F SFr 230.86 - -1.20 0.00
Pictet-EUR High Yield-I F 179.36 - -0.93 0.00
Pictet-EUR High Yield-P F 170.25 - -0.89 0.00
Pictet-EUR High Yield-P dy F 82.48 - -0.43 6.22
Pictet-EUR Inflation Linked Bonds-P dy F 105.03 - -0.49 1.37
Pictet-EUR Short Mid-Term Bonds-HI CHF FSFr 111.48 - -0.20 0.00
Pictet-EUR Short Mid-Term Bonds-HP CHF FSFr 109.42 - -0.20 0.00
Pictet-EUR Short Mid-Term Bonds-P F 125.38 - -0.22 0.00
Pictet-EUR Short Mid-Term Bonds-I F 127.55 - -0.23 0.00
Pictet-EUR Short Mid-Term Bonds-P dy F 89.46 - -0.16 3.38
Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.45 - 0.00 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR P 102.99 - 0.00 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR Pdy 100.30 - 0.00 0.17
Pictet-European Sust Eq-P EUR F 136.48 - -1.91 0.00
Pictet-Europe Index-I EUR F 104.63 - -1.55 0.00
Pictet-Europe Index-IS EUR F 104.56 - -2.10 0.00
Pictet-Europe Index-P EUR 103.50 - -1.54 0.00
Pictet-Europe Index-P dy EUR F 88.57 - -1.31 2.69
Pictet-Europe Index-R dy GBP F 74.34 - -1.65 2.59
Pictet-Euroland Index-P dy EUR F 64.46 - -1.22 3.51
Pictet-Euroland Index-R dy GBP F 54.55 - -1.14 3.33
Pictet-European Equity Selection-I EUR F 442.77 - -7.19 0.00
Pictet-European Equity Selection-P EUR F 422.39 - -6.87 0.00
Pictet-Eu Equities Sel-Pdyistr F 393.61 - -6.40 0.65
Pictet-Europe Index-R EUR F 100.46 - -2.02 0.00
Pictet-European Sust Eq-I EUR F 142.18 - -1.98 0.00
Pictet-European Sust Eq-Pdy EUR F 122.36 - -1.71 1.73
Pictet-Generics-I USD F $ 138.14 - -0.71 0.00
Pictet-Generics-P USD F $ 129.86 - -0.66 0.00
Pictet-Generics-P dy GBP F 83.64 - -0.15 0.00
Pictet-Generics-P dy USD F $ 129.82 - -0.67 0.00
Pictet-World Government Bonds-P USD $ 184.78 - 0.25 0.00
Pictet-World Government Bonds-P dy USD $ 142.37 - 0.19 2.45
Pictet-Global Emerging Debt-P USD F $ 292.93 - 0.42 0.00
Pictet-Global Emerging Debt-P dy USD F $ 171.87 - 0.24 5.04
Pictet-Global Emerging Currencies-I EUR F 84.13 - 0.76 0.00
Pictet-Global Emerging Currencies-I USD F $ 104.73 - -0.25 0.00
Pictet-Global Emerging Currencies-HI EUR F 66.06 - -0.16 0.00
Pictet-Global Emerging Currencies-HP EUR F 64.79 - -0.16 0.00
Pictet-Global Emerging Currencies-P EUR F 82.52 - 0.75 0.00
Pictet-Global Emerging Currencies-P USD F $ 102.69 - -0.24 0.00
Pictet-Global Em Ccy-Pdy USD F $ 94.96 - -0.24 2.73
Pictet-Global Emerging Debt-HP EUR F 209.43 - 0.30 0.00
Pictet-Global Emerging Debt-HP CHF FSFr 339.10 - 0.48 0.00
Pictet-Global Emerging Debt-HI EUR F 219.32 - 0.32 0.00
Pictet-Global Emerging Debt-HI CHF FSFr 357.56 - 0.51 0.00
Pictet-Global Emerging Debt-I USD F $ 308.79 - 0.44 0.00
Pictet-Global Megatrend Selection-I USD F $ 145.46 - -2.00 0.00
Pictet-Global Megatrend Selection-I EUR F 117.10 - -1.37 0.00
Pictet-Global Megatrend Selection-P USD F $ 141.16 - -1.94 0.00
Pictet-Global Megatrend Selection-P CHF FSFr 136.50 - -1.58 0.00
Pictet-Global Megatrend Selection-P EUR F 113.63 - -1.34 0.00
Pictet-Glo Megatrend Sel-Pdy EUR F 113.63 - -1.34 0.00
Pictet-Glo Megatrend Sel-Pdy GBP F 90.95 - -0.94 0.00
Pictet-Glo Megatrend Sel-Pdy USD F $ 141.16 - -1.94 0.00
Pictet-Global Megatrend Selection-R EUR F 110.03 - -1.30 0.00
Pictet-Global Megatrend Selection-R USD F $ 136.69 - -1.88 0.00
Pictet-Greater China-I USD F $ 350.57 - -1.27 0.00
Pictet-Greater China-P USD F $ 328.47 - -1.19 0.00
Pictet-Greater China-P dy USD F $ 318.87 - -1.16 0.27
Pictet-Greater China-P dy GBP F 204.75 - -0.06 0.27
Pictet-High Dividend Sel I EUR F 106.08 - -0.09 0.00
Pictet-High Dividend Sel P CHF F SFr 125.31 - -0.15 0.00
Pictet-High Dividend Sel P EUR F 104.33 - -0.10 0.00
Pictet-High Dividend Sel P USD F $ 129.29 - -1.62 0.00
Pictet-High Dividend Sel Pdm GBP F 77.19 - -0.24 4.31
Pictet-High Dividend Sel Pdm USD F $ 119.18 - -1.49 4.26
Pictet-High Dividend Sel Pdy EUR F 98.53 - -0.09 4.09
Pictet-High Dividend Sel R EUR F 102.98 - -0.10 0.00
Pictet-High Dividend Sel Rdm EUR F 94.86 - -0.09 4.19
Pictet-Indian Equities-I USD F $ 269.31 - -1.46 0.00
Pictet-Indian Equities-P USD F $ 252.66 - -1.38 0.00
Pictet-Indian Equities-P dy USD F $ 252.66 - -1.38 0.00
Pictet-Indian Equities-P dy GBP F 162.79 - -0.34 0.00
Pictet-Japan Index-I JPY F 7273.16 - -48.21 0.00
Pictet-Japan Index-IS JPY F 7371.26 - -48.94 0.00
Pictet-Japan Index-P JPY F 7193.65 - -47.70 0.00
Pictet-Japan Index-P dy JPY F 6693.48 - -44.38 1.66
Pictet-Japan Index-R dy GBP F 56.00 - 0.03 1.57
Pictet-Japanese Equities Opp-P JPY F 4004.23 - -15.67 0.00
Pictet-Japanese Equities Opp-I JPY F 4198.19 - -16.35 0.00
Pictet-Japanese Equities Opp-P dy JPY F 3971.59 - -15.54 0.00
Full fund performance data at
www.ft.com/funds
MANAGED FUNDS SERVICE
JUNE 1 2012 Section:Stats Time: 31/5/2012 - 19:06 User: sheehanr Page Name: UT6 EUR, Part,Page,Edition: EUR, 20, 1
FINANCIAL TIMES FRIDAY JUNE 1 2012

21
Fund Bid Offer D+/- Yield
Pictet-Japanese Equity Selection-I JPY F 6633.92 - -29.01 0.00
Pictet-Japanese Equity Selection-P JPY F 6336.92 - -27.82 0.00
Pictet-Japanese Eq Sel-Pdy GBP F 51.24 - 0.14 0.39
Pictet-Japanese Eq Sel-Pdy JPY F 6252.13 - -27.44 0.40
Pictet-LATAM Lc Ccy Dbt-Pdy GBP F 71.49 - 0.07 6.64
Pictet-LATAM Lc Ccy Dbt-I EUR F 117.72 - 0.37 0.00
Pictet-LATAM Lc Ccy Dbt-I USD F $ 144.63 - -1.22 0.00
Pictet-LATAM Lc Ccy Dbt-P EUR F 114.39 - 0.36 0.00
Pictet-LATAM Lc Ccy Dbt-P USD F $ 140.53 - -1.18 0.00
Pictet-LATAM Lc Ccy Dbt-Pdy USD F $ 107.46 - -0.90 6.43
Pictet-LATAM Lc Ccy Dbt-R EUR F 111.54 - 0.35 0.00
Pictet-LATAM Lc Ccy Dbt-R USD F $ 137.08 - -1.15 0.00
Pictet-MENA-HP EUR F * 28.78 - -0.01 0.00
Pictet-MENA-I USD F * $ 47.70 - -0.01 0.00
Pictet-MENA-P USD F * $ 46.13 - -0.01 0.00
Pictet-MENA-P EUR F * 37.22 - 0.42 0.00
Pictet-MENA-Pdy USD F * $ 45.13 - -0.01 1.38
Pictet-Pacific Ex Japan Index-P USD F $ 275.32 - -1.88 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 278.46 - -1.89 0.00
Pictet-Pacific Ex Japan Index-IS USD F $ 279.40 - -1.91 0.00
Pictet-Pacific Ex Japan Index-P dy USD F $ 225.77 - -1.53 4.08
Pictet-Pacific Ex Japan Index-R USD F $ 269.80 - -1.84 0.00
Pictet-Pacific Ex Japan Index-R dy GBP F 159.78 - -0.56 3.67
Pictet-Premium Brands-I EUR F 108.17 - -1.81 0.00
Pictet-Premium Brands-I USD F $ 134.37 - -2.52 0.00
Pictet-Premium Brands-P EUR 98.90 - -1.67 0.00
Pictet-Premium Brands-P USD F $ 122.86 - -2.32 0.00
Pictet-Premium Brands-P dy EUR F 98.85 - -1.66 0.00
Pictet-Premium Brands-P dy GBP F 79.12 - -1.21 0.00
Pictet-Russian Equities-P USD F $ 54.68 - -1.76 0.00
Pictet-Russian Equities-P dy GBP F 35.18 - -0.80 0.00
Pictet-Russian Equities-I EUR F 45.79 - -0.92 0.00
Pictet-Russian Equities-I USD F $ 56.74 - -1.82 0.00
Pictet-Russian Equities-P EUR F 44.12 - -0.90 0.00
Pictet-Russian Equities-P dy USD F $ 54.65 - -1.76 0.00
Pictet-Security-I EUR F 99.51 - -1.46 0.00
Pictet-Security-I USD F $ 123.62 - -2.06 0.00
Pictet-Security-P EUR F 94.96 - -1.40 0.00
Pictet-Security-P USD F $ 117.97 - -1.97 0.00
Pictet-Security-P dy USD F $ 117.97 - -1.97 0.00
Pictet-Security-P dy GBP F 76.01 - -1.01 0.00
Pictet-Security-R EUR F 91.31 - -1.35 0.00
Pictet-Security-R USD F $ 113.44 - -1.90 0.00
Pictet-Small Cap Europe-I EUR F 577.68 - -10.01 0.00
Pictet-Small Cap Europe-P EUR F 543.14 - -9.42 0.00
Pictet-Small Cap Europe-P dy EUR F 535.96 - -9.30 0.12
Pictet-ST.MoneyMkt-I 140.06 - 0.00 0.00
Pictet-ST.MoneyMkt-ICHF SFr 125.36 - 0.00 0.00
Pictet-ST.MoneyMkt-P 137.77 - 0.01 0.00
Pictet-ST.MoneyMkt-PCHF SFr 92.24 - 0.00 1.03
Pictet-ST.MoneyMkt-IUSD $ 133.88 - 0.00 0.00
Pictet-ST.MoneyMkt-PUSD $ 131.82 - 0.00 0.00
Pictet-ST.MoneyMkt-Pdy $ 84.59 - 0.00 0.58
Pictet-ST.MoneyMkt-Pdy 96.21 - 0.00 1.19
Pictet-Timber-HP EUR F 66.76 - -1.15 0.00
Pictet-Timber-I USD F $ 104.29 - -1.80 0.00
Pictet-Timber-I EUR F 83.95 - -1.28 0.00
Pictet-Timber-P USD F $ 101.13 - -1.75 0.00
Pictet-Timber-P EUR F 81.41 - -1.24 0.00
Pictet-Timber-P dy USD F $ 96.65 - -1.66 0.86
Pictet-Timber-P dy GBP F 62.27 - -0.86 0.90
Pictet-US Equity Growth Selection-I USD F $ 124.02 - -1.57 0.00
Pictet-US Equity Growth Selection-P USD F $ 119.46 - -1.51 0.00
Pictet-US Eq Gr Sel-Pdy USD F $ 119.46 - -1.51 0.00
Pictet-US Equity Growth Selection-R USD F $ 115.98 - -1.47 0.00
Pictet-US High Yield-HI CHF F SFr 125.46 - -0.18 0.00
Pictet-US High Yield-HI EUR F 84.33 - -0.13 0.00
Pictet-US High Yield-HP CHF F SFr 123.57 - -0.19 0.00
Pictet-US High Yield-HP EUR F 83.07 - -0.12 0.00
Pictet-US High Yield-I USD F $ 125.78 - -0.18 0.00
Pictet-US High Yield-P USD F $ 123.87 - -0.19 0.00
Pictet-US High Yield-P dy USD F $ 111.42 - -0.17 5.63
Pictet-US High Yield-R USD F $ 122.30 - -0.18 0.00
Pictet-USA Index-P USD $ 109.63 - -1.57 0.00
Pictet-USA Index-I USD F $ 110.89 - -1.60 0.00
Pictet-USA Index-IS USD F $ 111.81 - -1.02 0.00
Pictet-USA Index-P dy USD F $ 103.70 - -1.49 0.85
Pictet-USA Index-R USD F $ 106.94 - -0.98 0.00
Pictet-USA Index-R dy GBP F 67.49 - 0.02 0.66
Pictet-USD Government Bonds-I F $ 612.28 - 3.43 0.00
Pictet-USD Government Bonds-P F $ 591.47 - 3.32 0.00
Pictet-USD Government Bonds-P dy F $ 398.21 - 2.23 2.96
Pictet-USD Short Mid-Term Bonds-I F $ 127.34 - 0.04 0.00
Pictet-USD Short Mid-Term Bonds-P F $ 125.27 - 0.04 0.00
Pictet-USD Short Mid-Term Bonds-P dy F $ 98.40 - 0.03 1.73
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.23 - -0.01 0.00
Pictet-USD Sov.ST.Mon.Mkt-P $ 101.85 - -0.01 0.00
Pictet-USD Sov.ST.Mon.Mkt-Pdy $ 100.32 - -0.01 0.02
Pictet-Water-HP USD F $ 211.28 - -2.05 0.00
Pictet-Water-HR USD F $ 196.41 - -1.91 0.00
Pictet-Water-I EUR F 177.48 - -1.72 0.00
Pictet-Water-I USD F $ 220.48 - -2.57 0.00
Pictet-Water-P EUR 162.48 - -1.57 0.00
Pictet-Water-P USD F $ 201.85 - -2.34 0.00
Pictet-Water-P dy EUR F 160.29 - -1.55 0.14
Pictet-Water-P dy GBP F 128.82 - -1.07 0.15
Pictet-Water-R USD F $ 187.64 - -2.19 0.00
Pictet-Water-R EUR 151.04 - -1.47 0.00
Pictet-World Government Bonds-I EUR F 154.16 - 1.97 0.00
Pictet-World Government Bonds-I USD F $ 190.45 - 0.26 0.00
Pimco Fds: Global Investors Series Plc (IRL)
PIMCO Europe Ltd, Nations House, 103 Wigmore St, London, W1U 1QS
http://gisnav.pimco-funds.com
Dealing: +353 1 241 7100
PIMCO Funds: +44 (0)20 7872 1316
FSA Recognised
CommoditiesPLUS111sp Strategy - Inst Acc $ 9.33 - -0.12 0.00
Diversified Income - Inst Acc $ 17.00 - 0.02 0.00
Emerging Local Bond - Inst Acc $ 13.24 - -0.18 0.00
Emerging Markets Bond - Inst Acc $ 35.36 - -0.07 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.06 - -0.01 0.00
Emerging Markets Curr.Fd- Inst Acc $ 12.86 - -0.15 0.00
EuriborPLUS - Inv. Acc 11.46 - 0.00 0.00
Euro Bond - Inst Acc 18.18 - 0.04 0.00
Euro Credit - Inst Acc 12.45 - 0.04 0.00
Euro Income Bond - Inst Acc F 10.44 - 0.01 0.00
Euro Liquidity - Inst Dist 1.00 - 0.00 0.59
Euro Long Average Duration - Inst Acc 16.78 - 0.20 0.00
Euro Real Return - Inst Acc 11.70 - -0.06 0.00
Euro Ultra Long Duration - Inst Acc 24.69 - 0.98 0.00
FX Strategies - Inst Acc 10.88 - 0.00 0.00
Global Advantage - Inst Acc $ 12.44 - -0.04 0.00
Global Bond - Inst Acc $ 23.71 - 0.01 0.00
Global Bond Ex-US - Inst Acc $ 15.93 - -0.03 0.00
Global High Yield Bond - Inst Acc $ 16.24 - -0.03 0.00
Global Investment Grade Credit - Inst Income $ 11.82 - 0.03 4.17
Global Multi-Asset - Inst Acc $ 13.29 - -0.13 0.00
Global Real Return - Inst Acc $ 17.14 - 0.05 0.00
High Yield Bond - Inst Acc $ 22.76 - -0.04 0.00
Low Average Duration - Inst Acc $ 14.10 - 0.02 0.00
Fund Bid Offer D+/- Yield
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F 10.33 - -0.12 0.00
PIMCO EqS Pathfinder.Fd Inst Acc F $ 10.49 - -0.15 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 11.79 11.79 -0.02 0.00
StocksPLUS{TM} - Inst Acc $ 13.52 - -0.25 0.00
Total Return Bond - Inst Acc $ 25.25 - 0.08 0.00
UK Corporate Bond - Inst Acc 13.60 - 0.08 0.00
UK Long Term Corp. Bnd Inst-Inst Acc 14.49 - 0.14 0.00
UK Sterling Inflation-Linked - Inst Acc 18.41 - 0.07 0.00
UK Sterling Long Average Duration - Inst Acc 18.05 - 0.25 0.00
UK Sterling Low Average Duration - Inst Acc 13.60 - 0.05 0.00
UK Total Return Bond - Inst Acc 13.34 - 0.11 0.00
Unconstrained Bond - Inst Acc $ 11.75 - 0.02 0.00
US Government Money Market - Inst Inc $ 1.00 - 0.00 0.05
Pioneer Alternative Inv Mgmt Ltd (IRL)
Regulated
Pioneer Long Short Europ Eqty EUR 1571.87 - -35.08 -
Pioneer Long Short Europ Eqty USD $ 1601.40 - -36.19 -
Pioneer Alternative Inv Mgt (BMU)
Other International Funds
Pioneer Horizon Fund $ 116.26 - -0.24 0.00
Pioneer AssetMaster $ 855.47 - -0.26 0.00
Pioneer Div Fund I EUR 102.14 - 0.03 -
Pioneer Div Fund I USD $ 102.00 - -0.23 -
The Meteor Opps I $ 133.92 - -0.27 0.00
The Meteor Opps I 134.68 - -0.29 0.00
Platinum Capital Management Ltd
Other International Funds
Platinum Global Dividend Fund - A $ 61.16 - - -
Platinum All Star Fund - A $ 98.14 - - -
Platinum Dynasty $ 97.53 - - -
Platinum Emancipation $ 109.27 - - -
Platinum Essential Resources $ 9.35 - 0.06 -
Platinum Low Volatility Fund SICAV (Est) $ 9.72 - - -
Platinum Nordic SKr 537.12 - - -
Platinum Maverick Enhanced $ 69.25 - - -
Platinum Gold Advantage 12.26 - - -
Platinum Global Dividend UCITS Fund $ 72.72 - -0.78 0.00
Polar Capital Funds Plc (IRL)
Regulated
Asian Financials Fund Cls A USD $ 220.93 220.93 -2.88 0.64
European Market Neutral Fund Cls I Euro 9.49 9.49 0.01 -
Financials Income Fund Cls B2 GBP Acc 1.08 1.08 0.00 0.00
Financial Opps I USD $ 8.28 - -0.14 -
GEM Growth I USD $ 8.75 - -0.13 0.00
GEM Income I USD $ 9.48 - -0.11 0.00
Global Insurance I GBP 2.28 - -0.01 -
Global Technology I USD $ 14.32 - -0.22 0.00
Healthcare Opps I USD $ 15.58 - -0.16 0.00
Japan I JPY 993.54 - -4.67 0.00
North American I USD $ 10.65 10.65 -0.16 -
UK ARF I GBP 9.38 - -0.01 0.00
Polar Capital LLP (CYM)
Regulated
ALVA Convertible A USD $ 107.98 - -0.29 0.00
European Market Neutral Fund A EUR 103.77 - -1.25 0.00
European Conviction A EUR 149.25 - 0.13 0.00
European Forager A EUR 147.97 - 1.07 0.00
Policy Selection Limited
Other International Funds
Assured USD A $ 118.71 - 0.11 0.00
Assured USD B $ 105.08 - -0.02 0.00
Assured USD C $ 113.10 - 0.07 0.00
Assured USD D $ 106.59 - 0.04 0.00
Assured F USD $ 72.50 - -0.07 0.00
Assured GBP B 94.72 - -0.58 0.00
Assured GBP C 89.64 - -0.49 0.00
Assured EUR D 77.74 - -0.12 0.00
Assured EUR B 71.54 - -0.17 0.00
Assured CHF E SFr 53.22 - -0.17 0.00
Polunin Capital Partners Ltd
Other International Funds
Developing Countries 'A' $ 30.54 - -1.33 0.00
Emerging Markets Active $ 27.31 - -0.09 -
Luxcellence Em Mkts Tech $ 656.55 - 23.94 0.00
Em Mkts Strategy Developing $ 673.84 - 19.26 0.00
Em Mkts Strategy Small Cap $ 963.55 - -43.45 0.00
Polunin Discovery Funds - Frontier Markets Fund $ 1042.38 - 9.39 -
Private Fund Mgrs (Guernsey) Ltd (GSY)
Regulated
Monument Growth 328.70 332.46 2.14 0.91
Prosperity Capital Management Ltd (CYM)
Regulated
RPF A Shares $ 193.92 - -2.76 0.00
RPF D $ 11.57 - -0.16 0.00
PQF A Shares $ 474.24 482.22 0.00 0.00
PQF B Shares $ 430.95 436.19 -6.76 0.00
PCF $ 367.96 373.49 -6.91 0.00
CAPF $ 8.60 - 0.20 0.00
Prusik Investment Management LLP (IRL)
Enquiries - 0207 493 1331
Regulated
Prusik Asian Equity Income B Dist $ 102.55 - -0.61 4.22
Prusik Asia A $ 147.38 - -1.19 0.00
Prusik Asian Smaller Cos A $ 129.07 - -0.05 0.00
Purisima Investment Fds (CI) Ltd (JER)
Regulated
PCG B 117.32 - 1.05 -
PCG C 115.91 - 1.03 -
Putnam Investments (Ireland) Ltd (IRL)
Regulated
Putnam New Flag Euro High Yield Plc - E 923.76 - -0.81 6.12
Putnam New Flag Euro High Yield Plc - M 839.49 - -0.75 5.40
R & H Fund Services (Jersey) Ltd (JER)
Regulated
The Global Growth Pfolio 1.44 1.51 0.09 0.00
The Equity Income Fund 0.91 0.97 -0.03 2.28
BDP Limited
Bond Fund GBP 9.40 - -0.01 6.01
Income Fund Sterling 2.90 - -0.02 8.92
The Discretionary Pfolio 11.43 - -0.40 1.30
RBC Offshore Fund Managers Limited (GSY)
Regulated
ARC Fund Ltd Class B $ 165.2452 - -0.4004 0.00
RBC Regent Strategy Fund Limited (JER)
Regulated
Asia Pacific Equity Class B $ 132.55 - -1.63 1.35
Canadian Equity Class B C$ 140.61 - -2.21 0.17
European Equity Class B 125.13 - -2.13 0.75
Intl Ex North America Equity Class B $ 99.80 - -1.96 2.75
UK Bond Class B 107.41 - 0.51 2.18
UK Equity Class B 141.78 - -2.58 1.24
Fund Bid Offer D+/- Yield
US Dollar Capital Growth Class $ 11.48 - -0.20 0.05
US Equity Class $ 112.34 - -1.65 0.00
.
For RMF Investment Management Funds see Man Investments
Robeco Asset Management (LUX)
Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
tel (31)10 2242381 www.robeco.com
FSA Recognised
Asia-Pacific Equities (EUR) 86.33 - -0.12 0.00
Chinese Equities (EUR) 49.94 - 0.08 0.00
Em Stars Equities (EUR) 139.54 - -1.53 0.00
Emerging Markets Equities (EUR) 128.85 - -0.96 0.00
Flex-o-Rente (EUR) 109.60 - 0.35 0.00
Glob.Consumer Trends Equities (EUR) 86.72 - -0.40 0.00
High Yield Bonds (EUR) 102.77 - 1.57 0.00
Lux -O- Rente (EUR) 127.89 - 0.51 0.00
Natural Ress Equities (EUR) 83.74 - 0.10 0.00
New World Financials (EUR) 28.60 - -0.26 0.00
SAM Sust. Agrib.Eq. D 103.43 - -0.49 0.00
US Premium Equities (EUR) 110.12 - -1.91 0.00
US Premium Equities (USD) $ 122.17 - -2.13 0.00
Edmond de Rothschild Group
Other International Funds
Asian Capital Holdings A $ 100.37 - -0.24 0.24
Asian Capital Holdings B 72.40 - -0.16 0.23
European Capital Hldgs 213.41 - -0.58 0.00
Leveraged Cap Hldgs NV $ 242.35 - -6.63 0.00
Leveraged Cap Hldgs NV 187.88 - 4.94 0.00
Leveraged Cap Hldgs Gold $ 383.20 - -0.35 0.00
Trading Cap Hldgs NV $ 193.80 - -0.15 0.00
Trading Cap Hldgs NV 160.46 - -0.13 0.00
Royal Bank of Scotland (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, PO Box 4935 Guild St, IFSC Dublin 1 00 353 1 642 8400
FSA Recognised
RBSG Investment Programmes
RBSG Cont Eur Spec Equity Ser 3 78.96 - -0.60 0.60
RBSG UK Equity Index Programme Ser 3 21.60 - -0.36 3.28
RBSG UK Specialist Eqty Ser 3 15.33 - -0.18 0.96
RBSG UK Sovereign Bond Index Prog Ser 3 14.88 - 0.13 3.25
RBSG Contl Eurp Eqty Index Prog Ser 3 239.29 - -3.67 2.85
RBSG Japan Specialist Equity Prog Ser 3 3089.00 - -12.00 0.80
RBSG US Equity Index Programme Ser 3 $ 45.69 - -0.66 0.94
RBSG Pacific Basin Eqty Ser 3 $ 46.23 - -0.20 1.62
RBSG Emerging Markets Ser 3 $ 30.14 - -0.34 1.48
RBSG Global Investment Grade Bond GBP Series 6 121.27 - -0.18 3.10
RBSG Global Investment Grade Programme GBP S3 111.72 - -0.15 3.13
RBSG UK Sovereign Bond Index Programme Series 6 11.54 - 0.10 3.22
Absolute Rtn Multi Asset Prog SER 3 GBP 9.76 - -0.05 -
** 30 day average yield
Royal London Asset Mgmt (Ireland) Ltd (IRL)
PO Box 9428, Dublin 1, Ireland 08456 040404
FSA Recognised
Royal London Asset Management Bond Funds PLC
Sterling Extra Yield Bond A 0.98 - 0.00 8.09
Sterling Extra Yld Bd B 0.97 - 0.00 7.75
Russell Investment Company Plc (IRL)
Russell Investment Group 10 Regent St Ldn SW1Y 4PE 020 7024 6000
FSA Recognised
Cont Eur Eq B 18.78 - -0.26 0.00
Cont Eur Eq F F 1013.64 - -14.04 0.00
Cont Eur Eq SH I F 74.91 - -1.06 0.00
Cont Eur Eq A 21.52 - -0.30 0.00
Emerg Mkts Eq B $ 18.74 - -0.29 0.00
Global Bond B $ 20.11 - -0.02 0.00
Japan Equity B 744.96 - -4.85 0.00
Pacific Basin B $ 19.60 - -0.29 0.00
UK Index Linked I 18.33 - 0.05 0.00
US Bond B F $ 16.63 - 0.18 0.00
US Equity B $ 9.96 - -0.18 0.00
US Equity EH A F 105.14 - -1.95 0.00
World Equity II B F $ 8.54 - -0.16 0.00
RIC - OMIGSA
Acadian European Eq Ucits I 7.67 - -0.10 1.94
Acadian Gbl Eq Ucits A 9.27 - 0.00 0.00
Global Aggreg.Bd Fd $ 17.69 - 0.00 0.33
Global Bond B F $ 18.39 - 0.01 0.22
Global Credit Fund A F $ 12.28 - -0.01 0.37
Global Currency Fd A $ 11.73 - -0.07 0.14
US Growth Equity A F $ 14.85 - -0.27 0.03
Value Global Equity F $ 18.70 - -0.30 0.00
Acadian Emerging Markets Eq Ucits A 18.73 - -0.12 0.00
Emerg Markets EQ Ucits B $ 8.67 - -0.14 0.00
Russell Investment Company II PLC (IRL)
Russell Investment Group, 10 Regent St, Ldn SW1Y 4PE 020 7024 6000
FSA Recognised
Euro Fixed Inc I ACC F 19.14 - -0.03 0.00
Pan European Eq I F 12.79 - -0.21 0.00
UK Equity Plus B F 108.25 - -1.89 0.00
US Growth I Acc F 10.75 - -0.08 0.00
US Quant B F $ 12.98 - -0.19 0.00
World Equity B $ 14.49 - -0.27 0.00
World Equity I F 16.77 - -0.15 0.00
World Equity SH-B F 100.45 - -1.61 0.00
Russell Multi-Manager Fds Plc (IRL)
Regulated
GBL 35 Multi MNGR A $ 130.93 - -0.52 0.00
GBL 35 Multi MNGR B $ 127.86 - -0.51 0.00
GBL 50 Multi MNGR A $ 130.73 - -0.86 0.00
GBL 50 Multi MNGR B $ 126.10 - -0.84 0.00
GBL 70 Multi MNGR A $ 127.10 - -1.31 0.00
GBL 70 Multi MNGR B $ 121.68 - -1.25 0.00
GBL 90 Multi MNGR A $ 112.26 - -1.58 0.00
GBL 90 Multi MNGR B $ 115.16 - -1.61 0.00
GBL Defensive A $ 109.91 - 0.09 0.00
SVG Investment Managers Limited
Other International
SVG UK Focus Fd Cls I 15.72 15.72 -0.20 2.63
SVG UK Focus Fd Cls A 15.32 15.32 -0.20 2.14
SVG European Focus Fd Cls A 5.12 5.12 0.00 1.67
SVG European Focus Fd Cls R 5.12 5.12 0.00 0.95
SW Mitchell Capital LLP (CYM)
Regulated
S W Mitchell Class A Shares Euro 233.23 - 1.01 0.00
S W Mitchell Class B Shares USD $ 230.83 - 0.96 0.00
Sabre Fund Management Limited
46-48 Grosvenor Gardens, London SW1W 0EB
Other International Funds
Sabre Style Arbitrage Fund Limited - USD $ 181.60 - 1.11 -
Sabre Style Arbitrage Fund Limited - Euro 178.08 - 1.12 -
SAM (LUX)
Tel. +41 44 653 10 10 www.sam-group.com
Regulated
SAM Smart Energy Fund GBP/A 13.00 - -0.01 0.75
SAM Smart Materials Fund GBP/A 101.36 - -1.37 0.42
Fund Bid Offer D+/- Yield
SAM Sust. Climate Fund GBP/A 56.28 - -0.67 0.58
SAM Sust. Global Active Fd EUR/B 111.65 - -0.72 0.00
SAM Sust. Healthy Liv Fd EUR/B 103.21 - -0.47 0.00
SAM Sust. Water Fund GBP/A 113.26 - -0.77 0.59
Schroder Property Managers (Jersey) Ltd
Other International Funds
Indirect Real Estate SIRE 104.01 108.30 0.00 3.40
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
PO Box 255, St Peter Port, Guernsey 01481 745 001
FSA Recognised
Offshore Cash 1.7861900 1.7861900 0.0000200 0.00
Offshore Cash B F 1.7978300 1.7978300 0.0000200 0.00
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
Regulated
Emerging Markets $ 33.470 33.764 -0.407 0.00
Institutional Developing Markets Fund A $ 25.734 25.974 -0.315 0.00
Institutional Developing Markets Fund B $ 25.699 25.940 -0.316 0.00
SEB Asset Management S.A. (LUX)
www.seb.se +352 26 68 2595
Regulated
SEB Ethical Europe Fund 1.96 1.96 -0.02 0.00
SEB Europe Fund 2.87 2.87 -0.02 0.00
SEB European Equity Small Cap 125.46 126.72 -1.59 1.03
SEB Asset Selection Fund EUR 14.01 14.71 0.07 0.00
SEB Russia Fund 8.84 8.84 -0.17 0.00
SEB Eastern Europe ex Russia 2.29 2.31 0.02 0.00
SEB Eastern Europe Small Cap Fund 2.36 2.36 -0.02 0.00
SEB Key Hedge Fund (Est) 100.51 - -0.79 0.00
SEB Key Europe Equity L/S (Est) 92.28 - -1.39 0.00
SEB Key Select C 9.62 9.71 0.00 0.00
SEB Key Select I 9.82 9.82 0.00 0.00
SEB Nordic Fund 5.83 5.83 -0.07 0.00
SIA (SIA Funds AG) (LUX)
Regulated
LTIF Alpha 141.31 - 0.50 0.00
LTIF Classic 228.67 - -1.31 0.00
LTIF Em.Mkt Value 77.85 - -0.07 0.00
LTIF Natural Resources 87.91 - -1.96 0.00
SIA (SIA Funds AG) (CH)
Other International Fds
LTIF Stability Growth SFr 185.80 - 2.80 0.00
LTIF Stability Inc Plus SFr 185.80 - 2.80 -
SKAGEN Funds (NOR)
PO Box 160, 4001 Stavanger, Norway
Tel (47) 51 21 38 58 www.skagenfunds.com
FSA Recognised
SKAGEN Global 99.52 - -0.85 0.00
SKAGEN Kon-Tiki 64.57 - -0.33 0.00
SKAGEN Vekst 160.36 - -1.21 0.00
SKAGEN Tellus 14.13 - -0.03 0.00
Sloane Robinson LLP (CYM)
Regulated
S.R. Global Fund Inc.
B-Asia $ 564.94 - -7.88 0.00
C-International $ 369.38 - -3.17 -
G1 Emerging Mkts $ 1018.77 - -25.69 0.00
H - Japan $ 75.39 - -1.40 0.00
SR Phoenicia Inc
Phoenicia A $ 359.32 - -5.48 -
Smith & Williamson Investment Fds (IRL)
12/13 Exchange Place, IFSC, Dublin 1 00 353 1 612 6476
FSA Recognised
MM Cautious Growth Fund F 14.72 - -0.03 0.00
Cash Fund F 1.00 - 0.00 0.60
Short Dated Corporate Bond F 1.06 - 0.00 3.62
Boulder Investment F 1.57 - 0.02 0.00
Enterprise A F 148.63 - -1.04 0.00
Smith & Williamson Investment Mgmt Ltd (BMU)
Regulated
Bermuda Capital Co Ltd $ 270.39 - -3.67 0.00
Mid Ocean World Inv $ 411.87 - -6.63 0.00
Pancurri Investment Ltd (Est) $ 1051.93 - 1.57 0.00
Spinnaker Capital Group
Other International Funds
Global Emg Markets Ser K1 (Est) $ 98.34 - 1.11 0.00
Global Opportunity Ser K1 (Est) $ 94.24 - 0.50 0.00
State Street Global Advisors Ltd Fds (IRL)
20 Churchill Place, London E14 5HJ
Marketing: +44(0)20 3395 6000, Dealing: 00353 1 242 5401
FSA Recognised
State Street Global Advisors Liquidity Plc
USD Liquidity $ 1.00 - 0.00 0.16
GBP Liquidity 1.00 - 0.00 0.54
EUR Liquidity 1.00 - 0.00 0.19
State Street Global Advisors Fixed Income plc
Abs. Ret. Global Bd II Cls B $ 10.49 - 0.01 0.00
Abs. Ret. Global Bd II Cls I F $ 9.84 - 0.01 0.00
World Brd Inv. Grd. Bd SGD S$ 12.20 - 0.03 0.00
World Brd Inv. Grd. Bd Cls B F $ 12.10 - -0.01 0.00
EMU Govt Bd Cls B 14.12 - -0.02 0.00
EMU Govt Bd Cls I 13.99 - -0.02 0.00
EMU Govt Long Bd II Cls I 13.35 - 0.05 0.00
Euro Brd Inv. Grd Bd Cls B 11.84 - 0.00 -
Euro Brd Inv. Grade Bd Cls I 12.52 - -0.01 0.00
Euro Corp Bd Cls B 13.52 - 0.00 -
Euro Inflation Link Bd Cls I 11.05 - -0.06 0.00
Euro Corp Bd Cls I 14.58 - 0.03 0.00
Gbl. Inflation Link Bd Cls I F $ 12.23 - -0.05 0.00
UK Govt Bd Cls B 17.87 - 0.16 0.00
UK Govt Bd Cls I 17.75 - 0.16 0.00
US Corp Bd Cls I $ 15.93 - 0.08 0.00
US Govt Bd Cls B $ 16.14 - 0.08 0.00
US Govt Bd Cls I $ 16.03 - 0.08 0.00
World Brd Inv. Grd. Bd Cls I $ 16.57 - -0.01 0.00
World Govt Bd Index Cls B $ 16.01 - 0.00 0.00
World Govt Bd Index Cls I $ 15.88 - 0.00 0.00
Stenham Asset Management Inc
Other International Funds
Stenham Universal USD $ 383.98 - -1.62 0.00
Stenham Universal EUR 121.04 - -0.53 0.00
Stenham Universal GBP 132.05 - -0.51 0.00
Stenham Universal II USD $ 144.63 - -0.72 0.00
Stenham Universal II GBP 141.61 - -0.65 -
Stenham Universal II EUR 125.71 - -0.65 0.00
Stenham Growth USD $ 172.77 - -0.41 -
Stenham Trading Port. $ 4747.03 - -68.97 -
Stenham Quadrant USD A $ 372.68 - -5.61 -
Stenham Quadrant USD B (Est) $ 367.01 - 5.25 -
Stenham Asia EUR 90.73 - -1.11 -
Stenham Asia GBP 92.69 - -1.09 -
Stenham Asia USD $ 115.84 - -1.39 -
Stenham Gold USD $ 291.40 - -5.03 -
Stenham Multi Strategy EUR 101.24 - -0.62 -
Stenham Multi Strategy GBP 104.58 - -0.58 -
Fund Bid Offer D+/- Yield
Stenham Multi Strategy USD $ 105.43 - -0.62 -
Stenham Global Resources EUR 103.05 - -1.64 -
Stenham Global Resources GBP 107.85 - -1.62 -
Stenham Global Resources USD $ 109.18 - -1.70 -
Stenham Managed Fund EUR 95.76 - -0.92 -
Stenham Managed Fund GBP 99.48 - -0.90 -
Stenham Managed Fund USD $ 99.76 - -0.93 -
Stratton Street Capital (CI) Limited (GSY)
Regulated
Wonda Bond & Currency Fund (USD) $ 111.67 - 7.24 0.00
Wonda Bond & Currency Fund (JPY) 10550.50 - -715.25 0.00
Fine Wine Geared Fund 0.61 - -0.06 0.00
Japanese Synthetic Warrant 79.28 - -5.42 -
Japan Synthetic Warrant Fund USD Class $ 1.30 - -0.09 -
Asia Synthetic Warrant Fund $ 5.60 - -2.09 0.00
Renminbi Bond Fund CHF Cls A SFr 102.80 - -0.30 -
Renminbi Bond Fund CHF Cls B SFr 102.73 - -0.30 -
Renminbi Bond Fund CNH Cls A CNH 102.90 - -0.29 -
Renminbi Bond Fund CNH Cls B CNH 102.82 - -0.30 -
Renminbi Bond Fund Euro Cls B 102.74 - -0.30 -
Renminbi Bond Fund GBP Cls B 102.84 - -0.30 -
Renminbi Bond Fund SGD Cls B S$ 102.80 - -0.29 -
Renminbi Bond Fund USD Cls B $ 102.82 - -0.30 -
Renminbi Bond Fund YEN Cls B 10288.95 - -27.96 -
Renminbi Bond Fund USD Class $ 142.07 - -0.40 -
Renminbi Bond Fund GBP Class 137.32 - -0.38 -
Renminbi Bond Fund SGD Class S$ 136.46 - -0.39 -
Renminbi Bond Fund YEN Class 15140.00 - -39.00 -
Renminbi Bond Fund EUR Class 94.75 - -0.28 -
Poland Geared Growth 0.79 - 0.04 0.00
E. I. Sturdza Strategic Management Limited(GSY)
Regulated
Nippon Growth Fund Limited 50580.00 - -20.00 0.00
Strat Blue Star Resources Fd EUR 979.09 - 28.31 0.00
Strat Blue Star Resources Fd USD $ 1192.45 - 33.42 0.00
Strat Evarich Japan Fd Ltd JPY 52790.00 - -45.00 0.00
Strat Evarich Japan Fd Ltd USD $ 530.50 - -0.45 0.00
Strat Fd Ltd Gbl Opps Fd USD $ 3008.45 - -59.99 0.00
Strat Fd Ltd Gbl Opps Fd EUR 2272.32 - -24.07 0.00
Strat Global Innovation fd Ltd EUR 1137.31 - 34.49 0.00
Strat Global Innovation fd Ltd USD $ 1164.04 - 33.91 0.00
Strategic US Growth Fund USD Class $ 535.55 - 9.48 -
E.I. Sturdza Funds PLC (IRL)
Regulated
Strategic China Panda Fund USD $ 1670.60 - -12.09 0.00
Strategic China Panda Fund Hedged EURO 1642.59 - -11.91 0.00
Strategic China Panda Fund Hedged Sterling 1584.08 - -11.47 0.00
Nippon Growth (UCITS) Fund JPY Class A shares 50747.00 - -403.00 0.00
Nippon Growth (UCITS) Fund JPY Class C Dis shares 41427.00 - -329.00 0.00
Nippon Growth (UCITS) Fund JPY Class B Acc shares 42784.00 - -340.00 0.00
Strategic Euro Bond Fund Distributing Class Shares 1053.26 - 0.93 0.55
Strategic Euro Bond Fund Accumulating Class Shares 1103.07 - 0.97 0.00
Strategic Emerging Europe Fund Hedged Euro Class 880.50 - -27.68 0.00
Strategic Emerging Europe Fund USD Class $ 887.69 - -27.44 0.00
Strategic Europe Value Euro Class 103.53 - -1.25 0.00
TT International (CYM)
Regulated
TT European Long/Short Feeder SP Class A 105.13 - 1.22 -
TT European Long/Short Feeder SP Class B $ 104.66 - 1.19 0.00
TT European Long/Short Feeder SP Class C 103.51 - 2.71 -
TT Equity Macro Fund Europe Feeder SP Class A 93.70 - -0.53 0.00
TT Equity Macro Fund Europe Feeder SP Class B $ 88.15 - -2.63 0.00
TT Equity Macro Fund EUR Feeder SP Class C 89.15 - -2.58 0.00
TT Financials Long/Short Fd A $ 145.51 - -0.73 -
TT Financials Long/Short Fd B 144.55 - -0.71 0.00
TT Financials Long Short Fund Ltd Class F 92.17 - -0.41 0.00
TT International Fund Feeder Segregated Portfolio Class A 89.15 - -0.96 0.00
TT International Fund Feeder Segregated Portfolio Class B $ 91.47 - -1.06 -
TT Mid-Cap Eurp Long/Short Fd Ltd A 286.12 - 0.16 0.00
TT Mid-Cap Eurp Long/Short Fd Ltd B $ 230.29 - 0.15 0.00
TT Mid -Cap Europe Long / Short Fund Ltd Class C 108.93 - 0.07 0.00
TT International (IRL)
Regulated
TT European Eqty Fd Class A 10.69 - -0.15 8.13
TT UK Equity Fd 15.66 - -0.22 2.80
TT Europe Ex-UK Equity Fd 16.34 - -0.30 1.20
Eurozone Equity Fund 8.02 - -0.16 1.01
TT International Asia Pacific Equity Fund - Class A $ 10.62 - -0.10 1.46
TT International Emerging Markets Equity Fund $ 7.97 - -0.10 0.84
Tarchon Capital Management (CYM)
Regulated
Tarchon Multistrategy (A2) 130.52 - -0.10 0.00
Tarchon MS (2x) (A4X) 125.53 - -0.34 0.00
Tarchon MS (2x) (A4W) 106.94 - -0.25 0.00
Tarchon Asia 96.91 - -0.24 0.00
Tarchon Equity EUR 149.70 - 0.66 0.00
The Hartford International Funds (IRL)
Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) 1512.44 - 8.84 0.00
UK Corporate Bond 1249.40 - 1.01 0.00
Gilt 1449.09 - -0.13 0.00
Global Eq (Ex Japan) Index Fund 0.86 - -0.01 0.00
Global Eq (ex Japan) Class HJ4 0.90 - -0.01 0.00
Global Eq (ex Japan) Class JP5 0.66 - -0.02 0.00
Global Eq Ex Japan Index Fund (Hedge) 0.61 - -0.02 0.00
Gbl Govt Bond (Ex Japan) Index 0.83 - -0.01 0.00
Gbl Govt Bond (ex Japan) Class JP4 0.81 - -0.01 0.00
Japan Equity Index Fund 0.47 - 0.00 0.00
Japan Equity Class JP3 0.57 - 0.00 0.00
The National Investor (TNI)
www.tni.ae
Other International Funds
UAE Blue Chip Fund AED 4.72 - 0.01 0.00
TNI Funds Ltd (BMU)
MENA Special Sits Fund $ 1017.09 - 1.24 0.00
TNI Funds Plc (Ireland)
MENA UCITS Fund $ 1009.17 - -0.26 0.00
The Nile Growth Company (LUX)
Regulated
Nile Growth Fd A dis $ 25.12 - 0.29 0.00
Traditional Funds (IRL)
State Street International (Ireland) Limited. No. 78 Sir John Rogerson?s Quay, Dublin 2, Ireland
Phone:+353 1 242 5529 Fax:+353 1 438 9528 Email:TRCInvestorServices@statestreet.com
FSA Recognised
BSI Bond Opportunity Fund Eur Acc 9.98 - -0.02 0.00
BSI Bond Opportuinty Fund USD Acc $ 9.96 - -0.01 0.00
BSI Bond Opportunity Fund CHF AccSFr 9.72 - -0.01 0.00
Credit Select A EUR Dis 10.09 - -0.01 2.17
Credit Select A EUR Acc 10.72 - -0.01 0.00
European Absolute Return Fund Class A Old Euro Acc 20.10 - -0.01 0.00
European Absolute Return Cls A New Euro Acc 10.95 - 0.00 0.00
High Income USD Dis $ 9.35 - -0.05 8.14
High Income Cls A New USD Dis $ 7.10 - -0.04 8.25
High Income Cls A New USD Acc $ 10.36 - -0.06 0.00
Global Bd () GBP Dis 13.69 - -0.02 0.59
Fund Bid Offer D+/- Yield
Global Bd () GBP Acc 15.90 - -0.03 0.00
Global Bd () Acc 14.57 - 0.03 0.00
Global Bd () Dis 12.82 - 0.02 0.66
Global Bd ($) Acc $ 11.99 - -0.06 0.00
Global Bd ($) Dis $ 10.51 - -0.06 0.44
Global Credit A EUR Dis 9.62 - -0.02 2.92
Global Credit A EUR Acc 10.44 - -0.03 0.00
Real Estate Securities Cls A GBP Acc 10.42 - -0.13 0.00
Real Estate Securities Cls A GBP Dist 10.07 - -0.13 1.85
Water & Agriculture Abs Rtn USD Acc $ 11.62 - 0.00 0.00
Water & Agriculture Abs Rtn USD Dis $ 10.27 - 0.00 0.00
Emerging Asia B USD Acc $ 7.69 - -0.07 0.00
Emerging Asia B USD Dis $ 7.68 - -0.06 0.00
Global Emerging Markets USD Acc $ 12.63 - -0.17 0.00
Global Emerging Markets USD Dist $ 40.23 - -0.56 0.22
Global High Yield A Euro Acc 10.26 - 0.01 -
Global High Yield A Euro Dis 10.05 - 0.02 -
Global Emerging Mkt Abs Rtn A USD Acc $ 8.64 - -0.03 -
Global Emerging Mkt Abs Rtn B USD Acc $ 8.70 - -0.03 -
Thames River Capital
Northern Trust International Fund Administration Services (Ireland) Ltd,
Georges Court 54-62 Townsend Street, Dublin 2, Ireland
Phone +353 (0)1 434 5059
Fax +353 (0)1 670 1185
thameshedge@ntrs.com
Other International Funds
Hillside Apex Cls A $ 1281.06 - 5.07 0.00
Hillside Apex Cls B 659.19 - -0.71 0.00
Hillside Apex Cls C 610.52 - 5.67 0.00
Hillside Apex Cls D 379.65 - 3.83 0.00
Warrior Cls A (Final) $ 2418.82 - -22.66 -
Warrior Cls B (Final) 1746.50 - -17.22 -
Warrior Cls C (Final) 1931.39 - -17.52 -
Warrior Cls F (Final) $ 1006.97 - -9.41 -
Warrior Cls G (Final) 993.32 - -9.81 -
Warrior Cls H (Final) 999.83 - -8.06 -
Warrior Cls I (Final) NKr 10183.36 - -83.58 0.00
Warrior II Class A (Final) $ 1202.90 - -11.22 0.00
Warrior II Class B (Final) 1176.96 - -11.71 0.00
Warrior II Class C (Final) 1203.53 - -11.03 0.00
Warrior II Class D (Final) NKr 103818.28 - -849.25 0.00
Warrior II Class F (Final) $ 945.24 - -8.79 -
Warrior II Class G (Final) 930.68 - -9.27 -
Warrior II Class H (Final) 936.88 - -7.50 -
Warrior II Class I (Final) NKr 97212.43 - -796.59 0.00
Sentinel Cls A (Final) $ 1745.46 - -0.95 0.00
Sentinel Cls B (Final) 1102.29 - -0.80 0.00
Sentinel Cls C (Final) 1412.19 - -0.22 0.00
Longstone Cls A 1339.58 - -19.78 0.00
Longstone Cls B $ 1316.07 - -18.99 0.00
Longstone Cls C 1350.98 - -18.79 0.00
Property Growth & Inc Cls A GBP Inc 10.38 - -0.06 4.75
Property Growth & Inc Cls A GBP Acc 13.59 - -0.08 0.00
Property Growth & Inc Cls B EUR Inc 9.95 - -0.06 4.75
Property Growth & Inc Cls B EUR Acc 13.03 - -0.07 0.00
Property Growth & Inc Cls C NOK IncNKr 71.05 - -0.40 4.74
Property Growth & Inc Cls D Aus AccA$ 20.45 - -0.12 0.00
Property Growth & Inc Cls D Aus IncA$ 16.49 - 0.12 4.31
Africa Focus Class A USD (Final) $ 1037.12 - 15.84 0.00
Isis Cls A $ 8195.53 - -305.83 0.00
Isis Cls B 2793.66 - -106.87 0.00
Isis Cls C 958.08 - -35.62 0.00
Isis Cls D NKr 11877.80 - -434.20 0.00
Tilney Asset Management Intl Ltd (GSY)
Other International Funds
The Glanmore Property Fund
NAV (Susp) 12.25 - -0.19 2.20
B Share NAV (Susp) 12.25 - -0.19 2.20
The Glanmore Property Dollar Fund
NAV (Susp) $ 3.14 - -0.04 0.00
B Share NAV (Susp) $ 5.12 - -0.08 0.00
The Glanmore Property Euro Fund Limited
NAV (Susp) 2.85 - -0.04 0.00
B Share NAV (Susp) 5.24 - -0.09 0.00
Tilney Asset Management Intl Ltd
Other International Funds
The Glanmore Property Accumulation Fund Limited
NAV 2.06 - -0.03 0.00
B Share NAV 5.33 - -0.08 0.00
Toscafund (CYM)
Regulated
Tosca $ 197.97 - 3.83 0.00
Tosca Mid Cap GBP 125.99 - -1.84 0.00
Tosca Opportunity B USD $ 182.56 - -0.65 0.00
TreeTop Asset Management S.A. (LUX)
Regulated
TreeTop Convertible Sicav
International A 201.20 - -1.35 0.00
International B $ 259.39 - -1.70 0.00
International C 89.01 - -0.60 4.61
Pacific A 237.42 - -1.06 0.00
Pacific B $ 299.87 - -1.16 0.00
TreeTop Global Sicav
Global Opp.A 94.73 - -1.04 0.00
Global Opp.B $ 97.01 - -1.47 0.00
Global Opp.C 122.69 - -0.81 0.00
Sequoia Equity A 85.02 - -1.02 0.00
Sequoia Equity B $ 86.91 - -1.51 0.00
Sequoia Equity C 101.75 - -0.81 0.00
Sequoia Pacific Equity A 57.85 - -0.32 0.00
Sequoia Pacific Equity B $ 61.26 - -0.43 0.00
Sequoia Pacific Equity C 77.59 - 0.17 0.00
Global Spec. Sit. A 68.94 - 0.01 0.00
Global Spec. Sit. B $ 63.60 - -0.87 0.00
UBS AG (LUX)
291, Route d'Arion P 91, L-2010 Luxembourg
www.ubs.com/funds
FSA Recognised
UBS (CH) Equity Fund - Gold (USD) P $ 474.80 - -3.66 0.00
UBS (CH) Equity Fund - Energy (USD) P $ 270.05 - -10.04 0.14
UBS Global Emerging Market Value Focus P USD $ 96.88 - -0.38 0.00
UBS (Lux) Bond Fund - Convert Europe P-acc 118.75 - -1.28 0.00
UBS (Lux) Bond Fund - Euro High Yield P-acc 133.22 - -0.30 0.00
UBS (Lux) Bond Fund - Full Cycle Asian Bond (USD) P-acc $ 111.75 - 0.07 0.00
UBS (Lux) Bond SICAV - Asian Local Currency Bond (USD) P-acc $ 97.64 - -0.41 0.00
UBS (Lux) Bond SICAV - Convert Global (EUR) P-acc 9.82 - -0.10 0.00
UBS (Lux) Bond SICAV - Short Duration High Yield (USD) P-acc $ 104.36 - -0.86 0.00
UBS (Lux) Bond SICAV - USD High Yield P-acc $ 212.40 - 1.85 0.00
UBS (Lux) Emerging Economies Fund - Global Bonds (USD) P-acc $ 1669.70 - -11.50 0.00
UBS (Lux) Emerging Economies Fund - Global Short Term (USD) P-acc $ 2765.01 - -31.01 0.00
Fund Bid Offer D+/- Yield
UBS (Lux) Equity Fund - Asian Consumption (USD) P-acc $ 93.46 - -1.33 0.00
UBS (Lux) Equity Fund - Greater China (USD) P-acc $ 168.64 - -1.60 0.00
UBS (Lux) Equity Fund - Health Care (USD) P-acc $ 121.17 - -1.44 0.00
UBS (Lux) Equity SICAV - Russia (USD) P-acc $ 92.78 - -2.57 0.00
UBS (Lux) Equity SICAV - USA Growth (USD) P-acc $ 16.28 - -0.25 0.00
UBS (Lux) Key Selection SICAV - Global Allocation Focus Europe (EUR) P-acc 9.04 - -0.05 0.00
UBS (Lux) SICAV 1 - All Rounder (USD) P-acc $ 131.86 - -1.32 0.00
Pls contact your adviser for funds in other currencies or for add.
UOB Global Strategies Funds Plc (IRL)
Regulated
UOB Asian Equity $ 181.51 - -1.32 0.00
UOB Greater China $ 196.62 - -2.48 0.00
UOB Paradigm Fund Class A (Eur) 131.63 - -3.26 0.00
UOB Paradigm Fund Class B (USD) $ 164.28 - -3.34 0.00
UOB Paradigm Fund Class C $ 105.89 - -2.16 0.00
UOB Paradigm Fund Class D $ 103.49 - -2.11 0.00
UOB US Equity Fund $ 141.98 - -2.96 0.00
UOB Global Opportunities Fund $ 100.03 - -1.45 0.00
UOB Strategic Allocation Fund USD $ 100.51 - -0.25 0.00
Unicapital Investments (LUX)
Regulated
Investments II 71.93 - -19.64 0.00
Investments III 178.18 - -3.14 0.00
Investments IV - European Private Eq. 470.87 494.42 -0.98 -
Investments IV - Global Private Eq. 716.16 751.97 -10.17 -
Valartis Asset Management S.A. (LUX)
Regulated
MC Russian Market Fd A $ 88.79 - -2.25 0.00
MC Russian Market Fd B $ 17.31 - -0.44 0.00
Value Partners Hong Kong Limited (IRL)
www.valuepartners.com.hk / vpl@vp.com.hk
Regulated
VP Absolute Greater China Classic Fund $ 9.86 - -0.03 -
Veritas Asset Management (UK) Limited (IRL)
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FSA Recognised
Institutional
Veritas Asian Fund A USD H $ 211.70 - -0.52 0.72
Veritas Asian Fund A GBP H 255.62 - 0.68 0.71
Veritas Asian Fund A EUR H 198.72 - -0.11 0.58
Veritas China Fund A USD $ 98.87 - -0.06 0.22
Veritas China Fund A GBP 99.56 - -0.07 0.14
Veritas China Fund A EUR 98.31 - -0.06 0.30
Veritas Global Focus Fund A GBP 19.56 - -0.01 1.94
Veritas Global Focus Fund A EUR 8.76 - -0.03 71.99
Veritas Global Focus Fund A USD $ 17.84 - -0.10 1.96
Veritas Global Focus Fund C GBP 19.97 - -0.01 0.00
Veritas Global Focus Fund C EUR 14.88 - -0.06 0.00
Veritas Global Focus Fund C USD $ 18.29 - -0.10 0.00
Veritas Global Equity Income Fund A GBP 138.90 - 0.51 4.81
Veritas Global Equity Income Fund A EUR 175.40 - 0.08 4.48
Veritas Global Equity Income Fund A USD $ 111.08 - -0.15 4.88
Veritas Global Equity Income Fund C GBP 141.15 - 0.52 -
Veritas Global Equity Income Fund C EUR 178.26 - 0.09 -
Veritas Global Equity Income Fund C USD $ 112.37 - -0.15 -
Veritas Global Real Return Fund A USD $ 17.05 - 0.03 1.43
Veritas Global Real Return Fund A GBP 9.26 - 0.01 1.98
Veritas Global Real Return Fund A EUR 10.95 - 0.02 1.69
Retail
Veritas Asian Fund B USD $ 149.18 - -0.37 0.17
Veritas Asian Fund B GBP 186.89 - 0.49 0.22
Veritas Asian Fund B EUR 145.20 - -0.08 0.07
Veritas China Fund B USD $ 104.03 - -0.07 0.00
Veritas China Fund B GBP 97.22 - -0.06 0.00
Veritas China Fund B EUR 98.67 - -0.06 0.00
Veritas Global Focus Fund B USD $ 12.88 - -0.08 1.19
Veritas Global Focus Fund B GBP 14.92 - -0.01 1.18
Veritas Global Focus Fund B EUR 10.48 - -0.04 2.47
Veritas Global Equity Income Fund B GBP 130.14 - 0.47 4.80
Veritas Global Equity Income Fund B EUR 163.87 - 0.07 4.49
Veritas Global Equity Income Fund B USD $ 112.22 - -0.16 4.89
Veritas Global Real Return Fund B USD $ 16.47 - 0.03 1.30
Veritas Global Real Return Fund B GBP 9.17 - 0.02 1.66
Veritas Global Real Return Fund B EUR 10.81 - 0.02 1.54
Veritas Asset Management (UK) Limited
www.veritas-asset.com
Other International Funds
Real Return Asian Fund USD 213.91 - -2.40 0.00
Real Return Asian Fund GBP 225.72 - -2.41 0.00
Real Return Asian Fund EUR $ 221.63 - -2.20 0.00
Victory Capital Ltd
Other International Funds
Victory Capital Ltd A GBP (Est) 146.20 - -0.90 -
Waverton Investment Funds Plc (1600)F (IRL)
waverton.investments@citi.com
FSA Recognised
Asia Pacific B USD $ 15.82xd - -0.09 1.54
European Fund B Eur H 7.74xd - -0.01 0.99
Global Bond Fund Cls A $ 9.32xd - -0.02 5.13
Global Equity Fund B GBP H 5.18 - -0.03 0.00
JOHIM Equity Fund GBP 10.04 - 0.00 0.00
JOHIM Sterling Bond Fund A GBP 9.86xd - 0.00 5.26
UK Abs. Fund GBP 9.67 - 0.02 0.00
UK Fund B GBP H 9.42xd - 0.04 2.49
WA Fixed Income Fund Plc (IRL)
Regulated
European Multi-Sector 105.49 - 0.23 0.00
Williams de Bro Assetmaster Fund Plc (IRL)
Comore Plaza, Colmore Circus, Birmingham, B4 6AT 0044 121 2320726
FSA Recognised
Assetmaster Growth Fund 1.51 - 0.00 0.00
Assetmaster Cautious Fund 1.27 - -0.01 0.00
Assetmaster Balanced Fund 1.22 - 0.00 0.00
Assetmaster Intl Growth Fund 1.50 - 0.00 0.00
Multi Strategy Fund H 1.68 - 0.00 0.00
Chameleon Capital H 1.04 - 0.00 0.00
Winton Capital Management
Other International Funds
Winton Futures USD Cls B $ 844.38 - 1.01 0.00
Winton Futures EUR Cls C 237.73 - 0.26 0.00
Winton Futures GBP Cls D 257.31 - 0.34 0.00
Winton Futures GBP Cls F 99.25 - 0.13 -
Winton Evolution USD Cls F (Est) $ 1376.02 - -12.49 0.00
Winton Evolution EUR Cls H (Est) 1086.15 - -9.97 0.00
Winton Evolution GBP Cls G (Est) 1092.03 - -9.47 0.00
Winton Futures JPY Cls E 16582.45 - 15.70 0.00
World Trust Fund (LUX)
Regulated
Shares NAV 2.01 - 0.00 0.00
Xanthos Asset Management Ltd
Other International Funds
Xanthos Capital USD $ 983.94 - -4.11 0.00
Xanthos Equities USD $ 1046.50 - -15.97 0.00
Xanthos Investment Partners USD $ 2896.20 - 126.68 0.00
Fund Bid Offer D+/- Yield
Yuki International Limited (IRL)
Tel +44-207-269-0203 www.yukifunds.com
Regulated
Yuki Mizuho Umbrella Fund
Yuki Mizuho General Japan III 3227.00 - -30.00 0.00
Yuki Mizuho Japan Dynamic Growth 3274.00 - -28.00 0.00
Yuki Mizuho Japan General 6656.00 - -63.00 0.00
Yuki Mizuho Japan Excellent 100 5168.00 - -48.00 0.00
Yuki Mizuho Japan Growth 4669.00 - -29.00 0.00
Yuki Mizuho Japan Income 6121.00 - -45.00 0.00
Yuki Mizuho Japan Large Cap 3869.00 - -47.00 0.00
Yuki Mizuho Japan Low Price 9222.00 - -36.00 0.00
Yuki Mizuho Japan Pure Gwth 5488.00 - -21.00 0.00
Yuki Mizuho Japan Small Cap 5756.00 - 9.00 0.00
Yuki Mizuho Japan Value Select 4154.00 - -25.00 0.00
YMR Umbrella Fund
YMR N Growth 7493.00 - -67.00 0.00
Yuki Chugoku Umbrella Fund
Yuki Chugoku Japan General 6078.00 - -18.00 0.00
Yuki Chugoku Japan Low Price 5382.00 - -32.00 0.00
Yuki 77 Umbrella Fund
Yuki 77 General 4436.00 - -41.00 0.00
Yuki Hokuyo Umbrella Fund
Yuki Hokuyo Japan General 3459.00 - -32.00 0.00
Yuki Hokuyo Japan Income 4086.00 - -23.00 0.00
Yuki Hokuyo Japan Small Cap Fund 4231.00 - 5.00 0.00
Yuki Asia Umbrella Fund
Yuki Japan Rebounding Growth Fund 7932.00 - -70.00 0.00
Zadig Gestion (Memnon Fund) (LUX)
FSA Recognised
Memnon European Fund I GBP 86.03 - -1.75 0.00
Zebedee Capital Partners LLP (CYM)
Regulated
Zebedee Focus Fund Limited Class A EURO Shares 166.23 - 3.77 0.00
Zebedee Focus Fund Limited Class B USD Shares $ 192.60 - 4.40 0.00
Zebedee Focus Fund Limited Class A USD $ 166.38 - 3.80 0.00
Data Provided by Morningstar
www.morningstar.co.uk
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offer is made by Morningstar or this publication.
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at which units in a unit trust are sold by
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and units of a single priced unit trust are the
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will normally deal on the price set at the most
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be the current dealing levels because of an
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JUNE 1 2012 Section:Stats Time: 31/5/2012 - 19:07 User: sheehanr Page Name: UT7 EUR, Part,Page,Edition: EUR, 21, 1
22

FINANCIAL TIMES FRIDAY JUNE 1 2012

American and British Stocks
52 week Vol
Stock Price Chng High Low Yld P/e 000s
UK
(May 31/Pence)
3i 173 +3.4 295 166.10 4.7 - 7788
AberAsM 243xd +5.5 287.80 164.80 4 14.9 65353
ABG 329.50 +1.5 624 303.40 3.6 7.6 342
Admiral 1.04kxd -80 1.7k 772.16 7.3 12.7 2262
Aegis 162.40 +.3 187.90 112.19 2 19.2 5699
Aggreko 2.2k +11 2.35k 1.52k 0.9 22.9 640
Alliance 339 -1.5 394.60 289.20 2.5 34.8 899
AMEC 958xd -17 1.19k 733 3.2 14.9 2120
Amlin 317.80 -3.6 428.30 269 7.2 - 1386
AngloAmer@ 1.97k -12.5 3.22k 1.92k 2.7 6.2 7313
Antofagsta@ 991xd -26 1.48k 851.53 2.9 10.6 3666
ARM 505 -3.5 647.50 442.23 0.7 51.8 9607
AscBrFd 1.18k -5 1.25k 935.50 2.1 17.1 2012
Ashmore 339.30 +7.8 429.90 302.60 4.3 12.3 2866
AstraZen @ 2.61k +8 3.21k 2.45k 7.8 6.5 5065
Aviva 261.50 -2.4 448.10 258.80 9.9 45.1 20366
Babcock 846.50 -13 875.50 559.50 2.7 20.1 1970
BAE SYS 272.20xd - 334.80 241 6.9 6.4 10533
BalfourB 271.30xd -4.5 325 214.89 5.1 11 3239
Barclays @ 176.30xd -3.15 287.45 133.90 3.4 5.5 83376
Berkeley 1.25k +46 1.43k 1.01k - 17.4 623
BG @ 1.23k +4 1.66k 1.02k 1.2 11.6 18239
BHP Bltn 1.68k -30 2.53k 1.62k 4.7 5.9 16458
BlckRckWld 574 - 785 560.45 2.4 39 345
Booker Grp 88.70 +1.7 88.95 62.60 2.6 18.7 8610
BP @ 393.05xd -5.25 554 359.90 5.5 5.1 53952
BrAmTob @ 3.04k +38.5 3.26k 2.27k 4.2 18 5326
BritLand 481.70 -7.2 902.50 443.40 4.3 16 5575
BSkyB @ 688 -7 850.77 613.83 3.5 13.4 4718
BT @ 206.30 +.7 235.30 157.50 4 8.5 26619
Bumi 340 +1 1.24k 330 - - 212
Bunzl 1.02kxd +4 1.07k 651 2.6 17.5 1490
Burberry 1.36k -45 1.61k 1.03k 1.8 22 2156
bwin.party 119.80xd -.7 177 98.50 2.6 9.9 1826
CairnEng 285.50 -3 505.60 249.25 - - 7011
Cap&Count 193.50xd +.5 203.70 155 0.8 10.4 2749
Capita 616 -4 775 600 3.5 14.7 5460
CapShopCn 307.10xd -.6 411.60 283.20 4.4 - 2046
Carillion 260.80xd +.8 388 257.20 6.5 8.7 3405
Carnival 2.08kxd - 2.48k 1.6k 3.5 1.4 1394
CatlinGrp 401 +.6 451.60 331.20 6.3 3.8 1350
Centrica @ 307.40xd -.4 334.54 248.40 5 21.3 15423
Cobham 222.40xd +.5 241.30 163.60 3.6 12.8 6434
Compass @ 631.50 -1.5 682 498.20 3.2 16 6248
Cookson 623xd -10 755 357.70 3.5 9.3 1076
CRH 1.09k -30 1.41k 9.03 4.6 15.9 1963
Croda 2.22kxd +68 2.3k 1.5k 2.5 18.1 9937
Daily Mail 380.40xd -7.5 492 336.30 4.5 7.8 1505
Diageo @ 1.53k +5.5 1.62k 1.08k 2.7 23.8 5004
Drax Group 547.50 +1.5 589 444.70 5.1 7.5 1598
DrwntLdn 1.74kxd -8 1.91k 1.39k 1.5 29.7 264
easyJet 500.50 +3.5 536.50 301.64 9.3 9.5 1258
ENRC 419.10xd -15.5 864.50 418.60 4.7 4.2 4900
EssarEngy 135.90 -5.9 463 99.80 - - 28290
EVRAZ 294.60 -10 465.40 293.50 3.7 12.7 29432
Experian 905 +8 1.01k 652 2.3 27.3 3372
Ferrexpo 196.20xd -9.4 498.80 195 2.2 3.1 2541
FirstGrp 210.20 -3.2 375.60 189.50 11.3 4.5 2851
For & Col 287.50 +.5 330.70 259 2.5 42.7 816
Fresnillo @ 1.35k +41 2.21k 1.28k 5.5 16.6 1651
G4S 276.20xd -1 294.70 214.20 3.1 17.8 5162
GKN 181.20 -2.4 249 153 3.3 10.1 11036
GlaxoSmh @ 1.42kxd +14.5 1.49k 1.16k 5 14.7 18590
Glencore @ 336.30xd -8.7 531.50 331.20 2.9 7.6 13763
Halma 386.40 +.1 432.30 257 2.4 18.5 1140
Hammersn 414.90 -1.6 496.30 339.20 3.4 20.2 3403
Hargr Lans 472.30 +.4 635.07 387.17 4.1 21.1 1201
HikmaPhm 644 -8.5 877.50 536.50 1.5 21.3 532
Hiscox 391.80xd +6.1 427.70 334.60 4.3 7.8 1413
Hochschild 432.20 +2.2 557.50 364.74 1 13.3 195
HSBC @ 509.50xd +6 639 456.35 5.8 8.4 46333
Hunting 835 +20.5 977 411.40 1.8 28 1365
IAG 138.60 -1.7 260 130.97 - - 6199
ICAP 338 -6.2 502.63 311.60 6.5 11.8 3215
IG Group 429 -.2 552 379.15 4.8 10.9 1273
ImgnTech 492.90 +4.7 734 285 - - 961
IMI 885 -2.5 1.14k 625 3.4 14.2 24905
ImpTob @ 2.33k +10 2.62k 1.92k 4.2 13.5 5341
Inchcape 313.80xd +.3 436.60 261.10 3.5 9.6 1815
Informa 341.10 -4.3 453.40 311.90 4.9 15.9 3767
Inmarsat 429.70 +10.6 610.50 287.50 6.8 7.7 3679
InterC Htls 1.51kxd +73 1.54k 939 2.3 13.5 2591
Intertek 2.63k +4 2.67k 1.68k 1.3 27.1 772
IntlPowr @ 414.30xd - 420.77 262.80 2.4 17.9 17696
Invensys 219.30 +3.3 397.70 166.80 2 14.9 15888
Investec 333.80 +5.3 527 308.90 5.1 11.4 4366
ITV 71.60xd -5.7 91.25 30 2.2 11.2 65165
JardineL 675.50 -2 775 562 3.6 17.2 324
JohnsoM 2.15k +1 2.43k 1.48k 2.3 16.1 624
Kazakhmys 656.50 -23.5 1.41k 655.50 3.1 3.9 3401
Kenmr 44.88 +.57 62.55 30.11 - 71.2 3779
Kingfshr 278.70xd +2.4 317 204.10 3.2 9.9 15611
Ladbrokes 168.50 +.2 183 113.30 4.6 11.6 5075
LandSecs 706 +2 894.66 608 3.3 16.3 5373
Leg&Gen 109.50 -.4 136.30 86.15 5.8 8.8 20522
LlydsBkg @ 25.12 -.18 53.67 21.64 - - 305612
Logica 110.90 +45.2 139.30 57.45 4 54.4 110370
Lonmin 703.50 -2.5 1.62k 699.50 1.5 12.7 2900
LSE 985 +5 1.1k 751 2.9 11.9 3921
Man 71.95 +.25 262.10 71.35 22.1 10.9 22788
Marks&Sp 329.90xd -2.3 402 296.20 5.2 9.3 11000
Meggitt 374.90 -3.6 415.60 299.60 2.8 15.3 3382
Melrose 424.70 +8.7 445.90 264.90 3.1 16.4 1241
Mlnm&Cth 465.90 +3.9 521.79 365.65 3.5 8.5 450
Mondi 507 +3.5 668.50 407.20 4.6 12 2061
Morrison 276.20xd +1.2 339.70 265 3.9 10.3 33017
Natl Grid @ 650xd - 689.50 545.50 6 11.7 13761
NewWldRes 276.80 -13.1 1k 275 6.7 - 372
Next 3k -11 3.07k 2.11k 3 11.5 1500
Old Mutl 141.60xd +.7 167.22 100.08 4 12.9 15301
Pearson 1.13k -14 1.27k 1k 3.7 16.5 3018
Pennon 731.50 +2.5 752 384.57 3.6 15.5 1117
Persimn 564xd -1 750 361.30 1.8 13.5 1915
Petrofac 1.53k -16 1.78k 1.05k 2.3 14.9 2286
Petropvlsk 363.20 +1.5 918 359.50 3.3 4 2607
PolymtIntl 771.50xd -20.5 1.2k 747.50 1.9 15.2 534
PremOil 338.60 +4.1 491.70 272 - 7.4 3040
Providnt 1.08kxd -4 1.21k 908.50 6.4 12 373
Prudential @ 678 +5 802 494.50 3.7 11.5 10594
PZ Cusns 321 +8.9 389.30 282.49 2.1 20 1048
RBS @ 19.98 -.02 42.89 17.28 - - 403661
ReckittB @ 3.44k +13 3.69k 2.96k 3.6 14.4 6167
Reed Els @ 478 -6.8 671.21 323.90 4.5 13.6 8805
Rentokil 75.30 -.3 99.65 57.55 1.8 15.7 5031
Resolution 191.80 -4.7 319.40 191.70 10.4 12.6 5330
REXAM 401.50xd -2.6 440.70 295.10 3.6 11.3 4017
Rightmove 1.47kxd +1 1.61k 986.50 1.2 33.3 389
RioTinto @ 2.75k -54 4.62k 2.64k 3.3 5.3 10000
RIT Cap 1.12k -1 1.38k 1.08k 0.4 - 165
RndgldRs 5.16k +50 7.72k 4.48k 0.5 19.4 891
RollsRyc @ 822 -2.5 863 354.89 1.9 18.1 6157
Rotork 2.03k +8 2.27k 1.43k 1.8 21.9 313
RSA Ins 98.20 -.85 141.20 97 9.3 7 17417
RylDShlA @ 1.99kxd +2 2.46k 1.76k 4.9 6.9 5789
RylDShlB 2.07kxd +6.5 2.5k 1.77k 5.1 7.1 6217
SABMiller @ 2.38k +24 2.69k 1.86k 2.8 19.5 4960
Sage 256.50xd +5.9 313.40 225.10 4.1 13 9734
Sainsbry 288.10xd +.2 347.20 258 5.6 10.5 8565
SchrdrsNV 975.50 -10 1.39k 941.50 4 8.4 354
Schroders 1.19k -2 1.67k 1.16k 3.3 10.3 884
ScottMort 641xd -2 783 523.50 2 49.2 195
SEGRO 212.30 -3.8 328.20 193.90 6.3 6.8 2374
Serco 525 -4 604 454.70 1.6 14.4 2769
SevernTr 1.72k +13 1.72k 1.35k 7.7 19.7 2364
Shaftbry 505 -5 543 424 1.9 - 729
Shire @ 1.82k -40 2.32k 1.76k 0.5 18 6264
SmithNph 600.50 -5 700 501 2.1 14 2135
Smiths 995.50 -19.5 1.24k 851.50 3.7 15.4 2650
Spectris 1.6kxd -19 1.93k 1.03k 2.1 14.6 466
Spirax-S 2.07k +27 2.36k 1.59k 2.4 17.2 306
SportsDirect 296.10 +2.8 315.99 187.93 - 19.9 456
SSE @ 1.32k -8 1.43k 1.18k 6.1 19 2283
St Jms Pl 309.10 +2.2 388.40 282.40 2.6 14.1 352
Stagech 233.50 -1.6 291 206.96 3.7 11.1 2363
StandardLf 203.50 +1.1 252.92 162.70 6.8 15.5 9175
StandCh @ 1.29k -10 1.68k 1.14k 4.2 10.1 8575
TalkTalk 152.80 -2.8 162.80 116.10 5.9 10.8 1119
Tate&Lyl 672 -5 729.53 498.90 3.6 12.7 3846
Taylor Wmpy 42.16 +.14 54.80 27.65 0.9 21.4 13178
TelecityG 811.50 +14.5 826.62 424.30 - 34.2 1472
TemptnEm 521.50 +4 680.34 491 0.8 73.9 214
Tesco @ 302.55xd +5.5 490.50 296.02 4.9 9.1 36062
TravisPkn 922 - 1.13k 675 2.2 10.9 1145
TUI Travel 163.60 -.5 266.40 134.10 7 7.5 6503
Tullow @ 1.41k -18 1.61k 879.50 0.9 24.5 4316
UBM 530.50 -1 643.50 406.70 5 16.1 1483
Unilever 2.04kxd +27 3.04k 1.81k 3.8 16.1 6288
UtdUtils 657 +15 658 368 4.9 14.1 6212
Vedanta 917.50 -23 2.2k 895.78 4.3 26.3 2952
Vodafone @ 171.90 +.05 182.90 150.54 5.3 11.2 129807
Weir 1.54kxd -46 2.25k 1.33k 2.1 11.4 3897
Whitbrd 1.86kxd +5 2.01k 1.34k 2.8 12.4 1410
WillimH 269.40xd -1.1 287.50 133.50 3.6 11.3 4872
Wolseley 2.21k -12 2.59k 1.39k 2.3 16.9 1957
Wood (J) 695.50 -17.5 803 460.60 1.4 43.5 3267
WPP 774 -11 884.50 561.50 3.2 11 9700
Xstrata @ 922.50 -16.9 1.44k 648 2.8 7.6 10480
NYSE
(May 31 / 3:30 pm/US$)
3M @ 84.57xd +.12 98.19 68.65 2.7 14 348
AbbottLb @ 61.95 +.16 63.19 46.30 3.1 19.2 499
Accenture @ 57 -.72 65.89 47.40 2.4 15.1 1004
ACE @ 72.21 +.27 77.42 56.91 2.3 10.8 147
AdvMicroD 6.01 -.14 8.71 4.31 - 9.2 1279
AEP @ 38.55xd +.35 41.91 33.09 4.9 11.6 300
AES Corp 12.11 -.21 14.01 9 - 16.6 625
Aetna 40.83 -.53 51.14 33.43 1.7 7.9 371
AFLAC @ 39.93xd +.27 50.33 31.27 3.2 7.9 484
AgilentTec 40.62 -.73 52.62 28.71 0.5 13 346
AGL Res 37.49xd +.48 57.72 36.59 4.9 22.4 106
Airgas 86.65 -1.02 92.99 58.17 1.6 21.7 109
AirProd @ 78.85 -.23 98 72.26 3.1 14.8 93
Alcoa 8.50 -.08 16.83 8.32 1.4 24.6 1536
Allergan @ 90.22xd -.59 97.09 69.40 0.2 27.8 187
Allstate 33.92xd +.24 34.98 22.27 2.5 16.2 494
Altria @ 32.30 +.28 32.61 23.20 5.1 19.4 950
Amer Intl @ 29 +.11 35.04 19.18 42.8 2.6 940
Ameren Cp 32.33 +.28 34.10 25.56 4.9 - 269
AmerExpr @ 55.62 +.16 61.42 41.30 1.4 13.3 691
Amerip Fin 47.82 -.1 61.30 36.02 2.3 10.5 184
Amertitrad 17.01 +.05 21.57 13.43 1.4 15.7 535
AmerTwrA @ 64.53 -.66 68.50 45.77 0.9 49.2 370
AmsrceBrgn 36.82xd -.03 43.47 34.35 1.4 14 486
Anadarko @ 60.47 -1.77 88.68 57.12 0.6 - 670
AOL 27.18 - 27.92 10.06 - - 145
Aon Cp 46.51 +.16 52.61 39.74 1.3 16.3 469
Apache @ 81.01 -.53 129.25 73.13 0.8 7.6 515
ArcherDan @ 31.96xd -.19 33.98 23.69 2.1 16.1 581
AT&T @ 34.30 +.46 34.31 27.29 5.1 49.6 3176
AutoZone 380.42 +1.17 399.10 266.55 - 17.2 72
AvalnbyCom 139.24 +.77 148.54 107.58 2.7 68.2 67
AvonProds 16.58xd +.4 29.77 16.08 5.5 18.3 743
BakerHu @ 41.49 -1.08 80.99 39.42 1.4 10.5 863
Ball 39.62xd -.38 43.70 29.69 0.9 14.9 123
BankAm @ 7.24xd +.04 11.92 4.92 0.6 - 8827
Bard (C R) 97.25 -.87 113.83 81.90 0.8 25.6 63
Baxter @ 50.70 -.66 62.50 47.56 2.6 12.9 341
BB &T @ 30.16 - 32.74 18.92 2.3 14.2 488
Beam 60.39xd +.55 60.49 39.33 1.3 45.3 197
BectonDick 73.28 -.16 89.75 69.59 2.4 13.4 106
BerkHatA @ 119.41k +164 123.84k 99k - 16.4
BerkHB 79.32 +.49 82.58 65.35 - 16.4 877
Best Buy 18.69 -.51 32.85 17.54 3.4 - 573
BkNYMeln @ 20.31 -.08 28.36 17.10 2.6 10 813
BlackRock @ 170.25 -.52 207.30 137.03 3.4 13.5 138
Blackstone 12.04 -.3 17.78 10.51 4.3 - 367
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
MARKET SUMMARY
Block 15.28 -.1 17.45 12.54 4.9 11.5 448
Boeing @ 69.57xd +.18 78.34 56.01 2.5 12.1 504
BorgWrnr 71.44 -1.3 87.40 54.59 0.5 15.1 191
BostonPrp 102.97 +.3 112.82 81.52 2 54.1 111
BostonSci 5.74 -.03 7.55 5.01 - 17 772
BrisMySq @ 33.41 -.07 35.44 25.69 4 15 1413
Brwn-FmnB 87.35 -.13 88.72 62.14 1.6 22 24
Cameron 45.53 -.92 58.49 38.79 - 20.7 414
Campbell 31.80 -.11 35.10 29.69 3.6 13.7 370
CapOne @ 51.19 +.21 57.45 35.94 0.4 6.7 560
CardinalH 41.37 +.21 47.05 37.55 2.1 13.9 435
Carefsn 24.07 -.39 29.19 22.01 - 15.1 197
Carmax 28 -.14 35.17 22.80 - 15.6 282
Carnival @ 32.01xd +.09 39 28.52 3.1 15.6 757
Caterpillar @ 87.37 -2.81 116.95 67.55 2.1 11 1761
CBRE Gp 16.35 +.1 26.97 12.30 - 23.4 363
CBS @ 31.87 +.33 35 17.99 1.3 14.8 833
Centrpnt 20.24xd +.22 21.47 17.11 4 11.3 408
CenturyLk @ 39.17 -.08 43.35 31.17 7.4 40.8 634
CharlesSch@ 12.41 -.11 18.01 10.56 1.9 18.9 2664
ChesapEgy 16.71 +.27 35.75 13.32 2.1 6.9 4265
Chevron @ 98.39xd +.76 112.28 86.68 3.4 7.2 1063
ChipMexG 411.02 -1.58 442.34 267.60 - 56.5 25
Chubb @ 71.93 +.81 74.40 55.66 2.2 12.2 227
Cigna 43.66 -.54 52.95 38.82 0.1 9.6 274
Citigroup @ 26.41 +.41 43.05 21.40 0.2 7.4 3591
ClisNat 47.66xd -3.22 102 47.07 3.1 4.2 647
Clorox 69 +.16 75.42 63.07 3.5 17.2 139
CMS Egy 23.25 +.28 23.31 16.96 3.9 18.1 515
CNAFin 28.41 +.15 31.50 21.25 1.8 12 46
CnstelBdA 19.25 -.11 24.86 16.43 - 9.2 262
Coach @ 67.24xd -1.36 79.64 45.70 1.5 20.1 296
Coca Cola @ 74.95 -.11 77.73 63.34 2.6 19.9 951
CocaCoEnt 27.31 -.2 30.73 23.03 2.1 11.7 391
ColgPalm @ 98.61 -.22 101.94 78.62 2.4 19.7 333
Comerica 30.37 +.31 36.29 21.48 1.5 13.9 270
CompSci 26.65 -.26 40.42 22.80 3 - 184
ConagraFds 25.15xd +.02 27.34 22.20 3.8 12.9 365
ConocPhil @ 52.23xd +.19 60.99 44.71 5.1 5.7 1378
ConsEdsn 28.03 -.81 55.02 27.81 1.7 12 608
ConsolEd 60.48xd +.38 62.72 49.21 4 17.6 200
CooperInd 70.54xd -.39 71.73 41.16 1.7 17.9 319
Corning @ 12.95xd +.09 20.29 11.51 2.1 8.1 1413
CoventryHlt 30.34 -.27 37.86 25.78 0.8 7.3 203
Covidien @ 51.89 -.01 56.20 41.35 1.7 13 601
CSX @ 20.86xd -.02 27.04 17.69 2.4 11.9 994
Cummins @ 96.57xd -2.43 129.51 79.53 1.7 9.5 439
CVS @ 45.11 -.22 46.22 31.31 1.3 16.9 581
Danaher @ 51.77 -.4 56.45 39.34 0.2 17.8 310
DardenR 51.74 +.08 55.83 40.71 3.3 15.1 226
Davita 80.97 -.68 90.42 59.14 - 14.9 129
Deere @ 73.89 -1.92 89.69 59.92 2.4 10.2 504
DenburyRs 15.03 +.07 22.35 10.20 - 8.6 831
DevonEngy @ 59.45 -.3 84.83 50.74 1.2 11.4 539
DiamOfsh 58.17xd -1.3 74.07 51.19 6 9 244
DiscvrFin 33.05 -.22 34.75 20.53 1 7.5 383
Disney @ 45.73 +.53 45.80 28.20 1.3 16.4 1327
DominRes @ 52.16xd +.3 53.67 44.50 3.9 21 213
Dover 56.26xd -1.37 70.14 43.65 2.2 12 265
DowChem @ 30.83 -.39 37.30 20.61 3.5 16.6 1050
DrPepper 41.38 +.29 43.13 34.37 3.2 15.2 314
DTE Engy 56.91 +.66 57 43.22 4.1 14 103
DukeEner @ 22xd +.15 22.12 16.87 4.5 19.8 1097
DuPont @ 48.22xd -.21 56.19 37.11 3.4 12.9 669
Eaton 42.71 -.63 53.21 33.10 3.4 10.6 718
Ecolab @ 63.24 -.59 65.60 43.81 1.2 37.2 228
EdsnInt 45 +.31 45.32 32.65 2.9 - 165
EdwLifesc 84.96 -.81 91.47 61.59 - 42.4 162
EMC @ 23.80 -.23 30 19.84 - 20.6 1747
Emerson @ 46.82xd -.27 58.46 39.50 3.3 15 536
Entergy 64.72xd +.28 74 57.60 5.1 12.2 201
EntPrdPrt 48.57 -.3 52.94 36.51 5.1 18.6 160
EOG Res @ 98.92 -2.07 119.90 66.82 0.7 20.8 657
EqResPrp @ 60.94 +.37 63.86 48.48 2.6 - 282
EQT 46.23xd +.91 71 44.21 1.9 16.2 245
EsteeLdrA 54.05 -1.7 65.53 40.76 1 25.3 419
Exelon @ 37.01xd +.28 45.45 36.50 5.3 12.2 1020
ExxonMob @ 79.32xd -.47 87.94 67.03 2.5 9.6 2866
Fedex @ 88.99 +.06 98.66 64.08 0.6 13.9 226
FidltyNFn 18.75 -.1 19.66 14.04 2.8 13.6 354
FirstEgy @ 46.84xd +.49 48.16 38.80 4.7 17.2 284
Flowsrve 102.42 -3.61 122.43 67.07 1.3 13.5 87
Fluor 46.78xd -1.43 69.45 44.16 1.2 13.2 567
FMC Tech 40.24 -.91 55.17 34.50 - 23.6 554
Ford @ 10.53xd -.13 14.92 9.05 0.9 2.2 3377
ForestLabs 34.93 +1.27 40.50 28.47 - 9.8 821
Franklin @ 106.54 -.16 134.65 85.92 2.9 12.3 82
Freeport @ 31.93 -.48 56.78 28.85 3.3 8 1847
GAP 26.48 -.19 29.22 15.15 1.8 16.9 1399
GenDyn @ 63.97 +.14 75.92 54.73 3 9.3 380
GenElectr @ 19.04 - 20.36 14.03 3.4 15.6 3985
GenMills @ 38.29 -.23 41.06 34.64 3.2 16.3 581
GenMot @ 22.13 -.24 32.07 19 3.4 6.4 835
GenuineP 62.74 +.18 66.50 46.11 3 16.9 114
GoldmSchs@ 95.48xd +.87 142.30 84.28 1.6 14.1 652
Goodrich 125.78 - 126.43 80.12 1.2 20.1 100
Grainger 193.05xd -2.61 221.79 124.35 1.4 20.4 91
Halliburton @ 29.97 -.39 57.77 27.21 1.2 8.9 2364
HarleyDavid 47.99xd +.67 54.31 31.50 1.2 18.7 305
Harris 39.71xd +.13 49.44 32.68 3.1 41.4 103
Hartford 16.75xd -.18 27.12 14.60 2.4 31 681
HCP 40.65 +.08 42.74 29.01 4.8 26.8 354
Heinz 53.12 -.08 55.47 48.17 3.7 18.6 200
Helm&Pyn 45.15xd -.83 73.38 35.59 0.6 9.8 304
Hershey 67.06xd -.55 69.46 53.80 2.2 23 151
Hess @ 43.48 -1.9 80 43.31 0.9 11.2 1114
Hew-Pack @ 22.66 -.08 37.69 20.58 2.2 8.8 2091
HlthCare 55.25 +.52 57.95 41.15 5.3 70.9 197
HomeDep @ 49.45xd -.26 52.87 28.13 2.3 18.7 1098
Honywell @ 55.62xd -.58 62 41.22 2.6 22.1 674
HormelFd 29.98 -.06 30.50 25.88 1.9 17.2 171
HortonDR 16.47 -.15 17.91 8.03 0.9 39.5 751
Hospira 31.26 -.66 57.12 26.92 - - 88
Host H&R 15.25 +.09 17.81 9.78 1.2 - 919
Humana 75.98 -.84 96.45 65.21 1.3 9.4 113
IBM @ 194.43xd -.1 210.69 157.14 1.6 14.5 436
IllinoisTool @ 56.30 +.3 59.27 39.13 2.6 14.7 556
IngersollR 41.18 -.57 50.04 25.86 1.4 18.3 488
Int.Paper 29.13xd -.15 36.50 21.56 3.6 10.5 410
Intercont 122.08 -.19 142.75 102.57 - 17 46
Interpubl. 10.37 -.32 12.90 6.75 2.3 11.2 668
IntlFl&Fr 56.21 -.36 65.22 51.21 2.2 17.5 91
IntlGmeT 14.03 +.18 19.14 13.38 1.7 15.9 431
INVESCO 21.62xd +.07 26.94 14.52 2.5 13.3 474
IronMount 28.25 -.48 35.79 27.68 3.5 26 246
JacobsE 35.53 -.56 48.15 30.75 - 12.7 197
JMSmckr 76.67xd -.66 81.93 66.44 2.5 19.6 99
John&John@ 62.51xd +.3 68.05 59.08 3.7 17.2 1453
JohnsonCn @ 30.10 -.42 42.91 24.30 2.3 12.4 487
JPMrgnCh @ 33.08 +.12 46.49 27.85 3.3 7.4 5162
JuniperNtw 17.06 -.2 37.52 16.73 - 29.5 472
Kellogg @ 48.93xd -.43 57 48.10 3.5 14.5 252
Keycorp 7.47xd +.04 8.82 5.59 1.9 8.2 709
Kimb-Clark @ 79.51 +.25 80 61.01 3.6 18.4 292
Kimco Real 17.87 +.05 20.31 13.55 4.2 59.2 419
KindMnE 78.52 -.84 90.60 63.43 5.9 - 57
KohlsCp 46.10 -2.72 57.39 42.14 2.5 10.7 1709
Kraft Food @ 38.31 -.1 39.98 31.88 3 19.2 1012
Kroger 22.12xd -.23 25.85 21.14 2 21.9 552
L3 Comms 68.02xd +.41 88.55 58.30 2.8 7.4 88
LabCpAmer 83.45 -1.82 100.91 74.62 - 15.2 134
LasVegasSd@ 45.93 -1.65 62.08 36.09 1.1 24.3 1747
Lennar 26.94 +.12 30.11 12.14 0.6 65.5 872
Leucadia 20.14 -.66 36.21 20.05 1.2 10.2 362
Lilly (E) @ 41xd +.01 42.03 33.75 4.8 10.6 563
Lim.Brands 44.50 -1.34 51.84 31.45 8.8 16.4 846
LincolnNat 20.64 -.16 29.67 13.76 1.4 44.3 508
Lockheed @ 82.95xd +.15 92.24 66.39 4.5 10.1 209
Loews 38.83xd +.06 42.64 32.91 0.6 14.8 168
Lorilliard 123.67xd -.34 138.87 96.50 4.6 15.5 99
Lowes @ 26.81 -.18 32.29 18.07 2.1 17.6 1629
LSI 6.61 -.11 9.20 4.76 - 26.6 1027
M&TBkCp 81.08xd +.16 90 66.41 3.5 12.9 80
Macys 38.03 -.27 42.17 22.67 1.6 12.5 869
MarathonOil@ 24.88xd +.02 35.49 19.13 2.6 10.6 787
Marriott 38.50xd +.21 40.44 24.03 1.1 66 623
MarshMcL 31.98 +.1 34.67 25.30 2.8 17.8 388
MarthnPet 35.85xd -.73 45.41 26.35 2.6 5.2 466
Masco Cp 12.52 +.16 14.68 6.60 2.4 - 768
Mastercard@ 405.57 -6.01 466.96 258.50 0.2 25.5 83
McDonalds @ 89.57xd -.54 102.22 80 3 16.7 857
McGrawH 43.32xd -.5 50 34.96 2.3 15.5 147
McKesson @ 87.42 +.49 92.65 66.63 0.9 15.6 228
Mdwstvco 27.42xd -.11 30.50 20.27 3.6 20.3 265
MeadJohnN 80.57 -1.08 87.25 60.68 1.3 31.4 138
Medtronic @ 36.83 +.18 40.78 30.18 2.6 11.4 559
Merck @ 37.58 +.18 39.50 29.47 4.4 16.7 1149
MetLife @ 29.27 -.34 44.56 25.61 2.5 5.5 1723
MGMRsts 10.64 -.28 16 7.40 - 2 1408
Mohawk 67.98 -.13 75.41 39.93 0 24.6 107
MolsonB 38.71xd -.27 47.02 37.99 3.3 10.7 152
Monsanto @ 76.90 +.49 83.94 58.90 1.5 21.8 605
Moodys 36.60xd -.24 43.04 26.79 1.6 14.2 233
MorganStly@ 13.21 +.12 24.49 11.59 1.5 67 1883
Mosaic @ 47.43 -.5 74.31 44.86 0.6 10.2 359
MotorolaSol 47.95 +.14 52.78 38.36 1.8 29 301
MurphyOil 46.53xd -.57 70.27 40.41 2.4 12.2 737
Nabors 13.41 -.35 28.50 11.06 - 10.1 611
NewelRbm 18.33xd -.16 19.49 10.88 1.9 40.9 326
NewmontM@ 47 -.84 72.41 43.24 2.9 44.4 873
NextEraE @ 65.49xd +.32 66 49 3.5 12.9 205
Nike @ 107.93xd -.68 114.76 76.98 1.3 22.5 278
NiSource 25.15 +.11 25.79 17.96 3.7 25.1 291
NobleCp 31.15 -1.45 42.47 27.34 1.9 18.2 1357
NobleEgy 84.02 -.02 105.43 65.94 1 22 223
Nordstrom 47.65xd -2.63 57.75 37.28 2.1 14.9 795
NorfolkS @ 65.67xd +.33 78.49 57.57 2.7 11.3 346
Northrop 58.89xd +.04 70.60 49.20 3.5 7.6 189
NtlOilVarc @ 66.80 -.39 87.72 47.97 0.7 13 768
Nucor 35.61 -.3 45.75 29.83 4.1 14.8 566
NYSE Eurnxt 24.29 -.12 36.41 21.80 4.9 11.6 240
OccidPet @ 79.19 -1.1 109.05 66.40 2.5 9.5 544
Omnicom 47.66 -.85 52.19 35.27 2.3 14.2 422
ONEOK 83.30 +.09 89.62 58.61 2.8 26.2 69
ParkHn 81.61xd -2.88 92 59.32 1.9 11.2 408
PeabdyEngy 23.14xd -.8 63.07 22.75 1.5 6.1 794
Penney 26.20 -.82 43.18 23.45 2.3 - 558
Pepsico @ 68.06xd -.16 71.12 58.50 3.1 19.1 693
Pzer @ 22.02xd -.02 23.30 16.63 3.8 17.8 2220
PG&E @ 43.77 +.37 44.94 36.85 4.2 20.2 270
Phillips66 30.02 -.48 37.26 28.75 - 4.4 504
PhilMorris @ 84.88 - 91.05 60.45 3.5 16.9 640
PinnWstCp 49.39xd +.54 49.51 37.28 4.3 16.1 106
PionrNat 96.44 -1.91 119.19 58.71 0.1 17.1 251
PlumCreek 36.42 +.13 42.10 33.04 4.6 32.1 164
PNCFin @ 61.39 +.04 67.88 42.70 2.4 11.1 308
PP&L 27.38 +.09 30.27 25 5.2 9.7 482
PPG Inds 103.03xd +.77 107.95 66.47 2.2 18.5 168
Praxair @ 105.92 -.34 116.92 88.64 2 19.1 176
PrecParts @ 166.07 -.55 179.45 136.23 0.1 19.7 115
PrinFinGp 24.59xd - 31.61 20.48 1.5 11.2 420
ProctGmbl @ 62.39 +.07 67.95 57.56 3.4 19.2 812
ProgreOh 21.72 +.13 23.41 16.88 1.9 14.9 509
ProgressNrg 54.86xd +.48 56.39 42.06 5 30.5 287
Prologis 31.74 -.05 37.46 15.20 3.5 - 326
Prudential @ 46.37 -.28 65.30 42.45 3.1 11.4 637
PublicSVC 31.27 +.52 35.48 27.98 4.5 11 701
PublStor @ 133.35 +.87 146.20 102.25 3.1 42.5 73
QEP Res 26.27xd +.1 45.20 23.56 0.3 13.4 173
QuestDg 57.13 -.66 62.32 45.15 1.1 13.4 125
RalphLrn 147.96 -.73 182.48 105.11 0.7 20.7 154
RangeRes 57.05 -1.63 77.24 50.55 0.3 - 428
Raytheon @ 50.46 +.07 54.66 38.36 3.5 9.1 282
Red Hat 50.77 -.76 62.72 31.77 - 67.9 253
Reg.Financ. 6.22 +.02 7.12 2.83 0.6 49.5 777
RepSrv 26.26 - 31.85 24.72 3.4 17.1 259
ReynoldsAm@ 42.02 +.09 42.80 31.82 5.3 18.5 578
Rockwell 72.28xd -2.58 89.79 50.37 2.4 14.3 300
RockwlColl 50.38xd - 62.80 43.83 2 12.7 137
RoperInd 101.03 -.66 103.49 64.93 0.5 22.3 49
Safeway 19.19 +.02 24.74 15.99 3.2 11.1 728
SAIC 10.93 -.15 17.56 10.31 1.1 - 514
Salesforce @ 138.14 -2.81 164.75 94.09 - - 258
SaraLee 20.87 -.18 22.35 15.67 2.2 35.1 611
Schlmbrg @ 63xd -1.18 95.53 54.79 1.7 16.6 2255
ScrippsNtwk54.78xd +.21 55.32 35.46 0.8 18.2 108
Sempra 65.21 +.66 65.50 44.79 3.1 11.8 151
SherWil 129.38xd +1.88129.85 69.47 1.2 29 176
SimonProp @ 147.13 +.95 158.59 99.80 2.6 29.1 223
SouthCpr @ 28.57 -.13 36.87 22.34 7.1 9.8 274
Southern @ 46.08xd +.23 46.68 35.73 4.1 18.6 512
SpectraEn @ 28.73xd +.07 32.26 22.81 3.8 16.5 556
SprintNext 2.57 -.01 6.15 2.10 1.9 - 1705
Starwood 52.58 -.75 61.37 35.79 1 17.1 330
StateSt @ 41.24 -.39 47.15 29.89 2 11.1 558
StJudeMed 38.25 -.29 50.94 32.13 2.3 15.5 414
Stryker @ 51.45 -.1 62.58 43.73 1.5 14.3 207
Suntrust 22.81xd +.64 28.33 15.79 0.9 17.4 799
SWAirl. 9.06 +.19 11.93 7.15 0.3 25.9 1692
SwestEgy 27.95 -.19 49.24 27.15 - 16.1 1107
Sysco 27.93 -.08 32.21 25.10 3.8 14.3 437
TargetCp @ 58.01xd +.22 58.95 45.28 2.1 13.4 843
TE Conn 31.50xd -.37 38.50 26.62 2.4 11.5 275
Teradata 66.72 -3.1 79.88 43.19 - 30.2 325
Teva 39.43 +.23 51.15 35 2.5 - 845
Textron 23.57 +.11 29.18 14.67 0.3 21.6 357
TheTrvelers@ 62.41 +.52 65.27 45.98 2.7 18.1 353
ThrmoFshr @ 50.57 -.6 65.85 43.40 0.5 18.2 313
Tiany 55.10 -1.49 84.49 54.93 2.2 16.1 438
TimeWrnr @ 34.55xd +.05 39.24 27.63 2.9 12.7 643
TimeWrnrC@ 75.52xd -.31 83.55 57.19 2.8 14.4 139
TJX @ 42.44 +1.11 42.81 24.61 0.9 23 1386
Torchmrk 46.69 +.53 50.99 32.78 1.1 9.3 198
TotalSys 23.25 -.25 23.88 15.81 1.6 19.5 200
TrnsOcean 40.60 -.76 70.57 38.22 5.8 - 781
TycoInt @ 53.05 -.34 57.74 37.40 1.9 17.6 399
UnionPac @ 111.25xd +1.39 117.39 77.73 2 15.4 266
UNUMGrp 19.97 +.12 26.42 19.71 2.2 27.9 344
UPS B @ 74.78 +.17 81.79 60.75 2.9 18.9 366
USBancorp@ 31.03 +.28 32.67 20.10 1.8 11.9 1390
UtdHlthcre @ 55.62 -.55 59.71 41.32 1.2 11.6 845
UtdTech @ 74.14xd +.4 91.83 66.88 2.6 13 428
ValeroE 21.09xd -.72 28.68 16.40 2.4 7.8 690
VarianMedS 58.83 -1.06 71.94 49.16 - 16.7 209
Ventas 58.70 +.85 59.77 43.26 4.1 45.5 247
Verizon @ 41.72 +.3 41.96 32.28 4.8 44.8 999
VF Cp 139.92 -.9 156.09 91.62 2 17.4 51
Visa @ 115.51xd -1.98 125.33 73.11 0.7 18.9 424
Vornado 81.65 -.05 98.76 68.43 3.4 42.1 186
VulcanMat. 34.54 -.48 48.08 25.06 1.5 - 72
Walgreen @ 30.60xd -.33 45.34 30.35 2.9 10.4 734
WalMart @ 66.48xd +1.04 66.66 48.31 2.3 14.3 1704
WasteMng 32.45 -.18 38.94 27.76 4.3 16.1 445
WatersCp 80.16 -.64 99.34 70.89 - 17.2 122
Weatherfd 11.94 -.6 22.76 10.85 - 26.2 1571
Wellpoint @ 67.18 -.86 80.89 56.61 1.6 9.2 245
WellsFargo @ 31.99xd +.29 34.59 22.62 1.8 11 2145
WestDigtl 31.08 -1.15 44.43 22.75 - 7.3 1092
WestUnion 16.43 -.2 20.65 14.55 2.2 8.6 720
Weyerhsr 19.84xd +.08 22.62 14.82 3 40.9 599
Whirlpool 61.64xd -1.49 84.04 45.22 3.2 15.6 272
WilliamsCp @ 30.49 -.19 34.63 17.89 3.3 23.1 873
WiscnsnE 37.82xd +.67 37.84 27.01 3 17.2 264
XcelEngy 27.96 +.36 27.99 21.20 3.8 16.7 405
Xerox Cp 7.23 -.01 10.83 6.55 2.4 8.1 1628
XL Grp 20.31 +.27 23.70 17.70 2.2 - 311
Xylem 25.25xd -.31 28.83 22.67 1.2 17.7 79
Yum!Brands@ 70.39 +.05 74.43 47.17 1.6 25.7 593
ZimmerHld 60.68 -.4 68.63 47.01 0.3 14.7 161
NASDAQ
(May 31 / 3:30 pm/US$)
ActivBlz 11.74 -.17 14.40 10.40 1.5 14.1 6729
Adobe 30.86 -.43 34.84 22.67 - 16.9 2636
Amazon @ 212.05 +2.82 246.71 166.97 - - 3478
Amgen @ 69.72xd +.13 72 47.66 1.8 16.2 2680
AnalogDev 36.31xd +.16 41.17 29.23 3 15.8 1595
ApolloGp 31.84 -.32 58.29 30.93 - 7 1403
AppldMat 10.32xd -.14 13.94 9.70 3.2 10.2 13939
Apple @ 577.41 -1.76 644 310.50 0.5 14.1 13465
Autodesk 31.69 -.46 43 22.99 - 25.1 1493
BedBathB 72.48 -.62 74.67 48.75 - 17.8 1780
Biogen @ 130.64 -.2 138.50 84.22 - 25.7 654
BMCSware 42.10 -.9 56.55 31.62 - 18.2 1396
Broadcom @ 31.96xd -.23 39.66 27.59 1.2 22.8 4465
CAInc 24.85xd -.19 28 18.61 2.4 13 2809
Celgene @ 68.26 -.64 80.42 51.70 - 21.2 1800
CH Rob 58.48xd -.6 82.61 57.36 2.2 21.8 1238
CheckPnt 51.04 -.46 65 48.01 - 19.2 1615
Cisco @ 16.33 -.06 21.30 13.60 1.6 12.1 26572
Citrix 72.42 -1.54 88.49 50.21 - 39.1 1373
CmcstASp 28.80 +.06 30.35 19.11 1.7 - 2201
CME Group @ 258 -2.77 304.61 222.24 4 10.6 403
Cognizant @ 57.76 -1.1 78 53.54 - 19.5 2370
ComcastA @ 29.01 +.06 30.88 19.46 1.7 18 6622
Costco @ 86.41xd +.6 92.10 70.22 1.2 24.1 2095
Dell @ 12.39 -.17 18.36 12.31 - 6.4 9459
DirectTV @ 44.76 -.98 53.40 39.82 - 12.1 4010
EBay @ 39 -.59 41.96 26.86 - 15.4 13023
ElectArt 13.64 -.51 26.13 13.64 - 63.2 3450
Expedia 45.97xd +.51 46.49 22.44 1 14.9 3901
ExpIntWsh 38.17xd +.14 53.22 37.18 1.4 22.1 1916
ExpScripts @ 52.10 -.43 60.89 34.47 - 21.2 2168
Facebook 28 -.19 45 27 - - 55622
Fifth 3rd 13.27 +.04 14.73 9.13 2.3 8.8 10385
First Solar 12.51 -.89 142.22 12.19 - - 5255
Fiserv 67.28 +.58 71.74 48.75 - 18.8 562
Fossil 72.68 +.02 139.20 69.57 - 15.5 993
Garmin 42.85 -.47 50.67 29.23 4.7 16.3 331
GileadSci @ 49.68 -.82 56.50 34.45 - 15 4149
Google @ 580.18 -8.06 670.25 473.02 - 17.6 1927
Hasbro 35.35 +.06 46.61 31.36 3.7 13.2 1199
Intel @ 25.92xd -.21 29.27 19.16 3.2 11 24873
Intuit 56.11 -.09 62.33 39.87 1.1 23.3 1275
IntuitSrg @ 522.98 -8.57 594.89 320 - 39.6 178
KLATenc. 45.65xd -.33 55.43 33.20 3.1 10.3 1402
LibIntCpA 16.76 -.19 19.80 12.44 - 16.9 4281
LifeTch 41.01 -.18 53.27 35.30 - 18.1 771
LinearTec 28.98 -.13 34.59 25.79 3.4 13.6 1392
Marvell 12.50 -.28 16.86 11.41 0.5 13.6 8253
Mattel 31.05xd -.12 34.62 22.70 3.5 14.3 1173
MaximInt 25.19xd -.22 30 20.85 3.5 18.8 1289
MicronT 5.78 -.21 10.23 3.97 - - 15013
Microsoft @ 29.18xd -.17 32.95 23.65 2.6 10.6 23213
Netapp 29.77 +.17 55.88 27.79 - 18.9 6846
NewsCorpA@ 19.27 -.13 20.70 13.55 0.9 13.8 12538
NewsCorpB 19.45 -.14 20.94 13.99 0.9 - 2313
NII Hldgs 11.31 -.1 44.05 10.33 - 17.3 3079
NorthnTst 42.90 +.05 49.06 33.20 2.7 17.1 517
Nvidia 12.36 -.21 20.05 11.47 - 15 5910
Oracle @ 26.46 +.29 34.30 24.75 0.9 13.9 20640
PACCAR 37.56xd -.28 53.68 31.57 2 11.5 1442
Paychex 29.99 -.11 32.73 25.12 4.2 20 1536
Prclne.cm @ 619.58 -18.18 774.96 411.26 - 28 938
Qualcomm @ 57.10xd -.35 68.87 45.98 1.6 20 8307
RschMt 10.30 -.05 43.91 10.01 - 2.4 8413
Seagate 23.37 -.95 32.55 9.05 3.7 5.4 15638
Sears Hld 49.03 -3.32 85.90 28.89 - - 1133
SiriusXM 1.91 +.02 2.44 1.27 - 27.2 39102
SLMCp 14xd -.04 17.10 10.92 3.2 13.9 2498
Staples 13.19 -.18 16.93 11.94 3.1 9.4 11682
Starbucks @ 54.47 -.26 62 34.01 1.2 31.6 3872
Symantec 14.79 -.02 20 14.63 - 9.4 4315
T.RowePr 57.47 +.12 66 44.68 2.3 19.5 919
TexasInstr @ 28.48 -.47 35.30 24.44 2.2 18.4 5926
VertexPhm 60.15 -.03 66.10 26.50 - 45.1 2784
ViacomB @ 47.99 +.15 52.67 35.13 2.1 11.7 2750
WynnRes 102.04xd -2.51 172.58 98.26 6.9 21.6 2191
Xilinx 31.97xd -.27 37.74 26.55 2.5 16.4 1912
Yahoo @ 15.24 -.01 16.79 11.09 - 17.3 9628
Other International Stocks
AUSTRALIA
(May 31/Aust$)
AMP 3.88 +.01 5.24 3.61 8.7 14.8 9612
ANZ @ 20.90xd -.07 24.05 17.63 9.7 9.7 11012
AXAAsPc 6.42# - - - 2.9 22
BHP Biltn @ 31.97 -.2 45 31.01 4.6 8 12070
Brambles 6.66 +.06 7.59 5.79 4.2 21.2 10079
CCAmatil 12.85 +.19 13.15 10.04 5.8 16.5 2452
CmwBkAu @ 49.40 -.34 53.09 42.30 9.4 11.5 5445
CSL @ 37.65 +.49 38.38 26.12 2.2 21.5 2283
FortescMet @ 4.62 -.21 6.77 3.95 2.5 10.1 45237
Leighton 17.67 -.19 26.65 16.79 3.4 - 1371
MacQuarie 26.97xd -.09 34.52 19.94 5.2 12.8 4524
NatAusBk @ 22.48xd -1.34 26.65 19.64 11.3 10.5 28441
NewcrestM@ 24.92 -.15 41.27 23.56 2.1 16.9 3410
NewsCorpA 20.06 +.09 20.23 12.87 0.7 - 57
NewsCorpB 20.20 +.06 20.58 13.32 0.7 17.9 1314
Orica 24.76xd +.02 28.27 21.34 4.8 14.5 1584
OriginEgy 12.88 -.15 16.60 12 5.5 11.8 4638
QBE InsGrp 12.38 +.01 18.08 9.88 7.5 19.4 8402
RioTinto 56.86 -.49 84.53 54.50 3.4 19.1 4396
Santos 11.99 -.19 14.89 10.11 3.6 14.1 7056
Stockland 3.19 -.02 3.61 2.52 7.5 11.9 15617
Suncorp 7.76 +.01 8.85 6.03 7.4 16 4639
Telstra @ 3.55 -.01 3.75 2.69 11.3 12.5 25814
Wesfarm @ 29.20 +.25 33.38 26.04 7.6 17.5 3943
Westeld @ 9.09 -.02 9.59 7.21 5.3 13.7 12351
WestdRT 2.72 -.02 2.80 2.18 6.1 8.5 18018
Westpac @ 20.29xd -.13 23.55 17.84 11.4 10.2 11574
WoodsdPt @ 32.17 - 46.75 29.76 4.6 17.2 3887
Woolworth @ 26.44 +.25 27.99 23.21 6.7 16.8 5483
AUSTRIA
(May 31/Euro)
Andritz 42.76 +1.51 42.76 25.76 2.6 18 4002
ErsteGrBnk 13.95 -.1 37.20 10.40 - - 614
Immon 2.27 -.01 2.96 1.92 11 6 1183
OMV 22.03 +.14 30.46 20.81 5 6.1 1437
Raieisen 22.19 -.32 38 14.16 4.7 4.2 310
Strabag 17.67 -.51 24.30 16.52 3.4 10.1 141
TelekAust 7.45 +.33 9.35 6.80 5.1 - 1480
Verbund 18.70 +.11 32.99 17.51 2.9 18 321
Vienna Ins 28.35 -.22 40.01 24 3.9 2.9 205
Voestalp 20.20 -.3 39.37 18.10 4 10.2 524
BELGIUM/LUX
(May 31/Euro)
Ageas 1.28 -.05 1.94 1.08 6.3 - 13253
AnBshInBv@ 54.75 +.15 57.51 33.85 2.2 17.7 3363
Belgacom 21.30 +.33 24.79 20.79 10.2 8.9 987
Colruyt 32.48 -.08 39.91 26.74 2.8 15.8 258
Dexia 0.16 -.01 2.55 0.16 - - 2916
Dlhaiz 29.42xd +.08 57.86 29.20 6 8.7 569
GBL 50.59 -.83 63.34 47.44 5.1 - 275
KBC 12.39 -.06 29.48 7.65 0.1 - 1734
SES 17.80 -.19 19.90 16 4.9 - 2
Solvay 84.74 -.48 112.50 60.86 3.6 32 284
UCB 37.92 -1 39.25 25.71 2.6 29.1 932
BRAZIL
(May 31 / 2:30 pm/Real)
Ambev @ 76.73 +.58 83.71 43.98 0.3 28.9 1774
BcoBrad 24.48xd +.17 28.61 21.13 0.2 - 383
BcoSantdr 0.15xd - 0.18 0.12 1.3 - 462
BM&FBovsp 9.75xd +.15 12.65 7.55 4.9 17.9 9068
BncBrasil @ 19.68 -.24 29.79 19.25 8.5 4.6 4333
Bradesco @ 29.44xd +.41 33.31 25.12 0.2 10.1 4359
BrasilFds 31.28 +.56 38.67 23.75 2.4 23.9 1861
Cielo @ 53.13 -.07 60.39 31.17 3.5 17.8 1293
Eletrobras 13.26 +.27 22.91 12.62 32.9 - 1103
GerdauPf 15.82 -.26 19.40 10.85 2 12.9 5037
ItauHldFin @ 29.02xd +.9 38.94 25.15 3.9 9.6 11282
ItuasaPf @ 8.60xd +.3 11.49 7.37 4.2 6.7 10248
JBS 5.72 -.15 8.50 3.42 - - 11417
OGX Petro @ 10.18 -.23 18.41 9.09 - - 30340
PetrobasPf 18.66 +.31 25.89 17.90 3.9 7.7 20276
Petrobras @ 19.46 +.25 28.26 18.91 3.7 5.5 4455
SiderNacO 13.02 -.11 22.15 12.80 6.3 5.9 4727
SouzaCruz @ 26.85 +.35 30.24 16.15 3.8 25.2 886
UsinasMin 8.78 -.12 15.38 8.50 12.3 18.3 5846
ValRio @ 37.34 +.06 51.35 35.61 13.9 - 4698
ValRioPrf 36.50 +.05 46.10 34.51 9.2 5.7 11547
CANADA
(May 31 / 3:30 pm/Can $)
Agnico-E 38.40xd -.91 72.51 31.50 1.9 - 590
Barrick @ 40.17xd -.07 55.36 35.11 1.6 8.9 2106
BCE @ 41.24 +.71 43 34.99 5.1 14 1121
BkMontrl @ 55.18 +1.11 62.20 54.07 5.1 10.3 1167
BkNvaS @ 52.66 +.49 59.73 47.54 4.1 11.7 1427
Brookeld @ 32.92 +.38 33.18 25.91 1.7 10.7 403
Cameco 19.67 -.14 28.25 17.25 2 15.9 597
CanadPcR 76 +.92 79.29 46.01 1.6 19.1 331
CanImp @ 71.70 +1.37 80.75 67.32 5 10 2209
CanNatRs @ 29.36 -.49 42.72 27.25 1.3 12.2 2285
CanNatRy @ 84.77 +1.64 85.84 63.72 1.7 14.9 601
CanOilSd 20.13 -.14 30.44 18.17 6.2 8.6 691
CenovusE @ 32.21 +.11 39.64 28.85 2.6 13.1 1450
Enbridge @ 40.64xd +.03 41.50 28.27 2.6 36 1075
Encana 20.47 +.04 33.68 17.25 4 - 1831
Goldcorp @ 37.34 -.55 55.93 32.52 1.3 19.8 2021
GtWesLif @ 20.73xd - 26.86 19.15 5.9 9.8 283
HuskyE @ 23.08xd +.01 29.79 20.63 5.2 10.3 437
ImpOil @ 41.23xd -.37 49.26 34.15 1.1 9.8 338
KinrossG 8.18 -.21 18.17 7.15 1.8 - 2154
Loblaw 31.51 +.24 41.98 31.11 2.7 12.4 304
Manulife @ 11.06xd +.16 17.31 10.18 4.7 - 4072
NatBkCan 73.55 +.41 81.27 63.27 4 10.4 782
Nexen 16.06 -.14 23.67 14.20 1.2 12.7 1028
Potash @ 40.58 -.05 59.45 39.23 1.1 11.8 1366
Power Cp 22.84 +.02 28.39 20.90 5.1 10 626
PowerFn @ 25.20 -.19 31.21 23.62 5.6 10.9 319
ResMot 10.63 -.03 43.24 10.30 - 2.4 957
RogCmB @ 35.45 -.4 40.22 34.25 4.2 12.5 1302
RylBkC @ 51.22 +.58 59.13 43.30 4.3 10.7 1641
Suncor En @ 27.72xd -.43 41.58 23.97 1.7 9.5 3851
SunLfFin 21.17xd +.57 30.49 17.92 6.8 - 803
TalismEnrgy 10.72xd +.11 20.80 9.72 2.6 12.3 2065
TeckResB @ 30.57 -.72 51.87 27.39 2.6 7.4 1524
TelusCorp @ 59.86 +.83 60.70 49.47 3.9 15.8 276
ThmReut @ 28.36xd -.21 38.24 26.10 4.6 - 757
TntoDom @ 78.90 +.91 85.85 68.13 3.5 12 1353
TransCan @ 42.36 +.29 44.75 37 4.1 19.5 647
Weston Ltd 58.07 +.47 74.07 57.21 2.5 12.3 39
CHINA
(May 31/Renminbi)
AgricBkCh 2.64 -.05 2.86 2.43 5 6.5 74093
Air China 6.25 +.02 10.56 5.75 1.9 13.1 17568
AluCorpCh 3.36 -.02 6.93 3.08 - - 15783
AlumCpCh 6.87 -.06 12.10 6.11 - - 10204
AnhuiCC 23.90 -.2 41 17.90 1.8 8.9 11162
BaoshanStl 4.84 -.01 6.51 4.56 4.1 12.6 27801
Bk China 3.03 - 3.36 2.82 5.1 6.9 10063
BkofComms 4.61xd -.16 5.25 4.38 2.2 5.3 42390
ChCiticBk 4.24 -.05 5.18 3.91 4.7 5.7 15831
ChCoalEgy 9.03 -.13 11.27 8.16 2.4 12.2 10573
ChConstBk 4.49 -.01 5.09 4.32 5.3 6.5 26299
China Life 17.41 -.16 19.50 14.71 1.3 30.8 10412
ChinaUncm 4.10 -.01 5.85 4.06 0.8 51.3 39816
ChMinsheng 6.37 -.05 6.85 5.06 4.7 5.5 63659
ChMrchBk 11.66 -.12 13.93 10.83 3.6 6.5 74554
ChPacIns 21.20 -.27 23.24 17.70 1.7 33.1 9276
ChShBldIn 5.90 +.02 8.88 4.55 1.2 19.6 44979
ChShenEgy 26.01 -.42 32.48 23.58 3.5 11.4 14327
ChStCnsEng 3.36 -.04 4.12 2.85 2.4 7.3 33288
ChYgtzPwr 6.90 +.09 7.48 6 3.7 15.2 19762
Citic Sec 13.77 -.05 13.94 9.04 3.1 11.7 58931
Daqin Rail 7.44 -.02 8.63 7.11 5.2 9.5 33269
InCBkChina 4.22 - 4.58 3.94 4.8 7
IndstrlBk @ 13.33 -.12 14.68 12 2.8 5.2 34624
Moutai @ 236.68 +8.02237.80 170.90 1.7 24.9 3737
Ping An 41.89 -.36 49.70 33.35 0.4 16.7 17015
Saic Motor @ 15.72 -.04 19.63 12.49 1.9 8.9 13260
ShangPort 2.86 -.04 4 2.54 4.1 14.8 4044
ShngPdgBk@ 8.77 -.05 13.88 8.25 3.4 5.6 67011
ShznVanke 9.25 -.06 9.49 6.88 1.4 10.4 24632
Sinopec 6.68xd -.09 8.41 6.66 4.5 9.2 27294
WulianYnb @ 32.25 -.1 40.80 29.82 1.6 17.2 20038
CZECH REP
(May 31/Koruna)
Cez 739 +4 943 662 6.1 10.3 658
KomercBnk 3.16k +19 4.15k 2.71k 5.1 12.5 85
TelCzRep 382 +1.7 440 364.50 10.5 14.4 177
DENMARK
(May 31/Kr)
Carlsberg B 447.80 -1.6 604.50 315.50 1.2 13.9 386
DanskeBk 79.55 +.25 110.50 61.15 - 44.9 1200
MoellerMA 35.5k +400 48.4k 30.12k 2.8 - 1
MoellerMB@ 37.28k +480 50.1k 31.62k 2.7 10.7 7
NovoB @ 799.50 -10 866.50 507 1.8 26 1837
Novozym 161.10 -.9 180 135.20 0.7 25.7 1350
TDC 37.91 +.06 48.97 37.67 5.9 9.2 2276
VestaWind 36.78 -3.46 161.20 36.78 - - 11776
WilDemant 528 -6 558 351.50 - 25.6 264
DUBAI
(May 31/US$)
DPWorld 10.30 +.1 13.59 9.33 2.3 12.6 90
FINLAND
(May 31/Euro)
Fortum @ 14.66 -.36 23.55 14.65 6.8 8.2 1870
Kone Corp 45 -1.02 48.05 33.78 3.1 17.6 334
Metso 26.38 -1.56 40.47 19.72 6.4 10.7 1821
Neste Oil 7.37 -.26 12.04 6.14 4.8 11.7 502
Nokia @ 2.12 -.07 5.84 2.10 9.4 - 16538
OtkmpA 0.83 -.04 2.84 0.83 - - 5917
SampoA 18.53 -.12 22.88 16.85 6.5 10.1 666
StorEnsR 4.39 -.09 7.82 3.73 6.8 13.7 5861
UPMKym 8.29 -.07 13.31 7.34 7.2 10.8 3193
Wartsila 26.31 -.69 31.33 15.50 3.4 18.9 631
FRANCE
(May 31/Euro)
Accor 23.99 -.37 32 17.03 2.7 - 1376
ADP 58.56 +.25 67.04 49.76 3 16.7 405
AirFrn-KLM 3.40 -.12 11.76 3.25 - - 3856
AirLiquide @ 87.47xa +1.04 93 73.55 2.6 17.7 1514
Alcatel 1.26 -.04 4.22 1.08 - 1.9 38327
Alstom 23.50 -.61 43.37 21.82 3.4 9.4 1641
AXA @ 9.08 -.05 15.94 7.88 7.6 5.2 11065
BNP Parib @ 25.73xd +.77 54.98 22.72 4.7 5.1 11292
Bouygues 19.51 -.33 32.21 19.31 8.2 6.3 1623
CapGemini 27.25 +.3 41.11 21.98 3.7 10.4 1382
Carrefour 13.95 -.18 27.07 13.38 3.7 24.5 4292
Casino 67.79xd -.03 75.94 51.35 2.2 15.3 478
ChristianD@ 105.65 -.5 119.70 79.10 2.5 14.8 132
CNP 8.75 -.27 15.20 8.75 8.8 6.4 1033
CredAgric 2.89 -.01 10.82 2.85 - - 14958
Danone @ 51.89 +.26 54.96 41.92 2.7 18.7 2646
DassaultSy 73.54 -.05 76.76 49.07 1 30.1 434
EADS @ 27.07 - 31.69 19.05 1.7 18.7 2738
EDF @ 15.57 +.12 28.50 14.92 7.4 9.5 3617
Eiage 24.45 -.49 47.85 15.81 4.9 10.3 2637
Eramet 78.69 -2.29 236.35 75.95 2.9 10.6 61
Essilr @ 69.08 +.1 70.66 46.89 1.2 28.3 856
FranceTele @ 10.16 -.02 15.91 9.81 13.8 6.9 14456
GDF Suez @ 15.98 -.04 25.67 15.76 9.4 8.8 4838
Gecina 68.60 -.75 102.75 52.51 6.4 10.2 98
Hermes @ 261.60xa -2.4 285.49 173.71 0.8 46.1 40
JC Decaux 16.90 -.31 23.57 14.63 2.6 17.6 400
Klepierre 25.05 +.22 29.91 18.57 5.8 33 1058
Lafarge 29.74 -.26 48.22 22.29 1.7 14.7 2080
Lagardere 19.15 -.6 29.60 16.03 6.8 - 817
Legrand 24.33xd -1.36 29.56 22.19 3.8 13.4 1965
LOreal @ 90.92 +.1 94.80 68.83 2.2 22.1 927
LVMH @ 119.40 +.5 136.80 94.16 2.2 19.1 1122
Michelin 47.25xd -1 67.95 40.20 4.4 5.8 1320
Natlxis 1.89 +.01 3.94 1.68 5.3 4.3 6217
PernodRic @ 79 - 82.25 56.09 1.8 17.6 1572
Peugeot 7.98 -.24 28.20 7.86 - 3.6 5334
PPR @ 115 -1.65 136.90 90.50 3 14.7 523
Publicis 37.41 -.26 43.30 29.10 1.9 12.6 1110
Renault 33.89 -.71 43.83 22.07 3.4 4.4 1726
Safran 27.78 +.63 30.50 20.18 2.2 23.5 5337
Sano @ 55 +.5 59.56 42.85 4.8 11.6 7785
Schneider @ 43.07 -.26 58.85 35 3.9 12.7 4531
SocGen @ 16.06 +.15 42.64 14.32 - 5.5 8825
Sodexo 58.70 +.04 62.35 46.57 2.5 18 635
StGobn @ 28.62 -.61 46.44 26.07 4.3 11.7 3690
STMicro 4.12 +.05 8.07 3.64 7.9 16.5 5277
SuezEnvir 8.78 -.03 14.61 8.58 7.4 13.3 2290
Technip 73.71 -1.48 89.70 52.85 2.1 15.5 776
Thales 23.91 +.26 29.99 21.61 3.3 9.2 917
Total @ 34.77 +.23 42.97 29.40 6.6 6.5 8890
UnibailR @ 133.60 -.6 162.95 123.30 6 9.2 410
Vallourec 30.20 -1.21 87.60 29.81 4.3 10.3 1851
VeoliaEnv 9.24xd -.09 21.18 7.80 7.6 - 5371
Vinci @ 32.31 -.41 44.98 28.46 5.5 9.2 2762
Vivendi @ 13.06 +.1 18.94 12.01 7.4 10.2 7760
GERMANY
(May 31/Euro)
Adidas 60.19 +.5 64.30 42.42 1.7 16.8 1286
Allianz @ 73.11 +.02 98.60 56.16 6.2 10.8 3153
AxelSprg 32.58 -.28 39.87 24.44 5.2 12.2 284
BASF @ 56.38 -.41 69.80 42.19 4.4 9.4 4695
Bayer @ 51.14 +.03 58.64 35.36 3.2 14.9 3468
Beiersdorf 50.98 +.45 55.67 38.26 1.4 46.3 404
BMW @ 61.10 -.91 73.95 43.49 3.8 7.9 3013
Celesio 11.02 -.51 16.75 9.18 2.3 - 382
Commerzbk 1.33 +.01 3.28 1.12 - - 38548
Daimler @ 37.43 -.52 53.95 29.02 5.9 6.7 6271
Deut Bank @ 29.09 +.26 42.08 20.79 2.6 7.8 7586
Deut Brse 38.52 +.33 55.94 35.65 8.6 9.2 1383
Deut Tlkm @ 7.97 +.06 10.94 7.88 8.8 57 17527
DeutPstbk 28.72 -.1 31.50 19.81 - - 28
DeutsPost @ 13.32 -.15 14.83 8.90 5.3 11.8 4871
E.ON @ 14.78 -.14 20 12.50 7.4 - 11188
Fielmann 69.50 - 80.85 60 3.6 23.5 46
FraPort 40.49 -1.41 58.83 37.06 3.1 16.1 201
Fresenius 76.40 +.6 79.91 58.80 1.2 28.2 836
FresMedC @ 53.69 +.02 57.03 42.56 1.3 21.7 683
GEAGrp 20.39 -.42 26.83 15.61 2.7 13.2 496
Hann.Rck 43.06 -.05 47.70 28.58 4.9 8.6 129
HeidCmnt 35.08 -.71 48.72 23.92 1 21.5 1211
Henkel 52.69 +.7 57.77 36.52 1.5 18.4 1171
Hochtief 36.59 +.02 61.87 35.70 - - 1022
Inneon 6.39 +.02 8.17 4.89 1.9 13.3 8994
K & S 32.25 -.47 56.84 31.95 4 12.7 1528
LANXESS 53.22 -.45 64.40 31.34 1.6 8.3 449
Linde @ 124.10 +.45 136.90 94.63 2 18 751
Lufthansa 8.48 -.05 15.50 8.25 2.9 40.4 2950
MAN @ 77.38 -1.73 103 50.78 3 - 1735
Merck KG 74.81 +.53 87.45 55.92 2 36.1 367
Metro 23.26 +.36 46.63 21.91 5.8 13.8 2509
MTUAero 59.22 -.28 64.80 40.01 2 16.4 177
MuenchRkv@ 100.25 -.2 118.35 77.80 6.2 7.3 1098
Porsche 41.46 -.01 58.90 30.24 1.8 - 640
Puma 244 +.05 277.05 189 0.8 16.1 15
RWE @ 29.54 +.05 40.84 21.22 6.8 14.2 3101
Salzgitter 34.53 -.72 55 32.43 1.3 10.8 472
SAP @ 46.40xc +.47 54.44 32.64 1.6 15.9 5033
Siemens @ 66.51 -.8 96.19 62.13 4.5 14.4 4791
SMASolar 24.61 -.55 79.73 24.32 5.3 4.6 24
Suedzucker 24.59 -.1 26.18 19.16 2.8 14.7 503
ThyssenKr 13.35 -.54 36.20 13.18 3.4 - 5532
Volkswgn @ 120.45 -1.45 138.80 82.35 2.5 3.8 53
WackerChm 55.23 -.54 158.20 54.73 4 12.1 226
GREECE
(May 31/Euro)
Alpha Bk 0.88 -.01 3.77 0.42 - - 2205
BkPiraeus 0.21 -.01 1.14 0.16 - - 2989
Coca Cola 14.10 +1.55 19.19 10.81 3.5 20.4 3004
EFGEbk 0.50 -.03 3.57 0.29 - - 1601
HelPetro 4.76 +.16 7.14 3.94 9.5 21.6 73
HelTel 1.30 -.13 7.30 1.30 - 1.6 18189
NatBkG 1.01 -.15 5.40 1.01 - - 59070
OPAP 4.30 +.29 12.75 3.74 16.7 2.7 5961
PublPwrC 1.32 -.07 10.72 1.32 - - 895
TitanCem 10.87 +.52 17.39 9.32 1.7 - 48
HONG KONG
(May 31/H.K.$)
AgricBkCh @ 3.14 +.02 4.77 2.26 5.1 6.3 436820
AIA @ 25.30 +.15 29.90 19.84 1.3 24.5 167639
Bk China @ 2.99 +.05 4.35 2.20 6.3 5.3 819229
Bk of EAsia 25.95 -.15 34.45 21.85 3.6 13.2 14195
BkofComm@ 5.04xd -.03 7.41 4.15 2.4 4.8 34869
BOC HK @ 21.35xd -1.2 24.45 14.24 5.6 11.1 22474
CathayPcA 11.98 - 18.88 11.76 4.3 8.6 7044
ChConstBk @ 5.38 +.13 7.36 4.41 5.4 6.3 1112519
ChinaLife @ 18.22xd -.04 28.10 17.04 1.5 22.8 43698
ChinaMob @ 78.50xd -.65 89.85 68.20 4.2 10.1 16807
ChinaRes 24.55xd +.05 35.50 24 1.9 20.8 5326
ChinaTele 3.56 -.07 5.28 3.50 2.4 14.1 83752
ChMerch 23.55 -.25 34.20 19 2.9 10.4 4010
ChngKong @ 89.50xd -.65 122.40 79.10 3.5 4.5 4351
ChOvLnd&In 16.22 -.72 17.86 9.99 2 8.8 38619
ChResLand 14.64 -.38 15.60 7.28 1.8 9.9 16538
ChResPwr 14.04 +.32 16.20 10.82 2.1 14.8 17834
ChRongshng 2.13xd +.09 5.44 1.69 1.3 7 87395
ChShenEgy@ 27.35xd -1.1 40.20 26.85 4 9.5 14319
ChUncHK @ 10.66xd -.3 17.68 10.28 1.1 40.1 115316
Citic Pac 11.96xd +.22 22.75 10.26 3.8 4.7 5418
CKI Hld 42.65xd +.25 50 36.10 3.6 12.6 2685
CLP @ 63.20 +.15 75.20 62.10 4 16.4 11718
CNOOC @ 14.04xd -.16 19.70 11.20 3.8 7.2 73725
EspritAsia 12.50 +.04 29.35 7.55 2.1 - 7246
GentSingap 1.50 - 2.03 1.42 0.7 19.8 34694
HangLung 24.75 - 33.25 20.85 3.6 22.6 21932
HangSeng @ 100.30 -.1 125 84.40 5.2 11.5 2287
HendersLd 39.10 -.6 52.95 33.20 2.6 5.2 4448
HKChGas @ 18.22 - 20.65 16.68 2.9 23.4 12582
HKExch @ 109.60 -1.6 175 99.15 3.9 23.6 4343
HSBC 61.25xd - 82.15 56 5.8 9.6 17172
Hutchison @ 63.85xd -1.2 93.10 53.60 3.3 4.9 8003
In&CmBkCh@ 4.72 +.07 6.56 3.46 5.2 6.1 1222551
Li & Fung @ 14.24 -.9 20.15 10.82 3.7 21.7 23333
MTR @ 25.05 -.2 28.80 22.45 3 9.8 3327
NewWorld 8.36 -.08 12.22 6.13 0.2 4 15358
PetroChina @ 9.82xd -.06 11.92 8.59 4.1 10.8 63696
PowerAst 54.25xd +.5 64.80 52.55 4.3 12.8 4267
SHK Props @ 87.90 +.35 122 85.30 3.8 4.7 11989
Sino Land 10.72 +.04 14.16 8.48 3.9 6.5 12323
Sinopec @ 6.91xd -.14 9.67 6.22 5.3 7.4 72578
Swire Pacic 83.70 -.35 92.80 61.82 7.8 3.9 4734
SwirePac B 16.80 -.04 17.90 12.10 7.7 3.9 243
Tencent @ 213.40 -2 248.80 139.80 0.4 30.6 3681
WharfHld 40.55 -.15 59 33.15 2.6 4 6318
Wheelock 23.15xc -.5 33.54 17.87 2.2 2.1 2366
INDIA
(May 31/Rupee)
BharatHvy 211.95 +.8 414.88 197.80 3 8.6 628
BhrtiAirtel @ 302.10 +.3 444.70 280.10 0.3 26.9 300
CairnInd 332.30 -1.55 400.95 250 - 8 309
CoalIndia 321.70 +2.25 422.30 293.75 0.2 13.7 235
GAIL 322.45 -1.35 476.50 303.10 2.7 9.2 32
HDFC Bk @ 505.95 +5.3 557.70 400.45 0.8 22.5 192
HsngDevFin@ 655.25 -.75 732 600.85 1.7 17.7 247
ICICI Bk @ 784.30xd -32.7 1.11k 641 2.1 11.8 473
IndianOil 255.90 +1.9 360 247.35 2 14.7 64
Infosys @ 2.44kxa +17.4 3.01k 2.16k 1.9 16.8 71
ITC @ 230.25 -1.65 252.80 182.30 1 28.6 361
JindalS&P 441.45 -11.65 663.40 435.55 0.4 10.4 140
Larsen&T 1.17k -15 1.87k 971 1.4 15.3 161
MMT C 721 -16.25 1.01k 438.55 - - 15
NatlThmPr 146.90 +1.85 192.30 138.95 2.7 12.3 331
NMDC 166.15 +1.45 279.30 136.15 2.7 9.1 22
OilNatGas @ 253.70 +1.05 303.90 226.95 3.8 7.7 127
RelianceIn @ 706xd -.2 967.90 671 0.8 10.7 826
SBI NewA @ 2.06kxd -41.9 2.53k 1.58k 1.7 8.5 660
SteelAuthr 94.90 +2.7 151 73 2.1 11.1 689
Sterlite 94.10 -1.15 176.45 86.10 2.1 6.5 592
TAMO 233.20 -10.15 320.60 137.65 1.7 3.4 4922
TataCnslty @ 1.25k +5.35 1.29k 902.90 2 22.9 97
TataSteel 402.85 -7.4 615.90 332.35 3 7.2 658
Wipro @ 409.55 -2.3 452.50 310.20 1.5 18 39
MALAYSIA
(May 31/Ringgit)
AxiataGp 5.37xd +.04 5.48 4.43 3.5 19.2 17375
CIMB Grp @ 7.50 +.01 9.01 6.56 2.9 13.5 16545
Digi.com 4xd +.02 4.32 2.78 4.8 25 16464
Genting 10 +.01 11.40 8.37 0.8 12.9 6576
Genting Mly 3.69 -.15 4.12 3.01 2.3 14.6 8093
IOI Corp. 5.25 +.02 5.55 3.75 3 17.4 7601
KL Kpng 22.36 +.26 26.76 15.30 3.8 16.4 2216
MalayBnkng@ 8.75xd +.05 9 7.35 7.8 13.3 14279
Maxis 6.19 -.01 6.24 5.16 5.2 18.4 30294
MISC 4.03 -.12 8.20 3.94 6.2 - 3784
PetChem 6.70 +.01 7.25 5.23 2.4 14.9 38711
PetGas 17.20xd -.34 17.96 11.32 2.3 24.1 8172
PPB Grp 17xd +.88 18 15.16 1.4 22.5 873
Public Bk 13.76 +.06 14.04 11.68 3.5 13.4 1080
Public BkF 13.78 +.14 14.20 11.74 3.5 - 3520
SimeDarby @ 9.68 +.04 10.26 7 3.3 13.3 11248
TelekmMala 5.39xd +.02 5.53 3.75 3.6 15.1 11936
Tenaga Nsl 6.67 +.15 7.21 4.89 0.7 21.1 14182
YTL Power 1.66 - 2.23 1.53 3.4 9.1 14430
MEXICO
(May 31 / 2:30 pm/Peso)
AmerMvl @ 16.86 -.12 18.80 13.48 0.6 14 68968
CemxCPO 7.89 +.08 10.63 3.13 11.8 - 29418
FEMSAUBD@ 112.65 +.25 113.82 70.70 0.8 27.5 2314
GrpElektra @ 517.92 -33.08 1.48k 501.80 0.4 4.9 1597
GrpMexico @ 37.39 -.01 43.63 30.42 4.4 - 5276
Inbursa 29.94 +1.09 32 21.40 1.1 31.1 2218
Telmex L 10.11 - 10.73 9.11 5.4 12.7 49
TlvCPO 54.37 -.18 59.35 46.43 0.6 20.4 1878
Walmex @ 35.72 -.73 45.15 29.26 1.2 28.5 25999
NETHERLANDS
(May 31/Euro)
Aegon 3.41 -.04 4.90 2.59 - 14.2 13100
Ahold 9.50 +.02 11.07 7.62 4.2 10.3 11684
Akzo N 36.94 -.17 50.41 29.25 3.9 20.8 765
ArcelorMit @ 11.18xd -.28 24.77 10.47 5.4 19.3 15259
ASML Hld @ 37.10 -.05 39.26 21.22 1.2 10.6 1972
Boskalis 24.12 -.23 33.27 20.67 4.9 9.7 552
Corio 33.54 -.42 47.94 28.26 8.2 18.1 809
DSM 38.48xd -.43 47.42 29.84 3.8 8.1 1007
Fugro 46.50 -.91 55.92 34.01 3.2 12.8 787
Heineken @ 38.55 -.1 44.42 30.40 2.2 15.8 2606
ING @ 4.67 -.01 8.72 4.21 - 3.5 25619
KPN 7.65 -.03 10.32 6.35 11.1 8.8 20535
Philips @ 14.30 - 19.49 12.01 4.9 - 3982
PostNL 2.72 -.01 7.44 1.98 19.8 0.5 5501
Randstad 21.91 -.18 34.59 19.59 5.7 23.3 697
ReedElsvr 8.39 -.13 9.77 7.38 5.2 14.2 2726
Robeco 22.35 -.12 24.22 18.30 2.7 54.5 28
RylDShlA 25.03xd +.12 29.18 20.12 5.6 6.7 6029
Unilever @ 25.45xd +.24 27.16 20.96 3.6 16.2 5313
WoltKluw 11.75 -.11 15.80 11.49 5.8 29.4 1323
NEW ZEALAND
(May 31/NZ $)
AucklndAir 2.58 +.07 2.62 2.08 5 32.6
ContactE 4.88 +.07 5.89 4.60 7.9 24.3
FletchrBld 6.29 +.03 8.98 5.78 7.2 16
Telc.of NZ 2.58 +.03 2.68 1.70 14.2 6.3
NORWAY
(May 31/Kroner)
AkerSol 80.40 -1.8 104 50.10 4.9 8.9 1535
DNB @ 55.10 +.05 83.10 51.25 3.6 7.5 4129
NorskHyd 25.37 -.33 43.40 23.76 3 23.7 5590
Orkla 41.26 -.22 48.84 36.48 6.1 - 1436
Roy.Carib. 141.50xd -5.7 214.30 111.60 1.7 9.5 466
Seadrill 201.60xa -8 233.34 137.04 9.5 16.9 1791
Statoil @ 137.90 +.2 162.80 108.10 4.7 5.6 6035
Subsea 7 120.20 -6 154.90 99.35 3.1 14.7 1285
Telenor @ 88.55 -1.7 106.80 78.80 5.6 29.5 2408
YaraIntl 232.58 -1.02 340.60 200.50 3 5.5 1387
POLAND
(May 31/Zloty)
BkPekao 141 +3.5 173.90 115.10 3.8 12.5 894
BRE Bank 267 +4.4 349 203.30 - 9.9 17
ING Bank 77.50 +.8 91.10 61.75 - 10.7 13
KGHM 125.60 +.5 199.60 102.40 13.5 2.4 1071
PGNIG 3.77 +.04 4.65 3.25 - 25.1 6293
PKN Orlen 33.25 -1 54.45 30.33 - 5.6 1783
PKO Bank 32 +.5 44.65 27.95 4 10.2 2494
PZU 294.40 -3.1 394 283.10 6.9 10.7 164
Telek.Pol 16.04 +.04 19.19 14.30 9.4 10.9 2575
PORTUGAL
(May 31/Euro)
B.EspSanto 0.46 + 1.70 0.44 - - 14904
BCPort 0.10 + 0.50 0.10 - - 8721
BncoBPI 0.37 +.01 1.13 0.35 - - 291
BRISA 2.55 +.08 4.57 2.19 12.2 - 602
Cimpor 5.52 +.02 5.65 4.50 3 19.7 1890
EDP 1.68 +.02 2.61 1.63 11 5.4 12428
GalpEnerg 9.63 -.23 16.97 9.48 2.1 19.3 1877
JeronimoM 14.37 +.36 16.07 10.66 1.9 25.7 1064
PortTlcm 3.05 -.08 8.08 3 21.3 9.9 6640
Sonae 0.38 0.78 0.38 8.7 6.9 1426
RUSSIA
(May 31/Rouble)
Bank VTB @ 0.05xd 0.09 0.05 1.5 6.2
33343800
GazProm @ 147.03xd -1.08 212.49 136.54 6.1 2.6 64199
GMK Noril @ 4.93kxd +63 7.86k 4.68k 4 11.3 352
Gzprmneft @ 131.81xd +.36 169.39 106.05 5.5 3.7 435
Lukoil @ 1.72kxd +17.4 1.94k 1.5k 4.4 4.3 1844
MTS 225.92xd +1.63 246.01 168.25 6.5 9.4 1745
Novatek @ 290.10xd +1.64 442.73 280.16 2.1 7.2 5249
NovoSteel 52.73 -1.92 114 46.59 4.9 7.2 9584
Rosneft @ 208.57xd +5.37 252.27 171.04 1.7 5.3 15570
RusHydro 0.80xd +.01 1.41 0.72 1 7.1 749622
SbankR @ 81.69xd -.69 107.70 60.91 2.5 5.5 261419
Severstal 367xd -9.1 544 310.10 3.7 6.4 1409
Surgnfgz @ 24.82xd -.53 33.89 20.41 2.4 3.7 31361
SINGAPORE
(May 31/S$)
Capitalnd 2.54 +.04 3.17 2.18 3.1 9.9 14134
DBS @ 13.22xd -.04 15.73 10.81 4.2 9.8 8418
Jard Math @ 48.40 -.9 59 42.06 2.6 5.1 294
Jard Str @ 30.27 -.84 34.30 23.70 0.7 4.8 164
Keppel 9.98 -.21 11.67 7.02 4.3 7.8 8102
OCBC @ 8.36 -.02 10.09 7.68 3.6 11.8 7021
SIALtd 10.40 -.08 13.96 10.05 1.9 37 2376
Sing Tech 2.96 -.02 3.31 2.61 5.2 16.4 4726
SingTel @ 3.10 +.05 3.31 2.84 5.1 12.4 37303
UOB @ 17.69 +.19 21 14.42 3.4 4.7 3400
WilmarInt @ 3.66 -.04 6.05 3.66 1.7 12.7 8678
SOUTH AFRICA
(May 31/Rand)
Absa 150 +1.1 164.50 123.19 4.6 11.1 2546
AngGold 308.50xd +13.89 391.82 252.50 1.3 64.9 3593
Anglo 257.80 -3.2 350.05 257.20 2.7 50.5 4435
AngloPlat @ 476.12 +2.12 654.50 462.02 1.5 34.7 310
ArclrMttal 52.55 -.05 82.99 51.79 1 - 656
Firstrand 25.75 +.5 26.30 17.10 3.5 10 57623
GoldFields 114.19 +3.6 145.43 95.05 2.9 10.3 3730
Harmony 84.51 +4.01 116.09 71.59 1.2 17.9 2773
Implats 134 -1.16 191.05 132.86 4.1 10 2533
Kumba Iron@ 525 +8.3 580.45 415.25 8.4 9.9 714
MTN @ 134.46 +.75 147.99 126.65 5.6 12 11025
Naspers N @ 448.89 +2.14 477 319.03 0.6 45.7 1491
NedbankGrp 164.97 -1.67 176.13 126.47 3.7 12.1 2013
OldMut 18.65xd +.06 20 12.10 18.6 - 9345
SAB Mllr 314.39 +3.37 331.44 226.51 2.8 - 2031
Sanlam 33.45 +.27 34.46 24.14 3.9 12.5 11129
Sasol @ 361.15 +3.15 411.50 300.50 4.3 8.3 2443
Stanbank @ 114 +.49 117.93 87.75 3.7 15 6354
Telkom 22.91 -1.19 37.80 22.50 6.3 30.9 40105
Vodacom @ 101.50 +.8 110.89 80.13 7 14.6 2389
SOUTH KOREA prices in 000s
(May 31/Won)
HyundaiHvy@ 267 -5 518 235.50 1.5 8.3 266
HyundaiMot@ 244 +1 272.50 161.50 0.7 8.1 587
HyundEng 66.50 -2.1 91.40 49.60 0.8 11.8 792
HyundMobis@ 277 -2 416.50 261.50 0.6 8.4 240
HyundStl 84.70 -2.3 139 74.20 0.6 11.2 486
IndBkKor 12 -.1 20.60 11.05 4.8 5.6 580
KB Financial 36.90 +.25 55.40 34.10 2 5.6 1017
Kia Motors @ 80.20 +1.7 84.80 58.10 0.7 17.7 2829
Korea T&G 78.60 +2 85.30 62 4.1 12 368
KoreaEP 22.50 +.1 30 19.60 - - 822
KoreaExch 8.21 +.02 9.93 6.63 28.7 3.2 778
KT Corp 27.95 +.15 41.10 27.55 7.2 5.3 1419
LG Chem @ 291 -7 542 263.50 1.4 11.4 398
LG Corp 55 +.5 90.80 50.10 1.8 9.8 402
LG Display 20.90 -.4 37.30 17.30 - - 1713
LG Elect 66.10 -1.1 97.73 52.59 0.3 - 1290
LotteShop 315.50 +2 540 297.50 0.5 10 40
NHN 242.50 +7 275 168.50 0.2 23.2 195
Posco @ 362 -.5 480 341 2.8 8.8 203
ShinhanFin @ 37.95 -.4 54 35.80 2 6.5 1189
Shinsegae 230 -4.5 407.50 208 0.3 0.7 47
SK Hynix @ 23.10 -.35 31.50 15.50 - - 4880
SK Innov 140 -4 243 117 2 4.5 769
SKTelecom 120.50 -2 167 120 7.8 6.2 681
SmsungCT 68 -1.1 92.50 57.10 0.7 25.6 763
SmsungEl @ 1.21k -15 1.42k 672 0.5 11.7 425
SmsungEM 102 - 112.50 59.20 0.7 23.7 409
SmsungEPf 711 - 826 460 0.8 - 36
SmsungFre 210.50xd +4 256 195 1.8 11.7 169
SmsungSDI 153 -1 198.50 99.90 1 18.9 171
WooriFin 11 +.2 14.60 8.47 2.3 4.2 2292
SPAIN
(May 31/Euro)
Abertis 10.30 -.17 14.26 9.66 10.1 7.9 5821
Acciona 42.45 -.98 76.10 41.82 7.1 13.8 490
Acerinox 8.03 -.15 13.27 7.91 5.6 26.9 899
ACS 13.42 -.21 33.57 12.56 6.7 4.1 1379
Banesto 2.51 -.06 6.09 2.50 10.3 - 113
Bankinter 2.47 -.16 5.41 2.47 5.6 6.4 14564
BanPoplr 1.63 -.02 4.05 1.60 24.8 6 12294
BBVArg @ 4.60 +.03 8.38 4.52 7.9 7.6 41259
BcoSabdll 1.32 -.01 2.79 1.29 3.3 10.3 11494
BcoSantdr @ 4.30 +.05 8.31 4.17 15.6 8.1 131298
BcoValen 0.14 -.01 2.72 0.13 - - 4300
CaixaBnk 2.02 -.06 5.07 2.01 11.6 9 7211
CorFinAlba 23.53 -.72 41.19 23.35 4.2 5 55
DIA 3.54 -.03 3.90 2.36 3.1 24.5 5935
EbroFood 12.96 +.24 16.45 11.67 3.5 13 932
Enagas 12.63 -.32 16.92 12.46 7.9 8.3 2070
Endesa 12.12 -.04 23.67 12 8.4 5.8 419
FCC 10.19 +.2 21.49 9.85 12.8 10.8 4184
GAMESA 1.49 +.01 6.73 1.45 0.5 21.1 2425
GasNatur 8.78 -.18 15 8.68 7.8 6.5 2898
Grifols 18.35 -.25 19.67 10.24 - 72.3 1699
GrpFerrov 7.65 -.08 9.77 7.25 5.9 4.4 8592
IAG 1.77 +.01 2.90 1.51 - 18.4 3386
Iberdrola @ 3.08 +.02 6.26 3.03 1 6.6 34950
Inditex @ 66.82 +.07 74.73 52.04 2.4 21.6 2055
IndraSis 7.25 -.45 14.72 7.17 9.4 7.2 9552
Mapfre 1.57 -.05 2.74 1.55 9.6 5 12265
MedsetEsp 3.42 -.13 6.68 3.23 4 14.9 2254
OHL 15.27 -.07 26.95 15.07 3.7 6.7 673
RedElectCp 29.93 +.29 42.36 29.01 7.4 8.4 1435
Repsol @ 12.08 -.12 24.35 11.93 9.1 6.2 10007
TechReun 28.95 -1.05 39.48 21.50 4.7 12 552
Telefonica @ 8.94 +.09 17.05 8.81 16.8 9.6 44112
ZardoyaO 8.92 +.06 11.36 8.56 5.7 16.4 398
SWEDEN
(May 31/Kroner)
AlfaLaval 119.40 -3.3 147 101.90 2.7 15.5 965
AssaAbloy 188.20 -2.6 210.70 128.60 2.4 17.3 722
AstraZen 291.80 -.3 329.80 260.70 7.8 6.8 939
AtlasCpcoA@ 145.70 -5.9 175.60 112.30 3.4 13.6 4737
ElctxB 137.70 -.4 169.10 93.15 4.7 18.1 2421
EricssonB @ 61.70 -1 94.50 58.15 4.1 11.6 13942
H & M @ 215.80 -1.4 253.50 178.80 4.4 22.2 7936
IndVardenA 92.10 -2.3 118.50 69.80 4.9 - 205
InvestorB 126.20 -1.7 152.10 110.20 4.8 73.8 1191
Kinnevik 127.50 +.4 155.20 113.10 4.3 3.7 729
NordeaBk @ 53.70 -.05 73.05 46.80 4.4 9.2 10814
Sandvik @ 90.05 -4.5 118.30 70.60 3.6 18.1 7871
ScaniaA 112.50 -1 151.10 88.10 4.4 - 25
ScaniaB 114.20 -2.3 153.20 89.35 4.4 10.5 1170
SEB 40.20 -.11 55.90 30.72 4.4 8.2 9162
SkanskaB 95.45 -1.8 125.90 84.35 6.3 5.1 1684
SKF B 143.30 -3.2 189.30 118.30 3.8 11.3 3195
SSABA 55.75 -1.3 104 46.59 3.6 12.2 4283
SvenCellB 102.70 -1.1 122.90 76.45 4.1 - 1436
SvenskaHn@ 201.90 -3.1 228 147.40 4.8 9.9 1249
Swedbank @ 103.20 -.2 115.20 65.55 5.1 11.2 4452
SwedMatch 273.60 +.5 277.80 202.40 2.4 22.5 488
Tele2B 107.60 -.4 134.18 104.50 12.1 10.5 1219
TeliaSonra @ 43.77 -.23 48.95 40.60 6.5 10.8 7110
VolvoA 81.60 -.65 113.70 64.50 3.7 - 232
VolvoB @ 81.55 -.7 113.60 63.95 3.7 9.4 10145
SWITZERLAND
(May 31/Frs)
ABB Ltd @ 15.21 -.46 23.04 14.40 4.3 12.1 11123
Actelion 36.74 -.89 47.17 28.16 2.2 - 729
Adecco 37.70 -.81 58.35 31.98 4.8 11.2 630
Baloise 59.90 -.9 90.55 59.75 7.5 43.7 269
CredSuisse@ 18.41 -.42 37.08 18.18 4.1 43.8 8188
GAMHldgs 10.25 +.15 16.35 9.23 4.9 - 1922
Givaudan 900.50 +4 947 684.50 2.4 32.7 22
Holcim @ 51.60 -1.95 68.45 42.11 1.9 62.2 2590
JulBaerGp 30.46 -.3 39.23 26.07 3.3 24 593
Kuhn&Nag 102.60 -2.1 135.60 90.90 3.8 23.8 227
Logitech 9.83 -.17 11.12 5.80 - 25.9 2071
Lonza Grp 34.34 -1.14 74.80 34.17 6.3 11.6 511
Nestle @ 55.05 -.35 57.50 43.50 3.5 18.6 6160
NobelBiocr 10.21 -.17 18.75 7.76 1.5 25.5 987
Novartis @ 50.45 -.1 55.05 38.91 4.5 15.5 7753
Pargesa 52.55 -.45 81.65 52.50 4.9 22.8 86
Richemont@ 55.35 -1.25 59.95 36.46 1 16.7 2136
Roche @ 151.60 -.5 169.20 115.10 4.5 14 1446
Roche Br 159.20 -.8 176.60 120.30 4.3 - 3
Schindler 108.20 +.6 117.60 79.25 1.8 22.9 35
SchndlerPC 107 -.8 119 78.10 1.9 - 164
SGS SA 1.75k -27 1.8k 1.23k 3.7 25 18
Sonova 90.75 -.45 104.60 57.30 1.3 24.5 396
SwatchGpI @ 371.40 -2.7 443.70 288.50 1.5 18.8 206
SwatchGpN 64.15 -.5 78.90 51.60 1.8 - 149
Swiss Re @ 55.65 +.65 59.80 34.70 5.4 4.9 1566
Swisscom @ 352.10 +1.2 393.90 323.10 6.2 27.5 151
SwissLife 77.85 -1 143.40 77.30 11.6 4.1 233
Syngent @ 311 -3.9 327.30 211.10 2.6 19.2 274
Synthes @ 158.60 +.5 159.20 126.30 1.1 20.8 178
Transocean@ 38.82 -1.62 60.50 36.02 5.9 - 1018
UBS @ 10.95 -.24 16.55 9.34 0.9 13.2 14713
ZurichFin @ 198.60 -1.5 246.80 144.30 8.6 7.6 503
TAIWAN
(May 31/T$)
Acer 30.55 -.95 57.50 27.30 - - 19
Au Optrncs 12.20 -.35 23.80 11.70 - - 54
CathayFin 29.25 +.1 46.18 28 1.7 26.8 16
ChimeiInn 12.55 -.4 29.70 10.95 - - 38
ChinaSteel 28 -.05 33.62 26.85 3.6 32.6 32
Chinatst Fin 16.65 -.05 25.03 15.94 2.4 10.2 48
ChnghwTl @ 90.20 +.2 111 87.50 6.1 15.6 15
CompalElc 30.80 -.7 38.20 25.50 4.5 14.3 13
DeltaElc 83.20 -.4 116.50 63 4.2 17.3 13
FormoC&F 79 +1.2 113.50 73.80 5.1 24.9 25
FormPlastic@ 78.10 -.2 115.50 76 5.1 18.8 13
FubonFnH 29.65 +.8 46.48 28 3.4 9.8 51
HonHaiPrc @ 87.50 -1.4 117 61.50 1.7 11.4 42
HTC 430 +6 1.22k 398 9.3 7 9
MediaTek 264 -3 348 221 3.4 22.9 12
Mega Fin 20.75 -.15 28.97 17.60 4.1 11.9 38
NanYaPlast 52.40 -.7 82.30 51.70 4 38.2 12
Quanta Cmp 78 -1.4 86.40 48.10 5.1 13.3 21
TaiwanMob 94.50 +1.2 98.50 76.85 6.6 18.5 10
TaiwanPet @ 81.50 -1.9 112 76.60 2.5 - 3
TaiwanSem@ 85.10 +3.4 89.80 62.20 3.5 16.8 89
Utd Micro 13.10 -.25 15.75 10.15 3.8 22.2 42
THAILAND
(May 31/Baht)
Adv Info 179 -2.5 190.50 92 4.7 21.48720900
Bangkk Bk 180 - 194 123.50 3.3 11.98423200
PTT @ 313 +6 369 236 3.4 8.35502900
PTT Exp @ 157 +4 187 130.50 3.4 107651900
SiamCem 342 +5 387 236 3.7 17.1 11940900
SiamComBk@ 140.50 +1.5 156 93.75 2.5 14.2 12830100
TURKEY
(May 31/Tk Lira)
Akbank 5.70 +.28 7.70 5.28 1.8 9.8 103392
KOC Hold. 5.84 -.22 7.58 5.22 2.2 6.8 6100
Sabanci 7.36 +.3 8.02 5.10 1.4 8.5 26822
TGaBan 5.98 +.04 7.76 5.44 2.4 7.4 57514
Trk.Isbank 3.76 -.07 5.22 3.14 3.2 7.1 70762
TrkHalkBk 11.45 -.1 13.55 9.15 150.7 6.8 6949
Turkcell 8.14 -.08 9.96 7.18 - 13.1 3063
TurkTelek 6.38 -.1 9.38 6.26 8.5 10 4448
YapiKred 2.91 -.12 4.24 2.48 - 5.8 22626
INDONESIA prices in 000s
(May 31/Rupiah)
AdaroEgy 1.47xd -.12 2.70 1.43 4.5 9.1 67800
Astra Int @ 64.30xd -1.7 79.65 55 3.1 14.4 6341
Bk Negara 3.70 -.03 4.60 2.98 1.7 11.3 12506
BkCentAsia@ 7 -.3 8.85 6.95 1.6 15.4 27941
BkMandiri 6.90xd -.15 8.15 5.10 1.5 13.4 29183
BkRakyat @ 5.65 -.25 7.25 5 2.2 8.4 73855
Gudang Grm 54.10 -4.4 67 43.30 1.6 20.8 6379
Telkom 7.80 -.1 8.70 6.65 4.8 13.2 40184
Unilever 20.55 -.55 24.45 14 2.9 36.2 6012
IRELAND
(May 31/Euro)
Aer Lingus 0.93 +.01 1.04 0.52 3.6 7.1 1229
BkofIrelnd 0.09 + 0.21 0.07 - - 19485
CRH 13.84 -.24 16.93 10.28 4.5 16.7 769
Elan Crp 11.35 -.32 11.96 6.09 - - 1752
GraftonGrp 2.76 -.06 3.60 2.25 2.7 10.2 740
Ind News 0.25 - 0.60 0.20 - 3.6 404
Irish Lf 0.03 0.13 0.02 - - 227
Kerry Gp 34.91 +.26 35.66 23.65 0.9 16.9 827
Ryanair 4.05 -.12 4.52 2.76 - 11.2 4248
ITALY
(May 31/Euro)
A2A 0.50 -.03 1.15 0.42 2.6 - 84064
Acea 3.93 -.06 7.72 3.84 7.1 22 144
Atlantia 9.99 -.02 15.75 9.13 7.5 7.6 5342
Autogrill 6.96 -.03 9.45 6.67 4 15.8 638
BcaCarige 0.66 +.02 1.76 0.61 10.7 5.8 36996
BcaMilano 0.31 + 0.65 0.25 10.6 - 58248
BcaPEmilR 3.36xa +.11 8.36 3.20 0.9 4.2 1945
BcoPoplre 0.90 -.01 1.82 0.79 - - 15961
BcPSondrio 4.29 +.15 6.85 4.05 2.1 12.2 741
BuzziUnicm 6.78 -.17 9.92 5.45 0.7 - 912
Campari 5.16 +.02 5.95 4.83 1.4 18.5 1087
CredEmil 2.43 +.01 4.81 2.30 4.1 7.5 181
Edison 0.88 - 1 0.72 4.8 - 13653
ENEL @ 2.30 4.82 2.28 11.3 5.2 50005
ENI @ 15.60 +.26 18.72 11.83 6.7 7.1 30995
ERG 4.54 +.03 9.60 4.28 8.8 8.3 585
Exor 17.25 -.26 23.68 13.27 1.9 6.9 538
Fiat 3.80 -.13 7.80 3.25 - 3.3 30182
Fiat Ind 8.13 +.17 9.69 4.77 2.3 13.1 13139
Finmecnca 2.69 8.75 2.56 - - 5134
Generali @ 8.22 -.06 15.27 8.16 2.4 15.7 7962
IntSanPSvg 0.85 + 1.58 0.75 10.7 4 4050
IntSPaolo @ 1 + 1.92 0.85 8 - 130248
Italcementi 3.71 -.11 6.83 3.70 3.2 - 226
Lottomatica 14.07 +.17 15.03 10.22 5 11.6 461
Luxottca 26.15 -.13 28.49 17.88 1.9 25.7 1161
Meddiolan. 2.34 -.03 3.76 2.16 4.7 9.7 1621
Mediaset 1.26 -.04 3.72 1.24 8 8.6 10474
Mediobnca 2.82 -.02 7.78 2.78 6 43.6 3376
MontePsS 0.20 + 0.88 0.19 10.3 - 166026
Parmalat 1.63 +.01 2.61 1.31 6.1 13.7 1854
Pirelli&C 8.02 -.11 9.83 4.80 3.4 7.7 3593
Prysmian 11.42 -.02 15.04 9.07 1.8 - 1230
Saipem @ 31.40 -.55 39.87 23.31 2.2 14.7 4549
Saras 0.75 -.01 1.72 0.72 - - 1875
Snam 3.27 +.13 4.18 3.09 7.3 14.5 23401
TelcmItalR 0.55 +.01 0.86 0.54 9.8 6.9 38308
TelecmItal @ 0.67 0.99 0.66 6.4 - 96891
TERNA 2.70 -.02 3.43 2.36 7.8 14.3 11449
TODS 79.60 +.45 96.40 60.45 3.1 18 120
UBI Banca 2.24 +.01 5.15 2.15 2.2 - 5660
UniCred @ 2.48 +.01 10.45 2.20 8 - 84791
JAPAN prices in 000s
(May 31/Yen)
Aeon 0.95 + 1.11 0.89 2.4 10.9 3178
Ajinomoto 1.06xd -.01 1.13 0.85 1.5 16.3 3614
AozoraBk 0.17xd -.01 0.26 0.16 5.4 6.9 6402
Asahi Glass 0.53 -.01 0.98 0.52 4.9 8.4 7578
AstellasPh @ 3.08xd -.02 3.49 2.70 4.1 14.7 2188
Bridgestne @ 1.68 -.01 2.09 1.58 1.3 8.1 2880
Canon @ 3.15 -.12 4.02 3.10 3.8 14.5 7237
ChubuElec 1.20xd +.07 1.60 1.06 5 - 7204
Chugai Ph 1.42 +.01 1.54 1.13 2.8 17.2 1122
CntJpRwy 638xd +4 704 596 1.5 7.6 4
DaikinInd 2.02xd -.01 2.95 1.95 1.8 11.2 1709
DaiNpPrnt 0.59xd +.01 0.96 0.58 5.4 23.7 4114
DaiSankyo 1.26xd -.01 1.64 1.25 4.8 17.9 3139
DaiwaSec 0.25xd 0.37 0.23 2.4 35.9 7713
Denso @ 2.37xd -.05 3 2 1.9 14 2610
EastJpRwy @ 4.67xd +.03 5.50 4.26 2.4 11.4 1280
Eisai 3.20 -.02 3.39 2.83 4.7 16.1 1535
Fanuc @ 13.52xd -.19 15.63 9.99 1.6 20.8 1048
FastRetail @ 17.49 -.4 19.15 11.50 1.2 23 879
FujiFilmH 1.47xd -.01 2.55 1.44 2.4 11.6 2730
Fujtsu 0.34xd 0.50 0.34 2.9 11.8 9512
Hitachi @ 0.45 0.56 0.36 1.8 10.4 47595
Honda Mt @ 2.51 -.06 3.30 2.13 2.4 9.3 6411
Hoya 1.68xd -.01 1.94 1.54 3.9 11.8 1417
Inpex @ 453xd -13 615 449 1.5 10.1 14
Itochu 0.86xd -.01 0.97 0.68 5.1 4.5 7509
JapanTob @ 437xd - 490.50 282.60 2.3 13.7 22
JFE 1.27xd -.01 2.27 1.22 1.6 9.3 3501
JX Hldgs 0.40xd 0.58 0.39 4 6.2 11215
KansaiEP 1.13xd +.04 1.64 1.03 5.3 - 9375
Kao Corp 2.03xd +.01 2.30 1.95 3 17.8 1958
KDDI Cp @ 484.50xd - 668 473.50 3.3 8.7 32
Keyence 17.74xd -.16 21.17 16.44 0.3 20.4 178
KirinHldgs 0.90 1.15 0.89 3 19 6345
Komatsu @ 1.88xd -.05 2.60 1.45 2.2 9.7 7493
Kubota 0.67xd 0.83 0.56 2.2 13.3 8715
Kyocera 6.49xd -.1 8.59 6.06 1.8 12.9 1044
Kyushu EP 0.95xd +.02 1.52 0.91 5.2 - 4122
Marubeni 0.50xd + 0.65 0.37 4 4.2 18886
MitsubElec @ 0.62xd -.01 0.96 0.60 1.9 11 7131
MitsubEst @ 1.22xd -.03 1.58 1.12 1 33.9 7813
MitsubHvy 0.32xd 0.41 0.30 1.9 26.6 15542
Mitsubishi @ 1.54xd -.03 2.14 1.39 4.2 5.1 6492
MitsubTk @ 0.34xd 0.45 0.32 3.5 7.2 51142
Mitsui @ 1.10xd -.02 1.49 1.01 5 4.9 10361
MitsuiFud 1.31xd -.02 1.68 1.09 1.7 21 5479
MitsuiSmIns 1.20xd -.02 2.04 1.18 4.5 9.5 6552
Mizuho @ 0.12xd 0.15 0.10 5.2 6.4 117039
Murata Mfg 4.07xd -.08 5.50 3.88 2.5 19.1 17
NEC 0.11 + 0.19 0.11 - 14.7 44907
Nintendo 9.02xd - 19.31 8.71 1.1 63.9 10
NipponStl @ 0.18xd - 0.27 0.17 1.4 14.4 23783
Nissan Mt @ 0.76 -.01 0.91 0.61 2.6 8.4 16590
Nitto Denko 3.18xd -.04 4.35 2.65 3.1 11 1146
NKSJ 1.44xd -.04 2.22 1.43 5.5 24.9 2333
Nomura 0.26xd -.01 0.42 0.22 2.3 18 34709
NTT @ 3.38xd -.03 4.09 3.36 4.1 7.8 2185
NTT Data 225.30xd -1.5 294.20 220.60 2.7 16.6 10
NTTDCMo @ 125.10xd +.7 151.80 123.30 4.5 9.7 73
Orix 6.78xd -.1 8.64 5.48 1.3 7.5 921
Panasonic @ 0.52xd 1.03 0.51 1.9 25.5 21190
Resona 0.30xd + 0.42 0.29 4.1 5.3 10080
Ricoh 0.57xd -.03 0.94 0.57 4.4 12.9 15615
Rohm 2.83xd -.05 4.81 2.80 2.1 32.1 4
Secom 3.47xd -.02 4.19 3.39 2.6 12.8 1076
SekisuiHse 0.66 + 0.82 0.64 3 10.7 4955
Seven & I @ 2.36 -.02 2.49 1.97 2.6 13.4 3190
Sharp 0.41xd + 0.79 0.36 2.4 - 22687
ShnEtsuCh @ 4.03xd -.04 4.88 3.47 2.5 16.3 1346
SMC Cp 12.88xd -.06 15.09 9.99 1 14.9 279
Softbank @ 2.45xd +.05 3.21 2.05 1.6 8.5 8697
Sony @ 1.05xd 2.23 1.02 2.4 35.1 12662
SonyFinH 1.12xd -.02 1.55 1.02 1.8 13.2 791
SumitChm 0.25xd 0.41 0.24 3.6 11.7 18392
SumitoEle 0.91xd -.02 1.23 0.75 2.1 9.9 4259
SumitomMI 0.13xd 0.20 0.12 1.6 27.6 9454
Sumitomo @ 1.05xd -.02 1.28 0.88 4.7 5.1 5764
SumitomoF@ 2.29xd -.02 2.93 2 4.4 6.7 4967
SumitonMit 0.43 - - - 2.6 8
Suzuki Mt 1.63xd -.01 2.07 1.47 0.9 11.7 3498
T&D Hld 0.75xd -.01 1.06 0.66 3 14.2 3212
Takeda Ph @ 3.28xd +.01 3.88 3.02 5.5 16.7 2841
TDK 3.40xd -.04 4.84 2.40 2.4 11 1854
Terumo 2.82xd +.03 4.60 2.76 1.4 15.5 2499
Tohoku EP 0.72 +.02 1.22 0.68 - - 3320
TokioElPw 0.16 + 0.64 0.15 - - 27364
TokioMrne @ 1.71xd -.03 2.40 1.67 2.9 12.5 3440
Tokyo Elcn 3.54xd -.09 4.95 3.33 2.3 20 1749
TokyoGas 0.37xd 0.40 0.31 2.4 15.2 14112
Toshiba @ 0.30xd 0.43 0.29 2.7 9.2 30173
Toyota @ 3.04xd -.04 3.64 2.33 1.6 - 8580
Toyota Ind 2.08xd -.02 2.71 1.95 2.4 11.5 1556
WstJpnRwy 3.08xd -.01 3.53 3.01 2.9 12.1 849
Yahoo Jpn @ 22.81xd -.18 29.33 21.91 1.5 12.6 78
YokohaBk 0.35 0.42 0.35 2.8 8.6 5596
Thursday stock close Days
traded ms price change
Cisco Systems 26.6 16.33 -0.06
Intel 24.9 25.92 -0.21
Microsoft 23.2 29.18 -0.17
Oracle Corp 20.6 26.46 +0.29
Ciena 16.4 13.40 +1.52
Seagate 15.6 23.37 -0.95
AppliedMat 13.9 10.32 -0.14
Apple 13.5 577.41 -1.76
eBay Inc 13.0 39.00 -0.59
News Corp 12.5 19.27 -0.13
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
Dynegy 0.54 0.09 +20.76
Ciena 13.40 1.52 +12.79
Forest Labs 34.93 1.27 +3.77
SunTrust Banks 22.81 0.64 +2.89
Downs
Tesoro 21.60 -1.61 -6.94
US Steel 20.03 -1.37 -6.40
Sears Holdings 49.03 -3.32 -6.33
Kohls 46.10 -2.72 -5.57
Based on the constituents of the S&P500 and the Nasdaq 100 index
Thursday stock close Days
traded ms price change
RBS 315.4 19.98 -0.02
LlydsBkg 192.6 25.12 -0.18
Vodafone 129.8 171.90 +0.05
Logica 110.4 110.90 +45.20
AberAsM 57.9 243.00 +5.50
Barclays 52.8 176.30 -3.15
ITV 42.2 71.60 -5.70
BP 38.0 393.05 -5.25
HSBC 30.8 509.50 +6.00
EVRAZ 29.4 294.60 -10.00
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
Logica 110.90 45.20 +68.80
InterCHtl 1,511.00 73 +5.08
RPC 391.10 18.20 +4.88
Northgte 175.40 7.40 +4.40
Downs
Halfords 239.10 -36.80 -13.34
ITV 71.60 -5.70 -7.37
Admiral 1,039.00 -80 -7.15
Talvivaara 130.20 -8.40 -6.06
Based on the constituents of the FTSE 350 index
Thursday Turnover close Days
Euro/ms price change
BcoSantdr 563.9 4.30 +0.05
Eni 483.5 15.60 +0.26
Sano 428.2 55.00 +0.50
Telefonica 394.2 8.94 +0.09
Siemens AG 318.6 66.51 -0.80
Total 309.1 34.77 +0.23
BNP Paribas 290.5 25.73 +0.77
BASF 264.7 56.38 -0.41
Daimler AG 234.7 37.43 -0.52
SAP 233.5 46.40 +0.47
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
Coca-Cola HBC 14.10 +1.55 +12.35
SnamRG 3.27 +0.13 +4.15
BNP Paribas 25.73 +0.77 +3.09
Jeronimo Mart 14.37 +0.36 +2.53
Downs
Metso 26.38 -1.56 -5.58
EnelGrPwr 1.07 -0.05 -4.29
Thyssen Krupp 13.35 -0.54 -3.85
Vallourec 30.20 -1.21 -3.84
Based on the constituents of the FTSEurorst 300 Eurozone index
Thursday stock close Days
traded ms price change
Mizuho Fin 117.0 115 -1
TAIHEIYO CEMENT 85.6 159 -5
NSG 69.1 77 -4
Mazda Motor 55.7 100 -4
MUFG 51.1 340 -2
Hitachi 47.6 449 -3
NEC 44.9 113 +2
Nomura Hldg 34.7 259 -5
Toshiba 30.2 295 -2
TEPCO 27.4 158 +4
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
Chubu Elec Pwr 1198 72 +6.39
MITSUBISHI MOTOR 77 4 +5.48
Sojitz 124 5 +4.20
Olympus 1257 43 +3.54
Downs
NSG 77 -4 -4.94
RICOH 570 -25 -4.20
Okuma 516 -21 -3.91
Mazda Motor 100 -4 -3.85
Based on the constituents of the Nikkei 225 index
May 31
3076
1234
1724
118
30
132
Dynegy
Share Price
Apr 30 2012/2012 May 31
Logica
Share Price
Apr 30 2012/2012 May 31
Coca-Cola HBC
Share Price
Apr 30 2012/2012 May 31
Chubu Elec Pwr
Share Price
Apr 30 2012/2012 May 31
n AMERICA
ACTIVE STOCKS
n LONDON
ACTIVE STOCKS
n EURO MARKETS
ACTIVE STOCKS
n TOKYO
ACTIVE STOCKS
May 30
3098
394
2612
92
25
75
May 29
3091
2373
635
83
64
32
Issues Traded
Rises
Falls
Unchanged
New Highs
New Lows
Change
on day
0.09
Change
on day
45.20
Change
on day
1.55
Market data provided by
Market data provided by
Change
on day
72.00
n MAJOR MARKET VOLUMES
5 day
May 31 May 30 average
NYSE 473 767 625
NASDAQ 1275 1654 1430
UK 3329 3057 2903
France 299 251 211
Germany (u) 192 171
Japan 1429 1268 1267
Volumes are rounded to nearest million.
n MAJOR INDICES-HIGHS & LOWS
May 31 Days Days
Open Close high low
DJ Ind 12414.41 12427.09 12458.76 12326.17
Nasdaq Cmp 2837.37 2821.21 2837.90 2801.96
S&P 500 1313.09 1310.75 1314.53 1298.90
FTSE E300 975.11 971.32 982.70 965.70
FTSE 100 5297.28 5320.86 5352.05 5272.66
FTSE All Sh 2754.48 2760.62 2783.40 2744.37
CAC 40 3028.93 3017.01 3042.75 2986.22
XETRADAX 6297.68 6264.38 6322.69 6208.09
Topix 713.25 719.49 719.49 711.38
Nikkei 8499.68 8542.73 8542.73 8455.13
Hang Seng 18470.77 18629.52 18657.90 18378.14
SMI 5912.28 5850.18 5921.85 5832.37
AEX 291.40 290.09 292.74 287.70
n NYSE RISES AND FALLS
%
Marfn Popular Bank 3.00
Habib Bank AG Zurich 0.50
Investec Bank (UK) 0.50
ADVERTISED BASE
For further information on any of these
rates please contact each bank directly.
LENDING RATES
JUNE 1 2012 Section:Stats Time: 31/5/2012 - 20:35 User: sheehanr Page Name: WSM1 USA, Part,Page,Edition: EUR, 22, 1
FINANCIAL TIMES FRIDAY JUNE 1 2012

23
Rate Current Since Last Mth ago Year ago
US
US
US
Euro
UK
Japan
Switzerland
Fed Funds
Prime
Discount
Repo
Repo
Onight Call
Libor target
Source: ThomsonReuters
0.00-0.25 16-12-2008 1,00 0.00-0.25 0.00-0.25
3,25 16-12-2008 4,00 3,25 3,25
0,75 18-02-2010 0,50 0,75 0,50
1,00 08-12-2011 1,25 1,00 1,00
0,50 05-03-2009 1,00 0,50 0,50
0.00-0.10 05-10-2010 0,10 0.00-0.10 0,10
0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.75
May 31
INTEREST RATES - OFFICIAL
Euro 0.50 - 0.25 0.32 - 0.17 0.39 - 0.27 0.60 - 0.48 0.84 - 0.72 1.18 - 0.93
Danish Krone 0.32 - 0.07 0.42 - 0.17 0.60 - 0.10 0.72 - 0.32 0.98 - 0.73 1.42 - 1.17
Sterling 0.57 - 0.45 0.60 - 0.45 0.89 - 0.61 1.14 - 0.97 1.50 - 1.33 1.80 - 1.63
Swiss Franc 0.15 - 0.01 0.10 - -0.10 0.15 - 0.01 0.13 - 0.01 0.30 - 0.05 0.60 - 0.20
Canadian Dollar 1.00 - 0.85 1.20 - 0.90 1.35 - 1.20 1.27 - 1.12 1.47 - 1.32 2.15 - 1.85
US Dollar 0.12 - 0.03 0.30 - 0.20 0.50 - 0.35 0.65 - 0.40 0.81 - 0.56 1.11 - 0.81
Japanese Yen 0.20 - 0.05 0.22 - 0.07 0.15 - 0.03 0.40 - 0.15 0.34 - 0.22 0.56 - 0.44
Singapore $ 0.02 - 0.01 0.19 - 0.06 0.31 - 0.13 0.44 - 0.19 0.47 - 0.25 0.75 - 0.50
Source: Reuters. Short termrates are call for the US Dollar and Yen, others: two days notice.
Short 7 days One Three Six One
term notice month month month year
May 31
Over Change One Three Six One
night Day Week Month month month month year
US$ Libor* 0.15600 0.002 - 0.010 0.23875 0.46685 0.73640 1.06920
Euro Libor* 0.25750 - 0.000 0.003 0.33321 0.59464 0.90379 1.22679
Libor* 0.55313 0.003 0.003 0.001 0.67000 0.99313 1.31125 1.83775
Swiss Fr Libor* 0.01500 -0.003 -0.008 -0.017 0.04417 0.09750 0.17833 0.38617
Yen Libor* 0.10871 - - - 0.14429 0.19571 0.33586 0.55229
Canada Libor* 1.00200 0.002 0.002 0.018 1.11300 1.31300 1.56200 2.03700
Euro Euribor - - - - 0.39 0.67 0.95 1.23
Sterling CDs - - - - 0.63 1.00 1.37 1.90
US$ CDs - - - - 0.20 0.50 0.80 1.30
Euro CDs - - - - 0.20 0.55 0.75 1.10
US onight repo 0.30 0.060 0.100 0.120
Fed Funds ef 0.16 0.010 - 0.020
US 3mBills 0.07 -0.015 -0.025 -0.025
SDR int rate 0.13 - - -0.020
EONIA 0.329 -0.006 -0.006 -0.017
EURONIA 0.1712 0.000 0.006 0.015
RONIA 0.4388 -0.014 0.004 0.021
SONIA 0.4939 0.007 0.004 0.019
LA7 Day Notice 0.35-0.30
Interbank 0.65-0.40 0.65-0.40 0.65-0.57 0.98-0.90 1.32-1.24 1.84-1.76
Over One One Three Six One
night Week months months months year
*Libor rates come fromBBA(see www.bba.org.uk) and are fxed at 11amUK time. Other data sour-
ces: US $, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA& SONIA: WMBA.
LA7 days notice: Tradition (UK).
May 31
INTEREST RATES - MARKET
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 =
100. Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk
Australia 102.6 102.9 107.6
Canada 109.3 110.0 113.8
Denmark 105.5 105.4 106.3
Japan 185.3 183.7 176.5
NewZealand 103.3 103.9 109.5
Norway 106.0 106.5 106.8
Sweden 81.7 81.8 83.7
Switzerland 143.2 143.3 145.2
UK 83 83.6 83.4
USA 82.4 82.3 79.5
Euro 87.79 87.74 90.86
Mth ago May 31 May 30 Mth ago May 31 May 30
FX - EFFECTIVE INDICES
Overall () 1093 251.22 0.63 3.76 3.59 3.76 13.99
Overall ($) 3262 212.22 0.43 1.02 2.39 1.02 2.39
Overall () 2276 181.96 0.33 1.04 5.07 1.04 7.61
Global Infation-Lkd 97 234.14 -0.25 -1.65 1.78 -1.65 4.77
Gilts () 33 260.63 0.71 4.57 3.14 4.57 17.51
Corporates () 703 233.58 0.42 1.58 5.25 1.58 6.16
Corporates ($) 2111 223.61 0.24 0.19 4.02 0.19 4.02
Corporates () 1196 179.47 0.09 0.21 6.04 0.21 5.82
Treasuries ($) 156 209.29 0.59 1.63 1.83 1.63 1.83
Eurozone Sov () 261 181.20 0.49 1.23 4.82 1.23 7.93
ABF Pan-Asia unhedged 541 166.88 -0.22 -2.18 0.84 -2.18 3.37
Days Months Year Return Return
Index change change change 1 month 1 year
Sterling Corporate () 74 107.83 0.57 1.70 3.98 2.15 9.49
Euro Corporate () 296 103.88 0.10 0.42 2.81 0.80 7.32
Euro Emerging Mkts () 13 91.22 0.04 -0.54 0.16 -0.04 6.07
Eurozone Govt Bond 235 101.05 0.51 0.96 2.74 1.28 6.82
Emerging Markets 5Y 316.98 -0.90 2.71 62.44 317.88 231.12
Nth Amer Inv Grade 5Y 117.50 -0.01 -5.85 23.19 123.35 86.80
Nth Amer High Yld 5Y 656.39 -6.73 -52.37 77.77 708.76 556.21
Nth Amer HiVol 5Y 226.71 - - - 230.32 175.25
Europe 5Y 177.16 8.07 -2.86 36.58 181.88 113.80
Crossover 5Y 719.25 24.82 -19.81 68.81 752.14 554.75
HiVol 5Y 256.00 9.70 -1.41 46.30 261.50 164.40
Japan 5Y 190.69 4.06 -18.44 7.94 218.75 151.17
SovXCEEMEA5Y 344.75 12.37 10.19 59.67 344.75 260.13
SovXWestern Europe 5Y 319.81 5.12 6.19 45.06 319.81 264.43
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets
after the index names.
Markit iBoxx
FTSE
Markit iTraxx
Markit CDX
CREDIT INDICES
May 31
May 31
May 30
May 30
May 30
BOND INDICES
Days Weeks Months Series Series
Index change change change high low
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield US May 31
High Yield US$
HSBK Europe 05/13 7.75 BB Ba3 BB- 103.23 4.21 -0.10 -0.32 3.98
Kazkommerts Int 04/14 7.88 B+ B2 B 97.25 9.53 0.07 0.00 9.17
Bertin 10/16 10.25 NR B1 - 101.93 9.69 0.00 1.34 9.05
High Yield Euro
Royal Carib Crs 01/14 5.63 BB Ba1 - 101.75 4.48 0.04 -0.30 4.48
Kazkommerts Int 02/17 6.88 B+ B2 B 83.25 11.69 0.36 1.61 11.41
Emerging US$
Bulgaria 01/15 8.25 BBB Baa2 BBB- 112.13 3.36 0.03 0.33 3.01
Peru 02/15 9.88 BBB Baa3 BBB 122.00 1.44 -0.07 0.00 1.09
Brazil 03/15 7.88 BBB Baa2 BBB 117.31 1.44 -0.02 0.30 1.09
Mexico 09/16 11.38 BBB Baa1 BBB 139.75 1.70 -0.08 0.08 1.04
Argentina 01/17 11.38 27.81 56.59 0.08 0.62 55.94
Philippines 01/19 9.88 BB Ba2 BB+ 140.31 3.09 -0.02 0.02 2.06
Brazil 01/20 12.75 BBB Baa2 BBB 165.50 3.04 0.00 0.23 2.02
Colombia 02/20 11.75 BBB- Baa3 BBB- 157.75 3.24 0.01 0.15 2.22
Russia 03/30 7.50 BBB Baa1 BBB 117.94 4.27 0.05 0.25 3.61
Mexico 08/31 8.30 BBB Baa1 BBB 148.00 4.53 0.06 0.23 2.95
Indonesia 02/37 6.63 BB+ Baa3 BBB- 116.50 5.41 -0.10 0.22 2.75
Emerging Euro
Brazil 02/15 7.38 BBB Baa2 BBB 114.93 1.60 -0.03 -0.06 1.55
Poland 02/16 3.63 A- A2 A- 103.92 2.49 -0.05 0.10 2.33
Turkey 03/16 5.00 BB Ba2 BB+ 104.25 3.76 0.01 -0.03 3.61
Mexico 02/20 5.50 BBB Baa1 BBB 114.34 3.35 -0.12 -0.11 2.45
US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M- Moodys,
F - Fitch. Source: ThomsonReuters
BONDS - HIGH YIELD & EMERGING MARKET


Price Yield Month Break even Value No of
return inflation* Stock Market stks
Can 4.25%21 143.31 -0.25 -0.19 2.57 2.12 5.2 64.7 6
Fr 2.25%20 111.17 0.83 0.76 1.94 1.23 20.0 180.4 13
Swe 0.25%22 102.87 0.08 0.02 1.89 1.29 14.1 240.3 5
UK 2.5%16 347.32 -1.86 -1.81 1.40 2.41 8.0 344.3 19
UK 2.5%24 336.02 -0.50 -0.45 2.31 2.48 6.8 344.3 19
UK 2%35 200.45 -0.02 0.00 2.00 2.91 9.7 344.3 19
US 0.625%21 111.56 -0.61 -0.56 1.84 2.05 35.8 876.7 33
US 3.625%31 155.38 0.11 0.16 3.22 2.08 16.8 876.7 33
Representative stocks fromeach major market Source: Merill Lynch Global Bond Indices
* Dif between conventional and IL bond. Local currencies. Total market value. In line with market
convention, for UK Gilts infation factor is applied to price, for other markets it is applied to par
amount.
May 30 May 30 May 29
BONDS - INDEX-LINKED
Spread Spread
Bid vs vs
Yield Bund T-Bonds May 31
Spread Spread
Bid vs vs
Yield Bund T-Bonds
Australia 2.90 +1.69 +1.33
Austria 2.15 +0.93 +0.57
Belgium 3.13 +1.92 +1.56
Canada 1.75 +0.54 +0.18
Denmark 1.03 -0.18 -0.54
Finland 1.51 +0.29 -0.07
France 2.36 +1.14 +0.78
Germany 1.21 - -0.36
Greece 31.17 +29.96 +29.60
Ireland 7.44 +6.23 +5.87
Italy 6.02 +4.80 +4.44
Japan 0.83 -0.38 -0.74
Netherlands 1.63 +0.41 +0.05
New Zealand 3.45 +2.23 +1.88
Norway 2.02 +0.81 +0.45
Portugal 12.19 +10.97 +10.61
Spain 6.56 +5.35 +4.99
Sweden 1.28 +0.07 -0.29
Switzerland 0.55 -0.66 -1.02
UK 1.57 +0.36 +0.00
US 1.57 +0.36 -
Yields: annualised basis. Source: ThomsonReu-
ters Selection made by ThomsonReuters.
BONDS - TEN YEAR GOVT SPREADS
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield Govts May 31
US$
Morgan Stanley 04/12 6.60 MATD MATD MATD 100.01 1.59 - - 0.72
Household Fin 05/12 7.00 MATD MATD MATD 100.46 0.63 - - 0.58
HBOS Treas UK 06/12 5.50 A A1 A 100.12 1.12 -0.20 -0.12 1.10
Verizon Global 09/12 7.38 CALL CALL CALL 104.74 1.01 - - 0.89
Abu Dhabi Nt En 10/12 5.62 A- A3 - 101.30 2.24 -0.05 -0.28 2.08
Bank of America 01/13 4.88 A- Baa1 A 101.82 1.86 -0.07 0.19 1.74
Goldman Sachs 07/13 4.75 A- A1 A 102.96 2.04 -0.11 0.08 1.87
Hutchison 03/33 01/14 6.25 A- A3 A- 107.05 1.86 -0.53 -0.20 1.60
Misc Capital 07/14 6.13 BBB Baa2 - 106.01 3.11 -0.04 0.21 2.85
BNP Paribas 06/15 4.80 A A1 A 100.85 4.50 0.00 0.32 4.15
GE Capital 01/16 5.00 AA+ A1 - 110.26 2.02 -0.09 0.10 1.68
Erste Euro Lux 02/16 5.00 AAA - - 95.46 6.41 0.00 0.61 5.94
Credit Suisse USA 03/16 5.38 A+ Aa1 A 109.79 2.61 -0.06 0.34 2.00
SPI E&G Aust 09/16 5.75 A- A1 A 111.25 2.93 -0.03 -0.12 2.29
Abu Dhabi Nt En 10/17 6.17 A- A3 - 112.30 3.63 0.07 -0.23 2.88
Swire Pacifc 04/18 6.25 A- A3 A 114.14 3.56 -0.06 0.13 2.90
ASNA 11/18 6.95 A- A3 A 113.44 4.51 -0.10 -0.09 3.49
Codelco 01/19 7.50 A A1 A+ 127.47 2.90 -0.10 0.00 1.91
Goldman Sachs 02/33 6.13 A- A1 A 101.57 5.99 -0.20 -0.02 3.34
Bell South 10/31 6.88 A- WR A 123.54 4.97 -0.17 -0.12 3.40
GE Capital 01/39 6.88 AA+ A1 - 128.73 4.93 -0.17 -0.17 2.31
Euro
HSBC Fin 06/12 3.38 A A3 AA- 100.01 2.09 -0.68 0.79 2.03
Xstrata Fin CA 06/12 4.88 BBB+ Baa2 - 99.89 - - - -
CCCI 10/12 6.13 NR A1 A 97.80 12.44 0.16 10.02 11.79
Amer Honda Fin 07/13 6.25 A+ A1 - 105.50 1.24 0.00 -0.07 1.20
SNS Bank 02/14 4.63 BBB+ Baa1 BBB+ 101.26 3.84 0.02 0.07 3.83
JPMorgan Chase 01/15 5.25 A Aa3 A+ 108.73 1.79 -0.04 0.13 1.76
Hutchison Fin 06 09/16 4.63 A- A3 A- 108.84 2.43 0.11 -0.05 2.28
Hypo Alpe Bk 10/16 4.25 - A1 - 100.95 4.01 -0.09 -0.15 3.82
GE Cap Euro Fdg 01/18 5.38 AA+ A1 - 115.24 2.44 -0.10 -0.34 1.96
Unicredit 01/20 4.38 BBB+ A3 A- 88.45 6.32 0.01 0.43 5.50
ENEL 05/24 5.25 BBB+ Baa1 A- 96.19 5.70 0.07 0.40 4.33
Yen
Citi Group 15 09/12 1.11 A- A3 A 99.97 1.21 0.00 -0.03 1.11
ACOM 51 06/13 2.07 BB+ WR A- 100.44 1.62 -0.02 -0.21 1.51
Deutsche Bahn Fin 12/14 1.65 AA Aa1 AA 103.11 0.39 0.00 -0.01 0.29
Nomura Sec S 3 03/18 2.28 - - - 100.44 2.20 -0.01 -0.04 1.89
Sterling
Slough Estates 09/15 6.25 - - A- 109.29 3.22 -0.01 -0.30 2.75
ASIF III 12/18 5.00 A+ A2 A 101.26 4.71 0.01 -0.04 3.75
US $ denominated bonds NY close; all other London close. S* - Standard & Poors, M* - Moodys,
F* - Fitch. Source: ThomsonReuters
BONDS - GLOBAL INVESTMENT GRADE
Red Bid Bid Day chg Wk chg Month Year
Date Coupon Price Yield yield yield chg yld chg yld May 31
London close. Source: ThomsonReuters
Yields: Local market standard Annualised yield basis. Yields shown for Italy exclude withholding
tax at 12.5 per cent payable by non residents.
Australia 06/14 6.25 107.95 2.22 -0.20 -0.17 -0.82 -2.57
07/22 5.75 124.77 2.91 -0.21 -0.20 -0.77 -2.29
Austria 07/14 4.30 108.10 0.43 -0.02 -0.08 -0.26 -1.41
04/22 3.65 113.25 2.15 -0.15 -0.29 -0.61 -1.27
Belgium 03/14 4.00 105.75 0.79 -0.02 -0.12 -0.38 -1.46
09/22 4.25 109.75 3.13 -0.10 -0.26 -0.36 -1.08
Canada 08/14 2.25 102.52 1.07 -0.08 -0.08 -0.35 -0.43
06/22 2.75 109.12 1.75 -0.11 -0.12 -0.33 -1.32
Denmark 11/13 5.00 107.32 -0.07 -0.06 -0.12 -0.30 -1.91
11/21 3.00 117.60 1.03 -0.19 -0.23 -0.64 -1.96
Finland 09/14 3.13 106.66 0.19 0.00 -0.02 -0.31 -1.29
04/21 3.50 116.41 1.51 -0.15 -0.20 -0.59 -1.78
France 04/14 4.00 106.90 0.33 -0.04 -0.08 -0.30 -1.24
02/17 1.75 102.34 1.24 -0.11 -0.31 -0.52 -1.33
04/22 3.00 105.63 2.36 -0.16 -0.39 -0.65 -1.01
04/41 4.50 127.01 3.08 -0.17 -0.34 -0.66 -0.87
Germany 06/14 - 99.98 0.01 -0.05 -0.04 -0.10 -1.58
04/17 0.50 100.74 0.35 -0.10 -0.11 -0.30 -1.90
07/22 1.75 105.05 1.21 -0.15 -0.18 -0.49 -1.77
07/42 3.25 134.64 1.76 -0.18 -0.24 -0.65 -1.77
Greece 02/23 2.00 13.05 31.17 1.20 1.25 10.67 14.55
02/33 2.00 10.30 27.50 0.93 2.06 9.34 -
Ireland 04/16 4.60 90.50 7.52 -0.19 -0.01 2.17 -4.56
10/20 5.00 85.15 7.44 0.05 -0.08 0.57 -3.92
Italy 07/14 4.25 99.25 4.69 0.33 1.02 1.41 1.62
05/17 4.75 96.99 5.53 0.27 0.54 0.74 1.47
09/22 5.50 96.73 6.02 0.11 0.21 0.37 1.21
09/40 5.00 84.71 6.24 0.08 0.17 0.09 0.67
Japan 06/14 0.10 99.99 0.10 0.00 -0.01 -0.01 -0.07
03/17 0.20 99.93 0.21 -0.01 -0.02 -0.05 -0.19
03/22 0.90 100.61 0.83 -0.02 -0.04 -0.06 -0.29
03/32 1.60 99.51 1.63 -0.02 -0.04 -0.08 -0.27
Netherlands 01/14 1.00 101.31 0.19 -0.04 -0.05 -0.06 -1.47
07/22 2.25 105.78 1.63 -0.16 -0.25 -0.62 -1.65
New Zealand 04/15 6.00 110.27 2.27 -0.13 -0.04 -0.45 -0.99
04/23 5.50 118.45 3.45 -0.17 -0.07 -0.36 -1.68
Norway 05/17 4.25 113.30 1.45 -0.10 -0.11 -0.23 -1.17
05/23 2.00 99.81 2.02 -0.16 0.03 -0.23 -1.37
Portugal 06/14 4.38 87.74 11.48 -0.45 2.40 3.23 -0.34
04/21 3.85 56.26 12.19 -0.01 -0.10 1.52 2.14
Spain 04/14 3.40 97.00 5.09 0.48 0.86 1.76 1.53
01/22 5.85 94.98 6.56 0.12 0.36 0.67 1.17
Sweden 05/14 6.75 111.33 0.77 -0.02 -0.12 -0.38 -1.73
06/22 3.50 120.67 1.28 -0.13 -0.21 -0.52 -1.57
Switzerland 01/14 4.25 107.05 -0.18 -0.11 -0.13 -0.17 -0.70
05/22 2.00 114.02 0.55 -0.07 -0.07 -0.17 -1.25
UK 03/13 4.50 103.21 0.30 -0.02 -0.01 -0.14 -0.30
01/17 1.75 105.09 0.63 -0.14 -0.12 -0.42 -1.34
03/22 4.00 121.88 1.57 -0.21 -0.20 -0.56 -1.72
12/42 4.50 130.99 2.95 -0.14 -0.14 -0.39 -1.17
US 05/14 0.25 99.97 0.27 -0.02 -0.02 0.00 -0.21
05/17 0.63 99.79 0.67 -0.10 -0.06 -0.16 -1.05
05/22 1.75 101.59 1.58 -0.16 -0.14 -0.36 -1.50
05/42 3.00 107.00 2.66 -0.18 -0.14 -0.46 -1.58
BONDS - BENCHMARK GOVERNMENT
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
FTSE Global All-Cap 7373 334.68 -1.7 -9.1 0.0 419.52 1.4 2.9 Oil & Gas 175 385.63 -3.1 -12.5 -9.3 526.56 -7.9 3.3
Oil & Gas Producers 128 352.02 -3.0 -12.6 -10.4 486.80 -8.9 3.5
Oil Equipment & Services 39 398.45 -3.4 -11.5 -2.6 506.30 -1.7 2.4
Basic Materials 291 440.62 -2.3 -13.2 -7.1 585.74 -5.8 3.1
Chemicals 109 472.94 -2.3 -9.9 0.9 638.72 2.5 3.1
Forestry & Paper 16 145.41 -2.0 -15.2 -6.5 210.80 -4.3 4.1
Mining 72 890.72 -2.5 -15.5 -13.7 1155.08 -12.5 3.1
Industrials 514 218.33 -1.8 -8.7 1.4 280.33 2.8 2.7
Construction & Materials 110 318.94 -2.4 -10.6 -3.3 427.98 -1.9 3.0
Aerospace & Defense 27 287.67 -1.5 -8.6 1.2 367.29 2.4 2.6
General Industrial 53 149.17 -1.9 -6.8 1.5 203.02 3.1 3.1
Electronic & Electrical Equipment 72 226.45 -1.2 -8.4 6.0 271.73 7.1 2.1
Industrial Engineering 105 495.22 -1.9 -11.0 1.6 627.87 3.2 2.4
Industrial Transportation 91 373.10 -1.9 -7.7 0.0 478.45 1.2 2.7
Support Services 56 198.56 -1.3 -7.5 3.2 245.31 4.5 2.9
Consumer Goods 355 303.09 -1.2 -7.1 2.8 395.64 4.3 2.7
Automobiles & Parts 87 269.94 -0.9 -10.3 6.1 341.21 7.6 2.2
Beverages 43 419.42 -1.2 -4.2 6.0 552.97 7.1 2.5
Food Producers 87 406.10 -1.0 -6.9 -1.0 548.55 0.7 2.8
Leisure Goods 22 113.34 -1.2 -12.8 -13.6 138.65 -12.3 2.4
Personal Goods 63 449.29 -1.9 -8.1 6.2 570.03 7.3 2.1
Tobacco 13 918.22 -1.2 -5.9 4.7 1541.32 6.5 3.9
Health Care 145 247.25 -1.0 -5.2 1.6 319.94 3.3 2.8
Health Care Equipment & Services 59 339.22 -1.5 -4.8 6.0 372.69 6.6 1.2
Pharmaceuticals & Biotechnology 86 189.45 -0.9 -5.3 0.2 252.40 2.3 3.3
Consumer Services 350 237.15 -1.4 -5.8 4.6 288.81 5.7 2.2
Food & Drug Retailers 49 194.39 -1.3 -6.0 -3.8 243.23 -2.4 2.9
General Retailers 114 322.69 -1.4 -4.6 7.6 385.44 8.6 1.9
Media 80 158.80 -1.7 -5.9 5.5 194.31 6.7 2.2
Travel & Leisure 107 253.77 -1.2 -7.7 4.7 311.24 5.6 2.1
Telecommunication 95 136.33 -1.2 -6.6 -4.6 206.20 -2.1 5.7
Fixed Line Telecommuniations 44 119.09 -1.0 -5.4 -5.3 193.74 -2.2 7.1
Mobile Telecommunications 51 139.11 -1.4 -7.8 -3.8 194.35 -2.1 4.2
Utilities 164 219.07 -1.4 -6.9 -6.2 347.87 -4.0 4.9
Electricity 116 231.44 -1.1 -6.5 -8.2 364.28 -6.4 4.8
Gas Water & Multiutilities 48 245.79 -1.8 -7.7 -2.9 399.03 0.0 4.9
Financials 619 141.24 -2.0 -11.6 0.4 198.06 2.0 3.5
Banks 238 139.54 -1.9 -13.0 -1.6 205.64 0.0 4.0
Nonlife Insurance 66 126.51 -1.9 -8.8 -0.6 162.91 1.6 3.1
Life Insurance 46 118.54 -2.6 -14.7 -2.3 164.04 -0.7 3.4
Technology 169 112.87 -0.8 -8.7 7.6 126.47 8.3 1.5
Software & Computer Services 66 174.69 -1.1 -8.2 4.6 192.38 5.3 1.3
Technology Hardware & Equipment 103 92.51 -0.5 -9.0 9.7 104.70 10.3 1.6
May 30
Countries & regions
FTSE Global Large Cap 1239 300.51 -1.6 -9.0 -0.3 382.88 1.2 3.1
FTSE Global Mid Cap 1638 424.29 -1.9 -9.4 0.6 515.30 1.8 2.5
FTSE Global Small Cap 4496 453.74 -2.0 -9.1 1.4 537.71 2.3 2.2
FTSE All-World (Large/Mid Cap) 2877 196.39 -1.7 -9.1 -0.2 259.05 1.3 3.0
FTSE World (Large/Mid Cap) 2480 343.86 -1.7 -8.9 -0.1 609.37 1.3 3.0
FTSE Global All Cap ex UK 7045 340.33 -1.6 -8.9 0.4 421.95 1.7 2.8
FTSE Global All Cap ex USA 5390 356.64 -1.9 -11.6 -3.8 467.09 -2.0 3.6
FTSE Japan Large Cap 172 237.90 0.2 -8.9 -2.3 276.54 -1.2 2.7
FTSE Japan Mid Cap 278 318.96 0.1 -9.7 -7.2 363.70 -6.2 2.1
FTSE Japan Small Cap 742 372.70 0.3 -9.4 -3.1 435.89 -1.9 2.4
FTSE Japan (Large/Mid Cap) 450 96.73 0.2 -9.0 -3.3 126.73 -2.2 2.6
FTSE North America Large Cap 277 291.08 -1.4 -6.1 4.1 353.50 5.1 2.4
FTSE North America Mid Cap 413 432.35 -2.1 -7.7 3.2 502.44 3.9 1.8
FTSE North America Small Cap 1557 452.51 -2.1 -7.6 2.1 513.64 2.6 1.6
FTSE All-World North America 690 194.47 -1.5 -6.4 3.9 242.92 4.9 2.3
FTSE All-World Dev ex North Am 1396 177.48 -1.8 -11.7 -4.6 249.36 -2.6 3.8
FTSE Asia Pacifc Large Cap ex Japan 422 520.38 -1.3 -10.7 0.4 694.37 1.6 3.3
FTSE Asia Pacifc Mid Cap ex Japan 447 654.20 -0.9 -8.1 2.1 853.43 3.2 3.4
FTSE Asia Pacifc Small Cap ex Japan 1238 487.50 -1.5 -9.6 1.1 627.31 2.0 3.2
FTSE Latin Americas All-Cap 208 1129.00 -1.5 -13.9 -5.5 1504.76 -3.9 3.4
FTSE Middle East Africa All-Cap 215 644.39 -3.1 -11.7 -1.3 865.54 0.4 3.6
FTSE UKAll Cap 328 279.80 -2.6 -11.8 -3.9 390.66 -2.1 3.9
FTSE USAAll Cap 1983 323.80 -1.5 -6.2 4.6 386.19 5.4 2.1
FTSE Europe All Cap 1404 291.62 -2.7 -12.9 -6.0 399.58 -3.5 4.3
FTSE Eurobloc All Cap 678 252.11 -3.1 -14.0 -9.3 350.75 -6.5 4.9
FTSE RAFI All-World 3000 Index 3027 4105.78 -1.9 -10.2 -3.8 4669.68 -2.1 3.6
FTSE RAFI US 1000 Index 1000 5677.78 -1.7 -6.4 2.1 6603.75 3.1 2.5
FTSE EDHEC-Risk Efcient All-W 2877 219.31 -1.6 -8.3 0.7 271.77 2.0 2.8
FTSE EDHEC-Risk Efcient Dev Eur 516 196.15 -2.6 -11.8 -4.2 260.64 -2.0 3.7
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/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 Afliates, 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 2007/078399A2, 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 Classifcation Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International
Limited. 2012. All Rights reserved. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
Countries & regions
FTSE GLOBAL EQUITY INDEX SERIES
FTSE Global All Cap ex Eurobloc 7373 334.68 -1.7 -9.1 0.0 419.52 1.4 2.9
FTSE Global All Cap ex Eurobloc 6695 346.25 -1.6 -8.6 1.1 427.27 2.3 2.7
FTSE All-World Developed 2086 304.24 -1.7 -8.8 0.1 384.01 1.5 3.0
FTSE Developed All-Cap 5741 318.26 -1.7 -8.8 0.2 398.45 1.6 2.8
FTSE Developed Large Cap 847 284.60 -1.6 -8.6 0.0 362.69 1.5 3.1
FTSE Developed Europe Large Cap 202 260.52 -2.7 -12.5 -7.4 365.62 -4.8 4.6
FTSE Developed Europe Mid Cap 314 339.65 -2.7 -12.9 -2.6 445.29 -0.5 3.5
FTSE Developed Europe Small Cap 755 444.30 -2.6 -13.3 0.3 569.55 2.2 3.4
FTSE All-World Asia Pacifc ex Japan 869 407.93 -1.3 -10.4 0.6 579.59 1.8 3.3
FTSE All Emerging All-Cap 1632 639.28 -1.7 -11.3 -1.0 818.54 0.2 3.4
FTSE All Emerging Large-Cap 392 616.50 -1.8 -11.8 -2.5 791.48 -1.2 3.5
FTSE All Emerging Mid-Cap 399 759.63 -1.4 -10.1 2.4 977.60 3.5 3.2
FTSE All Emerging Small-Cap 841 626.29 -1.6 -8.9 6.4 781.28 7.3 3.2
FTSE All-World All Emerging Europe 74 390.83 -2.9 -18.2 -5.9 500.91 -3.4 4.1
No of Euro Days Change Yield xd adj Total retn
stocks index chge % points gross % ytd (Euro)
FTSE Dev Eur L Cap 202 242.1 -1.5 -3.7 4.6 8.33 339.7
FTSE Dev Eur M Cap 314 315.6 -1.6 -5.2 3.5 8.19 413.8
FTSE Dev Eur S Cap 755 412.8 -1.5 -6.3 3.4 9.59 529.2
FTSE Dev Europe 516 158.2 -1.5 -2.5 4.4 5.18 232.7
FTSEurofrst 80 80 2815.4 -2.0 -56.7 5.5 103.42 4052.0
FTSEurofrst 100 100 2916.3 -1.8 -52.6 4.9 84.34 4184.3
FTSEurofrst 300 312 975.7 -1.5 -15.3 4.4 28.60 1523.1
FTSEurofrst 300 Ezone 169 874.6 -1.9 -17.2 5.1 29.96 1364.6
Further information is avaliable on http://www.ftse.com. FTSE International Limited (FTSE)
2012. All rights reserved.
FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE
International Limited under licence. `FTSEurofrst and `Eurofrst are registred trade marks of FTSE
and Euronext N.V. All rights in and to the FTSEurofrst indices vest in FTSE and Euronext N.V.
FTSEurofrst 300 Supersectors
Oil & Gas 18 299.9 -2.2 -6.7 5.0 6.83 414.7
Chemicals 12 681.3 -1.8 -12.2 3.3 21.43 858.9
Basic Resources 15 504.4 -3.1 -15.9 3.3 9.39 603.7
Construction & Materials 12 308.1 -2.7 -8.7 4.3 8.38 395.6
IndustrialGoods&Services 53 431.0 -1.7 -7.5 3.5 12.64 530.0
Automobiles & Parts 9 470.2 -2.7 -12.8 3.8 17.80 565.2
Food & Beverage 17 571.3 -0.4 -2.3 2.9 12.25 715.6
Personal&HouseholdGds 19 599.9 -1.6 -9.5 2.9 12.69 741.4
Health Care 19 367.5 -0.7 -2.7 4.0 12.24 475.4
Retail 16 286.9 -1.3 -3.7 4.2 8.24 361.7
Media 11 241.8 -1.3 -3.1 4.3 7.53 327.2
Travel & Leisure 6 342.5 -1.2 -4.0 2.6 5.42 438.0
Telecommunications 13 254.4 -0.7 -1.9 8.5 9.30 394.1
Utilities 22 278.9 -1.8 -5.0 7.3 11.55 411.0
Banks 30 114.8 -1.6 -1.8 4.9 3.26 153.5
Insurance 19 211.9 -2.0 -4.2 5.6 10.56 290.9
Financial Services 5 246.8 -1.3 -3.2 5.0 11.94 333.6
Technology 11 195.2 -1.9 -3.8 2.7 4.63 230.5
May 30
EQUITY INDICES - FTSE EUROPEAN
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Market data
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Reader guide to data in the FT
Argentina Merval 2252.55 2264.92
Australia ALL ORDINARIES 4133.73 4148.69
S&P/ASX200 Res 4100.94 4127.64
S&P/ASX200 4076.26 4094.23
Austria ATX 1897.04 1884.59
Belgium BEL 20 2093.56 2105.80
BEL Mid 3364.08 3347.39
Brazil Bovespa 53608.62 53797.91
Canada S&P/TSXMet & Min 847.56 859.32
S&P/TSX60 651.96 650.68
S&P/TSXComp 11431.33 11433.22
Chile IGPAGen 20692.77 20620.58
China Shanghai A 2484.91 2498.05
Shanghai B 237.22 236.08
Shanghai Comp 2372.23 2384.67
Shenzhen A 1012.19 1008.80
Shenzhen B 650.49 643.02
FTSE A200 7151.88 7184.84
FTSE B35 8228.30 8133.87
Colombia CSE Index 14435.67 14395.27
Croatia CROBEX 1668.46 1670.33
Cyprus CSE M&P Gen 139.39 138.26
Czech Republic PX 865.60 876.70
Denmark OMXC Copenhagen 20 432.26 435.72
Egypt EGX30 4686.42 4685.79
Estonia OMXTallinn 605.00 605.71
Finland OMXHelsinki General 4971.24 5065.92
France CAC 40 3017.01 3015.58
SBF 120 2325.09 2325.73
Germany M-DAX 10147.82 10208.56
XETRADax 6264.38 6280.80
TecDAX 751.01 751.09
Greece Athens Gen 525.45 511.29
FTSE/ASE 20 188.84 185.51
Hong Kong Hang Seng 18629.52 18690.22
HS China Enterprise 9686.03 9690.67
HSCC Red Chip 3746.46 3780.72
Hungary Bux 16099.82 15978.64
India BSE Sens 16218.53 16312.15
S&P CNX500 3913.05 3923.85
Indonesia Jakarta Comp 3832.82 3917.92
Ireland ISEQ Overall 3062.02 3103.56
May May
31 30
Israel Tel Aviv 100 979.06 968.59
Italy FTSE MIB 12873.84 12872.58
FTSE Italia Mid Cap 15286.96 15283.13
FTSE Italia All-Sh 13811.42 13813.45
Japan Nikkei 225 8542.73 8633.19
Topix 719.49 723.62
S&PTopix 150 605.10 610.07
2nd Section 2211.04 2208.51
Jordan Amman SE 4396.04 4415.74
Kenya NSE 20 3650.85 3626.07
Latvia OMXRiga 375.07 374.08
Lithuania OMXVilnius 335.15 337.34
Luxenbourg Luxembourg General 741.93 748.96
Malaysia FTSE Bursa KLCI 1580.67 1575.17
Mexico IPC 37708.32 38070.67
Morocco MASI 10286.99 10227.80
Netherlands AEX 290.09 290.66
AEXAll Share 461.46 461.47
New Zealand NZX50 3488.29 3481.34
Nigeria SE All Share 22066.40 22170.96
Norway Oslo All Share 437.22 440.41
Pakistan KSE 100 13786.62 13871.75
Philippines Manila Comp 5091.23 5018.32
Poland Wig 37516.06 37348.22
Portugal PSI General 1901.99 1902.93
PSI 20 4513.38 4517.69
Romania BET Index 4567.44 4620.79
Russia RTS 1247.53 1273.26
Micex Index 1310.59 1313.37
Singapore FTSE Straits Times 2772.54 2783.95
Slovakia SAX 190.85 190.76
Slovenia SBI TOP 534.34 546.22
South Africa FTSE/JSE All Share 33142.61 32968.81
FTSE/JSE Top 40 29201.90 29063.62
FTSE/JSE Res 20 46615.99 46597.90
South Korea Kospi 1843.47 1844.86
Kospi 200 244.05 244.68
Spain Madrid SE 617.23 616.78
IBEX35 6089.80 6090.40
Sri Lanka CSE All Share 4832.15 4865.12
Sweden OMXStockholm30 973.08 986.61
OMXStockholmAS 306.03 309.85
Switzerland SMI Index 5850.18 5902.82
Taiwan Weighted Pr 7301.50 7261.80
Thailand Bangkok SET 1141.50 1138.63
Turkey ISE 100 55099.33 55125.29
UK FTSE 100 5306.95 5297.28
FT30 1843.30 1820.00
FTSE All Share 2760.62 2754.47
FTSE techMARK 100 2180.98 2146.46
FTSE4Good UK (u) 4385.30
USA S&P 500 1309.08 1313.32
FTSE Nasdaq 5000 7493.70 7537.59
Nasdaq Cmp 2821.19 2837.36
Nasdaq 100 2525.82 2537.40
Russell 2000 757.22 762.00
NYSE Comp. 7450.11 7471.40
Wilshire 5000 (u) 13747.49
DJ Industrial 12408.58 12419.86
DJ composite 4284.31 4273.66
DJ Transport 5034.56 5029.64
DJ Utilities 467.34 465.84
Venezuela IBC 239742.16 238461.64
Vietnam VNI 429.20 435.34
Cross-Border Stoxx 50 2257.18 2257.78
Euro Stoxx 50 2118.94 2116.18
DJ Global Titans $ 175.04 175.18
Euronext 100 ID 576.81 576.93
FTSE Multinatls $ (u) 1079.48
FTSE Global 100 $ 948.67 951.41
FTSE4Good Glob $ (u) 3928.97
FTSE E300 971.28 975.74
FTSEurofrst 80 2810.14 2815.43
FTSEurofrst 100 2910.72 2916.27
FTSE Latibex Top 4424.50 4451.60
FTSE Eurotop 100 2003.91 2010.23
FTSE Gold Min $ (u) 2771.42
FTSE All World (u) 196.39
FTSE World $ (u) 343.86
MSCI All World $ (u) 1181.37
MSCI ACWI Fr$ (u) 298.87
MSCI Europe (u) 985.61
MSCI Pacifc $ (u) 1854.31
S&P Global 1200 $ 1320.57 1322.73
S&P Europe 350 979.78 981.99
S&P Euro 899.93 900.88
Country Index May May
31 30
May May
31 30
Country Index Country Index
(c) Closed. (u) Unavaliable. Correction. Subject to ofcial recalculation. For more index coverage please see www.ft.com/worldindices. Afuller version of this table is available on the ft.comresearch data archive.
STOCK MARKET - WORLD MARKETS AT A GLANCE
Week ago
Yield P/E Yield P/E Yield P/E
Argentina 7.2 7.3 7.1 7.4 7.4 6.9
Australia 4.9 13.2 4.9 13.2 5.0 13.1
Austria 3.2 10.4 3.1 10.6 3.1 11.0
Belgium 2.5 16.1 2.5 16.3 2.5 15.9
Brazil 4.1 10.8 4.0 10.9 4.0 10.9
Bulgaria 2.4 9.3 2.4 9.3 2.4 9.3
Canada 3.2 13.2 3.1 13.5 3.2 14.4
S&P/TSX 3.3 13.0 3.4 13.0 3.4 13.0
Chile 2.9 16.8 2.9 16.7 3.0 16.6
China 4.3 7.2 4.2 7.3 4.4 7.1
Colombia 2.7 15.9 2.7 16.0 2.7 16.2
Cyprys 44.3 56.0 43.2 57.3 16.7 19.5
Czech Rep. 6.2 12.0 6.3 11.9 6.3 11.9
Denmark 1.9 17.6 1.9 17.8 1.9 17.5
Finland 5.7 13.8 5.5 14.1 5.6 13.8
France 4.3 11.2 4.2 11.4 4.3 11.2
Germany 3.6 11.3 3.6 11.5 3.6 11.4
DAX30 4.2 11.1 4.1 11.3 4.2 11.2
Greece 3.1 8.3 3.0 8.5 3.0 8.5
Hong Kong 3.1 10.1 3.1 10.2 3.1 10.1
Hang Seng 3.9 8.9 3.9 9.1 3.9 9.0
Hungary 2.7 12.3 2.6 12.7 2.6 12.6
India 1.7 16.2 1.7 16.5 1.7 16.1
Indonesia 2.4 15.7 2.4 15.7 2.4 15.9
Ireland 1.1 17.0 1.1 17.1 1.2 16.5
Israel 4.6 9.8 4.6 9.9 4.6 9.9
Italy 5.3 11.2 5.4 11.4 5.4 11.2
Japan 2.6 13.3 2.6 13.3 2.6 13.3
Topix 2.6 11.9 2.6 12.0 2.6 11.9
Luxemburg 4.5 9.9 4.4 10.1 4.4 10.0
Malaysia 3.3 15.4 3.3 15.3 3.3 15.3
Week ago
Yield P/E Yield P/E Yield P/E
Malta 4.2 18.9 4.3 18.6 4.3 18.5
Mexico 1.8 16.8 1.8 16.8 1.8 16.6
Netherland 3.3 13.4 3.3 13.6 3.3 13.3
AEX 4.2 8.5 4.2 8.6 4.2 8.4
New Zealand 4.4 13.0 4.4 13.0 4.3 13.2
Norway 4.9 9.3 4.8 9.4 4.9 9.3
Pakistan 6.5 9.8 6.4 10.0 6.4 9.9
Peru 5.2 37.0 5.2 37.0 5.2 36.5
Philippines 2.1 19.3 2.1 19.3 2.1 18.9
Poland 4.9 7.7 4.9 7.7 4.2 7.6
Portugal 5.8 13.5 5.7 13.6 5.8 13.3
Romania 6.6 6.8 6.6 6.8 6.6 6.8
Russia 4.1 5.3 4.1 5.3 3.7 5.1
Singapore 3.3 8.8 3.3 8.8 3.3 8.8
Slovenia 3.6 10.2 3.5 10.4 3.6 10.6
South Africa 3.8 14.5 3.7 14.7 3.8 14.4
South Korea 1.5 12.1 1.5 12.2 1.5 11.9
Spain 8.8 8.9 8.6 9.1 8.4 9.3
Ibex 35 9.9 8.7 9.6 8.9 9.4 9.2
Sri Lanka 2.8 12.6 2.8 12.4 2.5 12.8
Sweden 4.2 12.6 4.1 12.7 4.3 12.4
Switzerland 3.5 15.8 3.5 15.9 3.5 15.7
Taiwan 4.3 15.4 4.2 15.6 4.4 15.2
Thailand 3.6 13.4 3.6 13.6 3.7 13.0
Turkey 2.7 9.6 2.7 9.7 2.6 9.9
UK 3.8 9.6 3.7 9.8 3.8 9.6
USA 2.2 14.4 2.2 14.6 2.2 14.5
Dow Jones 2.8 13.7 2.8 13.6 2.8 13.6
S&P 500 2.7 14.3 2.7 14.1 2.7 14.1
Venezuela 14.2 4.6 14.2 4.6 14.1 4.6
Country yields and P/Es relate to a sample of stocks that cover at least 75%of each markets capita-
lisation. Losses are excluded fromthe P/E calculation on country indices. Source: ThomsonReuters
May 30 May 29 May 30 May 29
STOCK MARKET - RATIOS
VOLATILITY INDICES
Day Chng Prev. 52 wk high 52 wk low
VIX 23.72 -0.42 24.14 48.00 13.66
VXD 21.64 -0.22 21.86 42.64 12.11
VXN 25.78 0.43 25.35 47.23 15.76
VDAX 28.94 0.59 28.35 28.35 17.73
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIAIndex Options Volatility, VXN: NASDAQ
Index Options Volatility, Deutsche Borse. VDAX: DAXIndex Options Volatility.
May 31
MARKET DATA
The data and prices listed are indicative and, while believed to be accurate at the time of publication,
the FT does not warrant or guarantee that the information is reliable or complete. The FT does not
accept responsibility and will not be liable for any loss arising from the reliance on or use of the
information.
Euro- Stig. SwFr US $ Yen
Bid Ask Bid Ask Bid Ask Bid Ask Bid Ask
1 year
2 year
3 year
4 year
5 year
6 year
7 year
8 year
9 year
10 year
12 year
15 year
20 year
25 year
30 year
Bid and ask rates as of close of London business. US $ is quoted annual money actual/360 basis against
3 month Libor. and Yen quoted on a semi-annual actual/365 basis against 6 month Libor with excep-
tion of the 1Year GBP rate which is quoted against 3 month Libor. Euro/Swiss Franc quoted on annual
bond 30/360 basis against 6 month Euribor/Libor with exception of the 1 year rate which is quoted
against 3 month Euribor/Libor. Source: ICAP plc.
0.07 0.13
0.03 0.11
0.08 0.16
0.15 0.23
0.26 0.34
0.39 0.47
0.53 0.61
0.65 0.73
0.75 0.83
0.84 0.92
0.97 1.07
1.09 1.19
1.16 1.26
1.19 1.29
1.19 1.29
0.55 0.58
0.59 0.62
0.66 0.69
0.79 0.82
0.96 0.99
1.14 1.17
1.30 1.33
1.45 1.48
1.57 1.60
1.69 1.72
1.88 1.91
2.06 2.09
2.20 2.23
2.26 2.29
2.30 2.33
0.32 0.38
0.32 0.38
0.32 0.38
0.34 0.40
0.38 0.44
0.44 0.50
0.52 0.58
0.61 0.67
0.71 0.77
0.81 0.87
0.99 1.07
1.23 1.31
1.46 1.54
1.55 1.63
1.59 1.67
0.93 0.96
1.18 1.22
1.19 1.23
1.23 1.28
1.33 1.38
1.45 1.50
1.58 1.63
1.73 1.78
1.86 1.91
1.99 2.04
2.20 2.27
2.41 2.50
2.62 2.75
2.73 2.86
2.79 2.92
0.87 0.91
0.85 0.89
0.90 0.94
1.01 1.05
1.14 1.18
1.28 1.32
1.39 1.43
1.49 1.53
1.58 1.62
1.65 1.69
1.78 1.82
1.89 1.93
1.91 1.95
1.87 1.91
1.83 1.87
May 31
INTEREST RATES - SWAPS
Energy Price* Change
Sources: NYMEX, ECX/ICE, u CBOT, @ NYSE Life, NYBOT, CME, LME/London
Metal Exchange. * Latest prices, $ unless otherwise stated. Platts. The Steel Index.
Agricultural & Cattle Futures Price* Change
Precious Metals (PMLondon Fix)
Base Metals ( LME 3 Month)
WTI Crude Oil Jul 86.53 -1.29
Brent Crude Oil Jul 101.87 -1.60
RBOB Gasoline Jun 2.8250 -0.0332
Heating Oil Jun 2.7062 -0.0336
Natural Gas Jul 2.422 +0.004
Ethanol u Jun 2.020 -0.010
Uranium 52.00 nc
Carbon Emissions Jun 6.27 -0.13
Diesel (French) 882.25 -9.75
Unleaded (95R) 987.00 -6.00
Aluminium 2013.00 +16.50
AluminiumAlloy 1910.00 +35.00
Copper 7498.00 -47.00
Lead 1940.00 +11.00
Nickel 16470.00 +45.00
Tin 19720.00 -30.00
Zinc 1899.00 +7.00
Gold 1558.00 +18.00
Silver (US Cents) 2810.00 +42.00
Platinum 1405.00 -5.00
Palladium 611.00 +10.00
Corn u Jul 555.25 -4.25
Wheat u Jul 643.75 -10.00
Soyabeans u Jul 1340.00 -33.25
Soyabeans Meal u Jul 394.50 -15.40
Cocoa v Jul 1471 +21
Cocoa Jul 2.083 +0
Cofee (Robusta) v May 2211 nc
Cofee (Arabica) Jul 160.65 -3.75
White Sugar v Aug 558.60 +2.00
Sugar 11 Jul 19.42 -0.06
Cotton Jul 71.55 +0.64
Orange Juice Jul 112.05 +1.20
PalmOil Dec 1030.00 -5.00
Live Cattle Jun 0.000 nc
Feeder Cattle Aug 156.800 +0.725
Lean Hogs Jun 89.800 +2.625
Bulk Commodities
Iron Ore (Platts) Jun 134.75 -0.25
Iron Ore (TSI) 134.80 nc
globalCOAL RB Index 90.04 -0.15
Baltic Dry Index 923 -27
% Chg % Chg
Mnth Year
S&P GSCI Spt 603.28 -11.6 -13.7
DJ UBS Spt 129.42 -7.3 -20.8
R/J CRB TR 275.31 -9.3 -19.9
Rogers RICIX TR3385.73 -10.0 -18.3
M Lynch MLCX Spt 508.89 -11.2 -13.8
UBS Bberg CMCI TR1205.20 -8.0 -15.7
LEBA EUA Carbon 6.72 -5.0 -58.3
LEBA CER Carbon 3.49 -8.9 -71.9
LEBA UK Power 41.47 -6.0 -17.9
May 30
COMMODITIES
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
Rates are derived fromWM/Reuters at 4pm(London time). * The closing mid-point rates for the Euro and against the $ are shown in brackets.The other fgures in the dollar column of both the Euro and
Sterling rows are in the reciprocal formin line with market convention. Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on
the internet at http://www.FT.com/marketsdata
Euro Locking Rates: Austrian Schilling 13.7603, Belgium/Luxembourg Franc 40.3399, Cyprus 0.585274, Finnish Markka 5.94572, French Franc 6.55957, German Mark 1.95583, Greek Drachma
340.75, Irish Punt 0.787564, Italian Lira1936.27, Malta 0.4293, Netherlands Guilder 2.20371, Portuguese Escudo 200.482, Slovenia Tolar 239.64, Spanish Peseta 166.386
Argentina (Peso) 4.4713 - 5.5285 -0.0125 6.8820 -0.0633
Australia (A$) 1.0310 0.0031 1.2748 0.0009 1.5869 -0.0098
Bahrain (Dinar) 0.3770 0.0000 0.4662 -0.0011 0.5803 -0.0054
Bolivia (Boliviano) 6.9100 - 8.5439 -0.0194 10.6356 -0.0978
Brazil (R$) 2.0237 0.0142 2.5022 0.0120 3.1147 -0.0065
Canada (C$) 1.0358 0.0061 1.2807 0.0046 1.5943 -0.0052
Chile (Peso) 520.850 2.6000 644.005 1.7636 801.666 -3.3315
China (Yuan) 6.3690 0.0113 7.8750 -0.0038 9.8029 -0.0726
Colombia (Peso) 1836.65 7.3500 2270.93 3.9659 2826.88 -14.5718
Costa Rica (Colon) 501.735 -0.5700 620.371 -2.1113 772.247 -7.9846
Czech Rep. (Koruna) 20.8767 0.1525 25.8130 0.1305 32.1324 -0.0586
Denmark (DKr) 6.0096 0.0132 7.4306 -0.0005 9.2497 -0.0646
Egypt (Egypt ) 6.0400 -0.0040 7.4682 -0.0219 9.2965 -0.0916
Hong Kong (HK$) 7.7609 -0.0030 9.5959 -0.0254 11.9451 -0.1144
Hungary (Forint) 244.632 1.8196 302.475 1.5700 376.525 -0.6351
India (Rs) 56.1575 0.0325 69.4359 -0.1170 86.4348 -0.7442
Indonesia (Rupiah) 9400.00 -85.0000 11622.6 -131.660 14468.0 -265.045
Iran (Rial) 12295.0 - 15202.2 -34.4260 18923.8 -173.974
Israel (Shk) 3.9013 0.0194 4.8237 0.0132 6.0046 -0.0251
Japan (Y) 78.4150 -0.5350 96.9562 -0.8826 120.692 -1.9406
One Month 78.3913 -0.0018 96.9395 -0.0008 120.637 0.0004
Three Month 78.3316 -0.0033 96.9289 -0.0006 120.511 0.0023
One Year 77.8225 -0.0100 96.8489 -0.0273 119.619 -0.0029
Kenya (Shilling) 86.2000 -0.6500 106.582 -1.0469 132.675 -2.2294
Kuwait (Dinar) 0.2810 0.0001 0.3474 -0.0007 0.4325 -0.0038
Malaysia (M$) 3.1718 0.0087 3.9218 0.0020 4.8818 -0.0313
Mexico (New Peso) 14.3263 0.2555 17.7138 0.2765 22.0504 0.1941
New Zealand (NZ$) 1.3308 0.0071 1.6456 0.0051 2.0484 -0.0077
Nigeria (Naira) 159.950 0.1500 197.770 -0.2620 246.187 -2.0304
Norway (NKr) 6.1121 0.0415 7.5572 0.0344 9.4073 -0.0220
Pakistan (Rupee) 93.6500 0.1200 115.794 -0.1135 144.141 -1.1387
Peru (New Sol) 2.7090 0.0035 3.3496 -0.0032 4.1696 -0.0329
Philippines (Peso) 43.5050 0.0200 53.7918 -0.0970 66.9608 -0.5845
Poland (Zloty) 3.5620 0.0152 4.4042 0.0088 5.4824 -0.0269
Romania (New Leu) 3.6273 0.0169 4.4850 0.0107 5.5830 -0.0251
Russia (Rouble) 33.4768 0.6962 41.3924 0.7691 51.5258 0.6078
Saudi Arabia (SR) 3.7503 - 4.6371 -0.0105 5.7723 -0.0530
Singapore (S$) 1.2888 0.0006 1.5935 -0.0030 1.9836 -0.0174
South Africa ( R) 8.5613 0.0613 10.5857 0.0520 13.1772 -0.0259
South Korea (Won) 1180.25 4.0000 1459.32 1.6522 1816.58 -10.4873
Sweden (SKr) 7.2708 0.0304 8.9900 0.0172 11.1909 -0.0558
Switzerland (SFr) 0.9718 0.0026 1.2015 0.0004 1.4957 -0.0097
Taiwan (T$) 29.8480 0.1020 36.9056 0.0429 45.9406 -0.2640
Thailand (Bt) 31.8150 -0.0600 39.3377 -0.1635 48.9681 -0.5434
Tunisia (Dinar) 1.6204 0.0080 2.0035 0.0054 2.4940 -0.0106
Turkey (Lira) 1.8637 0.0132 2.3043 0.0111 2.8684 -0.0059
UAE (Dirham) 3.6730 0.0000 4.5415 -0.0103 5.6533 -0.0521
UK (0.6497)* () 1.5392 -0.0141 0.8034 0.0056 - -
One Month 1.5389 0.0000 0.8036 0.0000 - -
Three Month 1.5385 0.0001 0.8043 0.0000 - -
One Year 1.5371 0.0000 0.8097 0.0000 - -
Ukraine (Hrywnja) 8.0853 0.0047 9.9970 -0.0168 12.4444 -0.1071
Uruguay (Peso) 20.5500 -0.0500 25.4091 -0.1195 31.6296 -0.3684
USA ($) - - 1.2365 -0.0028 1.5392 -0.0141
One Month - - 1.2366 0.0000 1.5389 0.0000
Three Month - - 1.2374 0.0000 1.5385 0.0001
One Year - - 1.2445 -0.0001 1.5371 0.0000
Venezuela (Bolivar Fuerte) 4.2947 - 5.3102 -0.0120 6.6101 -0.0608
Vietnam (Dong) 20870.0 -5.0000 25804.7 -64.6270 32122.1 -303.067
Euro (0.8088)* (Euro) 1.2365 -0.0028 - - 1.2449 -0.0085
One Month 1.2366 0.0000 - - 1.2445 0.0000
Three Month 1.2374 0.0000 - - 1.2433 0.0000
One Year 1.2445 -0.0001 - - 1.2351 0.0002
SDR - 0.6631 0.0008 0.8199 -0.0009 1.0206 -0.0082
May 31
COMMODITIES www.ft.com/commodities
CURRENCIES www.ft.com/currencydata
INTEREST RATES www.ft.com/bonds&rates INTEREST RATES www.ft.com/bonds&rates
Global
HFRXGlobal Hedge Fund Index 1128.51 0.1847 -1.49 1.73
HFRXEqual Weighted Strategies Index 1114.89 0.1058 -1.15 1.46
HFRXAbsolute Return Index 946.97 0.0873 -0.25 0.04
HFRXMarket Directional Index 1019.70 0.6531 -3.61 -0.20
Equity Hedge
HFRXEquity Hedge Index 1013.23 0.4669 -2.47 1.28
HFRXEH: Equity Market Neutral Index 946.90 0.5653 -0.40 -3.51
HFRXEH: Fundamental Growth Index 1459.98 0.9897 -2.75 3.61
HFRXEH: Fundamental Value Index 930.01 0.2377 -1.77 0.65
Event Driven
HFRXEvent Driven Index 1360.08 0.1815 -1.57 4.04
HFRXED: Distressed Restructuring Index 982.19 -0.0704 -1.12 4.08
HFRXED: Merger Arbitrage Index 1509.29 -0.1872 -0.70 1.04
HFRXED: Special Situations Index 1099.07 0.2492 -1.91 2.50
Macro
HFRXMacro/CTAIndex 1151.86 0.0855 -0.35 -1.22
HFRXMacro: Systematic Diversifed CTAIndex 1598.65 0.0894 0.86 -2.61
Relative Value
HFRXRelative Value Arbitrage Index 1156.04 -0.0221 -1.34 2.46
HFRXRV: FI-Convertible Arbitrage Index 675.50 -0.2679 -0.74 3.11
HFRXRV: Multi-Strategy Index 1805.84 -0.0226 -1.44 2.01
HFRI Monthly Strategy Indices - USD (Apr 2012)
HFRI Fund Weighted Composite Index 10845.59 - -0.36 4.38
HFRI Fund of Funds Composite Index 4960.67 - -0.25 3.11
HFR INDICES
Index Value Dtd % Mtd % Ytd % May 29
Indices calculated by HFR (Hedge Fund Research Inc.) www.hfr.com
JUNE 1 2012 Section:Stats Time: 31/5/2012 - 20:43 User: sheehanr Page Name: CURRTAB USA, Part,Page,Edition: EUR, 23, 1
24

FINANCIAL TIMES FRIDAY JUNE 1 2012
MARKETS & INVESTING
Germany is no haven from the crisis in the eurozone
Its no longer about peripheral nations. Its
about Germany. Yet German risk is not
reflected in record low Bund interest rates.
Germany is vulnerable, having left it too
late to amputate the infected parts of the
eurozone. Irrespective of the course of
events, Germany faces crippling costs.
To date, the Germans have had a good
European debt crisis. Favourable
conversion exchange rates on introduction
of the euro, a sharp fall in interest rates
and the elimination of the risk of
devaluation allowed banks to lend
generously to weaker European countries.
Debt fuelled consumption and investment
drove growth.
German exporters were big beneficiaries
of this growth. They also benefited from a
cheap euro, receiving a significant subsidy
with weaker economies such as Italy,
Spain, Portugal and Greece joining the
common currency. But the good times are
ending.
Germanys strengths, especially its
export fetish, are weaknesses. Exports are
more than 40 per cent of its gross
domestic product, compared with less than
20 per cent in Japan and about 13 per cent
in the US. Germany is heavily reliant on a
narrowly based industrial sector, focused
on investment goods. Germanys service
sector is weak. Germanys fragmented
banking system is fragile.
German debt levels are high at around
81 per cent of GDP. The Bundesbank has
stated that public debt levels will remain
above 60 per cent for many years. German
public finances are vulnerable to a rapidly
ageing and shrinking population.
But Germanys greatest vulnerability is
the financial exposure caused by the crisis.
Germany stands behind institutions such
as the European Central Bank. German
guarantees supporting the European
Financial Stability Facility, the eurozones
rescue fund, are more than 200bn.
The largest single direct German
exposure is the Bundesbanks exposure
under Target2 balances, which track cross-
border payments to other eurozone central
banks. Since the crisis started, this has
met funding needs of peripheral countries
unable to access money markets to finance
trade deficits and the capital flight out of
their countries. Germany is the largest
creditor in Target2 with exposure of more
than 800bn, 30 per cent of German GDP.
Some believe the solution to the crisis is
greater monetary and fiscal integration
and mutualisation of debt through the
issue of eurozone bonds backed jointly or
severally by member states. German
liability for eurozone bonds would increase
its exposure. Its Target2 balance would
rise at a rate of between 80bn and 160bn
per annum, just to finance expected trade
deficits in the rest of Europe.
Alternatively, Europe may continue its
current policy of partial solutions
austerity and monetary accommodation by
the ECB. As they are unlikely to regain
access to commercial funding in the near
future, the debt of peripheral nations will
shift to official institutions via bailouts,
funding arrangements and the Target2
system, increasing Germanys liability. A
guarantee system or further funding of
banks to combat capital flight from
peripheral countries would further
increase Germanys commitment.
If these options fail, then some European
countries will need to restructure their
debt and potentially leave the common
currency. A Greek default alone would
result in direct losses to Germany of
around 90bn. Germanys potential losses
increase rapidly as more countries default
or leave the eurozone.
Austerity or default will force many
European economies into recession for a
prolonged period. German exports will also
be affected as Europe accounts for around
60 per cent of its market.
In the case of integration or partial
solutions, the effects on Germany may be
cushioned by the weakness of the euro,
which will maintain export
competitiveness. Defaults and a euro
break-up may increase the value of the
single currency, undermining German
exports. Germanys problems are likely to
be compounded by a slowdown in
emerging markets.
Germanys attempt to balance the
benefits of the single currency and the
advantages of preserving the eurozone
against its traditional preference for fiscal
and monetary conservatism has failed,
leaving severe financial problems.
German citizens will pay twice for the
euro. In the early 2000s, they paid through
internal devaluation. Now, they will pay
for the bailouts. Once voters realise they
were betrayed by Germanys political elite,
there will be an electoral revolt and a
challenge from radical political forces.
As Friedrich Nietzsche knew: Hope is
the worst of all evils, because it prolongs
mans torments. Germany may not offer a
haven in the European debt crisis.
Satyajit Das is author of Extreme
Money: The Masters of the Universe and
the Cult of Risk
Crude slides on higher US inventories
touching $101.27, its lowest
level since last October.
Nymex July West Texas
Intermediate, the US bench-
mark, tumbled 93 cents to
to $86.89 a barrel.
The Reuters-CRB index, a
basket of commodities, fell
0.2 per cent.
Why is it all falling?
By Gregory Meyer
in New York
Crude oil threatened to fall
below $100 a barrel for the
first time in months as cau-
tious investors dumped
commodities and embraced
the dollar as a haven.
Oil prices have not been
spared as looming elections
in Greece cloud the future
of the eurozone. Investors
have sought US govern-
ment bonds, adding
strength to the dollar and
putting pressure on oil,
which is priced in dollars.
Losses were cemented
after the US government
reported domestic crude
inventories rose to the high-
est level in 22 years.
The official US growth
estimate was also revised
lower yesterday.
ICE July Brent, the global
benchmark, fell $1.43 to
$102.05 a barrel, earlier
Oil price
Source: Thomson Reuters Datastream
Brent front-month ($ per barrel)
Jan May 2012
100
105
110
115
120
125
domestic crude production
reached 6.26m b/d in March,
up 10 per cent from a year
before and reflecting energy
companies use of novel
techniques to exploit tight
oil formations.
Members of Opec have
also increased output this
year. The producer group
cartel is scheduled to meet
again on June 14.
There are a large
number of traders who view
the oil market as a financial
asset class. But the oil mar-
ket is also a physical com-
modity with its own inde-
pendent supply and demand
fundamentals, Tim Evans,
energy analyst at Citi
Futures Perspective in New
York.
Those tells us that right
now we have a global sur-
plus in production, which
Mr Evans estimates is
between 1.5m-2m b/d.
www.ft.com/commodities
Twitter: @ftcommodities
Gunvor buys second Petroplus ref inery
refinery is in line with Gun-
vors infrastructure invest-
ment programme and its
stated strategy to become
vertically integrated, Gun-
vor said.
Gunvor has risen from
being a niche player in 2003
to become one of the
worlds largest independent
oil trading companies,
behind Vitol, Glencore and
Trafigura. The house is co-
owned by Gennady Tim-
chenko, the Russian tycoon
with longstanding links to
Russian president Vladimir
Putin and Swedish oil
trader Torbjorn Tornqvist.
Gunvor focused initially
in Russian crude trading
at some point rivals said it
handled up to a third of the
countrys oil sales but has
since diversified. Mr Torn-
qvist said in a statement
that the refinery would be a
key asset for Gunvor as
the company looked to
confirm its trading pres-
ence in Europe.
By Javier Blas in London
Oil trading house Gunvor
has announced a deal to
buy another refinery from
Petroplus, the bankrupt
Swiss refiner, in further evi-
dence of the shift by com-
modity traders from their
role as market middleman
toward vertical integration.
The Geneva-based trader
yesterday said it had signed
an agreement to acquire the
assets of Petropluss 100,000-
barrels-a-day Ingolstadt
refinery and its related Ger-
man marketing activities.
The purchase is Gunvors
second acquisition from the
administrators of Petroplus
following that of a refinery
in Antwerp, Belgium.
The companies did not
disclose the terms of the
deal. Gunvor said it aimed
to restart the refinery,
which was closed in early
February, as soon as possi-
ble.
The purchase of the
Several other trading
houses and private equity
groups were eyeing the
refinery but they pulled out
of the bidding process over
worries about valuations.
The purchase is the latest
in a series of acquisitions of
physical assets from oil-
fields and mines to refiner-
ies, warehouses, and petrol
stations by commodity
trading houses, as they
expand to secure greater
control of the supply chain
of natural resources.
The purchase of the two
refineries from Petroplus
will give Gunvor about
200,000 b/d of refining
Plans to inject billions into Bankia via the state bank bailout fund have met with a tepid response Reuters
Spanish spreads at typical LCH margin trigger point
Sources: Bloomberg; ICMA
Spanish sovereign bond spreads over AAA euro-equivalent government
bonds (% points)
European banks rely increasingly on repo funding
European repo activity (tn)
Jan 2011 May 2012 2001 2003 2005 2007 2009 2011
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
1
2
3
4
5
6
7
Spain faces extra
funding risk from
collateral increase
As Spains debt crisis deep-
ens, investors are warily
eyeing a trigger that could
send yields on the countrys
sovereign debt into bailout
territory.
The number to watch is
the difference between
Spanish 10-year yields and
that of a basket of triple A
rated European debt. If the
premium demanded to hold
Spanish government bonds
stays at more than 450 basis
points it has been trading
above that since Monday
the situation facing Madrid
could deteriorate.
The reason is LCH.Clear-
net, Europes dominant
clearing house. At that
level, LCH could decide to
impose additional margin
requirements on banks
using Spains government
debt as collateral to secure
short-term funding in repur-
chase or repo deals.
Such a move risks aggravat-
ing the liquidity issues
affecting Spanish lenders.
LCH is expected by ana-
lysts to raise the margin
payment, or extra deposit,
it demands, possibly in
days. It typically imposes
an additional margin
requirement of 15 per cent
when the yield spread rises
above 450bp. Yesterday
Spain was trading at 470bp.
Past margin increases on
Irish and Portuguese debt
unnerved bond markets,
exacerbating problems at
the sovereign level and
helped push Dublin towards
a rescue. Some banks sold
governments bonds in an
effort to raise more cash to
meet the margin require-
ments, driving yields even
higher. With Portugal and
Ireland, LCH raised mar-
gins within five days of the
spread rising above 450bp.
Spanish banks funding
costs through repo are on
the verge of increasing,
possibly very sharply.
Thats important, not least
because it would increase
reliance on European Cen-
tral Bank or other sources
of eurozone funding, says
Don Smith, an economist
at ICAP.
Margin increases for Por-
tugal and Ireland had at
times made the cost of repo
funding for their domestic
banks eye- wat eri ngl y
expensive, he says.
Eurozone banks faced a
liquidity crunch at the end
of last year when the sover-
eign debt crisis hit public
bond markets. A 1tn-plus
injection by the ECB into
the euro areas banking sys-
tem plugged the funding
gap for hundreds of banks
across Europe, with lenders
in Spain and Italy using a
chunk of the three-year
money to buy government
bonds. But as the impact of
the ECBs money has worn
off and worries about Spain
have grown, sovereign bond
yields have jumped.
Spanish banks are finding
it difficult to raise money in
public bond markets at
affordable levels as inves-
tors demand higher returns
to compensate for addi-
tional risk. Yields on Span-
ish 10-year government
bonds have risen sharply,
taking them this week
almost to euro-era highs hit
last autumn. A rise to 7 per
cent, from yesterdays
6.56 per cent, is seen as
unsustainable.
LCH says the yield spread
is one of many factors it
considers when determin-
ing whether to increase
margin required for Euro-
pean government bonds and
that it is constantly evalu-
ating margin cover.
While a material increase
has typically involved a
payment of up to about
15 per cent of a transaction
as an indemnity against the
risk of default, additional
costs would be incurred
should individual banks see
their credit rating fall
below a minimum BBB.
That is a real risk. Policy
makers and analysts are
concerned about Madrids
ability to meet economic
targets and address prob-
lems in banks which lent
heavily in the countrys
property boom and are now
sitting on a mountain of
bad debts. Many have
already suffered rating
downgrades and plans to
inject billions into Bankia
via the state bank bailout
fund have met with a tepid
response.
Some analysts have sug-
gested the fact Spanish
lenders had been heavy
users of the ECBs three-
year loan programme may
mean they had become less
dependent on accessing
short-term markets. The
European repo market was
estimated to be worth about
6tn at the end of 2011, with
at least a third cleared by
central counterparties.
Richard Comotto, senior
visiting fellow at the ICMA
Centre at Reading Univer-
sity, says the use of clear-
ing houses to process repos
had offered a lifeline for
Spanish banks, enabling
them to access term funds
in a way that would have
become almost impossible:
Its kept the term market
open.
He says that, while he
expected LCH to be more
cautious in raising margins
in Spanish sovereign debt
after seeing the impact on
bank funding in Ireland and
Portugal, there would be
no mileage in getting it
wrong.
News analysis
LCH.Clearnet
would unnerve
bond markets if
additional margin
requirements were
to be imposed, says
Mary Watkins
Risk appetite is down, said
Harry Tchilinguirian, head
of commodity strategy at
BNP Paribas.
Commodities will have
to contend with that even
though they have good fun-
damental reasons for gain-
ing later this year.
Highlighting short-term
worries, Brent for imminent
delivery fell faster than
later-dated futures.
The US governments
weekly petroleum supply
report showed that commer-
cial crude stocks rose by
2.2m barrels in the week
ended May 25, the highest
level since 1990. The
increase reflected a jump in
imports of almost 500,000
barrels a day last week.
Refineries helped prevent
a further rise in stocks as
they fed more crude into
their processing units, pre-
paring to make fuel for the
US summer driving season.
Meanwhile, US data
revised this week showed
capacity, the highest among
the independent oil traders.
Vitol has about 160,000
b/d of capacity with plants
in Fujairah in the UAE,
Cressier in Switzerland, and
Antwerp, Belgium. Trafig-
ura has invested $250m for
a stake in a 121,000 b/d
refinery under construction
in south-east India.
The wave of investment is
forcing the traditionally
employee-owned industry to
open up to outside inves-
tors. Some traders are look-
ing to float parts of their
businesses or plan for first-
time bond issues, while oth-
ers are seeking investment
from private equity firms or
sovereign wealth funds.
Petroplus was a casualty
of the sharp downturn in
the European refining
industry, which has been
hurt by weakening demand
for transport fuel as a result
of the economic downturn,
overcapacity and growing
competition from Asia.
Spanish banks are
finding it difficult to
raise money in
public bond
markets at
affordable levels
COMMODITIES
Satyajit
Das
INSIGHT
By Philip Stafford
Deutsche Brse is moving
into the market for clearing
off-exchange interest rate
swaps, underlining how
exchanges are looking to
exploit regulatory demands
for greater safety in the
financial system.
The push will see Eurex,
the groups clearing house,
aim to combine trading and
clearing of over-the-counter
derivatives with some of
the worlds most actively
traded on-exchange deriva-
tives contracts. It has also
signed up seven dealers to
use the service, called
EurexOTC Clear.
Europes largest exchange
by market capitalisation
will take on CME Group of
the US and LCH.Clearnet,
the Anglo-French clearing
house set to be taken over
by the London Stock
Exchange, in a fast-emerg-
ing market.
It aims to benefit from a
G20 mandate to push more
OTC contracts through
clearing houses to help pre-
vent another financial
crash. A clearing house
stands between two parties,
guaranteeing a trade in the
event of a default.
For the industry, the holy
grail is to be able to clear
both exchange-traded inter-
est rate futures and OTC
interest rate swaps at the
same clearing house.
Positions in each can be
offset against each other a
process known as portfolio
margining thus reducing
the amount of insurance,
or collateral, that traders
have to place with the
clearing house against
trades failing.
Deutsche Brse wants to
use its new service to com-
bine OTC contracts with
the listed contracts it owns,
such as the popular Stoxx
indices. Eurex intends to
combine EurexOTC Clear
with services such as
ringfencing customers
assets. It has signed up Bar-
clays, BNP Paribas, Citi-
bank, Credit Suisse, Deut-
sche Bank, JPMorgan and
Morgan Stanley to clear
OTC interest rate swaps.
www.ft.com/tradingroom
Deutsche
Brse to
clear rate
swaps
A Greek default alone would
result in direct losses to
Germany of around 90bn
The refinery will be
a key asset as
Gunvor looks to
confirm its trading
presence in Europe
JUNE 1 2012 Section:Markets Time: 31/5/2012 - 19:11 User: digbyt Page Name: LSE USA, Part,Page,Edition: EUR, 24, 1
FINANCIAL TIMES FRIDAY JUNE 1 2012

25
MARKETS & INVESTING
Investors head
for the exits and
sell global stocks
The heat is already on
equity markets, as investors
prepare for summer.
Global equities are set
to post their worst monthly
performance since Septem-
ber as the eurozone crisis
and slowing emerging mar-
ket economies propel inves-
tors to the exits across
Asia, Europe and the
Americas.
Global stocks turned neg-
ative for the year in May
and yesterday the FTSE All
World index was set for a
decline of nearly 10 per cent
over the month. Among the
hardest hit markets during
May have been Spain, down
nearly 14 per cent and Italy,
off 12 per cent. The losses
are greater in dollar terms.
The flagging performance
reflects a profound lack
of conviction among inves-
tors about an imminent res-
olution of eurozone debt
problems.
Investors have flocked to
the havens of core govern-
ment bonds, sending bench-
mark yields in Germany,
the UK and US sliding to
historic lows this week.
Equities now look even
more attractive when com-
pared with the meagre
yields of haven bonds. Yet
investors remain wary of
stocks given the volatile
macro backdrop.
Policy makers have yet to
convince markets that they
have the will and means to
stop the eurozone crisis
from escalating to the point
where a country leaves the
single currency area.
Attention is also focused
on China not disappointing
consensus forecasts of
8 per cent growth, as
fears also grow over
whether the US economy
can resist further slowing.
Todays May employment
report will be a significant
event for investors.
The market is looking
for a resolution in the euro-
zone and wants to see signs
of re-acceleration in stable
economies, led by the US
and China, says Andrew
Root, US head of equity
research at Macquarie
Group.
Such uncertainty leaves
investors weighing the
potential for either
a powerful rebound in
risk appetite or further
selling of equities this
summer. The news-driven
nature of this gyrating
global equity market may
only be one or two head-
lines away from renewed
risk-on or increased risk-
off, says Sam Stovall, chief
equity strategist at S&P
Capital IQ.
May was certainly a risk-
off month. Asian stocks are
down more than 10 per cent
over the past month, with
losses even greater in US
dollar terms. In a scramble
for safety, the dollar has
surged against most Asian
currencies as well as the
euro in recent weeks.
lower Treasury yields
means that stocks have
become quite cheap relative
to bonds, says Bob Doll,
chief equity strategist at
BlackRock.
The S&P is priced at 13.2
times earnings and has a
dividend yield of 2.2 per
cent, well above the record
low 10-year Treasury yield
of below 1.54 per cent.
Jack Ablin, chief invest-
ment officer at Harris Pri-
vate Bank, says that the
US jobs data today should
distract investors at least
for a short time from their
eurozone fretting.
Analyst forecasts are for a
net 150,000 positions to
have been created in May
and for the unemployment
rate to stay at 8.1 per cent.
If the numbers disappoint
for a third successive month,
expect increased talk in the
markets about the chances
of more quantitative easing
of some description by the
Federal Reserve.
Traders wishing to
postulate in this way tend to
get most bang for their buck
in the gold market. Bullion
can vacillate sharply as QE
expectations wax and wane.
But as equities have
struggled for much of May
and the dollar index has
risen to near twoyear highs,
gold has refused to break
decisively below the, roughly,
$1,530 a troy ounce level.
This was particularly
noticeable on Wednesday.
Gold was falling alongside risk
assets only to detach itself
suddenly from that correlation
and move sharply higher
once the price came within a
few dollars of $1,530, the
third time it has done this in
the past couple of weeks.
The question for investors
is whether the bounce is only
technical or signals gold
reclaiming its haven status.
jamie.chisholm@ft.com
Rolling global overview at:
www.ft.com/markets
News analysis
Equities set to post
worst performance
since September,
write Michael
Mackenzie and
Robert Cookson
low level of bond yields
implies earnings growth for
the S&P 500 will turn
sharply negative this year.
Somebody will be right
and there is a huge valua-
tion differential between
equities and bonds, he
says.
Ultimately, fundamen-
tals win and we still see the
US economy growing at two
per cent, plus or minus a
quarter point this year,
which makes the US market
sub-trend, but resilient,
predicts Macquaries Mr
Root.
But much still depends on
the response of eurozone
policy makers.
With valuations already
suggesting that stocks are
very cheap relative to
bonds, a compromise in
Europe which keeps Greece
in the euro and is accompa-
nied by genuine attempts to
reflate the European econ-
omy, could be seen as a
major positive for global
markets, says David Kelly,
chief market strategist at
JPMorgan Funds.
Over the long term, Mr
Doll believes valuations for
stocks are compelling:
Assuming that the world
is not headed for a renewed
deflationary spiral, there is
little doubt in our view that
stocks are poised to provide
superior long-term returns
over bonds given their cur-
rent levels, he says.
-8.6% -11.7% -13.1% -13.5%
-18.9% -17.8% -6.7% -18.3%
Equity slide
Source: Thomson Reuters Datastream FT Graphic
Bovespa
Nikkei 225 Hang Seng FTSE Eurofirst 300 Xetra Dax
Ibex 35 FTSE MIB S&P 500
Performance in May 2012 ($ terms)
US and German stocks still in positive territory in 2012 Core government bond yields tumble from March
FTSE All World, Dax and S&P 500 (indices rebased, $ terms)
Jan May 2012
100
110
120
FTSE All World
Xetra Dax
S&P 500
Ten-year US and German yields (%)
Jan May 2012
1.2
1.4
1.6
1.8
2.0
2.2
US Treasuries
German Bunds
105
115
By Nicole Bullock and
Vivianne Rodrigues
in New York
Junk bond investors are
facing changes to their port-
folios as Ford Motor and
Ford Motor Credit, its
finance unit, yesterday quit
key benchmark indices and
returned to the investment
grade market.
The move officially sends
about $30bn of Ford debt
out of the junk market and
could spark a flurry of
activity as some investors
who track the index may
have waited to rotate out of
the carmakers bonds.
Ford debt regained invest-
ment grade status from
Moodys last week following
a similar upgrade from
Fitch in April. The group
has been a mainstay of junk
bond portfolios since it was
relegated to junk status in
2005 amid a broad downturn
in the US car industry.
At roughly 3 per cent,
Ford has had the largest
weighting in the Barclays
US High-Yield index. After
yesterdays close of busi-
ness, Barclays will shift
Ford debt to its investment
grade index.
Other, large issuers of
junk bonds, which are rated
double B plus or lower, and
those that have similar
characteristics to Ford in
terms of its business or
creditworthiness will fill
the gap.
For the high-yield
market, it means, gradu-
ally, you want to replace
Ford bonds, said Dan Fuss,
vice-chairman of Loomis
Sayles. Now we have a
new universe.
The weightings of CIT,
the middle market lender,
and the other top constitu-
ents of the Barclays index,
including International
Lease Finance, a unit of
AIG; First Data; hospital
operator HCA; and Ally
Financial, the former
finance unit of General
Motors, will increase. That
puts them in line to benefit
from the rebalancing.
There are still plenty of
names out there of compa-
nies that like Ford, origi-
nally sold debt when they
held investment-grade sta-
tus and later had their rat-
ings downgraded, said
Francis Rodilosso, a portfo-
lio manager at Van Eck
Associates.
He cited so-called fallen
angels Sprint and Regent
Financial.
There are still some
pretty big names that eve-
rybody knows in the air-
lines and telecommunica-
tions groups. This may
spark some sector diversifi-
cation within high-yield,
Mr Rodilosso said.
Risk aversion in the
financial markets is likely
to mitigate spillover gains
related to Fords ascent,
however. Some investors
have been selling Ford
bonds to meet recent
mutual fund redemptions.
Others trimmed holdings in
response to the upgrades or
as Fords yields fell with its
improving prospects.
Analysts were sceptical
that the economic recovery
that helped revive Ford
would see a groundswell of
other junk companies mov-
ing to investment grade.
After hitting single digits
in 2008 and 2009, 16 US com-
panies rated double B plus
are on watch for an
upgrade, according to
Standard & Poors. The
recent high was 26 in 2006.
The recovery is uneven
in the US, said Diane
Vazza, head of global fixed
income research at S&P.
More immediately [there]
are the credit linkages with
Europe and the ricochet
effect on the US market.
Ford upgrade sparks junk shift
On the Chinese mainland,
where equities are cut
off from international capi-
tal flows, the Shanghai
Composite is little changed
on the month although
it has spent the year bump-
ing along close to three-
year lows.
But, amid the broad sell-
off in May, two markets
the German Dax and the
S&P 500 have been more
resilient. Despite hefty
losses during May, they
remain up 5.8 per cent and
3.6 per cent respectively for
the year.
In the US, the S&P has
benefited from haven flows.
In a world of black and
white, US assets have
clearly enjoyed the spot-
light even as most other
countries stock markets
slowly fade to at least a
very deep grey, says
Nicholas Colas, chief mar-
ket strategist at ConvergEx
Group.
Over the month, as the
S&P posted a slide of 8 per
cent from more than 1,400
to less than 1,300 before
bouncing modestly, high
yielding and defensive tele-
com, utilities and consumer
staples outperformed the
benchmark.
Not surprisingly, energy,
financials, materials, tech-
nology and industrials have
all fallen more than the
benchmarks overall slide of
6.9 per cent.
For some, the divergence
between equities and bonds
is now overdone given no
recession for the US econ-
omy albeit with slow
growth and expectations
of S&P earnings rising to a
record $105.44 a share in
2012.
The combination of the
rising equity risk premium,
falling stock prices, improv-
ing corporate earnings and
Trading post
Jamie Chisholm
Gold price
Source: Thomson Reuters Datastream
Daily highs and lows
($ per troy ounce)
1 31 May 2012
1500
1550
1600
1650
1700
More news at
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Renminbi pressure
The Chinese currency is
weakening despite Beijings
gradual exchange rate
flexibility, causing concerns
over growing outflows
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in China would be worse
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Is it time to look for other havens?
Talking Point
US and German government
bonds have become the
asset class of choice given
high levels of uncertainty
over the eurozone debt
crisis, and yields on both
countries debt have fallen to
historic lows. But is it time
for investors to consider
other havens?
Renaissance Capitals
Charles
Robertson
warns that the
problem for
investors in
Treasuries and
Bunds is that
the US and German
governments are no longer
the clearcut havens they
were.
They have publicdebtto
GDP ratios of 80100 per
cent, worse than Spains, and
the Federal Reserve and the
European Central Bank can
no longer guarantee that
investors money will be
protected if investors return
home, he says.
The Fed is warning it
cannot offset the fiscal cliff
with monetary policy, while
Germanys Bundesbank is
calling for German inflation
that would ensure real losses
on Bunds.
As such, it may be time
for investors to diversify.
Treasuries and Bunds are not
the only havens.
Emerging markets, frontier
markets and especially
African markets no longer
deserve the same risky label
they once had.
And while Russia is far
from perfect, it offers good
opportunities for those
prepared to invest in shades
of grey.
Stephen
Lewis,
economist at
Monument
Securities, says
it is something
of a surprise to
many that the UK has come
to be viewed as a haven for
investments.
The UK economy is still
far from regaining precrisis
levels of output and the
governments finances are,
when judged on objective
criteria, in as parlous a state
as those of most of the
peripheral eurozone states,
he says.
But there are a number of
points in the UKs favour, the
most obvious of which is the
retention of its own currency.
The countrys banking
system is, at present, more
securely funded than those
of many other nations, and
the doggedness of the UKs
tax collectors may be a
source of reassurance to
holders of UK government
debt.
The chief nearterm risk is
probably political. If, for any
reason, the coalition should
break up, sentiment towards
the UK could turn negative.
Henry
Lancaster,
senior
investment
analyst at
Coutts, notes
that the
traditional haven of gold has
fallen out of favour recently
amid growing fears of
deflation.
However, the
fundamentals point to a
positive outlook for the
metal, which we believe has
longerterm attractions and is
good value at current levels.
We view gold as a
currency but one with many
advantages over fiat (paper)
currencies.
First, there is no credit
risk, and golds valuation
wont be eroded by inflation.
Gold cant be printed,
although mining adds about
1.5 per cent to the total
stock of the metal each year.
And it is interesting to
note that several central
banks have been buying gold
this year.
Admittedly, gold doesnt
provide a yield, although that
is of little disadvantage in the
current global environment of
record low yields.
We think selling gold in a
period of crisis is the wrong
response.
Stocks are poised
to provide superior
longterm returns
over bonds
Bob Doll,
BlackRock
JUNE 1 2012 Section:Markets Time: 31/5/2012 - 18:34 User: digbyt Page Name: ICNCOMMS USA, Part,Page,Edition: EUR, 25, 1
26

MARKETS
Friday June 1 2012
Sources: Bloomberg; Thomson Reuters Datastream
German government bonds
Two-year Schatz yield (%)
Sterling
Against the dollar ($ per )
Mar May 2012
0
0.05
0.10
0.15
0.20
0.25
0.30
0.35
Jan May 2012
1.52
1.54
1.56
1.58
1.60
1.62
Germanys twoyear
government bond yield
spent the day hovering
around the zero level,
highlighting the sense of
nervousness among
investors over the
eurozone debt crisis
Sterling briefly fell
below $1.54 to a four
month low against the
dollar as the US currency
continued to benefit from
a recent increase in
investor risk aversion
US recovery doubts play on investor fears
By Dave Shellock
Anxious investors contin-
ued to pile into highly rated
government bonds yester-
day with equity and com-
modity prices suffering
further losses as growing
doubts about the US recov-
ery amplified concerns
about the eurozone.
US, German and UK sov-
ereign yields extended their
remarkable slide to reach
historic lows for a second
day.
Germanys two-year yield
hovered around the zero
level while its 30-year yield
briefly dipped below that of
Japan for the first time
ever.
But there was a slightly
better tone in peripheral
eurozone debt markets.
Spains 10-year yield fell
10 basis points to 6.52 per
cent while Italys sank back
towards the 6 per cent level.
The euro also stabilised
against the dollar after
touching a fresh 22-month
low.
Broadly positive eurozone
data releases helped steady
sentiment in the region,
analysts suggested.
Germanys jobless rate
slipped and eurozone infla-
tion moderated, which
encouraged further talk
that the European Central
Bank could deliver an inter-
est rate cut at its meeting
next week.
However, Philip Shaw at
Investec said that, while an
easing next week could not
be ruled out, it was more
likely that Mario Draghi,
ECB president, would take
the opportunity to persuade
governments of the need to
take action. Mr Draghis
recent comments on leaders
requiring a clearer vision
on the euro and for govern-
ments to lean on the side of
overcapitalising the banks
provide examples of this,
Mr Shaw said. He may also
remind that the ECBs
Securities Markets Pro-
gramme bond buying is
ongoing, though currently
dormant. This is a weapon
in the armoury which we
expect the ECB to redeploy
in due course.
But data releases across
the Atlantic proved more
troublesome for the mar-
kets. US first-quarter GDP
growth was revised down to
1.9 per cent from the ini-
tially reported pace of 2.2
per cent as was largely
expected primarily due to
a downward revision to
inventory accumulation.
Other US data fell short of
expectations. Mays reading
of the Chicago purchasing
managers index came in at
52.7 well below forecasts
and the lowest since the
fourth quarter of 2009.
Meanwhile, initial jobless
claims rose to 383,000 last
week, from an upwardly
revised 373,000, while ADP
Employers Services said
private sector payrolls rose
by a relatively muted
133,000 in May increasing
the risk that todays non-
farm payrolls report could
be weaker than forecast.
Should the payroll
number come in below
100,000, then the policy risk
will shift from extension of
Operation Twist to outright
quantitative easing, sug-
gested Steven Ricchiuto,
chief economist at Mizuho
Securities USA.
Equity markets were in
no mood to draw much in
the way of positives from
the days data.
By midday in New York,
the S&P 500 was down 0.7
per cent, although it had
regained the 1,300 level.
In Europe, the FTSE
Eurofirst 300 fell 0.5 per
cent to a five-month closing
low while the Nikkei 225 in
Tokyo shed 1.1 per cent.
Commodity prices fell as
demand worries unsettled
the markets. Brent crude
fell further towards the
$100-a-barrel mark and cop-
per touched its lowest since
December. Gold bounced off
a low of $1,552 an ounce to
end the European session
0.3 per cent higher at $1,564.
The initial drop in the
gold price reflected an early
bout of strength for the dol-
lar against the euro.
But the single currency
subsequently rebounded
briefly regaining the $1.24
level before ending flat.
It was another day of
records for core govern-
ment bonds. The US 10-year
yield touched 1.53 per cent,
below the 1.55 per cent hit
in the 1940s, according to
Reuters. Germanys Bund
yielded as little as 1.2 per
cent as it fell another 7bp
while the UK 10-year gilt
yield touched 1.56 per cent.
GLOBAL OVERVIEW
GDP growth
revised down
Brent crude falls
towards $100
Source: Thomson Reuters Datastream Markets updated at www.ft.com/markets
FTSE 100 index FTSE Eurofirst 300 index S&P 500 index Nikkei 225 Average
2012 May 2012 May 2012 May 2012 May
000
5200
5400
5600
5800
960
980
1000
1020
1040
1060
8.5
9.0
9.5
10.0
1280
1300
1320
1340
1360
1380
1400
Latest
Change
on day
-0.66%
Change
on day
-0.46%
Change
on day
-1.05%
Change
on day
+0.18%
Yen at 11year euro high
CURRENCIES
By Alice Ross
The yen strengthened sig-
nificantly against other
major currencies amid
global risk aversion yester-
day, hitting its strongest
level against the euro in
more than 11 years.
The single currency
dipped 1 per cent to hit
Y96.48, its weakest level
against the Japanese cur-
rency since December 2000.
The dollar lost 1 per cent
to Y78.33, while the pound
fell 1.3 per cent to Y120.78,
its weakest level since the
start of February.
The rising pressure on
the yen because of haven
demand spurred specula-
tion that Tokyo would act
to weaken the Japanese
currency, following com-
ments from Jun Azumi,
Japanese finance minister,
that he was keeping a close
watch on speculative flows
into the yen.
Analysts at Bank of
Tokyo-Mitsubishi said that
Y78 against the dollar was
at a psychological level for
the Bank of Japan.
For us the yen is the
obvious safe haven play and
we were seeing that borne
out more in the cross rates,
but thats spread more to
dollar yen as well now,
said Derek Halpenny, ana-
lyst at Bank of Tokyo-Mit-
subishi.
The rhetoric from Tokyo
has picked up in the past
day or two but its not
aggressive so thats encour-
aging flows into the yen.
The dollar index reached
a 20-month high after US
gross domestic product for
the first quarter was
revised downwards, raising
expectations that the US
might embark on a further
round of monetary easing.
The euro found some sup-
port against the dollar and
the pound following a brief
rise above $1.24 against the
dollar earlier in the day,
after eurozone inflation fig-
ures were lower than
expected. The single cur-
rency later fell to $1.2335
but was 0.1 per cent higher
at $1.2376 at the close of
London trading. It rose 0.5
per cent against sterling to
0.8026.
The Swiss franc was
slightly stronger against
the dollar after figures
showed the Swiss economy
grew more than expected,
rising 0.7 per cent in the
first quarter of the year.
The dollar fell 0.1 per cent
against the franc, but had
earlier hit an annual high
against the Swiss currency
at SFr0.9735.
www.ft.com/currencies
Joy Global drops as lacklustre
economic data hit sentiment
By Ajay Makan and Arash
Massoudi in New York
Joy Global fell as much as
9.8 per cent as the mining
equipment maker gave a
downbeat forecast for the
rest of the year, while
energy and materials equi-
ties were among yesterdays
worst performers.
The S&P 500 dropped
sharply in the morning ses-
sion after first-quarter
growth for the US was
revised down from an annu-
alised rate of 2.2 per cent to
1.9 per cent on a gloomy
day of economic data.
The benchmark US index,
which had fallen below the
1,300 level in early activity,
began to recoup its losses
by midday. The S&P 500
declined 0.7 per cent to
1,304.41, with energy and
material stocks leading the
losses.
Joy Global lost 6.2 per
cent to $55.35 to make it the
second-worst performing
equity on the main US mar-
ket. The company, which
exceeded analysts expecta-
tions for the first-quarter,
said risks to global demand
would hurt its business in
the years remaining quar-
ters.
Andy Kaplowitz, analyst
at Barclays, said the low-
ered outlook represented
the conservative nature of
Joys management in times
of elevated global uncer-
tainty. He added that the
outlook may help in reset-
ting expectations to more
reasonable levels.
Analysts at Morgan
Stanley said that mining
equipment sales will con-
tinue to grow as the aver-
age electric shovel in use is
more than 16 years old and
as exploration goes to
deeper reaches of the earth.
But they warned the recent
pull back in commodity
prices showed the risks fac-
ing companies like Joy.
Meanwhile, Facebook
shares continued their
descent since the social net-
working sites debut two
weeks ago. Shares in the
company fell 2.5 per cent to
$27.50 and are now down
more than 28 per cent from
their public offering price of
$38.
Scott Kessler, analyst at
S&P Capital IQ, reiterated
his sell rating on Face-
book and lowered his earn-
ings estimates. He said:
We expect negative news-
flow to subside somewhat,
but still see adverse issues
related to fundamentals,
risks and valuation.
Volatile material and
energy stocks led the fallers
with both sub-indices on
the S&P 500 falling index
down more than 1 per cent.
Miner Cliffs Natural
Resources, fell 6.2 per cent
to $47.75 and Alpha Natural
Resources, which exports
metallurgical coal to China
for use in the manufacture
of steel, was off 4.5 per cent
to $10.31.
The downward revision to
gross domestic product
came alongside a weak jobs
number from the payrolls
processing company ADP
and a rise in new claims for
unemployment insurance.
Improvements in growth
have been predicated on a
thawing of frozen consumer
confidence and a steadily
improving series of payroll
numbers, said Andrew
Wilkinson, chief economic
strategist at Miller Tabak.
The Nasdaq Composite
Index was off 0.8 per cent to
2,813.4.
Apple, the heaviest
weighted stock on the tech
heavy index, lost 0.4 per
cent to $577.15.
Shares in Leap Wireless
climbed as much as 3 per
cent as the mobile phone
network said it would start
selling Apples iPhone next
month.
That would mark the first
time the iPhone has been
offered on a prepaid carrier
in the US. But shares in
Leap were off 1.6 per cent to
$5.67 by midday.
Netflix shares continued
their slide and declined 5.5
per cent to $63.66. Shares in
the home DVD delivery and
internet streaming com-
pany have now lost more
than 75 per cent in the last
year.
Groupon, the offers web-
site, dropped 7.4 per cent to
$10.28. LinkedIn, the online
professional networking
site, fell 3.1 per cent to
$95.14.
Sears Holdings, one of
Wednesdays biggest losers,
fell for a second day as
retailers reported strong
same store sales figures for
May.
The company which owns
Sears and Kmart lost 5 per
cent to $49.71. Another
retailer, Kohls, dropped 5.5
per cent to $46.14.
The Dow Jones Industrial
Average fell 0.4 per cent to
12,369.08. Walmart shares
jumped 0.8 per cent to
$66.96, as the worlds largest
retailer by sales confronted
a shareholder rebellion over
its independent directors at
its annual meeting in
Arkansas. Bank of America
lost 1.7 per cent to $7.08.
Noble Energy fell 5.1 per
cent to $30.94, despite
announcing it was to
receive about $127m for the
sale of properties in the
British North Sea, to Mae-
rsk Oil. The company has
been looking to sell non-
core assets to fund explora-
tion in its US properties, in
particular shale oil and gas-
fields.
WALL STREET
Source: Thomson Reuters Datastream
Key indicators Joy Global
Jun 2011 May
2012
50
60
70
80
90
100
Share price ($)
Days
Indices Close change
S & P 500 1309.08 -4.24
DJ Industrials 12408.58 -11.28
Nasdaq Comp 2821.19 -16.17
Russell 2000 757.22 -4.78
VIX 23.97 -0.17
US 10 yr Treas Bd 1.58 -0.05
US 2 yr Treas Bd 0.26 -0.01
US equities
Wall Street saw out the
month on a choppy note as
a batch of disappointing
domestic economic data
added to the markets
deteriorating view of the
eurozone, heightening worries
about the global outlook
UK equities
The FTSE 100 index
outperformed its continental
European counterparts
yesterday but still ended with
a loss during May as a whole
of 7.5 per cent, its sharpest
monthly retreat since
February 2009
European equities
Europes bourses ended the
month on a negative note,
with the Eurofirst 300
closing at a fresh 2012 low,
as concerns about the debt
crisis were compounded by
fresh signs that the US
recovery was faltering
Asian equities
The Nikkeis decline left it at
its lowest level since January
and nursing its biggest
monthly fall 10.3 per cent
for two years. Hong Kong
recorded its worst May
performance in 14 years as
the index shed 11.7 per cent
By Alexandra Stevenson
European equities were
unable to sustain momen-
tum from a morning rally
as worried investors pushed
markets back into the red.
The Europe-wide FTSE
Eurofirst 300 fell 0.5 per
cent to a new year low of
971.28.
Were going to be look-
ing over the precipice for a
while and markets will be
more noisy and volatile. No
one knows what the out-
come [of political events in
Greece and Spain] will be,
Karen Olney, Europe strate-
gist at UBS, said.
Sandvik, the Swedish tool
and mining company, suf-
fered the biggest losses
across the Europe-wide
index, after it announced a
series of senior appoint-
ments. Shares fell 4.7 per
cent to SKr90.10.
In Athens, Coca-Cola Hel-
lenic Bottling made the big-
gest gain on the FTSE
Eurofirst 300, with shares
climbing 12.4 per cent to
14.10.
Negative first-quarter
results from EFG Eurobank
and Alpha Bank, Greeces
second and third largest
lenders by assets, failed to
drag the broader Greek
benchmark index into nega-
tive territory.
Shares in Eurobank slid
5.7 per cent to 0.50 after it
reported a loss of 236m,
while Alpha Bank fell 1 per
cent to 0.88 on news that it
suffered a net loss of
107.8m.
The Athens General index
was one of only a few indi-
ces to close in positive terri-
tory, climbing 2.8 per cent
to 525.45.
In Italy, gas network
operator Snam received a
boost after Eni, the energy
group that controls 52.5 per
cent of Snam shares,
announced details of its
plan to sell its stake.
Shares in Snam climbed
4.2 per cent to 3.27 on
news that 30 per cent of the
stake would be sold at a 3
per cent premium. The
remainder will be sold in
the market over the coming
year. Shares in Eni gained
1.7 per cent to 15.60.
The wider FTSE MIB was
largely unchanged at
12,873.84.
In Paris, the CAC 40
index closed up 0.1 per cent
to 3,017.01.
In Frankfurt, the Xetra
Dax index slid 0.3 per cent
to 6,264.38, pulled down by
ThyssenKrupp. The Ger-
man steelmaker slumped
3.9 per cent to 13.35.
Political uncertainty in
the eurozone periphery con-
tinued to see investors flood
into haven investments,
pushing yields on US Treas-
uries down and German
Bunds to another record
low.
LONDON
Athens closes higher in spite
of Eurobank and Alpha falls
EUROPE
EFG Eurobank
Source: Thomson Reuters Datastream
Share price ()
Jan May 2012
0
0.5
1.0
1.5
Summer ad sales
fears drag on ITV
4.27 per cent stake. Counter-
bid hopes pushed Logica
68.8 per cent higher to
110.9p after it said it had
agreed a 105p-a-share offer
from Canadas CGI Group.
Numis Securities said the
Logica bid demonstrated
that UK technology compa-
nies were materially under-
valued. It saw software
makers Sage, up 2.4 per
cent to 256.5p, and Fidessa,
ahead 2.3 per cent to 15.40,
as potential targets.
Miners were under pres-
sure as weak US data led
copper to a five-month low.
ENRC slid 2.8 per cent to
422.5p, Kazakhmys was
down 2.2 per cent to 665p
and Xstrata faded 1.8 per
cent to 922.5p.
Aq u a r i u s Pl a t i n u m
erased a recent rally with
the miner losing 4.7 per
cent to 73.4p.
Retailer Halfords fell 12.3
per cent to 241.9p on a
warning that current trad-
ing was very disappoint-
ing. 3i Group was up 3 per
cent to 174.7p on news that
Simon Borrows, its new
chief executive, had bought
4m shares.
By Bryce Elder
ITV was among the sharp-
est fallers on fears that its
summer advertising sales
would disappoint.
Liberum forecast a con-
traction of more than 10 per
cent in July and 5 per cent
in August in the television
ad market. That would
imply a drop of 4 per cent
or more in third-quarter ad
sales at ITV. Liberum
retained buy advice on
ITV, which closed 5.7 per
cent lower to 72.9p.
The wider market com-
pleted its worst month
since February 2009. The
FTSE 100 closed up 9.67
points, or 0.2 per cent, at
5,306.95 a monthly decline
of 7.5 per cent.
Admiral, the car insurer,
dropped 7.2 per cent to
10.39 after the Office of
Fair Trading said it had
referred the industry to the
Competition Commission.
InterContinental Hotels
rose 5.6 per cent to 15.26
after Trian Fund Manage-
ment said it had taken a
Markets update
JUNE 1 2012 Section:Markets Time: 31/5/2012 - 20:31 User: baileyp Page Name: WSM2 ASI, Part,Page,Edition: EUR, 26, 1
CYBERSECURITY
FINANCIAL TIMES SPECIAL REPORT
|
Friday June 1 2012 ft.com/cybersecurit
y
Video
Ed Forrester
explains how
to tackle
online crime
www.ft.com/cybersecurity2012 | twitter.com/ftreports
Inside this issue
The cloud
Providers
must win
trust,
clients
must
make
checks
Page 2
Personal devices
Smartphones are not so
smart when it comes to
malware Page 2
Regulation The public
jealously guards its web
freedoms Page 2
Privacy Transatlantic
tensions cast a pall over
data sharing Page 3
Hacktivism
Not all
perpetrators
are
politically
motivated
Page 3
Security packages What
consumers can do to
protect themselves Page 3
Real costs Financial losses
have risen by half in a year
Page 4
Constant vigilance
The key to catching covert
criminals Page 4
Defence
The use of
cyber
weapons is
suspected
in the
design and
production
of the
Chinese stealth fighter
Page 4
G
overnments, busi-
nesses and consumers
are under attack.
Hardly a week goes
by without a report of a cyberse-
curity breach and warnings
from IT security experts about
the vulnerability of assets from
intellectual property to critical
national infrastructure.
A few weeks ago, officials
from the US Department of
Homeland Security warned
national utility companies that
the computer networks that
control natural gas pipelines
have been under attack since
December from sophisticated
spear-phishing strategies
emails or instant messages that
target a specific person or small
group and allow cyber attackers
to establish and build up a pres-
ence in a network.
While there was no informa-
tion about the source or motive
of the attack, experts suggested
two possibilities: it was either
an attempt to gain control of
gas pipelines in order to disrupt
supplies or to access informa-
tion about flows to use in com-
modities trading.
Meanwhile, state-sponsored
attacks often in the form of
advanced persistent threats that
can operate undetected for
months or years and reports of
hacker armies in some rogue
nations have given rise to con-
cerns that international cyber-
warfare could come to pass.
A report published in May by
Strategy Analytics, a Boston-
based consultancy, noted that,
defending military assets from
attacks generated through the
digital cyber domain means that
traditional battle domains air,
land, sea and space now have
a fifth operational category,
cyberspace.
The authors noted that
defending this fifth domain will
become ever more important, as
military platforms and systems
become increasingly dependent
on IT networks and systems.
Cybersecurity will need to be
woven into devices and net-
works from the outset, says
Asif Anwar, director of the con-
sultancys advance defense sys-
tems service.
There has been a recent flurry
of public statements and warn-
ings from senior and former mil-
itary and intelligence officials in
the US and elsewhere, including
Britain.
Shawn Henry is a cybersecu-
rity expert who retired recently
as executive assistant director
of the FBIs Criminal, Cyber,
Response and Services Branch.
He told the Washington Post
newspaper this year that at
least half a dozen countries with
offensive cyber-capabilities are
probing US corporate and mili-
tary systems, looking for
data and a way to gain a toe-
hold, in case they one day want
to disrupt or destroy the net-
works.
Rear Admiral Samuel Cox, the
director of intelligence at US
Cyber Command, among others,
has warned that a global cyber
arms race is under way.
Concern about such attacks
led the Pentagon last year to
classify computer sabotage from
another country as potentially
an act of war.
This development opens up
the possibility of a US military
response.
Similarly in Britain, where
the government revealed last
year that Foreign Office IT
systems had come under attack
from a hostile state intelligence
agency, ministers, counter-ter-
rorism experts and senior civil
servants have backed calls for
new international rules to try to
prevent cyber warfare.
In the US, dire warnings,
coupled with well publicised
attacks on companies from Citi-
group, the third-largest US bank
by assets, to Lockheed Martin,
the defence company, have
intensified focus on IP theft and
network disruption by criminals
and hackers.
In response, legislators in the
US and Europe have begun to
talk about the need for more
comprehensive IT security laws
and greater co-operation
between governments and the
private sector.
The US House of Representa-
tives recently approved a bill
called the Cyber Intelligence
Sharing and Protection Act
(Cispa).
But the proposed legislation
has run into serious opposition
from privacy advocates and
those in the Obama administra-
tion who fear that the informa-
tion sharing provisions of the
act could be used to spy on US
citizens. This prompted a spir-
ited defence of Cispa in May by
Mike Rogers, chairman of the
House Intelligence Committee.
Mr Rogers warned that,with-
out real-time information shar-
ing, US companies cannot adapt
and respond to cyberattackers
constantly changing tactics.
He insisted Cispa will har-
ness private-sector drive and
innovation, while keeping the
government out of the business
of monitoring and guarding pri-
vate-sector networks.
Warnings
of war
serve to
focus minds
US and EU legislators
recognise the need
for more cooperation
and additional laws,
reports Paul Taylor
Continued on Page 2
E
D
A
A
K
A
L
T
U
N
JUNE 1 2012 Section:Reports Time: 29/5/2012 - 15:36 User: miltonu Page Name: HAK1, Part,Page,Edition: HAK, 1, 1
2

FINANCIAL TIMES FRIDAY JUNE 1 2012
Cybersecurity
Nevertheless, security experts
say it is unlikely the Cispa legis-
lation will move forward in its
current form. Instead, research-
ers at Georgia Institute of Tech-
nology have proposed setting up
an independent malware mali-
cious software intelligence sys-
tem to help officials share infor-
mation about attacks, while pro-
tecting confidential data.
Known as Titan, the system
will be at the centre of a secu-
rity community that will aim to
create safety in numbers
companies large and small will
add their threat information to
a database that will be shared
with all participants.
Security researchers acknowl-
edge that a determined hacker
can probably succeed in compro-
mising most organisations net-
works, but they believe Titan,
coupled with improved tech-
niques such as real-time net-
work monitoring, can help com-
panies make that as difficult as
possible.
While there may be disagree-
ment over the best ways to
counter cybersecurity threats at
both the national and corporate
level, there is no debate that the
problem is getting bigger and
the losses attributed to cyber-
crime are growing.
The Ponemon Institute, a pri-
vacy research group that per-
forms an annual study about
this, estimated that security
breaches cost US companies
alone an estimated $96bn in the
first nine months of 2011.
Similarly, a recent study by
Symantec, an antivirus software
manufacturer, estimated that
the annual cost of global cyber-
crime now easily exceeds the
combined yearly market for
marijuana, cocaine and heroin.
The Verizon 2012 Data Breach
Investigations Report, an analy-
sis that includes data from the
US Secret Service and the
national security bodies of other
states, identified more than 855
data breaches, which resulted in
the compromise of more than
174m private records.
Nearly 70 per cent originated
in eastern Europe 97 per cent
could have been avoided if sim-
ple security measures had been
in place. However the biggest
change was the 58 per cent rise
in stolen records attributed to
hacktivist groups such as
Anonymous and LulzSec.
Henry Harrison, technical
director at Detica an informa-
tion security company owned
by BAE Systems, the defence
group, says that the threats
hacktivists pose range widely,
from simple vandalism of
websites (denial-of-service
attacks) to the technically
highly sophisticated.
He says hacktivist groups are
arguably not the biggest cyber
threat to businesses. When Det-
ica asked IT professionals who
was most likely to mount a tar-
geted attack and cause harm, 56
per cent of large businesses
identified hobbyist hackers, but
organised criminal groups or
professional fraudsters took the
top spot with 73 per cent.
To combat all types of threats,
cybersecurity experts say com-
panies need to change the way
they keep their assets safe. The
old medieval city approach to
IT security, where all company
data are locked away behind a
secure firewall, just doesnt
work any more, says Phil Hop-
ley, of h2index, a UK-based IT
research and benchmarking
firm.
Mr Hopley says: Technology
is no longer able to provide the
total solution. Data security is
the responsibility of everyone.
The companies that we
believe to be adopting the best
approach have a robust security
governance policy, backed up by
good communications to ensure
awareness, awareness and more
awareness among everyone in
the business.
Warnings
of war
focus
minds
Continued from Page 1
Contributors
Paul Taylor
The Connected Business Editor
Carola Hoyos
Defence Correspondent
Charles Batchelor
Jane Bird
Alan Cane
Georgina Elrington
Stephen Pritchard
FT Contributors
Ursula Milton
Commissioning Editor
Steven Bird
Designer
Andy Mears
Picture Editor
For advertising contact:
James Aylott on:
+44 (0)20 7873 3392;
james.aylott@ft.com
All FT Reports are on FT.com
Go to: www.ft.com/reports
Follow us on twitter at
www.twitter.com/ft.reports
Creating regulations to bring
law and order to the sometimes
anarchic world of cyberspace is
a tough job, as lawmakers and
civil liberties activists fight
their respective corners. The
result is often stalemate.
As Ed Savage, a cybersecurity
expert at PA Consulting,
explains: A government
attempting to legislate or regu-
late in cyberspace has got to
tread carefully, because the
public largely regards the
freedoms of the internet as non-
negotiable
Measures have been drafted in
the US and one of these, the
Cyber Intelligence Sharing and
Protection Act (Cispa), was
passed by the Republican-
controlled House of Representa-
tives this year.
However, its chances of mak-
ing it through the Democrat
controlled Senate seem slim.
Some in the industry argue
that too many issues have
been compressed into one bill
linking, for example, the
protection of physical infra-
structure with a requirement for
voluntary information sharing.
Internationally, the regulatory
picture is patchy. EU countries
are ahead of the US in passing
privacy legislation, while in
India, there is interest in regula-
tion but no great progress.
Chris McIntosh, chief execu-
tive of ViaSat UK, a company
that provides data security prod-
ucts and digital communication
systems, says that while specific
cybersecurity legislation is not
yet widespread, existing data
protection laws are being
updated and tested in their
place.
At the same time, other pro-
posed, pending and recently
passed legislation will have a
profound effect on organisa-
tions responsibilities with per-
sonal data. he says
The likes of Cispa, while
aimed at preventing cyber-
threats, will also require inter-
net security providers and other
organisations to hold and share
a large amount of sensitive
information with the relevant
government bodies.
It will be surprising if these
organisations arent targeted
with more restrictive security
legislation in the near future to
ensure the data remains safe,
Mr McIntosh says.
Meanwhile, the European
Commission has voiced its
concern about the number of
EU members unprepared
to deal with cybercrime.
Only 10 states have put in
place or are developing strate-
gies. Heli Tiirmaa-Klaar, a
cybersecurity policy adviser in
the European External Action
Service, has said that the situa-
tion is like in the 1940s, when
people had no idea about the
power of the atom.
Taher Elgamal, chief security
officer at Axway, a software and
services company, says that
only international laws would
be enforceable. But, he adds: I
dont know what body would
take that on.
He suggests the International
Telecommunication Union could
be a candidate. He also points to
PCI, the credit card processing
security standard, as an exam-
ple of self-regulation that seems
to work.
Others believe better sharing
of information after a security
breach as there is after acci-
dents in some other sectors
could be beneficial.
Mr Savage at PA thinks the
sensible course for governments
is to support best practice and
safer ways of doing business on
the internet.
For the past year, a group of
companies concerned with secu-
rity, including PA, Cisco,
Symantec, G4S and Control
Risks, has been working to
establish a standard, initially
for the UK but with the hope
that it will be adopted round the
world.
The new standard, currently
going through approval in the
UK, will tell organisations how
to protect themselves and how
to measure how safe they are.
Mr Savage says: We are say-
ing Here is our best advice on
what companies need to do.
Many organisations are con-
fused and focus on technology
at the expense of people risk
and physical security.
Some 96 per cent of attacks
could be stopped if people fol-
lowed the practices that their
employer laid down, but a lot of
best practice involves bureau-
cratic processes that people
dont or cant follow.
In general, observers believe
the internet will yield to regula-
tion, even if it takes five or 10
years for the necessary laws to
be passed.
But for the moment, most
favour a kind of self-regulation
driven by enlightened self-
interest and believe that no poli-
tician is willing to risk their
career promoting draconian
measures, until public opinion
changes.
The public jealously guards its web freedoms
Regulation
Alan Cane considers
the delicate balance
that must be struck on
virtual law and order
About 96 per cent
of cyber attacks
could be stopped if
people followed the
practices that their
employer laid down
Smartphones are brimming with
applications, rich in data and
often synchronised with their
owners payment processing
services. Yet typically, they
have less security than a per-
sonal computer.
What is more, because there is
a small number of operating
systems some with very large
numbers of users all the
devices on a particular platform
could be affected by a single
piece of malware malicious
software.
In the smartphone market, the
Apple operating system iOS
has a 23 per cent share. Between
them, Symbian, Research In
Motion (RIM), Bada, Microsoft
and others make up 21 per cent,
according to Gartner, a market
research company.
The Android operating system
(OS) has the largest market
share at 56 per cent, with sales
of 81m units of the 144m sold in
the first quarter. So it is per-
haps not surprising that most
smartphone malware targets
Android at the moment.
Every day, we see new mal-
ware designed to infect Android
devices and make money for
cybercriminals and fraudsters,
says Graham Cluley, senior
technology consultant at
Sophos, an IT security company.
Social media activity via
smartphones is a boon for mal-
ware producers, with both Twit-
ter and Facebook being used to
lure people into installing
infected applications.
While an application may
appear to be legitimate and to
be working well, the malware
that a user has accidentally
installed will be busy in the
background, perhaps making
premium rate calls or sending
texts. Often the first warning
sign is an abnormal bill.
Email can open doors to mali-
cious content too. During a 12-
month trial of its malware
blocking technology, Millenoki,
a data control company, dealt
with 1.8m spam and phishing
emails. That is about 64,000 mes-
sages a person over the trial
period (or 175 emails a day). The
sample included only 28 users.
Dan Field, chief executive of
Millenoki, says, Smartphones
often arent that smart when it
comes to malware. Users need
to be vigilant when download-
ing any application or message.
Theres a lot of talk in the
industry about how to solve the
problem, but the operators and
handset manufacturers tend to
move more slowly than the bad
guys. For most users, the best
defence is caution, common
sense and an off-the-shelf solu-
tion designed specifically to
help.
Obvious threats that malware
poses to commercial concerns
are receiving considerable atten-
tion.
Pat Carroll, chief executive of
Validsoft, a security company,
stresses that financial transac-
tion architecture needs to be
tailored for the mobile world
and to include layers of invisible
and complex security elements,
such as voice biometrics.
Tim Hodkinson, RIMs direc-
tor of enterprise marketing
Emea, also acknowledges the
importance of security, particu-
larly in the workplace where
individuals have an increasing
number of devices, both per-
sonal and employer-provided.
The rise of BYOD [bring your
own device] has created a new
set of challenges for the IT
department, most notably, the
risk that the content that users
download to personal devices
connected to the corporate net-
work could adversely affect the
security infrastructure of the
organisation, he says.
RIM recently launched Black-
Berry Mobile Fusion, a system
that consolidates the manage-
ment and security of BlackBerry
smartphones and the Black-
Berry PlayBook tablet, as well
as devices running Android and
iOS.
It should be as easy to come
by updates and security patches
for smartphones as it is for
desktop computers, but this is
not the case.
Apple does a reasonably good
job of this with iOS. However,
the fragmentation of the
Android marketplace creates
more of a challenge.
Google relies on users to
report offending apps, which are
then withdrawn from the
Google Play store. This could be
seen as shutting the stable door
after the horse has bolted.
Mr Cluley says, Apple and
Google need to look carefully at
how well they protect users
through their official applica-
tion marketplaces, but there is
more that they could do.
For instance, legitimate secu-
rity companies would love to
produce antivirus software for
iOS, but currently it wouldnt be
allowed into the App Store.
Rather than wait for develop-
ers, hardware makers and tele-
coms companies to take action,
he thinks users should take
security into their own hands.
Luke Hinds, global solutions
architect at Nokia Siemens Net-
works, says, Some 84 per cent
of subscribers use their smart
devices to manage valuable data
and content wherever they go,
both privately and for business
use. This presents an increas-
ingly tempting target for cyber-
criminals and hackers.
Despite the risks, less than
half of consumers use keypad
locks or passwords to secure
their smartphones, and only 29
per cent of users say they have
considered installing an antivi-
rus product to protect their
smartphone.
In August 2011, Juniper
Research, a consultancy,
reported that fewer than 1 in 20
smartphones and tablets had
third-party security software,
despite a steady increase in
threats.
Smartphones
not so smart
when it comes
to malware
Personal devices
It is not as easy to
come by security
updates and patches
as it should be, says
Georgina Elrington
For most users,
the best defence is
caution, common
sense and an offthe
shelf solution designed
specifically to help
P
roviders of cloud serv-
ices like to impress
upon potential custom-
ers how much money
they will save or what good
quality service they will enjoy.
What they often fail to realise
is that customers main concern
is security.
It does not matter whether the
danger of a security breach is
real or not, says Tudor Aw,
technology sector head for
KPMG Europe. People perceive
it to be [real], and perception is
what matters. Concern about
security is the number one bar-
rier to cloud adoption, he says
The proof of this may be seen
in a survey of 600 large compa-
nies by Tata Consultancy Serv-
ices. This found that only 20 per
cent would consider putting
their most critical applications
in public clouds.
There was more confidence in
private clouds: 66 per cent of US
companies and 48 per cent of
those in the UK, said they
would consider using these for
core applications.
But everywhere, TCS found
that IT security was the biggest
concern for companies that
were thinking of switching to
the cloud.
Providers tend to give secu-
rity a low priority when they
pitch their services and assume
people will be happy with what
they are offered, says Mr Aw.
In fact they need to win cus-
tomer trust by showing that
they see security as a funda-
mental aspect of their service,
explaining their codes of con-
duct, training and monitoring.
Providers treat security as a
hygiene issue, putting it on
page 28 or 50 of a sales docu-
ment, whereas it should be on
page one, almost the headline,
says Mr Aw.
However, for their part, cus-
tomers need to take the initia-
tive in checking the security of
their providers, says Chris Wys-
opal, co-founder and chief tech-
nology officer of Veracode, an
application security services
company.
The cloud providers security
precautions, such as access con-
trol and encryption, need to be
as good as or better than the
customer would have in-house,
Mr Wysopal says.
Cloud customers should also
incorporate more built-in secu-
rity in their data and programs.
[Customers] need to think how
they would design their data
and applications if they didnt
have control of the hardware or
the network, which is effectively
what happens with cloud serv-
ices, he says.
Among the methods they can
use are encryption, multi-factor
authentication, virtualisation
and white-listing.
Encryption is essential to
ensure that, if data are stolen,
they cannot be read. It is the
most effective way to secure
information in the cloud, says
Jason Hart, vice-president of
cloud solutions for SafeNet, a
data protection company.
Encrypting information sepa-
rates it from other data stored
in the same cloud and from the
system it resides on, says Mr
Hart. This eliminates the possi-
bility of mingling, and mini-
mises the potential damage of
leakage.
The problem is that encrypted
information needs to be
unscrambled so that legitimate
users can view it. The risk is
that someone hacks in at this
point.
There is not a good solution
to protect against that happen-
ing at present, says Mr Wys-
opal.
At the moment, the main way
of coping with the problem is to
alert people whose information
may have been compromised, so
they can take action.
Multi-factor authentication is
useful, as it keeps out unwanted
users. And virtualisation helps
by creating the electronic equiv-
alent of a firewall to contain
intruders and clean up after
them. White-listing and applica-
tion control add further protec-
tion by restricting access to spe-
cific information to those
authorised to see it.
Despite the publicity sur-
rounding hacking attacks, most
security breaches are caused by
user error. Mistakes can be as
basic as people leaving pass-
words lying around on a desk,
or a laptop in a car.
Another risk is that decryp-
tion keys are often stored on the
same cloud server as the associ-
ated data.
This is like leaving your keys
in the door after you have
locked your house, says Mr
Hart. A better approach is to
store keys on a server else-
where.
Educating staff about security
is essential, says Mr Wysopal,
especially with the trend for
people to use apps on personal
smartphones and tablets for
work applications.
IT departments need to be
able to check apps and ban
those that seem suspect. This
can be a challenge because of
the sheer volume of them now
being created, says Mr Wysopal.
Among the reasons for ban-
ning an app are if [an IT] inves-
tigation reveals it is running
from China, has only
been available for three months,
and the company concerned
refuses to answer security ques-
tions.
However, fears of security
breaches in the cloud may be
causing more concern than they
warrant.
In practice, cloud service pro-
viders are likely to be better
than many of their clients at
security because it is their day
job, says Mr Aw.
This particularly applies to
clients that are small and medi-
um-sized businesses, who are
turning to the cloud faster than
large-scale companies with big
in-house IT departments.
Service providers are under
pressure to keep up with the
latest software patches and
upgrades, whereas an individual
company might make do with a
previous version for financial
reasons.
Cloud users will always be
concerned about security, says
Mr Aw. But eventually they
will become comfortable with
the cloud business model, just
as today we dont think twice
about internet shopping.
Providers must win trust,
clients must make checks
The cloud
Fears of security
breaches may be
causing more concern
than they warrant,
writes Jane Bird
Eventually, business
will become
comfortable with the
cloud, just as today we
dont think twice about
internet shopping
Screening service: educating staff is important as the use of personal devices at work grows
JUNE 1 2012 Section:Reports Time: 29/5/2012 - 15:37 User: miltonu Page Name: HAK2, Part,Page,Edition: HAK, 2, 1
FINANCIAL TIMES FRIDAY JUNE 1 2012

3
Cybersecurity
Privacy is moving up the politi-
cal and business agenda on both
sides of the Atlantic. The EU
has put forward draft regula-
tions to strengthen its 17-year-
old Data Protection Directive,
while the Obama administration
in the US has unveiled a blue-
print for a Consumer Privacy
Bill of Rights.
A key goal of the draft Euro-
pean Data Protection Regulation
published in January is to har-
monise existing laws and make
life easier for companies operat-
ing across borders. The pro-
posed US law, announced in
February, aims to balance con-
sumer privacy with maintaining
the ability of internet companies
to innovate and boost economic
growth.
Welcome as these measures
may be to individuals, they
impose a cost on business and
do not always sit easily along-
side other legislation designed
to protect the public. The EUs
data protection measures have
already rubbed up against the
US Patriot Act, introduced in
the wake of the 9/11 bombings,
that can require disclosure of
information to the authorities.
The provision of the Patriot
Act that most concerns Euro-
pean businesses is that US com-
panies that hold their data
including outsourced and
cloud service providers can
be required to hand over infor-
mation without their customers
knowledge and consent.
This is in conflict with the EU
Data Protection Directive, which
protects an individuals data
and extends those rights even if
the data leave the EU. The pro-
posed strengthening of the EU
rules will lend even greater
force to these provisions.
The Obama administration has
sought to play down the impact
of the Patriot Act, but Europe-
based organisations remain con-
cerned.
BAE Systems, the aerospace
group, backed out of a deal to
use the Microsoft Office 365
cloud-based service, because
Microsoft could not give guaran-
tees on the data. The Danish
data protection agency objected
to the town of Odense using
Google Apps online office suite
for similar reasons. A Dutch
minister threatened to ban US
cloud providers from govern-
ment IT contracts, although he
later softened his stance.
Others are more relaxed. Dan-
iel Pradelles, Europe, Middle
East and Africa privacy officer
at HP, the IT software and serv-
ices group, describes the Patriot
Act as a non-issue and accepts
the US administrations assur-
ances that the legislation will
not be overused.
Peter Gooch, director of the
security and privacy team at
Deloitte, the business advisers,
says: Some organisations say
they only have basic data and
they dont mind [it being
demanded by the US authori-
ties]. Others say it is sensitive
and they dont want the US gov-
ernment snooping around.
If there is a clash between the
US government and EU regula-
tion, Mr Gooch says, it will
come down to whose stick is
bigger, and that may be the US
government. It is only going to
get worse with the new, wider-
reaching EU regulations that
are being drafted. The reaction
in the US to these EU proposals
has been that they are over-
invasive and impractical.
Under the present EU data
directive, each member state
implements its own data protec-
tion rules, and differences have
arisen. An EU regulation, in con-
trast, allows for greater consist-
ency. Some countries require
companies to notify the national
data protection authority of
their activities, while others do
not. Germany insists on compa-
nies having a data protection
officer, other countries do not.
There are significant varia-
tions in the fines countries levy,
so it can be very cheap for com-
panies not to be compliant,
says Mr Pradelles. Changes are
also required because new tech-
nology, including the spread of
cloud computing and the growth
of mobile devices, means the old
rules are out of date.
The key changes proposed in
the new regulation are: fines of
up to 2 per cent of global turn-
over for serious breaches; appli-
cation of the rules to any busi-
ness operating in the EU, not
just those located there; and a
requirement that companies
employing more than 250 people
employ a chief privacy officer.
Further provisions call for a
strengthening of the existing
right to be forgotten, so that
companies delete all data held
on an individual; data portabil-
ity, so individuals can easily
transfer their personal data from
one service provider to another;
more explicit consent when col-
lecting personal data; and a
requirement to notify individu-
als and regulators of a breach of
the rules within 24 hours.
These changes could lead to
large fines for big companies
though fines for non-serious
breaches would be limited to
1m and would extend cover-
age of the rules to companies
such as Facebook and Google.
Newspaper archives have been
excluded from the right to be
forgotten, but the position of
search engines and online news
archives is less clear.
The impact of the revisions
will depend on how effectively
sanctions are imposed. There
are greater penalties, but will
they be used, asks Mr Gooch.
If fines are imposed as under
competition law, where there
are huge fines, companies will
have to think again.
For companies, this regula-
tory soup is a source of uncer-
tainty. Close attention to the dif-
ferent sets of rules is essential,
particularly in cases where
data are held by outsider service
providers.
Transatlantic tensions cast a pall over data sharing
Privacy
Conflicts between EU
and US law complicate
compliance, says
Charles Batchelor
The result of a clash
will come down to
whoevers stick is
bigger, and that may
be the US government
McAfee, the IT security
company now owned by
Intel, begins its first quar-
ter 2012 Threats Report
with a quote from the
Greek philosopher Heracli-
tus, known for his doctrine
that change is ever present
in the universe.
The reports authors note
that the philosophers asser-
tion that everything flows,
nothing stands still,
applies very well to the cur-
rent state of the battle with
cybercriminals.
PC malware had its busi-
est quarter in recent his-
tory, and mobile malware
also increased at a huge
rate, the report says, high-
lighting the growth of pass-
word stealing Trojans
which masquerade as useful
software and an increase
in malware (malicious soft-
ware) targeting Mac own-
ers, many of whom have
assumed until recently that
their machines were safe
from attack.
While the assertion that
the web is a dangerous
place for the uninformed
and unprotected might
seem self-serving from a
seller of security products,
independent data from aca-
demics, governments and
other IT experts support the
claim.
For example, security
researchers at Georgia
Institute of Technology in
the US who announced
plans last month to set up a
malware intelligence sys-
tem called Titan (see page
2), said they are seeing an
increase in malicious code
aimed at devices that use
the Android operating sys-
tem (OS) and Macintosh
computers.
Previously, these had not
been high-priority targets.
We see Android malware
in its infancy right now,
says Christopher Smoak, a
Georgia Tech research sci-
entist who heads the Titan
project. We see what it is
doing and how it is work-
ing, and we can draw paral-
lels with what we saw ear-
lier with Windows-based
malware. We can probably
expect to see the Android
and Mac malware follow a
similar path.
For Macintosh systems,
the threats are starting to
get scarier, says Andrew
Howard, another Georgia
Tech researcher. When
more malware authors shift
their focus to this platform,
a lot of people who thought
they were safe by not using
the Windows OS will be
caught off guard.
Similarly, as smartphones
have become more popular,
they have also become an
attractive target for mal-
ware writers and cybercrim-
inals, prompting most secu-
rity software developers to
add a mobile component to
their PC security products,
or to offer separate dedi-
cated products.
Others, including
Nomium, a technology,
company have created secu-
rity packages tailored for
mobile service providers.
In a recent report on the
threat to mobile phones, the
US Computer Emergency
Readiness Team warned:
Smartphones popularity
and relatively lax security
have made them attractive
targets for attackers.
Many users may con-
sider mobile phone security
to be less important than
the security of their PCs,
but the consequences of
attacks on mobile phones
can be just as severe. Mali-
cious software can make a
mobile phone a member of
a network of devices that
can be controlled by an
attacker [a botnet].
[It] can also send device
information to attackers
and perform other harmful
commands. Mobile phones
can also spread viruses to
PCs that they connect to.
So what can consumers
do to protect themselves
from the onslaught?
The answer to this is
very broad, says Paul van
Kessel, IT risk and assur-
ance leader at Ernst &
Young, a consultancy.
However, effective pro-
tection lies not only in the
purchase and installation of
tools, but also in ensuring
the tools are kept up to
date.
Consumers have to be
aware of broader threats,
such as phishing and
unencrypted communica-
tion channels. They must
physically protect PCs,
Macs, tablets and even
smartphones from not just
theft, but from malicious
individuals.
As a first step, all PC and
Mac users should install,
use and update a security
software package.
These range from the free
ones such as Microsoft
Security Essentials, which
provides basic anti-malware
and spyware protection,
and AVGs antivirus suite
that aims to protect PCs
that are used primarily for
browsing or social network-
ing, to comprehensive
options, such as Norton 360
version 6.0, which is aimed
at ordinary users rather
than tech aficionados.
Norton 360 and other full-
feature security packages
such as Webroot SecureAn-
ywhere Complete cost
about $80 but can usually
be loaded on up to three
PCs to protect the aver-
age household.
One of the drawbacks of
security packages in the
past was that they tended
to use a lot of memory,
were difficult to configure,
and obtrusive.
But the latest ones are
speedier, easier to use and
generally more effective, in
part because they are using
cloud computing techniques
and advanced heuristics
learning from experience
to help them detect new
malware faster and more
reliably.
But, as most experts
acknowledge, no system is
foolproof and the battle
against cybercriminals is
unlikely to be won soon.
Perhaps the best advice
for consumers is to remain
alert and try to minimise
the impact of attacks, for
example by encrypting and
backing up valuable or per-
sonal data.
Mac owners can be
complacent no longer
Security packages
Paul Taylor asks
what consumers
can do to protect
themselves
I
n March, authorities
claimed a victory
against hackers after a
series of arrests in the
US and Europe. The FBI
said: Were chopping off
the head of LulzSec.
This followed the revela-
tion that Sabu, or Hector
Xavier Monsegur, alleged to
have been involved in both
the Anonymous and Lulz-
Sec hacktivist groups,
had become an FBI inform-
ant.
The arrests came after
two years when computer
hacking moved openly into
the political area, with
some devastating conse-
quences for businesses.
The list of organisations
targeted by hacktivists
includes MasterCard and
PayPal, singled out for sev-
ering trading arrangements
with WikiLeaks in 2010.
Hacktivist also turned
their attention on cyber-
security companies such as
HBGary and Stratfor, as
well as the less obvious tar-
gets of Sony and Nintendo.
However, the FBI action
against LulzSec is unlikely
to stop the hacktivist move-
ment, experts warn.
Michael de Crespigny,
chief executive of the Infor-
mation Security Forum, a
body for information secu-
rity professionals, says:
Hacktivists may not be as
active as they used to be,
but there is more activity
on Twitter and other social
media channels,
And, he suggests, hacktiv-
ists increasingly inhabit a
grey area between legiti-
mate protest, social media
lobbying, and cybercrime.
Often a rumour or protest
starts on social media sites,
but becomes much nastier.
Look at what is being
said on Facebook and blogs,
at what misinformation is
being published, advises
Mr de Crespigny. That can
take on a form of truth, and
do you harm.
Sometimes, a complaint
or political protest online is
taken over by people with
criminal intentions. People
who otherwise would not
dream of committing a
crime are drawn into hack-
tivism; the tools are readily
available, and the perceived
risks are low.
Neil MacDonald, a vice-
president at IT research
company Gartner, explains:
Online, you have people
who can cross the line into
illegal activity, just as you
can in the physical world.
While some experts draw
parallels to real-world pro-
tests such as the Occupy
movement, others ascribe
more mixed motives.
Stuart McClure, global
chief technology officer at
McAfee, an information
security vendor, says that
conventional hacker driv-
ers, such as ego and pitting
wits against superior forces
combine with a genuinely
political point of view.
The vast majority of
hacktivists fit the teenage
boy in a basement mould,
but they are more organised
and the tools are more auto-
mated, he says. They
think they can justify what
they are doing emotionally,
but what they are doing is
illegal. And a good propor-
tion who say theyre politi-
cally motivated are not.
A cybercriminal will seek
out a business with a weak-
ness, attack it and move on
silently, minimising the
chance of detection.
By contrast, hacktivists
want to make as much
noise as possible. This
should, at least, give poten-
tial victims early warning
signals.
Paul Vlissidis, technical
director at NCC Group, a
security adviser, says: Per-
suading a lot of people to
join is in the nature of
hacktivism. There has to be
some element of whipping
people up. But organisa-
tions know when they are
working in a politically sen-
sitive market.
The consequences of an
attack can be serious,
regardless of the hackers
motivations.
For example, Sony said
last year that a distributed
denial of service (DDoS)
attack against its systems
distracted the company,
facilitating the theft of
100m customer records from
its online PlayStation Net-
work.
In other cases, attacks
against shared infrastruc-
ture from payment sys-
tems to cloud computing
pose risks to businesses
that have no involvement
at all in the issues hacktiv-
ists are targeting.
Companies may be ill-
prepared for an attack on
shared online resources,
and, too often, general IT
security is poor. Many
hacktivist attacks are not
technically sophisticated,
but exploit known weak-
nesses.
Theres a lack of prepa-
ration, warns William
Beer, a director in the infor-
mation security practice of
PwC, the professional serv-
ices firm. A lot of security
functions dont understand
hacktivism and are not pre-
pared for the pace and
speed at which damage can
be done.
A companys technical
response need not distin-
guish between hackers or
hacktivists, says Rik Fer-
gusson, director of security
research at Trend Micro, an
IT security vendor.
Similar technology will
protect from hackers and
hacktivists. But it comes
down to risk management,
he says.
Whether or not to engage
directly with hacktivist
groups is trickier.
If an organisation is tar-
geting you because some-
one has a problem with
your organisation and you
feel its unjustified, you
may be able to use social
media to stop people step-
ping into criminal activity.
Mr Fergusson says.
Should you enter into
dialogue with people
already attacking you?
That is a question each
affected organisation needs
to answer.
Groups occupy a grey area
between protest and crime
Hacktivism
Not all perpetrators
are politically
motivated, writes
Stephen Pritchard
They feel they can
justify what they do
emotionally but
what they are
doing is illegal
To arms: a masked member of the Anonymous group contemplates his work Getty
A lot of people who
thought they were
safe by not using
Windows will be
caught offguard
JUNE 1 2012 Section:Reports Time: 29/5/2012 - 15:36 User: miltonu Page Name: HAK3, Part,Page,Edition: HAK, 3, 1
4

FINANCIAL TIMES FRIDAY JUNE 1 2012
Cybersecurity
Hacking has become big busi-
ness for criminals, ideologically
driven protesters and some gov-
ernments. A sophisticated
underground economy has
grown up, where stolen informa-
tion and hacking tools are
traded for substantial sums.
Simon Leech, Europe, Middle
East and Africa director at HP
Enterprise Security, says: Ten
years ago, hacking was carried
out to gain notoriety by the col-
lege student who wanted to
prove he could deface a website.
Now it is for financial gain or by
hacktivists seeking to make a
political point.
Recent targets have included
the UK Home Office, whose web-
site was attacked by hackers
protesting against UK extradi-
tion policies, and RSA, a compu-
ter security company whose
electronic computer keys were
compromised by suspected Chi-
nese perpetrators to access the
secure systems of its customers,
including defence contractors.
John Pescatore, vice-president
at Gartner Internet Security,
say: A major change we have
seen is that threats have
become more targeted. Attack-
ers go after a particular bank
for certain information, such as
customer account numbers, or
target a ball bearing manufac-
turer to gain information on a
company supplying engines to
an aircraft maker. They can
then sell the information.
The annual cost of cybercrime
suffered by a range of organisa-
tions polled for HP by the Pone-
mon Institute in 2011 ranged
from $1.5m to $36.5m, with a
median of $5.9m, which was up
56 per cent on the year before.
Over a four-week period, the
organisations surveyed experi-
enced 72 successful attacks a
week, a rise of 45 per cent.
A separate survey of informa-
tion security breaches carried
out for PwC, the professional
services firm, revealed 93 per
cent of large organisations and
76 per cent of small businesses
had suffered a breach last year.
Most serious security breaches
are due to multiple failings in
people, processes and technol-
ogy, PwC said.
These led to 45 per cent of
large organisations breaching
data protection laws, while 20
per cent of small businesses lost
confidential data.
One factor behind the
increase in attacks has been the
growth of social networking and
the use of often not very secure
mobile devices. By making more
personal information available,
individuals can open themselves
up to hackers masquerading as
friends or acquaintances.
If I want to go after a bank, I
can find out who the website or
email administrator is by going
to job-hunting sites, says Mr
Pescatore. I can find out from
social networking sites what he
and his children did at the
weekend. I can then email him
as an old university friend or
pretend to be a recruiter offer-
ing an interesting job.
If the target can be persuaded
to open an attachment, suppos-
edly containing details of a job
offer or something of personal
interest, malicious code can cap-
ture passwords to enable the
hacker to break into company
systems or infect company data-
bases.
Hackers may be looking for
information they can use, but
there is a growing underground
of individuals and organisations
that steal information to sell it
on. Auction-like websites exist
where hackers promote their
wares and even rate vendors for
the quality of the product or the
service they have provided.
Information to authenticate
credit card accounts, enabling
identity theft, sells for between
$1 and $30 per account depend-
ing on the card credit limit,
says Mr Pescatore. If I capture
10,000 accounts I can make
between $10,000 and $300,000.
Email account passwords sell
for $1-$20 per account, depend-
ing on whether it is with a large
bank or small hardware store.
Black markets also exist for
tools to obtain information or
disrupt computers. Droppers
(programs that install viruses on
target systems) sell for between
$10 and $100, depending on their
complexity. You dont need to
be a government to do this,
says Mr Pescatore. Smart stu-
dents can write the attack codes
needed to start cyberattacks.
But just as there is a market
for illegal hackers, there is one
for people out to stop them.
There are companies and individ-
uals that test software for vul-
nerabilities in return for a fee.
HP has a vulnerability
bounty programme that invites
independent researchers to
report their findings, verifies
their work, pays them for it and
then discloses its findings to the
software vendor.
You could go to, say, Micro-
soft and tell it what you have
found, but it gets a lot of emails,
not all of them genuine, says
Mr Leech. Or you could sell it
on the black market. We make
sure it gets to the right people
so that they can fix it.
Targeted attacks drive growth in the hacking economy
Real costs
Financial losses rise by
half in a year, writes
Charles Batchelor
W
hen China last
year revealed
its newest
stealth jet
fighter, the defence indus-
try was taken aback.
Executives of leading
companies in the sector and
military officials had not
expected the J-20 to be as
big or as technologically
advanced as it appeared.
Nor had they expected it
to resemble their own latest
generation jet fighters quite
so closely. But they did
have a suspicion about
where Beijing obtained
some of the top-secret infor-
mation that might explain
why this was so.
The western defence
industry is one of the big-
gest targets for cyber
attacks. Many of them are
believed to originate in
China, as it tries to modern-
ise its military without hav-
ing to spend decades devel-
oping fiendishly compli-
cated technology, such as
that used to make the latest
generation of western
fighter jets that are near-
invisible to radar.
Groups including Lock-
heed Martin, the USs big-
gest defence contractor by
sales, and BAE Systems, its
European peer, have come
under particularly heavy
cyberfire.
The two are involved in
the most sensitive and
costly projects, including
developing the F-35 Joint
Strike Fighter, which can
perform tasks such as evad-
ing detection and allowing
pilots to home in on ground
targets miles away and
invisible to the human eye.
Because there is no law
on how much companies
must disclose about a
cyberattack, details about
what may have been stolen
and who could have been
behind a theft often appear
only via the grapevine.
But many cyberexperts in
defence companies suspect
large quantities of data
have been mined from pro-
grammes such as the Joint
Strike Fighter.
China denies wrongdoing.
And western leaders keen
to avoid diplomatic fallout
and often unable to pin-
point the source of an
attack have been careful
not to blame Beijing
directly. But that has begun
to change, as China has
become more aggressive not
only about stealing secrets
via the internet, but also
using the web as a means of
attack.
Last year, a short clip
from CCTV, the national
broadcaster, brought spon-
sorship of cyberwar into the
open.
A July news story reveals
footage shot at a Chinese
military university of an
attack being launched from
custom-built software cre-
ated by the Electrical Engi-
neering University of the
Peoples Liberation Army.
Using a simple drop-down
menu, the attacker chooses
minghui.org, a US-based
website of the Falun Gong,
a religious organisation
banned in China. He then
presses a button labelled
attack.
The revelation has
allowed western politicians,
defence officials and execu-
tives at the biggest US com-
panies to speak more
openly about the threat
posed by the Chinese mili-
tary.
In May, the Pentagon in a
report called China the
worlds biggest supporter of
economic espionage,
describing it as an aggres-
sive and capable collector
of sensitive US technologi-
cal information, including
that owned by defence-
related companies.
The report concluded that
China represented a grow-
ing and persistent threat
to US national security.
In the UK, Air Chief Mar-
shal Sir Stuart Peach, who
heads the UK militarys
Joint Forces Command and
oversees intelligence and
cyber operations, says cyber
warfare is a modern exten-
sion of fighting and intelli-
gence gathering through
the ages.
China sees it this way
and therefore it is impera-
tive the UK and other
nations take notice, he says.
The Chinese philosophical
perspective would be
exactly that. You could
therefore argue that, in con-
ceptual terms and in terms
of our doctrine, yes indeed,
we need to take the cyber
element very seriously.
Jamie Shea, Natos Dep-
uty Assistant Secretary
General for Emerging Secu-
rity Challenges agrees a
battle frontier has opened.
Clearly, in the future all
conflicts are going to
involve people trying to dis-
rupt information technol-
ogy systems, which are not
only necessary for commu-
nication, but also for the
operation of highly sophisti-
cated weapons systems,
most of which these days
are computer driven, he
says, adding that for now
the west is losing the battle.
For a long time, the
offence is going to be ahead
of the defence. Although
traditionally in military
terms, the defence does
catch up as it is doing at
the moment in the area of
missiles, he says.
Western politicians, mili-
tary officials and defence
contractors like to talk
about defending global com-
puter networks, but are far
more reticent about giving
details about the offensive
weapons they are develop-
ing.
The best known of these
is Stuxnet, widely believed
to have been used by the
US or Israel against Irans
nuclear centrifuges.
Sir Stuart admits offen-
sive weapons are on the
agenda, but warns against
rushing into developing
them: You have to think
about such things, but you
also have to think of the
consequences.
The danger is an arms
race involving cyber weap-
ons that are as destructive
as intercontinental ballistic
missiles and the western-
style jet fighters China is so
eager to produce.
Industry speaks
more openly on
threat from China
Defence
Carola Hoyos
explains the role
of cyber weapons
Copycat kit? Chinas new stealth jet fighter, the J20. The international industry had not expected it to be as big or as technologically advanced Reuters
Constant vigilance The key to catching covert criminals
Much computer crime is opportunistic
and random the online equivalent of
a burglar taking advantage of an open
window. But some cyberattacks are
focused: the criminal is set on obtaining
information from, or disrupting, a
specific individual or organisation.
Perpetrators of these advanced
persistent threats (APTs) spend much
more time gathering information than
other hackers, says Alan Phillips,
security expert at PA Consulting.
The material could be about
operational activities, staff members, IP
addresses, even job advertisements.
By the time they launch the attack,
they have a high degree of success,
Mr Phillips says.
Political motives are often thought to
be behind APTs, says Wade Baker,
director of risk intelligence at
Washingtonbased Verizon, the
telecoms group. The very term
advanced persistent threat originated
in the military and suggests the world
of nation state espionage.
China is believed to be one of the
main sources. But as APTs tend to be
delivered via international networks of
compromised computers, or botnets,
tracing their source can be virtually
impossible.
APTs can be hard to spot. It is like
having an invisible man in your house,
says Mr Phillips. You only see him if
he leaves muddy footprints.
The whole point about APTs is that
the perpetrators dont want to be
discovered, so they spend a huge
amount of time trying to remain
covert, says Peter Allwood, security
and resilience manager at Deloitte, the
consultancy. The stories you hear
tend to be about the badly written
APTs or unsuccessful attacks.
Of APT attacks that are discovered,
more than half take at least a year to
be found, and the remainder typically
six months, says Mr Baker. But
because organisations often dont
realise that their security has been
compromised, it is hard to assess the
scale of the problem.
Another characteristic of APTs is
that perpetrators are not confined to
the internet. If they dont find obvious
online vulnerabilities, they will seek
human ones, using social engineering
techniques such as phoning and
pretending to be from technical
support, or even bribery.
Often they rely on human
intervention for example, persuading
someone to open an email or insert a
disk into a machine because it appears
to come from a trusted source. It was
human resources staff at RSA, the
security division of Massachusetts
based EMC, who unwittingly let in an
APT last year when they clicked on an
spreadsheet attached to an email
headed 2011 Recruiting Plan.
An effective APT usually starts small,
so that it can more easily get in and
stay hidden. Once in the machine, it
can operate secretly, investigate, report
findings to its perpetrator, receive
updates and even change purpose. If
it cant do anything, it should fail
safely and uninstall, so that nobody
realises it was there, says Mr Allwood.
So how can organisations protect
themselves? Awareness is the first line
of defence, says Mr Baker. For a long
time, the industry has put the
emphasis on prevention, and not
enough into detection and response.
You need to start with the idea that
if you have knowledge that is of value
to others, there probably will be
attempts to get that data, says Mr
Baker. You should assume you might
be compromised now,
and start looking for
the evidence.
Mr Allwood
agrees that
organisations
should always be
on the lookout.
Even if the system
has been cleaned
and software
reinstalled, there are
ways some APTs can
continue to exist. He
advises focusing
on highrisk users, such as executives
who travel often and have access to
important information.
Software tools are available to help
identify file types associated with
APTs, and spot suspicious activity,
such as software that copies each
keystroke to a file.
Mr Phillips advocates dynamic
defence making frequent small
changes to system configurations to
thwart offensive techniques. He
recommends regularly testing defences
and instant response plans, so people
know what to do when something does
happen.
He also advocates logging and
monitoring as much detail as possible
around sensitive data, so you have
the forensic information to work out
whats gone wrong otherwise, you
might suspect a breach for a long time
without being able to discover it.
Staff should be discouraged from
listing their technical skills on sites
such as LinkedIn, because this might
give away operational activities, Mr
Phillips says. Criminals can work out
what software you are running.
He also suggests staff should not
use their work email addresses and IDs
on public websites such as help
forums. Another simple precaution that
is often overlooked is removing default,
factoryset system passwords.
APTs are more difficult to avoid than
other cyberattacks. A skilled and
determined hacker will almost
certainly be able to get in,
because there are so many
potential entry points, says Mr
Baker, especially with the
proliferation of mobile devices.
If you are singled out for an
attack it is very difficult to be
protected against someone who
is prepared to spend time and
has the necessary resources.
That is why awareness and
response are so important.
Jane Bird
Wade Baker:
awareness is
the first line
of defence
In future, all
conflicts are going
to involve people
trying to disrupt
information
technology
JUNE 1 2012 Section:Reports Time: 29/5/2012 - 15:37 User: miltonu Page Name: HAK4, Part,Page,Edition: HAK, 4, 1