WEDNESDAY 13 SEPTEMBER 2017 WORLD BUSINESS NEWSPAPER UK 2.70 Channel Islands 3.00; Republic of Ireland 3.

00

Buffetts dark side End of the chaebol? Bitter harvest

How the celebrated investor broke Samsung scandal may finally lead to EU workers Brexit retreat forces
US capitalism COMMENT, PAGE 11 reform of Korea Inc BIG READ, PAGE 9 farmers to change crops PAGE 3

May bows to Seeing red Workers noses out of joint

in first protests over Macron reforms
Briefing
i MPs table 136 Brexit bill amendments

pressure with MPs have put down 136 amendments, including a

push to prolong Britains stay in the customs union
and single market, after the EU withdrawal bill
secured a second reading on Monday night. PAGE 3

end of public
i Bookies face big hit over crack machines
Britains biggest bookmakers are set to lose at least
150m in annual revenues under planned curbs on
the betting machines that have been denounced as
the crack cocaine of gambling. PAGE 13

sector pay cap i Clothing price rises spur inflation

Record increases in clothing and footwear prices,
which were 4.6 per cent higher than last year, have
pushed inflation to 2.9 per cent, buoying the pound.
Costs of petrol and hotel rooms also rose. PAGE 2

3 Police and prison officers lead way
3 Unions attack below-inflation awards
ROBERT WRIGHT LONDON
SARAH OCONNOR
AND JIM PICKARD BRIGHTON
The government is to lift the 1 per cent
cap on annual pay rises for public sector
workers, ending one of the most divisive
austerity measures imposed by the
Conservative-led government following
the financial crisis.
Despite the concession, unions dis-
missed new pay offers for police and
prison officers as not good enough in
the face of rising inflation.
After seven years of pay control, the
government announced a 2 per cent
annual pay rise for the police half in
the form of a one-off bonus and a
1.7 per cent average pay rise for prison
officers. It also signalled more flexibil-
ity over budgets from next year.
But, coming on the day official statis-
tics showed consumer price inflation
rising to 2.9 per cent, the offers were
attacked by unions as real-term pay
cuts. Several unions intend to plan co-
ordinated strikes to maximise pressure
on the government.
Sensing momentum behind them,
union leaders meeting in Brighton for
the annual Trades Union Congress
pushed for rises of at least 5 per cent for
the 5m-strong public workforce.
Theresa Mays office insisted there
would be no negotiations, describing the
announcement as a pay award, not an
offer.
The prime minister has been under
political pressure to win over less afflu-
ent voters, whom she promised to help
before Junes general election but whose
i Director and impresario Hall dies at 86
Peter Hall, who founded the
Royal Shakespeare Company
when he was just 29 and went
failure to back her contributed to the on to become a director of the
Conservatives losing their parliamen- National Theatre, has died
tary majority. aged 86. OBITUARY, PAGE 2
Union leaders were almost universal
in their condemnation, with Mark Ser- i US income surge defies decay narrative
wotka, general secretary of the Public Household incomes have forged ahead for a second
and Commercial Services Union, saying year running, defying the narrative of economic
it is up to workers to hold our nerve. decay that hung over the presidential election
The pay rises for police and prison campaign last year. Poverty also declined. PAGE 7
officers will be met from within depart-
mental budgets for the current year. i Norway poised to break Nordic mould
Steve Gillan, general secretary of the The government has won re-election but will need
Prison Officers Association, said the backing from all four centre-right parties to govern,
rise was not good enough. threatening the dominance of social democratic
The move followed months of pres- parties. PAGE 4; EDITORIAL COMMENT, PAGE 10
sure as inflation ticked up, with resist-
ance coming from Philip Hammond, the i Economists say Fed steady after storms
chancellor, who feared the impact on Analysts have predicted that economic damage
public finances of ending the cap. Liz from storms Harvey and Irma is likely to be fleeting
Truss, chief secretary to the Treasury, and should do little to alter the Federal Reserves
said problems with recruiting and strategy for tightening monetary policy. PAGE 3
retaining public-sector workers had
played a key role in the decision.
The government recognises that in Datawatch
some parts of the public sector, particu-
larly in areas of skill shortage, more
flexibility may be required to deliver In Chinese sights Brussels is looking
world-class public services including in Top M&A sectors, 2007-17 ($bn) to better protect
return for improvements to public Philippe Huguen/AFP/Getty Images its sensitive
No. of industries from
sector productivity, she said. Frances second-largest union was far below the turnout at tests. Police fired water cannon deals
Chinese and other
Jeremy Corbyn, the Labour leader, led protests across the country protests last year when and dragged several protesters Property 32 foreign takeovers.
told the TUC that, if elected, he would yesterday against labour Franois Hollande sought to away. Technology 113 In the past
end the cap and give all workers the reforms planned by Emmanuel pass less ambitious reforms. Mr Macron was not in France Auto 73 10 years, the
pay rise they deserve. Macron in the first big show of Paris police said 24,000 pro- during the marches, having Utilities 48 largest number
Police and prison officers pay review opposition to the new presi- tested in the capital; the CGT flown to the French territory of Mining 14 and the second
bodies are the last of the independent dents liberalisation drive. union estimated 60,000. St Martin, which suffered Finance 33 largest amount of
Machinery 110
review panels to report for the current Although polls suggest two- In Paris, demonstrators were severe damage from Hurricane Chinese deals in
financial year. All other public workers thirds of people are sceptical of mostly peaceful, although riot Irma at the weekend. 0 10 20 30 the EU were in the
have been awarded rises of 1 per cent. Mr Macrons proposal, the esti- police clashed with hooded First public test page 4 Source: Dealogic technology sector
Hard decisions page 2 mated number of protesters youths on the fringe of the pro- Notebook page 10

Fox scandals risk derailing Murdochs

Activists call for boycott
of KPMG over Gupta ties
Save South Africa, a civil society group
that helped expose Bell Pottingers
ethical lapses in the country, has called
on blue-chip names, including the
Johannesburg stock exchange, to cut
ties with KPMG over its work for
companies owned by the Gupta family.
Activists allege the Guptas used their
friendship with Jacob Zuma, the
countrys president, to manipulate
ministerial appointments and state
contracts in favour of their businesses.
Report i PAGE 13
12bn Sky deal as standards face probe
DAVID BOND AND
MATTHEW GARRAHAN
Recent scandals at Fox News are threat-
ening to derail Rupert Murdochs pro-
posed 11.7bn takeover of pay TV
group Sky, after the government sig-
nalled it was likely to widen an investi-
gation by regulators into the deal.
In a significant shift, Karen Bradley, the
culture secretary, said she would proba-
bly refer the bid to the Competition and
Markets Authority to decide whether
21st Century Foxs acquisition of the Sky
shares it does not own would comply
with broadcasting standards.
This means a succession of scandals at
Fox News, together with its handling of
them, are likely to be considered by the
regulator as it weighs the deal.
The minister had previously ruled out
referring the deal based on broadcasting
standards, saying instead that it would
only be referred to the CMA over
whether it would give Mr Murdoch too
much control of the media market.
But Ms Bradley told MPs there were
grounds to widen the probe, pointing to
weaknesses in Foxs corporate govern-
ance arrangements.
Her shift, which followed intensive
campaigning from anti-Murdoch
groups and a cross-party group of MPs,
also overruled a recommendation from
media regulator Ofcom, prompting
some analysts to question whether it
was politically motivated.
This was a political decision, said
Claire Enders of Enders Analysis. Its
very peculiar to override Ofcom despite
no change to their advice.
Fox said it was disappointed, add-
ing: We are surprised that after inde-
pendent regulatory scrutiny and advice,
and over four months to examine the
case, the secretary of state is still unable
to form an opinion. It urged Ms Bradley
to take a final decision quickly.
Ms Bradley gave all parties 10 days
to respond, after which she is likely to
trigger the CMA investigation, which
could take six months.
An effort by Mr Murdoch to take over
Sky seven years ago collapsed after he
was engulfed in a similar backlash over
corporate standards. He dropped the
8bn bid in 2011 amid the phone hack-
ing scandal at his newspapers.
Fox News has been beset by a series of
racial and sexual harassment scandals
in the US, which have resulted in the
departure of a string of top executives,
including the late chairman, Roger
Ailes, and Fox News anchor Bill OReilly.
Scandal looms page 14
Lombard page 18

Subscribe In print and online World Markets

www.ft.com/subscribenow
STOCK MARKETS CURRENCIES INTEREST RATES
Tel: 0800 298 4708
Sep 12 prev %chg Sep 12 prev Sep 12 prev price yield chg
For the latest news go to S&P 500 2493.35 2488.11 0.21 $ per 1.195 1.198 per $ 0.837 0.835 US Gov 10 yr 100.74 2.17 0.04
www.ft.com Nasdaq Composite 6438.37 6432.26 0.09 $ per 1.327 1.319 per $ 0.754 0.758 UK Gov 10 yr 100.58 1.19 0.09
Dow Jones Ind 22119.36 22057.37 0.28 per 0.901 0.909 per 1.110 1.100 Ger Gov 10 yr 100.99 0.40 0.06
THE FINANCIAL TIMES LTD 2017 FTSEurofirst 300 1499.27 1491.19 0.54 per $ 109.915 108.895 per 131.386 130.494 Jpn Gov 10 yr 100.98 0.00 0.00
No: 39,576 Euro Stoxx 50 3512.40 3495.19 0.49 per 145.824 143.578 index 75.953 75.737 US Gov 30 yr 99.47 2.78 0.04
Printed in London, Liverpool, Glasgow, Dublin, FTSE 100 7400.69 7413.59 -0.17 index 95.065 95.081 $ index 97.330 96.973 Ger Gov 2 yr 102.10 -0.74 0.00
Frankfurt, Milan, Madrid, New York, Chicago, San FTSE All-Share 4054.83 4061.86 -0.17 SFr per 1.147 1.141 SFr per 1.273 1.255 price prev chg
Francisco, Washington DC, Orlando, Tokyo, Hong CAC 40 5209.01 5176.71 0.62 COMMODITIES Fed Funds Eff 1.07 1.07 0.00
Kong, Singapore, Seoul, Dubai, Doha Xetra Dax 12524.77 12475.24 0.40 Sep 12 prev %chg US 3m Bills 1.05 1.04 0.01
Nikkei 19776.62 19545.77 1.18 Oil WTI $ 48.19 48.07 0.25 Euro Libor 3m -0.38 -0.38 0.00
Hang Seng 27972.24 27955.13 0.06 Oil Brent $ 54.16 0.00 UK 3m 0.29 0.29 0.00
FTSE All World $ 320.32 319.57 0.23 Gold $ 1326.50 1334.20 -0.58 Prices are latest for edition Data provided by Morningstar
2 FINANCIAL TIMES Wednesday 13 September 2017

NATIONAL

Economic indicators Public sector

Clothes costs push inflation to a high Ministers face

hard decisions
Pound up as consumer per cent higher than last year during the The pound rose 0.9 per cent against The central bank must write a letter However, the figures released yester-
to allow for
prices index reaches 2.9%
month the steepest annual rate of
increase since the ONS began tracking
the dollar after the inflation figures
came out, hitting $1.3277, its highest
notifying the UK government if CPI
inflation increases by more than 3 per
day show that the significant increase in
inflation in the past year has come from
higher pay
amid talk of rate rises the sector in 2006. since September 2016. cent. imported goods, rather than increases
The sharp increase in clothes prices Sterling rose 0.6 per cent against the At the Monetary Policy Committees in the price of domestic services.
GAVIN JACKSON was accompanied by increases in petrol August meeting, committee members It is pretty remarkable that, with GEMMA TETLOW
ECONOMICS CORRESPONDENT
prices, small increases in the cost of Michael Saunders and Ian McCafferty inflation near 3 per cent and unemploy-
Record-breaking increases in clothing package holidays and higher prices for
Clothing price inflation voted to increase interest rates, while ment at the lowest level in over 40 years, The chancellor Philip Hammond has
prices lifted inflation to a joint five-year hotel rooms, which were all partly offset may be partly linked with a their six colleagues voted to leave rates we are not seeing much wage inflation, struggled to keep a lid on public sector
high in August, according to data pub- by a slight decline in air fares and food unchanged. said Ian Stewart, the chief economist at
lished yesterday by the Office for prices.
lagged response to sterling The committee is unlikely to vote to Deloitte.
pay since the election, with Conserva-
tive MPs demanding a break with aus-
National Statistics. Costs for clothes manufacturers track depreciation in 2016 raise rates this week, but the central He added: That means a further terity to stop Labours advance.
Consumer prices were 2.9 per cent the foreign exchange rate, the ONS said bank is expected to step up warnings squeeze on consumers, but it also means
higher in August than in the same in a commentary piece published along- euro, to 0.9012, the strongest level that households and investors are und- higher inflation is not feeding back into It was Mr Hammonds predecessor,
month the previous year, compared side the figures. since early August. erestimating how soon interest rates the economy in the form of wage George Osborne, who first imposed pay
with the 2.6 per cent year-on-year The increase in clothing price infla- The Bank of Englands Monetary Pol- could rise. growth. restraint back in 2011-12, with a freeze
increase recorded in July. tion may be partly associated with a icy Committee will meet this week to The BoE has said that the UK econ- The retail price index, which is used and then a 1 per cent cap on pay rises.
The faster-than-expected rise in con- lagged response to the depreciation of decide whether or not to raise interest omy could no longer grow at the same as a measure of inflation for train fares, When Mr Osborne extended that cap
sumer prices brought inflation back in sterling during 2016 as supply contracts rates. rate as it did before the 2008 financial student loans and some forms of gov- for four years in 2015, consumer price
line with the five-year high first with overseas producers may now be The BoE will publish its decision and crisis, so a small increase in economic ernment debt, increased to 3.9 per cent inflation of 1.7 per cent was predicted
recorded in May. renewed on different terms, the ONS the minutes of this weeks meeting activity could lead to more inflationary in August, from 3.6 per cent the previ- for this year. But data published yester-
Clothing and footwear prices were 4.6 pointed out. tomorrow. pressure. ous month. day showed CPI was 2.9 per cent in the
year to August.
As public sector workers living stand-
ards have been squeezed, ministers
have come under pressure to revisit pay
Military. Procurement plans. They announced yesterday that
prison officers will receive 1.7 per cent,

BAE harbours concerns over warships shake-up while the police will get a one-off 1 per
cent bonus on top of their 1 per cent rise.
The settlement for the prison service
is in line with an independent pay
review bodys recommendations, while
The Type 31es31es
capacity to upgrade chief of defence staff, said some hard that for the police is less generous than
Defence company questions The Type capacity to upgrade choices would have to be made. the 2 per cent recommended by another
government plans that pose Affordability is more than a nice to review body.
Interoperability have. If you cant afford it you shouldnt However, more money has not been
threat to its naval monopoly Core Interoperable with go down that route, he added. allocated by the Treasury the extra
other allied and civil forces Richard Scott, of Janes, the defence pay will be funded within existing
Aircraft hangar and organisations Missile armament news site, said the governments deci- budgets. The Ministry of Justice, which
PEGGY HOLLINGER
Core Hangar for manned and Adaptable to Commanding sion in 2015 to cut the number of highly oversees prisons, faces a 17 per cent
INDUSTRY EDITOR Core Defensive capability
unmanned helicopters a flotilla specialised Type 26 anti-submarine budget cut in real terms between
with anti-missile and other
BAE Systems, Britains dominant war- Adaptable to Strengthened frigates it was buying from 13 to eight, 2016-17 and 2019-20, according to the
weapons systems
ship builder, has voiced concerns about flight deck and larger hangar and to order five general-purpose Type Institute for Fiscal Studies. Its budget
whether the UK governments plan Adaptable to Anti-ship 31e ships instead, had been a hotly was cut by 27 per cent between 2010-11
to shake up the procurement of military missile capability debated subject in the navy. and 2016-17, while spending on the
vessels runs the risk of creating too Its a harsh reality for the navy to police was cut by 14 per cent in real
much capacity when there is not enough understand that fiscal reality means a terms between 2010-11 and 2014-15.
demand. fleet of all high-end ships is no longer The government has said police
Survivability
Ministers outlined a new strategy last deemed to be affordable, he added. spending will be protected in cash terms
week that will put warship building out Core Protection against Francis Tusa, editor of Defence Anal- until 2019-20, but that implies an 8 per
to competitive tender, with vessels con- conventional attacks ysis, a newsletter, said the 250m price cent cut after accounting for inflation.
structed in sections by different compa- Adaptable to Protections cap for the Type 31e looked like a pro- Difficult decisions are expected regard-
nies a move that could threaten BAEs against chemical, biological, hibitive noose. He added: If you want a ing what other spending should be
monopoly on supplying complex naval radiological and nuclear pared back to allow for higher pay.
vessels to the British government. assault Figures published in March by the
I do have some nervousness about
If you want a warship that Office for Budget Responsibility suggest
whether demand is really going to can be sent to dangerous that if a 2 per cent pay rise was offered to
match capability, said John Hudson, all public sector workers rather than the
head of BAEs maritime division, on
places then you will have planned 1 per cent cap, employee num-
Monday. Without that balance, compe- to spend at least 350m bers would need to be cut by about
tition can lead to uncertain outcomes. 50,000 to stay within current budgets.
He was speaking at a defence and warship that can be sent to dangerous Prime minister Theresa May has
security show in London, where senior places then you will have to spend at favoured a looser pay regime. But Mr
officials from the Ministry of Defence least 350m as that is what the current Hammond has argued the Conserva-
and high-ranking officers from the European average cost of a light frigate tives can never hope to match Labour in
Royal Navy outlined their expectations is coming out at. a contest on public sector pay and
for procurement of the UKs planned One executive at the London launch instead should make the case for sound
new frigate, the Type 31e, which will be Mission bay of the Type 31e described the price cap public finances, which would benefit all.
a test case for the governments new Adaptable to Space as challenging, voicing concern over In arguing for higher pay, the prisons
shipbuilding strategy. for multi-missions the potential for costs to escalate. pay review body highlighted difficulties
The MoD is hoping to reduce its reli- However, another executive said it in recruiting and retaining staff. The
ance on BAE and cut the costs of pro- could be worth taking the risk of build- police body pointed to concerns about
curement by spreading shipbuilding Construction Sonar ing the new frigate in order to secure a morale.
across civil and naval yards. Core Built in UK Core Capable of fitting share of the UKs naval programme After six years of pay restraint, the
Ministers have insisted the UK will as part of National Gun armament hull-mounted sonar previously locked up by BAE as well premium paid to workers in the public
not pay more than 250m for each Type Shipbuilding Strategy Adaptable to Anti-sub as the governments support in promot- sector compared to similarly qualified
Core A small mid-sized gun
31e frigate, and have committed to buy- Adaptable to Building ing exports of the Type 31e. people in the private sector is about the
Adaptable to Larger gun capable detection and torpedoes as
ing an initial batch of five vessels. under licence overseas Babcock International, which sup- same as it was at the time of the crisis in
of engaging targets onshore well as advanced submarine
At an MoD and navy briefing last ports and maintains the navys war- 2008, according to the IFS. Salaries in
detection
Thursday, companies interested in bid- ships, and BMT, the naval architect, are the private sector fell as the crisis hit,
ding for the work were also told they considered leading contenders for the while pay continued rising in the public
would have to assume all currency and used for patrol tasks and other constab- the bids by shipbuilders, said Tony Type 31e contract. sector, leading to a growing gap between
other risk on the Type 31e programme. ulary duties for 250m. Douglas, head of Defence Equipment & BAE, whose yards will be occupied the two. Public sector pay restraint since
The procurement process has been The aim is to have a basic warship Support, the MoDs procurement with building the Type 26 frigates 2011-12 has narrowed the gap again.
accelerated, with the final contract set with the flexibility for it to be upgraded agency. The 250m price cap on the through to the 2030s, is expected to bid The IFS has estimated it would cost
to be awarded by the end of 2018, so that as technology evolves plus a modular Type 31e will require compromises for the combat systems element of the 4.1bn a year by 2019-20 if pay across
ships can start entering service by 2023. format that would enable the vessel to from the navy, which has traditionally Type 31e contract. Privately BAE execu- the public sector were increased in line
Over the coming months, the govern- be customised for export. sought the highest specifications, even tives admit that they do not expect to with inflation from next year rather
ment will explore what shipbuilders can The ability to sell the frigate overseas on vessels not at great risk. win the prime contracting role on the than capped at 1 per cent.
deliver on the Type 31e which will be will be second only to price in judging General Sir Gordon Messenger, vice- new frigate. Additional reporting by George Parker

MAKE A SMART INVESTMENT Obituary Sir Peter Hall, who has died aged 86, was
a giant figure in British postwar theatre.
After founding the Royal Shakespeare
train tickets to London, where he would
stay with his aunt.
He saw John Gielguds Hamlet when he
mer Nights Dream (a role she reprised
for him in 2010 at the Rose Theatre
Kingston).
Subscribe to the FT today at FT.com/subscription RSC founder Company when he was just 29, he went
on to be the artistic director of the
was 12, standing at the back of the thea-
tre for sixpence. He studied English at
In 1973, he succeeded Sir Laurence
Olivier to be the second artistic director

FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK 2.70 Channel Islands 3.00; Republic of Ireland 3.00
towered over National Theatre from 1973 to 1988,
overseeing its painful transition from
the Old Vic to Londons South Bank.
the University of Cambridge and by the
age of 24 he was running the Arts Thea-
tre in Londons West End.
of the National Theatre. It was a difficult
time: the move to the South Bank during
recession and industrial unrest was
British theatre
Trump vs the Valley A Five Star plan? Dear Don...
Tech titans need to minimise Italys populists are trying to woo Mays first stab at the break-up
political risk GILLIAN TETT, PAGE 13 the poor BIG READ, PAGE 11 letter ROBERT SHRIMSLEY, PAGE 12

HMRC warns Lloyds of Brussels Insurance market

to tap new talent pool with EU base
UK 3.80; Channel Islands 3.80; Republic of Ireland 3.80
Briefing

THE END
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Without his phenomenal energy, cha- Here he made his reputation with the delayed. In the end Hall moved into the
customs risks
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border

risma and tenacity, the theatre land- English-language premiere of Samuel half-finished edifice, rehearsing in a
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic. PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

being swamped i Report outlines longer NHS waiting times

CHANGING AN

for 50 years
A report on how the health service can survive

ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE Censors and sensitivity
by Brexit surge
some surgical procedures will be scrapped. PAGE 4

scape would look very different today. Becketts Waiting for Godot, which building site.
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of

government debt in the first quarter of this year,
upsetting LIFE & ARTS
taking advantage of a surge in optimism toward
emerging markets as trade booms. PAGE 15

3 Confidence in IT plans has collapsed

3 Fivefold rise in declarations expected
JAMES BLITZ WHITEHALL EDITOR
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expected once Britain
Credit Suisse Art of persuasion Mystery deepens
i London tower plans break records
A survey has revealed that a
How To Spend It
His directing career, which spanned arrived on his desk with a letter saying In 1988, Hall left the National and
adjust its negotiation position with the
record 455 tall buildings are
planned or under construction
in London. Work began on
over disputed painting of Jane Austen
engulfed in
EU, a Whitehall official said. If running almost one tower a week
our own customs system is proving during 2016. PAGE 4
much harder than we anticipated, that
ought to have an impact on how we i Tillerson fails to ease Turkey tensions
press for certain options in Brussels. The US secretary of state has failed to reconcile

fresh tax probe

leaves the EU, customs authorities have
admitted to MPs.
HM Revenue & Customs told a parlia-
mentary inquiry that the new system
needed urgent action to be ready by
March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
in time has collapsed.
more than 50 years, included both clas- that every other West End manager had launched his own commercial company,
In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep
of the Commons treasury select com-
mittee, HMRC said the timetable for
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen. PAGE 9
Chic new lodgings
delivering CDS was challenging but
achievable. But, it added, CDS was a i Toshiba investors doubt revival plan
in Scotland
complex programme that needed to be In a stormy three-hour meeting, investors accused MAGAZINE
linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
tems to work properly. In November, 3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse
HMRC assigned a green traffic light to filed for Chapter 11 bankruptcy protection. PAGE 16
3 Blow for bid to clean up Swiss image

Setting up a digital customs system
has been at the heart of Whitehalls
Brexit planning because of the fivefold
increase in declarations expected at
British ports when the UK leaves the EU.
sic work and the world premieres of turned it down. staging notable productions such as The
CDS, indicating it would be delivered on
time. But last month, it wrote to the i HSBC woos transgender customers
committee saying the programme had TheRALPH
bank hasATKINSunveiled
ZURICHa range of gender-neutral it followed a strategy offull client tax
been relegated to amber/red, which DUNCAN
titles such asROBINSON BRUSSELS
Mx, in addition to Mr, Mrs, Misscompliance
or but was still trying to
means there are major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.

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

Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
The revelations about the system,
seminal new plays such as Betrayal, No Five years later, in 1960, he created Merchant of Venice (with Dustin Hoff-
international trade once the UK leaves its image as a tax haven. and certain ofits employees. The UK
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for suc-
cessful delivery.
HMRCs letters to the select commit-
tee, which will be published today, pro- AFP
Terror attacks inwith
co-operating

were contacted
Highlighted
western

attack byOthers

parts in Germany wereBrussels

Europe after
authorities
offices in London, Paris and Amsterdam
Recent

Reproduction of the contents of this newspaper in

The Swiss bank said yesterday it was tax authority added: The international
reach
itsattacks
notably the message
2011
of this investigation sends a clear
that there is no hiding place for
massacre bythose seeking to evade tax.
local officials
concerning client tax matters. Anders BreivikDutch
Norway, the
in prosecutors, who initiated the
Dutch authorities said their counter- action, said they seized jewellery, paint-
attacks in Paris
also involved, ings and gold ingots as part of their
The lure of the exotic
Robin Lane Fox on the flair
of foreign flora HOUSE & HOME

Number One Southwark Bridge, London SE1 9HL

called Customs Declaration Service, are vide no explanation for the rating Lloyds of London chose Brus- insurers to follow. Most of the EU, with Dublin and Luxem-

any manner is not permitted without the publishers

likely to throw a sharper spotlight on
while Australias revenue department and Nice, and the while French officials said their
probe;
change, but some MPs believe it was sels over five or six other business written in Brussels bourg thought to be more likely Norway Brussels suicide
said it was investigating a Swiss
Nice bank. investigation had revealed several

whether Whitehall can implement a
host of regulatory regimes in areas
ranging from customs and immigration
to agriculture and fisheries by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
caused by Mrs Mays unexpected deci-
sion to leave the EU customs union.
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
cities in its decision to set up an
EU base to help deal with the
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
will be reinsured back to the
syndicates at its City of London
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
Londons specialist insurance
groups after the UK leaves the
homes for the industry. But
Mr Nelson said the city won on
its transport links, talent pool
and extremely good regula-
tory reputation.
Sources: Janes Terrorism and Insurgency Centre terror incidents in
Lex page 14
Insurers set to follow page 18
Paris
The inquiries threaten to undermine
efforts by the countrys banking sector
to overhaul business models and ensure
customers meet international tax
requirements following a US-led clamp-
billions of dollars in fines.
Sir Peter Hall Mans Land and The Homecoming by the RSC, a permanent company dedi- man) and Tennessee Williams Orpheus
bombings have
thousand bank accounts opened in
bucked the trend
Switzerland and not declared to French
of generally low
tax authorities.
fatalities from
The Swiss attorney-generals office
western Europesaid it was astonished at the way this

prior consent.
down on evaders, which resulted in operation has been organised with the
deliberate exclusion of Switzerland. It
The probes risk sparking an interna- demanded a written explanation from
tional dispute after the Swiss attorney- Dutch authorities.

City watchdog sends a clear message as

Published by: The Financial Times
banker loses job over WhatsApp boast
Harold Pinter, and Peter Shaffers Ama- cated to the work of Shakespeare with Descending (with Vanessa Redgrave) on
generals office expressed astonish- In 2014, Credit Suisse pleaded guilty
ment that it had been left out of the in the US to an extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy to help clients THE RISE
Escape OF
the taper ECO-GLAM
trap
Limited,
EUs judicial liaison body.
Credit Suisse, whose shares fell 1.2 per

subject ofinvestigations in the Nether-

lands, France and the UK. The bank said in Paris
evade tax. It agreed to fines of $2.6bn.
Additional reporting by Laura Noonan in
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
Houlder in London, and Michael Stothard
Austens descendants insist the Rice portrait depicts her as a girl see magazine Bridgeman Art Library
How high earners can evade
a pension headache FT MONEY
Theatre director
deus. He worked with dozens of leading bases in London and Stratford-upon- Broadway.
LAURA NOONAN DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to

Number One Southwark Bridge,

JENNIFER THOMPSON LONDON
A boastful WhatsApp message has cost
a London investment banker his job
and a 37,000 fine in the first case of
Shutdown risk as border
regulators cracking down on commu-
Christopher Niehaus, a former Jeffer- ban people from installing apps on their
ies banker, passed confidential client
information to a personal acquaint-
ance and a friend using WhatsApp,
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set a precedent Financial
Brussels takes toughTimes and FT are registered trade marks
stance on Brexit
1930-2017
according to the FCA. The regulator said in that it shows the FCA sees these mes-
with Spain handed veto over Gibraltar
390_Cover_PRESS.indd 1 19/01/2017 13:57

wall bid goes over the top nications over Facebooks popular Mr Niehaus had turned over his device saging apps as the same as everything
chat app. to his employer voluntarily. else.

London SE1 9 HL, United Kingdom.

Congressional Republicans seeking to The FCA said Mr Niehaus had shared Information shared by Mr Niehaus

of The Financial Times Limited.

avert a US government shutdown after
April 28 have resisted Donald Trumps
attempt to tack funds to pay for a wall
on the US-Mexico border on to
stopgap spending plans. They fear
that his planned $33bn increase in
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
staffs communication.
Several large investment banks have
confidential information on the messag-
ing system on a number of occasions
last year to impress people.
Several banks have banned the use of
new media from work-issued devices,
but the situation has become trickier as
actors, among them Vanessa Redgrave, Avon. Halls ability to combine artistic seri-
included the identity and details of a
client and information about a rival of ALEX BARKER BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
Jefferies. In one instance the banker GEORGE PARKER LONDON Gibraltar yesterday hit back at the status within the single market after
boasted how he might be able to pay off STEFAN WAGSTYL BERLIN clause, saying the territory had shame- Brexit, the guidelines state it would
his mortgage if a deal was successful. The EU yesterday took a tough opening fully been singled out for unfavourable require existing regulatory, budgetary,
Mr Niehaus was suspended from Jef- stance in Brexit negotiations, rejecting treatment by the council at the behest of supervisory and enforcement instru-

Tel: 020 7873 3000; Fax: 020 7407 5700

defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
banks move towards a bring your own
device policy. Goldman Sachs has
clamped down on its staffs phone bills
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Living wage rise to pile
pressure on care services
Britains plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
Spain. Madrid defended the draft
clause, pointing out that it only reflected
the traditional Spanish position.
ments and structures to apply.
Mr Tusk wants talks on future trade
to begin only once sufficient progress

to accept the proposals. encryption system that cannot be
US budget Q&A and accessed without permission from the
Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
as iPhone-loving staff spurn their work-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
Laurence Olivier, John Gielgud, Ralph Hall led the company for eight years, ousness with showmanship and a nose
Facebook did not respond to a request Senior EU diplomats noted that has been made on Britains exit bill and
for comment. About 2.3m people will benefit from European Council president Donald Mr Tusks text left room for negotiators citizen rights, which Whitehall officials
Additional reporting by Chloe Cornish todays increase in the national living Tusks first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
Lombard page 20 wage to 7.50 per hour. But the rise which are an important milestone on minister Theresa Mays allies insisted possible if certain conditions are met.

Editor: Lionel Barber Subscribe In print and online

www.ft.com/subscribenow
World Markets
will pile pressure on English councils,
which will have to pay care workers a
lot more. Some 43 per cent of care
staff amounting to 341,000 people
aged 25 and over earn less than the
The Financial Times and its journalism are subject to
the road to Brexit, sought to damp Brit-
ains expectations by setting out a
phased approach to the divorce proc-
ess that prioritises progress on with-
drawal terms.
that the EU negotiating stance was
largely constructive, with one saying it
was within the parameters of what we
were expecting, perhaps more on the
upside.
Boris Johnson, the foreign secretary,
reassured European colleagues at a
Nato summit in Brussels that Mrs May
had not intended to threaten the EU
when she linked security co-operation

Richardson, Peggy Ashcroft and Paul establishing a fresh and forensic for commercial success, together with
STOCK MARKETS CURRENCIES INTEREST RATES new living wage and the increase is The decision to add the clause giving British officials admitted that the EUs after Brexit with a trade deal.
Tel: 0800 298 4708 expected to cost councils care services Spain the right to veto any EU-UK trade insistence on a continuing role for the Reports & analysis page 3
Mar 30 prev %chg Mar 30 prev Mar 30 prev price yield chg

a self-regulation regime under the FT Editorial Code

360m in the coming financial year. deals covering Gibraltar could make the European Court of Justice in any transi- Jonathan Powell, Tim Harford &
For the latest news go to S&P 500 2365.93 2361.13 0.20 $ per 1.074 1.075 per $ 0.932 0.930 US Gov 10 yr 98.87 2.38 0.00
Analysis i PAGE 4 300-year territorial dispute between tion deal could be problematic. Man in the News: David Davis page 11
www.ft.com Nasdaq Composite 5902.74 5897.55 0.09 $ per 1.249 1.241 per $ 0.801 0.806 UK Gov 10 yr 100.46 1.21 -0.03
Madrid and London an obstacle to Brussels sees little room for compro- Henry Mance page 12
Dow Jones Ind 20703.38 20659.32 0.21 per 0.859 0.866 per 1.164 1.155 Ger Gov 10 yr 98.68 0.39 -0.01
THE FINANCIAL TIMES LTD 2017 FTSEurofirst 300 1500.72 1493.75 0.47 per $ 111.295 111.035 per 119.476 119.363 Jpn Gov 10 yr 100.45 0.06 0.00
No: 39,435 Euro Stoxx 50 3481.67 3475.27 0.18 per 139.035 137.822 index 76.705 76.951 US Gov 30 yr 100.14 2.99 0.01
Printed in London, Liverpool, Glasgow, Dublin, FTSE 100 7369.52 7373.72 -0.06 index 89.046 89.372 $ index 104.636 103.930 Ger Gov 2 yr 102.58 -0.75 0.00 Subscribe In print and online World Markets

Subscriptions and Customer Service Schofield. approach to Shakespeares texts (he was his remarkable work-rate, sometimes
Frankfurt, Brussels, Milan, Madrid, New York, FTSE All-Share 4011.01 4011.80 -0.02 SFr per 1.069 1.072 SFr per 1.244 1.238 price prev chg
Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai
CAC 40
Xetra Dax
Nikkei
Hang Seng
FTSE All World $
5089.64 5069.04 0.41 COMMODITIES
12256.43 12203.00 0.44
19063.22 19217.48 -0.80 Oil WTI $
24301.09 24392.05 -0.37 Oil Brent $
297.99 297.73 0.09 Gold $
Mar 30
50.22
52.98
1248.80
prev
49.51
52.54
1251.10
Fed Funds Eff
%chg US 3m Bills
1.43 Euro Libor 3m
0.84 UK 3m
-0.18 Prices are latest for edition
0.66
0.78
-0.36
0.34
0.66
0.78
-0.36
0.34
0.00
0.00
0.00
0.00
Data provided by Morningstar
www.ft.com/subscribenow
Tel: 0800 298 4708

For the latest news go to

www.ft.com
THE FINANCIAL TIMES LTD 2017
of Practice: www.ft.com/editorialcode
STOCK MARKETS

S&P 500
Nasdaq Composite
Dow Jones Ind
FTSEurofirst 300
Mar 31
2367.10
5918.69
prev %chg
CURRENCIES

2368.06 -0.04 $ per

5914.34 0.07 $ per
20689.64 20728.49 -0.19 per
1503.03 1500.72 0.15 per $
Mar 31
1.070
1.251
0.855
prev
1.074 per $
1.249 per $
0.859 per
111.430 111.295 per
Mar 31
0.935
0.800
1.169
prev
INTEREST RATES

0.932 US Gov 10 yr
0.801 UK Gov 10 yr
1.164 Ger Gov 10 yr
119.180 119.476 Jpn Gov 10 yr
price
98.63
100.35
99.27
100.36
yield
2.41
1.22
0.33
0.07
chg
-0.01
0.02
-0.01
0.00

Tel 0800 028 1407; subscriptions@ft.com; No: 39,436

Printed in London, Liverpool, Glasgow, Dublin,
Euro Stoxx 50
FTSE 100
3495.59
7322.92
3481.58 0.40 per
7369.52 -0.63 index
139.338 139.035 index
88.767 89.046 $ index
77.226 76.705 US Gov 30 yr
104.536 104.636 Ger Gov 2 yr
99.27
102.57
3.04
-0.75
0.01
0.00

He also worked in film, was a scrupulous about observing the iambic caused conflict: he was severely criti-
Frankfurt, Brussels, Milan, Madrid, New York, FTSE All-Share 3990.00 4011.01 -0.52 SFr per 1.071 1.069 SFr per 1.252 1.244 price prev chg
Chicago, San Francisco, Washington DC, Orlando, CAC 40 5122.51 5089.64 0.65 COMMODITIES Fed Funds Eff 0.66 0.66 0.00
Tokyo, Hong Kong, Singapore, Seoul, Dubai Xetra Dax 12312.87 12256.43 0.46 Mar 31 prev %chg US 3m Bills 0.78 0.78 0.00
Nikkei 18909.26 19063.22 -0.81 Oil WTI $ 50.46 50.35 0.22 Euro Libor 3m -0.36 -0.36 0.00
Hang Seng 24111.59 24301.09 -0.78 Oil Brent $ 53.35 53.13 0.41 UK 3m 0.34 0.34 0.00

www.ft.com/subscribenow Reprints
FTSE All World $ 297.38 298.11 -0.24 Gold $ 1244.85 1248.80 -0.32 Prices are latest for edition Data provided by Morningstar

Are available of any FT article with your company renowned opera director (running the pentameter) and staging groundbreak- cised for pursuing other projects while
Advertising logo or contact details inserted if required (minimum Glyndebourne Festival Opera from 1984 ing productions, such as The War of the running the National.
Tel: 020 7873 4000; ukads@ft.com order 100 copies).
Letters to the editor to 1990) and a tireless and outspoken Roses (an epic reworking achieved with He was, as the director Nicholas Hyt-
Fax: 020 7873 5938; letters.editor@ft.com One-off copyright licences for reproduction of FT advocate for public funding of the arts. fellow director John Barton of Shake- ner observed, the great theatrical buc-
Executive appointments articles are also available. Born Peter Reginald Frederick Hall in speares History plays) in 1963. caneer of the 20th century.
Tel: 020 7873 4909; www.exec-appointments.com
For both services phone 020 7873 4816, or
Bury St Edmunds, Suffolk, on Novem- He brought in the directors Trevor Hall, who was diagnosed with demen-
Printed by alternatively, email syndication@ft.com ber 22 1930, he was the only son of a sta- Nunn and Peter Brook, and directed a tia in 2011, is survived by his wife, Nicki,
St Clements Press (1988) Ltd, London, Newsprinters tionmaster. Aged 10 he attended a per- definitive Hamlet starring David Warner and children Christopher, Jennifer,
(Knowsley) Limited, Merseyside, Newsprinters Newspapers support recycling formance of Mozarts Requiem and was in 1965. It was at the RSC that he estab- Edward, Lucy, Rebecca and Emma and
(Eurocentral) Glasgow, and Smurfit Kappa News The recycled paper content of UK newspapers in
Press Ld, Kells, Ireland 2014 was 78.5% stage-struck. As a teenager he began lished his association with Pinter, stag- nine grandchildren. His former wives,
seeking out theatre and opera and later ing the world premiere of The Homecom- Leslie Caron, Jacqueline Taylor and
Copyright The Financial Times Limited 2017. All recalled that his fathers job had sup- ing, and Dame Judi Dench, whom he Maria Ewing also survive him.
rights reserved.
ported his passion, facilitating cheap directed as Titania in 1962 in A Midsum- Sarah Hemming
Wednesday 13 September 2017 FINANCIAL TIMES 3

NATIONAL

Parliament Student debt

MPs propose 136 changes to Brexit bill Lower quality

May faces a concerted
attempt to tie her hands
over withdrawal from EU
GEORGE PARKER, ROBERT WRIGHT
AND HENRY MANCE
Theresa May is facing a concerted
attempt by Conservative rebels and
Labour to tie her hands on Brexit, after
MPs tabled 59 pages of amendments to
her key EU withdrawal bill.
The prime minister secured a second
reading of the bill which shifts some
12,000 EU regulations on to the British
statute book by a comfortable major-
ity of 36 on Monday night.
But the scale of the task ahead became
apparent as MPs put down 136 amend-
ments, including an attempt to prolong
Britains stay in the customs union and
single market. They will be debated
when the bill returns to the Commons
next month for eight days of line-by-line
scrutiny.
One of the most significant proposals
would require the final Brexit deal to be
approved by a parliamentary statute,
thereby giving MPs the right to propose
changes.
Nine Conservative MPs, including the
former attorney-general Dominic
Grieve, have backed the amendment,
threatening Mrs Mays parliamentary
majority of 13. So far the government
has promised that MPs will have a vote
on the final Brexit deal, but it could be a
simple yes/no.
The government also faces serious
challenges over its attempt to secure
sweeping Henry VIII powers, giving
Agriculture. Labour exodus
ministers the right to make legislative
changes to enact Brexit without full par-
liamentary scrutiny.
Mr Grieve and other pro-European
Tories, including former ministers Ken
The amendments included
an attempt to prolong the
UKs stay in the customs
union and single market
Clarke, Nicky Morgan and Anna Soubry,
have sought to limit the context in
which such powers could be used.
David Davis, Brexit secretary, has
already said that he is open to amend-
ments to curtail the proposed Henry
VIII powers. But further concessions
may be needed if he and Mrs May are to
avoid the EU withdrawal bill becoming a
Christmas tree adorned with amend-
ments that limit room for manoeuvre.
Pro-European Tories and Labour MPs
have also proposed amendments that
would transfer the EU charter of funda-
mental rights into British law, poten-
tially expanding the ability of individu-
als to sue the government.
Amendments to the bill were pub-
lished within hours of the government
winning a second reading by 326 votes
to 290, in which seven Labour MPs
rebelled against their leader Jeremy
Corbyn to vote with the government.
But while all Conservative MPs voted
for the bill in principle it is widely seen
as essential to ensure that Brexit does
not lead to legislative chaos several
Tories want to see significant changes.
Ministers want as much free rein as
possible in order to navigate the com-
plexities of leaving the EU; there may be
only a few months between the agree-
ment of a Brexit deal and exit day itself.
Mr Corbyn also listed a series of
amendments, including one preventing
ministers using the executive powers to
alter workplace protections, fundamen-
tal rights or safety regulations.
Labour also wants to put the timing
and basic terms of any transitional
arrangements in the hands of parlia-
ment, not ministers. An amendment by
Labour backbenchers calls for the tran-
sition to last not less than two years.
Mrs May said after Mondays vote that
parliament had taken a historic deci-
sion. But Mr Grieve last week called the
bill an astonishing monstrosity and
has indicated that he could vote against
the legislation at third reading.
courses should
cut fees, says
Hammond
GEORGE PARKER AND HELEN WARRELL
British universities that offer lower
quality courses should cut their fees,
suggested Philip Hammond, chancell-
or, as the government tries to tame spi-
ralling student debt by improving the
value for money of higher education.
Mr Hammond confirmed he was look-
ing at student finances ahead of his
autumn Budget on November 22, but
said he also wanted to consider the sup-
ply side of higher education.
The chancellor said there had not
been the variation of fees that we
expected and that some universities
were charging the maximum annual
9,250 tuition fee even if their courses
did not equip students for good jobs.
He said there was a perverse incen-
tive in the system that encouraged uni-
versities to offer humanities subjects

Worker shortage saps farms growth potential
Thriving English business
says falling headcount will
force it to rein in production
JOSHUA CHAFFIN PAGHAM
As he watched workers slash at stalks of
sweetcorn beneath a late August sun,
Nathan Dellicott pondered an odd ques-
tion for a farmer at the height of the har-
vest: which crop would he not grow next
year?
Demand is brisk at Barfoots of Botley,
the produce company on the English
south coast where Mr Dellicott is farm
manager. But Barfoots simply cannot
find enough workers to pull its crops out
of the ground and package them for
supermarket shelves.
Headcount has been running about 15
per cent short all this year, said Mr Delli-
cott, a deficit of 50 to 60 workers. He
blamed this problem on Brexit Bar-
foots relies heavily on eastern European
workers, and some no longer feel wel-
come following Britains vote last year to
leave the EU. The fall in the value of ster-
ling since then has also cut the value of
remittances that the companys over-
seas workers send home.
Unless things change, Barfoots is
planning next year to abandon labour-
intensive crops such as broad beans that A worker picks
do not offer high enough profit margins. corn on a
Ive been in the horticultural busi- Barfoots farm.
ness for 30 years, and this is the first Below, Nathan
time Ive had to confront this, said Mr Dellicott said his
Dellicott, driving through one of the farm was short
companys farms near Pagham in West of 50-60 staff
Sussex. Theyre just not coming. Tolga Akmen
The companys recruitment issues are
threatening to put the brakes on what
has been a remarkable homegrown suc-
cess story. Peter Barfoot began with a
small holding in the 1970s and now
farms more than 7,500 acres, generating
160m in annual sales.
The land is blessed by an unusual
amountofsunlight,thankstoitsproxim-
ity to the Isle of Wight, which buffers
passingclouds.MrBarfootthrivedby
planting vegetables like cour-
gettes that were previously con-
sideredexoticinBritain.
The companys biggest crop
these days is sweetcorn. Sup-
plying the crop year-round to
British shoppers is as Julian
Marks, Barfoots managing direc-
tor, described it a kind of sun-chasing
relay race: when the growing season
ends in the UK in September the com-
panys production shifts briefly to Ger-
many, then Spain, Morocco and finally
Senegal. In May, the baton begins the
trip back to the UK.
That arrangement means the impact
of new UK and EU trading relations after
Brexit including customs duties for
imported produce and health and safety
rules could be absolutely enormous
to Barfoots, said Mr Marks.
But the more immediate concern is
finding workers. The challenge was par-
ticularly acute in the days leading up to
the UKs August bank holiday, when
Barfoots picks and packages 1m ears of
sweetcorn a day. Sweetcorn Christ-
mas, as Mr Marks called it.
The work is repetitive and
physical and it must be done
quickly. The corn is so sweet it
can be eaten right off the cob
but it begins to degrade almost
as soon as it is picked. Barfoots
aims to get cobs from the field to a
refrigerated facility and then on to
supermarkets within hours.
On a recent afternoon, pickers topped
with orange caps to make them visible
among the stalks made near-instant
decisions about which ears to remove
and which to leave. A large harvester
trundled along behind them picking off
the ears. On a platform atop it, about
half a dozen men and women scrambled
to line crates with corn then stack them.
Meanwhile, at a nearby packing plant
a stream of cobs rolled along under the
gaze of workers searching for imperfec-
tions. Further down the line, a woman
drilled holes on either end of the cobs to
accommodate wooden skewers. The
building was chilled, and the 12-hour
shifts went on wordlessly, beneath a
mechanised thrum.
British labourers and students once
manned these jobs. They dropped away
in the 1990s, replaced by workers from
Portugal and Spain, and then non-EU
labourers from Russia, Brazil and the
Baltics who came on special visas.
The big shift happened in 2004 when
Polish Poland and other eastern European
countries joined the EU, opening a new,
people will readily available supply of workers.
decide to go Many who came to Barfoots returned
year after year until the uncertainty ing your research funding, thats whats
somewhere unleashed by last years Brexit vote.
else, I Polish people will decide to go some-
where else, I already see this, said Dan-
already iel Sokolowski, who came to Barfoots
see this seven years ago from Poland, and has
since risen to the rank of buyer.
Daniel Mr Sokolowski does not expect to
Sokolowski, leave but he suspects other Polish work-
Barfoots buyer ers are inclined to seek opportunities in
Germany or France, instead.
To forestall this, Barfoots has been
raising wages. Most workers earn about
8 to 10 per hour more than the UK
minimum wage. It has also tried to
improve accommodation.
Surely there must be some benefit
from Brexit to offset the challenges, Mr
Marks was asked as he made his way
from the fields to his office. I think we
are worried about the downsides, to be
honest, he replied. We are not really
flush with enthusiasm.
that were cheaper to teach, even if they
did not necessarily improve the life
chances of students.
Ministers want to encourage voca-
tional courses, sometimes offered over
shorter timescales, to match students
with the most appropriate higher edu-
cation and ensure that they do not run
up large debts. Mr Hammond admitted
concern over student debt had become
more vociferous as inflation has
spiked, but he told the House of Lords
economic affairs committee: I think
the system broadly has served us well.
He said: I dont think it would be
helpful to look only at the financing side
of the equation we need to look more
broadly at the range of products offered
to the students.
He suggested the government might
publish some kind of value added
information, saying ministers wanted to
look at the information that we provide
students to enable them to make value
for money assessments.
Andreas Schleicher, director for edu-
cation and skills at the OECD, endorsed
Britains university financing system
yesterday, saying that higher fees had
allowed the UK to expand higher educa-
tion over the past decade without
putting more public money into it.
Without that [private investment]
you would either have had to decrease
quality like many other countries have
France, Spain, Germany, so on or
you would have cut expansion, limiting
places, and that reduces social mobil-
ity, he told reporters.
His caveat was that teaching quality
was still a big challenge. In the case of
the UK, most of the attention is focused
on research quality, that is whats driv-
driving your prestige, he said. Ulti-
mately, you could probably even justify
higher fees if you improve the quality,
thats really the driving factor in provid-
ing [value for money for students].
OECD research shows that while the
UK spends the highest proportion of
gross domestic product on primary to
tertiary education compared with other
OECD countries, at university level, the
UKs public investment in education is
just 28 per cent of all spending, against
the OECD average of 70 per cent.
Meanwhile, the Labour party will
today force MPs to vote on government
plans to raise the annual tuition fee cap
by 250. The vote will be awkward; the
Democratic Unionist party, which is sus-
taining Mrs Mays minority govern-
ment, voted against a rise in the cap to
9,000 in 2010.
Additional reporting Anna Wright

European security Business Leaders

Britain willing to pay into 5.5bn defence fund
HENRY MANCE
POLITICAL CORRESPONDENT
Britain has said it is open to contribut-
ing to the 5.5bn European defence
fund after Brexit, even though it
opposed its creation in 2013.
The offer came in a discussion paper on
foreign policy, published yesterday,
where the UK also pledged uncondi-
tionally to support European security.
The tone is a notable change from
aggressive British rhetoric earlier this
year threatening weakened security
co-operation if there was no agreed
Brexit deal. This isnt blackmail . . .
Were not making threats, Michael Fal-
lon, defence secretary, told the BBC yes-
terday.
Instead, the paper proposed close
consultations with the EU after Brexit
to agree joint positions on foreign pol-
icy issues, without revealing how the
UK and the EU would co-ordinate over-
seas military operations, economic
sanctions, and aid policy.
It did not say whether Britain will look
for observer status at twice-weekly
meetings of EU diplomats, an idea
backed by William Hague, a former
Conservative foreign secretary.
During the referendum campaign,
Brexiters raised concerns about a so-
called EU army, while Remainers
argued that only by staying in the EU
could Britain veto such initiatives.
But the paper makes clear that the UK
wants a closer relationship with the EU
than any non-member currently enjoys.
It said Britain would be willing to con-
tribute troops, equipment and money
alongside EU overseas military opera-
tions. The UK has been involved in oper-
ations to tackle piracy off the coast of
Somalia and migration in the Mediter-
ranean.
Britain would also be prepared to
exchange classified information to
support external action, and to share
consular services in countries where
either EU member states or the UK
lack a diplomatic presence.
On aid, the paper says that collabora-
tion would be on a case-by-case basis.
Questions about Europol, the police
agency, and intelligence sharing are also
not included in the paper, and will
instead be addressed in another discus-
sion document in coming days.
It also said the UK would be open to
future UK collaboration in European
Defence Agency projects and initia-
tives, and would consider options and
models for participation in the Commis-
sions European Defence Fund.
The EDA, set up in 2004, co-ordinates
member states military abilities. Brit-
ains proposals could mean it has a
closer relationship with the agency than
Denmark, an EU member that opted
out of the blocs common foreign and
security policy.
The defence fund, which was
approved by EU member states in
December and formally launched in
June, co-ordinates spending on defence
research and the acquisition of military
equipment.
In 2013 David Cameron, then British
prime minister, opposed Frances push
to create such a fund citing national
sovereignty. EU efforts to centralise
defence policy crystallised after the
Brexit vote last year.
4 FINANCIAL TIMES
Labour protests
Thousands march against Macron reforms
Opposition to jobs market
overhaul falls short of last
years demonstrations
HARRIET AGNEW PARIS
Tens of thousands of protesters turned
out across France yesterday in the first
big public challenge to President Emm-
anuel Macrons labour reform plans.
But the day of strikes called by the
countrys second-largest labour union
appeared unlikely to derail attempts by
his government to liberalise the jobs
market to try to cut unemployment.
The hardline CGT union announced
180 protests and 4,000 strikes and
called on civil servants, rail and trans-
port workers, and students for support.
Protests took place in cities including
Paris, Marseille, Lyon and Nantes.
In Paris, protests were noisy but
Presidents disciple seeks to restore faith in France
Member of En Marche inner
circle has the job of luring
London bankers to Paris
ANNE-SYLVAINE CHASSANY PARIS
Frances junior economy minister Ben-
jamin Griveaux is more than just
another envoy sent by President
Emmanuel Macron this week to lure
bankers from London. He is part of the
French leaders inner circle.
In Bercy, the economy ministry build-
ing by the Seine, Mr Griveaux sits in the
office that Mr Macron occupied a year
ago before launching his presidential
bid with his new party, En Marche.
Youre sitting where I sat when we
first talked about En Marche with
Emmanuel, Mr Griveaux says, naming
three others present. But thats all
youll know. The participants pledged
never to write about this meeting, he
says. The year 2015 is the only fact the
minister is willing to confirm.
Mr Griveaux is part of an elite unit the
French press has dubbed the Macron
boys a handful of 30-something loy-
alists on a mission to reform France.
After Mr Macrons victory in a run-off
against far-right leader Marine Le Pen in
May, they see their leaders term as a
last-ditch attempt to keep France out of
the hands of populists.
With Mr Macron, when he was econ-
omy minister under socialist president
Franois Hollande, they dreamt up the
cross-party platform that went on to
transform Frances postwar politics.
Now, Mr Griveaux is being tasked by
the French leader to throw his weight
behindFrancesaggressiveeffortstowoo
London bankers to Paris ahead of the
UKs departure from the EU.
Whether Mr Griveaux, who has little
experience of government and spent
most of his career in local politics as a
socialist, will be able to make a differ-
ence is unclear. Paris has struggled to
attract the big names of the financial
services industry, as banks seem more
tempted by Frankfurt and insurers by
Luxembourg, Dublin and Brussels.
Mr Griveaux was in London a day after
US insurance group Chubb announced it
would move its EU head office to Paris
Trump vs the Valley
FRIDAY 31 MARCH 2017
Tech titans need to minimise
political risk GILLIAN TETT, PAGE 13
HMRC warns
customs risks
being swamped
by Brexit surge
3 Confidence in IT plans has collapsed
3 Fivefold rise in declarations expected
JAMES BLITZ WHITEHALL EDITOR
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expected once Britain
leaves the EU, customs authorities have
admitted to MPs.
HM Revenue & Customs told a parlia-
mentary inquiry that the new system
needed urgent action to be ready by
March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
in time has collapsed.
Setting up a digital customs system
has been at the heart of Whitehalls
Brexit planning because of the fivefold
increase in declarations expected at
British ports when the UK leaves the EU.
About 53 per cent of British imports
come from the EU, and do not require
checks because they arrive through the
single market and customs union. But
Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
The revelations about the system,
called Customs Declaration Service, are
likely to throw a sharper spotlight on
whether Whitehall can implement a
host of regulatory regimes in areas
ranging from customs and immigration
to agriculture and fisheries by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
Shutdown risk as border
wall bid goes over the top
Congressional Republicans seeking to
avert a US government shutdown after
April 28 have resisted Donald Trumps
attempt to tack funds to pay for a wall
on the US-Mexico border on to
stopgap spending plans. They fear
that his planned $33bn increase in
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
to accept the proposals.
US budget Q&A and
Trump attack over health bill i PAGE 8
MAKE A SMART INVESTMENT
Subscribe In print and online
www.ft.com/subscribenow
Tel: 0800 298 4708
For the latest news go to
www.ft.com
THE FINANCIAL TIMES LTD 2017
No: 39,435
Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Brussels, Milan, Madrid, New York,
Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai
Subscribe to the Financial Times today
Morning briefing. Midday analysis. Mobile updates. Subscribe to
the FT and youre better informed all day.
With newspaper delivery, you start the day prepared.* With FT.com,
youre on top of the news throughout the day. And with mobile
and tablet access, youre up to speed wherever you are.
A Five Star plan?
Italys populists are trying to woo
the poor BIG READ, PAGE 11
adjust its negotiation position with the
EU, a Whitehall official said. If running
our own customs system is proving
much harder than we anticipated, that
ought to have an impact on how we
press for certain options in Brussels.
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
mittee, HMRC said the timetable for
delivering CDS was challenging but
achievable. But, it added, CDS was a
complex programme that needed to be
linked to dozens of other computer sys-
tems to work properly. In November,
HMRC assigned a green traffic light to
CDS, indicating it would be delivered on
time. But last month, it wrote to the
committee saying the programme had
been relegated to amber/red, which
means there are major risks or issues
apparent in a number ofkey areas.
HMRC said last night: [CDS] is on
track to be delivered by January 2019,
and it will be able to support frictionless
international trade once the UK leaves
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for suc-
cessful delivery.
HMRCs letters to the select commit-
tee, which will be published today, pro-
vide no explanation for the rating
change, but some MPs believe it was
caused by Mrs Mays unexpected deci-
sion to leave the EU customs union.
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
City watchdog sends a clear message as
banker loses job over WhatsApp boast
LAURA NOONAN DUBLIN
JENNIFER THOMPSON LONDON
A boastful WhatsApp message has cost
a London investment banker his job
and a 37,000 fine in the first case of
regulators cracking down on commu-
nications over Facebooks popular
chat app.
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
staffs communication.
Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
encryption system that cannot be
accessed without permission from the
user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
STOCK MARKETS
Mar 30 prev %chg
S&P 500 2365.93 2361.13 0.20 $ per
Nasdaq Composite 5902.74 5897.55 0.09 $ per
Dow Jones Ind 20703.38 20659.32 0.21 per
FTSEurofirst 300 1500.72 1493.75 0.47 per $
Euro Stoxx 50 3481.67 3475.27 0.18 per 139.035 137.822 index 76.705 76.951 US Gov 30 yr
FTSE 100 7369.52 7373.72 -0.06 index 89.046 89.372 $ index 104.636 103.930 Ger Gov 2 yr
FTSE All-Share 4011.01 4011.80 -0.02 SFr per 1.069 1.072 SFr per 1.244 1.238
CAC 40
Xetra Dax
5089.64 5069.04 0.41 COMMODITIES
12256.43 12203.00 0.44
Nikkei 19063.22 19217.48 -0.80 Oil WTI $
Hang Seng 24301.09 24392.05 -0.37 Oil Brent $
297.73 0.09 Gold $
FTSE All World $ 297.99
WORLD BUSINESS NEWSPAPER
Lloyds of Brussels Insurance market
to tap new talent pool with EU base
Lloyds of London chose Brus-
sels over five or six other
cities in its decision to set up an
EU base to help deal with the
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
Berrys after discussions with regulators.
Christopher Niehaus, a former Jeffer-
ies banker, passed confidential client
information to a personal acquaint-
ance and a friend using WhatsApp,
according to the FCA. The regulator said
Mr Niehaus had turned over his device
to his employer voluntarily.
The FCA said Mr Niehaus had shared
confidential information on the messag-
ing system on a number of occasions
last year to impress people.
Several banks have banned the use of
new media from work-issued devices,
but the situation has become trickier as
banks move towards a bring your own
device policy. Goldman Sachs has
clamped down on its staffs phone bills
as iPhone-loving staff spurn their work-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
World Markets
CURRENCIES
Mar 30 prev Mar 30
1.074 1.075 per $ 0.932
1.249 1.241 per $ 0.801
0.859 0.866 per 1.164 1.155 Ger Gov 10 yr
111.295 111.035 per 119.476 119.363 Jpn Gov 10 yr
Mar 30
prev %chg US 3m Bills
50.22 49.51 1.43 Euro Libor 3m
52.98 52.54
1248.80 1251.10
Visit FT.com/subscribenow
insurers to follow. Most of the
business written in Brussels
will be reinsured back to the
syndicates at its City of London
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
Londons specialist insurance
groups after the UK leaves the
media at work, but banks are unable to
ban people from installing apps on their
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set a precedent
in that it shows the FCA sees these mes-
saging apps as the same as everything
else.
Information shared by Mr Niehaus
included the identity and details of a
client and information about a rival of
Jefferies. In one instance the banker
boasted how he might be able to pay off
his mortgage if a deal was successful.
Mr Niehaus was suspended from Jef-
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Facebook did not respond to a request
for comment.
Additional reporting by Chloe Cornish
Lombard page 20
INTEREST RATES
prev price
0.930 US Gov 10 yr 98.87 2.38
0.806 UK Gov 10 yr 100.46 1.21
98.68 0.39
100.45 0.06
100.14 2.99
102.58 -0.75
price prev
Fed Funds Eff
0.66
0.78
-0.36
0.84 UK 3m 0.34
-0.18 Prices are latest for edition
Data provided by Morningstar
UK 2.70 Channel Islands 3.00; Republic of Ireland 3.00
Dear Don...
Mays first stab at the break-up
letter ROBERT SHRIMSLEY, PAGE 12
UK 3.80; Channel Islands 3.80; Republic of Ireland 3.80
THE END
Briefing
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
OF THE
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
Atlantic. PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
ROAD
i Report outlines longer NHS waiting times
A report on how the health service can survive
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while
some surgical procedures will be scrapped. PAGE 4
i Emerging nations in record debt sales
Developing countries have sold record levels of
government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
Credit Suisse
emerging markets as trade booms. PAGE 15
i London tower plans break records
A survey has revealed that a
record 455 tall buildings are
engulfed in
planned or under construction
in London. Work began on
almost one tower a week
during 2016. PAGE 4
fresh tax probe
i Tillerson fails to ease Turkey tensions
The US secretary of state has failed to reconcile
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen. PAGE 9
i Toshiba investors doubt revival plan
3 UK, France and Netherlands swoop
In a stormy three-hour meeting, investors accused
managers ofhaving an entrenched secrecy culture
3 Blow for bid to clean up Swiss image
and cast doubt on a revival plan after Westinghouse
filed for Chapter 11 bankruptcy protection. PAGE 16
RALPH ATKINS ZURICH
DUNCAN ROBINSON BRUSSELS
i HSBC woos transgender customerscompliance but was still trying to
The bank has unveiled a range of gender-neutral
Credit
titles suchSuisse
as Mx,has been targeted
in addition
to Mr, Mrs,
Ms,sweeping
in a move tax
toinvestigations
embrace diversity in the
andUK,
France
needs and the Netherlands,
of transgender customers. setting
PAGE 20
back Switzerlands attempts to clean up dering by a global financial institution
its image as a tax haven.
The Swiss bank said yesterday it was tax authority added: The international
Datawatch
co-operating with authorities after its reach of this investigation sends a clear
offices in London, Paris and Amsterdam message that there is no hiding place for
wereattacks
Terror contacted by local
in western Europe officials
Recent attacks
concerning client tax matters. notably the 2011
Dutch authorities
Highlighted attack said their counter-
Others massacre by action, said they seized jewellery, paint-
parts in Germany were also involved,
Anders Breivik
while Australias revenue department Norway, theprobe; while French officials said their
AFP
EU, with Dublin and Luxem- said it was investigating a Brussels
Swiss bank.
attacks in Paris
The inquiries threaten to undermine and Nice, and
bourg thought to be more likely Norway Brussels suicide
efforts by the Paris countrys banking sector
homes for the industry. But Nice bombings
to overhaul business models and ensure
Mr Nelson said the city won on
customers meet internationalbucked
its transport links, talent pool of generally low
requirements following a US-led clamp-
and extremely good regula- fatalities from
down on evaders, which resulted in operation has been organised with the
tory reputation. Sources: Janes Terrorism and Insurgency Centre terror incidents in
billions of dollars in fines.
western Europe
Lex page 14 The probes risk sparking an interna- demanded a written explanation from
Insurers set to follow page 18 tional dispute after the Swiss attorney- Dutch authorities.
generals office expressed astonish-
ment that it had been left out of the in the US to an extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy to help clients
EUs judicial liaison body.
Credit Suisse, whose shares fell 1.2 per
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
subject ofinvestigations in the Nether-
lands, France and the UK. The bank said in Paris
Living wage rise to pile
pressure on care services
About 2.3m people will benefit from
todays increase in the national living
wage to 7.50 per hour. But the rise
will pile pressure on English councils,
which will have to pay care workers a
lot more. Some 43 per cent of care
staff amounting to 341,000 people
aged 25 and over earn less than the
new living wage and the increase is
expected to cost councils care services
360m in the coming financial year.
Analysis i PAGE 4
yield chg
0.00
-0.03
-0.01
Subscribe In print and online
0.00
0.01
0.00
www.ft.com/subscribenow
chg
Tel: 0800 298 4708
0.66
0.78
0.00
0.00
For the latest news go to
-0.36 0.00
www.ft.com
0.34 0.00 THE FINANCIAL TIMES LTD 2017
No: 39,436
Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Brussels, Milan, Madrid, New York,
Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai
largely orderly, although riot police
clashed with hooded youths on the
fringe of the protests. Police fired water
cannons and dragged several demonst-
rators away, television images showed.
Police said 24,000 joined in the pro-
test while the CGT put it at 60,000.
The figures are far below the turnout
last year when President Franois Holl-
ande tried to pass less ambitious labour
reforms which sparked weeks of violent
protests led by the CGT, which brought
hundreds of thousands out at the peak.
The protests represent an early chal-
lenge to Mr Macrons determination to
liberalise the jobs market, which he says
will help to make France more attrac-
tive to foreign investors, coax busin-
esses to hire more staff and reduce an
unemployment rate of over 9 per cent.
It is a liberal law made for the haves,
said Francoise Pavard, a CGT member
who works at a private health clinic, as
Benjamin
Griveaux is
spreading the
word of Frances
new business-
friendly era
Leo Novel/FT
it followed a strategy offull client tax
gather information about the probes.
by Miss or
HM Revenue & Customs said it had
cater to launched
the a criminal investigation into
suspected tax evasion and money laun-
and certain ofits employees. The UK
those seeking to evade tax.
Dutch prosecutors, who initiated the
ingsinand gold ingots as part of their
investigation had revealed several
the
thousand bank accounts opened in
Switzerland and not declared to French
taxhave
authorities.
tax the trend The Swiss attorney-generals office
said it was astonished at the way this
deliberate exclusion of Switzerland. It
In 2014, Credit Suisse pleaded guilty
evade tax. It agreed to fines of $2.6bn.
Additional reporting by Laura Noonan in
Houlder in London, and Michael Stothard
Brussels takes tough stance on Brexit
with Spain handed veto over Gibraltar
ALEX BARKER BRUSSELS
GEORGE PARKER LONDON
STEFAN WAGSTYL BERLIN
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
Britains plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
European Council president Donald
Tusks first draft of the guidelines,
which are an important milestone on
the road to Brexit, sought to damp Brit-
ains expectations by setting out a
phased approach to the divorce proc-
ess that prioritises progress on with-
drawal terms.
The decision to add the clause giving
Spain the right to veto any EU-UK trade
deals covering Gibraltar could make the
300-year territorial dispute between
Madrid and London an obstacle to
STOCK MARKETS
Mar 31 prev %chg
S&P 500 2367.10 2368.06 -0.04 $ per
Nasdaq Composite 5918.69 5914.34 0.07 $ per
Dow Jones Ind 20689.64 20728.49 -0.19 per
FTSEurofirst 300 1503.03 1500.72 0.15 per $
Euro Stoxx 50 3495.59 3481.58 0.40 per 139.338 139.035 index 77.226 76.705 US Gov 30 yr
FTSE 100 7322.92 7369.52 -0.63 index 88.767 89.046 $ index 104.536 104.636 Ger Gov 2 yr
FTSE All-Share 3990.00 4011.01 -0.52 SFr per 1.071 1.069 SFr per 1.252 1.244
CAC 40
Xetra Dax
Nikkei
Hang Seng
5122.51 5089.64 0.65 COMMODITIES
12312.87 12256.43 0.46
18909.26 19063.22 -0.81 Oil WTI $
24111.59 24301.09 -0.78 Oil Brent $
FTSE All World $ 297.38 298.11 -0.24 Gold $
*Terms and conditions can be found at www.ft.com/subscribenow
HOW DRIVERLESS
TECHNOLOGY IS
CHANGING AN
AMERICAN WAY OF LIFE
FT WEEKEND MAGAZINE
Art of persuasion Mystery deepens
over disputed painting of Jane Austen
Austens descendants insist the Rice portrait depicts her as a girl see magazine
ambitious trade and airline access deals.
Gibraltar yesterday hit back at the
clause, saying the territory had shame-
fully been singled out for unfavourable
treatment by the council at the behest of
Spain. Madrid defended the draft
clause, pointing out that it only reflected
the traditional Spanish position.
Senior EU diplomats noted that
Mr Tusks text left room for negotiators
to work with in coming months. Prime
minister Theresa Mays allies insisted
that the EU negotiating stance was
largely constructive, with one saying it
was within the parameters of what we
were expecting, perhaps more on the
upside.
390_Cover_PRESS.indd 1
British officials admitted that the EUs
insistence on a continuing role for the
European Court of Justice in any transi-
tion deal could be problematic.
Brussels sees little room for compro-
World Markets
CURRENCIES
Mar 31 prev Mar 31
1.070 1.074 per $ 0.935
1.251 1.249 per $ 0.800
0.855 0.859 per 1.169 1.164 Ger Gov 10 yr
111.430 111.295 per 119.180 119.476 Jpn Gov 10 yr
Mar 31
50.46
53.35
50.35
53.13
prev %chg US 3m Bills
1244.85 1248.80
Wednesday 13 September 2017
INTERNATIONAL
Non-performing loans
Italian banks
bad debts hit
she marched. This law will further
impoverish the weakest. The CGT has
suggest that more than half of voters are
unhappy with the centrist and that two-
protests. He visited St Martin in the Car-
ibbean, which was hit by Hurricane
3-year low
called for further protests on September
21 while France Insoumise, the leftwing
thirds are sceptical of the labour
reforms. He sparked criticism when he
Irma, to show support for relief efforts
to the Dutch-French island.
as economy
movement of presidential candidate
Jean-Luc Mlenchon, has also called for
protests on September 23.
described opponents of his reforms as
lazy during a visit to Greece last week.
Philippe Martinez, CGT leader, has
The labour reforms are set to be adop-
ted by parliament this month. Busi-
nesses with fewer than 50 workers 95
rebounds
Mr Macrons approval ratings have called the bulk of the labour laws seri- per cent of French companies will be
plummeted since he took office in May ous social regressions that give full able to negotiate specific deals directly VALENTINA ROMEI AND THOMAS HALE
as Frances youngest president. Polls powers to employers. He has vowed to with employees and without union rep-
The stock of bad debts held by Italian
fight until the end to make sure these resentatives on areas such as working
banks fell by a record amount in July in
decrees dont pass. hours, pay and overtime. Larger compa-
a sign that the countrys struggling
But other unions have shown them- nies will be able to negotiate ad hoc
financial sector is starting to benefit
selves more willing to compromise. Nei- deals with unions instead of having to
from stronger economic growth and
ther the CFDT, Frances largest trade abide by more rigid sector-wide rules.
more investor interest.
union syndicate, nor Force Ouvrire, As well as the reforms, other protest-
another big union, joined the strikes. ers complained about tax breaks for the The total volume of bad debts shrank by
The challenge for the CGT will be to wealthy, including the overhaul of the 18bn, or nearly 10 per cent, compared
keep momentum going among reform wealth tax. with the previous month to 173bn
opponents, as Mr Macrons large major- The richest people will pay less, said the largest reduction since the Bank of
ity in parliament puts him in a stronger Khemais Saidani, a CGT member who Italy started to record data in 1998. The
Demonstrators against the reforms position than his predecessor. was handing out leaflets for France stock of bad loans is at its lowest level
clash with riot police in Lyon, France Mr Macron did not see yesterdays Insoumise. There is no more equality. since 2014.
Italys stock of non-performing loans
has weighed on banks in recent years,
making it more difficult for them to
extend new credit to customers. That
Interview. Benjamin Griveaux has held back the countrys economic
recovery, prompting concerns from
domestic and European policymakers.
But the recent reduction in volumes
comes alongside evidence of improving
economic conditions in Italy, contribut-
ing to wider confidence in the euro-
zones return to economic health. In the
second quarter this year, Italys gross
domestic product grew at its fastest
annual pace since 2011.
The drop comes after increased inves-
tor demand to buy bad debts from Ital-
ian lenders and greater regulatory pres-
sure from the European Central Bank
on banks to improve their balance
sheets. In July UniCredit finalised the
sale of 17.7bn of bad loans to Pimco and
Fortress, while smaller banks have
sought to securitise or parcel up for
sale portfolios of loans.
Italy accounted for the most NPL
deals globally in the first half of the year,
according to data from Deloitte, which
says Italy is set to be the most active
market for distressed debt in Europe
this year.
Investors have been reassured by
reforms that have helped speed up
insolvency and enforcement proceed-
ings, and strengthen bank governance.
Banks sale of NPL portfolios will free
capital to do additional profitable busi-
ness, improve their credit standing and
thus reduce their cost of capital, said
Lorenzo Codogno, a former chief econo-
mist at Italys treasury and founder of
LC Macro Advisors.
Analysts say the market for NPLs has
matured and banks selling loans are
achieving higher prices.
after Brexit. He says he will not only pro- finance minister and former head of the For 30 does not mean a break from a French Luca Olivieri at Deloitte said: A bank
mote the governments tax breaks for International Monetary Fund. statist tradition. Mr Macron is seeking that is willing to sell an NPL portfolio no
the wealthy, reduced corporate tax, Mr Griveaux says the group vowed to years, we to promote interventionism in Europe longer considers these investors as peo-
international school places for expatri- end 30 years of inertia that served the have pitted by championing more protective EU ple trying to make profit out of them,
ate families and the capitals quality of interests of a cast of insiders those trade policies and a tougher screening of but as a resource to solve some of their
life, he will also spread the word of a new, born to well-off families as well as the capital foreign investments in the bloc. problems.
resolutely business-friendly era. unions and the professions that have against The EU has failed to protect its peo- However, Amelia Colvin, head of
Within six months, all the things built barriers to entry. Meanwhile, the ple, Mr Griveaux says. Why should NPLs and distressed at Cadogan Securi-
weve announced will be implemented, outsiders immigrants and low- labour Europe be so blatantly naive in matters ties in London, said that while investor
he says. Something has changed in the skilled youth are more likely to be in this of trade? appetite had improved, many deals
kingdom of France. unemployed or on temporary contracts. The French are defiant but they have were still failing to close. If every deal
Mr Griveauxs role offers a glimpse This battle to break with the old poli- country, become more optimistic, he insists, that came to market closed, the vol-
into Mr Macrons way of governing. tics, I want to lead it in capitalism. Were and weve while opposition parties including the umes would be huge.
Among those at the Bercy meeting in fighting for fair competition. So that far right and hard left have lost the The drop in bad debts is in line with an
2015, two have been appointed to key everyone can play, Mr Griveaux says. managed to magnetic north. incipient recovery in some sectors of the
ministries: in addition to Mr Griveaux, For 30 years, we have pitted capital get neither We will succeed when parents believe Italian economy.
39, Julien Denormandie, 36, has been against labour in this country, and weve their children will be better off. I am con- Corporate bad debt linked to the man-
appointed junior minister in charge of managed something extraordinary: to of the two vinced theres a silent majority who is in ufacturing sector has fallen 6bn since
regional development. Another pillar of get neither of the two . . . Its absurd to wait-and-see mode, he says. My gener- the start of the year: industrial produc-
the group is Ismal Emelien, 30, the see that whenever start-ups need to ation has to take care of the previous and tion rose by an annual 4.4 per cent in
presidents discreet strategy guru at the raise funds, after a certain time, they the following ones after 30 years of negli- July, beating expectations. There was a
Elyse Palace who like Mr Griveaux move elsewhere. gence. But not by spending more public larger fall in bad debts in the construc-
also worked for Dominique Strauss- While this vision entails more deregu- money, this time by investing. tion sector, which started to benefit
Kahn, the former social-democratic lation of the jobs markets at home, it Notebook page 10 from stability in Italys house prices.
Historic re-election
Norways centre-right must overcome divisions to exploit win
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
might mean that the reality in the rest of had gone to Progress. We [in Norway] a government with Progress, which the
Censors and sensitivity
Warning: this article may be
upsetting LIFE & ARTS RICHARD MILNE OSLO
Europe comes to Scandinavia. have boasted that we are not like other Liberals the other smaller centre-
How To Spend It
Norways centre-right government has
The centre-right was on course to countries. But there are Labour voters right party is considering.
Chic new lodgings
won its historic re-election bid but it
in Scotland
MAGAZINE
FEBRUARY 4 2017
hold 88 seats in the new parliament ver- who feel this isnt my party any more The next government will also have to
will find forming a stable administra-
sus 81 for the centre-left after nearly all and I think some have moved to the rein in its use of money from Norways
tion in western Europes biggest oil pro-
The lure of the exotic
Robin Lane Fox on the flair
the votes were counted. The Labour Progress party, Mr Bonde said. sovereign wealth fund, the worlds larg-
of foreign flora HOUSE & HOME
ducer a tricky feat.
party may have kept up its record of Mr Isaksen hinted that the govern- est, in the budget, where it reached the
Escape the taper trap
Prime minister Erna Solberg saw her being the best supported party in every ment could seek to play on divisions in equivalent of about 8 per cent of gross
How high earners can evade
Bridgeman Art Library
a pension headache FT MONEY
parliamentary majority cut. After Mon- election since 1927 but in every other the centre-left, where five parties domestic product this year.
days results she will need the support of regard had a miserable night. Fighting Vidar Helgesen, environment minis-
mise. If Britain wants to prolong its
status within the single market after
Brexit, the guidelines state it would
THE RISE
supervisory OF instru-
and enforcement
ments and structures to apply.
ECO-GLAM
require existing regulatory, budgetary,
Mr Tusk wants talks on future trade
to begin only once sufficient progress
all four centre-right parties to govern, the most rightwing elected administra- ter, said: We have been quite honest in
has been made on Britains exit bill and
citizen rights, which Whitehall officials
believe means simultaneous talks are
possible if certain conditions are met.
Boris Johnson, the foreign secretary,
reassured European colleagues at a
Nato summit in Brussels that Mrs May
Prime minister
had not intended to threaten the EU
when she linked security co-operation
rather than just three as in the previous tion in Norways history, Labour scored this campaign that during the difficult
19/01/2017 13:57
after Brexit with a trade deal.
Reports & analysis page 3
Jonathan Powell, Tim Harford &
Man in the News: David Davis page 11
Henry Mance page 12
Erna Solberg,
four-year term giving the two small- just 27 per cent, its second-worst per- years we have been injecting more
INTEREST RATES
prev price yield chg
centre, will find
0.932 US Gov 10 yr 98.63 2.41 -0.01
0.801 UK Gov 10 yr 100.35 1.22 0.02
99.27 0.33 -0.01
100.36 0.07 0.00
est groups substantial power to block formance in the past 90 years. money from the oil fund. Going for-
99.27 3.04 0.01
102.57 -0.75 0.00
price prev chg
Fed Funds Eff
0.22 Euro Libor 3m
0.41 UK 3m
0.66
0.78
-0.36
0.34
0.66
0.78
-0.36
0.34
0.00
0.00
0.00
0.00 forming a stable
-0.32 Prices are latest for edition Data provided by Morningstar
things they disagree with, such as open- Jonas Gahr Store, Labours head, was government to ward, we wont do that in the same mag-
ing up the picturesque Lofoten Islands painted as an elite leader, educated in be a tricky feat nitude so budgets will be tighter. Its
to oil exploration. Paris and at Harvard, with inherited going to be a demanding few years.
But for Ms Solberg there is a poten- wealth and hedge fund investments. entered parliament. The Socialist Left Norways results also offer a lesson to
tially bigger prize out of the elections: It might be that they have the same and rural centre parties both picked up other populist parties on how to exer-
that Norway may be moving away from problems as other social democratic large numbers of voters. We are used to cise power and maintain popularity.
the traditional Scandinavian domi- parties, that there are a lot of working- having a very large Labour party on the Progress was set to keep all but one of its
nance of social democratic parties class people very far from the elite who other side. But now the centre-left is 29 parliamentary seats, confounding
towards a more European model where are moving away from them, said Aslak really fragmented, he added. predictions that being in government
the right are as capable of winning elec- Bonde, a leftwing commentator. Yet the government must overcome would tame their message.
tions as the left. Norways populist Progress party had divisions in centre-right ranks if it is to Mr Bonde said: The most extraordi-
It is a historic result, Torbjorn Isak- hitherto taken most votes from other exploit Labours discomfort. The nary part of the result is that Progress
sen, education minister, told the Finan- rightwing groups and relatively few smaller Christian Democrats are has managed to stay attractive to voters.
cial Times. The Scandinavian coun- from the centre-left. But, as in other unhappy with Progresss anti-immigra- Nobody thought that would happen
tries have been a holdout for strong European countries, there were signs in tion rhetoric, which they suspect cost four years ago.
social democratic parties. This result this election that some Labour voters them votes. They are refusing to go into Editorial Comment page 10
Wednesday 13 September 2017 FINANCIAL TIMES 5
6 FINANCIAL TIMES
North Koreas opaque trading
networks prop up economy
Rusty ships and shell companies help sustain flows despite tighter sanctions
DON WEINLAND HONG KONG
YUAN YANG DALIAN
small fleet of cargo ships, Union Link
International hoists an exotic array of
flags from China and Tanzania to the
Pacific island nations of Niue and Palau.
But one stands out: a five-pointed red
star on broad horizontal stripes of red
and dark blue. It is North Koreas
national banner and the vessel that flies
it, the Dolphin 26, is just one in a vast
network helping Pyongyang survive the
international sanctions targeting its
weapons programme.
The UN Security Council on Monday
agreed fresh measures against North
Korea and reiterated an agreement to
identify and inspect vessels suspected of
transporting proscribed goods from the
country. But the opacity of the web of
ships, people and businesses perpetuat-
ing such trade flows suggests the inter-
national community faces a huge chal-
lenge if its clampdown is to succeed.
Hundreds of the vessels involved are
owned and managed by companies
based in Hong Kong, where it is not ille-
gal to do business with North Korea.
Some of them are operated by North
Koreans, corporate records show, but
most are backed by Chinese nationals.
These networks have to be impor-
tant to North Korea because the North
Korean economy has been able to do
something no Soviet economy was ever
able to do before, and thats stabilise the
balance of trade and the currency, says
Nicholas Eberstadt of the American
Enterprise Institute, a conservative
think-tank.
Washington-based research group
C4ADS has detailed the characteristics
of shipping networks important to
North Korea. Of a sample of the 248
companies it identifies as managing or
operating businesses connected to the
country, 160 are Hong Kong-registered.
One C4ADS report notes that the
companies employ a variety of
schemes to disguise beneficial owner-
ship, including using flags of conven-
ience for ships, establishing shell and
front companies to register their hold-
ings . . . and using multiple layers of
intermediaries to conduct business.
The Dolphin 26s rusty hull has seen
better days. Its decks were corroded
enough to draw the attention of inspec-
tors in February, according to a Chinese
ports disciplinary report. The vessel
was last spotted in mid-May in Chinas
northern port of Tianjin, ship-tracking
service MarineTraffic shows.
There is no evidence to suggest it has
been used to break any laws. But it
shares many of the characteristics of
ships that have.
The Dolphin 26 has changed its regis-
tered owner and manager six times and
its name three times in the past eight
years, while its flag has been switched
four times in five years, according to
maritime database Equasis.
By swapping flags and shifting owner-
ship between shell companies, experts
say it is much more difficult to identify
patterns and track the activities of peo-
ple behind the shipping companies.
Many of the businesses share Hong
Fed policy expected to stay on course despite storms
Harvey and Irma not likely to
divert central bank from
tightening, economists predict
SAM FLEMING WASHINGTON
LAUREN LEATHERBY NEW YORK
While the physical damage from storms
as ferocious as Harvey and Irma can last
for months and years, the overall eco-
nomic damage is likely to be fleeting and
should do little to alter the Federal
Reserves broader strategy for tighten-
ing monetary policy, economists pre-
dict.
The US central bank lifted short-term
interest rates in 2005, just a month after
Hurricane Katrina battered the Gulf of
Mexico with policymakers at the time
describing the economic ramifications
as significant but essentially tempo-
rary. Chair Janet Yellen may take a sim-
ilar view in the wake of the twin storms
that hit Texas and Florida.
Estimates from Moodys Analytics
put the total physical damage from Har-
vey and Irma at $150bn-$200bn com-
parable to that following Katrina. The
hit to annualised gross domestic prod-
uct growth in the third quarter may be
0.5 percentage points, it said. Separate
estimates from Goldman Sachs suggest
INTERNATIONAL
The obscure Kong addresses with the secretarial If you think
nature of the companies paid to represent them, a
ships and set-up commonly used by shell compa- about the
businesses nies with no real assets in the territory. time and
perpetuating The other ships managed by Union
North Korea Link show similar patterns. The Orien- money
trade flows tal Lady has changed flag six times these
presents a big twice to North Koreas since 2003. The
challenge to the Zhi Hui has used a North Korean flag companies
international four times since 2006. take to hide
community If you think about the time, energy
Wong Maye-E/AP
and money these companies take to their true
hide their true identity, you have to identity,
think that this is important, says Wil-
liam Newcomb, former deputy co-ordi- you must
nator of the US state departments think this is
North Korea working group under Pres-
ident George W Bush. important
Xie Qun, the registered owner of
Union Link, says she has cut down on
the stressful work of running a ship-
ping company in order to look after her
National carriers
Flags on sample of 147 ships linked to trade with North Korea
50
40
30
20
10
0 companies, many based in Dandong on
Cambodia Other Sierra North Panama Mongolia
Leone Korea
Source: C4ADS
Strategy. US growth
the hurricane-related disruptions will The next realistic chance to adjust
shave as much as 0.8 percentage points the funds rate is not until mid-Decem-
from growth during that period, lower- ber, and at that point we think some of
ing the likely expansion to 2 per cent. the more noticeable disruptions from
Conversely, headline inflation could the data flow should be behind us,
briefly spike in the aftermath of the added Mr Feroli.
storms, driven by factors such as higher None of this is to play down the short-
petrol prices following refinery shut- term impact from two such violent
downs, as well as an uplift in used car storms. Harvey has triggered a surge in
prices after the storms left a trail of claims for unemployment benefits in
ruined vehicles. The impact on core
inflation which strips out food and
fuel prices and is closely watched by the $200 bn 0.8
Fed may be more muted. Upper estimate Estimated hit in
Analysts stress that big disasters can of damage percentage points
lift growth further out as the rebuilding caused by Irma to GDP growth in
effort gets under way, leaving the overall and Harvey Q3, says Goldman
economy on largely the same longer-
term trajectory. That was the message Texas, for instance. Initial claims rose
from Bill Dudley, New York Fed presi- by 62,000 to a seasonally adjusted
dent last week, when he described the 298,000 in the week ended September
national economic effects of epic storms 2, the biggest weekly jump since 2012,
as modest and transitory. Storm- according to the Labor Department. In
related turmoil could make it hard to 2005 there were more than 500,000
read the economic data given the vola- hurricane-related jobless claims over
tility it will insert into numbers, he said. three months following Katrina, accord-
Michael Feroli of JPMorgan Chase ing to High Frequency Economics.
does not expect Fed policy to be heavily Industrial production is likely to be
affected. At next weeks meeting it is still dented by shutdowns in Texass chemi-
likely to announce the start to the proc- cals and petroleum sector. Power out-
ess of reducing its balance sheet; it has ages have affected more than half the
not been making this move contingent homes and businesses in Florida, hitting
on near-term swings in economic data. utilities output and business activity.
child and elderly parents. Speaking at a
McDonalds restaurant in Dalian, she
says she severed ties with her last North
Korean client in February, as the UN was
about to approve fresh sanctions, and
that she has never knowingly helped
North Korean companies break the law.
Ms Xie notes that many small ship-
ping companies were registered under
her name in Hong Kong, a strategy
aimed at spreading risk should one
ship become involved in a dispute, other
ships and companies would not be
affected. Its common practice in the
industry to register many companies,
she says, adding that industry peers had
told her to do so in Hong Kong, where
companies can be registered without an
address or assets in the territory.
Hong Kong company records show
two dissolved shipping companies regis-
tered under Xie Quns name.
The Chinese territorys Commerce
and Economic Development Bureau
says it is aware of reports from the UN
Panel of Experts accusing companies of
facilitating illicit trade with North Korea
and is looking into the cases in which
Hong Kong-registered companies are
said to be involved.
US regulators and research groups
have homed in on several large Chinese
the border with North Korea, which
they believe are aiding Pyongyangs
weapons programme, as well as the peo-
ple behind the companies.
The states tourism sector has been par-
ticularly exposed to the storms effects.
In addition, it may take time for
rebuilding to get under way especially
in two states where there are shortages
of construction labour. This could mean
wages in the sector are boosted.
Goldman predicts the third-quarter
hit from the two storms will be more
than recouped over the subsequent
three quarters as business investment
and construction activity rallies. You
get an initial negative impact that is
made up in subsequent months and
quarters, and it washes out very
quickly, said Mark Zandi of Moodys
Analytics. It should not have any mate-
rial impact on monetary policy.
That does not necessarily mean the
job of interpreting the coming weeks
data will be easy for the Fed. Inflation
readings will probably be hit by the
storms, at a time when the central bank
is sensitive to fluctuations in prices.
Disappointments on inflation read-
ings have left the Feds interest-rate
decisions finely balanced, with many
investors doubting the central bank will
be able to lift rates by another quarter-
point by the end of the year. Greater
clarity will come next Wednesday, when
Ms Yellen gives a press conference after
the central banks latest meeting.
Peninsula crisis
US warns China banks as
Pyongyang tensions rise
DEMETRI SEVASTOPULO AND KATRINA
MANSON WASHINGTON
The Trump administration has warned
China that the US will target Chinese
banks unless Beijing takes much
stronger measures to impose economic
pain on North Korea by reducing trade
and financial transactions with
Pyongyang.
Marshall Billingslea, a top Treasury offi-
cial, told Congress yesterday that the US
had not seen sufficient evidence that
China was willing to curb North Korean
revenue flows and expunge North
Korean illicit actors from its banking
system. He said the Trump administra-
tion would continue to work with China
to maximise pressure on North Korea,
but stressed that the US will not hesi-
tate to act unilaterally.
His remarks followed the move by the
UN Security Council on Monday to
impose another round of sanctions on
Pyongyang. China and Russia backed
the effort after the US agreed to dilute a
proposal to ban all exports of refined
petroleum exports to North Korea.
Donald Trump yesterday described
the latest UN sanctions as a very small
step and the measures were not a big
deal. He added that while it was nice to
get a unanimous vote, those sanctions
are nothing compared to ultimately
what will have to happen.
The US has pushed through two
rounds of tough sanctions on
Pyongyang, but also targeted Chinese
companies, such as Bank of Dandong,
for engaging in actions that help North
Korea further its nuclear weapons pro-
gramme.
If China wishes to avoid future meas-
ures, such as those imposed on Bank of
Dandong or the various companies
sanctioned for illegal trade prac-
tices . . . it urgently needs to take
demonstrable public steps to eliminate
North Koreas trade and financial
access, Mr Billingslea told the House
foreign affairs committee.
While the UN resolution was not as
tough as the US wanted following North
Koreas recent nuclear test, Nikki Haley,
US ambassador to the UN, said 90 per
cent of North Korean exports were now
banned.
Experts were divided over the impact
of the sanctions, with some saying the
cumulative measures were tougher
than anything before, while others
questioned whether they would have
the desired impact of convincing Kim
Jong Un, the North Korean leader, to
UN sanctions
Beijing seeks to hurt but not
destroy regime, say experts
TOM MITCHELL AND YUAN YANG
BEIJING
The tougher UN sanctions against
North Korea that China agreed to on
Monday will cause real economic pain
for its recalcitrant ally, but without
risking regime collapse or greatly dam-
aging the interests of large Chinese
companies in cross-border trade.
Zhao Tong, a regional expert at the
Carnegie-Tsinghua Center in Beijing,
said the Chinese governments objective
was to block the most extreme meas-
ures advocated by the US president
Donald Trump while communicating its
anger to Kim Jong Un about his regimes
sixth nuclear test on September 3.
China prevented a complete cut-off
of oil and fuel supplies to North Korea,
which could have had deadly economic
consequences for the regime, Mr Zhao
said. But the sanctions now in place
will dramatically reduce North Koreas
foreign exchange earnings and have an
irreversible impact on its economy.
An embargo on North Korean textile
exports, coupled with earlier sanctions
targeting coal, minerals and seafood,
will affect more than 90 per cent of the
countrys exports and deprive Mr Kims
regime of $1.3bn in annual earnings.
The sanctions limit the number of
North Koreans allowed to work abroad
at the current level of about 100,000,
who repatriate an estimated $500m
annually. They will also reduce oil and
fuel exports to North Korea by about a
third, from 8.5m barrels to 6m a year.
The sanctions effectively cap North
Koreas development potential and
open the door for further tightening
now that oil and fuel are on the table,
said Michael Kovrig at the International
Crisis Group.
While the squeeze on energy supplies
will be keenly felt by Mr Kim, the am-
ounts are inconsequential for state-
owned Chinese energy groups that do
business with North Korea.
The effect on any large [Chinese] oil
company will negligible, said Lin Boq-
iang, dean of the China Institute for
Wednesday 13 September 2017
rein in his nuclear programme. Bruce
Klingner, a former CIA North Korea
analyst, said the UN and US actions this
year showed that Washington was mov-
ing away from measures that punished
violators and moving towards eco-
nomic warfare in the way Washington
had targeted Iran.
US officials have said such a path is
critical to warding off any future pre-
emptive strike to knock out a North
Korean ICBM, or a broader preventive
war that would aim to destroy all of
North Koreas nuclear capabilities.
Evans Revere, a North Korea expert
and former US diplomat, welcomed the
fact that the UN voted unanimously
and included new measures, such as
a cap on oil exports, but said they were
insufficient.
It is yet another attempt to rely on an
incremental approach on sanctions that
It is an attempt to rely on
an incremental approach
to sanctions that has been
shown to be inadequate
has been shown over the years to be
inadequate, he said.
Diplomats and experts said the US
push for tougher sanctions was blocked
by China and Russia. One diplomat said
the discussions were primarily a Chi-
na-America negotiation because China
accounts for 90 per cent of trade with
North Korea.
While the US circulated the first draft
publicly to put pressure on other coun-
tries, it ultimately watered down some
proposals, such as a ban on all oil
exports, a ban on hiring North Korean
workers and calls for forced maritime
inspections. The first draft designated
nine vessels for breaking sanctions but
later dropped them in favour of consen-
sual inspections of any vessel suspected
of being in breach.
Mr Billingslea said Pyongyang had
lessened the impact of sanctions
because of weak implementation in the
past. The US has become concerned,
for example, that North Korean trade
with Russia has risen this year, helping
to ease the pain from falling trade
with China.
Russian companies continue to pro-
vide support to North Korea, he said,
adding that North Korean bank repre-
sentatives operate in Russia in flagrant
disregard of the very resolutions
adopted by Russia at the UN.
Energy Studies at Xiamen University.
Exports to North Korea are a drop in
the ocean when it comes to the Chinese
oil industry. There may be small compa-
nies focused on North Korea that would
be affected, but they are not worth wat-
ching in terms of the overall industry.
Small Chinese traders in Dandong,
Hunchun and other border towns hit by
earlier sanctions are bracing for more
pain. Last month, traders in Hunchun
protested against the ban on seafood
exports.
Yesterday, a Hunchun seafood imp-
orter was ruing the new sanctions
impact on a North Korean textile fac-
tory that she has invested in. The sea-
An embargo on
textile exports,
coupled with
earlier sanctions,
will cost North
Korea $1.3bn a year
food business is already hopeless, the
trader said. They call them sanctions
against North Korea but they are mak-
ing Chinese people suffer as well.
Shinzo Abe, Japans prime minister,
said yesterday the new sanctions show-
ed the international communitys
shared determination that the pressure
against North Korea should be raised to
an unprecedented new level.
In Beijing, the foreign ministry reiter-
ated that the sanctions should accom-
pany diplomatic solutions and a
resumption of the six-party talks.
The government thinks this is a pro-
blem between the US and North Korea,
said one Beijing-based foreign policy
expert who advises Chinese officials.
China views its agreement with the
new sanctions as a favour to the US and
will now expect something in return,
Mr Kovrig said.
North Korea was never an ideal
neighbour, but China was willing to tol-
erate it provided it didnt create too
much of a fuss.
Additional reporting by Xinning Liu, Emily
Feng and Robin Harding
Wednesday 13 September 2017 FINANCIAL TIMES 7

INTERNATIONAL

Wage data Legal challenge

US incomes hit high while poverty declines South Africas

Figures show big rise in
household wealth in last
two years under Obama
SAM FLEMING WASHINGTON
Household incomes in the US surged for
a second year running in 2016 and pov-
erty declined, defying the narrative of
unrelenting economic decay that hung
over the presidential election campaign
last year.
Median income rose by an inflation-
adjusted 3.2 per cent from 2015 to 2016
to $59,039, surpassing the previous peak
in 1999, according to Census Bureau
numbers. Non-Hispanic white, black
and Hispanic-origin households all
experienced income gains. Meanwhile,
the number of people in poverty fell by
2.5m over the same period.
In his January inauguration speech,
Donald Trump said he was taking over
the presidency following a period of
American carnage, as he vowed to
restore the fortunes of the countrys
middle class.
Yesterdays data suggest, however,
that while the longer-term story of stag-
nation is a genuine one for large swaths
of the population, there was a sharp
turnround in post-inflation income
growth in the final years of Barack
Obamas presidency.
If you look at 2015 and 2016, things
are looking reasonably healthy, said
Michael Strain of the American Enter-
prise Institute. That is not to say that if
you look at the arc of the last 20 years we
Economy. Currency woe
dont have some pretty serious longer-
term structural challenges to deal with.
Methodological changes by the Cen-
sus Bureau make it harder to draw
direct comparisons with figures before
2013, but the numbers suggest many
$59,039 2.5m
Median income in Number of people
2016, an increase taken out of
of 3.2 per cent on poverty between
the previous year 2015 and 2016
households have been able to claw back
the losses sustained during the reces-
sion thanks to a jobs recovery that
pushed unemployment below 5 per cent
last year. Since 2014, median household
income has increased 8.5 per cent in real
terms, or $4,600. That means the typi-
cal households income rose more from
2014 to 2016 than in any other two-year
period going back to the 1960s, accord-
ing to the Center on Budget and Policy
Priorities.
Median incomes grew 2 per cent
among non-Hispanic whites, 5.7 per
cent among blacks and 4.3 per cent
among Hispanics between 2015 and
2016. Asian households had the highest
median income in 2016, and saw growth
of 4.2 per cent on the previous year.
Separate figures yesterday showed
job openings were at a record high in
July, suggesting the labour market con-
tinues to strengthen. The overall eco-
nomic recovery is now the third-longest
on record, although growth has
remained relatively tepid.
Justin Wolfers, a professor at the Uni-
versity of Michigan, cautioned that the
broader picture remained a skewed one,
in which the rich have continued to
enjoy outsize gains. So much of the
action is what is going on at the top end,
he said. The Census Bureau reported no
statistically significant changes in
income inequality across a range of
measures.
That said, the figures revealed the
poverty rate fell to 12.7 per cent, only a
little above the level of 12.5 per cent just
before the financial crisis struck. That
left 40.6m in poverty last year. And the
percentage of people without health
insurance coverage fell to 8.8 per cent
from 9.1 per cent in 2015. That still
means there were 28.1m people without
health insurance over the period.
central bank
says watchdog
threatened its
independence
JOSEPH COTTERILL
SOUTHERN AFRICA CORRESPONDENT
South Africas central bank has accused
a government watchdog of meeting
President Jacob Zumas lawyers and
state security officials in an attempt to
undermine its independence.
Public protector Busisiwe Mkhwebane,
whose job is similar to a state ombuds-
man, met Mr Zumas legal advisers and
security officials before she released a
report in June that called for changes to
the South African Reserve Banks man-
date, according to a filing by the bank in
the Pretoria High Court yesterday.
The public protector triggered con-
troversy after she used the report into

Fall in sterling squeezes Irelands exporters an apartheid-era bank bailout to inst-

A strong euro and weak pound
has left some traders struggling
as Brexit uncertainty mounts
ARTHUR BEESLEY DUBLIN
Larry Murrin knows all about the prob-
lems the strong euro and weak pound
are causing for Ireland.
Sterling is down 20 per cent against
the single currency since last years ref-
erendum and businesses like Mr Mur-
rins he is chief executive of Dawn
Farms, an Irish cooked meats processor
with a big UK market share are find-
ing it increasingly difficult to cope.
Even risk management strategies
run out; they expire, said Mr Murrin,
whose company has a turnover meas-
ured in nine digits and employs more
than 1,000. In the range of sterling that
were at now, Irelands competitiveness
is deeply suffering and its likely to have
a significant impact on volume and
value into Britain over the next several
quarters in the absence of any material
relief measures brought forward by gov-
ernment.
Long before Britain leaves the EU,
Irish exporters are feeling the heat of the
Brexit vote. Profit margins have evapo-
rated, forcing companies to think long-
term about new markets as they deploy
hedging strategies to ease the immedi-
ate risk. The euro, which is also being
buoyed by the eurozones recovery,
reached 92p recently although ster-
ling rose yesterday after a higher than
expected UK inflation reading.
Once you go over 90p then the vast
majority of companies are in point of
pain territory, said Fergal OBrien, an
economist at business lobby Ibec.
Moreover the sterling conundrum
comes as companies are grappling with
another impact of Brexit: uncertainty
over future border arrangements
between Northern Ireland and the
Republic. At the moment theres no
hard border. Whether its going to be
hard or soft has huge implica-
tions, said Chris Mitchell, of
Dublin skincare company
Green Angel.
Irelands strong
growth is proving to be
of little comfort to
exporters, according
to a banker with one
of the main Irish lend-
Irish exporters ers, who said hundreds of business own-
are feeling the ers were flocking to information meet-
heat after the ings around Ireland on how to cope with
Brexit vote, with sterlings weakness.
sterling down People cant see whats coming
20 per cent towards them, said the banker, who
against the declined to be named. All theyre look-
single currency ing for is guidance on the pound. When
since last years will it bounce back? And, unfortunately,
referendum it doesnt look like it will.
Aidan Crawley/Bloomberg;
Billy Tyrrell of Arklow Marine Serv-
Dreamstime
ices, a boatbuilder that has been export-
ing to Britain for more than a decade,
said he looked at exchange rates every
morning. Even though UK
shipyards are busy, were
still finding it diffi-
cult to win con-
tracts.
Irelands govern-
ment has signalled that
it is looking at ways to
help, saying sterling will
be a very important con-
sideration in its 2018
budget next month. But offi-
cials are reluctant to invoke EU force
majeure rules that would allow Dublin to
circumvent the blocs controls on state
aid to private business.
Mr Murrin wants Dublin to establish a
special loan fund to help the agri-food
industry diversify. It would take six to
10 years for us to create net new market
share similar to the value we have in
Britain, he said.
Mr OBrien said the most affected sec-
tors were those with modest margins,
such as agri-food. Irish tourism was also
significantly exposed at current
exchange rates, he said.
About 40 per cent of tourists in Ire-
land come from the UK. Failte Ireland,
the state tourism promotion body, pre-
dicts there will be 300,000 fewer British
visitors to Ireland this year. Last year
there were 3.6m visits.
Dalata, Irelands largest hotel chain,
said the sterling factor was more than
offset by bigger visitor numbers from
other markets when it reported a record
profit last week.
It would But Pat McCann, Dalata chief execu-
tive, said it had advantages of scale com-
take six to pared with other operators. If you are
10 years for very dependent on transient leisure
business into Dublin, you will have seen
us to create some fall-off in business. If you are a
net new border business, you will have seen sig-
nificant fall-off, both in the room busi-
market ness and in the wedding business.
share Ciaran Murtagh of Shay Murtagh Pre-
cast, which supplies concrete to UK cus-
similar to tomers including Highways England
the value and Network Rail, said a sense of cau-
tion dominated.
we have in At current rates it allows for no capi-
Britain tal spending within the company; budg-
ets cut for everything; and just knuck-
ling down to get through it with the hope
that its short term 80 per cent of what
we produce goes to the UK, added Mr
Murtagh. I know so many companies
that really have no business if sterling is
at 92p. They have no future.
The more people talk about it going
to parity, the more jobs will be lost due
to lack of investment.
ruct parliamentarians to alter the cons-
titution to force the bank to focus on the
socio-economic wellbeing of the citi-
zens rather than inflation. Such rheto-
ric is linked with Mr Zuma and his allies
as the president is blighted by scandals.
The Pretoria court set aside the public
protectors instruction last month after
ruling it unconstitutional. But the rep-
ort raised concerns that the reserve
banks independence was under threat
as factional battles split Mr Zumas rul-
ing African National Congress.
The central bank is widely regarded
as one of South Africas most credible
institutions at a time when critics accuse
Mr Zuma of weakening and politicising
state entities.
The bank filed its affidavit yesterday
as part of its legal challenge to the public
protectors report. Ms Mkhwebanes
records reveal she met the state security
agency officials to discuss the central
bank at which she asked how are they
vulnerable?, according to the affidavit.
The fact that this topic was even dis-
cussed with the state security agency
indicates that the public protectors
investigation was aimed at undermin-
ing the reserve bank, Johannes de Jager,
central bank lawyer, said in the filing.
Ms Mkhwebane also failed to disclose
a meeting with Mr Zumas office days
before the reports release, Mr de Jager
said. There is no legitimate basis on
which this ought to have been discussed
with the presidency, he added.
Ms Mkhwebane told eNCA, a South
Africa television channel, yesterday
that there was nothing wrong with her
meeting the state security officials or Mr
Zumas legal representatives. She also
denied telling the presidents lawyers
that she would seek to change the cen-
tral banks mandate.
Mr Zuma appointed Ms Mkhwebane
last year after Thuli Madonsela, her
predecessor completed her term. Under
Ms Madonselas leadership, the public
protectors office earned plaudits for
tackling state corruption. In one high-
profile investigation, Ms Madonsela
found that Mr Zuma unduly benefited
from millions of dollars of taxpayer
funds that were used to upgrade his pri-
vate home in Nkandla. He was later
required to repay the money after a
court ruling that he had violated the
constitution.
Analysts say Ms Mkhwebane is far
closer to the president than her combat-
ive predecessor.
Lesetja Kganyago, the central bank
governor, has defended its use of infla-
tion targets against the changes pro-
posed by the public protector.

Curbs on dissent Judicial reforms

Prominent clerics detained in Saudi crackdown Brussels and Poland edge closer to legal face-off
SIMEON KERR DUBAI
Saudi Arabia has detained two promi-
nent clerics as part of a crackdown on
Sunni Islamists intended to muzzle
influential voices who could speak out
against the governments policies and
reform agenda, activists said.
Sheikh Salman al-Ouda and Sheikh
Awad al-Qarni were taken into custody
this week after they were criticised by
government supporters for their appar-
ent reluctance to back Riyadhs decision
to lead a regional embargo against
Qatar. Saudi Arabia, the United Arab
Emirates, Bahrain and Egypt cut trans-
port and diplomatic links with Qatar
four months ago, accusing Doha of spon-
soring terrorism and political Islam.
The arrest of such high-profile clerics
both have millions of followers on
social media is a sign of a broadening
crackdown on dissent by Crown Prince
Mohammed bin Salman as Riyadh looks
to silence potential critics of his reform
plans, activists say, adding that other
Islamists have also been detained.
There is now an intolerance of any
form of political Islam in the kingdom,
said one Saudi activist, who did not want
to be named.
The government has not commented
on the detention of Mr Ouda and Mr
Qarni. But the Saudi state news agency
said yesterday that security agencies
had arrested a group of Saudis and for-
eigners who were engaged in intelli-
There is now an
intolerance of any
form of political Islam
in the kingdom
gence activities . . . for the benefit of
foreign parties against the security of
the kingdom.
ALQST, a Saudi human rights group,
said it had confirmed Mr Oudas arrest.
It said the cleric was detained for
expressing happiness at reports on Fri-
day that Saudi Arabia and Qatar could
resolve their dispute. That followed a
telephone call between Prince Moham-
med and Qatars emir, which was bro-
kered by US president Donald Trump.
Riyadh later accused Doha of distort-
ing the facts about who initiated the
conversation.
The ruling Al Saud family has long
regarded Islamists as the biggest threat
to its hold on power, but it has been care-
ful to balance relations with establish-
ment clerics and more radical Islamists
who enjoy support across the kingdom.
Critics say Prince Mohammed is now
adopting tactics similar to those used by
his close ally, Mohammed bin Zayed,
the crown prince of Abu Dhabi, who has
pursued an aggressive campaign against
Islamists, such as Muslim Brotherhood
supporters.
Mr Ouda was a leader in the Sahwa
movement, which called for domestic
political reforms in the kingdom in the
1990s. He revived the calls when he
spoke up in favour of the Arab uprisings
that swept the Middle East in 2011. Mr
Qarni is also regarded as a sympathiser
of the Sahwa movement.
Prince Mohammed, who was pro-
moted to crown prince in June, is over-
seeing an ambitious reform programme
intended to overhaul the oil-dependent
economy and modernise the conserva-
tive kingdom.
JAMES SHOTTER WARSAW
The EU and Poland moved closer to a
legal showdown yesterday after Brus-
sels gave Warsaw one month to
respond to concerns about its overhaul
of the countrys judiciary or face a court
challenge.
The European Commission opened
legal proceedings against Poland in July
after the ruling Law and Justice party
(PiS), led by Jaroslaw Kaczynski,
pushed through a law it fears will under-
mine the independence of Polish courts.
Poland responded to the commis-
sions concerns at the end of August, but
Brussels said yesterday it maintains its
position that the Polish law is incompat-
ible with EU law. If Warsaw did not rec-
tify the situation within a month, the
commission could refer the case to the
European Court of Justice, it said.
Since sweeping to power in 2015, PiS
has made a major overhaul of Polands
judicial system one of its key objectives.
It says it is necessary to change an ineffi-
cient system that has not been purged
since the country emerged from com-
munism almost three decades ago.
PiS put forward three laws to imple-
ment its agenda but two were blocked
by Andrzej Duda, the Polish president,
in July. The bills could have forced all
members of the Supreme Court to step
down except those kept on by the justice
minister, and given parliament greater
control over the body that appoints
Polands president
Andrzej Duda
blocked two out of
the three laws that
were put forward
by the ruling PiS
judges. The move followed criticism
from the EU and US and a week of pro-
tests by tens of thousands of people.
However, Mr Duda said he agreed
Polands judicial system needed reform
and that he would put forward his own
legislative proposals. He is expected to
unveil his plans next week.
The president also allowed the third
bill put forward by PiS, which deals with
ordinary courts, to come into force. The
commission reiterated yesterday that it
considered this bill to be incompatible
with EU law as it discriminates against
individuals on the basis of gender by
introducing different retirement ages
for male and female judges.
The commission also raises legal
concerns that by giving the minister of
justice the discretionary power to pro-
long the mandate of judges who have
reached retirement age, as well as to dis-
miss and appoint court presidents, the
independence of Polish courts will be
undermined, the commission said in a
statement.
It added: The new rules allow the
minister of justice to exert influence on
individual judges through, in particular,
the vague criteria for the prolongation
of their mandates and the lack of a time-
frame to take a decision on the prolon-
gation, thereby undermining the princi-
ple of irremovability of judges.
Polands government did not immedi-
ately respond to the commissions state-
ment.
PiS retains broad support in Poland.
An opinion poll by Kantar Public yester-
day put PiS on 38 per cent and Civic
Platform, the biggest opposition party,
on 16 per cent.
8 FINANCIAL TIMES
Pappano flies the
flag for Puccini
OPERA
La bohme
Royal Opera House, London
aaaee
Richard Fairman
The operas of Puccini are generally best
left to play themselves, so most direc-
tors do not find them congenial terri-
tory. Whoever was going to replace the
Royal Operas much-loved production
of La bohme, now 43 years old, faced a
doubly difficult task.
In tackling this challenge Richard
Jones has taken the path of caution. His
new production, which opens the sea-
son, is in no way extreme and will send
audiences away relieved, mildly
diverted, but most probably dry-eyed.
That box of tissues can be left at home.
Joness main contribution has been to
tilt the opera a few degrees away from
real-life naturalism. In its most imagi-
native scene the production wheels on
stage a succession of 19th-century Paris-
ian galleries, thronged with crowds jos-
tling among the elegant shops. The
Bohemians garret is a spartan place
constantly under brilliant spotlights.
Apparently, these penny-poor young
people do not have any trouble paying
the electricity bill. Their horseplay is
choreographed in detail and rehearsed
to a T. A slightly distancing air of artifice
hangs over the proceedings.
The one who most successfully breaks
through is Michael Fabianos Rodolfo.
Not the usual romantic poet, he comes
across as a highly strung, modern young
man, lively and quick-witted, and Fabi-
ano sings with intensity, as long as one
does not think back for comparisons to
the Three Tenors, each of whom sang
Rodolfo here.
Alongside him, Nicole Car also sings
nicely enough, but her Mim has no per-
sonality. Simona Mihais Musetta, a
touch on the vulgar side, makes up for
that with an entertaining routine that
leaves her without her knickers.
Mariusz Kwiecie is strong casting for
Marcello. Florian Sempey makes much
of Schaunard and Luca Tittoto is a
youthful, mellow Colline.
In this cast there was one outstanding
performer. Over his 15 years as the
Royal Operas music director, Antonio
Pappano has attained complete mastery
of Puccinis music. Every note of this
performance felt newly considered and
pulsated with feeling. Whatever the
shortcomings of this new La bohme,
Puccini is alive and well and flourishing
at the Royal Opera. It is just that he is to
be found down in the orchestra pit.
To October 10, roh.org.uk
T H E AT R E
Kingdom Come
The Other Place, Stratford-upon-Avon
aaeee
Ian Shuttleworth
The latest new piece to be presented in
the Royal Shakespeare Companys reac-
tivated Other Place falls into the cate-
gory of honourable failure. Its unfor-
tunate that this way of looking at work
has gone out of fashion, although in the
current case Im slightly mystified as to
why the attempt was made in the first
place. Its absurd to consider anything to
be the last word on a given subject;
however, as regards dramatic treat-
ments of the turmoil and radicalism in
England just after the civil war of the
1640s, following Caryl Churchills Light
Shining In Buckinghamshire (revived a
couple of years ago at the National
Theatre), Gemma Brockis and Wendy
Hubbard here are effectively trying to
reinvent the wheel.
Brockis, Hubbard and their half-
dozen actors and co-devisers begin ear-
ARTS
lier than Churchill, with a reimagining
of the final masque to be performed at
the court of King Charles I. They treat its
disintegration as kind of lead-in to the
civil war . . . which is, itself, squan-
dered as a series of captions projected
on to the stage. This productions claim
to originality is its promenade compo-
nent; after the first half-hour we are
walked into the venues scene dock for
the kings execution and a collage of
world turned upside down scenes fea-
turing the likes of a Leveller preacher
(Lucy Ellinson briefly avoiding grievous
underuse throughout the rest of the
evening); however, the principal moti-
vator is surely ordering us out of the the-
atre as an analogue of, well, the Puritan
closure of the theatres.
As anachronistically as that ban
appeared, we return to the theatre for
the third and final phase, in which occa-
sional scenes emerge from a series of to-
me-inexplicable tableaux, and the ten-
sion between flux and mutability on the
one hand, and increasing Puritan
authoritarianism on the other, seems to
be emblematised in the juxtaposition of
a group of underground actors and the
preparations for Cromwells butchering
Irish expedition.
In the end, the piece suffers from the
besetting affliction of so much devised
work: it begins with a nebulous vapour
of ideas and/or images it would like to
develop, but ends up simply enacting
the nebula rather than coalescing it into
theatrical matter.
To September 30, rsc.org.uk
Thrilling speed, serene partnering
DA N C E
Le Temps dAimer dance festival
Biarritz, France
Laura Cappelle
The French resort of Biarritz is known
for its surf-ready beaches in summer,
but when September rolls around its
attention turns to a less weather-
dependent pursuit: dance. While rain
battered the city earlier this week, Le
Temps dAimer, a festival created in
1991, brought French and international
companies together.
For this edition, artistic director and
choreographer Thierry Malandain
brought a local talent back to the Basque
coast: Martin Harriague, who was born
in nearby Bayonne. Currently a dancer
with Israels Kibbutz Contemporary
Dance Company, the 31-year-old has
started to build a promising choreo-
graphic career. Kibbutz performed his
evening-length Pitch, new last year, at
the Biarritz Casino, a lovely venue over-
looking the sea.
A tribute to Pyotr Ilyich Tchaikovsky,
whose Russian initials form the title,
Pitch was a risky proposition. Tchaiko-
vskys ballet scores have been choreo-
graphed to the point of exhaustion, and
their lush melodies are tantalising but
require rare musicality.
Harriague rises to the challenge with
just six dancers. He finds depths of
articulation in Tchaikovskys changes of
pace, with legs stabbing like spears and
lively upper bodies. Unlike many ballet
companies today, Kibbutz doesnt fiddle
with Tchaikovskys tempi: the complex
choreography operates at a thrilling
speed that owes much to Israels influ-
ential contemporary dance scene.
Harriague adds a singular eye for
theatre. He plays with the images that
the name Tchaikovsky conjures in the
Intensity: Michael
Fabiano and Nicole Car
in La bohme
Catherine Ashmore
SIR PETER HALL
The life and work of the
British theatre director, who
died on Monday, is celebrated
in an obituary by FT theatre
critic Sarah Hemming
ft.com/arts
minds of dance-goers. At the beginning,
a man crawls out from under a queens
white dress. Then, as she walks away,
she drops the costume, and he tries it
on, clutching its skirt with an expres-
sion of longing. Harriagues take on
Tchaikovsky is sympathetic yet wistful.
He will be back to create a work for
Malandains Ballet Biarritz in 2018.
The Ballet Nice Mditerrane arrived
with a quadruple bill. This company of
26 dancers, directed by former Paris
Opera Ballet star Eric Vu-An, doesnt
lack ambition: in addition to excerpts
from Copplia, it brought works by Oscar
Araiz, Nacho Duato and Liam Scarlett.
The effort was laudable, but the
results proved mixed. The dancers
boast strong footwork, a hallmark of the
French style, but lack the projection
and polish to shine in some of the chore-
ography. Pure classical works, espe-
cially, are unforgiving, and while Vu-An
opted to re-choreograph the Copplia
divertissement from scratch, it lacked
the spark and virtuosity necessary to
make an impression without sets
or context.
Oscar Araizs pas de deux Adagietto,
once frequently seen in French galas,
Wednesday 13 September 2017
T H E AT R E
On the Shore of the Wide World
Linda Gross Theater, New York
aaeee
Max McGuinness
This 2005 Olivier-winning family drama
is like an extended episode of Coronation
Street. Playwright Simon Stephens
paints a closely observed portrait of
lower-middle-class life in Stockport, his
Northern English hometown. As in the
never-ending TV soap opera, also set in
Greater Manchester, the earthy charac-
ters variously fall in love, (nearly) have
affairs, fight with their parents, beat
their spouse, die suddenly, talk about
football, go to the pub, struggle with
alcoholism, get sick (then miraculously
recover), move to London (which they
hate), and patch it all up.
Half an hour of such melodrama can
be an agreeably un-taxing way of passing
a weekday evening in front of the TV.
But, at two and half hours with an inter-
val, On the Shore of the Wide World soon
begins to feel rudderless.
Whats missing is any attempt to
weave the story of one troubled family
into a broader social tapestry, like Peter
Flannerys epic Newcastle-set 1996 TV
series Our Friends in the North or Richard
Nelsons parable of American decline,
The Gabriels, staged last year at the Pub-
lic Theater. Aside from one allusion to
terrorism, the primary point of histori-
cal reference here surely lost on a New
York audience is Manchester Uniteds
erstwhile midfield general Roy Keane
(predictably loved by some and loathed
by others). That lack of context is sur-
prising given that Stephenss title comes
from a Keats poem about the smallness
and ephemerality of individual lives.
The pacing here is also anything but
swift under Neil Pepes direction, which
loses focus as the saga wears on. And
Scott Pasks drab set looks too literal to
accommodate a story that jumps awk-
wardly between multiple locations.
Among the 10-strong cast, Ben Rosen-
field and a puckish Sarah Black show
realchemistryasapairofteenagelovers,
while C.J. Wilson puts in a solid shift as
Bens home-renovator father Peter. Oth-
ers have difficulty getting their tongues
around the flat Northern vowels, and
their accents frequently drift back
across the Atlantic. The dialogue itself
reads authentically. But theres nowt so
queer as Mancs who sound like Yanks.
To October 8, atlantictheater.org
From left, Tedra Millan, Odiseas
Georgiadis and Ben Rosenfield
fared better. Set to Mahler, it is an exer-
cise in control and serene partnering;
dressed in blue unitards, Mava Cotton
and Alessio Passaquindici seemed to
swim quietly through space.
British choreographer Liam Scarlett
made a rare French appearance with
Vespertine, a work he created for the
Norwegian National Ballet in 2013. With
its interplay of decorum and intimacy,
the work is heavily indebted to Ji
Kylin. Its an interesting departure for
Scarlett, with a few twists: at one point,
a woman sets the stage for a standard
pas de deux with a flare of her skirt, only
to leave her place to a man. The Nice
dancers performance was somewhat
contrived, however. Scarletts signature
upper-body pliancy is foreign to them,
and they showed little dramatic pur-
pose as a group.
Nacho Duatos modern Gnawa proved
a better showcase. French ballet outside
Paris has been in decline for some time,
and Vu-An is presenting valuable reper-
toire: the Nice Ballet just needs to make
a stronger case for it onstage.
Festival to September 17
letempsdaimer.com
Theatrical:
Martin
Harriagues
Pitch
Caroline de Otero
Boissakre
Wednesday 13 September 2017
They are global household names and account for a large chunk of the national economy, but amid
allegations of cronyism President Moon Jae-in is under pressure to rein in the leading chaebol.
T
he five nightclub workers
cowered in the shadows as
they were set upon by two
dozen thugs. Abducted
from their workplace in the
heart of central Seoul, the South Korean
capital, they had been taken to an aban-
doned warehouse, where they were
beaten with steel pipes and stun batons.
Overseeing the brutal attack was Kim
Seung-youn, who later told police he
intervened to deliver several hooks.
Mr Kim was convicted in 2007 for his
role in the attack, but received a sus-
pended sentence. In 2012, he was con-
victed again, this time of embezzlement
and sentenced to four years in prison,
but was released shortly after on health
grounds.
Mr Kim is head of one of South Koreas
largest and most prominent conglomer-
ates, Hanwha, as he was at the time of
both convictions. For critics, his case
exemplifies the longstanding belief that
South Koreas corporate bosses are
above the law and too close to the coun-
trys political leaders.
But following a corruption scandal
that has engulfed the country for much
of the past 10 months and laid bare ram-
pant cronyism in Asias fourth-largest
economy, there is growing demand for
change to the unchecked power of the
family-run conglomerates, known as
the chaebol. Few are seeking to break up
the groups but reformers want greater
oversight and enforcement of existing
rules and regulations.
I believe that this is the time for fun-
damental chaebol reform, says Park
Sang-in, a professor of economics at
Seoul National University. The Korean
peoples understanding of the problems
caused by the chaebol, as well as citi-
zens desire for fundamental change to
the political and economic structure, is
higher than ever.
Public anger that brought hundreds of
thousands on to the streets in 2016 and
again earlier this year has begun to feed
through to government policy. Even as it
grapples with the North Korea crisis the
The Lee decision gives a
signal to businesses not
to go back to the old
practices of colluding
with corrupt politicians
administration under President Moon
Jae-in, who was elected in May, has
taken tentative steps towards diluting
the dominance of the handful of power-
ful conglomerates.
The issue is crucial not only for gov-
ernance and corporate accountability,
but also the long-term prospects for the
countrys economy, vast swaths of
which have been choked off by the hulk-
ing presence of the likes of Samsung,
Hyundai and Lotte. The combined mar-
ket capitalisation of the five biggest
groups accounts for more than half of
the Kospi, the main Korean stock index.
However, doubts remain over
whether the flag-bearers of corporate
and economic reform will be able to see
the fight through and whether the alter-
native will satisfy the aspirations of
South Korean citizens.
It is a matter of balance, says Bruce
Lee, chief executive of Zebra Invest-
ment Management, a Seoul-based
hedge fund. If chaebol reform causes
the economy to deteriorate, then the
government will end it. But if the econ-
omy can sustain growth, reform will be
reinforced.
Colluding with politicians
Corporate reform in South Korea has
often proven ephemeral. But last month
the nation witnessed what many believe
could be a watershed moment when a
court sentenced Lee Jae-yong, the heir
and de facto head of Samsung, to five
years in prison for bribing the former
president, Park Geun-hye.
A sprawling conglomerate composed
of 62 affiliates covering everything from
electronics to pharmaceuticals and
heavy industry; Samsung is a bulwark of
the South Korean economy. Its 16 listed
entities alone account for almost 30 per
cent of the Kospi, making Mr Lee argua-
bly the nations most powerful individ-
ual. Now, many experts hope his convic-
tion if not overturned on appeal will
prove an opening shot in the battle to
pull apart the deep-set ties between big
business, politics and the judiciary.
This is a very significant moment for
South Korea, says Kim Woo-chan, a
professor at Korea University and an
expert on corporate governance. It is
an important signal to businesses not to
go back to the old practices of colluding
with corrupt politicians.
In the past, top executives might have
expected a suspended sentence or a
presidential pardon. But the Moon
administration has vowed to abolish
such practices.
FT BIG READ. CORPORATE GOVERNANCE
By Bryan Harris
Taking on Korea Inc
Regulation Known as the chaebol sniper, Kim
Chaebol Sang-jo has for years railed against
the excesses of South Koreas
sniper has conglomerates, once being thrown out
Hyundai of a Samsung shareholder meeting for
in his
raising allegations of illegal political
crosshairs donations.
Now as chairman of the Fair Trade
Commission he is taking aim at the
countrys big four conglomerates
Samsung, Hyundai Motor, SK Group
and LG Corp again. And has vowed
to begin enforcing laws that for many
years have taken second place to
political considerations. On the eve of
taking up his new job in May as the
countrys top antitrust official, Mr Kim
had a simple warning for corporate
Korea: Do not break the law.
Chaebol reform has two objectives,
he said. One is to block the
concentration of economic power and
the other is to improve governance
structures.
While Mr Kim, below, has said he will
focus on using his agencys
investigative powers to prevent unfair
trade practices, governance
activists are seeking broader
measures. They want
companies to appoint
independent directors and
auditors to ensure these
groups are run in the
interest of the business,
not the founding families
who often have power that
exceeds their shareholding.
Another proposal is the mandatory
implementation of electronic proxy
voting. The chaebol regularly schedule
shareholder meetings at the same
time, in effect preventing minority
shareholders with stakes in more than
one of the groups, from participating.
The most intractable issue, however,
relates to the use of cross-
shareholdings that allow the founding
families to control conglomerates
without holding a majority stake.
Some companies, such as LG and more
recently Lotte, have switched to
holding company structures that
provide greater transparency. But the
two largest groups, Samsung and
Hyundai Motor, have ignored calls to
streamline their organisations.
The chaebol sniper responded by
telling Reuters last month that
Hyundai would be stupid if it didnt
know the expectations of the market
and the government.
FINANCIAL TIMES
If the sentence is upheld after appeal,
it will be a good opportunity for the
chaebol system to be upgraded but also
an opportunity for Samsung to reform,
says Prof Kim.
Postwar role
The history of South Koreas family-run
conglomerates is closely entwined with
that of the state. Following the devasta-
tion of the Korean war in the early
1950s, South Koreas leader, Park
Chung-hee, turned to the conglomer-
ates to help rebuild the country in the
1960s and 1970s.
As the nation grew, so too did the rela-
tionship between politics and big busi-
ness, with each side profiting from insti-
tutionalised influence-peddling and
special treatment. The chaebol could be
counted on to provide jobs and in return
they received easy access to govern-
ment contracts and an economy fenced
off from foreign players.
As the conglomerates became richer,
their influence expanded to the courts
and media. Newspapers are financially
underpinned by chaebol advertising,
making editors hesitant to investigate
or criticise corporate malfeasance.
Meanwhile, the companies ingratiated
themselves with the judiciary by dan-
gling future employment opportunities
in front of judges or fledgling lawyers.
In recent years, however, this busi-
ness model largely responsible for
South Koreas transformation from a
poor backwater to one of the worlds
most technologically advanced econo-
mies has begun to fray. During the
mass protests citizens poured scorn on
the cronyism and backroom dealings of
Mr Lee, who was convicted of bribing
Ms Park to secure support for a contro-
versial merger that cemented his grip on
Samsung.
This wave of unrest happened against
a background of growing unemploy-
ment with 9 per cent of young adults
jobless and stuttering economic
growth, prompting questions of
whether these immensely wealthy
groups still warrant special treatment.
Small and medium-sized enterprises
have also complained bitterly that the
chaebols control over supply chains and
prices chokes their businesses.
The fundamental problem of the
chaebol, especially Samsung, is the con-
centration of economic power, says
Prof Park. Since it controls so many
economic resources, it can thus influ-
ence politics, media and the legal sys-
tem for the private interests of the
Samsung, Lotte, SK Group,
Hyundai Motor and LG Corp
The top five chaebol dominate the
South Korean stock index
Weightings (%) in the Kospi index of listed companies
belonging to the five biggest conglomerates
SK LG
Hyundai
Samsung
0 20 40
Chaebol are holding South Korea's
performance back
Price/earnings ratio
MSCI Japan index
MSCI Korea index
2011 12 13 14
FT graphic Source: Bloomberg
owner families. And it hinders the econ-
omy from moving into an innovation-
based model.
Much of the public anger stems from
openly egregious practices, such as tax
avoidance or the use of presidential par-
dons to free executives convicted of cor-
ruption. There are other aspects of
chaebol reform that are more complex
and focus on unravelling the web of
cross-shareholdings that allow the
founding families to exert control, and
prosper, at the expense of minority
shareholders.
Activists also complain about the lack
of oversight, pointing to a dearth of
independent directors and auditors.
This lack of transparency is
believed to be at least partly
responsible for the Korea dis-
count phenomenon, where local
companies trade at lower price-
to-earnings multiples than their
global peers. The practice of
intra-group trading where
contracts from publicly listed
chaebol entities are handed to
privately held affiliates without
a bidding process has also drawn
the ire of activists.
For most experts, the success of
9
Seoul ties Anger at rampant cronyism
contributed to the downfall of former
president Park Geun-hye
Breaking up is hard to do New leader
Moon Jae-in has taken steps towards
diluting the dominance of the chaebol
Not just big business Officials want to
boost the role of smaller companies,
which are seen as poorly run
chaebol reform depends on Mr Moons
determination to reorganise the South
Korean economy. The president, who
has vowed to end the use of presidential
pardons for corrupt executives will
come under severe pressure to release
Mr Lee, the Samsung heir.
It is going to be a very difficult job
[reforming the chaebol]. I dont think
this government can do it in a few
years, says one businessman at a large
multinational company in Seoul. It will
take great leadership to convince the
chaebol this is not about retribution but
transparency.
Mr Moon has appointed two corpo-
rate governance crusaders to take on
the chaebol: Kim Sang-jo and Jang Ha-
sung. As head of the Fair Trade Commis-
sion, the countrys top antitrust body,
Mr Kim had already made his intentions
clear, recently telling local media: If the
chaebol dont show positive change or a
willingness to reform by December, we
[the FTC] will have no choice but to step
in to impose structural prescriptions.
Retailer Lotte has heeded the signs,
announcing plans to simplify its group
structure. Samsung will outline and
explain its governance issues in a report
later this month, but has already said it
Clockwise from top: will not adopt a holding company struc-
ture that could, in theory, provide more
transparency over affiliate ownership.
employ almost 600,000 It is now just a matter of enforce-
ment, says Chang Sea-jin, a professor at
South Koreans. President
Moon Jae-in, left, is likely the National University of Singapore.
We already have all the rules and regu-
to face pressure to free
lations.
Lee Jae-yong, below,
the jailed Samsung heir Broken promises
FT montage
Under previous presidents, including
Ms Park, who won the 2012 election on a
commitment to overhaul the chaebol,
and her predecessor Lee Myung-bak,
the excesses of the family businesses
were subject to light-touch regulation
amid fears that attempts at governance
reform would damage the economy.
Mr Moon has publicly shifted from
Lotte
the notion that the chaebols success
Others trickles down through society. He is
instead focusing on support for SMEs
60 80 100 and a policy of income-led growth, seek-
ing to create higher wages, consump-
tion, investment and employment.
South Korea is home to almost 3m
SMEs, which employ more than 85 per
cent of the adult population. However,
many are poorly run and average sala-
30
ries are only about 70 per cent those of
25
large conglomerates. In July, the Moon
MSCI World index administration launched a ministry to
20 support SMEs, which have languished in
OECD rankings for their lack of entre-
15 preneurial spirit. The chaebol squeeze
SMEs to a level where they cant invest,
10 says Prof Chang.
Analysts believe that while the
5 administrations new approach may
ease the pressure over unemployment,
0 it is unclear whether the policies can
15 16 17 translate into long-term growth.
It is also likely the chaebol will begin
to push back if, and when, Mr Moons
popularity dips. The chaebols best
weapon against reform is the propa-
ganda of fear. They will argue that
chaebol reform may endanger the
Korean economy, says Prof Park.
Others say the writing is already on
the wall for Koreas corporate titans.
They will try to do everything [to keep
power], says Prof Kim. But in my
view, the chaebol system will only last
one generation more, adding that it
would be impossible for dynastic suc-
cession to continue past the current
crop of leaders.
It is a notion that reverberates around
the business community. Many believe
the upheaval of the past year will force a
gradual shift from family-oriented
control to professional manage-
ment.
The chaebol have contrib-
uted greatly to South Korea,
but society has changed and
the chaebol should change
too, says Mike Cho, presi-
dent of the Korea Corporate
Governance Service. In the
longer term, we will have a
healthier economy as a
result.
Additional reporting by Kang
Buseong
10
WEDNESDAY 13 SEPTEMBER 2017
Trade unions have a role
to play in Brexit Britain
Organised labour should avoid returning to a more militant age
Trade unions remain a potent political
force in the UK. The governments
decision yesterday to scrap the public
sector pay cap which had limited the
overall pay bill for national and local
government employees to one per
cent annually is a testament to their
influence.
Along with the opposition Labour
party, the unions have argued that pub-
lic sector workers deserve a pay
increase exceeding the rate of inflation.
Political pressure has brought Theresa
May, the prime minister, to a similar
conclusion.
The unions have also flexed their
political muscle in the Brexit process.
The Trades Union Congress was one of
the most vocal campaigners for the UK
to remain in the EU, primarily on the
basis of retaining the EUs social pro-
tections for workers. It has since
become the most consistent voice for a
softer approach to leaving the bloc.
Labours welcome decision to
endorse continued membership of the
single market and customs union dur-
ing a transition period followed cam-
paigning by Frances OGrady, general
secretary of the TUC. The alliance
between Jeremy Corbyn, opposition
leader, and Len McCluskey of the pow-
erful Unite union has ensured that tra-
ditional links between Labour and the
unions remain strong.
The unions retain this political
power despite declining influence in
the workplace. From a peak of 13m
members in 1979, just over 6m British
workers are currently unionised. The
unions are struggling to attract
younger recruits; 40 per cent of mem-
bers are over 50, while under-35s rep-
resent barely a quarter of membership.
They are also challenged by the
changing nature of the British econ-
omy. Their traditional stronghold
industries of manufacturing and trans-
port have been transformed by auto-
Norway successfully
co-opts its populists
Giving angry voters a share in power worked for the government
Norways polls on Monday were given
far less international attention than the
imminent elections in Germany. Their
outcome, however, merits a closer
look. Prime Minister Erna Solberg has
retained power, only the second Con-
servative leader ever to do so.
Although the alliance of right-of-cen-
tre parties supporting her government
all saw their vote share shrink, they did
enough to contain voters fatigue with a
four-year-old government.
The elections biggest loser was
Labour, which suffered its second-
worst result in nearly a century (but
remained the largest party). While
other left-of-centre parties did well
and in raw votes outnumbered the gov-
ernment side the smallest two failed
to breach the threshold for full propor-
tional representation. That leaves the
governing alliance with a renewed, if
narrowed, parliamentary majority.
What is most unusual about Ms Sol-
bergs government is not its re-election
but the parliamentary platform on
which it won.
Four years ago, the Conservatives
made history by forming a coalition
government with the Progress party, an
anti-immigrant group on the populist
right. It was a gamble that Progress, if
offered the rewards of power, would
also learn to accept the responsibility
that comes with it. This would either
tame the wilder tendencies of a party of
eternal opposition or, as many observ-
ers predicted, bury it under the contra-
dictions of a protest party in power.
The election result partly vindicates
the former thesis. Unlike in Finland,
where participation in government has
broken the True Finns party into splin-
ter groups, Progress kept all of its par-
liamentary seats save one. The party
and Siv Jensen, its leader and the
finance minister, come out strength-
ened from four years of governing.
The reason is that Progress has
mation and technology, undermining
their collective bargaining power. To
maintain influence in the workplace,
unions will need to devote greater
energy to new parts of the economy.
Politically, however, enhancing their
power requires moderation. Their
campaign against austerity has influ-
enced both Labour and the Conserva-
tives. The risk they face in a post-Brexit
Britain is a return to a more militant
attitude of the past, on trade and gov-
ernment intervention in business.
Britains departure from the EU sin-
gle market and customs union leaves
the economy vulnerable. To remain
competitive the UK will need to strike
new trade deals for the first time in four
decades. There will be a heated domes-
tic debate about the benefits and costs
of free trade. While Conservative poli-
ticians and big businesses are the
strongest advocates of liberalisation,
the unions could be drawn towards
protectionism despite current calls for
barrier-free trade with the EU.
At the same time, if European
worker protections fall away, British
workers will need a voice. Protecting
rights and wages with tariffs and other
trade barriers will not be the answer.
Nor will returning to the era of mass
strikes and state aid to select
industries.
Unions can remain relevant if they
use their power wisely. The success of
the GMB unions employment tribunal
against Uber (demanding basic rights
for drivers) is an example of how
unions can fight for better conditions
with a more flexible workforce.
Britains unions have an opportunity:
their role is likely to become more
important after the UK leaves the EU.
They should deploy their influence by
advocating for worker protections that
fit an open economy and by fighting for
workers in 21st-century industries that
are driving economic growth.
cleverly combined responsibility
inside government with populist pro-
test from outside.
In practical policy terms, the
Conservative-Progress coalition has
steered a standard centre-right course
eased with generous fiscal stimulus
from Norways huge oil fund. By point-
ing to the coalition partnership and a
parliamentary support deal with two
centrist parties, Progress has recon-
ciled activists with compromise.
At the same time, its leaders have not
stopped feeding rhetorical satisfaction
to its grass root supporters. The Euro-
pean refugee crisis played straight into
Progresss hands. In the election cam-
paign, its tone on immigration and
Muslims crossed far beyond the line of
decency.
And yet, this is better than what most
other western polities have achieved.
Norway has managed to give its angri-
est voters a voice within normal demo-
cratic procedures. The result is less
polarisation and more effective gov-
ernance than in many other countries.
In contrast, in neighbouring Sweden
the far-right Sweden Democrats are
shunned by all other parties, making
for difficult parliamentary arithmetic.
If Norways choice is unusual, it was
also made in unique conditions. The
Progress party has made a long journey
from the rabid xenophobia it repre-
sented in the 1980s and 1990s, and can-
not be compared with most of Europes
far-right parties. Norways healthy
economy ensures that popular griev-
ances are milder than elsewhere.
But even Progresss self-taming owes
much to an inclusive politics in which it
could realistically hold a long-term
goal of becoming a governing party. A
tradition of multi-party coalition rule
helps. Norways co-optation may be
democracys ideal answer to populism,
bit it will be a much harder ideal to real-
ise elsewhere.
FINANCIAL TIMES
Vote to leave highlighted UKs financial fragility
Sir, Graham Hacche (Letters,
September 9) expresses the commonly
held view that the recent weakness of
sterling (FT View, August 26) against
the euro is a result of the referendum
to leave the EU and there are reasons
to fear that Brexit will damage the UKs
international trading and investment
position.
The UK has had a massive
international trade deficit for many
years, in particular with the rest of the
EU, and it shows no sign of
improvement last year the overall
Water companies have
improved their service
Sir, The picture of the water industry
painted by Jonathan Ford (Water
privatisation looks little more than an
organised rip-off, Inside Business,
September 11) ignores the many
positive changes achieved over the best
part of three decades.
Leakage is down by a third since the
mid-1990s, two-thirds of our beaches
are now classed as excellent compared
with a quarter 25 years ago, and the UK
has excellent-quality drinking water.
Bills are 120 a year lower than they
would have been without privatisation
and on average will be 5 per cent
lower in real terms in 2020 than they
were in 2015. These are not our claims
they are from Ofwat, the industrys
independent economic regulator.
Underpinning these achievements is
the 144bn invested by the industry
since privatisation. The inability of past
governments to fund vital
environmental and service
improvements was a key factor behind
privatisation in the first place, and the
pressures on the public purse that
drove that, far from abating, if
anything have intensified.
That is not to say that the efficiency
of funding in the sector is unimportant
or that water companies cannot do
more to improve services. The answer
to these issues is not nationalisation,
but continued engagement with
customers and effective, independent
regulation and the opportunity is
now in the shape of the latest price
review being led by Ofwat.
Michael Roberts
Chief Executive, Water UK
London SW1, UK
The value of extensive
renewables research
Sir, For those of us working in energy
policy research the FT Letters page has
become like one of those TV channels
that endlessly reruns TV shows from
the previous decade(s). It is Groundhog
Day again. Transmission and other
network costs appear to been
discovered for the first time (Antonis
Angelopoulos, August 25) and now we
have just invented the practice of
lifecycle environmental assessment
(Janet Barber, August 24; Prof Peter
Edwards, September 5). Ignorance of
well-established evidence is perhaps
unsurprising, given that a belief in peer
review has become quaint (Gordon
Hughes, August 29). Let us be clear
then that academics, policymakers and
regulators have been working on this
stuff not just since the Big Bang Theory
started running on a loop.
We really do already have a pretty
good handle on the system costs and
Macrons reform
Odyssey moves
on to disrupting
the EU
Notebook
by Anne-Sylvaine Chassany
Letters
trade deficit (for goods and services)
was 37bn.
The rest of the EU has
unquestionably been more successful
in exporting to the UK than vice versa.
Perhaps that is a reason why there is
some resistance to the UKs departure.
Mark Carney, Bank of England
governor, has publicly said that the UK
is dependent on foreign capital flows to
offset its current account deficit and
that sterling is crucially influenced by
foreign sentiment.
It is not surprising that overseas
Its looking good for a comeback
lifecycle environmental impacts of
renewable energy. It is also important
to avoid muddling different impacts
lifecycle carbon dioxide emissions from
renewables remain low irrespective of
whether various metals may (or in fact
may not) be scarce.
It is right that we try to tackle local
and environmental and health
concerns. But however shocking local
pollution or workers rights abuses in
various mines or refineries may be
they cannot undercut the climate
change benefits associated with low
carbon technologies because they are
completely separate and unrelated
concerns.
Dr Robert Gross
Imperial College
London SW7, UK
Raising a universitys
game on a modest salary
Sir, Andrew Oswald (Letters,
September 8) states that cuts in UK
vice-chancellors pay would reduce the
quality of people willing to do the job.
He then identifies a one-in-a-thousand
set of skills and implies that the correct
level of remuneration should be
around 600,000 a year.
Late last year, KTH Royal Institute of
Technology in Stockholm said farewell
to its vice-chancellor, Peter
Gudmundson. During his tenure from
2007 to 2016, KTH increased its
position in the QS World University
Rankings from 192 to 97. For his final
10 months of service he was paid about
130,000. His successor, chosen from
58 Swedish and international
applicants, will receive a similar salary.
During the same period, the QS
ranking of the University of Bath,
which was criticised over the pay of its
vice-chancellor, declined from position
145 to 159.
It might be worth taking the risk
with salary cuts.
Andrew Greenwood
Stockholm, Sweden
How will Emmanuel Macrons call for
an overhaul of the EU in Athens last
week go down in history? Will it be
remembered as a turning point for the
institution after a decade of turmoil?
Or will historians shrug it off as yet
more fruitless rhetoric?
I watched, torn between the jaw-
dropping scene and my sceptical self.
This grandiloquent president seems
always to oscillate between the
sublime and the ridiculous; Napoleon
once remarked there was just one step
between the two. In the background,
amid the sound of cicadas, the
Parthenons columns turned pink
under the warm setting sun. Then a
dark blue sky enveloped the Pnyx
hilltop, where ancient Athenians
would adopt laws and where, more
than 2,000 years later, Mr Macron,
halfway through a two-day state visit
to Greece, was waxing lyrical on
Europes lost soul.
Because it was here that the risk of
democracy was taken, the risk that
puts the government of the people
into the hands of the people in the
belief that respectable law is better
decided by as many as possible and
not as few, declaimed Mr Macron.
We should ask ourselves: what have
we done with our democracy?
EU countries, he said, had lost
confidence in one another, were
mired in a civil war, busy quarrelling
over little differences and betrayals
while other powers such as the US and
China were threatening the blocs
values and economic model. The EU
needed to restore the primary force
investors have been hesitant since the
Brexit vote, although it could be argued
that capital flows have held up rather
better than many Remain supporters
predicted.
The Brexit vote highlighted the harsh
reality of the UKs financial position,
but it was not the cause. I doubt that
sterling would have reacted in the way
it did if the country had been running
persistent current account surpluses
over the years.
Stephen Swift
Ticehurst, E Sussex, UK
China growth comes with
distinct characteristics
Sir, James Hiltons Shangri-La seems to
have been realised in Michael Moritzs
gusher on China (Comment,
September 11). However, that requires
the willing suspension of disbelief. His
reference to the expansion of
immigrant visas for foreigners makes a
mockery of the plight of millions of
Chinese children who are unable to
accompany their migrant worker
parents from the countryside. The
spate of new schools in provincial areas
does not begin to address the needs of
these children left behind.
While Chinas overall economic
growth is to be admired it is far from
clear that the countrys socio-economic
model offers a template for other
countries. It is not accidental that it
goes by the moniker middle kingdom
suggestive of a distinctly ethno-
centric culture.
Vijay Dandapani
President and Chief Executive Officer,
Hotel Association of New York, NY, US
Diagnosing the dangers of
the Conservative mission
Sir, Janan Ganeshs picture of an under-
fuelled plane in his column (Comment,
September 5) is rather vivid; one
wonders whether he got the idea on an
aeroplane himself. As a pilot, it
interests me even more greatly that the
metaphor has a deeper meaning:
under-fuelling often results from
several mistakes, one of which is gross
negligence before departing. It might
also be a consequence of bad planning,
as the pilot miscalculates the wind or
the fuel consumption of the aircraft.
Also, if the plane has to crash-land, it
means the pilot forgot to include a
back-up aerodrome to land. The UKs
captain, David Cameron, long ago
abandoned the aircraft and parachuted
himself back into his shed in Witney.
But what guidance will Air Traffic
Control Ganesh give? What will the
new Pilot-in-Command May (provided
the current PM is still there) do?
Zhao Xiaoou
Aberdeen, Aberdeenshire, UK
A test of supremacy
Sir, I was heartened by Kenneth
Armstrongs letter (Bill puts
supremacy of EU law on a statutory
footing, September 5). Lets hope that
immediately after the EU withdrawal
bill has passed, that some bright spark
in the EU brings out a new law,
underpinned by this supremacy,
saying its illegal for the UK to leave.
Tony Barcroft
Director, BTech Ventures
Chester, Cheshire, UK
of hope that led Europeans, despite
the divisions of the postwar period, to
desire a bigger story, more beautiful
than themselves.
Mr Macron, who studied
philosophy, ended his speech with a
convoluted reference to Friedrich
Hegel and the owl of Minerva that
prompted some laughter in the
audience. His solution to the EUs
woes six-month-long democratic
conventions in every country, during
which EU citizens would debate
common goals sounded adolescent
and impractical. Elyse advisers insist
it would end the era of referendums
that, as shown by the UKs vote on EU
membership, oversimplify the debate
over complex subjects. The common
goals would be summarised by EU
leaders and enshrined during,
presumably, a pompous ceremony.
Other, more fundamental reforms,
more fiscal transfers among eurozone
members, would have to ensue.
At home, newspapers pounced on
another speech the following day to
French expatriates, in which Mr
Macron described opponents to his
jobs market reform as slackers. On
the eve of street protests, the
comment galvanised the CGT union.
There was also a little diplomatic
friction. Chinas president, Xi Jinping,
made it known during a call on Friday
with Mr Macron over the North
Korean nuclear threat that he did not
appreciate the French presidents plan
to screen foreign investment in
Europe. The Elyse declined to
comment. Christine Lagarde, head of
Wednesday 13 September 2017
Email: letters.editor@ft.com
Fax: +44 (0) 20 7979 7790
Include daytime telephone number and full address
Corrections: corrections@ft.com
Demands place GPs
in a perilous position
Sir, The average income of 101K for a
full-time GP quoted by Gill Plimmer in
your article on the GP crisis (GPs quit
NHS in England at rate of 400 a
month, August 31) is disingenuous
because, for most general practitioners,
working full-time is untenable.
Dedicated GPs may work 50 per cent
more than their contracted hours in
unpaid hours. This leaves no capacity
to work full-time.
Here is a more realistic example of
GP income: a typical salaried GP may
get 68,000 per year for being
contracted 37 hours (four days) per
week. Her actual work hours may be
55-60 hours per week. Indemnity,
licensing, professional development
and pension contributions will cost her
18,500 a year, plus any student loan
repayments.
Our GP will therefore have a
workable gross income 49,500. This is
a bring-home equivalent of
approximately 11 an hour a more
sober figure than that quoted.
Demand on GPs is rising intolerably.
Furthermore, the governments seven-
day service agenda would increase GP
opening times from 52.5 hours per
week to 84 hours per week. For every
two hours spent seeing patients, one
hour of paperwork is generated.
A recent survey in the south-west
showed that 40 per cent of GPs plan to
quit in the next five years, and GP
training places are unfilled. Most newly
qualified GPs elect to become self-
employed locums, and bill partners for
lighter work at rates more akin to your
quoted figure (but arguably more
fitting of a highly trained professional).
Many partners consequently face the
prospect of drawing less than the
salaried GPs they employ, and the
locums they contract.
Recent changes to the discount rate
applied to personal injury claims are
set to see indemnity premiums soar
above the 10-25 per cent yearly
increases already suffered by GPs.
The causes of death recorded on the
death certificate for General Practice
will read: 1a) Indemnity fees; 2)
Workforce crisis, increasing demand.
Dr Richard Wood
Wheatley, Oxon, UK
Burmese treatment of
minorities must improve
Sir, I do not agree with the letter by Lex
Rieffel (September 11) that Aung San
Suu Kyi was justified in not supporting
the Rohingya because to do so would
diminish her chances of backing by
voters and the junta. To me that is like
saying Hitler was right to annihilate
Jewish people because otherwise his
support from Germans would have
fallen. These people are Burmese but
are not accepted by Buddhists as equal
citizens. The world is disappointed that
someone who was awarded a Nobel
Prize for standing up to the military
junta and for democracy has not
condemned the treatment of a
minority as second rate with hardly
any rights.
If the Buddhists really do not want
these people, an ideal solution would
be to give them the land that they live
on and independence or an
autonomous provincial status. Killing
innocent people or exporting them to
another country is wrong and
inhuman.
Sharif Lone
Nidderau. Germany
the International Monetary Fund, was
said to have privately expressed
surprise at Mr Macrons unexpectedly
vehement criticism of the institutions
role during the Greek sovereign debt
crisis. The IMF said its work in Greece
had always been undertaken at the
request of the Greek authorities and in
close collaboration with the European
institutions.
But Mr Macrons trip was also full of
puzzles heralding possible miracles.
Greek premier Alexis Tsipras, leader
of the anti-capitalist Syriza party, was
seen pitching his country as an
investment destination to French
executives. An awkward moment
occurred when an emotional Bruno Le
Maire, the rightwing French economy
minister, embraced Mr Tsipras,
caught off guard, after saluting his
political courage for carrying out
unpopular reforms.
What a world we live in, what a
world, Denis Zervudacki, a French
entrepreneur of Greek origins,
remarked, showing me his selfie with
the Greek premier. The French
businessman, a Macron fan, flew back
to Paris thrilled. These democratic
conventions do sound crazy, Mr
Zervudacki added, but given Macrons
record of becoming president and
disrupting Frances sclerotic politics in
less than a year, people think
perhaps it could work. He added: He
turned everything upside down in
France. Perhaps he can turn
everything upside down in Europe?
anne-sylvaine.chassany@ft.com
Wednesday 13 September 2017
Time is running out for a Catalan compromise
WORLD AFFAIRS
David
Gardner
I
n 1977, about a million people
marched in Barcelona demanding
the restoration of Catalonias home
rule, which the recently ended dic-
tatorship of Francisco Franco
crushed after Spains 1936-39 civil war.
It was a festive display of cross-party
unity, showcasing the lead role Catalo-
nia was to play in forging the consensus
that drove the Spanish transition to
democracy. How different things look
four decades on.
At this years Diada, the Catalan
national day on September 11, it was
separatists seeking Catalonias inde-
pendence from Spain that filled Barce-
lona, as they have every year since 2012.
These choreographed rallies have not
broken a pane of glass. But they threaten
Spains post-Franco democratic order.
How Buffett
broke American
capitalism
ECONOMICS
Robin
Harding
G
rowing up, I admired
nobody more than Warren
Buffett, the greatest inves-
tor ever. His achievement is
towering. The market is an
implacable opponent but here was a
man who beat it year after year, making
$75bn out of nothing but wisdom and
charm. There was moral purity in his
modesty, his ethics and his quiet attach-
ment to home in Omaha, Nebraska.
What footballer, politician or thinker
could compare?
Now 87, Mr Buffett wields huge influ-
ence over US business and finance, usu-
ally positive. He pushed companies to
expense stock options, warned of dan-
ger in derivatives and taught the public
to invest long term in low-cost index
funds.
But how ever much you admire the
man, his influence has a dark side
because the beating heart of Buffettism,
celebrated in a thousand investment
books, is to avoid competition and mini-
mise capital investment in the real
economy.
A torrent of recent studies show how
exactly those forces diminished com-
petition, rising profits and lower invest-
ment afflict the US. Economists Jan de
Australia can profit from Brexit, provided Britain stays open
OPINION
Alexander
Downer
A
ustralia may have been
watching from afar as Brit-
ain joined the European
Economic Community in
1973, but we still reacted
with anger and disappointment. Now, as
we watch Britain preparing to walk back
out, our emotions may be less febrile,
but we remain deeply concerned about
the eventual outcome.
When the UK went European four-
and-a-half decades ago, Australians
with their memories of fighting for the
British in two world wars still fresh
saw a country turning its back on its
friends and allies in the old Common-
wealth. At the practical level, Austral-
ians were angered by the loss of markets
especially in agriculture in the UK.
Adding to the pain was the common
agricultural policy which, at that time,
The now-ended terrorist campaign by
the Basque separatists of ETA was long
thought a greater threat to the Spanish
state. But Catalonia vaunted as a
model by scholars of minority national-
ism has slipped from Spains once
plurinational embrace. Secessionist
radicals have supplanted Catalan home-
rulers, reigniting Castilian Spanish
nationalism, and splitting the left in
Catalonia and across the country.
The narrow separatist majority in the
Catalan parliament, that controls the
autonomous government, is pledged to
press ahead with a referendum on inde-
pendence on October 1. A Yes result will
be binding, it says, whatever the turn-
out. Spains Constitutional Tribunal, at
the request of the centre-right govern-
ment of prime minister Mariano Rajoy,
says the plebiscite is illegal under the
1978 constitution. It has banned the ref-
erendum and threatens to prosecute all
who collude in it. This has divided Cata-
lonia, as well as Spain.
With their distinct language and cul-
ture, Catalans feel themselves a nation.
Yet even if polls show most believe they
have the right to vote on their future as,
Loecker and Jan Eeckhout chart a rise
in corporate mark-ups, a measure
linked to profit margins, from 18 per
cent in 1980 to 67 per cent today. In
a paper presented at the Brookings
Institution last week, Germn Gutirrez
and Thomas Philippon show how
investment has fallen relative to profita-
bility. Mr Buffett did not cause these
trends. However, they are central to his
fortune. When you celebrate him, you
celebrate them.
Mr Buffett is completely honest about
his desire to reduce competition. He just
calls it by a folksy name widening the
moat. I dont want a business thats prices. So strong was its brand that
easy for competitors. I want a business
with a moat around it with a very valua-
ble castle in the middle, he said in 2007.
He tells Berkshire Hathaway manag-
ers to widen their moat every year. The
Buffett definition of good management
is therefore clear. If you have effective
competitors, you are doing it wrong.
As with many aspects of his career, Mr
Buffett used to act more visibly. An
example is his 1977 purchase of the
Buffalo Evening News. He bought this
newspaper for $32.5m, a high multiple
of its $1.7m operating profit, then
launched a Sunday edition and drove
the competing Buffalo Courier-Express
out of business. By 1986, the
renamed Buffalo News was a local
monopoly making $35m in pre-tax
profit. At the time, it was Mr Buffetts
largest single investment.
His concept of a moat is linked to his
views on capital investment: the beauty
of one is you do not need the other. One
supported European farmers by setting
target prices usually way above those in
the rest of the world, stimulating sur-
plus production that was then dumped
on to global markets at artificially low
prices.
But it also felt personal, particularly
as the UK cracked down on immigrants
from Australia while giving preferential
access to those whom older Australians
still regarded as European wartime foes.
That sense of disappointment has dis-
sipated. Long forgotten are the fiery
exchanges between the Australian High
Commissioner of the day my father
and Britains Europe negotiator, Geof-
frey Rippon. But Brexit has sparked
curiosity and concern Down Under.
Australians ask themselves two ques-
tions: will it affect us economically? And
will there be geopolitical consequences?
There is no easy answer to the eco-
nomic question. Australia has much at
stake in an open global trading system.
At a time when free trade is threatened,
we need the UK and the EU to show
leadership and resist rising anti-trade
rhetoric. The shape of a future UK-EU
trading relationship will tell us much
FINANCIAL TIMES
Comment
for example, Scotland did in 2014, the
bestresult for supporters of independ-
ence was 47.7 per cent in local elections
two years ago hardly the sort of
majority needed to legitimise a rupture
with Spain, not least to the many Span-
ish immigrants who live in Catalonia.
Still, compared to the pageantry of
civic protest this week, the spectacle of
Spanish security forces trying to hunt
Polls suggest most would
accept a middle way with
greater fiscal autonomy
and more devolved power
down illicit ballot boxes and voting slips
is unedifying. That is less inflammatory
than, say, forcibly dissolving the
regional government or rounding up
separatist leaders would be. Leaders
who, conscious they may have reached a
ceiling of support, would surely wel-
come a heavy-handed response in
Madrid to lift them higher. The hitherto
inflexible Mr Rajoy has hinted at a new
of his most celebrated purchases is Sees
Candies, a company he bought for $25m
in 1972. Every year, Mr Buffett raised
would be no issue. But acolytes are tak-
despite sales growing little, profits grew
mightily, with barely any need for capi-
tal investment. The ideal business is
one that takes no capital, and yet
grows, he said last year.
His statement is unquestionably true
for an investor. For an economy, it pro-
duces the pattern above: low invest-
ment relative to higher profits. A line
attributed to business partner Charlie
Munger in Alice Schroeders biography
of Mr Buffett, The Snowball, is revealing:
Munger had always kidded Buffett that
his management technique was to take
out all the cash from a company and
raise prices. That does sum it up.
He instructs Berkshire
Hathaway managers to
reduce competition or
widen their moat
about both parties commitment to a
liberal global trading system.
Once Britain leaves the EU it will have
to calibrate its own economic policies to
try to make the best of new circum-
stances. If it retains competitive mar-
kets for goods and services, successfully
manages fiscal policies, ensures the
labour market is fair but flexible, and
has an open approach to trade and
Optimism is tempered
by uncertainty about the
long-term direction of the
UK economy
investment, the UK will do perfectly
well. After all, many countries, includ-
ing Australia, prosper outside the EU.
Their prosperity is largely a function of
their domestic economic settings, not
membership of clubs. Equally, while
many countries within the EU do well
economically, some dont. in on itself and appears a less attractive
For Australia, Britain outside the EU
will continue to be an excellent eco-
dialogue with Catalonia, but it is far
from clear he sees this as a political
problem to resolve rather than sedition
to be crushed.
Mr Rajoy and his Partido Popular
helped make Catalan separatism main-
stream by, in opposition, inciting the
Constitutional Tribunal in 2010 to evis-
cerate an upgrade to Catalonias statute
of autonomy, although it had been
voted into law by the Spanish and Cata-
lan parliaments and endorsed by refer-
endum. (The legal reasoning looked
even more specious when articles
deemed unconstitutional in Catalonias
statute survived unchallenged in PP-
ruled regions such as Valencia).
Once in power, Mr Rajoy refused to
discuss a middle way between the status
quo and separation that polls suggest a
majority of Catalans would accept: with
greater fiscal autonomy more like the
Basques, who collect their own taxes
and pay an agreed portion into the
Spanish treasury and more devolved
power. Now, a showdown over a vote is
just over two weeks away.
Professed separatist optimism may be
misplaced. The leftwing anti-establish-
If Mr Buffett in his brilliance had
found a few truly unusual companies
and bought them on the cheap there
for declining investment and higher
ing his methods economy-wide.
These days, Mr Buffett has two main
ways of putting his money to work. On
one hand, he is finally investing in phys-
ical assets, although only in regulated
industries such as electricity and rail-
roads where returns are largely guaran-
teed. On the other, he is working with
Brazilian private equity firm 3G as it
slashes costs to the bone and drives up
margins at Burger King and food com-
pany Kraft Heinz.
Kraft now makes a 23 per cent operat-
ing margin and an enormous return on
tangible capital. In a competitive mar-
ket, those high margins ought to present
an opportunity for rivals to invest and
steal market share. Instead, Kraft com-
petitors such as Unilever and Nestl
are under pressure from their owners
a mixture of index funds and Buffett-
like activists to match those sky-high
margins. If rivals also cut, rather than
invest and compete, Kraft can cut even
nomic partner if it retains its commit-
ment to the liberal market economy. A
free-trade agreement would enhance
that relationship. We would expect both
Australian and British companies to use
the new arrangement to expand trading
opportunities. The UKs decision to
leave the EU also presents Australia
with an opportunity to push for favour-
able terms for Australians wanting to
live and work in the UK.
But this optimism is, for us, tempered
by uncertainty about the long-term
direction of Britains economy. Impor-
tant as trade is, it is the investment rela-
tionship between our two countries that
is of primary importance. Our banks,
retailers, developers and even our min-
ers will continue to invest in an open,
liberal British economy, regardless of
EU membership.
Most Australian investment in the UK
is not contingent on its trade relation-
ship with the EU. But it is contingent on
the profitability of investing in Britain.
If, after Brexit, the UK economy closes
destination for investment, then
our companies will invest elsewhere.
ment movement Podemos, whose allies
run Barcelona and which defends the
right to decide, has split, like the avow-
edly federalist Socialist opposition
before it. Barcelonas town hall says it
will not involve its staff in the vote
because of the legal risks. In any case,
the Catalan capital still has a majority
against secession.
A sterile debate about legitimacy and
legal niceties will not resolve this. One
place to start would be to address the
Catalan belief that Madrid takes an abu-
sive amount of their taxes much more
than the Basques put into the state kitty.
Jordi Alberich, director-general of the
Cercle dEconomia, a non-partisan Cat-
alan think-tank, suggests a new institu-
tion with shared responsibility for col-
lecting and apportioning taxes which is,
above all, transparent and fair.
But if Madrid continues to treat
Spains constitution as a tablet of stone,
rather than a living document to serve
an evolving, dynamic modern state,
albeit a fractious one, the time for such
common sense will soon pass.
david.gardner@ft.com
more. A kind of Buffett equilibrium is
taking hold.
To be clear, this is not the only reason
attention of investors away from long-
profits in the US. Nor is there a simple
solution. Better antitrust enforcement
would help, but recent proposals for a
complete revamp of competition policy
are not well founded. Although research
linking lack of competition to cross-
ownership by institutional funds is
interesting, it does not capture the real-
ity of private equity operators such as
3G.
We can decide who to admire. Mr Buf-
fett is brilliant at buying into monopoly
profits, but he does not start companies
or gamble on new ideas. America is full
of entrepreneurs who do. Elon Musk is
investing in two wildly risky and com-
petitive sectors: automobiles and space.
Even the much-reviled Koch brothers
built most of their fortune on invest-
ment in the real economy. Celebrate
that kind of business. It is the kind
America needs.
robin.harding@ft.com
It is the geopolitics of Brexit that is of
greater long-term concern than the
short-term economic impact. The EU
project is not just about economics. It is
also about welding Europe together in
an eternal bond of co-operation.
Losing the UK has the potential to be a
huge setback for the EU. Britain is not
only the blocs second-largest economy
and net budgetary contributor, it has
great global reach and influence. With-
out Britain, there is a risk that the EU
becomes introverted, less global and
less transatlantic in outlook. If that hap-
pens, then the west as a whole will be
weakened even if Britain becomes
more global than it already is.
This is not a prediction. It is a risk.
And it is one that the EU and the UK
must work to avoid. That is why coun-
tries outside Europe believe that the UK
and the EU share equal responsibility
for concluding a successful Brexit nego-
tiation over the next 19 months. This is
not just an economic question. The
unity of the western world is at stake.
reality.
The writer is Australian High Commis-
sioner to the UK
11
Cultish
long-termism
can hobble
investors
FINANCE
Izabella
Kaminska
I
n the aftermath of the global finan-
cial crisis, in 2010 Andrew Hal-
dane, then the executive director of
financial stability at the Bank of
England, wrote a seminal paper
espousing the virtues of patience in
financial markets.
According to Mr Haldane, now the
banks chief economist, many studies
had drawn a link between patience and
growth and, conversely, between impa-
tience and under-saving. The latter was
thought to have adverse implications
for long-run investment and growth.
Unfortunately, he noted, impatience in
the market was mounting.
Some of this, Mr Haldane suggested,
was connected to financial innovation
that encouraged short-term investing
styles. High-frequency trading in partic-
ular, he argued, was leading to increased
market volatility. For growth to really
take off, more patience was needed.
Looking at the market today, how-
ever, it is hard to believe things are as
simple as that. Take the growing
number of established but lossmaking
(or just-about break-even) businesses
that have emerged from the tech sector
Uber, Tesla or Snap, for exam-
ple. Companies like these exist largely
because investors attitudes in recent
years have become uniquely forgiving
and long-termist in nature.
Of course, many authoritative inves-
tors and academics share Mr Haldanes
view of the deleterious effects of exces-
sive short-termism. Many point to the
requirement for public companies to
Keeping companies private
for longer is now held up
as a logical strategy for
high-tech businesses
update investors on their financials on a
quarterly rather than yearly basis.
The practice, it is argued, draws the
term productivity-enhancing invest-
ment and towards activities that drive
short-term returns and profits stock-
purchase programmes, financial arbi-
trage or predatory mergers and acquisi-
tions focused on asset-stripping or
monopolisation. The result is that low-
value-added businesses are financed,
while those with the capacity to inno-
vate are not. And the implications for
growth are negative.
Understandably, keeping companies
private for longer (protected from the
pressures and scrutiny of short-termist
shareholders and investors) is now held
up as a logical strategy for high-tech
businesses with transformative ambi-
tions.
Unfortunately this thinking has had
two unintended, negative conse-
quences. The first is the rise of the overly
patient, and so potentially gullible,
investor. The second is the rise of the
sort of idealistic long-term thinking that
can detach financial markets from real-
ity entirely.
While there is little doubt that too
much short-termism has negative
effects, one should not assume that it
follows that extreme long-termism is
always for the best. The latter can be
dangerous when long-term thinkers fall
for fanciful narratives or investor cults.
In such cases, investment decisions
are driven not by a realistic evaluation
of what is or is not possible, but rather
by the grandeur of the futuristic visions
being touted. If the tale is bold enough
especially if it appeals to entrenched
biases, belief systems or desires the
more likely an excessively patient inves-
tor is to forgive failure on the grounds
that the end justifies the means.
Whether the venture being invested in
has scant chance of operating without
losing money matters little at this point.
The investment is now a religion.
Nowhere is this mindset more clearly
displayed today than in the realm of
cryptocurrencies, where narrative
trumps reality on a daily basis. Whether
cryptocurrency schemes are cultivating
value for future generations, or are in
fact systems whose growth depends on
an elaborate bluff or deception, is
impossible to evaluate. When the end-
less deferral of gratification becomes an
end in itself, settling that question is
more a matter of faith than quantifiable
izabella.kaminska@ft.com
12 FINANCIAL TIMES Wednesday 13 September 2017

Renminbi: a party invite

After spending $1tn to intervene, China has seen its foreign reserves recover this year alongside the value of
its currency. Waning demand to hedge dollar positions by companies suggests that the renminbi could
strengthen further, even as Beijing moves to head off gains.

Twitter: @FTLex Email: lex@ft.com
Ashtead:
harvesting the hurricane
It is an ill wind that blows no one in
business any good. Ashtead, which
hires out construction equipment, is
expecting a boost from rebuilding work
in the wake of Hurricane Irma. The UK
group, named after a Surrey village, is
already much bigger in the US than
back home. Its shares have quadrupled
over five years and rose another 5 per
cent yesterday. Time for contrarians to
check whether this cyclical business
can withstand economic storms.
In the immediate aftermath of any
natural disaster, human costs matter
much more than the financial kind.
The duty of business is to assist the
authorities and ensure employees are
safe. Besides, the post-Irma clean-up
should only modestly benefit Ashtead,
whose US business, Sunbelt, expanded
from a Florida base.
The group should get a bigger lift
from heavier duty repairs in years to
come. These are expected to cost a
baggy $75bn-$180bn, a range whose
width hints at its likely accuracy.
New business from this source
should support a secular growth story.
Ashtead has spread across the US by
buying smaller rivals and opening new
depots. The success of this expansion
strategy is reflected in a 19 per cent
jump in profits before tax in the first
quarter, to 289m.
The company has beaten a couple of
jinxes to rival US market leader United
Rentals. First, it has overcome a
tendency for UK groups to bungle
stateside expansions. Brits do not
always speak American. But pneumatic
drills and jackhammers do the same
jobs, whatever you call them. Second,
Ashtead has bucked the propensity of
equipment-hire groups to over-
estimate future demand, buy too many
picks and compressors, then struggle to
service debts.
Is Ashtead doomed to the same fate?
Construction always turns down
sooner or later. But that reversal would
have to be cataclysmic to hurt the
company gravely. Corporate leverage is
steep when net debt exceeds three
times earnings before interest, tax,
depreciation and amortisation.
Ashteads forecast profits could drop
almost 50 per cent without pushing its
ratio that high. They fell just 30 per
cent following the financial crisis.
The shares are fully valued at 14
times earnings. But the group offers
attractive exposure to economies of
scale in a fragmented market. The
stock should be worth a look when the
storm surge abates.
Japan Post:
second delivery
Bankers are busy banging the drum for
the flotation of Best Logistics, the
Chinese distribution group. Following
swiftly behind will be an offering of
shares in a Japanese market leader,
priced at less than half their accounting
book value. That pitch is unlikely to
generate as much enthusiasm.
Japan Post Holdings confirmed
yesterday that it would offer another
$12bn of stock to the market, two years
after its initial offering. The discount is
partly explained by investor scepticism
about growth prospects in Japan.
The outlook is scarcely more exciting
in the groups banking unit, which is
separately listed. Measured by deposits
it too is a market leader but is
struggling under the Bank of Japans
negative interest rate policy. Like
European peers, it is emphasising fee
income from sales of investment
products. Its shares trade at a slightly
smaller discount to book.
Of its three privatised entities, only
Japan Posts insurance unit trades
above its flotation price, and then only
just. Revenues at the division have
declined 3.9 per cent in each of the past
two years.
However, it does have commanding
market share; one-fifth of Japanese
people are clients and new-policy
income is almost twice that of
competitors, according to Citigroup.
The business is supported by the
trend towards increasing individual
responsibility for healthcare costs. Its
target customers, the over-50s, are in
plentiful supply in Japan.
A shame, then, that only the shares
of Japan Posts holding company are on
offer. As with the original IPO, they will
be targeted mostly at retail investors,
who tend to be risk-averse. A carrot is
the groups dividend; its shares yield
roughly 1.5 times the broader market
level. Reports suggest parcel prices
might rise next year, boosting profit.
Expanding equity ownership in
Japan would be a good thing. But that
Foreign reserves and the renminbi
Reserves excluding gold ($tn)
3.6
3.5
3.4
3.3
3.2
3.1
3.0
2.9
2015 16
FT graphic Sources: Thomson Reuters Datastream; CEIC, Nomura
Most official invitations are easily
interpreted. A request to attend an
embassy party is flattering, a
summons to help the authorities with
inquiries is threatening. Chinas
invitation to attack its currency is
more ambiguous. How should
investors react?
The message, written in the code of
regulation, requires translation. The
Peoples Bank of China this week said
it would drop a 20 per cent reserve
requirement for banks selling
products such as onshore currency
options. The capital charge was
introduced during market chaos in
late 2015. Banks passed the cost on to
investors hedging or betting against
the value of the renminbi. Analysts at
Citigroup estimate it added as much
aim would be easier to achieve if small
shareholders could be tempted with a
more attractive proposition.
Redrow:
nailing it
Markets love a risk-taker, particularly a
successful one. Founders who maintain
big stakes in their companies give
comfort to those who might not care to
risk so much. The moment those
entrepreneurs dare to cash in on their
holdings, investors start fretting.
Steve Morgan, chairman of UK
housebuilder Redrow, caused eyebrows
to arch this week by announcing the
sale of nearly a fifth of his shares, and
those of his related charitable trust.
Onshore corporate long forward positions
Rmb per $ Outstanding balance of FX forwards settlement and sales
by Bank of China on behalf of corporates ($bn)
6.3 80
6.4
30
6.5
6.6
-30
6.7
6.8
-80
6.9
Outflows, ie buy dollars
7.0 -130
17 2014
as 3.5 percentage points to the price of
borrowing dollars onshore for a year.
The central bank has also removed a
requirement for banks to hold reserves
onshore against offshore renminbi
deposits. That measure was originally
designed to reduce money outside
Chinas direct control that might be
used for short selling.
In the context of Chinas relationship
with currency markets, the shift is
telling. The government had spent
most of the past two years supporting
the renminbi, through direct market
intervention and tight controls on how
money leaves the country. But foreign
exchange reserves have been rising
again, as has the renminbi: onshore on
Friday it hit Rmb6.449 against the
dollar, its highest since December 2015.
That knocked 8 per cent off the price of
the company he started in 1974 and
caused other housebuilders to wobble.
Worry less about any bearish signals
from Mr Morgan, who came out of
retirement to lead Redrow after the
financial crisis. Instead query why the
valuation of the company remains so
doggedly low.
The notion that trading by directors
reflects something good or bad about a
company is a long-held truism. Various
studies in the US and UK back up the
hunch. Research done at University of
Exeters Business School in 2009
revealed better performance following
purchases and vice versa after sales.
However, if Mr Morgan senses
something is wrong it is not obvious
what that problem could be. Last week
the builder reported good full-year
Inflows, ie sell dollars
15 16 17
The new measures remind currency
bulls not to get carried away and the
renminbi has slipped accordingly.
Is the Chinese Communist party
acting in the interests of free
markets? Or does it hope free
markets will act in the interests of the
party? Surely the latter? But shorting
the renminbi would be unwise when
many Chinese businesses, worried
about its weakness, appear to be
hoarding dollars.
As fears evaporate, their dollar
sales may push up the renminbi.
Nomura notes demand is weakening
among corporate clients to buy
dollars in future. Investors should
beware: they may be nudged into
shorting the currency more easily
than it may be nudged into falling.
results, with a record order backlog.
His sale only reduces the value of his
personal holding back to the level of
two months ago. No big deal.
What should concern the market
more is the fact that despite all the
good news over the past year, Redrow
still trades cheaply. Yes, its price to
forward earnings valuation has come
up from the lows that followed the
Brexit vote. Yet with business likely to
remain brisk for at least another year, a
multiple below 8 times, under its five-
year average, stands out. That is true
for all FTSE-listed housebuilders.
Whether they are housebuilders or
carmakers, cyclicals trading cheaply on
record earnings do warrant caution.
Even so, ask not why Mr Morgan
sells. Wonder instead why the market
does not bid up his groups shares.
SoFi:
Cagney and racy
SoFi is a consumer bank that has
positioned itself as a lifestyle brand.
The US fintech start-up, recently
valued at more than $4bn, began in
2011 as a provider of MBA loan
refinancing. Today its products include
everything from mortgages to term life
insurance. It also offers career
workshops, happy hours and speakers
such as Dan Loeb, the hedge fund
tycoon who backs the business.
That aura is threatened by
allegations of sexual harassment and
tough working conditions. Inimitable
founder and chief executive Mike
Cagney has resigned. SoFis cultural
problems are shared with many tech
groups, its strategic challenges with
other lenders. The mighty Goldman
Sachs is jumping into consumer
lending and the end of the credit cycle
is in sight. It will take more than
artisanal cocktail classes for SoFi
to thrive.
In the second quarter of this year, US
household debt reached an all-time
high of nearly $13tn. The conceit of
SoFi and competitors such as Lending
Club is that their loan rates are cheaper
than bank credit and they offer a more
pleasant shopping experience (or in
SoFis case, an opportunity for
self-improvement).
But Lending Club is off 60 per cent
from its initial public offering as it has
struggled to keep up new loan
origination. The challenge for it and
SoFi is to keep the spigot of their own
financing open so volumes do not dip.
SoFi acquired Zenbanx, an upstart
internet bank, this year. Marketplace
lenders such as SoFi might ultimately
need a base of deposits to survive
rather than riskier, costlier short-term
funding, such as securitisations.
In the second quarter, SoFi said it
funded $3.7bn in loans. Revenue for the
quarter was up 67 per cent to $134m.
However, its operating profit did not
soar as high, increasing just 60 per cent
to $62m. SoFis cultural troubles show
that its workplace environment must
become more conventional. The same
applies to its business model.
Lex on the web
For notes on todays breaking
stories go to www.ft.com/lex

CROSSWORD ACROSS
1 Possibly the best part of
4 Rule in operation without a
monarch ascending, previously?
No. 15,653 Set by ALBERICH Rheingold? Note, Wagner wrote it (7)
(9) 5 Chap turns up with another writer
        6 Lizard Points 100 kilometres into (7)
journey (5) 6 Attack a lecherous person (4)
9 Remove skin from mottled fruit 7 Henrys popular, cracking officer
(5) material (5)
 
10 Gut clenching one gets close to 8 More than others, avoids suburbs?
terror its a mad axeman! (9) (9)
11 Chance to receive Oscar for a 13 Let off a ballet dancer breaking
  Western (10) lampholders (10)
12 Choice of extremes for drunk idiot 14 Racecourse favourite gets VIP
 (4) treatment (3,6)
14 Revile women having vacated 16 Head accepts new job? I havent
   assembly line (7) the foggiest! (4,3,2)
15 Heros beloved captain conceals 18 Figure suffering not unknown
name (7) after Christmas period (7)
  
17 Owed a couple of pounds, 19 Artist stuffs dirty pictures under
journalist fought for honour (7) small pouch (7)
19 Does the vocals for around 501 21 Setters gone for adult version of
short tracks (7) cricket? (5)
    20 Surrounded by bedlam, I distract 23 Rather large mushroom (5)
guards (4) 24 Alfred regularly follows Saint Peter
 22 Prim woman is indifferent about (4)
 
husband wearing fawn (10)
25 Australian native in rage after
very hot curry (9) Solution 15,652
26 With Charlie gone, angel cakes are 6 7 5 , 3 / , * + 7 % $ & +
  made by him (5) ( ' $ , 2 / $
27 Heading off, endeavoured to find 5 $ & ( & 2 9 ( 5 3 2 , 1 7
some treasure (5) & $ 5 ( 5 2 9
& + , / / < 7 + , 5 ' 0 $ 1
28 Confectionery thats modelled on , 0 + ' 6 6
JOTTER PAD praline (9) , 1 & 5 ( $ 6 ( + $ 6 3
DOWN ( / * % 2
1 Upset about everything, thats 3 ( ( 3 $ ' $ 3 7 , 9 (
5 5 % 0 / ,
plain (5) ) 2 5 ( * 2 1 ( 0 $ / , & (
2 False piety or holiness common 7 6 7 $ 2 $ ,
primarily for him? (9) ( , 6 ( 1 + 2 : ( 5 3 / 2 7
3 Holding pin, Ren repaired left & 1 ( $ $ ( 8
) $ 6 7 5 2 < $ / ) / 8 6 +
loafer (4-2-4)
Wednesday 13 September 2017 13

Redrow Dollar / yen 10-year gilt Brent crude Glencore FTSE 100 Smurfit Kappa Euro/sterling
In the line of fire Boeing at risk
from any US-China trade war 8.3% 0.6% 10bp 0.8% 0.9% 0.2% 2.4% 0.7%
INSIDE BUSINESS, PAGE 14
580p 110.05 1.14% $54.28 372.5p 7,400.69 23.86 0.9011

Bookies machine winnings set to fall Short

View
3 Revenues face hit from cut to 100 stake limit 3 Critics attack crack cocaine of gambling
for groups including Betfred and Paddy ered a realistic option after Theresa have huge ramifications for the gam-
Katie
Martin
JIM PICKARD AND MURAD AHMED
Power Betfair. Anti-gambling activists May, the prime minister, told officials 150 m
bling industry. Barclays analysts have
Britains biggest bookmakers are set to and some MPs have argued that the that there needed to be a cut to the max- Amount in annual forecast that Ladbrokes Coral would
revenues that
lose at least 150m in annual revenues machines disproportionately attract imum stake, leaving bookmakers and bookies could lose if lose 449m in FOBT revenues in 2018 if
under planned curbs on the betting addicts a claim vigorously contested campaigners to battle over how far the limit set at 20-30 the maximum stake was cut to 2. Wil- Arguably the most hated US equities market rally in
machines that have been denounced as by the industry. curbs should go. liam Hill would lose 284m, while history continues with barely a hiccup. Like children
the crack cocaine of gambling. Officials conducting the review at the This means that bookmakers are 2 Paddy Power Betfair would lose 55m. caught pinching sweets, investors have been forced to eat
The government is expected to rec- Department for Culture, Media and likely to, at best, face a new limit of 30 Maximum stake
By contrast, the bank forecast that if the whole jar. The nausea is deepening.
ommend new limits on fixed-odds bet- Sport are pushing for a significant cut to or 20 on their machines which threshold sought by the highest stake fell to 25, then Lad- Not even a hurricane the size of France could knock the
ting terminals (FOBTs) machines the maximum stake of 100. would cut industry revenues by 150m, the Campaign for brokes Coral would lose 87m in reve- rally off course. US stocks, led by insurers, fired back to life
within betting shops which offer games According to two people briefed on according to analysts or at worst 2. Fairer Gambling nues in 2018, William Hill would lose at the start of this week, hitting a record closing level after
such as roulette when it announces the plans, the review will recommend a There will be a consultation on the 55m and Paddy Power Betfair 10m. the storm eventually caused disaster rather than total
the findings of a review into the gam- number of options: no change to the review before a final decision is taken. Simon French at Cenkos Securities catastrophe in Florida. Another apparent reason to be
bling industry next month. maximum stake, reducing it to 2, as The government declined to com- said a maximum stake cut to 20 was cheerful (and this is scraping the barrel) was the lack of
FOBTs provide the largest source of demanded by activists such as the Cam- ment but one Whitehall figure said priced in to the share prices of gam- further sabre-rattling from North Korea. These are weak
revenues at some retail bookmakers, paign for Fairer Gambling, or compro- there was "still a long way to go" before a bling groups. Anything at 20 or above drivers for new highs but the market cannot be held back.
including Ladbrokes Coral and William mise figures of either 30 or 20. final decision. will be taken very well by the industry It was just another melt-up Monday, as Peter Tchir at
Hill, and a significant source of income However, the status quo is not consid- Where the government settles will and investors, he said. Brean Capital put it one of several this year.
So, champagne all round? Again, typically, no. As
Mr Tchir notes: The problem with the bull case is that
there is a but for virtually every argument the bull case
relies on that is quite compelling. Yes, Donald Trump
might try to get his tax agenda back on track, for example.
Ill wind No, that still will not be easy.
Air Berlin pilots Banks continue to report being inundated with ques-
tions about when the wheels will finally come off major
warned on protest markets. Clients keep asking about an impending equity
downturn, said analysts at Goldman Sachs, with a some-
what weary tone. Investors are spooked by the notion that
Air Berlin warned its staff that they were high valuations, poisonous politics and a potentially
playing with fire and undermining synchronous rush to the exits by quant funds could reach
plans for a sale of the carrier after a the boil at the same time. Dont sweat, at least not yet, the
co-ordinated protest by pilots forced the bank said, again. It has previously warned that war and
cancellation of more than 100 flights recession are the two most likely triggers for the end of a
yesterday, writes Tobias Buck in Berlin. bull run a cheerful thought and it broadly sticks by
The German carrier filed for that. But there is little suggestion of either for now.
insolvency last month after Etihad, the Similarly, Bank of America Merrill Lynchs latest
Abu Dhabi-based airline and the main monthly survey of 214 fund managers, between them
shareholder in Air Berlin, said it would managing $629bn in assets, points to the biggest jump
no longer fund the lossmaking company. in 14 months in hedging activity against a sharp drop in
Its assets are now up for sale, with bids the equity market.
due by Friday. It is just that though a hedge. Markets can remain in
But plans for an orderly sale and the an Icarus upside mode for risk assets, said Michael Hart-
continuation of operations until then nett, chief investment strategist at the bank. Irrational
are now at risk, Air Berlins management exuberance is still absent, he wrote. Enjoy the sugar.
warned. The staff of Air Berlin have
until now dealt very professionally with US equities
the difficult situation of the company, S&P 500 index
Thomas Winkelmann, chief executive, 2,500
said. But what we saw today from parts
of the staff is playing with fire.
He added: We are currently in final 2,400
talks with possible investors. These
negotiations can only succeed if we have US stocks, led by
a stable operation. 2,300 insurers, have fired
The airline said about 200 of its 1,500 back to life this
pilots had called in sick at short notice, 2,200
week. Not even a
Vereinigung Cockpit, the German pilots hurricane the size
union, said it was surprised by the Jan 2017 Sep of France was able
events, adding that it had not called on Source: Thomson Reuters Datastream to halt its rise
its members to call in sick.
katie.martin@ft.com
Pawel Kopczynski/Reuters

South Africas anti-Gupta campaigners

turn fire from Bell Pottinger to KPMG
JOSEPH COTTERILL facilitating state capture by the Guptas. The call for companies to drop the
AND MADISON MARRIAGE
Activists allege the Guptas used their auditor reflects how South African
South African businesses have come friendship with Jacob Zuma, the coun- activists have been emboldened by the
under pressure to cut ties with KPMG trys president, to manipulate ministe- fall of Bell Pottinger, which was aban-
over the auditors work for companies rial appointments and state contracts in doned by clients after its work repre-
owned by the Gupta family, as the fall- favour of their businesses. These busi- senting the Guptas was found to have
out deepens from a scandal that has nesses were audited by KPMG South been potentially racially divisive.
Atlas Copco sheds mines already caused the implosion of public Africa for 15 years until March 2016, Yesterday, Bell Pottinger announced
and looks to digitalisation relations firm Bell Pottinger. when it resigned the contract. that it had been forced to wind up its UK
KPMG International said it had business, with BDO appointed adminis-
Atlas Copco, Swedens biggest Save South Africa, a civil society group launched a review of its work for Gupta trators for the firms British divisions.
industrial group, is sticking to its that helped expose Bell Pottingers ethi- groups and that it was taking this mat- Several South African organisations
growth path even after splitting off its cal lapses in the country, called on blue- ter incredibly seriously. and individuals have distanced them-
mining operations. Mats Rahmstrom, chip names, including the Johannesburg Were determined to rebuild the selves from KPMG. Iraj Abedian, chief
who took over as chief executive in stock exchange and the countrys big- publics trust in KPMGs South African executive of Pan-African Research,
April, says it aims to boost growth gest banks, to drop the auditor. firm, and . . . will work with it for as stepped down as a non-executive direc-
through digitalisation and innovation. KPMG could be the next Bell long as it takes to ensure there is a full tor at Munich Re last week because the
Analysis i PAGE 16 Pottinger, the group said, accusing the and ongoing response to the results of reinsurer would not fire KPMG.
auditor of playing a central role in the review. Bell Pottinger UK wind-up page 16

Companies / Sectors / People

Companies
21st Century Fox.............................1,14,18
AA.....................................................................18
Air Berlin.......................................................13
Alibaba..........................................................24
AllianceBernstein....................................26
Alphabet.......................................................26
Apple........................................................15,26
Ashtead....................................................12,18
Atlas Copco................................................16
BAE Systems................................................2
BDO............................................................13,16
BGL..................................................................18
BMT...................................................................2
Babcock International.............................2
Barratt Developments..........................18
Bell Pottinger........................................13,16
Berkeley..................................................18,25
Best Logistics............................................12
Betfred...........................................................13
Boeing......................................................14,26
Brevan Howard........................................24
Bunge.............................................................25
Burger King.................................................11
CME Group.................................................26
Cairn Homes..............................................18
Carmignac...................................................25
Caterpillar....................................................25
China National Petroleum Corp.......6
Chubb...............................................................4
Coca-Cola....................................................26
Condor............................................................13
Dalata................................................................7
Dalian Wanda............................................18
Doughty Hanson.....................................18
DowDuPont.................................................14
EasyJet...........................................................13
Equifax...........................................................15
Experian........................................................15
Ford.................................................................26
Fortress...........................................................4
Fox News...................................................1,14
Franklin Templeton...............................26
GVC..................................................................13
Glencore.......................................................25
Glenview Capital.....................................24
Goldman Sachs...................................12,14
Green Angel..................................................7
Hanwha...........................................................9
Hastings........................................................18
Hyundai...........................................................9
IOI Corporation........................................25
ITV....................................................................18
Invesco..........................................................26
JD Sports......................................................18
Japan Post...................................................12
KPMG..............................................................13
Kraft Heinz...................................................11
LG Corp...........................................................9
Ladbrokes Coral.......................................13
Lansdowne.................................................24
Lending Club..............................................12
LexisNexis Risk Solutions..................15
Light Street Capital..............................24
Loders............................................................25
Lotte...............................................................9,9
Lufthansa......................................................13
Lundbeck......................................................14
Luxor Capital.............................................24
Marshall Wace..........................................24
Microsoft......................................................26
Munich Re....................................................13
Nestl..............................................................11
Och-Ziff........................................................24
Paddy Power Betfair.............................13
Petropavlovsk............................................18
Pimco................................................................4
Redrow...............................................12,18,25
Rio Tinto......................................................25
SK Group........................................................9
SSP..................................................................25
Safran.............................................................24
Samsung....................................................9,15
Sky............................................................1,14,18
Smurfit Kappa...........................................25
Snap.................................................................11
SoFi..................................................................12
SoftBank.......................................................24
Sports Direct..............................................18
Sunbelt...........................................................12
TCI...................................................................24
Tesla.....................................................11,16,24
Teva.................................................................14
Third Point..................................................14
TransUnion..................................................15
Trian................................................................14
Uber..................................................................11
UniCredit........................................................4
Unilever..........................................................11
Union Link.....................................................6
United Rentals...........................................12
Vue...................................................................18
Whitbread....................................................25
William Hill...................................................13
Sectors
Aerospace & Defence.......................2,14
Airlines...........................................................13
Automobiles................................................16
Banks.....................................................4,12,14
Basic Resources..........................................3
Construction..........................................12,18
Energy............................................................16
Financial Services................18,24,25,26
Financials.........................................12,24,26
Food & Beverage.......................................3
Industrials...............................................16,18
Insurance......................................................18
Media.................................................1,13,16,18
Mining......................................................18,25
Oil & Gas................................................18,24
Pharmaceuticals.......................................14
Retail............................................................2,18
Retail & Consumer.................................18
Shipping..........................................................6
Support Services................................12,18
Technology...........................................15,24
Telecoms................................................15,24
Travel & Leisure.................................13,18
People
Abedian, Iraj................................................13
Ailes, Roger..............................................1,14
Ashley, Mike...............................................18
Barer, Sol......................................................14
Breen, Ed......................................................14
Buffett, Warren..........................................11
Cagney, Mike..............................................12
Cowgill, Peter.............................................18
Crozier, Adam............................................18
Donaldson, Matthew.............................18
Drabble, Geoff...........................................18
Duffy, Terry................................................26
Hudson, John...............................................2
Kim, Seung-youn.......................................9
Koh, DJ...........................................................15
Lee, Jae-yong..............................................9
Leten, Ronnie.............................................16
Liveris, Andrew.........................................14
Lloyd, Michael...........................................18
Loeb, Dan.....................................................12
Mackenzie, Bob........................................18
McCann, Pat.................................................7
McNerney, James....................................14
Morgan, Steve......................................12,18
Murdoch, Rupert..............................1,14,18
Musk, Elon..............................................11,16
Perrins, Rob................................................18
Pidgley, Tony.............................................18
Rahmstrom, Mats....................................16
Richards, Tim.............................................18
Saint-Georges, Didier...........................25
Schultz, Kre..............................................14
Schwartz, Harvey....................................14
Smith, Richard F.......................................15
Tinseth, Randy.........................................14
Winkelmann, Thomas............................13
Xie, Qun..........................................................6

The Financial Times Limited 2017 Week 37

14 FINANCIAL TIMES Wednesday 13 September 2017

COMPANIES
INSIDE BUSINESS
Banks
ASIA

Goldman lines up $2.5bn profits boost Tom

Mitchell
Long-term growth plan after two sets of disappointing quarterly nue annually, an extra $2bn from $5bn was looking for a more broad-based
results, which included the worst ever financing and lending (including its expansion by product and client.
cheers investors despite Targeted annual lift

challenging conditions
LAURA NOONAN
INVESTMENT BANKING CORRESPONDENT
Goldman Sachs sought to take the sting
out of a new warning on fixed income
trading woes by laying out a $5bn reve-
nue growth plan that it says would add
for its commodities business.
Mr Schwartz said yesterday that the
market environment since the end of
June feels like the first and second
quarter. Referring to fixed income, cur-
rencies and commodities trading, he
said, FICC is still a pretty challenging
environment at the moment.
The comments echoed warnings from
Citi chief financial officer John Gerspach
expanding consumer lending business
Marcus), an extra $1bn from invest-
ment management and $500m extra
each from investment banking and
equities client coverage.
If the bank hits the revenue aspira-
tions, which Mr Schwartz insisted were
not targets, the pre-tax profit line
would be boosted by $2.5bn.
Goldmans pre-tax profits were $7.4bn
to revenues from
activities including
FICC trading
Goldman had admitted at its second-
quarter earnings that its trading results
had been hurt by its reliance on hedge
Boeing will be in the
$7.4bn
fund and other financial institution cli-
ents, while rivals catered more to corpo-
line of fire if a US-China
Pre-tax profits last
year, depressed by
a $5bn settlement
rates. It promised to address that.
Mr Schwartz said Goldman had
already begun hiring to support the
trade war breaks out
with the DoJ growth plans, including doubling lateral
hires in its FICC business this year.

$2.5bn to the banks bottom line in the
next three years.
Shares rose more than 2 per cent yes-
terday after the plan was unveiled by
the banks chief operating officer Har-
vey Schwartz at a financial conference
in New York.
Wall Streets purest investment bank
has been in the crosshairs of sharehold-
ers and analysts for most of the year
who spoke at the same conference, last year, but that was depressed by a
organised by Barclays, on Monday and $5bn settlement with the Department of
predicted that his banks trading reve- Justice over mortgage-backed securities
nue would be down around 15 per cent sales in the run-up to the financial crisis.
year on year for the third quarter. We have a long-term plan. Were in
But Goldmans Mr Schwartz followed execution mode, said Mr Schwartz,
his gloomy news by dangling the pros- adding that the results could be even
pect of much better things to come. better if market conditions improved.
He said the bank believes it can gener- Mike Mayo, banks analyst at Wells
ate an extra $1bn of FICC trading reve- Fargo, said the plan suggested Goldman
Media. Pay TV
The proof of the pudding will be in
the execution, and some aspects of it
may be aggressive relative to what they
can achieve, said Guy Moszkowski,
analyst at Autonomous in New York. I
think you could call it sensibly aspira-
tional. The US banks begin reporting
third-quarter results on October 12. Mr
Moszkowski said markets had taken the
warnings about trading in their stride.
A
t the second and last meeting of Donald
Trumps much-hyped business advisory
council in the spring, the US president asked
more than a dozen US chief executives if
the Treasury department should formally
declare China a currency manipulator and impose
punitive tariffs on Chinese imports.
None of them thought it was a good idea, said one
person who attended the meeting on April 11. Within
24 hours, Mr Trump had publicly backed away from his
threat to start a trade war between the worlds two
largest economies.
No US company breathed a bigger sigh of relief after Mr
Trumps currency manipulator bluff than Boeing, which
was represented on the presidents council by its former
chairman and chief executive James McNerney.

Fox scandals loom over Murdochs bid for Sky
Minister raises concerns
about corporate governance
failures at the US business
MATTHEW GARRAHAN AND DAVID BOND
For the past two decades, Rupert Mur-
dochs Fox News Channel has been a
cash machine, generating billions of
dollars in profits and outraging liberals
with its punchy blend of news and con-
servative comment from rightwing
pundits.
But while the channel has been a run-
away commercial success, a succession
of scandals and the way these were
handled by 21st Century Fox, which
owns Fox News are looming over Mr
Murdochs plans to take full control of
Sky, the European pay television group
he founded in 1990.
The announcement by Karen Bradley,
the UK culture secretary, that she was
minded to widen a referral to regulators
about the 11.7bn deal, to include scru-
tiny of corporate governance controls at
Fox News, is a setback for Mr Murdoch
and his sons, James and Lachlan, who
together run 21st Century Fox.
Ms Bradley raised new concerns
about the transaction, overruling a rec-
ommendation from Ofcom, the media
watchdog, that regulators consider only
the deals impact on the UK media mar-
ket. In a statement in the House of Com-
mons Ms Bradley pointed to corporate
governance failures at Fox News, say-
ing it would be appropriate for these
concerns to be considered further by
the Competition and Markets Author-
ity, which will rule on the transaction.
Corporate governance at Fox News
was thrust into the spotlight last sum-
mer when Gretchen Carlson, a former
presenter on the network, alleged that
she had been sexually harassed by
Roger Ailes, Fox News chairman, who
died several months later.
Her allegations were the catalyst for a
series of claims from other women
about the behaviour of Mr Ailes. Allega-
tions about Bill OReilly, formerly Fox
News biggest star, would follow, with
claims that he sexually harassed several
women at the company.
The allegations were dealt with
swiftly by 21st Century Fox: Mr Ailes
was pushed out following an internal
investigation led by a law firm, while Mr
OReilly followed him out of the door
this spring, in similar circumstances.
But the scale of the allegations has
raised questions about how such behav-
iour, which is alleged to have gone on for
several years, went undetected by exec-
utives at 21st Century Fox. New corpo-
rate governance systems were intro-
Rupert Murdoch duced across Mr Murdochs companies
is planning to in the aftermath of the phone-hacking
take full control scandal that rocked his empire in 2011.
of Sky which The aim was to raise standards and
he founded in ensure that a similar scandal did not
1990 via an happen again, but the systems do not
11.7bn deal appear to have detected any suggestion
Leon Neal/Getty
of bad behaviour at Fox News Channel
until Ms Carlsons allegations in 2016.
In correspondence this summer with
Sharon White, Ofcoms chief executive,
Ms Bradley wrote that effective corpo-
rate governance requires robust proc-
esses to be in place to prevent miscon-
duct from arising and to ensure that any
misconduct is quickly escalated to sen-
ior management where appropriate.
She added that opponents of the deal
had contended that these objectives
have not been achieved by the new cor-
porate governance arrangements put in
place by 21st Century Fox in the after-
math of the phone-hacking scandal.
Corporate governance at Fox News
was not Ms Bradleys only concern. In
her first letter to Ms White on August 7,
requesting further clarification from
Ofcom, Ms Bradley highlighted three
new areas of evidence brought to her
attention since her June announcement
that she was minded to refer the bid.
These included submissions contain-
ing analysis of recent output by Fox
News in the US which raised new accu-
sations about Fox Newss commitment
to accuracy and fairness, and submis-
sions relating to corporate governance
failures at News Marketing America,
also controlled by Mr Murdoch.
A third area cited further evidence
submitted to Ofcom in relation to claims
against 21CF. This related to accusa-
tions of false reporting at Fox News, an
apparent reference to the Seth Rich fake
news controversy which emerged in the
US this summer.
Ms Bradleys comments to parliament
revealed a split with Ms White. Accord-
ing to the exchange of letters between
the two, Ofcom took the view that it had
to identify clear risks of corporate gov-
ernance failure. But Ms Bradley disa-
greed, saying any significant concerns
justified a referral to the CMA.
21st Century Fox said in a statement
that it was disappointed Ms Bradley
had chosen not to follow the unequivo-
cal advice of the independent regula-
tor. It added that published corre-
spondence between Ms Bradley and Ms
White made clear why we do not
believe that there are grounds for the
secretary of state to change her previous
position.
Ofcom hasnt changed its mind, said
Claire Enders of Enders Analysis.
There is no new news, but the secretary
of state has decided to go for the safest
option to protect her from a judicial
review. This shows the government just
needs a quiet time.
Ed Miliband, the former Labour
leader who has led the charge against
the deal, said: This is a real opportunity
for the CMA to look at the Murdochs
broadcasting and print records and
their corporate governance I think
this is a significant problem for them.
Damian Collins, the Conservative
chair of the culture select committee,
said: It does beg the question: why
didnt Ofcom consider this first time
around?
See Lombard
Last week, the US aeroplane maker released its latest
market forecast for China. The forecast reveals just how
big a bullet Boeing dodged in April and also just how hol-
low Mr Trumps China trade-war threats are likely to prove
if he considers Americas broader economic interests.
Four of the worlds nine biggest narrow-body aeroplane
fleets are operated by Chinese carriers. Boeing predicts
that over the next 20 years China-based airlines will spend
$1.1tn on more than 7,200 new aeroplanes, accounting for
one-fifth of global demand.
For Boeing, the China market looms even larger. Since
2013, one out of every four Boeing deliveries has gone
to a Chinese carrier, a bigger share than any other country
or region.
When you think of growth you think of China, Randy
Tinseth, the Boeing vice-president who oversees its global
sales strategies, said at a briefing last week in Beijing.
We havent seen anything like the rate of expansion [of
Chinas aviation industry] before. The growth here over
such a long period of time is unprecedented.
Many of the statistics underpinning Boeings bullish
China forecast are remarkable.
For all the warranted concern about the countrys rising
debt levels and ever slower annual economic growth rates,
it is easy to forget just how big the pay-off will be for a range
of industries if the ruling
Chinese Communist party
can navigate some admit-
Since 2013, one
tedly daunting financial and out of every four
economic challenges.
The real prize is not
Boeing deliveries
Chinas economy overtaking has gone to a
that of the US economy in
size, but ultimately becom-
Chinese carrier
ing four times larger assum-
ing that 1.4bn Chinese eventually enjoy individual wealth
levels equal to 325m people in the US. That is the ultimate
goal of President Xi Jinpings Chinese dream.
In the aviation sector there are just 250 commercial air-
ports in China and 750 in the US. Only 10 per cent of all Chi-
nese people have a passport, compared with roughly 40
per cent in the US. And Boeing predicts that by 2020 there
will be more middle-class consumers in China than there
are people in the US.
For many observers, Boeings booming China business
makes it a likely casualty in any Sino-US trade war just as
bilateral tensions are on the rise. In July, Mr Trump
rejected an offer by Beijing to reduce the capacity of its
steel industry, telling his advisers that he preferred to
impose punitive tariffs on Chinese steel exports.
As one aviation executive puts it, in the event of a
Sino-US trade war Boeing would be the meat in the
sandwich.
There are, however, some good reasons to believe that
Mr Xis administration would not automatically target
Boeing for retribution.
As Mr Tinseth observed: If youre going to be in this
market youre going to have partners here.
All of Boeings planes have China-made parts in them.
Chinese aviation executives also crave US technology and
know-how.
That comes from joint ventures such as Boeings only
overseas finishing facility for its 737 narrow-body planes,
which will begin operations next year in Zhejiang
province.
It would be far better for Chinas larger economic inter-
ests if Mr Xi diverted orders of, say, US agricultural com-
modities to other countries rather than wounding a com-
mercial partner as valuable as Boeing.
It would also be consistent with the Chinese presidents
reputation as a man who thinks through the consequences
of his actions.
tom.mitchell@ft.com

Chemicals Pharmaceuticals

Shareholders prompt DowDuPont rethink
ED CROOKS NEW YORK
DowDuPont, the chemicals group
created in the $156bn merger of Dow
Chemical and DuPont, has revised its
plan to break up into three separate
companies in response to shareholder
concerns about the size and focus of the
proposed new businesses.
It has also promised further details of
plans for future share buybacks and div-
idend payments following a board
review over the next couple of months.
The groups new demerger plans were
welcomed by activist investment funds.
Trian, which had been demanding
changes at DuPont since taking a stake
in 2014, said it fully supports the port-
folio adjustments. Third Point said it
was pleased to be part of a dialogue that
created such a positive outcome for all
of Dow/DuPonts shareholders.
In May, Third Point proposed a more
radical break-up that would have split
DowDuPont into six companies.
The new demerger plan was agreed by
the DowDuPont board after what it
called a comprehensive review,
advised by McKinsey, the consultancy.
The structure is broadly the same:
DowDuPont will break into three com-
panies, one making plastics and materi-
als, one in agricultural chemicals and
seeds and one making a range of special-
ised products.
What has changed is the allocation of
the groups operations between those
companies. More than half a dozen busi-
nesses that had been intended for the
plastics and materials company, which
is being referred to as materials sci-
ence, will instead be allocated to the
specialised products group.
In total, the businesses that are to be
reallocated are expected to account for
more than $8bn in sales and $2.4bn in
earnings before interest, tax, deprecia-
tion and amortisation in 2017.
The moves are intended to ease con-
cerns that the materials science busi-
ness, which will maintain the Dow
brand, would not be sufficiently focused
on plastics and petrochemicals because
it would also have a broad portfolio of
speciality chemicals operations.
Andrew Liveris, executive chairman
of DowDuPont, said the new plans
offered a better structure for the succes-
sor companies to serve their markets.
Additional reporting by Lindsay Fortado
Teva chairman says new chief faces tough calls
DAVID CROW NEW YORK
Tevas new chief executive should not
avoid tough decisions such as domes-
tic job cuts as he seeks to revive the
flagging Israeli drugmaker, the com-
panys chairman said.
The Israeli pharmaceuticals group on
Monday ended a seven-month search
for a chief executive with the appoint-
ment of Kre Schultz, who holds the
same role at Lundbeck, the Danish
drugmaker.
Mr Schultz, who is to receive a signing
bonus of $20m in cash, must navigate
tricky terrain in Israel, where efforts to
cut jobs have been aborted following a
political backlash that has at times
found support in Tevas boardroom.
He understands the economic sensi-
tivities, the pride, that its a big home
company and there is great sensitivity
there but you have to do what you
have to do, said Sol Barer, chairman.
Avoiding tough decisions is always
the wrong decision and that is part of
being a professional CEO.
Teva has almost 7,000 full-time
employees in Israel while thousands
more such as suppliers rely on the
company for their livelihoods.
The impact on the local economy
will be devastating, said one former
Teva executive, who estimated that
close to 17,000 families rely on the drug-
maker for at least part of their income.
Politically, you have a very thorny issue
to deal with in Israel.
Mr Barer said Mr Schultzs experience
at Novo Nordisk, where he spent almost
three decades before joining Lundbeck,
would be helpful as he seeks to restruc-
ture Teva because the Danish drug-
maker is something of a national cham-
pion in its home country.
Teva investors responded to the
appointment of Mr Schultz positively,
sending shares in the drugmaker up by
almost 20 per cent, although the com-
panys stock has still lost almost half its
value since the start of the year.
Dealing with any outcry over job cuts
is one item in a long list of challenges
facing Mr Schultz as he takes the helm at
Teva, according to analysts. They
pointed to the companys high debts, its
exposure to the falling price of generic
drugs and the imminent loss of patent
protection on its top-selling multiple
sclerosis injection.
Wednesday 13 September 2017
Equifax on the rack over data hacking disaster
Growing anger at credit agencys pathetic response to security breach amid questions over state of its cyber defences
BEN MCLANNAHAN NEW YORK
US senator Richard Blumenthal did not
mince his words. The cyber attack at
Equifax that compromised personal
records for about half the US adult pop-
ulation was a historic data disaster,
the Connecticut senator wrote in a letter
to the companys chief executive.
Equifaxs pathetic remedies were
no compensation, he said, for the loss of
a treasure trove of information for any
given user.
Mondays letter is a measure of the
anger that has greeted the incident, dis-
closed last Thursday, in which hackers
stole names, Social Security numbers,
dates of birth and other identifying
information for 143m Americans over a
period of about two and half months.
That loss and the theft of the credit-
card numbers of about 209,000 people
prompted New York attorney-general
Eric Schneiderman to warn people to
remain vigilant against possible fraud
attempts as he started an investigation.
Equifax is the latest US company to be
hit by a devastating cyber attack. In
terms of accounts hit, the breach was
not as big as Yahoos record data loss dis-
closed in 2016 affecting more than 1bn
users, but worries have been magnified
by the fact that Equifax is a company
supposedly expert at protecting infor-
mation. Chief executive Richard F
Smith described it as striking at the
heart of who we are and what we do.
Yahoo users also lost no sensitive
information; just usernames and pass-
words. Equifaxs admission that up to
143m sets of records could have been
accessed, makes the incident almost
twice as serious as a 2015 hack at
Anthem, a health insurer, which
involved the social security numbers of
more than 78m people.
This one is a different animal in the
sense of the nature of the information
that was breached, said Richard Fair-
bank, chief executive of Capital One, at a
This is cyber securitys
Roswell incident. How do
you have this major event,
and we hear nothing?
conference in New York on Monday.
We have not been through the equiva-
lent of this one.
Even now, many Americans will not
know if they have had their details sto-
len. The fact that Equifax, one of the
three big credit scoring agencies, even
had their details will have been a shock.
Shares in Equifax fell another 8 per
cent on Monday, following a 14 per cent
plunge on Friday, wiping more than
$3.5bn from its market value.
Analysts warned of the threat of hear-
ings in both chambers of Congress, regu-
latory probes, state-level investigations,
and a slew of private legal actions.
At the Securities and Exchange Com-
mission, analysts expect regulators to
focus on the five-week gap between dis-
covery and disclosure and the insider
stock sales in between. The SEC
declined to comment on whether it had
begun a probe, but one former enforce-
ment official told the Financial Times
the regulator was likely to take action.
People will be fighting to open this,
the former official said.
Isaac Boltansky, analyst at Compass
Point in Washington, said: The public
flogging of Equifax has just begun.
Equifax has not been explicit about
how the breach happened, or who might
be behind it, but security experts criti-
cised the company for apparent flaws in
its defences. The only comment from
Equifax has been that the breach related
to a web app in the US, leading to sugges-
tions the company had not been doing
Technology
Samsung says Note 8 pre-orders beat forecasts
SONG JUNG-A SEOUL
Samsung Electronics said pre-orders of
its latest flagship smartphone Galaxy
Note 8 were exceeding its expectations,
as the South Korean company seeks to
move beyond last years safety debacle
and braces itself for the debut of the
latest iPhone.
DJ Koh, president of Samsungs mobile
business, said the Note 8 phones had
recorded the highest pre-orders among
the Note series, which would help
Samsung better compete with Apple in
the high-end smartphone segment.
The 395,000 units sold on the first
day of pre-orders is a higher than
expected figure, he told a media event
yesterday. The figures for the first five
days show that pre-orders are about 2.5
times those of the Note 7 last year.
That is encouraging news for Sam-
sung, which has worried that last years
Out of credit
Data theft: recent attacks
Number of accounts compromised (m)
Financials Retail, Entertainment
Sony, PlayStation Network,
Epsilon 250
Sony Online Entertainment 101.6
2010 2011
Source: FT research
Clean-up costs
Shares and bonds set to
remain under pressure
Equifax is one of three companies
in the US the other two are
Experian and TransUnion
which dominate the business of
gathering information on
borrowing habits from banks and
other sources.
They then organise and analyse
that information to come up with
scores that are used by lenders and
other financial institutions to price
credit.
Revenues last year came to
$3.1bn, up 18 per cent on the year
earlier.
Analysts warn that the
companys shares and bonds may
remain under pressure.
On Monday afternoon, Standard
& Poors revised its outlook on
Equifaxs debt to negative, saying
that its rating three notches
above junk was threatened by
the costs of the clean-up.
Negative headlines will weigh on
[the Equifax] brand for the
foreseeable future, said Manav
Patnaik, equity analyst at Barclays
in New York.
fiasco over fire-prone Note 7 phones
would discourage consumers from buy-
ing the devices successor. The Note 8
will go on sale on Friday in several coun-
tries, including the US and South Korea.
The Note 8 can bring symbolic clo-
sure to the Note 7 debacle. The success
of the [Galaxy] S8 this year already
showed that Samsung had gotten past
the Note 7 incident, but a successful
Note 8 product would just further
drive the point home, said Bryan Ma,
analyst at IDC.
Mr Koh said Samsung had received
positive feedback on the Note 8 follow-
ing pre-orders from about 40 countries.
Since the August 23 New York unpack,
many buyers and partners said the ini-
tial response was very encouraging, he
said. But Samsung added that the pre-
order figures given by Mr Koh were for
the domestic market only.
The Note 8, priced at $930-$960 in the
FINANCIAL TIMES 15
COMPANIES
The company said it went public after
engaging an independent cyber security
firm to conduct a forensic assessment
and provide recommendations to
toughen electronic security safeguards.
Those affected have been disappointed
by Equifaxs offer of a year of free credit
monitoring with its TrustedID product.
This is cyber securitys Roswell inci-
dent, said Mark Sangster, a vice-presi-
dent at eSentire, a threat detection com-
pany from Kitchener, near Toronto.
How do you have this major event, and
we hear nothing about it?
One head of an asset management
firm said he was incensed both by the
massive loss of data and the companys
presentation of it.
One thing that is quixotic to me, is
that Equifax kept saying that the core
part of the database was not breached.
But what the f**k is that, if not my social
security number, my driving licence
and so on?
A video message from the chief execu-
tive was no help either, says Elad Ben-
Meir, vice-president of marketing at
CyberInt, a Tel Aviv-based firm. They
should have had a proper response plan,
all the way to an executive owner that
will be able to handle the situation.
Class-action lawsuits are piling up.
About two dozen proposals have
already been filed.
Eric Johnson, dean of the Owen Grad-
uate School of Management at Vander-
bilt University in Nashville, Tennessee,
drew a parallel with the ChoicePoint
incident in 2005, when it emerged that
Justin Lane/EPA
the data warehouser spun off from
Equifax eight years earlier had been
duped into selling insurance-related
information on 163,000 consumers to
MySpace 427 Yahoo 500 an alleged crime ring.
Tech and other
Friend Finder In 2006, the Federal Trade Commis-
LinkedIn 164 sion demanded a record $15m fine for
Network 412
failure to protect consumers data, and
River City Media 1,370 within a couple of years the company
Equifax was sold to Reed Elsevier, re-emerging
as LexisNexis Risk Solutions.
143
A similar fate could await Equifax,
said Professor Johnson, noting that one
of Equifaxs business lines is identity
theft protection. This is the great irony:
it is like going to the hospital and getting
beaten up, he said. It is whats driving
2012 2013 2014 2015 2016 2017
a lot of the outrage.
Additional reporting by David J Lynch
enough to protect vulnerable website
access points. Contracts & Tenders
Alex Heid, New York-based chief
research officer at Security Scorecard, a
cyber security monitoring platform,
said that even a cursory analysis of the
companys online footprint showed sev-
eral potential weaknesses, including
applications written in relatively old
and vulnerable languages.
In particular, he said, hackers may
have exploited vulnerabilities in
Apache Struts, a popular open-source
framework for developing web applica-
tions in the Java programming language.
A spate of attacks earlier this year
highlighted the risks. Equifax, which
used Struts heavily, should have been on
high alert, said Mr Heid.
Apache Software Foundation, which
makes the Struts software, said that it
is not clear which Struts vulnerability
would have been utilised, if any. Equi-
fax did not respond to requests for com-
ment about the nature of the attack.
Other analysts queried Equifaxs han-
dling of the incident, wondering why the
company waited almost six weeks after
discovering the breach, before alerting
investors and the broader public.
Unlike many other types of financial
service providers, the cyber security
practices of credit reporting bureaus fall
outside of direct industry and regula-
tory authority purview. Even so, said
analysts, a breach of this scale should
have been disclosed earlier.
US, will intensify competition for pricier
components in the premium segment.
Apple was set to reveal its much antici-
pated 10th anniversary iPhone late
yesterday in the US the first iPhone
to cost as much as $1,000, and expected
to offer significant upgrades to the
smartphones display, camera and over-
all design.
The Note line accounts for less than 10
per cent of Samsungs mobile shipments
but the Korean company uses the model
to test new cutting-edge features,
Businesses For Sale
according to Mr Ma. The Note line is an
early-adopter play where the company
could introduce some new features
before they make their way into the
more significant S series later, he said. FT BUSINESS
Kim Young-woo, analyst at SK Securi- Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
ties, expects Samsung to sell about 10m Business Wanted, Franchises
.....................................................................................................................................................................................................................................................................................................................................................................................................................
Note 8s this year, helping the smart- Classified Business Advertising
phone maker maintain its mobile UK: +44 20 7873 3920 | Email: jenny.fazakerley@ft.com
momentum in the fourth quarter.
16
Media
Bell Pottinger UK appoints administrators
PR firm suffered client
exodus after report found
it incited racial discord
JOSEPH COTTERILL AND
MADHUMITA MURGIA
Bell Pottinger, the London public rela-
tions firm, has appointed administra-
tors, after suffering a financial collapse
after two reports that found it had
stoked racial tensions in South Africa.
ThePRoutfit,whichwasexpelledfrom
the Public Relations and Communica-
tions Association, sought administrators
Financials
Institutional
investors show
heightened
awareness of
green issues
ANDREW WARD ENERGY EDITOR
More than two-thirds of institutional
investors plan to increase investments
related to tackling climate change,
according to a survey that suggests
green finance is moving from the
margins to the mainstream of markets.
But more than half of the 497 institu-
tional investors surveyed said they were
receiving highly inadequate informa-
tion from companies about their risk of
disruption from climate change and
their ability to benefit from the shift to
low-carbon technologies.
The findings, in a study commis-
sioned by HSBC, will add weight to calls
from Mark Carney, governor of the
Bank of England, and others for greater
disclosure of climate risks in the cor-
porate and financial sectors.
Mr Carney has warned that investors
risk potentially huge losses from the
impact of climate change on industries
ranging from insurers, which face
increased losses from extreme weather,
to producers of the fossil fuels blamed
for rising temperatures.
The survey by East & Partners, a
financial market research firm, found
that fund managers increasingly
focused on opportunities as well as
threats related to action against global
warming.
Appetite for green investments, such
as renewable energy, was strongest in
Europe, where 97 per cent of respond-
ents planned to increase capital alloca-
tions in low-carbon technology or other
assets that stand to benefit from climate
policies.
In the Americas the figure was 85 per
cent and in Asia 68 per cent. The Middle
East was an outlier, with 19 per cent.
The survey questioned 507 compa-
nies about their green strategy and
found a mismatch between investors
growing focus on climate issues and
companies slower progress towards
disclosing environmental risks.
Just over half of companies said they
had an environmental strategy in place,
but only 43 per cent voluntarily dis-
closed it.
Asian groups lagged with only 28 per
cent, but this was up from under a fifth
in the same survey last year.
Meryam Omi, head of responsible
investment at Legal & General, the UK
life insurer, said sustainable investing
was firmly on investors agenda.
However, investors needed more reli-
able disclosures from companies upon
which to assess risks and opportunities
from climate policies, such as tougher
regulation of fossil fuels and energy-in-
tensive industries, she said.
Ms Omi said companies that failed to
meet minimum standards of climate
disclosure would be divested out of
some funds and voted against in our
entire equity holdings.
for its London arms at business advisory
firm BDO on Friday and their appoint-
mentbecameeffectiveyesterday.
Bell Pottinger entities outside the UK
will operate as normal. Its Middle East
and Asian arms are in the process of
splitting off from the London unit.
Following an immediate assessment
of the financial position, the administra-
tors have made a number of redundan-
cies, BDO said. The administrators are
now working with the remaining part-
ners and employees to seek an orderly
transfer of Bell Pottingers clients to
other firms in order to protect and real-
ise value for creditors.
Atlas Copco eyes growth after spin-off
Atlas Copco, Swedens biggest industrial group by market value, will focus on products such as air compressors when mining and civil engineering are spun off
Rahmstrom says split will
allow stronger focus on
digitalisation and innovation
RICHARD MILNE STOCKHOLM
The new chief executive of Atlas Copco
has committed Swedens biggest indus-
trial group by market capitalisation to
stick to its growth path even after
splitting off its mining operations.
Mats Rahmstrom, who has been at
the company for 29 years and took over
the top job in April, said the split would
allow Atlas to focus more on industrial
customers and aim to boost growth
through digitalisation and innovation.
I dont want to lose speed at all. Its
about top line growth, and to stay on top
with new technologies, he told the
Financial Times in his first interview
since becoming chief executive.
Atlas, which has the Wallenberg fam-
ily investment vehicle as its main
shareholder, surprised investors in
January by announcing a break-up
of the company into two and the
naming of Mr Rahmstrom to replace
the well-respected Ronnie Leten.
A new independent company, to be
called Epiroc, will focus on its mining
and civil engineering business while
Atlas will focus on air compressors,
vacuums used in the manufacture of
semiconductors and smartphones, and
industrial power tools.
FINANCIAL TIMES
COMPANIES
The administration makes Bell Pot-
tinger the highest-profile international
casualty so far of a political storm in
South Africa over the Gupta business
family who have been accused of the
capture of state institutions to benefit
their companies through a friendship
with President Jacob Zuma. The family
and Mr Zuma have always denied the
allegations.
Lastweek,thePRCAcensuredBellPot-
tinger for fomenting racial discord in
its work representing the Guptas. The PR
firmsoughttodivertcriticismoftheGup-
tas ties to Mr Zuma with a campaign that
highlighted economic apartheid and
Industrial goods. Machinery
Mr Rahmstrom said of the split: The
main reason for me is really the focus.
When we are growing so much, mining
is a bit different: there are different cus-
tomers, its more volatile.
Analysts said the move was a rare case
of a simultaneous break-up and chief
executive change being announced
from a position of strength rather than
weakness. There are no negative pres-
sures behind the split of the company.
Its more a focus on growth, said Johan
Sjoberg, analyst at Danske Bank.
Atlas has become one of the biggest
companies in Sweden due to the resil-
ience of its business model. At its
worst, during the 2008-09 financial
crisis, its operating profit margin fell
only to 13 per cent. It is known for
Atlas Copco
Share price (SKr)
400
300
200
100
0 vacuums that had a higher margin
2009 11 13 15 17
Source: Thomson Reuters Datastream
white monopoly capital in the country,
the industry body said in its report,
brought after a complaint by South
AfricasoppositionDemocraticAlliance.
The terms are deeply emotive in
South Africa, which is still struggling
with the legacy of the white minority
rule that ended in 1994, while their use
The administrators are
now working . . . to seek
an orderly transfer of Bell
Pottingers clients
being highly decentralised with Mr
Rahmstrom describing its headquarters
just outside Stockholm as extremely
lean.
The more focused Atlas will have a
higher operating margin than Epiroc
about 21 per cent versus 20 per cent as
of the end of the second quarter. It has
boosted profits by moving beyond man-
ufacturing into industrial services.
Mr Sjoberg said another positive
would be that the cyclicality in the new
Atlas would be reduced once the mining
assets were spun off. What they are rec-
ognised for is the high quality of their
earnings and their free cash flow gener-
ation, he added.
Mr Rahmstrom has worked primarily
in the industrial technique division,
which he was head of until earlier this
year and which focuses on power tools
as well as assembly systems for the auto-
motive and aerospace industries.
He said one area of growth for Atlas
was in new ways of joining together
materials such as aluminium for electric
vehicles, as traditional welding would
not work. There is potential to acquire
businesses with an automotive applica-
tion, especially for different joining
techniques, he added.
Analysts said Mr Rahmstrom had big
shoes to fill after the Belgian Mr Leten
had taken Atlas into a new business area
than its main compressors unit. Every
CEO at Atlas Copco has tough comps
[comparisons], said Mr Sjoberg.
to defend the Guptas caused outrage
given the depth of anger over the allega-
tions of state capture.
This month Herbert Smith, the law
firm, also said the messages were
potentially racially divisive in a report
commissioned by Bell Pottinger.
The PR firm apologised for work done
on the year-long contract with the Gup-
tas, which it ended in April this year.
The PRCA ruling sparked an exodus
of clients from Bell Pottingers roster,
including HSBC, and the departure of
several employees forcing the firm to
bring in BDO to consider strategic
options for the business.
Atlas is known in Sweden as a finish-
ing school for industrialists with many
of the countrys leading chief executives
drawn from its ranks, such as Bjorn
Rosengren at Sandvik and Johan Molin
at Assa Abloy.
Mr Rahmstrom said he would divide
his time equally between the industrial
and mining sides before the split was
finalised, after the annual meeting next
year. He said Epiroc would continue to
benefit from the recent rebound in min-
ing spending as companies recover from
the collapse in commodity prices over
the past few years.
One of the biggest opportunities for
us is autonomous driving and autono-
mous drill rigs. If you talk to the Anglo
Americans, they are very keen to
increase their productivity, he added.
He played down expectations that
Epiroc could be a takeover target,
instead saying it could look at acquisi-
tions and partnerships itself.
One of Mr Rahmstroms main tasks
will be to help Atlas respond to
digitalisation. For instance, it already
has 80,000 compressors connected to
its systems compiling performance
data.
Mr Rahmstrom wants to increase the
running time of machines. If you stop
your factory due to a fault with a small
tool, that is incredibly inconvenient.
But he added that any approach to
digitalisation had to be very focused.
Just collecting data has no value to
Atlas Copco.
Notice to Advertisers
Calls to the Financial Times Advertising Department may be monitored.
Acceptance of any advertisement for publication will be subject to the then current terms and conditions of insertion
of advertisements in FT publications.
A copy of the terms and conditions of insertion of advertisements in FT publications can be obtained from
+44 (0)20 7873 3000, or viewed at www.FT.com/advertising
Wednesday 13 September 2017
Automobiles
Watchdog
cites Tesla
self-driving
technologys
limitations
RICHARD WATERS SAN FRANCISCO
US regulators have pointed to short-
comings in Teslas application of its
self-driving car technology as one of
the main causes of the first fatal crash
involving a car that was operating
largely under its own control.
Tesla chief executive Elon Musk has
boasted that his companys so-called
Autopilot system is capable of driving
long distances without human interven-
tion, and the company claims that its
most advanced technology is twice as
safe as a human driver.
But a hearing into the fatal accident
by the USs National Transportation
Safety Board yesterday highlighted
operational limitations in the technol-
ogy, leaving the driver unprepared to
react in time to avoid the crash.
Joshua Brown, a Tesla owner, was
killed last year when his car ran into the
side of a truck that was turning across
the road in front of it. The cars cameras
failed to notice the white side of the
truck in bright sunlight.
Data recovered from the Tesla Model
S showed that the drivers hands were
not on the steering wheel at the time and
he had not tried to apply the brakes.
The truck drivers actions were one of
three causes of the accident highlighted
by Robert Sumwalt, NTSB chairman.
He also said Mr Brown put a higher level
of trust in the Autopilot system than was
intended, and that the driverless tech-
nology had not been designed to operate
on the road where the crash occurred.
A Tesla owner was killed
last year when his car ran
into the side of a truck that
was turning in front of it
The Model S was being driven on a
road where other vehicles could cross in
front of it, when Autopilot was designed
for highway driving. In its drivers man-
ual, Tesla was speaking out of both
sides of their mouth by warning that
the technology was not designed for
such roads, while also appearing to indi-
cate that Autopilot would automatically
disengage, said Mr Sumwalt.
The Tesla technology was designed to
meet the second of five levels of self-
driving technology, the highest level in
use on roads today. This means that
while its cars are designed to handle
tasks such as automated lane changing,
acceleration and braking, they also rely
on the driver constantly monitoring the
road and being ready to intervene.
According to the NTSB, data recorded
by the Model S showed that Mr Brown
had his hands on the steering wheel for
only 25 seconds during the 37 minutes
leading up to the crash. The car dis-
played seven warnings during that
period, with Mr Brown touching the
wheel after each one for long enough for
the warning to disengage.
Since the accident, the company has
implemented extra controls so that its
cars stop automatically if drivers do not
show a higher level of engagement.
Tesla pointed out that the NTSBs offi-
cial remit does not allow it to assign
fault or blame for an accident, and its
findings cannot be used as evidence in
damages claims or other civil lawsuits.
The company faces a class-action law-
suit over its Autopilot system, though it
has not said whether it has reached any
legal settlement with Mr Browns family
over his death.
The National Highway Traffic Safety
Administration earlier this year con-
cluded there was no need for a recall of
Teslas cars to fix any technological
flaws as a result of the crash. But an offi-
cial warned at the time that the way
Tesla explained the use of the system to
drivers had led to confusion . . . and
the use of the system outside of its
intended domain.
Positions Available
FT APPOINTMENTS
.............................................................................................................................
Classified Appointments Advertising
UK: +44 20 7873 4909
US: +1 212 641 4909
ASIA: +852 2905 5528
Wednesday 13 September 2017 FINANCIAL TIMES 17
18
AA investors should not take plan for insurance sell-off lying down
Matthew
Vincent
For all its five-star luxury, Pennyhill
Park Hotel in Surrey is well known as a
venue for bruising encounters between
combative, thirsty types. Not only is it
the official training base of the England
rugby team. It has also played host to
the FT Funds Forum and, let this
panel chairman tell you, some of the
Q&A sessions on asset allocation felt
like they could have kicked off at any
moment . . . and that was before the
bar had even opened.
So, when the events manager took a
booking from the 112-year old
Automobile Association, hotel staff
probably breathed a sigh of relief. But
that was before Credit Suisse turned up
uninvited by AA boss Bob Mackenzie
himself brandishing PowerPoint
presentations about flogging AA
insurance to Hastings. Cue a late-night
dust-up in the Ascot Bar involving a
Construction
Redrow founder
joins sector rush
to jettison stakes
Morgan sells 7% as Cairn
chiefs also cash in, after
similar moves at Berkeley
NICHOLAS MEGAW
Redrow suffered its sharpest share price
fall since the week of the Brexit vote yes-
terday, after its chairman and founder
became the latest in a series of senior
figures in the housebuilding sector to
sell a substantial chunk of their stake.
Steve Morgan, who founded the Flint-
shire-based company in 1974, sold
153m worth of shares seven per cent
of the company that were held
through an investment vehicle and a
charitable trust.
Separately, the founders of Dublin-
based Cairn Homes sold shares worth
2.1 per cent of the company yesterday.
In recent days a number of directors
at rival housebuilder Berkeley Group
also cashed in some of their holdings.
Berkeleys chairman Tony Pidgley, the
wife of chief executive Rob Perrins, and
a non-executive director and his wife
sold a combined 45m worth of shares
in the company on Friday.
Mr Pidgley and Mr Perrins have
already reduced their holdings in Berke-
ley over the past few years, but the com-
bined sales on Friday marked the larg-
est amount sold by Berkeley directors or
their families in at least a decade,
according to analysis by Olivetree
Financial. Such a string of sales in quick
succession led analysts at Jefferies to ask
yesterday whether the silverback
alpha males in the sector are calling the
top of the market.
Miguel Borrega, building and con-
struction analyst at UBS, said Mr Mor-
Financials
City watchdog warns over high-risk ICOs
AIME WILLIAMS
The City watchdog has warned inves-
tors of the high risk, speculative
nature of initial coin offerings as their
popularity booms, becoming the latest
global regulator to sound the alarm.
Initial coin offerings, which involve a
start-up company issuing digital so-
called tokens or coins in exchange for
cryptocurrencies such as bitcoin or
ether, have surged in popularity as con-
sumers rush to speculate on the growth
of new technologies.
The Financial Conduct Authority
warned that ICOs were mostly unregu-
lated and potentially fraudulent, while
investors may be provided with unbal-
anced, incomplete or misleading docu-
ments by the ICO issuer.
furious Mr McKenzie and AAs head of
insurance, followed by the formers
dismissal for gross misconduct. It
wasnt even taken outside to the car
park presumably because there were
no M&A advisers on hand to hold the
jackets. Or submit a bill.
But, as the unseemly details emerge,
there is a danger that AA shareholders
make the same mistake as a tipsy
pugilist trying to punch someone on
the nose: they miss the point. And that
would appear to be: a 65-year-old
executive chairman has just literally
fought to prevent a potential payday
for himself and other directors.
Why would he do that? One sobering
notion emerges. Yesterday, the AA
confirmed FT reports that it had talks
with Hastings about a possible
combination. Hastings, however, said
AAs insurance division was one of the
acquisition opportunities it regularly
reviews. Evidently, then, Hastings
understood this as AA selling off its
highest-margin business. AA achieves
an operating margin of 58 per cent on
insurance, against 49 per cent on
roadside assistance and 30 per cent on
driving schools. Not only does
gans sale a week after he announced
plans to ease back from his executive
role at Redrow would raise the ques-
tion of whether [he] will ultimately sell
his entire stake in the company, and
whether Redrow will be able to continue
to grow successfully without Mr Mor-
gans leadership.
Redrow was the worst performer on
the FTSE All-Share index on Tuesday,
with its share price falling 8.4 per cent
by late morning. Shares in Cairn fell 3
per cent, while the stock prices of Berke-
ley and fellow housebuilder Barratt
Developments have fallen by around
5 per cent each since results announce-
ments last week.
Analysts ask whether
the sales mean industry
alpha males are calling
the top of the market
Bella Brandon, strategist at Olivetree,
said the share placings, on the back of
the weak response to last weeks results,
suggested the sector looks a little over-
done.
However, unlike estate agents
which have begun to suffer from a slow-
down in the secondary market ana-
lysts were largely confident that exter-
nal factors would help support house-
builders through any economic uncer-
tainty. These included low interest
rates, a structural shortage of housing
and state support, said Mr Borrega.
Mr Morgan said in a statement that he
remains fully committed to the busi-
ness and confident in the outlook.
Redrow declined to comment.
See Lex
Even if an ICO is not fraudulent, the
regulator said, investors still had a
good chance of losing their entire
stake. Typically ICO projects are in a
very early stage of development and
their business models are experimen-
tal, the FCA added.
The coin issued by the ICO company
is intended to act as another form of
virtual currency, giving holders the
right to exchange it for goods or services
in the future.
However, the FCA said that like
cryptocurrencies in general, the value
of that issued coin might be vulnerable
to dramatic changes.
The FCAs warning follows a notice
from the Securities and Exchange Com-
mission, the US financial regulator,
which said at the end of August that
FINANCIAL TIMES
UK COMPANIES
insurance offer the highest margin,
though. It also offers greatest potential.
AA, as a 3.3m member organisation,
has more accident and breakdown data
to analyse than most and a level of
customer trust that would allow it to
make optimal use of car tracking and
telematics. It is not as if insurance is
non-core, either: the AA has been
charging annual premiums to insure
against travel woes since 1905.
So why sell? Those familiar with Mr
Mackenzies views say he feared a deal
would not serve shareholders, but
could have triggered big payouts to
directors. Under a share scheme, a
compound 12 per cent increase in AAs
initial market value of 1.4bn after
three to five years would see Mr
Mackenzie and the man who invited
Credit Suisse in to pitch among those
sharing 5 per cent of the uplift. Of
course, with AAs market value now 30
per cent lower, and no knowing how a
deal might even have affected it, it is
impossible to tell how real an incentive
to sell this was.
But it would seem to be a rare case of
an executive standing up for long-
termism albeit not too steadily.
Pricing power
Comparison
site owner
defers IPO
some ICOs may be scams designed to
move a companys share price.
The SEC also took aim at the growing
market in July, warning that issuers
were skirting securities laws by issuing
digital tokens on behalf of virtual
companies, instead of selling traditional
securities.
Last week, Chinas government
declared ICOs illegal and called a halt to
fundraising involving cryptocurrencies
as it sought to curb risks from unregu-
lated areas of its financial system.
The FCA said it could regulate some
ICOs, and would decide whether it was
able to or not on a case-by-case basis.
The regulator said investors should
only take part in an ICO if they were an
experienced investor and prepared to
lose their entire stake.
Ashleys sporting rival
Bosses spitting in the eye of rivals and
pointing out their fallibility is the plot
of many an airport blockbuster, writes
Kate Burgess. But Mike Ashley, head of
Sports Direct, does not need Peter
Cowgill of JD Sports Fashion to remind
him of his failings. MPs did that last
year in hearings over staff conditions.
Nonetheless, JD Sports has a habit of
showing Sports Direct up. There was a
time when Sports Directs shares were
at 900p and groupies celebrated Mr
Ashleys retailing nous. They dont do
that so much now with the shares at
400p, particularly after Sports Directs
profits fell nearly two-thirds last year.
A week or so ago, Sports Direct
talked of tidying up the jumble of
sportswear in its stores. Yesterday, JD
Sports showed why, unveiling a 40 per
cent rise in sales and a 33 per cent rise
in first-half pre-tax profits.
To add insult, JD Sports shares are
up a third in a year, to 370p. Mr Ashley
sold the last of his 11 per cent stake in
JD about a year ago: Sports Direct
booked a 156m profit on it in 2016. If
hed held on, he would have banked so
The owner of meerkat-fronted price
comparison site Compare the Market
has pushed back its planned initial
public offering until next year.
BGL, which runs a number of
insurance businesses as well as
Compare the Market, has been
preparing for its flotation since 2016.
It had been expected to push the
button this year, with expectations that
the IPO could value the company at
more than 2bn. But chief Matthew
Donaldson told the FT that the
company was now looking at 2018,
saying that it had never made any firm
commitment to float this year.
We are in no rush to do it. It is down
to our shareholders discretion and
Travel & leisure
Ex-ITV chief Crozier to chair cinema chain Vue
MURAD AHMED
LEISURE CORRESPONDENT
Adam Crozier, the former ITV chief
executive, is set to be appointed as
chairman of UK-based cinema chain
Vue International, as the company con-
siders a possible sale or initial public
offering in the coming months.
The group has been in negotiations with
Mr Crozier for several weeks over the
position, after he stepped down as head
of the broadcaster in May.
He has also served as chief executive
of Royal Mail, the Football Association
and Saatchi and Saatchi.
Vue is owned by two of Canadas larg-
est pension funds Omers Private
Equity and Alberta Investment Man-
agement (Aimco) which acquired the
much more. And about three years ago,
when Sports Direct was at 800p and JD
Sports at 100p, Mr Ashley offered Mr
Cowgill 1m in shares and the job of
chief executive. The former squash
coach must lie in bed imagining how
different things might have been.
Murdoch a less wily Fox
How Rupert Murdoch must miss the
days when It was The Sun wot won it.
Nowadays, the waning influence of his
newspapers might ease concerns over
media plurality, but it cannot deliver a
government brave enough to clear his
takeover of Sky. Instead, the culture
secretary has chosen to consider new
fears for broadcast standards, and win
what every minority administration
needs: cheers from both sides of the
house. However, even neutrals note
that Mr Murdochs 21st Century Fox
has a compliance record comparable to
Channel 4s. Perhaps that is what
everyone is really worried about.
Sports Direct/JD Sports: Kate Burgess
matthew.vincent@ft.com
when we feel the market is right, he
said. We are IPO ready.
BGL, which was founded in 1992,
is owned by two South African
families. Mr Donaldson said it had
strengthened its board of directors
in recent months ahead of the IPO.
Shares in other financial services
price comparison sites have done
well, with Gocompare up 37 per cent
since it demerged from Esure in
November last year and
Moneysupermarket rising 12 per
cent in the same period.
Mr Donaldsons comments came
as BGL reported a one-fifth jump in
profits to 126m in the year to the
end of June. Oliver Ralph
Chris Batson / Alamy
group from UK-based private equity
investor Doughty Hanson for 935m in
2013.
One person close to the companys
leadership said the group was looking
for a sale or to launch a stock market
listing, which would value the group at
more than 1.6bn.
Speaking to the Financial Times, Tim
Richards, Vues chief executive and
founder, said the company moved for
Mr Crozier after deciding it was the
right time to bring in a high-powered,
non-executive chair.
He added: Weve done some great
things with Omers and Aimco. We can
do another round with private equity.
But equally if a listing looked more
attractive, we could do that too. Adam is
experienced with all of the above. Mr
Wednesday 13 September 2017
Briefs
Hastings
AA insurance deal off
Talks to combine Hastings and the
AAs insurance business have
ceased, Hastings said, after the
Financial Times reported the AA
was looking to spin out the division.
Hastings confirmed yesterday
the company had held preliminary
discussions with the AA, but they
had now stopped.
Separately, the AA confirmed
that it had been considering
options including whether a spin-
off of any of its business lines
would unlock further value and be
in its shareholders interests.
The plans have stoked
controversy within the AAs
leadership, prompting a physical
altercation between Bob
Mackenzie, pictured, the companys
then chairman, and insurance boss
Michael Lloyd. Nicholas Megaw
See Lombard
Ashtead
Hurricane help
Ashtead said it expects the huge
clean-up and rebuilding required in
the wake of the hurricanes in the
US to boost rental demand for its
tools and equipment.
The FTSE 100 hire group, which
generates about 90 per cent of its
earnings in North America, said
while it was too early to quantify
the impact, the likely extra activity
would help with its target of
double-digit annual revenue
growth to 2021. Hurricanes Harvey
and Irma have caused $150bn-
$200bn in damage to Texas and
Florida, according to from Moodys
Analytics, with an extra $20bn-
$30bn lost via economic disruption.
Michael Pooler
See Lex
JD Sports
Revenues rise 41%
JD Sports returned to form by
saying it expects growth to be at
the upper end of forecasts in its
latest trading update today.
The trend for so-called
athleisure clothing has helped
boost shares in recent years, but
the stock has lost some momentum
this year, and dropped more than
8 per cent in a day in June.
Announcing half-year results, it
expects full-year profits to come in
towards the upper end of market
expectations of 268m to 290m.
The group reported a 41 per cent
year-on-year increase in revenues
in the six months to July 29, to
1.4bn. Nicholas Megaw
See Lombard
Petropavlovsk
Gold profit up 166%
Russian-focused gold miner
Petropavlovsk said its profit rose by
166 per cent in the first half of the
year, as it benefited from higher
prices and increased production.
Profit rose to $24.5m compared
to $9.2m in the same period last
year. Revenues rose 20 per cent to
$304m as gold production
increased 19 per cent. The company
also gained from a 5 per cent
increase in the average realised
gold price. Henry Sanderson
Crozier said in a statement: I have
watched the development and growth of
Vue International with great interest
and am excited to be joining the group to
play an active role in furthering their
future ambitions.
Since its founding in the UK in 1999,
Vue has grown to having 212 sites in 10
countries, making it one of the worlds
largest cinema operators.
Mr Richards said the group would
continue its expansion in the coming
months, while considering further
acquisitions at a time of growing consol-
idation across the global cinema
industry.
Last year, Chinas Dalian Wanda,
which owns the US cinema group AMC,
acquired rival chain Carmike for $1.1bn,
as well as UK group Odeon for 921m.
Wednesday 13 September 2017 FINANCIAL TIMES 19

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.17% -0.250% -0.880% -0.58%

0.21% 0.09% 0.28% 0.54% 1.18% 0.06% 0.23% 0.607% 0.937% 0.58%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Aug 13 - - Index All World Aug 13 - Sep 12 Index All World Aug 13 - Sep 12 Index All World Aug 13 - Sep 12 Index All World Aug 13 - Sep 12 Index All World Aug 13 - Sep 12 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,493.35 12,524.77
19,776.62 2,365.47
15,129.34 7,389.94 7,413.59 12,165.12 19,537.10 2,334.22
2,441.32 15,033.38
Day 0.21% Month 2.14% Year 17.19% Day 0.59% Month 0.63% Year 3.64% Day -0.17% Month 1.32% Year 10.53% Day 0.40% Month 3.31% Year NaN% Day 1.18% Month 0.24% Year 16.57% Day 0.27% Month 1.97% Year 16.08%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
6,438.37 27,972.24
1,499.27
51,167.47 1,477.62 10,461.20
6,256.56 10,336.20 3,279.72
50,597.42 26,883.51 3,235.69
Day 0.09% Month 2.90% Year 25.60% Day 0.47% Month -0.11% Year 8.28% Day 0.54% Month 2.54% Year 11.34% Day 0.13% Month 0.52% Year 14.52% Day 0.06% Month 4.05% Year 16.07% Day 0.22% Month -1.34% Year 12.61%

Dow Jones Industrial New York Bovespa So Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
75,096.24 5,209.01 22,233.40 3,538.94
32,158.66
22,119.36 5,121.67
21,858.32 3,390.35 31,531.33
67,358.59 21,354.02
Day 0.28% Month 1.19% Year 22.30% Day 1.05% Month 11.46% Year 28.15% Day 0.62% Month 2.93% Year 15.98% Day 0.45% Month 4.12% Year 32.03% Day 0.09% Month 5.33% Year 9.76% Day 0.87% Month 3.03% Year 11.67%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 23760.30 24066.49 Cyprus CSE M&P Gen 75.21 76.06 Italy FTSE Italia All-Share 24536.70 24427.01 Philippines Manila Comp 8049.31 8022.75 Taiwan Weighted Pr 10610.35 10572.16 Cross-Border DJ Global Titans ($) 282.37 281.65
Australia All Ordinaries 5806.40 5775.10 Czech RepublicPX 1036.08 1023.43 FTSE Italia Mid Cap 41839.08 41685.83 Poland Wig 64715.66 64876.56 Thailand Bangkok SET 1643.55 1637.54 Euro Stoxx 50 (Eur) 3512.40 3495.19
S&P/ASX 200 5746.40 5713.10 Denmark OMXC Copenahgen 20 1021.98 1023.06 FTSE MIB 22233.40 22134.11 Portugal PSI 20 5138.27 5107.21 Turkey BIST 100 109458.01 108451.70 Euronext 100 ID 1016.08 1010.92
S&P/ASX 200 Res 3656.20 3630.30 Egypt EGX 30 13533.24 13455.19 Japan 2nd Section 6663.19 6600.89 PSI General 2889.16 2882.30 UAE Abu Dhabi General Index 4438.46 4445.72 FTSE 4Good Global ($) 6284.54 6263.78
Austria ATX 3282.95 3260.54 Estonia OMX Tallinn 1258.67 1267.33 Nikkei 225 19776.62 19545.77 Romania BET Index 8015.14 8058.72 UK FT 30 3183.00 3184.10 FTSE All World 320.32 319.57
Belgium BEL 20 3995.20 3977.53 Finland OMX Helsinki General 9622.93 9553.01 S&P Topix 150 1312.04 1299.05 Russia Micex Index 2055.07 2044.13 FTSE 100 7400.69 7413.59 FTSE E300 1499.27 1491.19
BEL Mid 6493.86 6504.09 France CAC 40 5209.01 5176.71 Topix 1627.45 1612.26 RTX 1123.71 1126.74 FTSE 4Good UK 6609.28 6614.42 FTSE Eurotop 100 2923.50 2906.61
Brazil Bovespa 75096.24 74319.22 SBF 120 4168.63 4144.27 Jordan Amman SE 2156.37 2145.18 Saudi-Arabia TADAWUL All Share Index 7411.30 7377.95 FTSE All Share 4054.83 4061.86 FTSE Global 100 ($) 1571.62 1570.12
Canada S&P/TSX 60 888.56 883.26 Germany M-DAX 25310.57 25230.26 Kenya NSE 20 3815.71 3839.99 Singapore FTSE Straits Times 3235.69 3228.51 FTSE techMARK 100 4529.53 4524.09 FTSE Gold Min ($) 1621.33 1665.37
S&P/TSX Comp 15129.34 15040.30 TecDAX 2362.69 2365.20 Kuwait KSX Market Index 6927.03 6926.32 Slovakia SAX 332.56 332.55 USA DJ Composite 7607.03 7602.33 FTSE Latibex Top (Eur) 4392.60 4392.80
S&P/TSX Div Met & Min 798.07 769.54 XETRA Dax 12524.77 12475.24 Latvia OMX Riga 987.19 992.09 Slovenia SBI TOP 809.53 811.98 DJ Industrial 22119.36 22057.37 FTSE Multinationals ($) 1835.71 1817.40
Chile IGPA Gen 25861.14 25777.30 Greece Athens Gen 810.75 806.06 Lithuania OMX Vilnius 648.50 646.97 South Africa FTSE/JSE All Share 56366.16 56008.77 DJ Transport 9523.41 9483.69 FTSE World ($) 565.89 564.62
China FTSE A200 9924.93 9885.62 FTSE/ASE 20 2134.96 2121.24 Luxembourg LuxX 1684.01 1681.13 FTSE/JSE Res 20 35890.21 35354.07 DJ Utilities 745.32 754.80 FTSEurofirst 100 (Eur) 4221.69 4196.74
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 27972.24 27955.13 Malaysia FTSE Bursa KLCI 1789.86 1782.74 FTSE/JSE Top 40 49970.85 49627.54 Nasdaq 100 5979.89 5980.53 FTSEurofirst 80 (Eur) 4874.64 4849.47
Shanghai A 3538.94 3535.66 HS China Enterprise 11242.06 11221.13 Mexico IPC 50597.42 50359.32 South Korea Kospi 2365.47 2359.08 Nasdaq Cmp 6438.37 6432.26 MSCI ACWI Fr ($) 483.79 479.61
Shanghai B 357.91 359.71 HSCC Red Chip 4349.61 4329.46 Morocco MASI 12699.51 12602.20 Kospi 200 310.42 309.83 NYSE Comp 12054.15 12010.27 MSCI All World ($) 1981.97 1964.52
Shanghai Comp 3379.49 3376.42 Hungary Bux 38076.88 37895.85 Netherlands AEX 526.58 523.95 Spain IBEX 35 10336.20 10322.60 S&P 500 2493.35 2488.11 MSCI Europe (Eur) 1577.52 1561.85
Shenzhen A 2077.54 2083.34 India BSE Sensex 32158.66 31882.16 AEX All Share 797.91 794.05 Sri Lanka CSE All Share 6377.38 6372.24 Wilshire 5000 25874.34 25810.11 MSCI Pacific ($) 2666.01 2657.12
Shenzhen B 1170.92 1169.60 Nifty 500 8890.65 8810.95 New Zealand NZX 50 7840.41 7851.75 Sweden OMX Stockholm 30 1578.43 1572.16 Venezuela IBC 279357.84 273334.25 S&P Euro (Eur) 1620.89 1612.73
Colombia COLCAP 1505.09 1499.58 Indonesia Jakarta Comp 5872.38 5871.88 Nigeria SE All Share 35957.24 36116.19 OMX Stockholm AS 565.49 563.57 Vietnam VNI 799.94 797.47 S&P Europe 350 (Eur) 1542.56 1534.82
Croatia CROBEX 1869.40 1881.44 Ireland ISEQ Overall 6724.84 6699.25 Norway Oslo All Share 830.60 825.43 Switzerland SMI Index 9053.62 8982.23 S&P Global 1200 ($) 2220.09 2212.05
Israel Tel Aviv 100 12.59 12.60 Pakistan KSE 100 41279.30 41126.83 Stoxx 50 (Eur) 3105.07 3089.67
(c) Closed. (u) Unavaliable. Correction. Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Sep 12 %Chg %Chg Sep 12 %Chg %Chg Sep 12 %Chg %Chg Sep 12 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 26.8 161.03 -0.47 Glencore 257.0 372.50 1.29 Nestle N 323.3 70.96 0.00 Mitsubishi Ufj Fin,. 393.1 672.50 11.30 Micro Focus Int 2398.00 9.0 10.4 Jd Sports Fashion 373.40 10.0 13.1 Xaar 422.00 14.9 5.5 Pharmaceuticals & Biotech. 13286.67 3.1 -1.3
Tesla 12.0 365.63 1.94 British American Tobacco 235.1 4798.50 -91.84 Roche Gs 310.1 211.23 0.70 Softbank . 390.6 8609.00 101.00 Astrazeneca 4925.00 7.4 10.7 Dechra Pharmaceuticals 2128.00 9.5 59.0 Circassia Pharmaceuticals 88.75 8.7 -5.7 Oil Equipment & Services 11626.47 2.9 -28.7
Amazon.com 11.8 980.86 2.90 Rio Tinto 215.7 3690.50 16.54 Unicredit 305.1 17.72 0.54 Toyota Motor 386.3 6361.00 65.00 Ashtead 1759.00 5.6 13.2 Indivior 304.90 8.4 2.9 Sthree 333.25 7.8 6.9 Software & Computer Services 2180.08 2.8 15.1
Bank Of America 11.2 23.93 0.57 Bhp Billiton 178.4 1438.00 22.71 Novartis N 282.2 71.88 0.92 Sony 322.0 4418.00 -52.00 Provident Fin 832.00 4.0 - Renishaw 4990.00 7.0 96.0 Ncc 205.75 7.4 13.4 Automobiles & Parts 7717.96 2.6 -0.5
Mcdonald's 8.6 156.05 -5.48 Crh 176.2 2654.00 -11.00 Intesa Sanpaolo 270.7 2.88 0.03 Fast Retailing Co., 314.4 32000.00 1390.00 Imperial Brands 3322.50 3.8 -6.2 Petrofac 441.10 7.0 - Oxford Instruments 1100.00 7.2 53.4 General Industrials 6415.86 2.5 16.2
Facebook 8.3 172.54 -0.97 Astrazeneca 166.8 4925.00 22.61 Deutsche Bank Ag Na O.n. 264.5 14.20 0.49 Sumitomo Mitsui Fin,. 281.8 4104.00 76.00 Easyjet 1194.00 3.3 18.8 Equiniti 298.00 5.4 52.1 Morgan Sindall 1319.00 7.0 76.6 Electronic & Electrical Equip. 5942.77 1.8 21.1
Nvidia 8.1 167.60 -1.40 Hsbc Holdings 158.3 736.20 -0.73 Daimler Ag Na O.n. 263.8 65.26 0.61 Mizuho Fin,. 225.3 189.30 2.10 Lloyds Banking 64.84 2.8 3.8 Sanne 800.50 5.3 36.8 Communisis 61.00 7.0 40.6 Tobacco 53169.04 1.4 0.8
Comcast 7.0 37.97 0.14 Unilever 135.7 4441.00 -50.33 Bnp Paribas Act.a 255.6 65.84 1.54 Fanuc 207.3 21720.00 500.00 Shire 4074.50 2.8 - Rank 236.50 4.6 20.5 Mcbride 205.00 6.8 12.2 Chemicals 13110.78 1.0 6.7
Pfizer 6.6 35.65 1.33 Glaxosmithkline 120.5 1496.50 -0.85 Santander 241.7 5.57 0.05 Panasonic 201.6 1538.00 56.50 Smiths 1602.00 2.7 13.1 Aa 168.40 4.5 - Photo-me Int 175.00 6.6 6.1 Banks 4403.24 0.9 6.5
Dowdupont 5.6 68.02 1.17 Sky 118.9 937.00 -0.39 Siemens Ag Na 225.4 115.55 0.60 Sumitomo Metal Mining Co., 201.0 1923.00 90.50 Gkn 330.10 2.6 -0.4 Nmc Health 2843.00 4.3 85.4 Laird 151.00 5.9 -1.7 Real Estate Investment Trusts 2968.44 0.8 2.1
Paddy Power Betfair 7235.00 2.5 - Genus 1979.00 4.2 10.1 Imagination 143.00 4.7 - Life Insurance 8513.10 0.7 7.6
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Itv 161.10 2.5 - Sophos 565.00 4.1 - Tr Eur Growth Trust 1226.50 4.6 57.5 Food & Drug Retailers 3014.05 0.6 -2.0
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Range Resources 18.24 1.27 7.48 Ashtead 1759.00 103.78 6.16 Seadrill 0.19 0.03 20.00 Thb Japan Steel Works, 2638.00 374.00 16.52 Barratt Developments 596.00 -4.7 28.6 Greene King 548.00 -17.5 - Up Global Sourcing Holdings 98.00 -52.5 - Food Producers 8601.69 -3.0 7.0
Gap 27.75 1.81 6.98 Jd Sports Fashion 373.40 16.97 4.95 Deutsche Bank Ag Na O.n. 14.20 0.49 3.57 Gs Yuasa 573.00 30.00 5.52 Persimmon 2503.00 -4.6 40.9 Go-ahead 1545.00 -13.5 - Severfield 61.13 -11.8 -20.0 Household Goods 17980.92 -2.1 12.3
Perrigo 89.69 4.62 5.43 Brown (n) 345.90 12.27 3.74 Aegon 4.95 0.17 3.52 Okuma 1097.00 55.00 5.28 Associated British Foods 3142.00 -4.6 14.4 Redrow 580.00 -10.4 35.2 Carclo 136.13 -10.6 2.4 Construction & Materials 6440.73 -1.5 -5.4
Frontier Communications 14.02 0.70 5.26 Ferrexpo 323.20 11.52 3.70 Cs N 12.88 0.41 3.28 Sumitomo Metal Mining Co., 1923.00 90.50 4.94 Fresnillo 1570.00 -3.6 28.6 Petra Diamonds 85.10 -9.5 - Hss Hire 38.75 -10.2 - Aerospace & Defense 5152.98 -1.4 11.2
L Brands 39.76 1.86 4.91 Carillion 44.95 1.56 3.63 Erste Bank Ag 36.54 1.15 3.23 Toho Z Co., 533.00 24.00 4.72 Antofagasta 1008.00 -3.5 49.8 Vectura 100.30 -8.5 - Servelec 246.38 -10.1 -5.9 Industrial Metals 3792.17 -1.3 69.3
Whitbread 3761.00 -3.1 -3.2 Marston's 104.80 -8.3 - Trinity Mirror 86.00 -9.0 - Fixed Line Telecommunication 3294.65 -1.1 -
Downs Downs Downs Downs
Taylor Wimpey 193.10 -3.1 25.6 Ashmore 340.00 -7.5 20.4 Dialight 740.00 -6.7 -8.0 Gas Water & Multiutilities 5854.49 -1.0 -3.1
yte 120.40 -4.55 -3.64 Redrow 580.00 -52.50 -8.30 Rwe Ag St O.n. 20.92 -0.60 -2.79 Haseko 1391.00 -39.00 -2.73
Randgold Resources Ld 7765.00 -3.0 22.2 Daejan Holdings 5835.00 -7.3 -5.7 Lonmin 81.00 -6.7 - Mobile Telecommunications 4795.95 -0.8 6.3
Mcdonald's 156.05 -5.48 -3.39 Whitbread 3761.00 -121.33 -3.21 J.martins,sgps 16.27 -0.37 -2.22 Yahoo Japan 509.00 -9.00 -1.74
Admiral 1831.00 -2.8 0.6 Carillion 44.95 -6.7 - Foxtons 79.75 -6.2 - Industrial Transportation 2952.40 -0.7 -3.2
Anthem 189.63 -6.33 -3.23 Daejan Holdings 5835.00 -180.00 -2.99 E.on Se Na O.n. 9.45 -0.20 -2.06 Kajima 1026.00 -16.00 -1.54
Bhp Billiton 1438.00 -2.7 10.4 Berkeley Holdings (the) 3547.00 -6.4 25.1 Headlam 580.50 -6.1 19.0 Personal Goods 38378.00 -0.6 30.8
Mckesson 155.12 -4.12 -2.59 Clarkson 2732.00 -82.09 -2.89 Colruyt 46.65 -0.97 -2.04 Obayashi 1287.00 -20.00 -1.53
Convatec 267.60 -2.6 15.1 Kaz Minerals 815.50 -5.6 - Helical 316.25 -5.7 7.3 Mining 17754.04 -0.6 20.1
Interpublic Of Companies 19.81 -0.51 -2.51 Ascential 365.70 -9.97 -2.65 Ferrovial 19.00 -0.38 -1.96 Rakuten . 1268.00 -18.50 -1.44
Bae Systems 595.00 -2.4 0.7 Inmarsat 651.00 -5.5 - Mckay Securities 216.50 -5.7 24.1 Media 7200.51 -0.6 -8.2
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Sep 12 Currency Mid Change Mid Change Mid Change Sep 12 Currency Mid Change Mid Change Mid Change Sep 12 Currency Mid Change Mid Change Mid Change Sep 12 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 17.0848 -0.1265 20.4222 -0.2029 22.6664 -0.0266 Indonesia Indonesian Rupiah 13197.5000 35.0000 15775.5580 2.2395 17509.1485 154.4249 Poland Polish Zloty 3.5651 0.0168 4.2615 0.0094 4.7298 0.0514 ..Three Month 0.7541 -0.0047 0.9008 -0.0079 - -
Australia Australian Dollar 1.2446 -0.0009 1.4878 -0.0049 1.6513 0.0090 Israel Israeli Shekel 3.5353 0.0087 4.2258 -0.0002 4.6902 0.0405 Romania Romanian Leu 3.8493 0.0120 4.6012 0.0027 5.1069 0.0473 ..One Year 0.7552 -0.0048 0.9001 -0.0079 - -
Bahrain Bahrainin Dinar 0.3771 -0.0001 0.4507 -0.0013 0.5002 0.0030 Japan Japanese Yen 109.9150 1.0200 131.3861 0.8917 145.8242 2.2466 Russia Russian Ruble 57.6157 0.4550 68.8705 0.3719 76.4387 1.0726 United States United States Dollar - - 1.1953 -0.0030 1.3267 0.0082
Bolivia Bolivian Boliviano 6.9100 - 8.2598 -0.0208 9.1675 0.0567 ..One Month 109.9148 1.0197 131.3862 0.8917 145.8242 2.2465 Saudi Arabia Saudi Riyal 3.7501 -0.0002 4.4827 -0.0115 4.9753 0.0306 ..One Month - - 1.1951 -0.1232 1.3268 0.0082
Brazil Brazilian Real 3.1073 0.0244 3.7143 0.0199 4.1225 0.0577 ..Three Month 109.9146 1.0191 131.3862 0.8919 145.8240 2.2462 Singapore Singapore Dollar 1.3471 0.0024 1.6102 -0.0012 1.7872 0.0142 ..Three Month - - 1.1948 -0.1232 1.3271 0.0082
Canada Canadian Dollar 1.2144 0.0006 1.4516 -0.0030 1.6111 0.0107 ..One Year 109.9129 1.0158 131.3863 0.8921 145.8242 2.2455 South Africa South African Rand 13.0238 0.0863 15.5678 0.0642 17.2786 0.2206 ..One Year - - 1.1928 -0.1232 1.3282 0.0081
Chile Chilean Peso 624.0000 1.3950 745.8940 -0.2054 827.8608 6.9586 Kenya Kenyan Shilling 102.9000 0.3000 123.0008 0.0500 136.5174 1.2397 South Korea South Korean Won 1128.5000 -3.3000 1348.9446 -7.3492 1497.1808 4.9070 Venezuela Venezuelan Bolivar Fuerte 10.1501 0.1801 12.1328 0.1852 13.4661 0.3207
China Chinese Yuan 6.5329 0.0091 7.8091 -0.0087 8.6672 0.0656 Kuwait Kuwaiti Dinar 0.3015 0.0001 0.3603 -0.0008 0.3999 0.0026 Sweden Swedish Krona 7.9745 -0.0295 9.5323 -0.0593 10.5798 0.0265 Vietnam Vietnamese Dong 22725.5000 0.5000 27164.8335 -67.7628 30149.9962 187.0903
Colombia Colombian Peso 2924.2350 10.0900 3495.4646 3.2958 3879.5824 37.2930 Malaysia Malaysian Ringgit 4.2075 0.0095 5.0294 -0.0013 5.5821 0.0470 Switzerland Swiss Franc 0.9597 0.0076 1.1471 0.0062 1.2732 0.0179 European Union Euro 0.8366 0.0021 - - 1.1099 0.0096
Costa Rica Costa Rican Colon 577.5200 -0.0050 690.3345 -1.7433 766.1957 4.7313 Mexico Mexican Peson 17.7678 0.1205 21.2386 0.0910 23.5725 0.3046 Taiwan New Taiwan Dollar 30.0220 0.0120 35.8866 -0.0759 39.8302 0.2621 ..One Month 0.8364 0.0021 - - 1.1098 0.0096
Czech Republic Czech Koruna 21.8388 0.0667 26.1049 0.0143 28.9735 0.2672 New Zealand New Zealand Dollar 1.3701 -0.0081 1.6378 -0.0139 1.8178 0.0005 Thailand Thai Baht 33.1140 -0.0160 39.5826 -0.1188 43.9323 0.2506 ..Three Month 0.8360 0.0021 - - 1.1097 0.0096
Denmark Danish Krone 6.2244 0.0160 7.4403 0.0005 8.2579 0.0722 Nigeria Nigerian Naira 359.6600 0.1600 429.9171 -0.8902 477.1609 3.1616 Tunisia Tunisian Dinar 2.4474 0.0211 2.9254 0.0179 3.2469 0.0479 ..One Year 0.8341 0.0021 - - 1.1090 0.0096
Egypt Egyptian Pound 17.6450 0.0285 21.0918 -0.0189 23.4096 0.1823 Norway Norwegian Krone 7.8318 -0.0148 9.3617 -0.0413 10.3905 0.0447 Turkey Turkish Lira 3.4367 0.0299 4.1080 0.0255 4.5595 0.0676
Hong Kong Hong Kong Dollar 7.8109 -0.0008 9.3366 -0.0245 10.3627 0.0630 Pakistan Pakistani Rupee 105.3750 - 125.9593 -0.3170 139.8010 0.8645 United Arab Emirates UAE Dirham 3.6730 - 4.3905 -0.0110 4.8730 0.0301
Hungary Hungarian Forint 257.0168 1.0357 307.2232 0.4679 340.9842 3.4741 Peru Peruvian Nuevo Sol 3.2324 0.0009 3.8638 -0.0086 4.2884 0.0277 United Kingdom Pound Sterling 0.7538 -0.0047 0.9010 -0.0079 - -
India Indian Rupee 64.0348 0.1198 76.5435 -0.0491 84.9549 0.6832 Philippines Philippine Peso 50.9000 - 60.8430 -0.1531 67.5290 0.4176 ..One Month 0.7539 -0.0047 0.9009 -0.0079 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Sep 12 Sep 11 Sep 08 Sep 07 Sep 06 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
Strlg Day's Euro Strlg Strlg Year Div P/E X/D Total FT 30 3183.00 3184.10 3178.40 3183.20 3171.70 0.00 3391.10 3060.90 Industrial Metals & 62.62 FTSE SmallCap Index 11.14 Industrial Transport -0.32 FTSE 100 Price Change FTSE 100 Price Change
Sep 12 chge% Index Sep 11 Sep 08 ago yield% Cover ratio adj Return FT 30 Div Yield 1.81 1.80 1.81 1.80 1.81 0.00 3.93 2.74 Leisure Goods 33.94 Aerospace & Defense 10.92 Health Care -0.60 3I Group PLC 936.00 -7.00 London Stock Exchange Group PLC 3893 -1.00
FTSE 100 (100) 7400.69 -0.17 6402.04 7413.59 7377.60 6665.63 3.91 1.02 25.01 235.80 6230.02 P/E Ratio net 24.61 24.77 24.72 24.76 24.62 0.00 19.44 14.26 Personal Goods 32.45 Industrials 9.62 Consumer Services -0.60 Admiral Group PLC 1831 -8.00 Marks And Spencer Group PLC 322.80 1.80
FTSE 250 (250) 19665.87 -0.14 17012.14 19694.26 19610.40 17661.04 2.70 1.69 21.93 381.02 14354.92 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Beverages 24.94 Food Producers 9.34 Automobiles & Parts -0.81 Anglo American PLC 1393.5 0.50 Mediclinic International PLC 748.50 -2.50
FTSE 250 ex Inv Co (206) 21043.11 -0.11 18203.54 21067.10 20974.34 19001.26 2.77 1.72 20.97 418.96 15674.98 FT 30 hourly changes Forestry & Paper 21.43 Nonlife Insurance 9.11 Food & Drug Retailer -1.13 Antofagasta PLC 1008 -18.00 Merlin Entertainments PLC 456.40 -3.30
FTSE 350 Higher Yield (117) 3756.64 -0.30 3249.72 3768.05 3747.64 3462.14 5.20 0.88 21.76 150.59 6666.82 8 9 10 11 12 13 14 15 16 High Low Electronic & Elec Eq 20.51 FTSE 250 Index 8.48 Gas Water & Multi -1.92 Ashtead Group PLC 1759 75.00 Micro Focus International PLC 2398 4.00
FTSE 350 (350) 4107.23 -0.17 3553.00 4114.18 4094.62 3697.26 3.71 1.10 24.43 122.06 6940.38 3184.1 3189.3 3183.3 3182.8 3180.5 3181.4 3177.6 3180.7 3186.7 3195 3176.9 Mining 17.78 Travel & Leisure 7.85 Pharmace & Biotech -2.44 Associated British Foods PLC 3142 39.00 Mondi PLC 2080 30.00
FTSE 350 Lower Yield (233) 4075.13 -0.02 3525.23 4076.12 4059.66 3570.71 2.10 1.70 28.14 73.38 4491.11 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Basic Materials 17.35 Chemicals 7.21 Construct & Material -2.56 Astrazeneca PLC 4925 35.00 Morrison (Wm) Supermarkets PLC 243.70 -3.20
FTSE 350 ex Investment Trusts (305) 4070.97 -0.17 3521.63 4077.72 4058.24 3669.23 3.75 1.10 24.26 122.60 3544.32 Software & Comp Serv 15.63 Financials 6.91 Utilities -3.21 Aviva PLC 511.50 2.00 National Grid PLC 958.60 -13.30
FTSE AIM All-Share (794) 1008.88 -0.14 872.74 1010.33 1010.58 801.65 1.63 0.95 64.96 8.60 1112.75 Health Care Eq & Srv 15.00 Real Est Invest & Se 6.78 Telecommunications -3.93
FTSE All-Share (635) 4054.83 -0.17 3507.67 4061.86 4043.28 3643.41 3.67 1.12 24.40 118.88 6926.74 FX: EFFECTIVE INDICES Household Goods & Ho 13.69 Life Insurance 5.86 General Retailers -5.50
Babcock International Group PLC 815.00 4.50 Next PLC 4400 58.00
Bae Systems PLC 595.00 -2.50 Old Mutual PLC 200.60 0.50
FTSE All-Share - Aerospace & Defense (9) 5337.35 -0.16 4617.12 5345.85 5341.04 4724.01 2.27 0.91 48.43 72.57 5741.54 Consumer Goods 13.38 Mobile Telecomms 5.78 Media -7.50
Sep 11 Sep 08 Mnth Ago Sep 12 Sep 11 Mnth Ago Barclays PLC 191.35 4.70 Paddy Power Betfair PLC 7235 10.00
FTSE All-Share - Automobiles & Parts (1) 7757.50 -0.06 6710.70 7762.20 7731.65 7343.90 2.73 3.52 10.42 211.50 7550.31 Industrial Eng 13.15 Banks 5.08 Electricity -8.01 Barratt Developments PLC 596.00 -10.00 Pearson PLC 587.00 -1.00
FTSE All-Share - Banks (11) 4348.52 0.82 3761.73 4313.21 4293.03 3491.13 4.09 0.84 29.24 148.38 3263.00 Australia 96.97 97.02 96.01 Sweden 79.57 79.82 79.33 Technology 13.04 FTSE All{HY-}Share Index 4.39 Tech Hardware & Eq -8.58 Bhp Billiton PLC 1438 18.50 Persimmon PLC 2503 -52.00
FTSE All-Share - Basic Materials (30) 6019.19 0.40 5206.96 5995.41 5928.43 3881.00 3.15 1.78 17.82 186.86 6253.12 Canada 95.81 95.64 91.78 Switzerland 155.43 155.65 156.08 Financial Services 11.77 NON FINANCIALS Index 3.51 Oil & Gas Producers -8.72 BP PLC 448.90 -0.20 Provident Financial PLC 832.00 7.00
FTSE All-Share - Beverages (5) 20850.70 -0.22 18037.09 20896.06 20949.22 16976.02 2.37 1.65 25.67 479.22 14911.80 Denmark 109.92 109.84 109.60 UK 75.95 75.74 75.98 Equity Invest Instr 11.62 FTSE 100 Index 3.29 Oil & Gas -9.21 British American Tobacco PLC 4798.5 -99.00 Prudential PLC 1805 15.00
FTSE All-Share - Chemicals (8) 13984.69 0.31 12097.59 13941.29 14037.12 12487.88 2.25 2.29 19.42 269.62 12608.03 Japan 137.48 138.55 138.20 USA 97.33 96.97 99.36 Support Services 11.32 Tobacco 2.55 Fixed Line Telecomms -20.65 British Land Company PLC 609.00 - Randgold Resources LD 7765 -235.00
FTSE All-Small Index (381) 3970.04 -0.28 3434.32 3981.04 3981.62 3387.59 2.81 1.49 23.93 75.18 7337.78 New Zealand 116.56 116.17 118.09 Euro 95.06 95.08 94.15 Real Est Invest & Tr 2.03 Oil Equipment & Serv -25.64 Bt Group PLC 283.25 -0.70 Reckitt Benckiser Group PLC 7033 -67.00
FTSE All-Small ex Inv Co Index (198) 3754.12 -0.34 3247.54 3766.75 3778.56 3260.30 2.98 1.77 18.92 73.22 7197.63 Norway 88.63 89.53 88.98
Bunzl PLC 2286 7.00 Relx PLC 1679 -8.00
FTSE Fledgling Index (96) 10436.69 -0.21 9028.36 10458.82 10464.89 8289.03 2.90 0.98 34.99 193.84 19665.82 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Burberry Group PLC 1772 -18.00 Rentokil Initial PLC 305.40 -1.40
FTSE Fledgling ex Inv Co Index (46) 15105.71 -0.56 13067.33 15190.46 15247.69 11008.60 3.69 0.98 27.52 286.79 27774.31 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Carnival PLC 5140 -40.00 Rio Tinto PLC 3690.5 12.50
FTSE SmallCap Index (285) 5699.54 -0.28 4930.44 5715.54 5716.23 4881.72 2.80 1.52 23.54 108.05 8206.34
Centrica PLC 193.80 -0.60 Rolls-Royce Holdings PLC 900.00 -2.00
FTSE SmallCap ex Inv Co Index (152) 4995.45 -0.33 4321.36 5011.82 5027.40 4368.80 2.95 1.81 18.69 97.51 7559.66
FTSE GLOBAL EQUITY INDEX SERIES Coca-Cola Hbc AG 2657 -8.00 Royal Bank Of Scotland Group PLC 249.70 5.90
FTSE Sector Indices Compass Group PLC 1636 -10.00 Royal Dutch Shell PLC 2178 -9.00
Construction & Materials (16) 6715.33 -0.54 5809.16 6751.72 6729.37 6182.80 2.27 0.57 77.90 145.90 7180.91 Sep 11 No of US $ Day Mth YTD Total
YTD Gr Div Sep 11 No of US $ Day Mth YTD Total YTD Gr Div Convatec Group PLC 267.60 -4.20 Royal Dutch Shell PLC 2135.5 -9.00
Consumer Goods (42) 22020.30 -1.15 19048.86 22276.40 22318.08 20223.67 3.15 1.35 23.52 602.27 16439.75 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Crh PLC 2654 -11.00 Royal Mail PLC 377.10 -3.00
Consumer Services (93) 4876.18 -0.38 4218.18 4894.89 4873.62 4695.27 2.82 1.96 18.10 100.90 4610.34 FTSE Global All Cap 7716 547.38 0.8 2.7 14.3 782.20
16.3 2.4 Oil & Gas Producers 109 332.32 0.6 0.6 -5.4 551.86 -2.8 3.9 Croda International PLC 3860 -7.00 Rsa Insurance Group PLC 644.00 0.50
Electricity (2) 8412.07 -0.67 7276.94 8468.51 8476.49 8913.18 5.93 1.81 9.32 494.42 12522.99 FTSE Global Large Cap 1442 482.30 0.9 2.6 14.6 707.17
16.8 2.5 Oil Equipment & Services 28 307.68 1.1 1.1 -12.0 448.19 -10.9 3.5 Dcc PLC 7290 -65.00 Sage Group PLC 698.00 1.50
Electronic & Electrical Equipment (10) 7545.36 0.66 6527.18 7495.81 7456.91 6150.08 1.70 2.22 26.55 75.36 6898.82 FTSE Global Mid Cap 1647 735.42 0.8 2.7 14.2 996.29
15.9 2.1 Basic Materials 258 507.25 0.8 0.8 20.2 779.40 22.8 2.6 Diageo PLC 2580.5 -6.00 Sainsbury (J) PLC 239.10 3.00
Equity Investment Instruments (178) 9767.36 -0.27 8449.35 9793.54 9758.74 8302.00 2.36 1.30 32.73 160.61 5370.35 FTSE Global Small Cap 4627 771.13 0.8 3.4 12.2 1011.27
13.7 1.9 Chemicals 121 746.59 1.3 1.3 18.4 1151.34 20.8 2.5 Direct Line Insurance Group PLC 382.90 -2.60 Schroders PLC 3325 25.00
FTSE All-World 3089 319.57 0.8 2.6 14.6 482.43
16.7 2.4 Forestry & Paper 16 284.95 1.5 1.5 19.7 486.94 22.9 3.2 Easyjet PLC 1194 -1.00 Scottish Mortgage Investment Trust PLC 433.80 -
Financials (292) 5159.73 0.29 4463.47 5144.77 5109.02 4310.68 3.53 1.25 22.70 149.63 4837.63
Fixed Line Telecommunications (4) 3363.97 -0.24 2910.03 3372.05 3371.03 4410.49 5.40 1.01 18.25 122.44 3137.63 FTSE World 2542 564.62 0.8 2.4 14.1 1144.10
16.2 2.4 Industrial Metals & Mining 70 446.33 0.4 0.4 23.3 681.19 25.3 2.3 Experian PLC 1521 - Segro PLC 540.00 -3.00
Food & Drug Retailers (7) 3152.10 -0.38 2726.75 3164.14 3178.94 2728.58 1.36 2.14 34.28 32.59 3696.44 FTSE Global All Cap ex UNITED KINGDOM In 7393 568.06 0.9 2.7 14.5 799.15
16.4 2.3 Mining 51 628.69 -0.5 -0.5 22.5 967.95 26.2 2.8 Ferguson PLC 4650 94.00 Severn Trent PLC 2240 -30.00
Food Producers (10) 8645.48 0.76 7478.85 8580.65 8832.55 8235.53 1.95 2.16 23.65 94.93 7475.64 FTSE Global All Cap ex USA 5835 502.36 0.6 3.3 18.3 769.52
21.0 2.9 Industrials 546 389.01 0.8 0.8 17.4 562.02 19.2 2.0 Fresnillo PLC 1570 -37.00 Shire PLC 4074.5 -5.50
Forestry & Paper (1) 24447.34 1.46 21148.40 24094.74 23777.39 18511.81 2.38 3.15 13.30 582.72 26894.48 FTSE Global All Cap ex JAPAN 6431 560.00 0.9 2.9 14.4 808.01
16.5 2.4 Construction & Materials 114 532.94 0.3 0.3 15.7 805.08 17.6 2.0 G4S PLC 283.60 -1.90 Sky PLC 937.00 -15.50
Gas Water & Multiutilities (5) 7737.30 -1.17 6693.23 7828.86 7842.71 8521.12 4.85 1.28 16.10 249.14 8918.26 FTSE Global All Cap ex Eurozone 7067 562.26 0.8 2.5 13.2 788.05
15.1 2.3 Aerospace & Defense 26 700.07 0.6 0.6 23.9 1002.93 25.8 2.0 Gkn PLC 330.10 -0.20 Smith & Nephew PLC 1394 -2.00
General Financial (31) 8977.90 0.04 7766.42 8974.46 8888.01 7880.69 3.45 1.89 15.37 222.69 10396.77 FTSE Developed 2097 511.27 0.9 2.3 13.7 736.30
15.7 2.4 General Industrials 57 242.52 0.8 0.8 3.0 378.34 4.8 2.6 Glaxosmithkline PLC 1496.5 -1.50 Smiths Group PLC 1602 6.00
General Industrials (6) 5225.13 1.17 4520.05 5164.50 5138.90 4228.67 2.58 1.30 29.74 75.29 5960.76 FTSE Developed All Cap 5651 537.33 0.9 2.4 13.4 764.42
15.3 2.3 Electronic & Electrical Equipment 71 444.36 1.2 1.2 29.3 588.99 31.0 1.6 Glencore PLC 372.50 3.20 Smurfit Kappa Group PLC 2386 55.00
General Retailers (28) 2412.20 0.42 2086.69 2402.13 2397.84 2581.99 3.26 2.09 14.67 53.82 2781.48 FTSE Developed Large Cap 912 471.95 0.9 2.3 13.7 690.17
15.8 2.5 Industrial Engineering 101 768.20 0.7 0.7 21.9 1093.30 23.7 2.0 Hammerson PLC 552.00 -7.00 Sse PLC 1428 -10.00
FTSE Developed Europe Large Cap 225 375.98 0.7 3.6 17.8 633.47
21.3 3.4 Industrial Transportation 99 667.97 0.8 0.8 18.6 966.03 20.6 2.2 Hargreaves Lansdown PLC 1402 2.00 St. James's Place PLC 1135 -15.00
Health Care (22) 9915.53 0.12 8577.52 9903.17 9817.75 10325.43 3.53 0.84 33.63 298.76 7728.53
FTSE Developed Europe Mid Cap 315 610.11 0.7 3.7 23.9 919.57
26.7 2.6 Support Services 78 347.46 0.9 0.9 17.7 479.55 19.2 1.8 HSBC Holdings PLC 736.20 0.60 Standard Chartered PLC 753.90 4.30
Health Care Equipment & Services (10) 8506.61 -0.35 7358.73 8536.69 8571.57 7641.08 1.26 2.47 32.09 76.24 7391.52
FTSE Dev Europe Small Cap 705 871.63 0.6 4.3 25.6 1271.37
28.2 2.4 Consumer Goods 428 489.17 0.6 0.6 17.0 726.37 19.0 2.4 Imperial Brands PLC 3322.5 -4.50 Standard Life Aberdeen PLC 422.00 1.90
Household Goods & Home Construction (16)15051.45 -1.29 13020.39 15247.71 15246.39 13604.24 3.27 2.10 14.59 425.49 10768.18
FTSE North America Large Cap 290 534.92 1.1 2.0 11.9 731.10
13.5 2.1 Automobiles & Parts 105 410.81 0.7 0.7 11.7 589.89 13.9 2.7 Informa PLC 679.50 -3.50 Taylor Wimpey PLC 193.10 -2.70
Industrial Engineering (12) 12696.61 -0.07 10983.32 12705.98 12669.38 10233.00 2.12 1.63 29.02 218.92 15563.42
FTSE North America Mid Cap 385 779.96 1.0 2.6 8.6 991.57
9.9 1.7 Beverages 46 656.48 0.3 0.3 19.0 988.54 21.0 2.5 Intercontinental Hotels Group PLC 3781 -12.00 Tesco PLC 185.05 -1.10
Industrial Metals & Mining (2) 4084.77 3.22 3533.57 3957.49 3937.36 1349.07 5.14 2.22 8.76 211.81 3801.92
FTSE North America Small Cap 1424 797.20 1.0 3.0 6.8 984.12
7.9 1.6 Food Producers 107 614.99 0.4 0.4 8.1 938.02 10.1 2.3 International Consolidated Airlines Group S.A. 598.50 -9.00 Tui AG 1334 -4.00
Industrial Transportation (7) 4692.87 -0.46 4059.61 4714.45 4709.31 4641.49 4.26 1.24 18.85 139.56 4240.24
FTSE North America 675 356.68 1.1 2.1 11.3 498.89
12.9 2.0 Household Goods & Home Construction 49 467.41 0.8 0.8 15.6 689.48 17.8 2.4 Intertek Group PLC 5015 -75.00 Unilever PLC 4441 -85.00
Industrials (110) 5431.96 0.18 4698.97 5422.18 5403.24 4806.77 2.30 1.48 29.35 86.51 5630.07
FTSE Developed ex North America 1422 262.87 0.6 2.6 17.5 432.74
20.2 2.9 Leisure Goods 31 228.62 1.2 1.2 42.9 301.03 44.2 1.3 Itv PLC 161.10 0.50 United Utilities Group PLC 904.50 -14.50
Leisure Goods (2) 7687.01 1.80 6649.72 7551.30 7460.62 5387.63 4.81 1.10 18.86 158.08 6998.14
FTSE Japan Large Cap 180 363.70 0.3 -0.2 11.6 470.89
12.9 2.1 Personal Goods 79 723.49 0.6 0.6 25.1 1016.51 27.0 1.9 Johnson Matthey PLC 2908 44.00 Vodafone Group PLC 214.55 -1.65
Life Insurance/Assurance (9) 8636.29 0.51 7470.90 8592.73 8501.71 6897.04 3.61 1.71 16.23 279.49 8550.72
FTSE Japan Mid Cap 313 600.03 0.3 0.0 16.2 745.62
17.2 1.6 Tobacco 11 1394.17 0.2 0.2 10.0 2891.32 12.5 3.7 Kingfisher PLC 290.90 0.30 Whitbread PLC 3761 -15.00
Media (22) 7313.12 -0.65 6326.28 7360.82 7339.60 7570.45 3.24 1.89 16.31 169.12 4546.22
FTSE Global wi JAPAN Small Cap 792 677.60 0.1 0.8 21.4 871.96
22.8 1.8 Health Care 184 501.05 0.6 0.6 18.4 724.01 20.3 2.0 Land Securities Group PLC 1001 -5.00 Worldpay Group PLC 417.70 -1.50
Mining (19) 16991.55 0.31 14698.70 16938.97 16719.84 10530.91 3.24 1.69 18.28 547.40 9247.73
FTSE Japan 493 154.45 0.3 -0.1 12.6 224.38
13.8 2.0 Health Care Equipment & Services 68 846.12 0.6 0.6 23.0 987.92 23.9 1.0 Legal & General Group PLC 258.20 1.10 Wpp PLC 1385 -10.00
Mobile Telecommunications (2) 4788.69 -0.78 4142.50 4826.23 4773.69 4944.09 5.96 -0.48 -34.63 194.42 4914.51
FTSE Asia Pacific Large Cap ex Japan 552 700.57 0.4 3.9 23.6 1109.46
26.6 2.9 Pharmaceuticals & Biotechnology 116 357.05 0.6 0.6 16.7 539.79 18.9 2.3 Lloyds Banking Group PLC 64.84 1.21
Nonlife Insurance (10) 3499.23 -0.17 3027.04 3505.07 3436.31 3052.41 2.99 1.67 20.02 102.50 6250.12
FTSE Asia Pacific Mid Cap ex Japan 414 919.95 0.2 3.5 20.9 1394.19
23.5 2.7 Consumer Services 383 437.21 0.5 0.5 10.8 585.66 12.2 1.7
Oil & Gas (17) 8118.02 -0.26 7022.57 8139.39 8109.45 7303.75 6.39 0.48 32.28 385.30 7630.90 FTSE Asia Pacific Small Cap ex Japan 1450 569.99 -0.1 4.5 17.2 850.70
19.7 2.6 Food & Drug Retailers 55 290.03 0.5 0.5 2.6 406.06 4.3 2.1
Oil & Gas Producers (10) 7810.49 -0.27 6756.54 7831.94 7802.49 6970.30 6.42 0.50 31.29 374.08 7602.33
Oil Equipment Services & Distribution (7)12417.50 0.21 10741.87 12391.00 12388.69 14896.22 5.11 -0.20 -98.89 368.09 9744.92
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
966 553.06
2065 773.36
0.4
0.5
3.8
5.4
23.3 930.12
26.3
23.5 1164.29
26.5
2.9 General Retailers
2.7 Media
122 607.71
79 325.48
0.5
0.0
0.5
0.0
11.6 792.29
7.0 436.84
12.9
8.2
1.6
1.7
UK STOCK MARKET TRADING DATA
Personal Goods (6) 33456.51 -1.70 28941.87 34035.34 33872.39 26438.69 2.58 0.27 141.83 655.11 22757.16 Sep 12 Sep 11 Sep 08 Sep 07 Sep 06 Yr Ago
FTSE Emerging Large Cap 530 733.14 0.6 5.3 23.9 1111.95
27.0 2.8 Travel & Leisure 127 452.36 1.0 1.0 18.8 612.99 20.4 1.7
Pharmaceuticals & Biotechnology (12)13198.09 0.19 11417.13 13172.97 13036.22 13996.33 3.84 0.77 33.86 434.30 9181.93 SEAQ Bargains 6566.00 6219.00 6219.00 6219.00 7836.00 5777.00
FTSE Emerging Mid Cap 462 966.32 0.3 5.8 21.5 1441.10
24.3 2.8 Telecommunication 94 162.08 0.3 0.3 0.6 305.73 3.7 4.2
Real Estate Investment Trusts (34) 2705.35 -0.91 2340.29 2730.16 2704.66 2620.30 3.50 1.55 18.46 78.49 3413.41 Order Book Turnover (m) 837.61 231.71 231.71 231.71 281.30 220.07
FTSE Emerging Small Cap 1073 796.76 0.2 6.1 22.9 1151.95
25.8 2.6 Fixed Line Telecommuniations 43 130.15 0.4 0.4 -7.4 270.21 -4.3 4.8
Software & Computer Services (12) 2419.53 0.27 2093.04 2413.07 2422.49 2248.20 2.28 0.99 44.39 49.45 3315.19 Order Book Bargains 950295.00 897055.00 897055.00 897055.00 912603.00 966039.00
FTSE Emerging Europe 116 384.39 0.6 7.6 14.3 607.60
18.2 3.9 Mobile Telecommunications 51 180.41 0.3 0.3 12.9 305.63 15.7 3.5
Support Services (50) 7792.78 0.37 6741.21 7764.29 7730.56 6987.83 2.19 1.97 23.08 116.47 8136.38 Order Book Shares Traded (m) 1526.00 1326.00 1326.00 1326.00 1364.00 1376.00
FTSE Latin America All Cap 236 982.48 1.5 8.5 27.9 1519.88
30.4 2.6 Utilities 167 288.65 0.6 0.6 17.1 564.59 20.2 3.5
Technology (16) 2105.22 0.36 1821.14 2097.68 2106.84 2023.09 2.34 1.00 42.79 41.43 2729.30 FTSE Middle East and Africa All Cap 241 709.32 0.5 3.6 7.8 1112.37
10.3 3.1 Electricity 109 316.16 0.7 0.7 16.2 611.36 19.3 3.4 Total Equity Turnover (m) 9369.17 8133.57 8133.57 8133.57 8321.07 8825.80
Technology Hardware & Equipment (4) 1840.34 1.68 1592.01 1809.88 1829.99 2407.78 3.08 1.15 28.27 20.22 2166.86 FTSE Global wi UNITED KINGDOM All Cap In 323 346.70 0.5 2.9 11.4 586.69
14.8 3.8 Gas Water & Multiutilities 58 304.29 0.4 0.4 18.6 611.16 21.8 3.6 Total Mkt Bargains 1086694.00 1023514.00 1023514.00 1023514.00 1052431.00 1094046.00
Telecommunications (6) 3251.81 -0.62 2813.01 3271.98 3246.76 3631.32 5.79 -0.06 -274.13 127.81 3710.93 FTSE Global wi USA All Cap 1881 612.27 1.1 2.1 10.8 811.94
12.3 1.9 Financials 702 240.38 1.2 1.2 12.7 394.93 15.3 3.0 Total Shares Traded (m) 4774.00 4171.00 4171.00 4171.00 4776.00 3896.00
Tobacco (2) 53169.13 -1.60 45994.45 54036.26 54160.82 55260.41 3.90 1.11 23.12 1883.35 34774.96 FTSE Europe All Cap 1439 442.71 0.7 3.8 19.4 720.01
22.7 3.2 Banks 247 213.89 1.2 1.2 11.1 377.92 14.0 3.5 Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
Travel & Leisure (36) 9240.19 -0.51 7993.32 9287.72 9203.87 8255.89 2.74 1.93 18.90 195.60 8822.58 FTSE Eurozone All Cap 649 440.13 1.0 4.3 24.3 720.93
27.4 2.9 Nonlife Insurance 69 258.62 1.5 1.5 11.5 376.74 13.7 2.3 (c) Market closed.
Utilities (7) 8233.73 -1.06 7122.66 8322.20 8335.47 8996.10 5.08 1.41 13.94 310.94 9525.17 FTSE RAFI All World 3000 3027 6662.12 0.8 2.5 11.6 8848.67
14.0 2.9 Life Insurance 52 227.84 0.9 0.9 13.7 367.02 16.7 3.0
Index- Real Estate Investment & Services (19) 2643.09 -0.88 2286.43 2666.50 2664.77 2458.48 2.66 1.90 19.79 51.07 7113.17 FTSE RAFI US 1000 993 10650.21 1.1 1.4 5.0 14025.06
6.7 2.4 Financial Services 151 279.53 1.4 1.4 16.0 386.22 17.7 1.9
ex Inv Co Index (457) 3995.92 -0.17 3456.71 4002.67 3984.17 3599.36 3.73 1.11 24.11 119.50 3535.32 FTSE EDHEC-Risk Efficient All-World 3089 383.13 0.7 2.6 14.5 535.40
16.3 2.2 Technology 181 245.27 1.3 1.3 26.3 301.51 27.8 1.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
ex Multinationals Index (574) 1219.70 -0.05 874.49 1220.30 1215.62 1122.13 3.20 1.35 23.07 29.75 2199.21 FTSE EDHEC-Risk Efficient Developed Europe 540 326.96 0.5 3.6 22.2 501.18
24.8 2.6 Software & Computer Services 87 425.10 1.1 1.1 27.7 497.00 28.7 0.9 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Non Financials (343) 4752.22 -0.34 4110.95 4768.31 4750.51 4378.58 3.72 1.07 25.07 139.86 7108.02 Oil & Gas 146 351.76 0.7 2.7 -6.3 571.59
-4.0 3.8 Technology Hardware & Equipment 94 183.63 1.5 1.5 24.7 235.33 26.9 2.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Alternative Energy 9 106.08 1.7 1.7 15.5 143.83 16.5 1.8 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment & Services 107 352.62 0.6 0.6 27.7 590.56 30.4 2.4 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7419.82 7429.44 7404.47 7399.89 7392.76 7396.74 7387.25 7397.36 7404.09 7435.84 7386.99 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
FTSE 250 19723.88 19678.82 19694.91 19667.99 19650.27 19653.52 19660.09 19662.03 19679.98 19731.59 19643.74 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 5728.13 5727.87 5724.71 5721.41 5709.70 5702.10 5705.22 5705.83 5705.84 5729.41 5695.88
FTSE All-Share 4065.92 4068.61 4058.12 4055.13 4051.10 4052.75 4048.89 4053.41 4056.96 4072.32 4048.56 WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE 100 Day's high:08:20:45 Day's Low10:53:15 FTSE 100 2010/11 High: 7547.63(29/05/2017) Low: 7099.15(31/01/2017) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the London Stock Exchange
Time of FTSE All-Share Day's high:08:21:00 Day's Low13:15:00 FTSE 100 2010/11 High: 4130.15(29/05/2017) Low: 3858.26(31/01/2017) Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing 1pm Pre 16.944 12.554 4.08 3.346 6.09 5.87 - 0.5 - - 0.5 date price(p) Sector code Stock price(p) +/- High Low Cap (m)
price up date High Low Stock Price p +or- Albion Technology & General VCT Int 0.493 0.881 0.144 0.559 0.1 0.5 1 1.25 Jun 30 2.25 2.493 08/29 0.10 CHF Chesterfield Resources PLC 5.50 0.00 5.35 5.00 157.3
There are currently no rights offers by any companies listed on the LSE. Ashtead Group 1st 880.1 707.1 228.9 177.9 30.2 23.4 - - - - - 08/22 10.00 SHWE Myanmar Strategic Holdings Ltd 10.00 - 0.00 0.00 22.7
Cronin Group Int - - 0.573L 0.343L 0.1L 0.06L - - - - - 08/17 120.00 AIM WCH Wilmcote Holdings PLC 132.50 0.00 135.47 130.00 2760.4
Empiric Student Property Int 24.459 - 14.477 - 2.89 - 1.525 - Aug 1 - - 08/11 24.00 AIM XPD Xpediator PLC 27.50 0.00 28.90 24.00 2772.9
Futura Medical Int 0.363 0.067 1.998L 2.26L 1.32L 1.91L - - - - - 08/10 10.00 AIM ALS Altus Strategies PLC 10.13 -0.38 10.50 9.75 1090.3
Goals Soccer Centres Int 17.366 16.987 2.6 3.501 2.7 4.5 - - - - - 08/10 9.00 AIM VDTK Verditek PLC 8.63 -1.63 9.25 7.00 1618.7
Good Energy Group Int 52.038 44.781 0.73 1.16 3.1 7.9 1 1 Nov 2 3.3 3.288 08/04 0.15 AIM GETB GetBusy PLC 32.50 -1.75 42.00 28.30 1573.0
Hilton Food Group Int 690.737 631.863 18.407 16.673 19.2 16.9 5 4.6 Dec 1 17.5 5.893
Hydrogen Group Int 56.8 59.347 0.611L 0.967 2.61L 3.97 - - - - -
InnovaDerma Pre 8.858 - 1.029 - 6 - - - - - -
JD Sports Fashion Int 1367.2 970.6 102.7 77.4 8.09 5.97 0.26 0.25 Jan 5 1.56 1.483
Midwich Group Int 211.564 158.349 8.033 3.825 7.04 3.47 4.17 1.53 Oct 27 11.26 1.53
Mountfield Group Int 5.684 4.915 0.305 0.316 0.086 0.097 - - - - -

Figures in m. Earnings shown basic. Figures in light text are for corresponding period year earlier. Placing price. *Intoduction. When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
20 FINANCIAL TIMES Wednesday 13 September 2017

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland () Japan () Sweden (SKr) AutomData 108.06 0.56 121.77 85.48 2.16 26.32 48019.14 Lockheed 304.01 -0.47 308.48 228.50 2.39 23.47 87552.1
ANZ 29.90 0.42 32.95 25.75 7.70 15.12 70566.12 Nokia 5.11 0.02 5.96 3.66 2.97 -53.83 35649.4 AstellasPh 1409.5 7.50 1688 1331.5 2.41 15.21 26529.66 AtlasCpcoB 296.90 1.90 309.30 218.90 2.13 23.87 14528.22 Avago Tech 247.30 -0.45 259.36 158.75 1.45 187.59 100891.25 Lowes 78.15 0.65 86.25 64.87 1.88 21.88 65084.27
BHPBilltn 27.12 0.32 27.95 19.73 2.13 43.64 69981.5 SampoA 44.48 0.33 47.46 38.51 5.04 15.79 29710.75 Bridgestne 4875 52.00 4936 3534 3.01 13.63 36063.08 Ericsson 46.37 0.01 64.95 43.19 2.08 -11.43 17865.21 BakerHu 57.68 3.17 68.59 43.09 1.17 -21.23 24541.87 Lyondell 94.42 0.76 97.64 74.02 3.82 10.14 37369.83
CmwBkAu 75.92 1.66 87.74 69.22 7.27 15.59 105645.92 France () Canon 3766 27.00 3967 2850 3.98 21.25 45698.52 H&M 209.60 1.70 276.90 195.70 2.21 19.23 38391.73 BankAm 23.93 0.57 25.80 14.81 1.22 13.83 235675.13 Marathon Ptl 53.83 0.08 56.81 39.29 2.73 31.37 27251.65
CSL 132.61 0.10 145.00 91.62 1.27 35.69 48209.87 Airbus Grpe 70.67 -0.15 77.25 51.00 - - - CntJpRwy 19155 200.00 19835 16540 0.70 9.32 35899.83 Investor 378.80 4.50 425.60 298.50 2.50 4.14 21636 Baxter 64.01 -0.27 64.56 43.13 0.86 17.85 34877.19 Marsh&M 81.45 0.25 82.86 62.33 1.77 21.56 41745.15
NatAusBk 30.76 0.24 34.09 25.14 8.95 13.04 66369.1 AirLiquide 107.10 1.40 115.25 90.02 - - - Denso 5356 -30.00 5452 3886 2.24 14.65 38693.82 Nordea Bk 104.00 0.10 115.70 81.75 5.81 12.72 52817.41 BB & T 44.90 0.22 49.88 36.80 2.73 16.40 36283.35 MasterCard 141.95 -0.04 143.52 97.49 0.61 34.93 148931.02
Telstra 3.69 -0.03 5.29 3.51 11.70 11.64 35260.54 AXA 24.64 0.29 25.80 17.98 - - - EastJpRwy 10185 30.00 11290 8701 1.34 13.63 35735.81 SEB 102.40 0.70 109.00 82.95 5.19 13.44 27864.89 BectonDick 202.55 -1.33 206.63 161.29 1.44 57.65 46092.15 McDonald's 156.05 -5.48 161.72 110.33 2.43 25.05 126399.97
Wesfarmers 42.49 0.05 46.06 39.52 6.49 17.14 38707.79 BNP Parib 65.84 1.54 68.89 43.24 - - - Fanuc 21720 500.00 23670 16620 1.90 31.51 40323.54 SvnskaHn 118.30 1.30 136.30 113.50 4.08 14.85 28318.27 BerkshHat 267320 450.00 272885 213030 - 19.74 201943.42 McKesson 155.12 -4.12 181.53 114.53 0.74 6.95 32615.61
Westpc 31.65 0.32 35.39 28.56 8.55 14.13 86316.1 ChristianDior 268.00 3.75 268.60 151.05 - - - FastRetail 32000 1390 44370 30000 1.09 32.93 30881.65 Swedbank 217.90 1.70 234.00 192.60 5.74 12.62 30931.41 Biogen 326.83 0.29 329.95 244.28 - 21.00 69102.24 Medtronic 81.65 0.09 89.72 69.35 2.16 27.32 110595.62
Woolworths 25.21 -0.15 27.75 22.23 3.70 23.41 26218.43 Cred Agr 15.25 0.23 15.68 8.26 - - - Fuji Hvy Ind 3878 14.00 5016 3500 3.89 10.13 27137.92 Telia Co 38.15 -0.15 40.33 33.93 9.94 10.94 20715 BkNYMeln 51.89 0.36 54.59 38.68 1.50 15.08 53610.48 Merck 65.60 0.47 66.80 58.29 2.91 34.72 178914.44
Belgium () Danone 68.05 -0.35 69.52 57.66 - - - Hitachi 755.30 9.50 765.00 461.40 1.80 14.69 33213.97 Volvo 148.20 0.70 152.00 89.25 2.12 17.28 30489.11 BlackRock 426.71 2.67 442.84 336.84 2.29 20.06 68691.01 Metlife 48.23 0.64 51.77 38.17 3.52 -74.93 51259.93
AnBshInBv 101.70 0.30 119.60 92.13 - - - EDF 9.88 -0.16 11.75 7.33 - - - HondaMtr 3188 69.00 3675 2693.5 3.02 8.90 52539.09 Switzerland (SFr) Boeing 239.73 -0.86 246.49 126.31 2.08 27.83 141700.42 Microsoft 74.59 -0.17 75.24 55.61 2.13 30.97 574510.38
KBC Grp 70.04 0.93 71.34 49.02 - - - Engie SA 14.83 -0.10 15.03 10.77 - - - JapanTob 3696 27.00 4243 3607 3.68 16.56 67251.96 ABB 23.35 0.27 24.89 19.72 6.38 23.13 52754.93 BrisMySq 62.82 0.10 63.47 46.01 2.52 22.45 103020.18 Mnstr Bvrg 56.36 -0.30 57.25 40.64 - 41.80 32020.59
Esslr Intl 109.30 -0.50 122.15 93.41 - - - KDDI 2960.5 -2.50 3229 2745.5 3.00 12.77 69685.17 CredSuisse 14.78 0.47 15.74 11.49 4.68 -17.53 39366.29 CapOne 79.52 0.46 96.92 69.49 2.06 11.32 38463.24 MondelezInt 40.94 -0.26 47.23 40.22 1.90 35.16 61715.24
Brazil (R$)
Hermes Intl 439.00 -2.05 468.30 349.00 - - - Keyence 59380 580.00 59620 35375 0.10 - 65694.73 Nestle 81.40 - 86.00 71.45 2.89 26.60 263981.47 CardinalHlth 69.14 -0.59 84.88 62.70 2.67 16.80 21879.61 Monsanto 117.23 - 118.97 97.35 1.89 24.74 51501.84
Ambev 21.10 0.84 21.11 15.79 3.36 28.98 106729.84
LOreal 179.90 -0.80 197.15 156.50 - - - MitsbCp 2564.5 7.50 2705.5 2056 3.26 8.84 37099.15 Novartis 82.45 1.05 84.35 67.40 3.24 30.70 224830.78 Carnival 67.84 0.19 69.89 44.11 2.20 17.65 36406.76 MorganStly 45.74 0.58 48.90 30.62 1.79 12.80 84005.2
Bradesco 34.17 0.17 34.40 24.01 1.68 12.95 33589.18
LVMH 228.15 2.85 239.65 145.75 - - - MitsubEst 1854.5 13.50 2443 1806 1.08 27.64 23467.58 Richemont 88.90 0.95 88.90 65.60 1.92 38.13 48357 Caterpillar 120.96 2.09 121.23 79.93 2.70-456.03 71484.07 MylanNV 33.64 0.60 45.87 29.39 - 26.56 18040.48
Cielo 23.22 0.21 28.19 20.36 2.38 16.39 20302.03
Orange 13.94 -0.01 15.80 13.04 - - - MitsubishiEle 1694.5 20.50 1802 1228.5 1.67 16.51 33102.25 Roche 242.30 0.80 273.00 218.30 3.39 21.47 177388.57 CBS 58.77 0.77 70.10 48.88 1.25 15.39 21395.51 Netflix 184.45 2.71 191.50 93.26 - 220.23 79636.24
ItauHldFin 38.03 0.37 38.19 27.28 3.58 10.88 41021.73
PernodRic 115.75 -0.95 124.45 95.73 - - - MitsuiFud 2335 50.00 2863.5 2059 1.45 17.58 21061.52 Swiss Re 87.80 0.90 98.50 81.65 5.58 8.68 31971.98 Celgene 141.12 0.20 142.64 96.93 - 42.91 110405.33 NextEraE 149.01 -2.40 151.60 110.49 2.54 16.71 69918.26
Petrobras 15.64 0.12 19.72 12.47 - -21.43 37460.18
Renault 78.60 1.40 90.76 69.12 - - - MitUFJFin 672.50 11.30 778.80 492.00 2.80 43.77 85826.49 Swisscom 480.60 -0.80 485.00 426.80 9.31 15.18 25942.81 CharlesSch 39.80 0.49 44.10 29.86 0.77 26.60 53296.96 Nike 53.51 0.48 60.53 49.01 1.34 20.74 70213.04
Vale 35.67 0.58 37.28 16.16 0.44 9.25 57368.91
Safran 83.65 0.57 84.27 59.42 - - - Mizuho Fin 189.30 2.10 225.30 163.50 3.96 13.83 43727.06 Syngent 463.00 -6.70 471.20 360.50 - 41.32 42748.26 Charter Comms 375.96 -5.06 408.83 241.50 - 19.29 96952.68 NorfolkS 126.64 0.22 126.98 89.92 1.99 20.54 36493.91
Canada (C$) Murata Mfg 16750 160.00 17910 12210 1.31 23.54 34329.22 Chevron Corp 112.27 -0.25 119.00 97.53 4.06 69.16 212751.95 Northrop 269.21 -0.10 274.61 206.69 1.40 20.14 46867.06
Sanofi 82.04 0.64 92.97 66.72 - - - UBS 16.07 0.29 17.49 15.11 - 15.24 64506.02
BCE 58.62 0.44 63.00 56.80 4.56 18.44 43462.49 NipponTT 5174 -34.00 5500 4156 2.43 12.65 98683.03 Chubb 146.21 0.33 150.28 121.48 2.00 13.50 68049.42 NXP 112.71 0.16 113.39 80.13 - 19.21 38997.98
Sant Gbn 48.68 0.82 52.40 37.04 - - - Zurich Fin 291.30 4.30 299.70 243.60 6.23 13.24 45937.43
BkMontrl 91.54 0.65 104.15 83.44 3.46 12.64 48899.13 Nissan Mt 1115 15.50 1220 957.20 4.30 6.67 42815.78 Cigna 185.44 -0.88 186.93 115.03 0.02 23.34 46689.73 Occid Pet 60.74 0.33 76.15 57.20 5.29 -82.97 46440.17
Schneider 71.60 0.31 74.50 58.05 - - - Taiwan (NT$)
BkNvaS 77.05 0.42 82.30 68.27 3.80 12.28 76025.84 Nomura 593.30 13.40 784.00 438.90 3.37 8.64 20633.47 Cisco 32.37 0.18 34.60 29.12 3.42 16.93 160294.81 Oracle 52.54 0.05 52.89 37.62 1.25 23.13 217341.27
SFR Group 34.40 0.02 34.55 21.87 - - - Chunghwa Telecom 104.50 - 113.00 99.50 5.29 21.33 27001.97
Brookfield 48.30 0.31 53.08 42.71 1.39 30.19 39323.95 Nppn Stl 2657 55.00 2912 1941 2.26 10.84 22972.33 Citigroup 68.93 1.22 69.86 45.16 0.82 13.02 187803.65 Pepsico 114.97 -0.72 119.39 98.50 2.72 23.80 163892.36
SocGen 48.58 1.25 52.26 29.23 - - - Formosa PetChem 107.00 1.00 119.00 89.70 - 13.64 33951
CanadPcR 196.67 2.03 218.78 186.21 0.98 20.26 23735.9 NTTDCMo 2523.5 4.00 2804 2361 3.17 14.75 89528.7 CME Grp 129.48 0.68 130.15 98.95 2.02 26.42 44011.42 Perrigo 89.69 4.62 99.14 63.68 0.70 -3.55 12790.79
Total 44.51 0.14 49.50 40.53 - - - HonHaiPrc 117.00 1.00 122.50 76.80 2.85 13.58 67532.52
CanImp 106.65 0.61 120.83 97.52 4.57 9.93 38479.15 Panasonic 1538 56.50 1578 931.50 1.62 21.19 34324.67 Coca-Cola 46.62 0.10 46.75 39.88 3.23 30.94 198848.48 Pfizer 35.65 1.33 35.75 29.83 3.63 28.23 211993.26
UnibailR 212.60 -0.45 244.70 203.10 - - - MediaTek 275.50 -3.50 303.00 203.00 6.95 19.56 14516.28
CanNatRs 39.05 0.05 46.74 35.90 2.52 29.63 39069.47 Seven & I 4295 18.00 4902 4148 2.14 42.67 34638.3 Cognizant 72.18 - 72.52 45.44 0.21 22.65 42631.15 Phillips66 85.57 0.38 88.87 75.14 3.09 25.08 43769.98
Vinci 79.30 -0.96 80.60 49.93 - - - TaiwanSem 219.00 2.00 219.50 173.50 3.22 16.17 189153.05
CanNatRy 99.75 0.48 108.64 80.63 1.49 21.38 61645.55 ShnEtsuCh 9810 25.00 10855 6872 1.22 22.71 38565.86 ColgtPlm 71.89 -0.14 77.27 63.43 2.30 24.46 63319.33 PhilMorris 116.69 -1.24 123.55 86.78 3.64 25.28 181241.52
Vivendi 20.66 0.24 20.82 15.96 - - -
Enbridge 49.77 0.22 59.18 48.98 4.22 47.26 67456.83 Softbank 8609 101.00 9521 5953 0.53 10.53 86208.3 Thailand (THB) Comcast 37.97 0.14 42.18 30.02 1.59 18.73 178608.15 PNCFin 125.76 1.99 133.26 87.04 1.79 15.66 60262.62
GtWesLif 34.20 0.03 37.79 31.35 3.97 13.42 27874.62 Germany () PTT Explor 406.00 2.00 430.00 311.00 3.92 9.57 35020.18
Sony 4418 -52.00 4616 2930 0.45 42.87 50821.77 ConocPhil 45.19 0.26 53.17 39.00 2.33 -13.96 54993.94 PPG Inds 106.23 0.33 113.67 89.64 1.54 36.49 27244.56
ImpOil 37.94 0.42 48.72 35.15 1.53 12.83 26378.91 Allianz 183.40 -0.55 187.30 126.60 3.82 13.41 98547.97
SumitomoF 4104 76.00 4768 3293 3.65 8.30 52812.4 United Arab Emirates (Dhs) Corning 29.04 0.12 32.17 22.14 2.04 12.92 26223.94 Praxair 134.32 -0.70 138.69 114.43 2.40 23.80 38417.36
Manulife 24.22 0.28 26.11 17.67 3.03 16.07 39444.26 BASF 86.04 0.44 94.32 70.09 3.20 19.04 94463.06
Takeda Ph 6140 11.00 6150 4321 2.93 69.34 44176.09 Emirtestele 17.70 -0.05 20.00 17.10 4.82 16.26 41909.22 Costco 159.31 1.95 183.18 142.11 1.19 26.91 69870.59 Priceline 1867.01 -1.85 2067.99 1402.67 - 38.83 91593.68
Potash 22.16 -0.01 26.62 20.67 4.65 36.60 15330.28 Bayer 111.30 1.00 123.90 86.03 2.13 20.82 110018.52
TokioMarine 4374 139.00 5441 3738 3.35 11.51 29966.15 United Kingdom (p) CrownCstl 105.91 -1.02 108.88 79.38 3.68 85.32 43027.76 ProctGmbl 93.29 -0.70 94.19 81.18 2.95 24.75 237879.86
RylBkC 91.77 0.71 99.90 79.75 3.31 13.71 110177.94 BMW 83.60 0.75 91.76 72.02 3.63 7.84 60157.78
Toyota 6361 65.00 7215 5492 3.46 10.14 188836.16 AscBrFd 3142 39.00 3343 2335 1.17 22.60 33000.87 CSX 52.16 0.09 55.48 27.91 1.45 26.74 47638.41 Prudntl 102.12 1.19 115.26 77.68 2.96 9.75 43605.24
Suncor En 40.38 0.30 44.90 34.01 2.89 25.63 55170.14 Continental 200.75 0.25 210.35 158.20 1.77 15.01 47994.46
Mexico (Mex$) AstraZen 4925 35.00 5520 3996 4.32 20.97 82703.88 CVS 81.35 1.63 92.26 69.30 2.32 15.93 82698.56 PublStor 208.29 -3.11 232.21 192.15 3.82 29.09 36243.03
ThmReut 55.86 0.55 62.83 52.01 3.04 33.12 32876.34 Daimler 65.26 0.61 73.23 59.01 4.85 7.25 83455.97
AmerMvl 16.41 0.03 16.83 10.87 1.71 23.32 41431.62 Aviva 511.50 2.00 570.50 411.30 4.20 33.87 27450.08 Danaher 87.01 -0.07 88.01 75.71 0.62 27.30 60441.49 Qualcomm 50.82 0.25 71.62 48.92 4.34 19.07 75018.59
TntoDom 66.74 0.34 71.31 56.93 3.07 14.48 101613.37 Deut Bank 14.20 0.49 19.97 9.90 - -18.36 35081.14
FEMSA UBD 175.66 1.27 184.10 150.11 1.42 164.57 21366.38 Barclays 191.35 4.70 267.32 155.95 1.57 14.61 43246.31 Deere 118.96 1.03 132.50 80.35 2.03 19.67 38052.14 Raytheon 182.82 0.10 184.17 132.89 1.71 24.76 53063.55
TrnCan 62.86 0.32 65.24 57.36 3.62 63.90 45253.77 Deut Tlkm 15.11 -0.04 18.15 14.06 3.46 265.28 85999.7
WalMrtMex 42.75 0.03 44.85 34.70 1.31 25.68 42012.83 BP 448.90 -0.20 521.20 411.60 7.15 50.39 117202.73 Delphi 97.71 0.22 98.27 60.50 1.26 21.42 26073.34 Regen Pharm 442.19 -2.93 543.55 325.35 - 50.40 46535.89
ValeantPh 17.75 0.54 37.70 11.20 - -4.34 5076.88 DeutsPost 36.07 0.27 36.11 26.96 - 17.13 52319.03
BrAmTob 4798.5 -99.00 5643.6 2879.89 3.25 19.26 118694.06 Delta 48.56 -0.26 55.75 36.59 1.70 9.40 35158.91 ReynoldsAm 65.40 -1.49 - - - - -
E.ON 9.45 -0.20 9.74 5.99 2.17 48.46 24850.43 Netherlands ()
China (HK$) BSkyB 937.00 -15.50 1050 747.50 3.58 25.67 21369.41 Devon Energy 32.51 0.70 50.69 28.79 0.78 30.95 17087.26 S&P Global 152.71 -0.06 158.35 107.21 1.04 17.20 39246.47
Fresenius Med 80.90 0.51 89.22 70.69 1.16 19.95 29709.34 Altice 18.75 0.45 23.43 14.77 - - -
AgricBkCh 3.62 -0.01 3.80 3.10 5.54 5.47 14246.21 BT 283.25 -0.70 400.70 277.44 5.10 17.59 37430.6 DiscFinServ 57.83 -0.36 74.33 53.91 2.12 9.78 21533.11 Salesforce 96.34 -1.37 98.22 66.43 - 494.46 69239.56
Fresenius SE 70.30 -0.19 80.07 63.62 0.74 24.12 46511.83 ASML Hld 134.80 -0.55 136.45 89.80 - - -
Bk China 4.06 -0.01 4.18 3.32 5.24 6.25 43466.02 Compass 1636 -10.00 1765.92 1350.96 2.02 23.37 35695.51 Disney 97.49 0.40 116.10 90.32 1.62 16.01 150466.24 Schlmbrg 66.53 0.76 87.84 62.56 3.19 -43.54 92107.69
HenkelKgaA 105.35 -0.40 114.60 92.38 1.48 21.49 32715.93 Heineken 88.48 -0.25 89.71 67.47 - - -
BkofComm 5.81 -0.02 6.44 5.40 5.50 5.61 26043.22 Diageo 2580.5 -6.00 2616 1946 2.34 23.96 86185.98 DominRes 78.60 -1.32 81.65 69.51 3.85 20.75 50507.26 Sempra Energy 119.19 -0.87 120.17 92.95 2.70 17.26 29925.94
Linde 163.40 0.05 179.70 135.65 2.21 26.66 36277.23 ING 15.15 0.28 16.00 10.36 - - -
BOE Tech 1.48 0.07 1.95 1.22 1.38 16.65 37.70 GlaxoSmh 1496.5 -1.50 1745.56 1446.5 5.35 37.98 97639.4 DowChem 66.65 1.75 - - - - 81542.6 Shrwin-Will 350.36 2.84 362.57 239.48 1.02 25.86 32727.19
MuenchRkv 176.70 0.30 189.40 159.20 4.43 10.93 32744.55 Unilever 50.36 -0.43 51.31 36.22 - - -
Ch Coms Cons 10.20 -0.04 11.74 8.09 2.20 - 5781.78 Glencore 372.50 3.20 377.00 176.10 0.72 32.26 71138.23 DukeEner 87.50 -0.84 88.40 72.34 3.99 21.53 61245.66 SimonProp 159.72 -0.60 215.56 150.15 4.35 27.88 49646.53
SAP 91.85 0.07 96.38 75.07 1.19 32.36 134880.24 Norway (Kr)
Ch Evrbrght 3.74 0.03 4.06 3.38 3.08 5.13 3288.89 HSBC 736.20 0.60 772.00 518.17 5.30 95.64 195832.85 DuPont 83.93 0.74 - - - - - SouthCpr 40.16 0.03 42.00 24.90 0.61 32.35 31044.78
Siemens 115.55 0.60 133.50 99.38 3.04 16.61 117403.6 DNB 152.50 2.30 157.40 100.40 3.57 14.61 31715.6
Ch Rail Cons 9.99 -0.03 11.98 8.61 1.83 8.09 2655.56 Imperial Brands 3322.5 -4.50 4128.5 3112.5 4.67 31.29 42259.59 Eaton 74.63 1.28 81.63 59.07 3.20 16.76 33193.51 Starbucks 53.81 -0.21 64.87 50.84 1.77 25.11 77703.19
Volkswgn 139.75 2.55 157.40 122.55 1.39 8.82 49294.51 Statoil 149.50 1.10 163.50 123.90 4.86 -23.37 62741.35
Ch Rail Gp 6.50 -0.05 7.71 5.55 1.58 9.16 3501.31 LlydsBkg 64.84 1.21 73.58 50.84 3.93 30.88 61730.07 eBay 38.17 0.08 38.30 27.28 - 5.71 40853.94 StateSt 95.27 0.94 96.26 68.16 1.65 16.85 35626.73
ChConstBk 6.79 -0.01 7.10 5.42 4.85 6.07 208994.78 Hong Kong (HK$) Telenor 161.90 2.40 162.40 122.50 4.60-130.31 31038.14 Ecolab 129.95 0.12 134.89 110.65 1.15 29.11 37607.53 Stryker 143.34 -0.35 148.84 106.48 1.18 31.33 53618.23
Natl Grid 958.60 -13.30 1220.29 921.20 4.95 18.35 43612.32
China Vanke 26.65 0.40 26.75 17.40 - 10.89 4486.52 AIA 59.65 -0.05 62.15 42.65 1.48 17.69 92208.08 Qatar (QR) Emerson 61.20 0.29 64.37 49.22 3.31 22.53 39169.2 Sychrony Fin 29.34 0.19 38.06 26.01 1.41 10.55 23335.14
Prudential 1805 15.00 1889.5 1290 2.18 24.07 61922.58
ChinaCitic 5.18 0.06 5.50 4.69 4.87 5.12 9869.55 BOC Hold 38.90 - 40.50 25.75 3.40 15.71 52655.09 QatarNtBk 125.50 -2.50 173.00 121.70 2.56 9.28 31830.07 EOG Res 88.67 0.74 109.37 81.99 0.77-177.17 51202.32 Target 58.14 0.85 79.33 48.56 4.16 11.86 31757.92
RBS 249.70 5.90 271.00 168.20 - -5.10 39342.65
ChinaLife 24.40 0.15 26.20 18.46 1.14 28.40 23245.19 Ch OSLnd&Inv 27.40 0.05 28.50 20.15 3.00 6.96 38433.7 EquityResTP 67.38 -1.23 68.83 58.28 3.05 29.45 24749.57 TE Connect 81.23 0.26 85.20 60.38 1.93 13.57 28703.62
Russia (RUB) ReckittB 7033 -67.00 8110.43 6496 2.18 23.58 65589.46
ChinaMBank 28.90 -0.20 30.20 17.52 2.88 9.54 16986.24 ChngKng 67.60 -0.80 70.50 46.50 2.29 12.38 32000.49 Exelon 37.94 -0.54 38.78 29.82 3.48 19.65 36420.93 Tesla Mtrs 365.63 1.94 386.99 178.19 - -75.08 61019.55
Gzprm neft 121.67 0.67 160.62 111.46 7.04 2.70 49992.54 RELX 1679 -8.00 1728 1273 1.94 30.09 -
ChinaMob 82.70 -0.05 98.00 80.00 3.35 12.91 216791.14 Citic Ltd 11.84 -0.04 12.70 10.66 2.85 8.33 44096.18 ExpScripts 62.83 -0.85 77.50 57.80 - 10.81 36284.52 TexasInstr 82.41 0.19 84.65 66.30 2.33 20.17 81589.08
Lukoil 2944.5 35.50 3582 2601 6.89 8.55 43468.81 RioTinto 3690.5 12.50 3784.5 2253.5 3.22 17.86 67456.48
ChinaPcIns 36.00 - 39.10 26.35 3.38 22.43 12791.27 Citic Secs 17.34 0.02 18.46 15.36 2.37 17.54 5057.87 ExxonMb 79.49 0.24 93.22 76.05 4.00 31.22 336807.54 TheTrvelers 122.82 0.26 130.37 103.45 2.27 12.01 33891.81
MmcNrlskNckl 9842 175.00 11199 7677 7.33 17.56 27031.75 RollsRoyce 900.00 -2.00 994.50 635.00 0.51 -24.13 21971.83
ChMinsheng 7.77 -0.01 9.48 7.33 4.23 4.96 6897.32 CK Hutchison 100.40 -0.60 108.90 87.00 2.73 11.15 49586.26 Facebook 172.54 -0.97 175.49 113.55 - 37.79 408971.35 ThrmoFshr 193.46 -0.11 194.30 139.07 0.33 33.21 75472.52
Novatek 602.80 2.70 800.70 590.20 2.29 10.76 31767.17 RylDShlA 2135.5 -9.00 2295.5 1791 6.78 28.31 126832.26
ChMrchSecs RMB 20.70 1.01 21.15 15.57 0.73 23.98 15537.77 CNOOC 9.23 -0.04 10.88 8.45 3.87 14.53 52759.45 Fedex 216.12 3.72 219.99 158.20 0.76 19.00 57976.19 TimeWrnr 100.88 0.31 103.34 74.27 1.69 18.01 78464.76
Rosneft 314.75 0.55 425.70 291.00 1.89 20.87 57897.1 Shire 4074.5 -5.50 5377 3603.5 0.57 81.42 49069.18
Chna Utd Coms RMB 7.58 0.04 9.29 4.06 - 336.37 24593.99 HangSeng 183.50 1.40 183.50 136.20 3.36 20.44 44914.84 FordMtr 11.58 0.17 13.27 10.47 5.29 11.93 9245.79 TJX Cos 73.87 1.03 80.92 66.66 1.49 20.79 46998.4
Sberbank 189.05 -1.45 192.31 136.20 1.06 7.46 70831.74 StandCh 753.90 4.30 860.00 599.10 - 1631.82 32916.6
ChShenEgy 19.40 0.10 21.10 14.06 2.78 8.82 8441.13 HK Exc&Clr 212.80 -0.60 233.20 177.60 2.55 40.15 33553.84 Franklin 42.07 0.34 47.65 33.02 1.89 13.42 23462.5 T-MobileUS 63.24 0.21 68.88 44.35 - 26.35 52555.51
Surgutneftegas 28.04 0.02 32.87 24.09 - 10.04 17386.77 Tesco 185.05 -1.10 219.40 160.65 - 228.46 20101.34
ChShpbldng RMB 6.21 - 8.14 5.87 - 210.11 17454.05 MTR 46.45 -0.05 50.00 37.20 2.47 24.68 35695.3 GenDyn 199.18 -1.15 205.90 148.76 1.66 18.28 59646.8 UnionPac 108.67 0.57 115.15 87.06 2.26 19.58 86979.11
Saudi Arabia (SR) Vodafone 214.55 -1.65 233.90 186.50 5.61 -32.04 75783.16
ChStConEng RMB 9.71 - 11.45 6.06 2.07 9.95 44189.6 SandsCh 37.20 -0.10 39.30 31.25 5.49 27.86 38448.04 GenElectric 23.77 0.05 32.38 23.58 4.20 20.93 205756.09 UPS B 117.10 0.90 120.44 102.12 2.87 28.16 51718.85
AlRajhiBnk 67.80 0.60 71.70 48.60 3.37 12.82 29377.64 WPP 1385 -10.00 1928.07 1375 4.09 10.21 23418.06
ChUncHK 11.28 -0.08 13.24 8.40 - - 34583.18 SHK Props 134.80 -0.80 135.90 96.50 3.09 9.34 49986.05 GenMills 55.41 -0.37 66.53 52.76 3.56 19.46 31767.37 USBancorp 51.78 0.90 56.61 42.17 2.21 15.32 86616.04
Tencent 333.00 2.20 341.00 179.60 0.19 49.97 404955.05 Natnlcombnk 54.40 0.90 58.00 32.00 1.16 11.00 29011.02 United States of America ($)
CNNC Intl RMB 7.61 0.01 8.11 6.59 1.16 26.48 4926.99 GenMotors 37.87 0.52 38.55 30.13 4.10 5.82 54975.17 UtdHlthcre 198.21 -1.37 200.44 132.39 1.34 23.92 191641.31
SaudiBasic 100.00 0.40 105.40 76.00 5.07 17.99 79993.59 21stC Fox A 25.72 -0.34 32.60 23.33 1.49 14.78 27071.25
CSR 7.00 -0.03 7.99 6.66 3.53 17.00 3917.31 India (Rs) GileadSci 84.03 -0.49 86.27 63.76 2.41 8.93 109741.42 UtdTech 110.01 0.37 124.79 97.62 2.55 16.08 87872.99
SaudiTelec 75.30 -0.20 78.90 51.00 5.39 16.78 40156.78 3M 209.85 0.29 214.57 163.85 2.22 23.43 125231.59
Daqin RMB 8.96 0.06 9.45 6.16 2.75 12.30 20390.1 Bhartiartl 405.20 - 438.15 283.05 0.34 51.15 25294.79 GoldmSchs 226.93 5.87 255.15 157.77 1.22 11.69 87793.57 ValeroEngy 70.28 0.47 71.40 51.17 3.77 14.49 31040.14
Singapore (S$) AbbottLb 52.17 -0.28 52.60 37.38 2.13 55.25 90642.42
Gree Elec Apl 0.06 - 0.25 0.04 - -1.88 106.50 HDFC Bk 1835.2 - 1839.9 1158 0.61 31.84 73981.28 Halliburton 41.46 0.83 58.78 38.18 1.77-262.83 36136.35 Verizon 46.79 0.49 54.83 42.80 5.21 14.75 190884.07
DBS 20.49 0.06 22.25 14.80 3.00 12.07 38874.08 Abbvie 87.69 0.69 87.97 55.06 2.84 21.41 139786.16
GuosenSec RMB 14.20 0.06 18.80 12.39 4.25 23.93 4771.2 Hind Unilevr 1249.8 - 1255 781.95 1.38 57.61 42245.26 HCA Hold 78.32 -0.03 91.03 67.00 - 10.31 28293.08 VertexPharm 156.56 -1.25 167.86 71.46 - 210.80 39471.73
JardnMt US$ 66.39 0.36 67.50 52.90 2.31 6.79 48005.52 Accenture 136.34 0.11 136.68 108.83 1.82 23.52 90548.04
HaitongSecs 12.86 0.08 15.24 12.28 4.27 14.45 5613.62 HsngDevFin 1798.1 - 1802 1183.15 0.96 26.20 44744.02 Hew-Pack 19.36 0.17 19.78 13.77 2.71 13.84 32589.37 VF Cp 62.93 -0.43 64.51 48.05 2.65 22.82 24772.13
JardnStr US$ 44.95 0.70 44.95 32.08 0.67 6.61 49745.32 Adobe 155.71 -1.16 157.89 97.87 - 52.79 76828.2
Hngzh HikVDT RMB 32.74 0.14 40.16 22.61 1.20 37.67 36372.15 ICICI Bk 291.20 - 314.45 217.36 1.63 17.56 29174.66 HiltonWwde 65.75 -0.20 67.79 46.09 1.12 70.75 21316.97 Viacom 27.26 0.07 46.72 26.65 3.89 8.51 9615.1
OCBC 11.02 0.10 11.49 8.33 3.26 12.38 34278.45 AEP 73.36 -1.19 74.59 57.89 3.33 48.35 36081.41
Hunng Pwr 5.14 0.02 6.25 4.60 6.64 25.70 3093.13 Infosys 884.05 - 1082.7 860.00 2.95 14.29 31711.46 HomeDep 159.75 1.38 160.86 119.20 1.99 22.81 188314.34 Visa Inc 106.19 0.04 106.64 75.17 0.61 38.65 194260.8
SingTel 3.66 -0.03 4.10 3.59 4.89 14.97 44365.51 Aetna 162.93 -0.28 164.52 104.59 0.65 47.69 54107.86
IM Baotou Stl RMB 2.90 0.06 3.17 1.96 - 157.83 9783.26 ITC 277.65 - 354.80 222.00 1.63 31.40 52812.96 Honywell 138.44 -0.56 140.21 105.25 1.93 20.55 43031.97 Walgreen 83.81 1.53 88.00 75.18 1.84 20.59 89684.79
UOB 23.32 -0.06 24.60 17.98 3.07 12.21 28727.78 Aflac 82.15 -0.32 83.39 66.50 2.11 12.17 32468.47
In&CmBkCh 5.86 -0.01 6.07 4.43 4.83 6.33 65116.36 L&T 1230.25 - 1234 863.40 1.00 27.44 26905.53 HumanaInc 256.03 -1.18 259.76 163.50 0.53 24.42 37000.74 WalMartSto 79.37 0.29 81.99 65.28 2.60 17.59 239245.72
AirProd 149.50 0.32 151.42 129.00 2.47 23.53 32584.63
IndstrlBk RMB 17.44 - 18.52 14.99 3.52 6.13 50861.36 OilNatGas 162.30 - 211.80 155.20 4.78 9.71 32526.6 South Africa (R) IBM 146.10 1.24 182.79 139.13 4.07 11.33 136157.69 WellsFargo 51.56 0.90 59.99 43.55 3.13 12.15 255940.99
Alexion 141.51 -1.42 149.34 96.18 - 59.98 31582.94
Kweichow RMB 484.91 6.59 501.10 287.56 1.38 32.29 93242.35 RelianceIn 823.75 - 832.50 465.00 - 15.10 41836.86 Firstrand 54.75 -0.25 57.60 43.38 4.22 12.52 23581.5 IllinoisTool 142.40 0.88 150.29 111.50 1.86 22.56 49005.16 Williams Cos 30.38 0.13 32.69 27.35 4.68-954.49 25112.83
Allegran 230.83 -1.56 256.80 184.50 0.32 -20.51 77166.23
Midea 1.67 0.02 1.87 1.50 6.48 21.75 45.98 SBI NewA 273.45 - 315.30 235.00 0.99 842.61 36861.79 MTN Grp 122.22 0.86 134.94 104.76 9.04 -83.00 17682.72 Illumina 211.41 -0.83 213.59 119.37 - 40.25 30865.86 Yahoo - - - - - - -
Allstate 91.67 0.44 95.25 66.55 1.57 14.67 33125.83
New Ch Life Ins 47.15 -0.80 56.10 32.20 - 24.20 6242.36 SunPhrmInds 483.40 - 796.20 432.70 0.22 15.93 18112.44 Naspers N 2985 32.35 3036.53 1925.98 0.17 32.24 100452.37 Intcntl Exch 66.04 0.33 67.48 52.27 1.14 24.03 38864.05 Yum!Brnds 76.98 -0.82 78.14 59.57 2.38 26.77 26540.65
Alphabet 943.10 -0.19 1008.61 743.59 - 30.07 281086.17
PetroChina 5.02 0.02 6.38 4.72 1.11 27.82 13560.26 Tata Cons 2488.45 - 2708.95 2051.9 2.20 18.67 74391 South Korea (KRW) Intel 36.16 0.39 38.45 33.23 2.97 13.51 169931.82 Venezuela (VEF)
Altria 62.16 -0.33 77.79 60.01 4.01 8.05 119258.16
PingAnIns 62.00 0.20 64.90 38.00 0.38 - 59116.48 Indonesia (Rp) HyundMobis 219000 2000 293500 212000 1.61 7.79 18890.83 Intuit 140.89 -1.75 143.81 103.22 0.97 37.64 35923.22 Bco de Vnzla 1499.99 249.99 1499.99 95.00 - - 1637.53
Amazon 980.86 2.90 1083.31 710.10 - 174.10 471185.05
PngAnBnk RMB 11.54 0.16 11.94 8.54 1.11 8.96 29884.61 Bk Cent Asia 19025 125.00 19200 13950 0.97 21.18 35186.26 KoreaElePwr 41050 100.00 60500 40050 5.16 4.26 23351.91 John&John 132.44 -0.77 137.08 109.32 2.56 20.98 355468.92 Bco Provncl 61999 1999 61999 2200 - 55.23 2001.07
AmerAir 45.75 -0.11 54.48 33.90 0.93 10.44 22280.67
Pwr Cons Corp RMB 8.16 -0.01 9.00 5.96 0.93 17.28 11990.98 SK Hynix 74700 900.00 74900 37000 0.81 7.94 48189.43 JohnsonCn 39.88 0.48 46.17 36.74 2.66 -21.94 37184.06 Mrcntl Srvcs 102000 - 105000 4880 0.01 257.48 1858.78
Israel (ILS) AmerExpr 86.46 0.77 87.78 59.50 1.51 17.24 28904.11
SaicMtr RMB 29.87 0.46 32.84 21.02 4.58 10.23 50411.54 SmsungEl 2480000-10000.00 2566000 1456000 1.53 13.22 285180.21 JPMrgnCh 90.99 1.20 95.22 65.11 2.26 13.21 320190.57
TevaPha 54.49 -1.11 199.00 54.31 9.25 735.67 15744.65 AmerIntGrp 60.99 0.22 67.47 57.35 2.14 497.63 55098.8
ShenwanHong 0.23 - 0.35 0.17 - -3.71 256.48 Spain () Kimb-Clark 120.09 0.49 136.21 111.30 3.21 19.63 42428.14 Closing prices and highs & lows are in traded currency (with variations for that
Italy () AmerTower 144.44 -1.74 148.71 99.72 1.69 56.57 61990.39
ShgPdgBk RMB 13.04 0.05 14.02 11.16 1.16 7.09 56096.52 KinderM 19.46 0.02 23.36 18.23 2.62 61.46 43458.6 country indicated by stock), market capitalisation is in USD. Highs & lows are
Enel 5.20 -0.05 5.27 3.57 1.69 21.32 63133.15 BBVA 7.40 0.03 7.93 5.10 3.83 13.32 58988.99 Amgen 188.14 1.65 188.85 133.64 2.34 16.84 137281.01
Sinopec Corp 6.05 0.03 6.57 5.18 1.55 11.28 19761.69 Kraft Heinz 82.29 -0.27 97.77 79.69 3.06 27.60 100243.79 based on intraday trading over a rolling 52 week period.
ENI 13.55 0.04 15.92 12.18 5.75 66.21 58862.54 BcoSantdr 5.57 0.05 6.25 3.69 3.61 12.43 106837.44 Anadarko 42.10 1.13 73.33 39.96 0.49 -10.71 23591.08
Sinopec Oil RMB 3.20 - 4.45 3.02 - -3.32 1380.5 Kroger 21.68 0.34 36.44 20.41 2.20 12.74 19454.47 ex-dividend
Generali 15.54 0.11 16.08 10.50 4.39 12.43 29011.57 CaixaBnk 4.27 0.03 4.51 2.09 2.44 22.45 30558.57 Anthem 189.63 -6.33 198.98 114.85 1.45 17.34 49792.62
Denmark (kr) Iberdrola 6.89 -0.04 7.30 5.53 3.98 17.50 52000.29 L Brands 39.76 1.86 75.94 35.00 6.07 11.62 11285.76 ex-capital redistribution
IntSPaolo 2.88 0.03 2.95 1.85 6.02 8.40 54636.65 Aon Cp 142.86 0.20 144.81 107.19 0.97 36.52 36334.63
DanskeBk 243.40 3.80 259.50 186.50 3.51 11.90 36633.87 Inditex 32.05 0.60 36.90 29.83 1.46 33.01 119401.24 LasVegasSd 63.78 -0.50 66.22 51.35 4.81 26.14 50470.57 # price at time of suspension
Luxottica 49.61 -0.32 56.90 39.92 1.70 29.58 28758.8 Apple 161.03 -0.47 164.94 102.53 1.48 17.86 831757.18
MollerMrsk 12470 20.00 14260 8750 1.10 -18.00 20155.23 Repsol 14.86 0.08 15.22 11.51 4.01 13.93 27121.7 LibertyGbl 32.12 0.05 37.69 28.17 - 13.64 7241.54
Unicred 17.72 0.54 30.80 11.93 3.22 -1.86 47143.47 ArcherDan 43.07 0.28 47.88 40.22 3.01 17.20 24228.92
NovoB 300.90 -0.70 311.60 218.20 2.40 20.69 94874.29 Telefonica 9.10 -0.02 10.63 7.61 5.78 19.06 54817.41 Lilly (E) 82.40 -0.23 86.72 64.18 2.64 37.52 90717.42
AT&T 36.21 0.47 43.03 35.10 5.69 16.73 222299.93

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Abbvie 87.69 87.00 0.69 0.79 12.44 16.5 23.97 RelianceIn 823.75 823.75 0.00 0.00 -789.60 -48.9 6.55 Sep 12 date Coupon S* M* F* price yield yield yield US Sep 12 date Coupon S* M* F* price yield yield yield US
China Vanke 26.65 26.25 0.40 1.52 3.60 15.6 20.59 Regen Pharm 442.19 445.11 -2.93 -0.66 -52.18 -10.6 -5.06 High Yield US$ US$
Perrigo 89.69 85.07 4.62 5.43 11.63 14.9 13.86 Gree Elec Apl 0.06 0.06 0.00 0.00 -0.01 -9.0 -14.08 Navient Corporation 03/20 8.00 B+ Ba3 BB 110.58 3.62 0.01 -0.25 2.28 FleetBoston Financial Corp. 01/28 6.88 BBB Baa3 A- 121.10 4.37 0.02 -0.03 2.20
SK Hynix 74700.00 73800.00 900.00 1.22 6600.00 9.7 21.66 HyundMobis 219000.00 217000.00 2000.00 0.92 -19500.00 -8.2 -14.12 High Yield Euro SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 114.04 4.35 0.00 -0.28 2.18
ValeantPh 17.75 17.21 0.54 3.14 1.50 9.2 1.02 CBS 58.77 58.00 0.77 1.33 -4.87 -7.7 -11.86 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - NationsBank Corp. 03/28 6.80 BBB Baa3 A- 123.43 4.08 0.02 -0.12 1.91
L&T 1230.25 1230.25 0.00 0.00 99.60 8.8 8.68 Comcast 37.97 37.83 0.14 0.37 -2.70 -6.6 -7.58 GTE Corporation 04/28 6.94 BBB+ Baa2 A- 125.70 3.98 0.02 -0.12 1.82
L Brands 39.76 37.90 1.86 4.91 3.08 8.4 -2.72 Chna Utd Coms 7.58 7.54 0.04 0.53 -0.47 -5.8 1.47 Emerging US$ Dover Corporation 06/28 6.65 A- A3 A- 123.82 3.94 0.02 -0.05 1.78
SmsungEl 2480000.00 2490000.00 -10000.00 -0.40 178000.00 7.7 11.16 LibertyGbl 32.12 32.07 0.05 0.14 -1.70 -5.0 -5.54 Mexico 09/16 11.40 BBB+ A3 BBB+ 106.80 1.49 0.03 0.01 0.44 United Utilities PLC 08/28 6.88 BBB+ Baa1 A- 122.96 4.27 0.02 -0.48 2.10
AstraZen 4925.00 4890.00 35.00 0.72 351.50 7.7 12.06 Hngzh HikVDT 32.74 32.60 0.14 0.43 -1.63 -4.7 12.01 Peru 03/19 7.13 BBB+ A3 BBB+ 108.75 1.47 -0.01 -0.01 0.14
Peru 03/19 7.13 BBB+ A3 BBB+ 114.01 2.60 0.00 0.20 0.84 Euro
Deut Bank 14.20 13.71 0.49 3.57 0.99 7.5 7.45 AscBrFd 3142.00 3103.00 39.00 1.26 -147.00 -4.5 -0.50 AT&T Inc. 12/29 2.60 BBB+ Baa1 A- 102.80 2.30 0.02 0.12 -
MasterCard 141.95 141.99 -0.04 -0.03 9.29 7.0 10.45 Charter Comms 375.96 381.01 -5.06 -1.33 -17.37 -4.4 -4.73 Brazil 01/20 12.75 BB Ba2 BB 123.35 2.41 -0.01 -0.94 1.07
Brazil 01/22 12.50 BB Ba2 BB 113.00 8.80 0.06 -0.05 7.05 AT&T Inc. 12/29 2.60 BBB+ Baa1 A- 103.08 2.31 0.03 0.13 -
Panasonic 1538.00 1481.50 56.50 3.81 100.50 7.0 4.24 Disney 97.49 97.09 0.40 0.41 -4.12 -4.1 -4.36 Citigroup Inc. 02/30 4.25 BBB Baa3 A- 117.22 2.28 0.03 0.01 -
Chubb 146.21 145.88 0.33 0.23 9.36 6.8 -0.10 GenElectric 23.77 23.72 0.05 0.19 -1.00 -4.0 -5.81 Poland 03/22 5.00 BBB+ A2 A- 109.85 2.67 0.00 -0.33 0.93
Turkey 03/23 3.25 - Ba1 BB+ 85.33 6.45 0.01 -0.16 4.70 HBOS plc 03/30 4.50 BBB- Baa2 A- 117.96 2.37 0.03 -0.02 -
MylanNV 33.64 33.04 0.60 1.82 2.05 6.5 8.78 Anthem 189.63 195.95 -6.33 -3.23 -7.56 -3.8 0.08
Colombia 03/23 2.63 BBB Baa2 BBB 98.71 2.90 0.02 -0.16 1.15 Yen
CSX 52.16 52.07 0.09 0.17 3.17 6.5 3.68 New Ch Life Ins 47.15 47.95 -0.80 -1.67 -1.75 -3.6 -4.84
Turkey 03/27 6.00 - Ba1 BB+ 109.59 4.79 0.02 -0.21 2.63 Enagas Transportes, S.A.U. 09/39 3.23 A- Baa2 A- 106.57 2.85 0.00 0.01 -
Ambev 21.10 20.26 0.84 4.15 1.28 6.5 8.09 KoreaElePwr 41050.00 40950.00 100.00 0.24 -1500.00 -3.5 -6.39
Amgen 188.14 186.49 1.65 0.88 11.40 6.5 10.92 SunPhrmInds 483.40 483.40 0.00 0.00 -17.30 -3.5 7.42 Russia 06/28 12.75 BB+ Ba1 BBB- 178.04 3.88 0.02 -0.18 1.71 Sterling
TheTrvelers 122.82 122.56 0.26 0.21 7.39 6.4 -4.13 Kroger 21.68 21.34 0.34 1.59 -0.75 -3.3 -7.73 Emerging Euro Electricite de France (EDF) 05/28 6.25 A- A3 A- 134.79 2.50 0.04 -0.02 0.34
CredSuisse 14.78 14.31 0.47 3.28 0.86 6.2 2.73 21stC Fox A 25.72 26.06 -0.34 -1.30 -0.86 -3.2 -8.79 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 HSBC Holdings plc 08/28 2.63 A A1 AA- 101.50 2.41 0.04 0.08 0.25
Engie SA 14.83 14.93 -0.10 -0.67 0.85 6.1 9.33 Ch Rail Cons 9.99 10.02 -0.03 -0.30 -0.33 -3.2 -0.50 Mexico 02/20 5.50 BBB+ A3 BBB+ 112.30 0.40 -0.01 -0.25 -0.94 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M -
Mexico 04/23 2.75 BBB+ A3 BBB+ 109.03 1.08 0.02 -0.16 -0.67 Moodys, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BB+ Baa2 BBB- 111.99 1.74 0.03 -0.10 -0.43
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poors, M - Moodys, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Sep 12 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Sep 12 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 1.00-1.25 15-06-2017 1.00 1.00-1.25 0.25-0.50 Index change change change 1 month 1 year VIX 10.72 -0.01 10.73 23.01 8.84 Sep 12 Price Yield Day Week Month Year High Low m
US Prime 4.25 15-06-2017 3.75 4.25 3.50 Markit IBoxx VXD 9.90 0.27 9.63 23.23 3.59 - - - - - - - - -
US Discount 0.75 15-06-2017 0.75 1.75 1.00 ABF Pan-Asia unhedged 188.16 -0.45 1.31 8.63 2.20 0.08 VXN 13.91 -0.16 14.07 23.35 9.75 Tr 5pc '18 102.32 0.20 33.33 66.67 17.65 33.33 107.18 102.32 35.24
Euro Repo 0.00 16-03-2016 0.05 0.00 0.00 Corporates( ) 346.11 -0.32 -0.01 4.85 0.26 2.48 VDAX - - - - - Tr 4.5pc '19 106.28 0.25 38.89 66.67 31.58 127.27 110.96 106.28 36.35
UK Repo 0.25 04-08-2016 0.25 0.25 0.25 Corporates($) 277.75 -0.08 0.19 5.50 0.19 5.50 CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 111.09 0.27 42.11 107.69 58.82 68.75 116.17 111.09 33.31
Japan O'night Call 0.00-0.00 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates() 225.88 0.00 0.13 2.08 0.16 0.90 Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 103.72 0.38 26.67 52.00 26.67 22.58 105.71 103.47 32.46
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 -1.25--0.25 Eurozone Sov() 233.10 -0.07 0.17 0.18 0.18 -1.84 Tr 4pc '22 115.74 0.45 28.57 40.63 25.00 32.35 120.65 115.73 37.95
Gilts( ) 325.75 -0.51 0.03 2.73 0.37 -0.71 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 130.15 0.84 15.07 18.31 9.09 15.07 137.09 129.09 35.08
INTEREST RATES: MARKET Global Inflation-Lkd 269.02 0.23 1.90 8.84 3.58 2.40 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 100.48 1.20 9.09 11.11 4.35 25.00 137.34 98.71 13.04
Over Change One Three Six One Markit iBoxx Non-Gilts 340.72 -0.31 0.01 4.40 0.29 2.12 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 136.12 1.51 7.86 7.09 3.42 21.77 146.35 131.34 35.44
Sep 12 (Libor: Sep 11) night Day Week Month month month month year Overall ($) 240.97 -0.03 0.31 4.34 0.31 4.34 Australia 10/19 2.75 101.79 1.88 0.00 0.02 0.05 0.30 Tr 4.25pc '36 140.62 1.68 6.33 5.66 3.07 20.86 152.39 134.98 29.76
US$ Libor 1.17778 0.001 0.001 0.000 1.23611 1.31667 1.44933 1.69900 Overall( ) 327.10 -0.45 0.03 3.21 0.34 0.11 11/28 2.75 100.33 2.72 0.01 0.03 -0.03 0.00 Tr 4.5pc '42 154.63 1.80 6.51 5.88 2.86 20.81 169.72 147.41 26.64
Euro Libor -0.42900 -0.005 0.000 -0.005 -0.40357 -0.37571 -0.30429 -0.21529 Overall() 229.34 -0.05 0.15 0.58 0.20 -1.17 Austria 10/19 0.25 101.79 -0.62 0.00 0.00 0.00 0.00 Tr 3.75pc '52 153.05 1.72 6.17 6.17 2.38 21.13 170.53 143.66 23.59
Libor 0.22375 0.000 0.001 -0.001 0.25106 0.28669 0.40538 0.59963 Treasuries ($) 227.20 -0.01 0.37 3.69 0.37 3.69 04/27 0.50 99.06 0.56 0.03 -0.01 -0.03 0.00 Tr 4pc '60 171.47 1.65 6.45 6.45 2.48 20.44 192.79 160.01 23.21
Swiss Fr Libor 0.001 -0.78500 -0.72600 -0.64940 -0.50560 FTSE Belgium 09/19 3.00 107.32 -0.56 0.00 0.00 0.00 0.00 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per 100 nominal of stock.
Yen Libor 0.005 -0.04271 -0.02707 0.00429 0.10686 Sterling Corporate () 117.61 -0.51 - - -0.65 -2.73 06/27 0.80 100.89 0.71 0.06 0.06 -0.03 0.00
Euro Euribor
Sterling CDs
-0.001
0.000
-0.37300
0.23000
-0.33100
0.27000
-0.27400
0.41500
-0.16800 Euro Corporate () 107.23 -0.17 - - -0.28 -2.92 Canada 11/19 1.25 99.33 1.57 0.00 0.19 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts () 766.22 1.18 - - -1.62 -13.04 06/28 2.00 98.94 2.11 0.03 0.18 0.14 0.00
US$ CDs 0.000 1.22000 1.29000 1.40000 Eurozone Govt Bond 111.94 -0.36 - - -0.40 -4.80 Denmark 11/20 0.25 102.35 -0.48 0.00 0.00 0.00 0.00 Price Indices Day's Total Return Return
Euro CDs 0.000 -0.43500 -0.39500 -0.32500 11/27 0.50 99.85 0.51 0.05 0.03 -0.04 0.00 Fixed Coupon Sep 12 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 95.03 -0.23 2426.57 -0.24 -0.02 0.39
Short 7 Days One Three Six One Index change change change high low Finland 09/19 1.75 100.41 1.54 0.01 0.01 -0.02 0.35
09/27 0.50 99.23 0.53 0.03 0.00 0.00 0.00 2 5 - 10 Years 183.65 -0.70 3498.19 -0.49 -0.09 0.89
Sep 12 term notice month month month year Markit iTraxx 3 10 - 15 Years 216.62 -1.05 4246.54 -0.60 -0.86 1.35
Euro -0.50 -0.35 -0.50 -0.35 -0.51 -0.36 -0.47 -0.32 -0.40 -0.25 -0.39 -0.14 Crossover 5Y 369.26 -12.07 35.21 40.34 390.04 288.69 France 11/20 0.25 102.21 -0.44 0.00 0.00 0.00 0.00
4 5 - 15 Years 191.64 -0.86 3680.49 -0.56 -0.42 1.16
Sterling 0.18 0.28 0.18 0.28 0.22 0.32 0.34 0.49 0.45 0.60 Europe 5Y 85.00 -1.98 7.21 7.01 90.43 67.59 10/22 2.25 112.27 -0.14 0.00 0.00 0.00 0.00
5 Over 15 Years 336.43 -2.02 5127.36 -1.00 -3.93 1.72
Swiss Franc - - - - - - - - - - - - Japan 5Y 70.05 -2.51 2.21 -0.87 93.03 64.22 05/27 1.00 102.83 0.70 0.07 0.05 -0.03 0.00
7 All stocks 180.79 -1.14 3572.84 -0.64 -1.76 1.52
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 111.86 -3.89 10.86 12.50 121.66 80.36 Germany 10/19 0.25 102.08 -0.74 0.00 0.00 0.00 0.00
US Dollar 1.20 1.30 1.17 1.27 1.24 1.34 1.29 1.39 1.45 1.55 1.70 1.80 08/23 2.00 113.14 -0.20 0.00 0.00 0.00 0.00 Day's Month Year's Total Return Return
Markit CDX 08/27 0.50 100.95 0.40 0.06 0.06 -0.03 0.00
Japanese Yen -0.20 0.00 -0.15 0.05 -0.25 0.05 -0.20 0.10 -0.15 0.15 -0.10 0.20 Index Linked Sep 12 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 198.09 -3.26 -11.46 -11.68 218.09 197.56 08/46 2.50 131.34 1.21 0.07 0.09 0.03 0.59
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 1 Up to 5 Years 315.27 -0.06 0.25 0.52 2475.91 0.25 1.97
Nth Amer High Yld 5Y 328.29 0.17 -17.13 -10.17 353.95 327.35 Greece 04/19 4.75 103.06 2.74 0.00 -0.16 -0.47 -6.26
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 2 Over 5 years 711.77 -2.59 0.48 0.13 5304.06 0.48 0.66
Nth Amer Inv Grade 5Y 63.53 0.28 -4.09 -3.35 69.24 62.53 02/28 3.00 85.34 5.76 -0.04 -0.11 -0.23 -2.50
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 482.36 -0.81 0.28 1.10 3737.16 0.28 2.16
Ireland 10/19 5.90 113.47 -0.48 0.00 0.00 0.00 0.00 4 Over 15 years 911.40 -3.17 0.54 -0.20 6643.14 0.54 0.15
05/26 1.00 102.29 0.73 0.07 0.08 -0.03 0.22 5 All stocks 644.10 -2.40 0.46 0.17 4870.67 0.46 0.77
Italy 10/19 0.05 100.27 -0.08 0.00 0.00 0.00 0.00
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 11/21 0.35 99.41 0.49 0.04 0.04 -0.03 0.00 Yield Indices Sep 12 Sep 11 Yr ago Sep 12 Sep 11 Yr ago
06/27 2.20 101.66 2.02 0.05 0.03 -0.03 0.00 5 Yrs 0.50 0.40 0.28 20 Yrs 1.81 1.71 1.50
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
03/47 2.70 90.61 3.22 0.05 0.05 0.03 0.86 10 Yrs 1.19 1.08 0.89 45 Yrs 1.63 1.53 1.38
Crude Oil Sep 48.33 0.28 Corn Dec 356.50 -1.50 Sep 11 Sep 11 Prev return stock Market stocks
Japan 08/19 0.10 100.46 -0.14 0.00 0.00 0.00 0.00 15 Yrs 1.63 1.53 1.32
Brent Crude Oil 54.16 0.38 Wheat Dec 436.50 1.75 Can 4.25%' 21 116.41 0.330 0.334 -0.48 5.18 72032.05 7
06/22 0.10 101.05 -0.12 0.00 0.00 0.00 0.00
RBOB Gasoline Sep 1.65 0.01 Soybeans Nov 959.25 -2.00 Fr 2.25%' 20 111.59 -1.664 -1.634 0.16 20.31 222122.56 15
06/27 0.10 100.93 0.00 0.00 0.00 -0.04 0.00 inflation 0% inflation 5%
Heating Oil Sep 1.61 0.00 Soybeans Meal Oct 300.40 -0.50 Swe 0.25%' 22 114.82 -1.911 -1.925 0.55 28.18 240734.55 8
06/47 0.80 99.52 0.82 0.01 0.01 -0.03 0.00 Real yield Sep 12 Dur yrs Previous Yr ago Sep 12 Dur yrs Previous Yr ago
Natural Gas Sep 2.98 0.04 Cocoa (ICE Liffe)X Dec 1477.00 1.00 UK 2.5%' 20 370.64 -2.812 -2.853 0.10 6.58 658332.27 27
Netherlands 01/20 0.25 102.14 -0.65 0.00 0.00 0.00 0.00 Up to 5 yrs -2.06 1.68 -2.47 -2.11 -3.06 1.68 -3.24 -2.60
Ethanol - - Cocoa (ICE US) Dec 1935.00 -1.00 UK 2.5%' 24 372.33 -2.241 -2.284 0.28 6.82 658332.27 27
07/27 0.75 102.19 0.52 0.06 0.05 -0.03 0.00 Over 5 yrs -1.61 24.27 -1.74 -1.69 -1.65 24.37 -1.76 -1.71
Uranium Sep 18.10 0.00 Coffee(Robusta)X Sep 1991.00 18.00 UK 2%' 35 274.61 -1.785 -1.828 0.56 9.08 658332.27 27
Carbon Emissions - - Coffee (Arabica) Dec 131.00 2.25 New Zealand 04/20 3.00 102.51 2.00 -0.01 0.02 -0.06 0.01 5-15 yrs -1.85 8.20 -2.03 -1.87 -2.01 8.21 -2.14 -1.98
US 0.625%' 21 103.31 -0.262 -0.262 0.29 35.84 1257983.89 38
White SugarX 370.40 -7.90 04/27 4.50 114.17 2.80 -0.02 -0.01 -0.11 0.34 Over 15 yrs -1.59 29.43 -1.72 -1.67 -1.61 29.48 -1.73 -1.68
Diesel - - US 3.625%' 28 133.21 0.378 -0.262 0.47 16.78 1257983.89 38
Sugar 11 14.22 -0.06 Norway 05/19 4.50 106.59 0.56 0.01 0.00 -0.05 -0.06 All stocks -1.61 22.54 -1.75 -1.69 -1.65 22.67 -1.77 -1.72
Unleaded (95R) - - Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
Base Metals ( LME 3 Months) Cotton Oct 73.00 -1.19 02/27 1.75 102.42 1.47 0.02 -0.03 -0.12 0.00 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium 2129.00 7.50 Orange Juice Nov 154.40 2.95 Portugal 06/20 4.80 112.53 0.23 0.03 0.05 0.07 -1.29 2017 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Aluminium Alloy 1785.00 -15.00 Palm Oil - - 04/27 4.13 110.62 2.84 0.05 0.03 0.02 0.00 Gilt Closing Prices information contained herein is proprietary to
Copper 6664.50 -82.50 Live Cattle Oct 107.40 0.00 BONDS: TEN YEAR GOVT SPREADS Spain 01/19 0.25 100.74 -0.29 0.00 0.00 0.00 0.00 Tradeweb; may not be copied or re-distributed; is not warranted to be
Lead 2278.50 0.00 Feeder Cattle Sep 148.70 0.78 10/27 1.45 98.67 1.59 0.03 0.06 0.01 0.00 accurate, complete or timely; and does not constitute investment advice.
Nickel 11725.00 -110.00 Lean Hogs Oct 61.70 0.00 Spread Spread Spread Spread Sweden 07/19 1.50 100.05 1.48 0.01 0.01 -0.03 0.00 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Tin 20700.00 -50.00 Bid vs vs Bid vs vs 11/26 1.00 103.76 0.58 0.06 -0.03 -0.10 0.27
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 07/20 2.25 108.60 -0.75 0.00 0.00 0.00 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Zinc 3072.00 -16.00
Precious Metals (PM London Fix) Sep 11 Month Year 06/27 3.25 133.25 -0.14 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Australia 2.72 2.31 0.55 Italy 2.02 1.62 -0.15
Gold 1326.50 -7.70 S&P GSCI Spt 389.26 1.66 9.74 United Kingdom 07/20 2.00 104.77 0.32 0.06 0.13 0.07 0.07 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Austria 0.56 0.16 -1.61 Japan 0.00 -0.40 -2.16
Silver (US cents) 1775.00 -10.00 DJ UBS Spot 84.90 1.49 1.09 Belgium 0.71 0.30 -1.46 Netherlands 0.52 0.12 -1.65 07/23 0.75 100.30 0.70 0.08 0.12 0.00 0.00 loss arising from the reliance on or use of the listed information. For all queries e-mail
Platinum 994.00 -20.00 R/J CRB TR 184.16 1.39 0.39 Canada 2.11 1.71 -0.06 Norway 1.47 1.07 -0.69 07/27 1.25 100.56 1.19 0.09 0.12 0.06 0.00 ft.reader.enquiries@morningstar.com
Palladium 936.00 -6.00 M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark 0.51 0.11 -1.65 Portugal 2.84 2.44 0.67 07/47 1.50 93.34 1.79 0.09 0.11 0.05 0.00
Bulk Commodities UBS Bberg CMCI TR 14.27 2.64 - Finland 0.53 0.13 -1.64 Spain 1.59 1.19 -0.57 United States 08/19 1.25 99.84 1.33 0.02 0.04 0.00 0.00 Data provided by Morningstar | www.morningstar.co.uk
Iron Ore (Platts) 75.45 1.45 LEBA EUA Carbon 5.04 0.00 -13.55 France 0.70 0.30 -1.47 Switzerland -0.14 -0.54 -2.31 08/22 1.63 99.41 1.75 0.04 0.11 0.00 0.00
Iron Ore (The Steel Index) 74.20 0.60 LEBA CER Carbon 0.20 0.00 -48.72 Germany 0.40 0.00 -1.77 United Kingdom 1.19 0.79 -0.98 08/27 2.25 100.73 2.17 0.04 0.11 -0.11 0.00
GlobalCOAL RB Index 91.25 0.25 LEBA UK Power 1090.00 61.48 -56.69 Greece 5.76 5.36 3.59 United States 2.17 1.77 0.00 08/47 2.75 99.45 2.78 0.04 0.10 -0.07 0.00
Baltic Dry Index 1344.00 -11.00 Ireland 0.73 0.33 -1.44 Data provided by SIX Financial Information
Sources: NYMEX, ECX/ICE, CBOT, X ICE Liffe, ICE Futures, CME, LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information
unless otherwise stated.
Wednesday 13 September 2017 FINANCIAL TIMES 21

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence HBM Hlth SFr 111.50 -0.40 118.20 98.30 - 9.18 3.6 Castings 470.50 3.50 490.00 388.10 2.91 15.79 5.1 Barrick C$ 21.13 0.03 27.19 18.52 0.59 8.43 1133.6 TritaxBBOX 146.20 -1.80 151.40 104.70 5.34 13.71 1948.2 MenziesJ 728.00 7.50 732.00 459.63 2.09 61.69 440.5
Avon Rubber 936.00 -9.50 1141.75 885.00 1.01 14.76 110.9 Indvardn SKr 199.30 1.60 215.60 150.10 2.54 3.42 354.7 Fenner 343.50 -3.50 368.25 183.00 0.87 245.36 209.6 BHP Billiton 1438 18.50 1518.5 960.10 1.68 38.21 12403.6 Wkspace 883.00 -8.00 959.00 615.00 1.92 16.50 116.8 MITIE 270.10 -4.10 313.30 165.00 3.96 -18.50 1117.8
BAE Sys 595.00 -2.50 682.34 516.48 3.58 17.87 6487.7 ICG 867.00 -1.50 940.00 565.50 2.92 11.64 543.1 Goodwin 1594.5 12.50 2350 1510 2.66 14.31 0.7 BisichMg 70.50 -2.00 83.00 62.53 5.67 15.74 8.7 Real Estate Inv & Services PageGroup 494.80 -1.40 514.14 323.70 2.42 19.48 680.4
Chemring 172.50 -1.75 208.00 135.25 0.75 26.54 126.2 Investec 573.50 -8.50 630.50 450.70 3.75 11.75 1571.8 Hill&Sm 1281 -7.00 1480 1002 2.06 22.16 76.0 EVRAZ 315.80 8.80 339.74 126.70 - -37.60 2716.4 Cap&Count 267.90 -3.50 326.10 261.00 0.56 92.38 3227.5 PayPoint 914.00 -9.50 1176.51 835.50 4.73 10.48 45.2
Cobham 135.70 0.10 177.80 102.50 1.30 -3.12 5935.1 Jupiter 539.50 3.00 565.00 388.90 2.72 17.40 1404.1 IMI 1145 7.00 1325 891.50 3.36 23.85 584.0 Fresnillo 1570 -37.00 1864 1052 1.48 26.45 1416.9 CLS 211.80 0.70 222.20 150.90 1.89 5.16 76.3 Renewi 94.50 -0.50 115.75 78.25 3.17 -8.36 457.6
Meggitt 512.00 8.50 520.17 407.40 2.95 13.65 1655.6 Liontrust 496.38 2.00 515.00 299.00 2.62 33.65 15.5 MelroseInd 207.00 -4.80 261.70 155.75 1.05 - 16879.7 GemDmnd 76.25 -0.25 129.50 75.20 - -1.01 49.0 Daejan 5835 -180.00 7005 5400 1.59 5.88 6.6 Rentokil 305.40 -1.40 309.98 204.50 1.10 8.25 5661.4
RollsRoyceX 900.00 -2.00 994.50 635.00 0.51 -24.13 3701.5 LSE Gp 3893 -1.00 4069 2611 1.11 45.91 1802.9 Renold 53.00 0.25 65.00 37.50 - 25.24 38.1 GlencoreX 372.50 3.20 377.00 176.10 0.72 32.26 68994.6 Grainger 258.60 -2.00 271.70 214.30 1.74 13.83 907.2 Ricardo 758.00 4.50 1040 576.50 2.39 16.27 28.3
Senior 275.10 0.10 284.10 161.00 2.39 29.77 712.7 Man 166.70 0.40 170.70 108.30 4.22 -14.53 2989.2 Rotork 243.00 -0.80 269.40 190.90 2.10 27.93 1910.6 Harmony R 26.01 0.11 54.74 20.09 1.93 4.04 1480.9 Harworth Grp 102.50 - 107.00 80.96 0.27 29.29 132.3 RbrtWlts 530.00 6.50 533.50 316.00 1.60 17.43 50.2
UltraElc 1787 -14.00 2245 1668 2.60 21.58 183.1 NB GFRIF 94.40 0.10 100.65 93.30 4.06 25.71 1847.9 Severfd 61.13 -1.50 88.00 52.00 2.78 12.01 267.7 Hochschild 271.60 -4.00 337.60 186.60 0.78 44.10 2283.6 Helical 316.25 -17.25 360.00 247.75 2.62 9.53 54.5 RPS 286.25 -1.25 300.00 162.50 3.40 20.62 130.0
NEX Group 661.00 -1.00 867.30 445.90 5.82 25.82 1024.5 SKF SKr 161.90 0.50 203.20 137.10 3.28 15.93 2584.0 Kenmare 292.50 2.75 366.25 235.00 - -12.91 23.4 HK Land $ 7.29 0.03 7.89 5.97 2.80 4.77 1208.0 SIG 180.30 3.90 184.90 86.60 2.63 -8.97 2321.0
Automobiles & Parts Paragon 413.00 -1.60 490.80 299.00 3.27 10.12 1275.6 Tex 122.50 - 148.80 113.00 6.94 9.21 0.8 Lonmin 81.00 -1.75 230.25 61.50 - -0.51 1829.6 Lon&Assc 21.00 -0.25 23.88 16.71 0.76 -7.58 2.7 St Ives 78.75 -0.50 152.00 37.50 9.90 -3.65 104.5
FordMtr $X 11.63 0.22 13.27 10.47 5.27 11.98 22162.1 Providnt 832.00 7.00 3402.27 426.60 16.18 5.90 1624.4 Trifast 209.00 -2.00 228.94 147.00 1.44 20.10 38.1 Petra 85.10 0.25 173.60 64.17 - 6.55 2815.4 MacauPrp 157.00 -3.00 185.00 115.52 - -34.27 10.0 Vp 822.50 7.50 905.00 660.00 2.37 14.02 3.1
GKN 330.10 -0.20 379.30 295.20 2.65 23.58 5750.0 RathbnBr 2599 17.00 2842 1724.46 2.19 30.90 54.9 Vitec 977.00 -17.00 1041 590.00 2.56 48.61 2.1 Petropvlsk 7.00 -0.17 9.15 5.74 - 8.65 9165.4 Mntview 12050 - 12500 10200 2.49 12.97 0.0 Worldpay Gp 417.70 -1.50 435.38 255.70 0.48 49.73 2842.9
Record 48.75 -2.00 52.43 24.55 3.38 16.81 91.1 Weir 1794 -8.00 2096 1480 2.45 60.20 594.0 PolymtIntl 858.50 -10.00 1367.91 723.00 2.07 11.41 1912.7 RavenRuss 46.00 - 55.00 36.50 - 51.51 68.0
Banks Tech - Hardware
S&U 1978 -6.00 2550 1863.9 4.04 11.70 0.2 RndgldRs 7765 -235.00 8255 5410 0.99 32.12 616.2 RavenR CNV 117.75 -0.50 119.50 106.50 - - 3.0
ANZ A$X 29.90 0.42 32.95 25.75 7.70 15.12 5128.7
Schroder 3325 25.00 3522 2621 2.62 19.05 366.2
Industrial General Rio TintoX 3690.5 12.50 3784.5 2253.5 3.22 17.86 5844.6 Laird 151.00 2.50 335.40 123.50 2.31 -5.19 1156.8
BcoSant 502.50 -2.00 568.99 270.02 3.58 12.44 4196.7 Coats Group 77.30 0.10 81.20 29.00 0.88 19.12 3670.4 RavenR Prf 137.13 - 148.28 131.00 - - 4.9 SpirentCM 100.25 2.25 130.25 75.75 3.12 -17.88 659.8
..N/V 2400 11.00 2525 1955 3.63 13.75 28.0 Sirius Min 25.95 -0.25 42.75 16.75 - -28.83 21082.3 RavenR Wrt 23.50 -1.00 29.85 13.50 - - 7.5
BnkGeorgia 3330 18.00 3781 2724 2.53 9.43 62.4 JardnMt $X 66.39 0.36 67.50 52.90 2.31 6.79 58.1
Strd Life Aber 422.00 1.90 447.34 410.15 4.46 22.69 10894.9 Troy Res A$ 0.13 0.01 0.43 0.07 - -0.60 536.5 Safestre 412.50 -5.30 456.80 324.10 2.82 8.61 850.3 Tech - Software & Services
BankIre Grp 6.89 0.08 8.03 4.95 - 11.02 231.2 Jard Str $X 44.95 0.70 44.95 32.08 0.67 6.61 158.4
TP ICAP 494.90 0.90 501.50 329.60 3.40 31.32 2524.7 VedantaRs 861.50 -1.50 1112.5 476.30 4.47 -131.37 555.3 Savills 878.00 7.00 960.50 647.50 1.65 16.88 496.8 Computcnt 994.50 -3.00 1094 666.45 2.23 19.02 76.5
BkNvaS C$X 77.05 0.42 82.30 68.27 3.80 12.28 499.5 Macfrlne 67.75 -0.50 70.00 51.03 2.88 14.06 45.7
WlkrCrip 46.88 - 49.00 37.00 3.95 46.88 3.1 SchroderRE 61.50 -0.25 66.00 55.75 3.02 13.98 271.9 MicroFoc 2398 4.00 2675 1944 2.71 43.21 4439.8
BarclaysX 191.35 4.70 267.32 155.95 1.57 14.61 57524.2 RPC 942.00 7.00 1106 714.82 1.86 25.60 2403.3 Oil & Gas
CanImp C$X 106.65 0.61 120.83 97.52 4.57 9.93 467.0 Food & Beverages Smith DS 509.50 9.50 510.00 376.40 2.63 23.16 3863.9 BPX 448.90 -0.20 521.20 411.60 7.15 50.39 20484.5 SiriusRE 62.75 0.25 64.00 0.49 3.06 10.03 3250.0 NCC Grp 205.75 5.25 377.30 87.80 2.26 -10.04 586.6
HSBCX 736.20 0.60 772.00 518.17 5.30 95.64 21502.4 AngloEst 828.00 -6.00 888.00 444.00 0.23 11.68 1.2 Smiths 1602 6.00 1685 1333 2.62 14.83 1049.1 CairnEng 177.20 4.20 250.60 164.28 - 5.27 3683.9 Smart(J) 110.50 - 115.00 100.35 2.78 14.13 0.6 RM 158.50 - 196.00 120.00 3.79 11.83 2.5
LlydsBkgX 64.84 1.21 73.58 50.84 3.93 30.88 136120.8 AscBrFdX 3142 39.00 3343 2335 1.17 22.60 1406.0 SmurfKap 2386 55.00 2848.52 1664 2.94 15.85 485.6 Cape 264.75 0.25 267.00 139.00 2.64 -18.13 389.4 StModwen 368.00 0.50 376.92 254.94 1.63 16.21 284.3 Sage 698.00 1.50 807.50 594.99 2.03 30.86 1681.2
RylBkC C$X 91.77 0.71 99.90 79.75 3.31 13.71 815.5 Barr(AG) 620.00 -1.00 663.00 469.40 2.18 20.28 175.6 Vesuvius 573.50 -4.50 633.00 335.90 2.89 24.72 341.8 ExxonMb $X 79.52 0.27 93.22 76.05 4.00 31.23 4001.1 U+I 184.00 -1.00 205.00 148.75 3.21 -76.67 46.8 SDL 467.25 2.75 674.50 412.00 1.33 51.18 188.2
RBSX 249.70 5.90 271.00 168.20 - -5.10 11500.1 Britvic 771.50 4.00 784.50 521.00 3.18 18.07 858.6 GeoPark $ 7.87 0.02 9.69 3.16 - -12.10 85.4 UNITE Gp 674.00 -14.00 737.00 541.57 2.30 7.12 543.1 TriadGp 62.00 - 90.00 40.00 - 5.78 5.3
STB 1752 3.00 2500 1575 4.11 17.21 20.0 CarrsGroup 145.38 -1.13 161.00 106.50 2.61 13.98 87.7
Industrial Transportation GulfKeyst 123.00 3.00 253.80 89.25 - -4.93 503.3 Urban&C 242.00 - 278.02 189.75 1.20 7.88 23.9
BBA Aviat 305.80 -0.70 324.50 228.70 3.19 21.02 1265.3
Telecommunications
StandChX 753.90 4.30 860.00 599.10 - 1631.82 4378.7 Coca-Cola HBC 2657 -8.00 2682 1602 1.29 32.77 574.9 HellenPet 7.71 0.07 8.40 3.60 2.53 6.18 80.3 Retailers
Braemar 300.00 - 379.75 218.00 8.67 -180.72 43.2 BTX 283.25 -0.70 400.70 277.44 5.10 17.59 18164.3
..7.375%Pf 134.38 - 135.00 111.50 5.49 - 24.6 Cranswk 2990 - 3092 2092.35 1.30 24.17 41.5 Hunting 425.00 8.50 650.00 376.50 - -10.60 1316.9 AA 168.40 5.60 309.00 158.46 5.40 13.80 9388.5
Clarkson 2732 -112.00 3033 1910 2.27 23.04 798.6 Inmarsat 651.00 -7.00 865.00 594.50 5.62 24.87 1492.0
..8.25%Pf 146.75 - 148.50 124.22 5.62 - 24.8 Dairy Cr 600.00 5.00 679.00 539.50 3.70 25.64 746.3 ImpOil C$X 37.94 0.42 48.72 35.15 1.53 12.83 249.3 AO World 114.00 -1.00 192.30 109.00 - -73.55 394.8
Eurotunnl 10.30 -0.04 10.75 8.00 2.02 43.49 969.1 KCOM Gp 95.75 -4.25 121.00 87.00 6.20 19.91 333.2
TntoDom C$X 66.74 0.34 71.31 56.93 3.07 14.48 987.1 Devro 237.25 1.50 262.75 139.34 3.71 182.50 98.3 Nostrum 383.10 2.90 535.00 255.00 - -15.97 108.0 AshleyL 8.76 -0.17 23.00 8.00 22.83 4.17 106.5
Fisher J 1548 20.00 1775 1436 1.59 19.67 69.0 TalkTalk 211.50 2.30 221.30 144.96 7.50 35.25 1683.2
VirginMoney 270.20 7.50 353.30 256.20 1.89 8.29 1659.1 DiageoX 2580.5 -6.00 2616 1946 2.34 23.96 4401.2 OphirEgy 73.00 -1.50 103.41 67.00 - -8.20 585.0 Caffyns 480.00 - 569.00 455.00 4.58 10.28 0.4
Flybe Grp 36.50 -0.25 53.24 29.90 - -2.97 388.0 TelePlus 1091 10.00 1342 1014.03 4.31 28.86 122.6
Westpc A$X 31.65 0.32 35.39 28.56 8.55 14.13 5610.3 Grncore 204.10 -1.10 352.90 182.30 2.68 28.85 4489.5 PremOil 58.50 0.75 99.50 42.75 - 69.07 2493.4 Dairy Fm $ 8.04 0.03 9.25 6.91 2.67 22.48 400.4
OceanWil 1090 - 1126.54 920.00 4.74 10.57 1.0 Vodafone GpX 214.55 -1.65 233.90 186.50 5.61 -32.04 50423.0
HiltonFd 755.00 -0.50 807.50 550.00 2.00 22.74 50.6 RylDShlAX 2135.5 -9.00 2295.5 1791 6.78 28.31 4666.6 Debenhams 41.00 -0.75 61.00 39.57 8.35 6.21 1328.6
Basic Resource (Ex Mining) RoyalMail 377.10 -3.00 526.00 370.01 5.97 13.81 3045.0 Tobacco
Kerry 78.88 -0.94 81.56 61.06 0.69 26.69 29.2 ..B 2178 -9.00 2403.68 1869.25 6.65 28.87 4318.2 Dignity 2223 -7.00 2940 2192.8 1.06 18.34 173.4
Ferrexpo 323.20 11.80 326.60 63.00 0.79 7.58 5406.5
Nestle SFrX 81.40 - 86.00 71.45 2.89 26.60 4556.0 Insurance Schlmbrg $X 66.41 0.64 87.84 62.56 3.20 -43.47 2821.8 DixonsCar 168.50 3.90 379.10 155.40 - 7.95 7242.1 BrAmTobX 4798.5 -99.00 5643.6 2879.89 3.25 19.26 4899.8
Mondi 2080 30.00 2134 1495 2.42 18.36 2048.6
PremFds 42.00 1.25 57.00 38.00 - 60.00 314.7 Admiral 1831 -8.00 2184 1680 2.83 22.92 703.7 SEPLAT 101.00 2.50 114.50 63.75 3.17 -4.35 10.2 Dunelm 610.50 15.00 925.00 541.50 4.11 14.26 334.8 Imperial BrX 3322.5 -4.50 4128.5 3112.5 4.67 31.29 3266.5
Chemicals PureCircle 484.25 15.25 485.00 190.00 - 117.34 371.8 AvivaX 511.50 2.00 570.50 411.30 4.20 33.87 7646.0 Soco Int 118.50 1.00 162.00 111.25 3.78 -26.15 65.2 Findel 181.00 -9.00 220.00 160.00 - -97.84 0.3 Travel & Leisure
Bayer X 111.30 1.00 123.90 86.03 2.13 20.82 1786.7 REA 315.00 -10.00 385.00 237.00 - -8.08 0.1 Beazley 471.00 0.80 527.50 351.68 2.18 12.85 2210.0 TrnCan C$X 62.86 0.32 65.24 57.36 3.62 63.90 377.4 Halfords 313.90 5.90 389.50 305.40 5.46 10.98 709.7
StckSpirit 243.50 -1.25 246.75 146.25 2.81 17.71 744.4 888 Hldg 256.25 1.25 301.75 192.00 2.10 107.35 822.2
Carclo 136.13 -4.38 180.25 106.75 1.43 11.84 43.6 Chesnar 391.25 -4.50 409.00 288.75 4.89 14.20 54.0 Pharmaceuticals & Biotech Inchcape 835.00 - 861.00 587.00 2.85 17.40 759.4
Tate&Lyl 662.00 - 850.00 653.50 4.23 12.21 2672.8 AirPrtnr 131.00 - 138.00 83.20 3.81 24.72 8.2
Croda 3860 -7.00 4025 3066 1.87 26.28 329.8 Direct Line 382.90 -2.60 411.30 316.30 3.81 16.50 3680.8 JDSportsF 373.40 30.80 462.00 259.78 0.40 20.32 7383.2
TongtHu R 112.20 -0.30 135.50 109.71 1.47 12.76 163.6 AstraZenecaX 4925 35.00 5520 3996 4.32 20.97 3387.0 Carnival 5140 -40.00 5435 3298 2.18 17.74 508.7
Elemntis 275.60 -2.80 320.68 201.90 2.40 22.66 538.2 Eccles prf 152.00 0.63 152.00 132.50 5.67 - 54.8 Kingfisher 290.90 0.30 390.60 269.60 3.50 10.77 13997.5
Unilever 4441 -85.00 4548.5 3050.5 2.62 24.92 3056.1 BTG 699.50 2.50 738.50 528.36 - 81.34 819.1 Cineworld 649.50 -4.50 744.90 528.00 2.73 21.37 552.8
Johnsn Mtthey 2908 44.00 3568 2677.68 2.49 14.48 564.1 Hansard 80.00 0.25 142.75 71.42 11.13 14.04 13.5 Lookers 111.00 -2.00 136.68 96.00 3.28 5.93 391.9
..NV 50.66 -0.02 51.29 36.27 1.85 25.61 3.6 CathayIn 10.88 -0.13 20.50 10.50 - -12.62 25.0 CompassX 1636 -10.00 1765.92 1350.96 2.02 23.37 2188.0
Syngent SFrX 463.00 -6.70 471.20 360.50 - 41.32 2226.3 Hiscox 1257 -8.00 1378 978.00 1.95 10.84 650.0 Marks&Sp 322.80 1.80 397.80 306.70 5.79 44.83 5842.7
Dechra 2128 - 2149 1225 0.87 143.69 192.2 Dalata Hotel 496.75 0.38 509.00 325.00 - 30.74 55.5
Victrex 2311 -29.00 2356 1473 2.03 23.68 520.4 Health Care Equip & Services JardineL 1182 17.00 1227.9 938.62 2.72 21.89 399.5 Morrison (Wm) 243.70 -3.20 254.41 188.60 2.08 18.82 9242.7
Genus 1979 -5.00 2113 1652 1.08 25.97 82.7 easyJet 1194 -1.00 1444 851.00 4.51 19.10 3339.6
Lancashire 673.00 -1.00 775.00 608.00 1.72 10.93 540.6 GlaxoSmhX MossBros 94.25 -0.88 120.00 86.50 6.01 17.49 27.3
Construction & Materials Bioquell 227.50 - 268.00 125.60 - 42.13 29.7 1496.5 -1.50 1745.56 1446.5 5.35 37.98 8055.1
Next 4400 58.00 5379.09 3565 3.59 10.04 755.3
EI Group 130.00 -2.50 149.75 85.13 - 13.83 806.2
ConstMed 1061 -37.00 1180 960.00 1.85 23.22 9.4 Leg&Gen 258.20 1.10 279.90 204.08 5.56 10.02 9504.8 HikmaPhm 1201 10.00 2346 1101 1.86 22.48 1013.8 FirstGrp 112.90 -0.90 154.50 99.18 - 12.27 1127.4
Alumasc 169.50 -2.00 205.00 136.44 3.83 11.08 46.3 Ocado 308.10 -2.60 340.00 233.00 - 172.12 1169.5
ConvaTec 267.60 -4.20 349.10 213.00 - -22.49 4264.7 Old Mut 200.60 0.50 229.84 182.30 4.45 19.86 8036.4 Oxfd Bio 8.70 -0.01 11.50 2.98 - -24.17 3909.1 Fuller A 1006 -18.00 1125 926.50 1.81 17.18 3.0
Boot(H) 292.75 0.25 310.00 185.00 2.39 13.01 40.9 Photo-Me 175.00 8.00 177.75 136.00 3.64 18.88 5162.5
GNStre kr 215.80 -0.10 217.10 132.70 0.51 30.83 219.8 PermTSB 1.65 - 2.96 1.64 - -2.40 83.2 RichterG $ 26.19 -0.16 26.57 19.63 1.53 19.79 0.0 Go-Ahead 1545 -16.00 2344 1442 6.20 9.99 283.4
ClarkeT 83.50 1.63 93.67 52.00 3.83 11.81 38.0 Saga 195.90 -1.30 226.70 180.30 3.93 13.99 3190.4
Mediclinic 748.50 -2.50 965.50 666.50 1.13 24.15 831.5 PhoenixGrp 750.00 11.50 900.50 691.00 6.06 -21.87 845.0 ShireX 4074.5 -5.50 5377 3603.5 0.57 81.42 2279.2 GreeneKg 548.00 8.50 805.30 527.00 5.91 11.21 2358.6
CRH 2654 -11.00 3342 2297.7 2.13 19.03 6639.5 Sainsbury (J) 239.10 3.00 283.60 224.10 4.89 14.49 10371.0
Smith & Nephew 1394 -2.00 1412 1064.91 1.72 18.50 2474.0 PrudntlX 1805 15.00 1889.5 1290 2.18 24.07 5634.1 VecturGp 100.30 2.95 166.97 88.90 - -77.15 2875.6 IntCon Htels Gp 3781 -12.00 4492 3088.63 1.74 21.79 289.0
GalfrdT 1363 -3.00 1592 1122.06 6.02 9.66 408.1 SuperGroup 1565 5.00 1793.66 1309 1.48 30.15 240.4
UDGHlthC 848.50 1.50 886.50 612.00 1.18 35.52 341.5 RSA Ins 644.00 0.50 672.50 496.84 2.48 57.50 2164.1 Intl Cons Air 598.50 -9.00 773.19 281.73 2.91 7.69 8420.7
KierGp 1152 -22.00 1505 1129 5.60 61.60 311.5 Real Estate TescoX 185.05 -1.10 219.40 160.65 - 228.46 24085.7
SagicFin 93.00 - 110.00 64.00 4.05 5.95 0.1 IrishCtl 5.80 0.02 5.93 4.04 1.95 13.68 5.4
Kingsp 34.05 0.03 34.14 21.14 0.96 24.01 34.2 House, Leisure & Pers Goods StJmsPl 1135 -15.00 1245 896.00 2.61 53.29 1653.8 REITs Jackpotjoy 768.00 5.50 775.00 528.50 - -3.70 150.5
LowBonr 79.25 0.25 90.06 60.00 3.79 14.05 153.6
BarrttDev 596.00 -10.00 630.79 430.40 3.07 10.59 6339.4
Support Services
Marshlls 431.20 -3.10 447.90 257.20 2.02 21.21 203.1 Media Assura 64.55 -1.45 67.30 51.35 3.56 11.13 2849.1 Acal 305.00 - 332.25 203.20 2.68 59.80 16.6 Ladbrokes Coral 119.00 1.10 151.00 110.30 2.52 -6.80 16395.5
Bellway 3110 -54.00 3280 2197 3.47 9.07 721.4 BigYellw 769.50 -12.00 831.00 629.50 3.42 12.19 186.0 MandarO $ 2.11 0.02 2.15 1.22 2.29 44.86 1436.2
MorgSdl 1319 17.00 1500 680.00 2.27 16.20 48.6 4imprint 1934 -3.00 2025 1475 2.11 25.65 4.3 Aggreko 922.50 8.50 1070.36 751.00 2.94 18.88 814.1
Berkeley 3547 -45.00 3765 2286 5.22 7.86 1189.6 BritLand 609.00 - 675.50 566.42 4.76 41.43 4657.8 Marstons 104.80 1.10 151.20 102.05 6.97 7.65 3119.8
Norcros 171.75 -0.25 185.53 137.00 3.96 12.82 0.8 Centaur 55.25 0.50 57.31 35.50 5.43 -11.51 0.4 AshtdGp 1759 75.00 1828.72 1182 1.32 17.59 3681.8
BovisHme 1089 -17.00 1167 740.50 3.79 12.10 881.5 Cap&Reg 56.25 0.75 65.00 50.75 6.03 562.50 189.7 Merlin Ents 456.40 -3.30 537.50 422.50 1.45 22.05 1863.1
StGobn X 48.68 0.82 52.40 37.04 2.41 21.86 2199.8 DlyMailA 617.00 7.00 836.00 605.50 3.57 31.64 1033.4 Babcock 815.00 4.50 1104 797.75 3.22 13.21 1229.8
Burberry Gp 1772 -18.00 1879 1228 2.10 27.30 1544.5 Civitas SH 112.25 0.25 113.50 102.50 - - 248.8 Natl Exp 348.90 -4.20 382.67 332.40 3.52 15.17 731.1
Tyman 336.00 -0.25 369.50 239.50 2.71 28.16 30.8 HaynesPb 185.00 8.50 199.00 113.00 4.05 -16.97 20.1 Bunzl 2286 7.00 2472 1963 1.84 26.64 734.0
Cairn Homes 1.70 -0.07 1.79 0.02 - -725.91 4317.4 Countrywd 129.00 -4.25 249.97 128.75 11.63 16.06 382.3 Paddy Pwr Btfr 7235 10.00 9219.81 6622.6 1.82 -1004.86 93.6
Informa 679.50 -3.50 741.00 480.00 2.84 27.18 1129.4 Capita 629.00 -4.00 1011 431.30 5.14 113.33 1733.9
Electronic & Electrical Equip CtrySide 347.80 -2.20 372.80 219.92 0.98 16.10 635.0 DrwntLdn 2817 -42.00 3021 2341 1.86 29.47 221.6 Comnsis 61.00 - 62.50 33.50 3.97 14.02 532.9 PPHE Htl 1020 2.50 1034 651.50 2.06 16.72 0.3
CrestNic 531.00 -4.50 648.50 392.38 5.20 8.56 1472.0 ITE Grp 177.25 -5.00 187.25 127.28 2.54 -30.56 92.9
Dialight 740.00 8.00 1115 647.50 - 53.24 8.1 Gt Portld 608.00 -12.50 738.95 582.00 1.61 -14.16 1082.1 ConnectGp 103.38 1.38 167.75 96.00 9.19 7.71 86.1 Restaurt 312.00 9.50 410.10 281.36 5.58 -37.82 2230.2
GamesWk 1820 2.00 1840 488.16 2.47 29.84 32.9 ITV 161.10 0.50 221.76 152.40 4.03 14.51 10336.5
Halma 1099 2.00 1182 879.50 1.20 32.09 674.9 Green Reit 1.49 - 1.53 1.19 - 8.81 56.5 DCC 7290 -65.00 7595 5780 1.39 32.39 233.9 Stagech 157.50 -1.60 227.30 156.00 7.43 28.64 1047.2
Gleeson 615.00 -18.50 708.50 467.00 2.36 14.19 7.6 Pearson 587.00 -1.00 838.00 552.00 8.86 -2.05 2150.8
Morgan Ad 298.00 4.20 338.40 255.40 3.69 8.49 460.7 Hammersn 552.00 -7.00 614.50 529.00 4.11 13.77 3720.5 DeLaRue 627.50 -1.50 711.50 547.00 3.98 13.47 77.8 ThomasCook 120.00 -2.40 127.60 65.20 0.42 171.43 3336.0
Headlam 580.50 3.00 654.50 441.75 3.88 15.12 363.8 Quarto 127.50 - 325.00 118.20 9.31 -2.96 2.1
OxfordIn 1100 -38.00 1174 610.00 1.18 114.58 190.4 Hansteen 136.70 -0.60 137.90 104.00 3.91 9.91 3361.5 Diploma 1138 9.00 1187 831.00 1.76 29.25 170.6 TUI 1334 -4.00 1350.11 913.76 4.22 16.57 911.8
McBride 205.00 7.00 207.25 158.31 - 17.83 328.1 RELX NV 18.05 0.09 18.99 13.95 2.01 29.14 2468.9
Renishaw 4990 130.00 4990 2355 0.96 35.31 209.3 HIBERNIA 1.49 0.01 1.50 1.14 0.99 9.14 5146.3 Elctrcmp 644.50 0.50 652.81 294.60 1.82 30.99 1589.7 Whitbrd 3761 -15.00 4333 3365 2.44 16.29 969.0
McCarthy&S 153.70 -1.20 199.60 150.50 2.93 11.82 834.9 RELX PLCX 1679 -8.00 1728 1273 1.94 30.09 3561.7
Spectris 2315 25.00 2869 1811.36 2.25 248.92 299.2 INTU 242.40 -3.30 302.70 241.60 5.65 21.64 2352.2 Essentra 532.50 -3.00 588.50 366.70 3.89 -21.56 350.5 Willim H 245.00 1.90 315.80 239.10 5.10 13.03 3031.1
Persimn 2503 -52.00 2669 1600 4.39 12.71 1971.3 SkyX 937.00 -15.50 1050 747.50 3.58 25.67 12684.9
TT Elect 232.00 -3.25 245.00 128.35 2.41 19.17 112.4 LandSecs 1001 -5.00 1141 933.00 3.74 70.00 2249.8 Experian 1521 - 1708 1380 2.14 22.17 2362.6
Philips 34.58 0.81 34.66 25.22 2.25 28.16 4189.8 STV Grp 375.25 -5.13 440.00 348.00 2.93 11.76 5.5 Utilities
XP Power 2650 29.00 2800 1655 2.60 23.83 1.7 LondonMtrc 170.10 -0.30 175.20 138.30 3.17 16.84 1024.2 Ferguson 4650 94.00 5285 4099 2.15 26.20 671.3
PZCusns 340.90 -1.10 374.60 291.70 2.38 24.37 235.0 ThmReut C$X 55.86 0.55 62.83 52.01 3.04 33.12 170.9 Centrica 193.80 -0.60 236.90 119.71 6.19 19.38 12269.7
WPPX McKaySec 216.50 -3.75 245.00 169.50 4.06 11.62 116.6 G4S 283.60 -1.90 342.60 217.00 3.32 15.41 3421.3
Financial General ReckittBX 7033 -67.00 8110.43 6496 2.18 23.58 1212.7 1385 -10.00 1928.07 1375 4.09 10.21 5871.0
MucklGp 487.00 -14.00 521.00 440.50 4.41 15.45 65.7 Drax 319.10 -1.10 393.20 273.10 0.78 -53.18 958.1
3i 936.00 -7.00 974.50 599.50 2.56 5.91 1727.9 Redrow 580.00 -52.50 666.00 366.50 1.72 9.18 9857.6 Hays 187.30 -0.30 189.10 125.40 1.55 20.97 2980.5 Natl GridX 958.60 -13.30 1220.29 921.20 4.95 18.35 8129.6
Mining PrimyHth 119.50 -0.75 121.50 105.00 4.34 12.58 876.0 Homesve 776.50 -16.00 803.00 504.50 1.67 32.90 314.0
BrewDlph 351.20 -0.70 368.00 170.40 3.70 22.37 314.2 TaylorWm 193.10 -2.70 204.50 135.21 0.89 10.79 17270.0 Redefine 38.41 -0.66 45.00 35.09 8.33 16.70 3238.4 Pennon 806.50 -7.50 947.23 761.00 4.24 20.37 1138.1
AngloAmer 1393.5 0.50 1529.01 782.70 - 14.00 5859.6 HowdenJny 415.60 11.50 479.50 344.98 2.50 14.14 3990.8
CtyLonInv 403.50 5.50 429.00 325.30 5.95 13.36 20.7 TedBaker 2430 - 3150 2286 2.03 23.25 34.2 SEGRO 540.00 -3.00 547.50 402.20 3.04 7.71 2132.7 Severn Trent 2240 -30.00 2575 2047 3.62 16.06 1074.2
AngloPacif 137.50 -2.25 145.00 98.25 4.36 8.81 160.4 Intertek 5015 -75.00 5160 3037.39 1.24 29.62 836.8
CloseBrs 1549 1.00 1715 1222 3.68 11.89 347.9 Shaftbry 1005 -8.00 1036 861.00 1.46 23.16 384.0 SSE 1428 -10.00 1612 1372.49 6.30 9.03 2484.6
Industrial Engineering AnGoldA R 126.82 -3.07 237.15 116.70 1.01 -23.25 1938.5 MngCnslt 6.50 -0.13 25.00 3.00 - -0.81 43.4
DBAG 42.07 0.81 43.83 28.25 2.78 6.80 48.8 Town Ctr 295.00 3.13 325.00 260.00 3.73 54.63 11.3 UtdUtils 904.50 -14.50 1078 849.00 4.27 14.24 1452.9
Bodycote 952.00 -7.00 980.00 553.00 1.66 23.45 341.8 Antofagasta 1008 -18.00 1071.5 473.00 1.40 40.04 4945.1 MearsGp 428.75 -15.00 540.00 416.18 2.73 20.61 278.0
Hargr Lans 1402 2.00 1454 1122 1.72 33.86 611.5

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence MattioliWds 857.50 - 872.00 435.00 1.46 36.80 44.6 WalkerGb 241.00 - 245.00 189.72 1.24 29.83 30.2 Stratex 1.15 - 2.47 1.05 - -2.56 708.2 PnthrSec 332.50 - 363.00 285.00 1.80 -60.45 1.3 Tribal Grp 82.00 6.00 94.50 54.07 - -117.14 1152.0
Cohort 397.50 - 468.00 305.00 1.51 34.36 12.8 Miton 39.50 - 43.78 26.00 1.70 20.57 27.7 SIR 352.00 - 367.00 295.00 1.67 7.43 17.3 Utilityws 70.00 - 202.50 33.50 9.29 -37.23 89.3
Numis 269.00 -5.00 300.00 216.25 2.42 14.62 339.3
Industrial Engineering Oil & Gas SumGermny 1.09 - 1.14 0.92 3.51 10.91 15.0
Banks Park Grp 76.50 -1.75 87.99 59.25 3.59 13.99 99.3 600 Grp 15.00 -0.13 17.00 8.50 - 13.64 2.9 AmeriRes 16.00 -0.25 32.75 14.50 - -8.24 1747.8 TaliesinPr 3990 -35.00 4096 2975 - 7.41 0.9
Tech - Hardware
Caribbean Inv 11.75 - 35.00 7.00 - -2.54 0.7 PolarCap 444.00 0.50 460.00 272.60 5.63 26.12 18.4 MS Intl 211.00 5.00 217.00 145.00 3.79 23.19 12.1 BorSthnPet 2.03 - 5.88 1.46 - -3.38 29.1 AminoTech 210.50 - 222.00 137.00 2.87 19.31 51.4
Share 27.75 - 29.50 23.00 2.67 55.50 3.5 Pres Tech 128.50 - 244.95 106.08 - -6.47 0.5 ClontarfEn 0.43 -0.02 1.08 0.30 - -10.75 1977.1 Retailers IQE 147.00 3.75 160.00 26.00 - 64.47 13155.7
Basic Resource (Ex Mining) Egdon Res 7.88 - 20.33 7.00 - -12.70 127.8 ASOS 5694 -24.00 6497 4069 - 125.97 201.4
ShoreCap 227.50 - 254.74 210.00 - 39.22 10.0 Industrial General Tech - Software & Services
CropperJ 1920 37.50 1970 935.00 0.50 38.40 5.9 PetrelRes 2.63 -0.25 7.59 2.50 - -11.82 355.1
STM Group 59.50 6.00 63.20 31.00 2.35 15.37 591.8 RM2 6.00 - 35.20 5.00 - -0.57 1.8 Support Services Brady 66.50 0.50 83.75 65.00 - -11.31 827.5
Phoenix Global 61.50 -1.50 71.75 13.70 - -20.21 86.9
Chemicals Food & Beverages Alpha FX 520.00 -7.50 582.33 220.00 - 57.97 12.8 Eckoh 50.75 - 55.00 35.00 0.89 90.63 48.5
Insurance Rockhop 23.00 -0.25 30.76 17.75 - 1.29 1952.3
Scapa 437.50 -15.00 522.39 255.00 0.40 39.41 318.6 AndSyks 567.50 - 600.00 320.00 4.19 16.57 1.9 Ingenta 161.50 - 225.03 147.01 - 27.01 0.3
Camellia 10398.5 -1.00 11600 7544.25 1.25 30.88 0.6 Helios 145.00 - 176.00 135.00 1.03 23.31 31.0 Sound Energy 53.50 2.25 102.00 38.44 - -21.23 3124.5
Begbies 63.75 1.75 66.00 44.00 3.45 318.75 102.3 Iomart 323.00 -1.25 345.00 250.00 0.98 29.34 92.0
Construction & Materials FinsbryFd 105.50 -1.00 139.00 102.25 2.65 16.91 146.1 UnJackOil 0.15 0.01 0.22 0.10 - -5.00 6224.2
Nichols 1760 -4.00 1961 1375 1.66 25.65 15.6 Media Christie 101.00 2.50 108.00 72.00 2.48 19.24 20.0 Oxford Metrics 57.75 - 61.00 43.50 1.73 14.12 26.0
Abbey 1315 - 1320 1001.05 0.96 6.48 0.2 Pharmaceuticals & Biotech
RealGdFd 26.00 1.50 44.23 20.23 - -3.05 43.3 Cello Gp 127.50 3.00 140.00 94.60 2.37 -44.58 136.8 Empres 137.00 - 169.95 90.00 0.73 14.73 45.4 RhythmOne 34.00 - 50.00 28.75 - -12.81 1092.7
AccsysTch 81.25 0.25 82.25 51.73 - -19.00 7.0
Wynnstay 507.50 - 685.00 485.00 2.36 54.63 6.1 M&Csaatc 303.75 -5.75 383.75 290.25 2.45 1598.68 29.7 Abcam 1082 26.00 1090 725.50 0.82 54.40 1046.7 Gattaca 304.75 4.75 393.35 240.00 7.55 11.41 8.6 SciSys 97.00 -2.00 117.99 78.91 2.38 12.93 32.8
Aukett 2.25 - 4125 1.65 3.11 -173.08 41.9
MissionMk 42.50 -0.50 49.00 35.42 3.29 8.19 11.7 AllcePharm 52.50 0.25 57.56 41.33 2.17 13.74 1043.5 Hargreaves 340.50 1.25 385.00 185.00 0.68 -10.98 2.1 WANdisco 682.50 15.00 819.50 121.50 - -32.83 115.2
Electronic & Electrical Equip Health Care Equip & Services YouGov 267.50 - 294.00 191.25 0.52 78.68 1204.4 e-Thera 10.75 - 13.25 6.00 - -2.19 204.1 HarvyNah 88.25 6.25 103.75 54.00 4.45 10.14 470.6
Advnc Med 312.25 -8.50 329.50 198.10 0.27 42.31 796.4 HtchChMd 3760 - 4100 1785 - 222.00 3.3 Impellam 595.00 -6.50 812.00 589.12 2.86 6.91 3.8
Travel & Leisure
CeresPow 13.25 0.25 14.25 6.79 - -10.43 696.7
AVO 19.50 1.50 123.00 9.53 - -1.14 854.9 Mining Mereo Bio 307.50 - 359.96 241.00 - -4.88 1.0 JhnsnSrv 141.00 -0.50 145.84 100.13 1.77 22.03 290.0 Celtic 129.50 - 133.00 69.69 - 22.37 1.6
ElektronT 13.63 - 15.25 6.05 - -27.25 210.3
CareTech 408.75 4.75 461.00 260.00 2.26 13.39 15.8 AMC 9.51 0.01 18.00 2.26 - -10.68 1711.6 ReNeuron 1.70 0.01 3.68 1.60 - -4.25 347.4 LonSec 2225 - 2300 1550 3.60 19.80 0.1 ..6%CvPf 124.50 - 142.00 58.00 2.60 - 1.0
LPA 136.50 - 206.00 115.60 1.83 10.65 1.5
Tristel 290.00 2.50 326.01 133.00 1.15 38.67 36.2 BotswanaD 1.68 0.30 2.24 1.13 - -20.94 686.0 Sareum 0.85 -0.03 1.73 0.61 - - 5272.2 NewmkSec 1.15 -0.05 2.38 1.00 8.70 -16.43 100.0 ..Cv Pf 250.00 - 275.00 122.10 - - 1.0
ThorpeFW 337.00 1.63 412.50 230.33 1.20 27.87 21.4
CentAsiaM# 254.50 - 263.00 171.25 6.00 13.61 9.7 Vernalis 15.63 -0.13 45.13 15.01 - -4.34 323.0 NWF 171.00 - 181.00 129.00 3.33 15.13 50.0 Coretx Holdings 33.50 - 37.00 27.00 - -17.82 10.0
Zytronic 622.50 - 635.00 332.11 2.31 20.61 41.6 House, Leisure & Pers Goods Connema 2.65 -0.20 2.97 1.29 - -10.69 774.1 Petards 27.25 -2.00 38.89 14.13 - 14.42 139.6 Dart 502.00 -10.00 667.25 354.50 0.89 9.75 2096.3
Financial General Airea 34.25 - 40.00 29.00 4.38 8.94 3.6 GrekaDrill 1.71 -0.04 4.75 1.41 - -1.09 144.5
Real Estate RedhallGp 9.63 - 12.90 8.00 - -24.37 101.7 gamingrealms 8.38 -1.38 20.00 8.50 - -3.28 61.8
Arbuthnot 1350 - 1770.55 1165 2.30 41.54 5.5 Churchll 1022.5 40.00 1178.5 800.00 1.86 0.21 13.1 HighldGld 154.00 -2.75 195.50 111.25 6.74 18.02 3671.2 InlandHms 52.88 1.00 69.10 51.00 2.46 9.61 599.4 Renew 428.00 2.75 490.00 343.25 1.87 26.02 246.9 GoalsSocc 94.50 -9.50 115.00 91.00 - 23.05 1093.3
BP Marsh 224.00 - 237.95 180.00 1.53 6.69 3.0 Mulberry 1080 5.00 1174.5 975.00 0.46 291.89 2.0 KarelianDd 0.58 - 0.85 0.40 - -8.46 1933.9 Lok'nStor 400.00 - 500.00 355.00 2.25 34.13 6.4 Restore 539.00 13.50 546.36 322.50 0.65 55.00 1543.5 MinoanGp 9.00 -0.38 12.75 5.82 - -7.56 125.1
Gresham House 327.50 -0.50 335.08 295.00 - -10.81 3.5 Portmern 907.50 -2.50 1000.00 740.00 3.40 15.36 1.8 ShantaGold 4.00 -0.13 13.38 2.57 - -5.85 351.8 LXB Retail 29.25 -0.25 70.00 27.14 - - 142.1 SafeCharge 249.00 -11.50 295.50 192.00 4.67 17.76 279.2 PeelHtls 111.50 -2.50 149.00 95.00 1.79 35.97 1.0
Leeds 38.00 - 41.70 32.00 - 8.64 1.0 TelfordHms 389.00 -7.25 439.76 280.00 3.83 10.63 172.8 Palace Cap 382.50 -2.50 397.00 316.50 4.71 10.48 5.2 Servoca 24.00 0.25 56193.2 23.00 1.46 11.71 21.1

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 110.25 - 112.50 101.50 - - - JPM China 274.00 -1.00 279.00 187.00 0.58 316.0 -13.3 Ruffer Inv Pr 233.00 -0.75 241.00 222.44 1.46 229.9 1.3 AEW UK REIT 101.50 - 104.50 93.50 7.88 94.9 7.0
Price +/-Chg High Low Yld NAV or Pm Edin Inv 701.50 -4.50 786.00 652.00 3.53 756.2 -7.2 JPMElct MC 101.00 - 103.00 97.00 0.35 101.9 -0.9 Schroder ToRt 334.00 2.00 338.20 235.75 1.14 336.4 -0.7 CustdnREIT 114.75 -0.25 121.50 103.00 5.60 103.0 11.4 Guide to FT Share Service
3i Infra 193.30 -0.40 203.40 182.50 3.83 171.0 13.0 Edin WWd 647.00 2.00 666.00 460.00 - 684.1 -5.4 ..MG 757.50 0.50 767.94 633.10 1.33 772.6 -2.0 SchdrAsiaP 435.00 -1.25 446.15 322.50 1.09 489.4 -11.1 F&CComPrp 146.00 -1.50 152.30 120.20 4.11 137.9 5.9
AbnAsianIn 217.75 1.75 225.00 182.25 4.13 232.5 -6.3 EP Global 302.00 -2.38 311.00 258.50 1.42 322.6 -6.4 ..MI 111.00 0.25 115.25 98.54 3.51 114.1 -2.7 Schdr Inc 290.38 -0.50 303.00 243.68 3.65 313.0 -7.2 F&CUKRealE 104.75 -0.75 109.00 91.75 4.77 98.9 5.9
AbnAsian 1058 -3.00 1094.9 888.00 0.99 1245.0 -15.0 Euro Ast 1305 - 1348 975.00 5.60 1288.0 1.3 JPM Emrg 838.00 -3.50 861.50 578.00 1.07 965.3 -13.2 SchdrJap 197.00 -2.25 206.08 158.00 1.42 216.6 -9.0 Longbow 102.88 - 106.50 99.50 5.83 101.5 1.4
EuroInvT 926.00 -13.50 944.00 689.79 1.73 1036.8 -10.7 JPM EurGth 312.75 - 314.75 233.00 2.19 346.4 -9.7 SchdrOrient 256.50 -1.38 261.28 218.00 3.35 254.2 0.9 PictonProp 83.50 -0.50 86.02 68.25 3.98 83.0 0.6 For queries about the FT Share Service pages e-mail
Abrdn Div I&G 117.75 -0.25 121.77 93.43 6.94 124.6 -5.5
F&C Cp&I 319.00 -1.63 328.00 272.96 3.24 314.8 1.3 JPM EurInc 167.00 - 171.28 122.53 2.99 180.6 -7.5 SchdrUK 170.50 0.25 177.50 153.50 3.11 192.6 -11.5 SLIPropInc 89.75 -0.25 93.50 80.09 4.13 82.7 8.5 ft.reader.enquiries@morningstar.com.
AbnEmgMkts 613.00 - 623.00 473.50 - 693.1 -11.6
AbnJapInv 567.75 1.00 581.00 478.25 0.74 635.5 -10.7 F&CGblSmlr 1310 -3.50 1349.95 1070 0.90 1305.7 0.3 JPM EuSm 391.00 -1.00 394.00 273.70 0.82 439.8 -11.1 SchdrUKMd 514.25 0.50 536.50 398.00 2.19 619.3 -17.0 UKComPrp 90.00 -0.85 92.50 77.40 4.09 88.3 1.9 All data is as of close of the previous business day. Company classifications
AbnLatAmIn 78.75 -0.25 79.90 60.00 4.44 90.9 -13.4 F&CMgdG 192.50 - 196.00 153.00 - 191.3 0.6 JPM Clavr 686.75 -5.25 702.43 556.31 3.13 744.3 -7.7 ScotAmer 360.50 -2.25 367.50 292.17 3.01 342.5 5.3 Property Securities are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnNewDn 231.38 1.13 235.00 177.00 1.69 260.3 -11.1 F&CMgdI 138.50 - 145.00 117.00 3.86 137.1 1.0 JPMGIConv 98.50 -0.38 100.50 88.48 4.57 101.2 -2.7 Scottish Inv 826.00 -2.50 841.50 685.50 1.63 908.6 -9.1 TR Prop 375.30 -1.20 380.00 274.00 2.48 389.0 -3.5 100 constituent stocks are shown in bold.
AbnNewIndia 465.13 -0.50 477.23 353.50 - 522.1 -10.9 F&C UK HIT A 104.00 - 109.00 93.00 4.54 111.8 -7.0 JPM GEI 128.25 -0.13 133.00 109.50 3.82 132.0 -2.8 ScottMort 433.80 - 437.00 296.04 0.68 422.4 2.7 Closing prices are shown in pence unless otherwise indicated. Highs & lows
AbnNewThai 524.75 0.75 540.00 440.00 1.62 624.3 -15.9 F&C UK HIT B 104.00 - 107.00 94.50 4.54 111.8 -7.0 JPM Gl Gr&Inc 314.00 -1.00 397.43 233.32 1.72 307.1 2.2 ScottOrtll 1048 -12.00 1084.54 858.41 1.10 1173.5 -10.7 VCTs 52 Week Dis(-) are based on intra-day trading over a rolling 52 week period. Price/earnings
AbnSmlInCo 257.00 0.50 260.60 186.00 2.67 320.0 -19.7 F&C UK HIT UNIT 414.50 2.00 427.04 351.50 2.54 447.4 -7.4 JPM I&C Uni 371.50 - 376.00 320.00 - 387.8 -4.2 SecTstScot 166.13 -0.75 174.31 147.25 3.49 179.1 -7.2 Price +/-Chg High Low Yld NAV or Pm ratios (PER) are based on latest annual reports and accounts and are updated
Abf Sml 1285 - 1344 980.00 2.06 1479.6 -13.2 FidAsian 378.25 -4.13 408.25 308.00 1.19 406.8 -7.0 JPM Ind 746.00 2.00 770.00 575.00 - 849.1 -12.1 Seneca I&G 177.50 - 178.50 154.50 3.43 173.6 2.2 AlbionDev 68.50 - 70.00 63.00 6.57 69.0 -0.7 with interim figures. PER is calculated using the companys diluted earnings
Abf Spl Inc 98.00 - 102.25 91.00 - 102.2 -4.1 FidChiSpS 218.60 -0.60 231.29 166.18 0.82 250.6 -12.8 JPM JpSm 368.50 0.63 375.75 283.00 - 421.9 -12.7 Shires Inc 269.00 -5.50 276.48 210.93 4.55 282.3 -4.7 Albion Ent 97.00 - 99.00 83.00 5.15 97.6 -0.6 from continuing operations. Yields are based on closing price and on dividends
AcenciADbt $ 1.63 0.01 1.66 1.38 2.73 1.7 -4.1 Fid Euro 223.00 -1.10 227.00 167.00 1.49 244.3 -8.7 JPM Jap 372.75 -3.63 386.00 307.75 0.98 423.0 -11.9 StdLf Eqt 466.13 4.13 470.00 368.00 3.39 480.5 -3.0 AlbionTech 67.75 - 69.89 61.00 7.38 71.5 -5.2 paid in the last financial year and updated with interim figures. Yields are
Alliance 717.00 -2.00 729.50 557.45 1.80 760.3 -5.7 Fid Jap 126.00 -0.50 130.00 92.25 - 144.9 -13.0 JPM Mid 1078.5 8.50 1084 841.00 1.95 1231.4 -12.4 StdLf Sml 463.75 -0.13 469.60 258.00 1.44 485.8 -4.5 AlbionVCT 71.00 - 71.94 62.00 7.04 72.7 -2.3 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
AllianzTech 1060.5 -1.00 1075 712.00 - 1111.0 -4.5 Fid Spec 239.25 -2.00 251.93 193.00 1.55 252.8 -5.4 JPMRussian 487.00 -2.25 565.00 400.50 2.87 591.8 -17.7 StrategicEq 224.50 -0.75 228.00 179.00 0.35 261.4 -14.1 ArtemisVCT 65.50 1.00 84.89 61.75 6.11 72.2 -9.3 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Art Alpha 294.00 3.00 306.00 224.98 1.38 360.3 -18.4 FinsG&I 745.50 -1.50 758.50 608.44 1.85 739.9 0.8 JPM Smlr 986.00 1.00 986.00 735.00 1.86 1227.7 -19.7 Temp Bar 1283 -9.00 1331.78 1081 3.17 1353.5 -5.2 Baronsmead 2nd VT 89.50 - 90.72 82.00 16.20 93.6 -4.4 capital changes where appropriate.
..Sub 2.00 - 3.50 1.20 - - - FstPacfic HK HK$ 6.30 0.08 6.34 5.19 2.32 - - JPM US Sml 258.25 -1.63 292.50 203.25 - 273.7 -5.6 TempEmerg 757.50 1.50 767.50 551.06 1.09 866.1 -12.5 BSC VCT 73.00 - 108.00 71.50 27.40 76.6 -4.7
Trading volumes are end of day aggregated totals, rounded to the nearest
Aurora Inv 205.00 2.50 208.00 160.00 0.49 198.7 3.2 For & Col 609.00 -2.50 619.15 343.50 1.62 646.2 -5.8 KeystoneInv 1711 -6.00 1838 1575 3.10 1921.8 -11.0 Tetragon $ 12.65 - 13.30 10.60 5.49 20.3 -37.7 ..VCT2 55.00 - 61.00 54.00 6.36 57.5 -4.3
1,000 shares.
Axiom 96.50 - 102.00 91.00 - 98.8 -2.3 Geiger 19.13 - 33.50 15.50 - 21.0 -8.9 Law Deb 593.00 -8.25 618.00 480.10 2.73 643.2 -7.8 TRIG 108.90 0.20 112.30 101.00 7.16 99.4 9.6 Crown Place 28.88 - 29.49 24.75 7.79 30.8 -6.2
Inc&GthVCT 73.00 - 91.50 71.00 13.70 80.3 -9.1 Net asset value per share (NAV) and split analytics are provided only as a
BG Japan 703.75 -0.50 714.00 508.00 - 671.9 4.7 GenEmer 690.00 -2.00 700.50 566.00 - 788.1 -12.4 Lazard WorldTst 373.50 -2.13 381.75 286.93 2.85 394.7 -5.4 TREurGth 1226.5 3.50 1233.7 700.50 0.73 1212.7 1.1
KingsAYVCT 20.75 - 21.25 17.50 4.82 21.7 -4.4 guide. Discounts and premiums are calculated using the latest cum fair net
BG Shin 737.50 -4.00 762.62 511.00 - 703.9 4.8 GRIT 12.13 0.38 13.00 5.50 - 19.8 -38.7 LinTrain 832.50 -2.50 932.50 686.26 0.97 682.1 22.0 TroyInc&G 77.00 -0.75 83.50 72.50 3.21 77.9 -1.2
Nthn 2 VCT 66.50 - 80.00 63.50 8.27 76.2 -12.7 asset value estimate and closing price. Discounts, premiums, gross redemption
Bankers 822.00 -2.75 839.50 657.50 2.12 847.6 -3.0 GoldenPros 34.50 -1.25 51.00 31.00 - 44.0 -21.6 Lowland 1519 9.00 1570 1275 3.03 1600.3 -5.1 UtilicoEmg 224.50 -0.25 229.00 188.04 2.93 253.0 -11.3
Nthn 3 VCT 93.00 - 103.00 90.50 5.91 106.1 -12.3 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
BH Global 1355 17.00 1359 1180 - 1497.0 -9.5 Hansa 952.00 1.00 985.00 798.60 1.68 1341.9 -29.1 Majedie 278.25 1.38 313.50 245.34 3.14 319.8 -13.0 UtilEmSubs 35.50 -0.38 40.31 13.73 - - -
NthnVent 69.00 - 86.50 66.50 8.70 70.8 -2.5 are displayed as a percentage, NAV and terminal asset value per share (TAV)
..USD $ 13.61 0.14 13.70 11.80 - 15.0 -9.3 ..A 937.50 - 945.00 787.38 0.85 1341.9 -30.1 Man&Lon 373.50 0.63 384.44 269.87 0.60 439.2 -15.0 UIL Inv 161.75 0.75 193.55 132.60 4.64 271.1 -40.3
ProVenGI 77.50 -0.50 78.66 72.50 7.74 81.5 -4.9 in pence.
BH Macro 1976.5 18.50 2160 1870 - 2196.0 -10.0 Hend Alt 295.50 - 301.38 241.00 1.29 340.7 -13.3 Marwyn Val 169.75 -0.25 172.75 134.50 - 231.5 -26.7 ValAndInc 277.13 1.25 282.00 236.75 4.98 324.1 -14.5
..EUR 18.57 -0.10 20.85 18.10 - - - Hen Div Inc Tr 93.00 -0.50 94.75 88.50 5.48 91.2 2.0 MercantIT 1990 -3.00 2015.64 1593 2.20 2225.1 -10.6 VEIL 391.50 1.30 395.80 273.75 - 429.5 -8.8 ProVenVCT 100.50 - 101.50 91.50 6.47 105.5 -4.7
X FT Global 500 company
..USD $ 20.18 0.08 20.81 17.90 - 22.0 -8.3 HenEuroF 1390.5 2.50 1429 1004.26 1.90 1380.9 0.7 MrchTst 482.00 -1.25 497.75 406.81 5.00 506.5 -4.8 Witan 1033 -3.00 1335.37 807.80 1.89 1046.7 -1.3 UnicornAIM 142.00 - 147.20 130.00 4.40 164.2 -13.5
trading ex-dividend
BiotechGth 821.00 -10.00 864.80 599.97 - 881.9 -6.9 HenEuro 1182.5 -6.00 1205 880.00 1.69 1222.5 -3.3 Mid Wynd 463.50 -0.25 466.80 395.07 0.97 458.2 1.2 WitanPac 321.50 0.25 326.67 270.00 1.46 368.3 -12.7 Ordinary Income Shares 52 Week HR trading ex-capital distribution
BlckRCom 72.88 0.63 92.75 66.25 7.55 77.7 -6.2 HenFarEs 378.25 1.75 388.50 326.00 5.34 368.8 2.6 Miton Global 247.75 - 261.00 187.10 - 261.5 -5.3 WwideHlth 2550 -28.00 2606 1877 0.65 2543.1 0.3 Price +/-Chg High Low Yld WO GRY 0% # price at time of suspension from trading
BlckREmEur 342.88 -4.88 348.00 217.25 - 373.8 -8.3 HenHigh 193.50 -2.00 201.50 169.58 4.73 190.4 1.6 MitonUKMic 62.25 - 64.50 51.03 0.22 64.8 -3.9
Conventional - Private Equity 52 Week Dis(-) JPM I&C 95.75 - 99.00 77.00 7.52 -68.2 -3.9
BlckRFrnt 154.25 - 156.00 123.00 3.47 147.8 4.4 HenInt Inc 162.50 -1.00 164.50 92.14 2.89 160.4 1.3 Monks 704.00 -0.50 721.00 492.00 0.14 715.1 -1.6 The prices listed are indicative and believed accurate at the time of publication.
Price +/-Chg High Low Yld NAV or Pm JupiterDv&G 3.50 - 5.50 2.51 45.71 - -100.0
BlckRGtEur 328.13 -1.38 331.25 260.00 1.62 347.1 -5.5 Hen Opp 955.50 -5.00 996.81 752.80 1.99 1174.3 -18.6 MontanSm 822.00 6.00 822.00 574.25 0.91 917.9 -10.4 No offer is made by Morningstar or the FT. The FT does not warrant nor
AbnPvtEq 126.38 -0.13 136.00 102.25 3.39 148.3 -14.8 Rghts&Icp 2077.5 17.50 2172.36 1435 1.71 - -
BlckR I&G 199.00 -0.50 206.00 180.50 3.17 204.8 -2.8 HenSmlr 788.50 0.25 809.91 580.50 2.03 922.8 -14.6 Mur Inc 780.00 -3.00 825.00 688.80 4.13 853.7 -8.6 guarantee that the information is reliable or complete. The FT does not accept
Herald 1131 -8.00 1145 775.00 - 1307.1 -13.5 Mur Int 1278 -9.00 1305 1081 3.76 1251.0 2.2 Altamir 15.85 0.15 17.50 10.90 3.35 21.4 -25.9 Zero Dividend Preference Shares 52 Week HR
BlckRckLat 490.00 -1.00 491.00 355.07 2.05 558.5 -12.3 responsibility and will not be liable for any loss arising from the reliance on
HICL Infra 163.40 -0.20 179.90 158.80 4.65 147.6 10.7 NewCtyEgy 16.50 - 17.25 9.00 - - - Electra 1613 7.00 5154.9 1580 9.55 2009.0 -19.7 Price +/-Chg High Low SP WO TAV 0%
BlckRckNrAm 155.63 -0.13 177.00 138.00 3.08 166.9 -6.8 or use of the information.
Highbridge Multi 212.63 0.38 215.04 189.95 - 216.6 -1.8 NewCityHY 62.00 - 64.51 57.16 7.05 59.0 5.1 F&C PvtEq 333.63 2.00 366.00 267.93 3.78 360.2 -7.4
BlckRSmlr 1261 -7.00 1274 835.00 1.47 1437.4 -12.3 Abf Spl Inc 105.25 - 106.50 101.00 - - -
Impax Env. 241.00 - 246.55 199.00 0.81 270.7 -11.0 New Star IT 105.00 2.00 113.90 85.50 0.29 150.0 -30.0 HVPE 1230 -10.00 1310 947.00 - 1470.1 -16.3
BlckRThrmt 440.00 -2.50 450.00 305.47 1.56 530.4 -17.0 JPM I&C 189.00 0.50 190.00 181.50 -71.6 - 192.1 The FT Share Service is a paid-for-print listing service and may not be fully
Ind IT 620.25 2.75 811.00 345.00 1.29 580.2 6.9 NorthAmer 1184 0.50 1299 1033.3 2.91 1310.2 -9.6 HgCapital 1730 - 1739 1337.6 2.66 1814.4 -4.7
BlckRWld 383.00 -5.13 405.00 271.00 4.70 434.5 -11.9 JupiterDv&G 144.00 -0.50 145.75 122.20 999.9 - 141.5 representative of all LSE-listed companies. This service is available to all listed
IntBiotech 624.50 0.25 640.00 487.50 1.84 651.2 -4.1 NthAtSml 2592 -9.00 2790 2295 - 3228.3 -19.7 ICG Ent Tr 748.00 -7.50 768.00 584.22 2.14 887.5 -15.7
Brit Emp 697.50 -1.50 712.00 557.41 1.68 775.8 -10.1 JZ Capital 419.00 - 424.00 408.00 -33.8 -51.7 483.7 companies, subject to the Editors discretion. For new sales enquiries please
Intl PP 163.70 -0.50 164.90 149.50 4.00 145.6 12.4 Oryx Int 700.00 2.50 732.00 610.00 - 856.8 -18.3 JZ Capital 509.00 -1.00 578.00 455.15 - 754.0 -32.5
Brunner 720.00 -3.00 742.00 565.00 2.19 826.2 -12.9 UILFn18 156.75 - 157.50 150.00 -79.8 - 160.5 email daniel.fish@ft.com or call +44 (0)20 7873 4571.
Inv AsiaTr 280.88 -0.63 293.00 221.50 1.30 318.7 -11.9 PacAsset 253.13 -0.88 264.50 223.80 0.87 255.0 -0.7 Mithras 219.50 - 229.00 162.34 0.46 232.6 -5.6
Caledonia Inv 2682 -10.00 3021.37 2311 0.56 3262.5 -17.8 UILFn20 141.00 - 141.85 131.59 -33.1 -43.7 154.9
Inv IncGro 296.25 -0.38 309.50 261.50 3.53 329.8 -10.2 PacHorzn 293.75 -0.38 298.20 200.93 0.12 321.1 -8.5 NB PE Ptnr 1000.00 -10.00 1098 10.76 - 1192.9 -16.2
CanGen C$ 20.75 0.13 23.03 17.50 3.00 29.4 -29.4 UIL Finance 2022 ZDPs 120.00 - 123.00 100.00 -15.4 -21.2 147.0
Cap Gear 3976 11.00 3999 3595 0.50 3879.5 2.5 IP EnInc 80.50 - 83.75 75.50 4.66 77.6 3.7 PerpInc&Gr 378.00 -1.00 411.58 350.00 3.47 410.5 -7.9 Nthn Invs 237.50 - 695.00 126.67 10.11 222.9 6.6 Data provided by Morningstar
City Merch 199.50 0.75 200.76 185.00 5.01 195.8 1.9 IPST BalR 133.50 - 133.88 125.21 - 136.4 -2.1 PerAsset 40660 -270.00 41681.6 38010 1.38 40331. 0.8 Pantheon
PantheonR
1767 -16.00
1680 -
1844 1461.1
1719.2 1242.5
-
-
2170.6
2170.6
-18.6
-22.6
Investment Companies - AIM
CityNatRs 118.25 - 149.00 105.77 4.74 143.6 -17.7 IPST Gbl Eq 199.50 - 202.50 171.41 3.01 202.1 -1.3 2
IPST Mngd 102.00 0.75 101.13 100.50 1.37 103.1 -1.1 PolarFins 132.75 2.75 138.80 100.25 2.67 141.3 -6.1 PrincssPE 10.07 0.06 10.74 7.94 5.33 10.8 -6.8 52 Week Dis(-)
City Lon 425.10 -2.00 497.69 381.70 3.78 418.0 1.7
IPST UK Eq 180.00 -0.50 194.50 162.38 3.64 183.2 -1.7 ..Sub# 13.50 -0.75 16.40 2.30 11.85 - - Riverstone 1242 1.00 1385 1037 - 1494.6 -16.9 Price +/-Chg High Low Yld NAV or Pm
DiverseInc 103.00 -0.50 104.50 84.25 2.72 102.8 0.2
IP UKSmall 486.00 2.00 501.38 383.00 2.96 522.2 -6.9 PolarHealth 210.25 -0.50 219.25 119.62 1.97 209.5 0.4 StdLfPv 334.75 0.38 342.00 243.83 1.61 377.0 -11.2 AbnFrntrMkts 66.00 - 72.57 57.00 1.5 68.5 -3.6
Dun Inc 258.13 -0.63 273.28 225.57 4.42 287.6 -10.2
Dun Sml 244.00 -1.00 249.00 187.77 2.52 306.4 -20.4 JLaingInf 137.90 -0.20 140.70 125.20 5.00 123.2 11.9 PolarTech 1031 -2.00 1062 723.50 - 1045.3 -1.4 Conventional - Property ICs 52 Week Dis(-) CrysAmber 187.50 - 248.70 175.00 4.0 192.1 -2.4
IndiaCap 100.38 - 102.00 68.75 - 116.9 -14.1
EcofinGlobal 133.13 - 137.93 106.00 - 149.6 -11.0 JPM Amer
JPM Asn
381.50
354.25
-0.85 394.70 282.25 1.25 402.7
-0.50 364.00 261.30 0.85 383.3
-5.3
-7.6
QatarInvF $
RIT Cap
0.92
1932
-0.01 1.20 0.86
-5.00 1985.97 1701.85
4.67
1.60
1.1
1800.9
-16.4
7.3
Price +/-Chg High Low Yld NAV or Pm
Infra India 4.25 - 12.00 3.75 - 49.2 -91.4 www.morningstar.co.uk
EdinDragn 358.00 -0.75 364.44 281.00 0.89 406.9 -12.0 Direct Property
JPM Brazil 71.25 - 71.50 51.51 0.70 84.2 -15.4 RolincoNV 28.32 - - - - - -
22 FINANCIAL TIMES Wednesday 13 September 2017

MANAGED FUNDS SERVICE

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

Baring European Growth Trust GBP Inc 1445.00 - -4.00 0.78 Asian Dividend Fund W-INC-GBP 1.46 - -0.01 2.72 Latin America Acc F 161.46 - 0.98 0.73 Invesco Global High Income A NAV $ 12.52 - 0.00 6.29 M&G Global Dividend Fund A Inc 202.06 - 0.50 2.86
Baring German Growth Trust GBP Acc 902.80 - -3.50 0.64 China Consumer Fund W-ACC-GBP 2.62 - 0.01 0.60 Latin America Inc F 132.03 - 0.80 0.73 Invesco Gbl R/Est Secs A GBP F F 9.47 - -0.03 0.87 M&G Glbl Emrgng Mkts A Acc 280.78 - -1.48 0.75
Abbey Life Assurance Company Limited (UK) Cheyne Capital Management (UK) LLP GAM
100 Holdenhurst Road, Bournemouth BH8 8AL 0345 9600 900 Baring German Growth Trust GBP Inc 817.30 - -3.20 0.61 Other International Funds Emerging Asia Fund W-ACC-GBP 1.41 - 0.00 0.49 funds@gam.com, www.jbfundnet.com Managed Growth Acc F 216.13 - 0.15 0.63 Invesco Global Health Care A $ 132.62 - 0.44 0.00 M&G Glbl Emrgng Mkts A Inc 264.53 - -1.39 1.50
additional fund prices can be found @ www.abbeylife.co.uk Baring Global Growth Trust GBP Inc 519.40 - 0.40 0.00 Cheyne European Event Driven Fund (M) 146.26 - 0.19 - Emerging Eur Mid East and Africa W 2.18 - -0.02 1.59 Regulated Managed Growth Inc F 177.74 - 0.12 0.63 Invesco Global Select Equity A $ 15.35 - 0.12 0.46 M&G Global High Yield Bond A Inc 51.43 - 0.02 4.92
Insurances Baring Japan Growth Trust GBP Acc 197.00 - -1.50 0.17 Enhanced Income Fund W-ACC-GBP 1.45 - -0.01 6.36 LAPIS TOP 25 DIV.YLD-D 109.74 - 0.95 - Managed Income Acc F 196.84 - -0.20 2.46 Invesco Jap Eqty Core A $ 20.72 - 0.00 0.12 M&G Global High Yield Bond A Acc 130.98 - 0.06 3.51
Cheyne Real Estate Credit Holdings Fund (M) 177.77 - 2.43 0.00
Life Funds
Baring Korea Trust GBP Acc 331.20 - 0.90 0.00 Cheyne Real Estate Credit Holdings Fund III (M) 120.59 - 0.77 0.00 Enhanced Income Fund W-INC-GBP 1.04 - -0.01 6.85 Managed Income Inc F 115.06 - -0.12 2.51 Invesco Japanese Equity A $ 23.78 - -0.07 0.00 M&G Global Macro Bond Fund A Acc 130.53xd - -1.21 0.70
Prop. Acc. Ser 2 1539.60 1620.60 0.00 -
Baring UK Growth Trust GBP Inc 294.10 - -1.20 1.01 Cheyne Real Estate Debt Fund Class A1 (M) 147.82 - 0.34 0.00 European Fund W-ACC-GBP 15.39 - -0.11 1.73 GYS Investment Management Ltd (GSY) Money Acc F 90.38 - -0.01 0.06 Invesco Korean Equity A $ 26.55 - 0.05 0.00 M&G Global Macro Bond Fund A Inc 87.51xd - -0.82 2.09
Selective Acc. Ser 2 1837.80 1934.60 -3.50 -
Baring Strategic Bond Fund GBP Inc 117.90 - -0.20 0.51 Cheyne Total Return Credit Fund - December 2017 Class (M) $ 231.92 - 0.82 0.00 European Fund W-INC-GBP 17.16 - -0.11 1.77 Regulated Monthly Income Plus Acc F 331.53 - -0.27 4.48 Invesco PRC Equity A $ 71.87 - 0.51 0.04 M&G Managed Growth A Inc 107.67 - 0.37 1.38
American Ser. 4 2265.70 2384.90 6.80 -
Baring Dynamic Capital Growth Fund GBP Acc 742.80 - 0.90 2.17 Cheyne Total Return Credit Fund 2020 (M) $ 139.96 - 1.62 0.00 European Opportunities W-ACC-GBP 4.77 - -0.01 0.86 Taurus Emerging Fund Ltd $ 213.20 217.55 5.09 0.00 Monthly Income Plus Inc F 112.20 - -0.09 4.59 Invesco Pacific Equity A $ 63.14 - 0.19 0.21 M&G Optimal Income A Inc 151.33 - 0.04 2.78
Custodian Ser. 4 554.50 583.70 -1.00 -
Baring Dynamic Capital Growth Fund GBP Inc 284.00 - 0.30 2.21 price updated (D) daily, (W) weekly, (M) monthly Extra Income Fund Y-ACC-GBP 1.26 - -0.01 3.64 Pacific Acc F 1496.65 - -2.21 0.50 Invesco Global Technology A $ 20.74 - 0.21 0.00 M&G Optimal Income A Acc 208.03 - 0.06 1.38
Equity Ser. 4 667.20 702.30 -0.90 -
UK Authorised Open-Ended Investment Company Extra Income Fund Y-GACC-GBP 1.29 - 0.00 3.76 Pacific Inc F 1361.34 - -2.01 0.50 Invesco UK Eqty A 9.21 - -0.01 1.68 M&G Recovery GBP A Inc 137.88 - -0.42 1.97
European Ser 4 765.00 805.20 -3.00 -
Generali Worldwide
Baring Multi Asset Fund GBP Acc 176.10 - 0.40 0.99 Extra Income Fund Y-GINC-GBP 1.29 - -0.01 3.75 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 Tactical Bond Acc F 72.38 - -0.02 1.81 M&G Recovery GBP A Acc 319.30 - -0.99 0.38
Fixed Int. Ser. 4 958.90 1009.40 -4.10 -
Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Baring Multi Asset Fund GBP Inc 165.10 - 0.40 1.01 Stuart House, St John's Street, Peterborough, PE1 5DD Extra Income Fund Y-INC-GBP 1.29 - -0.01 3.75 International Insurances Tactical Bond Inc F 61.33 - -0.01 1.83 M&G Strategic Corp Bond A Inc 76.84xd - -0.15 3.49
Intl Ser. 4 577.50 607.90 0.00 - Common Investment Fund
Janus Henderson Investors (UK)
Dealing & Client Services 0345 850 8818 Fidelity Short Dated Corporate Bond Fund Y - Gross Inc 9.99 - -0.01 - Global Multi-Strategy Managed $ 5.47 5.89 0.02 0.00 UK Companies Acc F 450.45 - 0.59 1.99 M&G Strategic Corp Bond A Acc 116.83xd - -0.23 2.31
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
Japan Ser 4 477.60 502.80 -4.10 - Baring Targeted Return Fund GBP Acc 166.00 166.70 0.10 2.98 Authorised Inv Funds UK Multi-Strategy Managed 5.67 6.11 0.00 0.00
Fidelity Short Dated Corporate Bond Fund Y - Gross Acc 10.32 - -0.01 - UK Focus Acc F 246.02 - 0.43 1.78 www.janushenderson.com M&G UK Income Distribution A Acc 7025.61xd - -23.53 3.14
Man. Ser. 4 2000.20 2105.40 -3.50 - Baring Targeted Return Fund GBP Inc 121.50 121.90 0.10 3.04 Consistent UT Inc 54.29xd 57.66 -0.31 4.19 EU Multi-Strategy Managed 3.21 3.46 0.02 0.00 Authorised Inv Funds
Global Dividend Fund W-ACC-GBP 1.99 - -0.01 2.76 UK Focus Inc F 197.23 - 0.34 1.81 M&G UK Income Distribution A Inc 784.76xd - -2.63 4.42
Money Ser. 4 525.20 552.90 0.00 - Consistent UT Acc 137.80xd 146.50 -0.80 4.19 Global Bond USD $ 3.74 4.04 0.01 0.00 Asia Pacific Capital Growth A Acc 1090.00 - 0.00 0.11
Global Dividend Fund W-INC-GBP 1.73 - 0.00 2.89 UK Growth Acc F 653.50 - -0.16 1.95 M&G UK Inflation Lnkd Corp Bnd A Acc 118.37 - 0.06 0.00
Prop. Ser. 4 1100.10 1158.00 0.10 - Practical Investment Inc 242.50 258.70 0.10 2.89 Asian Dividend Income Inc 108.69 114.19 -0.12 6.30
BlackRock (JER) Global Enhanced Income W-ACC-GBP 1.64 - -0.01 3.53 UK Growth Inc F 397.65 - -0.09 1.99 M&G UK Inflation Lnkd Corp Bnd A Inc 115.43 - 0.07 0.54
Custodian Ser 5 530.10 558.00 -1.00 - Regulated Practical Investment Acc 1240.00 1323.00 1.00 2.89 Cautious Managed A Acc 263.20 - -0.40 3.06
Global Enhanced Income W-INC-GBP 1.36 - 0.00 3.98 Genesis Asset Managers LLP UK Smaller Cos Equity Acc F 1195.18 - 0.90 0.28
International Ser 5 552.00 581.10 -0.10 - BlackRock UK Property 42.50 - 0.10 2.50 Cautious Managed A Inc 154.00 - -0.30 3.12
Global Focus Fund W-ACC-GBP 20.26 - -0.05 0.45 Other International Funds UK Smaller Cos Equity Inc F 908.35 - 0.69 0.28
Managed Ser 5 1912.10 2012.70 -3.40 - BLK Intl Gold & General $ 6.36 6.70 -0.15 0.00 China Opportunities A Acc 1360.00 - 4.00 0.00 M & G Securities Ltd (UK)
DAVIS Funds SICAV (LUX) Global High Yield Fund Y-ACC-GBP 14.07 - 0.00 5.45 Emerging Mkts NAV 7.93 - 0.04 0.00 UK Strategic Income Acc F 197.38 - -0.35 3.06 Property & Other UK Unit Trusts
Money Ser 5 514.20 541.30 0.00 - Regulated Emerging Markets Opportunities A Acc 210.10 - -0.60 0.56
Global High Yield Fund Y-GACC-GBP 14.57 - 0.00 4.83 UK Strategic Income Inc F 138.66 - -0.25 3.13 Charibond 128.83 - -0.43 3.58
Property Ser 5 1051.70 1107.00 0.10 - Davis Value A $ 47.58 - 0.50 0.00 European Growth A Acc 241.00 - -1.00 0.88
BLI - Banque de Luxembourg Investments S.A. Global High Yield Fund Y-GINC-GBP 10.85 - 0.00 4.54 HPB Assurance Ltd US Equity Acc F 735.65 - 3.95 0.00 (Accum Units) 4062.45 - -13.59 3.58
Pension Funds Davis Global A $ 37.24 - 0.58 0.00 European Selected Opportunities A Acc 1688.00 - -4.00 0.55
FCA Recognised Global High Yield Fund Y-INC-GBP 10.86 - 0.00 4.53 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Invesco Perpetual Funds (No Trail) NAACIF 86.48 - -0.11 3.93
American 2744.90 2889.30 10.40 - Fixed Interest Monthly Income A Inc 22.52 23.49 -0.14 5.08
BL-Equities Europe B 6858.12 - 55.49 0.00 Global Property Fund W-ACC-GBP 1.71 - 0.00 1.68 International Insurances Asian (No Trail) Acc F 318.95 - -0.34 0.78 (Accum Units) 8346.01 - -10.79 3.84
Equity 5985.10 6300.10 -10.00 - Global Care Growth A Inc 273.00 - 0.80 0.16
BL-Equities America B $ 6696.40 - 57.71 0.00 Holiday Property Bond Ser 1 0.55 - 0.01 0.00 Asian (No Trail) Inc F 283.97 - -0.30 0.79
Global Property W Inc 1.46 - 0.00 2.46 M&G Property Portfolio A Acc 129.83 129.83 0.00 2.70
European 1614.10 1699.00 -7.60 - Global Equity Income A Inc 61.29 - -0.03 3.18
BL-Equities Japan B 18438.00 - 166.00 0.00 Holiday Property Bond Ser 2 0.66 - 0.01 0.00 Asian Equity Income (No Trail) Acc F 172.96 - -0.85 3.12
Global Special Sits W-ACC-GBP 35.11 - -0.09 0.65 M&G Property Portfolio A Inc 114.07 114.07 0.00 2.74
Fixed Int. 1795.60 1890.10 -9.60 - Global Growth Fund 2946.95 3073.89 13.04 0.00
BL-Emerging Markets B 162.96 - 0.92 0.00 Index Emerging Markets P-Acc 1.54 - 0.00 1.62 Asian Equity Income (No Trail) Inc 136.30 - -0.67 3.20
International 1278.00 1345.20 -0.40 - Global Technology A Acc 1546.00 - 15.00 0.00
BL-Global Equities B 800.21 - 6.44 0.00 Index Emerging Markets P-Inc-GBP 1.30 - 0.00 1.74 Balanced Risk 6 No Trail Acc 117.58 - -0.03 0.00
Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Japan 523.50 551.10 -5.20 -
BL-Global 30 B 1392.24 - 0.29 0.00 Balanced Risk 8 No Trail Acc 124.14 - -0.07 0.00 Multi-Manager Absolute Return A Acc 142.50 - -0.20 0.07 M & G (Guernsey) Ltd (GSY)
Index Europe ex UK Fund P-Inc-GBP 1.37 - 0.00 2.43 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT
Managed 5359.50 5641.50 -11.60 - Regulated
BL-Global 50 B 1708.67 - 3.52 0.00 Enquiries 0117 90090000 Balanced Risk 10 No Trail Acc 131.30 - -0.08 0.00 Multi-Manager Active A Acc 220.30 - 0.10 0.38
Index Europe ex UK P-Acc 1.44 - -0.01 1.97 The M&G Offshore Fund Range
Property 2852.40 3002.50 0.30 - Dodge & Cox Worldwide Funds (IRL) www.hl.co.uk
BL-Global 75 B 2364.87 - 9.66 0.00 Corporate Bond (No Trail) Acc F 180.04 - -0.29 3.41 Multi-Manager Distribution A Inc 136.30 - 0.10 3.08
6 Duke Street,St.James,London SW1Y 6BN Index Japan Fund P-Inc-GBP 1.46 - 0.00 1.81 Corporate Bond A 1388.04 - -3.99 3.98
Security 1481.20 1559.10 0.00 - Authorised Inv Funds
BL-Global Flexible EUR B 159.94 - 0.10 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 Corporate Bond (No Trail) Inc F 121.67 - -0.20 3.49 Multi-Manager Diversified A Acc 85.49 - -0.04 3.26
Index Japan P-Acc 1.52 - 0.00 1.62 Hargreaves Lansdown Funds Global Basics X 3217.48 - -4.24 0.17
Selective 2350.00 2473.70 -8.50 - FCA Recognised Multi-Manager Global Select Acc 235.00 - 0.00 0.31
Index Pacific ex Japan P-Acc 1.52 - 0.00 2.77 Unit Trust Distribution (No Trail) Acc F 186.94 - -0.37 4.36 Global Dividend A 156.96 - 0.39 2.66
Formerly Hill Samuel Life Assurance Ltd Dodge & Cox Worldwide Funds plc - Global Bond Fund
HL Multi-Manager Special Situations Trust A Acc 360.81 379.80 0.29 0.55 Distribution (No Trail) Inc F 114.30 - -0.22 4.46 Multi-Manager Income & Growth A Acc 175.00 - 0.20 2.05
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603 Index Pacific ex Japan P-INC-GBP 1.21 - 0.00 3.18 Global Leaders A 4390.30 - 3.95 1.03
EUR Accumulating Class 12.45 - 0.07 0.00
HL Multi-Manager Special Situations Trust M Acc 360.81 379.79 0.30 0.55 Emerging European (No Trail) Acc F 118.11 - -1.06 2.29 Multi-Manager Income & Growth A Inc 154.90 - 0.10 2.08
Managed Ser A (Life) 1897.50 2007.90 2.70 - Index UK Fund P-INC-GBP 1.15 - -0.01 2.63 Global High Yield Bond X 1011.06 - 0.40 5.26
EUR Accumulating Class (H) 10.35 - -0.01 0.00
HL Multi-Manager Income & Growth Trust A Acc 194.19 204.36 1.53 3.96 Emerging European (No Trail) Inc F 99.58 - -0.89 2.35 Multi-Manager Managed A Acc 275.00 - 0.00 0.51
Managed Ser A (Pensions) 1294.10 1362.20 2.20 - Index UK P-Acc 1.28 - 0.00 2.54 Global Macro Bond A 13082.12 - -122.40 2.52
EUR Distributing Class 11.13 - 0.06 4.03
HL Multi-Manager Income & Growth Trust M Acc 194.19 204.34 1.53 3.96 European Equity (No Trail) Acc F 213.16 - 0.04 1.70 Multi-Manager Managed A Inc 268.00 - 0.00 0.52
Formerly Target Life Assurance Ltd Index US Fund P-Inc-GBP 1.63 - 0.00 1.63 North American Dividend A 227.39 - 1.68 1.77
EUR Distributing Class (H) 9.25 - -0.01 3.74
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603 HL Multi-Manager Income & Growth Trust A Inc 108.61 114.31 0.86 4.06 European Equity (No Trail) Inc F 173.06 - 0.03 1.74 Sterling Bond Acc 222.70 232.31 -0.70 2.07
Index US P-Acc 1.81 - 0.00 1.53 Optimal Income A 149.93 - 0.04 3.96
GBP Distributing Class 12.30 - 0.02 3.80
Managed (Life) 1916.80 2017.70 3.20 - HL Multi-Manager Income & Growth Trust M Inc 108.60 114.30 0.86 4.06 European Equity Income (No Trail) Acc F 208.25 - -0.72 2.91 Sterling Bond Inc 66.54 69.41 -0.21 2.10
Index World Fund P-Inc-GBP 1.47 - 0.00 1.88 Recovery A 11923.57 - -36.11 2.17
CCLA Investment Management Ltd (UK) GBP Distributing Class (H) 9.46 - -0.01 3.75
Managed Growth (Life) 632.40 665.70 2.00 - HL Multi-Manager Balanced Managed Trust A Acc 231.51 243.52 0.27 1.08 European Equity Income (No Trail) Inc F 150.44 - -0.52 2.99 Strategic Bond A Inc 127.60 - -0.20 4.32
Senator House 85 Queen Victoria Street London EC4V 4ET Index World P-Acc 1.63 - 0.00 1.71 Strategic Corproate Bond A 139.50 - -0.27 3.97
USD Accumulating Class $ 10.73 - -0.01 0.00
Managed (Pensions) 7766.40 8175.20 12.90 - HL Multi-Manager Balanced Managed Trust M Acc 231.53 243.54 0.27 1.08 European ex UK Enhanced Index (No Trail) Acc F 128.08 - -0.48 1.01 UK & Irish Smaller Companies A Acc 640.90 - -1.60 0.00
Authorised Inv Funds Japan Fund W-ACC-GBP 3.52 - -0.02 0.54 UK Inf Lkd Corp Bd A Inc 111.88 - 0.07 2.19
Dodge & Cox Worldwide Funds plc-Global Stock Fund
Managed Growth (Pensions) 799.50 841.50 3.20 - Diversified Income 1 Units GBP Inc 1.58 1.58 0.00 - HL Multi-Manager Equity & Bond Trust A Inc 120.83 127.07 0.34 2.31 European ex UK Enhanced Index (No Trail) Inc F 126.68 - -0.47 1.02 UK Absolute Return A Acc 156.50 - 0.00 0.00
USD Accumulating Share Class $ 20.75 - 0.18 0.00 Japan Smaller Cos Fund W-ACC-GBP 3.32 - -0.01 0.34 UK Select A 1699.94 - -4.41 1.08
additional fund prices can be found on our website European High Income (No Trail) Acc F 211.35 - -0.43 3.29 UK Alpha A Acc 146.70 - -0.10 1.08
Diversified Income 2 Units GBP Inc 1.52 1.52 0.00 - GBP Accumulating Share Class 25.93 - 0.30 0.00 MoneyBuilder Balanced Y-ACC-GBP 0.56 - 0.00 3.17 HL Multi-Manager Equity & Bond Trust M Inc 120.84 127.07 0.34 2.31
The Public Sector Deposit Fund HL Multi-Manager Equity & Bond Trust A Acc 170.50 179.29 0.48 2.28 European High Income (No Trail) Inc F 142.77 - -0.29 3.36 UK Equity Income & Growth A Inc 636.80 - -2.60 3.62
GBP Distributing Share class 18.62 - 0.21 0.72 MoneyBuilder Balanced Y-INC-GBP 0.61 - 0.00 3.85
UK Index A Acc 610.50 - -2.00 1.68
MMIP Investment Management Limited (GSY)
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.24 MoneyBuilder Dividend Y-INC-GBP 1.36 - 0.00 4.29 HL Multi-Manager Equity & Bond Trust M Acc 170.51 179.29 0.48 2.28 European Opportunities (No Trail) Acc F 229.95 - 0.15 1.79
EUR Accumulating Share Class 26.08 - 0.40 0.00 Regulated
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.18 HL Multi-Manager Strategic Assets A Acc 114.26 117.76 0.03 1.21 European Opportunities (No Trail) Inc F 210.68 - 0.14 1.82 UK Property A Acc 193.08 203.24 0.05 4.04 Multi-Manager Investment Programmes PCC Limited
GBP Distributing Class (H) 11.31 - 0.10 - MoneyBuilder Growth Fund Y-INC-GBP 0.79 - 0.00 2.86
HL Multi-Manager Strategic Assets A Inc 112.85 116.31 0.02 1.22 European Smaller Companies (No Trail) Acc F 318.40 - -0.97 0.62 UK Property A Inc 97.68 102.81 0.03 4.16 UK Equity Fd Cl A Series 01 2788.95 2815.64 63.08 0.00
Dodge & Cox Worldwide Funds plc-International Stock Fund MoneyBuilder Income Fund Y-ACC-GBP 12.94 - -0.05 3.29
HL Multi-Manager Strategic Bond Trust A Acc 185.34 191.07 -0.28 2.19 Global Balanced Index (No Trail) Acc F 196.29 - -0.26 1.79 UK Tracker A Acc 275.00 - -0.90 1.61 Diversified Absolute Rtn Fd USD Cl AF2 $ 1611.10 - 5.43 0.00
CCLA Investment Management Ltd (UK) USD Accumulating Share Class $ 17.28 - 0.15 0.00 MoneyBuilder Income Fund Y-GACC-GBP 14.91 - -0.06 3.28
Senator House 85 Queen Victoria Street London EC4V 4ET HL Multi-Manager Strategic Bond Trust M Acc 185.35 191.07 -0.28 2.19 Global Bond (No Trail) Acc F 157.12 - -0.83 1.36 US Growth A Acc 946.20 - 3.50 0.00 Diversified Absolute Return Stlg Cell AF2 1610.54 - 4.41 0.00
EUR Accumulating Share Class 17.02 - 0.26 0.00 MoneyBuilder Income Fund Y-GINC-GBP 1.26 - 0.00 3.35
Property & Other UK Unit Trusts Dodge & Cox Worldwide Funds plc-U.S. Stock Fund HL Multi-Manager Strategic Bond Trust A Inc 148.85 153.45 -0.22 2.22 Global Bond (No Trail) Inc F 139.49 - -0.74 1.37 Global Equity Fund A Lead Series 1383.42 1389.01 6.43 0.00
Algebris Investments (IRL) MoneyBuilder Income Fund Y-INC-GBP 1.26 - 0.00 3.34
CBF Church of England Funds
Regulated USD Accumulating Share Class $ 23.05 - 0.21 0.00 Multi Asset Adventurous N-ACC-GBP 1.39 - 0.00 1.07 HL Multi-Manager Strategic Bond Trust M Inc 148.85 153.45 -0.23 2.21 Glbl Distribution Acc (No Trail) 124.11 - 0.14 3.94
Investment Inc 1609.28 1617.28 -1.33 3.26
Algebris Financial Credit Fund - Class I EUR 152.86 - 0.28 0.00 GBP Accumulating Share Class 27.24 - 0.32 0.00 Multi Asset Alloc Advent N-ACC-GBP 1.35 - -0.01 0.95 HL Multi Manager Emerging Markets A Acc 128.19 132.10 -0.13 0.58 Glbl Distribution Inc (No Trail) 109.13 - 0.12 4.03
Investment Acc 3498.24 3515.64 -2.90 0.00 Manek Investment Mgmt Ltd (1000)F (UK)
Algebris Financial Income Fund - Class I EUR 137.93 - 1.17 0.00 GBP Distributing Share Class 17.13 - 0.20 0.61 Multi Asset Alloc Def N-ACC-GBP 1.18 - -0.01 1.23 HL Multi-Manager European A Acc 144.82 149.29 0.70 0.56 Gbl Emerging Markets (No Trail) Acc F 246.31 - 1.07 0.97 P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Global Equity Inc 182.06 182.71 -0.77 3.48
Algebris Financial Equity Fund - Class B EUR 125.75 - 0.81 0.00 EUR Accumulating Share Class 25.01 - 0.38 0.00 Multi Asset Alloc Def N-GACC-GBP 1.20 - 0.00 1.22 HL Multi-Manager UK Growth A Acc 130.80 134.84 0.65 1.52 Gbl Emerging Markets (No Trail) Inc F 224.19 - 0.97 0.98 Authorised Inv Funds
Global Equity Acc 286.04 287.05 -1.22 0.00 Growth Fd Acc 48.28 50.99 -0.65 0.00
Algebris Asset Allocation Fund - Class B EUR 98.18 - -0.05 0.00 GBP Distributing Class (H) 10.54 - 0.10 - Multi Asset Alloc Growth N-ACC-GBP 1.26 - 0.00 1.00 HL Multi-Manager High Income A Inc 111.54 114.98 0.31 4.07 Global Equity (No Trail) acc F 284.57 - 0.83 1.26
UK Equity Inc 169.64 170.11 0.49 3.25
Algebris Macro Credit B EUR Acc 106.79 - 0.63 0.00 Multi Asset Alloc Strat N-ACC-GBP 1.24 - 0.00 1.07 HL Multi-Manager High Income A Acc 118.03 121.68 0.33 3.98 Global Equity (No Trail) inc F 255.82 - 0.75 1.28
UK Equity Acc 268.93 269.67 0.78 0.00 Kames Capital ICVC (UK)
Multi Asset Balanced Inc N-GINC-GBP 1.13 - -0.01 4.62 Global Equity Income (No Trail ) Acc F 331.30 - -0.47 2.97 Marlborough Fd Managers Ltd (1200)F (UK)
Fixed Interest Inc 171.39 172.00 0.55 3.86 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
Multi Asset Balanced Inc N-INC-GBP 1.13 - 0.00 4.08 Global Equity Income (No Trail) Inc F 251.69 - -0.35 3.05 0800 358 3009 www.kamescapital.com Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
The Antares European Fund Limited Fixed Interest Acc 558.41 560.39 1.79 0.00 Haussmann
Global ex UK Core Equity Index ( No Trail) Acc F 240.17 - 0.63 1.23 Authorised Funds www.marlboroughfunds.com
Other International Multi Asset Defensive N-ACC-GBP 1.22 - 0.00 1.03 Other International Funds
Property Fund Inc 133.22 137.69 0.18 5.58 Diversified Monthly Inc B Acc 134.56 - 0.07 4.96 Authorised Inv Funds
AEF Ltd Usd (Est) $ 700.70 - 4.83 - Multi Asset Defensive N-GACC-GBP 1.23 - 0.00 1.04 Haussmann Cls A $ 2769.32 - -10.23 0.00 Global ex UK Enhanced Index ( No Trail) Acc F 281.88 - 0.70 2.21
Balanced 193.24 203.64 0.44 0.79
Global ex UK Enhanced Index (No Trail) Inc F 114.05 - 0.28 2.26 Diversified Monthly Inc B Inc 111.64 - 0.06 5.12
AEF Ltd Eur (Est) 695.12 - 4.57 0.00 Multi Asset Growth Fund N-ACC-GBP 1.31 - 0.00 1.03 Haussmann Cls C 2360.71 - -13.31 0.00
Bond Income 52.05 55.06 -0.10 4.02
CCLA Fund Managers Ltd (UK) Gbl Fin Cap No Trail Acc 212.58 - 0.59 4.17 Diversified Growth B Acc 1.60 - 0.00 2.67
Multi Asset Inc & Growth N-INC-GBP 1.15 - 0.00 4.24 Haussmann Cls D SFr 1238.45 - -7.47 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET Dragon Capital Group Cautious Inc 93.03 97.98 0.12 1.13
Gbl Fin Cap No Trail Inc 166.51 - 0.47 4.31 Ethical Cautious Managed B Acc 1.34 - 0.00 1.90
Multi Asset Income Fund N-GINC-GBP 1.10 - 0.00 4.61
Arisaig Partners Property & Other UK Unit Trusts 1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Ethical Cautious Managed B Inc 1.23 - 0.00 1.92
Defensive A Inc 114.46 114.46 -0.12 0.48
Other International Funds Fund information, dealing and administration: funds@dragoncapital.com Multi Asset Income Fund N-INC-GBP 1.10 - 0.00 4.59 Global Opportunities (No Trail) Acc F 357.50 - 0.93 0.61
COIF Charity Funds (UK) Emerging Markets 334.31 334.31 -0.07 1.50
Other International Funds Global Smaller Companies (No Trail) Acc F 360.74 - 0.25 0.47 Ethical Corporate Bond B Acc 1.90 - -0.01 3.11
Arisaig Africa Consumer Fund Limited $ 13.30 - -0.02 0.00 Investment Inc 1450.92 1458.14 -11.55 3.32 Fidelity Asia Fund W-ACC-GBP 12.67 - 0.02 0.93
ETF Global Growth A 190.81 190.81 -0.72 0.00
Vietnam Property Fund (VPF) NAV $ 0.80 - -0.01 0.00 Global Smaller Companies (No Trail) Inc F 341.01 - 0.24 0.47 Ethical Corporate Bond B Inc 1.05 - -0.01 3.11
Arisaig Asia Consumer Fund Limited $ 85.23 - -0.02 0.00 Investment Acc 14871.52 14945.47 -118.42 0.00 Multi Asset Open Advent N-ACC-GBP 1.34 - 0.00 0.56
ETF Commodity A 80.03 80.03 -0.34 0.00
Global Targeted Income Fund Acc (No Trail) 103.32 - -0.16 - Ethical Equity B Acc 2.23 - 0.00 2.07
Arisaig Global Emerging Markets Consumer Fund $ 11.29 - 0.07 0.00 Ethical Invest Inc 223.18 224.29 -1.83 3.31 Multi Asset Open Defen N-ACC-GBP 1.22 - -0.01 1.32
European Multi-Cap 483.68 483.68 -2.90 0.31
Global Targeted Income Fund Inc (No Trail) 105.89 - -0.17 - High Yield Bond B Acc 2.71 - 0.00 3.87
Arisaig Global Emerging Markets Consumer UCITS 12.16 - 0.11 0.00 Ethical Invest Acc 306.39 307.91 -2.52 0.00 DSM Capital Partners Funds (LUX) Multi Asset Open Defen N-GACC-GBP 1.24 - 0.00 1.31
Extra Income 86.41 91.44 -0.33 3.90
Global Targeted Rets (No Trail) Acc 119.81 - -0.12 1.37 High Yield Bond B Inc 1.00 - 0.00 3.87
Arisaig Global Emerging Markets Consumer UCITS STG 14.03 - 0.08 0.00 Global Equity Inc 170.88 171.48 -2.12 3.46 www.dsmsicav.com Multi Asset Open Growth N-ACC-GBP 1.30 - 0.00 1.14
Far East Growth A Inc 241.40 241.40 0.19 0.83
Arisaig Latin America Consumer Fund $ 27.39 - 0.53 0.00 Global Equity Acc 271.61 272.57 -3.38 0.00
Regulated
Multi Asset Open Strat N-ACC-GBP 1.28 - 0.00 1.35 Hermes Investment Funds Plc (IRL) High Income (No Trail) Acc F 191.01 - -0.64 3.30 Investment Grade Bond B Acc 179.95 - -0.50 2.28
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 Global 237.45 250.11 0.15 0.00
DSM Global Growth I2 Acc 173.82 - 2.58 0.00 Investment Grade Bond B Inc 1.26 - -0.01 2.78
Asset Management
Fixed Interest Inc 141.38 141.89 0.50 4.22 Multi Asset Strategic N-ACC-GBP 1.29 - 0.00 1.00 High Income (No Trail) Inc F 131.65 - -0.44 3.38
FCA Recognised Global Bond Inc 155.71 164.65 -1.04 2.58

Asset Manageme
DSM Global Growth I1 Acc 122.20 - 0.19 0.00 High Yield Fund (No Trail) Acc 253.09 - 0.00 5.66 Sterling Corporate Bond B Acc 0.82 - -0.01 2.87
Fixed Interest Acc 865.64 868.71 3.12 0.00 Open World Fund N-ACC-GBP 1.54 - 0.00 0.17 Hermes Abs Return Credit Fund Class F Acc 1.21 1.21 0.00 0.00 High Yield Fixed Interest 76.09 80.71 -0.01 5.03
DSM US Large Cap Growth I3 $ 123.95 - 1.96 - High Yield Fund (No Trail) Inc 170.36 - 0.00 5.86 Sterling Corporate Bond B Inc 0.34 - 0.00 2.87
Property Inc 114.28 118.11 0.02 5.60 Special Situations Fund W-ACC-GBP 35.06 - -0.06 1.54 Hermes Abs Return Credit Fund Class R Acc 1.92 1.92 -0.01 0.00 Multi Cap Income A Inc 157.52 157.52 -0.23 4.35
DSM US Large Cap Growth A $ 137.81 - 1.76 - Hong Kong & China (No Trail) Acc F 283.21 - -0.51 0.81 Strategic Bond B Acc 1.22 - 0.00 2.35
Local Authorities Property Fd (LAMIT) (UK) Sterling Core Plus Bond GMACC 12.43 - -0.10 2.35 Hermes Asia Ex-Japan Equity Fund Class F Acc 2.54 2.54 0.00 0.00 Nano-Cap Growth A Acc 146.6209 161.5100 45.5771 0.00
Property 288.42 312.74 1.72 4.81 DSM US Large Cap Growth I2 115.12 - 1.82 - Income & Growth (No Trail) Acc F 257.08 - -1.09 3.53 Strategic Bond B Inc 1.22 - 0.00 2.35
Sterling Core Plus Red Dur 11.27 - -0.03 2.08 Hermes Asia Ex-Japan Equity Fund Class R Acc 4.43 4.43 0.05 0.00 Special Situations A Acc 1606.04 1699.51 1.76 0.52
Income & Growth (No Trail) Inc F 188.90 - -0.80 3.62 UK Equity B Acc 3.09 - -0.01 2.22
Strategic Bond Fund Y-ACC-GBP 1.21 - 0.00 2.99 Hermes Europe Ex-UK Equity Fund Class F Acc 2.02 2.02 -0.01 0.00 UK Multi-Cap Growth A Inc 337.32 356.95 0.37 0.33
Income (No Trail) Acc F 187.39 - -0.60 3.14 UK Equity Absolute Return B Acc 1.18 - 0.00 0.00
CG Asset Management Limited (IRL) Strategic Bond Fund Y-GACC-GBP 1.22 - 0.00 3.04 Hermes Europe Ex-UK Equity Fund Class R Acc 3.81 3.81 0.02 0.00 UK Micro Cap Growth A 683.67 723.46 -0.99 0.10
Artemis Fund Managers Ltd (1200)F (UK)
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Strategic Bond Fund Y-GINC-GBP 1.25 - 0.00 2.76 Income (No Trail) Inc F 130.75 - -0.42 3.22 UK Equity Income B Acc 2.57 - 0.00 4.09
Hermes European Alpha Equity Fund Class F Acc 1.75 1.75 -0.01 0.00 US Multi-Cap Income 421.66 421.66 2.25 0.54
57 St. James's Street, London SW1A 1LD 0800 092 2051 UK Equity Income B Inc 1.84 - -0.01 4.20
00 353 1 434 5098 Strategic Bond Fund Y-INC-GBP 1.25 - 0.00 2.76 Invesco Global Emerging Mkts Bond Acc (No Trail) 99.92 - -0.65 -
Authorised Inv Funds Hermes European Alpha Equity Fund Class F Dis 1.65 1.65 -0.01 1.27 MFM - Third Party Funds
FCA Recognised Invesco Global Emerging Mkts Bond Inc (No Trail) 97.66 - -0.63 - UK Opportunities B Acc 2.04 - 0.00 1.73
Artemis Capital R ACC 1546.24 1632.82 2.19 1.78 Target 2020 A-ACC-GBP 0.66 - 0.00 0.30 Hermes European Alpha Equity Fund Class R Acc 3.39 3.39 0.01 0.00 Junior Oils 79.19 83.80 -2.18 0.00
Capital Gearing Portfolio Fund Plc 31653.45 32130.64 -178.07 0.52 UK Smaller Companies B Acc 3.65 - 0.00 1.53
Target 2025 A-ACC-GBP 1.61 - 0.00 0.46 Japan (No Trail) Acc F 194.76 - -0.77 1.01
Artemis European Growth R Acc 355.41 375.11 -0.53 0.83 Hermes Global Emerging Markets Fund Class F Acc 1.95 1.95 0.00 0.00 Junior Gold C Acc 40.03 40.03 -1.42 0.00
CG Portfolio Fund Plc
Target 2030 A-ACC-GBP 1.80 - 0.00 0.50 Japanese Smaller Companies (No Trail) Acc F 310.54 - -0.61 0.00
Artemis European Opps R Acc 105.28 111.18 -0.31 0.76 EdenTree Investment Management Ltd (UK) Hermes Global Emerging Markets Fund Class R Acc 3.98 3.98 0.04 0.00 MFM Bowland 231.96 250.77 3.22 0.73
Absolute Return M Inc GBP 117.04 117.94 0.12 0.31
PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 UK Invest Grade Long Credit GACC 118.80 - -0.80 2.52 Latin American (No Trail) Acc F 157.56 - 0.96 1.06 Kames Capital Investment Portfolios ICVC (UK)
Artemis Global Emg Mkts I GBP Acc 135.24 - 0.08 - Hermes Global Equity Fund Class F Acc 2.14 2.14 0.01 0.00 MFM Hathaway Inc 137.91 144.41 1.70 0.94
Real Return Cls A 200.15 202.17 -0.55 1.76
Authorised Inv Funds UK Opportunities Fund W-ACC-GBP 232.30 - -0.40 1.26 Latin American (No Trail) Inc F 137.80 - 0.84 1.08 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
MFM Techinvest Special Situations Acc 192.89 192.89 2.05 0.00
Asset Management
Artemis Global Emg Mkts I GBP Dist 128.43 - 0.09 - Hermes Global Equity Fund Class R Acc 4.52 4.52 0.06 0.00
Dollar Fund Cls D 154.35 155.13 -0.38 1.85 0800 358 3009 www.kamescapital.com
Amity UK Cls A Inc 235.50 - -0.30 1.39 Managed Growth (No Trail) Acc F 264.04 - 0.19 0.99
Asset Management Asset Management
Artemis Global Energy R Acc 27.45 29.14 -0.03 0.46 UK Opportunities Fund W-INC-GBP 131.20 - -0.20 1.31 Hermes Global ESG Equity Fund Class F Acc 1.64 1.64 0.01 0.00 MFM Techinvest Technology Acc 460.12 460.12 0.22 0.00
Capital Value Fund Cls V 152.97 155.29 -0.85 0.42 Authorised Funds
Amity UK Cls B Inc 235.60 - -0.30 2.11 UK Select Fund W-ACC-GBP 2.90 - -0.01 1.43 Managed Growth (No Trail) Inc F 237.86 - 0.16 1.00
Artemis Global Growth R Acc 249.36 263.14 0.10 0.84 Hermes Global High Yield Credit Fund Class F Acc 1.52 1.52 -0.01 0.00 Property Income B Acc 127.68 127.68 -0.01 4.27 MFM UK Primary Opportunities A Inc 414.66 414.66 -1.18 1.08
Dollar GBP Hedged Inc 99.92 100.43 -0.24 0.39
Higher Income Cls A Inc 137.30 - -0.20 4.26 UK Smaller Companies W-ACC-GBP 2.42 - -0.01 1.38 Managed Income (No Trail) Acc F 237.65 - -0.23 2.46
Artemis Global Income R Acc 123.63 130.49 0.25 3.48 Hermes Global High Yield Credit Fund Class R Acc 3.16 3.16 0.00 0.00 Property Income B Inc 109.14 109.14 -0.01 4.37
Higher Income Cls B Inc 142.70 - -0.20 4.21 WealthBuilder Fund N-ACC-GBP 1.52 - 0.00 1.07 Managed Income (No Trail) Inc F 186.30 - -0.19 2.50
Artemis Global Income R Inc 92.74 97.90 0.18 3.58 Hermes Global Small Cap Fund Class F Acc 1.37 1.37 0.00 0.00
UK Equity Growth Cls A Inc 278.70 - -0.50 1.26 Monthly Income Plus (No Trail) Acc F 193.00 - -0.15 4.46
Marwyn Asset Management Limited (CYM)
Artemis Global select R Acc 98.43 103.85 0.07 0.00 Institutional OEIC Funds Hermes Global Small Cap Fund Class R Acc 2.17 2.17 -0.01 0.00 Regulated
UK Equity Growth Cls B Inc 285.40 - -0.50 1.92 America 5.35 - 0.00 0.61 Monthly Income Plus (No Trail) Inc F 111.61 - -0.09 4.58 Kames Capital VCIC (IRL)
Artemis High Income R Inc 80.56 85.70 -0.02 5.57 Hermes Multi Asset Inflation Fund Class F GBP Acc 1.04 1.04 -0.01 0.00 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Marwyn Value Investors 449.98 - -10.51 0.00
Amity Balanced For Charities A Inc 115.60 - -0.10 4.85 Emerging Markets 4.68 - -0.01 0.72 Pacific (No Trail) Acc F 280.18 - -0.41 0.80
Artemis Income R Acc 414.55 439.54 -0.97 3.76 Hermes Multi Strategy Credit Fund Class F Acc Hed 1.14 1.14 0.00 0.00 FCA Recognised
Amity European Fund Cls A Inc 279.00 - -0.60 1.45 Europe (ex-UK) Fund ACC-GBP 5.32 - -0.03 1.10 Pacific (No Trail) Inc F 260.86 - -0.38 0.91
Artemis Income R Inc 228.00 241.75 -0.53 3.87 Hermes US All Cap Equity Class F Stg Acc 1.35 1.35 0.00 0.00 Absolute Return Bond B GBP Acc 1107.08 - 5.40 0.92
Amity European Fund Cls B Inc 282.20 - -0.50 2.21 Fidelity Pre-Retirement Bond Fund 139.90 - -0.90 2.58 Tactical Bond (No Trail) Acc F 149.36 - -0.04 2.29 McInroy & Wood Portfolios Limited (UK)
Artemis Monthly Dist R Inc 71.92 76.19 0.00 4.24 Hermes US All Cap Equity Class R Acc 2.18 2.18 0.00 0.00 Eq Market Neutral B Acc 972.29 - 0.08 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867
Amity Global Equity Inc for Charities A Inc 126.90 - 0.10 3.31 Global Focus 4.04 - 0.00 0.61 Tactical Bond (No Trail) Inc F 122.95 - -0.03 2.32
Artemis Pan-Euro Abs Ret GBP 121.41 - 0.41 - Canada Life Investments (UK) Hermes US SMID Equity Fund Class F Acc 2.22 2.22 0.00 0.00 Eq Market Neutral Plus B Acc 922.85 - 0.20 0.00 Authorised Inv Funds
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 Amity International Cls A Inc 267.40 - -0.90 1.20 Index Linked Bond 3.33 - -0.05 0.24 UK Focus (No Trail) Acc F 204.26 - 0.36 2.17 Balanced Fund Personal Class Units 4754.90 - -24.10 1.55
Artemis Strategic Assets R Acc 84.95 89.88 -0.20 0.00 Hermes US SMID Equity Fund Class R Acc 3.81 3.81 0.05 0.00 High Yield Global Bond A GBP Inc 531.31 - 0.20 2.85
Authorised Inv Funds Amity International Cls B Inc 270.20 - -0.90 1.83 Index Linked Bond Gross 4.06 - -0.06 0.24 UK Focus (No Trail) Inc F 163.86 - 0.28 2.22 Income Fund Personal Class Units 2656.30 - -15.30 2.74
Artemis Strategic Bond R M Acc 94.61 100.27 0.01 3.44 High Yield Global Bond B GBP Inc 1113.38 - 0.44 3.34
Asia Pacific C Acc 11.37 - 0.02 1.12 Amity Sterling Bond Fund A Inc 108.70 - -0.10 4.72 Index-Linked Bond Fund Gross Inc 15.69 - -0.24 0.24 UK Enhanced Index (No Trail) Acc F 498.90 - -0.95 3.13
Artemis Strategic Bond R M Inc 57.49 60.93 0.00 3.50 Investment Grade Global Bd A GBP Inc 584.13 - -1.00 1.85 Emerging Markets Fund Personal Class Units 2192.50 - -12.10 1.66
Balance C Acc 1.80 - 0.00 1.60 Amity Sterling Bond Fund B Inc 118.80 - -0.10 4.69 Japan 2.91 - -0.01 0.44 Hermes Property Unit Trust (UK) UK Enhanced Index (No Trail) Inc F 295.40 - -0.56 3.21
Artemis Strategic Bond R Q Acc 94.78 100.46 0.01 3.44 Kames Emerging Market Bond Fund - B Acc USD $ 11.38 - -0.02 0.00 Smaller Companies Fund Personal Class Units 4899.30xd - -27.60 1.28
Property & Other UK Unit Trusts
Corporate Bond C Acc 2.62 - -0.01 3.64 Long Bond 0.58 - -0.01 2.22 UK Growth (No Trail) Acc F 174.43 - -0.04 2.35
Artemis Strategic Bond R Q Inc 57.78 61.24 0.01 3.52 Property 6.20 6.65 0.04 2.75 Kames Global Equity Income B GBP Acc 1579.23 - 1.02 0.00
European C Acc 1.41 - -0.01 1.36 Long Bond Gross 1.00 - -0.01 2.19 UK Growth (No Trail) Inc F 135.55 - -0.03 2.41
Artemis UK Select Fund Class R Acc 536.53 567.30 -1.01 1.67 Edinburgh Partners Limited (IRL) Kames Global Equity Income B GBP Inc 1418.44 - 0.92 3.17
Meridian Fund Managers Ltd
Global Bond C Inc 1.11 - -0.01 2.41 Long Bond Fund Gross Inc 13.01 - -0.12 2.22 UK Smaller Companies Equity (No Trail) Acc F 392.70 - 0.30 0.71
Artemis UK Smaller Cos R Acc 1566.12 1681.63 -3.73 0.98 27-31 Melville Street, Edinburgh EH3 7JF Kames Global Diversified Growth Fund - B Acc EUR 11.22 - 0.02 0.00 Other International Funds
Global Equity C Acc 8.04 - 0.00 1.16 Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230 Pacific (Ex Japan) 5.00 - 0.00 1.43 INDIA VALUE INVESTMENTS LIMITED (INVIL) UK Smaller Companies Equity (No Trail) Inc F 356.19 - 0.27 0.71
Artemis UK Special Sits R Acc 577.25 612.36 -0.73 1.52 Kames Global Equity Market Neutral Fund - B Acc GBP 10.36 - 0.04 0.00 Global Gold & Resources Fund $ 317.06 - 0.43 -
Global Equity Income C Inc 1.53 - 0.00 3.66 FCA Recognised www.invil.mu
Pan European 3.52 - -0.01 1.78 UK Strategic Income (No Trail) Acc F 791.23 - -1.41 3.05 Kames Global Sustainable Equity Fund - B Acc EUR 12.14 - 0.18 0.00 Global Energy & Resources Fund $ 38.21 - -0.83 -
Artemis US Abs Ret I Acc 111.50 - -0.03 0.00 Edinburgh Partners Opportunities Fund PLC Other International Funds
Global High Yield Bond C Inc 0.98 - 0.00 5.67 Select Emerging Markets Equities 1.93 - 0.00 0.68 UK Strategic Income (No Trail) Inc F 555.92 - -0.99 3.12
Artemis US Equity I Acc 161.33 - -0.28 0.41 Emerging Opportunities I USD $ $ 1.46 - 0.01 1.26 NAV 9.83 - -0.02 0.00 Kames Absolute Return Bond Global Fund - B Acc GBP 10.28 - 0.00 0.00
Japan C Acc 1.41 - 0.00 0.86 Select Global Equities 4.03 - 0.00 0.98 US Enhanced Index (No Trail) Acc F 116.21 - 0.79 0.89
Artemis US Ex Alpha I Acc 178.76 - 0.97 0.00 European Opportunities I EUR 2.72 - 0.02 1.70 Short Dated High Yld Bd B Acc GBP 10.08 - 0.00 -
Managed 0%-35% C Acc 1.04 - 0.00 - South East Asia 5.46 - 0.00 1.55 US Enhanced Index (No Trail) Inc F 114.22 - 0.77 0.90
Emerging Markets Managed Accounts PLC (IRL)
Artemis US Extended Alpha I Hedged Acc 1.27 - 0.02 0.00 European Opportunities I GBP 2.46 - 0.01 1.60 Short Dated High Yld Bd C Acc GBP (Hdg) 10.10 - 0.01 - emma@milltrust.com, +44(0)20 8123 8369, www.milltrust.com
North American C Acc 12.02 - 0.04 0.42 Sterling Core Plus Bond Gr Accum 2.53 - -0.02 2.34
Intrinsic Value Investors (IVI) LLP (IRL)
US Equity (No Trail) Acc F 309.15 - 1.66 0.28
Artemis US Select I Acc 163.77 - -0.16 0.31 European Opportunities A EUR 2.66 - 0.03 1.38 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 Strategic Global Bond A GBP Inc 1128.75 - 0.29 0.23 Regulated
Portfolio III C Acc 1.24 - 0.00 1.95 Sterling Core Plus Bond Inc 1.56 - -0.02 2.39
Artemis US Select I Hedged Acc 1.24 - 0.00 0.22 FCA Recognised Strategic Global Bond B GBP Inc 640.44 - 0.19 0.74 Milltrust ASEAN A $ 109.65 - 0.52 0.00
Global Opportunities I USD $ 1.92 - 0.01 2.21
Portfolio IV C Acc 1.27 - -0.01 2.37 UK 4.21 - -0.01 2.14
Artemis US Select I Inc 145.51 - -0.14 0.31 IVI European Fund EUR 21.78 - 0.14 0.00 Milltrust India A $ 171.89 - 0.19 0.00
Global Opportunities I GBP 1.46 - 0.01 2.11
Portfolio V C Acc 1.31 - 0.00 1.67 UK Aggreg Bond Gr Accum 2.10 - 0.00 2.49
Artemis US Smlr Cos I Acc 179.80 - -0.72 0.05 IVI European Fund GBP 26.49 - 0.09 0.58 Milltrust Latin America A $ 108.98 - -0.69 0.00
Pan European Opportunities I EUR 1.81 - 0.01 - Kleinwort Benson Bank (UK)
Portfolio VI C Acc 1.34 - 0.00 1.65 UK Corporate Bond 1.33 - 0.00 3.06 Milltrust Keywise China Fund $ 150.25 - 0.37 0.00
14 St. George Street, Mayfair, London W1S1FE
Portfolio VII C Acc 1.33 - 0.00 1.46 UK Corporate Bond - Gross 2.62 - -0.01 2.99 Dealing and enquiries: 0800 024 2400 Milltrust SEDCO MENA Fund (Class A) * $ 103.67 - 0.16 -
Artisan Partners Global Funds PLC (IRL) Short duration Corporate Bond C Acc 1.02 - 0.00 - Electric & General (1000)F (UK) UK Corporate Bond Fund Gross Inc 12.03 - -0.05 3.06 Authorised Inv Funds
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Stuart House St.John's Street Peterborough PE1 5DD
Strategic Return C Acc 1.19 - -0.01 0.00 UK Gilt Fund Inc 1.39 - 0.00 1.72 Unit Trust Manager/ACD - Host Capital
Tel: 44 (0) 207 766 7130 Orders & Enquiries: 0845 850 0255 Milltrust International Managed Investments ICAV (IRL)
FCA Recognised Total Return C Acc 1.12 - 0.00 2.16 UK Gilt Gross 2.29 - -0.01 1.70 Invesco (LUX) HC KB Capital Growth A Acc 202.40 - -0.25 1.36
Authorised Inv Funds mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 HC KB Capital Growth A Inc 185.48 - -0.22 1.38
Artisan Partners Global Funds plc UK Equity & Bond C Inc 2.53 - 0.00 4.14 Authorised Corporate Director - Carvetian Capital Management UK Long Corp Bond 1.57 - -0.01 3.13 Regulated
FCA Recognised
Artisan Global Equity Fund Class I USD Acc $ 17.53 - 0.14 0.00 UK Equity C Inc 1.10 - 0.00 2.22 Electric&General Net Income A 190.60 - -0.20 1.61 UK Long Corp Bond - Gross 3.04 - -0.02 3.05 HC KB Enterprise Equity Income A Inc 115.31 - 0.80 3.06 MAI - Buy & Lease (Australia) A$ 99.42 - 0.00 -
Invesco Management SA
Artisan Global Opportunities I USD Acc $ 16.27 - 0.10 0.00 UK Equity Income C Inc 4.47 - 0.00 3.82 UK Long Corporate Bond - Gross Inc 12.55 - -0.09 3.13 Invesco Fund Managers Ltd (UK) Invesco Active Multi-Sector Credit Fund A 3.17 - 0.00 0.00 HC KB Enterprise Equity Income A Acc 184.49 - 1.28 4.00 MAI - Buy & Lease (New Zealand)NZ$ 100.00 - 0.00 -
Artisan Global Value Fund Class I USD Acc $ 19.79 - 0.15 0.00 UK Government Bond C Inc 1.14 - 0.00 1.58 Perptual Park, Henley-On-Thames, Oxon, RG9 1HH HC KB Endeavour Multi Asset Balanced A Acc 155.86 - 0.26 0.81
Retail Share Classes Invesco Asia Balanced A dist $ 14.70 - -0.01 3.54 British Innovation Fund 99.74 - -0.26 -
Ennismore Smaller Cos Plc (IRL) Dealing: 0800 085 8571
Artisan US Value Equity Fund Class I USD Acc $ 14.14 - 0.13 0.00 Emerging Markets - retail 1.84 - -0.01 0.18 Invesco Asia Consumer Demand Fund A income $ 16.69 - 0.06 0.10 HC KB Endeavour Multi Asset Balanced A Inc 147.30 - 0.24 0.81 EICM South Asia Hospitality 1 $ 97.48 - 0.00 -
5 Kensington Church St, London W8 4LD 020 7368 4220 Investor Services: 0800 085 8677
Artisan Global Opportunities Class I EUR Acc 20.45 - 0.26 0.00 FCA Recognised {*}CAR - Net income reinvested www.invescoperpetual.co.uk Invesco Asia Infrastructure (A) $ 14.90 - 0.04 0.63 HC KB Enterprise Fixed Income A Acc 131.15 - -0.29 3.44
Capita Asset Services (UK)
40 Dukes Place, London EC3A 7NH Ennismore European Smlr Cos NAV 125.45 - -1.17 0.00 Authorised Inv Funds Invesco Asia Opportunities Equity A $ 137.39 - 0.06 0.00 HC KB Enterprise Fixed Income A Inc 112.39 - -0.25 3.44
Ennismore European Smlr Cos NAV 138.03 - -0.85 0.00 INVESCO PERPETUAL Funds Ministry of Justice Common Investment Funds (UK)
Order Desk and Enquiries: 0345 922 0044 Findlay Park Funds Plc (IRL) Invesco Balanced Risk Allocation Fund A 16.65 - -0.03 0.00
Ashmore Sicav (LUX)
Asian Acc F 754.17 - -0.82 0.46
Property & Other UK Unit Trusts
Authorised Inv Funds 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
2 rue Albert Borschette L-1246 Luxembourg Invesco Emerging Europe Equity Fund A $ 11.40 - -0.05 0.00 Lloyds Investment Fund Managers Limited (1000)F (JER) The Equity Idx Tracker Fd Inc 1670.00 1670.00 1.00 2.33
FCA Recognised CF Heartwood Balanced MA B Acc X 144.90 - -0.05 0.43 FCA Recognised Asian Inc F 669.64 - -0.73 0.46
Ennismore European Smlr Cos Hedge Fd Invesco Emerging Local Currencies Debt A Inc $ 7.38 - -0.04 5.59 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 Distribution Units
Ashmore SICAV Emerging Market Debt Fund $ 103.80 - -0.02 6.73 CF Heartwood Cautious MA B Acc X 141.20 - -0.19 0.24 American Fund USD Class $ 100.54 - 0.67 0.00 Asian Equity Income Acc F 83.72 - -0.41 3.13 Other International Funds
Other International Funds Invesco Emerging Market Structured Equity Fund A $ 12.67 - 0.03 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 180.69 - -0.22 0.94 CF Heartwood Defensive MA B Acc 116.39 - -0.15 0.00 American Fund GBP Hedged 53.96 - 0.36 0.00 Asian Equity Income Inc F 65.96 - -0.33 3.21 Lloydstrust Gilt 12.8300 - -0.0600 1.98
NAV 509.64 - -6.72 0.00 Invesco Energy A $ 15.65 - 0.14 0.00
CF Heartwood Growth MA B Acc X 174.08 - -0.14 0.52 American Fund GBP Unhedged 76.24 - 0.50 0.00 Balanced Risk 6 Acc 57.22 - -0.02 0.00 Lloyds Investment Funds Limited Mirabaud Asset Management (LUX)
Ashmore SICAV Emerging Market Total Return Fund $ 92.76 - 0.01 5.69
Invesco Euro Corporate Bond Fund (A) 17.91 - -0.02 0.00 www.mirabaud.com, marketing@mirabaud.com
Ashmore SICAV Global Small Cap Equity Fund $ 164.37 - 0.86 0.00 CF Heartwood Income MA B Inc X 114.29 - -0.11 3.26 Latin American Fund USD Class $ 18.33 - 0.14 0.72 Balanced Risk 8 Acc 60.42 - -0.04 0.00 Euro High Income 1.6220 - -0.0010 2.94
Invesco Euro Reserve A 320.82 - 0.00 0.00 Regulated
CF Heartwood Income Plus MA B Inc X 119.23 - -0.08 3.82 Equinox Fund Mgmt (Guernsey) Limited (GSY)
Latin American Fund GBP Unhedged 14.17 - 0.11 0.38 Balanced Risk 10 Acc 63.89 - -0.04 0.00 European 10.1400 - -0.0700 0.55
EM Mkts Corp.Debt USD F $ 99.36 - -0.11 7.55 Mir. - Conv. Bds Eur A EUR 139.28 - 0.56 0.00
Regulated Invesco Euro Bond A 7.49 - -0.01 0.00
EM Mkts Loc.Ccy Bd USD F $ 91.12 - 0.02 3.93 CF Seneca Diversified Growth A Acc 267.96 - -0.38 2.00 Corporate Bond Acc F 201.48 - -0.33 3.18 High Income 0.8971xd - -0.0028 4.28
Equinox Russian Opportunities Fund Limited $ 184.12 - 15.99 0.00 Mir. - Conv. Bds Glb A USD $ 121.06 - 0.60 0.00
Invesco European Growth Equity A 26.59 - 0.06 0.00
EM Short Duration Fund Acc USD $ 133.30 - 0.30 0.00 CF Seneca Diversified Growth B Acc 160.38 - -0.22 2.54 Corporate Bond Inc F 91.98 - -0.15 3.25 International 5.4960 - -0.0040 0.37
The First Investor QSCC Mir. - Eq Asia ex Jap A $ 230.90 - 1.17 0.00
Invesco Global Absolute Return Fund A Class 11.18 - 0.02 0.00

Asset Management
CF Seneca Diversified Growth N Acc 158.11 - -0.22 2.33 5th Floor, Barwa Bank Building, Grand Hamad Street Distribution Acc F 120.74 - -0.24 4.37 North American 21.1900 - 0.0300 0.00
Mir.- EqEurope ExUK Sm&Mid 155.14 - 1.46 0.00
Invesco Global Bond A Inc $ 5.78 - -0.01 0.62
CF Seneca Diversified Income A Inc
CF Seneca Diversified Income B Inc
95.93
114.88
-
-
-0.08 4.74
-0.10 4.73
Euronova Asset Management UK LLP
Regulated
(CYM) , P.O. Box 16034, Doha, State of Qatar
+ 974 4459 6111
Distribution Inc F
Emerging European Acc F
64.84
56.28
-
-
-0.13 4.47
-0.51 1.91
Asset Management
Invesco Global Conservative Fund 90 (EUR) A 11.55 - -0.02 0.00
Sterling Bond
UK
1.5760
7.8070
-
-
-0.0060 2.84
-0.0190 0.86
Mir. - Eq Glb Emrg Mkt A USD
Mir. - Eq Global Focus A USD
Asset Management $ 122.18
$ 112.19
-
-
0.61 0.00
1.14 0.00
Smaller Cos Cls One Shares 42.53 - 0.28 0.00 http://www.tfi.com.qa/ Invesco Global Equity Income Fund A $ 68.71 - 0.22 0.00
CF Seneca Diversified Income N Inc 113.37 - -0.09 4.73 Emerging European Inc F 49.36 - -0.44 1.95 Lloyds Gilt Fund Limited
Smaller Cos Cls Two Shares 28.94 - 0.17 0.00 Other International Funds Mir. - EqPanEuropeSm&Mid 133.96 - 1.47 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.72 - 0.01 1.98 Lloyds Gilt Fund Quarterly Share 1.3440 - -0.0070 1.50
Investment Adviser - Morant Wright Management Limited European Equity Acc F 1196.24 - 0.20 1.36
Smaller Cos Cls Three Shares 14.57 - 0.08 0.00 TFI GCC Equity Opportunities Fund (Q)QAR 1280.10 - 0.04 0.00 Mir. - Eq Spain A 28.75 - 0.42 0.00
Invesco Global Inv Grd Corp Bond A Dist $ 12.48 - -0.02 2.79 Monthly Share 1.2910xd - -0.0060 1.50
CF Morant Wright Japan A Acc X 385.09 - -3.43 0.00 European Equity Inc F 981.98 - 0.17 1.38
Smaller Cos Cls Four Shares 18.72 - 0.11 0.00 Mir. - Eq Swiss Sm/Mid A SFr 454.06 - 5.39 0.00
Invesco Global Leisure A $ 50.38 - 0.54 0.00 Lloyds Money Fund Limited
CF Morant Wright Japan A Inc X 377.02 - -3.35 0.44 European Equity Income Acc F 100.16 - -0.35 2.93 Mir. - Glb High Yield Bds A $ 122.69 - 0.08 -
Aspect Capital Ltd (UK) CF Morant Wright Japan B Acc X 413.44 - -3.67 0.94 Foord Asset Management Invesco Global Smaller Comp Eq Fd A $ 75.15 - 0.47 0.00 Sterling Class 52.5490 - 0.0000 -0.20
European Equity Income Inc F 72.34 - -0.25 3.00 Mir. - Glb Eq High Income A USD $ 109.12 - 0.84 0.00
Website: www.foord.com - Email: info@foord.com Invesco Global Structured Equity A $ 49.97 - 0.08 0.77 Lloyds Multi Strategy Fund Limited
Other International Funds CF Morant Wright Japan B Inc X 383.10 - -3.40 0.95
FCA Recognised - Luxembourg UCITS European High Income Acc F 101.83 - -0.21 3.30 Mir. - Glb Strat. Bd A USD $ 113.86 - -0.05 0.00
Aspect Diversified USD $ 392.77 - 0.49 0.00 Invesco Global Total Ret.(EUR) Bond Fund A 13.77 - -0.01 0.00 Conservative Strategy 1.2500 - 0.0000 0.86
CF Morant Wright Nippon Yield A Acc X 402.09 - -3.81 1.88 Foord International Fund | R $ 40.28 - 0.17 - European High Income Inc F 68.78 - -0.14 3.37
Growth Strategy 1.7930 - 0.0060 0.67 Mir. - US Shrt Term Credit Fd $ 104.27 - -0.03 0.00
Aspect Diversified EUR 230.22 - 0.24 0.00 Invesco Gold & Precious Metals A $ 5.83 - -0.15 0.00
CF Morant Wright Nippon Yield A Inc X 335.39 - -3.17 1.93 Foord Global Equity Fund (Lux) | R $ 12.91 - 0.09 - European Opportunities Inc F 103.60 - 0.07 1.41
Aspect Diversified GBP 120.34 - 0.13 0.00 Invesco Greater China Equity A $ 62.08 - 0.22 0.00 Aggressive Strategy 2.3820 - 0.0150 0.00
CF Morant Wright Nippon Yield B Acc X 420.67 - -3.97 1.87 Regulated European Opportunities Acc F 108.84 - 0.07 1.39
Aspect Diversified CHF SFr 108.60 - 0.12 0.00 Invesco India Equity A $ 73.94 - 0.13 0.00 Global USD Growth Strategy $ 1.6000 - 0.0070 0.00
CF Morant Wright Nippon Yield B Inc X 350.97 - -3.32 1.94 Foord Global Equity Fund (Sing) | B $ 15.51 - 0.12 0.00 European Smlr Cos Acc F 256.90 - -0.78 0.17
Invesco Japanese Equity Adv Fd A 4374.00 - 32.00 0.00 Dealing Daily
Aspect Diversified Trends USD $ 118.13 - 0.33 0.00
Eurobank Fund Management Company (Luxembourg) S.A. Foord International Trust (Gsy) $ 39.96 - 0.17 0.00 Global Bond Acc F 139.24 - -0.74 1.12
Aspect Diversified Trends EUR 115.33 - 0.32 0.00 Invesco Japanese Value Eq Fd A 1478.00 - 13.00 0.00
Regulated Global Bond Inc F 89.85 - -0.47 1.13
Cedar Rock Capital Limited (IRL)
Aspect Diversified Trends GBP 122.22 - 0.34 0.00 (LF) Absolute Return 1.35 - 0.00 0.00
Invesco Latin American Equity A $ 8.05 - 0.09 0.00 Lothbury Property Trust (UK)
Regulated Glbl Distribution Acc 61.03 - 0.07 3.14
Franklin Templeton International Services Sarl (IRL) Invesco Nippon Small/Mid Cap Equity A 1481.00 - 20.00 0.00 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Cedar Rock Capital Fd Plc $ 442.16 - 3.11 1.30 (LF) Eq Emerging Europe 0.89 - 0.01 0.00 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Glbl Distribution Inc 53.67 - 0.06 3.15 Property & Other UK Unit Trusts
Invesco Pan European Equity A EUR Cap NAV 20.09 - 0.18 0.00
Atlantas Sicav (LUX) Cedar Rock Capital Fd Plc 538.72 - 7.91 1.36 (LF) Eq Mena Fund 12.78 - 0.15 0.00 Other International Funds Global Emerging Markets Acc F 372.36 - 1.61 0.54 Lothbury Property Trust GBP 1869.58 2015.11 9.70 3.17 Morgan Stanley Investment Funds (LUX)
Regulated Franklin Emerging Market Debt Opportunities Fund Plc Invesco Pan European High Income Fd A 14.55 - 0.02 2.31 6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
Cedar Rock Capital Fd Plc 387.11 - -0.72 1.46 (LF) Greek Government Bond 23.96 - 0.05 0.00 Global Emerging Markets Inc F 331.80 - 1.43 0.55
American Dynamic $ 4235.38 - 39.60 0.00 Franklin Emg Mkts Debt Opp CHFSFr 17.73 - 0.16 7.94 Invesco Pan European Small Cap Equity A 24.29 - 0.23 0.00 www.morganstanleyinvestmentfunds.com
(LF) Greek Corporate Bond 13.95 - 0.01 0.00 Global Equity (acc) F 638.76 - 1.84 0.90
Franklin Emg Mkts Debt Opp GBP 11.14 - 0.19 6.29 Invesco Pan European Structured Equity A 18.72 - 0.09 0.00 FCA Recognised
American One $ 3955.60 - 65.79 0.00 (LF) FOF Dynamic Fixed Inc 11.94 - 0.04 0.00
Charles Schwab Worldwide Funds Plc (IRL) Global Equity (inc) F 567.81 - 1.64 0.91 US Advantage A F $ 71.74 - -0.02 0.00
Bond Global 1398.15 - -5.75 0.00 Franklin Emg Mkts Debt Opp SGD S$ 23.63 - 0.30 4.52 Invesco Real Return (EUR) Bond Fund A 15.85 - -0.01 -
Regulated (LF) FOF Real Estate 16.02 - 0.15 0.00 Global Equity Income Acc F 158.70 - -0.22 2.98 Asian Equity A F $ 52.82 - 0.09 0.00
Eurocroissance 969.37 - 19.01 0.00 Franklin Emg Mkts Debt Opp USD $ 18.28 - 0.23 5.83 Invesco UK Eqty Income A 33.79 - -0.11 0.00
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.09 Global Equity Income Inc F 120.56 - -0.17 3.06 Asian Property A F $ 20.14 - -0.08 0.00
Far East $ 903.30 - 16.57 0.00 Invesco UK Investment Grade Bond A 1.07 - -0.01 1.90
Gbl Financial Capital Acc 103.37 - 0.29 4.18 Diversified Alpha Plus A F 27.05 27.05 0.14 0.00
Invesco US Structured Equity A $ 25.78 - 0.22 0.00
Frontier Capital (Bermuda) Limited Gbl Financial Capital Inc 80.95 - 0.23 4.33 Emerg Europ, Mid-East & Africa Eq A F 78.99 - 0.20 0.00
Chartered Asset Management Pte Ltd Invesco US Value Eq Fd A $ 37.59 - 0.46 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Other International
Global Opportunities Acc F 137.66 - 0.36 0.27 M & G Securities (1200)F (UK)
Other International Funds Emerging Markets Debt A F $ 89.48 - -0.11 0.00
Regulated Commercial Property-GBP Class 71.42 - -0.53 - Invesco USD Reserve A $ 87.62 - 0.00 0.00 PO Box 9039, Chelmsford, CM99 2XG
CAM-GTF Limited $ 310796.35 310796.35 1942.65 0.00 Global Smaller Cos Acc F 2446.67 - 1.66 0.02 Emerging Markets Domestic Debt AX F 13.09 13.09 -0.15 4.83
www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Global Liquidity USD $ 1.00 - 0.00 0.61 Global Real Estate-GBP C Class 45.26 - -0.50 -
CAM GTi Limited $ 691.05 - 11.33 0.00 Global Smaller Cos Inc F 2332.00 - 1.59 0.02 Authorised Inv Funds Emerging Markets Equity A F $ 44.44 44.44 0.05 0.00
Raffles-Asia Investment Company $ 1.64 1.64 0.00 1.87 Global Targeted Rets Acc 58.85 - -0.06 0.99 Invesco Global Asset Management Ltd (IRL) Charifund Inc 1603.74 - -3.95 4.58 Euro Bond A F 16.29 16.29 -0.03 0.00
FIL Investment Services (UK) Limited (1200)F (UK) Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
Barclays Investment Funds (CI) Ltd (JER) 130, Tonbridge Rd, Tonbridge TN11 9DZ High Income Acc F 885.12 - -2.98 3.30 Charifund Acc 23967.57 - -59.04 4.43 Euro Corporate Bond AX F 28.35 28.35 -0.24 1.33
FCA Recognised
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Callfree: Private Clients 0800 414161 High Income Inc F 457.74 - -1.54 3.39 M&G Corporate Bond A Acc 70.07 - -0.19 2.59
Invesco Stlg Bd A QD F 2.71 - 0.00 3.44 Euro Strategic Bond A F 46.37 46.37 -0.05 0.00
FCA Recognised Broker Dealings: 0800 414 181 High Yield Fund Acc 121.01 - 0.00 5.68 M&G Corporate Bond A Inc 41.70 - -0.12 3.74 European Currencies High Yield Bd A F 24.59 24.59 0.00 0.00
Bond Funds Invesco Asian Equity A $ 8.79 - 0.03 0.23
OEIC Funds
High Yield Fund Inc 43.72 - 0.00 5.88 M&G Dividend A Inc 63.44 - -0.16 4.64 European Equity Alpha A F 44.58 - 0.23 0.00
Sterling Bond F 0.48 - -0.01 2.70 Allocator World Fund N-ACC-GBP 1.59 - 0.00 0.86 Invesco ASEAN Equity A $ 101.25 - -0.08 0.12
Hong Kong & China Acc F 707.55 - -1.31 0.45 M&G Dividend A Acc 697.71 - -1.80 2.89 European Property A F 34.41 34.41 -0.01 0.00
American Fund W-ACC-GBP 36.67 - -0.03 0.12 Invesco Bond A $ 28.46 - -0.15 2.03
Income & Growth Acc F 1082.07 - -4.62 3.53 M&G Episode Income A Acc 163.07xd - -0.06 2.16 Eurozone Equity Alpha A F 12.86 12.86 0.04 0.00
American Special Sits W-ACC-GBP 14.14 - 0.00 0.69 Fundsmith LLP (1200)F (UK) Invesco Continental Eurp Small Cap Eqty A $ 291.43 - 0.50 0.00
Baring Asset Management (UK)
Income & Growth Inc F 435.75 - -1.86 3.63 M&G Episode Income A Inc 126.98xd - -0.04 3.50
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Invesco Emerging Markets Equity A $ 48.50 - 0.30 0.00 Global Bond A F $ 42.41 42.41 -0.20 0.00
Authorised Funds Cheyne Capital Management (UK) LLP (IRL) Asia Pacific Ops W-Acc 1.70 - -0.01 0.97
www.fundsmith.co.uk, enquiries@fundsmith.co.uk Income Acc F 3379.00 - -10.91 3.15 M&G Episode Growth A Inc 60.01 - 0.25 2.33
UK Authorised Unit Trust Invesco Emerging Markets Bond A $ 22.69 - -0.02 4.87 Global Brands A F $ 120.19 - -0.31 0.00
Regulated Cash Fund Y-Acc-GBP 1.00 - 0.00 0.08 Authorised Inv Funds
Baring Eastern Trust GBP Acc 1025.00 - 4.00 0.00 Income Inc F 1790.90 - -5.79 3.23 M&G Global Basics A Inc 867.15xd - -1.16 1.84 Global Convertible Bond A F $ 44.78 - 0.13 0.00
Cheyne Convertibles Absolute Return Fund (D) 1434.10 - 4.26 0.00 Cash Fund Y-Inc-GBP 1.00 - 0.00 0.18 Fundsmith Equity T Acc 344.54 - 0.24 0.73 Invesco Continental European Equity A 9.40 - 0.07 1.00
Baring Eastern Trust GBP Inc 1006.00 - 4.00 0.00 Japan Acc F 406.12 - -1.61 0.60 M&G Global Basics A Acc 1348.08xd - -1.78 0.31 Global Property A F $ 29.96 - -0.06 0.00
Cheyne Global Credit Fund (D) 125.30 - 0.21 0.00 Asian Dividend Fund W-ACC-GBP 1.63 - -0.01 1.87 Fundsmith Equity T Inc 320.11 - 0.23 0.73 Invesco Gilt A 16.32 - -0.09 0.99
Baring Europe Select Trust GBP Inc 3999.00 - -23.00 0.10 Japanese Smlr Cos Acc F 120.80 - -0.24 0.00 M&G Global Dividend Fund A Acc 271.14 - 0.67 1.31 Indian Equity A F $ 48.48 - 0.23 0.00
Cheyne European Mid Cap Fund (W) 1039.27 - -3.11 0.00 Invesco Global Small Cap Equity A NAV $ 153.70 - 0.82 0.00
Wednesday 13 September 2017 FINANCIAL TIMES 23

MANAGED FUNDS SERVICE

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

Latin American Equity A F $ 58.52 - -0.12 0.00 Pictet-Russian Equities-I USD F $ 73.39 - 0.42 0.00 Strategic Europe Value Fd - EUR Inst Dist 102.44 - 0.93 0.00 UBS Global Enhanced Equity Income C Inc 0.46 - 0.00 7.20 Data Provided by
Short Maturity Euro Bond A F 20.44 20.44 0.00 0.00 Pictet-Security-I USD F $ 241.38 - 2.11 0.00 Strategic Europe Value Fd - Euro R Class 100.17 - 0.90 0.00 UBS US Growth C Acc 1.17 - 0.00 0.00
Odey Asset Management LLP (CYM) Rathbone Unit Trust Mgmt (1200)F (UK)
US Dollar Liquidity A F $ 13.10 - 0.00 0.00 Regulated Pictet-Select-Callisto I EUR 104.85 - 0.12 0.00 PO Box 9948, Chelmsford, CM99 2AG Strategic European Smaller Companies Fd - EUR 1334.36 - 8.59 0.00 UBS Emerging Markets Equity Income C Inc 0.55 - 0.00 3.38
US Growth A F $ 89.89 - -0.19 0.00 OEI Mac Inc GBP A 165.09 - -0.79 0.00 Pictet-Small Cap Europe-I EUR F 1311.32 - 12.35 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Strategic Global Bond Fd - RMB $ 1119.91 - -7.07 0.00 UBS FTSE RAFI Dev 1000 Index J Acc 140.36 - 1.05 2.31
US Growth AH F 60.72 60.72 -0.13 0.00 Pictet-ST.MoneyMkt-I 139.68 - -0.01 0.00 Authorised Inv Funds Strategic Global Bond Fd - USD $ 1066.38 - -3.66 0.00 UBS MSCI World Min Vol Index J Acc 149.45 - 0.64 2.02
OEI Mac Inc GBP B 98.07 - 0.04 0.00
Blue Chip Income Inc 158.49 163.75 -0.66 3.88
US Growth AX F 67.80 67.80 -0.45 0.00 OEI MAC Inc USD $ 873.83 - -3.55 0.00 Pictet-ST.MoneyMkt JPY I USD 101190.35 - -1.65 0.00 Strategic Global Quality Fd - USD $ 124.58 - 0.85 0.00
Blue Chip Income Acc 255.16 263.24 -1.06 3.75
US Property A F $ 71.58 - 0.12 0.00 Odey European Inc EUR 378.01 - -2.58 0.00 Pictet-ST.MoneyMkt-ICHF SFr 122.48 - 0.00 0.00 Strategic Global Quality Fd - USD Inst $ 134.64 - 0.92 0.00
Ethical Bond Inc 96.54 98.43 -0.14 4.48 RobecoSAM (LUX) Unicapital Investments (LUX)
Odey European Inc GBP A 150.38 - -1.01 0.00 Pictet-ST.MoneyMkt-IUSD $ 137.79 - 0.00 0.00 Strategic Quality Emerging Bond Fd - EUR Inst 1048.29 - -1.42 0.00
Odey European Inc GBP B 85.24 - -0.58 0.00 Pictet-Timber-I USD F $ 185.71 - 1.40 0.00
Ethical Bond Acc 197.45 200.81 -0.29 4.36 Tel. +41 44 653 10 10 http://www.robecosam.com/
Strategic Quality Emerging Bond Fd - USD $ 1073.74 - -1.47 0.00
Regulated
Investments IV - European Private Eq. 167.37 - 3.28 17.92
www.morningstar.co.uk
Morgens Waterfall Vintiadis.co Inc Regulated
Global Opportunities Acc 191.78 197.58 0.16 0.00 Data as shown is for information purposes only. No
Other International Funds Odey European Inc USD $ 178.85 - -1.09 0.00 Pictet Total Ret-Agora I EUR 120.04 - 0.43 0.00 RobecoSAM Sm.Energy/A 16.53 - 0.24 1.32 Strategic US Momentum and Value Fd - USD Class $ 813.15 - 7.50 0.00 Investments IV - Global Private Eq. 232.07 - -5.90 8.40
Pictet Total Ret-Corto Europe I EUR 142.88 - 0.53 0.00
Income Inc 938.20 969.96 -3.06 3.48
Strategic US Momentum and Value Fd - USD Inst $ 545.04 - 5.05 0.00 offer is made by Morningstar or this publication.
Phaeton Intl (BVI) Ltd (Est) $ 411.04 - -2.30 0.00 Giano Capital EUR Inc 4195.77 - 217.74 0.00 RobecoSAM Sm.Energy/N 14.18 - 0.25 0.00
Income Acc 1534.52 1584.08 -5.00 3.46
Pictet Total Ret-Divers Alpha I EUR 110.22 - 0.19 0.00 RobecoSAM Sm.Materials/A 199.56 - 2.88 1.11
Multi Asset Enhanced Growth Acc 156.93 - 0.09 0.39 Unicorn Asset Management Ltd (UK)
Pictet Total Ret-Kosmos I EUR 109.76 - -0.03 0.00 RobecoSAM Sm.Materials/N 194.33 - 3.43 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Odey Asset Management LLP (IRL) Multi Asset Strategic Growth inc 171.19 - -0.02 1.41
FCA Recognised Pictet Total Ret-Mandarin I USD $ 149.44 - 0.06 0.00 RobecoSAM Sm.Materials/Na 132.24 - 2.33 1.18 Authorised Inv Funds
Multi Asset Strategic Growth acc 186.45 - -0.02 1.40 UK Growth A Inc 584.91 - -1.36 0.62
Odey Pan European EUR R 302.44 - -0.57 0.00 Pictet-US Equity Selection-I USD $ 216.12 - 2.58 0.00 RobecoSAM Gl.Small Cap Eq/A 110.55 - 0.93 1.02
Multi Asset Total Return inc 132.69 - -0.12 1.92 Mastertrust A Inc X F 495.52 - -0.38 0.24
Pictet-US High Yield-I USD F $ 164.07 - 0.10 0.00
Guide to Data
Odey Allegra International EUR O 159.56 - -0.13 0.00 RobecoSAM Gl.Small Cap Eq/N 185.85 - 2.15 0.00
Multi Asset Total Return acc 150.68 - -0.15 1.76 UK Growth B Inc 589.57 - -1.36 1.15
Odey Allegra Developed Markets USD I $ 151.04 - 0.41 0.00 Pictet-USA Index-I USD F $ 224.55 - 2.40 0.00 RobecoSAM Sustainable Gl.Eq/B 200.88 - 2.05 0.00
Recovery Inc 483.94 501.26 -3.13 2.27 Mastertrust B Inc X F 446.46 - -0.33 0.80
Odey European Focus Fund 18.86 - 0.12 0.00 Pictet-USD Government Bonds-I F $ 659.96 - -2.07 0.00 RobecoSAM Sustainable Gl.Eq/N 175.49 - 1.80 0.00
Natixis International Funds (LUX) I SICAV (LUX) Pictet-USD Short Mid-Term Bonds-I F $ 132.39 - -0.10 0.00
Recovery Acc 603.28 624.10 -3.90 2.23 Superfund Asset Management GmbH Outstanding British Cos A Acc X F 293.37 - -0.32 0.23
Odey Giano European Fund EUR R 108.69 - -0.02 0.00 RobecoSAM S.HealthyLiv/B 180.80 - 1.55 0.00 The fund prices quoted on these pages are supplied by
FCA Recognised Strategic Bond I-Class Acc 141.88 142.57 -0.08 3.37 www.superfund.com, +43 (1) 247 00
Pictet-USD Sov.ST.Mon.Mkt-I $ 104.06 - 0.00 0.00 Outstanding British Cos B Acc X F 310.39 - -0.33 0.88 the operator of the relevant fund. Details of funds
Odey Odyssey USD I $ 98.95 - -1.53 0.00 RobecoSAM S.HealthyLiv/N 170.69 - 1.47 0.00 Regulated
ASG Managed Futures Fund I/A (USD) $ 100.57 100.57 0.48 0.00 Strategic Bond I-Class Inc 117.34 118.03 -0.07 3.44 published on these pages, including prices, are for the
Odey Swan Fund EUR I 43.92 - -0.67 0.00 Pictet-Water-I EUR F 323.30 - 2.92 0.00 RobecoSAM S.HealthyLiv/Na 133.87 - 0.73 1.00 UK Smaller Cos A Inc X F 564.59 - -1.96 0.99 purpose of information only and should only be used
Harris Global Equity Fund R/A (USD) $ 310.79 310.79 2.61 0.00 Superfund Green EUR SICAV 869.06 - -0.94 0.00
UK Smaller Cos B Inc X F 554.57 - -1.91 1.56 as a guide. The Financial Times Limited makes no
Odey Absolute Return Focus Fund $ 93.04 - 8.35 0.00 RobecoSAM S.Water/A 241.85 - 1.53 1.36 Superfund Red EUR SICAV 808.47 - -2.60 0.00
Loomis Sayles Global Growth Equity Fund I/A (USD) $ 125.22 125.22 1.54 0.00 representation as to their accuracy or completeness
RobecoSAM S.Water/N 197.04 - 1.88 0.00 Superfund Blue EUR 812.62 - -1.28 0.00 UK Income A Acc X F 311.87 - -0.74 3.54
Loomis Sayles U.S. Growth Equity Fund I/A (USD) $ 126.26 126.26 1.42 0.00 Platinum Capital Management Ltd and they should not be relied upon when making an
UK Income A Inc X F 259.87 - -0.61 3.63 investment decision.
Other International Funds
Odey Wealth Management (CI) Ltd (IRL)
Platinum All Star Fund - A (Est) $ 128.86 - - - UK Income B Acc X F 335.66 - -0.78 3.52
www.odey.com/prices The sale of interests in the funds listed on these pages
Natixis International Funds (UK) Thesis Unit Trust Management Limited (UK)
UK Income B Inc X F 279.83 - -0.66 3.61 may, in certain jurisdictions, be restricted by law and
FCA Recognised Platinum Global Dividend Fund - A (Est) $ 47.39 - - - Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds the funds will not necessarily be available to persons
Odey Opportunity EUR I 234.73 - 1.26 0.00 Platinum Maverick Enhanced Fund Limited (Est) $ 92.47 - - 0.00 Authorised Funds
H2O MultiReturns Fund N/A (GBP) 1.48 - 0.02 0.00 in all jurisdictions in which the publication circulates.
TM New Court Fund A 2011 Inc 14.62 - -0.01 0.00 Persons in any doubt should take appropriate
Loomis Sayles U.S. Equity Leaders N/A (GBP) 2.24 - 0.00 0.00 Robeco Asset Management (LUX) Rubrics Global UCITS Funds Plc (IRL) Value Partners Hong Kong Limited (IRL)
professional advice. Data collated by Morningstar. For
Weena 850, 3014 DA Rotterdam, The Netherlands www.rubricsam.com TM New Court Fund - A 2014 Acc 14.65 - -0.01 0.00 www.valuepartners-group.com, fis@vp.com.hk
Omnia Fund Ltd other queries contact reader.enquiries@ft.com +44
Other International Funds www.robeco.com/contact Regulated TM New Court Equity Growth Fund - Inc 15.12 - -0.01 0.02 Regulated (0)207 873 4211.
NatWest (2230)F (UK) FCA Recognised Rubrics Emerging Markets Fixed Income UCITS Fund $ 136.96 - 0.06 0.00 Value Partners Asia Dividend Stocks Fund A USD $ 11.05 - 0.02 0.00
Estimated NAV $ 932.99 - -5.69 0.00
PO Box 23873, Edinburgh EH7 5WJ** Asia-Pacific Equities (EUR) 154.90 - 0.11 0.00 The fund prices published in this edition along with
Rubrics Global Credit UCITS Fund $ 15.69 - 0.00 0.00 Value Partners Classic Equity Fund USD Z Unhedged $ 14.11 - 0.04 0.00
additional information are also available on the
Enquiries: 0800 085 5588 BP US Premium Equities (EUR) 216.05 - 2.65 0.00
Rubrics Global Fixed Income UCITS Fund $ 162.89 - -0.22 0.00 Value Partners Classic Equity Fund CHF HedgedSFr 14.18 - 0.05 0.00 Financial Times website, www.ft.com/funds. The
Authorised Inv Funds funds published on these pages are grouped together
BP US Premium Equities (USD) $ 247.42 - 3.06 0.00 Value Partners Classic Equity Fund EUR Hedged 14.42 - 0.04 0.00
Series 1(Minimum initial investment 16375,000) Q Rubrics India Fixed Income UCITS Fund $ 11.84 - -0.02 0.00 by fund management company.
Polar Capital Funds Plc (IRL) Chinese Equities (EUR) 94.93 - 1.30 0.00 Value Partners Classic Equity Fund GBP Hedged 14.95 - 0.04 0.00
Global Spec Inv Grade Bd Fund GBP 9.75 - 0.00 2.66 Rubrics India Fixed Income UCITS Fund $ 101.17 - -0.17 0.00
Regulated Em Stars Equities (EUR) 214.95 - 0.85 0.00 Value Partners Classic Equity Fund GBP Unhedged 17.61 - -0.02 0.00 Prices are in pence unless otherwise indicated. The
Series 2 (Investment Management customers only)
Asian Financials I USD $ 377.90 377.90 0.59 0.71 change, if shown, is the change on the previously
UK Specialist Equity Inc 21.36 - -0.12 0.49 Emerging Markets Equities (EUR) 186.18 - 1.51 0.00 Value Partners Classic Equity USD Hedged $ 17.56 - 0.05 0.00 quoted figure (not all funds update prices daily). Those
Biotechnology I USD $ 21.67 21.67 -0.15 0.00 Glob.Consumer Trends Equities (EUR) 180.02 - 2.67 0.00 Schroder Property Managers (Jersey) Ltd designated $ with no prefix refer to US dollars. Yield
Global Spec Inv Grade Bd Fund GBP 9.97 - 0.00 2.66
Other International Funds
Toscafund Asset Management LLP (UK) Value Partners Global Emerging Market Bond Fund $ 10.38 - 0.00 -
European Income Acc EUR 12.34 12.34 0.10 0.00 www.toscafund.com percentage figures (in Tuesday to Saturday papers)
The initial charge you will pay will depend on the amount you invest Optima Fund Management High Yield Bonds (EUR) 145.77 - 0.51 0.00 Value Partners Global Emerging Market Equity Fund $ 10.19 - 0.05 -
Indirect Real Estate SIRE 136.24 142.49 0.41 2.26 allow for buying expenses. Prices of certain older
**Address and Telephone number for series 1 only Other International Funds European Ex UK Inc EUR Acc 11.20 11.20 0.09 0.00 Authorised Funds
New World Financials (EUR) 61.05 - 0.80 0.00 Value Partners Greater China Equity Fund $ 11.19 - 0.05 0.00 insurance linked plans might be subject to capital
Cuttyhunk Fund II Limited $ 1642.12 - 13.37 0.00 Financial Opps I USD $ 13.68 - 0.22 1.89 Aptus Global Financials B Acc 4.21 - 0.03 4.75 gains tax on sales.
Value Partners Health Care Fund RMB Class Z UnhedgedCNH 11.40 - -0.03 0.00
JENOP Global Healthcare Fund Ltd $ 15.11 - 0.07 0.00 GEM Growth I USD $ 11.18 - 0.05 0.00 Scottish Friendly Asset Managers Ltd (UK) Aptus Global Financials B Inc 3.35 - 0.02 4.97
Value Partners Health Care Fund HKD Class A UnhedgedHK$ 10.83 - -0.07 0.00 Guide to pricing of Authorised Investment Funds:
Royal Bank of Scotland (2230)F (UK) Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
OPTIKA Fund Limited - Cl A $ 117.00 - 2.74 0.00 GEM Income I USD $ 12.23 - 0.03 0.00 (compiled with the assistance of the IMA. The
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Authorised Inv Funds Value Partners Health Care Fund USD Class A Unhedged $ 10.85 - -0.11 0.00
Investment Management Association, 65 Kingsway,
Optima Fd NAV $ 95.93 - 0.69 0.00 Global Alpha I USD $ 15.19 15.19 0.14 0.00 Authorised Inv Funds Toscafund Asset Management LLP
Managed Growth 280.40 - -0.80 0.00 London WC2B 6TD.
Optima Discretionary Macro Fund Limited $ 84.30 - 0.14 0.00 Global Convertible I USD $ 12.29 12.29 0.02 0.00 Series 5 (Minumum Initial Investment 75,000) www.toscafund.com Tel: +44 (0)20 7831 0898.)
UK Growth 305.10 - -1.10 0.00
The Dorset Energy Fd Ltd NAV $ 20.09 - -0.20 0.00 Global Insurance I GBP 5.80 - 0.12 0.00 Global Spec Inv Grade Bd Fund GBP 9.59 - 0.00 2.66 Other International Funds Waverton Investment Funds Plc (1600)F (IRL)
Tosca A USD $ 344.26 - 7.49 - waverton.investments@citi.com OEIC: Open-Ended Investment Company. Similar to a
Platinum Fd Ltd $ 106.12 - 0.71 0.00 Global Technology I USD $ 35.85 - 0.55 0.00 Series 6 (Investment Management Customers Only)
FCA Recognised unit trust but using a company rather than a trust
New Capital UCITS Funds PLC (IRL) US Spec Equity Fund 26.95 - 0.13 0.26 SIA (SIA Funds AG) (CH) Tosca Mid Cap GBP 302.96 - -4.07 - structure.
Platinum Fd Ltd EUR 19.90 - 0.12 0.00 Healthcare Blue Chip Fund I USD Acc $ 11.97 11.97 0.06 0.00 Waverton Asia Pacific A USD $ 23.48 - 0.23 0.75
Leconfield House, Curzon Street, London, W1J 5JB Global Spec Inv Grade Bd Fund GBP 9.95 - 0.00 2.66 Other International Fds Tosca Opportunity B USD $ 442.38 - -6.80 -
www.newcapitalfunds.com Platinum Japan Fd Ltd $ 65.79 - 0.17 0.00 Healthcare Opps I USD $ 41.85 - 0.08 0.00 Waverton Global Equity Fund A GBP 19.14 - 0.02 0.17 Different share classes are issued to reflect a different
Address and telephone number for Series 5 only LTIF Stability Growth SFr 210.60 - 2.60 - Pegasus Fund Ltd A-1 GBP 71.69 - -0.55 0.00 currency, charging structure or type of holder.
FCA Recognised Optima Partners Global Fd $ 16.52 - 0.20 0.00 Income Opportunities B2 I GBP Acc 2.20 2.20 0.01 0.00 Waverton Global Strategic Bond Fund A USD $ 8.64 - 0.01 4.83
LTIF Stability Inc Plus SFr 177.50 - 2.20 0.23
New Capital Asia Pacific Bond Fund - USD Ord Inc. $ 96.59 - -0.22 3.16 Optima Partners Focus Fund A $ 17.11 - 0.22 0.00 Japan Alpha I JPY 231.61 231.61 1.73 0.00 Waverton UK Fund A GBP 13.86 - -0.10 1.79 Selling price: Also called bid price. The price at which
New Capital Asia Pacific Equity Income Fund - USD Ord Inc. $ 108.35 - 0.26 3.49 Japan I JPY 2290.69 - 22.29 0.00 Royal London Unit Managers Ltd. (1200) F (UK)
Waverton Equity Fund A GBP 18.55 - -0.03 0.16
units in a unit trust are sold by investors.
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777
New Capital Dynamic European Equity Fund - EUR Ord Inc. 183.46 - 1.91 2.28 North American I USD $ 22.23 22.23 0.25 0.00 Slater Investments Ltd (UK)
Waverton Sterling Bond Fund A GBP 9.68 - -0.03 4.70 Buying price: Also called offer price. The price at
Oryx International Growth Fund Ltd Authorised Inv Funds www.slaterinvestments.com; Tel: 0207 220 9460
New Capital China Equity Fund - USD Ord Acc. $ 161.64 - -0.16 0.00 UK Absolute Equity I GBP 19.07 19.07 -0.02 0.00 which units in a unit trust are bought by investors.
Other International Funds Royal London Sustainable Diversified A Inc 1.87 - 0.00 1.36 FCA Recognised Includes managers initial charge.
New Capital Global Value Credit Fund - USD Ord Acc. $ 183.78 - -0.09 0.00 NAV (Fully Diluted) 8.72 - -0.01 0.00 UK Val Opp I GBP Acc 11.17 11.17 -0.01 - Royal London Sustainable World A Inc 223.50 - -0.10 0.57 Slater Growth 479.68 508.94 8.34 0.00
New Capital Global Equity Conviction Fund - USD Ord Acc. $ 112.72 - 1.14 0.00
WA Fixed Income Fund Plc (IRL)
Single price: Based on a mid-market valuation of the
Royal London Corporate Bond Mth Income 94.65 96.09 -0.28 3.93 Slater Income A Inc 161.26 161.26 -0.22 0.00 Regulated
New Capital Strategic Portfolio UCITS Fund - USD Inst Acc. $ 112.44 - 0.66 0.00 underlying investments. The buying and selling price
Polar Capital LLP (CYM) Royal London European Growth Trust 148.50 150.80 -0.80 0.32 Slater Recovery 214.25 227.32 0.53 0.00 TreeTop Asset Management S.A. (LUX) European Multi-Sector 121.53 - -0.01 0.00 for shares of an OEIC and units of a single priced unit
New Capital Wealthy Nations Bond Fund - USD Inst Inc. $ 120.67 - -0.13 3.81 Regulated trust are the same.
Regulated Royal London Sustainable Leaders A Inc 550.80 - -1.20 1.22 Slater Artorius 182.48 182.48 0.66 0.36
New Capital Swiss Select Equity Fund - CHF Ord Acc.SFr 150.03 - 1.32 0.00 European Conviction A EUR 147.49 - -3.89 0.00 TreeTop Convertible Sicav
Royal London UK Growth Trust 558.90 567.40 -2.30 1.53 Treatment of managers periodic capital charge:
New Capital US Growth Fund - USD Ord Acc. $ 245.20 - 2.67 0.00 International A 319.21 - 2.24 0.00 Yapi Kredi Asset Management (TUR)
European Forager A EUR 181.71 - -1.51 0.00 Royal London UK Income With Growth Trust 232.30 235.90 -0.90 4.38 The letter C denotes that the trust deducts all or part
www.yapikrediportfoy.com.tr Tel: + 90 (212) 385 48 48
New Capital All Weather UCITS Fund - EUR Inst Acc. 101.88 - 0.06 - Standard Life Wealth (JER) International B $ 424.68 - 2.77 0.00 of the managers/operators periodic charge from
Royal London US Growth Trust 209.70 212.90 1.00 0.00 Other International Funds capital, contact the manager/operator for full details
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
New Capital Dynamic UK Equity Fund - GBP Inst Acc. 110.31 - 0.59 - International C 134.58 - 0.89 2.64 Eurobond Fund TRY 0.098540 - -0.910075 - of the effect of this course of action.
Additional Funds Available FCA Recognised
Pictet Asset Management (Europe) SA (LUX) Private Fund Mgrs (Guernsey) Ltd (GSY)
New Capital US Small Cap Growth Fund - USD Inst Acc $ 112.47 - 1.24 - Please see www.royallondon.com for details Standard Life Offshore Strategy Fund Limited International D 279.86 - 1.96 2.55 Koc Affiliate and Equity Fund TRY 1.010438 - 0.001823 -
Regulated Exit Charges: The letter E denotes that an exit charge
15, Avenue J.F. Kennedy L-1855 Luxembourg TreeTop Global Sicav
New Capital Global Alpha Fund - USD Ord Inc $ 105.08 - 0.03 - Monument Growth 05/09/2017 521.81 527.52 7.96 1.57 Bridge Fund 1.9004 - -0.0007 1.75 DPM Bonds and Bills Fund (FX) $ 1.060139 - 0.051524 - may be made when you sell units, contact the
Tel: 0041 58 323 3000
Global Opp.A 165.58 - 1.19 0.00 manager/operator for full details.
FCA Recognised Ruffer LLP (1000)F (UK) Global Equity Fund 2.3761 - -0.0004 0.49
Global Opp.B $ 173.24 - 0.87 0.00
Pictet-Absl Rtn Fix Inc-HI EUR 108.61 - 0.00 0.00 40 Dukes Place, London EC3A 7NH Global Fixed Interest Fund 1.0291 - -0.0012 3.95 Time: Some funds give information about the timing of
Prusik Investment Management LLP (IRL)
Order Desk and Enquiries: 0345 601 9610 Global Opp.C 239.20 - 1.30 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 296.96 - 1.06 0.00 Income Fund 0.5683 - -0.0011 3.23 price quotes. The time shown alongside the fund
Enquiries - 0207 493 1331
Authorised Inv Funds Sequoia Equity A 163.14 - 1.83 0.00 managers/operators name is the valuation point for
Pictet-Asian Local Currency Debt-I USD F $ 167.68 - -0.76 0.00 Regulated Sterling Fixed Interest Fund 0.8985 - -0.0034 3.35 their unit trusts/OEICs, unless another time is
Authorised Corporate Director - Capita Financial Managers Sequoia Equity B $ 180.56 - 1.72 0.00
Pictet-Biotech-I USD F $ 840.89 - -0.87 0.00 Prusik Asian Equity Income B Dist $ 206.51 - 0.20 3.30 UK Equity Fund 2.1663 - -0.0029 2.97 indicated by the symbol alongside the individual unit
CF Ruffer Investment Funds
Sequoia Equity C 217.38 - 2.13 2.78 trust/OEIC name.
Pictet-CHF Bonds I CHF SFr 510.05 - -0.20 0.00 Prusik Asia A $ 251.17 - 1.41 0.00
CF Ruffer European C Acc 567.47 - 1.19 0.06
Pictet-China Index I USD $ 150.13 - 2.19 0.00 Prusik Asian Smaller Cos A $ 167.15 - 1.13 0.00 The symbols are as follows: 0001 to 1100 hours;
CF Ruffer European C Inc 105.32 - 0.22 -
Northwest Investment Management (HK) Ltd Yuki International Limited (IRL) 1101 to 1400 hours; 1401 to 1700 hours; # 1701 to
Pictet-Clean Energy-I USD F $ 98.01 - 1.25 0.00 CF Ruffer European O Acc 558.87 - 1.14 0.00
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Tel +44-20-7269-0207 www.yukifunds.com midnight. Daily dealing prices are set on the basis of
Other International Funds Pictet-Digital-I USD F $ 365.91 - 3.61 0.00 the valuation point, a short period of time may elapse
Purisima Investment Fds (UK) (1200)F (UK) CF Ruffer Equity & General C Acc 441.14 - 1.18 0.00 Regulated
Northwest China Opps $ Class $ 3044.10 - 116.24 0.00 Pictet-Em Lcl Ccy Dbt-I USD F $ 186.27 - -0.59 0.00 before prices become available. Historic pricing: The
40 Dukes Place, London EC3A 7NH CF Ruffer Equity & General C Inc 406.90 - 1.10 0.00 Yuki Mizuho Umbrella Fund
letter H denotes that the managers/operators will
Northwest $ Class $ 2370.01 - 32.98 0.00 Pictet-Emerging Europe-I EUR F 401.91 - 4.58 0.00 Order Desk and Enquiries: 0345 922 0044 Yuki Mizuho Japan Dynamic Growth 8829.00 - 92.00 0.00 normally deal on the price set at the most recent
CF Ruffer Equity & General O Acc 434.49 - 1.15 0.00
Authorised Inv Funds valuation. The prices shown are the latest available
Pictet-Emerging Markets-I USD F $ 667.24 - 2.90 0.00 CF Ruffer Equity & General O Inc 403.13 - 1.06 0.00 Yuki Japan Low Price 41942.00 - 1223.00 0.00
Authorised Corporate Director - Capita Financial Managers Stenham Asset Management Inc before publication and may not be the current dealing
Pictet-Emerging Markets Index-I USD F $ 296.04 - 2.17 0.00 Yuki Japan Value Select 18451.00 - 147.00 0.00 levels because of an intervening portfolio revaluation
Global Total Fd PCG A 233.00 - 1.13 0.58 CF Ruffer Gold C Acc 159.42 - 6.12 0.50 www.stenhamassetmanagement.com Troy Asset Mgt (1200) (UK)
Pictet-Emerging Corporate Bonds I USD $ 125.16 - -0.08 0.00 40 Dukes Place, London EC3A 7NH Yuki Asia Umbrella Fund or a switch to a forward pricing basis. The
Global Total Fd PCG B 230.93 - 1.12 0.39 CF Ruffer Gold C Inc 96.59 - 3.70 - Other International Funds
managers/operators must deal at a forward price on
Pictet-Emerging Markets High Dividend I USD $ 124.19 - 0.31 0.00 Order Desk and Enquiries: 0345 608 0950 Yuki Japan Rebounding Growth Fund JPY Class 33568.00 - 352.00 0.00
Global Total Fd PCG INT 227.95 - 1.10 0.19 CF Ruffer Gold O Acc 156.95 - 6.01 0.33 Stenham Credit Opportunities A Class USD $ 110.53 - 0.60 0.00 request, and may move to forward pricing at any time.
Authorised Inv Funds Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1305.31 - 13.40 0.00 Forward pricing: The letter F denotes that that
Pictet-Emerging Markets Sust Eq I USD $ 109.37 - 0.19 0.00 CF Ruffer Japanese C Inc 102.96 - -1.75 - Stenham Equity UCITS USD $ 166.93 - 0.12 0.00
ACD Capita Financial Mgrs managers/operators deal at the price to be set at the
Pictet-EUR Bonds-I F 585.49 - -1.27 0.00 CF Ruffer Japanese C Acc 218.60 - -3.72 0.24 Stenham Growth USD $ 215.90 - 2.37 - next valuation.
Trojan Investment Funds
Pictet-EUR Corporate Bonds Ex Fin i EUR 151.18 - -0.05 0.00 Purisima Investment Fds (CI) Ltd (JER)
Regulated
CF Ruffer Japanese O Acc X 215.01 - -3.67 0.03 Stenham Healthcare USD $ 192.52 - -0.56 0.00 Spectrum Fund O Acc 211.70 - -0.51 0.52 Zadig Gestion (Memnon Fund) (LUX)
Oasis Crescent Management Company Ltd Pictet-EUR Corporate Bonds-I F 211.71 - 0.02 0.00 FCA Recognised
Investors can be given no definite price in advance of
CF Ruffer Pacific C Acc 369.32 - -2.79 0.94 Stenham Managed Fund USD $ 115.94 - 0.82 0.00 Spectrum Fund O Inc 204.27 - -0.48 0.53 the purchase or sale being carried out. The prices
Other International Funds PCG B X 199.96 - 1.02 0.00
Pictet-EUR Government Bonds I EUR 162.89 - -0.11 0.00 Stenham Macro UCITS USD $ 94.92 - -0.03 0.00 Memnon European Fund I GBP 170.63 - 1.20 0.00 appearing in the newspaper are the most recent
Oasis Crescent Equity Fund R 10.05 - 0.04 0.00 PCG C X 196.59 - 1.00 0.00 CF Ruffer Pacific C Inc 105.01 - -0.79 - Spectrum Income Fund O Acc 115.05 - 0.02 2.84
provided by the managers/operators. Scheme
Pictet-EUR High Yield-I F 271.71 - 0.15 0.00 CF Ruffer Pacific O Acc 363.41 - -2.77 1.06 Stenham Multi Strategy USD $ 110.96 - 0.58 - Spectrum Income Fund O Inc 107.86 - 0.01 2.91 particulars, prospectus, key features and reports: The
Pictet-EUR Short Mid-Term Bonds-I F 137.71 - 0.00 0.00 most recent particulars and documents may be
Money Market
CF Ruffer Total Return C Acc 437.43 - 0.04 1.57 Stenham Quadrant USD A $ 414.89 - 4.51 - Trojan Ethical Income O Acc 115.61 - -0.29 2.95
Oasis Global Mgmt Co (Ireland) Ltd (IRL) Pictet-EUR Short Term HY I EUR 127.03 - 0.04 0.00 Putnam Investments (Ireland) Ltd (IRL)
Stenham Trading Inc USD $ 119.54 - 1.30 -
obtained free of charge from fund
CF Ruffer Total Return C Inc 296.98 - 0.02 1.59 Trojan Ethical Income O Inc 110.42 - -0.29 3.08 managers/operators. * Indicates funds which do not
Regulated Regulated
Pictet-EUR Sov.Sht.Mon.Mkt EUR I 101.93 - 0.00 0.00
Oasis Global Investment (Ireland) Plc
Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.00 1.53
Pictet-Euroland Index IS EUR 152.36 - 1.58 0.00
Putnam New Flag Euro High Yield Plc - E 1033.50 - 0.24 3.35 CF Ruffer Total Return O Acc
CF Ruffer Total Return O Inc
430.80
292.33
-
-
0.01 1.58
0.01 1.60
Stenham Universal USD
Stenham Universal II USD
$ 442.84
$ 162.69
-
-
3.21
1.11 0.00
- Trojan Fund O Acc
Trojan Fund O Inc
304.34
250.52
-
-
-0.73 0.36
-0.60 0.36
Trusts and price on Fridays.

Charges for this advertising service are based on the

Bank Accounts
Oasis Global Equity $ 28.97 - 0.05 0.26 Pictet-Europe Index-I EUR F 186.35 - 1.90 0.00 number of lines published and the classification of the
Trojan Global Equity O Acc 293.14 - 0.03 0.68
Pictet-European Equity Selection-I EUR F 736.97 - 8.98 0.00 fund. Please contact data@ft.com or
Oasis Crescent Global Investment Fund (Ireland) plc Trojan Global Equity O Inc 245.68 - 0.03 0.68 Gross
call +44 (0)20 7873 3132 for further information.
Oasis Crescent Global Equity Fund $ 29.78 - 0.04 0.14 Pictet-European Sust Eq-I EUR F 261.79 - 3.08 0.00 Gross Net AER Int Cr
Trojan Global Income O Acc 104.02 - 0.02 -
Oasis Crescent Variable Balanced Fund 10.53 - 0.02 0.00 Pictet-Global Bds Fundamental I USD $ 128.70 - -0.45 0.00
Trojan Global Income O Inc 101.74 - 0.02 -
OasisCresGl Income Class A $ 10.83 - -0.01 2.60 Pictet-Global Bonds-I EUR 166.97 - -0.36 0.00
Trojan Income O Acc 318.74 - -1.08 3.76
CCLA Investment Management Ltd
Pictet-Global Defensive Equities I USD $ 165.00 - 1.47 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET
OasisCresGl LowBal D ($) Dist $ 12.13 - 0.02 0.00 Trojan Income O Inc 186.96 - -0.64 3.88 CBF Church of England Deposit Fund 0.25 - 0.25 Qtr
OasisCresGl Med Eq Bal A ($) Dist $ 12.68 - 0.03 0.30 Pictet-Global Emerging Currencies-I USD F $ 109.02 - -0.07 0.00 Ram Active Investments SA
Oasis Crescent Gbl Property Eqty $ 9.98 - 0.07 1.74 Pictet-Global Emerging Debt-I USD F $ 413.41 - -1.75 0.00 www.ram-ai.com S W Mitchell Capital LLP (CYM) E.I. Sturdza Strategic Management Limited (GSY)
Other International Funds Regulated Regulated UBS Asset Management (UK) CCLA Fund Managers Ltd
Pictet-Global Env.Opport-I EUR 191.14 - 2.22 0.00
Nippon Growth Fund Limited 99075.00 - -1569.00 0.00 5 Broadgate, London, EC2M 2QS Senator House 85 Queen Victoria Street, London EC4V 4ET
RAM Systematic Emerg Markets Core Eq $ 104.18 - 0.92 - S W Mitchell European Fund Class A EUR 302.87 - 1.66 -
Pictet-Global Megatrend Selection-I USD F $ 277.30 - 2.27 0.00 COIF Charities Deposit Fund 0.18 - 0.18 Qtr
Strat Evarich Japan Fd Ltd JPY 83797.00 - -1903.00 0.00 Client Services 0800 358 3012, Client Dealing 0800 358 3012
RAM Systematic Emerg Markets Eq $ 182.93 - 0.76 -
Pictet-Greater China-I USD F $ 627.04 - 5.71 0.00 www.ubs.com/retailfunds
RAM Systematic European Eq 440.16 - 3.92 - Strat Evarich Japan Fd Ltd USD $ 822.76 - -18.89 0.00
Pictet-Health-I USD $ 289.64 - 0.68 0.00 S W Mitchell Capital LLP (IRL) Authorised Inv Funds
RAM Systematic Global Shareholder Yield Eq $ 122.90 - 0.74 0.00 Regulated OEIC
Pictet-High Dividend Sel I EUR F 165.24 - 1.53 0.00
RAM Systematic Long/Short Emerg Markets Eq $ 120.40 - 0.20 - SWMC European Fund B EUR 16649.90 - 131.28 0.00 UBS Global Emerging Markets Equity C Acc 0.80 - 0.01 1.28
Pictet-India Index I USD $ 122.65 - 0.39 0.00 E.I. Sturdza Funds PLC (IRL)
RAM Systematic Long/Short European Eq 154.33 - 0.49 - SWMC UK Fund B 14763.79 - -50.78 0.00 Regulated UBS Global Optimal C Acc 0.95 - 0.00 0.91
Pictet-Indian Equities-I USD F $ 597.73 - 3.70 0.00
Odey Asset Management LLP (UK) RAM Systematic North American Eq $ 282.69 - 2.58 - SWMC Small Cap European Fund B EUR 14775.84 - 25.25 0.00 Nippon Growth (UCITS) Fd - B 86026.00 - 1004.00 0.00 UBS UK Opportunities C Acc 0.86 - 0.00 2.67
Pictet-Japan Index-I JPY F 17218.35 - 166.74 0.00
40 Dukes Place, London, EC3A 7NH RAM Tactical Convertibles Europe 150.56 - 0.71 - SWMC Emerging European Fund B EUR 11617.54 - 111.16 0.00 Nippon Growth (UCITS) Fd - D Inst 56226.00 - 659.00 0.00 UBS US Equity C Acc 1.14 - 0.00 0.37
Pictet-Japanese Equities Opp-I JPY F 10914.06 - 105.44 0.00
Order Desk and Enquiries: 0345 300 2106 Strategic China Panda Fd - USD $ 3366.54 - 50.98 0.00 UBS S&P 500 Index C Acc 0.77 - 0.01 1.52
RAM Tactical Global Bond Total Return 146.01 - -0.12 -
Authorised Corporate Director - Capita Financial Managers Pictet-Japanese Equity Selection-I JPY F 15503.74 - 171.70 0.00
RAM Tactical II Asia Bond Total Return $ 140.94 - 0.02 - Strategic China Panda Fd - USD Inst $ 1304.51 - 19.84 0.00 UBS Targeted Return C Acc 13.62 - 0.01 1.17
Authorised Inv Funds Pictet-LATAM Lc Ccy Dbt-I USD F $ 146.16 - 0.25 0.00
CF Odey Continental European GBP R Acc 969.99 - -7.60 0.61 Strategic Euro Bond Fd - Acc 1132.70 - 0.02 0.00 UBS Sterling Corporate Bond Indexed C Acc 0.60 - 0.00 2.86
Pictet-Multi Asset Global Opportunities-I EUR 120.44 - 0.39 0.00
CF Odey Opus GBP R Inc 4010.08 - -36.15 0.00 Strategic Euro Bond Fd - Dist 1010.02 - 0.02 1.28 UBS Multi Asset Income C Inc Net 0.49 - 0.00 3.94
Pictet-Nutrition-I EUR 204.73 - 1.46 0.00
CF Odey Absolute Return GBP R 282.99 - -0.90 0.00 Strategic Euro Bond Fd - EUR Inst 1015.53 - 0.04 0.00 UBS UK Equity Income C Inc Net 0.71 - 0.00 3.38
Pictet-Pacific Ex Japan Index-I USD F $ 425.66 - 1.67 0.00
CF Odey Portfolio Fund GBP R Inc 149.48 - -0.39 0.00 Pictet-Premium Brands-I EUR F 161.45 - 2.22 0.00 Asset Management Strategic Europe Value Fd - EUR 213.73 - 1.93 0.00 UBS Corporate Bond UK Plus C Inc Net 0.53 - 0.00 -

Pictet-Russia Index I USD $ 69.21 - 0.38 0.00

Strategic Europe Value Fd - EUR Inst 188.49 - 1.71 0.00
Asset Management
UBS Global Allocation (UK) C Acc 0.78 - 0.00 1.59
Asset Management

Morningstar Fund Ratings

India Fund Flexicap
Name ISIN Currency NAV Total Ret Total Ret Total Ret 12 Month Ongoing Fund Size Morningstar Morningstar Morningstar Morningstar Morningstar Analyst
1Yr 3Yr 5Yr Yield Charge Rating TM Sustainability Rating TM Analyst Rating TM Analyst Rating Date/Time*

L&T India Value Gr INF677K01023 Indian Rupee 36.23 26.88 20.00 27.33 0.00 - 52,563,019,998 QQQQQ Neutral 28/12/2016 10:00 Kavitha Krishnan

Aditya BSL Equity Gr INF209K01AJ8 Indian Rupee 702.13 21.02 17.00 23.92 0.00 - 65,112,589,904 QQQQ 27/12/2016 06:30 Kavitha Krishnan

SBI Magnum Multiplier Fund Reg DP INF200K01289 Indian Rupee 102.04 13.08 14.00 20.56 7.70 - 19,098,104,964 QQQ Under Review 20/09/2016 03:45 Himanshu Srivastava

Templeton India Growth Gr INF090I01296 Indian Rupee 259.29 21.71 14.00 18.78 0.00 - 5,892,222,908 QQQ 31/03/2017 05:00 Nehal Meshram

Franklin India Prima Plus Gr INF090I01239 Indian Rupee 559.43 12.64 14.00 20.17 0.00 - 113,625,595,630 QQQQ 23/12/2016 06:30 Himanshu Srivastava

Franklin India High Growth Cos Gr INF090I01981 Indian Rupee 36.75 12.91 14.00 24.04 0.00 - 68,506,914,211 QQQQ 06/06/2016 06:30 Himanshu Srivastava

DSP BlackRock Equity Reg DP INF740K01011 Indian Rupee 62.20 17.06 12.00 18.21 8.69 - 24,210,338,941 QQQ Neutral 27/12/2016 07:26 Himanshu Srivastava

Franklin India Flexi Cap Gr INF090I01205 Indian Rupee 75.96 11.39 12.00 19.41 0.00 - 28,832,137,776 QQQ 19/05/2017 05:00 Himanshu Srivastava

Templeton India Equity Inc Gr INF090I01957 Indian Rupee 45.01 18.23 12.00 17.20 0.00 - 10,330,877,640 QQQ 31/03/2017 05:00 Nehal Meshram

Reliance Vision Gr INF204K01406 Indian Rupee 556.50 18.17 11.00 17.51 0.00 - 33,258,595,187 QQ 27/04/2017 05:00 Kavitha Krishnan

MSCI Benchmark 16.54 10.27 15.51 Date/Time of ratings is Universal Co-ordinated Time (UTC). Sorted by Annualised 3yr Total Return of NAV (highest to lowest).
Morningstar Category Benchmark 18.02 14.11 19.49 For important information about Morningstar Analyst Rating please go to: http://global.morningstar.com/managerdisclosures
24 FINANCIAL TIMES Wednesday 13 September 2017

MARKETS & INVESTING

Commodities
Currencies

Betting on bitcoin becomes

worlds most crowded trade
Bitcoin, the cryptocurrency
that has exploded higher
this year, has overtaken
the also-buoyant Nasdaq
Composite as the worlds
most crowded trade,
according to a closely
watched survey released
yesterday.
Some 26 per cent of fund
managers polled by Bank
of America Merrill Lynch in
the first week of
September said betting
that bitcoin would rise is
the most crowded trade of
them all.
That puts it ahead of 22
per cent voting for the
Nasdaq and 21 per cent
pointing to an anti-dollar
wager. Nasdaq was pinned
at about 30 per cent in the
August survey.
Bitcoin has been
garnering more
mainstream appeal of late
and has been catching the
eye of risk-loving retail
traders.
It has surged from $968
to the dollar at the end of
2016 to above $5,000 last
month, according to
Coindesk data. It traded at
$4,352.58 yesterday.
Bitcoins price was
rocked towards the end of
the BoAML survey period
as the Chinese government
announced a ban on initial
coin offerings (ICOs) in its
latest attempt to crack
down on unregulated
financial risk.
The digital currency is
down from the $4,646 level
before China announced its
ICO ban last week
capping its worst weekly
losses in two months
confirming suspicions of
many market-watchers
who believe a correction is
long overdue for bitcoin
and other overheated
cryptocurrencies.
The Chinese werent the
first to warn of ICOs
potential problems, the
Securities and Exchange
Commission and
Singapores central bank
issued warnings to
investors but the Chinese
were the first to say they
will take action, wrote Ed
Yardeni, of Yardeni
Research, in his weekly
briefing to investors.
The price of bitcoin and
ethereum fell sharply on
the news because in order
to buy into an ICO,
investors had to first
exchange traditional
currency into bitcoin or
ethereum to make the
purchase, he added.
Without ICOs, a major
source of recent demand
for bitcoin and ethereum
disappears.
Notably, other crowded
trades in the surveys
recent history have not
ended too well.
What's the most crowded trade?
Sept 2017 Aug 2017
Long bitcoin
Long Nasdaq
Short US dollar
Long US/EU
corporate bonds
Long eurozone equities
Short government bonds
Long banks
Other
0 5 10 15 20 25 30 35
Source: BofA Merill Lynch global fund manager survey
The dollar was at the top
for much of the start of this
year, according to BofAML.
The currency has tumbled
10 per cent against six
major trading partners
since December 30.
Net 23 per cent of
investors now believe the
dollar is undervalued, the
highest level since
December 2014, while over
four-fifths say the bond
market is overvalued.
The survey also revealed
that fund managers now
consider the biggest tail
risk by some margin to be
the geopolitical problems
surrounding North Koreas
nuclear ambitions, with 34
per cent citing these fears.
A policy mistake by the
US Federal Reserve or
European Central Bank
(retreating from last
months leading concern
position down to 21 per
cent) and Chinese credit
tightening (15 per cent)
were regarded as the next
major worries.
US equities remain
particularly unloved by the
fund managers surveyed
the number who say
they are underweight
$5,000
Level bitcoin achieved
last month, up from
$968 at the end of
2016. It traded at
$4,352 yesterday
these risk assets relative to
those in emerging markets
and the eurozone hit a
10-year high this month.
Cash levels remain
elevated, suggesting
markets can remain in an
Icarus upside mode for risk
assets, said Michael
Hartnett, chief investment
strategist at BoAML.
Equity allocations to
emerging markets rose this
month but allocations to
Europe fell marginally,
although they remain well
above long-term averages.
Ronan Carr, European
equity strategist, said:
Overall, sentiment on the
eurozone is becoming less
euphoric with headwinds
from a strong euro and
investors earnings per
share expectations
showing less momentum.
The survey was
conducted across 214
panellists, with about
$629bn in total assets
under management. Adam
Samson, Thomas Hale and
Stephen Smith
0 Street Capital, a Palo Alto-based tech-
Nigeria to resist call for oil output curb
Conflict-torn nation needs at Opec meetings, said he would not according to consultants and analysts We have a ure steady production and the countrys
consider reducing production until at Opec relies on to track members oil entry into any deal has never been spec-
more recovery time least March next year, as it had not yet production. Nigerias own output num- nine-month ified.
before joining supply deal been proved that the countrys rebound bers are lower. exemption Pressure on Nigeria to reduce its pro-
in production would last. Both Nigeria and its conflict-ridden duction is expected to increase when it
We have a nine-month exemption Opec peer Libya were made exempt period attends a meeting in Vienna later this
ANJLI RAVAL OIL & GAS period within which to come back to the from the initial agreement reached late within month with delegations from Saudi Ara-
CORRESPONDENT
table, Mr Kachikwu said, referring to in 2016 as both countries oil sectors bia and Russia, which have been leading
Nigeria will resist attempts to curb oil the decision to extend the near 2m bar- recovered after years of unrest. which to the cuts effort.
production when it meets Opec and rel a day supply cut deal from June. You But higher than expected production come back Mr Kachikwu said that while militant
Russia later this month, posing a threat need that timeframe to see if any recov- from both countries has dulled the attacks in the resource-rich Niger Delta
to the cartels efforts to cut supplies and ery is sustainable. impact of the supply deal, as has resil- to the table region had subsided, and output had
boost prices towards $60. His stance puts Nigeria on a potential ient US shale and poor adherence to the rebounded from last years low, more
Emmanuel Kachikwu, minister of collision course with other Opec mem- pact from participating Opec members time was necessary.
state for petroleum resources, said the bers as the countrys output has such as Iraq and the UAE. They should let us exhaust those
countrys energy sector was still suffer- rebounded in the past 12 months, blunt- A ministerial committee monitoring nine months and see whether we have
ing from years of violent disruptions ing the effectiveness of a deal between compliance with the deal, made up of been able to establish stability, the min-
and needed more recovery time 24 countries to shave almost 2 per cent officials from Opec and those outside ister said.
before joining a supply deal agreed last of global oil output. the cartel such as Russia, has said Alexander Novak, Russias energy
year between some of the biggest oil Africas largest oil producer has seen Nigeria will cap or curb its output once minister, said in July that volatile output
producers. its output rise from a low of 1.4m b/d a production stabilises at 1.8m b/d. from Nigeria and Libya was causing
Mr Kachikwu, who represents Nigeria year ago to almost 1.9m b/d in August, But a timeline or framework to meas- uncertainty among participants.
Analysis. Equities
Stockpickers bolster hedge funds reputation
Strategy shines as shares
break free of pattern that has
favoured passive investors
LINDSAY FORTADO
Stockpickers are showing signs of rescu-
ing the reputation and fortunes of
the hedge fund industry.
Nearly three-quarters of the way
through the year, hedge funds focused
on equities are outperforming nearly
every other strategy, buoying the
returns of the industry even as some
high-profile macro and commodities
funds struggle, according to people with
knowledge of recent performance.
The better showing comes as the US
stock market has broken free of the
tight correlations of recent years in
which sectors have generally moved up
and down together, a pattern that has
favoured passive investors over stock-
pickers.
The realised correlation of companies
that make up the S&P 500 is just under
20 per cent this year, down from 60 per
cent a year ago and one of the lowest
readings in more than a decade, accord-
ing to Morgan Stanley.
The easing in correlation between
both sectors and companies has
rewarded doyens of long/short strate-
gies, in which funds sell the shares of
companies they believe to be weak
while buying those with stronger pros-
pects of outperforming. Equity hedge
funds including Chris Hohns TCI, Luxor
Capital, Glenview Capital and Light Buy signal: Safran, the French aerospace company. year, is down more than 10 per cent this of August. Paul Brewers Rubicon Global
Street Capital are all up double-digits for investors are TCI led a fierce campaign to force Safran year. David Einhorns Greenlight Capital Fund, Andrew Laws Caxton Global, and
2017, making them some of the years allocating to revise its offer for Zodiac Aerospace. has dropped about 2 per cent. Louis Bacons Moore Capital also saw
top performers. slightly more The largest London-based European As much as some equity and emerg- returns in some of their funds decline.
Karim Leguel, the head of hedge fund money to hedge long-short equity funds, Lansdowne ing markets funds have returned hefty For some of the funds that have per-
solutions for Emea at JPMorgan Asset funds than they and Marshall Wace, are also having numbers, some big-name macro fund formed well, the high returns have given
Management, says they are still bullish are redeeming strong years. Lansdownes smaller managers have struggled, while system- them something of a comeback.
on equity long-short funds given the Ralph Orlowski/Reuters
funds European Equity, Princay and atic and commodities funds have also Och-Ziff, whose assets have fallen to
improving fundamentals and rising dis- Energy Dynamics have all returned been lacklustre. $32bn from a peak of $48bn in July 2015,
persion across stocks and sectors. close to 15 per cent. Marshall Waces Brevan Howard, one of the largest is still recovering from a $413m charge it
In broad terms, hedge funds focused flagship Eureka fund has returned hedge funds in Europe, run by Alan paid last year for violating anti-corrup-
on US equities are up more than 8 per about 8.5 per cent. Howard, was down nearly 4 per cent in tion laws. Its returns will be a rare bright
cent this year. While lagging behind the Hedge funds, which had come under a its flagship fund at the end of July, while spot. The firms flagship Master Fund, a
S&P 500s total return of 12.7 per cent barrage of criticism in recent years for Paul Tudor Joness Tudor Global was multi-strategy fund, is up 10 per cent to
and the Nasdaq 100s gain of 24 per cent, charging hefty fees while underper- down about 2 per cent through the end the end of August while its smaller Asia
some funds have generated a double- forming, saw investors pull billions of Master Fund is up nearly 20 per cent.
digit performance for 2017. dollars last year, while flocking to pas- Aggregate returns for hedge For the equities fund Luxor Capital,
Among smaller equity funds, Light sive or private equity strategies instead. fund strategies their comeback began last year and has
The chorus of investors demanding continued this year as their investments
Per cent
focused fund that goes long and short fee reductions has started to subside as in a handful of food delivery service
stocks and manages around $1.1bn, has performance has improved, and inves- 10 companies have turned a hefty profit.
returns of 47 per cent. Another Califor- tors are again trickling back to the strat- Overall, hedge funds across all strate-
nia-based long-short equity fund, the egy, allocating slightly more money to 5 gies are up about 5.5 per cent this year,
$500m China-focused Yiheng Capital, is hedge funds than they are redeeming. according to the data provider eVest-
up 51 per cent. Yet not all funds have capitalised on Equity 0 ment, just below the 5.7 per cent they
Commodities
Many big-name equity shops are also the surge in equities that began with US Volatility/Options -5
returned through all of last year.
having strong years. TCI, one of the larg- President Donald Trumps election, as Fixed income/credit While stockpickers have made a start
est activist funds in Europe with $16bn investors anticipated a business- FX/currency this year, the industrys overall perform-
under management, is up 25.6 per cent friendly regime would allow share -10 ance will have to improve further to
to the end of August. One of its most prices to flourish. Crispin Odeys Euro- 2015 16 17 quell the criticism and entice investors
lucrative investments has been in pean fund, which fell 50 per cent last Source: eVestment back.

Capital markets

Investors set aside concerns over Vision Fund to snap up SoftBank bonds
ROBERT SMITH
Investors in Europe and Asia yesterday
placed more than $20bn of orders for
SoftBanks latest bond sale, putting
aside concerns over the structure of the
Japanese companys Saudi Arabia-
backed Vision Fund to buy a piece of the
attractively priced debt.
SoftBank last week announced it was
looking to raise seven- and 10-year dol-
lar bonds alongside eight- and 12-year
euro bonds to refinance bank loans. The
company and its subsidiaries have more
than $125bn of interest-bearing debt
according to an investor presentation.
Several bond investors said that Soft-
Banks increasing focus on investments
in technology had made it harder to
analyse, particularly as its $93bn Vision
Fund, which has an unusual structure,
had been on a buying spree this year.
Everyone is asking the same ques-
tion: what am I investing in here? said
Mark Wade, head of industrials and util-
ities credit research at AllianzGI. Am I
investing in a companys operations
or am I providing unsecured financing
to fund equity contributions to the
Vision Fund?
One credit analyst at an asset man-
ager said that SoftBank had become a
bit of a black box because of the Vision
Fund. But its hard to construct a sce-
nario where SoftBank goes bust, partic-
ularly as their $90bn-plus stake in Ali-
baba gives them a get out of jail free
card, he added, noting that the new
bonds also offered a healthy premium to
SoftBanks outstanding notes.
The yield on the 10-year piece of the
new bonds was fixed at 5.125 per cent.
This is only little less than the 5.3 per
cent yield Tesla offered on a $1.8bn debt
raising last month, even though the US
electric carmaker is burning through
billions of dollars of cash a year and has
credit ratings in the single-B bracket.
While SoftBank is still below invest-
ment grade with Moodys and S&P, it
carries healthier Ba1 and BB+ ratings.
The domestic Japan Credit Rating
Agency pegs it far higher still at an
investment-grade A- level.
The scale of demand for yesterdays
bond issue was even more striking given
that US investors were unable to take
part in the debt sale.
The new bond deal fell under Regu-
lation S, a rule that in effect means it
cannot be sold to investors in the US.
It is more onerous for SoftBank to sell
bonds in the US as the size of its stakes in
listed companies such as Alibaba
mean it is classed as an investment com-
pany under US securities law.
SoftBanks Vision Fund is set to make
it even more focused on investments
rather than operations. The fund gets a
first look at any deal SoftBank does that
is more than $100m in size and several
bond investors also noted that the fund
has no concentration limits.
And while SoftBank is providing
$28bn of the funds capital with the
remaining $65bn coming from external
investors such as Saudi Arabia
and Apple the Vision Fund will be
fully consolidated on the companys bal-
ance sheet.
This is because its complex funding
structure means that the external inves-
tors are providing debt and equity to the
fund, whereas SoftBank is providing
only equity. This makes SoftBank the
majority equity holder in the Vision
Fund.
SoftBank declined to comment.
My view is that bond investors are
thoroughly unimpressed, but theyre
being sucked in by the price, said one
high-yield bond fund manager.
I find the whole structure of the
Vision Fund completely perplexing, but
as its my job to make money, we were in
the [order] book.
Wednesday 13 September 2017
TRADING POST
Michael
Hunter
Beware equities, especially cyclicals.
Thats the advice from Carmignac, the
French asset manager. The company
which has made the call for its
flagship 21bn Patrimoine fund has
done so because it has doubts on the
outlook for the global economy.
Just when the EU economy is finally
picking up, the US business cycle is
showing clear signs of fatigue, says
Didier Saint-Georges, managing
director and member of Carmignacs
investment committee.
The Markit US Manufacturing
Purchasing Managers Index has been
falling since the beginning of 2017.
While consumers have continued to
spend, they have done so by depleting
household savings and borrowing
money to the point that consumer
credit has hit an all-time high.
At the same time, hopes for support
from pro-growth policies at the White
House have been dashed on the rocks
of gridlock in Washington.
Meanwhile, the European recovery is
looking strong enough to spell the
beginning of the end of the European
Central Banks 60bn monthly
economic stimulus programme.
A return to normal bond yields a
change Mario Draghi wont be able to
postpone for much longer is likely
to spell trouble for those investors who
fail to anticipate the upcoming phase.
It will also necessarily affect the equity
risk premium, adds Mr Saint-Georges.
Specifically, the Patrimoine fund has
cut its holdings in US airlines, closed
its positions in Japanese financial
stocks and taken substantial profits on
its holdings in European banks.
michael.hunter@ft.com
US manufacturing PMI
Above 50 = growth
55
54
53
52
Jan 2017 Aug
Source: Thomson Reuters Datastream; Markit
London
Glencore and Rio
V
rebound on talk
of merger revival
Bryce Elder
Glencore was a talking point yesterday
as analysts speculated that its merger
plan with Rio Tinto might be revived.
Both stocks have rebounded to above
their 2014 market values, when Rio
rejected an informal merger proposal
from Glencore, AlphaValue said in a
note to clients. Its team saw the
combination as still making sense: Rio
gains diversification, Glencores trading
arm gets volumes and there would be no
meaningful operational overlap beyond
copper, it said.
Chinalco, the Chinese state-owned
aluminium group that is Rios biggest
shareholder, would likely be keen on
owning a 110bn-valued mining
behemoth that has sizeable control
Wall Street
Investors offload
Bunge after $1bn
Loders purchase
Gregory Meyer
Investors punished Bunge, one of the
worlds top food commodities traders,
after it announced its biggest
acquisition in seven years: a nearly $1bn
stake in a palm-oil group.
Bunges main business, buying grains
and oilseeds from farmers and shipping
them around the world, has suffered as
low prices prompt farmers to hoard
grain. So yesterday, the company said it
Global overview
US equities hit record as concerns
over Irma economic damage ease
Financials lead march of
S&P 500, with Treasury
yields rebounding further
and dollar maintaining
upward trend versus yen
DAVE SHELLOCK
Another positive session for global equi-
ties saw the S&P 500 climb to record
highs once again led by the financial
sector as worries over the economic
damage from Hurricane Irma contin-
ued to ease and Treasury yields
rebounded further.
That dollar maintained its upward
trend against the yen pushing back
above the 110 level although it was
sterling that caught the eye as it hit a
one-year high versus the US currency
and a one-month peak against the euro.
By midday in New York, the S&P was
up 0.2 per cent at 2,493, putting it on
track for a second successive record
closing high. The benchmark US equity
index earlier hit an all-time intraday
peak of 2,495.69.
With Hurricane Irma having merely
caused staggering rather than atro-
cious economic damage, US equities
once again whooshed to fresh record
highs, said Michael Every, senior strat-
egist at Rabobank.
Whether that equity reaction is Pan-
glossian complacency or a sign of won-
derful underlying fundamentals
remains open to question.
Note that this was matched by 10-
year Treasury yields popping up a few
basis points, although they are still a far
cry from where the market and surely
the Federal Reserve had expected to
see them at this point in the year.
European and Asian stock indices
generally put in even stronger perform-
ances, with the Euro Stoxx 600 index
rising 0.5 per cent and the Topix in
Tokyo up 0.9 per cent to a one-month
Redrow
Share price (pence)
700
600
500
400
300
Sep 2016 2017 Sep
Source: Thomson Reuters Datastream
,QGLFHV &ORVH
'D\
FKDQJH
)76(
)76(



 factored in reduced demand and higher
)76(
)76($OO6KDUH




)76($OO6KDUH<LHOG 
)76()XWXUHV 
\U*LOW<LHOG  
\U*LOW$OO6KDUH5DWLR 
over the aluminium, copper, coal, iron
ore and zinc markets, as well as a world-
class trading platform, said AlphaValue.
The recent warming of ties between
China and Russia makes a Chinese-
backed move for Glencore the next
logical step, it told clients.
Rio Tinto ended 0.3 per cent higher to
36.91 and Glencore was 0.9 per cent
higher at 372.5p in a steady wider
market. The FTSE 100 drifted 0.2 per
cent, down 12.90 points to 7,400.69.
Housebuilders slipped after Steve
Morgan, Redrows founder and
chairman, sold a 7 per cent stake in the
group at 590p apiece. Mr Morgans sale
follows Berkeley directors last week
reducing their holdings.
would expand another area of its
business which sells vegetable oils
derived from crops such as soyabeans
and rapeseed.
It is spending $946m to acquire a 70
per cent stake in IOI Loders Croklaan,
which supplies palm and other tropical
oils for use in products from puff pastry
to infant formula. But Wall Street
doubted that the deal the biggest
since a 2010 expansion in Brazilian
sugar milling would quickly boost
profits. Bunges shares sank 5.6 per cent
to $71.51 at midday in New York.
Soren Schroder, chief executive, said
the deal would be a game changer by
growing Bunges earnings from edible oil
blends, which tend to have higher and
steadier profit margins than trading
bulk commodities.
Bunge last year handled 7m tonnes of
edible oil products, while Loders oil
volumes totalled 1.6m tonnes.
The deal comes as Bunge faces
potential takeover interest from Swiss-
based commodities titan Glencore,
which in May disclosed its agricultural
arm approached the company about a
possible consensual business
combination.
The transaction destroys value, said
Heather Jones, analyst at Vertical
FINANCIAL TIMES 25
MARKETS & INVESTING
Markets update
S&P 500 index
Change on day 0.23%
2480
2460
2440
2420
Aug 2017 Sep
The two-year US yield was 2bp higher US equities Big gains for financial and
yesterday at 1.33 per cent. energy stocks helped power the S&P
The rebound in yields over the past 500 to a record intraday high, while
two days helped support the dollar as it the Dow Jones Industrial Average held
rallied off a 10-month low against the above the 22,000 level
yen of 107.31 to stand at 110.04, up
0.6 per cent on the day. FTSE 100 index
Last weeks collapse in bond yields Change on day 0.17%
increasingly seems like a cathartic 7450
cleansing of positions, said Kit Juckes,
strategist at Socit Gnrale. 7400
If the dollar cant stage a short-cover- 7350
ing bounce now, when will it?
7300
FX strategists at Morgan Stanley Aug 2017 Sep
sounded a note of caution regarding the
dollars latest rally. UK equities The FTSE 100 lagged its
The risk for FX investors is that dol- continental European peers as sterling
lar sentiment in the market is at rose following the release of stronger
extreme lows, with surveys suggesting than forecast UK inflation figures.
on Friday that only 7 per cent of traders Housebuilding stocks were big fallers
were bullish on the US currency, Mor-
gan Stanley said. Eurofirst 300 index
In contrast, 93 per cent of traders are
Change on day 0.54%
bullish on euro/dollar currently. 1500
The single currency which on Fri-
day touched a 33-month high against 1480
SeongJoon Cho/Bloomberg
the dollar of $1.2092 was up 0.1 per 1460
China relaxes currency controls: FT.com/video cent yesterday at $1.1963.
Meanwhile, Chinas currency contin- 1440
The renminbi has had its worst day in three months after Chinas Aug 2017 Sep
central bank scrapped rules intended to bolster the currency ued to attract attention after its daily
fix against the dollar was lowered by European equities The regions stock
0.4 per cent the most since January markets had another bullish session,
high. The Kospi in Seoul rose a further already simmering under the market to Rmb6.5277. with the Eurofirst 300 reaching a one-
0.3 per cent. that Thursdays BoE policy meeting That follows Fridays move by the month high, as hurricane- and North
One exception was the FTSE 100 in could see the hawks more in control, Peoples Bank of China removing the Korea-related worries receded further
London, which slipped 0.2 per cent as Scotiabank said. A rate hike still looks a reserve requirement on forward posi-
the pound rose sharply following the long shot but central banks are perhaps tions, effectively making it cheaper to
release of stronger than expected UK more willing to surprise as the global short the renminbi, said Elsa Lignos, Nikkei 225 index
inflation data. economy strengthens. FX strategist at RBC Capital Markets. (000) Change on day 1.18%
19.8
Consumer prices rose 2.9 per cent in Sterling was up 0.8 per cent against Brent oil rallied back towards the
the year to August, up from the 2.6 per the dollar at $1.3270, while the euro was four-month intraday high it touched 19.6
cent annual increase recorded in July. down 0.7 per cent at 0.9010. The yield last week amid fresh reports that Opec 19.4
Strategists at Scotiabank noted that on the 10-year UK government bond, was considering further output cuts.
the annual CPI increase was now close to which moves in the opposite direction Brent was up 1 per cent at $54.36 a 19.2
the 3 per cent point that would require to its price, jumped 10 basis points to barrel. It touched $54.87 on Friday. Cop- Aug 2017 Sep
Bank of England governor Mark Carney 1.15 per cent. per, however, retreated further from Japanese equities The Nikkei closed
to write a letter to the government The yield on the 10-year US Treasury, last weeks three-year high. at a fresh one-month high after Wall
explaining why inflation was running so meanwhile, was up 4 basis points at a Gold was flat at $1,326 an ounce, after Streets strong overnight performance,
far above its 2 per cent target. two-week high of 2.17 per cent, after last week hitting a 13-month high of with financials leading the way higher
That has triggered expectations falling as low as 2.016 per cent on Friday. $1,357.
Redrow was down 8.3 per cent to 580p
and Berkeley lost 1.3 per cent to 35.47.
Separately, Merrill Lynch kept sell Trading Directory
recommendations across the UK
housebuilding sector. Stocks look fully
valued given rising interest rates,
weaker consumer confidence and the
debate around the long-term future of
the Help to Buy scheme, which is the
biggest crutch under the sector, said
Merrill. The brokers model also
labour costs from lower immigration,
and higher lending costs once the Term

Funding Scheme is wound up next year.


Smurfit Kappa, the packaging maker,
rose 2.4 per cent to 23.86 on the back of

a Goldman Sachs upgrade to buy.
Smurfit underperformed peers since its
second-quarter results, putting the
shares at a 20 per cent discount to the
sector, which will narrow as margins
recover and box prices are pushed
higher, Goldman said.
Whitbread faded 0.4 per cent to
37.61 after Citigroup downgraded from
buy to sell with a 32 target.
An analysis of Costa, Caff Nero,
Starbucks and Greggs shops in the UK
led Citi to conclude that there are only
four to five years of structural growth
left in the branded UK coffee market.
The broker also saw potential for
oversupply in the UK hotel market.
Citi also turned cautious on SSP,
down 1.5 per cent to 521p. A valuation of
nearly 30 times 2017 earnings does not
allow for any mis-steps, it said.
Group, who downgraded Bunge stock
on the announcement. It also makes a
takeover less likely and we wonder
whether that is the true motivation for
the acquisition, she said.
Mr Schroder said in an interview that
discussions with Loders, a unit of
Malaysian palm oil producer IOI
Corporation, began about two years ago
and blocking a takeover was not the
rationale. And he reiterated his belief
that consolidation is necessary in the
grain handling industry as traders are
squeezed between farmers and
customers. Its clearly needed. This
deal doesnt change that, he said.
Bunges share price fall stood in stark
contrast to the bullish mood across the
equity market, which sent the S&P 500
to another intraday record. By
lunchtime in New York, the benchmark
Trading Directory
index was up 0.25 per cent from
Mondays record close, at 2,494. The
tech-heavy Nasdaq Composite was 0.18
per cent higher at 6,444.
Among the leading risers was
Caterpillar, which hosted an investor FT BUSINESS
day and predicted expanded profit Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
margins. The construction equipment Business Wanted, Franchises
maker sees stronger demand from the .....................................................................................................................................................................................................................................................................................................................................................................................................................
Classified Business Advertising
mining and oil and gas industries. Its
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
shares rose 1.8 per cent to $120.65.
26 Wednesday 13 September 2017

INSIGHT Analysis. Capital markets

Henny
Sender
Derivatives watchdog eyes swaps trading reform
CFTCs new president also US swaps trading by venue
aims to finalise budget and Year to date ($tn)
China holds key to assess automated programs 0 10 20 30
YTD
change
(%)

currency confidence GREGORY MEYER NEW YORK

ICAP
Tullett Prebon
Tradeweb
trueEX
33
66
1,184
1

around N Korea threat PHILIP STAFFORD LONDON

After months operating short-handed,
the US government watchdog for the
BGC
IGDL
Bloomberg
39
30
8
Tradition 8
derivatives market is getting close to full DW 34
strength. GFI 21
LatAm -26

A
s tensions escalate between North Korea and The Commodity Futures Trading
the US, China has a pivotal role. President Commission now has a permanent
Trump is ratcheting up the pressure on Chi- chairman after Chris Giancarlo was con- US swaps rules shift global
nese president Xi Jinping to strangle the eco- firmed by the Senate last month. Two trading patterns
nomic life out of its neighbour. new commissioners have also come on EU swaps trade away from US (%)
Away from the tense geopolitics, however, China is board, with the second sworn in last Introduction of 60
key to helping explain why markets have appeared week, filling four of the commissions USD SEF* trading
relatively unperturbed as the rhetoric between Mr Trump five seats for the first time since 2015. 40
and Kim Jong Un, the North Korean leader, grows ever The agency has the crucial task of
more bellicose. monitoring derivatives markets that
South Korean equities, for example, remain buoyant could endanger the global economy 20
and have risen 20 per cent since the start of the year. The during periods of financial stress. Con-
Korean won has proved stoic, climbing more than 5 per gress added privately negotiated deriva- EUR 0
cent against an admittedly supine dollar this year. tives, that comprise the vast over-the- Jan 2013 2014 Sep
This disconnect between the politics and the markets is counter market, to the CFTCs remit * Swap execution facility
particularly vivid in the foreign exchange market. As a when it passed the Dodd-Frank reforms Sources: Gartner; TrendForce

broad measure, the dollar has fallen 10 per cent this year, of 2010.
touching its lowest in almost three years, when it should be With President Donald Trump having Chris Giancarlo amend Sefs. He hopes to take up the efits for our business, says Terry Duffy, the CFTC to seize traders secret com-
a beneficiary of the North Korea tensions. outlined a vision of deregulation, prom- believes the issue in 2018. chief executive of CME Group, the big- puter codes without a subpoena.
Even more puzzling is the Japanese yens 6 per cent ising to do a number on Dodd-Frank, swaps execution A push to reform swaps trading next gest US futures market operator. According to a filing in the Federal
appreciation so far this year. Markets seem to have set the views and actions of CFTC commis- rules will be year would likely come only months The chairman was recently joined on Register, the CFTC still intends to prom-
aside the pictures in local papers of school kids in martial sioners and Mr Giancarlo will matter for equivalent after the US had agreed its rules were the commission by Brian Quintenz, ulgate a version of the rule, known as
uniforms cowering under their desks, as the alarms investors and the derivatives industry and suitably equivalent to new incoming rules in former chief investment officer at Sae- Reg AT. Mr Giancarlo says hes open to
sounded in Japan after a missile fired from their pugilistic in the coming months. consistent with Europe. That agreement is crucial: it culum Capital Management and a some form of the rule that helps the
neighbour crossed over the country. As someone who was appointed by European would mean US traders and banks could Republican, and Russ Behnam, for- agency better keep pace with the dra-
The seemingly quixotic reaction in currency markets to both President Trump and President regulations use European swaps venues. merly a Democratic aide to the Senate matic expansion of algorithmic trading
the nuclear threat from North Korea comes alongside sus- Obama, my position on these markets is Reuters
But Mr Giancarlo points out that the Agriculture Committee. in our markets.
tained buoyancy in stock markets, with the S&P 500 hit- not going through sudden change. Its international framework for swaps Mr Giancarlo has two priorities for Another rule that remains unfinished
ting another record close this actually quite consistent, Mr Giancarlo reform, agreed in 2009, doesnt require 2017. The first is securing a $281.5m would impose limits on speculators
week. China offers an expla- tells the FT. identical rulemaking for swaps reform. budget request for the coming fiscal positions in commodity futures such as
nation for the lack of nerves.
Despite capital Having joined the CFTC in 2014 as a It refers to consistent rulemaking. The year, 13 per cent higher than both the wheat or oil. Mr Giancarlo was sceptical
The renminbi has gained controls, the commissioner from the interdealer bro- swaps execution rules he envisions will current year and Mr Trumps request. of earlier versions of the rule, drafted in
almost 7 per cent against the kerage GFI, Mr Giancarlo has long be equivalent and suitably consistent Second, he wants to finish naming sen- reaction to a massive commodity price
dollar this year, and has
renminbi is sought changes to rules for swap execu- with European regulations, he says. ior staff to CFTC divisions. spike in 2008. But he says he intends to
appreciated 3 per cent against becoming more tion facilities, or Sefs, trading platforms Understandably, the derivatives Then theres the issue of automated push a revised version through that
the greenback in the last two mandated by Dodd-Frank. He believes industry will be watching closely. trading. When Mr Giancarlo was still a relies on better data about commodity
weeks alone. Conventional
attractive his agency improperly used futures When this president got elected, I commissioner he raised doubts about supplies and allows sufficient exemp-
thinking suggests that this is exchanges as a template for Sefs, stifling think we had deregulation just by no proposed regulation of automated trad- tions for commercial traders using
really down to dollar weakness. But perhaps the argument markets in the process. more new regulations coming forward. ing programs that now fuel more than futures to hedge risks.
that the renminbis rise reflects the continuing strength of But it would take a new rulemaking Hopefully [Mr Giancarlo] can work 70 per cent of futures volumes. In par- I believe we can get that rule done,
the Chinese economy is actually more compelling. involving a commission vote to with other agencies that will create ben- ticular, he opposed a provision enabling and get it done right, he says.
Although the gains of the renminbi partly reflect Bei-
jings tightening of capital controls, the fundamentals of
the economy are stronger than elsewhere in the world and,
importantly, owe nothing to irresponsible monetary poli- Capital markets
cies. The Chinese economy expanded at a 6.9 per cent
annual pace in the second quarter.
Despite those capital controls and massive levels of cor-
porate debt, the renminbi is becoming a more attractive
US blue-chips pump
currency, given Chinas solid growth, widening interest
rate differentials, and progress on slowing the accumula-
excess dollars into debt
tion of debt at Chinese companies.
Of course, the sharp reversal in mood towards China
at least compared with the economic gloom that domi- ERIC PLATT, NICOLE BULLOCK adding momentum to the
nated at the start of the year is not the only factor helping AND ALEXANDRA SCAGGS bond market rally, further
NEW YORK
risk appetite overcome North Korea fears, as well as lowering borrowing costs.
explain movements in currencies. Apple, Alphabet and Micro- That trend could reverse
The dollar has been hurt as expectations for further soft are among a host of top- should inflation return.
rate increases from the US Federal Reserve recede. Half tier US companies that have In total, the 30 companies,
of all market participants, for example, believe that become a force in the global which include household
the next Fed rate rise wont be until September 2018, bond market, as they pump names such as Ford, Coca-
and others believe the US central bank will hold fire hundreds of billions of dol- Cola and Boeing, have more
until the end of 2019. lars into government and than $1.2tn in cash, cash
With little sign of an acceleration in US inflation, the gap corporate debt. equivalents, marketable
between when markets believe the Fed will next raise securities and investments,
short-term rates and the central banks own projections Thirty US companies according to the FT analysis.
will probably widen. The persistent disappointments in together have more than While corporate treasur-
inflation have brought renewed concern from numerous $800bn of fixed income ers typically first turn to a
Fed speakers in the past few weeks, [which] included a soft investments, according to a deposit in a commercial
labour market report and an undershoot on average Financial Times analysis of bank account or an invest-
hourly earnings, said economists at JPMorgan. Investors their most recent filings with ment in short-term money
understand better than the Fed that technology and the the US Securities and market funds and time
sharing economy are deflationary, and that wages are not Exchange Commission. deposits, they are increas-
about to pick up even as unemployment falls. Their holdings of Treasur- ingly extending beyond that
Some residents in Seoul are deliberating where best to ies, corporate, agency and sector as interest rates have
take a break from the city. Not to avoid a potential missile municipal debt, as well as remained near zero for much
threat, but to observe 10 days of holidays that begin on asset- and mortgage-backed of the past decade.
September 30. Everyone will be hoping that the tensions of securities, means they col- The 30 companies have
the last month will begin to unwind and China may yet lectively have more fire- amassed more than $400bn
play a key role. power in debt and credit of US corporate bonds, rep-
For markets, the steady performance of the Chinese markets than high-profile resenting nearly 5 per cent of
economy will continue to provide better news for investors asset managers including the outstanding market.
from the region. AllianceBernstein, Invesco Yields on high-quality cor-
and Franklin Templeton. porate bonds have tumbled
henny.sender@ft.com They are asset managers in 2017 to less than 3.1 per
in their own right, Ramas- cent, the lowest level since
wamy Variankaval, head of last Novembers US presi-
JPMorgans corporate dential election.
finance advisory group, said The willingness to invest in
of the companies. a wider array of fixed income
More comment and data on ft.com A reluctance by multi- instruments is also partly a
nationals to repatriate prof- legacy of the financial crisis,
its generated overseas has when runs on ultra-safe
Y Fast FT Our global economies, headed pushed the size of US corpo- money market funds forced
team gives you market- by Brazil, Russia, India rate cash piles to more than corporate treasurers to pay
moving news and views, and China. $2tn, a rise of 50 per cent more attention to how they
24 hours a day, five days ft.com/beyondbrics over the past decade, accord- invest their cash.
a week. ft.com/fastft ing to the Federal Reserve. They [the companies]
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a The emergence of US com- recognise that with all these
irreverent financial blog. look at what is driving panies as a leading investor changes . . . money mar-
Join Paul Murphy and the global currency in corporate debt comes at a ket reform, low rates, the
Bryce Elder for the daily market. ft.com/podcasts time many in the market evolution of credit risk the
Markets Live session at express concern about a world is more sophisticated
Y Lex Video Analysis bond market bubble that than it was 10 years ago and
11am. ft.com/alphaville
and opinion from the could be vulnerable to burst- they cant simply put money
Y beyondbrics News and team on the hot issues ing should inflation and eco- into a money market
comment from more affecting companies and nomic growth accelerate. account, said Jerome Sch-
than 40 emerging markets. ft.com/lexvideo Corporate treasurers who neider, head of Pimcos short-
have piled into debt are term and funding desk.