РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.

COM/WSNWS

Europe edition

SATURDAY 20 JULY / SUNDAY 21 JULY 2019

March Summer
vegetarian
of the
cyborgs feast
Brain science and
the revolution in
medicine BIG READ LIFE & ARTS

Spyware ‘offers Next giant leap Nasa turns to private

sector in race for new Moon missions
Is privacy
dead?
LIFE &

keys to tap into

ARTS

Big Tech cloud’

3 NSO sales pitch touts route to servers
3 Fears of abuse by repressive regimes
MEHUL SRIVASTAVA — TEL AVIV
TIM BRADSHAW — LONDON
The Israeli company whose spyware
hacked WhatsApp has told buyers that
its technology can surreptitiously
scrape all of an individual’s data from
the servers of Apple, Google, Facebook,
Amazon and Microsoft, according to
people familiar with its sales pitch.
NSO Group’s flagship smartphone
malware, nicknamed Pegasus, has for
years been used by spy agencies and
governments to harvest data from tar-
geted individuals’ smartphones. But it
has now evolved to capture the much
greater trove of data stored beyond the
phone in the cloud, such as a full history
of a target’s location data, archived mes-
sages or photos, according to people
who shared documents with the Finan-
cial Times and described a recent prod-
uct demonstration.
The documents raise tough questions
for Silicon Valley’s tech giants, which are
trusted by billions of users to keep criti-
cal data, corporate secrets and medical
records safe from potential hackers.
NSO denied promoting or developing
hacking or mass-surveillance tools for
cloud services. It has always maintained
that its software, which is designated by
Israel as a weapon, is sold only to
responsible governments to help pre-
vent terrorist attacks and crimes. But
Winners and Losers
The casino in
Pegasus has been traced by researchers
to the phones of human rights activists your pocket
and journalists around the world, rais-
ing allegations that it is being abused by
LIFE & ARTS
repressive regimes.
The new technique is said to copy the
authentication keys of services such as
Google Drive, Facebook Messenger and
iCloud from an infected phone, allowing
a separate server to then impersonate
the phone, including its location. This
grants open-ended access to the cloud
data of those apps without “prompting
2-step verification or warning email on
target device”, according to one sales
document.
It works on any device that Pegasus Pace setters
can infect, including many of the latest
iPhones and Android smartphones, Best running holidays
according to the documents, and allows LIFE & ARTS
ongoing access to data uploaded to the
cloud from laptops, tablets and phones
— even if Pegasus is removed from the
initially targeted smartphone.
One pitch document from Q-Cyber,
NSO’s parent company, that was pre-
pared for the government of Uganda
this year advertised the ability of
Pegasus to “retrieve the keys that open
cloud vaults” and “independently sync-
and-extract data”.
Having access to a “cloud endpoint”
means that eavesdroppers can “reach Buzz Aldrin walks on the Moon after the first manned lunar landing by Apollo 11, 50 years ago
Continued on page 3 today. Nasa’s planned return in 2024 leans heavily on the tech sector. Page 10 — Nasa

Pampers aims to get to the bottom of

baby’s daily routine with digital diaper
HANNAH KUCHLER AND ALISTAIR GRAY video monitor made by consumer elec- Verily, a unit of Alphabet spun out of
NEW YORK tronics company Logitech, so that par- Google X in 2015, is developing plat-
ents can watch their baby via an app forms and tools to organise healthcare
Putting your nose to baby’s bottom is anywhere in the world. information in a myriad of settings,
set to become a thing of the past if a The companies say individual babies’ from transforming clinical trials to a
The Squad takes centre venture between Pampers and the data will be for parents’ eyes only. How- partnership with Johnson & Johnson on
Google group to create a digital nappy ever, they will aggregate data to improve robotic surgery.
stage in US political arena takes off. the product and explore areas where Omer Sher, who runs Pampers’
Drawing flak i PAGE 3 Verily, Google’s life sciences sister com- parents could benefit from nudges to start-up unit, said that, while a new gen-
pany, has created a system based take better care of their children. eration of gadgets allow parents to track
around “smart nappies”, working with Privacy activists raised the alarm. everything from room temperature to
Austria €4.90 Malta €4.30 the Procter & Gamble brand to use sen- “Parents may find this new system con- sleep patterns, none “solve all these
Bahrain Din2.20 Morocco Dh55
Belgium €4.90 Netherlands €4.90 sors, software and video to monitor venient, but not recognise the serious problems together in a frictionless way”.
Bulgaria
Croatia
Lev8.75
Kn31
Norway
Oman
NKr42
OR2.20
when infants sleep, wee and poo. risks to their privacy,” said Jeffrey Ches- Baby gear companies are trying to sell
Cyprus €4.30 Pakistan Rupee450 Parents will be able to raise “quanti- ter, executive director at the Center for more expensive products to parents as
Czech Rep Kc130 Poland Zl 25
Denmark DKr49 Portugal €4.30 fied babies”, attaching an activity sensor Digital Democracy. they battle a falling birth rate in the US.
Egypt
Finland
E£50
€5.70
Qatar
Romania
QR20
Ron19
to the child’s nappy. This feeds data on Jessica Mega, Verily’s chief medical The volume of US nappy sales slipped
France €4.90 Russia €5.00 when it is wet and on sleep time to an and scientific officer, said it used its more than 9 per cent in the eight years
Germany
Gibraltar
€4.90
£4.00
Serbia
Slovak Rep
RSD520
€4.50 app that charts daily and weekly rou- expertise in software and sensors to to 2018. But the market for baby moni-
Greece
Hungary
€4.30
Ft1390
Slovenia
South Africa
€4.10
R105
tines to show its development. inform work on the product. “Surfacing tors is booming, with annual sales esti-
India Rup260 Spain €4.30 P&G’s Lumi system, set to launch in timely, relevant and helpful insights is mated to have risen 18 per cent to $1.1bn
Italy
Latvia
€4.30
€7.59
Sweden
Switzerland
SKr53
SFr7.00 the US this autumn, also includes a core to what we do at Verily,” she said. over the past two years.
Lebanon LBP9000 Tunisia Din9.00
Lithuania €5.00 Turkey TL25
Luxembourg €4.90 UAE Dh23.00
Nth Macedonia Den240
World Markets
Subscribe In print and online
STOCK MARKETS CURRENCIES INTEREST RATES
www.ft.com/subscribetoday
email: fte.subs@ft.com Jul 19 prev %chg Jul 19 prev Jul 19 prev price yield chg
Tel: +44 20 7775 6000 S&P 500 2993.49 2995.11 -0.05 $ per € 1.122 1.122 £ per $ 0.800 0.801 US Gov 10 yr 127.48 2.05 -0.01
Fax: +44 20 7873 3428 Nasdaq Composite 8204.53 8207.24 -0.03 $ per £ 1.250 1.248 € per £ 1.114 1.113 UK Gov 10 yr 147.81 0.73 -0.03
Dow Jones Ind 27266.37 27222.97 0.16 £ per € 0.898 0.899 ¥ per € 120.905 120.975 Ger Gov 10 yr 147.50 -0.33 -0.01
© THE FINANCIAL TIMES LTD 2019 FTSEurofirst 300 1523.31 1521.91 0.09 ¥ per $ 107.740 107.835 £ index 76.153 75.792 Jpn Gov 10 yr 121.48 -0.14 0.00
No: 40,147 ★† Euro Stoxx 50 3479.50 3482.83 -0.10 ¥ per £ 134.719 134.620 SFr per £ 1.228 1.232 US Gov 30 yr 103.52 2.57 -0.01
FTSE 100 7508.70 7493.09 0.21 SFr per € 1.102 1.107 Ger Gov 2 yr 101.21 -0.78 -0.02
Printed in London, Liverpool, Glasgow, Dublin, FTSE All-Share 4098.32 4088.57 0.24 € per $ 0.891 0.891
Frankfurt, Milan, Madrid, New York, Chicago, San
CAC 40 5552.34 5550.54 0.03
Francisco, Orlando, Tokyo, Hong Kong, Singapore,
Seoul, Dubai, Doha Xetra Dax 12260.07 12227.85 0.26 COMMODITIES price prev chg
Nikkei 21466.99 21046.24 2.00 Fed Funds Eff 2.38 2.39 -0.01
Hang Seng 28765.40 28461.66 1.07 Jul 19 prev %chg US 3m Bills 2.05 2.14 -0.09
MSCI World $ 2198.40 2197.94 0.02 Oil WTI $ 55.44 55.42 0.04 Euro Libor 3m -0.41 -0.40 -0.01
А
П
П

MSCI EM $ 1051.72 1054.90 -0.30 Oil Brent $ 62.17 61.93 0.39 UK 3m 0.77 0.77 0.00
РУ
w АГ

MSCI ACWI $ 527.51 527.60 -0.02 Gold $ 1417.45 1410.35 0.50 Prices are latest for edition Data provided by Morningstar
N ИЛ
SN s"
В

S
О

W
e
VK Wh ОТ
s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
2 ★ FTWeekend 20 July/21 July 2019

INTERNATIONAL

South Africa

WORLD|
Ramaphosa faces probe over donation
WEEK IN REVIEW| Ombudsman accuses can prosecutors to begin a money-laun- a revenge plot by acolytes of Jacob He exposed institutions under Mr Zuma. His pledge
dering probe and said Mr Ramaphosa Zuma, the former president who lost helped avert defeat for the ANC in May’s
president of taking had exposed himself to “the risk of a power last year when the ANC fired him himself to election. But he has met with a fierce

WHO declares Ebola epidemic

suspect funds conflict between his official duties and over swirling corruption scandals. ‘the risk of a fightback within the ruling party.
his private interest or used his position Ms Mkhwebane was appointed by Mr Mr Zuma yesterday pulled out of tes-
an international emergency JOSEPH COTTERILL — JOHANNESBURG to enrich himself and his son through” Zuma before the ANC sacked him and conflict timony at a judicial inquiry into the alle-
businesses owned by Bosasa. replaced him with Mr Ramaphosa. between his gations of corruption and so-called
The World Health Organization declared the Ebola Prisident Cyril Ramaphosa violated Mr Ramaphosa had initially told par- This month, Ms Mkhwebane levelled “state capture” under his rule, though
epidemic in the Democratic Republic of Congo an South Africa’s constitution and misled liament that the payment by Bosasa, accusations of wrongdoing at Pravin official he was reconsidering returning at a later
international emergency. “It is time for the world to parliament by failing to properly dis- which has been linked to corruption in Gordhan, a critic of graft who is Mr duties and stage. The inquiry heard from witnesses
take notice and redouble our efforts,” said Tedros close a suspect political donation, the the ANC, was to his son for services. He Ramaphosa’s public enterprises minis- that Mr Zuma let public appointments
Adhanom Ghebreyesus, WHO director-general, country’s public protector said yester- later corrected the record. ter. Mr Gordhan responded by accusing his private and contracts fall within the grasp of the
illustrating the lack of progress in containing the out- day. His conduct, “although ostensibly in Ms Mkhwebane of being employed as a interest’ Guptas, a powerful business family.
break, the longest and deadliest Congo has faced. A report from Busisiwe Mkhwebane, good faith”, was “inconsistent with his political weapon by his opponents, Mr Zuma and the Guptas deny the
The epidemic is the second-biggest in history — an independent ombudsman, concluded office as a member of cabinet and there- claims she has denied. The tit-for-tat claims, but the former president has
more than 2,500 cases of Ebola have been detected that Mr Ramaphosa deliberately misled fore in violation” of the constitution, Ms allegations between allies of Mr Ram- been unable to answer specific allega-
since the first patient reported symptoms in August parliament over a R500,000 donation Mkhwebane added, as she ordered the aphosa and Mr Zuma have exposed tions put to him at the inquiry.
last year. Nearly 1,600 people have died. from a company called Bosasa towards president to make public all campaign deep infighting in the ANC. Ms Mkhwebane yesterday said Mr
The WHO justified its declaration of an emergency his 2017 bid to be elected leader of the donations within 30 days. Mr Ramaphosa came to power with a Ramaphosa had allowed a “risk of some
because the first Ebola case had been confirmed on ruling African National Congress. However, Mr Ramaphosa’s allies are promise to clear out the rot that accu- sort of state capture by those donating
the Rwandan border. It has been criticised by medi- Ms Mkhwebane ordered South Afri- likely to view Ms Mkhwebane’s report as mulated in public companies and state these moneys”.
cal experts for not making the declaration sooner.

Trump axes Turkey from F-35 jet Cape Town. Law and order
fighter project after Russian deal
Donald Trump expelled Turkey from the US-led F-35
fighter jet programme in response to Ankara pur-
chasing a Russian air defence system.
Hotel raid underscores S Africa crime woes
Delivery of the Russian S-400 Triumf surface-to-
air missile system has begun, with shipments arriv-
ing at the Murted air base near Ankara. Turkey’s President sends in troops to
President Recep Tayyip Erdogan described the help police in an indication of
purchase as the “most significant agreement in our
history”. growing anxiety over gangs
The purchase raises questions about the future of
Turkey’s role in Nato. It has insisted it wants to
JOSEPH COTTERILL — JOHANNESBURG
remain an active member, but US officials worry
about their future ability to collaborate, and claim It is one of Africa’s most stately hotels, a
the S-400 allows the Kremlin to gather intelligence pink-walled picture of calm in the midst
on one of its most advanced aircraft. of South Africa’s second city, with a prize
view of Table Mountain.
But just before midnight last Tuesday,
the Mount Nelson Hotel in Cape Town
China reports worst growth in three was the site of an audacious armed rob-
decades as trade war takes toll bery, one of the most shocking examples
yet of the surge in violent crime in a city
long known for its easy-going lifestyle
Annual % change in GDP, quarterly and stunning natural attractions that
25 attract thousands of tourists every year.
Nominal A dozen masked men held up security
at gunpoint, then looted the foyer and
20 robbed staff and guests before fleeing in
getaway vehicles. No one was harmed.
15 But the attack on “The Nellie”, a Cape
Town fixture since 1899 that is operated
by LVMH-owned Belmond, stunned
10 many. Some expressed fears that the
attack could hit tourism, a major source
Real of jobs and investment in the city. “This
5
2007 10 15 19 is the first time that it’s crossed the
Sources: CEIC; National Bureau of Statistics
Rubicon,” said one frequent business
visitor to the Nelson of Cape Town’s high Lethal force: security and tackle the root economic provincial minister for safety and now Brandeis University graduate student in
China’s economy suffered the effects of the trade war crime levels, usually hidden away in a soldier patrols causes of gang violence. mayor of the metropolis, said last year. security and development who hails
in the second quarter, although robust consumer poorer areas. Four suspects had been a street in It has a political tinge. Cape Town and Shantytowns and settlements of the from Gugulethu, a Cape Flats township,
spending cushioned the blow of falling exports. Gross detained, an official told local radio. Hanover Park, its province, the Western Cape, are run Cape Flats are also hotspots of post- said of this week’s deployment.
domestic product grew at 6.2 per cent year on year, the The high-profile attack is just the lat- Cape Town, this by the main opposition Democratic Alli- apartheid South Africa’s high rates of “The gangs are so deeply embedded
slowest pace in almost three decades. est to hit the city. Last weekend alone, week, an area ance. It has complained that Mr Ram- inequality and unemployment. that a short-term deployment simply
43 people were murdered in separate hit by gang aphosa’s ruling African National Con- Jobless young people are often forced isn’t enough,” she added. Policing in the
incidents in the Cape Flats, townships violence. Below gress has failed to provide sufficient to join street gangs that are typically Cape Flats has suffered “a decade of
Federal judge rules out bail for on the city’s outskirts, as already high Mount Nelson policing resources. cogs in wider organised-crime networks neglect” and higher police numbers, as
Epstein before sex crimes trial levels of violence have exploded in a Hotel — Rodger Nationwide, there is one police officer centred on drugs and illegal weapons, well as better pay and funding for crime
gang war. The murder rate in the prov- Bosch/AFP/Getty; Alamy
for every 369 people on average, but in analysts say. intelligence, would have greater impact,
ince of the Western Cape rose by nearly the Western Cape it is 509 and even Mr Ramaphosa’s government has she said. Violence might subside simply
A federal judge has denied bail to Jeffrey Epstein, 12 per cent between 2017 and 2018, worse in Cape Town, Dan Plato, then a talked tough. “As far as we are con- because the army’s presence would
who is accused of sex crimes involving dozens of much faster than the national average. cerned, the kind of criminality which limit outlets for police corruption “and
underage girls, rejecting the multimillionaire’s Nine hundred people have been killed has been going on here, the fact that we what we know is a working relationship
request to stay at his New York mansion until trial. in gang violence this year, according to are being ruled by gangs in the Western between officers and gangsters”, she
“I find that the government has established danger mortuary statistics. Cape, points to a fact that there is seri- said.
to others and to the community by clear and con- In a sign of the growing anxiety over ous undermining of the authority of the Despite the crime, Cape Town’s tour-
vincing evidence,” said Richard Berman, the judge crime levels, this week the army was state,” said Nosiviwe Mapisa-Nqakula, ist economy is thriving. This December
overseeing the case. sent in to back local police, in a tempo- the defence minister, this week. will bring the first nonstop US flights to
“Mr Epstein’s alleged excessive attraction to sexual rary deployment that President Cyril But there have been doubts whether the city. While the raid on the Mount
conduct with or in the presence of minor Ramaphosa said he had authorised to the military is the right instrument to Nelson Hotel and surging gang violence
girls . . . appears likely to be uncontrollable,” the “save lives”. restore law and order, especially given on the Cape Flats might occur in differ-
judge said in his ruling. He found there was a risk of The army deployment has sparked a the country’s history of repression ent worlds, they both underline a sense
flight and described the proposed bail arrangements fierce debate on the capacity of the under apartheid when soldiers targeted of impunity, Ms Stuurman said.
as “irretrievably inadequate”. South African state, battered by corrup- township youths. “When you have such a large spike in
tion under Jacob Zuma, Mr Ram- “It’s incredibly short-sighted and it gang activity, it’s more than likely to
aphosa’s predecessor, to provide basic feels reactionary,” Ziyanda Stuurman, a bleed out into other areas of the city.”

Cannabis cultivation
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Colombia hopes to benefit from growing global need for weed
FRIDAY 31 MARCH 2017 WORLD BUSINESS
B NEWSPAPER UK £2.70 Ch
GIDEON LONG — BOGOTA cannabis companies have piled into passed laws to permit the use of canna- “It might be true that Colombia is the
Trump vs the Valley A Five
ve Star plan? Dear Don...
Dea
Colombia. bis for medicinal ends. Canada and Uru- best country in the world for cannabis
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
Italy’s populists
ulists are trying
tr
the poor — BIG READ,D, PAGE 11
to woo May’s first stab at the br
break-up
letter — RROBERT SHRIMSLEY, PAGE 12
Colombia is notorious as the world’s
HMRC warns Lloyd’s
oyd’s of Brussels
Bru Insurance market The largest, Canopy Growth, with a guay have gone further, legalising recre- cultivation because of the climate and
biggest supplier of cocaine. Now it is
UK
K £3.80
£3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Briefing
tap new tale
to tap ta nt pool with EU base
talent
customs risks THE END
i

market capitalisation of more than ational marijuana use, as have some US sunlight and because land and labour
HOW DRIVERLESS

being
ing swamped
in OF THE TECHNOLOGY IS

positioning itself as a producer and

i
CHANGING AN
ROAD AMERICAN WAY OF LIFE
AM Censors and sensitivity
bbyy Bre
Brexit
Brexi
xit surge
$13bn, has spent $60m to create Spec- states, most recently Illinois. are cheap,” said Andrés López, a former
i Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

upsetting — LIFE & ARTS

3 Confidence in IT plans ‘has collapsed’ i

C
Credit Suisse Art of persuasion Mystery deepens
How To Spend It exporter of another drug, one that is
trum Cannabis Colombia with a cultiva- Grand View Research, a California- director of the National Narcotics Fund,
3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR adjust its negotiati
a on position with the
ati
over
ov disputed painting of Jane Austen
engulfed in
en
EU, a Whitehall official said. “If running
EU

increasingly becoming legal around the

A computer system acquired to collect our own customs system is proving
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i
surge in workload expected once Britain press for certain options in Brussels.”

leaves the EU, customs authorities have
admitted to MPs.
f
fresh taxx probe
tion site in the province of Huila. based consultancy, expects the global which regulates the legal drugs trade.
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com- Chic new lodgings
i
in Scotland

world: cannabis.
MAGAZINE
3 UK, France and Netherlands swoop
3 Blow for bid to clean up Swiss image

In June last year, Khiron Life Sciences, market for legal cannabis to grow by 24 “But that isn’t enough. To produce
i
RALPH ATKINS — ZURICH
DUNCAN ROBINSON — BRUSSELS

FINANCIAL TIMES
Credit Suisse

Datawatch

(Deposito Legal) M-32596-1995;

Bracken House, 1 Friday Street,
AFP
Terror attacks in western Europe

Highlighted attack

Norway
Others

Brussels

Publishing Director, Lionel Barber;

The lure of the exotic
Robin Lane Fox on the flair
of foreign flora — HOUSE & HOME With interest in medical marijuana a Canadian-Colombian firm, became per cent a year over the next six years, medical cannabis you need the very
booming, the big North American can- the first cannabis producer in Colombia highest quality standards.”
Paris Nice

London EC4M 9BT.

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
Lex page 14
Insurers set to follow page 18
Sources: Jane’s Terrorism and Insurgency Centre
Publishing Company, The Financial Times Limited,
registered office as above. Local Representative office;
banker loses job over WhatsApp boast
Subscriptions & Customer service
City watchdog sends a clear message as
C/ Infanta Maria Teresa 4, bajo 2, 28016, Madrid. ISSN
THE RISE
Escape OF
the taper ECO-GLAM
trap
How high earners can evade
a pension headache — FT MONEY nabis companies are looking abroad for to list on the Toronto stock exchange. That requires the kind of investment
Tel: +44 207 775 6000, fte.subs@ft.com,
Shutdown risk as border
LAURA NOONAN — DUBLIN
JENNIFER THOMPSON — LONDON

WhatsApp 1135-8262.
Brussels takes tough stance on Brexit
Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library

places where they can grow plants easily Local firm Clever Leaves has teamed It is cheaper for that many small-scale Colombian farm-
with Spain handed veto over Gibraltar
www.ft.com/subscribetoday
wall bid goes over the top Facebook

UAE: Al Nisr Publishing LLC, P.O.Box 6519. Dubai. Editor Colombian farmers
Advertising Goldman Sachs Living wage rise to pile
pressure on care services
ALEX BARKER — BRUSSELS
GEORGE PARKER — LONDON
STEFAN WAGSTYL — BERLIN

in Chief: Lionel Barber. and cheaply. up with US venture capitalists Northern to produce ers cannot afford. Khiron, for example,
Tel: +44 20 7873 4000 asiaads@ft.com,
emeaads@ft.com Subscribe In print and online
i Deutsche Bank
Lombard page 20 Qatar: Dar Al Sharq, PO Box 3488, Doha-Qatar. Tel: +97
44557825
Colombia, with its equatorial climate Swan and operates in Boyacá, north of cannabis than their has invested $5.5m in its state of the art
and 12 hours of daylight all year, fits the Bogotá. Julián Wilches, co-founder, says processing laboratory in Tolima. Some
STOCK MARKETS CURRENCIES INTEREST RATES
Reports & analysis page 3

Letters to the editor

For the latest news go to
www.ft.com
S&P 500
Nasdaq Composite
Dow Jones Ind
FTSEurofirst 300
Euro Stoxx 50
FTSE 100
Mar 30
2365.93
prev %chg
2361.13 0.20 $ per €
5902.74 5897.55 0.09 $ per £
20703.38 20659.32 0.21 £ per €
1500.72 1493.75 0.47 ¥ per $
3481.67
7369.52
Mar 30
1.074
1.249
0.859
prev
1.075 € per $
1.241 £ per $
0.866 € per £
Mar 30
0.932
0.801
1.164
prev
0.930 US Gov 10 yr
0.806 UK Gov 10 yr
1.155 Ger Gov 10 yr
111.295 111.035 ¥ per € 119.476 119.363 Jpn Gov 10 yr
3475.27 0.18 ¥ per £ 139.035 137.822 £ index 76.705 76.951 US Gov 30 yr
7373.72 -0.06 € index 89.046 89.372 $ index 104.636 103.930 Ger Gov 2 yr
price
98.87
100.46
98.68
100.45
100.14
102.58
yield
2.38
1.21
0.39
0.06
2.99
-0.75
chg
0.00
-0.03
-0.01
0.00
0.01
0.00
i

Subscribe In print and online

France: Publishing Director, Jonathan Slade, 46 Rue La
Jonathan Powell, Tim Harford &
Man in the News: David Davis page 11
Henry Mance page 12
counterparts in
Boetie, 75008 Paris, Tel. +33 (0)1 5376 8256; Fax: +33 (01)
bill. Land and labour is relatively cheap, Colombia has the potential to become North America local growers fear that without the back-
FTSE All-Share 4011.01 4011.80 -0.02 SFr per € 1.069 1.072 SFr per £ 1.244 1.238 price prev chg

letters.editor@ft.com 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
For the latest news go to
www.ft.com
STOCK MARKETS

S&P 500
Nasdaq Composite
Mar 31
2367.10
5918.69
prev %chg
CURRENCIES

2368.06 -0.04 $ per €

5914.34 0.07 $ per £
Mar 31
1.070
1.251
prev
1.074 € per $
1.249 £ per $
Mar 31
0.935
0.800
prev
INTEREST RATES

0.932 US Gov 10 yr
0.801 UK Gov 10 yr
price
98.63
100.35
yield
2.41
1.22
chg
-0.01
0.02

Executive appointments 5376 8253; Commission Paritaire N° 0914 C 85347; ISSN

Dow Jones Ind
FTSEurofirst 300
Euro Stoxx 50
FTSE 100
20689.64 20728.49 -0.19 £ per €
1503.03 1500.72 0.15 ¥ per $
3495.59
7322.92
3481.58 0.40 ¥ per £
7369.52 -0.63 € index
0.855 0.859 € per £
111.430 111.295 ¥ per €
139.338 139.035 £ index
88.767 89.046 $ index
1.169 1.164 Ger Gov 10 yr
119.180 119.476 Jpn Gov 10 yr
77.226 76.705 US Gov 30 yr
104.536 104.636 Ger Gov 2 yr
99.27
100.36
99.27
102.57
0.33
0.07
3.04
-0.75
-0.01
0.00
0.01
0.00

and a skilled rural workforce has expe- “the leading exporter of medical canna- ing of North American cash, they will be
FTSE All-Share 3990.00 4011.01 -0.52 SFr per € 1.071 1.069 SFr per £ 1.252 1.244 price prev chg
CAC 40 5122.51 5089.64 0.65 COMMODITIES Fed Funds Eff 0.66 0.66 0.00

Tel: +44 20 7873 4909 1148-2753.

Xetra Dax
Nikkei
Hang Seng
FTSE All World $
12312.87 12256.43 0.46
18909.26 19063.22 -0.81 Oil WTI $
24111.59 24301.09 -0.78 Oil Brent $
297.38 298.11 -0.24 Gold $
Mar 31
50.46
53.35
1244.85
prev
50.35
53.13
1248.80
%chg US 3m Bills
0.22 Euro Libor 3m
0.41 UK 3m
-0.32 Prices are latest for edition
0.78
-0.36
0.34
0.78
-0.36
0.34
0.00
0.00
0.00
Data provided by Morningstar

www.exec-appointments.com Turkey: Dunya Super Veb Ofset A.S. 100. Yil Mahallesi
34204, Bagcilar- Istanbul, Tel. +90 212 440 24 24. rience in the cut flower industry. bis in the world”. from $13.8bn now to $66.3bn by the end squeezed out of the cannabis market by
Published by: The Financial Times Limited, Sweden: Responsible Publisher - Christer Norlander It is far cheaper for Colombian farm- Toronto-listed PharmaCielo has a of 2025. a few big operators.
Bracken House, 1 Friday Street, London EC4M 9BT.
Tel: +44 20 7873 3000; Fax: +44 20 7407 5700. © Copyright The Financial Times 2019. ers to produce cannabis than their coun- Colombian cannabis division in Rione- The excitement over cannabis in Another challenge is security.
Editor: Lionel Barber.
Germany: Demirören Media, Hurriyet AS-Branch
Reproduction of the contents of this newspaper in any
manner is not permitted without the publisher’s prior
terparts in North America and Europe, gro, near former cocaine capital Medel- Colombia has reached fever pitch with Although Colombia is far safer than it
Germany, An der Brucke 20-22, 64546 Morfelden- consent. ‘Financial Times’ and ‘FT’ are registered trade where growers have to spend money on lín. It says Colombia is “the most cost- some local media reports suggesting the once was — particularly since the gov-
marks of The Financial Times Limited. The Financial
Walldorf, +49 6105 327100. Responsible Editor, Lionel
Barber. Responsible for advertising content, Jon Slade. Times and its journalism are subject to a self-regulation climate-controlled greenhouses to com- competitive and environmentally country could supply two-fifths of the ernment signed a peace deal with Marx-
Italy: Monza Stampa S.r.l., Via Michelangelo Buonarroti, regime under the FT Editorial Code of Practice: bat harsh winters. The Colombians can friendly nation” to produce cannabis. world’s marijuana and earn more from ist guerrillas from the Revolutionary
153, Monza, 20900, Milan. Tel. +39 039 28288201 www.ft.com/editorialcode
Owner, The Financial Times Limited; Rappresentante e produce a gramme of dry flower for The incentives for this flurry of it than it does from coal or cut flowers. Armed Forces of Colombia (Farc) in
А
П

Direttore Responsabile in Italia: I.M.D.Srl-Marco Provasi - Reprints are available of any FT article with your $0.50-$0.80 while in Canada it costs investment are clear. The legal cannabis Farmers have been encouraged to 2016 — it is not Canada.
П
РУ

Via G. Puecher, 2 20037 Paderno Dugnano (MI), Italy. company logo or contact details inserted if required
around $2, says Mat Youkee, editor of industry is one of the fastest-growing in switch out of traditional crops like cof- Some observers fear that if the canna-
w АГ

Milano n. 296 del 08/05/08 - Poste Italiane SpA-Sped. in (minimum order 100 copies).
N ИЛ
SN s"

Abb.Post.DL. 353/2003 (conv. L. 27/02/2004-n.46) art. 1 One-off copyright licences for reproduction of FT articles Colombia Cannabis Investor, an indus- the world. In just a few years, most of fee and bananas to grow weed instead. bis industry proves as lucrative as many
В

S
О

W
e

are also available.

VK Wh ОТ

.comma 1, DCB Milano.

try newsletter. Europe and Latin America as well as But industry experts sound a note of predict it will fall into the same criminal
s
Г

Spain: B
Spain: Bermont
ermont Impresion, Avenida de Alemania 12, CTC, For both services phone +44 20 7873 4816, or email
'
Д

/W
.C at
О

syndication@ft.com
As a result, some big North American Canada and more than 30 US states have caution. hands that control the cocaine trade.
M

28821, Coslada, Madrid. Legal Deposit Number

П

O
З

"
И
Л
РЕ

20 July/21 July 2019
Progressive ‘Squad’ storms
main stage of US politics
Four leftwing Democratic congresswomen draw flak from both sides of House
LAUREN FEDOR — WASHINGTON
When the crowd at Donald Trump’s
latest campaign rally erupted with
chants of “send her back” directed at
Minnesota congresswoman Ilhan Omar,
it echoed the time when Hillary Clinton
was the number one hate figure for the
president’s supporters.
At the event in North Carolina, Mr
Trump stepped up his attacks on four
leftwing first-term congresswomen
known as the “Squad” — Ms Omar,
Alexandria Ocasio-Cortez, Rashida
Tlaib and Ayanna Pressley — calling
them “leftwing extremists who reject
everything our nation stands for”.
Mr Trump has repeatedly attacked
the women since he wrote in a tweet last
weekend that they should “go back and
help fix the totally broke and crime-
infested places from which they came”.
It has become a hallmark of the presi-
dent’s bid for a second term as he tries to
force Democrats to back the women’s
leftwing agenda. The Squad has also
become a lightning rod for a genera-
tional and ideological split within the
Democratic party.
The women, who enjoy a huge follow-
ing on social media — Ms Ocasio-Cortez
alone has nearly 5m Twitter followers —
champion policies such as the abolition
of private health insurance and the dis-
mantling of the US Immigration and
Customs Enforcement agency. Ms Oca-
sio-Cortez’s proposed Green New Deal,
which would overhaul the US economy
to combat climate change, has received
the backing of many 2020 Democratic
presidential candidates.
The four have courted controversy
since taking office in January. Ms Omar
was forced to apologise earlier this year
after making comments that were
widely viewed as anti-Semitic, while Ms
Tlaib has been criticised for repeatedly
saying Congress will “impeach the
motherf***er” in reference to Mr
Trump.
More recently, the women, who often
refer to each other as “sisters in service”,
have clashed with House Speaker Nancy
Pelosi. Last month, they were the only
House Democrats to vote against an
emergency measure to release $4.5bn in
extra funds to tackle the crisis at the US-
Mexico border. Ms Omar said that
“throwing more money at the very
organisations committing human rights
abuses . . . is not the solution”.
Ms Pelosi told The New York Times:
“All these people have their public what-
ever and their Twitter world . . . But
they didn’t have any following [in Con-
gress]. They’re four people and that’s
how many votes they got.”
Ms Ocasio-Cortez responded by say-
ing it was “outright disrespectful” for Ms
Pelosi to be “singling out . . . newly
elected women of colour”.
The intraparty dispute all but ended
with Mr Trump’s latest round of attacks
— which the House voted to condemn as
“racist” — but the Squad looks set to
continue to confront Democratic lead-
ers. “This was getting to be a dicey situa-
tion in the Democratic party between
Nancy [Pelosi] and the Squad,” said
Charlie Cook, publisher of the non-par-
Johnson heads for victory despite fishy grasp of facts
Former London mayor
appears on course to be next
PM as contest draws to a close
GEORGE PARKER — POLITICAL EDITOR
Boris Johnson ended his month-long
audition to become UK prime minister
this week, brandishing a smoked fish
and dispensing false claims to cheering
members of the ruling Conservative
party who will now determine Britain’s
fate.
“This country needs a shake-up,” said
Kevin Bell, a management consultant,
after watching Mr Johnson deliver his
usual tour de force at a final hustings in
London on Wednesday. “It’s not just
Brexit — we need to arrest this feeling of
inexorable decline.”
Mr Bell has voted for Mr Johnson and
all the indications are that a majority of
the other 165,000 or so Conservative
members eligible to vote in the election
to become leader of the party have
made the same decision. Barring an
А
П
upset, the former London mayor will on
П
РУ
Tuesday be declared winner of the vote
w АГ
N ИЛ
SN s"
and kiss the Queen’s hand the following
В
S
О
W
e
VK Wh ОТ
day, becoming her 14th prime minister.
s
Г
'
Д
/W
.C at
О
But Mr Johnson’s head-to-head battle
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
★ FTWeekend
INTERNATIONAL
Radical agenda: tisan Cook Political Report. He added
from left, that while Mr Trump’s attack “tempo-
congresswomen rarily diffuses the situation . . . it is
Rashida Tlaib, going to be a chronic problem”.
Ayanna Many centrist Democrats are worried
Pressley, Ilhan about a campaign by Mr Trump and the
Omar and Republicans to make the Squad synony-
Alexandria mous with the Democratic party in the
Ocasio-Cortez minds of swing voters heading into
speak to the 2020.
press earlier this Speaking to reporters at an event
week — Alex organised by The Christian Science
Wroblewski/Getty Images
Monitor on Thursday, Tom Emmer,
chair of the National Republican Con-
gressional Committee, said next year’s
elections were “going to be a choice
between socialism and freedom”.
“You have got the Speaker in name,
Nancy Pelosi, and then you have got the
speaker in fact, Alexandria Ocasio-
Cortez,” he said. “It’s a Red Army. This is
not a squad, this is an army of socialists.”
‘It’s a Red
In an interview with CBS this week, Army. This
Ms Ocasio-Cortez dismissed suggestions
that her relationship with Ms Pelosi was
is not a
“fractured”. squad, this
But she also rejected calls for her to
get in line with party leadership, saying
is an army
she had been elected “because Ameri- of socialists’
Britain. Conservative leadership race
with his rival Jeremy Hunt, the foreign tested very soon in Downing Street, a
secretary, has not gone smoothly and more forbidding political environment
the 55-year-old contender — despite than Conservative party hustings.
ducking out of some debates and inter- The former foreign secretary’s refusal
views — has undergone considerable to stand up for Sir Kim Darroch, Brit-
scrutiny over the past month. ain’s ambassador in Washington who
From the opening hustings in Bir- resigned after a leak revealed his criti-
mingham on June 22, to when he faced cisms of the Trump administration, was
questions about a row with his partner seen by Mr Johnson’s colleagues as a
Carrie Symonds, and the final session misjudgment — a suggestion he would
with 4,000 activists, his flaws as well as
his strengths have been exposed.
For the party faithful, the shortcom- Campaign has
exposed flaws but
ings appear not to matter and if — as party members are
expected — he walks into Downing attracted by Boris
Street next Wednesday, Mr Johnson is Johnson’s energy
likely to demonstrate he remains the and optimism
highest-wattage Conservative politician
in an era of low-energy politicians. be a poodle to President Trump. What
James Hamblin, a software program- happened next was almost more reveal-
mer from Hillingdon, emerged from the ing. Having steadfastly refused to accept
London hustings enthused by the pro- he had made a mistake, Mr Johnson
spective prime minister: “As PM you then caved in immediately when he was
have to have The X Factor and only heckled by a party activist in Chelten-
Boris has it. He literally stops the traf- ham: “Answer the bloody question.”
fic.” Colin Croly, from Westminster, Mr Johnson replied: “I probably
agreed: “He’s got optimism and he’s a should have been more emphatic that
leader. We’ve had colourless leadership Kim had my full support.”
for too long.” Mr Hunt has, by contrast, This tendency to swing in the wind
looked managerial in the eyes of a party could become a more visible character
craving an end to the colourless Theresa trait in the crucible of Downing Street.
May era. But the weaknesses exposed The hustings revealed a candidate for
on the campaign trail are likely to be whom fact-checking — perhaps the
cans are sick of how Washington works”.
Speaking at Netroots Nation, an
annual progressive conference, last
weekend, Ms Omar said there was a
“constant . . . struggle . . . with people
who have power about sharing that
power”. She added: “We are not really in
the business of asking for the share of
that power, we are in the business of try-
ing to grab that power.”
John Lawrence, former chief of staff to
Ms Pelosi, said the women’s refusal to
compromise in Congress risked render-
ing them “an appendage”.
But supporters say they have already
built a growing progressive movement.
Amanda Litman, co-founder of the
advocacy group Run for Something and
former email director for Mrs Clinton’s
2016 presidential campaign, said the
four were “some of the most effective
and compelling messengers the Demo-
cratic party has for reaching a broader
audience”.
At a joint press conference on Mon-
day, Ms Pressley said: “Our squad is big.
Our squad includes any person commit-
ted to building a more equitable and just
world.”
truth — is not a high priority. He riffed
about an Isle of Man kipper smoker who
had been stymied by EU red tape, a
claim weakened by the fact the Isle of
Man is not in the EU, but completely
undermined when it turned out the EU
does not make rules on the packaging of
smoked fish. But that claim, a classic
Johnson trope about crazed Brussels
bureaucrats, distracted from another
surprising assertion from a man who
could soon hold the official title First
Lord of the Treasury: “Whenever corpo-
ration tax is cut it yields more money.”
The Institute for Fiscal Studies has
costed cuts in corporation tax — the bill
runs to billions of pounds — but Mr
Johnson did not seem to have asked
himself: “If cutting corporation tax
raises money, why tax companies at
all?”
The leadership campaign revealed
flashes of irritability from Mr Johnson
which work colleagues have seen but
which have generally been hidden from
the public, most notably when Mr Hunt
got under his skin in an ITV debate.
The foreign secretary claims the
result will be “much closer” than people
imagine. But Mr Johnson expects to win,
and with the race at an end he is spend-
ing the weekend preparing for power.
Editorial Comment page 6
Racism
Merkel joins May and Trudeau
in decrying Trump comments
GUY CHAZAN — BERLIN
Angela Merkel has expressed her
strong support for the four Democratic
congresswomen whom US President
Donald Trump said should “go back” to
where they came from.
“I distance myself firmly [from Mr
Trump’s comments] and feel solidarity
with the [four] women who were
attacked,” she said at her annual sum-
mer press conference.
Mr Trump aimed his comments last
weekend at four non-white congress-
women — Alexandria Ocasio-Cortez of
New York, Ilhan Omar of Minnesota,
Ayanna Pressley of Massachusetts and
Rashida Tlaib of Michigan. Three of the
women were born in the US.
The German chancellor’s rebuke is
the latest from several world leaders
including the UK’s Theresa May and Jus-
tin Trudeau of Canada.
Ms Merkel has been repeatedly sin-
gled out for criticism by Mr Trump, who
has taken her to task over Germany’s
failure to spend as much as it has prom-
ised on the military, its huge current
account surplus, and its support for the
controversial Nord Stream 2 pipeline
bringing Russian gas to Europe.
The chancellor, who enjoyed a warm
relationship with President Barack
Obama, has in turn never concealed her
disdain for Mr Trump’s world view. In a
European Commission
Hungary hails von der Leyen
as it seeks to repair EU ties
AIME WILLIAMS — WASHINGTON
VALERIE HOPKINS — BUDAPEST
Hungary’s foreign minister has wel-
comed the appointment of Ursula von
der Leyen as the new president of the
European Commission in a sign that his
country is seeking to rehabilitate itself
with Brussels.
Speaking in Washington this week,
Peter Szijjarto praised Mrs von der
Leyen saying she had “always shown
trust and respect towards Hungary”,
which he hoped would continue as she
moved into Brussels’ top job.
Mrs von der Leyen, a politician from
Germany’s centre-right, narrowly won
the election in the European Parliament
with a wafer-thin, nine-vote margin,
secured with the backing of far-right
and anti-establishment MEPs from
Italy, Poland and Hungary.
Budapest has repeatedly clashed with
Brussels over democratic backsliding.
Ursula von der Leyen was praised for
showing ‘respect’ towards Hungary
Spyware ‘offers
keys to tap into
Big Tech cloud’
Continued from Page 1
far and above smartphone content”,
allowing information about a target to
“roll in” from multiple apps and serv-
ices, the sales pitch claimed. It is not
clear if the Ugandan government
bought the service, which costs millions
of dollars.
Security teams at the Silicon Valley
companies potentially affected are now
investigating the method, which
appears to target the industry-wide
authentication techniques that have,
until now, been thought to be secure.
Amazon said it had found no evidence
its corporate systems, including cus-
tomer accounts, had been accessed, but
said it would “continue to investigate
and monitor the issue”. Facebook said it
was “reviewing these claims”. Microsoft
said its technology was “continually
evolving to provide the best protections
to our customers” and urged users to
“maintain a healthy device”.
Apple said its operating system was
“the safest and most secure computing
platform in the world. While some
expensive tools may exist to perform
targeted attacks on a very small number
of devices, we do not believe these are
useful for widespread attacks against
3
speech to Harvard’s 2019 graduating
class in May, she exhorted students to
reject isolationism and nationalism and
never “describe lies as truth and truth as
lies”. The speech was widely seen as a
veiled attack on the president.
At the press conference, Ms Merkel
said she had always had the sense that
“people of quite different nationalities
contributed to the strength” of the US,
and Mr Trump’s remarks “ran counter
to this impression that I have”.
Ms Merkel also addressed a plethora
of questions about her health, which has
become a subject of public concern fol-
lowing a series of shaking episodes she
has experienced over the past month at
official events — the third and last a
week ago, as she was receiving the prime
minister of Finland. She said she could
understand the questions but insisted
she was feeling fine.
Ms Merkel expressed satisfaction
with Ursula von der Leyen’s election as
European Commission president.
She also addressed Brexit, saying she
thought the Irish backstop could be
effectively “overwritten” if a solution
were found for the Irish border issue in
the declaration on future ties between
Britain and the EU. The backstop
requires the UK to adopt some EU rules
unless a future arrangement is found to
keep open the land border between
Northern Ireland and Ireland.
Relations were so acrimonious that
before the May European Parliament
elections, the government plastered
commission president Jean-Claude
Juncker’s face on negative campaign
billboards across the country.
Hungary’s embrace of Mrs von der
Leyen, a European federalist who has
criticised its treatment of refugees, is a
sign of Budapest’s desire to improve
relations with Brussels which soured
over its flouting of EU democratic
values. The dispute could result in Hun-
gary receiving less EU funding — the
equivalent of almost 3.5 per cent of the
country’s gross national income.
Mr Szijjarto said he was certain Hun-
gary would “have debates” with Mrs von
der Leyen, but added: “We consider it as
natural, because the European Union is
faced with historic types of challenges —
so why shouldn’t we have debates?
“With Ursula von der Leyen we have a
good hope that these debates will be
based on mutual respect, and that’s why
we have support for her,” he said.
The foreign minister was critical of
Manfred Weber, the European People’s
party’s first choice for commission
president, and of Dutch socialist Frans
Timmermans, who has been a vocal
critic of Hungary.
Both “failed” to show “respect
towards member states”, he said.
Hungary’s influence in Mrs von der
Leyen’s election has raised concerns
among some members of the European
Parliament, who fear her narrow vic-
tory may prompt her to take a softer line
on the rule of law in illiberal EU states.
consumers.” Google declined to
comment.
“This has got to be a serious wake-up
call for a lot of companies,” said John
Scott-Railton, a researcher at the Uni-
versity of Toronto’s Citizen Lab who has
been following the use of Pegasus. He
said it “accelerates the need for stronger
forms of device authentication”.
NSO said: “We do not provide or mar-
ket any type of hacking or mass-collec-
tion capabilities to any cloud applica-
tions, services or infrastructure.” NSO
added its products do not include, and
the company did not develop, such
hacking capabilities.
Meanwhile, the $1bn company faces
lawsuits in Israel and Cyprus that allege
it shares liability for the abuse of its soft-
ware by repressive regimes. In May, the
FT reported that the company used a
vulnerability in WhatsApp to insert
Pegasus on smartphones. WhatsApp
has closed the loophole and the US
Department of Justice is investigating.
Following those revelations,
Novalpina Capital, the UK private
equity group that owns a large stake in
NSO, pledged to reform its business
practices and “establish a new bench-
mark for transparency”, but has yet to
release further details.
One of the pitch documents offered an
old-fashioned way to thwart this kind of
eavesdropping: changing an app’s pass-
word and revoking its login permission.
That cancels the replicated authentica-
tion token until, according to the docu-
ment, Pegasus is redeployed.
Additional reporting by Patrick McGee
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
4 ★ FTWeekend 20 July/21 July 2019

INTERNATIONAL

Monetary policy League anger

Wall Street raps Fed over rate ‘confusion’ Italy’s ruling

Speech by NY bank
president doubled the
scale of expected rate cut
COLBY SMITH — NEW YORK
JAMES POLITI — WASHINGTON
The Federal Reserve has come under
fire from Wall Street for sowing “confu-
sion” in the wake of a market-moving
speech by one of its top officials, high-
lighting the communications challenge
facing the US central bank as it moves
towards a historic interest rate cut.
The furore over remarks by John Wil-
liams, the president of the Federal
Reserve Bank of New York and a key
monetary policymaker, comes at a sen-
sitive time for economists and investors.
Until Thursday, the consensus had
been for a 25 basis point rate cut by the
Fed, as a limited insurance policy
against a weakening global economy
and trade tensions. But the odds of a 50
basis point cut soared after Mr Williams
laid out the case for “preventive” action
in low interest rate and low inflation
environments.
This prompted an unusual clarifica-
tion from the NY Fed that Mr Williams’
comments were “not about potential
policy actions at the upcoming FOMC
meeting”, which sent the probability of
a more aggressive easing back down to
40 per cent yesterday.
Mass protests. Discrimination
“I think we have too many cooks in
the kitchen when it comes to public
speaking at the Fed,” said David Rosen-
berg, chief economist and strategist at
Gluskin Sheff, a wealth management
firm. “There used to be a time when the
Fed was accused of not being transpar-
ent enough. Now the pendulum has
swung way too far in the other direc-
tion.”
The statement from the New York Fed
came just hours after one of the most
senior-ranking Fed officials, vice-chair-
man Richard Clarida, signalled the need
for easing before the economic data
turns increasingly negative, adding
another dovish voice to the mix.
For Ebrahim Rahbari, chief G10 cur-
rency strategist at Citi, the back-to-back
scheduling of Mr Williams and Mr Clar-
ida’s public appearances had been nota-
ble, prompting him to switch his predic-
tion for the July meeting to a 50bp cut.
“What was in the end very confusing
to us was the communication we
received seemed in many ways to be a
coordinated attempt to signal the mar-
ket given its timing and context,” Mr
Rahbari said. “It was just before the Fed
blackout period and two of the three
most influential FOMC members were
speaking.”
Mr Rahbari said the New York Fed’s
subsequent intervention meant he was
“very uncertain” about the likelihood of
a two-notch cut at the next meeting.
Larry Fink, chief executive of Black-
Rock, said the central bank would stir
concerns over the health of the US econ-
omy were it to trim rates by half a per-
centage point. “If they did a 50 basis
point cut it would probably lead more to
an equity panic,” Mr Fink said in an
interview with the Financial Times. “It
would frighten the market.”
Yesterday, Donald Trump also piled
on criticism of the Fed via Twitter, tak-
ing aim at the central bank’s “faulty
thought process”.
He wrote: “Because of the faulty
thought process we have going for us at
the Federal Reserve, we pay much
higher interest rates than countries that
are no match for us economically.”
coalition
rocked by
dissent
HANNAH ROBERTS — ROME
Tension between Italy’s ruling coalition
parties has erupted into open conflict,
fuelling speculation the unsteady alli-
ance that took power last June could
split.
Matteo Salvini, the deputy prime minis-
ter and leader of the far-right League
party, is threatening to pull the plug on
its alliance with the anti-establishment
Five Star movement, under significant
pressure from within his party. Mr Sal-
vini’s chief grievances include Five
Star’s decision to back a mainstream
German candidate, Ursula von der
Leyen, to become president of the Euro-
pean Commission.

Ethiopian Israelis vent anger over teen killing
Jewish immigrant community
claims decades of racism after
shooting by off-duty policeman
ILAN BEN ZION — JERUSALEM
On a muggy evening last month in the
seaside town of Haifa, Solomon Teka
headed to a park near his home to hang
out. Once there, the 18-year-old ended
up in a scuffle with other teenagers,
according to an off-duty Israeli police-
man who was nearby. The officer fired a
warning shot, claiming he felt threat-
ened, but the bullet ricocheted off the
ground, killing Teka and opening a new
chapter in Israel’s fraught history of race
relations.
Teka was the son of Ethiopian Jewish
immigrants, a community that feels it
has long been the victim of systemic
discrimination because of the colour of
their skin. Israeli citizens of Ethiopian
descent have frequently contained their
frustrations, but Teka’s death proved to
be a turning point.
Ethiopian Israelis and their support-
ers staged mass protests nationwide,
demanding the officer be charged with
murder and expressing outrage he had
been released before Teka was buried.
Pnina Tamano-Shata, one of two Ethio-
pian lawmakers in Israel’s parliament,
wrote in a Facebook post after days of
protests that the “fracture and the rage
created are the result of years of exclu-
sion, discrimination, racism and hard
trampling”.
Around 150,000 Israelis, about 2 per
cent of the country’s population, are
Ethiopian Jewish immigrants and their
descendants. Roughly half of the com-
munity arrived in the 1980s and 1990s
in clandestine airlifts orchestrated by
Israel to save them from conflict, food
shortages and persecution in Ethiopia.
Descendants of a community with
Jewish roots going back
centuries, Ethiopian immigrants
received automatic citizenship as
well as welfare benefits under
Israel’s Law of Return. But they
faced discrimination and diffi-
culty finding work and educa-
tion.
On average, Ethiopian Israeli
men earned a monthly salary of
$2,029 — three-quarters of the
average Israeli wage, according to
Israeli police a 2017 report by the Adva Center, an
clash with Israeli social equality organisation.
protesters this Ethiopian Israeli women made even less
week after death — $1,513 on average per month, or 55 per
of teenager cent of the national average.
Solomon Teka, In 1996, an investigative report by the
pictured on the Hebrew newspaper Maariv found that
poster below Israel’s blood banks systematically dis-
Lior Mizrahi/Getty Images
posed of blood donations from Ethio-
pian immigrants, allegedly because they
had a higher risk of carrying Aids. That
policy was only rolled back in 2016.
In a country whose Arab citizens have
long complained of marginalisation,
with Palestinians in the West Bank and
Gaza Strip enduring half a century of
military occupation, the plight of
Israel’s Ethiopian community has rarely
attracted widespread attention. Teka’s
death changed that.
Rami Hod, executive director of
the Berl Katznelson Center, an
Israeli think-tank, said his organisa-
tion had noted a sharp rise in hate
speech. “Anyone who . . . calls
Arabs second-class citizens, and
thinks this will remain confined to
Arabs, is wrong,” he said.
According to Ethiopian Israeli activ-
ists, at least 11 young Ethiopian Jews
have died in incidents with police in the
past two decades. A video of a police
officer beating up a uniformed Israeli
soldier of Ethiopian heritage in 2015
prompted thousands of Ethiopian Israe-
lis to rally in Tel Aviv.
In the wake of the 2015 protests, a jus-
tice ministry commission found that the
proportion of Ethiopian citizens who
have faced criminal charges (3.5 per
cent) was nearly twice the figure for the
population as a whole. The commission
recommended measures to combat dis-
crimination, but Ethiopian Israelis say
they have made little impact.
Police are still investigating Teka’s
death. The officer, released to house
arrest by a court shortly after the June
30 incident, said the teens started
throwing stones at him. The state
attorney’s office said forensic evidence
supported the policeman’s claim that he
fired a warning shot at the ground.
Motti Cohen, Israel’s acting police
chief, appeared to defend the officer’s
conduct, saying uniformed police are
sometimes “required to deal with com-
‘Every cop plicated situations, to make quick judg-
has a law of ments and critical decisions”.
But Rina Ayalin-Gorelik, one of the
his own, attorneys representing the Teka family,
that’s not said there was “no doubt here that there
were serious mishaps, including the
written in police’s conduct”.
the books’ Ayanawo Fareda Senebato, an Ethio-
pian Israeli columnist who writes for
Ayanawo Israel Hayom, a pro-Netanyahu Hebrew
Fareda
Senebato daily, echoed a common sentiment
when he said his community was more
likely to suffer from police brutality.
“Every cop has a law of his own that’s
not written in the books about how he
treats the community,” he said. “There
are intentions and there’s implementa-
tion. On the level of implementation, it
all amounts to zero.”
Avi Yalou, an Ethiopian Israeli social
activist and protest organiser, said he
was not optimistic the demonstrations
sparked by Teka’s death would change
the attitudes of those in power.
“The only thing that changed here is
that we’re not prepared to accept a
reality in which police kill us,” he said.
He is also unhappy that coalition col-
leagues Luigi Di Maio, also a deputy
prime minister and the leader of Five
Star, and Prime Minister Giuseppe
Conte have not backed him against
accusations that his party sought
financing from Russia.
Mr Salvini accused Five Star of
betraying ordinary voters after promis-
ing to bring radical change to Europe.
“There is a lack of trust, even at a per-
sonal level,” he said in Helsinki on
Thursday.
“If there is no further point in contin-
uing with this government, then we will
head to elections.”
Following European parliamentary
elections in May, the League became the
largest party in Italy ahead of senior
coalition partner Five Star, which polled
just 17 per cent.
A poll last week put support for the
League at 37.7 per cent.
The government’s relations were
thrown into fresh turmoil last week
when allegations surfaced of a meeting
between League representatives and
Russian businessmen, allegedly to dis-
cuss a deal to covertly receive some
$65m in party funding.
Both Mr Di Maio and Mr Conte have
called on Mr Salvini to answer to parlia-
ment on the matter, and for an investi-
gation into all party finances. In an open
letter to an Italian newspaper, Mr Conte
said he “would not lend support to
opaque or ambiguous operations”.
In recent days, divisions have been
heightened after the League refused to
back Mrs von der Leyen’s candidacy in
the European Parliament.
Mr Conte said the League’s failure to
vote for her was “against the national
interest” and put remaining negotia-
tions for commission places at risk.
The League is also aggrieved over
stalled efforts to hand greater regional
autonomy to the party’s northern
strongholds.
Mr Di Maio yesterday launched an
appeal to Mr Salvini, suggesting they
meet. A cabinet meeting that took place
at midday could have provided an
opportunity to find a truce. But Mr Sal-
vini did not attend, saying he had per-
sonal commitment.
The window for pulling out of the coa-
lition closes tomorrow, according to
many political commentators. After
that date, calling for fresh elections
would get in the way of getting the 2020
budget approved in time for the EU’s
October 15 deadline. But Mr Salvini is
said to be considering elections later in
the autumn, a first for Italy.

Political alliance China tension

Pompeo hails Argentina for calling Hizbollah a terrorist group Taiwan president opens door
BENEDICT MANDER — BUENOS AIRES
US secretary of state Mike Pompeo yes-
terday lauded Argentina for designat-
ing Hizbollah a terrorist organisation,
as he visited Buenos Aires at a crucial
juncture for the country’s president,
Mauricio Macri.
“We appreciate Argentina’s leader-
ship . . . We hope others will follow
Argentina’s lead and example,” he said.
Mr Pompeo’s presence in Argentina is
a show of support for Mr Macri who is
fighting for his political survival in elec-
tions in October. The elections have
taken on an international dimension
given Argentina’s reliance on a record
Contracts & Tenders
А
to Hong Kong protesters
$56bn bailout from the IMF after a cur-
rency crisis broke out last year.
“Argentina is deeply dependent on US
support at the IMF and [therefore] is
eager to co-ordinate foreign policy with
the White House,” said Benjamin
Gedan, a former South America director
on the National Security Council at the
White House.
Aligning itself with the US against
Hizbollah, Argentina this week became
the first developing country outside the
Middle East and North Africa to declare
the Lebanese Shia movement a terrorist
organisation.
Mr Macri’s government announced
the decision on the 25th anniversary of
Argentina’s deadliest ever terrorist
attack, a bombing that killed 85 people
at a Jewish community centre in Buenos
Aires. Local prosecutors have accused
Hizbollah of carrying out the bombing
Mauricio Macri:
the president is
fighting for his
political survival in
the elections in
October
Support from the US at the IMF is
critical to maintaining confidence in
Argentina among investors, which is in
turn decisive for avoiding volatility in
the peso that could fuel inflation and
erode real wages, undermining Mr
Macri’s chances of re-election.
“Pompeo’s visit [delivers] a reassur-
ing message for markets. That [US Pres-
ident Donald] Trump continues to sup-
port Macri fervently has calming conse-
quences domestically,” says Julio Burd-
man, a political scientist at the
University of Buenos Aires.
Mr Macri has become a key ally for
remaining close to an unpredictable and
often vindictive US president . . . he has
navigated the Trump White House
seamlessly, which is no small feat, main-
taining support from the IMF [as well
as] maintaining core policies [like
Argentina’s relationship with China]
even when they are in conflict with US
interests — or current US positions.”
Mr Macri is also attempting to empha-
sise the idea that Argentina’s Peronist
opposition could trigger another deval-
uation and even a default and push the
country towards the economic chaos of
Venezuela, as he did in his previous
campaign in 2015.
“The idea that if Peronism wins we are
Venezuela is coming back, reloaded,
because of the key issue of [currency
stability], and also because Venezuela is
even worse now,” said Mr Burdman.
“The underlying message is that Macri
with his international support will pre-
vent that from happening.”
The president’s rival, Alberto Fernán-
dez, who is representing the Peronist
party, is trying to focus on the disastrous
economic situation domestically.
KATHRIN HILLE — TAIPEI
Taiwan could give refuge to Hong Kong
protesters who have fled the Chinese
administrative region, the Taiwanese
government said yesterday.
While Taipei did not confirm a report by
Hong Kong newspaper Apple Daily that
about 30 protesters had already landed
in Taiwan, the government said it would
extend necessary assistance to Hong
Kong citizens seeking to stay and handle
relevant cases with a view to protecting
human rights.
“Regarding the friends from Hong
Kong, we will handle [the issue] accord-
ing to humanitarian principles,” Presi-
dent Tsai Ing-wen said in remarks car-
ried by Public Television (PTS) from
Saint Lucia on a trip visiting Taipei’s dip-
lomatic allies in the Caribbean.
Having large numbers of Hong Kong
protesters settle down in Taiwan could
further raise cross-Strait tension.
The People’s Republic of China claims
moves Beijing could view as a provoca-
tion, such as inviting Uighur or Tibetan
human rights activists. But she has
emphasised Taiwan’s identity as a bas-
tion of freedom and democracy, includ-
ing in a speech at Columbia University
last weekend during a US stopover on
her current trip.
The recent protests in Hong Kong
were sparked by the local government’s
extradition law, but quickly expanded
into a broader protest against China’s
tightening grip on the city. They have
triggered in people in Taiwan a sense of
solidarity and need to protect their own
democracy.
PTS said the protesters’ cases could be
handled following the example of Lam
Wing Kee, the Hong Kong bookseller
kidnapped by Chinese agents in 2015.
Mr Lam arrived in Taiwan in April and
has been allowed to stay via extension of
his three-month visa.
Chiu Chui-cheng, deputy chairman of
the Mainland Affairs Council, Taiwan’s

the US in its firm opposition to the “Alberto Fernández doesn’t want to Taiwan as its territory despite never
П

cabinet-level body for handling rela-

П
РУ

socialist dictatorship of Venezuela — make waves on the international scene,” having ruled it and has threatened to tions with China, said the government
w АГ
N ИЛ

perhaps the US’s top priority in the said Diana Tussie, an international rela- invade if Taiwan resists unification
SN s"

had received a large number of queries

В

S
О

W
e
VK Wh ОТ

region. Mr Gedan said Mr Macri had tions specialist at the Latin American indefinitely. from Hong Kong citizens asking about
s
Г

'
Д

/W
.C at
О

been “miraculously successful at Social Sciences Institute (Flacso). Ms Tsai has tried to avoid certain entry and residency regulations.
M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 ★ FTWeekend 5

FT BIG READ. SCIENCE

Hundreds of companies and labs are trying to use neurotechnology to connect human thought to
computers. Elon Musk-backed Neuralink is one of the few that also wants to merge the brain with AI.
By Clive Cookson and Patrick McGee

A
glitzy presentation in San time. The data can be used for medical
Francisco this week may go diagnosis and neuroscience research or
down in history as a giant to control a computer. While it lacks the

Brain gains
step in the creation of precision of stimulating or recording
cyborgs that meld human from individual neurons, removing the
and machine intelligence. Or it may need for surgery within the skull greatly
turn out to be a mere footnote in the increases the potential market.
career of Elon Musk, the tech showman Proponents of non-invasive neuro-
and entrepreneur extraordinaire. tech, such as Mr Reardon of CTRL-Labs,
Mr Musk revealed first details of an see huge scope in extracting more
electronic brain implant developed by information from signals outside the
Neuralink, the secretive company he brain. “Neuralink’s announcement is
founded in 2016 to facilitate direct com- focused on getting the signal [but] the
munications between people and really hard part is decoding the signals,”
machines. Its early applications will be he says. “Decoding the output is the
in medicine to help people with severely mother of all machine learning
damaged brains or nervous systems. problems.”
But Mr Musk also emphasised more Prof Coyle and his colleagues in Ire-
futuristic plans that can give humans land have just completed a clinical trial
“the option of merging with artificial showing that an EEG-based interface
intelligence” by exchanging thoughts can tell whether someone with severe
with a computer — augmenting the brain damage, who appears to be per-
mental capacity of healthy people. manently unconscious, retains some
Neuralink, in which Mr Musk has capacity for conscious thought. The
invested more than $100m, joins the technique detects characteristic signs of
crowded and fast expanding field of neural activity as patients are asked to
neurotechnology, where hundreds of imagine moving a part of their body or
companies and academic labs are devel- answer questions about their personal
oping different types of interface background.
between brains and computers for med- The US Defence Advanced Research
Projects Agency has long been inter-
ested in neurotechnology for military
Neuralink is using a purposes. Darpa announced in May that
processor, right,
that fits behind the six organisations will be funded by its
ear to transmit data neurotechnology programme “to
from the brain and develop high-resolution, bidirectional
electrodes brain-machine interfaces for use

ical and recreational purposes. It is the

only one, however, that flaunts “symbi-
osis with AI” as a business goal.
Others in the field gave Neuralink a
guarded welcome. “Elon is a great pro-
moter,” says Thomas Reardon, chief
executive of CTRL-Labs in New York.
“Hopefully he promotes neural inter-
faces in a positive way, like he did for
electric vehicles at Tesla.”
Neuralink researchers released a
12-page scientific paper with details of
their prototype device. Damien Coyle,
professor of neurotechnology at Ulster
University in the UK, says: “What they
are doing is quite impressive. It is novel
and radically different to what has been
done before but it is still at quite an
embryonic state.”
The paper describes tests of the Neu-
ralink interface implanted in the brains
of rats — and there was a hint during the
San Francisco presentation of tests
already being carried out on monkeys.
The company hopes to get permission
from the US Food and Drug Administra-
tion to begin a clinical trial in patients
with brain damage next year.
Neurotechnology covers a vast range
of different techniques. Projecting the
market size is difficult and uncertain,
though according to Research & Mar-
kets, worldwide sales were $8.4bn last
year and will grow to $13.3bn in 2022.
Building the interface
The biggest divide is between “invasive”
implants such as Neuralink’s that are
surgically inserted in the brain and
“non-invasive” methods that detect and
modulate neural activity from outside.
Only invasive implants can provide
direct contact with neurons inside the
brain — and here Neuralink is a big
advance on existing techniques that
insert 250 electrodes at most.
The company’s first experi-
ments inserted 3,000 elec-
trodes into rat brains and it
could raise that to 10,000
electrodes in an early clini-
cal version.
A remarkable feat of
micro-engineering was
required. Neurolink
Above: a picture devised a surgical robot to insert the
of a human electrodes through small holes in the
brain taken by a skull and then weave them through the
positron brain in flexible threads, each thinner
emission than a human hair. The robot has a
tomography vision system designed to avoid blood
scanner. Below: vessels and place the electrodes in spe-
Elon Musk’s cific brain regions. The version for
Neuralink is humans will exchange neuronal data
making between the electrodes and an external
advances in computer via a processor with a wireless
invasive implant transmitter implanted behind the ear.
technology. For Mr Musk large numbers of elec-
Right: one of trodes are essential to provide a fast flow
Neuralink’s of information to and from the brain.
robotic devices “The thing that will ultimately con-
Fred Tanneau/AFP/Getty strain our ability to [be] symbiotic with
AI is bandwidth,” he says. “So after solv-
ing a bunch of brain-related diseases
[the point is] mitigating the existential
threat of AI.”
The best known implant used for
brain-computer research is BrainGate,
developed by a US university consor-
tium. Although its devices have far
fewer electrodes than Neuralink’s, they
have achieved some spectacular suc-
cesses. For example, biomedical engi-
neers at Case Western Reserve Univer-
sity in Cleveland, Ohio, claimed a mile-
stone in neurotechnology in 2017 when
Bill Kochevar, paralysed from the neck
down for eight years after a cycling
accident, became the world’s first
quadriplegic patient to regain some
limb movement electronically.
A BrainGate implant with just
two 96-channel electrode arrays,
placed on the surface of Mr
Kochevar’s motor cortex, sent
messages to a “functional electrical
stimulation” system on his previously
immobile arm and hand, replacing his
damaged nerves. Small pulses of elec-
tricity reanimated his long dormant
muscles, enabling him to drink and feed
himself again. Similar devices have ena-
bled paralysed patients to move robotic
arms and operate computer keyboards
through their thoughts.
Leigh Hochberg of Brown University,
leader of the BrainGate consortium,
called Neuralink’s research “a novel and
exciting neurotechnology . . . given the
great potential that intracortical brain-
computer interfaces have to restore
neurologic function for people with spi-
nal cord injury, stroke, traumatic brain
injury or other diseases or injuries of the
nervous system”.
Research into implants designed to
read patients’ thoughts has largely pro-
ceeded independently from another
important field of invasive brain treat-
ment — “deep brain stimulation”, which
can help people with Parkinson’s dis-
ease, epilepsy and depression by send-
ing electric pulses into the areas respon-
sible for their symptoms.
Until now, the researchers in these
two fields have tended to come from
slightly different disciplines within the
broader study of the brain, which has
limited the scope for co-operation, says
John Donoghue, director of the Wyss
Center for Bio and Neuroengineering in
Switzerland. “By working together and
sharing information, we can learn from
each other and potentially expand the
reach of this technology.”
Such collaboration would replace the
current one-way DBS systems with
“bidirectional electrodes” that both
stimulate and record from deep brain
structures. They would sense changes in
the brain following stimulation and
automatically adapt the level of the next
pulse accordingly — something that cur-
rently has to be done manually.
Another promising field of implant
research is to give sight back to people
who have gone blind but retain a visual
cortex in the brain. For instance, a
device called Orion, developed by Sec-
ond Sight Medical Products of Los Ange-
les, transmits images from a tiny cam-
era mounted on the wearer’s glasses to
an implanted array of 60 electrodes.
Researchers at Baylor College of Med-
icine in Texas reported early trial results
last month. “While our subjects
describe being able to identify where
certain objects are located, right now
they are not seeing forms or clear
edges,” said William Bosking, assistant
professor of neurosurgery. “They see a
small number of points of light corre-
sponding to where that object is.” That is
an exciting improvement on their previ-
ous total blindness, though hundreds of
thousands of electrodes would be
required to produce a rich visual image.
Decoding the signals
In contrast to neural implants, non-in-
vasive neurotechnology uses tech-
niques such as electroencephalography
and magnetic resonance imaging to
record the electrical or chemical activ-
ity of millions of neurons at the same
‘Hopefully by able-bodied service members”.
“Darpa is preparing for a future in
he [Elon which a combination of unmanned sys-
Musk] tems, artificial intelligence and cyber
operations may cause conflicts to play
promotes out on timelines that are too short for
neural humans to effectively manage with cur-
rent technology alone,” says Al Emondi,
interfaces the programme manager. By creating
in a positive devices that do not require surgery,
way, like “Darpa could deliver tools that allow
mission commanders to remain mean-
he did for ingfully involved in dynamic operations
electric that unfold at rapid speed.” In other
words, they would augment soldiers’
vehicles brainpower.
at Tesla’ “The technology we are creating
might ultimately help identify regions
in the brain that are impacted by disease
with a much higher resolution than pre-
viously possible,” says Jana Kainerstor-
fer, a researcher at Carnegie Mellon,
which has a grant from Darpa to develop
devices worn on the scalp that would
send signals to and from the brain.
Whether the motivation for building
brain-computer interfaces is military,
medical, recreational or to communi-
cate with AI, observers believe Mr
Musk’s entry will boost the whole field.
“He’s heard forever that a private
company could never send rockets to
space. He was told nobody would ever
buy an electric car,” says Gil Luria, head
of research at investment bank DA Dav-
idson. “He thrives on the naysayers.”
Cyborgs may not be coming at the
pace predicted by Mr Musk — but it
would be unwise to dismiss their
eventual arrival as science fantasy.

Obituary Several of Italy’s greatest modern

authors blossomed as writers relatively
late in life. Two examples are Carlo
cle. In 2003, his birthplace added Vigàta
to its name, paying tribute to the ficti-
tious town where Montalbano is a police
ural at the war’s end to join the Italian
Communist party, soon to become the
largest in western Europe. To his last
decided to smuggle into the detective
genre a critical commentary on my
times,” he once said.
The Sicilian Emilio Gadda (1893-1973) and Giuseppe
Tomasi di Lampedusa (1896-1957). A
commissioner. The decision was
revoked in 2009.
days he was a severe critic of neo-fascist
trends in Italian politics, the former
Italian readers are drawn to Montalb-
ano because he is a fundamentally hon-

creator of third is Andrea Camilleri, creator of the

Inspector Montalbano detective series,
who died on July 17 aged 93.
A distinctive feature of the Montalb-
ano books, difficult to capture in trans-
lation, is the way that Camilleri incorpo-
conservative premier Silvio Berlusconi
and, more recently, Matteo Salvini, dep-
uty prime minister and leader of the
est man in a public sphere that is any-
thing but. He dislikes bureaucracy and
sordid politics. He is an individualist,
Inspector Camilleri was arguably the most suc-
cessful Italian author of the past 25
rates Sicilian expressions and speech
patterns into standard Italian. In his
hard-right League party.
“I know that, politically speaking, he
but not selfish. He is, in the end, the
“better self” of the Italian character.

Montalbano years, but he was approaching 70 when

he published his first Montalbano book,
La Forma dell’acqua (The Shape of Water),
in 1994. In a sustained, prolific spell of
creative activity, Camilleri wrote
Andrea Camilleri another 27 Montalbano books, one of
Author which, Riccardino, wraps up the series
1925-2019 but is yet to be published.
Despite going blind in his last years,
Camilleri was energetic in other fields,
too. One year ago, at the ancient Greek
theatre in the Sicilian city of Siracusa, he
acted the part of Tiresias, the blind
prophet, in a play written by himself.
“Since I lost my sight, I can see better,”
the character says.
А
daring use of language, Camilleri was
much influenced by Gadda, whose mas-
terpiece, Quer pasticciaccio brutto de via
Merulana (That Awful Mess on Via Meru-
lana), he regarded as the finest 20th-
century Italian novel.
Camilleri was destined for a career in
the creative arts. He met Pirandello
when he was a small boy. Sciascia
became a close, life-long friend. After
the second world war Camilleri pub-
lished short stories and poetry, and
studied at the prestigious National
Academy of Dramatic Art. In 1957 he
took a job with the television arm of Rai,
Italy’s state broadcaster. Three years
said all sorts of things about me, but
Italy has lost something,” Mr Salvini
said upon hearing of Camilleri’s death.
The Montalbano novels, converted
into a hugely successful television
series, stick to a formula. Each is about
180 pages long, with 18 chapters. Like
other fictional detectives, Montalbano
is gruff, sometimes sarcastic, a bit mel-
ancholy and burdened with a rather
complicated love life. However, like
Theo Kojak, the New York detective on
CBS television in the 1970s, Montalbano
is incorruptible and has a strong sense of
public responsibility.
Camilleri expands on this formula by
Andrea Camilleri: severe critic of
neo-fascist trends in Italian politics
‘I decided to smuggle
The fictional investigator most simi-
lar to Montalbano is not Arthur Conan
Doyle’s Sherlock Holmes, the logic-
driven genius of Baker Street. Rather he
is Pepe Carvalho, the Spanish private
detective created by Manuel Vázquez
Montalbán. Indeed, Camilleri borrowed
the writer’s name for his own detective.
Like Carvalho, Montalbano enjoys the
simple pleasures of life, especially food
— the Sicilian believes that good meals
should be eaten in silence.
Camilleri is survived by his wife
Rosetta Dello Siesto, whom he married
in 1957, and three daughters. Luca Zin-
garetti, the actor who played Montalb-

Like Lampedusa and two other earlier, Rai had rejected him on account using his crime plots as a vehicle for a
П

ano on television, saluted Camilleri as “a

into the detective genre
П
РУ

renowned Sicilian writers, Luigi Piran- of his leftwing political views. critique of Italian politics and public life. maestro first and foremost . . . always
w АГ
N ИЛ

dello and Leonardo Sciascia, Camilleri Camilleri had grown up loathing Ben- “In many crime novels, the events seem a critical commentary
SN s"

on the side of truth. He told the story of

В

S
О

W
e
VK Wh ОТ

was a native of the island, born in the ito Mussolini’s 1922-1945 dictatorship. completely detached from the eco- all of us and our country.”
s
Г

'
Д

/W

on my times’
.C at
О

western coastal town of Porto Empedo- Like many anti-fascists, he found it nat- nomic, political and social context . . . I Tony Barber
M
П

O
З

"
И
Л
РЕ

6 ★
SATURDAY 20 JULY 2019
Men on the Moon merit
their golden celebration
It is time for another lunar landing, with the goal of a permanent base
The greatest technological project in
human history culminated on July 20
1969, with Neil Armstrong and then
Buzz Aldrin setting foot on the Moon.
So it is fitting that the world is celebrat-
ing its 50th anniversary with such
enthusiasm. The extraordinary out-
pouring of publications, films and
media events celebrating the Apollo
programme is fully deserved.
From today’s perspective, Nasa’s suc-
cess in putting astronauts on to the
Moon so quickly — and so safely — with
1960s technology seems in some ways
even more remarkable than it did at
the time, when people were caught up
in the thrill of the space race. (It is per-
haps not surprising to see renewed life
in the absurd conspiracy theory that
Nasa faked the lunar landings.)
An anniversary of a momentous
achievement inevitably prompts
reflection about the reasons for success
and lessons to be learnt. The essential
ingredient for Apollo was the 1960s
geopolitical climate, which the world
cannot come close to replicating. That
environment enabled Nasa to com-
mandeer 400,000 workers and 4.4 per
cent of the US federal budget (com-
pared with 0.5 per cent today) for a
Moon shot, propelled by extraordinary
technological confidence as well as cold
war competition with the Soviet Union.
The only 21st-century space project
capable of drawing in resources on that
scale would follow the discovery of a
huge asteroid heading for Earth — a
huge international effort to build and
deploy spacecraft to deflect it and pre-
vent Armageddon. Without that Holly-
wood scenario, space spending is
unlikely ever again to be focused on a
single project or objective on the scale
of Apollo.
Today the world’s governments
invest less than $15bn a year on
manned space flight, with Nasa still
much the largest spender. US ambi-
A weaker pound will
only add to Brexit pain
Further devaluation will not make the UK more competitive
Britons heading off on their summer
holidays are in for a shock. As Conser-
vative party leadership candidates
talked themselves into ever more
hardline positions on a no-deal Brexit,
despite parliament’s efforts to guard
against it, the pound fell this week to its
lowest value against the dollar for two
years. Sadly for those heading to Paris
or the beaches of Spain, sterling hit its
lowest July level against the euro since
the single currency’s birth in 1998.
If the next prime minister pursues
a path towards a no-deal exit, British
consumers will suffer more pain. Ster-
ling may not plummet sharply in a
single moment as it did in 2016 when
the Leave vote became apparent. But it
will drift much lower as investors begin
to shift away from the economic and
political turmoil a disorderly exit
would unleash on Britain.
Some Brexiters have convinced
themselves the fall in the pound follow-
ing the referendum — it is now worth
around 15 per cent less than before
the vote — was good for the country
and there is little to fear from another.
They are wrong. Higher import prices
squeezed real incomes and a rise in
exports was shortlived. The warnings
of experts proved correct: the country
is worse off than it would have been if
it had voted to stay.
Sterling’s fall provided a pressure
valve, but only by lowering real wages
instead of employment. In the two
years since Article 50 was triggered,
real incomes of those below retirement
age fell at the fastest rate ever outside
of a recession, according to the Resolu-
tion Foundation, a think-tank.
Neither did a cheap pound reorient
the country towards trade. An initial
А
П
rise in export growth soon slowed as
П
РУ
buyers worried about the durability of
w АГ
N ИЛ
SN s"
supply chains following a disorderly
В
S
О
W
e
VK Wh ОТ
Brexit. Domestic manufacturing com-
s
Г
'
Д
/W
.C at
О
panies held back on investment. Many
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
tions for the future have oscillated over
several administrations between going
back to the Moon or, more ambitiously,
on to asteroids and Mars. As a result of
this indecision, astronauts have trav-
elled no further than low Earth orbit,
just a few hundred kilometres high,
since the last lunar landings in 1972.
In the private sector Elon Musk’s
SpaceX company talks about sending a
crew to Mars as soon as 2024, but few
space experts believe this to be realis-
tic. For public space agencies a lunar
return makes far more sense on finan-
cial and technological grounds than
shooting directly for Mars. Nasa’s pro-
posed Artemis project aims to land
men and women on the Moon in 2024
with some help from the European
Space Agency. That tight timetable
might just be achievable if Donald
Trump (or his successor as US presi-
dent) keeps faith with the project.
But the next missions should not be
hit and run visits. They will be good
value only as the foundation of a long-
term human presence on the Moon,
leading to a permanently inhabited col-
ony. The Moon could then become a
base from which to explore asteroids,
Mars and the solar system beyond,
with the private sector drawn into a
lunar economy ranging from fuel and
materials processing to tourism.
As the response worldwide to Apollo
showed 50 years ago, there is an inher-
ent social value in human exploration
beyond any economic returns. Intangi-
ble benefits then included inspiring
millions of children to aim for careers
in science and engineering — and
boosting the infant environmental
movement of the 1960s by showing the
visual vulnerability of Earth seen from
the Moon. Maintaining investment in
human space flight at the current level,
less than 0.02 per cent of global GDP, is
a price worth paying for discoveries
that may excite us far into the future.
were happy to enjoy higher profits
rather than ramp up production.
Real wages are now rising again, but
slowly, and another spike in import
prices would squash that progress. Any
politician who thinks the country will
thank them for prolonging the long,
post-crisis wage stagnation is mis-
taken. While Britain’s market has
added jobs through Brexit, many econ-
omists suspect growth has peaked.
The next prime minister should heed
the experts advice. Setting aside fore-
casts from the Economists for Brexit
group and the Treasury, economists
predicted the impact of the vote cor-
rectly: investment fell and the country
is less prosperous. Forecasters at the
Bank of England were pretty much spot
on, although it took a bit longer than
they expected for growth to slow.
Britain’s open and diversified econ-
omy is more robust than many think,
but a no-deal Brexit risks overwhelm-
ing it. Households borrowed to tide
themselves over through the initial
income squeeze. That means they now
have far fewer reserves to fall back on if
the pound takes another drop. The BoE
likewise helped by cutting rates and
unleashing another round of quantita-
tive easing in 2016, but it has little room
to cut further and each round of asset
purchases seems to have less effect.
The Office for Budget Responsibility,
the fiscal watchdog, warned on Thurs-
day that a “mild” no-deal Brexit could
push the economy into recession and
increase public borrowing by £30bn a
year. That would not only hurt the
country at large but also devastate the
domestic agendas of the leadership
candidates, who have promised tax
cuts and higher spending.
A further devaluation is neither cost-
less nor desirable. It will not make the
country more competitive but merely
reflect that it has become a far less
attractive place to do business.
FTWeekend
Letters
The left’s war on nature and human diversity
I had to check that I was reading the FT
Weekend and not Karl Marx’s Das
Kapital when I came upon your
editorial “Why inheritance tax needs to
be reformed” (July 13), which claimed
that taxing transfers between
generations “is a sensible way of
correcting the injustice of hereditary
wealth, whereby some have to work for
riches while others are gifted them by
the lottery of birth”.
As leftist revolutions have shown
time and again, what starts off as a
distaste for “hereditary” wealth often
Lucy should know that
60 is not just a number
Lucy Kellaway is right to pour scorn on
the idea that 60 is “just” a number
(“What 60 means today”, Life & Arts,
July 13). Lucy, being a maths teacher,
knows that 60 is special. It’s the sum of
a pair of twin primes (29 + 31), the sum
of four consecutive primes (11 + 13 + 17
+ 19), and is adjacent to two primes
(59, 61). In fact it can be argued that
reaching this milestone means you’re
in your prime!
John O’Byrne
Harold’s Cross, Dublin, Ireland
Look beyond the wrinkles
and see the zest for life
We cannot counteract the effect of time
on our bodies or alter normal
chronology, but it is possible to achieve
those other important attributes often
associated with youth, but not always
within its domain: openness of
attitude, a willingness to learn,
enthusiasm and an optimistic approach
to life, as Lucy Kellaway so forcibly
demonstrates in her engaging article
“What 60 means today” (Life & Arts,
July 13).
What a pity that her intelligence,
experience and “youthful” attitude are
not sufficiently valued by her
Cracks in Japan’s
glass ceiling
are starting
to show
Notebook
by Gillian Tett
mutates into a distaste for all wealth.
Demagogues past, such as Lenin,
Mao and Castro, incited rage in the
masses with their attacks on the
“injustice” of any wealth that created
even the impression of inequality
between subservient subjects of the
almighty state. And to imagine that the
state can somehow abolish what you
profane as the “lottery of birth” leads
to even worse atrocities. No two
humans have the same endowment of
resources such as intelligence, height,
health and personality, to name just a
“sixtysomething” male contemporaries
in the dating market who routinely
seek younger women. We still have a
long way to go as a society if we cannot
look beyond wrinkles and ageing flesh
to what is truly ageless.
Rea Stavropoulos
London NW5, UK
African stock exchanges
are overlooked — why?
I write with reference to the interesting
issues raised by David Pilling in “The
empire swipes back” (Life & Arts, July
6). I have operated in Africa in a
modest fashion for many years and
have always wondered why local stock
exchanges are ignored in favour of New
York or London as Africa expands
economically. In the same way the
rubber and palm oil companies were all
listed in London and not Kuala
Lumpur until Malaysia began the
successful bumiputra process.
African stock exchanges continue to
be neglected notwithstanding their
existence in, for example, Nairobi,
Johannesburg, Dakar, Cairo, Lagos and
Accra. Active African stock exchanges
serve a number of purposes, corporate
governance observation being the most
obvious and important. They also
enable companies to achieve a level of
local “empowerment” as well as
Earlier this week, I had a delightful
breakfast in Midtown Manhattan with
two professional females around my
age (52). One is the deputy head of a
brokerage firm; the other holds a
senior role at the UN. Nothing odd
about that you might think: New York
brims with high-achieving women.
However, this particular power
breakfast had a twist: both of my
guests were Japanese, have built their
careers within the Japanese system
and were visiting New York for a
conference (organised by Nikkei,
owner of the FT).
One was Keiko Tashiro, deputy
president of brokerage firm Daiwa
Securities; the other was Asako Okai,
who runs the crisis unit in the United
Nations Development Programme.
And while it would seem
unremarkable for an American
woman to hold such jobs, I had never
expected to meet Japanese women in
this type of role.
The reason? Two decades ago I
worked as a reporter in Tokyo and
concluded that the country was one
of the more unfriendly places on
earth for an ambitious career woman:
the companies I visited were almost
entirely staffed at the senior levels
by men wearing suits. Women were
generally employed at reception
desks. I cannot recall meeting a
single senior female financier at a
Japanese company in the 1990s,
or a top female diplomat or
government official of any sort.
If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com
few of the factors that provide
advantages in the pursuit of property.
But empirical observations have never
stopped the left from pursuing its war
on nature and human diversity. When
modern-day firebrands such as Jeremy
Corbyn and Alexandria Ocasio-Cortez
remain so determined to create heaven
on earth, primarily in the guise of an
unnatural, inhumane and utopian
equality, we get risible suggestions such
as yours.
Dr Mark G Brennan
New York, NY, US
facilitating the movement of capital to
and from Africa.
A company l chaired listed its shares
on the Harare Stock Exchange in the
1990s and we reserved 10 per cent of
the company for the workforce,
thereby rendering the company and its
staff ad idem. We never experienced
any industrial unrest as a result.
If the purpose of the Jumia listing in
New York is to raise capital and its
profile, why cannot those objectives be
achieved just as effectively on an
African stock exchange? Presumably if
the company is worth investing in, it
matters not where it is listed, or at any
rate it should not.
Algy Cluff
London SW1, UK
We must protect our
precious pollinators
I should like to point out a small
clerical error in your feature
“Wimbledon serves up a floral ace”
(House & Home, July 6). In the box
“Tips for hanging baskets” you advise:
“Spray against insects.” As we are
undergoing a potentially catastrophic
loss of wildlife and pollinators, I expect
your correspondent meant: “Don’t
spray against insects.”
James Atkins
Budapest, Hungary
Indeed, the idea of a senior woman
seemed so strange that when I moved
to Tokyo to become the FT’s deputy
bureau chief in 1997, a kindly Japanese
diplomat advised me to put the “Dr”
that I had gained from a PhD on my
business cards — to ensure I had a
gender-free nomenclature. This, I was
told, would “make everything easier”.
It turned out to be great advice.
Today the glass ceiling is cracking —
a bit — as shown by women such as Ms
Tashiro and Ms Okai. Still, progress is
uneven. According to OECD data from
2017, the rate of female labour force
participation in Japan was just 51 per
cent, compared with the UK’s 58 per
cent and Sweden’s 70 per cent.
Kathy Matsui, vice-chair of
Goldman Sachs’s Japan office, reckons
that if you look at a range of different
government data on working-age
participation, the rate for Japanese
women in February 2019 was about 71
per cent, a sharp rise that she
attributes to prime minister Shinzo
Abe’s “womenomics” strategy.
(Somewhat remarkably this tops the
US rate of 66 per cent.)
Yet Japan remains plagued with the
third-highest gender-wage gap in the
OECD (25 per cent, almost twice the
OECD average). The country also has
an unusually high proportion of
women in part-time roles. (That is
partly because a shortage of day care
makes it hard for mothers to work full
time.) Meanwhile, discrimination
continues to hinder women’s progress
20 July/21 July 2019
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
US healthcare scam
will remain sacred
Tim Harford highlights the exorbitant
cost of US healthcare and its
inexcusable failure to provide universal
coverage (“US healthcare is literally
killing people”, July 13). At around 18
per cent of US gross domestic product
(currently approaching $20tn), this
matches finance, insurance and real
estate and dwarfs the US energy
industry (around 8 per cent).
The excess costs highlighted
potentially total at least $1tn. In
finance, energy or any other business,
such “price gouging” would be a
national scandal. Unfortunately, the
vast majority of Americans are largely
insulated from this by their employer,
Medicare for the elderly and Medicaid
for the poor.
They generally love their doctor too
— and will resist any perceived threat
to this sacred relationship. So what
would otherwise be decried as a “scam”
looks certain to remain sacred.
Malcolm Harker
Seattle, WA, US
Dyson asked the wrong
questions 5,126 times
If (as it should) the title “engineer”
enjoyed the same protection in the UK
as “architect”, Sir James Dyson could
not be called an “industrial engineer”
(“Opinion divided over inventor with
‘passionate anger’”, Corporate person
in the news, July 13); industrial
designer or product designer, yes, but
no species of engineer.
I am always amused by his
references to the 5,127 prototype
vacuum cleaners that he made. An
engineer will tell you that you build
prototypes in order to get answers to
questions that cannot be resolved
within the design process. If you need
to build 5,127 prototypes, it suggests
you do not understand the engineering
design process and/or you are asking
the wrong questions.
Richard Pickvance
London SE13, UK
across many industries. Last year, for
example, a scandal erupted when
Tokyo Medical University admitted
that it had been systematically rigging
its entrance exams against women, to
ensure it admitted more male doctors.
This is depressing. But the fact the
scandal came to light is encouraging;
in previous decades, it might have
been swept under the carpet.
At Daiwa Securities, where my
breakfast companion Ms Tashiro
works, there are now half a dozen
women just below her in the
hierarchy. So too at a few other big
companies and government agencies.
A few women have appeared in the
Japanese cabinet too, such as Seiko
Noda (minister of internal affairs) and
Yoko Kamikawa (minister of justice).
And Yuriko Koike, Tokyo governor,
has carved out an impressive
trajectory, championing initiatives
such as the “Cool Biz” programme for
green energy.
It can be hard to spot the impact of
stealthy change when you live with it
every day; sometimes it is more
striking when seen through periodic
snapshots — or having breakfast with
two female Japanese executives. It is
not quite a revolution yet. But it leaves
me wanting to give one small cheer, or
to declare, as a New Yorker might:
“You go girl!” Sometimes the most
important social shifts occur in
unexpected ways.
gillian.tett@ft.com

20 July/21 July 2019
Carl
Bildt
T
he horse-trading over the
top EU jobs is over. Now
that former German
defence minister Ursula
von der Leyen has been
confirmed as the next president of the
European Commission, the bloc must
look geopolitical reality in the face.
It has been steadily losing ground in
a world increasingly dominated by a
disruptive US, an assertive China and
a revanchist Russia.
Although the EU punches its weight
in global trade policy, the overall direc-
tion of travel is clear. This raises the
following questions: is the EU willing
or able to be a world power alongside
the other three? Or will it simply allow
itself to become a playground for their
ambitions? This is the challenge that
StanChart chief executive
has stirred up a hornets’
nest with candid
criticism of shareholders,
writes David Crow
W
hen Bill Winters took
part in a 2009 debate on
the causes of the finan-
cial crisis, he took aim
at “greedy bankers”
who helped sow the seeds of economic
catastrophe. Now, after he attacked
“immature” Standard Chartered share-
holders for protesting against his pay
package, the chief executive also stands
accused of avarice.
But it would be unfair to write off Mr
Winters, a former co-head of JPMor-
gan’s investment bank, as just another
unreformed product of Wall Street
excess. An examination of his career
suggests he is anything but.
Mr Winters not only served on a post-
crisis UK commission that recom-
mended tough strictures on banking,
but also is soft-spoken to the point that
he can sometimes be hard to hear, and
has a shy, disarming smile that makes
him seem younger than 57.
“He was certainly not the stereotype
of a Wall Street or City of London invest-
ment banker,” says John Vickers, who
chaired that independent commission
on banking. “He wore his tremendous
expertise very lightly. There was a
humour and a sort of graciousness
about him. He was quite humble in the
face of the large questions we had to
address.”
That made it all the more surprising
that Mr Winters this week placed him-
self at the centre of one of the biggest
rows over banker pay in the UK in years.
In an interview with the Financial
Times, he took issue with complaints
from some investors about his pension
allowance of £474,000, equivalent to 40
per cent of his cash salary. The critics
argue that it is too high at a time other
companies are moving executive pen-
sions in line with the 10 per cent
received by the wider workforce.
“Picking on individual pension
arrangements . . . and suggesting that
there is some big issue there is imma-
ture and unhelpful,” Mr Winters said.
That sparked a firestorm, with investors
calling him “tin-eared” and vowing to
tackle high pay at StanChart.
On Friday, Mr Winters sought to
explain what he meant in a written
statement: “In a discussion about lead-
ership I urged a conversation about the
pressing questions of inequality, fair-
ness of executive compensation and the
role of corporations. The focus on a sin-
gle component of pay, which in the case
of Standard Chartered had no effect on
total compensation, has crowded out
this important debate.
“I regret my inability to get my points
across in the manner I intended and cer-
tainly meant no disrespect to our share-
holders,” he added.
Mr Winters does not usually struggle
to express himself. Sir John recalls the
American as a “terrific” member of his
team, who was able to shoot down bad
ideas “as quick as a flash”.
Born in Connecticut, Mr Winters ini-
А
П
tially wanted to pursue a career in the
П
РУ
diplomatic service. After graduating
w АГ
N ИЛ
SN s"
with a bachelors degree in international
В
S
О
W
e
VK Wh ОТ
relations from Colgate University, in
s
Г
'
Д
/W
.C at
О
upstate New York, followed by an MBA
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
Europe must be a player in the age of great power competition
EU leaders must wrestle with as they
try to set the union’s agenda for the
next five years.
The past half-decade or so has been
particularly difficult for the EU. The
Arab spring collapsed into brutal
repression, triggering massive inward
refugee flows. After its unlawful aggres-
sion against Ukraine, Russia went from
prospective strategic partner to obvious
strategic adversary.
During the same period, China
rapidly turned from being a benevolent
trading partner to an assertive pro-
moter of its own global ambitions. And
with the election of Donald Trump as
US president, Europe was confronted
with an administration that barely
disguised its contempt for the principles
and policies of the EU.
On top of this comes the unmitigated
strategic disaster that is Brexit. It is a
weakened EU that now faces the pros-
pect of handling a much more threaten-
ing world.
Things have been difficult in the
surrounding region, too. Relations
Person in the news | Bill Winters
A soft-spoken
banker hits out
from the Wharton School at the Univer-
sity of Pennsylvania, he was unable to
afford further study and became a
banker instead.
He joined JPMorgan in 1983 and spent
more than 25 years there, moving to
London in 1992. His wariness of the
exotic financial instruments that
proved so disastrous for rivals, helped
cement the bank’s status as the undis-
puted strong survivor of the crash.
“He is an incredibly gifted banker —
always one of the smartest people in the
room,” says Steve Black, who served as
co-head of JPMorgan’s investment bank
alongside Mr Winters. “Tremendous
work ethic, excellent risk manager,
strong leader: his shareholders are
lucky to have him.”
Seen as a contender to eventually
replace Jamie Dimon as JPMorgan’s
chief executive, Mr Winters left the US
bank in 2009 after the two men had a
falling out, opting to join the banking
commission and spend time with his
two children, now grown.
★ FTWeekend
Opinion
with Turkey, for instance, have gone
into reverse, despite co-operation in
handling the refugee crisis. And after
the overthrow of Muammer Gaddafi in
2011, Libya has lurched violently from
one disaster to another.
The conflict in eastern Ukraine
remains more open than frozen, while
Brussels plays virtually no role in
attempts to seek a resolution. In the Bal-
kans, the hopes raised by the 2013 Brus-
sels agreement between Serbia and Kos-
ovo have been dashed. As Jean-Claude
Juncker’s presidency of the European
Commission comes to an end, the acces-
sion process involving seven countries
in the region appears to have stalled.
Nor is it easy to discern any substan-
tive political role for the EU in the civil
war in Syria. Here again it has been
reduced to providing humanitarian
relief alone. The EU has been sidelined,
with Israel focusing on getting the US on
its side against Iran and the Palestinians.
Brussels is left an impotent observer.
The historic Joint Comprehensive
Plan of Action, the nuclear agreement
He arranged funding to help his wife
refurbish a theatre in Notting Hill,
where she is artistic director and he
chairs the board of trustees. Mr Winters
even appeared in a tongue-in-cheek
film to raise funds for the Young Vic the-
atre. The clip suggests he is a very good
sport if not a natural thespian.
‘He is incredibly gifted,
always one of the
smartest people
in the room’
Despite their damaged relationship,
Mr Winters does not bear a grudge
against his erstwhile boss. In an inter-
view with the FT last year, he praised Mr
Dimon’s “great instincts” in the run-up
to the 2008 crisis.
In 2011, he started an asset manage-
ment firm, Renshaw Bay, turning down
offers to become the chief executive of
signed with Iran in 2015, was arguably
the culmination of a decade-long Euro-
pean diplomatic effort. But the US with-
drew from it in May 2018, reimposing
sanctions on Tehran and denying the
EU sovereignty in its own foreign policy
in the process.
There are some reasons for optimism,
however. By concluding a number of
New leadership in
Brussels needs to stop
the EU sliding further
into global irrelevance
major bilateral trade agreements, the
EU has been able to build a front against
the protectionist and unilateralist
impulses driving US trade policy.
Steps have also been taken to improve
co-operation with Nato and moves are
under way to improve EU countries’
defence capabilities. Finally, there is
growing awareness of the need to
Barclays and at least one other large
bank. When StanChart convinced him
to join as CEO in 2015, it was considered
a coup for the emerging markets bank,
which was coming off a terrible patch.
Those who know Mr Winters well
attribute his recent intemperate com-
ments to what they say is one of his few
flaws: a thin skin. He bristles at the sug-
gestion that he is overpaid. Although he
was Britain’s second-highest-paid bank
CEO last year — his total package was
almost £6m — he earns a fraction of
what he did at JPMorgan. Critics counter
that StanChart’s share price has fallen
by about 20 per cent since he took over
in 2015, versus double-digit gains for
competitors HSBC and DBS.
Even some ardent supporters think
the initial remarks were foolish. “He’s
broken two cardinal rules: never com-
ment on your own pay, and don’t criti-
cise shareholders in public,” says one
ally. “Investors are right to be upset.”
The writer is the FT’s banking editor
formulate a more strategic approach
to Africa — one that is not only focused
on migration.
Nevertheless, dark clouds remain. As
the new leadership in Brussels takes
its place, it must focus on upgrading
EU capabilities to avoid sliding further
into global irrelevance.
The EU needs to find a system for
setting foreign policy that can better
protect its strategic sovereignty. It
should establish a political process
at the European level that develops
the ability to act independently and, at
the same time, forges new mechanisms
for encouraging unity among member
states.
Looking ahead, there is no reason
to suppose that the global situation
the EU is facing will change for the
better any time soon. Should Mr Trump
win another presidential term in
2020, for example, the challenges posed
by disruptive US policies will be magni-
fied. And, in any event, a full-blown
transatlantic trade war might well
have already blown up before then.
We are all potential
victims of the con artist
Tim
Harford
The undercover
economist
D
enise Milani was a 32-year-
old Czech swimwear model.
Paul Frampton was a
divorced particle physicist
more than twice her age.
What happened next was a tale as old as
time: they met online; she sent mes-
sages by turns steamy and adoring; they
arranged to meet in Bolivia, where she
was doing a photo-shoot.
Alas, when Prof Frampton arrived in
La Paz to meet her face-to-face for the
first time, she’d had to dash to another
shoot in Europe. Could she meet him in
Brussels instead? And would he mind,
terribly, collecting an empty suitcase of
hers and bringing it with him?
Of course, the real Ms Milani had no
idea that her photographs were being
used by a Bolivian drug gang. Prof
Frampton seems to have had no idea
either, although a friend warned him —
correctly — that drugs were surely con-
cealed in the suitcase linings. Prof
Frampton duly spent several years in a
Buenos Aires jail for smuggling 2kg of
cocaine.
Why do we fall for the con? The obvi-
ous explanation: some people are idiots,
or in Prof Frampton’s case, idiot-sa-
vants. But he isn’t the only academic to
fall for a fake persona online.
In 2007, psychologist Robert Epstein
struck up an online conversation with
Ivana, a pretty and affectionate woman
from Nizhny Novgorod. He was suffi-
ciently charmed that it took him four
months to realise that she was a chatbot.
What makes that incident notable is
that Prof Epstein was no head-in-the-
electron-cloud particle physicist: he is
one of the world’s foremost experts on
how computers imitate humans.
He concluded that he had been fooled
by his own wishful thinking as much as
by a clever programmer. This isn’t unu-
sual. Maria Konnikova, in her elegant
book The Confidence Game, puts it well:
“Cons work so widely because, in a
sense, we want them to.” Profs Epstein
and Frampton wanted to believe that
attractive young women found them
desirable. Wishful thinking can lead us
far astray.
So, too, can fear and greed. Visceral
emotions are easy to exploit. The “Nige-
rian prince” scam hooks our greed. We
are promised vast riches, unlocked by a
small advance payment. Other scams
prey on fear: one cold-caller claims to be
from your bank, warning that your
account has been compromised;
another is from the Revenue, demand-
ing prompt payment of unpaid taxes.
Anxious and panicked, we find our-
selves bounced into making decisions
we would mock in others.
There is no single unified theory of the
con. Certain con artists really are artists
— astonishingly charismatic, bold and
Top reads at FT.com/opinion
3 Today’s most pressing policy challenges
require multilateral co-operation
The case for sane globalism remains
strong, writes Martin Wolf
7
In Russia, uncertainty and instability
will increase as the end of Vladimir
Putin’s presidency approaches (he is
currently due to step down in 2024).
Meanwhile, China is highly unlikely
to modify its course significantly — cer-
tainly not as long as President Xi Jinping
remains in charge.
In the Middle East, the trend today is
towards more conflicts rather than
fewer. A war between the US and Iran,
and the continued denial of the rights
of the Palestinians, challenge core Euro-
pean interests.
There are other, newer issues on
the agenda that also require leadership.
We urgently need rules and frameworks
for the new digital era, for instance.
All of which means that the EU has
no choice but to become a serious player
in this new age of great power compet-
ition. Otherwise it risks irrelevance — or
worse.
The writer is the former prime minister and
foreign minister of Sweden, and co-chair of
the European Council on Foreign Relations
versatile. But Ms Konnikova points out
that many cons, like many magic tricks,
are uncomplicated exploitations of
common human traits, often traits that
in other contexts would be strengths
rather than weaknesses.
Self-deception, for example, is sur-
prisingly useful in everyday life. One
psychological study of competitive
swimmers found that those with a clear-
eyed assessment of themselves were
more likely to fail. Another study, of
married couples, found that the happier
marriages were also the ones in which
the spouses had a fuzzy read on each
other’s opinions. Life seems smoother
if we can’t see the wrinkles.
We like to think of ourselves as excep-
tional. Indeed, we wouldn’t be human
if we didn’t loom large in our own
thoughts. Our self-absorption leads us
not to ask hard questions when we
are promised exceptional treatment.
It seems reasonable that a voluptuous
model finds us irresistible, that an Afri-
can oil billionaire trusts us with his cash,
and that Brexit will be a doddle because,
if we are polite yet firm, Germany will
give the UK everything we want.
While exceptionalism makes us sus-
ceptible, so too does emotional vulnera-
bility. Bereaved people, or those on the
rebound, are tempting marks. People
who have fallen for anti-vaccine pseu-
doscience do so because they are anx-
ious about their children — as well as
feeling smart enough to see through Big
Government, Big Pharma propaganda.
Many con victims fall for a second,
Many scams, like
magic tricks, are simply
exploitations of
common human traits
follow-up fraud as they lick their
wounds from the first.
Extended confidence tricks, where
victims are fleeced over many months
by someone they trust, often begin with
the con artist offering friendship, sym-
pathy or easy answers to someone who
is feeling wounded. The US and UK elec-
torates may both wish to take note.
One of the final cruelties is that many
victims of fraud continue to trust the
fraudster long after the con should have
been apparent. A pre-Ponzi Ponzi
scheme — William Franklin Miller’s
1899 Franklin Syndicate — was striking
not only for its scale, but for the way
Miller’s investors continued to dote on
him even after the New York Times
exposed the scam. What was the Times
anyway, but a purveyor of fake news?
What unnerves me about Prof Framp-
ton is that my own father knows him
well. They were students together dec-
ades ago and still keep in touch. When
I think of Prof Frampton, I instinctively
worry that the victim of the next con
could be my father. Perhaps I should be
more alert to the fact that the victim of
the next con could be me.
tim.harford@ft.com
3 Quantum computing is building on Alan
Turing’s legacy to concoct new algorithms
Scientists are mining mathematics for ‘hard
problems’, writes Anjana Ahuja

8 ★
Space race Nasa ramps up use of private
contractors for return to Moon — ANALYSIS, PAGE 10
StanChart accused of handling
$57bn in Iran-linked payments
3 Whistleblowers sue bank 3 Lender reached $1bn settlement with US in April
Young Iranians relax on a hillside overlooking central Tehran. StanChart is embroiled in fresh claims regarding sanctions against the country — Simon Dawson/Bloomberg
CYNTHIA O’MURCHU — LONDON
Standard Chartered has been accused of
handling $56.8bn in allegedly illegal
transactions with Iran-connected enti-
ties in a civil suit brought by whistle-
blowers against the bank.
The whistleblowers allege StanChart
cleared far more transactions in viola-
tion of Iran sanctions between 2009 and
2014 than the US government used as
the basis for fines paid in April.
The new claim filed on Thursday piles
further legal woes on the emerging mar-
kets bank which has been hit with a
series of penalties by US law enforce-
ment and regulators in the past seven
years for lax financial controls and for
handling transactions for companies in
Iran and other sanctioned countries.
In April StanChart agreed to pay
$1.1bn to settle charges that it violated
sanctions and ignored red flags about its
customers, after a multiyear investiga-
tion that followed settlements with US
authorities in 2012.
The settlement included a guilty plea
by a former bank employee and an
Food & beverage
AB InBev to sell Australian unit to Asahi Agarwal injects $2bn into Oyo hotels
LEILA ABBOUD AND
ARASH MASSOUDI — LONDON
KANA INAGAKI — TOKYO
Anheuser-Busch InBev has agreed to
sell its Australian operations to Japan’s
Asahi for an enterprise value of
$11.3bn, as the world’s largest brewer
moves to raise cash a week after an
aborted initial public offering.
The sale of Carlton & United Breweries
will help AB InBev chip away at its
$106bn debt mountain, and marks
Asahi’s biggest overseas acquisition.
The Belgian-listed brewer last
week dropped plans to list its Asian unit
after investors balked at the mooted val-
uation of $54.2bn to $63.7bn.
The acquisition comes as Asahi pur-
sues growth outside its shrinking home
market. It is the third time the group has
scooped up assets from AB InBev, hav-
ing spent €9.9bn on brands including
Pilsner Urquell, Peroni and Grolsch.
Asahi said the deal would lift its net
debt to above four times earnings before
А
П
interest, tax, depreciation and amorti-
П
РУ
sation, and that it would issue up to
w АГ
N ИЛ
SN s"
$1.9bn in new equity to finance the buy.
В
S
О
W
e
VK Wh ОТ
The sale includes Australian brands
s
Г
'
Д
/W
.C at
О
Carlton and Great Northern Brewing
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
indictment against a StanChart cus-
tomer. It came shortly after the Trump
administration began stepping up pres-
sure on Iran via additional sanctions.
StanChart said: “This suit is baseless
and contains many of the same inaccu-
racies and false allegations as the rela-
tor’s previous suit, which was dismissed.
“The US authorities have been aware
of these claims for several years and
have not seen fit to join this suit or
include the claims as part of our resolu-
tion of historical sanctions compliance
issues in April,” it said, adding a pledge
to “defend ourselves vigorously”.
The whistleblowers — a former senior
Standard Chartered employee with a
direct reporting line to top management
and a US currency trader — originally
filed the case against StanChart in 2012
under the False Claims Act.
The US federal statute allows whistle-
blowers to sue on behalf of the govern-
ment in “qui tam” actions and share in
the proceeds if the claims hold up. It car-
ries treble damages and other penalties.
The case was voluntarily dismissed in
late 2017 but refiled late last year. This
Company, as well as the rights to sell AB
InBev’s global brands such as Budweiser
in the country.
AB InBev was able to move quickly
because Asahi had made an earlier offer
for the Australian business, which had
been rebuffed while the Belgian brewer
pursued the IPO, according to one per-
son close to the deal.
Once the listing failed, AB InBev con-
tacted Asahi almost immediately.
Although it pulled the IPO only last
‘The divestiture will help
AB InBev to accelerate
its expansion into other
fast-growing markets’
week, AB InBev signalled it could return
to the idea, “provided that it can be com-
pleted at the right valuation”.
The disposal of the Australian busi-
ness hives off a mature, highly profita-
ble part of AB InBev’s Asian operation,
so any fresh attempt at an IPO would be
likely to include only the higher-growth
countries of China, India and Vietnam.
“The divestiture of CUB, once com-
pleted, will help AB InBev to accelerate
FTWeekend
week, the claimants submitted their
amended claim. It now includes explo-
sive allegations that the government did
not address broader conduct by the
bank and failed to take into account
greater flows of funds that allegedly
breached sanctions.
The complaint alleges that the bank
“used its resources to help terrorists to
kill and wound American, British and
StanChart ‘used its
resources to help terrorists
to kill and wound’
Whistleblowers’ lawsuit
other coalition military personnel and
thousands of innocent civilians”.
The whistleblowers allege that, by
allowing Iranian entities access to the
international financial system, Stan-
Chart was helping Iran to finance terror-
ist organisations that allegedly killed US
and UK servicemen.
The whistleblowers said that evidence
provided by them of continued alleged
its expansion into other fast-growing
markets in the [Asia-Pacific] region and
globally,” the company said.
AB InBev said the deal price repre-
sented a valuation of 14.9 times ebitda,
which analysts greeted yesterday as a
favourable multiple. AB InBev trades at
12.5 times ebitda, similar to smaller
rival Heineken and slightly ahead of
Carlsberg at 11 times, according to S&P
Capital IQ data.
AB InBev is heavily indebted after
splashing out £79bn to buy SABMiller in
2016. Its net debt stood at 4.6 times
ebitda at the end of 2018, a multiple it
aims to cut to 4 by the end of next year.
“This deal puts the Asia IPO mis-step
to bed with the company both delever-
aging and getting a rich multiple for a
developed market business,” said Ed
Mundy, analyst at Jefferies.
The deal would help Asahi, known for
its Super Dry beer brand, build its pres-
ence in Australia, where it has already
done five deals in the non-alcoholic seg-
ment since 2009.
The transaction is expected to close
by the first quarter of next year. Roth-
schild and Nomura advised Asahi on
the acquisition, while Lazard advised
AB InBev.
Choc and awe Ghana and Ivory Coast impose
premium over cocoa benchmark — MARKETS, PAGE 11
breaches of sanctions was at the root of
the government’s reopening of the
investigation into StanChart after the
2012 fines. This included information
that a Dubai-based division was actively
seeking to get new clients in Iran after
2010 when the bank was supposed to be
winding down the Iran business.
The suit names several StanChart
executives. It alleges that the bank’s
former Iraq and Afghanistan head Stu-
art Horsewood and managing director
Vikram Kukreja headed a “deliberate, if
concealed organisational structure” —
dubbed “Project Green” — to develop
Iran business, which operated until
2012. Mr Horsewood and Mr Kukreja
could not be reached for comment.
Filings published by US and UK
authorities as part of the most recent
settlement with StanChart did not
explicitly refer to information provided
by whistleblowers. The DoJ declined to
comment on why the whistleblower
contribution had not been mentioned in
the April settlement or on whether it
would seek to dismiss the suit.
See Person in the News
Travel & leisure
BENJAMIN PARKIN — NEW DELHI
Ritesh Agarwal, the founder of Oyo, a
fast-growing Indian hotel chain backed
by SoftBank, is investing $2bn to triple
his stake in the company while Light-
speed and Sequoia, its US backers,
partly cash out.
The share buyback pushes Oyo, which
says it is now the world’s third-largest
hotel chain behind InterContinental
Hotels Group, close to a $10bn valua-
tion, a person close to the company said.
The unusual move to largely buy out
some of the company’s high-profile for-
eign backers means that 25-year-old Mr
Agarwal, who founded Oyo as a teen-
ager, will increase his stake to about 30
per cent from 10 per cent.
Shareholders and regulators still need
to approve the deal.
US-based Sequoia and Lightspeed,
meanwhile, will each receive $500m as
part of the transaction, the person said,
but retain a stake in the company.
Both Sequoia and Lightspeed said
they remained committed to Oyo. “This
is the kind of stuff start-ups and ven-
tures-investing dreams are made of,”
said Mohit Bhatnagar, managing direc-
tor of Sequoia in India.
Credit Suisse loses battle
over crisis-era bonus tax
JANE CROFT
Credit Suisse has lost its high-profile
legal tussle with the UK’s tax authori-
ties to claw back the £239m that it had
paid as a levy on banker bonuses after
the financial crisis.
The Swiss bank sued to recoup money it
had paid on a temporary tax introduced
in 2009 by Alistair Darling, the chancel-
lor of the exchequer at the time, amid
widespread anger over pay levels in an
industry blamed for the country’s eco-
nomic woes.
The one-off bank payroll tax, a 50 per
cent levy on individual bonuses of more
than £25,000, was paid by banks rather
than the employees. Credit Suisse cut
the bonus pool for 400 bankers based in
the UK by a third to fund the bill.
Credit Suisse argued in the High Court
this year that it should be repaid the
money because the way the tax was
imposed over a four-month period was
unfair. It claimed competitors such as
Nomura and Rothschild had avoided
the levy or paid only trivial amounts
because of the timing of their annual
bonus payouts. The Swiss bank also said
the tax conferred an advantage to
untaxed banks that amounted to state
aid that had not been cleared with the
European Commission.
HM Revenue & Customs argued that
the tax was imposed fairly and there was
no state aid. It also claimed it was always
Financials
National Australia Bank taps
RBS chief to lead recovery
FT REPORTERS
National Australia Bank has picked the
chief executive of Royal Bank of Scot-
land to lead the lender as it battles to
repair its reputation after scandals.
Ross McEwan, whose tenure at the top
of RBS has seen the UK taxpayer-owned
bank return to profit, will take up the
role by April next year, NAB said.
The 62-year-old executive will have to
steer Australia’s fourth-largest bank
through the storm created by an inquiry
into misconduct across the sector.
The criticism from the Royal Com-
mission, including NAB charging cus-
tomers A$100m ($71m) in excess
fees, sparked the resignation of Andrew
Thorburn, the former chief executive,
in February.
“There are some things that need
repairing, and one of the reasons I’m
here is I find strength in those sorts of
challenges,” Mr McEwan said.
Mr McEwan won plaudits for return-
ing RBS to profits and restoring the divi-
dend after almost a decade without
either following its £45bn bailout dur-
ing the 2008 financial crisis.
The move will help Mr Agarwal con-
solidate his control over the fast-grow-
ing business as it pushes ahead with an
ambitious bid towards becoming the
world’s largest hotel chain. Oyo, which is
expanding aggressively into the US and
Europe, announced this month that it is
broadening its business model to
include office spaces, buying Innov8, a
co-working start-up, for roughly $30m.
Already the largest hotel chain in
India, Oyo has expanded rapidly with a
presence in 80 countries. Roughly half
of its 1m rooms are in China, where it
launched two years ago. It also recently
Founder Ritesh Agarwal’s injection
will triple the size of his stake in Oyo
20 July/21 July 2019
open to a bank not to award any bonuses
during the period covered by the tax.
Credit Suisse’s decision to bring the
suit drew anger last month from John
McDonnell, finance spokesman for the
opposition Labour party. He said the
lawsuit was “outrageous” and that peo-
ple “want the rich to shoulder their fair
share of responsibilities”.
Sarah Falk, a High Court judge, dis-
missed the claim yesterday. She noted
that Credit Suisse produced no witness
evidence and that the court only had
Credit Suisse said
it believed there
was an important
principle of law at
stake but accepted
the judgment
limited information about the bonuses
paid by other banks. “Credit Suisse are
asking the court to draw inferences
from the amounts of bonuses shown in
those [untaxed] banks’ accounts and
the levels of BPT paid by them with-
out . . . any clear confirmation that the
bonuses were discretionary in nature or
were of the requisite size to have been
caught by BPT,” she ruled.
Credit Suisse said that it had “pro-
ceeded with this case as we believed
there was an important principle of law
at stake; however, we accept the judg-
ment of the court”.
“He has a lot of experience in dealing
with tougher regulatory environment in
the UK, focusing on corporate culture
and improving risk management,” said
David Ellis, an analyst at Morningstar.
Mr McEwan will be paid a base salary
of A$2.5m, and incentives could see his
remuneration reach A$9.5m. “It’s a
large sum to be offering to somebody,
but the remuneration is what was
offered and I’ll do my best to do a great
job for this bank,” said Mr McEwan.
Mr McEwan will take the helm of NAB
as Australia’s record economic expan-
sion falters. NAB was “generally viewed
by investors as having been more acci-
dent-prone over the years than rivals”,
said John Lockton, head of investment
strategy at Wilsons Advisory in Sydney.
Mr McEwan was well placed to restore
its reputation.
Despite RBS’s return to profit, the
bank’s shares fell by about a third under
Mr McEwan’s tenure and it remains
majority owned by UK taxpayers.
Reporting by Daniel Shane in Hong Kong,
Jamie Smyth in Hervey Bay and George
Hammond in London
See Lex
announced a $300m investment to fuel
its growth in the US, where it has 50
hotels.
Oyo has attracted a range of foreign
investors, most notably Softbank’s
Vision Fund, which last year led a $1bn
funding round into Oyo, and Airbnb.
The company’s model hinges on turn-
ing existing hotels into franchisees and
promoting them through an online
booking platform, using technology to
fill rooms as efficiently as possible. Soft-
Bank founder Masayoshi Son last year
called Oyo’s business “a next-generation
type of hotel management”.
“It is a very exciting time for Oyo right
now as we make great living spaces come
alive across all corners of the world from
Texas to Tokyo,” Mr Agarwal said.
But some analysts have questioned
the speed at which Oyo has pursued its
international expansion, arguing that
deep-pocketed foreign backers are
allowing a group of hyper-funded
Indian start-ups to expand relentlessly
and inflate valuations.
Jayanth Kolla, founder of technology
consultancy Convergence Catalyst, said
its scale helped to provide Oyo with a
competitive edge, which in turn fuels
faster growth.

20 July/21 July 2019
Goldman’s bankers
are left waiting
on the platform
The Top Line
Tom
Braithwaite
Alitalia brings chance of redemption for toll roads chief
Corporate
person in
the news
Giovanni Castellucci
Chief executive, Atlantia
Warren Buffett once said the best
business is a toll booth: you make a
single investment, to build a road,
then sit back and collect. It is a
maxim with which Giovanni
Castellucci, chief executive of the
world’s biggest motorway operator
Atlantia, will be warily familiar.
For 17 years, Mr Castellucci was
CEO of Autostrade Per L’Italia,
Atlantia’s subsidiary, which operates
half of Italy’s motorways.
But the toll road business is not
without risk, as Mr Castellucci
discovered on August 14, when the
Morandi motorway bridge in Genoa
collapsed, leaving 43 dead.
In the aftermath, Italy’s coalition
blamed the group and called for the
nationalisation of the motorways.
This week financial police raided
Autostrade’s offices after the FT
revealed the existence of an internal
report into the company’s
maintenance of the bridge. In a
sprawling probe, Mr Castellucci is
one of more than 70 suspects.
Under pressure from the
government and hopeful of a truce on
the motorway concessions, Mr
Castellucci, as CEO of Atlantia, has
positioned the group to commit to a
bold undertaking, the rescue of
troubled national airline Alitalia,
with an estimated investment of
€300m. Four rescue plans for Alitalia
mounted in the past 12 years have
failed. But the calculated move could
help rehabilitate Atlantia’s image in
Italy and his own.
The spotlight on Mr Castellucci
since Genoa will have been
Under the hood JPMorgan reshuffle adds grist to succession rumour mill
New finance chief Piepszak is latest name in frame to take over from Dimon as CEO but do not expect an early answer
It is arguably the biggest job on
Wall Street, and every few months
the question arises: who will
succeed JPMorgan Chase’s Jamie
Dimon to run the largest and one of
the most powerful banks?
The rumour mill spun again this
week as JPMorgan rolled out its
new finance boss, Jennifer
Piepszak, at its quarterly earnings,
in the latest shake-up of Mr Dimon’s
core leadership team.
Some of the changes have,
indisputably, been made to replace
executives who quit, sometimes due
to clashes with the New Yorker and
sometimes because they grew tired
of waiting for his job.
In his 14th year as chief executive,
Mr Dimon has outlasted all the big-
bank chiefs who had to steer their
businesses through the crisis.
Insiders say the changes under
Mr Dimon are designed to give
people the chance to gain skills that
will keep them at the firm and ready
them for more varied careers.
“I love how JPMorgan is
constantly farming the field and
putting people in spots so they can
grow,” said Glenn Schorr, analyst
with Evercore ISI, of Ms Piepszak’s
new role.
Her elevation gives her frontline
experience with investors and
analysts and a public profile, as well
as experience in the nerve centre of
JPMorgan. Another example is
Marianne Lake’s move from the
chief executive’s office to run cards
А
П
and consumer lending.
П
РУ
w АГ
Just don’t expect the recent
N ИЛ
SN s"
shake-up to reveal Mr Dimon’s heir
shake-up
В
S
О
W
e
VK Wh ОТ
anytime soon. Laura Noonan
anytime
s
Г
'
Д
/W
.C at
О
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
★ FTWeekend
COMPANIES. WEEK IN REVIEW
Chilling words for Goldman Sachs’
investment bankers during this week’s
earnings call. “Platform” was uttered
18 times. The P-word had never
breached double digits before last year,
according to a review of transcripts
from S&P Capital IQ. Now it is all top
Goldman management can talk about.
They are enamoured with their “new
transaction banking platform”. They
really like their “deposit platform”. “It’s
less human capital, it’s more platform
driven,” said chief financial officer
Stephen Scherr. Scary stuff.
Of course, “platform” is widely used
jargon, borrowed from the technology
sector, that has seeped into other
industries. But this is Goldman. It is
supposed to be special. Star traders and
elite investment bankers are meant to
bring in the dosh with their brilliance
and connections.
Instead, under new chief executive
David Solomon, an aficionado of
‘He was challenging. The 59-year-old loathes
networking, and shuns Rome’s high
clearly society, associates say. He prefers to
affected spend time with his wife Francesca,
his childhood sweetheart, with whom
by the he has two adult children. She serves
seriousness as first mate, crew and cook on their
frequent sailing trips. Mr Castellucci
of the was part of the Italian national team
accident sailing dinghies as a student, and the
[in Genoa] ’ sport inspired his first company at the
age of 18: making and selling sails
from his mother’s living room.
An engineering graduate, Mr
Castellucci first impressed Atlantia’s
dominant shareholder, the Benetton
family, when he advised them on their
supermarkets. He made the jump
from consultancy to boardroom aged
40, becoming CEO of pasta maker
Barilla, but left a year later when the
company split, and joined Autostrade.
Working 12 -13 hour days at
Atlantia’s Rome headquarters, often
without stopping for lunch — unheard
of in Italy — his life is all about tarmac,
Dimon’s frequent changes at the top
Jamie Dimon
Corporate Investment bank Co-chief executive at Bregal Investments,
Steve Black based in an old JPMorgan building
Bill Winters in Park Avenue, New York
Founded the hedge fund Jes Staley
Renshaw Bay in 2011 before
Michael Cavanagh
becoming chief executive of
Daniel Pinto
StanChart in June 2015
Chief risk officer
Barry Zubrow
John Hogan
Ashley Bacon
Asset management Left JPMorgan after 30 years to join hedge fund Blue Mountain.
Jes Staley Became CEO of UK lender Barclays in December 2015
Mary Erdoes
Commercial banking
Todd Maclin
Doug Petno
Chief operating officer
Frank Bisignano
Departed in 2013 to run payments company First
Data Corp. It is being taken over by rival Fiserv in a
$39bn deal, one of the largest M&A deals this year
Chief financial officer
Michael Cavanagh
Founder of Hudson Executive Capital Douglas Braunstein
which is also an investor in struggling
lender Deutsche Bank
Retail Once one of Dimon’s loyal lieutenants. He left to become the CEO of
Visa before taking the role of chief executive at US bank BNY Mellon
Charlie Scharf
Heads the consumer unit which forms the Todd Maclin
backbone of the JPMorgan Chase juggernaut Gordon Smith
2006 07 08 09 10 11 12
Source: FT research
electronic dance music, the entire firm
is moving to a computerised beat. Now
it is all about hawking consumer loans
on the lending platform and jostling
with Citigroup over who has the better
treasury services platform.
Lest they were in any doubt about
their place in the matrix, Goldman’s
investment bankers are no longer
important enough even to be the main
cost concern.
For the two decades since Goldman’s
1999 initial public offering, investors
have looked at its “compensation-to-
revenue ratio” to see how much
bankers were pocketing for
themselves. In 2007, when former chief
executive Lloyd Blankfein was paid
$54m, $430,000 of every $1m in
revenues went in pay.
Even after the 2008 crisis, when it
was politically expedient to make a
show of austerity, Goldman cut
bonuses but kept the metric, boasting
colleagues say. “He is totally business-
orientated and dedicated to the
company,” said one associate. “He
doesn’t do small talk — it’s all work.”
His colleagues often saw him picking
up cigarette butts outside Rome’s
Fiumicino airport, which is owned by
Atlantia. Depending on your view, he is
either tirelessly committed to the
cause or a micromanaging obsessive.
The company’s takeover of Spanish
rival Abertis in 2018, to become the
largest motorway operator globally,
was driven by Mr Castellucci’s empire-
building aspirations, insiders say. It
came 12 years after Abertis failed to
take over Atlantia — a source of
satisfaction for Mr Castelluci.
His tough negotiating stance may
have paid dividends for Atlantia.
According to colleagues, it was
him that negotiated a 2007 contract
that would force the government to
pay Autostrade €20bn euros if it
revokes the concession. It provided
for motorway tariffs to rise on
CEO
Tapped by private equity powerhouse
Carlyle but left after a year to become
CFO at US cable group Comcast
Matt Zames
Left to pursue his own business interests. Gordon Smith
Was named president of Cerberus last Daniel Pinto
year, the private equity firm with stakes
in beleaguered German lenders Deutsche
and Commerzbank
Marianne Lake
Jenn Piepszak
13 14 15 16 17 18
Role may not have had the exact name in the past but the responsibilities were deemed to largely match
in 2009 that its ratio of 35.8 per cent
was its “lowest as a public company”.
Now, though, Goldman has started
talking about a different metric: the
“efficiency ratio” of operating expenses
to revenues. As Mr Scherr suggests,
when you are pouring money into
machines, the humans are less relevant
as a cost centre. It is the lingo of boring
universal banks — whose ranks
Goldman is trying to join via its pivot to
retail deposits and smaller businesses.
Certainly, reinvention was needed.
Overall, Goldman’s results have been
crippled by post-crisis rules and the
wretched performance of its core hedge
fund clients. Even under the Trump
administration’s looser regulatory
regime, returns lag behind rivals and
are way behind its own famous past.
But the aggravating fact for
investment bankers is that they are
doing quite well. In its traditional
business of mergers and acquisitions,
Giovanni Castellucci: pressed by
Rome to write Alitalia’s business
plan after criticism over Genoa
bridge collapse — Piero Cruciatti/AFP
average 2 per cent annually, with
the licence stretching to 2038. Mr
Castellucci was in his vegetable garden
in Tuscany, last August 14 when a
colleague phoned from Genoa. In the
days that followed he came under fire
for the company’s slow response and
perceived failure to take responsibility.
But the mayor of Genoa, Marco
Bucci, says Mr Castellucci deserves
more credit. “He arrived after only
about two hours. He was clearly
affected by the seriousness of the
accident. I don’t know whether
Autostrade was at fault, but on
that day we rolled up our sleeves and
got to work.”
Under Mr Castellucci, Autostrade
has thrown millions at reconstruction
efforts. Mr Castellucci gave his 2018
bonus towards scholarships for victims
and their families.
As owner of Rome’s Fiumicino
airport, Alitalia’s hub, Atlantia has an
interest in ensuring Alitalia’s survival.
But saving the carrier is also an act of
redemption, helping to insulate
Atlantia from further political attack.
Mr Castellucci’s own redemption
may not be part of the package. One
person close to the government said
Autostrade could retain the
concession if it fires some managers
and lowers tariffs. The person did not
deny that Mr Castellucci was one of the
desired scalps.
This year Mr Castellucci will forgo
his usual yachting holiday to write a
new business plan for Alitalia,
according to aides. He hopes to make it
break even, a Herculean task, while
retaining his own place in the ranks.
Neither is an easy proposition.
Hannah Roberts, Rachel Sanderson and
Donato Paolo Mancini
CEO front runners
Daniel Pinto
Few have more years at JPMorgan
than the Argentine. Became sole
CEO of the corporate & investment
bank in 2014 and is JPMorgan’s
point person on Brexit
Mary Erdoes
Joined the bank in 1996 and
moved to head the private bank
in 2005. She has been the
CEO of JPMorgan Asset & Wealth
Management since she took over
from Mr Staley in 2009
Doug Petno
Joined Commercial Banking
in 2010 as Chief Operating
Officer and then became the
Chief Executive Officer in 2012
Marianne Lake
Long-serving CFO has been
appointed head of the bank’s
consumer lending and cards
businesses, giving her operating
units to run for the first time
Jenn Piepszak
Traded positions with Ms Lake
and is seen as a possible heir to
bank boss Jamie Dimon after
quick but quiet rise to the top
19 20
9
When you
are pouring
Goldman stayed top of the league table
in the second quarter. Some of those
bankers would rather Goldman slim
money into
machines,
down than bulk up. Others look
enviously at boutiques such as
Centerview that seem a lot more like
the humans
are less
relevant as a
the Goldman of old and can pay more.
In trading, it is not obvious that
Goldman’s platforms will win the day.
Independent bond trading venues have
cost centre surged in popularity as traditional Wall
Street banks such as Goldman have
withdrawn. MarketAxess, one
electronic trading provider, attracts
about a fifth of all bonds traded in the
US. Its shares have doubled in less than
a year and are now worth $14bn.
The march of technology is
unstoppable but Goldman might
complete its painful reinvention, only
to find that somebody else has already
built the killer platform.
tom.braithwaite@ft.com
BEST OF
BUSINESS
Musk’s brainwave
3 Neuralink, the Elon Musk-backed company seek-
ing to build brain implants to communicate with
machines, unveiled the microscopic products it has
been developing since 2017 and said it hoped to begin
trials on human patients by the end of next year.
The secretive, 100-employee company revealed its
vast ambitions in a presentation on Tuesday aimed
at recruiting more experts. “We want to have the best
talent in the world,” Mr Musk said at the California
Academy of Sciences.
The chief executive
of Tesla and SpaceX
said the goal was to
allow humans to
achieve “a sort of
symbiosis with artifi-
cial intelligence”.
Mr Musk said
humans risked being
overtaken by
machines, but if the brain had computer connectiv-
ity, “we can go along for the ride”.
Neuralink intends to insert proprietary chips and
information strips it calls “threads” into people’s
brains, which it said could bring huge medical
advances. Executives said their first emphasis would
be to help patients with severe brain disorders.
3 Santander offered to pay Andrea Orcel a sign-on
package worth up to €52m in its aborted attempt to
recruit him as chief executive, according to a formal
offer letter seen by the Financial Times.
In the letter, signed by the company’s general sec-
retary, the Spanish bank said it would pay him a cash
sign-on bonus of €17m as well as up to €35m of
Santander shares to compensate him for deferred
The Tesla and SpaceX chief
said the goal was to allow humans
to achieve ‘a sort of symbiosis
with artificial intelligence’
pay he risked forfeiting by quitting his job as head of
UBS’s investment bank.
The letter, dated September 24, appeared to throw
doubt on the official reason that Santander gave for
rescinding the job offer in January, when the bank
released a statement saying “the cost . . . of compen-
sating Mr Orcel for the deferred awards . . . would be
a sum significantly above the board’s original expec-
tations”.
Mr Orcel is now launching a lawsuit against
Santander, which alleges that the bank breached his
contract and demands that the company hires him as
its CEO or pays damages totalling €100m, according
to two people who have seen the document.
3Online fashion retailer Asos warned profits would
be more than a third lower than expected this year
due to a botched warehouse upgrade that limited the
availability of stock to shoppers in the US and
Europe.
The group’s share price dropped nearly a quarter
€52m £35m
Sign-on deal that Asos’s profit
Santander offered forecast for 2019.
Andrea Orcel, as Analysts had
set out in a letter expected £55m
on Thursday as it said pre-tax profit would be about
£30m-£35m in 2019, compared with the more than
£55m forecast by analysts.
The downgrade is the latest blow to Asos, which
has issued three profit warnings in seven months,
including one just before Christmas that knocked 40
per cent off its value. The company’s share price has
tumbled from a high of £76 in March 2018 to about
£23, as its previously rapid growth has slowed.
The setback stems from problems at two ware-
houses, in Berlin and Atlanta. In Atlanta, Asos suf-
fered difficulties building up stock from other brands
due to checks required by US authorities around the
chemical composition of clothes and extra documen-
tation that its suppliers were not accustomed to.
The warehouse in Berlin was hit by problems with
new automated software that struggled to cope with
the volume of returns and other deliveries of stock.

10
Nasa taps private sector to return to Moon
White House wants manned mission in 2024 and the agency is relying increasingly on contractors’ technology
RICHARD WATERS
Human remains propelled to a perma-
nent resting place beyond Earth, a dig-
ital library designed to last billions of
years, and a capsule containing mes-
sages from 80,000 children.
This odd assortment is set to be car-
ried on one of the first commercial
transports to the Moon, due in the first
half of 2021. If all goes to plan, it will sig-
nal a new commercial involvement in
lunar exploration, potentially opening a
big new frontier for the private space
industry.
This weekend’s 50th anniversary of
the first human Moon landing has
brought intense interest in the pros-
pects for a return visit. The White
House earlier this year called for US
astronauts to set foot on the lunar sur-
face again in 2024. That would poten-
tially fall within a second Trump presi-
dential term, and four years earlier than
planned.
Although considered a long shot given
how little time is available, the call car-
ried a strong whiff of the politically
charged, budget-stretching ambition of
the Apollo programme of the 1960s. But
Nasa has already been turning to the
private sector for low-cost ways of com-
plementing future human missions, in
the process potentially seeding a new
commercial space market.
The emergence of a start-up space
industry, led by Elon Musk’s SpaceX and
Jeff Bezos’s Blue Origin, has led to a new
symbiosis in space. The tech groups see
Nasa as an important early customer as
they pursue their grand long-term
visions — while the space agency has
found ways of riding on the back of their
development work rather than creating
the technology for its programmes from
scratch.
Backing a network of private compa-
nies capable of creating a supply line to
the Moon is the first step. Astrobotic, the
company planning the 2021 mission,
won a $79.5m contract from Nasa in
May, making it one of three that will
carry government cargo. Most of the
development money for the company,
which advertises its ability to land pay-
loads on the lunar surface for $1.2m per
kilogramme, has come in the form of
advance payments from other custom-
ers. Along with carrying items such as
human remains and “time capsules”,
Astrobotic has sold sponsorship to DHL,
which wants to be associated with the
first Moon delivery.
“It’s a bootstrapped lunar transport
company,” said Chad Anderson, head
of Space Angels, an investor in New
York that led the only outside invest-
ment Astrobotic has taken. “They’re
going to the Moon in a year-and-a-half
and they’ve only raised $2.5m in equity
— it’s crazy.”
New lunar economy
Nasa’s efforts to include the private
space industry in its plans for the Moon
are about more than cost. The agency
believes this is the only way to create a
sustainable lunar economy once gov-
ernment attention — and budgets —
move elsewhere, said Laura Forczyk, a
space consultant at Astralytical. “They
want to create a marketplace,” she said
— not just for transport, but for many of
the technologies needed to support
future human landings and, eventually,
turn the Moon into an industrial base
and stepping stone to the rest of the
solar system.
The stark contrast between the first
А
П
П
РУ
w АГ
N ИЛ
SN s"
В
S
О
W
e
VK Wh ОТ
s
Г
'
Д
/W
.C at
О
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
★ FTWeekend
Watch this space
October 2017
Timeline US vice-president Mike Pence lays out a
goal of returning to the Moon, without
specifying a date
Stars in January 2018
Google abandons its $30m Lunar X
their eyes: Prize after 11 years when no private
how the company succeeds in the challenge of
new race landing a robotic rover on the Moon
unfolded
September 2018
Japanese billionaire Yusaku Maezawa
signs up to become the first tourist to
fly around the Moon, in a SpaceX
mission scheduled for 2023
January 2019 China becomes the first
country to land on the far side of the
Moon
February 2019 Nasa says it plans to
have spacecraft capable of landing a
human on the Moon by 2028
March 2019 Mr Pence sets a new 2024
deadline for a human landing
April 2019 Israel fails to become the
fourth country to make a successful
landing on the Moon when its lander
crashes on descent
July 2019 India delays launch of its first
Moon lander for technical reasons
COMPANIES
The Falcon
Heavy, made by
Elon Musk’s
SpaceX, takes
off from Cape
Kennedy. Right,
the Yutu 2 rover
of the China
National Space
Administration
on the far side of
the Moon, and
left, Ivanka
Trump tours an
Astrobotic plant
in Pittsburgh
Cristobal Herrera/epa-EFE;
CNSA/AFP/Getty;
Jason Cohn/Reuters
low-budget commercial payloads and
the large cost of putting humans back on
the Moon points to a chasm that has
opened up between the different ways
Nasa promotes space exploration.
Traditional government space pro-
grammes, where contractors are paid a
mark-up over their costs, still eat up
most of the agency’s budget. Nasa’s big-
gest programmes — the Space Launch
System, a rocket capable of carrying
humans to the moon, led by Boeing, and
the Orion spacecraft, from Lockheed
Martin — soak up $2bn a year, or about
10 per cent of the agency’s budget, and
are already years behind schedule. But
the political capital tied up in these pro-
grammes is widely believed to make
them inviolable.
Turning to fixed-price contracts for
some of its activities, on the other hand,
has enabled Nasa to stretch its budget
further and bring stronger commercial
incentives into the space programme.
This new style of contracting has
been well-suited to areas where the
technologies are better known and pri-
vate companies are later able to sell the
same products to others, creating a
commercial market where Nasa is the
lead customer.
It first used these in 2008, handing
out work to commercial launch compa-
nies, including Elon Musk’s SpaceX.
Had it used its traditional cost-plus
approach for this work, Nasa estimates
it would have spent up to 10 times the
$400m that SpaceX spent developing its
Falcon 9. That rocket has since become a
mainstay for resupplying the Interna-
tional Space Station and a model for
future space development.
Nasa is now seeking to extend this
commercial approach as it turns
its sights from near-earth exploration
to the Moon and tries to jump-start
a new phase for the commercial space
industry.
The lunar payload programme, which
will soak up little more than 1 per cent of
Nasa’s annual budget, is designed to put
equipment on the Moon ahead of the
next expensive human mission. The
gear is set to include rovers that can
search for water, simple solar power
plants and communication masts — the
first rudimentary parts of an infrastruc-
ture to support a long-term presence.
“The first big business on the Moon
is transport and delivery,” said John
Thornton, chief executive of Astrobotic.
“Robotic assets can really magnify
what humans can do, to get bang for
the buck.”
Road to the Moon
The biggest hope for the commercial
sector lies in a later, second phase of
Moon development. If there is as much
frozen water at the Moon’s poles as
many hope, it could theoretically be
separated into oxygen and hydrogen to
20 July/21 July 2019
make rocket propellant, turning the
Moon into a fuel stop for future missions
to Mars. Mining precious metals left by
asteroid strikes could become a second
bonanza for the private sector.
Rushing to claim these resources has
brought talk of a new space race — one
that the first private companies eyeing
the Moon are keen to feed.
“It looks like the Moon is going to be a
hotspot of international interest,” said
Bob Richards, chief executive of Moon
Express, which is hoping for a future
Nasa transport contract after failing in
the first round of bidding. “There are
scarce resources on the Moon — and also
scarce real estate.”
Nasa has also turned to fixed-price
contracts for parts of its next planned
human mission. Last month, it awarded
the first contract for the solar power
and propulsion systems needed for
a planned lunar gateway — a space sta-
tion that would orbit the Moon and act
as a stepping-off point for trips down
‘The Moon is going to be a
hotspot. There are scarce
resources on the Moon —
and also scarce real estate’
to the lunar surface. With the White
House trying to bring forward the
date for a landing, private companies
are now angling for more work. Jeff
Bezos’s space company Blue Origin has
been developing a Moon lander for
three years, potentially making it the
only one in a position to meet the 2024
target. Mr Musk also signalled his inter-
est in the Moon earlier this year, turning
his attention back from Mars towards
what could be the next big commercial
opportunity.
Proponents argue that Nasa should
make much greater use of commercial
contracting. With the agency’s
resources stretched, it makes sense to
shift all but the most risky development
on to the private sector, said Phil Lar-
son, a former SpaceX executive and
adviser in the Obama White House.
A wholesale shift, however, could
carry risks. Some industry executives
More on ft.com question, for instance, whether Nasa
For the latest will give the private sector free rein to
news, comment
come up with its own solutions for the
and analysis on
most important space programmes,
the space
rather than falling back on its tradi-
industry, go to
tional habits of issuing detailed specifi-
ft.com/companies/
industrials cations and keeping tight control.
Commercial operators also face politi-
cal risk as US priorities in space seem-
ingly shift with each new administra-
tion. “The key to sustainability is
speed,” said Mike Gold, vice-president
of civil space at Maxar — building fast
enough to avoid the project cancella-
tions that often come when the political
winds change. Maxar itself lost out
when a planned asteroid redirect mis-
sion, proposed by the Obama White
House, was cancelled under the current
administration.
But the private companies setting
their sights on this latest space race
argue that, whatever the short-term vol-
atility in government policy, a more per-
manent human presence on the Moon
will be an inescapable step in future
human space exploration.
“It’s a place to live and work off-
world,” said Ms Forczyk. “There’s still so
much to learn before we go off and
explore the solar system.”
See Editorial Comment
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 ★ FTWeekend 11

MARKETS & INVESTING

Commodities. Intervention Cross asset

Investors lean
Ivory Coast joins forces with Ghana to towards view
that ECB is
champion cocoa producer interests poised to cut
Ivory Coast and Ghana ADAM SAMSON AND PHILIP GEORGIADIS
LONDON
account for almost two-thirds
of world cocoa output Investors are shifting towards the view
Forecast for 2017-18 crop year (%) that the European Central Bank could
Total output: 4.6m tonnes cut interest rates as soon as next week.
A blast of dovish noises from Federal
Ivory Coast 43 Ghana 19
Reserve officials on the other side of the
Atlantic on Thursday rippled across
into European money markets yester-
day to generate a greater than even
chance that the ECB will take the plunge
at its impending rate-setting meeting.
The probability of the ECB reducing
its deposit rate from minus 0.4 per cent
Ecuador 6 Indonesia Brazil 4
5 — already a record low — to minus 0.5
Others 12 per cent crossed above the 50 per cent
Nigeria 6 Cameroon threshold for the first time. It was
5 around 25 per cent a month ago, and less
than 10 per cent at the start of June,
Cocoa price on the rise according to Bloomberg data that track
£ per tonne trading in overnight index swaps.
The shifts in the European money
2,600 market follow a speech by the New York
Fed chief, one of the central bank’s most
2,400 influential officials, that was interpreted
by some as a sign that the bank is pre-
2,200 pared to cut interest rates by half a per-
centage point at the end of this month.
2,000 Typically the Fed moves rates in quar-
ter-point intervals.
“It’s better to take preventive meas-
1,800 ures than to wait for disaster to unfold,”
the New York Fed’s John Williams said
1,600

Analysts say ‘Copec’ move
spells big surpluses and lower
chocolate consumption
EMIKO TERAZONO
Chocolate lovers: brace yourselves. The
price of your favourite confectionery
could rise as Ivory Coast and Ghana,
which account for almost two-thirds
of the world’s cocoa, join forces to push
up prices.
Inspired by Opec, the oil producers’
cartel, the two nations announced this
month a fixed price premium of $400 a
tonne over the benchmark cocoa
futures price, for every contract sold by
either country for the 2020-21 season.
Mahamudu Bawumia, Ghana’s vice-
president, told a recent cocoa industry
gathering that he was enthusiastic about
creating what he called a “Copec” to
champion the interests of cocoa-pro-
ducing countries and to alleviate the
dire poverty of cocoa farmers.
“Price stability will mean farmers can
more easily plan a loan and increase
their production,” said Daan de Wit at
IDH of the Netherlands, which co-ordi-
nates public and private partnerships in
agricultural projects.
Getting the market to digest this will
not be easy. Cocoa futures have crept up,
rising 5 per cent in London to £1,876
($2,352) a tonne and 4 per cent in New
York to $2,497 since the countries
announced their concerted effort last
month. That muted market response
reflects uncertainty over the viability of
the new pricing structure, say analysts,
as well as fears over the impact on future
supplies and demand.
Although it is the first time the Ivorian
and Ghanaian governments have co-op-
erated in cocoa, the market is littered
with attempts by producing countries to
control supply flows and shore up
prices, which have only exacerbated the
rollercoaster price moves. “Interven-
tion in the market doesn’t work,” said
Jean-Francois Lambert, a former com-
modities banker and consultant.
The two countries may achieve their
aim of selling at higher prices in the
short term. But analysts note that over
the medium term, higher prices in com-
modity markets typically depress
demand.
“The implications are quite clear:
higher prices for consumers,” said
Jonathan Parkman, head of agricultural
commodities at Marex Spectron,
a UK-based broker. In the past, he said,
consumption of chocolate had fallen
sharply when the cocoa price touched
$400 5%
Fixed price Increase in cocoa
premium over
benchmark laid
futures in London
since the June
out by the pair announcement
$3,000 a tonne. On the supply side,
higher cocoa prices should stimulate
production both in the two countries
and other producers. Similar dynamics
played out in the oil market, for
example, where a prolonged period of
$100-a-barrel crude led to the US shale
revolution.
Many analysts foresee big surpluses
as a result, which are likely to weigh on
prices. “There is no place to [store] that
cocoa,” said Carlos Mera, analyst at
Rabobank.
Large processors, traders and choco-
late companies including Cargill, Olam,
Barry Callebaut and Mars have been
publicly supportive on the two coun-
tries’ move. Many big companies
involved in the supply chain have sus-
tainability programmes in the two
nations, while processors have built
plants to boost domestic industries.
Francesca Kleemans, a director in
Cargill’s cocoa business, said the Minne-
apolis-based company respected the
governments’ decision but would “need
to wait for further details . . . to under-
stand what the technical implementa-
tion will look like and to understand the
impact on the cocoa sector”.
Traders expect that the new pricing
regime will take several months to
shake out, as forward selling by the two
countries for the 2020-21 crop does not
start in earnest until the autumn.
Also uncertain is how the new
system will affect the industry’s ongoing
1,400
2015 16 17 18 19
Sources: ICCO; Barry Callebaut; Refinitiv
Women from efforts to prevent child labour and
a farmers’ deforestation.
association For now, cocoa traders see a “phoney
spread cocoa war” between buyers, who are waiting
beans to dry to see what the impact of the pricing sys-
in Djangobo, tem will be, and the two countries,
Ivory Coast which might struggle to find buyers at
Thierry Gouegnon/Reuters
the stipulated level of the futures price
plus the premium.
Mr Parkman said: “A proper stand-off
doesn’t begin . . . until September and
October.”
Providing growers with a bigger share
of proceeds from chocolate sales has
been at the centre of debate among
development specialists and NGOs for
years, says Jacques Morisset, World
Bank programme leader for the Ivory
Coast. He notes that cocoa-producing
countries have traditionally captured
The muted 12-13 per cent of the industry’s $100bn-
response plus global value chain.
The two countries said this month
reflects they would legislate for a minimum pro-
uncertainty ducer price for farmers, and if prices
rose beyond a certain level, they would
over the put money into a stabilisation fund to
structure’s dip into if the market crashes.
Leonard Mbulle-Nziege, analyst at
viability as Africa Risk Consultancy, notes that both
well as fears Ivory Coast and Ghana have general
elections next year, so shoring up sup-
over the port among hundreds of thousands of
impact on cocoa farmers at this point could make a
lot of sense.
supply and “There are political motivations
demand behind their moves,” he said.
‘The risk is that the
ECB does more, sooner,
rather than less, later’
Nadia Gharbi, Pictet economist
in a speech on Thursday, after the close
of business in Europe.
Mohamed El-Erian, chief economic
adviser at Allianz, said: “The Fed’s pol-
icy signals influence what other central
banks can and should do . . . the more
expectations go up of significant rate
cuts in the US, the greater the likelihood
for the ECB.”
A more dovish Fed underlines the
view in markets that policymakers are
growing increasingly nervous about the
chance of a global economic slump, add-
ing to a sense of urgency for the ECB.
ECB staff have launched a review into
whether its target of consumer price
growth of close to but less than 2 per
cent is still sensible given the subdued
recovery from the 2008-09 financial cri-
sis, Bloomberg reported this week.
“The risk is that the ECB does more,
sooner, rather than less, later,” said
Nadia Gharbi, economist at Pictet
Wealth Management.
Ms Gharbi said that while she
expected the ECB to only hint at a rate
reduction next week, she saw a “non-
trivial chance” of a cut.
FastFT ECB policymakers last month were in
Our global “broad agreement” that the bank
should be “ready and prepared” to
team gives you
market-moving launch fresh policy accommodation if
news and views, the current “soft patch” in the eurozone
economy became a deeper pullback.
24 hours a day
ft.com/fastft Since then the eurozone economy has
continued to sputter.

Trading structures Commodities

Starring role for Shanghai’s answer to Nasdaq Nickel hit by profit-taking as

HUDSON LOCKETT — HONG KONG
More than 140 technology and science
companies across China have signed up
to list their stocks on a new facility run
by the Shanghai Stock Exchange.
On Monday the first batch of 25 will
begin trading on the venue, the
Star Market.
The idea behind Star — billed as
China’s answer to Nasdaq — is to encour-
age investment in domestic tech inno-
vators, ensuring that they have the
resources to develop.
But previous attempts by China to
persuade the country’s top tech talent to
sell shares at home have fallen short.
Beijing hopes that reforms to how
companies list and trade — along with
the clear backing of Xi Jinping — could
help Star take business from New York
and Hong Kong at a time when China
and the US are engaged in a tussle for
tech supremacy.
What is different?
Unlike the main boards at the Shanghai
and Shenzhen exchanges, stocks will
not require government approval to
be listed.
А
The Star market permits companies
to list before they make any money, and
to issue dual-class shares that preserve
founders’ control over operations.
Investors will be allowed to short sell
individual stocks for the first time in
mainland China.
Unlike the country’s other bourses,
the market has no limit on the ratio of a
share price to a company’s earnings at
the time of listing. Since 2014, the China
Securities Regulatory Commission has
tried to deter aggressive pricing of initial
public offerings by applying an unoffi-
cial cap of 23 times historic earnings.
The impact of the listings regime is
clear from the pricing of the 25 compa-
nies that start trading on Monday. These
have an average price-to-earnings ratio
China’s new board seeks to keep tech talent close to home
Top fundraising targets for Star board IPOs (Rmb bn)
0 2
CRSC
Montage Technology
Ronbay Technology
ArcSoft
Fang Bang Electronics
Espressif
HYC Technology
of more than 53, according to an analysis
by the Financial Times, compared with
less than 14 for shares on Shanghai’s
main board.
What groups are listing?
The system — as well as vocal encour-
agement from Beijing — has spurred
more than 140 companies to apply to
list on the board with the aim of raising a
combined Rmb128.8bn ($18.7bn),
according to local media.
That would surpass total IPO fund-
raising on Shanghai’s main exchange
last year by $7bn.
The first 25 to list have already raised
Rmb37bn, with a median fundraising
target of Rmb876m.
None of the groups debuting on Mon-
4 6 8 10 12
day is particularly well-known outside
China. But state-run China Railway Sig-
nal & Communication — the biggest list-
ing of the batch at Rmb10.5bn — made
global headlines in 2011 when its equip-
ment was partly blamed for a deadly
high-speed train crash near Wenzhou.
Most of the others manufacture elec-
tronics or specialised equipment.
Other IPOs in the first batch include
chipmaker Montage (Rmb2.3bn) and
Ronbay, a battery materials supplier
(Rmb1.6bn).
The lack of restrictions on p/e ratios is
likely to focus investors’ attention on
companies with the highest ratios.
These include semiconductor equip-
ment maker AMEC (a p/e of 170.8) and
software maker ArcSoft (74.4).
What will happen when trade begins?
The Star market’s debut week holds the
potential for far greater price swings
than those seen elsewhere in China
because, for the first five days after list-
ing, Star stocks are not subject to any
limit on daily price moves.
After then, circuit-breaker rules will
kick in, suspending trading of a stock for
China demand drives up price
NEIL HUME
NATURAL RESOURCES EDITOR
Nickel was hit by a wave of profit-tak-
ing yesterday after a barnstorming run
that has caught many analysts and
investors by surprise.
The metal, which is used to make stain-
less steel, has been having great success
since the start of the month, rising more
than a fifth and outpacing other indus-
trial metals, which are still weighed
down by trade war fears.
It burst above $15,000 a tonne on
Thursday as nickel volumes on the Lon-
don Metal Exchange surged to 19,000
lots before retreating yesterday and fall-
ing 1.9 per cent to $14,685 in late-after-
noon trade.
“Current prices look overdone and
have a speculative nature and one needs
to be cautious for a potential sudden
pullback if and when the longs take
profit and cash positions,” said Warren
Patterson, head of commodities strat-
egy at ING.
A number of factors have helped push
up the price, including strong demand
better than expected stainless produc-
tion in China, leading to heavy buying
[on the Shanghai Future Exchange] by
one large consumer,” said analysts at
Macquarie.
“Combined with reported heavy for-
ward buying by European auto produc-
ers on the 2023 contract (for future elec-
tric vehicle demand), [this] drove
prices though key levels causing major
short covering of speculative positions
and, more recently . . . chart-based
buying.”
Glencore, Vale and Norilsk Nickel are
among the world’s biggest producers of
the metal, which has a reputation for
being volatile in price.
Nickel is tipped to be one of the metals
that benefits from the shift to cleaner
energy. It is a key component in the bat-
tery packs that will power electric vehi-
cles — and one that is forecast to become
more important as carmakers switch to
technologies that use more of the metal.
But with sulphide nickel ore sources
— the mainstay of the industry and the
material best suited to making battery-
grade nickel — in short supply, there has

in China, where production of “300

П

One marketing company has already AMEC 10 minutes if it rises or falls 30 per cent been much excitement among analysts
П
РУ

withdrawn its application, according to from its opening price, then for another series” stainless steel — which has a high and investors about a potential supply
w АГ

Tianzhun Technology
N ИЛ

nickel content — has surged 13 per cent

SN s"

the SSE, which said the business was Appotronics 10 minutes if it moves another 60 per crunch and ultimately higher prices. For
В

S
О

W
e
VK Wh ОТ

unable to answer questions to the cent in either direction. year-on-year in June. the moment, electric vehicles account
s
Г

'
Д

/W
.C at

Source: Shanghai Stock Exchange filings

О

exchange’s satisfaction. Additional research by Qianer Liu “This rally started in Shanghai with for just 4 per cent of nickel demand.
M
П

O
З

"
И
Л
РЕ

12
Investors need more than
empty buzzwords to decide
what’s really an ethical fund
Joe Rennison
On Wall Street
I
t’s a bit of a mouthful, isn’t it, the
BlackRock iShares JP Morgan ESG
Dollar Emerging Market Bond
UCITS ETF. But for an exchange
traded fund with ESG in the title — a
catch-all term for investments that
meet all sorts of objectives in the envi-
ronmental, social and governance are-
nas — it has some eyebrow-raising hold-
ings.
About $8m of the fund’s $300m in
assets is in the debt of Saudi Aramco, the
world’s largest oil producer, and in
bonds issued by Saudi Arabia — a coun-
try with a record of human rights viola-
tions, which was implicated in the kill-
ing of journalist Jamal Khashoggi.
It is no bad thing that investors are
looking to back more socially conscious
companies, and that fund managers are
offering ways to do that. But the chal-
lenge of defining buzzwords leaves a lot
of room for manipulation. Fund manag-
ers must do a better job of articulating
exactly what qualifies for inclusion —
and why.
But given that the website for the
BlackRock ETF says it “excludes issuers
involved in controversial sectors”,
investors could be forgiven for feeling
misled. And it is not an isolated exam-
ple.
Vanguard’s ESG ETF, for instance,
declares on its website that it does not
invest in fossil fuel stocks. The Financial
Times pointed out this month that,
actually, it did hold many stocks deeply
involved in the fossil-fuel industry, such
as crude refiner Marathon Petroleum
and oil-services company, Schlum-
berger. Vanguard said it would change
its marketing material (although it has
yet to do so).
Elsewhere, investors in passive ESG
А
П
П
РУ
w АГ
N ИЛ
SN s"
В
S
О
W
e
VK Wh ОТ
s
Г
'
Д
/W
.C at
О
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
★ FTWeekend 20 July/21 July 2019
MARKETS & INVESTING
The day in the markets
What you need to know
3 Oil price jumps on US-Iran tensions
Drone tit-for-tat sends oil off June lows
3 Italian stocks and bonds sell off after
Brent crude price ($ per barrel)
coalition government erupts into conflict
3 Microsoft stock at record after results
Big US stock markets gained yesterday
68
as investors digested the latest round
of corporate earnings results and
expectations rose for monetary easing
66
by the Federal Reserve later this month.
Markets took dovish comments by 64
products may be surprised to find oil sector, rather than across all bond issu- John Williams, president of the New York
company ExxonMobil in their top hold- ers. Fed, as a sign of further evidence that the
ings. But in the case of the FlexShares Indices are then built by taking the US central bank could cut interest rates 62
Stoxx US ESG Impact Index Fund, it is best companies from each sector. One soon. Mr Williams said: “It’s better to take
right there: a $1.3m holding, accounting argument in favour of this approach is preventive measures than to wait for
for 2.5 per cent of the fund. that it helps keep the returns of ESG disaster to unfold”, after which the NY 60
This raises the question: what does funds close to those of broader, less con- Fed unusually issued a statement Jun 2019 Jul
ESG investing actually mean? strained indices, by keeping sector warning against reading too much into Source: Refinitiv
It is an important — if difficult — ques- weightings similar. But this has some his remarks.
tion to answer, especially when building perverse outcomes. It is how Saudi Ara- The dollar index gained 0.3 per cent to
broad-based indices for funds to track. mco, for example, was able to obtain a trade above the 97 level, having slipped of Hormuz that president Donald Trump Bloomberg data tracking trading in
ESG-focused funds that buy US stocks middling ESG rating for a bond sold ear- immediately after the comments. said had threatened an American overnight index swaps.
have doubled in size over the past year lier this year. Wall Street’s S&P 500 gained 0.2 per warship. The shooting of the drone, which Frankfurt’s Xetra Dax and London’s
to $11.5bn, according to data company Punishing certain sectors on ESG cent by midday trade. The tech-heavy Mr Trump said ignored “multiple” calls to FTSE 100 both rose 0.1 per cent. Rome’s
EPFR Global. BlackRock, the biggest principles can be equally problematic. Nasdaq index rose 0.4 per cent, having stand down, pushed the price of Brent FTSE MIB, the main index on the Milan-
fund manager in the world, expects the Fossil-fuel companies, for example, can closed lower earlier in the week crude up as much as 1.2 per cent to based stock exchange, lost 2 per cent
be fairly safely described as environ- following a poor earnings showing $62.69, lifting it above June’s lows. US after tensions between Italy’s ruling
mentally unsustainable. But what about
Investors in ESG products technology companies that have low
from Netflix.
Yesterday investors parsed through
marker WTI also rose, climbing 1.1 per
cent to $55.89.
coalitions parties erupted into open
conflict.
may be surprised to find carbon emissions but have been criti- results from Microsoft that posted upbeat Europe felt the effect of the New York “There is a lack of trust, even at a
cised for selling users’ data?
oil company ExxonMobil Coming up with a measurement sys-
profits on cloud computing growth. Its
shares hit a record high yesterday,
Fed’s dovish comments as expectations
increased for an interest-rate cut by the
personal level,” said deputy prime
minister Matteo Salvini, adding: “If there
in their top holdings tem is difficult. People are trying, of gaining 1.7 per cent. European Central Bank. is no further point in continuing with this
course. Morningstar, the Chicago-based Meanwhile, BlackRock, the world’s The probability of the ECB reducing its government, then we will head to
total invested in ESG ETFs globally to financial services firm, announced last largest asset manager, reported a 6.5 per deposit rate from the record low of minus elections.”
surpass $400bn over the next decade. month that it would soon bring its cent fall in second-quarter profits. 0.4 per cent to minus 0.5 per cent crossed Investors sold Italian debt, with the
Broadly, there are two schools of assessments in line with those of Sus- Oil prices jumped after the US navy above the 50 per cent threshold for the yield on 10-year bonds rising 7 basis
thought within passive ESG investing: tainalytics. shot down an Iranian drone in the Strait first time yesterday, according to points to 1.624 per cent. Nikou Asgari
exclude all problematic companies, or Last year Sustainalytics moved to
just the worst from each sector. With the tweak its ratings so that investors could
latter option, the idea is that some com- not only compare oil companies against
oil companies, but also get a reasonable
Markets update
panies that may not seem very ESG-
friendly on the face of it might be work- comparison between an oil company
ing to get better, and that that effort and a tech company.
should be supported. Hence the appear- The world of ESG is still a new one; US Eurozone Japan UK China Brazil
ance of so many fossil-fuel companies in further teething problems should be Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
ESG ETFs. Early on in the ESG move- expected. But an industry based on the Level 2993.49 1523.31 21466.99 7508.70 2924.20 104039.84
ment, this was the position of bigger, best of intentions needs to be careful. If % change on day -0.05 0.09 2.00 0.21 0.83 -0.65
public index providers. fund managers pushing ESG products Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
For some, such as MSCI, it is still the are going to earn the trust of investors, Level 97.108 1.122 107.740 1.250 6.877 3.743
way things are done. For example, they need to ensure that they are above % change on day 0.324 0.000 -0.088 0.160 0.028 -0.192
MSCI’s bond ratings seek to assess the reproach in the way they sell them. Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
strength of an issuer’s ESG credentials in Yield 2.045 -0.325 -0.141 0.734 3.172 7.342
comparison with companies in the same joe.rennison@ft.com Basis point change on day -1.420 -1.400 -0.090 -2.500 -0.300 -1.600
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 348.89 62.17 55.44 1417.45 16.03 2863.50
% change on day 0.36 -0.62 -0.70 0.50 2.69 0.35
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.
Main equity markets
S&P 500 index Eurofirst 300 index FTSE 100 index
3040 1560 7680
7520
1520
2880 7360
1480 7200
| | | | | | | |
2720 | | | | | | | | | | | | | | | | | | | |
1440 | | | | | | | | | | | | | | | | | | | | 7040 | | | | | | | | | | | |
May 2019 Jul May 2019 Jul May 2019 Jul
Biggest movers
% US Eurozone UK
State Street 4.99 Ab Inbev 5.54 Tui Ag 5.13
Citizens Fin 4.36 Gecina 5.25 Ocado 4.73
Ups
Boeing (the) 3.70 Seadrill 3.76 Antofagasta 3.94
Kansas City Southern 3.61 Continental 2.82 Johnson Matthey 2.79
Regions Fin 3.01 Wartsila 2.61 Sainsbury (j) 2.34
%
Macerich (the) -3.40 Publicise -6.49 Fresnillo -2.29
Ventas -2.69 Terna -4.15 Wpp -2.24
Downs
Alliance Data Systems -2.60 Enel -4.13 Berkeley Holdings (the) -1.91
American Express -2.59 Snam -3.97 Smith (ds) -1.71
Lkq -2.39 Caixabank -3.83 Int Consolidated Airlines S.a. -1.29
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.
Wall Street Eurozone London
Boeing rallied on news it would take a A profit warning sent Publicis shares Tui led the FTSE 100 gainers on a
$5.6bn charge to cover customer down, with the French advertising agency combination of renewed optimism about
concessions and settlements over the blaming client losses in North America for its UK holiday business and hopes of
grounding of its 737 Max jet. The plan weak second-quarter revenue and a compensation from Boeing following the
was to have the Max returning to service reduced full-year target. forced grounding of its 737 Max aircraft.
in the fourth quarter then to increase Italian banks were hit as the nation’s Boeing’s announcement of a $5.6bn
production to 57 jets a month in 2020, deputy prime minister Matteo Salvini charge overnight boosted hopes that Tui
from a run rate of 42. “Investors could threatened to pull the plug on the ruling would be refunded fleet costs tied to its
draw the conclusion that most of the bad coalition government. Banco BPM, 15 grounded and eight undelivered 737
news is in the stock and that the UniCredit and UBI Banca dropped as Max jets. Meanwhile, according to a GfK
announcement marks an inflection point,” Italian bond yields pushed higher. survey, UK summer outbound holiday
said Buckingham Research. AB InBev climbed after the brewer bookings had surged in the past nine
Citizens Financial, the Rhode Island agreed to sell its Australian business to weeks on demand for all-inclusive deals.
lender carved out of Royal Bank of Asahi of Japan for $11.3bn. WPP retreated in response to a profit
Scotland, led the S&P 500 gainers on As well as helping reduce debt, the warning from French peer Publicis.
forecast-beating interim earnings. disposal was seen as a way of improving Fresnillo slipped for a third day, with
State Street gained after lower the chances of InBev resurrecting a plan UBS cutting the silver miner off its “buy”
expenses and higher fee income boosted to float its Asian division. Australia was list in response to Wednesday’s cut to
its second-quarter earnings. Sector peer an anomaly in the emerging markets- production targets. Investors had no
E-Trade rose after revealing it had freed focused Asian business so, while the visibility on when an operational
up enough capital for a $1.5bn share profit base would be around a quarter turnround would be delivered and at
buyback after shifting deposits to third- lower, the tighter focus might attract a what cost, UBS said.
party banks. higher valuation multiple, analysts said. Acacia Mining led the FTSE 250
Capital One, the credit card and auto Wirecard gained after the payments gainers after majority shareholder Barrick
loan specialist, climbed after its quarterly processor signed a deal to handle card Gold made formal its offer to buy out
update showed much lower than transactions in Germany for retailer Aldi. minorities on sweetened terms.
expected bad-debt provisions. Sartorius, the laboratory services Aston Martin was lifted by Strategic
Gannett, the USA Today publisher, provider, and specialist biopharma European Investment Group, its pre-
jumped on reports that it was close to subsidiary Sartorius Stedim both gained flotation backer and 31 per cent
agreeing a cash-and-stock merger with on forecast-beating second-quarter shareholder, offering to raise its stake by
SoftBank-backed peer Gatehouse Media. results and raised full-year guidance. buying back the shares at £10 apiece.
Skechers gained on the back of raised Office developer Gecina was in demand Superdry rose after Morgan Stanley
guidance, with the trainer maker saying a after lifting ifs full-year rental growth tipped the retailer on turnround hopes.
second-quarter acceleration in direct target to “over 2 per cent”. It said rental Asos bounced back from Thursday’s
sales and international wholesale orders trends in Paris remained positive, profit warning after Credit Suisse advised
had continued into July. Bryce Elder particularly in central areas. Bryce Elder buying. Bryce Elder
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 ★ FTWeekend 13

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.05% -0.03% -0.088% -0.111%

No change
0.16% 0.21% 0.09% 2.00% 1.07% 0.36% 0.160% 0.27% 0.50%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jun 20 - - Index All World Jun 20 - Jul 19 Index All World Jun 20 - Jul 19 Index All World Jun 20 - Jul 19 Index All World Jun 20 - Jul 19 Index All World Jun 20 - Jul 19 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,993.49
16,521.42 7,508.70 21,466.99 2,131.29
16,511.79 7,424.44 12,355.39 21,333.87 2,094.36
2,926.46 12,260.07
Day -0.05% Month 2.60% Year 6.32% Day 0.16% Month 0.06% Year -0.13% Day 0.21% Month 1.40% Year -2.30% Day 0.26% Month -0.51% Year NaN% Day 2.00% Month 2.36% Year -5.82% Day 1.35% Month -0.21% Year -8.55%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
3,377.96
8,204.53 28,765.40
43,645.11
1,522.02 1,523.31 9,208.50 3,314.51
7,987.32 9,170.50
41,767.81 28,202.14
Day -0.03% Month 3.15% Year 4.46% Day 0.36% Month -3.72% Year -14.33% Day 0.09% Month 0.51% Year 0.67% Day NaN% Month NaN% Year NaN% Day 1.07% Month 4.69% Year 2.38% Day 0.50% Month 4.28% Year 4.22%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
27,266.37 39,601.63
104,039.84 5,552.34 21,641.46
5,535.57 2,987.12
21,361.44 2,924.20 38,337.01
26,504.00 99,404.39
Day 0.16% Month 3.02% Year 8.19% Day -0.65% Month 3.71% Year 34.25% Day 0.03% Month 0.77% Year 1.93% Day -2.03% Month 5.06% Year -0.77% Day 0.83% Month 1.18% Year 4.91% Day -1.44% Month -1.82% Year 5.40%

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 40222.31 40752.75 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 23569.98 24028.89 Philippines Manila Comp 8270.07 8258.05 Taiwan Weighted Pr 10873.19 10799.28 Cross-Border DJ Global Titans ($) 338.15 337.30
Australia All Ordinaries 6786.20 6735.40 Czech RepublicPX 1067.41 1063.87 FTSE Italia Mid Cap 37332.80 37727.29 Poland Wig 60857.91 60192.60 Thailand Bangkok SET 1735.10 1723.44 Euro Stoxx 50 (Eur) 3479.50 3482.83
S&P/ASX 200 6700.30 6649.10 Denmark OMXC Copenahgen 20 998.17 1002.45 FTSE MIB 21641.46 22090.81 Portugal PSI 20 5202.23 5220.59 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 1081.64 1078.28
S&P/ASX 200 Res 4979.30 4943.10 Egypt EGX 30 13670.27 13641.94 Japan 2nd Section 6549.31 6535.49 PSI General 3206.04 3212.88 UAE Abu Dhabi General Index 5218.13 5080.73 FTSE 4Good Global ($) 7192.91 7186.26
Austria ATX 2948.87 2953.90 Estonia OMX Tallinn 1271.13 1271.80 Nikkei 225 21466.99 21046.24 Romania BET Index 9087.58 9056.40 UK FT 30 3035.40 3034.40 FTSE All World ($) 348.89 347.63
Belgium BEL 20 3652.42 3620.71 Finland OMX Helsinki General 9267.43 9199.57 S&P Topix 150 1294.90 1270.74 Russia Micex Index 2705.23 2702.59 FTSE 100 7508.70 7493.09 FTSE E300 1523.31 1521.91
BEL Mid 7697.70 7658.05 France CAC 40 5552.34 5550.54 Topix 1563.96 1534.27 RTX 1352.96 1349.76 FTSE 4Good UK 6882.07 6867.47 FTSE Eurotop 100 2965.92 2965.69
Brazil Bovespa 104039.84 104716.59 SBF 120 4380.30 4373.73 Jordan Amman SE 1879.68 1878.37 Saudi-Arabia TADAWUL All Share Index 9033.83 9075.55 FTSE All Share 4098.32 4088.57 FTSE Global 100 ($) 1855.96 1851.12
Canada S&P/TSX 60 986.71 985.07 Germany M-DAX 25845.12 25736.98 Kenya NSE 20 2678.73 2670.13 Singapore FTSE Straits Times 3377.96 3361.05 FTSE techMARK 100 5191.19 5168.39 FTSE Gold Min ($) 1804.93 1760.83
S&P/TSX Comp 16521.42 16494.23 TecDAX 2866.58 2838.80 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 338.92 349.00 USA DJ Composite 8984.71 8969.90 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 834.89 843.62 XETRA Dax 12260.07 12227.85 Latvia OMX Riga 1034.91 1031.76 Slovenia SBI TOP 869.20 867.11 DJ Industrial 27266.37 27222.97 FTSE Multinationals ($) 2071.64 2070.38
Chile S&P/CLX IGPA Gen 25683.49 25621.79 Greece Athens Gen 867.81 870.58 Lithuania OMX Vilnius 685.79 681.20 South Africa FTSE/JSE All Share 58248.73 57872.53 DJ Transport 10624.90 10537.51 FTSE World ($) 620.32 618.13
China FTSE A200 10211.98 10102.35 FTSE/ASE 20 2151.12 2156.79 Luxembourg LuxX 1271.46 1271.98 FTSE/JSE Res 20 46948.10 46368.09 DJ Utilities 824.74 831.33 FTSEurofirst 100 (Eur) 4212.56 4211.30
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 28765.40 28461.66 Malaysia FTSE Bursa KLCI 1658.19 1648.93 FTSE/JSE Top 40 52107.18 51733.36 Nasdaq 100 7895.40 7904.13 FTSEurofirst 80 (Eur) 4783.84 4787.44
Shanghai A 3062.77 3037.60 HS China Enterprise 10909.41 10784.55 Mexico IPC 41767.81 41618.11 South Korea Kospi 2094.36 2066.55 Nasdaq Cmp 8204.53 8207.24 MSCI ACWI Fr ($) 527.51 527.60
Shanghai B 289.98 288.54 HSCC Red Chip 4454.56 4427.22 Morocco MASI 11510.62 11370.67 Kospi 200 274.55 270.67 NYSE Comp 13163.88 13168.70 MSCI All World ($) 2198.40 2197.94
Shanghai Comp 2924.20 2900.20 Hungary Bux 41707.26 41282.46 Netherlands AEX 571.84 571.56 Spain IBEX 35 9170.50 9225.70 S&P 500 2993.49 2995.11 MSCI Europe (Eur) 1601.13 1607.16
Shenzhen A 1631.69 1619.51 India BSE Sensex 38337.01 38897.46 AEX All Share 847.20 845.88 Sri Lanka CSE All Share 5715.14 5695.69 Wilshire 5000 30782.50 30788.51 MSCI Pacific ($) 2667.94 2698.35
Shenzhen B 972.25 968.66 Nifty 500 9304.65 9456.15 New Zealand NZX 50 10753.15 10741.09 Sweden OMX Stockholm 30 1605.42 1577.41 Venezuela IBC 24404.82 24200.00 S&P Euro (Eur) 1585.39 1586.46
Colombia COLCAP 1586.96 1607.23 Indonesia Jakarta Comp 6456.54 6403.29 Nigeria SE All Share 28042.80 28200.88 OMX Stockholm AS 615.80 607.85 Vietnam VNI 982.34 976.05 S&P Europe 350 (Eur) 1563.17 1561.86
Croatia CROBEX 1913.74 1903.43 Ireland ISEQ Overall 6267.36 6277.07 Norway Oslo All Share 961.45 959.61 Switzerland SMI Index 9937.03 10010.15 S&P Global 1200 ($) 2448.66 2447.76
Israel Tel Aviv 125 1473.63 1473.63 Pakistan KSE 100 32458.77 32309.54 Stoxx 50 (Eur) 3185.78 3187.01
(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 Jul 19 %Chg %Chg Jul 19 %Chg %Chg Jul 19 %Chg %Chg Jul 19 %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
Microsoft 35.0 138.25 1.83 Royal Dutch Shell 166.3 2539.00 18.00 Sap Se O.n. 418.8 112.00 -1.32 Fast Retailing Co., 720.7 68440.00 -240.00 Burberry 2328.00 16.1 30.6 Ei 284.20 43.8 101.3 Saga 47.20 11.2 -61.9 Tobacco 34284.86 6.5 14.6
Amazon.com 27.2 1982.50 4.60 Bp 135.7 517.70 2.00 Enel 358.2 6.29 -0.27 Toyota Motor 535.7 7121.00 146.00 Antofagasta 934.00 8.2 -6.7 Acacia Mining 222.60 24.1 9.7 Puretech Health 266.00 10.8 78.5 Automobiles & Parts 6216.23 4.3 -6.8
Netflix 22.9 321.65 -3.56 Hsbc Holdings 113.2 662.70 1.30 Ab Inbev 322.1 83.61 4.39 Softbank . 461.7 5091.00 144.00 British American Tobacco 3093.00 6.5 -37.4 Easyjet 1100.00 11.0 -26.7 Kenmare Resources 206.00 9.6 -26.7 Industrial Metals 6079.49 3.8 35.3
Apple 17.6 204.57 -1.09 Rio Tinto 112.4 4851.00 71.00 Intesa Sanpaolo 316.0 2.01 -0.04 Sony 444.9 5838.00 98.00 Imperial Brands 2145.00 5.5 -32.0 Kaz Minerals 581.00 9.6 -35.0 Lindsell Train Investment Trust 1510.00 9.4 80.4 Personal Goods 43199.27 2.3 23.0
Boeing (the) 16.4 374.47 13.36 Diageo 108.1 3387.00 -12.50 Unicredit 297.1 11.23 -0.43 Tokyo Electron 361.1 17075.00 575.00 Tui Ag 804.00 4.9 -48.0 Pagegroup 449.80 8.4 -2.9 Luceco 112.00 8.5 1.4 Travel & Leisure 9621.89 2.2 8.7
Facebook 9.2 201.07 0.29 Astrazeneca 102.8 6390.00 -12.00 Asml Holding 256.7 199.50 0.00 Mitsubishi Ufj Fin,. 206.2 522.90 6.70 Ocado 1194.50 4.5 204.3 Intu Properties 81.08 8.3 -67.7 Charles Taylor 230.00 8.2 -17.0 Aerospace & Defense 4791.46 2.2 9.8
Micron Technology 6.9 45.27 0.60 Vodafone 102.6 129.34 2.44 Siemens Ag Na O.n. 222.2 99.54 0.36 Sumco 201.3 1386.00 60.00 Evraz 645.00 4.3 81.8 Future 1006.00 8.3 307.4 Fuller, Smith & Turner 1075.00 7.5 14.6 Mining 20648.59 2.0 20.8
Nvidia 6.5 170.85 0.67 Unilever 100.6 5011.00 -54.00 Allianz Se Na O.n. 217.7 215.70 0.25 Nippon Telegraph And Telephone 183.7 5092.00 59.00 Anglo American 2234.00 3.8 40.1 Wetherspoon ( J.d.) 1571.00 7.6 26.3 Standard Life Private Equity Trust 363.00 7.2 3.3 Industrial Transportation 2267.96 1.7 6.6
Advanced Micro Devices 6.3 32.87 -0.13 British American Tobacco 93.5 3093.00 -11.50 Total 215.7 48.20 0.17 Shin-etsu Chemical Co., 178.1 9988.00 403.00 Bae Systems 523.20 3.7 -9.1 Mitchells & Butlers 307.50 6.8 9.5 Lookers 45.45 6.9 -56.5 Electricity 6835.20 1.4 4.0
Alphabet 5.7 1139.23 -8.01 Glencore 77.3 272.25 2.60 Santander 185.3 4.00 -0.04 Sumitomo Mitsui Fin,. 178.1 3829.00 45.00 Pearson 882.20 3.7 20.1 Aston Martin Lagonda Global Holdings 990.40 6.4 - Biffa 221.00 6.8 -13.8 Pharmaceuticals & Biotech. 15734.55 1.0 9.3
Flutter Entertainment 6970.00 3.6 -21.7 Iwg 361.00 6.3 41.6 Reach 80.00 6.7 0.1 Support Services 8606.24 0.9 18.5
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
Nmc Health 2300.00 3.4 -19.8 Galliford Try 642.00 5.8 -50.2 Discoverie 426.00 5.4 14.5 Health Care Equip.& Services 7818.43 0.7 12.9
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
State Street 59.10 2.81 4.99 Acacia Mining 222.60 36.00 19.29 Ab Inbev 83.61 4.39 5.54 Dainippon Screen Mfg.co., 5520.00 400.00 7.81 Fresnillo 794.80 -9.6 -44.6 Barr (a.g.) 614.00 -29.5 -5.8 Low & Bonar 9.60 -17.2 -80.2 Oil & Gas Producers 9089.94 -3.1 7.7
Citizens Fin 36.13 1.51 4.36 Kaz Minerals 581.00 35.00 6.41 Volvo, Ab Ser. B 14.27 0.75 5.52 Advantest 3240.00 215.00 7.11 Micro Focus Int 1657.20 -6.0 -33.4 Sports Direct Int 227.60 -13.6 -40.7 Clipper Logistics 254.50 -13.0 -45.3 Real Estate & Investment Servic 2475.04 -2.4 5.8
Boeing (the) 374.47 13.36 3.70 Tui Ag 804.00 39.20 5.13 Gecina Nom. 136.30 6.80 5.25 Unitika 426.00 20.00 4.93 Bp 517.70 -5.2 0.0 Moneysupermarket.com 360.10 -11.4 0.3 Thomas Cook 4.71 -12.4 -96.2 Chemicals 13129.45 -2.3 0.4
Kansas City Southern 122.25 4.26 3.61 Ocado 1194.50 54.00 4.73 Alfa Laval Ab 17.55 0.80 4.80 Nippon Suisan Kaisha, 711.00 33.00 4.87 Johnson Matthey 3131.00 -5.0 2.1 Cairn Energy 158.20 -11.0 -24.8 Alfa Fin Software Holdings 98.00 -10.3 -81.9 Oil Equipment & Services 10303.85 -2.0 -1.6
Regions Fin 15.24 0.45 3.01 Entertainment One 447.80 18.80 4.38 Seadrill 3.39 0.12 3.76 Nichirei 2701.00 122.00 4.73 Wpp 916.80 -4.6 -31.4 Amigo Holdings 160.60 -7.7 - Superdry 424.60 -9.0 -78.6 Mobile Telecommunications 2953.18 -1.6 -
Rightmove 512.20 -2.9 13.6 Synthomer 336.20 -6.5 -25.9 Petra Diamonds 18.00 -8.8 -64.6 General Industrials 5953.28 -1.5 17.6
Downs Downs Downs Downs
Smith (ds) 357.20 -2.7 -11.7 Metro Bank 472.20 -6.3 -86.9 Avon Rubber 1274.00 -7.8 8.0 Fixed Line Telecommunication 2222.85 -1.5 -
Macerich (the) 31.83 -1.12 -3.40 Amigo Holdings 160.60 -10.40 -6.08 Publicise Sa 44.20 -3.07 -6.49 Dena Co., 2134.00 -24.00 -1.11
Smurfit Kappa 2542.00 -2.6 2.9 Balfour Beatty 224.20 -6.1 -24.0 Indivior 42.40 -7.6 -89.5 Software & Computer Services 2258.41 -1.3 30.0
Ventas 67.05 -1.85 -2.69 Close Brothers 1400.00 -51.00 -3.51 Terna 5.59 -0.24 -4.15 Japan Post Holdings Co Ltd 1102.00 -9.00 -0.81
St. James's Place 1098.00 -2.4 -11.2 Cineworld 246.90 -6.1 -7.1 Nanoco 11.65 -7.5 -54.7 Index - Technology Hardware & Equipment 1279.30 -1.1 37.2
Alliance Data Systems 153.89 -4.11 -2.60 Plus500 Ltd 652.80 -16.20 -2.42 Enel 6.29 -0.27 -4.13 Hitachi Zosen 398.00 -2.00 -0.50
Rsa Insurance 577.20 -2.3 -6.8 Tullow Oil 199.50 -6.1 -2.7 Consort Medical 778.00 -7.4 -33.5 Life Insurance 7982.30 -0.9 18.2
American Express 125.07 -3.33 -2.59 Moneysupermarket.com 360.10 -8.90 -2.41 Snam 4.52 -0.19 -3.97 Tokyo Tatemono Co., 1302.00 -5.00 -0.38
Berkeley Holdings (the) 3756.00 -2.3 -11.0 Senior 203.20 -5.7 -21.8 Nostrum Oil & Gas 44.20 -6.9 -86.3 Media 8777.61 -0.7 14.8
Lkq 25.07 -0.62 -2.39 Hilton Food 927.00 -22.00 -2.32 Caixabank 2.41 -0.10 -3.83 Fast Retailing Co., 68440.00 -240.00 -0.35
Ashtead 2211.00 -2.1 12.5 Vivo Energy 122.20 -5.4 - Kier 78.35 -6.2 -92.7 Banks 3870.20 -0.6 4.4
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jul 19 Currency Mid Change Mid Change Mid Change Jul 19 Currency Mid Change Mid Change Mid Change Jul 19 Currency Mid Change Mid Change Mid Change Jul 19 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 42.3867 0.1067 47.5662 0.1341 53.0006 0.2186 Indonesia Indonesian Rupiah 13935.0000 -25.0000 15637.8035 -23.3150 17424.4259 -3.1581 Poland Polish Zloty 3.7884 -0.0084 4.2513 -0.0081 4.7370 -0.0029 ..Three Month 0.8002 -0.0013 0.8972 -0.0012 - -
Australia Australian Dollar 1.4189 -0.0014 1.5923 -0.0011 1.7743 0.0011 Israel Israeli Shekel 3.5393 -0.0031 3.9718 -0.0022 4.4256 0.0033 Romania Romanian Leu 4.2105 -0.0084 4.7250 -0.0080 5.2648 -0.0020 ..One Year 0.8015 -0.0013 0.8963 -0.0012 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4231 0.0001 0.4714 0.0008 Japan Japanese Yen 107.7400 -0.0950 120.9054 -0.0700 134.7188 0.0984 Russia Russian Ruble 62.9850 -0.0800 70.6815 -0.0683 78.7568 0.0270 United States United States Dollar - - 1.1222 0.0003 1.2504 0.0020
Bolivia Bolivian Boliviano 6.9100 - 7.7544 0.0023 8.6403 0.0139 ..One Month 107.7398 -0.0955 120.9054 -0.0699 134.7187 0.0981 Saudi Arabia Saudi Riyal 3.7506 - 4.2089 0.0013 4.6897 0.0076 ..One Month - - 1.1219 -0.1262 1.2506 0.0020
Brazil Brazilian Real 3.7426 -0.0072 4.1999 -0.0068 4.6797 -0.0015 ..Three Month 107.7393 -0.0964 120.9054 -0.0698 134.7184 0.0976 Singapore Singapore Dollar 1.3600 -0.0012 1.5262 -0.0009 1.7006 0.0012 ..Three Month - - 1.1214 -0.1262 1.2509 0.0020
Canada Canadian Dollar 1.3077 -0.0014 1.4675 -0.0011 1.6352 0.0009 ..One Year 107.7373 -0.1003 120.9056 -0.0695 134.7187 0.0967 South Africa South African Rand 13.9113 0.0100 15.6111 0.0159 17.3947 0.0405 ..One Year - - 1.1191 -0.1262 1.2521 0.0020
Chile Chilean Peso 685.8150 1.9450 769.6188 2.4151 857.5475 3.8092 Kenya Kenyan Shilling 103.1000 0.0500 115.6984 0.0911 128.9169 0.2700 South Korea South Korean Won 1174.5000 -4.3000 1318.0192 -4.4248 1468.6024 -3.0030 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.8765 0.0019 7.7168 0.0045 8.5984 0.0162 Kuwait Kuwaiti Dinar 0.3043 -0.0001 0.3415 0.0000 0.3805 0.0005 Sweden Swedish Krona 9.3731 0.0189 10.5185 0.0244 11.7202 0.0425 Vietnam Vietnamese Dong 23247.0000 27.5000 26087.7278 38.7349 29068.2464 81.1428
Colombia Colombian Peso 3165.1950 -22.2850 3551.9701 -23.9245 3957.7816 -21.4453 Malaysia Malaysian Ringgit 4.1135 -0.0005 4.6162 0.0008 5.1435 0.0077 Switzerland Swiss Franc 0.9823 -0.0048 1.1023 -0.0051 1.2283 -0.0041 European Union Euro 0.8911 -0.0003 - - 1.1142 0.0015
Costa Rica Costa Rican Colon 575.2950 0.0050 645.5937 0.2012 719.3526 1.1647 Mexico Mexican Peso 19.0147 0.0059 21.3382 0.0131 23.7760 0.0457 Taiwan New Taiwan Dollar 31.0405 -0.0350 34.8335 -0.0287 38.8132 0.0188 ..One Month 0.8908 -0.0003 - - 1.1142 0.0015
Czech Republic Czech Koruna 22.7589 -0.0374 25.5399 -0.0342 28.4579 -0.0009 New Zealand New Zealand Dollar 1.4767 -0.0046 1.6571 -0.0046 1.8464 -0.0028 Thailand Thai Baht 30.7825 -0.0975 34.5440 -0.0989 38.4906 -0.0597 ..Three Month 0.8903 -0.0003 - - 1.1140 0.0015
Denmark Danish Krone 6.6532 -0.0025 7.4661 -0.0006 8.3191 0.0102 Nigeria Nigerian Naira 361.3000 - 405.4494 0.1228 451.7718 0.7276 Tunisia Tunisian Dinar 2.8737 0.0012 3.2248 0.0023 3.5932 0.0072 ..One Year 0.8880 -0.0003 - - 1.1130 0.0015
Egypt Egyptian Pound 16.6174 0.0224 18.6480 0.0308 20.7785 0.0614 Norway Norwegian Krone 8.5735 -0.0266 9.6212 -0.0269 10.7204 -0.0159 Turkey Turkish Lira 5.6490 -0.0386 6.3393 -0.0413 7.0635 -0.0368
Hong Kong Hong Kong Dollar 7.8055 -0.0109 8.7593 -0.0095 9.7600 0.0022 Pakistan Pakistani Rupee 160.0500 0.1000 179.6075 0.1666 200.1275 0.4471 United Arab Emirates UAE Dirham 3.6732 - 4.1220 0.0012 4.5929 0.0074
Hungary Hungarian Forint 289.8281 -0.6386 325.2439 -0.6179 362.4028 -0.2136 Peru Peruvian Nuevo Sol 3.2830 -0.0040 3.6842 -0.0034 4.1051 0.0016 United Kingdom Pound Sterling 0.7997 -0.0013 0.8975 -0.0012 - -
India Indian Rupee 68.8069 -0.1531 77.2148 -0.1484 86.0366 -0.0526 Philippines Philippine Peso 51.0500 0.0800 57.2881 0.1071 63.8332 0.2027 ..One Month 0.7999 -0.0013 0.8974 -0.0012 - -
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 Jul 19 Jul 18 Jul 17 Jul 16 Jul 15 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 3035.40 3034.40 3040.40 3055.80 3031.10 0.00 3135.80 2704.70 Leisure Goods 48.41 Industrials 15.48 Forestry & Paper 8.60 FTSE 100 Price Change FTSE 100 Price Change
Jul 19 chge% Index Jul 18 Jul 17 ago yield% Cover ratio adj Return FT 30 Div Yield 1.90 1.90 1.89 1.89 1.90 0.00 3.93 2.74 Software & Comp Serv 30.48 Consumer Goods 14.49 Pharmace & Biotech 8.28 3I Group PLC 1116.5 3.00 Land Securities Group PLC 845.40 2.80
FTSE 100 (100) 7508.70 0.21 6522.12 7493.09 7535.46 7678.79 4.30 1.44 16.18 182.44 6809.65 P/E Ratio net 23.50 23.54 23.57 23.60 23.45 0.00 19.44 14.26 Industrial Metals & 30.36 Food Producers 13.25 Tobacco 7.52 Admiral Group PLC 2281 6.00 Legal & General Group PLC 269.10 -2.30
FTSE 250 (250) 19621.66 0.44 17043.54 19535.13 19614.20 20925.68 3.15 1.46 21.79 325.69 15072.73 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Technology 30.02 Equity Invest Instr 12.59 Aerospace & Defense 7.47 Anglo American PLC 2234 49.50 Lloyds Banking Group PLC 56.79 -0.60
FTSE 250 ex Inv Co (192) 20580.73 0.49 17876.60 20479.45 20559.79 22408.34 3.35 1.52 19.61 360.11 16155.89 FT 30 hourly changes Electronic & Elec Eq 24.94 Consumer Services 11.77 FTSE SmallCap Index 7.32 Antofagasta PLC 934.00 35.40 London Stock Exchange Group PLC 5752 -18.00
FTSE 350 (350) 4156.95 0.25 3610.77 4146.76 4169.13 4280.05 4.11 1.44 16.88 95.89 7538.20 8 9 10 11 12 13 14 15 16 High Low Tech Hardware & Eq 21.24 FTSE 250 Index 11.71 Travel & Leisure 6.02 Ashtead Group PLC 2211 22.00 Marks And Spencer Group PLC 206.10 0.90
FTSE 350 ex Investment Trusts (291) 4108.43 0.25 3568.62 4098.34 4120.42 4237.94 4.18 1.44 16.61 96.44 3842.30 3034.4 3046.1 3045.8 3028.4 3021.8 3034.4 3033.9 3033.1 3036.3 3051.3 3020.2 Financial Services 20.65 NON FINANCIALS Index 11.66 Industrial Transport 5.12 Associated British Foods PLC 2343 -2.00 Melrose Industries PLC 183.05 -0.45
FTSE 350 Higher Yield (109) 3675.97 0.39 3192.98 3661.53 3673.18 3878.85 5.80 1.32 13.04 111.34 7174.57 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Food & Drug Retailer 20.61 FTSE 100 Index 11.56 Banks 5.10 Astrazeneca PLC 6390 -12.00 Micro Focus International PLC 1657.2 -15.00
FTSE 350 Lower Yield (241) 4286.36 0.09 3723.17 4282.62 4315.84 4288.49 2.31 1.76 24.62 64.68 4932.99 Beverages 20.58 Household Goods & Ho 11.54 Real Est Invest & Se 4.44 Auto Trader Group PLC 544.60 -5.20 Mondi PLC 1762.5 -16.50
FTSE SmallCap (281) 5552.78 0.03 4823.19 5550.97 5573.48 5903.13 3.69 0.73 37.17 101.65 8481.09 Personal Goods 20.09 Health Care Eq & Srv 11.43 Electricity 2.56
FTSE SmallCap ex Inv Co (156) 4431.43 -0.02 3849.18 4432.46 4447.54 5059.02 4.18 1.41 17.02 84.18 7121.05 FX: EFFECTIVE INDICES Life Insurance 19.13 FTSE All{HY-}Share Index 11.43 Chemicals 2.50
Aveva Group PLC 4002 -24.00 Morrison (Wm) Supermarkets PLC 209.40 1.00
Aviva PLC 419.80 -1.20 National Grid PLC 834.80 2.80
FTSE All-Share (631) 4098.32 0.24 3559.84 4088.57 4110.44 4224.50 4.10 1.42 17.21 93.84 7509.90 Industrial Eng 19.00 General Retailers 11.27 Utilities 2.15
Jul 18 Jul 17 Mnth Ago Jul 19 Jul 18 Mnth Ago Bae Systems PLC 523.20 6.00 Next PLC 5460 20.00
FTSE All-Share ex Inv Co (447) 4021.93 0.24 3493.48 4012.26 4033.72 4157.24 4.18 1.44 16.62 94.05 3821.39 Construct & Material 18.57 Oil & Gas Producers 11.15 Gas Water & Multi 2.03 Barclays PLC 155.62 -0.70 Nmc Health PLC 2300 42.00
FTSE All-Share ex Multinationals (563) 1153.52 0.21 830.44 1151.04 1153.49 1256.29 3.92 1.35 18.84 25.51 2220.37 Australia - - - Sweden - - - Mining 18.39 Oil & Gas 10.96 Oil Equipment & Serv 0.31 Barratt Developments PLC 634.00 2.60 Ocado Group PLC 1194.5 54.00
FTSE Fledgling (103) 9530.67 -0.07 8278.42 9537.75 9555.42 11157.51 5.17 -0.19 -101.07 162.05 18911.87 Canada - - - Switzerland - - - Basic Materials 16.60 Financials 10.78 Automobiles & Parts -10.65 Berkeley Group Holdings (The) PLC 3756 -73.00 Pearson PLC 882.20 4.00
FTSE Fledgling ex Inv Co (46) 11458.40 -0.48 9952.87 11514.19 11524.45 16260.51 13.58 -0.19 -38.07 228.29 22342.73 Denmark - - - UK 76.15 75.79 76.84 Support Services 16.19 Nonlife Insurance 10.28 Mobile Telecomms -11.33 Bhp Group PLC 2028.5 31.30 Persimmon PLC 1974 -4.00
FTSE All-Small (384) 3855.58 0.03 3348.99 3854.55 3869.70 4118.32 3.77 0.66 40.36 70.28 7556.54 Japan - - - USA - - - Media 15.84 Real Est Invest & Tr 8.75 Telecommunications -13.22 BP PLC 517.70 2.00 Phoenix Group Holdings PLC 716.00 2.20
FTSE All-Small ex Inv Co (202) 3310.80 -0.04 2875.79 3312.03 3323.05 3810.73 4.47 1.26 17.81 62.94 6739.97 New Zealand - - - Euro - - - Health Care 8.64 Fixed Line Telecomms -16.93 British American Tobacco PLC 3093 -11.50 Prudential PLC 1715.5 -4.00
FTSE AIM All-Share (773) 914.24 0.38 794.12 910.75 918.56 1094.57 1.67 1.42 42.34 7.40 1034.22 Norway - - -
British Land Company PLC 537.80 0.60 Reckitt Benckiser Group PLC 6583 -60.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Bt Group PLC 188.98 -0.60 Relx PLC 1940 5.00
Oil & Gas (13) 9425.32 0.55 8186.92 9373.83 9524.24 10141.65 5.46 1.37 13.36 259.75 9729.38 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bunzl PLC 2175 30.00 Rentokil Initial PLC 419.80 0.80
Oil & Gas Producers (9) 9121.47 0.53 7922.99 9073.18 9216.78 9780.99 5.47 1.38 13.25 250.52 9754.62 Burberry Group PLC 2328 -4.00 Rightmove PLC 512.20 -5.00
Oil Equipment Services & Distribution (4)10688.31 1.57 9283.96 10522.64 10829.51 13857.99 4.97 0.76 26.40 355.08 8989.06 FTSE GLOBAL EQUITY INDEX SERIES Carnival PLC 3512 6.00 Rio Tinto PLC 4851 71.00
Basic Materials (26) 6845.81 1.45 5946.33 6748.02 6856.69 6130.07 4.51 2.50 8.86 163.69 7647.78 Centrica PLC 90.26 0.52 Rolls-Royce Holdings PLC 863.20 7.20
Chemicals (8) 14032.78 1.33 12189.00 13848.85 14253.19 17312.57 2.38 2.16 19.47 239.14 13147.92 Jul 18 No of US $ Day Mth YTD Total
YTD Gr Div Jul 18 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2735 -9.00 Royal Bank Of Scotland Group PLC 228.10 -2.60
Forestry & Paper (1) 21650.55 -0.93 18805.85 21853.23 22092.77 25108.49 3.75 3.36 7.93 576.00 25159.30 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1961.5 9.50 Royal Dutch Shell PLC 2542.5 11.50
Industrial Metals & Mining (2) 6548.58 0.90 5688.15 6489.95 6579.45 5061.30 12.08 1.66 4.99 273.23 7330.33 FTSE Global All Cap 8901 593.35 0.0 2.2 15.6 887.02
17.3 2.4 Oil & Gas Producers 108 351.33 -0.7 -0.7 7.0 624.53 9.4 4.1 Crh PLC 2651 4.00 Royal Dutch Shell PLC 2539 18.00
Mining (15) 19698.54 1.58 17110.32 19393.07 19684.14 16841.88 4.56 2.55 8.59 473.88 11564.47 FTSE Global Large Cap 1774 527.43 0.0 2.2 15.4 811.02
17.3 2.5 Oil Equipment & Services 34 260.11 -0.3 -0.3 16.7 407.06 19.6 4.6 Croda International PLC 4836 16.00 Rsa Insurance Group PLC 577.20 1.60
FTSE Global Mid Cap 2150 779.69 0.0 2.3 15.9 1099.55
17.4 2.2 Basic Materials 355 491.62 -0.4 -0.4 9.8 798.89 12.0 3.4 Dcc PLC 6884 4.00 Sage Group PLC 803.40 4.40
Industrials (105) 5451.31 0.60 4735.06 5418.84 5485.60 5891.72 2.59 0.97 39.72 77.86 5910.48
Construction & Materials (15) 6143.30 0.05 5336.12 6140.08 6205.94 6788.37 2.78 0.32 111.29 110.61 6884.94 FTSE Global Small Cap 4977 811.86 -0.1 1.8 15.9 1103.57
17.3 2.0 Chemicals 163 712.71 -0.5 -0.5 7.7 1155.70 9.8 2.9 Diageo PLC 3387 -12.50 Sainsbury (J) PLC 205.90 4.70
Aerospace & Defense (10) 4983.71 0.96 4328.89 4936.18 4983.53 5944.89 2.72 -0.47 -78.56 76.35 5595.80 FTSE All-World 3924 347.63 0.0 2.2 15.5 549.65
17.3 2.5 Forestry & Paper 21 241.85 -0.8 -0.8 -2.4 440.76 0.3 4.3 Direct Line Insurance Group PLC 335.00 -1.30 Schroders PLC 2947 -21.00
General Industrials (6) 4793.50 -0.41 4163.68 4813.08 4864.18 5503.47 3.28 1.06 28.75 67.20 5794.32 FTSE World 2596 618.13 0.0 2.2 15.9 1311.70
17.7 2.5 Industrial Metals & Mining 94 368.37 -0.7 -0.7 2.9 598.23 5.0 4.5 Evraz PLC 645.00 6.40 Scottish Mortgage Investment Trust PLC 548.50 1.00
Electronic & Electrical Equipment (10) 9382.00 0.52 8149.29 9333.27 9500.50 8635.16 1.51 2.26 29.29 83.75 8873.45 FTSE Global All Cap ex UNITED KINGDOM In 8587 620.47 0.0 2.3 15.9 911.72
17.6 2.3 Mining 77 709.94 0.1 0.1 21.3 1167.00 23.9 3.5 Experian PLC 2408 28.00 Segro PLC 751.60 -3.80
Industrial Engineering (12) 13757.00 0.43 11949.45 13697.68 13925.15 14792.33 2.39 1.56 26.81 224.00 17581.04 FTSE Global All Cap ex USA 7075 485.05 -0.5 1.7 10.7 786.59
13.0 3.2 Industrials 752 416.21 -0.3 -0.3 18.7 624.78 20.2 2.0 Ferguson PLC 5888 84.00 Severn Trent PLC 2041 4.00
Industrial Transportation (6) 3662.72 0.85 3181.47 3631.73 3665.16 5247.52 5.92 0.91 18.55 60.67 3564.31 FTSE Global All Cap ex JAPAN 7562 612.96 0.1 2.3 16.5 925.37
18.3 2.4 Construction & Materials 148 502.92 -1.0 -1.0 14.0 791.31 15.8 2.4 Flutter Entertainment PLC 6970 102.00 Smith & Nephew PLC 1733 -4.00
Support Services (46) 8296.55 0.83 7206.46 8228.66 8334.81 8449.46 2.34 1.64 26.10 106.67 9033.82 FTSE Global All Cap ex Eurozone 8231 620.28 0.0 2.3 15.9 907.87
17.5 2.3 Aerospace & Defense 35 862.95 -0.7 -0.7 22.2 1279.58 23.6 1.9 Fresnillo PLC 794.80 -18.60 Smith (Ds) PLC 357.20 -6.20
FTSE Developed 2173 563.12 0.0 2.1 16.1 848.73
17.9 2.4 General Industrials 65 214.58 0.5 0.5 13.3 350.35 15.0 2.3 Glaxosmithkline PLC 1646.4 -3.40 Smiths Group PLC 1586 6.00
Consumer Goods (42) 20356.62 -0.46 17681.94 20451.06 20248.99 20855.26 4.05 1.40 17.62 444.77 16313.47
FTSE Developed All Cap 5706 589.78 0.0 2.1 16.1 877.01
17.9 2.3 Electronic & Electrical Equipment 133 439.32 -1.0 -1.0 17.1 598.97 18.2 1.6 Glencore PLC 272.25 2.60 Smurfit Kappa Group PLC 2542 -18.00
Automobiles & Parts (2) 6248.08 1.90 5427.14 6131.46 6188.12 9999.22 1.08 5.11 18.12 71.99 6327.36
FTSE Developed Large Cap 909 523.18 0.0 2.2 16.1 801.87
17.9 2.5 Industrial Engineering 151 736.43 -1.2 -1.2 11.6 1096.45 13.4 2.5 Halma PLC 1993 7.00 Spirax-Sarco Engineering PLC 8770 -10.00
Beverages (5) 26824.56 -0.35 23300.04 26918.38 27180.90 23119.72 2.00 1.72 28.94 230.70 19860.78
FTSE Developed Europe Large Cap 237 359.74 -0.2 0.8 12.3 648.76
15.5 3.6 Industrial Transportation 129 722.38 0.9 0.9 17.3 1089.49 18.9 2.3 Hargreaves Lansdown PLC 2070 20.00 Sse PLC 1159 -5.00
Food Producers (11) 7384.92 0.19 6414.60 7371.00 7339.18 7391.68 2.46 1.98 20.56 106.06 6690.43
FTSE Developed Europe Mid Cap 347 575.70 -0.6 0.9 11.0 916.38
13.6 3.1 Support Services 91 481.57 -0.1 -0.1 30.2 686.27 31.4 1.4 Hiscox LTD 1723 3.00 St. James's Place PLC 1098 -13.50
Household Goods & Home Construction (15)13855.00 -0.63 12034.57 13942.45 13978.52 14037.55 4.52 1.83 12.08 415.09 10741.64
FTSE Dev Europe Small Cap 740 793.36 -0.6 0.7 10.9 1219.16
13.5 3.1 Consumer Goods 549 484.67 0.0 0.0 14.5 757.03 16.4 2.7 HSBC Holdings PLC 662.70 1.30 Standard Chartered PLC 713.20 -1.00
Leisure Goods (2) 13312.74 0.01 11563.56 13310.89 13202.93 9918.09 3.46 1.30 22.26 217.80 13392.16
FTSE North America Large Cap 269 643.53 0.3 2.6 19.3 913.62
20.7 2.0 Automobiles & Parts 136 349.65 -1.1 -1.1 3.3 533.13 5.7 3.5 Imperial Brands PLC 2145 2.50 Standard Life Aberdeen PLC 301.90 1.40
Personal Goods (5) 37572.87 -0.91 32636.12 37918.49 38040.63 33633.71 2.63 0.72 52.87 519.74 26972.26
FTSE North America Mid Cap 407 901.91 0.4 2.8 21.5 1183.81
22.6 1.7 Beverages 64 698.67 -0.2 -0.2 16.9 1099.47 18.4 2.3 Informa PLC 836.20 7.00 Taylor Wimpey PLC 165.00 0.10
Tobacco (2) 34284.92 -0.26 29780.18 34374.81 32666.68 44501.97 6.99 1.22 11.69 1219.09 24990.05
FTSE North America Small Cap 1355 907.10 0.3 1.8 20.2 1152.77
21.2 1.5 Food Producers 130 656.69 0.3 0.3 17.4 1049.77 19.5 2.3 Intercontinental Hotels Group PLC 5514 -5.00 Tesco PLC 238.30 1.60
Health Care (19) 11436.82 -0.15 9934.12 11454.10 11530.60 10558.57 3.65 0.99 27.80 244.55 9493.38
FTSE North America 676 426.14 0.3 2.6 19.7 618.48
21.0 1.9 Household Goods & Home Construction 60 467.55 -0.3 -0.3 16.8 727.51 19.0 2.6 International Consolidated Airlines Group S.A. 450.10 -5.90 Tui AG 804.00 39.20
Health Care Equipment & Services (9) 7875.80 -0.07 6840.99 7881.64 7967.71 7909.56 1.73 2.56 22.55 90.60 7077.80
FTSE Developed ex North America 1497 253.53 -0.6 1.3 10.1 442.89
12.6 3.3 Leisure Goods 44 207.03 -1.5 -1.5 11.9 280.33 12.7 1.3 Intertek Group PLC 5524 26.00 Unilever PLC 5011 -54.00
Pharmaceuticals & Biotechnology (10)15624.22 -0.16 13571.33 15649.42 15745.12 14301.29 3.90 0.89 28.69 355.14 11620.18
FTSE Japan Large Cap 189 357.12 -1.7 1.0 5.6 483.76
7.0 2.6 Personal Goods 102 869.88 -0.3 -0.3 21.4 1267.78 22.7 1.8 Itv PLC 110.20 0.80 United Utilities Group PLC 778.00 13.60
Consumer Services (90) 5266.53 0.45 4574.55 5243.03 5264.67 5561.36 2.96 1.77 19.04 103.81 5254.18 FTSE Japan Mid Cap 323 561.06 -2.3 0.7 1.4 723.94
2.6 2.3 Tobacco 13 999.99 4.6 4.6 12.1 2292.42 15.5 5.9
Food & Drug Retailers (6) 4138.98 1.34 3595.15 4084.05 4103.40 4461.33 2.37 1.97 21.46 69.54 5057.57 Jd Sports Fashion PLC 612.60 1.00 Vodafone Group PLC 129.34 2.44
FTSE Global wi JAPAN Small Cap 827 613.76 -2.5 1.5 3.9 820.08
5.2 2.2 Health Care 277 545.42 0.4 0.4 7.4 818.77 8.9 2.0 Johnson Matthey PLC 3131 85.00 Whitbread PLC 4902 17.00
General Retailers (25) 2018.31 0.14 1753.12 2015.52 2023.07 2509.83 3.54 2.16 13.03 40.14 2481.57
FTSE Japan 512 150.22 -1.8 1.0 4.8 227.99
6.1 2.5 Health Care Equipment & Services 92 1067.10 0.2 0.2 14.7 1270.25 15.4 1.0 Just Eat PLC 626.20 10.00 Wpp PLC 916.80 -21.00
Media (20) 8887.71 -0.05 7719.94 8891.99 8987.43 8514.92 2.88 1.71 20.27 170.80 5821.11
FTSE Asia Pacific Large Cap ex Japan 899 690.07 -0.4 3.3 10.5 1151.99
12.5 2.9 Pharmaceuticals & Biotechnology 185 362.86 0.5 0.5 4.0 574.94 5.8 2.6 Kingfisher PLC 218.60 -2.70
Travel & Leisure (39) 9400.53 0.64 8165.39 9340.45 9327.06 10037.03 3.04 1.61 20.40 197.70 9484.80
FTSE Asia Pacific Mid Cap ex Japan 825 845.98 -0.4 1.5 5.6 1353.02
7.2 3.1 Consumer Services 453 534.80 -0.6 -0.6 19.6 737.10 20.6 1.4
Telecommunications (6) 2071.11 1.07 1798.98 2049.28 2042.37 2642.86 6.44 0.27 56.87 39.57 2632.71 FTSE Asia Pacific Small Cap ex Japan 1757 533.53 -0.2 2.7 6.9 834.36
8.4 2.9 Food & Drug Retailers 65 266.41 -0.1 -0.1 1.6 389.72 3.2 2.6
Fixed Line Telecommunications (4) 2305.93 -0.39 2002.95 2314.95 2318.52 2604.78 7.49 1.42 9.42 3.29 2332.99
Mobile Telecommunications (2) 2948.71 1.78 2561.28 2897.26 2880.52 3971.10 5.94 -0.42 -40.40 81.43 3410.50
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
1724 540.85
3195 748.58
-0.4
-0.3
3.1
3.1
10.0 958.97
11.9
10.5 1188.22
12.8
2.9 General Retailers
3.0 Media
150 864.49
90 375.25
-1.0
-0.2
-1.0
-0.2
24.7 1150.62
21.2 520.78
25.4
22.5
1.0
1.7
UK STOCK MARKET TRADING DATA
Utilities (8) 6609.46 0.41 5741.04 6582.73 6546.15 7240.83 6.68 0.80 18.72 249.33 8558.10 FTSE Emerging Large Cap 865 714.97 -0.4 2.8 10.4 1143.06
12.7 2.9 Travel & Leisure 148 506.53 0.0 0.0 15.9 710.31 17.2 1.8 Jul 19 Jul 18 Jul 17 Jul 16 Jul 15 Yr Ago
Electricity (3) 6819.68 -0.26 5923.63 6837.71 6788.49 8102.15 7.92 0.35 35.59 180.06 11171.38 FTSE Emerging Mid Cap 886 933.25 0.1 4.2 11.7 1475.50
14.0 3.3 Telecommunication 92 152.31 -0.4 -0.4 6.4 312.80 9.4 4.5 - - - - - -
Gas Water & Multiutilities (5) 6199.08 0.60 5384.58 6162.16 6130.84 6628.22 6.33 0.96 16.48 253.72 8028.00 FTSE Emerging Small Cap 1444 730.84 -0.3 4.1 10.1 1108.76
12.0 3.2 Fixed Line Telecommuniations 38 125.00 -0.3 -0.3 5.7 286.32 9.3 5.2 Order Book Turnover (m) 164.84 95.37 135.43 64.52 90.12 90.12
Financials (305) 4973.92 -0.11 4320.39 4979.15 4996.68 5194.28 4.16 1.51 15.90 126.75 5001.37 FTSE Emerging Europe 82 393.80 -0.3 0.5 20.6 694.76
26.7 6.3 Mobile Telecommunications 54 164.59 -0.6 -0.6 7.2 298.28 9.4 3.5 Order Book Bargains 766681.00 798166.00 832901.00 748568.00 717540.00 717540.00
Banks (10) 3822.10 -0.20 3319.91 3829.90 3838.78 4210.61 5.15 1.67 11.64 122.86 3109.86 FTSE Latin America All Cap 235 969.62 0.4 5.2 15.2 1592.99
17.5 3.3 Utilities 189 302.17 0.4 0.4 12.5 632.17 14.9 3.5 Order Book Shares Traded (m) 1281.00 1213.00 1205.00 1102.00 1448.00 1448.00
Nonlife Insurance (8) 3856.59 -0.05 3349.87 3858.52 3854.56 3574.94 3.67 1.56 17.50 87.12 7302.62 FTSE Middle East and Africa All Cap 335 693.56 0.6 2.8 9.0 1151.63
11.4 3.4 Electricity 130 338.44 0.4 0.4 13.1 697.24 15.3 3.3 Total Equity Turnover (£m) 4462.67 6948.14 5231.83 3767.29 4290.60 4290.60
Life Insurance/Assurance (7) 8094.48 -0.39 7030.94 8126.20 8181.64 8619.64 4.56 1.68 13.08 248.62 8653.37 FTSE Global wi UNITED KINGDOM All Cap In 314 329.73 -0.1 0.2 9.2 599.38
11.9 4.2 Gas Water & Multiutilities 59 305.42 0.4 0.4 11.3 661.09 14.2 3.8 Total Mkt Bargains 892702.00 919050.00 951303.00 865150.00 838939.00 838939.00
Real Estate Investment & Services (18) 2404.71 -0.32 2088.75 2412.48 2425.45 2721.44 2.42 2.23 18.56 29.04 6754.06 FTSE Global wi USA All Cap 1826 733.93 0.4 2.6 19.8 1007.72
21.0 1.8 Financials 840 250.86 0.2 0.2 14.7 437.28 17.3 3.2 Total Shares Traded (m) 3298.00 3676.00 3666.00 3424.00 3714.00 3714.00
Real Estate Investment Trusts (40) 2608.35 -0.20 2265.64 2613.56 2613.63 2809.22 4.43 0.72 31.48 67.54 3553.38 FTSE Europe All Cap 1480 421.34 -0.3 0.8 12.2 731.68
15.3 3.6 Banks 277 200.91 0.2 0.2 9.1 381.28 12.3 4.2 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (38) 9655.49 0.12 8386.84 9643.52 9683.99 9275.74 3.49 1.91 15.00 189.22 11876.80 FTSE Eurozone All Cap 670 406.29 -0.6 1.0 12.1 707.82
15.4 3.3 Nonlife Insurance 72 293.54 0.1 0.1 14.6 447.82 16.8 2.2 (c) Market closed.
Equity Investment Instruments (184) 10734.39 0.19 9323.98 10713.83 10771.08 10482.12 2.50 0.82 48.55 149.29 6188.46 FTSE RAFI All World 3000 3296 6751.48 -0.1 1.7 11.0 9510.26
13.3 3.3 Life Insurance 60 239.04 0.2 0.2 19.5 407.84 22.1 3.1
Non Financials (326) 4884.69 0.36 4242.89 4867.14 4896.34 5011.96 4.07 1.39 17.72 107.40 7837.79 FTSE RAFI US 1000 1067 11969.25 0.4 2.2 15.8 16491.67
17.5 2.5 Financial Services 203 345.31 0.6 0.6 24.5 494.27 25.9 1.8
Technology (17) 2239.92 0.07 1945.62 2238.40 2272.35 1870.53 2.83 0.74 47.85 40.98 3043.28 FTSE EDHEC-Risk Efficient All-World 3924 407.84 0.0 2.2 13.8 595.51
15.5 2.5 Technology 264 315.80 0.2 0.2 24.9 398.50 25.9 1.3 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 2503.46 0.08 2174.53 2501.48 2541.55 2086.94 2.88 0.69 50.35 46.65 3597.90 FTSE EDHEC-Risk Efficient Developed Europe 584 313.56 -0.3 0.8 9.9 508.40
12.5 3.2 Software & Computer Services 134 568.13 -0.2 -0.2 26.1 674.23 26.6 0.7 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (3) 2993.30 -0.17 2600.00 2998.39 2989.80 2577.52 1.80 2.39 23.29 32.78 3628.17 Oil & Gas 153 359.99 -0.6 0.2 8.5 626.27
11.0 4.2 Technology Hardware & Equipment 130 225.89 0.8 0.8 23.4 301.32 25.1 2.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Alternative Energy 11 111.23 -0.2 -0.2 17.8 155.65 19.3 1.4 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 145 358.23 -0.3 -0.3 12.4 633.40 14.7 2.9 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7424.73 7432.37 7428.81 7398.16 7390.61 7392.49 7399.50 7404.65 7410.61 7439.02 7375.85 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 19299.79 19298.02 19299.12 19265.01 19245.92 19236.14 19265.47 19283.01 19312.82 19324.21 19228.82 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 5566.85 5559.06 5563.35 5569.41 5564.08 5565.20 5564.87 5566.63 5564.87 5569.90 5558.23
FTSE All-Share 4051.12 4054.23 4052.81 4038.33 4034.23 4034.77 4038.81 4041.70 4045.26 4056.95 4027.34 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:07:41:45 Day's Low10:04:45 FTSE 100 2010/11 High: 7523.07(23/04/2019) Low: 6692.66(03/01/2019) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE All-Share Day's high:07:43:00 Day's Low10:05:00 FTSE 100 2010/11 High: 4115.59(23/04/2019) Low: 3657.52(03/01/2019) Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Artemis Alpha Trust Pre 13.548L 14.889 33.390L 36.120 0.00000 3.00000 - 2.000 4.750 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- BTG Pre 914.100 822.800 108.200 105.100L 0.288 0.041 0.00000 0.00000 - 0.000 0.000 06/25 106.00 AIM AGFX Argentex Group PLC 138.40 -2.90 155.00 126.00 15667.9
There are currently no rights offers by any companies listed on the LSE. Herald Investment Trust Int 153.007 89.796 223.370 128.140 0.00000 0.00000 - 0.000 0.000 06/21 350.00 TRN Trainline PLC 408.50 -1.50 451.00 400.00 196358.0
Maven Income and Growth VCT 5 Int 0.188 1.339 0.170 1.760 0.00000 3.70000 - 0.500 4.900 06/20 20.50 HTSC ?????????? 25.19 0.53 25.30 21.00 22859.5
А
П
П
РУ
w АГ
N ИЛ
SN s"
В

S
О

W
e
VK Wh ОТ

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
s
Г

'
Д

/W

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.
.C at
О

M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
14 ★ FTWeekend 20 July/21 July 2019

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T♦ 32.90 -0.19 34.37 26.80 5.89 12.89 240101.25 Lockheed 357.30 1.09 373.37 241.18 2.26 19.04 100950.07
ANZ 27.38 0.26 30.39 22.98 5.65 13.13 54696.41 Nokia 4.58 0.03 5.74 4.17 3.98 -39.76 28976.43 AstellasPh 1562.5 45.00 2056 1356 2.27 14.55 27392.68 AtlasCpcoB 259.80 7.10 287.50 187.68 1.20 18.83 10815.88 AutomData 167.55 -0.23 170.45 121.40 1.70 45.00 72920.31 Lowes 103.33 -0.43 118.23 84.75 1.78 36.39 80894.85
BHPBilltn 41.06 -0.06 42.33 30.31 3.95 17.76 85244.37 SampoA 41.22 -0.50 44.94 37.61 6.06 14.08 25633.36 Bridgestne 4231 68.00 4661 3906 3.53 11.80 29905.89 Ericsson 83.96 2.12 96.74 68.70 1.15 -84.06 27520.98 Avago Tech 291.19 1.41 323.20 202.77 2.90 36.80 115913.05 Lyondell 85.56 -0.16 116.63 73.94 4.49 8.03 31685.2
CmwBkAu 82.09 0.71 83.99 65.23 5.15 16.83 102413.75 France (€) Canon 3092 56.00 3679 2876.5 4.83 15.75 38277.3 H&M 168.68 2.06 173.00 120.50 5.65 23.78 26286.37 BakerHu 23.62 0.31 35.55 20.09 2.93 72.39 12177.49 Marathon Ptl 54.89 -0.47 88.45 45.47 3.34 11.02 36371.1
CSL 224.78 0.35 232.69 173.00 1.00 40.19 71783.52 Airbus Grpe 131.50 -0.60 133.86 77.50 1.10 38.04 114822.77 CntJpRwy 21970 580.00 26255 20875 0.62 10.51 42006.87 Investor 460.90 5.10 464.40 366.10 2.52 16.42 22397.24 BankAm 29.52 0.04 31.91 22.66 1.85 11.43 280634.62 Marsh&M♦ 100.95 -0.61 103.36 74.30 1.54 31.98 51620.2
NatAusBk 27.51 0.59 29.00 22.52 6.96 13.84 55894.9 AirLiquide 121.90 -0.45 124.35 102.05 2.17 24.72 58655.31 Denso 4724 148.00 6036 4081 2.77 15.49 34548.47 Nordea Bk 64.55 -0.57 99.34 64.30 10.80 9.40 27890.76 Baxter 83.43 0.35 83.93 61.05 0.87 29.57 42563.36 MasterCard♦ 277.92 1.14 280.63 171.89 0.29 48.35 280659.39
Telstra 3.84 0.03 3.91 2.71 3.83 15.00 32186.24 AXA 23.58 -0.06 23.99 18.43 5.34 24.43 63902.35 EastJpRwy 10085 171.00 10940 9063 1.39 13.96 35740.46 SEB 93.54 0.90 100.50 78.88 6.37 10.97 21655.86 BB & T 50.57 -0.47 53.08 40.68 3.02 13.37 38728.74 McDonald's 214.76 -1.15 216.26 153.13 1.94 29.68 163982.89
Wesfarmers 38.45 0.33 38.80 30.40 5.69 12.79 30724.45 BNP Parib 42.00 -0.38 56.93 38.14 6.90 7.28 58898.78 Fanuc 18875 425.00 22800 15570 2.36 25.41 35744.39 SvnskaHn 92.52 0.04 113.00 90.96 5.76 10.35 18911.02 BectonDick 252.01 -1.82 264.68 208.62 1.16 75.47 67975.14 McKesson 138.63 -1.05 148.23 106.11 1.05 849.80 25836.67
Westpc 27.88 0.30 30.44 23.30 6.52 14.42 68571.76 ChristianDior 485.40 -2.80 498.20 310.20 1.11 34.06 98324.95 FastRetail 68440 -240.00 70230 46450 0.69 43.03 67381.48 Swedbank 135.50 0.90 221.70 127.20 10.16 7.32 16364.49 BerkshHat 311053 -950.00 335900 279410 - 19.83 224926.78 Medtronic♦ 101.61 0.27 102.74 81.66 1.89 31.07 136274.93
Woolworths 34.33 0.25 34.84 27.03 2.66 28.20 30452.9 Cred Agr 10.79 - 13.12 9.10 5.61 8.32 34708.23 Fuji Hvy Ind 2668.5 43.50 3498 2208.5 5.04 14.82 19050.92 Telia Co 42.68 -0.22 43.96 38.30 5.23 20.86 19167.85 Biogen 233.41 1.18 388.67 216.12 - 10.49 45256.66 Merck 81.79 -0.90 87.07 62.01 2.42 26.89 210580.17
Belgium (€) Danone 75.30 -0.44 76.70 60.20 2.52 20.74 57974.15 Hitachi 3963 81.00 4198 762.20 1.25 17.70 35579.48 Volvo 150.10 7.85 162.20 112.85 3.23 10.54 26439.86 BkNYMeln 45.64 0.78 54.50 42.13 2.27 12.26 43696.3 Metlife 50.17 0.17 50.94 37.76 3.21 10.21 47675.28
AnBshInBv 83.61 4.39 91.14 56.39 3.41 28.14 158871.49 EDF 11.05 -0.07 15.73 10.78 4.16 55.24 37832.82 HondaMtr 2808 56.50 3519 2610 3.69 8.69 47210.79 BlackRock 475.05 -0.09 513.00 360.79 2.51 18.67 73405.56 Microsoft 138.25 1.83 140.67 93.96 1.22 32.021059384.58
Switzerland (SFr)
KBC Grp 57.92 -0.48 68.70 54.66 4.97 10.64 27049.12 Engie SA 13.75 -0.08 14.28 11.31 5.24-196.41 37576.91 JapanTob 2452 55.50 3196 2376 5.71 11.68 45516.98 Boeing 374.47 13.36 446.01 292.47 1.84 22.36 210688.21 Mnstr Bvrg 64.20 -0.77 66.38 47.74 - 35.97 34897.59
ABB 18.57 0.12 23.54 18.03 - 27.75 40988
Esslr Intl 128.75 1.30 129.55 100.60 1.20 31.22 32686.21 KDDI 2896 36.50 3173 2331.5 3.39 11.97 63311.31 BrisMySq♦ 43.58 -0.47 63.69 43.48 3.57 14.46 71284.06 MondelezInt 55.15 -0.08 55.85 38.79 1.74 26.01 79443.78
Brazil (R$) CredSuisse 12.14 -0.14 16.25 10.36 1.95 16.03 31589.11
Hermes Intl 640.80 1.00 649.60 462.40 0.64 47.85 75915.3 Keyence 65880 1470 73870 50780 0.28 37.82 74357.35 CapOne 91.43 2.67 101.26 69.90 1.68 7.88 42935.21 Monsanto 127.95 0.02 127.97 114.19 1.64 23.62 56462.29
Ambev 18.24 -0.01 20.30 14.54 2.43 28.02 76650.91 Nestle 102.60 -1.10 104.28 77.74 2.24 31.21 310839.45
LOreal 248.00 -2.60 257.80 182.00 1.43 35.83 156282.23 MitsbCp 2921.5 51.00 3638 2773 4.00 8.42 43116.86 CardinalHlth 44.92 -0.27 58.31 42.01 4.07 246.38 13388.85 MorganStly 44.53 0.10 51.53 36.74 2.48 9.94 74901.49
Bradesco 34.19 -0.27 35.89 19.73 0.87 18.34 36833.48 Novartis 92.70 0.24 94.40 69.22 2.90 18.42 238509.27
LVMH 382.30 -0.55 389.45 243.50 1.41 30.31 216837.86 MitsubEst 2041.5 15.00 2127 1657 1.37 22.54 26360.51 Carnival 45.70 0.21 67.69 44.76 4.34 10.86 24080.17 MylanNV 18.03 0.18 39.59 16.63 - 40.83 9291.31
Cielo♦ 6.71 0.01 17.38 6.25 17.64 6.83 4870.98 Richemont 85.54 -0.68 89.58 60.44 2.06 16.40 45456.46
Orange 13.23 -0.04 15.22 13.15 5.29 21.33 39478.01 MitsubishiEle 1420 36.00 1600.5 1146 2.63 12.75 28299.86 Caterpillar♦ 136.37 2.51 159.37 112.06 2.36 13.19 77983.92 Netflix 321.65 -3.56 386.80 231.23 - 119.71 140631.8
ItauHldFin 31.28 -0.45 91.08 27.19 2.98 13.09 41441.09 Roche 264.65 -6.55 283.30 229.20 3.07 22.16 189283.54
PernodRic 157.25 0.25 165.45 128.35 1.50 28.74 46837.7 MitsuiFud 2531 27.50 2857 2346 1.62 15.83 23290.29 CBS 51.33 - 59.56 41.38 1.35 6.66 18065.82 NextEraE 210.61 -1.75 212.50 164.25 2.09 36.76 100868.57
Petrobras 30.00 -0.07 33.70 20.32 0.77 17.77 59658.12 Swiss Re 96.78 -0.24 102.95 85.88 5.04 73.25 32257.18
Renault 51.06 -0.32 78.96 49.86 6.95 4.21 16944.69 MitUFJFin 522.90 6.70 740.90 493.00 3.93 10.23 66334.47 Celgene 90.39 -0.52 98.97 58.59 - 14.38 63748.41 Nike 87.45 0.01 90.00 66.53 0.90 36.34 109894.3
Vale 53.06 0.47 62.42 40.51 2.69 21.11 40122.58 Swisscom 482.30 -1.80 499.40 427.00 4.32 17.24 25434.26
Safran 133.30 3.35 133.95 101.00 1.20 45.33 65186.93 Mizuho Fin 157.30 1.40 205.00 150.10 4.45 50.57 37073.05 CharlesSch 42.60 1.12 54.07 37.83 1.19 17.14 56864.73 NorfolkS 195.97 0.11 211.46 138.65 1.56 20.24 52121.27
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.04 43035.76
Sanofi 74.57 0.57 80.28 71.74 4.06 21.67 104771.72 Murata Mfg 4609 67.00 16430 4328 3.78 45.77 28909.59 Charter Comms 411.02 -4.61 417.13 271.56 - 76.08 91824.07 Northrop 323.59 2.45 330.26 223.63 1.42 17.98 54945.48
BCE 59.77 -0.33 62.75 50.72 4.80 19.95 41139.35 UBS 11.83 -0.10 16.42 11.24 5.24 11.72 46455.58
Sant Gbn 34.14 -0.01 39.13 28.18 3.81 44.92 20940.66 NipponTT 5092 59.00 5447 4050 2.86 12.14 92179.41 Chevron Corp 124.91 0.23 128.55 100.22 3.50 18.00 237920.78 NXP 97.05 -0.07 108.51 67.62 0.74 15.61 31899.84
BkMontrl 98.91 -0.19 109.00 86.25 3.70 11.26 48318.75 Zurich Fin 349.00 0.20 350.30 282.40 5.22 14.57 53154.03
Schneider 76.30 0.20 81.18 57.58 2.88 18.14 49831.44 Nissan Mt 764.60 14.10 1108.5 722.00 6.96 10.03 29953.19 Chubb 149.47 -1.16 152.29 119.54 1.87 18.46 68437.94 Occid Pet 51.96 0.95 84.93 47.00 5.74 10.20 38855.99
BkNvaS♦ 69.38 0.01 78.60 66.36 4.56 11.11 64830.85 Nomura 368.40 9.30 565.90 330.70 1.52 -13.18 11945.68 Taiwan (NT$) Cigna 174.45 -2.49 226.61 141.95 0.02 17.51 66196.39 Oracle♦ 58.02 -0.10 60.50 42.40 1.38 19.69 193544.22
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 63.21 -0.24 65.06 49.87 1.21 16.04 48108.33 Nppn Stl 1782 8.00 2435 1762.5 4.19 6.77 15718.14 Chunghwa Telecom 112.00 - 117.50 96.30 4.14 24.19 27990.34 Cisco♦ 57.66 -0.08 58.26 40.25 2.23 20.95 246827.07 Pepsico 131.37 -1.51 135.24 104.53 2.80 14.84 183677.53
SocGen 22.37 -0.35 38.44 20.81 9.44 5.88 21281.07
CanadPcR 311.58 -3.05 323.71 228.35 0.88 19.30 33320.4 NTTDCMo 2641.5 49.00 3095 2257.5 3.89 15.06 81771.06 Formosa PetChem♦ 106.50 0.50 151.00 100.50 5.72 20.56 32683.57 Citigroup 71.32 -0.47 75.24 48.42 2.25 10.80 164925.2 Perrigo 51.81 0.40 80.66 36.28 1.41 63.52 7045.71
Total 48.20 0.17 56.82 44.84 5.16 12.78 144251.32
CanImp♦ 102.90 0.52 125.21 99.51 4.94 9.71 34997.97 Panasonic 917.80 24.80 1490.5 845.10 3.05 8.07 20896.73 HonHaiPrc 79.30 0.30 107.50 67.00 3.05 10.27 35416.2 CME Grp 206.79 0.53 207.84 158.35 1.32 40.36 74025.01 Pfizer 43.08 0.02 46.47 37.12 3.07 23.02 239143.99
UnibailR 190.00 0.35 236.45 177.35 5.82 23.36 22215.04
CanNatRs 33.93 0.05 47.93 30.11 3.82 14.74 30921.39 Seven & I 3735 41.00 5203 3573 2.50 15.83 30730.1 MediaTek♦ 304.50 2.50 326.50 199.50 3.17 22.95 15594.79 Coca-Cola 51.76 -0.28 52.47 44.25 2.91 32.89 220792.79 Phillips66 102.07 0.15 123.97 78.44 3.01 9.52 46293.97
Vinci 93.00 -0.14 94.96 70.18 2.70 17.48 62710.36
CanNatRy 120.36 -0.47 127.96 96.46 1.48 21.54 66332.78 ShnEtsuCh 9988 403.00 11335 7982 1.87 14.73 39641.13 TaiwanSem 259.00 5.00 286.00 206.50 2.99 20.76 216361.54 Cognizant 65.77 -0.17 83.30 56.73 1.17 19.64 37438.89 PhilMorris 89.76 2.05 92.74 64.67 4.87 18.90 139648.86
Vivendi 24.91 -0.10 26.69 20.40 1.81 248.79 35202.57
Enbridge 47.07 -0.22 51.22 39.40 5.49 23.42 72846.01 Softbank 5091 144.00 6045 3401.5 0.40 8.68 98749.27 Thailand (THB) ColgtPlm♦ 73.41 -0.48 74.67 57.41 2.20 28.54 63019.29 PNCFin♦ 139.38 0.50 147.23 108.45 2.48 13.34 62922.86
GtWesLif 29.87 0.19 34.42 26.83 4.97 10.89 21198.15 Germany (€)
Sony 5838 98.00 6973 4507 0.56 8.83 68891.32 PTT Explor 47.75 - 55.25 45.00 3.90 13.54 44307.21 Comcast♦ 44.11 -0.45 45.26 32.61 1.70 17.41 199223.62 PPG Inds 118.64 1.64 121.29 94.37 1.53 22.90 28011.11
ImpOil 35.98 -0.14 44.69 33.52 1.98 14.62 21066.61 Allianz 215.70 0.25 219.05 170.46 3.56 12.81 102743.71
SumitomoF 3829 45.00 4775 3483 4.39 10.35 49733.69 United Arab Emirates (Dhs) ConocPhil♦ 60.01 -0.01 79.96 56.75 1.89 10.14 67821.86 Praxair 164.50 -0.99 169.75 140.00 2.03 13.79 47306.22
Manulife 24.29 0.15 25.18 18.33 3.64 9.44 36416.75 BASF 60.80 0.37 84.91 57.35 4.90 16.33 62667.35
Takeda Ph 3746 45.00 4943 3498 4.49 35.53 54808.18 Emirtestele 17.34 0.50 17.40 15.20 4.42 17.57 41055.11 Corning 33.37 0.21 36.56 27.67 2.13 14.49 26187.25 Priceline 1905.64 -1.38 2067.99 1612.41 - 20.30 92937.2
Nutrien 67.44 0.88 76.17 59.97 3.092493.58 29914.37 Bayer 59.55 0.79 97.03 52.02 4.44 71.29 62319.44
TokioMarine 5730 139.00 5772 4929 2.93 16.03 37760.35 United Kingdom (p) Costco 283.35 0.44 284.31 189.51 0.83 35.09 124614.27 ProctGmbl♦ 115.79 0.35 116.52 77.54 2.38 28.66 290439.5
RylBkC 105.14 0.64 107.91 90.10 3.48 13.07 115449.21 BMW 66.57 0.42 86.74 61.14 5.77 8.44 44971.8
Toyota 7121 146.00 7523 6045 2.89 11.82 215665.54 CrownCstl 126.80 -0.08 137.85 103.21 3.29 84.16 52713.91 Prudntl 102.00 0.56 106.64 75.61 3.48 12.39 41412
Suncor En 40.68 0.03 55.47 35.53 3.46 17.53 48738.24 Continental 120.20 3.30 200.50 112.46 3.59 9.15 26978.4 AscBrFd 2343 -2.00 2659 2011 1.92 20.23 23193.69
Mexico (Mex$) CSX 70.67 -1.17 80.73 58.47 1.22 18.05 56403.09 PublStor 246.01 -1.54 251.28 193.89 3.12 29.74 42908.15
ThmReut 89.31 0.26 89.66 58.40 2.12 254.18 34209.91 Daimler 45.44 0.06 60.00 44.51 - 7.15 54553.77 AstraZen 6390 -12.00 6634 5312 3.42 43.82 101190.49
AmerMvl 14.32 0.01 16.96 12.32 2.10 19.02 33796.85 CVS 56.20 -0.30 82.15 51.72 3.41-127.32 73008.98 Qualcomm 75.49 1.12 90.34 49.10 3.15 40.97 91773.11
TntoDom♦ 76.99 -0.01 80.05 65.56 3.33 13.32 107704.39 Deut Bank 6.89 -0.08 11.28 5.80 1.53 717.66 15987.11 Aviva 419.80 -1.20 504.60 361.80 6.73 11.11 21066.34
FEMSA UBD 179.43 1.79 192.50 163.60 1.36 18.30 20393.76 Danaher♦ 141.99 -1.01 145.50 94.59 0.44 43.52 101655.42 Raytheon♦ 176.93 0.84 210.89 144.27 1.88 17.20 49517.58
TrnCan♦ 65.95 0.22 67.15 47.90 4.02 16.80 46840.74 Deut Tlkm 14.68 -0.09 15.88 13.35 8.83 34.76 78460.84 Barclays 155.62 -0.70 197.50 145.00 4.18 7.87 33204.04
WalMrtMex 54.68 -0.37 57.60 47.41 1.31 27.38 50213.41 Deere♦ 165.52 2.28 169.99 128.32 1.68 16.82 52469.1 Regen Pharm 298.32 -4.77 442.00 287.66 - 14.72 32137.25
ValeantPh 30.80 -1.06 36.02 14.01 - -5.02 8158.48 DeutsPost 29.50 0.14 32.18 23.36 3.74 17.26 40669.2 BP 517.70 2.00 603.20 481.35 6.04 13.82 129018.11
Delphi 17.55 0.10 46.45 13.18 2.79 5.88 1543.65 S&P Global 241.15 0.04 242.80 156.68 0.82 33.73 59371.13
E.ON 9.45 0.03 10.26 8.16 3.05 8.95 23342.1 Netherlands (€) BrAmTob 3093 -11.50 4265 2336.5 6.31 11.75 72107.75
China (HK$) Delta 61.67 -0.99 63.27 45.08 2.23 9.38 40097.87 Salesforce 158.50 0.52 167.56 113.60 - 113.18 122996
Fresenius Med 67.00 -0.74 91.74 55.44 1.52 10.87 23148.51 Altice 3.18 -0.01 3.29 1.53 - 2.07 4188.02 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 3.26 0.02 3.91 3.19 6.16 4.96 12838.07 Devon Energy 26.14 0.44 45.61 20.37 1.17 22.89 10854.72 Schlmbrg 38.62 -0.16 68.43 34.46 4.97 27.76 53493.42
Fresenius SE 45.03 -0.30 71.00 38.28 1.60 12.85 22786.93 ASML Hld 199.50 - 202.70 130.12 0.67 36.71 95295.81 BT 188.98 -0.60 268.60 187.22 8.03 8.75 23445.65
Bk China 3.29 0.03 3.84 3.19 6.05 4.92 35246.79 DiscFinServ 81.84 0.21 82.51 54.36 1.82 10.50 26493.97 Sempra Energy 140.18 -0.99 141.86 104.88 2.50 36.98 38463.74
HenkelKgaA 82.85 0.50 99.35 76.20 2.05 16.31 24154.24 Heineken 100.10 0.40 100.90 74.28 1.52 29.97 64703.42 Compass♦ 1961.5 9.50 1976 1467.5 1.92 26.58 40336.39
BkofComm♦ 5.97 0.09 7.06 5.33 5.41 5.52 26778.82 Disney♦ 140.99 -0.64 145.43 100.35 1.17 16.47 253739.55 Shrwin-Will 457.79 0.10 479.64 355.28 0.78 40.88 42261.43
Linde 181.30 1.25 191.25 130.75 1.58 17.68 110428.02 ING 10.08 -0.16 13.28 9.12 6.38 8.81 44084.54 Diageo 3387 -12.50 3500.5 2513 1.93 28.25 106616.98
BOE Tech 1.01 0.02 1.46 0.83 - -114.98 25.75 DominRes 77.18 -0.24 79.47 67.41 4.26 38.12 61926.48 SimonProp 157.01 -2.38 191.49 156.94 4.89 21.39 48513.83
MuenchRkv 225.80 2.80 228.80 179.95 3.66 16.34 36568.97 Unilever 53.77 -0.40 55.35 45.43 2.83 15.45 93209.6 GlaxoSmh 1646.4 -3.40 1672 1408.8 4.86 20.97 101242.37
Ch Coms Cons♦ 6.94 0.08 8.87 6.66 4.08 5.28 3936.58 DowDupont 30.52 -0.65 48.38 30.06 14.45 7.46 68559.76 SouthCpr 37.56 0.80 49.56 29.01 3.83 20.71 29035.55
SAP 112.00 -1.32 125.00 83.95 1.20 42.73 154405.71 Norway (Kr) Glencore 272.25 2.60 343.60 249.75 5.80 14.45 49105.14
Ch Evrbrght 3.59 0.03 4.10 3.14 5.77 5.75 5831.33 DukeEner 89.22 -0.57 91.67 78.00 3.95 22.73 64956.35 Starbucks 90.74 -0.76 91.61 50.21 1.46 40.58 109904.29
Siemens 99.54 0.36 121.70 90.85 3.67 19.20 94947.87 DNB 157.30 1.15 174.20 135.50 5.18 9.93 28993.99 HSBC 662.70 1.30 736.00 596.40 5.91 12.51 166144.22
Ch Rail Cons♦ 9.64 0.25 11.94 7.57 2.21 6.91 2564.29 Eaton 80.11 1.05 89.46 64.46 3.22 16.56 33894.54 StateSt 59.10 2.81 94.70 53.53 2.97 10.33 22053.99
Volkswgn 153.45 0.55 167.40 129.60 2.44 6.96 50814.75 Equinor 162.10 0.80 234.60 160.20 4.67 8.24 63124.03 Imperial Brands 2145 2.50 3009 1821.4 8.75 13.19 25580.39
Ch Rail Gp♦ 5.84 0.07 8.21 5.52 2.27 7.11 3147.93 eBay 40.00 0.23 42.00 26.01 0.34 15.32 34856.74 Stryker♦ 210.14 -0.31 211.13 144.75 0.90 23.62 78404.33
Hong Kong (HK$) Telenor 176.10 -1.35 190.80 148.10 4.39 29.88 29627.97 LlydsBkg 56.79 -0.60 66.79 49.52 9.26 10.33 51177.77
ChConstBk♦ 6.25 0.06 7.29 6.02 5.35 5.55 192506.96 Ecolab 197.93 0.24 200.93 135.77 0.84 40.84 57051.77 Sychrony Fin 35.57 -0.53 36.25 21.78 2.10 8.29 24515.54
AIA 88.50 2.35 88.50 58.20 0.93 24.07 137062.81 Natl Grid♦ 834.80 2.80 892.00 744.50 5.57 18.93 35037.17
China Vanke♦ 31.05 0.10 35.60 21.50 3.31 9.04 6277.01 Qatar (QR) Emerson 65.24 1.01 79.70 55.39 2.87 18.52 40097.8 T-MobileUS 77.27 -0.70 80.93 57.89 - 22.12 66011.99
BOC Hold 31.50 0.20 39.95 27.55 4.05 10.63 42667.72 Prudential 1715.5 -4.00 1843 1325 2.81 14.69 55499.1
ChinaCitic♦ 4.50 0.03 5.41 4.33 6.50 4.54 8579.86 QatarNtBk 19.25 -0.08 20.05 15.55 3.06 13.63 48836.42 EOG Res♦ 86.80 1.37 133.53 80.41 0.90 15.36 50372.18 Target 88.86 0.36 90.39 60.15 2.74 16.26 45526.04
Ch OSLnd&Inv 28.65 0.20 31.30 22.35 2.90 7.14 40214.63 RBS 228.10 -2.60 274.20 200.10 2.41 18.18 34129.16
ChinaLife♦ 20.75 0.25 23.35 15.44 2.22 47.67 19781.47 Russia (RUB) EquityResTP 77.71 -0.88 79.87 62.40 2.70 54.72 28794.32 TE Connect 89.19 0.44 97.99 69.84 1.89 11.06 30045.09
ChngKng 60.95 0.30 72.50 50.30 2.81 5.74 28840.29 ReckittB 6583 -60.00 7174 5559 2.56 21.55 57966.1
ChinaMBank♦ 39.85 0.95 42.75 27.20 2.39 11.07 23438.25 Gzprm neft 217.12 -1.18 256.40 136.42 3.41 3.22 81606.62 Exelon 48.14 -0.62 51.18 40.97 2.79 20.90 46741.77 Tesla Mtrs 256.21 2.67 387.46 176.99 - -47.42 44508.59
Citic Ltd 10.62 0.02 13.28 10.22 3.69 6.27 39579.63 RELX 1940 5.00 1984.5 1466.5 2.07 27.17 47203.87
ChinaMob 70.65 0.10 87.70 68.00 4.56 11.01 185329.94 Lukoil 5211.5 45.50 5996 4269.5 3.97 6.14 62056.44 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TexasInstr 117.44 -1.13 120.00 87.70 2.27 22.25 110182.93
Citic Secs♦ 15.66 0.30 21.20 11.62 2.92 15.61 4570.96 RioTinto 4851 71.00 5039 3460.5 4.95 7.84 81354.5
ChinaPcIns♦ 33.05 0.40 34.15 24.20 2.79 13.60 11751.15 MmcNrlskNckl 14944 174.00 15218 10174 8.26 14.00 37545.77 ExxonMb 74.90 0.06 87.36 64.65 4.20 17.98 316908.93 TheTrvelers 151.32 -1.39 155.09 111.08 1.95 16.01 39535.42
CK Hutchison 77.10 0.25 92.50 72.80 3.73 7.79 38090.6 RollsRoyce 863.20 7.20 1104.5 750.00 1.36 -6.68 20074.21
ChMinsheng♦ 5.52 0.04 6.36 5.25 1.55 4.27 5884.03 Novatek 1288.4 -2.00 1382.2 865.00 1.23 8.40 62109.64 Facebook 201.07 0.29 218.62 123.02 - 31.13 483079.29 ThrmoFshr 293.03 -0.70 305.45 208.34 0.23 39.00 117206.47
CNOOC 13.12 0.24 15.78 11.34 4.31 9.96 75046.57 RylDShlA 2539 18.00 2687 2209.5 5.71 11.69 145949.05
ChMrchSecs RMB 17.04 0.28 19.99 11.13 1.99 24.97 14171.7 Rosneft 419.30 2.30 522.80 390.35 4.51 9.08 70553.55 Fedex 168.39 3.01 259.25 150.68 1.53 83.61 43917.53 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
HangSeng 196.70 1.40 216.80 166.00 3.48 16.10 48178.78 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms RMB 5.93 0.01 7.57 4.91 0.33 42.68 18279.1 Sberbank 232.62 -2.16 250.65 166.00 4.75 6.62 79726.21 FordMtr 10.28 0.02 10.90 7.41 5.60 13.73 40284.17 TJX Cos 54.72 -0.51 57.15 41.49 1.37 23.38 66351.1
HK Exc&Clr 273.40 0.40 286.20 195.60 3.34 38.20 44067.22 StandCh 713.20 -1.00 742.60 514.20 1.87 49.10 29400.37
ChShenEgy♦ 16.36 0.26 20.40 15.84 6.49 6.51 7123.29 Surgutneftegas♦ 26.35 0.08 29.30 24.06 2.20 1.33 14943.11 Franklin 35.69 0.24 35.82 27.34 2.64 12.69 18112.27 UnionPac 175.08 0.83 180.02 128.08 1.76 22.36 123928.31
MTR 54.20 -1.50 55.75 37.50 2.02 20.97 42746.04 Tesco 238.30 1.60 266.80 187.05 1.54 17.59 24397.11
ChShpbldng RMB 5.95 - 7.10 3.86 0.18 151.42 15887.8 GenDyn♦ 184.09 0.91 207.72 143.87 1.94 17.24 53178.44 UPS B 104.62 1.82 125.09 89.89 3.38 20.81 72975.27
SandsCh 41.10 0.20 44.70 29.85 4.74 23.13 42580.66 Saudi Arabia (SR) Vodafone♦ 129.34 2.44 188.46 122.22 10.12 -9.24 43139.01
ChStConEng RMB 6.00 0.07 6.72 4.91 2.51 7.02 35897.23 GenElectric♦ 10.09 0.03 13.88 6.66 2.47 -4.47 87949.35 USBancorp 55.13 -0.06 55.56 43.14 2.45 13.74 87770.4
SHK Props 135.80 0.60 142.00 99.50 3.35 10.75 50412.69 AlRajhiBnk 71.00 -0.50 76.90 50.83 4.79 17.14 47326.4 WPP 916.80 -21.00 1323.5 791.00 6.54 10.88 14514.35
ChUncHK 8.24 0.03 10.70 8.02 0.71 21.01 32301.52 GenMills♦ 53.09 -0.19 54.74 36.42 3.66 18.45 31958.04 UtdHlthcre 257.94 -2.66 287.94 208.07 1.34 20.87 245131.5
Tencent 361.80 5.20 400.40 251.40 0.22 37.58 441315.38 Natnlcombnk 57.00 -0.50 64.40 38.35 2.69 17.10 45593.31 United States of America ($)
CNNC Intl RMB 5.48 -0.05 6.73 5.19 2.01 17.72 12404.4 GenMotors 39.65 0.53 41.50 30.56 3.68 6.57 56239.28 UtdTech 132.28 0.98 144.40 100.48 2.08 21.41 114063.91
SaudiBasic 114.20 -0.40 130.60 104.40 3.69 18.42 91346.61 21stC Fox A 36.30 -0.25 41.70 27.73 - 16.53 12862.96
CSR♦ 6.30 -0.04 8.62 5.81 2.66 13.79 3527.97 India (Rs) GileadSci 66.14 -1.07 79.61 60.32 3.40 15.18 84321.62 ValeroEngy 83.84 0.49 122.42 68.81 3.78 13.36 34981.52
SaudiTelec 111.20 -1.80 117.40 74.50 3.45 21.22 59297.96 3M 173.37 0.31 219.75 159.32 3.06 19.18 99935.1
Daqin RMB 7.79 - 9.14 7.51 5.92 8.18 16841.7 Bhartiartl 339.95 -2.55 371.15 254.15 1.29 380.66 25350.38 GoldmSchs 214.44 -0.08 245.08 151.70 1.43 9.30 78450.47 Verizon♦ 56.77 -0.44 61.58 50.05 4.05 15.29 234784.07
Gree Elec Apl 0.02 - 0.05 0.01 - -0.15 27.96 HDFC Bk 2375.65 -36.25 2503.3 1885 0.50 34.59 94353.98 Singapore (S$) AbbottLb♦ 87.85 0.09 88.33 62.87 1.27 62.70 154983.32 Halliburton 21.70 0.02 45.36 20.98 3.18 11.25 18960.96 VertexPharm 175.65 -2.45 195.81 151.80 - 22.03 44986.44
GuosenSec RMB 13.72 0.46 15.13 6.71 1.07 26.87 16360.64 Hind Unilevr 1720.4 -18.75 1869.5 1477.2 1.16 64.56 54127.19 DBS 26.62 0.31 28.64 22.65 4.34 11.76 50074.41 Abbvie♦ 68.41 0.16 100.23 65.06 5.54 19.97 101135.66 HCA Hold 139.89 -1.34 147.42 105.64 0.99 13.95 47885.38 VF Cp 88.16 1.00 97.00 67.18 2.11 29.26 35013.41
HaitongSecs♦ 8.45 0.15 11.50 6.31 3.13 12.03 3691.1 HsngDevFin♦ 2303.55 -41.60 2357.85 1644.5 0.83 25.53 57760.61 JardnMt US$ 65.20 -0.18 72.05 10.99 2.44 14.69 48134.37 Accenture 194.85 0.03 196.36 132.63 1.49 27.28 130639.47 Hew-Pack 21.51 0.13 27.08 18.06 2.67 9.08 32402.9 Viacom 30.72 0.14 34.44 23.31 2.50 8.19 10863.96
Hngzh HikVDT RMB 26.48 0.31 37.24 22.32 1.85 22.40 31091.39 ICICI Bk 410.30 -8.35 443.90 261.80 0.33 69.03 38478.19 JardnStr US$ 37.50 0.15 40.78 31.55 0.86 12.20 41483.05 Adobe 308.58 -1.50 313.11 204.95 - 58.14 149796.69 HiltonWwde 95.96 -1.14 101.14 65.64 0.60 39.53 27930.37 Visa Inc 180.41 -0.12 181.84 121.60 0.49 38.84 313730.82
Hunng Pwr♦ 4.59 0.02 6.18 4.04 2.38 137.11 2764.06 Infosys 785.40 -7.30 798.50 599.85 2.12 22.34 49869.39 OCBC 11.64 0.10 12.19 10.36 3.28 11.21 36335.88 AEP 90.99 -0.77 91.99 68.13 2.72 22.90 44880.44 HomeDep 214.26 -0.18 219.30 158.09 1.99 22.52 235747.3 Walgreen 54.58 -0.24 86.31 49.31 3.20 10.81 49292.4
IM Baotou Stl RMB 1.62 - 2.11 1.44 0.30 23.64 7462.52 ITC 268.30 -4.70 322.95 263.65 1.83 27.49 47835.23 SingTel 3.54 0.02 3.56 2.83 4.76 19.41 42503.82 Aetna 212.70 0.70 213.36 166.89 0.92 19.50 69637.98 Honywell 173.90 0.02 178.47 123.48 1.73 20.11 126554.34 WalMartSto 114.82 0.10 115.49 85.78 1.75 41.71 327779.2
In&CmBkCh♦ 5.58 0.07 6.19 5.10 4.89 6.03 62047.33 L&T 1411.55 -23.65 1607 1182.5 1.08 23.36 28781.82 UOB 26.94 0.28 28.48 23.39 3.40 11.10 33219.48 Aflac 55.92 -0.22 57.18 41.45 1.80 14.25 41682.91 HumanaInc♦ 280.90 -2.43 355.88 225.65 0.51 22.89 37931.34 WellsFargo 46.08 0.26 59.53 43.02 3.54 10.62 207076.85
IndstrlBk RMB 18.41 0.32 20.66 14.11 3.47 6.36 51007.49 OilNatGas 143.90 0.50 185.40 127.60 3.95 8.88 26309.89 South Africa (R) AirProd♦ 225.58 0.04 231.45 148.44 1.90 31.43 49658.14 IBM 150.80 1.17 154.36 105.94 4.00 16.58 133705.75 Williams Cos 27.47 -0.09 32.22 20.36 4.89-159.03 33287.33
Kweichow RMB 955.87 8.37 1035.6 509.02 1.13 32.26 174618.19 RelianceIn 1249 -12.85 1417.5 1016.4 0.46 19.78 115067.83 Firstrand 64.79 0.19 71.95 59.00 4.03 12.96 26125.52 Alexion 121.06 -2.20 141.86 92.56 - 68.19 27146.16 IllinoisTool 151.41 1.41 158.69 117.75 2.40 21.01 49325.61 Yum!Brnds 112.93 -0.13 113.59 77.68 1.27 27.69 34552.55
Midea 1.29 -0.02 1.69 1.25 7.59 -15.14 35.54 SBI NewA 356.00 -7.65 373.80 247.40 - 144.78 46175.05 MTN Grp 108.79 0.87 115.73 69.07 5.45 23.97 14735.54 Allergan 162.78 0.73 197.00 114.27 1.71 -7.88 53359.59 Illumina 291.64 -6.91 380.76 268.62 - 53.13 42871.08 Venezuela (VEF)
New Ch Life Ins♦ 38.45 0.85 46.95 27.30 1.58 12.41 5094.02 SunPhrmInds 421.35 -4.85 679.30 344.55 0.46 30.41 14692.71 Naspers N 3460.01 26.89 3750.01 2290.85 0.09 27.16 109102.66 Allstate 102.09 -1.11 107.43 77.00 1.77 15.22 33987.4 Intcntl Exch 91.46 -0.08 92.31 69.69 1.04 27.38 51571.09 Bco de Vnzla 419.98 69.98 500.00 0.64 362.54 - 205.15
PetroChina♦■ 4.29 0.05 6.52 4.18 2.41 13.23 11596.17 Tata Cons♦ 2076.95 11.00 2292.5 1784.35 1.65 24.79 113266.48 Alphabet 1139.23 -8.01 1296.98 977.66 - 29.78 341126.5 Intel 50.40 0.46 59.59 42.36 2.31 11.88 225625.13
South Korea (KRW) Bco Provncl 39000 1000.00 39000 120.00 - 14.16 563.23
PingAnIns 95.45 1.35 98.00 65.95 1.90 12.03 91073.14 Altria 50.60 0.07 66.04 42.40 5.88 16.08 94668.55 Intuit 279.97 -2.91 284.55 182.61 0.62 53.56 72580.37
Indonesia (Rp) HyundMobis 233500 2500 240500 165000 1.70 11.69 18947.73 Mrcntl Srvcs 72500 - 72500 14.46 0.002592.71 591.16
PngAnBnk RMB 13.99 0.32 14.84 8.61 0.95 10.03 34932.35 Amazon 1982.5 4.60 2050.5 1307 - 86.23 976047.75 John&John 131.09 -0.98 148.99 121.00 2.64 25.30 348051.29
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 25850 350.00 36000 23850 - -9.16 14129.22
Pwr Cons Corp RMB 5.09 0.02 6.25 4.56 1.79 10.65 8249.09 AmerAir 33.46 -0.28 43.89 27.02 1.15 11.25 14884.18 JohnsonCn 41.46 0.29 42.18 28.30 2.41 16.74 37229.44
Israel (ILS) SK Hynix 76800 2100 90000 56700 1.94 3.98 47603.73 Closing prices and highs & lows are in traded currency (with variations for that
SaicMtr RMB 23.71 0.05 32.98 22.69 7.58 8.17 39663.49 AmerExpr♦ 125.07 -3.33 129.34 89.05 1.17 16.60 104443.52 JPMrgnCh 114.44 -0.23 119.24 91.11 2.48 12.85 371240.27
TevaPha 28.31 -1.90 94.75 27.80 - -2.40 8733.42 SmsungEl 46800 700.00 48450 36850 3.00 8.56 237876.37 country indicated by stock), market capitalisation is in USD. Highs & lows are
ShenwanHong 0.08 -0.01 0.16 0.08 - -2.67 85.31 AmerIntGrp 56.45 0.85 56.68 36.16 2.18-245.12 49097.59 Kimb-Clark 137.12 -0.42 140.62 100.32 2.82 28.13 47141.22
Italy (€) Spain (€) AmerTower 206.71 -1.95 218.79 138.51 1.46 71.09 91370.66 based on intraday trading over a rolling 52 week period.
ShgPdgBk RMB 11.58 0.09 12.38 9.47 0.85 6.14 47326.74 KinderM 20.59 0.17 21.50 14.62 3.73 31.55 46599.14 ♦ ex-dividend
Enel 6.29 -0.27 6.62 4.22 4.15 13.64 71739.86 BBVA 4.78 -0.08 6.33 4.48 2.01 6.73 35767.21 Amgen 180.03 0.49 210.19 166.30 2.88 14.95 109806.72
Sinopec Corp 5.23 0.10 8.03 5.01 11.93 9.80 17095.02 Kraft Heinz 31.37 0.32 64.99 26.96 7.82 -3.82 38269.48 ■ ex-capital redistribution
ENI 14.22 -0.08 16.71 13.39 5.54 12.45 57992.98 BcoSantdr 4.00 -0.04 4.86 3.80 5.40 9.60 72937.13 Anadarko 73.30 0.33 76.23 40.40 1.44 81.26 36826.04
Sinopec Oil RMB 2.40 0.02 3.35 1.82 - 152.52 4203.01 Kroger 21.76 0.10 32.74 21.17 2.40 9.69 17378.1 # price at time of suspension
Generali 16.90 -0.18 17.38 13.63 5.03 12.52 29767.65 CaixaBnk 2.41 -0.10 4.23 2.40 5.97 8.04 16196.9 Anthem 302.26 -2.31 317.99 227.16 0.97 20.85 77739.97
Denmark (kr) Iberdrola♦ 8.51 -0.10 9.13 5.94 3.80 17.98 59605.29 L Brands 26.02 -0.36 38.00 21.45 7.74 11.90 7189
IntSPaolo 2.01 -0.04 2.66 1.80 9.71 9.03 39455.9 Aon Cp 195.08 -1.96 198.61 135.30 0.79 43.81 46920.97 LasVegasSd 64.34 0.01 76.10 47.39 4.50 34.03 49722.24
DanskeBk 102.50 -0.10 195.45 97.58 7.96 7.07 13283.02 Inditex 27.48 0.03 29.50 21.85 2.11 25.43 96111.13
Luxottica 49.00 -0.34 59.54 48.62 2.11 22.75 26878.18 Apple 204.57 -1.09 233.47 142.00 1.37 17.85 941241.91 LibertyGbl 27.84 -0.26 29.55 19.88 - -41.45 5713.43
MollerMrsk 7596 38.00 10085 6854 3.95-396.59 11486.2 Repsol 13.31 0.03 17.24 13.23 6.47 11.43 23275.32
Unicred 11.23 -0.43 15.37 9.54 2.74 6.42 28135.57 ArcherDan 40.37 0.21 52.07 37.77 3.22 14.50 22611.07 Lilly (E) 107.26 -1.09 132.13 88.17 2.09 43.15 104126.46
NovoB 319.00 -3.20 349.70 265.15 2.45 20.91 89304.75 Telefonica 7.24 -0.04 8.06 6.59 5.30 12.37 42207.82

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
PhilMorris 89.76 87.71 2.05 2.34 7.87 9.6 16.85 Netflix 321.65 325.21 -3.56 -1.09 -51.60 -13.8 -11.44 Jul 19 date Coupon S* M* F* price yield yield yield US Jul 19 date Coupon S* M* F* price yield yield yield US
Infosys 785.40 792.70 -7.30 -0.92 63.90 8.9 4.70 Gzprm neft 217.12 218.30 -1.18 -0.54 -30.08 -12.2 -6.62 High Yield US$ US$
ChinaPcIns 33.05 32.65 0.40 1.23 2.60 8.5 12.78 CSX 70.67 71.83 -1.17 -1.62 -7.92 -10.1 -8.72 Qwest Capital Funding, Inc. 08/21 7.63 B+ WR BB 104.38 5.32 -0.06 -0.60 3.44 SunTrust Banks Inc. 01/28 6.00 BBB+ Baa1 A- 114.35 3.99 -0.02 0.12 -
ASML Hld 199.50 199.50 0.00 0.00 14.90 8.1 14.01 Nordea Bk 64.55 65.12 -0.57 -0.88 -6.60 -9.3 -6.52 High Yield Euro Barclays plc 01/28 4.34 BBB Baa3 A 102.10 4.01 -0.03 0.05 -
StateSt 59.10 56.29 2.81 4.99 3.91 7.1 7.87 Swedbank 135.50 134.60 0.90 0.67 -13.60 -9.1 -3.66 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 Barclays plc 01/28 4.34 BBB Baa3 A 102.10 4.01 -0.03 0.05 -
Gree Elec Apl 0.02 0.02 0.00 0.00 0.00 6.7 -20.00 Devon Energy 26.14 25.70 0.44 1.71 -2.51 -8.8 -2.90 SunTrust Banks Inc. 01/28 6.00 BBB+ Baa1 A- 114.35 3.99 -0.02 0.12 -
BrAmTob 3093.00 3104.50 -11.50 -0.37 187.50 6.5 -98.89 Halliburton 21.70 21.68 0.02 0.07 -2.06 -8.7 -0.50 Emerging US$ Goldman Sachs Group, Inc. (The) 02/28 5.00 BBB+ A3 A 107.10 4.02 -0.02 0.04 -
Novartis 92.70 92.46 0.24 0.26 5.56 6.4 1.39 SAP 112.00 113.32 -1.32 -1.16 -9.06 -7.5 -7.48 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Goldman Sachs Group, Inc. (The) 02/28 5.00 BBB+ A3 A 107.10 4.02 -0.02 0.04 -
CharlesSch 42.60 41.48 1.12 2.69 2.47 6.1 6.89 ShenwanHong 0.08 0.08 -0.01 -6.17 -0.01 -7.3 -9.64 Brazil 01/22 12.50 BB- Ba2 BB- 114.07 6.22 -0.07 -0.02 4.34
Brazil 01/23 2.63 BB- Ba2 BB- 95.75 3.80 -0.01 -0.40 1.29 Euro
AnBshInBv 83.61 79.22 4.39 5.54 4.68 5.9 7.39 Cielo 6.71 6.70 0.01 0.15 -0.52 -7.2 -2.04 Citigroup Inc. 02/30 4.25 BBB Baa2 A- 118.36 0.87 0.01 -0.19 -1.13
SunPhrmInds 421.35 426.20 -4.85 -1.14 23.20 5.8 11.34 SaicMtr 23.71 23.66 0.05 0.21 -1.82 -7.1 -1.66 Colombia 03/23 2.63 BBB- Baa2 BBB 97.75 3.24 0.10 -0.38 0.99
Poland 03/23 3.00 A- A2 A- 100.62 2.83 0.01 -0.21 0.58 HBOS plc 03/30 4.50 BBB- Baa1 A- 113.97 1.50 0.01 0.09 -0.50
MTN Grp 108.79 107.92 0.87 0.81 5.82 5.7 1.23 Ericsson 83.96 81.84 2.12 2.59 -6.12 -6.8 -9.72 HBOS plc 03/30 4.50 BBB- Baa1 A- 113.97 1.50 0.01 0.09 -0.50
IBM 150.80 149.63 1.17 0.78 8.06 5.6 9.99 MylanNV 18.03 17.85 0.18 0.98 -1.20 -6.2 -0.39 Turkey 03/23 3.25 - Ba3 BB 88.50 6.59 -0.30 0.91 4.34
Mexico 10/23 4.00 BBB+ A3 BBB 104.47 2.86 0.04 -0.06 1.07 Goldman Sachs Group, Inc. (The) 02/31 3.00 BBB+ A3 A 121.31 1.03 0.01 -0.16 -0.97
MmcNrlskNckl 14944.00 14770.00 174.00 1.18 798.00 5.6 0.55 CanNatRs 33.93 33.88 0.05 0.15 -2.19 -6.1 -5.41
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Yen
Ch Rail Cons 9.64 9.39 0.25 2.66 0.51 5.6 -2.53 Murata Mfg 4609.00 4542.00 67.00 1.48 -295.00 -6.0 0.33
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Mexico 06/26 1.09 BBB+ A3 BBB 101.48 0.87 0.00 0.05 -
Imperial Brands 2145.00 2142.50 2.50 0.12 112.50 5.5 -98.86 OilNatGas 143.90 143.40 0.50 0.35 -9.20 -6.0 -13.39
Altice 3.18 3.19 -0.01 -0.19 0.16 5.4 5.89 CaixaBnk 2.41 2.51 -0.10 -3.83 -0.15 -5.8 -13.39 Russia 06/28 12.75 BBB- Baa3 BBB- 165.11 4.00 -0.01 -0.02 - £ Sterling
ChinaMBank 39.85 38.90 0.95 2.44 2.00 5.3 1.40 Bhartiartl 339.95 342.50 -2.55 -0.74 -20.80 -5.8 -1.51 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 138.18 2.25 0.00 -0.17 0.25
AIA 88.50 86.15 2.35 2.73 4.15 4.9 15.32 Equinor 162.10 161.30 0.80 0.50 -9.90 -5.8 -4.03 Mexico 04/21 2.38 BBB+ A3 BBB 104.00 0.04 -0.01 0.04 -1.84 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
BkNYMeln 45.64 44.86 0.78 1.73 2.08 4.8 6.88 CardinalHlth 44.92 45.19 -0.27 -0.60 -2.67 -5.6 -0.38 Brazil 04/21 2.88 BB- Ba2 BB- 104.51 0.20 -0.01 -0.11 -1.68 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jul 19 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jul 19 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 2.25-2.50 19-12-2018 2.00-2.25 2.00-2.25 1.25-1.50 Index change change change 1 month 1 year VIX 13.64 0.11 13.53 36.20 11.03 Jul 19 Price £ Yield Day Week Month Year High Low £m
US Prime 5.50 19-12-2018 5.25 5.25 4.25 Markit IBoxx VXD 13.43 -0.24 13.67 33.17 4.07 - - - - - - - - -
US Discount 3.00 19-12-2018 2.75 2.75 1.75 ABF Pan-Asia unhedged 201.17 0.25 0.51 5.24 2.50 8.11 VXN 16.72 -0.29 17.01 38.70 14.55 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 368.42 0.02 1.32 8.68 1.45 7.54 VDAX 14.64 -0.01 14.64 - 10.48 Tr 1.75pc '19 100.00 0.00 -100.00 -100.00 -100.00 -100.00 102.43 100.00 36.50
UK Repo 0.75 02-08-2018 0.50 0.50 0.25 Corporates($) 299.48 0.38 -0.07 9.48 -0.07 9.48 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 102.62 0.56 -3.45 -11.11 -15.15 -15.15 106.57 102.62 33.70
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 237.27 0.05 0.59 6.11 1.05 4.98 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 101.49 0.50 -3.85 -15.25 -12.28 -32.43 101.87 101.20 32.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 251.49 0.19 0.91 6.95 1.08 7.05 Tr 4pc '22 109.24 0.46 -6.12 -17.86 -11.54 -39.47 111.45 109.00 38.39
Gilts( £) 345.54 0.03 1.19 6.24 0.52 6.02 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 124.81 0.52 -3.70 -16.13 -13.33 -49.02 125.27 122.06 35.49
INTEREST RATES: MARKET Global Inflation-Lkd 274.68 0.56 0.03 6.30 1.63 3.74 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 104.75 0.64 -4.48 -14.67 -11.11 -47.97 105.17 96.94 23.73
Over Change One Three Six One Markit iBoxx £ Non-Gilts 360.03 0.05 1.17 7.38 1.19 6.54 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 139.87 0.95 -3.06 -8.65 -6.86 -35.37 140.69 128.48 35.86
Jul 19 (Libor: Jul 18) night Day Week Month month month month year Overall ($) 255.15 0.35 -0.18 6.63 -0.18 6.63 Australia 12/21 2.00 102.52 0.94 -0.01 -0.01 -0.03 -1.20 Tr 4.25pc '36 146.94 1.14 -2.56 -7.32 -5.00 -27.39 147.92 133.08 30.11
US$ Libor 2.36063 -0.002 0.006 -0.026 2.27150 2.27763 2.17425 2.19213 Overall( £) 346.58 0.04 1.18 6.58 0.72 6.17 11/28 2.75 112.28 1.35 -0.05 0.01 0.02 -1.30 Tr 4.5pc '42 163.91 1.32 -1.49 -5.04 -3.65 -20.00 165.28 145.84 26.95
Euro Libor -0.46943 0.000 -0.003 -0.004 -0.43943 -0.40614 -0.41714 -0.32814 Overall(€) 244.53 0.14 0.72 6.20 0.94 6.04 Austria 10/23 1.75 110.10 -0.59 -0.01 -0.05 -0.03 -0.48 Tr 3.75pc '52 164.76 1.32 -1.49 -5.04 -3.65 -17.50 166.82 141.38 23.87
£ Libor 0.66675 0.005 -0.003 0.001 0.71975 0.76600 0.80200 0.86313 Treasuries ($) 237.87 0.37 -0.29 5.01 -0.29 5.01 02/47 1.50 121.91 0.63 -0.02 -0.09 -0.05 -0.70 Tr 4pc '60 185.55 1.28 -2.29 -5.19 -3.76 -16.88 188.15 156.07 23.89
Swiss Fr Libor 0.000 -0.81500 -0.74980 -0.72040 -0.61620 FTSE Belgium 06/21 1.50 104.07 - - - - - Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor -0.003 -0.09950 -0.08083 -0.03600 0.05100 Sterling Corporate (£) 110.57 -0.10 - - 0.12 -2.71 06/47 1.60 117.35 - - - - -
Euro Euribor
Sterling CDs
-0.002
0.000
-0.39900
0.75000
-0.37000
0.77000
-0.35300
0.82500
-0.30300 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 Canada - - - - - - - GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 436.96 8.90 - - 6.92 3.96 09/21 0.75 98.52 1.46 -0.04 -0.11 0.01 -0.54
US$ CDs 0.000 2.45000 2.56000 2.65000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Denmark 11/20 0.25 101.36 -0.78 -0.01 -0.03 -0.04 -0.24 Price Indices Day's Total Return Return
Euro CDs - - - - 11/23 1.50 109.50 -0.66 -0.02 -0.03 0.01 -0.50 Fixed Coupon Jul 19 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 91.53 0.05 2455.16 0.29 1.50 0.49
Short 7 Days One Three Six One Index change change change high low Finland 09/20 0.38 101.24 -0.69 -0.02 -0.06 -0.06 -0.14
07/28 2.75 126.73 -0.21 -0.02 -0.08 -0.05 -0.70 2 5 - 10 Years 185.09 0.16 3668.00 0.93 4.94 0.61
Jul 19 term notice month month month year Markit iTraxx 3 10 - 15 Years 219.15 0.26 4599.30 1.28 6.96 0.89
Euro -0.61 -0.31 -0.60 -0.30 -0.55 -0.25 -0.54 -0.24 -0.56 -0.26 -0.53 -0.23 Crossover 5Y 252.31 -1.57 6.50 -3.81 315.74 235.47 France 11/20 0.25 101.22 -0.65 0.00 -0.03 -0.01 -0.14
4 5 - 15 Years 192.76 0.19 3896.73 1.03 5.46 0.72
Sterling 0.45 0.55 0.70 0.80 0.72 0.82 0.75 0.90 0.79 0.94 Europe 5Y 49.22 -0.27 -0.01 -5.72 73.15 48.42 05/25 0.50 105.67 -0.46 -0.02 -0.07 -0.06 -0.60
5 Over 15 Years 360.48 0.48 5764.13 1.97 8.09 1.29
Swiss Franc - - - - - - - - - - - - Japan 5Y 56.38 -2.44 -2.36 -9.89 72.09 53.60 05/48 2.00 129.50 0.84 -0.02 -0.09 -0.03 -0.68
7 All stocks 184.67 0.28 3833.74 1.24 5.46 1.16
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 60.82 -0.27 1.71 -6.96 93.48 58.39 Germany 10/20 0.25 101.21 -0.72 0.00 -0.02 -0.01 -0.10
US Dollar 2.34 2.64 2.34 2.64 2.23 2.53 2.24 2.54 2.20 2.50 2.23 2.53 02/25 0.50 106.54 -0.65 -0.02 -0.07 -0.02 -0.58 Day's Month Year's Total Return Return
Markit CDX 07/28 4.75 147.50 -0.44 -0.02 -0.09 -0.03 -0.71
Japanese Yen -0.35 -0.15 -0.35 -0.15 -0.20 0.10 -0.15 0.15 -0.05 0.25 0.00 0.30 Index Linked Jul 19 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 160.16 -2.41 -4.23 -10.19 211.60 160.16 08/48 1.25 127.23 0.27 -0.01 -0.10 0.01 -0.74
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 311.81 0.07 0.43 0.81 2523.51 0.43 2.28
Nth Amer High Yld 5Y 331.60 -2.93 4.64 11.47 396.57 316.05 Greece 02/25 3.00 109.57 2.20 -0.08 -0.09 -0.23 -1.89
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 2 Over 5 years 784.26 0.31 0.31 9.02 5900.55 0.40 9.52
Nth Amer Inv Grade 5Y 53.34 -1.25 -0.11 -0.46 70.26 52.08 02/25 3.00 109.57 2.20 -0.08 -0.09 -0.23 -1.89
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 509.97 0.21 0.66 6.76 4025.41 0.92 7.69
Ireland 10/20 5.00 106.96 -0.57 -0.01 -0.01 0.00 -0.12 4 Over 15 years 1017.38 0.34 0.21 9.71 7463.86 0.24 10.05
05/30 2.40 123.25 0.22 -0.02 -0.07 -0.05 -0.79 5 All stocks 703.59 0.28 0.34 8.37 5381.85 0.42 8.97
Italy 11/21 0.35 100.55 0.11 -0.03 -0.13 -0.33 -0.97
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 10/23 0.65 100.33 0.57 -0.05 -0.15 -0.48 -1.17 Yield Indices Jul 19 Jul 18 Yr ago Jul 19 Jul 18 Yr ago
09/28 4.75 128.96 1.36 -0.03 -0.14 -0.48 -1.26 5 Yrs 0.42 0.44 0.87 20 Yrs 1.32 1.34 1.67
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
03/48 3.45 118.76 2.53 -0.03 -0.08 -0.40 -0.86 10 Yrs 0.80 0.83 1.30 45 Yrs 1.29 1.31 1.53
Crude Oil† Jul 55.81 0.15 Corn♦ Sep 427.75 2.50 Jul 18 Jul 18 Prev return stock Market stocks
Japan 12/21 0.10 100.72 -0.20 -0.01 -0.01 0.02 -0.09 15 Yrs 1.15 1.18 1.57
Brent Crude Oil‡ 62.17 -0.39 Wheat♦ Sep 497.00 3.25 Can 4.25%' 21 109.60 0.183 0.202 0.16 5.18 82568.26 8
12/23 0.60 103.66 -0.22 -0.01 0.00 0.03 -0.14
RBOB Gasoline† Jul 1.85 0.00 Soybeans♦ Aug 892.50 9.75 Fr 2.25%' 20 103.59 -1.234 -1.213 0.09 20.21 263625.97 16
12/28 2.10 121.48 -0.16 -0.02 0.01 0.01 -0.23 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Aug 309.90 2.60 Swe 0.25%' 22 115.59 -2.261 -2.260 -0.33 34.16 242227.33 7
09/47 0.80 112.17 0.35 -0.01 0.01 -0.01 -0.33 Real yield Jul 19 Dur yrs Previous Yr ago Jul 19 Dur yrs Previous Yr ago
Natural Gas† Jul 2.29 0.01 Cocoa (ICE Liffe)X Sep 1837.00 3.00 UK 2.5%' 22 116.53 -2.806 -2.818 0.38 15.74 714825.16 28
Netherlands 07/21 3.25 107.97 - - - - - Up to 5 yrs -2.44 3.05 -2.41 -1.81 -2.82 3.06 -2.80 -2.34
Ethanol♦ - - Cocoa (ICE US)♥ Sep 2472.00 27.00 UK 2.5%' 24 371.41 -3.194 -3.204 0.72 6.82 714825.16 28
07/25 0.25 104.61 - - - - - Over 5 yrs -1.96 25.27 -1.95 -1.62 -1.97 25.31 -1.96 -1.66
Uranium† Jul 25.15 0.00 Coffee(Robusta)X Sep 1418.00 -9.00 UK 2%' 35 293.60 -2.229 -2.246 1.67 9.08 714825.16 28
Carbon Emissions‡ - - Coffee (Arabica)♥ Sep 108.65 0.55 New Zealand - - - - - - - 5-15 yrs -2.43 10.31 -2.41 -1.69 -2.47 10.32 -2.45 -1.82
US 0.625%' 21 100.55 0.349 0.356 0.09 35.84 1409624.15 40
White SugarX 315.20 2.20 05/21 6.00 107.93 - - - - - Over 15 yrs -1.91 29.54 -1.90 -1.62 -1.92 29.57 -1.91 -1.64
Diesel† - - US 3.625%' 28 128.38 0.328 0.326 0.29 16.78 1409624.15 40
Sugar 11♥ 11.60 0.00 Norway - - - - - - - All stocks -1.97 22.23 -1.96 -1.63 -1.99 22.30 -1.98 -1.66
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 1847.50 -3.50 Cotton♥ Oct 61.39 0.51 05/21 3.75 104.40 1.31 0.01 0.00 0.06 0.18 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 Alloy 1295.00 65.00 Orange Juice♥ Sep 101.35 0.35 Portugal 04/21 3.85 107.57 - - - - - ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 6078.50 112.00 Palm Oil♣ - - 10/23 4.95 122.29 - - - - - Gilt Closing Prices information contained herein is proprietary to
Lead 2043.50 6.50 Live Cattle♣ Aug 107.20 0.00 BONDS: TEN YEAR GOVT SPREADS Spain 01/21 0.05 100.80 -0.47 0.01 -0.04 -0.06 -0.33 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 14700.00 -245.00 Feeder Cattle♣ Aug 139.05 -1.28 10/28 5.15 144.43 0.29 -0.04 -0.07 -0.04 -1.05 accurate, complete or timely; and does not constitute investment advice.
Tin 17765.00 -65.00 Lean Hogs♣ Aug 82.75 0.00 Spread Spread Spread Spread Sweden 12/20 5.00 107.63 -0.57 -0.01 -0.02 0.04 0.00 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2425.00 -32.00 Bid vs vs Bid vs vs 11/23 1.50 108.70 -0.49 -0.01 -0.07 0.02 -0.39
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland - - - - - - - All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1417.45 7.10 Jul 18 Month Year 04/21 2.00 105.23 -0.92 0.00 -0.06 -0.07 -0.29 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.35 1.79 -0.65 Italy 1.36 1.80 -0.64
Silver (US cents) 1603.00 42.00 S&P GSCI Spt 413.95 0.89 -8.86 United Kingdom 01/21 1.50 101.45 0.53 -0.01 -0.08 -0.09 -0.22 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria -0.59 - - Japan -0.16 0.28 -2.16
Platinum 844.00 7.00 DJ UBS Spot 79.23 1.26 -4.68 Belgium - - - Netherlands - - - 07/23 0.75 100.93 0.51 -0.01 -0.09 -0.10 -0.47 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 1518.00 -22.00 TR/CC CRB TR 186.89 1.30 -4.82 Canada - - - Norway - - - 12/28 6.00 147.81 0.72 0.00 -0.07 -0.08 -0.59 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark -0.66 - - Portugal - - - 07/47 1.50 102.64 1.39 0.00 -0.05 -0.09 -0.31
Iron Ore 121.85 2.35 UBS Bberg CMCI TR 14.44 0.96 -2.29 Finland -0.21 0.24 -2.21 Spain 0.29 0.73 -1.71 United States 11/20 1.75 99.83 1.88 -0.06 -0.08 0.02 -0.78 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 66.75 1.00 LEBA EUA Carbon 26.08 0.00 17.48 France 0.84 - - Switzerland - - - 12/23 2.25 101.96 1.79 -0.04 -0.08 0.04 -1.01
Baltic Dry Index 2170.00 40.00 LEBA CER Carbon 0.21 0.00 -38.24 Germany -0.44 0.00 -2.44 United Kingdom 0.72 1.16 -1.28 11/28 5.25 127.48 2.00 -0.03 -0.09 0.02 -0.88
LEBA UK Power 2185.00 85.96 2.82 Greece 2.20 - - United States 2.00 2.44 0.00 11/47 2.75 103.52 2.57 -0.01 -0.07 0.04 -0.42
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
А
П
П
РУ
w АГ
N ИЛ
SN s"
В

S
О

W
e
VK Wh ОТ
s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 ★ FTWeekend 15

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 Hargr Lans 2070 20.00 2447 1624 1.56 40.83 416.8 TedBaker 838.00 -3.50 2418 750.00 7.33 9.18 246.3 WPPX 916.80 -21.00 1323.5 791.00 6.54 10.88 5317.9 RDI REIT 114.40 2.60 896.25 98.40 11.80 15.46 135.1 Kin and Car 104.00 -1.00 114.00 82.00 1.88 -11.26 95.1
Avon Rubber 1274 -2.00 1485 1075 1.26 27.82 52.9 Indvardn SKr 209.00 2.10 217.40 174.25 2.72 8.85 696.5 SEGRO 751.60 -3.80 763.40 577.60 2.25 7.17 1674.9 MngCnslt 1.83 -0.08 2.00 1.20 - -2.61 3698.1
ICG♦ 1387 24.00 1409 899.00 2.24 21.88 799.4
Industrial Engineering Mining Shaftbry 821.00 3.00 937.00 798.00 2.05 28.31 251.8 MearsGp 255.00 -1.00 400.00 220.00 4.75 11.13 148.0
Babcock♦ 443.60 6.30 751.60 410.10 6.71 11.26 1256.3
Investec 504.00 -2.20 563.80 420.00 4.86 9.90 1916.3 Bodycote 761.50 14.50 1056 673.00 2.34 14.05 165.1 AngloAmer 2234 49.50 2294 1433.8 3.64 10.38 3027.4 Town Ctr 203.50 - 290.00 198.00 5.77 -39.13 24.0 MenziesJ 417.00 -1.00 668.00 353.50 4.92 28.56 12.2
BAE Sys 523.20 6.00 680.20 439.40 4.20 16.77 5932.4
Jupiter 378.40 1.50 453.80 274.10 4.81 12.17 2322.4 Castings♦■ 428.00 3.00 452.00 341.00 3.39 16.96 65.4 AngloPacif 212.00 1.00 229.00 123.50 3.48 13.30 179.4 TritaxBBOX 159.30 -0.40 159.90 128.09 4.13 9.15 3784.4 Mitie♦ 164.50 3.50 165.30 105.80 2.43 19.82 449.3
Chemring 182.80 0.80 239.50 134.00 1.81 -27.70 94.8
Liontrust♦ 796.00 2.00 810.00 530.00 2.89 24.45 17.9 Goodwin 3420 -40.00 3600 1830 2.44 25.68 2.0 AnGoldA R 266.72 4.40 271.99 105.62 0.30 61.17 3077.3 Wkspace♦ 888.50 9.50 1133 778.00 3.28 11.54 227.6 Renewi♦ 27.95 0.20 73.60 18.98 10.61 -3.60 212.8
Meggitt 557.20 4.80 583.80 456.10 2.89 24.44 915.2
LSE Gp 5752 -18.00 5810 3842 0.95 42.29 441.3 Hill&Sm 1148 -24.00 1529 877.50 2.67 19.36 57.7 Antofagasta 934.00 35.40 1026 713.20 0.57 23.10 2221.4 Rentokil
RollsRoyceX 863.20 7.20 1104.5 750.00 1.36 -6.68 2034.5
IMI 991.20 6.80 1268 867.50 4.02 15.88 434.8 Barrick C$ 22.66 0.20 22.68 12.54 0.89 -12.91 440.9
Real Estate Inv & Services 419.80 0.80 423.30 280.00 0.96 -78.47 2457.8
Senior 203.20 0.80 336.60 184.30 3.49 17.18 825.1 Man 168.35 1.60 185.40 124.50 5.65 12.61 3458.6 Cap&Count 217.60 0.80 293.90 208.00 0.69 -32.48 1761.5 Ricardo 726.00 -4.00 980.00 572.00 2.82 20.74 25.1
NB GFRIF♦ 89.60 -0.30 93.80 87.40 4.37 -11.30 864.6 MelroseInd 183.05 -0.45 238.50 145.95 2.38 -15.25 8660.1 BHP Group 2028.5 31.30 2078.5 1460 4.61 15.71 2318.7 RbrtWlts 510.00 -6.00 814.00 446.70 2.61 11.14 153.0
CLS 221.00 -0.50 257.00 195.00 2.94 6.78 58.9
Automobiles & Parts Paragon♦ 444.40 -3.40 515.00 379.20 4.37 8.35 258.9 Renold 25.50 0.05 40.80 22.10 - 7.97 77.3 BisichMg♦■ 115.00 -5.00 130.00 80.00 3.48 3.73 2.0
Daejan 5770 190.00 6540 5410 2.88 4.56 2.9 RPS 120.20 3.20 255.00 93.00 8.22 9.09 152.1
FordMtr $X 10.28 0.02 10.90 7.41 5.59 13.76 12967.7 Providnt 405.40 -1.10 716.00 386.40 - 16.15 236.3 RHIM 4562 -14.00 5165 3240 1.48 14.44 47.7 EVRAZ 645.00 6.40 710.20 435.50 13.18 4.98 1983.5 SIG 126.40 0.70 153.90 101.30 2.97 42.13 1099.6
Rotork 304.20 2.80 363.20 232.60 1.82 28.97 1055.7 Fresnillo 794.80 -18.60 1127 712.60 4.02 21.31 3207.9 Grainger 234.20 -2.20 285.05 204.00 2.18 12.44 460.9
RathbnBr 2115 -10.00 2654 2055 2.98 24.54 8.1 Harworth Gr 130.00 - 137.00 106.00 0.66 12.38 26.0 Vp♦ 830.00 -10.00 1230 690.00 3.30 13.04 6.6
Banks Severfd 65.00 0.20 86.40 62.00 4.00 10.20 87.0 GlencoreX 272.25 2.60 343.60 249.75 5.80 14.45 28389.8
Record♦ 32.25 -0.25 43.10 27.00 7.13 9.92 108.7 Helical 363.50 - 406.50 305.00 2.64 10.30 580.5
ANZ A$X 27.38 0.26 30.39 22.98 5.65 13.13 3644.9
S&U 2280 -40.00 2660 1725 4.78 9.83 0.1 Tex# 73.00 - 140.70 68.25 11.64 9.61 2.2 Harmony R 34.19 -0.04 35.89 20.36 0.96 -3.61 3206.7 Tech - Hardware
BcoSant 362.00 -2.80 433.55 343.65 5.36 9.68 754.7 Trifast 218.00 -2.00 245.00 163.00 1.81 22.02 91.9 KAZ Mineral 581.00 35.00 853.40 421.50 0.82 6.49 1963.7 HK Land $ 6.61 0.04 7.53 5.89 3.03 6.43 2571.3 SpirentCM 162.20 -0.20 169.00 110.80 2.02 22.83 1192.8
Schroder 2947 -21.00 3254 2289 3.87 16.40 439.7 Lon&Assc 24.50 - 30.82 20.00 0.71 -10.04 15.5
BnkGeorgia 1613 -1.00 1927 1299.6 4.28 6.96 44.1 Vitec 1045 -25.00 1430 1025 3.02 13.82 40.5 Petropvlsk 9.77 -0.08 10.00 5.15 - 12.45 3181.9
..N/V 2365 - 2600 1962 4.82 13.16 21.1 MacauPrp 150.00 - 203.45 140.02 - 2.62 78.6 Tech - Software & Services
BankIre Grp € 4.39 -0.06 7.63 4.34 2.62 7.62 605.4 Weir 1455 26.50 2032 1222.5 3.08 67.36 1011.0 PolymtIntl 995.00 6.60 1041 593.80 3.67 16.04 1518.3
Strd Life A 301.90 1.40 385.60 219.10 8.18 -10.30 5172.8 Mntview♦ 9850 50.00 11394 9150 4.06 13.71 0.0 Computcnt 1336 10.00 1632 936.00 2.05 19.06 152.5
BkNvaS C$X♦ 69.74 0.37 78.60 66.36 4.53 11.17 93.4 Rio TintoX 4851 71.00 5039 3460.5 4.95 7.84 2316.8
TP ICAP 318.90 -2.60 327.40 265.80 5.28 55.95 982.9 Industrial General Palace Cap 278.00 - 360.00 268.00 6.83 24.60 5.4 MicroFoc 1657.2 -15.00 2174.5 1171 5.30 9.87 947.2
BarclaysX 155.62 -0.70 197.50 145.00 4.18 7.87 22818.5 Sirius Min 16.00 0.13 39.54 12.98 - -39.02 18322.1
WlkrCrip 27.00 - 40.00 23.13 6.93 23.48 7.6 Coats Group 83.00 - 92.20 69.00 1.42 27.96 3967.8 Raven Prope 41.00 0.50 50.00 36.40 - -2.18 467.0 NCC Grp 171.80 -2.00 227.60 111.50 2.71 29.99 1206.7
CanImp C$X♦ 102.86 0.48 125.21 99.51 4.94 9.72 96.4 Troy Res A$ 0.09 0.01 0.15 0.08 - -1.07 4413.7
HSBCX 662.70 1.30 736.00 596.40 5.91 12.51 17084.0 Food & Beverages JardnMt $X 65.20 -0.18 72.05 10.99 2.44 14.72 288.1 RavenR CNV 112.50 - 120.00 112.02 - - 10.0 RM 235.00 -3.00 268.00 173.00 3.23 10.63 266.7
LlydsBkgX 56.79 -0.60 66.79 49.52 9.26 10.33 125838.1 AngloEst 470.00 -5.00 748.00 430.00 0.66 20.79 4.2 Jard Str $X 37.50 0.15 40.78 31.55 0.86 12.22 160.0 Oil & Gas RavenR Prf 137.00 - 148.35 130.00 - 153.42 5.2 Sage 803.40 4.40 826.00 491.30 2.05 27.98 2608.0
PermTSB € 1.21 -0.02 2.22 1.15 - -67.29 56.6 AscBrFdX 2343 -2.00 2659 2011 1.92 20.23 605.7 Macfrlne 95.00 - 109.50 68.00 2.26 17.12 18.9 BPX 517.70 2.00 603.20 481.35 6.04 13.82 26201.6 Safestre♦ 637.00 -7.00 662.50 493.00 2.55 10.55 164.6 SDL 477.00 7.00 600.00 430.00 1.30 28.22 108.9
RylBkC C$X 104.93 0.43 107.91 90.10 3.48 13.05 60.6 Barr(AG) 614.00 4.00 980.00 601.00 2.56 19.51 273.2 Smith DS 357.20 -6.20 516.20 274.10 4.20 396.89 4219.7 CairnEng 158.20 0.50 253.80 138.00 - -1.03 1408.1 Savills 906.00 -9.50 956.00 677.50 1.68 16.59 73.9 TriadGp 48.00 - 80.00 32.30 3.13 5.80 11.2
RBSX 228.10 -2.60 274.20 200.10 2.41 18.18 11559.4 Britvic 886.50 0.50 968.50 740.50 3.18 19.88 853.7 Smiths 1586 6.00 1658 1257 2.81 21.70 515.8 ExxonMb $X 74.90 0.06 87.36 64.65 4.20 18.01 2634.2 SchroderRE 56.30 - 67.30 53.10 4.48 18.16 1058.6
SmurfKap 2542 -18.00 3306 1915 3.17 -10.35 443.1 Gazprom PJS $ 6.80 -0.07 8.03 4.13 3.37 3.18 6107.7 SiriusRE♦ 65.60 - 69.00 55.00 4.18 5.98 626.6 Telecommunications
Sberbank of - - - - - - - CarrsGroup 151.00 -1.00 175.50 128.00 2.98 12.58 12.2
Vesuvius 519.00 9.00 663.00 469.40 3.56 10.22 611.8 GeoPark $ 18.01 -0.05 21.74 10.89 - 16.63 61.6 Smart(J) 114.00 - 126.00 105.00 2.77 11.08 2.5 BTX 188.98 -0.60 268.60 187.22 8.03 8.75 17952.3
STB 1440 -40.00 1820 1130 5.56 9.54 6.1 Coca-Cola H♦■ 2735 -9.00 3094 2224 1.77 25.18 574.1
GulfKeyst 221.00 -4.00 303.50 164.80 - 8.31 725.8 StModwen 414.50 -0.50 448.50 358.00 1.71 15.30 92.6 Inmarsat 560.80 -0.80 583.80 355.00 2.70 -16.61 1359.3
StandChX 713.20 -1.00 742.60 514.20 1.87 49.10 4930.0 Cranswk♦ 2508 14.00 3500 2340 2.17 18.59 61.4 Industrial Transportation HellenPet € 8.93 -0.02 9.40 6.64 5.37 15.52 119.0 U+I 141.20 -0.20 236.50 126.80 4.18 4.43 243.1 KCOM Gp 120.00 - 120.20 54.10 5.00 -101.69 698.0
..7.375%Pf 121.75 0.85 127.00 112.50 6.06 - 13.4 Devro 208.00 7.00 222.00 150.80 4.23 28.11 108.8 BBA Aviat 286.60 1.00 354.00 207.00 3.74 32.02 3264.6 Hunting 527.50 2.50 883.50 448.00 0.59 12.85 325.2 Unite Gp 1046 -8.00 1056 793.00 2.38 11.55 491.0 TalkTalk♦ 106.90 -2.10 140.10 91.65 2.34 38.18 808.6
..8.25%Pf 135.00 2.10 137.00 120.20 6.11 - 10.6 DiageoX 3387 -12.50 3500.5 2513 1.93 28.25 3192.4 Braemar♦ 172.50 - 279.00 160.00 8.70 -11.42 11.3 ImpOil C$X 35.76 -0.36 44.69 33.52 2.00 14.54 58.3 Urban&C 313.00 -7.00 337.00 257.00 1.12 10.19 285.7 TelePlus♦ 1328 -10.00 1542 995.00 3.84 31.39 39.4
TntoDom C$X♦ 77.40 0.40 80.05 65.56 3.31 13.40 216.8 Grncore 225.00 1.10 231.60 160.90 2.48 250.00 3615.2 Clarkson 2600 -10.00 2915 1834 2.85 26.37 29.1 PJSC Lukoil $ 82.75 0.04 5295 62.96 3.96 6.16 1.6 Vodafone GpX♦ 129.34 2.44 188.46 122.22 10.12 -9.24 79364.2
Westpc A$X 27.88 0.30 30.44 23.30 6.52 14.43 4375.7 HiltonFd 927.00 -22.00 1096 880.00 2.11 23.47 14.4 Retailers
Eurotunnl € 13.54 -0.06 14.85 10.58 2.21 56.48 414.6 PremOil 77.96 1.04 146.90 54.70 - 8.14 6854.6
Kerry € 106.80 0.20 108.40 85.45 0.61 34.98 20.4 AA 50.05 -0.05 127.40 44.98 4.00 7.25 423.5 Tobacco
Basic Resource (Ex Mining) Fisher J 2010 -10.00 2280 1568 1.47 22.61 8.0 RylDShlAX 2539 18.00 2687 2209.5 5.71 11.69 6550.8
Nestle SFrX 102.60 -1.10 104.28 77.74 2.25 31.11 4826.3 OceanWil 1065 - 1310 993.00 5.06 36.07 38.8 AO World 74.30 -1.70 156.00 68.80 - -19.66 139.2 BrAmTobX 3093 -11.50 4265 2336.5 6.31 11.75 3024.0
Ferrexpo 265.10 1.20 305.60 138.00 1.90 5.95 1324.2 ..B 2542.5 11.50 2766.5 2227 5.71 11.71 2929.5
PremFds 37.50 -0.10 45.85 29.45 - -9.38 341.3 RoyalMail 221.60 5.50 492.50 192.00 10.97 12.66 3386.7 AshleyL 2.05 -0.01 6.00 1.51 - -2.35 40.6 Imperial BrX 2145 2.50 3009 1821.4 8.75 13.19 1843.3
Mondi 1762.5 -16.50 2250 1557.5 3.28 11.55 3074.8
PureCircle 260.00 -4.00 407.00 232.50 - -61.09 7.9 Schlmbrg $X 38.62 -0.16 68.43 34.46 4.96 27.80 6172.2
Seplat 113.00 -2.00 160.00 110.00 7.37 5.45 0.4 Caffyns♦ 410.00 - 449.00 351.00 5.49 -19.52 0.0 Travel & Leisure
Chemicals REA 109.00 -3.50 332.00 98.00 - -2.55 35.9 Insurance Dairy Fm $ 7.33 -0.22 9.94 7.02 2.81 109.97 467.2
StckSpirit 217.00 -1.00 240.00 184.00 3.30 37.58 30.0 Admiral 2281 6.00 2300 1885.5 3.52 16.67 473.4 Soco Int 64.80 0.10 102.20 62.00 8.45 11.79 82.6 888 Hldg 163.00 3.00 260.20 126.70 4.87 8.05 248.8
Carclo 12.78 0.03 123.50 12.45 - 1.21 474.1 Dignity 633.50 -4.50 1125 605.00 3.85 10.06 231.2
Tate&Lyl♦ 762.60 6.40 810.00 620.00 3.79 19.76 949.7 AvivaX 419.80 -1.20 504.60 361.80 6.73 11.11 4729.6 TrnCan C$X♦ 65.63 -0.10 67.15 47.90 4.03 16.72 40.2 Carnival 3512 6.00 5030 3354 4.54 10.44 515.8
Croda 4836 16.00 5460 4499.12 1.78 26.17 291.5 DixonsCar 119.95 0.85 183.65 90.00 - 5.66 1381.7
TongtHu R 13.21 -0.74 90.00 13.19 11.39 -13.48 282.0 Beazley 549.50 -3.00 604.50 484.20 2.20 54.68 1257.8 Tullow Oil 199.50 1.55 273.90 163.30 - 43.06 3708.9 CompassX♦ 1961.5 9.50 1976 1467.5 1.92 26.58 1546.5
Elemntis 132.00 2.20 259.17 127.30 4.85 17.70 633.4 Dunelm 906.50 15.00 992.00 482.80 2.92 21.84 574.1
Unilever 5011 -54.00 5122 3905 2.69 16.04 2007.1 Chesnar 355.00 - 409.50 310.50 5.71 22.17 99.0 Wood Group 512.20 11.60 801.20 379.90 1.73 -501.67 1532.1 Dalata Hote 439.00 - 650.00 385.42 0.61 12.11 114.3
Johnsn Mtth♦ 3131 85.00 3783 2574 2.60 14.59 966.0 Findel 243.00 - 312.00 152.50 - 9.01 11.8
..NV € 53.40 -0.20 55.40 45.30 2.86 15.30 7.9 Direct Line 335.00 -1.30 366.60 300.70 6.15 10.12 3464.6 easyJet 1100 24.00 1712 840.00 5.33 22.63 5033.5
Victrex 1948 4.00 3434 1937 3.06 16.94 322.3 Pharmaceuticals & Biotech Halfords 214.40 -1.40 355.60 199.20 8.49 10.21 598.4 EI Group 284.20 -0.80 289.00 147.80 - 31.58 8201.6
Eccles prf 156.50 - 158.00 136.77 5.51 - 41.9 AstraZenecaX 6390 -12.00 6634 5312 3.42 43.82 1609.0 Inchcape 602.00 4.00 826.00 482.20 4.62 52.35 1122.7
Construction & Materials Health Care Equip & Services Hansard 47.00 0.20 63.00 35.40 9.47 10.22 168.4 FirstGrp 108.70 0.20 125.00 77.95 - -19.76 613.1
ConstMed 778.00 4.00 1270 700.00 2.70 22.82 6.7 BTG 836.50 0.50 853.00 490.40 - 142.29 166.2 JDSportsF♦ 612.60 1.00 648.60 318.80 0.27 22.77 810.1 Flutter Ent 6970 102.00 8440 5390 2.90 28.99 71.2
Alumasc 92.50 - 147.00 85.00 7.95 15.68 21.8 Hiscox 1723 3.00 1795 1411 1.79 49.54 1240.7 Just Eat PL 626.20 10.00 889.40 519.20 - 51.75 1022.8
ConvaTec 146.45 -0.60 240.50 113.25 3.24 16.96 3665.1 CathayIn 6.50 - 9.30 3.00 - -1.68 4.7 Fuller A 1075 20.00 1210 846.00 1.82 18.15 13.1
Boot(H) 239.00 -5.00 304.00 230.00 3.51 8.54 2.5 Lancashire 694.50 -9.50 731.00 505.00 1.70 46.55 146.7 Kingfisher 218.60 -2.70 319.70 198.45 4.95 21.43 4687.8
GNStre kr 320.10 -4.60 346.60 226.70 0.40 35.17 244.2 Dechra 2890 6.00 3180 1992 0.88 123.29 129.6 Go-Ahead 2168 -4.00 2226 1480 4.71 14.26 97.6
CRH 2651 4.00 2739 1961 2.32 17.25 1664.7 Leg&Gen 269.10 -2.30 292.30 221.80 5.82 9.10 7233.7 Marks&Sp 206.10 0.90 301.27 203.10 8.61 103.36 5699.3
Mediclinic♦ 334.80 0.90 539.60 288.30 2.36 -16.33 412.7 Genus 2620 20.00 2998 2090 0.99 -238.18 35.4 GreeneKg 661.80 9.80 705.60 466.90 5.02 13.16 1713.7
GalfrdT 642.00 12.00 1117 499.60 11.56 5.86 300.1 Old Mut 124.30 -0.76 176.62 105.40 1.83 21.90 1339.6 Morrison (W 209.40 1.00 270.50 192.15 3.00 20.71 9275.5
NMC Health 2300 42.00 4376 2110 0.58 24.66 510.9 GlaxoSmhX 1646.4 -3.40 1672 1408.8 4.86 20.97 4210.2 IntCon Htel 5514 -5.00 5615 4052.63 1.59 36.50 191.3
KierGp 78.35 -1.75 1109.47 72.75 86.54 2.54 1866.8 PhoenixGrp 716.00 2.20 735.20 537.50 6.31 10.73 822.7 MossBros 19.28 0.30 47.90 18.00 18.00 -5.03 86.3
Smith & Nep 1733 -4.00 1772 1242.5 1.66 29.16 1137.1 HikmaPhm 1809 8.50 2089 1474.5 1.50 19.78 373.7 Intl Cons A 450.10 -5.90 718.40 431.80 5.55 5.09 5548.7
Kingsp € 46.72 0.02 50.00 34.44 0.81 25.66 23.1 PrudntlX 1715.5 -4.00 1843 1325 2.81 14.69 2748.3 Next♦ 5460 20.00 6188 3970 2.93 12.61 222.4
UDGHlthC 778.50 -3.50 852.00 545.00 1.58 98.01 751.5 Oxfd Bio 694.00 11.00 968.60 581.00 - 63.73 67.4 JPJ Grp 679.00 -1.00 1048 571.00 - 14.76 52.4
LowBonr 9.60 -0.14 48.30 5.76 29.06 -0.75 214.5 RSA Ins 577.20 1.60 646.00 490.40 3.52 18.27 1696.4 Ocado 1194.5 54.00 1440.5 730.60 - -48.95 1964.5
RichterG $ 17.50 - 21.40 17.00 1.31 22.75 0.0 MandarO $ 1.70 -0.02 2.38 1.69 1.73 50.27 199.4
Marshlls 641.50 4.50 693.50 402.80 1.68 24.60 700.7 House, Leisure & Pers Goods SagicFin 117.50 - 135.00 70.50 3.27 14.72 0.5 Saga 47.20 0.40 141.20 31.78 19.07 -3.26 6261.9
VecturGp 80.15 -1.15 90.15 65.85 - -6.07 675.7 Marstons 124.70 3.10 125.70 89.20 6.01 10.75 3669.2
MorgSdl 1136 12.00 1536 1000.00 4.23 7.99 14.9 StJmsPl 1098 -13.50 1234.5 905.60 4.18 33.89 1359.3 Sainsbury ( 205.90 4.70 341.80 185.30 4.95 23.13 11537.1
BarrttDev 634.00 2.60 635.40 430.00 4.18 8.88 2925.5 Merlin Ents 449.70 -0.30 451.50 304.50 1.67 19.99 1144.4
Norcros♦ 214.00 1.00 233.00 183.00 3.74 8.95 3.6
Bellway 2840 -9.00 3233 2407 5.04 6.49 430.6 Real Estate TescoX 238.30 1.60 266.80 187.05 1.54 17.59 11628.8
Tyman 244.00 1.00 256.00 111.25 4.71 17.86 97.9 LEISURE Natl Exp 416.80 -4.60 438.00 356.00 3.34 15.73 518.3
Berkeley 3756 -73.00 3992 3170 2.40 7.85 421.9 PhotoMe Int 96.40 0.10 132.00 75.00 8.76 10.12 175.0
REITs PPHE Htl 1900 - 2020 1480 1.53 21.11 3.1
Assura 64.40 -0.30 66.10 52.40 4.16 18.40 2737.4
Support Services
Electronic & Electrical Equip BovisHme 1050 -7.00 1190 818.60 4.90 10.34 374.2
Aggreko 785.20 1.40 891.20 684.40 3.45 15.97 428.5 Restaurt 147.90 1.20 222.94 110.10 8.59 61.37 3089.3
Dialight 295.00 3.00 586.00 285.00 - 18.32 62.3 Burberry Gp♦ 2328 -4.00 2362 1618.5 1.77 28.49 1377.5 Media BigYellw♦ 1009 -22.00 1077 834.00 3.19 12.94 221.7 Ryanair Hol 417.60 2.60 517.00 324.80 4.96 45.39 112.7
Cairn Homes € 1.14 0.03 1.79 1.03 - 28.49 1284.5 4imprint 2630 20.00 2900 1765 1.82 26.75 17.9 BritLand♦ 537.80 0.60 664.00 520.00 5.72 -17.93 2121.1 AshtdGp 2211 22.00 2461 1572.5 1.54 14.45 1198.0
Discoverie ♦ 426.00 -3.00 469.00 324.00 2.15 21.96 5.2 Bunzl 2175 30.00 2554 2026 2.17 22.24 569.9 Stagech 135.60 0.90 184.70 113.60 5.68 7.84 972.9
Halma♦ 1993 7.00 2099 1215 0.76 44.51 1641.0 CtrySide 289.00 1.00 356.00 265.60 3.74 8.98 407.1 Auto Trader 544.60 -5.20 606.80 375.60 1.12 26.01 2796.4 Cap&Reg 16.50 0.46 50.30 13.32 22.61 -4.71 238.0 ThomasCook 4.71 -0.36 102.70 4.30 - -0.05 34951.7
CrestNic 352.40 -1.60 410.80 275.00 9.36 6.65 822.4 Centaur 47.00 1.00 59.00 35.00 6.38 -4.75 295.5 Civitas SH 84.90 -0.10 114.00 76.10 5.89 20.12 1038.6 Capita 118.00 1.65 171.45 98.66 - 6.64 2730.0
Morgan Ad 255.20 6.20 370.00 233.80 4.31 12.82 495.0 DCC 6884 4.00 7450 5555 1.85 24.61 86.5 TUI 804.00 39.20 1676.5 686.60 7.72 8.64 3605.0
OxfordIn 1338 40.00 1468 813.00 0.99 41.68 145.4 GamesWk 4744 - 5160 2187.4 2.74 25.33 84.6 DlyMailA 772.00 2.00 796.00 555.00 3.02 4.45 143.2 Countrywd 5.48 0.04 27.25 3.10 - -0.18 586.1 Whitbrd 4902 17.00 5162 3870 2.06 20.57 1205.8
Gleeson 802.00 4.00 900.00 600.00 3.99 11.86 71.6 HaynesPb 224.00 - 233.80 156.00 3.35 45.71 1.5 DrwntLdn 3062 -8.00 3352 2745 2.01 15.39 141.3 DeLaRue♦ 292.50 -2.00 553.00 282.00 8.55 15.56 86.7
Renishaw 3710 -6.00 5700 3510 1.62 21.04 99.0 Diploma 1482 25.00 1654 1144 1.72 29.12 129.0 Willim H 163.70 1.50 307.00 128.45 8.06 -1.96 1391.7
Spectris 2688 15.00 2932 1924.5 2.16 17.13 162.2 Headlam 452.00 -2.50 490.00 360.50 5.49 11.41 33.7 Informa 836.20 7.00 869.00 602.80 2.49 42.45 1795.0 Great Portl 689.60 -0.80 777.60 647.40 1.68 40.33 779.1
McBride 68.00 - 160.20 63.70 6.32 6.48 67.3 ITE Grp♦ 73.80 0.70 90.20 55.40 2.61 -56.77 28.7 Green Reit € 1.84 0.00 1.87 1.30 2.88 9.47 26.7 Elctrcmp♦ 594.20 0.40 771.00 478.40 2.24 17.90 1661.3 Utilities
TT Elect 229.00 -2.00 282.00 176.00 2.62 29.36 129.7 Essentra PL 417.60 2.60 517.00 324.80 4.96 45.39 112.7
XP Power 2070 -10.00 3780 1940 3.91 13.36 8.0 McCarthy&S 138.50 -0.20 145.60 100.40 3.90 18.22 255.4 ITV 110.20 0.80 175.10 102.65 7.15 9.50 16613.4 Hammersn 272.80 -1.80 538.60 262.20 9.49 -8.00 2353.6 Centrica 90.26 0.52 156.65 85.06 13.29 28.21 16313.3
Persimn 1974 -4.00 2523 1825.5 11.90 7.03 1531.5 Pearson 882.20 4.00 1030 764.00 1.98 11.68 2184.9 Hansteen 92.30 -0.20 112.30 85.60 6.72 7.16 454.0 Experian♦ 2408 28.00 2463 1710 1.43 41.29 1226.5 Drax 279.80 4.40 432.40 259.80 4.65 57.10 583.7
Financial General Philips € 38.95 -0.30 40.01 29.05 2.05 28.05 1873.3 RELX NV £ 21.57 0.07 22.06 16.90 1.87 30.21 2007.1 Hibernia €♦ 1.52 0.01 1.53 1.22 2.15 9.01 1015.3 Ferguson 5888 84.00 6601 4594 2.45 19.47 305.8 Natl GridX♦ 834.80 2.80 892.00 744.50 5.57 18.93 5580.9
3i 1116.5 3.00 1166 754.60 3.31 8.74 1428.9 PZCusns 217.00 0.50 244.00 175.00 3.82 19.58 4017.0 RELXX 1940 5.00 1984.5 1466.5 2.07 27.17 3681.6 Intu 81.08 0.06 204.00 73.90 17.27 -0.96 3050.7 G4S 194.30 1.15 282.50 173.55 4.99 37.37 2477.9 Pennon 749.60 12.40 800.00 681.00 5.26 14.73 1745.4
BrewDlph 311.80 1.20 369.00 288.80 5.26 17.72 401.0 ReckittBX 6583 -60.00 7174 5559 2.56 21.55 1061.7 Rightmove P 512.20 -5.00 588.10 415.20 1.19 28.95 1935.0 LandSecs 845.40 2.80 946.90 784.20 5.74 -52.51 1528.5 Hays 151.00 1.60 213.40 134.60 2.52 12.84 3360.9 Severn Tren 2041 4.00 2153 1758 4.37 15.32 1019.8
CtyLonInv 440.00 6.00 440.00 350.00 6.14 12.50 5.9 Redrow 544.00 -6.00 641.00 22.79 5.40 5.93 442.1 STV Grp 358.00 15.00 458.00 318.00 5.03 87.32 36.6 LondonMtrc 205.60 -1.40 216.40 171.50 3.92 11.95 1291.2 Homesve♦ 1145 10.00 1275 847.50 1.71 35.45 332.5 SSE 1159 -5.00 1371 997.80 8.25 8.57 3221.9
CloseBrs 1400 -51.00 1682 1349 4.50 10.51 457.4 Superdry Pl♦ 424.60 9.80 1399 354.00 7.35 5.51 379.1 ThmReut C$X 89.38 0.33 89.53 58.40 2.11 254.52 9.8 McKaySec♦ 223.00 1.00 283.00 221.00 4.48 16.03 123.5 HowdenJny 495.00 6.70 537.20 412.40 2.26 15.87 1564.8 UtdUtils♦ 778.00 13.60 879.60 674.40 5.17 14.62 4430.4
DBAG € 31.65 0.30 39.60 29.75 4.39 21.86 4.5 TaylorWm 165.00 0.10 192.70 127.80 2.96 8.25 6096.7 PrimyHth♦ 136.80 -0.20 139.00 106.40 3.95 13.96 939.9 Intertek 5524 26.00 6084 4323 1.44 31.62 257.1

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 BP Marsh♦ 284.00 - 318.00 250.00 1.68 7.53 2.7 Portmern 1010 - 1235 330.00 3.49 14.05 1.2 Oil & Gas Summit Prp € 1.22 - 1.32 0.90 2.46 2.16 53.3 Tech - Software & Services
Cohort 440.00 - 494.50 354.00 1.86 28.85 2.6 Burford Cap 1590 -11.00 2075 1288 0.57 13.47 350.5 TelfordHms 350.50 -0.50 430.00 260.00 4.99 7.88 183.7 AmeriRes 16.52 4.42 20.50 9.50 - 161.96 38826.6 BoBlue Pris 1420 19.00 2635 1002 - -17.69 121.7
Gresham Hou 625.00 - 640.00 430.00 - -156.17 0.6 WalkerGb♦ 88.00 -0.50 110.20 55.00 4.97 12.24 123.3
Retailers
Velocity Co 21.50 - 61.32 18.06 - -11.32 3.0 BorSthnPet 1.57 -0.04 4.86 1.50 - -4.88 414.4 Eckoh 49.25 -0.25 52.00 32.80 1.12 136.81 171.4
Leeds 21.50 - 33.00 19.00 - 5.51 0.2 ASOS 2181 74.00 6298 2033 - 30.12 2466.6
Industrial Engineering ClontarfEn 0.22 - 0.67 0.17 - -3.58 1485.7 IDE Group H# 0.78 -0.23 21.38 0.55 - -0.03 2501.7
Banks MattioliWds 787.50 - 865.00 620.00 2.16 25.32 2.4 Egdon Res 4.40 -0.10 10.91 4.00 - -6.29 255.0
Boohoo Grou 218.60 4.80 249.20 146.40 - 67.89 3705.7
Ingenta 67.50 - 140.00 60.01 2.22 -13.83 220.1
Caribbean I 17.75 1.25 28.00 14.00 - 1.22 100.0 Miton 46.50 -0.25 76.20 41.00 3.01 10.40 122.0 600 Grp 19.75 0.25 20.30 12.50 3.77 6.94 65.5 CVS Group P 830.00 40.00 1191 362.40 0.60 88.30 489.5
Hurricane E 45.20 -0.54 64.50 38.20 - -18.51 12006.9 Iomart 333.00 -2.50 475.00 306.00 2.16 31.09 95.7
Numis 248.00 -7.00 439.50 221.50 4.84 18.51 86.0 MS Intl♦ 205.00 - 226.00 177.29 4.02 7.35 2.0
Basic Resource (Ex Mining) Pres Tech 119.00 - 138.00 75.00 - -17.50 16.8
PetrelRes 1.30 0.05 3.50 0.89 - -5.37 1233.3 Support Services Oxford Metr 91.50 - 99.00 62.15 1.64 26.90 1721.6
Park Grp 68.00 - 81.50 63.00 4.49 11.79 17.1 Phoenix Glo 21.60 -0.40 27.00 15.00 - -9.17 0.3 Begbies 80.75 0.25 85.00 56.00 2.97 73.41 53.7 SciSys Grou♦ 251.00 1.00 252.99 135.25 0.88 52.29 65.7
CropperJ♦ 1185 85.00 1769.4 880.00 1.14 48.77 2.0
PolarCap♦ 578.00 - 698.00 447.00 5.19 10.78 103.6 IT Rockhop 22.70 -0.65 42.00 19.66 - -18.41 371.4 Christie 97.50 - 155.25 84.00 3.08 9.09 3.0 WANdisco 540.00 6.00 1062.4 330.00 - -15.28 18.6
Chemicals Share 32.50 - 38.00 22.10 1.23 -650.00 5.5 Keywords St 1694 36.00 2110 885.00 0.09 84.86 95.4 Sound Energ 8.08 -0.45 45.00 7.40 - -7.09 3164.8 Empres 68.50 - 89.50 64.25 1.93 7.53 11.8
Directa Plu 83.50 - 87.00 37.00 - -10.34 47.2 ShoreCap 210.00 - 270.00 190.00 4.76 16.80 6.4 UnJackOil 0.26 -0.01 0.29 0.08 - -26.00 114874.3
Travel & Leisure
Learning Te 93.80 - 166.50 58.80 0.38 146.33 1106.1 Gattaca 117.75 -2.75 173.00 93.40 2.55 -3.84 15.4
Scapa 162.80 -4.60 473.80 145.00 1.47 31.31 2647.3 STM Group 43.50 - 75.04 41.08 4.37 7.37 1.1 United O&G 3.85 -0.05 6.20 2.58 - -13.28 1167.7 Celtic 165.00 - 170.00 128.00 - 16.27 0.6
Impellam 457.00 - 695.00 440.00 2.95 17.25 0.2
Versarien P 132.00 11.00 190.50 73.20 - -146.67 1616.7 LEISURE JhnsnSrv 167.60 0.60 170.60 112.00 1.73 23.28 240.7
..6%CvPf 157.50 - 170.00 114.30 - - 1.0
Food & Beverages Codemasters 220.50 2.50 256.00 130.00 - 73.50 312.1 Pharmaceuticals & Biotech ..Cv Pf 320.00 - 350.00 238.60 - - 1.6
LonSec 2350 - 2500 1800 3.40 17.93 0.0
Construction & Materials Camellia 10700 - 12000 9100 1.29 11.64 0.1 Sumo Group 160.00 -4.00 185.00 105.00 - -800.00 918.8 Abcam 1405 16.00 1588 1006 0.85 50.36 362.3 Dart 778.00 2.50 1052 741.00 0.96 5.52 274.3
Fevertree D 2193 3.00
4120 2021 0.54 41.23 346.7 NewmkSec 0.80 - 1.47 0.60 - -4.21 28.5
Abbey 1275 15.00 1429 1130 1.25 6.26 0.1 AllcePharm 69.40 0.40 98.00 59.20 1.98 19.28 1266.1 gamingrealm 5.45 0.03 9.15 4.00 - -2.75 976.0
FinsbryFd 67.00 - 129.00 58.00 4.93 9.31 217.3 Media NWF 162.50 - 205.00 128.00 3.88 10.42 5.0
AccsysTch 110.00 -0.50 124.00 86.60 - -24.70 24.2 Clinigen Gr 950.00 0.50 1069 716.00 0.59 47.50 206.6 GoalsSocc# 27.20 1.80 92.00 22.20 - 5.67 117.5
Nichols 1680 55.00 1840 1230 2.07 24.28 6.7 M&Csaatc 345.00 7.00 405.00 253.00 2.86 37.70 19.4 Petards 23.00 0.50 29.00 20.35 - 11.79 25.0
Aukett 1.63 - 2.60 0.82 - -1.69 2.8 e-Thera 3.10 - 8.65 1.40 - -2.08 1274.4 MinoanGp 2.25 0.15 6.66 1.71 - -1.26 1063.2
MissionMk♦ 87.50 3.00 96.00 47.00 2.11 13.08 187.3 Renew 399.00 4.00 438.00 330.00 2.51 13.83 52.5
Health Care Equip & Services Mereo Bio 41.00 -1.50 320.00 40.00 - -0.91 29.1 PeelHtls 65.50 - 78.00 57.00 - -8.51 0.3
Electronic & Electrical Equip YouGov 540.00 - 560.00 375.00 0.56 52.43 15.9 Reneuron 238.00 -6.00 342.00 29.50 - -5.63 43.5
Restore 400.00 - 528.00 227.00 1.33 27.21 69.1
CeresPow 200.00 4.00 209.95 124.98 - -32.68 280.5 CareTech 373.00 -2.00 410.00 311.00 2.95 33.39 27.8 SafeCharge 442.00 - 444.00 225.00 3.19 34.69 88.7
Mining Sareum 0.39 -0.01 0.93 0.38 - -7.80 5020.6
ElektronT 51.00 - 53.00 31.38 - 25.50 115.5 Cello Hlth 125.50 -0.50 140.07 95.00 2.83 20.44 27.9 Smart Meter 508.00 -3.00 697.00 474.40 1.07 129.26 280.9
LPA 95.50 - 118.00 85.00 3.04 16.64 5.5 Tristel 300.00 1.00 393.00 210.00 1.53 38.51 13.9 AMC 1.91 -0.02 4.50 1.61 - -4.78 618.8 Real Estate Tech - Hardware
ThorpeFW 326.00 -1.00 345.00 219.00 1.66 22.45 18.7 Arkle Resou 1.00 - 2.75 0.80 - -3.60 14.7 InlandHms 66.30 -0.70 70.20 47.30 3.32 8.96 110.3
House, Leisure & Pers Goods BotswanaD 0.53 - 1.20 0.44 - -4.38 2694.2 AminoTech 125.00 - 212.00 76.00 6.05 11.04 58.1
Zytronic 240.00 - 529.85 210.00 9.50 13.04 6.1 Lok'nStor 526.00 3.00 550.00 347.00 2.09 37.36 7.4
Airea 53.50 -0.50 78.90 44.10 12.62 6.52 5.8 CentAsiaM 209.00 2.50 274.00 195.20 8.35 8.68 145.2 IQE 52.40 -1.00 115.00 43.34 - 436.67 1854.9
PnthrSec 360.00 - 400.00 320.00 3.61 9.02 0.0
Financial General Churchll 1595 - 1670 900.00 1.62 24.54 6.9 HighldGld 220.80 5.80 229.40 125.10 7.69 18.26 2303.4 SIR 400.00 3.00 415.00 369.00 3.47 8.21 53.6
Telit Commu 162.00 -3.00 192.00 112.00 - -7.39 252.8
Arbuthnot 1360 - 1623.76 1019.8 2.50 35.79 0.3 Frontier De 966.00 -19.00 1440 730.00 - 24.39 7.6

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) CanGen C$ 25.28 -0.07 26.33 19.70 2.82 36.8 -31.3 JPM Amer 479.00 1.50 485.50 384.50
502.11.20 -4.6 PolarTech 1416 20.00 1418 1066 - 1513.0 -6.4 AEW UK REIT 95.00 -0.20 100.00 84.26 8.42 96.6 -1.7
Price +/-Chg High Low Yld NAV or Pm City Merch♦ 190.00 -1.50 194.50 172.50 5.26 182.3 4.2 JPM Asn♦ 383.50 -0.50 396.00 296.00
411.04.02 -6.7 RIT Cap 2115 5.00 2130 1890 1.56 1958.0 8.0 BMO ComPrp♦ 116.00 -0.20 151.60 110.80 5.17 135.9 -14.6
3i Infra 286.00 0.50 303.50 231.40 2.88 234.7 21.9 City Lon 429.00 1.50 437.00 373.00 4.18 420.9 1.9 JPM Brazil 75.50 - 77.00 50.0094.81.06 -20.4 Ruffer Inv 215.00 -1.00 238.00 202.00 0.84 226.9 -5.2 BMORealE 82.60 -1.40 96.00 79.60 6.05 104.8 -21.2
For queries about the London Share Service pages e-mail
AbnAsianIn♦ 221.00 3.00 223.00 182.00 4.07 239.4 -7.7 CQSNatRs 91.10 - 116.00 82.90 6.15 121.1 -24.8 JPM China 288.50 1.00 308.00 213.00
333.11.21 -13.4 Schroder To 377.50 1.00 379.00 309.00 1.27 373.2 1.2 CustdnREIT 119.00 0.40 122.80 111.00 5.48 105.5 12.8
ft.reader.enquiries@morningstar.com.
Abrdn Div I 110.00 0.50 126.00 106.00 4.79 119.0 -7.6 DiverseInc♦ 88.40 0.20 110.00 81.90 3.85 94.2 -6.2 JPMElct MC 101.50 - 104.00 98.00
103.20.34 -1.6 SchdrAsiaP 468.00 - 471.59 375.00 2.03 517.1 -9.5 GCP Student 163.60 -0.40 166.00 144.80 3.67 - -
AbnEmgMkts 612.00 -8.00 620.00 498.06 3.43 715.2 -14.4 Dun Inc 274.00 2.00 281.00 228.00 4.88 301.9 -9.2 ..MG 862.50 - 874.55 722.40
881.21.73 -2.1 Schdr Inc♦ 287.00 1.00 307.00 250.00 4.11 313.3 -8.4 Longbow♦ 99.00 - 105.00 96.50 6.06 97.3 1.7 All data is as of close of the previous business day. Company classifications
AbnJapInv 572.50 5.00 615.00 496.19 0.91 639.6 -10.5 EcofinGloba 146.50 1.00 148.00 120.50 4.37 165.6 -11.5 ..MI 107.50 - 116.99 93.01
110.04.28 -2.3 SchdrJap 192.00 4.00 225.00 176.00 2.08 213.2 -9.9 SLIPropInc 92.10 0.30 97.00 77.90 5.17 89.9 2.4 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnLatAmIn♦ 76.70 0.90 76.65 58.59 4.56 88.9 -13.7 EdinDragn 423.00 0.50 424.12 322.50 0.95 474.6 -10.9 JPM Emrg 1050 6.00 1054 758.00
1134.81.19 -7.5 SchdrOrient 270.00 -1.00 274.00 224.20 3.63 266.9 1.2 TR Prop♦ 417.50 0.50 435.50 351.00 2.98 427.4 -2.3 100 constituent stocks are shown in bold.
AbnNewDn 262.00 - 270.00 195.00 1.64 297.2 -11.8 Edin Inv♦ 590.00 4.00 705.00 568.00 4.66 673.8 -12.4 JPM EurGth 295.00 1.00 312.00 247.00
334.33.00 -11.8 SchdrUKMd♦ 511.00 3.00 560.00 441.00 3.13 612.6 -16.6 Tritax Euro € 1.05 -0.02 1.20 1.00 - 1.1 -4.5 Closing prices are shown in pence unless otherwise indicated. Highs & lows
AbnNewIndia 513.00 -3.00 520.00 383.00 - 574.4 -10.7 Edin WWd 200.20 1.20 205.00 143.60 - 196.9 1.7 JPM EurInc 156.00 -1.00 163.50 137.00
175.04.01 -10.9 ScotAmer 417.00 1.00 420.00 346.00 2.73 400.2 4.2 Tritax Euro 93.80 -2.20 106.40 89.00 - - - are based on intra-day trading over a rolling 52 week period. Price/earnings
AbnNewThai 647.50 - 655.00 528.88 2.80 738.3 -12.3 EP Global 305.50 -1.00 330.00 293.00 1.73 326.3 -6.4 JPM EuSm 370.00 -3.00 417.00 321.00
426.61.81 -13.3 Scottish In♦ 834.00 4.00 902.00 747.00 2.58 923.3 -9.7 UKComPrp 87.50 -0.20 92.90 79.50 4.21 93.0 -5.9 ratios (PER) are based on latest annual reports and accounts and are updated
AbnSmlInCo♦ 288.00 - 299.00 216.78 2.55 325.5 -11.5 EuroAsset♦ 109.25 -0.25 123.00 91.00 7.43 116.9 -6.5 JPM Clavr 710.00 2.00 776.00 640.00
747.83.87 -5.1 ScottMort 548.50 1.00 569.00 434.75 0.56 533.4 2.8 with interim figures. PER is calculated using the company’s diluted earnings
VCTs 52 Week Dis(-)
AbnStdAsia 1142.5 2.50 1155 914.00 1.14 1303.4 -12.3 EuroInvT♦ 818.00 4.00 944.00 754.00 3.30 925.2 -11.6 JPMGIConv 91.50 0.20 95.20 84.8094.74.92 -3.4 ScottOrtll 1045 5.00 1100 840.00 1.10 1202.9 -13.1 from continuing operations. Yields are based on closing price and on dividends
Price +/-Chg High Low Yld NAV or Pm
AStd Eqt In 406.50 1.00 491.00 383.00 4.85 428.5 -5.1 F&C Inv Tru♦ 713.00 - 726.00 616.00 1.53 750.8 -5.0 JPM GEI♦ 137.00 - 140.43 112.80
144.83.65 -5.4 Seneca I&G 176.00 0.75 182.00 158.50 3.73 177.3 -0.7 paid in the last financial year and updated with interim figures. Yields are
FidAsian 453.50 -0.50 457.64 349.00 1.21 440.9 2.9 JPM Gl Gr&I 343.00 2.00 346.00 279.00
337.33.60 1.7 Smithson 1248 -2.00 1278 984.80 - 1216.3 2.6 ArtemisVCT 42.00 - 74.00 40.00 9.52 46.3 -9.3 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Abf Sml 1180 -2.00 1394 1106 2.48 1348.0 -12.5
FidChiSpS♦ 222.00 0.50 250.50 181.60 1.58 243.8 -8.9 JPM I&C Uni 388.00 - 394.00 347.20- 1.86 - StrategicEq 225.50 1.00 233.00 185.00 0.44 262.0 -13.9 Baronsmead 78.00 - 91.10 70.50 9.62 81.7 -4.5 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Abf Spl Inc 80.00 - 103.50 72.00 - 86.9 -7.9
Fid Euro 254.50 1.50 258.00 202.00 1.71 273.6 -7.0 JPM Ind 767.00 1.00 795.00 562.44
856.7 - -10.5 Temp Bar 1252 8.00 1368 1112 3.49 1319.2 -5.1 BSC VCT 68.00 - 76.90 66.00 16.18 70.3 -3.3 capital changes where appropriate.
Alliance 820.00 3.00 831.00 669.00 1.64 862.5 -4.9
Fid Jap 146.75 1.25 167.50 124.00 - 160.8 -8.7 JPM JpSm♦ 407.00 5.00 455.00 322.00
435.43.37 -6.5 TempEmerg 811.00 2.00 820.00 639.00 2.47 901.5 -10.0 ..VCT2 51.00 - 57.25 48.50 5.88 53.5 -4.7
AllianzTech 1762 10.00 1790 1130 - 1737.3 1.4 Trading volumes are end of day aggregated totals, rounded to the nearest
Fid Spec 260.50 - 280.00 220.00 1.92 261.0 -0.2 JPM Jap 442.00 4.00 470.00 366.00
473.21.13 -6.6 Tetragon $ 12.50 - 13.50 9.41 4.21 23.6 -47.0 Inc&GthVCT 68.50 - 71.30 65.50 8.76 76.5 -10.5
Art Alpha 285.50 - 355.00 257.00 1.66 352.5 -19.0 1,000 shares.
FinsG&I 934.00 -2.00 942.00 735.00 1.72 929.2 0.5 JPM Mid 1060 2.50 1280 954.00
1205.62.50 -12.1 TRIG 130.40 -1.60 133.60 108.09 4.95 109.9 18.7 Nthn 2 VCT 59.00 - 62.40 54.00 9.32 63.6 -7.2
Aurora Inv 194.00 - 224.00 181.56 1.42 191.8 1.1 Net asset value per share (NAV) and split analytics are provided only as a
FstPacfic H HK$ 3.30 -0.04 4.08 2.79 4.00 - - JPM Mlti-As♦ 96.50 -0.30 101.00 91.00
104.7 - -7.8 TREurGth 896.00 -2.00 1026 760.00 2.12 967.8 -7.4 Nthn 3 VCT 86.50 - 90.90 81.50 6.36 92.8 -6.8
AVI Global - - - - - 851.1 - guide. Discounts and premiums are calculated using the latest cum fair net
GenEmer 776.00 1.00 780.00 604.00 1.91 876.3 -11.4 JPMRussian 703.00 2.00 704.33 486.00
783.03.70 -10.2 TroyInc&G♦ 82.00 -0.70 84.00 72.20 3.31 81.3 0.9 NthnVent 64.50 - 68.00 60.00 6.20 67.5 -4.4
AVI JapOpp 106.50 0.75 109.00 98.00 - 102.7 3.7 asset value estimate and closing price. Discounts, premiums, gross redemption
GRIT 1.50 - 9.50 1.00 - 1.4 7.1 JPM Smlr 225.50 1.50 252.00 182.78
261.62.39 -13.8 Utilico Eme 245.00 -0.50 252.00 188.00 3.55 282.8 -13.4 ProVenGI 62.00 - 70.75 61.00 3.23 67.2 -7.7
Axiom 89.50 - 104.00 84.00 6.70 95.8 -6.6 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
GoldenPros 28.70 1.60 29.80 16.50 - 35.0 -18.0 JPM US Sml 323.50 1.00 347.00 261.00
339.00.77 -4.6 UIL Inv 218.00 1.00 221.58 168.00 3.44 375.6 -42.0 ProVenVCT 75.00 - 106.48 74.00 3.33 81.2 -7.6
BG Japan 796.00 4.00 869.00 660.00 0.08 770.4 3.3 are displayed as a percentage, NAV and terminal asset value per share (TAV)
Gulf Invest $ 1.21 - 1.24 0.99 2.44 1.4 -13.6 KeystoneInv 1605 7.50 1765 1460
1865.93.49 -14.0 VEIL 454.50 - 479.00 416.00 - 544.5 -16.5 UnicornAIM♦ 138.00 - 144.80 118.00 4.71 161.7 -14.7
BG Shin 182.50 2.10 207.60 157.00 - - - in pence.
Baillie Gif♦ 187.50 -0.50 199.00 157.00 2.40 198.0 -5.3 Hansa 980.00 -2.50 1160 955.00 1.63 1456.2 -32.7 Law Deb 590.00 - 636.00 528.00
656.83.02 -10.2 Witan 219.50 -0.50 228.00 189.00 2.05 227.4 -3.5 Ordinary Income Shares 52 Week HR
Bankers 966.00 13.00 970.00 766.00 2.07 969.6 -0.4 ..A 985.00 - 1080 950.00 1.62 1456.2 -32.4 LinTrain £ 1510 -7.50 2040 1055
1051.7 - 43.6 WwideHlth 2745 -20.00 2920 2325 0.64 2736.6 0.3 Price +/-Chg High Low Yld WO GRY 0% X FT Global 500 company
BB Healthca 141.00 0.50 150.50 113.00 2.66 - - Hend Alt♦ 278.00 -3.00 294.00 261.00 1.71 345.7 -19.6 Lowland♦ 1300 - 1540 1255.3
1418.44.27 -8.3 JPM I&C 99.50 - 103.99 83.50 7.64 - - ♦ trading ex-dividend
Conventional - Private Equity 52 Week Dis(-)
BH Global 1572.5 2.50 1660 1430 - 1613.0 -2.5 Hen Div Inc 91.60 - 94.00 75.40 3.77 88.2 3.9 Majedie 250.00 2.00 300.00 238.00
305.12.80 -18.1 ■ trading ex-capital distribution
Price +/-Chg High Low Yld NAV or Pm Zero Dividend Preference Shares 52 Week HR
..USD $ 16.15 - 16.60 14.20 - 16.4 -1.5 HenEuroF 1230 -7.50 1320 1055 2.52 1375.0 -10.5 Man&Lon 525.00 -3.00 537.86 391.00
563.62.29 -6.8 # price at time of suspension from trading
HenEuro 1150 - 1170 966.00 2.65 1286.7 -10.6 Marwyn Val 134.00 - 147.94 110.00
189.63.08 -29.3 Altamir € 16.05 -0.08 17.80 12.56 4.05 22.0 -27.0 Price +/-Chg High Low SP WO TAV 0%
BH Macro 2640 -30.00 2760 2085 - 2620.0 0.8
HenFarEs 381.00 - 385.00 316.00 5.72 374.5 1.7 MercantIT♦ 202.50 - 220.65 168.02
228.52.91 -11.4 BGUSGROWTH 147.50 1.50 149.50 104.88 - 142.5 3.5 Abf Spl Inc 111.00 -0.50 112.67 102.10 - - -
..USD $ 28.20 - 28.60 21.00 - 27.0 4.4 The prices listed are indicative and believed accurate at the time of publication.
HenHigh♦ 171.50 0.50 186.50 156.50 5.60 181.9 -5.7 MrchTst♦ 484.75 2.75 526.00 431.00
489.65.30 -1.0 BMO PvtEq♦ 346.00 -2.00 356.00 313.00 4.15 373.6 -7.4 JPM I&C 189.50 - 191.00 186.00 - - -
BiotechGth 784.00 - 854.00 596.00 - 857.3 -8.6 No offer is made by Morningstar or the FT. The FT does not warrant nor
HenInt Inc♦ 169.50 - 171.00 149.00 3.19 166.1 2.0 Mid Wynd 578.00 -7.00 590.00 454.00
569.60.96 1.5 Electra 346.00 -1.50 934.00 325.00 - 509.4 -32.1 JZ Capital 439.00 - 446.00 116.50 -54.8 - 483.7
BlckRCom 74.30 0.70 83.80 68.00 5.38 83.1 -10.6 guarantee that the information is reliable or complete. The FT does not accept
Hen Opp 971.00 - 1130 654.00 2.16 1188.9 -18.3 Miton Globa 266.50 - 290.00 249.00
277.3 - -3.9 HVPE 1710 10.00 1720 1284 - - - UIL Limited 116.00 0.50 117.00 105.00 -18.0 -23.4 138.4
BlckRFrnt 140.00 - 159.00 129.50 4.05 143.7 -2.6 responsibility and will not be liable for any loss arising from the reliance on
HenSmlr 842.00 -1.00 962.00 724.00 2.26 942.9 -10.7 Monks 937.00 3.00 949.00 710.00
919.70.15 1.9 HgCapital 218.50 0.50 225.00 174.50 2.11 214.8 1.7 UILFn20 150.00 0.50 151.00 142.75 -82.3 - 154.9
BlckRGtEur 387.00 -0.50 400.00 305.00 1.49 401.1 -3.5 or use of the information.
Herald 1280 6.00 1380 1055 - 1559.5 -17.9 MontanSm 1095 -2.50 1150 796.30
1135.30.78 -3.5 ICG Ent Tr 872.00 2.00 900.00 782.00 2.98 1061.2 -17.8 UIL Finance 131.50 - 131.98 122.00 -36.0 -48.9 147.0
BlckR I&G 199.00 2.00 209.12 173.66 3.47 207.5 -4.1
HICL Infra 159.60 2.20 170.30 149.00 5.01 - - Mur Inc 856.00 8.00 862.00 700.00
889.03.88 -3.7 JZ Capital 481.00 -2.00 494.00 410.00 - 785.8 -38.8 The London Share Service is a paid-for-print listing service and may not be
BlckRckLat♦ 532.00 -4.00 542.00 378.00 3.35 596.0 -10.7
BlckRckNrAm 191.00 - 194.50 159.23 4.19 186.4 2.5 Highbridge 213.00 -1.00 226.99 204.00 - 219.6 -3.0 Mur Int♦ 1166 4.00 1212 1044
1229.64.42 -5.2 NB PE Ptnr 1155 5.00 1164.07 968.00 - 1471.0 -21.5 Investment Companies - AIM fully representative of all LSE-listed companies. This service is available to all
Impax Env. 311.00 2.00 315.00 245.00 0.80 306.5 1.5 NewCtyEgy 16.50 - 17.25 9.00
- - - Pantheon 2320 10.00 2330 1950 - 2770.6 -16.3 listed companies, subject to the Editor’s discretion. For new sales enquiries
BlckRSmlr 1388 - 1600 1160 2.02 1475.4 -5.9 52 Week Dis(-)
Ind IT 508.00 8.00 776.00 460.00 1.38 550.3 -7.7 NewCityHY 60.90 0.20 63.60 54.7055.97.27 8.9 PantheonR 1895 - 1911.25 1460 - - - please email stella.sorrentino@ft.com or call 020 7873 4012.
BlckRThrmt 546.00 -2.00 574.00 431.00 1.74 578.5 -5.6 Price +/-Chg High Low Yld NAV or Pm
IGC 82.00 -1.00 101.50 72.60 - 96.4 -14.9 New Star IT 113.00 -0.50 116.90 100.00
158.70.88 -28.8 PrincssPE € 9.64 0.11 10.55 8.32 5.57 - -
BlckRWld 386.00 3.50 388.00 317.50 4.04 450.3 -14.3 AbnFrntrMkt 47.90 - 56.00 45.00 3.2 54.0 -11.3
IntBiotech♦ 646.00 - 700.00 546.00 4.26 629.7 2.6 NorthAmer♦ 304.00 - 312.50 241.00- 2.66 - StdLfPv 363.00 6.00 387.00 320.00 3.44 437.1 -17.0
BMO Cp&I 331.00 0.50 342.00 275.00 3.34 329.1 0.6
BMOGblSmlr♦ 1354 2.00 1380 1210 1.11 1449.1 -6.6 Intl PP 157.20 2.00 163.60 146.00 4.40 144.6 8.7 NthAtSml 3130 15.00 3154 2600
4005.8 - -21.9 Discretionary Unit Fund Mngrs 52 Week Dis(-)
BB Biotech € 60.00 -0.20 65.40 48.60 4.9 - - Data provided by Morningstar
CrysAmber♦ 199.00 1.00 235.00 187.70 2.5 246.6 -19.3
BMOMgdT 212.00 -1.00 216.00 188.00 - 212.8 -0.4 Inv AsiaTr 293.50 3.00 302.00 238.00 1.87 328.8 -10.7 Oryx Int 780.00 - 844.50 750.00
1006.0 - -22.5 (1000)F
Gresham Hou 1120 - 1180 830.00 2.3 1303.0 -14.0
BMOMgdT 136.50 - 142.00 118.05 4.21 135.5 0.7 Inv IncGro♦ 269.50 1.50 293.00 240.00 4.21 319.2 -15.6 PacAsset 298.50 -2.50 313.00 233.11
302.40.87 -1.3 Price +/-Chg High Low Yld NAV or Pm Infra India 1.85 -0.29 8.35 0.78 - 21.0 -91.2
BMO UK HIT 95.50 - 97.92 84.00 5.28 104.0 -8.2 IP EnInc♦ 75.50 - 77.40 66.00 6.62 73.0 3.4 PacHorzn 322.00 - 373.00 256.75
342.8 - -6.1 Right &ISS 1917.5 -2.50 2338 1065 1.62 - -
BMO UK HIT ♦ 94.50 - 97.00 84.00 4.01 104.0 -9.1 IPST BalR 140.50 - 141.89 129.00 - 143.6 -2.2 PerpInc&Gr 317.00 3.50 367.00 298.50
360.14.48 -12.0
IPST Gbl Eq 208.00 - 214.00 182.00 3.27 212.6 -2.2 PerAsset 42500 150.00 42650 38850
41954.1.32 1.3 Conventional - Property ICs 52 Week Dis(-)
BMO UK HIT 374.00 - 380.00 330.00 2.34 415.9 -10.1
IPST Mngd 102.00 - 103.00 100.50 - 105.1 -2.9 9 Price +/-Chg High Low Yld NAV or Pm
Brunner 862.00 3.00 874.00 680.00 2.11 931.0 -7.4
Caledonia I♦ 3065 5.00 3120 2645 1.88 3648.9 -16.0 IPST UK Eq 175.00 0.50 186.00 154.00 3.74 177.5 -1.4 PolarHealth 224.00 1.00 230.00 197.50 0.89 245.2 -8.6 Direct Property www.morningstar.co.uk
IP UKSmall 512.00 3.00 548.00 425.00 4.10 535.9 -4.5 PolarFins 141.00 -1.00 144.00 118.00 2.94 149.4 -5.6 Guide to FT Share Service
А
П
П
РУ
w АГ
N ИЛ
SN s"
В

S
О

W
e
VK Wh ОТ
s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
16 ★ FTWeekend 20 July/21 July 2019

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

Candriam Bds Euro High Yield Cap € 1176.37 - -2.34 0.00 Multi Asset Open Advent N-ACC-GBP £ 1.49 - 0.00 0.69 Janus Henderson UK Property PAIF A Inc £ 1.02 1.07 0.00 3.26 LF Total Return Bond Fund - Class A $ 136.50 - 0.15 0.00

Candriam Bds Euro Sh.Term Cap € 2094.64 - 0.06 0.00 Multi Asset Open Defen N-ACC-GBP £ 1.29 - 0.00 1.17 Janus Henderson UK Tracker Fund A Acc 295.80 - -1.50 3.29 LF Total Return Bond Fund - Class D $ 125.57 - 0.14 0.00

Multi Asset Open Growth N-ACC-GBP £ 1.43 - 0.00 1.15 Janus Henderson US Growth Fund A Acc 1324.00 - -4.00 -

Aberdeen Standard Capital (JER) Atlantas Sicav (LUX) Multi Asset Open Strat N-ACC-GBP £ 1.38 - 0.00 1.23
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Regulated
FCA Recognised Open World Fund N-ACC-GBP £ 1.80 - -0.01 0.41
American Dynamic $ 5110.58 5110.58 26.70 0.00
Aberdeen Standard Capital Offshore Strategy Fund Limited
Charles Schwab Worldwide Funds Plc (IRL) Strategic Bond Fund Y-ACC-GBP £ 1.27 - 0.01 1.88
Bridge Fund £ 1.9888 - -0.0054 1.97 American One $ 4837.59 4837.59 72.41 0.00
Regulated
UK Opportunities Fund W-ACC-GBP 220.40 - -0.50 1.26
Global Equity Fund £ 2.6907 - -0.0020 1.12 Bond Global € 1518.33 1518.33 -4.85 0.00 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 1.50
UK Smaller Companies W-ACC-GBP £ 2.53 - 0.01 1.66
Global Fixed Interest Fund £ 0.9744 - -0.0004 4.61 Eurocroissance € 1083.12 1083.12 -8.28 0.00
Institutional OEIC Funds
Income Fund £ 0.5988 - -0.0021 3.01 Far East $ 878.68 - 12.99 0.00 EdenTree Investment Management Ltd (UK) Global Investment House
PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 America £ 6.73 - -0.01 0.30
Global GCC Islamic Fund $ 119.37 - 1.03 0.00
Sterling Fixed Interest Fund £ 0.8819 - -0.0004 3.19 Authorised Inv Funds
Emerging Markets £ 5.09 - 0.01 0.85
Amity UK Cls A Inc 231.80 - -1.00 1.50 Global GCC Large Cap Fund $ 183.86 - 0.66 0.00
UK Equity Fund £ 2.1378 - -0.0133 3.46 Link Asset Services (UK)
Chartered Asset Management Pte Ltd Europe (ex-UK) Fund ACC-GBP £ 5.96 - -0.03 1.10 65 Gresham Street, London, EC2V 7NQ
Other International Funds Amity UK Cls B Inc 231.40 - -1.00 2.30 Global Saudi Equity Fund SR 295.31 - 0.93 0.00
Kames Capital ICVC (UK) Order Desk and Enquiries: 0345 922 0044
Fidelity Pre-Retirement Bond Fund £ 149.00 - -0.10 2.07 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
CAM-GTF Limited $ 286408.99 286408.99 -2932.42 0.00 Authorised Inv Funds
Higher Income Cls A Inc 130.70 - -0.40 4.67
0800 358 3009 www.kamescapital.com Investment Adviser - Morant Wright Management Limited
Barclays Investment Funds (CI) Ltd (JER) Global Focus £ 4.96 - 0.00 0.49
CAM GTi Limited $ 660.27 - 56.41 0.00 Authorised Funds
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Higher Income Cls B Inc 137.30 - -0.40 4.66 LF Morant Wright Japan A Acc X 388.61 - 6.56 0.85
FCA Recognised Index Linked Bond Gross £ 4.40 - -0.04 0.30 Kames Global Equity GBP B Acc £ 2.43 - -0.01 0.71
Raffles-Asia Investment Company $ 1.42 1.42 0.07 2.87
Bond Funds UK Equity Growth Cls A Inc 286.00 - -1.30 1.18 LF Morant Wright Japan A Inc X 376.18 - 6.35 0.79
Japan £ 3.05 - 0.03 0.36 Diversified Monthly Inc B Acc 147.30 - 0.37 4.73
Sterling Bond F £ 0.48 - 0.00 1.84
UK Equity Growth Cls B Inc 292.50 - -1.30 1.98 HPB Assurance Ltd LF Morant Wright Japan B Acc X 421.09 - 7.12 1.37
Long Bond Gross £ 1.09 - -0.01 1.63 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Diversified Monthly Inc B Inc 111.55 - 0.28 4.84
Amity Balanced For Charities A Inc 108.60 - -0.40 5.42 International Insurances LF Morant Wright Japan B Inc X 381.48 - 6.45 1.39
Pacific (Ex Japan) £ 5.74 - 0.05 1.74 Diversified Growth B Acc £ 1.64 - 0.00 2.81
Amity European Fund Cls A Inc 261.00 - -3.00 1.69 Holiday Property Bond Ser 1 £ 0.52 - 0.00 0.00 LF Morant Wright Nippon Yield A Acc X 407.96 - 6.95 2.89
Select Emerging Markets Equities £ 1.99 - 0.01 0.75 Ethical Cautious Managed B Acc £ 1.35 - -0.01 1.76
Cheyne Capital Management (UK) LLP Amity European Fund Cls B Inc 263.30 - -3.10 2.48 Holiday Property Bond Ser 2 £ 0.64 - 0.00 0.00 LF Morant Wright Nippon Yield A Inc X 322.73 - 5.50 2.96
Other International Funds Select Global Equities £ 4.73 - -0.01 0.92
Asset Management Ethical Cautious Managed B Inc £ 1.20 - 0.00 1.78

Algebris Investments (IRL)

Cheyne European Event Driven Fund (M) € 144.16 -

price updated (D) daily, (W) weekly, (M) monthly

-0.70 - Amity Global Equity Inc for Charities A Inc 137.30 - -0.40 3.06
South East Asia £ 6.26 - 0.05 1.40 Ethical Corporate Bond B Acc £ 2.00 - 0.00 2.70
LF Morant Wright Nippon Yield B Acc X
Asset Manageme 430.76 - 7.35 2.88

Regulated Amity International Cls A Inc 282.10 - -0.20 1.11 LF Morant Wright Nippon Yield B Inc X 340.88 - 5.81 2.95
Sterling Core Plus Bond Gr Accum £ 2.78 - 0.00 1.97 Ethical Corporate Bond B Inc £ 1.05 - 0.00 2.70
Algebris Allocation Fund - Class I EUR € 98.47 - -0.33 0.00 Amity International Cls B Inc 284.20 - -0.20 1.86
UK £ 4.32 - -0.02 2.20 Ethical Equity B Acc £ 2.22 - -0.01 2.07
Algebris Core Italy Fund - Class R EUR € 96.64 - -0.22 0.00 Amity Sterling Bond Fund A Inc 104.60 - 0.00 3.80 Haussmann
UK Aggreg Bond Gr Accum £ 2.24 - 0.00 1.78 Other International Funds High Yield Bond B Acc £ 2.91 - 0.00 4.28
Algebris Financial Credit Fund - Class I EUR € 160.40 - 0.57 0.00 Amity Sterling Bond Fund B Inc 115.60 - 0.00 3.80
Haussmann Cls A $ 2914.33 - 52.24 0.00
UK Corporate Bond - Gross £ 2.77 - -0.01 2.23 High Yield Bond B Inc £ 0.98 - 0.00 4.28
Algebris Financial Credit Fund - Class R EUR € 140.80 - 0.49 0.00 Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Brown Advisory Funds plc (IRL) Lloyds Investment Fund Managers Limited (1000)F (JER)
Stuart House, St John's Street, Peterborough, PE1 5DD Haussmann Cls C € 2344.98 - 38.64 0.00
http://www.brownadvisory.com Tel: 020 3301 8130 UK Gilt Gross £ 2.43 - 0.00 1.31 Investment Grade Bond B Acc 185.57 - -0.02 1.69 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Algebris Financial Credit Fund - Class Rd EUR € 100.98 - 0.35 5.96 Dealing & Client Services 0345 850 8818
FCA Recognised Other International Funds
Authorised Inv Funds Haussmann Cls D SFr 1218.72 - 19.73 0.00
UK Long Corp Bond - Gross £ 3.33 - 0.00 2.55 Investment Grade Bond B Inc £ 1.26 - 0.00 2.20 Lloyds Investment Funds Limited
Algebris Financial Income Fund - Class I EUR € 136.81 - -0.14 0.00 Brown Advisory US Equity Growth Fund USD B $ 38.68 - 0.18 0.00
Consistent UT Inc 48.66 49.85 -0.02 2.66
Kames Investment Grd Glbl Bd A Inc GBP H 583.16 - 0.52 2.13 Euro High Income € 1.5840xd - 0.0010 2.80
Algebris Financial Income Fund - Class R EUR € 128.34 - -0.14 0.00 Brown Advisory American Fund USD B $ 23.58 - 0.06 0.30
Consistent UT Acc 127.60 130.80 -0.10 2.66 Electric & General (1000)F (UK)
Stuart House St.John's Street Peterborough PE1 5DD Sterling Corporate Bond B Acc £ 0.88 - 0.00 2.74 High Income £ 0.8695xd - 0.0002 3.83
Algebris Financial Income Fund - Class Rd EUR € 89.42 - -0.10 4.79 Brown Advisory US Smaller Companies Fund USD B $ 29.27 - 0.10 0.00
Practical Investment Inc 236.90 253.90 0.50 3.15 Orders & Enquiries: 0845 850 0255
Sterling Corporate Bond B Inc £ 0.34 - 0.00 2.74 Sterling Bond £ 1.5570xd - 0.0000 2.34
Brown Advisory US Small Cap Blend Fund USD B $ 17.98 - 0.04 0.00 Authorised Inv Funds
Algebris Financial Equity Fund - Class B EUR € 108.18 - -0.22 0.00 Practical Investment Acc 1298.00 1392.00 3.00 3.15 Authorised Corporate Director - Carvetian Capital Management Lloyds Money Fund Limited
Findlay Park Funds Plc (IRL) Strategic Bond B Acc £ 1.30 - 0.00 2.23
Algebris Macro Credit Fund - Class I EUR € 107.52 - -0.05 0.00 Brown Advisory US Flexible Equity Fund USD B $ 16.80 - 0.04 0.00 Electric&General Net Income A 236.30xd - 1.70 1.26
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Sterling Class £ 52.3770 - -0.0010 -0.20
FCA Recognised Strategic Bond B Inc £ 1.25 - 0.00 2.23
Algebris Macro Credit Fund - Class R EUR € 106.15 - -0.05 0.00 Brown Advisory Global Leaders Fund USD C $ 15.78 - 0.06 0.00 Lloyds Multi Strategy Fund Limited
American Fund USD Class $ 129.00 - 0.60 0.16 UK Equity B Acc £ 3.09 - -0.01 2.36 Conservative Strategy £ 1.3010 - -0.0040 0.00
Algebris Macro Credit Fund - Class Rd EUR € 106.15 - -0.05 0.00 Brown Advisory Latin American Fund USD B $ 15.95 - 0.10 0.19
American Fund GBP Hedged £ 66.84 - 0.30 0.17 UK Equity Absolute Return B Acc £ 1.15 - 0.01 0.00 Growth Strategy £ 1.8970 - -0.0100 0.00
Algebris Quant Arbitrage Fund - Class EB EUR € 98.36 - -0.12 0.00 Brown Advisory US Sustainable Growth Fund USD C $ 15.99 - 0.07 0.00
American Fund GBP Unhedged £ 103.32 - 0.03 0.16 UK Equity Income B Acc £ 2.66 - -0.01 4.62 Aggressive Strategy £ 2.5750 - -0.0140 0.00
Brown Advisory US Mid-Cap Growth Fund USD C $ 15.16 - 0.09 0.00
Ennismore Smaller Cos Plc (IRL)
5 Kensington Church St, London W8 4LD 020 7368 4220 Hermes Investment Funds Plc (IRL) UK Equity Income B Inc £ 1.75 - -0.01 4.77 Global USD Growth Strategy $ 1.6620 - -0.0030 0.00
FCA Recognised Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 702 0888
Dealing Daily
FCA Recognised UK Opportunities B Acc £ 2.01 - -0.01 1.57
Ennismore European Smlr Cos NAV £ 141.20 - -0.09 0.00
Hermes Abs Return Credit Fund Class F Acc £ 1.36 1.36 -0.01 0.00
UK Smaller Companies B Acc £ 3.75 - -0.01 1.46
Ennismore European Smlr Cos NAV € 157.13 - 0.68 0.00
The Antares European Fund Limited Hermes Abs Return Credit Fund Class F Acc USD € 1.92 1.92 -0.01 0.00
Other International First State Investments (UK) (1200)F (UK)
23 St Andrew Square, Edinburgh, EH2 1BB
AEF Ltd Usd (Est) $ 611.55 - 9.98 - CP Global Asset Management Pte. Ltd. Hermes Asia Ex-Japan Equity Fund Class C Acc GBP £ 2.61 2.61 0.01 -
enquiries@firststate.co.uk
www.cpglobal.com.sg, Tel: +65 6466 6990
Client Services: 0800 587 4141 Dealing Line: 0800 587 3388 Hermes Asia Ex-Japan Equity Fund Class C Acc USD € 4.51 4.51 0.04 0.00 Lothbury Property Trust (UK)
AEF Ltd Eur (Est) € 580.93 - 9.27 0.00 International Mutual Funds
Authorised Funds 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
CP Multi-Strategy Fund $ 197.53 - 0.98 - Hermes Europe Ex-UK Equity Fund Class F Acc £ 2.22 2.22 -0.01 0.00 Property & Other UK Unit Trusts
Asia-All Cap Acc GBP £ 1.60 - 0.00 0.83
Kames Capital Investment Portfolios ICVC (UK)
Ennismore European Smlr Cos Hedge Fd Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA
Lothbury Property Trust GBP £ 1955.26 2107.87 -7.81 3.08
Asia Focus Acc GBP £ 1.97 - 0.01 0.99 Hermes Europe Ex-UK Equity Fund Class F Acc EUR € 4.15 4.15 0.01 0.00
Other International Funds
Asset Management 0800 358 3009 www.kamescapital.com

CCLA Investment Management Ltd (UK)

NAV € 580.38 - -0.51 0.00 Diversified Growth B Acc £ 1.16 - 0.00 1.40 Hermes European Alpha Equity Fund Class F Acc £ 1.79 1.79 -0.01 0.00 Authorised Funds

Property Income B Acc

Asset Management 127.68 127.68 0.00 4.17
Arisaig Partners Emerging Markets Bond A Accumulation £ 1.37 - 0.00 4.72 Hermes European Alpha Equity Fund Class F Dis £ 1.65 1.65 -0.01 1.28
Senator House 85 Queen Victoria Street London EC4V 4ET
Other International Funds Authorised Inv Funds Property Income B Inc 100.65 100.65 0.01 4.27
CP Capital Asset Management Limited Emerging Markets Bond A Income £ 1.01 - 0.00 4.92 Hermes European Alpha Equity Fund Class F Acc EUR € 3.44 3.44 -0.01 0.00
Arisaig Africa Consumer Fund Limited $ 11.02 - 0.02 0.00 Diversified Income 1 Units GBP Inc £ 1.61 1.61 -0.01 2.45 www.cpgbl.com, email: fundservices@cpgbl.com
International Mutual Funds Global Listed Infrastructure Acc 301.02 - 0.01 2.92 Hermes GEMs SMID Equity Fund Class F GBP Acc £ 1.16 - 0.00 -
Arisaig Asia Consumer Fund Limited $ 95.50 - -0.16 0.00 Diversified Income 2 Units GBP Inc £ 1.55 1.55 -0.01 2.49 CPS Master Private Fund $ 273.24 - 2.67 -
Equinox Fund Mgmt (Guernsey) Limited (GSY) Global Listed Infrastructure Inc 211.12 - 0.00 3.00 Hermes Global Emerging Markets Fund Class F Acc £ 2.12 2.12 0.01 0.00
Arisaig Global Emerging Markets Consumer Fund $ 12.15 - -0.01 0.00 Diversified Income 3 Units GBP Inc £ 1.56 1.56 0.00 2.46 Regulated
CP Global Alpha Fund $ 223.40 - 2.10 -
Global Property Securities A Accumulation 237.96 - -0.89 2.23 Hermes Global Emerging Markets Fund Class F Acc USD € 4.29 4.29 0.03 0.00
Arisaig Global Emerging Markets Consumer UCITS € 14.00 - -0.01 0.00 The Public Sector Deposit Fund Equinox Russian Opportunities Fund Limited $ 174.82 - 11.04 0.00
Hermes Global Equity Fund Class F Acc £ 2.52 2.52 0.00 0.00
Kames Capital VCIC (IRL)
The Public Sector Deposit Fund-share class 1 ♦ F * 100.00 - 0.00 0.80 Global Property Securities A Income 170.70 - -0.63 2.35
Arisaig Global Emerging Markets Consumer UCITS STG £ 15.96 - -0.09 0.00 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FCA Recognised
The Public Sector Deposit Fund-share class 4 ♦ F * 100.00 - 0.00 0.74 Global Resources A Shares 244.43 - 0.52 0.61 Hermes Global Equity Fund Class R Acc USD € 5.27 5.27 0.00 0.00
Arisaig Latin America Consumer Fund $ 28.30 - -0.03 0.00 Absolute Return Bond B GBP Acc 1117.75 - 0.13 1.72
Greater China Growth A Shares 916.28 - 1.11 - Hermes Global ESG Equity Fund Class F Acc £ 1.87 1.87 0.00 0.00 M & G Securities (1200)F (UK)
Eq Market Neutral B Acc 938.75 - -0.06 0.00 PO Box 9038, Chelmsford, CM99 2XF
Hermes Global High Yield Credit Fund Class F Acc £ 1.58 1.58 -0.01 0.00 www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Japan Focus Acc GBP £ 1.89 - 0.03 0.00
Euronova Asset Management UK LLP (CYM) High Yield Global Bond A GBP Inc 517.16 - 0.26 3.35 Authorised Inv Funds
Regulated Hermes Global High Yield Credit Fund Class F Acc EUR € 3.28 3.28 0.00 0.00 Charifund Inc 1573.65 - -6.89 5.12
Smaller Cos Cls One Shares € 45.07 - -0.44 0.00 High Yield Global Bond B GBP Inc 1096.09 - 0.52 4.01
CCLA Investment Management Ltd (UK) Hermes Global Small Cap Fund Class F Acc £ 1.65 1.65 0.01 0.00 Charifund Acc 25677.53 - -112.33 4.95
Senator House 85 Queen Victoria Street London EC4V 4ET Smaller Cos Cls Two Shares € 30.22 - -0.29 0.00 Kames Emerging Market Bond Fund - B Acc USD $ 11.26 - -0.03 0.00
Property & Other UK Unit Trusts Hermes Global Small Cap Fund Class F Acc USD € 2.17 2.17 -0.01 0.00
CBF Church of England Funds Smaller Cos Cls Three Shares € 15.23 - -0.13 0.00 Kames Global Equity Income B GBP Acc 1882.84 - 2.06 0.00
Hermes Impact Opportunities Equity Fund F $ 2.08 - 0.01 0.00
Investment Inc 1867.53 1876.56 7.95 3.01 Kames Global Equity Income B GBP Inc 1455.44 - -8.32 3.19
Smaller Cos Cls Four Shares € 19.56 - -0.17 0.00
DWS (LUX) Hermes Impact Opportunities Equity Fund F £ 1.12 - 0.00 0.00
Investment Acc 4331.66 4352.59 18.46 0.00 Tel: +44 (0) 20 7541 8999 www.dws.com Kames Global Diversified Growth Fund - B Acc EUR € 11.27 - 0.02 0.00
FCA Recognised Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.18 1.18 0.00 0.00
Global Equity Inc 221.34 221.67 1.60 3.29 M & G Securities Ltd (UK)
DWS Invest Top Dividend £ 145.30 145.30 -0.88 2.68 Kames Global Equity Market Neutral Fund - B Acc GBP £ 10.03 - 0.01 0.00
UK Charity Funds
Hermes SDG Engagement Equity Fund F $ 2.28 - 0.02 0.00
Artemis Fund Managers Ltd (1200)F (UK) Global Equity Acc 374.59 375.16 2.71 0.00 Global Sustainable Equity B Acc GBP £ 17.28 - -0.03 0.00 Charibond 124.56 - 0.00 2.25
DWS Invest Top Euroland £ 139.16 139.16 -1.96 1.45
57 St. James's Street, London SW1A 1LD 0800 092 2051 Hermes SDG Engagement Equity Fund F £ 1.21 - 0.00 0.00
Authorised Inv Funds UK Equity Inc 189.47 189.98 0.31 3.25 Global Sustainable Equity C Acc GBP £ 17.44 - -0.02 0.00 (Accum Units) 4116.12 - 0.09 2.25
DWS Invest Multi Opportunities £ 103.96 103.96 -0.02 0.00
Hermes Unconstrained Credit Fund Class F USD Acc $ 2.18 - 0.00 0.00
Artemis Capital R ACC 1574.43 - -6.47 3.19 UK Equity Acc 322.57 323.45 0.52 0.00 Foord Asset Management
DWS Invest Global Bonds £ 102.85 102.85 0.01 0.00 Kames Absolute Return Bond Global Fund - B Acc GBP £ 10.35 - 0.01 0.00 NAACIF 87.64 - -0.26 3.88
Website: www.foord.com - Email: info@foord.com
Hermes US SMID Equity Fund Class F Acc £ 2.73 2.73 -0.01 0.00
Artemis European Growth R Acc 332.42 - -2.80 1.21 Fixed Interest Inc 164.80 165.47 -0.76 4.03 FCA Recognised - Luxembourg UCITS
Short Dated High Yld Bd B Acc GBP £ 10.43 - 0.00 0.00 (Accum Units) 9067.96 - -26.53 3.78
Foord International Fund | R $ 39.48 - 0.09 - Hermes US SMID Equity Fund Class F Acc USD € 4.64 4.64 0.00 0.00
Artemis European Opps R Acc 107.89 - -0.98 1.05 Fixed Interest Acc 581.76 584.11 -2.66 0.00 Short Dated High Yld Bd C Acc GBP (Hdg) £ 10.50 - 0.00 0.00
Foord Global Equity Fund (Lux) | R $ 12.86 - -0.01 -
Artemis Global Emg Mkts I GBP Acc 148.53 - 0.55 - Property Fund Inc 135.71 140.26 -1.70 5.47 Strategic Global Bond A GBP Inc 1143.94 - 1.01 1.36
Regulated
Artemis Global Emg Mkts I GBP Dist 132.45 - 0.47 - Strategic Global Bond B GBP Inc 649.89 - 0.58 2.01
Foord Global Equity Fund (Sing) | B $ 15.67 - -0.02 0.00
FIL Investment Services (UK) Limited (1200)F (UK)
Artemis Global Energy R Acc 32.56 - -0.27 0.57 130, Tonbridge Rd, Tonbridge TN11 9DZ
Foord International Trust (Gsy) $ 39.19 - 0.09 0.00 M&L Capital Management Limited
Callfree: Private Clients 0800 414161
Hermes Property Unit Trust (UK) Link Fund Administrators (Ireland) Limited
Artemis Global Growth R Acc 278.29 - -0.72 1.40 Broker Dealings: 0800 414 181
Property & Other UK Unit Trusts Tel:+353 1 400 5300
OEIC Funds
FCA Recognised
Artemis Global Income R Acc 127.42 - -0.26 3.21 Property £ 6.73 7.19 0.01 2.56
CCLA Fund Managers Ltd (UK) Allocator World Fund Y-ACC-GBP £ 2.09 - -0.01 1.09
Senator House 85 Queen Victoria Street London EC4V 4ET M&L Global Digital & Technology Class A USD Accumulation $ 1.56 - 0.00 0.00
Artemis Global Income R Inc 91.80 - -0.18 3.29 Property & Other UK Unit Trusts American Special Sits W-ACC-GBP £ 16.85 - -0.01 0.66 Kleinwort Hambros Bank Limited (UK)
COIF Charity Funds (UK) M&L Global Digital & Technology Class B GBP Accumulation £ 1.69 - 0.00 0.00
5TH Floor, 8 St James's Square, London, SW1Y 4JU
Artemis Global select R Acc 122.21 - 0.30 0.04
Investment Inc 1669.32 1677.38 9.20 3.09 Dodge & Cox Worldwide Funds (IRL) Asia Pacific Ops W-Acc £ 2.15 - 0.01 1.05 Franklin Templeton International Services Sarl (IRL) Dealing and enquiries: 033 0024 0785
M&L Global Digital & Technology Class D GBP Income £ 1.56 - 0.00 2.56
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Authorised Inv Funds
Artemis High Income R Inc 74.96 - -0.09 5.63 6 Duke Street,St.James,London SW1Y 6BN
Investment Acc 18283.62 18371.96 100.75 0.00 Asian Dividend Fund W-ACC-GBP £ 2.13 - 0.00 2.39 Other International Funds Unit Trust Manager/ACD - Host Capital
www.dodgeandcox.worldwide.com 020 3713 7664 M&L Global Digital & Technology Class E USD Accumulation $ 1.51 - 0.00 0.00
Artemis Income R Acc 438.60 - -1.45 4.24 Franklin Emerging Market Debt Opportunities Fund Plc
FCA Recognised
China Consumer Fund W-ACC-GBP £ 3.08 - 0.01 0.41
Intrinsic Value Investors (IVI) LLP (IRL) HC Kleinwort Hambros Growth A Acc 218.64 - -0.63 1.36
Ethical Invest Inc 255.23 256.46 1.54 3.20 Dodge & Cox Worldwide Funds plc - Global Bond Fund Franklin Emg Mkts Debt Opp CHFSFr 16.61 - 0.35 9.11 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 M&L Global Digital & Technology Class F GBP Income £ 1.52 - -0.01 2.56
Artemis Income R Inc 221.65 - -0.74 4.38 FCA Recognised HC Kleinwort Hambros Growth A Inc 198.36 - -0.57 1.38
Ethical Invest Acc 375.25 377.06 2.26 0.00 EUR Accumulating Class € 14.23 - -0.03 0.00 Emerging Asia Fund W-ACC-GBP £ 1.63 - 0.00 0.66
Franklin Emg Mkts Debt Opp GBP £ 10.72 - 0.00 6.64
Artemis Monthly Dist R Inc 68.80 - -0.15 4.44 IVI European Fund EUR € 23.58 - -0.06 0.00
HC Kleinwort Hambros Equity Income A Inc 107.50 - -0.55 3.06
Global Equity Inc 208.59 208.90 1.53 3.25 EUR Accumulating Class (H) € 10.61 - 0.02 0.00 Enhanced Income Fund W-INC-GBP £ 0.92 - 0.00 7.46
Franklin Emg Mkts Debt Opp SGD S$ 22.83 - 0.58 5.00
Artemis Pan-Euro Abs Ret GBP 110.93 - -0.38 - IVI European Fund GBP £ 28.30 - -0.23 0.16
HC Kleinwort Hambros Equity Income A Acc 184.55 - -0.94 4.50
Global Equity Acc 356.84 357.38 2.61 0.00 EUR Distributing Class € 11.73 - -0.03 4.30 European Fund W-ACC-GBP £ 17.80 - -0.16 1.60
Franklin Emg Mkts Debt Opp USD $ 17.93 - 0.54 6.47
Artemis Strategic Assets R Acc 75.10 - -0.08 0.00 HC Kleinwort Hambros Multi Asset Balanced A Acc 167.32 - -0.27 0.81
Fixed Interest Inc 138.09 138.65 0.07 - EUR Distributing Class (H) € 8.74 - 0.02 4.39 Extra Income Fund Y-ACC-GBP £ 1.34 - -0.01 3.36
MMIP Investment Management Limited (GSY)
Artemis Strategic Bond R M Acc 98.77 - 0.00 3.10 HC Kleinwort Hambros Multi Asset Balanced A Inc 158.14 - -0.25 0.81 Regulated
Fixed Interest Acc 902.33 905.96 0.47 0.00 GBP Distributing Class £ 12.86 - -0.10 3.92 FID INST - Emerging Markets Fund W-ACC-GBP £ 1.68 - 0.00 0.98
Multi-Manager Investment Programmes PCC Limited
Artemis Strategic Bond R M Inc 56.57 - 0.00 3.16 HC Kleinwort Hambros Fixed Income A Acc 132.80 - -0.04 3.44
Property Inc 116.19 120.09 -1.49 5.51 GBP Distributing Class (H) £ 9.14 - 0.01 4.43 Fidelity American Fund W-ACC-GBP £ 46.80 - -0.11 - UK Equity Fd Cl A Series 01 £ 2753.80 2783.54 44.47 0.00
Artemis Strategic Bond R Q Acc 98.95 - 0.00 3.22 Janus Henderson Investors (UK) HC Kleinwort Hambros Fixed Income A Inc 109.75 - -0.04 3.44
Local Authorities Property Fd (LAMIT) (UK) USD Accumulating Class $ 11.57 - 0.02 0.00 Fidelity Asia Fund W-ACC-GBP £ 14.65 - 0.06 0.98 PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Diversified Absolute Rtn Fd USD Cl AF2 $ 1575.49 - -24.49 0.00
Artemis Strategic Bond R Q Inc 56.51 - 0.00 3.29 Property 302.19 327.66 -0.45 4.81 Dodge & Cox Worldwide Funds plc-Global Stock Fund www.janushenderson.com
Fidelity Cash Fund Y-ACC-GBP £ 1.01 - 0.00 0.55 Diversified Absolute Return Stlg Cell AF2 £ 1523.63 - -33.25 0.00
Authorised Inv Funds
Artemis UK Select Fund Class R Acc 522.40 - -2.80 1.96 USD Accumulating Share Class $ 21.67 - 0.10 0.00
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.40 - 0.01 3.00 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1199.00 - 2.00 0.42 Global Equity Fund A Lead Series £ 1573.77 1578.89 74.07 0.00
Artemis UK Smaller Cos R Acc 1598.25 - -2.16 1.46 GBP Accumulating Share Class £ 28.40 - -0.13 0.00
Fidelity European Opportunities W Acc £ 4.86 - -0.03 0.98 Janus Henderson Asian Dividend Income Unit Trust Inc 112.00 - 0.50 6.07

Artemis UK Special Sits R Acc 566.14 - -2.64 2.14 GBP Distributing Share class £ 19.95 - -0.09 1.03
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 1.95 - -0.01 3.56 Janus Henderson Cautious Managed Fund A Acc 267.90 - -0.60 3.44

Artemis US Abs Ret I Acc 115.49 - 0.08 0.26 EUR Accumulating Share Class € 28.86 - 0.01 0.00
CG Asset Management Limited (IRL)
Fidelity Global Focus Fund W-ACC-GBP £ 25.77 - -0.02 0.38 Janus Henderson Cautious Managed Fund A Inc 147.50 - -0.40 3.52
25 Moorgate, London, EC2R 6AY
Artemis US Equity I Acc 220.42 - -0.29 0.28 GBP Distributing Class (H) £ 11.11 - 0.05 1.19 Fundsmith LLP (1200)F (UK)
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Janus Henderson China Opportunities Fund A Acc 1464.00 - 5.00 0.41
Fidelity Global High Yield Fund Y-ACC-GBP £ 14.84 - -0.02 3.22 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
FCA Recognised Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Marlborough Fd Managers Ltd (1200)F (UK)
Artemis US Ex Alpha I Acc 236.95 - -0.38 0.02 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
Capital Gearing Portfolio Inc £ 32786.20 32786.20 213.97 - USD Accumulating Share Class $ 26.90 - 0.13 0.00 Fidelity Japan Fund W-ACC-GBP £ 3.97 - 0.04 0.65 Authorised Inv Funds Janus Henderson Emerging Markets Opportunities Fund A Acc 211.50 - -0.10 0.71
www.marlboroughfunds.com
Artemis US Extended Alpha I Hedged Acc £ 1.53 - 0.00 0.00 Fundsmith Equity T Acc 476.27 - 0.27 0.58 Authorised Inv Funds
CG Portfolio Fund Plc GBP Accumulating Share Class £ 33.33 - -0.17 0.00 Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.26 - 0.03 0.46 Janus Henderson European Growth Fund A Acc 237.60 - -1.20 0.75

Artemis US Select I Acc 232.03 - -0.80 0.26 Absolute Return Cls M Inc £ 124.82 124.82 -0.37 1.22 Balanced 207.71 207.71 -1.00 0.25
Fidelity Multi Asset Income Fund N Acc £ 1.06 - 0.00 2.65 Fundsmith Equity T Inc 437.45 - 0.25 0.59 Janus Henderson European Selected Opportunities Fund A Acc 1749.00 - -4.00 0.46 Lazard Fund Managers Ltd (1200)F (UK)
GBP Distributing Share Class £ 20.63 - -0.10 0.80
P.O. Box 364, Darlington, DL1 9RD Bond Income 51.59 51.59 0.00 3.16
Artemis US Select I Hedged Acc £ 1.61 - 0.01 0.27 Capital Value Cls V Inc £ 164.51 164.51 -0.40 0.85
EUR Accumulating Share Class € 30.94 - 0.01 0.00 Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.09 - 0.00 0.59 Janus Henderson Fixed Interest Monthly Income Fund Inc 22.13 - 0.02 4.32 Dealing: 0870 6066408, Info: 0870 6066459
Authorised Inv Funds Cautious Inc 92.15 92.15 -0.39 1.97
Artemis US Select I Inc 205.39 - -0.70 - Dollar Fund Cls D Inc £ 166.62 166.62 -0.75 1.82
GBP Distributing Class (H) £ 11.71 - 0.06 0.59 Short Dated Corporate Bond Fund Y ACC GBP £ 10.67 - 0.00 3.77 Janus Henderson Global Equity Fund Acc 3487.00 - -10.00 0.00 Lazard Investment Funds (OEIC) B Share Class
Artemis US Smlr Cos I Acc 248.96 - -0.05 0.00 Defensive A Inc 112.91 112.91 -0.04 1.55
Dollar Hedged GBP Inc £ 99.08 99.08 -0.05 2.00 Developing Markets Acc 125.74 - -0.06 0.00
Fidelity Special Situations Fund W-ACC-GBP £ 36.91 - -0.06 2.27 Janus Henderson Global Equity Income Fund A Inc 62.40 - -0.28 3.54

Asset Management
Emerging Markets 326.95 326.95 1.17 1.03
Real Return Cls A Inc £ 207.22 207.22 -0.92 2.59 Developing Markets Inc 124.09 - -0.05 0.02
Fidelity UK Growth Fund W-ACC-GBP £ 3.34 -GAM -0.05 - Janus Henderson Global Sustainable Equity Fund A Inc 338.70 - -0.70 0.02

Fidelity UK Select Fund W-ACC-GBP £ 3.20 - -0.02 1.97

funds@gam.com, www.funds.gam.com
Regulated
Asset Management
Janus Henderson Global Technology Fund A Acc 2101.00 - -9.00 0.00 Emerging Markets Acc 350.99 - 0.78 1.46
ETF Global Growth A Asset Management 180.61 180.61 -0.72 0.00

LAPIS TOP 25 DIV.YLD-D £ 112.65 - 0.05 2.01 ETF Commodity A 80.93 80.93 -0.67 0.00
Janus Henderson Multi-Asset Absolute Return Fund A Acc 143.40 - 0.10 0.36 Emg Mkts Inc 294.97 - 0.66 1.46
Global Dividend Fund W-ACC-GBP £ 2.43 - -0.01 2.60
European Multi-Cap 471.53 471.53 -1.41 0.71
Janus Henderson Multi-Manager Active Fund A Acc 232.80 - -0.50 0.00 European Alpha Acc 887.90 - -4.20 1.22
Global Property Fund W-ACC-GBP £ 2.06 - -0.01 1.66
Extra Income 87.72 87.72 -0.19 3.81
Janus Henderson Multi-Manager Distribution Fund A Inc 136.20 - -0.50 2.84 European Alpha Inc 786.29 - -3.72 1.14
Global Special Sits W-ACC-GBP £ 42.04 - 0.00 0.89
Far East Growth A Inc 236.09 236.09 0.62 1.27
Janus Henderson Multi-Manager Diversified Fund A Acc 89.12 - -0.23 2.88 European Smaller Cos Acc 600.36 - -0.36 0.52
Index Emerging Markets P-Acc £ 1.63 - 0.00 2.15
Global 258.26 258.26 -1.82 0.00
Index Europe ex UK P-Acc £ 1.53 - -0.02 2.34 GYS Investment Management Ltd (GSY) Janus Henderson Multi-Manager Global Select Fund Acc 259.40 - -1.00 - Global Equity Income Acc 183.20 - -0.05 4.53
Regulated
Global Bond Inc 159.58 159.58 -0.34 2.68
Janus Henderson Multi-Manager Income & Growth Fund A Acc 182.90 - -0.70 2.33 Global Equity Income Inc 103.14 - -0.03 4.64
Index Japan P-Acc £ 1.66 - 0.02 - Taurus Emerging Fund Ltd $ 124.14 126.68 -2.28 0.00
Dragon Capital Group
High Yield Fixed Interest 71.69 71.69 -0.01 4.38
Ashmore Investment Management Limited (LUX) 1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Janus Henderson Multi-Manager Income & Growth Fund A Inc 155.30 - -0.60 2.37 Managed Bal Inc 177.96 - 0.00 1.89
Index Pacific ex Japan P-Acc £ 1.81 - 0.01 3.13
2 rue Albert Borschette L-1246 Luxembourg Fund information, dealing and administration: funds@dragoncapital.com
Multi Cap Income A Inc 152.52 152.52 -0.61 4.58
FCA Recognised Candriam Investors Group (LUX) Other International Funds Janus Henderson Multi-Manager Managed Fund A Acc 289.30 - -0.60 0.20 UK Income Acc 1458.41 - -5.75 4.68
Index UK P-Acc £ 1.38 - -0.01 3.44
FCA Recognised Vietnam Property Fund (VPF) NAV $ 0.80 - 0.03 0.00 Nano-Cap Growth A Acc 159.3132 175.9600 145.4867 0.00
Ashmore SICAV Emerging Market Debt Fund $ 100.20 - -0.06 5.44 UK Income Inc 605.03 - -2.38 4.83
Index US P-Acc £ 2.37 - -0.01 1.46 Janus Henderson Multi-Manager Managed Fund A Inc 281.30 - -0.50 0.20
Candriam Eqts L Australia Cap A$ 1390.42 - 9.18 -
Ashmore SICAV Emerging Market Frontier Equity Fund $ 172.65 - -0.53 0.64 Special Situations A Acc 1595.76 1595.76 -0.96 0.42
Janus Henderson Sterling Bond Unit Trust Acc 234.90 - -0.10 1.94 UK Omega Acc 252.31 - -0.87 2.47
Index World P-Acc £ 1.99 - 0.00 1.82
Candriam Qt-Eqts Europe Cap € 2599.61 2599.61 -6.74 0.00 Genesis Investment Management LLP
Ashmore SICAV Emerging Market Total Return Fund $ 87.70 - 0.08 4.84 Other International Funds UK Multi-Cap Growth A Inc 337.85 337.85 -0.33 0.25
Janus Henderson Sterling Bond Unit Trust Inc 67.31 - -0.02 1.97 UK Omega Inc 223.55 - -0.78 2.52
MoneyBuilder Balanced Y-ACC-GBP £ 0.57 - -0.01 3.46
Candriam Qt-Eqts USA Cap $ 3229.30 - 9.11 0.00
Emerging Mkts NAV £ 7.21 - -0.16 0.00 UK Micro Cap Growth A 717.50 717.50 1.31 0.00
Ashmore SICAV Global Small Cap Equity Fund $ 147.85 - 0.41 0.00 UK Smaller Cos Inc 1936.23 - -0.73 1.17
MoneyBuilder Dividend Y-INC-GBP £ 1.25 - -0.01 5.11 Janus Henderson Strategic Bond Fund A Inc 125.80 - 0.20 3.09
EM Active Equity Fund Acc USD $ 132.15 - 0.05 0.00 US Multi-Cap Income 575.01 575.01 -1.81 0.43
MoneyBuilder Income Fund Y-ACC-GBP £ 13.64 - -0.01 3.16 Janus Henderson UK & Irish Smaller Companies Fund A Acc 587.70 - -0.60 0.52
MFM - Third Party Funds
EM Equity Fund Acc USD $ 103.74 - -0.01 0.00
Multi Asset Allocator Adventurous Fund Y-ACC-GBP £ 1.78 - 0.00 1.31 Janus Henderson UK Absolute Return Fund A Acc 155.30 - -0.10 0.00 Junior Oils 67.07 67.07 0.16 0.00
EM Mkts Corp.Debt USD F $ 93.27 - -0.11 6.21
А
П

Multi Asset Allocator Defensive Fund Y-ACC-GBP £ 1.33 - 0.00 1.17 Janus Henderson UK Alpha Fund A Acc 147.00 - -0.70 1.51 Junior Gold C Acc 32.77 32.77 1.50 0.00
П

Candriam Investors Group

РУ

EM Mkts Loc.Ccy Bd USD F $ 82.43 - 0.34 5.31 Other International Funds

w АГ

Multi Asset Allocator Growth Fund Y-ACC-GBP £ 1.65 - 0.00 1.23 Janus Henderson UK Equity Income & Growth Fund A Inc 555.90 - -1.90 4.24 LF Funds (Banque Libano-Francaise Group) (LUX) MFM Bowland 262.39 262.39 0.39 0.98
N ИЛ

Candriam Eqts L Emerging Mkts Cap € 824.26 - -1.79 0.00 www.eblf.com - lffunds@eblf.com
SN s"

EM Short Duration Fund Acc USD $ 145.13 - -0.15 0.00

В

Regulated
О

Multi Asset Income Fund N-INC-GBP £ 1.10 - 0.00 4.08 Janus Henderson UK Index Fund A Acc 651.00 - -2.80 3.12 MFM Hathaway Inc 146.39 146.39 0.37 0.97
W
e
VK Wh ОТ

Candriam Bonds Credit Opportunities € 199.85 - -0.07 0.00

s
Г

Lebanon Income Fund (USD) Class A $ 104.46 - 1.01 1.67

'
Д

/W
.C at

Multi Asset Allocator Strategic Fund Y-ACC-GBP £ 1.51 - 0.00 1.13 Janus Henderson UK Property PAIF A Acc £ 2.35 2.47 0.00 3.19
О

MFM Techinvest Special Situations Acc 165.63 165.63 0.70 0.00

M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 ★ FTWeekend 17

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

MFM Techinvest Technology Acc 570.14 570.14 5.41 0.00 Healthcare Blue Chip Fund I USD Acc $ 13.35 13.35 0.08 0.00 LF Ruffer Equity & General O Acc 439.64 - 1.48 0.00 Data Provided by
MFM UK Primary Opportunities A Inc 429.32 429.32 -1.14 1.40 Healthcare Opps I USD $ 49.76 - 0.23 0.00 LF Ruffer Equity & General O Inc 407.91 - 1.37 0.00

Income Opportunities B2 I GBP Acc £ 2.33 2.33 0.00 0.00 LF Ruffer Gold C Acc 186.90 - 5.16 0.00

Japan I JPY ¥ 2125.85 - 40.28 0.00 LF Ruffer Gold C Inc 113.12 - 3.13 0.00 UBS Asset Management (UK)
5 Broadgate, London, EC2M 2QS
Japan Value I JPY ¥ 110.92 110.92 1.92 0.00 LF Ruffer Gold O Acc 182.99 - 5.05 0.00 Client Services 0800 358 3012, Client Dealing 0800 358 3012

Marwyn Asset Management Limited (CYM) North American I USD $ 25.92 25.92 0.12 0.00 LF Ruffer Japanese C Inc 121.59 - 0.96 0.53
www.ubs.com/retailfunds
Authorised Inv Funds
www.morningstar.co.uk
Regulated OEIC Data as shown is for information purposes only. No
UK Absolute Equity I GBP £ 22.08 22.08 0.00 0.00 LF Ruffer Japanese C Acc 260.23 - 2.07 0.51 offer is made by Morningstar or this publication.
Marwyn Value Investors £ 402.20 - 28.44 0.00 UBS Global Emerging Markets Equity C Acc £ 0.86 - 0.00 1.32
UK Val Opp I GBP Acc £ 11.42 11.42 -0.05 0.00 LF Ruffer Japanese O Acc X 254.54 - 2.01 0.12
UBS Global Optimal C Acc £ 1.13 - -0.01 0.88
LF Ruffer Pacific & Emerging Markets C Acc 379.80 - 5.93 0.87
Oasis Crescent Management Company Ltd Pictet Asset Management (Europe) SA (LUX) Stonehage Fleming Investment Management Ltd (IRL) UBS UK Opportunities C Acc £ 0.86 - 0.00 3.73
Other International Funds 15, Avenue J.F. Kennedy L-1855 Luxembourg www.stonehagefleming.com/gbi
LF Ruffer Pacific & Emerging Markets C Inc 105.75 - 1.65 0.92
Tel: 0041 58 323 3000 enquiries@stonehagefleming.com
Oasis Crescent Equity Fund R 10.52 - 0.05 0.73 UBS US Equity C Acc £ 1.40 - 0.00 0.28

McInroy & Wood Portfolios Limited (UK)

FCA Recognised

Pictet-Absl Rtn Fix Inc-HI EUR € 110.11 - 0.09 0.00

LF Ruffer Pacific & Emerging Markets O Acc 371.62 - 5.78 0.55
Regulated

SF Global Best Ideas Eq B USD ACC $ 186.90 - 0.71 0.00 UBS S&P 500 Index C Acc £ 1.01 - 0.00 1.39
Guide to Data
Easter Alderston, Haddington, EH41 3SF 01620 825867 Polar Capital LLP (CYM) LF Ruffer Total Return C Acc 444.37 - 3.59 1.40
Authorised Inv Funds Pictet-Asian Equities Ex Japan-I USD F $ 305.26 - 2.57 0.00 Regulated SF Global Best Ideas Eq D GBP INC £ 227.40 - -0.12 0.25 UBS Targeted Return C Acc £ 14.90 - -0.03 2.28 The fund prices quoted on these pages are supplied by
LF Ruffer Total Return C Inc 293.03 - 2.37 1.42 the operator of the relevant fund. Details of funds
Balanced Fund Personal Class Units 5246.60 - 1.40 1.47 European Forager A EUR € 194.35 - 6.67 0.00 UBS Sterling Corporate Bond Indexed C Acc £ 0.60 - 0.00 -
Pictet-Asian Local Currency Debt-I USD F $ 177.23 - 0.43 0.00 published on these pages, including prices, are for the
LF Ruffer Total Return O Acc 435.21 - 3.50 1.41 purpose of information only and should only be used
Income Fund Personal Class Units 2691.30xd - -8.00 3.01 UBS Multi Asset Income C Inc Net £ 0.49 - 0.00 - as a guide. The Financial Times Limited makes no
Oasis Global Mgmt Co (Ireland) Ltd (IRL) Pictet-Biotech-I USD F $ 838.16 - 5.55 0.00
representation as to their accuracy or completeness
Regulated LF Ruffer Total Return O Inc 286.82 - 2.30 1.42
Emerging Markets Fund Personal Class Units 2368.00 - -2.40 1.56 and they should not be relied upon when making an
Oasis Crescent Global Investment Fund (Ireland) plc Pictet-CHF Bonds I CHF SFr 518.63 - 0.44 0.00 UBS UK Equity Income C Inc Net £ 0.63 - 0.00 5.00
investment decision.
Smaller Companies Fund Personal Class Units 5702.40 - 1.60 1.29 Oasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.98 - 0.00 2.38 UBS Corporate Bond UK Plus C Inc Net £ 0.53 - 0.00 -
Pictet-China Index I USD $ 147.21 - -1.27 0.00 The sale of interests in the funds listed on these pages
may, in certain jurisdictions, be restricted by law and
Oasis Crescent Global Equity Fund $ 30.87 - 0.08 0.59 Pictet-Clean Energy-I USD F $ 102.55 - 0.83 0.00 Private Fund Mgrs (Guernsey) Ltd (GSY) UBS Global Allocation (UK) C Acc £ 0.86 - 0.00 1.95 the funds will not necessarily be available to persons
Regulated in all jurisdictions in which the publication circulates.
Oasis Crescent Variable Balanced Fund £ 9.61 - 0.00 0.15 Pictet-Digital-I USD F $ 433.12 - 2.64 0.00 UBS Global Enhanced Equity Income C Inc £ 0.42 - 0.00 9.06 Persons in any doubt should take appropriate
Monument Growth 16.07.19 £ 522.62 527.87 4.38 2.51 professional advice. Data collated by Morningstar. For
OasisCresGl Income Class A $ 10.75 - 0.01 2.90 other queries contact reader.enquiries@ft.com +44
Pictet-Em Lcl Ccy Dbt-I USD F $ 185.17 - 0.94 0.00 UBS US Growth C Acc £ 1.69 - -0.01 0.00
(0)207 873 4211.
Milltrust International Managed Investments ICAV (IRL) OasisCresGl LowBal D ($) Dist $ 12.00 - 0.02 0.78 Pictet-Emerging Europe-I EUR F € 424.34 - 2.93 0.00 UBS Emerging Markets Equity Income C Inc £ 0.53 - 0.00 3.79 The fund prices published in this edition along with
mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com additional information are also available on the
Regulated OasisCresGl Med Eq Bal A ($) Dist $ 12.74 - 0.02 0.36 Pictet-Emerging Markets-I USD F $ 659.42 - 7.60 0.00 UBS FTSE RAFI Dev 1000 Index J Acc £ 147.18 - 0.88 2.29 Financial Times website, www.ft.com/funds. The
Superfund Asset Management GmbH funds published on these pages are grouped together
MAI - Buy & Lease (Australia) A$ 102.52 - 2.25 0.00 www.superfund.com, +43 (1) 247 00
Oasis Crescent Gbl Property Eqty $ 8.81 - 0.02 1.90 Pictet-Emerging Markets Index-I USD F $ 294.36 - -0.86 0.00 UBS MSCI World Min Vol Index J Acc £ 157.52 - 0.18 2.06 by fund management company.
Prusik Investment Management LLP (IRL) Regulated
MAI - Buy & Lease (New Zealand)NZ$ 97.29 - 0.06 0.00 Prices are in pence unless otherwise indicated. The
Pictet-Emerging Corporate Bonds I USD $ 134.05 - -0.15 0.00 Enquiries - 0207 493 1331 Superfund Green EUR SICAV € 883.80 - 8.65 0.00 change, if shown, is the change on the previously
Regulated
British Innovation Fund £ 100.02 - 3.18 0.00 S W Mitchell Capital LLP (IRL) quoted figure (not all funds update prices daily). Those
Pictet-Emerging Markets High Dividend I USD $ 131.30 - 1.07 0.00 Prusik Asian Equity Income B Dist $ 203.29 - 1.36 4.02 Superfund Red EUR SICAV € 871.62 - 7.20 0.00 designated $ with no prefix refer to US dollars. Yield
Regulated
Milltrust Global Emerging Markets Fund - Class A $ 89.45 - -0.32 0.00 percentage figures (in Tuesday to Saturday papers)
Other International Funds allow for buying expenses. Prices of certain older
Pictet-Emerging Markets Sust Eq I USD $ 108.99 - 0.81 0.00 Prusik Asia A $ 268.20 - 2.59 0.00 SWMC European Fund B EUR € 17062.67 - -174.12 0.00
Superfund Green Gold SICAV $ 1043.49 - 8.97 0.00 insurance linked plans might be subject to capital
SWMC Small Cap European Fund B EUR € 13139.54 - -22.24 0.00 gains tax on sales.
Pictet-EUR Bonds-I F € 630.69 - 1.14 0.00 Prusik Asian Smaller Cos A $ 157.52 - -0.14 0.00 Unicorn Asset Management Ltd (UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287 Guide to pricing of Authorised Investment Funds:
Pictet-EUR Corporate Bonds-I F € 219.78 - 0.05 0.00 Authorised Inv Funds (compiled with the assistance of the IMA. The
Investment Management Association, 65 Kingsway,
Pictet-EUR Government Bonds I EUR € 175.60 - 0.33 0.00 UK Growth A Inc 591.79 - 1.35 0.64
London WC2B 6TD.
Tel: +44 (0)20 7831 0898.)
Ministry of Justice Common Investment Funds (UK) Mastertrust A Inc X F 530.68 - 1.65 0.00
Pictet-EUR High Yield-I F € 284.34 - -0.65 0.00
Property & Other UK Unit Trusts OEIC: Open-Ended Investment Company. Similar to a
Thesis Unit Trust Management Limited (UK)
UK Growth B Inc 596.22 - 1.36 1.42 unit trust but using a company rather than a trust
The Equity Idx Tracker Fd Inc 1797.00 1797.00 -10.00 2.78 Pictet-EUR Short Mid-Term Bonds-I F € 137.77 - 0.00 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Purisima Investment Fds (UK) (1200)F (UK) structure.
Distribution Units 65 Gresham Street, London, EC2V 7NQ Authorised Funds Mastertrust B Inc X F 478.27 - 1.49 0.62
Odey Asset Management LLP (UK) Pictet-EUR Short Term HY I EUR € 129.08 - -0.13 0.00 Different share classes are issued to reflect a different
Order Desk and Enquiries: 0345 922 0044 TM New Court Fund A 2011 Inc £ 16.00 - -0.01 0.00
65 Gresham Street, London, EC2V 7NQ Authorised Inv Funds currency, charging structure or type of holder.
Outstanding British Cos A Acc X F 316.21 - 0.51 0.10
Order Desk and Enquiries: 0345 300 2106 Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 100.75 - -0.01 0.00
Authorised Corporate Director - Link Fund Solutions TM New Court Fund - A 2014 Acc £ 16.13 - -0.01 0.00
Authorised Inv Funds Selling price: Also called bid price. The price at which
Outstanding British Cos B Acc X F 338.97 - 0.56 0.81 units in a unit trust are sold by investors.
Authorised Corporate Director - Link Fund Solutions Pictet-Euroland Index IS EUR € 160.03 - -0.84 0.00 Global Total Fd PCG A 279.57 - -0.63 0.64
TM New Court Equity Growth Fund - Inc £ 16.99 - -0.01 0.06
LF Odey Continental European GBP R Acc 1011.69 - -6.67 0.53 Pictet-Europe Index-I EUR F € 201.01 - -0.44 0.00
UK Smaller Cos A Inc X F 561.69 - -0.75 1.25 Buying price: Also called offer price. The price at
Global Total Fd PCG B 277.21 - -0.63 0.42
which units in a unit trust are bought by investors.
UK Smaller Cos B Inc X F 551.38 - -0.72 2.00 Includes manager’s initial charge.
LF Odey Opus GBP R Inc 4426.20 - 11.33 0.62 Pictet-European Equity Selection-I EUR F € 749.34 - 1.65 0.00 Global Total Fd PCG INT 273.77 - -0.62 0.20 RobecoSAM (LUX)
Tel. +41 44 653 10 10 http://www.robecosam.com/ Single price: Based on a mid-market valuation of the
LF Odey Absolute Return GBP R 264.97 - -0.63 0.00 UK Income A Acc X F 309.04 - -0.51 3.78
Pictet-European Sust Eq-I EUR F € 286.19 - -0.36 0.00 underlying investments. The buying and selling price
Regulated
for shares of an OEIC and units of a single priced unit
LF Odey Portfolio Fund GBP R Inc 153.24 - 0.51 0.24 RobecoSAM Sm.Energy/A £ 18.94 - -0.08 1.51 UK Income A Inc X F 236.37 - -0.39 3.88 trust are the same.
Pictet-Global Bds Fundamental I USD $ 131.22 - 0.38 0.00

RobecoSAM Sm.Energy/N € 17.17 - 0.02 0.00 UK Income B Acc X F 337.26 - -0.55 3.76 Treatment of manager’s periodic capital charge:
Pictet-Global Bonds-I EUR € 186.01 - 0.72 0.00
The letter C denotes that the trust deducts all or part
UK Income B Inc X F 258.10 - -0.42 3.86 of the manager’s/operator’s periodic charge from
Pictet-Global Defensive Equities I USD $ 193.17 - 1.38 0.00 RobecoSAM Sm.Materials/A £ 192.51 - -1.64 1.52
Purisima Investment Fds (CI) Ltd (JER) capital, contact the manager/operator for full details
Mirabaud Asset Management (LUX) Regulated of the effect of this course of action.
Pictet-Global Emerging Debt-I USD F $ 434.35 - -1.69 0.00 RobecoSAM Sm.Materials/N € 197.71 - -0.69 0.00
www.mirabaud.com, marketing@mirabaud-am.com PCG B X 228.27 - -2.32 0.00 Exit Charges: The letter E denotes that an exit charge
Conviction based investment vehicles details available here www.mirabaud-am.com may be made when you sell units, contact the
Odey Asset Management LLP (CYM) Pictet-Global Env.Opport-I EUR € 227.86 - 1.56 0.00 RobecoSAM Sm.Materials/Na € 130.88 - -0.46 1.52
Regulated PCG C X 223.65 - -2.28 0.00 manager/operator for full details.
Regulated
Mir. - Glb Strat. Bd I USD $ 113.62 - 0.02 0.00 Pictet-Global Megatrend Selection-I USD F $ 311.44 - -1.73 0.00 RobecoSAM Gl.Small Cap Eq/A £ 120.60 - -0.72 1.33
OEI Mac Inc GBP A £ 214.97 - 6.70 0.00 Time: Some funds give information about the timing of
price quotes. The time shown alongside the fund
Mir. - EqPanEuropeSm&Mid £ 143.52 - -1.94 0.00 Pictet-Global Sust.Credit HI EUR € 156.92 - -0.38 0.00 RobecoSAM Gl.Small Cap Eq/N € 213.16 - -0.20 0.00 manager’s/operator’s name is the valuation point for
OEI Mac Inc GBP B £ 134.46 - 5.90 0.00
their unit trusts/OEICs, unless another time is
Mirabaud - UK Equity High Alpha £ 130.69 - 0.76 0.00 Pictet-Greater China-I USD F $ 657.78 - 7.86 0.00 RobecoSAM S.HealthyLiv/B € 222.58 - 0.15 0.00 indicated by the symbol alongside the individual unit
OEI MAC Inc USD $ 1167.61 - 36.65 0.00
Toscafund Asset Management LLP (UK) trust/OEIC name.
Pictet-Health-I USD $ 321.31 - 0.88 0.00 RobecoSAM S.HealthyLiv/N € 213.07 - 0.14 0.00 www.toscafund.com WA Fixed Income Fund Plc (IRL)
Odey European Inc EUR € 491.85 - 13.44 0.00 Regulated The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Authorised Funds
Pictet-SmartCity-I EUR € 202.27 - 1.13 0.00 RobecoSAM S.HealthyLiv/Na £ 160.74 - -0.69 1.23 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
European Multi-Sector € 121.63 - 0.15 3.43
Odey European Inc GBP A £ 199.72 - 5.56 0.00 Aptus Global Financials B Acc £ 3.97 - -0.03 5.19 midnight. Daily dealing prices are set on the basis of
the valuation point, a short period of time may elapse
Pictet-India Index I USD $ 127.31 - -1.50 0.00 RobecoSAM S.Water/A £ 262.84 - -1.65 1.32
Odey European Inc GBP B £ 113.22 - 3.15 0.00 Aptus Global Financials B Inc £ 2.87 - -0.03 5.41 before prices become available. Historic pricing: The
letter H denotes that the managers/operators will
Pictet-Indian Equities-I USD F $ 586.00 - -8.39 0.00 RobecoSAM S.Water/N € 226.01 - -0.29 0.00 normally deal on the price set at the most recent
Morgens Waterfall Vintiadis.co Inc Odey European Inc USD $ 243.88 - 6.84 0.00
Other International Funds valuation. The prices shown are the latest available
Pictet-Japan Index-I JPY F ¥ 17417.98 - 317.66 0.00 before publication and may not be the current dealing
Phaeton Intl (BVI) Ltd (Est) $ 559.71 - 1.22 0.00 levels because of an intervening portfolio revaluation
Pictet-Japanese Equities Opp-I JPY F ¥ 10841.20 - 122.37 0.00 or a switch to a forward pricing basis. The
managers/operators must deal at a forward price on
Ram Active Investments SA request, and may move to forward pricing at any time.
Pictet-Japanese Equity Selection-I JPY F ¥ 15565.28 - 184.43 0.00 www.ram-ai.com Forward pricing: The letter F denotes that that
Toscafund Asset Management LLP managers/operators deal at the price to be set at the
Other International Funds
Pictet-LATAM Lc Ccy Dbt-I USD F $ 148.56 - 1.24 0.00 www.toscafund.com next valuation.
Odey Wealth Management (CI) Ltd (IRL) RAM Systematic Emerg Markets Core Eq $ 101.33 - 0.04 -
Tosca A USD $ 318.61 - 1.88 -
www.odey.com/prices Pictet-Multi Asset Global Opportunities-I EUR € 125.38 - -0.09 0.00 Investors can be given no definite price in advance of
FCA Recognised RAM Systematic Emerg Markets Eq $ 178.03 - -0.20 - the purchase or sale being carried out. The prices
Tosca Mid Cap GBP £ 305.85 - -5.62 - appearing in the newspaper are the most recent
Odey Opportunity EUR I € 243.43 - 0.55 0.00 Pictet-Nutrition-I EUR € 243.51 - 1.91 0.00
RAM Systematic European Eq € 442.07 - -2.05 - provided by the managers/operators. Scheme
Tosca Opportunity B USD $ 450.84 - -8.41 - particulars, prospectus, key features and reports: The
Pictet-Pacific Ex Japan Index-I USD F $ 474.10 - -0.02 0.00 most recent particulars and documents may be
RAM Systematic Funds Global Sustainable Income Eq $ 125.45 - 0.06 0.00 Yapi Kredi Asset Management (TUR)
Pegasus Fund Ltd A-1 GBP £ 73.18 - -1.47 0.00 www.yapikrediportfoy.com.tr Tel: + 90 (212) 385 48 48 obtained free of charge from fund
Pictet-Premium Brands-I EUR F € 203.14 - 0.63 0.00 managers/operators. * Indicates funds which do not
RAM Systematic Long/Short Emerg Markets Eq $ 118.49 - 0.00 - Other International Funds
price on Fridays.
Pictet-Russia Index I USD $ 94.55 - -0.66 0.00 Eurobond Fund TRY 0.138265 - -0.000521 -
RAM Systematic Long/Short European Eq € 144.89 - 0.18 -
Rubrics Global UCITS Funds Plc (IRL)
Charges for this advertising service are based on the
www.rubricsam.com number of lines published and the classification of the
Pictet-Russian Equities-I USD F $ 87.58 - 0.22 0.00 Koc Affiliate and Equity Fund TRY 0.890242 - 0.751456 -
Omnia Fund Ltd Regulated fund. Please contact data@ft.com or
RAM Systematic North American Eq $ 305.08 - 1.21 -
Natixis International Funds (LUX) I SICAV (LUX) Other International Funds call +44 (0)20 7873 3132 for further information.
FCA Recognised Pictet-Security-I USD F $ 292.68 - 3.49 0.00 Rubrics Emerging Markets Fixed Income UCITS Fund $ 140.08 - 0.17 0.00 DPM Bonds and Bills Fund (FX) $ 1.038022 - 0.899236 0.00
Estimated NAV $ 862.31 - 8.33 0.00 RAM Tactical Convertibles Europe € 144.34 - 0.07 -
ASG Managed Futures Fund I/A (USD) $ 104.24 104.24 0.27 0.00 Pictet-Select-Callisto I EUR € 99.96 - 0.09 0.00 Rubrics Global Credit UCITS Fund $ 16.78 - 0.00 0.00
RAM Tactical Global Bond Total Return € 147.34 - 0.14 -
Harris Global Equity Fund R/A (USD) $ 307.69 307.69 0.87 0.00 Pictet-Small Cap Europe-I EUR F € 1332.76 - 7.33 0.00 Rubrics Global Fixed Income UCITS Fund $ 171.39 - 0.16 0.00
RAM Tactical II Asia Bond Total Return $ 147.70 - 0.09 -
Loomis Sayles Global Growth Equity Fund I/A (USD) $ 154.00 154.00 0.23 0.00 Pictet-ST Emerg Local Currency Debt-I USD F $ 107.40 - 0.24 0.00 Q Rubrics India Fixed Income UCITS Fund $ 11.50 - -0.02 0.00

Loomis Sayles U.S. Growth Equity Fund I/A (USD) $ 161.51 161.51 0.28 0.00 Pictet-ST.MoneyMkt-I € 138.58 - 0.00 0.00 Rubrics India Fixed Income UCITS Fund $ 100.17 - -0.22 0.00

Pictet-ST.MoneyMkt JPY I USD ¥ 100894.21 - 2.52 0.00

Pictet-ST.MoneyMkt-ICHF SFr 120.63 - -0.01 0.00

Rathbone Unit Trust Mgmt (1200)F (UK)
Pictet-ST.MoneyMkt-IUSD $ 143.54 - 0.03 0.00 PO Box 9948, Chelmsford, CM99 2AG
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
TreeTop Asset Management S.A. (LUX)
Natixis Investment Funds (UK) Pictet-Timber-I USD F $ 170.13 - 1.68 0.00 Authorised Inv Funds Scottish Friendly Asset Managers Ltd (UK)
Regulated
Authorised Funds Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Ethical Bond Inc 94.57 - 0.00 4.17 TreeTop Convertible Sicav
Pictet TR-Agora I EUR € 125.19 - 0.06 0.00 Authorised Inv Funds
DNCA European Select Equity Fund £ 0.96 - -0.02 1.93 Yuki International Limited (IRL)
International AH € 261.43 - -4.73 0.00
Ethical Bond Acc 209.72 - 0.00 4.06 Managed Growth ♦ 272.30 - -0.80 0.00 Tel +44-20-7269-0207 www.yukifunds.com
Pictet TR-Corto Europe I EUR € 140.13 - -0.01 0.00
Harris Global Concentrated Equity Fund £ 1.81 - 0.00 1.42 Regulated
International BH $ 362.47 - -6.54 0.00
Global Opportunities Acc 249.38 - -0.22 0.00 UK Growth ♦ 307.80 - -1.40 0.00 Yuki Mizuho Umbrella Fund
Pictet TR-Divers Alpha I EUR € 106.70 - 0.15 0.00
H2O MultiReturns Fund N/A (GBP) £ 1.74 - -0.02 0.94
Optima Fund Management International CH £ 108.34 - -1.97 0.00 Yuki Mizuho Japan Dynamic Growth ¥ 7054.00 - 129.00 0.00
Income Inc 892.82 - -3.47 4.10
Other International Funds Pictet TR-Kosmos I EUR € 109.16 - 0.01 0.00
Loomis Sayles U.S. Equity Leaders N/A (GBP) £ 3.03 - -0.01 0.05
International DH € 216.56 - -3.91 2.78 Yuki Japan Low Price ¥ 38155.00 - 826.00 0.00
JENOP Global Healthcare Fund Ltd $ 17.90 - 0.00 0.00 Income Acc 1580.95 - -6.15 4.16
Pictet TR-Mandarin I USD $ 154.82 - -0.31 0.00
TreeTop Global Sicav

Slater
Yuki Japan Value Select ¥ 14178.00 - 253.00 0.00
OPTIKA Fund Limited - Cl A $ 196.19 - 2.62 0.00 Multi Asset Enhanced Growth Acc 173.11 - -0.27 0.52
Pictet-US Equity Selection-I USD $ 270.11 - 2.49 0.00 Global Opp.AH € 123.05 - -0.43 0.00
Yuki Asia Umbrella Fund

Investments
Optima Fd NAV $ 100.08 - 0.75 0.00 Multi Asset Strategic Growth inc 180.96 - -0.21 1.53
Pictet-US High Yield-I USD F $ 171.81 - -0.41 0.00 Global Opp.B $ 129.81 - -0.38 0.00 Yuki Japan Rebounding Growth Fund JPY Class ¥ 29367.00 - 562.00 0.00

Optima Discretionary Macro Fund Limited $ 81.67 - 1.06 0.00 Multi Asset Strategic Growth acc 203.13 - -0.24 1.51
Pictet-USA Index-I USD F $ 276.19 - 1.00 0.00 Global Opp.C £ 189.85 - -1.37 0.00 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1186.61 - 22.85 0.00

Platinum Fd Ltd $ 98.73 - 3.26 0.00 Multi Asset Total Return inc 134.25 - -0.04 1.42
Pictet-USD Government Bonds-I F $ 693.41 - 1.36 0.00 Sequoia Equity AH € 127.91 - -2.23 0.00

Platinum Japan Fd Ltd $ 63.73 - 1.30 0.00 Multi Asset Total Return acc 156.56 - -0.06 1.41
Pictet-USD Short Mid-Term Bonds-I F $ 137.19 - 0.15 0.00 Sequoia Equity B $ 141.22 - -2.48 0.00

Optima Partners Global Fd $ 17.06 - 0.13 0.00 Rathbone UK Opportunities Inc 444.27 - 0.34 2.82
Pictet-USD Sov.ST.Mon.Mkt-I $ 108.00 - 0.02 0.00 Sequoia Equity C £ 175.50 - -3.85 0.00

Optima Partners Focus Fund A $ 17.29 - 0.00 0.00 Rathbone UK Opportunities Acc 581.83 - 0.44 2.70
Pictet-Water-I EUR F € 391.38 - 2.77 0.00 Slater Investments Ltd (UK)
www.slaterinvestments.com; Tel: 0207 220 9460
Optima STAR Fund (hedged) $ 101.18 - -0.86 0.00 Strategic Bond I-Class Acc 147.95 - -0.04 3.30
FCA Recognised
New Capital UCITS Fund PLC (IRL)
Leconfield House, Curzon Street, London, W1J 5JB Optima STAR Long Fund $ 149.90 - -0.72 0.00 Strategic Bond I-Class Inc 114.92 - -0.03 3.37 Slater Growth 532.50 532.50 1.09 0.00
Zadig Gestion (Memnon Fund) (LUX)
www.newcapitalfunds.com FCA Recognised
FCA Recognised The Optima Lloyd George Asia Fund $ 100.87 - -0.14 - Slater Income A Inc 146.96 146.96 -0.30 0.00
Memnon European Fund - Class U2 GBP £ 175.63 - -0.93 0.00
Wealthy Nations Bond Fund - USD Inst Inc. $ 118.93 - 0.01 4.26 Slater Recovery 250.19 250.19 0.73 0.00

Euro Value Credit Fund - EUR Inst Acc € 102.94 - 0.04 0.00 Slater Artorius 216.38 216.38 2.13 -
Money Market
Global Value Credit Fund - USD Ord Acc. $ 194.55 - 0.01 0.00 RLUM Ltd (UK)
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Trusts and
Asia Pacific Equity Income Fund - USD Ord Inc. $ 102.38 - -0.20 - Authorised Inv Funds
Oryx International Growth Fund Ltd
China Equity Fund - USD Ord Acc. $ 153.82 - -1.29 0.00
Other International Funds Royal London Sustainable Diversified A Inc £ 2.12 - 0.00 0.98 Bank Accounts Gross
NAV (Fully Diluted) £ 9.10 - -0.52 0.00 Gross Net AER Int Cr
Dynamic European Equity Fund - EUR Ord Inc. € 182.71 - -0.41 2.73 Royal London Sustainable World A Inc 275.40 - -0.90 0.27
Platinum Capital Management Ltd
Global Equity Conviction Fund - USD Ord Acc. $ 136.48 - -0.03 0.00 Other International Funds Royal London Corporate Bond Mth Income 93.31 - -0.02 3.74 CCLA Investment Management Ltd
Troy Asset Mgt (1200) (UK) Senator House 85 Queen Victoria Street, London EC4V 4ET
Platinum All Star Fund - A $ 128.33 - - - Royal London European Growth Trust 168.30 - -0.70 0.10 65 Gresham Street, London, EC2V 7NQ CBF Church of England Deposit Fund 0.75 - 0.75 Qtr
Swiss Select Equity Fund - CHF Ord Acc.SFr 145.37 - -0.66 0.00
Order Desk and Enquiries: 0345 608 0950
Platinum Global Growth UCITS Fund $ 10.92 - 0.00 0.00 Royal London Sustainable Leaders A Inc 644.00 - -3.20 -
US Growth Fund - USD Ord Acc. $ 301.90 - 0.76 0.00 Authorised Inv Funds
CCLA Fund Managers Ltd
Authorised Corporate Director - Link Fund Solutions
Platinum Global Dividend UCITS Fund $ 57.96 - 0.12 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET
US Small Cap Growth Fund - USD Inst Acc $ 144.85 - 0.60 0.00 Royal London UK Growth Trust 593.40 - -2.90 1.79 Trojan Investment Funds COIF Charities Deposit Fund 0.65 - 0.65 Qtr

Strategic Portfolio UCITS Fund - USD Inst Acc. $ 125.88 - -0.31 0.00 Royal London UK Income With Growth Trust 216.10 - -0.60 4.88 Spectrum Fund O Acc 240.55 - -1.43 0.49
Stenham Asset Management Inc
Royal London US Growth Trust 254.70 - -0.20 0.00 www.stenhamassetmanagement.com Spectrum Fund O Inc 229.86 - -1.37 0.50
All Weather Fund - EUR Inst Acc € 97.71 - -0.52 0.00
Other International Funds
Additional Funds Available Trojan Ethical O Acc 106.30 - 0.05 0.00
Dynamic UK Equity Fund - GBP Inst Acc. £ 116.52 - -0.72 0.00 Stenham Credit Opportunities A Class USD $ 116.99 - 0.89 0.00
Please see www.royallondon.com for details

Global Alpha Fund - USD Ord Inc $ 107.61 - -0.09 0.89 Trojan Ethical O Inc 106.30 - 0.06 0.00
Stenham Equity UCITS USD $ 182.35 - 0.37 0.00
Orbis Investments (U.K.) Limited (GBR) Trojan Ethical Income O Acc 135.80 - -0.54 2.80
28 Dorset Square, London, NW1 6QG Stenham Growth USD $ 218.12 - 2.87 -
www.orbis.com 0800 358 2030 Trojan Ethical Income O Inc 123.72 - -0.48 2.88
Stenham Healthcare USD $ 217.82 - 11.40 0.00
Regulated
Trojan Fund O Acc 325.91 - 0.69 0.67
Orbis OEIC Global Cautious Std GBP Inc £ 10.36 - -0.02 - Stenham Managed Fund USD $ 120.78 - 2.28 0.00

Trojan Fund O Inc 266.00 - 0.56 0.68

Orbis OEIC Global Balanced Standard £ 14.15 - -0.07 5.71 Stenham Quadrant USD A $ 444.74 - 6.32 -

Polar Capital Funds Plc (IRL) Trojan Global Equity O Acc 385.11 - -0.04 0.59
Orbis OEIC Global Equity Standard £ 16.31 - -0.13 4.13 Stenham Trading Inc USD $ 127.97 - 1.79 -
Regulated
Trojan Global Equity O Inc 319.88 - -0.04 0.60
Orbis OEIC UK Equity Standard £ 8.06 - -0.01 4.02 Stenham Universal USD $ 454.93 - 6.54 -
Automation & Artificial Intelligence CL I USD Acc $ 11.14 11.14 -0.04 0.00
Trojan Global Income O Acc 129.31 - -0.10 2.82
Asian Financials I USD $ 393.71 393.71 1.86 0.00 Stenham Universal II USD $ 165.54 - 2.32 0.00

Trojan Global Income O Inc 119.92 - -0.08 2.88

Biotechnology I USD $ 24.63 24.63 0.23 0.00 Ruffer LLP (1000)F (UK)
65 Gresham Street, London, EC2V 7NQ Trojan Income O Acc 346.18 - -1.22 3.96
Northwest Investment Management (HK) Ltd Emerging Market Stars I USD Acc $ 9.85 - -0.05 0.00 Order Desk and Enquiries: 0345 601 9610
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9331 9220 Authorised Inv Funds Trojan Income O Inc 189.70 - -0.66 4.11
Other International Funds European Ex UK Inc EUR Acc € 11.92 11.92 -0.03 0.00 Authorised Corporate Director - Link Fund Solutions

Northwest China Opps Class T $ $ 2708.35 - -15.67 0.00 LF Ruffer European C Acc 614.55 - 7.96 0.19
Financial Opps I USD $ 13.36 - 0.04 2.19

Northwest Feilong Class T $ $ 1821.47 - 15.49 0.00 LF Ruffer European C Inc 113.05 - 1.46 0.27
GEM Income I USD $ 12.55 - -0.03 0.00
А
П
П

Northwest Fund Class T $ $ 2429.83 - -45.42 0.00 LF Ruffer European O Acc 601.86 - 7.76 0.00
РУ

Global Convertible I USD $ 13.56 13.56 0.00 0.00

w АГ
N ИЛ

Northwest Warrant Class A $ $ 1320.19 - 27.96 0.00 LF Ruffer Equity & General C Acc 448.87 - 1.53 0.10
Global Insurance I GBP £ 7.63 - -0.01 0.29
SN s"
В

S
О

W
e
VK Wh ОТ

LF Ruffer Equity & General C Inc 413.42 - 1.41 0.10

Global Technology I USD $ 50.58 - -0.05 0.00
s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ

18
Twitter: @FTLex
WeWork/Neumann:
nice share cut
Adam Neumann talks of “elevating the
world’s consciousness”. Stuffy Wall
Street investors would be more
impressed if WeWork’s long-haired
guru-boss did not appear intent on
reducing his exposure to his flexible
office space business.
Mr Neumann, a co-founder of a
business with plenty of tech glitz, has
raised more than $700m through share
sales and loans in recent years, it has
emerged. That raises difficult questions
for when an initial public offering is
expected late this year or early next.
Just how much of Mr Neumann’s
stake has been sold is unclear, though
he remains the largest single investor.
Some funds raised by borrowing
against the shares bought more stock
via options. Some money went into
commercial real estate, according to
the Wall Street Journal. A handful of
his properties are also leased to
WeWork, although it plans to defuse
that conflict of interest.
Pre-IPO sales by founders are not as
frowned on as they used to be. That
reflects the ample supply of late-stage
venture capital, which means that
companies often stay private for
longer. But the sums raised are
normally modest. The idea of founders
taking out large amounts of money
before an IPO is much more
controversial. Given their inside
knowledge of the company’s prospects,
it is a red flag for potential investors.
Very few such sales run into
hundreds of millions of dollars. An
exception was Groupon, another
company criticised for spending-
fuelled revenue growth and
convoluted profit metrics. Co-founder
Eric Lefkofsky sold around $300m of
stock ahead of the coupon marketing
company’s 2011 IPO. The shares
collapsed in value soon after listing.
In a year when high-profile IPOs
have stumbled, WeWork has an uphill
struggle to convince sceptics. Reasons
were already plenty to think the loss-
maker is overhyped and overvalued.
Mr Neumann’s cash grab is another.
RBS/NAB:
Ross, heavy-duty boss
Ross McEwan must be mightily
relieved by his appointment as chief
executive of National Australia Bank.
He could have become horribly bored
without an angry mob to placate and a
chaotic lender to straighten out.
NAB has hired well. The Royal Bank
of Scotland, state-controlled following
a bailout, was a political hot potato in
the UK until Mr McEwan lowered its
temperature. He has returned the UK’s
most damaged lender to profitability
and dividend payments. His defining
characteristic — imperturbability —
should be emulated by other bank
bosses. It is hard to imagine Mr
McEwan railing against critics as
Standard Chartered’s Bill Winters has.
The New Zealander needs to raise
trust in NAB as he did at RBS.
Predecessor Andrew Thorburn quit
after a report concluded Australians
got a bad deal from their banks.
Financial challenges are numerous.
Australia’s overheated housing market
has turned down. NAB’s stock of non-
performing loans, which is low, can be
expected to rise. Core tier one equity is
А
П
П
РУ
w АГ
N ИЛ
SN s"
В
S
О
W
e
VK Wh ОТ
s
Г
'
Д
/W
.C at
О
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
Impact bonds: horns of plenty
Social impact bonds
Number issued
40
30
20
10
0 Such preparation is lacking in the
2010 11 12 13 14 15 16 17 18
FT graphic Source: Social Finance
Social impact bonds put private
capital to work in ventures that aim
to do more good than just making
returns. The launch of an offering of
“rhino bonds” this week hopes to
extend that reach into animal
conservation. But, almost a decade
since the launch of the first SIB, a big
question remains. Do they work?
A defining feature of SIBs is the
pay-for-performance clause. Returns
are dependent on the success of the
projects. For the rhino bonds this
means higher animal numbers at the
end of the bonds’ five-year term.
But pay-for-performance clauses
attract some rhino-sized criticisms.
Critics say they turn needy people, or
wildlife, into commodities and can
cause more harm than good. The vast
majority of the $500m of outstanding
SIBs are for health or social projects
a measly 10.4 per cent. Base rates are
just 1 per cent and set to fall, squeezing
net interest margins of some 2 per cent.
No monumental loan cuts will be
needed, however. At RBS, Mr McEwan
cut assets by a third to around £694bn.
He has almost doubled tier one capital
to 16.2 per cent of risk-weighted assets.
He struck a $4.9bn settlement with US
authorities for RBS’s alleged misdeeds
in mortgage-backed securities. The
shares fell as the depth of RBS’s
problems became clearer.
With less heavy lifting to do at NAB,
Mr McEwan will need to show a flair
for strategy. Business lending will be
NAB’s likely focus.
RBS could do with a strategy revamp
too. That will be the responsibility of
whoever succeeds Mr McEwan.
Imperturbability should be the
continuity characteristic, whoever gets
the job. Three-fifths of shares still
belong to the government, which might
hang on to them if Labour wins power.
Microsoft:
smile lines
The most valuable company in the US
is polishing its crown. Microsoft has
exceeded expectations across every
part of its business in the three months
to the end of June. While other big tech
companies face rising costs to find new
users, Microsoft has been selling cloud
services to software customers,
fattening revenues and margins.
Boss Satya Nadella, recently the
subject of a beatific magazine cover
that will have left Silicon Valley bosses
making needy calls to their PR teams,
is in an enviable situation. Even
★ 20 July/21 July 2019
By sector
Poverty and environment
Education
Criminal justice
Child and family welfare
120
100
Health
Housing & homelessness
Workforce development
that would usually be funded by
governments or charities.
One of these, intended to help
London’s homeless population, drew
charges that its workers were helping
deport homeless migrants in order to
hit targets.
Avoiding conflicts of interest means
rigorous monitoring. Which, in direct
opposition to the raison d’être of
SIBs, can increase costs relative to
traditional funding models. A study
by the Policy Innovation Research
Unit found that four of five UK
“Trailblazer” projects generated no
obvious financial savings.
Impact bonds purport to bridge the
gap between philanthropy and profit
seeking. But wellbeing is harder to
quantify than money. Investors
should scrutinise each SIB for soft
targets and skewed incentives.
President Donald Trump’s threat to
intervene in a Pentagon contract worth
$10bn, for which Microsoft is fighting
Amazon, is not necessarily a problem.
Microsoft can look back on the
fourth quarter of its financial year with
satisfaction. Revenues of nearly $34bn
included $11bn in “intelligent cloud”
revenue, which is up 39 per cent on the
previous year. This sector contributes
more than the parts of the business
that include Office or Windows.
If companies are still in the early
stages of moving their data to the cloud
Microsoft, Amazon, Google, IBM and
other vendors can expect a good few
years. Yet Azure, Microsoft’s public
cloud business, reported revenue
growth of 64 per cent in the quarter,
down from 75 per cent in the previous
quarter. That does not quite chime
with the company’s insistence that the
cloud business is still in its early days.
Perhaps Microsoft is not drawing
customers in purely with its superior
cloud business, but because it has
services to offer. These products do not
generate a lot of noise. But they have a
hugeuserbase. Take Teams, Microsoft’s
office messaging service. This claims
3m more daily users than rival Slack.
What Microsoft lacks in fashionable
services, it makes up for with scale. It
has swerved the backlash against tech
companies. Claims that Israeli malware
can scrape cloud servers are troubling.
But they apply equally to other big
cloud businesses. On balance, Mr
Nadella has plenty to smile about.
Lex on the web
For notes on today’s breaking
stories go to www.ft.com/lex
Toxic politics keeps
bargain-hunters
away from UK assets
Michael Mackenzie
The Long View
E
80 ngland have just celebrated
winning a cricket world cup
60 for the first time, reflecting
four years of planning, hard
40 work, persistence and deft
20
application of talent.
0 UK’s Brexit process, however. A touch
over three years since the UK voted to
leave the EU, investors are none the
wiser as to what happens when the cur-
rent Brexit deadline expires at the end
of October.
Financial markets are notoriously dif-
ficult to predict, but once you inject
political uncertainty into the mix, inves-
tors tend to head for the sidelines and
hunker down. International investors
have long shunned, or in their parlance,
“underweighted”, the UK, according to
various surveys since 2016.
This week, asset managers in the City
who work with foreign-based clients
saw sterling hit a two-year low and
shrugged. Not only have many foreign
investors turned their backs, they are in
no mood to step back in and buy UK
assets when the likelihood is high that
they can only become cheaper in local
currency terms.
Such sentiment has extended an
unwelcome era of middling perform-
ance for UK shares. From the ashes of
the financial crisis, the FTSE 350 has
notably lagged behind the FTSE All
World index (when the latter is adjusted
to exclude the UK). Only when viewed
against eurozone shares does the UK
market find some solace, but the mes-
sage for some time and accentuated by
Brexit uncertainty has been that better
opportunities exist elsewhere.
Whether viewed in US dollar or in
sterling terms, the UK share market has
laboured, validating the underweight
stance of many global investors.
That naturally arouses a contrarian
instinct among some. Jamie Clark, co-
manager on the Liontrust Macro-
Thematic team, highlights that the
FTSE 100 trades at 12.75 times forward
earnings, “a near-five-point discount to
the S&P 500 and an 11-point discount to
the Nasdaq Composite”.
He thinks value beckons in the form
of FTSE 100 miners, life insurers, banks
and oil companies.
The Brexit era of a weakening pound
has bolstered UK blue-chips, which gen-
erate significant foreign-based revenues
against their more domestically focused
rivals in the FTSE 350. Before the vote to
leave the EU, the pound averaged $1.65
against the dollar during the 30 preced-
ing years. Since June 2016, the pound
has averaged $1.30, while it has made
more frequent excursions beyond 90
pence to the euro.
While the consumer
is holding up, business
confidence and
investment is brittle
Société Générale estimates that “63
per cent of FTSE 100 sales are generated
outside of Europe” and a weaker or
capped pound provides a degree of
cover should Brexit veer towards a
harder outcome. The rising risk of a no-
deal Brexit in recent weeks through a
depreciating pound has boosted the
bank’s basket of UK stocks exposed to
the US dollar, versus their index of UK
domestic companies.
The tip of the Brexit spear for markets
and the UK economy is the pound,
which plunged from $1.50 against the
US dollar three years ago as the referen-
dum votes were tallied, culminating in a
narrow margin of victory for the leavers.
A weaker pound fans inflation pressure
and, unlike other leading central banks,
the Bank of England is meeting its infla-
tion target, courtesy of a weakening cur-
rency that complicates policymaking
when a hard Brexit remains on the
table. That risk has seen sterling earn its
stripes as the worst-performing G10
currency since mid-March.
Beyond pricing in greater odds of a
harder departure, the pressure on the
pound has also reflected a gloomier out-
look for the economy. The Citi economic
surprise index for the UK loiters near an
all-time low, illustrating how data keep
arriving below forecasts. While the con-
sumer is holding up, business confi-
dence and investment is brittle and ulti-
mately that will determine where the
economy heads from here, a point high-
lighted by the Office for Budget Respon-
sibility this week.
The Brexit deadline does not expire
for more than three months and the cur-
rency market has capacity for a rebound
should progress ensue between the UK
and the EU, or at the very least there is
another delay in Brexit.
But the favoured and most likely
political solution — kicking the can
down the road — is no panacea during a
time of transition for the government
and a legacy of inadequate planning for
leaving the EU. There was a time when
delay about framing the terms of Brexit
made some sense. Not now, when the
global economy is clearly hurting and
festering trade tension overshadows
business and consumer confidence.
The message for both domestic and
foreign investors remains one of looking
beyond the UK for opportunities, given
the outlook for a diminished pound and
little shortage of political risk.
Earlier this week, one investor made
the case for optimism: “When every one
is worried, it’s usually a good time to
invest.” No matter how attractive UK
share market valuations are, the proc-
ess of Brexit and its lengthy repercus-
sions require plenty of patience and a
tolerance for frustration.
michael.mackenzie@ft.com
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
Saturday 20 July / Sunday 21 July 2019

Golden roar Disney remake of its classic signals its unrivalled dominance — PAGE 13
Follow us on Instagram @ft_weekend

Historically you could expect privacy

in a phone-box or with a doctor. But
what kind of privacy can you expect
from a cellphone provider or a fitness
watch? We don’t know enough to have
expectations.

In 1998, while Google was based in a

garage and Kodak still dominated the
camera market, the science fiction
writer David Brin predicted the end of
privacy as we knew it. Brin argued that
cameras and sensors were becoming so
cheap that they would inevitably
become omnipresent.
People’s actions would be recorded,
their tax returns published. But this,
Brin argued, would create a new form of
privacy. “Mutually assured surveil-
lance” would ensure that people did not
misbehave — that each citizen was let
alone. There would be no more hit-and-
run drivers or political corruption.
“It was fun while it lasted, living on
these city streets amid countless, name-

You don’t have to be a

Luddite to feel something
fundamental is changing in
the human experience

less fellow beings,” Brin wrote in his

book The Transparent Society. “It was
also lonely.” Anonymity was just a phase
in human existence, whose end was now
inevitable. After all, what would ano-
nymity have meant to a cave dweller?
What privacy did Victorian teenagers
have from their parents?
Brin believes that his vision is coming
true — that “godlike powers of almost
omniscient vision and surveillance” are
spreading. This is not limited to the
powerful. Police malpractice is now
caught on camera. In the US, family-
history websites, to which millions of
people submitted DNA samples out of
idle curiosity, are being used to identify
suspects (the first successful prosecu-
tion took place in Washington state last
month).
There is also another argument that
surveillance is inevitable. In China, sur-
veillance is becoming pervasive, and
algorithms score citizens on their
behaviour. If the west enacts privacy
laws, it will have less data — a key raw

Continued on page 18

The creepy line
In our age of facial recognition technology
and data stockpiling, privacy feels like
a thing of the past. Can we reclaim it?
Henry Mance reports from San Francisco
cameras exists, there is no reason why
it should stop with identifying traffic
violations. The footage could help solve
any crime, inform city planning and tar-
get advertising.
You don’t have to be a Luddite to feel
that something fundamental is chang-
ing in the human experience. We are
becoming known entities. It is not sim-
ply that information is being collected
on us; that information is now often
high-quality video and audio, which can
precisely identify our every move.
Across the US, police forces have been
line “at least for the moment, until the
technology gets better”. It remains one
of the best summaries of how we deal
with technologies: the creepy line exists,
the creepy line shifts.
Twenty years ago, if a supermarket
had asked to put a microphone in our
houses, or a landlord had asked to put in
a camera, or a train company had asked
our whereabouts in the station, we
would have said no. Now we buy Ama-
zon Alexas, rent Airbnbs and use Lon-
don Underground’s free WiFi. And then
we cross our fingers. Amazon and

A
few years ago, a computer
scientist called Chris Car-
son had a realisation. Soon
the streets would be filled
with self-driving cars,
using high-quality cameras to navigate.
What if those cameras could also be
trained to recognise licence plates and
spot traffic offences? It would be like
having a hyper-efficient traffic cop on
every corner.
“We’re still pulling people over for
traffic violations and writing them
tickets,” says Carson. “That’s so 20
years ago.”
Carson’s start-up, Hayden AI, is now
trying to create a network of eyes many
times any CCTV network, supercharged
by 5G mobile networks and artificial
intelligence. The images could come
from almost anywhere: taxi drivers
could place a smartphone on their dash-
boards; if the footage resulted in
another motorist receiving a parking
fine, the taxi driver could receive a share
of the proceeds.
А
Illustration giving out Amazon’s smart doorbells,
by Bill Butcher which film the surrounding street. Some
of the footage is then streamed on an
app, Neighbors. The days of private
investigators sitting in cars could be
over: now they can just park the car with
a camera on the dashboard, and watch
the footage from their living room.
Meanwhile, employers can track our
sleeping habits, retailers can follow us
round the aisles, car parts suppliers say
that they can identify drivers’ emotions.
The resulting data are training complex
algorithms, which then nudge us
towards certain behaviours. “We are
moving from a digital age to an age of
prediction,” says Pam Dixon, director of
the World Privacy Forum, a think-tank.
Your smartphone aspires to know
what you want before you do. I recently
met a tech entrepreneur who couldn’t
work out why Google Maps was suggest-
ing that he visit a certain location. Then
he realised it was time for his six-weekly
haircut. At least it was only a suggestion.
How do we deal with this new world?
Google now both admit that individual
employees listen to some recordings
from their smart speakers. Facebook
argues that its users have no expecta-
tion of privacy on their posts.
This has set up a confrontation. On
one side are those who are trying to
make the creepy line into an uncrossa-
ble trench. In May the city of San Fran-
cisco banned its police from using facial
recognition software — a move intended
to nip the technology in the bud. This
month a new email service called Super-
human disabled the ability for users to
track where and when a recipient had
opened their message — following
online outcry.
On the other side are those intent on
pushing the creepy line back, by accus-
toming people to new technologies. This
includes Carson, the computer scientist
planning a surveillance network. “If we
can live in a society where you can walk
safely down an alley, I think that creepy
line goes away,” he says. Meanwhile,
Google has learnt the lesson of Google

“That’s the idea — to put as many eyes In 2010, when he was chief executive of Glass, the wearable camera launched in
П
П
РУ

on the road as possible,” enthuses Car- Google, Eric Schmidt said that the com- 2013 that was shunned by citizens. It is
w АГ
N ИЛ

son. “I think it’s going to create a large pany’s policy was “to get right up to the introducing facial recognition in a delib-
SN s"
В

S
О

W
e
VK Wh ОТ

paradigm shift in behaviour.” Once this creepy line and not cross it”. He added erately timid manner — as a quick way
s
Г

'
Д

/W
.C at
О

unprecedented network of intelligent brain implants were beyond the creepy to log in to its home assistant.
M
П

O
З

"
И
Л
РЕ

2 ★
Life
How Brexit
created uncool
Britannia
Simon Kuper
Opening shot
For the purpose of this diary, you need
to know just two things about me.
First, I am a morning person, dating
back 50 years as an FT Washington
correspondent writing for London
deadlines generally five hours ahead
of me. You rose early to write early,
and it became a habit. Second, I am
a technological Neanderthal.
Now I’m not writing full-time, my
“Morning in America” is unlike Ronald
Reagan’s, which was every day, but
confined to June and July. This is when
wondrous sporting events are beamed
in before midday from the other side
of the Atlantic — Roland-Garros and
Wimbledon for tennis, The Open for
golf, both of which I’ve played a lot,
and the Tour de France for cyclists,
alluring even for us non-pedallers.
This year my glass truly ran over, with
the women’s soccer World Cup and the
same competition for cricket, my first
love. And last Sunday, stuff happened.
Watching cricket in America had
become a lost cause, but technology
came to the rescue when we switched
our home TV and internet provider to
get faster download speeds, whatever
that means. Among the cornucopia of
new channels is Willow TV, which is all
cricket all the time. Partly enthused by
the Pakistani and Indian super leagues,
I was slavering in anticipation of the
World Cup, not to mention learning
А
a lot through commercials for money
П
П
РУ
transfers, Indian marriage bureaus and
w АГ
N ИЛ
SN s"
basmati rice.
В
S
О
W
e
VK Wh ОТ
But the course of true love never
s
Г
'
Д
/W
.C at
О
runs smooth and, Houston, did we ever
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
I
n any international setting, one
of the first things people notice
about you — sometimes the first
thing — is your nationality. It can
determine how they treat you.
Some nationalities are more admired
than others.
Simon Anholt, founder of the
Anholt-Ipsos Nation Brands Index,
once carried out an experiment
applying for jobs with CVs that differed
only by nationality: one fictional
candidate was Swedish, the other
Turkish. The Swede got far more
offers, even from Turkish employers.
Anholt says Canadians and
Australians, highly rated in the global
polls he has run since 2005, find it
“much easier to get a job, a friend or
a place at university. They trade at
a premium, as it were.”
That brings us to Brits.
A British accent has mostly
been an advantage until
now. That may change as
the UK enters an angrier,
ruder phase of Brexit.
Almost nothing shifts
more slowly than images of
nations, and the UK’s global
image is strong. Every year for the
Nation Brands Index, research firm
Ipsos asks 20,000-38,000 people in
20-30 countries for their perceptions
of 50 countries. Britain has ranked in
the index’s top three since 2014. (The
US plunged from first place to sixth
after Donald Trump’s election. Now
Germany is first and Japan second.)
Anholt’s respondents see the UK
“as an epicentre of cultural and export
strength, with thriving urban life”.
Britons are considered “hard-working”
and “skilful”. As Anholt says, “The
majority of the world’s population will
assume Brits are somehow above them
in a perceived hierarchy of nations,
which is an astonishing thing.”
Whereas few countries have a clear
image globally, Britain has two images.
The first, says Anholt, is “a rather
Raising the roof
A SPORTS
ADDICT’S DIARY
JUREK MARTIN
have a problem last weekend. It wasn’t
just the leak in the roof — but the air
conditioning went kaput, spilling water
into the basement, leaving us wet from
above and below in temperatures
knocking 100F. Like any good reporter,
I made my excuses and left for the cool
dry comfort of our weekend place in
southern Maryland.
Down there we have only a weak
internet signal and a streaming device
for Netflix et al but no live TV, not good
for this weekend above all others. But
then inspiration struck. For some
obscure reason, I remembered the
home TV/internet provider had an app,
which, naturally, I’d never activated.
But I got out the iPad and found myself
watching the Tour de France in full
flight. Don’t ask me how I did it.
So Sunday was spent with the iPad
in one hand, watching Federer and
Djokovic, the iPhone in the other
FTWeekend
creative, exciting,
cosmopolitan country”,
stylish, innovative and
funny — in short, “Cool
Britannia”. The second
image is “Downton Abbey”:
“an arrogant, exceptionalist, ex-
imperial power that thinks itself
superior”. The Downton image may
help sell tea-towels to tourists, but
appears unfriendly and old-fashioned,
says Anholt.
He thinks Brexit reinforced the
Downton image. The UK’s ratings on
his index slumped in 2016. Still, Britain
retained third place. Most foreigners
then forgot about Brexit, and in 2017
British ratings rebounded. After all,
says Anholt, few people track other
countries’ news. Not many Indians or
Americans are Brexit bores.
But Europeans care more about
Brexit — and most of them dislike it.
Two-thirds now believe that being in
the EU has benefited their countries,
the highest support measured by the
European Commission’s polling wing
since 1983. Germans in particular have
cooled on Britain, says Anholt.
What a weekend
to be on the
couch: Ben
Stokes helps
England bring
the Cricket
World Cup home
in a nerve-
shredding final;
Serena bows out
gracefully;
Novak Djokovic
wins an epic
match at
Wimbledon — Getty
following text coverage of the cricket
on the BBC. Even if a bit vicariously,
I didn’t miss an ace or a six.
What did I think about what I saw?
The obvious cricket conclusion is that
New Zealand wuz robbed. It’s not that
I wasn’t rooting for England, apart
from the sense that Boris Johnson
would claim any victory as his own
over the forces of Euro darkness,
though I don’t think the Kiwis are EU
members. But here you have an all-
time classic match, with the score tied
after the regular innings and the super
over, and the winner is determined by
the arbitrary tiebreaker of which team
hit the most boundaries. I accept that
these were the rules but only clowns or
the truly perverse could have confected
them. Why not another super over and
as many as are then necessary to find a
winner? That would have been cricket.
I can’t think of another sport with such
a ridiculous way of bringing something
so special to a conclusion.
Wimbledon did this year introduce
a final set tiebreaker at 12-all, which
is fine by me. Other Grand Slam
tournaments have, apart from of
course, the French, and I’ll concede the
70-68 Isner-Mahut set was an acquired
Illustration: Harry Haysom
A British accent has
mostly been an
advantage. That
may change as the
UK enters a ruder,
angrier phase
Among the UK’s neighbours, I have
noticed differing negative responses.
The mainstream Dutch view seems to
be: “I’m stunned — I thought Brits were
wonderful.” In Ireland, it’s: “I always
knew they were dangerous” and, in
France, it’s: “Those fools have shot
themselves in the foot.”
Still, the process of Brexit long
remained mostly polite. During the
referendum, Leavers talked about
staying friendly with Europe, and
Theresa May tried to cast Brexit as an
embrace of the whole world. But now
things are getting nastier.
The likely next prime minister,
Boris Johnson (who called the French
“turds”), is talking up a no-deal exit.
In the European Parliament, Brexit
party MEPs turned their backs on the
European anthem. Perhaps they meant
it strictly as a rejection of the EU, but it
also looked like a rejection of the 27
countries represented in the room.
The Conservative parliamentarian
Bill Cash said: “The German minister
of defence [Ursula von der Leyen, who
resigned this week] is set to become
EU Commission president. Is this not
taste. And tiebreakers, like Borg-
McEnroe’s 18-16 thriller in pre-history,
can be a wonderful match-within-a
match. I’ll confess disappointment that
Federer did not prevail, but then I
remember Simon Kuper’s marvellous
airborne FT Lunch with him a couple
Real life should not of weeks ago and know he’ll survive it,
be determined by even if most of the Centre Court crowd
will not. The same can be said, if with
winners and losers, less certainty, for Serena Williams,
but it is all right on walloped by Simona Halep in the final.
Her graciousness in defeat, like his, is
the field of dreams evidence of life beyond tennis.
Last Saturday, I hit a golf shot of
which Rory McIlroy would have been
proud — a 60-yard gap wedge from
deep rough over a bunker to within a
foot of the pin. It saved a par and was,
in truth, the only good shot of the
round. That is why we watch sports, to
see the very best perform under duress
to the maximum of their abilities,
which far exceed ours. The pleasure
may be vicarious but is no less intense.
We live and die by the outcome of great
competition. Real life should not be
entirely determined by winners and
losers, but it is acceptable to indulge in
it on the field of dreams, even if justice,
as at Lords and Wimbledon, would
have declared the matches drawn.
20 July/21 July 2019
a grave concern?” In normal
circumstances, nobody notices Bill
Cash, but enactments of conflict are
irresistibly fascinating. Stuff like this
is calculated to offend even German
Eurosceptics.
Johnson’s persona may do more
damage. He embodies a long-admired
British archetype: the funny, well-
spoken gentleman. But he has infected
those qualities by using them to mock
continentals and deceive Britons
(especially about the painlessness of
no-deal). And since he’s a product of
Eton, Oxford University and The Daily
Telegraph, he risks tarnishing those
British institutions.
Meanwhile, Remain Britain is
scarcely heard abroad. Few Europeans
could name a leading Remainer. Yet in
the US, anti-Trump “resistance” figures
from Bernie Sanders to the footballer
Megan Rapinoe are showing the world
another America.
Britons tell me they are being treated
worse internationally now. An
entrepreneur who tried to move into
France met Brexit-related hostility in
business there. A friend on the
speakers’ circuit reports reduced
demand for British pontificators.
Anholt describes a recent UK-
German bilateral forum where
Germans shifted from politeness to
friendliness only after sniffing out
where Brits stood on Brexit. European
journalists dream of building an
anglophone public sphere that isn’t
dominated by British media.
On social media, where I spend too
much time, I’ve noticed a growing
assumption that Britons are moronic
xenophobes. Unfair as that is to
both Leavers and Remainers, it could
soon feature on the invisible label that
we all wear.
Simon will be speaking at the FT Weekend
Festival on September 7 at Kenwood
House, London; ftweekendfestival.com
@KuperSimon; simon.kuper@ft.com
Justice was served in the women’s
soccer World Cup because the US team
were clearly faster, fitter and more
talented than the rest. Megan Rapinoe
and her teammates may have gone
over the top in their unseemly
celebrations in running up the score
against hapless Thailand —
sportsmanship is gender-neutral — but
her tweaking of Donald Trump’s nose
and their demand for equal pay with
the underperforming men’s national
side are entirely legitimate. Anyway,
they were the best team in France.
But all followers of the bike race
around that country have a heavy
heart this year. Paul Sherwen, the TV
commentating tandem with fellow Brit
Phil Liggett for so long, died last
winter. It wasn’t merely they were good
at dissecting the peloton, but they also
provided a travelogue that even the
most ardent Francophile could admire.
Bob Roll, an old American cyclist, is
doing his best as the replacement but
it’s not quite the same. Still, like Fed,
Serena and the Kiwis, I’ll get over it —
if the roof gets fixed.
Jurek Martin is a former FT Washington
bureau chief

20 July/21 July 2019
Lunch with the FT Karen Armstrong
‘We’re just not good
at religion’
The religious scholar has made her
name defending Islam. Over sea bass
and Muscadet she talks to Jonathan
Derbyshire about the threat from
fundamentalists of all faiths, her
unconventional family — and
why she broke with a convent
I
always say”, Karen Armstrong
admits with a conspiratorial grin,
“that God bought me that place.”
She is referring to the north London
house she paid for with the pro-
ceeds of her series of bestsellers on reli-
gion — and Islam in particular.
If there was one specific book that
underpinned the foundations of her
Islington home, it was her short history
of Islam. Published in 2000, this was
perfectly timed for the west’s agonising
over religion and the potential for a
clash of civilisations sparked by the Sep-
tember 11 attacks the following year.
“I never saw the inside of a library”
after that, she tells me as we are steered
to our table. Instead, she was on the
radio non-stop, “talking about Islam ” —
as indeed she has been virtually ever
since. She sees it as a civic duty to defend
the religion — against both the miscon-
ceptions of non-Muslims and against
what she sees as the corrupting influ-
ence of certain strains of Islamic theo-
logy, notably Saudi Wahhabism.
It is, Armstrong says of the latter, “as if
a tiny sect in the [American] Bible belt
had petrodollars and international
approval to export their form of Christi-
anity over the rest of the world.”
A youthful-looking 74-year-old with a
severely geometrical haircut, Arm-
strong has arranged to meet me at Fred-
erick’s, a restaurant in a warren of art
galleries and antique dealers not far
from her home. We are seated in a high-
ceilinged room that is all exposed brick-
work and bold abstract expressionist art
— a suitably austere setting to take on
some of the most intractable ideas of
this or any age.
After scrutinising the menu with a
practised eye, Armstrong suggests that
we go for the set lunch. I happily comply,
ordering a calamari tempura starter
and a main course of Chateaubriand
with chips and chimichurri. She chooses
smoked duck breast followed by a pan-
fried sea bass, and is admirably decisive
when I ask if she would like some wine.
“Yes, I would!”
Even though I’m having the steak, and
should probably drink red, we settle on
a carafe of white as Armstrong takes me
back to the origins of her interest in
Islam. It dates back to the Satanic Verses
affair in 1989, when Iran’s Ayatollah
Khomeini issued a fatwa against novel-
ist Salman Rushdie.
She was “appalled” by the fatwa, she
recalls. “But I was equally horrified by
the way the great and the good were
rushing into print saying Islam was an
evil and bloodthirsty religion.” That was
when she decided to write a biography
of the Prophet Muhammad.
“The trouble is that most British peo-
ple don’t know anything about Muham-
mad.” British ignorance about Islam,
she adds, is rooted in a native mistrust of
religion more generally.
“We’re just not good at religion. I
think we’ve never been good at [it].
Look at the Reformation — Catholics
and Protestants were at each other’s
throats. And what did we do? We
founded the Church of England. A nice
compromise.”
It occurs to me that a “nice compro-
mise” that spared the country the worst
depredations of Europe’s wars of religion
was not a bad outcome. I don’t think for a
moment that Armstrong, who was
raised a Catholic, would disagree about
the desirability of avoiding religious vio-
lence — she wrote a book on the subject
— but she does see the Reformation as a
moment in Christianity’s estrangement
fromits premodernroots.
“Protestant Christianity”, she reminds
me, “is a modern faith”. By this she
means it treats religion as a matter of
belief, rather than a matter of practice
or ritual. She says she has “to go to a lot
of Protestant services”, particularly
when she’s in the US, where she spends a
good deal of time.
“What I can’t deal with are these awful
[modern] hymns. They make me feel
А
entirely atheist.”
П
П
РУ
She has described herself in the past
w АГ
N ИЛ
as an “agnostic in the best sense of not
SN s"
В
S
О
W
e
VK Wh ОТ
knowing, not speaking about things”.
s
Г
'
Д
/W
.C at
О
Those Protestant services, she says, are
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
★ FTWeekend
simply “too wordy. Everyone is always
FR E D E R IC K’S talking about God. Oh God, shut up!”
Camden Passage, Our starters arrive. There’s a scrupu-
London N1 lous simplicity and elegance about the
way the food is presented. My calamari
2 x set lunch £34 is perfectly tender, while Armstrong
Steak supplement £2.50
pronounces her duck breast with
celeriac remoulade “very good indeed”.
White chocolate ice cream Over our main courses (hers elicits a
£4
terse expression of approval), I ask her
Eton mess £4 to elaborate on the idea of religion as a
Sparkling water £3.50 quest for transformation. “It’s a sense
Carafe of Muscadet £16 that we can all be divine. All the scrip-
tures make that point. We’re all yearn-
Cappuccino £3.80
ing for transformation.”
Espresso £3.20
A
Service charge £8.88 rmstrong’s own life has
Total £79.88 been shaped by dramatic
transformations. I remind
her of something she once
said — that until the age of
50, her life was a succession of failures.
She acknowledges with disarming can-
dour that “every seven years my life dis-
integrated. But from the age of 50,
things have been better. Most people
have a wonderful youth and then things
go downhill.”
Hers is now the life of the peripatetic
public intellectual, shuttling between
guest lectureships and award ceremo-
nies, but it began in rather unpromising
circumstances. “[I was born into] a
slightly troubled family, I now realise,”
she says coolly, recalling her upbringing
in a small town outside Birmingham.
“My grandmother, who I loved dearly,
was an alcoholic and promiscuous. It
was not easy for my mother, growing up
with that kind of mother.” Her maternal
aunt later left her husband and chil-
dren, who went to live with Armstrong’s
family (she has one sibling, a sister).
“My father didn’t want them,” she
recalls. “He was well into his fifties and
they were difficult children. There was a
tension in the house.”
The maitre d’ approaches our table to
ask if we have enjoyed the food. Arm-
strong fields his inquiry politely but
briskly, keen, apparently, to return to
the matter at hand — though not before I
top up our glasses of Muscadet.
When, I ask, did she come to realise
how unusual and dysfunctional life in
the family home was?
“I didn’t really think about it until I
was older, but we never spoke about it as
a family. This was the 1950s and you just
got on with things. All I wanted to do was
read books. I suppose I just shut off from
all this. I was shy; I didn’t make friends
very easily.”
By the early 1960s, the natural desti-
nation for such a bookish girl might have
been university. Instead, to the horror of
her parents, she said she “wanted to be a
nun”. At the age of 17, she entered an aus-
tere Catholic order, the Society of the
Holy Child Jesus, where she remained
for the next seven years.
In 1981 she published Through the Nar-
row Gate, a memoir of her time as “Sister
Martha”. The book describes the pun-
ishing privations of convent life, the
striving of the other nuns “for a super-
human ideal” and eventually the unrav-
elling of her own “blind obedience”.
The break with the order — and with
the church and her faith — came at
Oxford, where she had gone as a nun to
study English literature.
“I went up in 1967, in the full fig,” she
recalls. “They just dumped all the nuns
with a dreadful superior, who happened
to be the daughter of [the novelist] Ford
Madox Ford. At the end of that year, I
had a breakdown because I was being
pulled in two by this ghastly terror at the
thought of leaving, I collapsed and went
to bed for two days. They said, ‘Would
you like a year off?’ I said, ‘No, I’ve got to
go back to Oxford.’ So they moved me
into college, but at the end of the first
term I knew I had to go. They had to ask
Rome for permission, because I had to
be released from my vows.”
The permission from Rome was even-
tually granted in 1969, whereupon Arm-
strong was faced with the challenge of
emerging into the world.
“I was dreading coming out — just the
thought of putting on clothes.” The
process was eased by a group of students
who took her to Marks & Spencer and
bought her some civvies. “When we
came back,” she remembers, “there
were crowds of people and someone had
brought a bottle of sherry.”
After graduating from Oxford with a
First, she decided to stay on to do a doc-
torate. “I’d failed at being a nun. And
then I failed my PhD” — another of those
seven-yearly upheavals.
She wrote a thesis on Tennyson’s lan-
guage and poetic style, but, she tells me,
the “examiner wrote four lines saying I
was a very clever young woman, but that
in his view this was not a proper PhD
subject.” That examiner was literary
critic Christopher Ricks. She remem-
bers Richard Ellmann, biographer of
James Joyce, ringing her up “repeatedly
to say how sorry he was”. But despite Ell-
mann’s protestations of concern, she
was, she says, “cast out” of Oxford.
She went to teach at a girls’ school in
south London, a job she had to leave in
the early 1980s, after a series of terrify-
ing episodes that would eventually be
traced to undiagnosed temporal lobe
epilepsy. “In late adolescence, I started
having these moments of jamais vu — it’s
the opposite of déjà vu — where the
world becomes utterly unrecognisable.”
I tell her I find it astonishing that the
condition went misdiagnosed for so
long, especially given her regular visits
to NHS psychiatrists.
“Well, I’d been a nun, so they thought I
was probably a bit disturbed! Eventu-
ally I had a grand mal fit on Baker Street
station. I was taken to hospital and they
told me, ‘You’ve had an epileptic fit.’”
I
n the introduction to her 2009 book
The Case for God, she writes that for
many years she “wanted nothing
whatsoever to do with religion”. It
was her study of other faiths, espe-
cially Judaism and Islam, that com-
pelled her to “revise [her] earlier view”.
This revision was not a matter of her
returning to belief so much as develop-
ing a more expansive appreciation of
different religious traditions. In the
mid-1980s, she was commissioned to
present a TV documentary on St Paul. It
was shot in Jerusalem, where, she says,
she was introduced to Judaism and
Islam properly for the first time.
“What I liked about Judaism was
that [Jews] never stop asking ques-
tions. In Islam, it was the openness to
other faiths.”
In The Case for God, Armstrong writes
that in the pre-modern world religion
was “not primarily something that peo-
ple thought but something they did”.
And in her latest book, The Lost Art of
Scripture, she deplores the same distort-
ing “modern” emphasis on knowledge
over practice. “Rescuing the sacred
texts”, as her subtitle has it, means
learning to read them afresh as works of
the imagination intended to “achieve
the moral and spiritual transformation
of the individual”.
She contends that scripture in all the
traditions she explores converges on the
same ethical or moral injunction: “To
somehow transcend selfishness. That’s
what leads to enlightenment in Bud-
dhism. And it’s what St Paul says Christ
did on the cross. You divest yourself of
something, then you become larger.”
The Lost Art of Scripture examines,
with characteristic sweep and ambition,
scriptural traditions in India and China,
as well as Judaism, Christianity and
Islam. Like its predecessors, it insists
that what the world’s religions — espe-
cially the three Abrahamic faiths — have
in common is much more important
than what divides them.
She sees Wahhabism and other 20th-
century mutations of Islam as corrup-
tions of an original purity. “Until the
19th century, Sufism was the dominant
form of Islam,” she argues. “It achieved
an unsurpassed appreciation of other
3
Life
faiths. Sufi poets will say when they’ve
glimpsed God that they’re neither a Jew,
a Christian, nor Muslim.”
Armstrong thinks that fundamental-
ism, which she insists is as much a fea-
ture of modern Christianity and Juda-
ism as it is of Islam, is a political problem
rather than a religious one. There is a
structure, she thinks, that fundamental-
isms of all varieties share.
“It begins with what is perceived as an
attack by secular or liberal govern-
ments. The first fundamentalist move-
ment is in the US at the beginning of the
20th century. It’s largely [a product] of
the ridicule [Christians] encountered in
press after the Scopes trial.” (She is
referring to the 1925 case in which John
Scopes was prosecuted for teaching evo-
lution in a Tennessee public school.)
We are interrupted by a waitress ask-
ing if we’d like dessert. I choose Eton
Mess. Armstrong has white chocolate ice
cream. “Gosh, look at that,” she exclaims
as it arrives, as if a period of wartime
scarcity were coming to an end.
We discuss the work of the late Ameri-
can scholar Frederick Streng, which
Armstrong draws on in her new book.
Streng defined religion as a kind of
straining or reaching beyond oneself to
the “true and ultimate reality” — an ulti-
mate reality that has been given differ-
ent names in the various traditions.
She reminds me of the Catholic cate-
chism, “God is the Supreme Spirit, who
alone exists of himself, and is infinite in
‘What I liked about Judaism
was that [Jews] never
stop asking questions.
In Islam, it was the
openness to other faiths’
all perfections.” “I think it’s quite incor-
rect,” she says firmly. “God is not a
being. God is, as Thomas Aquinas said,
being itself.”
Armstrong returns at several points
in our conversation to some lines from
Wordsworth’s “Tintern Abbey”: “A
sense sublime/Of something far more
deeply interfused/Whose dwelling is
the light of setting suns/And the round
ocean and the living air/And the blue
sky and in the mind of man.” Her next
book, she reveals, will be on God and
nature. “It’s a different view from this
God stuck in the heavens.”
Over coffee, I ask whether she thinks
her mission to promote religious under-
standing has had any effect on the qual-
ity of public discourse.
“I’d like to feel the world has been a lit-
tle bit better because I’ve lived in it,” she
replies. But she warns that we shouldn’t
think that the “last frantic gasp” of fun-
damentalism will be anything other
than ugly and prolonged.
“The more we realise how much the
religions of the world have in common,
the more the fundamentalists put up
barriers.” And as a long as we forget that
“religion is a matter of imagination” and
moral striving rather than strict observ-
ance of unvarying doctrinal truths, “we
are going to hell in a hand basket”.
Jonathan Derbyshire is the FT’s
executive opinion editor

4 ★
Style
His field
of dreams
Interview | Simon Porte Jacquemus launched
his brand 10 years ago after only a month at
fashion college. It’s now a €10m sensation.
Alexander Fury meets him in Provence
N
aysay as you may about
Instagram, its impact on
fashion right now cannot
be underestimated. Maybe,
in the future, statements
like that will seem horribly dated —
social media platforms do have a lim-
ited lifespan, as Black Mirror’s near-
future plot-lines are wont to prove, cen-
tring on Twitter,
whose falling user
numbers and sub-par
revenue caused
shares to drop sharply
earlier this year.
Yet today, the most
successful brands are
the ones engineering
their shows to gener-
ate images that
resound in 1,080-pixel
squares — especially if
you can then click
through to buy.
The most proficient
of these players is
Simon Porte Jacque-
mus, a 29-year-old
designer based in
Paris who was born in
Salon-de-Provence,
about 30 miles from Marseille. With a
2018 turnover of about €10m, his brand
is small-fry compared with the mega-
liths of French fashion — Chanel and
Louis Vuitton bring in roughly €10bn in
revenues annually. But those brands
have more than a century each in expe-
rience, whereas Jacquemus (the brand)
has only just turned 10. Jacquemus the
designer is also chief executive and a
100 per cent stakeholder in his business.
At his anniversary celebrations last
month, a show staged a few miles away
from his birthplace created a social
media sonic boom that a bigger brand
could only dream of — and confirmed
Jacquemus as fashion’s David, beating
Goliaths at their own branding game.
You may have seen those pictures —
theywerebroadcastfarbeyondfashion’s
usual reaches. A shocking-pink fabric
catwalkunfurled between rows of laven-
der, shimmering purple like a Van Gogh
painting, along which beautiful people
marched in archaic, whimsical get-ups
against a cloudless, cornflower-blue sky.
Art references abounded: the catwalk
looked like a Christo installation, the
scenography like Magritte. The models
reminded me of the wedding-party pro-
cession in Flaubert’s Madame Bovary,
“first united like one long coloured scarf
that undulated across the fields”, with
women in bonnets and boys in clothes
liketheirfathers’.
The Jacquemus women wear bonnets,
too, although his men dress a little more
like lads as opposed to vice-versa. The
women also carry tiny purses — origi-
nally known around the time of Madame
Bovary as reticules, or ridicules, because
of the “ridiculousness” of women toting
their belongings around with them. Jac-
quemus’ reticules really are ridiculous:
his smallest, known as Le Petit Chiquito,
measures just 8.5cm by 5cm. It’s big-
ger (but only just) sister is called
Chiquito, measuring 12cm by
9cm. They’re a sell-out success.
“You ’ave to know, I do all my
accessories,” says Jacquemus,
in his heavy Provençal accent.
In person, he is blue-eyed,
square-jawed, remarkably
handsome and shockingly
young — he founded his fash-
ion label when he was just 19.
“I love to do them,” he con-
tinues. “For me, they’re
so much easier than
clothes. In accessories I
can still be playful. For
the little bag, I just
asked the factory to
reduce the size of the
normal bag — to the
А
idea of a bag — keep-
П
П
РУ
ing all the detail. And
w АГ
N ИЛ
SN s"
that’s how it came
В
S
О
W
e
VK Wh ОТ
about. I was
s
Г
'
Д
/W
.C at
О
obsessed by the bal-
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
His childhood was full of
picture-perfect purple
fields of lavender that he
would sell ‘on the road’
ance of the silhouette, like the huge La
Bomba hat and the mini bag.”
La Bomba is another one of his hyper-
successes — an enormous straw hat,
examples of which Jacquemus has
offered in various permutations and
increasingly extreme dimensions
since his spring/summer 2017
collection, Les Santons de Pro-
vence. (All Jacquemus collec-
tions have names, “Like
Godard,” he says, of the film
director Jean-Luc Godard).
The La Bomba is the big-
gest, introduced for spring/
summer 2018, where it
enveloped the models,
drooping down to the waist
like a gargantuan, salsa-
saturated Dorito. He
does enormous bags
too, as well as shoes
with weird and won-
derful heels, with J-
shaped charms danc-
ing in a hollow, or
with mismatching
heels that resemble
chess-pieces. All
have contributed to
Jacquemus’
remarkable busi-
FTWeekend
ness trajectory: the brand has doubled
turnover each year, and is on course to
repeat the achievement in 2019 to reach
revenues of €20m. The label has 300
worldwide stockists for its womens-
wear, and 150 for its menswear, and
boasts paying customers such as
Rihanna and Beyoncé — who, he adds,
bought almost the entirety of one collec-
tion.
Jacquemus, a former child model,
remains good-looking enough to model
his own menswear on the brand’s Insta-
gram account, where he shares details of
his life — and some of the 30,000 videos
on his phone — with more than 1.2m fol-
lowers. Which begs the question: is Jac-
quemus an influencer or a fashion
brand? Maybe he’s someplace in-
20 July/21 July 2019
fields of roses or jasmine it
farms to make its perfume
No5. The scenery also slightly
upstaged Jacquemus’ clothes
— which was perhaps part of
the intention. Image, he
acknowledges, is everything.
Jacquemus didn’t follow the
usual route to design. Despite
winning a place to study fash-
ion in Paris, he left the course
after a month when his
mother died unexpectedly.
His label is dedicated to her:
Jacquemus was his mother’s
maiden name, and one he has
since adopted as his own. “I
was really fed up of the rules,”
he says of his decision to quit
college. “I felt it was time to
say something.”
His earliest designs
were also conceived in
the same gauche style.
Talking of the brand’s
inauspicious begin-
nings, he says: “I passed
a girl who was making
curtains in Montmar-
tre. And I knew that
she had a sewing
machine. I said, ‘How
much for a skirt?’ She
tells me: ‘One hundred
and fifty.’ I said: ‘One
hundred.’ And I came
back the next day with
the fabrics.”
It’s probably rude to
say that Jacquemus’s
clothes still look, some-
what, as if they might
have been run up in a
curtain shop. Yet so
have they also retained
a naivety that makes
them curiously appeal-
ing. They’re square-cut,
sensuously draped but
often incredibly simple,
between. His bucolic-
sounding childhood
folded from rectangles or tubes of cloth
and cut around the body: his menswear
was full of picture- is direct, a little unfashionable, or at
perfect purple fields least un-fashion: cargo trousers and
of lavender that he long, baggy shorts that look unremark-
would sell “on the able but are easy to wear. And every-
road near my grand- thing is competitively priced: dresses
mother’s”, he says. rarely run into four figures, and those
But he was also a ever-decreasing handbags retail at
child of the internet: around £200-£400, depending on how
he had a fashion blog little you care to carry in them.
in his early teens and Not everyone is impressed. Despite
began posting images winning a special award from the 2015
of his fashion to net- LVMH Prize for Young Fashion Design-
working sites such as ers, there hasn’t always been a huge
Facebook and Tum- amount of love for Jacquemus within
blr soon after their the industry: one Parisian fashion editor
launch. “I was always struggled to describe him before even-
From above: obsessed by image and sharing some- tually coming up with description
Simon Porte thing,” he says. “Social media changed “bumpkin”. Which is doubtless tied up
Jacquemus my career. I started to publish [my with Parisian snobbism too.
photographed looks] on Facebook, saying, ‘Hello, this The designer doesn’t seem to care.
for the FT by is my first collection, have a look.’ And Nor need he. “The south of France is
Virgile Guinard; people started to share it.” where I’m from,” he says of his growing
clothes from He grins that wide, handsome smile. conviction to show outside the French
the Jacquemus “I didn’t have money to make clothes at capital. “This is really my aesthetic. For
SS20 collection the time. And, to really be precise — I me, to have this voice saying, ‘I’m from
was not mature enough to make clothes. somewhere else, I’m not from Paris.’ It’s
Left: Le Chiquito I was just obsessed by the image . . . to really important the message you send.
bag in pink have an impact on the public. I thought: This says you can be independent, you
calfskin, £345, ‘If there is an impact on the public, can do a huge show.” Jacquemus shrugs.
jacquemus.com they’re going to buy it.’ And it was worth “I have doubts, I have troubles, I have
it, in the end.”
— Jason Lloyd-Evans
many things . . . but I will never share
It was certainly worth it in Provence, that, I will share positivity, always.”
where the scenography was so breath-
And with that Jacquemus wanders off,
taking that you wondered why Chanel, smiling, to join his own after-party in
say, hadn’t done a show staged in the the lavender fields where he grew up.
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 FTWeekend 5

А
П
П
РУ
w АГ
N ИЛ
SN s"
В

S
О

W
e
VK Wh ОТ
s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ

6 ★ †
Style
W
hen Marie Antoinette’s
pearl and diamond pen-
dant sold for an astro-
nomical $32m at
Sotheby’s late last year,
it fed our fascination with royal jewels.
The sale offered a poignant, deeply per-
sonal, even intimate connection to the
young and hapless French Queen, but
also hinted at the diamond necklace
affair that lit the touchpaper to revolu-
tion serving as a reminder that rivalries
between courtiers and courtesans have
often revolved around precious gems
and jewels.
Now the conversation around royal
jewels has become livelier, sparked not
so much by history but by our two duch-
esses-in-law and their dramatically dif-
fering fashion choices. It’s been fuelled
by an injection of Hollywood gem-glitz
and spiced up by rumours of squabbles
over sparklers at the palace.
The focus on the Duchess of Sussex’s
extensive and fast-expanding jewel
wardrobe intensified recently when it
emerged that she’d remodelled her
engagement ring, replacing the tradi-
tional yellow gold band with a fine, slen-
der band of pavé-set diamonds. Her
jewel style was set in stone before she
joined The Firm: she likes things to be
cool and contemporary, minimal in
design and maximal in the layering (she
wears finger and thumb
The crown affair
rings and multiple ear-
piercings). So far she
has continued to wear
her jewels to showcase
her individuality,
modernity and even her
social activism. A fur-
ther sign that the Sus-
sexes intend to do
things differently. Jewellery | Meghan’s sparkles, Princess Diana’s pearls — royal jewels have
Meghan clearly
understands the power
jewellery has to com- taken on new lustre, and value, in recent months. Vivienne Becker reports
municate: in her early
days as a royal, she wore
sweet, discreet ear studs by Canadian
heritage jeweller, Maison Birks, as an
homage — or farewell — to her life in
Toronto, and favoured sleek, stacked
rings by London-based Missoma. Since
then she’s chosen pieces by British jew-
ellers, notably Shaun Leane: she was
seen wearing his edgy Talon earrings,
Tusk bangle and slithering Serpent’s
Trace gold bracelet on the Australia-Fiji
tour last June. During that tour she was
also seen in a diamond Tattoo pendant
by London-based New Zealand-born
jeweller Jessica McCormack — the neat
swirl design inspired by Maori tattoos.
Meanwhile, Meghan’s much-worn,
humble gilt-metal bangles, handcrafted
by women in Afghanistan, come from
the fair-trade advocate Pippa Small’s
Blue Mountain collection, a venture
championed by Prince Charles.
But perhaps most provocatively of all,
the Duchess of Sussex has sported lab-
grown diamonds in a single earring by
new online brand Kimai. Priced £315, it
sold out immediately. And after Meghan
wore a tiny A for Archie pendant by
Emma Swann, earlier this month, LA-
based jeweller Jennifer Meyer’s noticed
an uptake in sales of her own personal-
ised initial necklaces.
It’s the antithesis of the royal collec-
tion, one of the most famous, most sto-
ried jewel collections in the world — if,
that is, she’s allowed to rifle through
the royal jewellery box. While
she will certainly have access to
the royal baubles for official
occasions, along with all the
other nuances of etiquette and
protocol she must be grappling
with, there are also deeply
entrenched jewel rules.
There were tales of tantrums
over Meghan’s choice of wed-
ding tiara; in the end, the
Queen lent her Queen Mary’s
1932 diamond bandeau tiara —
not the bride’s first choice. Then
attention swivelled on to reported
rivalries over Princess Diana’s jew-
Why the power of fashion is right behind you
Review | A new exhibition in Paris, focusing on the back of garments, demonstrates why there are two sides to every creation, says Jean Grogan
S
peaking in 2011 about his
then partner Vanessa Paradis,
Johnny Depp offered this
analysis of the moment he fell
in love: “It was the Hôtel
Costes,” he told reporters. “She was
wearing a dress with an exposed back
and I saw that back and that neck, and
then she turned around and I saw those
eyes, and — boom! My life as a single
man was done.”
Just as an outfit can look great from
the front, the back of a garment can be
equally seductive. It’s a point made bril-
liantly well in a new exhibition, Dos à la
Mode, at the Musée Bourdelle in Paris.
The show has been curated by Alexan-
dre Samson, director of haute couture
and contemporary fashion at Paris’
Fashion Museum, which is currently
undergoing renovation, and this off-site
setting has created a poetic dialogue
А
П
between sculpture and fashion.
П
РУ
Two major events were key in shifting
w АГ
N ИЛ
SN s"
fashion’s focus in the early 20th century:
В
S
О
W
e
VK Wh ОТ
the vogue for sunbathing, which took
s
Г
'
Д
/W
.C at
О
hold after the first world war, and Holly-
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
wood’s Hays Code, known as the
“motion picture industry’s Magna Carta
of official decency”, which banished low
necklines on screen. The back quickly
became a new expression of seduction
and its subsequent exposure contrib-
uted hugely to the emancipation of the
female body.
“The back is a very subtle surface, and
its portrayal implies reflection,” says
Samson of why the back has been less
loved of late. “But ours is an era of mass
consumption. We turn the page fast, we
no longer take the time to linger or ana-
lyse an image.”
The exhibition is organised into
themes, each one set against a backdrop
of Bourdelle’s sculptures. The show
opens in the Great Plaster Hall, with
floor-length evening gowns by Martine
Sitbon, The Row and Clare Waight Kel-
ler for Givenchy all framed against the
sculptor’s more monumental works.
In the painting studio, the Back as
Sculpture is illustrated by Alexander
McQueen’s Rose Corset for Givenchy, a
cascade of silver roses worn on the back
FTWeekend
Clockwise from top : Prince Harry and the
Duchess of Sussex on their wedding day,
2018; Portrait of Marie-Antoinette (1783)
by Vigee-Le Brun; Marie Antoinette’s
pearl; Christening photograph of Archie
Harrison Mountbatten-Windsor; Meghan
at the wedding of Princess Eugenie, 2018;
that is part jewellery, part sculpture and
part armour, metamorphosing the
body. While in the intimacy of Bour-
delle’s tiny studio stand two of Rei
Kawakubo’s mould-breaking creations
in stretch vichy from her Body Meets
Dress — Dress Meets Body collection on
wooden posing stools.
The back is also presented as source of
intrigue in a series of iconic movie clips.
Among these is the full-length black
gown worn by Mireille Darc in her role
as undercover agent in Le Grand Blond
avec une Chaussure Noire (1972), for
which Darc was allowed to choose her
own costume. “I wondered, how can I
make myself unforgettable? I had to
find something really sensational,” she
said of her choice. She enlisted the help
of her designer friend, Guy Laroche.
Together, they decided to place “the
décolleté” at the back of the gown.
But the first version didn’t satisfy
Darc. “Lower,” she directed.
When Darc appeared on set in the
buttock cleavage-revealing gown, held
in place with a loose gold chain, the
Two tiaras on display at the “Chaumet in
Majesty” exhibition; Edwina, Countess
Mountbatten of Burma, wearing her
Chaumet tiara for George VI’s coronation,
1937; Prince William and Kate on their
wedding day, 2011
Madame Yevonde/Mary Evans Picture Library; Getty; Chris Allerton
‘Hilde in a too small dress’,
by Jeanloup Sieff (1995)
Estate of Jeanloup Sieff
20 July/21 July 2019
els — both the personal pieces left to her
two sons, and her royal jewellery,
selected and presented to the Princess
of Wales by the Queen, that Diana wore
with such panache. Two diamonds in
Meghan’s engagement ring came from
Diana’s personal collection. And the
dramatic 1990s aquamarine cocktail
ring by Asprey — given by Prince Harry
to his bride as a wedding gift — was worn
with Meghan’s Stella McCartney gown
for the wedding reception. She’s also
been seen wearing Diana’s gem-set but-
terfly earrings and an open-ended 1980s
style bangle.
British royal jewels have huge history
and their own hierarchy. They are given,
or rather lent by the Queen, entirely at
her discretion, for state occasions or for-
mal public events. Traditions, associa-
tions, former wearers, occasions and
nuanced messages are key: on the Sus-
sex’s Fiji visit, for example, Meghan was
reputedly advised by her father-in-law
not to don a tiara, which would have
looked inappropriately grandiose.
So, it’s right, then, that Kate, Duchess
of Cambridge, regularly wears the
exquisite and emotive 1914 Cambridge
Lovers’ Knot tiara. With its lustrous
pearl drops shimmering and shimmy-
Two diamonds in Meghan’s
engagement ring came
from Princess Diana’s
personal collection
ing within diamond ribbon bows, it was
given by the Queen to Princess Diana as
a wedding gift and has become indelibly
linked to Diana’s legacy.
The Duchess of Cambridge pressed
the point home when she wore Diana’s
Collingwood pearl earrings to Archie
Mountbatten-Windsor’s christening
earlier this month. The gesture ensured
the baby’s late grandmother was there
in spirit and lustre, but also emphasised
the emotions encapsulated in royal
jewels: Diana wore the same ear-
rings to Harry’s christening.
Royal jewels, as Meghan is discov-
ering, are not only different from
her own fashion-forward acces-
sories in style, value, formality
and preciousness, but also in
their messaging. So much more
than ornament, they’re an essential
part of the majesty of monarchy,
symbols of power, prestige and
privilege. Passed down through
generations, often tracing mean-
dering interconnected branches of
royal or noble families, royal jewels reek
of lineage and continuity. Diana perpet-
uated and modernised the equally
indelible image of the fabulously bejew-
elled and supremely elegant Alexandra,
who established the quintessential Prin-
cess of Wales image.
The pomp, power and presence of
royal jewels are highlighted in a timely
exhibition: Chaumet in Majesty — Jew-
els of Sovereigns since 1780 currently
showing until August 28 at the Grimaldi
Forum in Monaco. The exhibition
parades royal and courtly splendour
through 250 jewels from private and
public collections. The exhibition
unravels the stories of these royal jew-
els, but it also underlines their emo-
tional resonance, their mix of power
and intimacy, of memories and magnifi-
cence. Which circles back to Marie
Antoinette’s pearl, and the question of
which duchess-daughter-in-law should
wear Diana’s most memorable jewels.
In time Meghan will no doubt accu-
mulate her own collection of precious
jewels befitting her status, starting with
those worn on her wedding day — the
small round Galanterie de Cartier ear-
rings and graphic, geometric Reflection
bracelet, layered with baguettes, and
the Cartier diamond drop earrings.
Let’s hope that whoever wins the jew-
els duel becomes an icon of jewellery
style.
impact was such Wings and Dress from 1984, predating
that the director the launch of his first fragrance, Angel.
Yv e s Robert The sensual back is also well-repre-
rewrote the now- sented, with Yves Saint Laurent’s short,
legendary confron- lace-backed LBD, John Galliano’s 51 But-
tation scene ton Sheath dress and Jean Paul Gault-
between Darc and ier’s head-to-toe laced jumpsuit.
her co-star, Pierre The elaborate back-fastening sys-
Richard. tems, whether with buttons, lacing or
The exhibition even a straightforward zip, also remind
continues with a us, says Samson, of a woman’s role as an
focus on trains, vol- object, dependent on assistance just to
ume and 3D get dressed. “Can you imagine a man’s
dimensions. “The tuxedo closing like this?” he asks.
back is the focal But perhaps the most fascinating part
point of my con- of Dos à la Mode is its finale, with the
struction,” once back as message-bearing billboard. The
said Yo h j i last words of this exquisite exhibition
Yamamoto, whose must go to Melania Trump’s choice of
work also appears the green I REALLY DON’T CARE DO
in the form of a U? parka from Zara. In this instance, we
deconstructed really do.
black and white creation with curving
origami folds at the back. “This is what ‘Dos à la Mode’, a Palais Galliera exhibition,
will decide the emotion of a garment.”
is on view at the Musée Bourdelle
The winged back is illustrated also, from July 5 to November 17 2019.
most dramatically by Thierry Mugler’s bourdelle.paris.fr

20 July/21 July 2019
Wales | Oliver Balch laces up his
trainers for a three-day festival
fusing two disparate worlds:
live music and trail running
E
veryone, a big up for The Cor-
respondents!” Arms shoot
skywards. “Whoooos” fill the
air. For the next 30 minutes,
heads bob, hips jigger, and
glitter-painted faces brighten with
adrenalin smiles.
At the end of his set, the band’s lead
singer salutes the dancing throng:
we’ve been awesome, apparently. Sur-
prisingly so — at first, he had assumed
the Love Trails festival was some
“weird dating thing”. Then he was told
it was all about running “and I realised
it was even weirder”.
We all cheer, but he’s right: it is a little
weird. Not the performances, which feel
much like any modern music festival.
And everything else is as it should be: a
sizeable main stage, a hefty sound sys-
tem, an amply-stocked bar, and no
neighbours for miles.
What’s weird is the morning after.
The usual post-bedlam detritus is
totally absent. The Porta-loos are usa-
ble, the bar area is vomit-free, and the
hedgerows are empty of snoring
drunks. Instead, I wake to the sound of
birdsong and people returning from a
dawn swim.
This is Love Trails, a three-day fusion
of two disparate worlds — trail running
and live music — on the Gower Penin-
sula in south Wales. Alongside the
regular line-up of bands and DJs, its
‘More people are into
looking after their health
and we’re tapping into that
— the runner’s high and all’
publicity goes on to list the various
group runs on offer, more than 50 of
them, with names such as “Sunset Boot-
camp Run”, “We Are Daybreak”, “Run
Talk Run Mindulfulness Run” and the
less cerebral sounding “Beer Mile
Relay”. Alongside those are talks from
runners, workshops in subjects such as
nutrition and breathing techniques, as
well as other activities from surfing and
sea kayaking to yoga and meditation.
It has grown rapidly, from 30 or so
friends with their tents and trainers in
2016 to just shy of 2,000 this year. Love
Trails claims to have been the world’s
first running and music festival but it is
already far from alone. Earlier this year
the British radio presenter (and mara-
thon runner) Chris Evans launched
RunFestRun, a three-day festival in the
grounds of Bowood House, Wiltshire,
while shoemaker Salomon stages a
series of one-day trail running festivals
in the Peak District, Edinburgh and Box
Hill, Surrey. Meanwhile other festivals
are springing up around some elite
races — in Chamonix, the Ultra Trail du
Mont Blanc, the most famous of the
mountain ultra-marathons, has grown
into a week-long celebration.
Theo Lara-Jones, the 31-year-old
founder of Love Trails, is phlegmatic
about the success of the formula. “Who
wouldn’t like to run in this scenery?” he
says, when we meet on the first night
beside the Oatopia food stall (purveyors,
as I would later discover, of delicious
porridge at 06:30am). He waves his
hand at the lush marshlands and silken
Extreme ridge-running: the sport’s new zenith — or a risky, Instagram-fuelled craze?
H
igh above the clouds near
Åndalsnes in Norway, a
shadow runs across a
rocky, knife-edge ridge.
To either side are drops
of hundreds of metres — the slightest
slip or trip would probably be fatal.
At first, we see only the flickering
shadow, then glimpses of arms and
feet reveal that the runner is filming
himself on a headcam. The resulting
point-of-view footage is vertigo-
inducing even to watch — though
more than 600,000 people have
done so since it was posted on
Instagram and YouTube earlier this
year. The comments range from the
awestruck — “wow, like a mountain
goat”, “balance is your superpower” —
to the horrified — “suicidal”, “one slip
and it’s over”. Other posters are
А
П
downright critical: “Warning! He is a
П
РУ
great athlete, but the world is full of
w АГ
N ИЛ
SN s"
stupid imitators.”
stupid
В
S
О
W
e
VK Wh ОТ
In later frames the identity of the
s
Г
'
Д
/W
.C at
О
M
П
O
З
"
И
Л
РЕ
Marathon weekender
i / DETA IL S
Oliver Balch was a guest of the
Love Trails Festival
(lovetrailsfestival.co.uk), which
takes place annually in early July.
Tickets for the 2020 event cost
from £115. For details of next year’s
RunFestRun see runfestrun.co.uk.
For details of Salomon’s festivals
see salomonrunfest.com
runner is revealed: this is none other
than Kilian Jornet, the world’s most
celebrated mountain runner. In the
film, promoted and shared by his
sponsors GoPro and Salomon, he
eulogises the sensation of “dancing
with the mountains” and “that feeling
that you are safe and you are not safe
at the same moment”.
Jornet’s film is remarkable but not
unique. It is part of a growing trend
for runners, both amateur and
professional, to post similar self-
filmed videos of moving at speed
along narrow ridges bordered by huge
drops. For some they are the
adrenalin-soaked zenith of trail
running’s new-found popularity. For
others they represent a worrying
intrusion of social media into the
dangerous, high-altitude
environment.
“These athletes are most certainly
pushing the extremes of running,”
says Julia Tregaskis-Allen, a mountain
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
★ FTWeekend
Top: runners at
the Love Trails
festival; above:
live music at the
event in Wales;
left: early
morning swims
are also on the
itinerary
coastline that frame the near horizon.
The festival is based in the grounds of
Weobley Castle, a 14th-century fortified
manor house, now semi-ruined, sur-
rounded by empty moorland and miles
of well-kept footpaths.
“Partying doesn’t have to mean get-
ting smashed on drink and drugs,” says
Lara-Jones. “More and more people are
into looking after their health and well-
being and we’re tapping into that — you
know, the runner’s high and all.”
A keen amateur runner myself, I am
up for being convinced. And so it is that
I find myself setting off with a dozen or
so others at 9am on the first morning for
a 30km run. Our group consists of an
even mix of men and women, with ages
ranging from early twenties to late for-
ties. In this sense, we’re a mirror of the
festival’s general demographic.
Our leader is Emmanuel “Manni”
Ovola, a Ugandan-born physiotherapist
from London and member of the Track
running guide based near Mont Blanc.
She describes the footage as
“massively inspiring” but admits: “the
consequences of a slip, trip or rock
moving on a knife-edge ridge don’t
bear thinking about.
“Any mistake would be fatal, but the
subsequent concentration, skill level
and thrill is part of the end result and
pleasure.”
Mafia running club. Muscled and slim,
he looks rapid. To my relief, I discover
that the pace at Love Trails is set by the
slowest member and the organisers
stress these are social runs, not races.
For a while, I fall into step with Owen
Young, a 23-year-old postgraduate stu-
dent from Scotland. He tells me he’s
done “everything he wants to do” at
music festivals and is after a “different
type of festival” these days. “Plus, I
don’t deal with hangovers very well.”
The remainder of the group is of a
similar mind. Clare Hughes is hoping
for a relaxing break with her husband
ahead of his pending foreign posting
with the Navy. Ben Coward, a young tri-
athlete recently back from travelling
overseas, is looking to reconnect with
university friends.
As for running experience, levels
vary. For some, the mileage is nothing
exceptional; for others, it marks the fur-
thest they have ever run. All, though,
are part of the wider trend — though
accurate statistics are hard to come by,
participation in trail running is rapidly
increasing. According to data from
Ultra Running magazine, 108,000
people finished ultra-distance events
in the US in 2018, up from 32,000 a dec-
ade earlier.
I joined a second 30km jog on Day 2,
this one with a stop halfway to under-
take some conservation work. The idea
is inspired by GoodGym, a UK running
network whose members mix their
weekly run with a volunteering project.
In our case, we spend 40 minutes
hacking back bracken on National Trust
land just above Rhossili Bay. Armed
with scythes, with the sea below and the
sun on our backs, it feels good — not just
the satisfaction of seeing our patch of
hillside clear but the sense of doing
something together, in community.
This word “community” figures large
at Love Trails. At every one of the
talks and workshops I attend, this
term-of-the-moment crops up (even
the lecture on running and menstrua-
tion). The sales reps at the Adidas and
Salomon tents echo it. There’s even a
stall advertising natural nutrition
bars called Tribe. (Why Tribe? “Because
we go further and faster together.”)
Nick Parks, a mountain guide based
in Zinal, Switzerland, another trail-
running mecca, advises caution.
“There’s so much out there
encouraging folks to do all these
adventurous things but very little
focus on the risks involved,” he
says. “Yes, it’s fine if you’ve trained
and understand the hazards and
how to manage them but it is
A still from
Kilian Jornet’s
film ‘Running
Ridges’,
released earlier
this year
50 km
Irish Sea
St Davids WA L E S
Weobley
Castle
Swansea
Cardiff
Celtic Sea
GOWER
PENINSULA
Bristol
Barnstaple
ENGL AND
maps4news.com/©HERE
Running, typically, is a solitary pur-
suit. But for Sukhdeep Singh, a young
IT specialist from India and a recent
convert to running, it’s this opportunity
to share his new-found passion with
others that most excites him. While
scything bracken together, Sukhdeep
tells me about all the trail races he has
lined up. “I’m hooked,” he admits
unapologetically. “I’ve found my tribe.”
(And, no, I don’t think he’s talking
nutrition bars.)
While the number of similar festivals
is growing, perhaps a more important
trend is that mainstream music festi-
vals are also getting in on the act. Glas-
tonbury-goers may be familiar with the
yoga and tai chi lessons in the site’s
chill-out Healing Field but events such
as Boardmasters in Cornwall and Wil-
derness in Oxfordshire are now going
one step further, teaming up with
established running clubs to offer
music fans a daily guided jog.
For my last day at Love Trails, I join a
group running to the coast to try sea-
kayaking, which, along with paraglid-
ing, coasteering, rock climbing and
surfing, is laid on at an additional cost.
A sunbather watches us pass. “These
runners,” she tells her friend, “they’re
everywhere.”
It’s an exaggeration, of course.
Nationwide, trail running still remains
a fringe pursuit. For years, I ran in the
Brecon Beacons and rarely saw another
soul. But, on the Gower Peninsula, for
one glorious, sun-baked weekend in
early July, the woman is right: we are
everywhere.
really worrying if you’re trying
to self-promote yourself on
Instagram without a clue of the
consequences.”
Some guides see ridge-running as
analogous to steep skiing or free-solo
climbing, but warn the lack of
equipment or specialised techniques
could make it more tempting for
novices to take part. Others are
uneasy about social media creating a
link between risk and reward for
sponsored athletes, with more
terrifying films likely to attract
higher online audiences.
“Today’s mountain runners are
raising their profile and making
money at it in many cases,” says
Malcolm Creasey, a guide, writer and
former member of the Llanberis
Mountain Rescue team. “There’s
nothing wrong with that but it’s only
a matter of time before someone
comes a cropper.”
Ash Routen
7
Travel
Five of the best running
holidays — picked by
Adharanand Finn
The Kenya Experience, Iten, Kenya
At the entrance to the town of Iten
in Kenya’s Rift Valley a large sign
proclaims: “Welcome to the Home
of Champions.” This small town is
unique in the world of running for
the thousands of elite athletes that
live and train here, and every
morning on this two-week camp
you’ll get to run alongside Olympic
and world champions, as well as
hundreds of talented hopefuls.
Apart from training, this trip is a
cultural exploration into what
makes Kenyan runners so dominant
at long distances, with visits to
athletes’ houses and training
camps, and talks from past and
present athletes and coaches. The
packed itinerary still allows time for
a safari at the nearby Lake Nakuru
game reserve. Two weeks costs
from £1,200 per person, with trips
throughout the year;
traininkenya.com
Tour du Mont Blanc, France
If you prefer to run without a guide,
alone or with friends, Run the Alps
will work with you and produce an
The Kenya Experience, Iten
itinerary to traverse the 105-mile
hiking trail that snakes around
western Europe’s highest peak. The
route passes through Italy and
Switzerland before returning to the
start in the town of Chamonix in
France. The organisers will book
your hotels (and mountain huts),
organise transport to and from the
start and finish, transport your
luggage each day to the next
stopover point, and provide you
with detailed route maps and GPS
files. An eight-night trip costs from
about €2,400; runthealps.com
Tarahumara & Copper Canyon
retreat, Mexico
This is a rare opportunity to run
with the Tarahumara, the tribe of
ultra runners immortalised in
Christopher McDougall’s bestselling
2009 book Born To Run. Based in a
remote part of Copper Canyon in
northern Mexico, the trip is guided
by a local Tarahumara runner, but
the pace is kept relaxed and the
15km average daily distance is
manageable for most. As well as
five days of running through
remote landscapes, the trip offers
daily yoga and meditation sessions,
as well as “cleansing rituals” with
local medicine men. Six days cost
from $1,850, the next retreat starts
October 10; airelibre.run
The Tour du Mont Blanc
Algarve spring training week,
Portugal
If you’re training for a spring
marathon such as London or Paris,
2:09 Events hold a warm weather
training camp in the Algarve in
Portugal each March, with expert
coaching from former international
runners, as well as daily sessions in
core stability, yoga for runners and
Pilates. The guides will take you
running along the beach and on the
trails, while sessions also take place
on the all-weather running track of
the four-star Victoria Sport and
Beach hotel. A week costs from
£499, the next camps are in March
2020; 209events.com
Pembrokeshire coast path, Wales
Take in one of Britain’s most
spectacular coastlines on this 180-
mile trail snaking its way up, over
and down the Pembrokeshire cliffs.
Depending on your needs, Contours
Holidays will make you a four, five,
six or 12-day plan to cover the full
route. With all the logistics taken
care of — including getting your
luggage transported ahead of you
each day — you’re free to simply
run, taking in the views, and eating
as much as you want. Four days
costs from £600; contoursrun.co.uk
Adharanand Finn is the author of
‘The Rise of the Ultra Runners’
(Faber)

8 ★
Travel
T Long and rutted road
he warden at the Estero
Parada entrance to the
Cerro Castillo National Park
was asleep when we got
there. It was not quite 10 on
a sunny Friday morning in March, still
summer in Patagonia but cold enough
for there to have been ice on the wind-
screen when we set out, even if by noon
we were walking in T-shirts. We chatted,
hoping to rouse him — Chilean national
parks oblige visitors to sign in and pay a
cash fee of 10,000 pesos (about $15) —
and eventually he stirred and passed
us the visitors’ book. We were the first
of the day. And judging by the lack of
other walkers on our hike, not many
came after us.
From the covered wagon that doubled
as his office it is 10km to the Campa-
mento Neozelandés, named after the
base camp established in 1976 by a
group of New Zealand mountaineers
who came to attempt the 2,675m sum-
mit of Cerro Castillo. We began along an
uphill trail that zigzags through a myste-
rious forest of ancient, unfamiliar, spe-
cies of Andean and Antarctic beech
strung with Spanish moss. Eventually
the path levels, and we emerged from
the trees into a meadow crosshatched
with glittering streams so clean you can
drink from them.
Above us rose the “castle” after which
the park is named, a great jagged amphi-
theatre topped by what looks like a fair-
ytale fastness that seemed to float above
the snowfield that lay before us. It was
awe-inspiring: quite as impressive as the
trio of peaks in Torres del Paine, nearly
550km south. But if that now receives
almost 300,000 visitors a year, we had
this entirely to ourselves.
This wasn’t our first sight of the Cas-
tillo. We’d spotted it while driving from
Coyhaique, about 50km north and the
regional capital of Aysén as this part of
Patagonia is named, a place with a popu-
lation density of barely one person per
square kilometre. And later we’d
stopped to admire it from the mirador
that stands at the top of a series of six
spectacular hairpin bends, one of the
defining images of the Carretera Aus-
tral, the supremely scenic road we had
come to Chile to drive.
Begun in 1976 during General
Pinochet’s dictatorship, the Carretera
Austral snakes through northern Pat-
agonia over a distance of about
1,270km. “Quite what motivated the
president [to build it] is uncertain,”
А
П
П
РУ
w АГ
N ИЛ
SN s"
В
S
О
W
e
VK Wh ОТ
s
Г
'
Д
/W
.C at
О
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
Great drives | Chile’s new Ruta de los Parques connects many of Patagonia’s most
remarkable national parks. Claire Wrathall sets out on a thousand-mile adventure
write Hugh Sinclair and Warren Houl-
brooke in their excellent 2015 Bradt
guide to the road. They go on to suggest
that territorial disputes with Argentina
and rising tensions aggravated by Pinoc-
het’s support for the UK in the Falklands
war of 1982 prompted him to renew
investment in its construction. Some
10,000 members of Chile’s Military
Workforce and as many civilians were
deployed to ensure the army had a pres-
ence in the area and to enable further
troops to rapidly travel to the region in
the event of an invasion.
That was never necessary, which may
explain why the road remains a work in
progress — half of it is still unpaved. If
you’re coming from the north, Cerro
Castillo is the point at which the asphalt
runs out. Thereafter you’re driving on a
dusty gravel surface known as ripio, less
challenging than we’d feared, though
the potholes are prodigious and some of
it is single track. Late last year it became
the basis of a new tourism initiative,
branded La Ruta de los Parques, to flag
up the fact that the Carretera links 11 of
Patagonia’s remarkable nature reserves.
(A European launch for the Ruta is due
to take place in London in September.)
FTWeekend
From top:
mountains on
the Carretera
Austral,
between
Puyuhuapi and
Coyhaique;
Puyuhuapi
fjord; guanacos
in Valle
Chacabuco;
Cerro Castillo
in the mist
Getty Images; Alamy
Drawn by the landscape more than
the driving, we were never going to
cover the whole of Ruta 7, the road’s offi-
cial name. In any case, if you start where
it does at Puerto Montt and just push on
down to Villa O’Higgins where it ends at
the border with Argentina, then you’ve
no option but to turn round and drive
back. Instead we’d plotted a more or less
circular route — unless you’re prepared
to camp, it will probably be determined
to some extent by where you can find to
stay, as the area’s few lodges and refu-
gios are small and often booked up. We
began and ended at Balmaceda airport,
a 140-minute flight from Santiago,
where we’d picked up a battered Toyota
4Runner. The choice is basically that or
a Nissan X-Trail, for though you won’t
necessarily need four-wheel drive, you
do need decent clearance and robust
tyres. They don’t bother to point out and
log the scratches when they hand over
the key, but they do show you how to
change a wheel.
Over the course of 12 days, we drove as
far north as Puyuhuapi, a town of about
500 at the head of a fjord near the great
hanging glacier of Queulat, an expanse
of blue-green ice suspended between
two mountain tops. And as far south as
Tortel, where the wooden houses cling
to the slopes above the fjord, linked by
miles of boardwalk and thousands of
steps (some of them built by an 18-year-
old Prince William, who came here on a
gap year expedition with Raleigh Inter-
national). From there we ventured fur-
ther south, beyond the 48th parallel, to
the Jorge Montt Glacier, a meandering
journey of four or five hours on a small
wooden boat — just two young Chilean
couples, a skipper, first mate and us —
To the bottom of the five oceans: the Travel stage at the FT Weekend festival
Puerto
Montt
Route 7
ARGENTINA
CHILE Puyuhuapi
Cerro Castillo Coyhaique
National Park
Balmaceda
AYSÉN Airport
Tortel Puerto Bertrand
Villa O’Higgins
200 km
maps4news.com/©HERE
past numerous uninhabited islands
deep in the part of Chile that looks on a
map as though it’s begun to dissolve into
the Pacific, to a towering wall of ice at
the northern tip of the Southern Patago-
nian Ice Field.
As at Cerro Castillo, its sheer beauty
and splendour were humbling. There
were so many shades of blue, so many
angles and shapes and patterns to mar-
vel at. But it was a place of revelation too
for there is no more sobering realisation
of the rate at which the glacier is receding
than to look up from a dinghy close, but
not recklessly so, to the towering ice shelf
looming above you, listening to the thun-
derous roars and booms as it cracks. And
then, moments later, to witness a great
Days after the culmination of their
pioneering mission to visit the deepest
points of the five oceans, members of
the Five Deeps expedition will be
speaking at this year’s FT Weekend
festival on Hampstead Heath, London.
Earlier this year the crew set a record
for the deepest dive — dropping to
10,928 metres in the Mariana Trench, and
made headlines when they discovered a
chunk fall to the water with an almighty
splash. The absurdity, the sheer wrong-
ness, of flying halfway around the world
and hiring a 4WD in order to commune
with nature was not lost on us.
There is the argument that Patagonia
needs tourists to justify the creation of
so many national parks, to contribute to
the costs of running them and, in doing
so, to deter further despoliation of the
land. A plan to flood 5,900 hectares to
create five huge hydroelectric dams in
the Pascua and Baker rivers, from which
pylons would carry the power 2,000km
north to Santiago, for example, has been
seen off for the moment but it was a very
real threat a decade ago.
And livestock farming has ravaged
parts of the landscape as areas were
cleared of forest to create grazing lands,
and existing grasslands overgrazed.
Again the parks are working to redress
this. Take Parque Patagonia, almost
200,000ha of wilderness gifted to the
Chilean forestry service on April 30 this
year by Tompkins Conservation, the
foundation set up by the late US clothing
entrepreneur Doug Tompkins, founder
of North Face, and his wife, Kristine
McDivitt Tompkins, former CEO of the
The sheer beauty of the
towering wall of ice was
humbling — there were so
many shades, shapes and
patterns to marvel at
rival outdoor clothing brand Patagonia.
Here swaths of farmland have been
returned to wilderness in which Patago-
nia’s distinctive wildlife is beginning to
thrive. You can’t fail to encounter herds
of guanaco and we also saw vizcachas, a
kind of big rabbit-like chinchilla, and a
pichi or dwarf armadillo. Near Cerro
Castillo we’d even glimpsed a rare hue-
mul, an enchanting but critically endan-
gered Andean deer, the national animal
of Chile, with huge furry ears and bifur-
cated antlers, only about 2,000 of which
survive in the wild, almost 15 per cent of
them in Parque Patagonia.
En route to the park, just outside
Puerto Bertrand, we’d stopped at a road-
side café, another rarity on the Car-
retera Austral. Rarer still it had an
actual espresso machine. Ask for coffee
in most places and you’ll be brought a
mug of hot water and a jar of powdered
instant. But Café Coihue — named after
a distinctive species of Andean beech —
serves the real deal, the best by a mile of
our trip, not to mention a fine line in
cakes and toasted sandwiches, the basis
of most meals hereabout. It also has a
plastic bag and sweet wrappers there.
Over the summer they are due to dive
to the Molloy Deep, in the Greenland
Sea, and to the RMS Titanic, at the same
time proving the technology that could
make diving to extreme depths
commonplace — even for tourists.
Rob McCallum, the expedition leader,
will speak at the event, alongside Oliver
Steeds, chief executive of the University
20 July/21 July 2019
superb location overlooking Rio Baker,
a fast-flowing river the colour of oxi-
dised copper that merges a few kilome-
tres south with the grey-green river Nef
in a confluence of seething waters.
As we tucked in, we fell to talking to its
proprietor, Tomas Rojas Rivera. Like
many of those we met who’d made Pat-
agonia their home, he’d come as a tour-
ist. He stayed on as a whitewater-rafting
instructor and had now made a home
and a business here.
When, I asked, did he think they
would finish paving the road? (We’d
been driving on gravel for 200km.)
Soon, he hoped. In its current condition
it was slow and hazardous “especially in
winter”, when even without the tourists
there were more accidents. But on the
other hand, he hesitated, if it were
paved then “many more people would
come”, people who “don’t care about
conservation or the environment”. And
though that would benefit the economy,
the villages hadn’t “the infrastructure,
services or capacity” to cope with more
visitors. The whole region, he thought,
not just the parks and the road, needed
investment if tourism was to be sustain-
able and the local economy viable.
My hunch is that tourism will begin to
develop in Aysén, and before long Cerro
Castillo will have a boutique hotel and
be marketed as the new Torres del
Paine. But as long as it’s sensitive to its
surroundings, that’s not necessarily a
bad thing. The national parks need
income from visitors to pay for their
conservation work. And people such as
Tomas, and those whose lodges we
stayed in, need to make a living.
Of these, our favourite was Borde-
Baker Lodge, near Parque Patagonia,
seven beautifully designed contempo-
rary wooden casitas on the banks of the
Baker river. And I’d go back to Entre
Hielos in Tortel; to the simple but com-
fortable Refugio Cerro Castillo; and to
Posada Queulat, where the cabins
reminded me of less fancy versions of
the ones at Soho Farmhouse.
Indeed I hope I get to revisit them all.
For though we covered a thousand miles
and saw wonders from prehistoric sten-
cilled hand paintings (in the lunar-like
Jeinimeni National Reserve) to cathe-
dral-like caves of blue marble (Las Cap-
illas de Marmol), sculpted over 6,000
years by waves on the preternaturally
azure waters of the General Carrera
lake, we barely scratched the surface of
Aysén. And I cannot imagine anywhere
wilder, more beautiful, more exhilarat-
ing or more affecting. Even the clouds
are compelling, especially the flying-
saucer-shaped lenticular formations
that filled the sky at sunset. It is prop-
erly sublime. And I yearn to go back.
i / D E TA I L S
For more on the route see rutadelosparques.org.
Claire Wrathall’s trip was organised by Pura
Aventura (pura-aventura.com). It offers a
Carretera Explorer self-drive trip from £4,680 per
person including 14 nights accommodation,
4X4 rental and internal flights from Santiago
of Oxford’s Nekton Deep Ocean
Research Institute.
Other speakers on the Travel stage
include pioneering polar athlete Louis
Rudd, desert explorer Alice Morrison
and record-breaking round-the-world
cyclist Mark Beaumont.
For tickets and details of
the event, on September 7,
see ftweekendfestival.com

20 July/21 July 2019
Essay | With a nation mired in corruption at home
and in conflict overseas, how, asks John Lloyd, can
we make sense of the president’s grip on Russia?
The Putin
power
machine
V
ladimir Putin is a gambler.
Russia’s population is
shrinking, its real-terms
wages and gross national
income per head are tum-
bling, it has failed to create successful
industries and services and is blighted
by entrenched corruption — and yet its
president behaves like a poker player
with a royal flush.
He has formed a close relationship
with President Xi Jinping of China, the
world’s rising second power. He has
increased Russia’s military presence in
the Middle East, especially in Syria. He
has seized the Ukrainian region of Cri-
mea, and his sponsoring of separatist
militias in Ukraine’s Donbass region
ensures that Ukraine is kept weak and
divided. And — joy unforeseen — in
place of the detested Hillary Clinton as
the US president, he gets Donald Trump,
whoseobeisancetohimseemsgenuine.
Making sense of all this is no easy task.
How fortunate then that some of the
best-informed observers of Russia have
recently published books that examine
the condition and nature of the world’s
largest state by landmass — and, in par-
ticular, the true extent of the power of
President Putin.
Dmitri Trenin, formerly a career Red
Army officer, now heads the Carnegie
Moscow Centre, still going strong while
other NGOs have been dubbed “foreign
agents”. In Russia, he has delivered a
political-historical synopsis of Russia
today. It illuminates the ruthlessness of
the country’s early Communist leaders
who, through mass incarceration and
murder, pursued the party’s interest
rather than the national one — until,
under Stalin, the two became one.
Trenin gives the “horrendous” toll of
this terrible man’s repressions: between
640,000 and 883,000 executed, and
18m-20m sentenced to the camps of the
Gulag, where many perished.
He sees Putin’s Russia as “a regime
posing as a state” in which “money has
become the central organising princi-
ple”. Yet he also believes that Putin
“may be one of the very few people in
power in contemporary Russia credited
with . . . caring for the people, not just
busy enriching himself”.
Anders Aslund will have none of that.
In Russia’s Crony Capitalism, he writes
that Putin has built an “authoritarian
kleptocracy”, and quotes the late, great
investigator of Kremlin thievery, the
American political scientist Karen Daw-
isha, as saying that the power group
headed by Putin is “committed to a life
Women on the edge of a sexual breakthrough
Emma Jacobs is moved by
an account of female desires
that channels #MeToo and
stands as a useful corrective
T
he orgasm, Lisa Taddeo
discovered, is “the closing
salvo” for men, while for
women, it is often the start
of the story.
This tantalising revelation set the
writer on a mission. Over eight years she
talked to women about their sex lives,
unearthing desires and frustrations.
The result, Three Women, is a literary
account of the sex lives of three Ameri-
А
П
cans, already hailed as a feminist classic
П
РУ
and a female corrective to Gay Talese’s
w АГ
N ИЛ
SN s"
1981 book Thy Neighbor’s Wife
Wife. Like the
В
S
О
W
e
VK Wh ОТ
#MeToo movement, it illuminates
s
Г
'
Д
/W
.C at
О
themes of pain and power imbalances
imbalances.
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
of looting without parallel”. Aslund sees
Putin as being at the centre of three cir-
cles, all of which the president enriches:
his friends from the KGB, his friends
running the big state companies and his
friends in private business — and, of
course, himself.
A former Swedish diplomat turned
US-based think-tanker, Aslund’s long
absorption in the area makes his work
charged with insight and informed judg-
ment. In the 1990s he worked with the
young reformers who, after the collapse
of the Soviet Union and in the presi-
dency of Boris Yeltsin, introduced mar-
ket mechanisms to jump-start supply of
commodities — and were blamed by a
population plunged into poverty for a
crisis whose roots lay in the Soviet era.
Soon after the ailing Yeltsin
appointed the largely unknown but effi-
cient Putin as his successor, oil prices
rose, fuelled by the Iraq war and a global
commodities boom. The new president
appointed a team led by Alexei Kudrin
to run a conservative financial policy.
He reset relations between the Kremlin
and Russia’s vastly enriched oligarchs,
who had all but taken over the state in
Yeltsin’s last years: get out of politics or
lose their fortunes.
This was necessary, but there were
malign consequences. The biggest and
boldest of the oligarchs, Mikhail Kho-
dorkovsky, challenged Putin face-to-
face at a meeting in the Kremlin in Feb-
ruary 19, 2003: he had compiled a report
on high-level corruption that strayed
into the forbidden area of shady dealing
by the state oil company Rosneft. He
was arrested some months later, put on
Russia
by Dmitri Trenin
Polity £12.99, 200 pages
Russia’s Crony Capitalism:
The Path from market
Economy to Kleptocracy
by Anders Aslund
Yale £25, 336 pages
Putin’s World:
Russia Against the West
and With the Rest
by Angela Stent
Twelve $30, 433 pages
The Russia Anxiety
and How History
Can Resolve It
by Mark B Smith
Allen Lane £25, 480 pages
The three women Taddeo focuses on
are Maggie, a twenty-something who,
in her teens, had a relationship with a
teacher who listened to her “like a
father and a husband and a teacher and
your best friend”; Lina, an Indiana
housewife who leaves her husband for
encounters with a former boyfriend;
and Sloane, a forty-something restaura-
teur whose chef husband likes to watch
her having sex with other men.
The reporting is deep — to live near
her subjects, Taddeo moved her family
across America — and the book is told
from their point of view, largely in third
person. It is meticulously, deliciously
graphic without being titillating.
Each story is compelling. Lina’s is
essentially one of waiting; the house-
wife’s account is both infuriating and
heartbreaking. One awful night during
her teens, her drink was spiked and she
was raped by three men. Later, she
reflects: “That situation . . . created my
★ FTWeekend
Vladimir Putin in Beijing in April. Both Russia and China claim ‘past humiliations at the hands of the west, but both have aims that will conflict’ — Eyevine
trial and given a 10-year sentence for
fraud and tax evasion (he has since gone
into exile). The new deal was clear: obe-
dient oligarchs kept their wealth, with
all their London mansions and Mediter-
ranean yachts, as long as they stayed out
of politics and toed the line.
They were joined by Putin-era fellow
super-yachtsmen who had the presi-
dent’s ear. Many pose as Russian patri-
ots, but most put their money and fami-
lies (and often themselves for much of
the year) abroad. There are few safe-
guards against expropriation. The capi-
talism Putin presides over is state capi-
talism, in which “economic efficiency,
profits, innovations and other economic
performance criteria barely matter,
whereas personal loyalty and the trans-
fer of funds to friends do matter”.
Rather like during the Soviet years,
living standards (which rose quickly in
the 2000s) are being squeezed by
defence spending. At 3.9 per cent of
gross domestic product, Russia has the
fourth-largest defence spending in the
world — between Saudi Arabia and
India — and yet is in the 60th place for
nominal GDP spending per capita,
behind Argentina and just ahead of
Mauritius. Putin pursues, with some
success, his main geopolitical aims:
dividing the US from Europe; dividing
the states of Europe among themselves;
and keeping the potentially errant
states of Ukraine, Georgia and Moldova
away from the west.
Aslund argues that the west, which he
believes has been too soft with Russia,
must end the ability of the Putin cronies
to launder their money through the
financial steam rooms of New York and
London. Yet engagement is necessary,
since here is a country with a highly edu-
cated population showing signs of res-
tiveness, too modern, too aware and
likely to be too civically active to toler-
ate Putinism for much longer.
Three Women
by Lisa Taddeo
Simon & Schuster/
Bloomsbury
$27/£16.99,
320 pages
emotional loneliness, it just put a stamp
of approval on my being known as a
whore . . . Something I didn’t under-
stand, barely remembered, had the
power to change my whole damn life.”
On the surface, her life improves with
marriage and two kids. All she wants is
to be in love and to kiss, deep French
kisses, but her husband Ed won’t touch
her. So she leaves him and embarks on a
relationship with Aidan, a childhood
boyfriend, now married to someone
Angela Stent is not sure of that. The
core of her argument in Putin’s World —
marinated, like Aslund’s, in decades of
close observation — suggests that Putin
and Putinism can continue as long as he
wishes. His Russia will “assert its inter-
ests in its neighbourhood, insist-
ing . . . that Western encroachments
there threaten its core interests”, while
also “project[ing] power abroad where
it can, taking advantage of the disarray
in American foreign policy”.
She too thinks the west was naive in
the 1990s, assuming that Russia wanted
to become part of Europe. Both Mikhail
Gorbachev, last president of the USSR,
and Yeltsin, Russia’s first president,
emphasised that — but look where it got
them: the collapse of the Soviet Union
and the near-collapse of Russia. Putin
initially adopted that rhetoric, but then
moved to cultivating “the idea of Rus-
sian exceptionalism, of Russia’s unique
Eurasian identity, a country bestriding
both Europe and Asia, the centre of a
new, multipolar world in which Moscow
deals with governments of all political
persuasions”.
Good luck with that. Putin’s new
friend Xi Jinping, who hopes to strap a
girdle round the Earth composed of
belts and roads, is already trampling on
Russian interests in Central Asia. This is
a partnership between two intensely
nationalistic regimes. Both use resent-
ment at past humiliations (real or exag-
gerated) at the hands of the west, but
both have aims that will conflict.
Putin seems to be forgoing complaint
on this. Stent writes that Xi “offers Rus-
sia a partnership with a rising power and
reinforces both countries’ drive to cre-
ate an alternative economic order”.
Putin’s present mood is contempt for
the west. As he made clear in his recent
interview with the FT, he believes that
the west is falling into a kind of Gomor-
rah-like state of immoral decadence.
else. Her hunger for him and his cavalier
disregard for her feelings is agonising.
“Lina knows the literal translation of I
don’t want to hurt you is I want to have sex
with you but I don’t love you.” However,
she suppresses the turmoil because the
sex has brought her to life. “I’ve learned
to act like I won’t be hurt.”
Maggie came to Taddeo’s attention
through newspaper reports of a crimi-
nal case alleging sex-related crimes with
a teacher. Maggie’s story is different
from the one that was presented to the
court. As Taddeo writes, it “poses for the
reader the all-too familiar question of
when and why and by whom women’s
stories are believed ”.
It’s depressing to see how completely
Maggie (and the other women) inter-
nalise men’s views of attractiveness and
desires. Maggie knows “she has to be a
child and a woman all at once and it
takes all her energy to satisfy the
requirements of each role.”
What is to be done? Like Aslund, Stent
counsels modesty; isolating Russia is not
the answer. At the same time, the
“resets” of relations with Moscow that
previous US presidents have tried
should be junked. Above all, remember
Putin is not Russia: Russian citizens are
increasingly coming out from under an
automatic assent to their leaders’ prefer-
ences. For now, though, Putin is the boss.
Differing as they are in emphases,
Trenin, Aslund and Stent agree that Rus-
sia’s authoritarian present is rooted in its
despotic past. Mark Smith, a contempo-
rary European historian at Oxford, chal-
Gorbachev and Yeltsin
talked of Russia becoming
part of Europe — but look
where that got them
lenges this. His view is that the “anxiety”
around Russia is a western phenome-
non, not essentially produced by Rus-
sian behaviour. For example, the only
reason for Nato to exist after the end of
communism “was as a vehicle for the
Russia anxiety” — since the west, refus-
ing to enfold Russia into a “completely
newfuture”,neededittocontinue.
Some passages in The Russia Anxiety
read like editorials in far-left news-
papers. Hypocrisy reigns, Smith writes,
when western politicians are “lyrical
about the moral case for democracy”.
Why? Because they don’t care about the
fate of ordinary Russians, and are often
elected on a minority vote, and offer
many examples of an abuse of power.
Another example holds that “even in
the Stalin period, the ‘total politics’ view
of Soviet life is exaggerated” — since
“politics and ideology on the grand scale
were often the last thing on peoples’
minds”. In these examples, despotism
Sloane stands in contrast, wealthy
and married to a husband who loves and
desires her. Yet ultimately she pays the
price for his voyeuristic kink — Sloane’s
resulting loneliness is breathtaking.
While Taddeo insists that women can
be as “bullish” about the lust and thrust
of sex as men, it is the emotional side
that compels. The book is most eloquent
on the women’s yearnings — the gaps
between sex.
This isn’t the first book on women’s
desires: back in the 1970s, Nancy Fri-
day’s books drew out fantasies of besti-
ality, of lesbianism. Sex is the lifeblood
of women’s magazines and female blog-
gers’ confessionals. Yet what Taddeo
does is to see where these women’s sex-
ual dreams take them, chronicling the
interplay of life and fantasy. The literary
quality of the book (the writing can be
overblown) elevates the subject matter.
The most vexing aspect of the book is
the question: why these three women?
9
and mass killing are conjured away by
matching these with the many human
failings of elected politicians, while Sta-
lin’s promotion of vast terror is dimin-
ished because most people weren’t
thinking about them most of the time.
It’s reasonable to remind readers that
the liberation of Russia’s serfs took place
in 1861, while America’s black slaves
had to wait until 1865 for their full free-
dom — and that for both, misery did not
end there. It is reasonable to note that
Britain ruled over a vast empire in
which massacres were permitted, even
encouraged; that, in short, the west has
national pasts in which inhumanity jos-
tled with magnificence.
But Smith’s lengthy project to expose
the excesses and hypocrisies of western
scholars, journalists, diplomats and pol-
iticians in their desire to view Russia as
mired in immovable tyranny needs a
better frame than this — or at least, an
extraction of the rational parts of the
project from the thick patina of exagger-
ation and polemic. True, the journalistic
trade can certainly fall back on received
wisdom for lack of time or will to check
and reflect. True, that in the past few
decades western reactions to Russia
have been cautious, at times mean, at
times exaggeratedly hostile. But the
recoil of Russian society, media and pol-
itics away, since the early 2000s, from
liberal models that Putin explicitly dis-
dains has been mostly his achievement,
and that of his associates.
At the same time, the hope that the
freedoms and openings that remain —
very large in comparison with Russia’s
past — will form the bedrock of a more
securely civil society is the common
aspiration of tens of thousands, even
millions of Russians, as it is of many in
the west.
John Lloyd is an FT contributing editor
and former FT Moscow bureau chief
Taddeo writes that “I based my select-
ion . . . on the relatability of their sto-
ries, their intensities.”
Certainly, access was key. Some candi-
dates, she writes, stopped, worried
about exposure. Yet Taddeo writes that
she is “confident that these stories con-
vey vital truths about women and
desire”. But how does she know? I
wanted to know more about her select-
ion, how representative the three (all
white, two Catholic) are and whose sto-
ries she also heard and rejected.
Taddeo reflects that “it’s the nuances
of desire that hold the truth of who we
are at our rawest moments. I set out to
register the heat and sting of female
want so that men and other women
might more easily comprehend before
they condemn.” That is her greatest
achievement.
Emma Jacobs is an FT
work and careers columnist
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
10 ★ FTWeekend 20 July/21 July 2019

Books

One small step for AI

Brave new world
successful, for instance in creating the
economic conditions that allowed coun-
tries in emerging Asia to move hundreds
of millions out of poverty.
It is also possible to claim that globali-
sation’s reversal is in part a trick of the James Lovelock’s big-picture view of superintelligent
light. The kind of growth in physical
goods that marked recent waves of glo- machines leads to startling conclusions. By Stephen Cave
balisation is indeed slowing. But cross-
Is globalisation defunct? Two books try to make sense of what has gone wrong border activity in other areas, for

A
instance in knowledge services or flows s a young scientist,
of data, continues to expand, suggesting James Lovelock’s con-
— but ignore the successes of free trade in emerging markets. By James Crabtree that new forms of cross-border integr- tribution to the war
ation can develop even as the traditional effort was to research
ones decline. burn wounds. Dem-
O’Sullivan, at least, disagrees with onstrating the mixture of tenacity,

G
lobalisation is coming
undone. Once thought
unstoppable, the forces of
liberalisation that spurred
many decades of rising
cross-border trade are faltering. And
while President Donald Trump’s poli-
cies are hardly helping, this malaise of
interconnectedness appears more pro-
found than any mere trade war.
Flows of overseas direct investment
have fallen to levels not seen since the
2008 global financial crisis. Trade
restrictions are rising. Genuine multi-
national companies — meaning those
that earn at least a quarter of their reve-
nue abroad — are less numerous and
profitable than before. Rather than a
free-spirited zone for unfettered com-
munication, the internet is growing Bal-
kanised, brought to heel by autocrats.
Even those who once pushed globali-
sation as a force for prosperity admit
that things have gone badly awry.
Two new books try to make sense of
what has gone wrong, examining the
benefits that global integration was sup-
posed to bring and the many social and
political tensions it created instead.
The Levelling by Michael O’Sullivan, a
veteran banker at Credit Suisse, offers
stark conclusions. “Globalisation, at
least in the form that people have come
to enjoy it, is defunct,” he writes. “It may
‘Global capitalism no
longer appears capable
of generating broadly
shared prosperity’
well be better that those who have
grown fond of globalisation get over it
[and] accept its passing.”
The causes of this collapse are famil-
iar. Outsourcing hastened the decline of
western manufacturing employment,
and thus many of the communities that
relied upon it. Movement of people
across borders, both legally and illegally,
spurred a populist cultural backlash,
fuelled in turn by rising inequality.
O’Sullivan suggests a deeper malaise,
however, drawing ideas from the Putney
debates, a series of gatherings in the
aftermath of the English civil war in
1647, and often cited as an early inspir-
ation for Britain’s later tradition of con-
stitutional democracy. His titular “lev-
elling” bounces off the Levellers, a
group of proto-democrats who used
those debates to push for radical social
reforms. As globalisation retreats, he
claims that much the same is needed
today: “The contract people thought
they had with politicians, governments,
institutions, and potentially each other
is disintegrating.”
The second book, The Crisis of Globali-
zation, brings together essays by think-
ers on the political centre-left, edited
by Patrick Diamond, a one-time
Shipping containers in the port of Radès in Tunisia — Eyevine
The Levelling: adviser to Tony Blair, former UK prime
What’s Next After Globalization minister, in exactly the period when
by Michael O'Sullivan many centrist politicians viewed glo-
Public Affairs $30, 368 pages balisation as both positive and non-
negotiable. Although this is not exactly
The Crisis of Globalization: a mea culpa, Diamond now firmly
Democracy, Capitalism and rejects this view. “Global capitalism no
Inequality in the Twenty-First longer appears capable of generating
Century broadly shared prosperity,” he writes.
edited by Patrick Diamond “Clinton and Blair’s refusal to confront
IB Tauris £22.99, 304 pages the polarising forces of unfettered glo-
bal capitalism is one of many reasons
for the contemporary obsolescence of
the progressive tradition.”
Both books are carefully argued,
although neither spends much time
talking about emerging markets, where
globalisation’s record is arguably more
this, suggesting that globalisation of all
stripes is set to retreat, reflecting the
realities of a new multipolar world that
is simply unable to sustain the kind of
international institutions that once
powered globalisation’s advance. This
will have consequences: we must pre-
pare for growth in the region of just 2 per
cent, he predicts, barely half the rate of
recent decades. A Chinese financial
crash is likely too, representing “the log-
ical end” of the series of debt-fuelled cri-
ses that hit both the US and Europe.
All this could prompt a bloody col-
lapse of the entire international system,
‘It may well be better that
those who have grown fond
of globalisation get over it
[and] accept its passing’
as happened at the tail-end of an earlier
period of globalisation in the early 20th
century. More likely is a future in which
existing global institutions seize up,
beginning with the World Trade Organi-
zation, O’Sullivan suggests, possibly to
be replaced by less effective ad hoc and
regional groupings, from the Chinese-
led Shanghai Cooperation Agreement to
the so-called “Hanseatic League 2.0” of
minor northern European powers.
Can anything be done to save some of
globalisation’s good qualities? Leaders
such as Blair once hoped investments in
education and training might help peo-
ple adapt to rapid economic change.
More recently others have suggested
measures to compensate globalisation’s
“losers”. Neither approach has proved
remotely effective or popular, which is
why Diamond’s collection instead advo-
cates what he calls a push for better
“universal basic services” — meaning a
much more generous menu of social
support programmes, from healthcare
and housing to transport and digital
access, which might help people facing
economic dislocation feel more secure.
This sounds like a formulaic social
democratic response. That is perhaps
no bad thing, given that many of the
countries that escaped the worst of the
present globalisation backlash, from
Canada to the Nordic states, follow
something close to this model. Yet even
were such measures to be affordable,
they are unlikely to be enough to reverse
the declining path of globalisation
charted by both The Levelling and The
Crisis of Globalization. International fin-
anciers and political moderates were
once exactly the types who pushed the
merits of integration. Now they come
not to praise the passing era of “hyper-
globalisation”, but to bury it.
James Crabtree is associate professor in
practice at Singapore’s Lee Kuan Yew
School of Public Policy, and author of
‘The Billionaire Raj’
curiosity and compassion that has
defined him since, he refused to
experiment on rabbits and instead
did so on himself. This intrigued
the physician at the National Insti-
tute of Medical Research, Frank
Hawking, who invited Lovelock to
discuss his results over dinner. At
one point in the evening, the phy-
sician’s wife had to attend to the
food, and so asked the guest to
hold her newly born baby. And so
it was that James Lovelock came to
hold Stephen Hawking in his arms.
Lovelock tells this lovely little
anecdote in his new book
Novacene, written with journalist
Bryan Appleyard. The book is not
otherwise a memoir, but a slim col-
lection of reflections on the future
of life on earth. Still, this story is
particularly apposite. First, it con-
veys Lovelock’s sheer ancientness:
Hawking himself died last year
aged 76. Lovelock this month cele-
brates his 100th birthday — he has
lived long enough to see ideologies
fall and global temperatures rise.
But also this story is apposite
because Novacene dwells on a
theme that preoccupied Hawking
in his final years: the prospect of
superintelligent machines.
Lovelock made his name with
his “Gaia hypothesis”, the idea that
the Earth can be understood as a
single, complex, self-regulating
system, much like an organism.
This insight has been enormously
influential, even as it remains con-
troversial. It also provides the
backdrop for his rather original
view on the much-hyped rise of AI.
His vision begins firmly in the
spirit of our times: the machines of
the future “will have designed and
built themselves from the artificial
intelligence systems we have
already constructed. These will
soon become thousands, then mil-
lions of times more intelligent
than us.” But rather than see this
as the apocalypse, “we should not
be afraid”, Lovelock tells us. He
suggests two reasons for this that
do not sit easily with each other.
The first is that the machines
will need us. They too will be
threatened by global warming: “by
remarkable chance, it happens
that the upper temperature for
both organic and electronic life on
the ocean planet Earth are almost
identical and close to 50C”.
The only stable way of ensuring
a cool planet is to ensure it is
replete with life, Lovelock argues,
drawing on his Gaia theory. The
machines will therefore join us in
undoing the damage we have
done, bringing fresh smarts to this
task, and imagining new ways of
re-engineering the planet back to a
happy equilibrium. Though why
Novacene: The Coming
Age of Hyperintelligence
by James Lovelock
Allen Lane £14.99, 160 pages
they should need 8bn resource-
hungry primates for this instead of
the same number of oak trees is
less clear.
The other reason he gives for
welcoming AI is even more double-
edged. Like some other scientists
whose business is to understand
the universe, he claims that under-
standing the universe is the very
purpose of life. The Earth has
given rise to us humans as the first
step on this route to enlighten-
ment, but it is our vastly smarter
machine progeny “that will lead
the cosmos to self-knowledge”.
Whether or not we are around
to witness this should be, he sug-
gests, irrelevant to our sense of
parental pride.
Lovelock’s big-picture planetary
view leads him naturally to such
sweeping predictions. He portrays
the rise of the machines as an
evolutionary inevitability, as
much a product of nature’s drive to
perpetuate itself as we are. This
It is our vastly smarter
machine progeny ‘that
will lead the cosmos to
self-knowledge’
Darwinian view of technology is an
old one: Samuel Butler satirised it
in his 1872 novel Erewhon. But at
least in Butler’s world, the human
inhabitants defeat the self-
improving machines and ban
them; Lovelock suggests it is our
fate to be succeeded.
Indeed, he enjoys striking out at
the many failings of human intelli-
gence. Foremost among these, he
counts our reluctance to embrace
nuclear power in order to stop fos-
sil-fuel-induced global warming
(“auto-genocide”), followed by
fashionable fantasies of fleeing to
Mars. This might make him sound
like a curmudgeon, but the book is
too leavened with wit and opti-
mism for that. Novacene is the col-
lected wisdom of an elder of our
tribe which more than repays the
short time it takes to read.
Stephen Cave is executive director
of the Leverhulme Centre for the
Future of Intelligence at the
University of Cambridge

Cheques and drugs and rock ’n’ roll

Two biographies chart the
ego clashes and excess of
rock’s original supergroup.
By Ludovic Hunter-Tilney
Crosby, Stills, Nash & Young:
The Wild, Definitive Saga of Rock’s
Greatest Supergroup
by David Browne
Da Capo Press £25, 480 pages
Crosby, Stills, Nash & Young:
The Biography
shows of brotherly unity lay a fraught
set of internal dynamics, fuelled by
greed, jealousy, ego and drugs. “If only
we could get rid of this damn competi-
tiveness, once and for all,” Stills
lamented.
Ironically, the rivalry now spills out
on to the bookshelves with the simulta-
UK music writer, ends his book, the
more soberly subtitled Crosby, Stills,
Nash & Young: The Biography, at an ear-
lier episode of disintegration in 1974.
The original trio of Crosby, Stills &
Nash was led by Stills, a driven perfec-
tionist nicknamed “Captain Many-
hands” for his multi-instrumental skills.
More spontaneous than Stills, also more
ambivalent, he wanted to be musical
leader while also reluctant to commit
himself fully. “CSNY was a project, but
CSN was a band,” recalls a backing musi-
cian who played with each iteration of
the supergroup.
Both books abound in absurdly capri-
is also more sensitive to the place of
women in CSNY’s story. The folk singer
Judy Collins, with whom Stills was infat-
uated, and Joni Mitchell, who went out
with Crosby and then Nash, both in awe
of her songwriting talents, refused to
play subordinate roles. Others, how-
ever, did.

T
he precise moment in 1968
when David Crosby, Gra-
ham Nash and Stephen
Stills discovered how well
their voices blended is lost
in the distant heat haze of Californian
hippy rock. Some say it happened at Joni
Mitchell’s house in Laurel Canyon, Los
Angeles. Others claim it was at another
Canyon gathering, the kind of occasion
when marijuana smoke and mellow gui-
tar jams floated out over views of the
city — joined on this occasion by three
male voices in perfect unison.
Each of the trio was already well
known. Crosby had been turfed out of
The Byrds; Stills was previously in Buf-
falo Springfield; and Nash was a mem-
ber of British band The Hollies. They
formed a group named after them-
selves, Crosby, Stills & Nash, and
released a hit album in 1969. Later that
year CSN became CSNY with the addi-
tion of Stills’s former guitar foil from
Buffalo Springfield, Neil Young. “I knew
this was going to be a monster and it
А
П
by Peter Doggett
The Bodley Head £25, 368 pages
enon in rock music: the supergroup, an
alliance of established names from dif-
ferent bands. Each musician would be
permitted to pursue a solo career when
not operating as a quartet, splitting the
difference between bands and singer-
songwriters. This novel arrangement
signalled a high point in the power of
rock musicians to set the terms of the
music industry amid booming record
sales and touring revenue. In 1970, they
each made as much as $7m after taxes.
Despite clashing personalities, their
mellifluous vocal harmonies and pow-
erfully melodic songs symbolised the
hippy ethos of togetherness. Songs such
as “Marrakesh Express” were secular
hymns welcoming the new psychedelic
age of liberation. Meanwhile, its col-
lapse into violence and disillusionment
was addressed by the likes of “Ohio”, a
powerful condemnation of the slaugh-
neous arrival of two band biographies.
David Browne, a US music writer, covers
their entire career in Crosby, Stills, Nash
& Young: The Wild, Definitive Saga of
Rock’s Greatest Supergroup, from the
1960s to their present state of septuage-
narian estrangement. Peter Doggett, a
(He wanted his name to come first in
their group name, but euphony won
out: it sounded better starting with
Crosby.) There was no lack of conflict
between them, emotionally and crea-
tively. But it was Young’s presence that
caused the most destabilising battles.
cious acts. Crosby threatens to quit a
tour because his hotel room is too
breezy and spends an hour shouting at
an employee because his artichokes are
overcooked. Stills sends a private jet to
Colorado to pick up a case of his favour-
ite beer. Even Nash, considered the
most reasonable member, marches out
on a record label in high dudgeon when
it has the temerity to put a barcode on
the cover of a solo album.
Cocaine is threaded in fat, voracious
lines throughout much of this entitled
behaviour. It became a key ingredient in
rock’s pharmacopoeia in the 1970s, part
of a wider spread throughout the US.
Stills’s exhausting all-night sessions in
the recording studio were fuelled by
“Jim Beam, cocaine and cheeseburgers”.
The pleasure-seeking Crosby — whose
credo was “playground, playpen, uni-
verse!” — descended into hellish addic-
tion in the 1980s. What seemed an inno-
cent pick-me-up back in the days of
mellow Laurel Canyon jams proved, for
CSNY, to be a gradual but ravening force
Crosby commands sympathy for his
grief at the death of his girlfriend Chris-
tine Hinton in a car crash in 1969, viv-
idly recounted by Doggett. But he was
also a predatory bohemian who is
quoted recalling the time he, aged 21,
and a friend enticed high school girls on
to the boat they shared for parties: “It
was like sharks hitting sheep.” (A keen
sailor, Crosby used the same imagery to
describe David Geffen’s stint as the
band’s co-manager: “Geffen was a
shark, but he was our shark.”)
Doggett does best at broadening the
story. Rock supergroups represented a
shift in balance of power from the
record labels to the talent. CSN and
CSNY were intended as vehicles for par-
ticipants to make joint and solo albums
as they desired. But their utopian notion
of combining communal and individual
expression foundered, much as the
hippy counterculture proved too diffuse
and wrapped up in pleasure to advance
its aspirations for a better world.
For all the indelible songs that CSN

would make scads of money,” Stills said ter of four students by National Guards- of destruction. and CSNY made, from “Carry On” to
П
РУ

of the Canadian’s arrival. He was right men at Kent University in 1970. Doggett is more thoughtful than “Woodstock”, there is a persistent sense
w АГ
N ИЛ
SN s"

on both counts. When The Beatles split up in 1970 Browne about the way that dangerous of unfulfillment and missed opportu-
В

S
О

W
e
VK Wh ОТ

The four-headed monster of Crosby, there were hopes that CSNY could take lifestyles can be sanitised into the titil- nity running through the life of rock’s
s
Г

'
Д

/W
.C at
О

Stills, Nash & Young was a new phenom- over their mantle. But beneath the From left: Graham Nash, David Crosby, Neil Young and Stephen Stills — Getty lating apocrypha of rock mythology. He most famous supergroup.
M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 ★ FTWeekend 11

Books

Loved by readers of all stripes

The Stone Tape and the science-fiction
Children’s fiction | In the late TV serials and films featuring his
character Professor Quatermass. Their
son Matthew is a very successful
Judith Kerr’s last book, family novelist, perhaps best known for his
multiple-award-winning English Passen-
gers (2000).
is once again the force that For all her achievements, Kerr
remained wonderfully diffident about
her work. The Tiger Who Came To Tea
can see characters through may have sold more than 5m copies
worldwide, but she rued what she saw as
anything. By James Lovegrove the comparative crudeness of her art-
work in the book. Nor did she care to
over-analyse her creation.
Shortly after Kerr’s death, the British

F
or the late Judith Kerr, it
seems, family was everything.
The ship that could weather
all storms. The shield that
could protect you against the
unexpected and the disastrous. The
refuge from the worst that life could
throw at you.
In her best-known book, The Tiger
Who Came To Tea (1968), the titular
feline eats all the food and drinks all the
water in Sophie’s house. However, when
Sophie’s father comes home he is
remarkably unfazed and resolves the
problem by the simple expedient of tak-
ing the entire family out for a meal.
Kerr’s semi-autobiographical novel
When Hitler Stole Pink Rabbit (1971) fol-
lows the fortunes of a family of four flee-
ing Nazi Germany; their survival
depends to a large extent on staying
together and drawing strength from one
another. Mog the Cat, the somewhat
slow-on-the-uptake heroine of 17 pic-
ture books, is above all else a family cat.
The same holds true of The Curse of the
School Rabbit, Kerr’s final book, now
published just two months after her
death in May at the age of 95. Here,
again, we have a family in crisis, saved
by co-operation and mutual kindness.
Tommy’s father is an out-of-work
actor, while his mother is studying to be
a teacher. Money is short, and the bicy-
cle that Tommy longs for may not be
under the tree come Christmas.
Matters are not improved when the
school rabbit Snowflake is foisted upon
the family by Tommy’s teacher Miss
Judith Kerr, pictured in her London studio, captured a beauty in the mundane and conveyed the power of kindness
Bennet, who has to go and look after her
sick mother. Angie, Tommy’s little sis-
ter, is delighted. Tommy is less enam-
oured of the creature, and his misgiv-
ings are borne out when Snowflake pees
on the trouser leg of irascible movie star
Gordon Strong (Snowflake is rather
prone to peeing on people). Tommy’s
father loses out on a promising job
as a result.
The mishaps pile up. Tommy is har-
assed by a pack of dogs when taking
The Curse of the Snowflake for a walk in the park. Angie
School Rabbit falls seriously ill. Understandably,
by Judith Kerr Tommy becomes convinced that Snow-
HarperCollins £12.99 flake is a jinx.
80 pages Then Snowflake goes missing.
Tommy manages to retrieve it, and as he
is walking home, a movie director friend
of his father sees him cradling the rabbit
in his arms and finds inspiration for his
next film. Even as Snowflake is returned
to Miss Bennet, success and prosperity
come to the household.
Kerr herself appreciated the value of
family life and domesticity, with good
reason. Arriving in England as a
German Jewish refugee in 1936 at the
age of 13, she came to understand that
she was fortunate to have fetched up in a
world of relative comfort and safety that
many of her peers who remained in
mainland Europe would never know. As
she told Sue Lawley when appearing on
BBC Radio’s Desert Island Discs in 2004,
“I think about them almost every day
— Eyevine
now, because I’ve had such a happy and
fulfilled life and they’d have given any-
thing to have had just a few days of it.”
Kerr’s father Alfred had been a lead-
ing theatre critic and newspaper col-
umnist in prewar Berlin, and also an
outspoken opponent of Nazism.
Warned that the Gestapo had targeted
him, he escaped in the nick of time,
travelling with his wife, son and daugh-
ter to Switzerland, then France, and
thereafter England.
The young Judith worked for the Red
Cross during the war, and later studied
at the Central School of Arts and Crafts,
becoming an art teacher. She married
the screenwriter Nigel Kneale, famous
for the chilling BBC ghost-story drama
journalist Emily Maitlis tweeted this
reminiscence: “I remember asking
Judith Kerr if the tiger symbolised the
1960s sexual revolution, where normal
mores and suburban life became
upended by this wild and exotic crea-
ture. She told me no, it was about a tiger
coming to tea.”
There is this same sense of simplicity,
of modesty, in every Kerr book up to and
including The Curse of the School Rabbit.
Not a word of the text is wasted.
‘I’ve had such a happy and
fulfilled life and they’d have
given anything to have had
just a few days of it’
Not a single pencil stroke in the illustra-
tions is out of place. There is no showing
off here; no aim, apparently, other
than to amuse and entertain. Events
are most often viewed from the purest
perspective, that of a child, one who
understands more than most adults
realise and accepts more than any
adult can.
If Kerr’s books have any message at
all, it is that everyone should derive a
childlike satisfaction from ordinary,
mundane things — family, friends, a
roof over your head, a pet — and not
take them for granted. As she knew all
too well from experience, they are
treasures that can be snatched away
from you at any moment.

For your eyes only

O
ne day in the winter of
1988, on a visit to Berlin, I
wandered into a makeshift
art gallery on Oranien-
strasse, not far from the
Wall. The space was filled with obscure,
abstract constructions. I asked an
employee what they were. “End art,” he
replied. “And what is that?” He fixed me
with a solemn gaze. “End Art is a fart in
the universe.”
This engagingly pretentious world of
Berlin before the fall of the wall in 1989,
a pressure cooker soon to erupt, is won-
derfully captured in An Honest Man
(Little Brown, £18.99). The book, the
third in Ben Fergusson’s trilogy about
the lives of Berliners in a single apart-
ment block across the 20th century, is a
genre-melding mix of coming of age and
spy thriller. Ralf is 18, the son of a British
mother and German father, caught, like
Berlin itself, between two worlds. The
summer of 1989 is idyllic and he spends
his days swimming, drinking and party-
ing with a tight-knit group of friends.
Until he meets the alluring Oz, short
for Osman, and a new kind of love beck-
ons. Berlin too is a character and Fergus-
son’s prose combines a reporter’s eye for
detail with poetic scene-setting. “The
sky was honey coloured,” he writes of a
party in a squat. “Around a large brick
and plaster chimney, men and women
drank, danced and lounged on sofas
that had improbably found their way up
on to the large flat roof . . . One girl was
completely naked.” But the Cold War
and greater forces are in play. The party
will soon be over and a profound
betrayal is about to turn Ralf’s world
upside down. A fine summer read.
Henry Porter is one of our most
accomplished thriller writers. As a Fleet
Street veteran with an eye for news, he
mixes current affairs with precisely
engineered storytelling and complex,
rounded characters. Firefly
Firefly, his previous
novel, set in the refugee crisis, was
highly praised and set a high bar. White
Hot Silence (Quercus, £16.99) meets it.
The book sees the return of both Paul
Samson, the former MI6 officer turned
private eye, and Naji, the teenage Syrian
refugee and computer whizz-kid.
When Greek aid worker Anastasia
GENRE ROUND-UP
THRILLERS
By Adam LeBor
Cristakos stops to help two African
migrants in Italy she realises too late
that this is an ambush. The Africans are
murdered and she is drugged and kid-
napped. Her abductors’ real target
though is her husband, Denis Hisami, a
former Kurdish guerrilla turned billion-
aire philanthropist. But Hisami has
problems of his own: he has been
detained in New York by the authorities
as a suspected terrorist.
Samson gets on Anastasia’s trail but
quickly realises he is still in love with
her. How then will he return her to
Hisami? Porter takes us on a roller-
coaster ride through Italy, the container
ship where Anastasia is being held; Rus-
sia, New York and Estonia. The climax
of the book, on the bridge at Narva, the
border between Russia and Estonia is
nail-biting, with a poignant, Casablanca-
style twist at the end. Anastasia is no
passive victim, but also drives the story
forward. Thriller writing at its best.
Charlotte Philby’s debut novel also
mixes genres, in her case the conspiracy
and psychological, or domestic thriller.
Betrayal runs like a river through The
Most Difficult Thing (Borough Press,
£12.99). It’s something her family
knows. Kim Philby, the notorious Third
Man in the Cambridge spy ring, was her
grandfather, coyly referenced in the
acknowledgments as “Grampa Kimsky”.
At first glance, Anna Witherall has it
all. A stunning home in leafy north Lon-
don, adorable twins, a rich husband, a
holiday villa in Greece and a glamorous
media job. Yet beneath the glossy sur-
face, death and darkness lie. Her hus-
band’s money is dirty and the intelli-
gence services are watching. Trade-
Smart, the family company, has
dumped toxic waste in Equatorial
Guinea, killing and sickening thou-
sands. Anna has to make a choice:
ignore the source of her lifestyle or
expose the corruption. And if she does,
will she and her children ever be safe?
Anna’s evolution from girlfriend to
mother to in-house traitor are well
drawn. Philby knows the London media
world, which brings a strong sense of
place and time. There are also flaws. The
pacing is lopsided and the first part goes
slowly. Anna is given a dangerous and
important task but her handler is both
elusive and a former lover, which is
unlikely; Anna is also self-obsessed and
not especially likeable. More espionage
and fewer domestic quarrels would have
quickened the sometimes choppy nar-
rative. Nonetheless, Philby pulls it off,
and shows herself a writer of promise.
American Spy, Lauren Wilkinson’s
debut (Dialogue Books, £14.99), was
inspired by true events: the story of
Thomas Sankara, the president of
Burkina Faso. Known as the “Che Gue-
vara of Africa” for his social pro-
grammes, he was assassinated in 1987.
Wilkinson’s protagonist is Marie
Mitchell: a striking looking, black FBI
officer whose career has flatlined in New
York. Spotted by the CIA, she is sent to
Africa to seduce Sankara, help engineer
a coup and derail his social programmes
which threaten foreign powers and cor-
porate interests.
Mitchell is an engaging, complex pro-
tagonist: feisty and brave but also vul-
nerable. The story is told in the first per-
son; Wilkinson takes us inside Mitchell’s
head, which is an interesting place to be.
The scenes of New York and African life
are sharply observed, the narrative
often lyrical. Like Anna in The Most Diffi-
cult Thing, Mitchell gives birth to twins.
She too must decide if they can ever be
safe with her. This is an impressive
debut, with a multi-faceted and engag-
ing protagonist.
Adam LeBor is the author of ‘Kossuth
Square’, a Budapest noir crime novel

FT SUMMER BOOKS 2019

Dozens of FT writers, editors and intelligence. If you’d rather lie on the
guests have selected their best books beach with a biography, gripping
А
П

of the year so far, from Martin Wolf’s thriller, eye-opening novel, collection of
П
РУ
w АГ

recommendations on economics to poetry or picture books for the children,

N ИЛ
SN s"

John Thornhill’s essential reading in the the must-read titles are here too:
В

S
О

W
e
VK Wh ОТ

world of technology and artificial ft.com/summerbooks2019

s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
12 ★ FTWeekend 20 July/21 July 2019

Books
we’ll escape down the mountain.” The
risks women take while they flirt their
way to a richer future were never so
sharply edged.
“The Bad Graft” follows a young,
broke couple, Andy and Angie, into
Joshua Tree National Park, where Angie
is possessed by the “languorous intelli-
gence” of a vegetable invader. It’s a
messy relationship — the tree doesn’t
want its host to leave the park, and
Angie doesn’t understand why she can’t
uproot herself from the nowhere land-
scape of the park, a motel, an average
tourist town. The tree knows, though. It
thinks: “Oh, I have made a terrible mis-
take. Oh, please get me out of it, get me
out of it, send me home.” As in many of
her stories, one protagonist cannot get
The risks women take
while they flirt their way
Country music
A study of the sounds of rural Britain makes for a delightful
and inspiring read, writes Jonathan McAloon
The Lark and heroin dealers. These unlegislated
Ascending: gatherings came to represent “moral
The Music of panic[s]”, culminating in the infamous
the British 1985 Battle of the Beanfield: a violent
Landscape raid on a New Age traveller community
by Richard King that led to many police officers being
Faber & Faber £14.99 successfully sued for assault.
368 pages At the beginning of The Lark Ascend-
ing, King argues that solitary walks give
us opportunity for self-doubt and the
reliving of anxieties. For this reason he
“made certain any walk I undertook of

T
ravelling the Hertfordshire reasonable length had recourse to being
to a richer future were countryside in 1911 to col-
late rural songs, the English
accompanied, or perhaps more accu-
rately, salvaged, by music”. He walks
never so sharply edged composer Ralph Vaughan with headphones, he says, and some-
Rich Fury/Getty
Williams found a memory times this social-historical travelogue
locked within a folk hymn. He had first seems to hover and swoop above land-

Devil’s in the detail

what it wants without damaging
another, and your sympathies are often
torn between both.
A fanciful story featuring Flaubert’s
fictional heroine Emma Bovary and her
greyhound is less successful — Russell’s
savagely lush style is constrained by
Nilanjana Roy applauds Karen Russell’s vividly imagined new collection Flaubert’s smooth elegance. “Tornado
Auction” reads like an old-fashioned
shaggy dog tale, lingering too long on the
obsession of a grizzled farmer who
heard the song, “Dives and Lazarus”, as scapes as King treads them. Sometimes
a young man. Suddenly he was 21 again, it wanders where it will. These wander-
walking in 1893 with Gustav Holst. ings can be beautiful, motivic: an articu-
It was this germ of nostalgia that late exploration of the composer Gavin
became, after Vaughan Williams served Bryars’s large piece The Sinking of the
in the first world war, what we know as Titanic or the route that jazz took from
The Lark Ascending: a piece frequently America to the British Isles.
chosen by guests on BBC Radio’s Desert But forays into the Penguin Cafe
Island Discs or voted a classical favourite Orchestra, the “pastoral modernism” of
of the nation. It is as if we are alert to an Dylan Thomas’s Under Milk Wood, and
imported sense of the composer’s own even a thoughtful digression on Kate

M
onsters are often slaves to diabolical creature to the size of just grows storms and tornadoes. nostalgia and his experience of the land- Bush, though never uninteresting —
ungovernable appetites another problem of motherhood to be By contrast, “The Gondoliers” is scape. And half a century later, says nothing in this book is uninteresting —
and desires, they are solved. Russell creates most of her mira- breathtaking, imagining a near future Richard King, it is a similar sense of don’t formally achieve the freewheeling
powerless over their own cles in this fashion, finding a space where Florida is smashed into pieces by shared nostalgia — a “trip back through motion that is perhaps aimed for, and
impulses, they are bru- where the weird and the outlandish exist giant waves. Four sisters, bat girls, glide one’s early years” — that is central to the which is so satisfying in writers like
tally violent,” said Karen Russell in an side-by-side with everyday concerns. over the polluted waters, ferrying pas- appeal of hallucinogenic drugs con- Geoff Dyer or WG Sebald. King, as a
interview with the Library of Congress. The eight stories in Orange World fea-
f sengersbytheirpowersofecho-location. sumed at outdoor festivals. writer of non-fiction, is most suited to
In Orange World, her superbly crafted ture dazzling landscapes: an apocalyp- “Our home is no afterlife, no wasteland,” The Lark Ascending explores how the keeping his headphones in as he walks:
third collection of short stories, Russell tic, drowned south Florida in “The Gon- says one of the sisters, hinting at the pos- British connect to the landscape centred by an immediately experienced
introduces a variety of monsters and doliers”, the grim forests of 17th-century sibility that man-made disasters may through music, and how that landscape landscape and the music that can be
lost creatures, often endearing, almost Croatia in “Black Corfu”, the storm- signal the regeneration of non-human has evolved. Weaving together research directly applied to it.
human in their vulnerability. Orange World swept ranchlands of southern Nebraska flourishinglife,“ourworldisnewborn.” about interwar agriculture, the British Here, King soars. When he visits the
Readers of her first two collections, St and Other Stories in “The Tornado Auction”. Russell pop- In the title story, Rae’s social group for Folk Revival, the Greenham Common abandoned Greenham RAF base in
Lucy’s Home For Girls Raised By Wolves by Karen Russell ulates them with misfits, delusional mothers, the New Moms, learns about air base, 1990s raves and Morris- Berkshire (now, ironically, an English
and Vampires in the Lemon Grove, and her Chatto & Windus £14.99 humans, amber-eyed ghost prospect- three worlds — Green, where everything dancing would-be demagogues, King Heritage site), he limits himself to the
Pulitzer-shortlisted novel Swamplandia!, 288 pages ors, bat girls who can echo-locate, Mad- is safe, Orange World, filled with non- shows how our countryside changed scant sunlight of the winter solstice. It
know what to expect from this writer: ame Bovary’s greyhound, a bog girl who life threatening harms (“a nest of tan- from a space that only few could experi- was in such light that 44 women from
freakishly imaginative worlds made to fascinates a smitten 15-year-old boy. gled electrical cords and open drawers ence — either through ownership or an the camp trespassed to dance on its mis-
feel as real, as mundanely domestic, as Russell is in her element in stories filled with steak knives”) and Red, economy of game shooting — into some- sile silos. In South Yorkshire, he traces
our own everyday lives. that feature women as survivors or risk- which signifies deadly dangers. The lit- where anyone could enjoy. the route past former pit heads to the
In the title story, a new mother called takers. In “The Prospectors”, Clara and tle snarling devil that Rae nurses is an King charts the development of 17th-century manor from which a
Rae makes a deal to breast-feed a devil Jean strike out as speculators hoping to Orange World threat, a matter of man- organisations such as the National Trust young Richard Hines stole a kestrel —
— a small one, but terrifying, with thin- make their fortunes by reeling in “aspir- ageable concern. The solution that the and English Heritage. He tracks various natural predator of young larks. This
fingered paws and fanged teeth. When ing and expiring millionaires” on the New Moms find is an unexpectedly joy- utopian movements through their loss would inspire Richard’s brother Barry
she confesses her dark pact to an alpha frontier. They take the wrong chairlift ous adventure, streaked with sadness. of innocence: self-sustaining farmers to write the book that became Ken
mom, the reaction from Yvette is unex- up Mount Joy in Oregon to find them- Russell is among the most skilled of this are followed to rural Pembrokeshire by Loach’s film Kes. Via the Jamaican jazz
pected: “That f**king thing. It’s been selves in the company of the undead. generation’s fabulist writers. In her sur- young freeloaders who annoy the locals; flautist Harold McNair and his score, we
coming south of Powell?” It leaches “We’ll charm them. We’ll drink a little, real worlds, life is passing strange, but it free festivals at Stonehenge and else- hear and see a generation’s experience
some of Rae’s terror, shrinking the dance a little. And then, come dawn, is not devoid of wry comfort. where are hijacked by aggressive punks of this landscape.

Diversions
CHESS LEONARD BARDEN BRIDGE PAUL MENDELSON
8
The oldest player among the newspaper Lidovky: “I England’s No1 David Howell. This unassuming game AQ5 2 Dealer: North Love All club suit — he would have
top world 100 grandmasters signed a statement that I am 7 Both the Georgian and the contact can be played 8 3 no way back to hand. South
has been caught cheating, guilty in full...I completely Frenchman served three- numerous different ways, 7 5 3 North East South West leads a second club and
6
KQ9 3 NB NB 1H NB
has admitted guilt, and ruined my name and also 5
year bans, but are playing but only one of them is N 1S NB 3H NB West wins. If West now
could face a life ban. destroyed the trust of all my again, at some 100 rating successful. 10 9 8 4 K 7 6 4H leads a spade, declarer can
Igors Rausis, 58, is a colleagues and friends”. 4
points lowerthanpreviously. West leads K♦. Declarer 4 2 W E 9 6 5 rise with A♠ and play Q♣
K Q J 10 9 8 6
Latvian who now lives in The puzzle is why it took 3 2324 can count four losers: a A 10 2 J 7 5 4 to do too early. Instead, on which he discards his
S
the Czech Republic. His so long for Rausis to be 2 Frank Parr v Ash spade (always assume a South should beat K♦ with spade loser. He can then
J 3
unbroken advance in the caught. A Georgian who won 1
Wheatcroft, City of London finesse will lose unless there A K Q J 10 7 A♦, cash A♥, and then lead trump a spade in hand and
past six years attracted a United Arab Emirates A B C D E F G H 1938. Parr was the longtime is no other hope), two A 4 2 a low club. Assuming that draw trumps.
suspicions, and proof tournament in 2014 was Stock Exchange champion, diamonds and A♣. If West 8 6 West plays low, K♣ wins If South takes the spade
came at last week’s stopped at his next event in France’s Sébastien Feller while Wheatcroft was a law holds A♣, a club trick can and declarer plays a trump finesse first, when it loses,
Strasbourg Open when he Dubai when his mobile was used a signalling system, professor who created Value be set up on which to If South ducks trick 1, back to hand to lead a he will be defeated, as
was found using a mobile found in the toilet showing aided by his team captain Added Tax. Can you find discard a spade from hand; West should switch to a second low club. This is East-West can cash two
phone in the toilet. his current game position. and an accomplice in Paris White’s brilliant finish? if West holds K♠, then spade. Now declarer is why South must not draw diamond tricks and West
Rausis later told the Czech At the 2010 Olympiad, to defeat, among others, Solution, back page South has no spade loser. committed to deciding what trumps before attacking the wins A♣ also.

POLYMATH 1,031 SET BY ARMONIE CROSSWORD 16,224 SET BY GOLIATH

ACROSS DOWN         
1 Creator of Simon Templar – 1 Small fireproof dish in which ACROSS DOWN        

The Saint (9) individual portions are cooked 1, 17 Dressed to kill (4-4,8) 1, 22 Epic climber approach with
6 Chemical element of atomic and served (7) 5 Initially
Initially, Tony Blair’s distortion oddly drip-dry clothing (6,6)
 
number 3 (7) 2 British-born US journalist of the family (6) 2 Cosmic model is at last okay  
10 Russian composer, one of The who broadcast the radio 9 Porch is where flying raven had after error corrected (6)
Five (3) programme Letter from returned (8) 3, 15 Italian “dirge” he composed? 
11 Actress who played Baroness America from 1946-2004 (8,5)    10 Heard where blood flows to no (5,9)
Elsa von Schraeder in the 1965 3 English engineer who useful purpose (2,4) 4 Hot stuff should not get left  
film The Sound of Music (7,6) constructed the world’s first 

12 Tile-matching video game steam railway locomotive (10)

12 Someone from Europe, and not on top of staple food – that’s
originating in Russia in the 4 The standard currency unit of
  the British, gain ground (9) greed (7)
1980s (6) Cambodia (4) 
13 Material defects over (5) 6 Born again late Christian tea   
13 A Swiss psychologist 5 Dry white wine produced in 14, 21 across, 11, 20 Manage parties finally included (9)
known for his work on child the Loire valley in France (8)   to bring B and H together 7T Take a second woman (8)  
development (4,6) 6 An instrument for examining (4,4,4,4) 8 One missing from pack? (4,4)
   
16 US author of The Age of the inside of the windpipe (12) 16 Writer initially made way for 11 See 14
Innocence (5,7) 7 The muse of comedy and    extremely smart old printer (7) 15 See 3  
17 Italian composer known for his pastoral poetry (6) 19 Pleasing oneself by refitting 17 See 1 across
film scores for directors Fellini 8 A dark liquid ejected by 
and Visconti (4) cuttlefish etc (3) mansion (7) 18 River banks in Saigon troubled   

19 A flat Italian bread made with 9 Pseudonym of author Samuel   21 See 14 many soldiers (8)
olive oil and yeast (8) Clemens (4,5) 24 Right about waistline (5) 20 See 14
20 Irish world featherweight 14 Italian fashion designer, b 1934  25 Space for tied ribbon jumper 21 Endearment supported by half  
boxing champion nicknamed (7,6)    found in tree (5,4) of London wonder city (7)
The Clones Cyclone (8) 15 City on South Island, New 27 Aphrodisiac may be part of a 22 See 1 down
22 System of bidding in contract Zealand (12) playboy’s territory (6) 23 Pains from smalls (6)
bridge (4) 18 US actor who first came to 28 Permission for safe signal with 26 For starters: wine and cheese,  
23 Travel book by 9 published in fame in the film The King and I  
nothing ambiguous (3,5) coming up: fine fruitcake (5)
1880 (1,5,6) (3,7)
26 A temple on the Acropolis at 19 A microscopic whip-like 29 Small and dark? No (6)
Athens which has a porch of appendage which enables cells Solution Polymath 1,029 30 Mark manuscript as good and
caryatids (10) to swim (9) bad? (8) Solution 16,223 Solution 16,212
27 The wife of Deucalion who was 21 rich strong silk fabric used for * / $ 0 , 6 & $ 6 6 $ 9 ( 7 ( 6
saved with him from the flood hangings, vestments, etc. (8) / 2 $ + ( ( 0 0 6 2 ) 7 & 2 3 < 6 3 ( & , ( + $ 5 ' & 2 3 < % $ ' ( * *
loosed upon humankind by 24 The religious doctrine that the : $ 7 7 < / ( 5 0 , 5 ( 3 2 , ; ( 2 2 5 $ 6 5 ; , 2 2 ( , 1 /
Zeus (6) universe contains opposed 1 + 0 , , 7 / / 7 + 5 2 0 % , 8 1 $ : $ 5 ( ' 8 7 & + & $ 3 * / 8 7 ( ,
6 ( 1 ( & $ 6 7 2 1 ( 5 2 6 ( 6 8 ( ( 0 ; / ) 5 , $ ( & 0 , %
29 Nickname of T Tchaikovsky’s powers of good and evil (7) Copies of The Meaning of Everything: The
5 5 1 7 7 ; < = 3 $ 6 + $ ( 1 , * 0 $ 7 , & 1 2 7 $ 5 , ( 6 1 ( 8 5 2 1
Symphony No. 2 (6,7) 25 One of the four bodily
31 The yellowfin tuna (3) humours, known as yellow bile + 2 0 2 + $ % , / , 6 $ 0 0 2 1 Story of the Oxford English Dictionary by Simon 6 7 * 0 / , , * ( ( 0 , 1 ( (
) = ( & 3 ( / 0 $ 5 , 7 , 0 ( $ / 3 6 ) $ , 5 < 7 $ / ( 6
32 A sacred candelabrum with (6) The first correct entry drawn on Winchester, published by Oxford University Press, $ 6 3 . 5 6 < 6
6 7 $ 7 + $ 0 + < 8 1 ' $ , 0 6 , 1 $ / < (
seven branches used in the 28 Britain’s youngest ever prime Wednesday July 31 wins a copy 8 + 5 1 + * 7
will be awarded to the senders of the first three , 1 & ( 1 ' , $ 5 , ( 6 7 ( 7 5 $ 0 ( 7 ( 5
ancient temple in Jerusalem minister (4) of Brewer’s Dictionary of Phrase 2 5 / 2 3 * $ 5 $ 0 0 $ 6 $ / $ correct entries opened on Wednesday July 31. / 5 6 < & % 6 5 5 5 5 6 : 6 &
(7) 30 Style, fashion or distinction (3) and Fable. Entries should be 4 8 $ 3 / < ( ( Entries marked Crossword 16,224 on the envelope, / ( , 7 0 2 7 , 9 7 5 2 2 3 2 5 $ & / ( 6 2 1 $ 7 , 1 $
33 Chemical element of atomic addressed to Polymath No 1,031, ' 8 6 6 ( / ' 2 5 ) 6 , 5 , 8 6
should be sent to Weekend FT, 1 Friday Street, 3 % , ( ( 5 1 / 3 ' $ / / ( 1
number 70 (9) 2 5 % , 7 ( 5 5 ( , 6 6 8 ( , 2 ' , 1 ( 0 8 / / ( 5 ( '
Weekend FT, 1 Friday Street 2 $ 3 / 0 + 9 &
London EC4M 9BT. Solution on August 3. 1 / & 7 2 5 ,
% , ( 1 1 $ / ( 2 ( 5 / , . 2 1 1 / 5 6 % ) $ (
London EC4M 9BT. Solution ' , ( 7 ( 5 $ 6 6 < 5 , $ 1 ( / ( 9 ( 1 ' ( ( 3 / $ , '
6 ' & 2 2 ( & 0
Name..................................................................................................................... and winner’s name on August 3. ' ( / 6 + $ 1 1 2 1 : + ( / $ 1
Address................................................................................................................ Name..............................................................................................................................
А
П

..................................................................................................................................
............................................................................................................................... Winners Address.........................................................................................................................
П

The 13th edition (2014) retains the much-loved features of The Cham-
РУ

...................................................................................................................................
............................................................................................................................... ...........................................................................................................................................
w АГ

bers Dictionary, including the unique quirky definitions for certain words. Crossword 16,212: Caroline Sproule, Moira;
N ИЛ

There are more than 1,000 new words and meanings, and there is also a
SN s"

..................................................................................................................................
............................................................................................................................... L Stone, Dorset; Nancy Cooper, London ...........................................................................................................................................
В

S
О

W
e
VK Wh ОТ

..................................................................................................................................
............................................................................................................................... new Word Lover’s Ramble, showing how English words and definitions Polymath 1,029: James Birkett, Brighton ...........................................................................................................................................
s
Г

'
Д

/W
.C at

have changed over the history of the dictionary.

О

M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 ★ FTWeekend 13

The apex predator

Disney | How the studio has
transformed itself from a
quaint heritage brand into a
multi-platform entertainment
behemoth. By Danny Leigh

S
hould you be reading this as
the parent of young children
in Beijing, Helsinki or
Seoul, there is a strong chance
you will have already seen
Disney’s new remake of The Lion King
(see review p17). In New York, London
or Johannesburg, you are probably
about to. Like most of what Disney does,
the staggered global rollout led by China
has the air of a strategy not arrived at by
chance — and has so far hit the bullseye.
Chinese box office numbers have been
impressive — as well as reports estab-
lishing that the adult audience for the
film extends beyond grateful guardians.
(“The theatre was full of 30-something
adults acting like kids,” one movie-goer
remarked in industry paper Variety.)
Hakuna matata indeed. But while mil-
lennials nostalgic for the original 1994
animation are welcome, Disney is likely
more interested in another demo-
graphic — the 10s and under for whom
the new, slightly peculiar live-action
version may be a first contact with the
company, competing for their fluttering
attention with games and life online. To
survive in 2019 is to be upgraded.
The same might be said of Disney
itself. Rewind just a decade and next to
other Hollywood studios, the company
could appear almost quaint — a heritage
brand associated less with the future of
the film business than with theme parks
and DVD repackagings of animated
classics made before Elvis Presley or the
contraceptive pill.
No longer. Disney now is a new Dis-
ney, apex predator of the entertainment
industry. A useful visual metaphor
might be borrowed from The Avengers,
itself a Disney property, and the tech
mogul Tony Stark — an everyday bil-
lionaire until a superpowered flying suit
of armour transformed him into the all-
conquering Iron Man. For Disney, the
costume has been the string of corpo-
rate acquisitions that began with the
2009 deal that bought it Iron Man and
much else besides — the purchase of
Marvel Entertainment, a $4bn bet made
in the wake of the financial crash that
paid out vast dividends through the suc-
cess of Guardians of the Galaxy, The
Avengers and endless combinations
therein. (The company has been dili-
gent in offering the public every possible
spin-off.) Perhaps the only juicier intel-
lectual property in film followed in 2012
with the takeover of Lucasfilm — bring-
ing with it the rights to Star Wars. Then,
after a long pursuit, came the acquisi-
tion of 21st Century Fox this March,
swallowing a competitor and securing
yet more prime content including
X-Men and James Cameron’s Avatar.
By the time the Fox deal was done, it
was clear the spree was no mere string of
impulse purchases. The end has been
Disney+, the streaming service due to
launch this winter on the back of the
company’s continental mass of IP, a
multibillion-dollar grab bag ready to be
subdivided into untold sequels, pre-
quels and serials. After so much indus-
try anxiety over the coming war
between streaming platforms and
movie theatres, Disney had found a sim-
ple answer. It would buy both. Cinemas
can be periodically filled with giant
franchise movies before those projects
The Disney take their place in a content library cav-
universe, ernous enough to keep the hungriest
clockwise from audience glued forever to Disney+. (If
above: the new the intended target was not obvious,
‘The Lion King’; chief executive Bob Iger announced a
Star Wars subscription fee priced at almost
series ‘The exactly half the cost of a standard Netf-
Mandalorian’, lix plan in the US.)
due on Disney+ All told, Disney+ has an ominous feel
in November; of checkmate. It has also focused minds
Brie Larson in on the complex nature of the modern
‘Captain Marvel’ Disney — a brand with a rare emotional
Eyevine pull for audiences and a highly assertive
conglomerate Iger has led towards mar-
ket dominance.
Could anything better symbolise the
new era than Disney turning away from
Disney’s answer to the
coming war between
streaming platforms and
movie theatres — buy both
the thing that has defined it since the
days of Uncle Walt — animation? The
remade Lion King is just the latest and
most unnerving entry in a programme
of animated favourites rendered as live-
action. In 2016, its director Jon Favreau
also oversaw a flesh-and-blood revamp
of The Jungle Book; there have been simi-
lar iterations of Dumbo, Aladdin and
Beauty and the Beast. Next will be Mulan,
the fable of imperial China remade as a
living, breathing historical epic.
Animation has not been wholly aban-
doned. As you would expect from a
company that has never knowingly let a
hit go unsequelled, Frozen 2 will be
released this November under the tradi-
tional Disney banner. But most of the
rest has long been internally subcon-
tracted to an earlier Disney acquisition,
Pixar, a union that has yielded occa-
sional triumphs (Coco, Inside Out) and a
lot of afterthoughts (Incredibles 2, Cars 2
and 3, Toy Story 3 and 4). The logic feels
like a demonstration that Disney in
2019 is bigger than cartoons; rather
than the company creating animations
for someone else’s streaming platform,
Pixar will make them for Disney +.
The new Disney has also worked hard
to be visibly conscious of diversity. The
company has backed projects from
directors of colour including Mira Nair,
Ryan Coogler and Ava DuVernay — and
although Jon Favreau is white, The Lion
King was clearly made with a sensitivity
to race and representation. While in
1994 Jeremy Irons and Matthew Broder-
ick headlined an intrinsically African
story, the voice cast now includes Chi-
wetel Ejiofor, Beyoncé and Donald
Glover (whose TV comedy Atlanta,
made for Fox, now also belongs to Dis-
ney). A live-action remake of The Little
Mermaid is planned for 2020 with the
black actor and singer Halle Bailey in
the star role of Ariel.
Yet at least some of the cultural
urgency around diversity was made
necessary by Disney in the first place —
that beloved back catalogue flecked
with racist stereotypes. The move into
live action is not, perhaps, simply down
to the visual sophistication of 21st-
century children. Remaking a title like
The Jungle Book lets the original be
tucked out of sight of a generation likely
to be dismayed by the crass caricatures
that also blight the animated versions of
Peter Pan, Aladdin and more.
For Disney, awkward reckonings with
the past are the cost of maintaining its
place in the new landscape. What
appeared in the early 2000s to be a com-
pany dozing into irrelevance has turned
under Iger into a Darwinian hulk. To his
shareholders, the results may now bring
enormous rewards. For others — audi-
ences hoping for novelty, the remaining
employees of Fox, LA Times journalists
banned from screenings in 2017 after
the paper looked into the business of
Disneyland — a certain vigilance is now
required. The thing about kings of the
jungle is that other animals live or die by
their mood.

Reviews
THEA TR E
The Night of the Iguana
Noël Coward Theatre, London
AAAAE
Defining the difference between the
great American dramatists Arthur
Miller and Tennessee Williams,
director Richard Eyre put it thus:
“Miller asked, ‘How are we to live our
lives?’ . . . Williams asked, ‘How do we
get through the night?’ ”
In The Night of the Iguana, nearly
everyone is trying to get through the
night — a long, sweaty, sultry night in
a clifftop hotel on the Mexican coast.
Williams wrote the play in 1961,
drawing on a dark night of the soul in
1940, when he spent a rum-soaked
night bonding with a despondent
stranger. The encounter finds its way
into the story of Reverend T Lawrence
Shannon, a disgraced priest turned
tour guide. Shannon (compellingly
played by Clive Owen in an impressive
return to the stage) washes up on the
veranda of the hotel looking to escape
his coach-load of Baptist teachers and
his tacky past, but most of all himself
and the depression that haunts him.
А
excellent Julian Glover), who make a
living touting poems and watercolours
around hotels. All of them are on their
uppers, but in the rolling power-play
between this group of misfits, Williams
locates a kind of grace.
It’s not vintage Williams; it’s too
baggy and too overwrought to be up
there with A Streetcar Named Desire
or Cat on a Hot Tin Roof. But James
Macdonald’s mesmerising, beautifully
acted production revels in both its dry
wit and its lugubrious excess, while
drawing us through its slow-winding
passage from despair to hope.
Owen, in a damp, crumpled linen
suit, sweats and shakes, rages at God,
sinks into self-loathing and ricochets
between defiant outbursts and
conscience-stricken introspection.
He’s matched by Anna Gunn’s finely
calibrated Maxine, who offers glimpses
of panicked loneliness behind her
character’s shrewd, feisty exterior.
But Shannon’s unlikely saviour, and
the outstanding performance of the
evening, is Lia Williams’ Miss Jelkes.
Tiny, proper, polite, she’s the best-
spoken hustler of the lot of them and
her delicate spinster exterior belies an
iron will, a surprisingly open mind and
a dark hinterland. Williams brings to
her a captivating mixture of fragility
and ferocity, and it’s in a quietly
moving exchange between her and
Owen’s Shannon that the play shifts
gear away from despair.
On Rae Smith’s evocative set with
its looming cliff face, Macdonald
creates a heightened, almost
surreal atmosphere.
The presence of a group of German
tourists, who pass through the veranda
revelling in reports of Luftwaffe
exploits, lends a nightmarish tinge,
reminding us that in the 1940s being
nonconformist could be life-
threatening and bringing a further
M U SI C
Tao of Glass
Manchester International Festival
AAAEE
What is that beam of light shining
through the Manchester clouds?
Perhaps it is the reflected glory from
New York, where Alex Poots, founding
director of the Manchester
International Festival from 2005-15,
has gone on to open The Shed, the new,
high-profile arts centre earlier this year.
In both cases Poots has set up
cultural programmes that create
mould-breaking new work by bringing
together major figures from different
branches of the arts. That spirit of
adventure continues, and Manchester
is planning its own new cultural centre
in The Factory, designed by Rem
Koolhaas and due to open in 2021.
Among a clutch of eye-catching
premieres this year is Tao of Glass, a
Festival commission and a
collaboration long in the making
between composer Philip Glass and
theatre director Phelim McDermott.
Unlike some of Manchester’s previous
pairings, these two are not new to each
It cannot have been encouraging
that, when McDermott went to outline
his concept for this new work to Glass,
the composer nodded off half way
through. (And this, as McDermott puts
it, from the man “who has put more
people to sleep in concert-halls around
the world than anybody else”).
Having picked themselves up from
the failure of their first idea related to a
Maurice Sendak children’s book, they
found a looser kind of proposition, in
which McDermott and his musings are
given an extra dimension, supported by
a (mostly) background accompaniment
of new musical numbers.
Tao of Glass starts out as an
autobiographical account of how
McDermott came into contact with
Glass’s music, and then the man
himself (having followed him round
Covent Garden without daring to say
hello). Beyond that, it is about life,
dreaming and the nature of inspiration.
If that sounds heavy, don’t worry.
McDermott lightens his first-person-
singular monologue with a self-
deprecating sense of humour. Taoism
and the Rigveda rub shoulders with a
10-minute comic riff on a broken
coffee table. A bristlingly down-to-
earth encounter with Maurice Sendak
lies alongside metaphysical
experiences in a flotation tank.
It is all quite charming and intimate,
played in the round at the Royal
Exchange Theatre. A handful of
performers create visuals from puppets
and sheets of paper (ideas already seen
in McDermott’s Satyagraha). Glass’s
music for four players similarly
employs everyday objects, such as a
kettle and wooden spoons.
It is hard to say what kind of future
Tao of Glass has, if any. For an hour or
so it is basically a one-man chat-show,
but then Glass’s music starts to weave
its spell, first in the form of a piano that

dimension to Williams’ poetic other. McDermott has already had

П

He’s joined by newly widowed hotel plays itself, and then Glass in person
П
РУ

proprietor Maxine, a tough cookie who depiction of solace and salvation successes directing three of Glass’s performing in the closing minutes. Yes,
w АГ
N ИЛ

among a group of misfits. operas, most notably Satyagraha at

SN s"

laughs off her bereavement, and by music can create magic — and maybe it
В

S
О

W
e
VK Wh ОТ

strange itinerants Hannah Jelkes and Sarah Hemming English National Opera and the is best if we never really find out how.
s
Г

'
Д

/W
.C at
О

her 97-year-old grandfather (the Clive Owen as Reverend Shannon To September 28, iguanawestend.com Metropolitan Opera, New York. Phelim McDermott in ‘Tao of Glass’
M
П

Richard Fairman
O
З

"
И
Л
РЕ

14
Arts
Music | From Pink Floyd to Star Trek’s
‘human theremin’ theme, David Cheal
chronicles how musicians have
responded to the era of space travel
W
hat does space sound
like? It’s a question that
has exercised compos-
ers and songwriters, as
well as philosophers,
down the centuries, ever since Pythago-
ras proposed that the vibrations of
celestial bodies create the “music of the
spheres” — music which, he claimed, he
could actually hear.
Variations on this theme of musica uni-
versalis held sway until the end of the
Renaissance; chiefly, it was a mathemat-
ical and philosophical concept rather
than a musical one, positing that there
was order and harmony in the universe
and in the way the planets were
arranged around the Sun.
Classical music saw some composers
turning their attention to the heavens
to realise their own visions of celestial
harmony. In Haydn’s The Creation,
music and text tell the biblical Genesis
story in a glorious coalescence of
orchestra and choir. Two centuries
later, with Holst’s The Planets, the inspi-
ration was astrological, rather than
astronomical or biblical: though the
suite was written at a time of great
progress in astrophysics and astron-
omy, Holst’s planets have emotional
rather than physical characteristics.
But the story of space and music really
takes flight in the 20th century. Science
tells us that space sounds like absolutely
nothing, since it is a vacuum and inca-
pable of carrying sound waves. But
music abhors a vacuum. In the 62 years
since the Soviet Union launched the first
satellite, Sputnik 1, and in the 50 years
since the first Moon landing, musicians
have filled the soundless void with
On ‘Saturn’ Stevie Wonder
yearns to return to the
planet (ignoring its surface
temperature of –178C)
drones, beeps, swooshes, suspenseful
chords, synthesisers and crackly voices.
Thanks in part to the fact that the very
first sounds that humankind heard
from space were the “beeps” of the
orbiting Sputnik satellite picked up by
amateur radio enthusiasts, electronic
sounds have become the signifiers of
“spaciness”. And just as space travel has
been a story of exponential technologi-
cal progress, space-inspired music, too,
has found bold new ways to explore and
reflect the mysteries of the void.
One of the earliest electronic instru-
ments, the theremin, became a fixture
in science fiction film soundtracks. Ber-
nard Herrmann wrote the score for clas-
sic The Day the Earth Stood Still (1951),
for which he used a combination of
stringed instruments and theremins for
the film’s story of a visiting spaceship
and its giant inscrutable robotic custo-
dian, Gort. Herrmann’s wibbly, other-
worldly music was unforgettable and
highly influential.
The idea that space is warbly contin-
ued in the UK in the early 1960s with the
theme music to the TV sci-fi series Doc-
tor Who — a throbbing, electro-ululating
affair cooked up by the boffins of the
BBC Radiophonic Workshop. Likewise
Star Trek (from 1966), whose wordless
theme was sung by a soprano whose
voice resembled a human theremin.
THE LIFE
OF A SONG
SPACE ODDITY
I
n 1968, after numerous flop
records, David Bowie still seemed
light years away from the
breakthrough he craved. But
Stanley Kubrick’s film of that year,
2001: A Space Odyssey
Odyssey, which Bowie
watched, he later said, while “out of my
gourd”, provided the trigger. The film
helped Bowie find his métier as pop’s
alienated alien, his eyes casting a
regretful gaze across the human planet
and finding it wanting.
Bowie, reputedly lovelorn from
splitting up with his girlfriend
Hermione Farthingale, composed a
wistful sci-fi ballad called “Space
Oddity”. He recorded several demo
versions with his then-collaborator,
guitarist John Hutchinson, some of
А
П
which featured a Stylophone, a new,
П
РУ
buzzing, semi-musical instrument.
w АГ
N ИЛ
SN s"
Played with a pen-like stylus, the
В
S
О
W
e
VK Wh ОТ
Stylophone seemed futuristic but was
s
Г
'
Д
/W
.C at
О
sold in Woolworths, which somehow
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
Lunar tunes
The weirdness of the theremin as an
instrument was offset by its imprecision
— it is played by a waving the hands
around a metal aerial. So electronic
music turned its attention to the key-
board, resulting in early versions of what
was to become the synthesiser. One of
these, the clavioline, featured on The
Tornados’ 1962 global instrumental hit
“Telstar”, a celebration of the launch of
the satellite of the same name, recorded
by eccentric producer Joe Meek in his
rented flat on London’s Holloway Road.
Meek had already journeyed into space
suited Bowie’s song. His cosmic
adventures could be understood at
ground level; awe-inspiring, but small-
scale, suggesting that even in space,
humans had feet of clay.
Bowie’s label, Philips, earmarked
“Space Oddity” as a single, though it
existed only as a demo. By the time it
was due for release, the Apollo 11
mission was front-page news. Bowie’s
new producer Tony Visconti thought
the song was “a gimmick to cash in on
the Moonshot”, but Gus Dudgeon, the
sound engineer, disagreed, and was
installed as producer. “Space
Oddity” would make his name,
as well as Bowie’s,
transforming Dudgeon into
one of the 1970s’ most
respected producers, with
credits including Elton
John’s “Rocket Man”.
Bowie recorded “Space
Oddity” at London’s Trident
studios on June 20 1969. The
finished track matched
Stylophone against the
upmarket mellotron, played by
future prog star Rick Wakeman.
The single was released on July 11,
nine days before Apollo 11’s module
Eagle disgorged Neil Armstrong and
★ †
Clockwise from main:
Public Service
Broadcasting celebrated
the golden age of space
travel on a 2015 album;
Pink Floyd at the UFO
Club in 1966; Joe Meek of
‘Telstar’ fame in his
bedroom studio; Sun Ra
in New York in 1980;
Alexandra Stepanoff plays
a theremin in 1930;
George Clinton’s P-Funk
Mothership in 1977
Redferns; Getty Images; Polaris; Eyevine;
Michael Ochs Archives;
with his 1960 concept album I Hear a
New World, featuring heavily treated
sounds created almost literally in Meek’s
kitchen sink, among them part-filled
milk bottles hit with spoons. “Telstar”
was a technological leap forward with its
use of the clavioline, while its plaintive
melody reflected the mixed emotions of
the space age: a combination of adven-
ture, hope and mystery.
Meanwhile in 1950s Chicago, the jazz
musician Sun Ra — who claimed to hail
from Saturn — was busy exploring outer
space with his “cosmic jazz”. This theme
Buzz Aldrin on to the lunar dust. The
song’s Major Tom, plaintively asking
Ground Control to tell his wife “I love
her very much” from “a tin can” in the
great void, had seen through the glory
of space travel. Bowie’s record soared
to number five in the UK. BBC radio
did not feature it until Apollo’s crew
had returned to Earth, though it
soundtracked some TV repeats of the
landing. Bowie had found his hit but it
FTWeekend
in African-American art and music,
which later came to be labelled “Afrofu-
turism”, was later pursued by George
Clinton with his P-Funk Mothership, a
vehicle that was central to Clinton’s
mythology — a unique blend of deep
funk, science fiction and black con-
sciousness, expressed through music
that was, contrary to the drift of most
interplanetary sounds, funky, sexy
and fun. Saturn also appeared in
Stevie Wonder’s 1976 song of the same
name, in which the singer yearns to
return to the planet to escape Earth’s
wasn’t until he invented another
enigmatic cosmic traveller in 1972’s
“Starman” that he returned to the
charts. “Space Oddity”, however, was
not done: reissued in 1973, it became
his first US top 20 single. It topped the
UK chart on re-release in 1975.
In 1970, Bowie voiced a version with
romantic Italian lyrics, “Ragazzo Solo,
Ragazza Sola” (“Alone Boy, Alone
Girl”). He issued an acoustic
David Bowie in London, 1969
Michael Ochs Archives/Getty
wars, tribulations and pollution (ignor-
ing the fact that Saturn’s average surface
temperature is –178°C).
Space and the psychedelic music of
the 1960s were natural partners, creat-
ing a zone where space travel and mysti-
cism were intertwined. For British
bands such as Pink Floyd in their early
years, music was a journey into the
unknown (“Set the Controls for the
Heart of the Sun”, repetitive and mysti-
cal; “Astronomy Domine”, beeps and
droning vocals), before they turned
inward (The Dark Side of the Moon).
interpretation in 1980, and live
recordings have surfaced down the
decades, as have the spartan,
atmospheric demos. Cover versions
took time to appear, probably because
the song was strongly stamped with
Bowie’s personality. Comedy group
The Barron Knights snickered a feline
parody in 1977 (“Birth control to
Ginger Tom”), but from this point
on, the song was treated reverentially.
Most covers tightly followed the
original, including Def
Leppard’s, and versions by
very different German bands,
Helloween and Tangerine
Dream. One exception to the
Xerox treatment came from US
jazz-fusion arranger Dave
Matthews, whose 1977 take was at
least different if not entirely
convincing, breaking with
convention by being sung by a
woman, Googie Coppola. Natalie
Merchant included the song on
a live album in 1999.
Though “Space Oddity” cut
Major Tom adrift, he enjoyed an
impressive afterlife. Bowie revisited
the character in “Ashes To Ashes”
(1980), depicting the astronaut as a
junkie, echoing his own troubles. 1995’s
20 July/21 July 2019
And then there was the Moon landing
itself; soon afterwards, David Bowie’s
“Space Oddity” (see Life of a Song
below) — featuring the Stylophone, a
kind of crude mini-synthesiser — hit the
charts. More prosaic celebrations of the
first man on the Moon were the UK reg-
gae hits “Moon Hop” and “Skinhead
Moonstomp”, inaugurating a new low-
gravity dance performed by this curious
British subculture.
By the 1970s a new genre had been
born, space rock, its chief proponents
bands such as Hawkwind, whose multi-
media shows aimed to take audiences to
another realm. The squelchy synthe-
sised oscillations at the start of Hawk-
wind’s “Silver Machine” heralded the
launch of a journey to “the other side of
the sky”, though the song’s boogie-ing
guitars owed more to Status Quo than
psychedelia. Synthesisers were also at
the heart of German electronic band
Tangerine Dream, who tripped into
space on tracks such as the 20-minute
epic “Birth of Liquid Plejades” (1972).
Space, here, is cold and anxious.
In 1977, Nasa’s two Voyager probes
were launched on their never-ending
journey through and beyond the solar
system, each bearing a golden record
containing images, sounds and music
from Earth (Bach, Mozart, Beethoven —
but also Blind Willie Johnson’s “Dark
Was the Night, Cold Was the Ground”).
Space and ’60s psychedelia
were natural partners in a
zone where space travel
and mysticism intertwined
The Voyager probes themselves have
recorded “electromagnetic fluctuations
in the magnetosphere of planets, moons
and large asteroids”; these “sounds”
were incorporated into a 2014 compila-
tion album, Space Project, featuring art-
ists such as Jason Pierce (whose band
Spiritualized had given us 1997’s
“Ladies and Gentlemen We are Floating
in Space”). Though stylistically varied,
the tracks generally follow the emo-
tional template of space-themed music:
space sounds a bit sad.
In a more inspirational vein, in 2015
the British band Public Service Broad-
casting released an album that cele-
brated the golden era of space travel.
The Race for Space knitted together pro-
pulsive, often funky music with spoken-
word clips (Kennedy: “We go to the
Moon because it is hard”) to recapture
the sheer excitement of Sputnik, the
Moon landing — and also tragedies such
as the deaths of three Apollo 1 astro-
nauts in 1967. The music was refreshing
because it eschewed the notion that
space has to be electronic, using a range
of often acoustic instruments. In 2018
the Northern Irish composer and artist
Hannah Peel released Mary Casio: Jour-
ney to Cassiopea, which follows the
dream of a fictional stargazer to travel
from her home in Barnsley to the con-
stellation of Cassiopea. Peel’s music
combines synthesisers with brass.
But one band have gone further and
faster than any other in their explora-
tion of the possibilities of space and
music: Muse. The British trio’s inter-
stellar adventures show how far space-
themed pop music has travelled since
the early days of Joe Meek: bass and
synths that thrum and pulse like gravi-
tational waves, guitars that shriek and
howl like the geysers of Enceladus,
wailing, otherworldly voices that sing
of “Space Dementia”, “Starlight” and,
most epically of all, a “Supermassive
Black Hole”.
There’s a neat connection here: the
rhythm guitarist on The Tornados’
“Telstar”, George Bellamy, is the father
of Muse’s guitarist and singer, Matt
Bellamy. Though light-years apart in
terms of technology, The Tornados
and Muse share — as well as DNA —
a common notion of what space sounds
like: exhilarating, terrifying, mysteri-
ous and lonely.
“Hallo Spaceboy” saw lyrics rehashed
at the prompting of collaborators Pet
Shop Boys, and what is assumed to be
Major Tom’s corpse took a grim curtain
call in the video for “Blackstar” (2016).
In 1983 electro-popper Peter
Schilling had a hit with “Major Tom
(Coming Home)”, its hapless
protagonist suffering another mishap.
Canadian electronic artist K.I.A.
offered “Mrs Major Tom” in 2002, with
singer Larissa Gomes recounting the
yarn from the wife’s point of view. This
was covered by Sheryl Crow on William
Shatner’s 2011 album Seeking Major
Tom, which also included the actor’s
clunky reading of “Space Oddity”.
Inevitably, the Major actually
travelled into space when Canadian
astronaut Chris Hadfield sang “Space
Oddity” on the International Space
Station in 2013. Careful not to tempt
fate, Hadfield amended the lyrics so
Major Tom finally made it home.
Though the video caused consternation
for lawyers (was a song sung in orbit
still subject to terrestrial copyright?),
Bowie was delighted, declaring it
“possibly the most poignant version”.
Ian McCann
More in the series at ft.com/life-of-a-song

20 July/21 July 2019
Angélique Kidjo | The Beninese
singer on drawing inspiration
from her Cuban heroine Celia
Cruz — and from David Byrne.
She talks to David Honigmann
A
ngélique Kidjo sweeps off
the Eurostar and into the
restaurant of an expensive
London hotel. The woman
who has, since the death of
Miriam Makeba, arguably been Africa’s
leading female singer, pauses to discuss
with the waitress its range of herbal teas
before deciding that she’ll use her own
stash. “I can’t do caffeine, I can’t do alco-
hol, I can’t do nothing like that. I don’t
like something to wind me up, I’m
wound up by myself already,” she says.
It is five years since Kidjo, now in her
late fifties, released an album of her own
music. But she has been busy: reclaim-
ing Talking Heads’ 1980 album Remain
In Light as an Afrobeat classic with her
New visions
for Sotheby’s
The Art Market | Acquisition details revealed;
show recalls influence of wartime émigrés; African-
American art moves to Chicago. By Melanie Gerlis
More details have emerged about the
run-up to Sotheby’s acquisition by the
billionaire businessman Patrick Drahi
last month. On July 12, the auction
company filed a preliminary proxy
statement to start the shareholder
voting process. Approval of the sale
requires a majority affirmative vote
(more than 50 per cent) from
Sotheby’s shareholders.
In the proxy statement, a section on
the background to the transaction
records that there were nine parties
interested in Sotheby’s before Drahi’s
bid won. These companies or
individuals are not named but we are
told of a joint proposal from parties A
and B (described as a private equity
and a private investment firm) for
$52.50 a share in May, a price level that
Sotheby’s board and advisers found
“unacceptable”. Drahi’s final, accepted
offer, made through his limited liability
company BidFair, came in at $57 a
share and was announced on June 17.
Some space is devoted to Taikang
Life Insurance, Sotheby’s largest
shareholder with a 17.03 per cent
А
П
ownership, based on the most recent
П
РУ
publicly available record of Sotheby’s
w АГ
N ИЛ
SN s"
outstanding shares. The proxy
В
S
О
W
e
VK Wh ОТ
document records that a Taikang
s
Г
'
Д
/W
.C at
О
representative “did not state a clear
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
Voices of exile
own version last year; duetting with
Johnny Clegg (who died this week)
on “Colour Of My Skin”, his meditation
on identity and mortality; voicing
compositions by Philip Glass. “It’s
always a challenge to work with Philip
because the rhythm changes all the
time. People say he’s repetitive. I say,
‘Until you’ve sung it, don’t tell me that.’
It’s hard work.”
Now she is paying tribute to the Cuban
singer Celia Cruz with her new album
Celia, and with a BBC Proms concert at
London’s Royal Albert Hall on July 30.
Kidjo has been a fan of Cruz, who spent
most of her career in exile in the US, ever
since she was a child in Benin.
“Salsa is huge in Africa,” she says.
position” when asked at the beginning
of June if the Beijing-based business
would likely support the sale to Drahi.
Taikang has not put forward an
alternative offer and, according to the
Sotheby’s statement, the auction
house’s board determined on June 5 not
to contact Taikang “to inquire about its
interest” as this would “put the no-
diligence, fully financed deal currently
proposed by Mr Drahi at-risk.”
Sotheby’s independent board
director, Linus Cheung, designated by
Taikang in 2016, is said to believe the
company is worth close to $100 a
share, “a price significantly higher than
any price discussed by any other
director,” the proxy statement says.
The document also sets out that
should Sotheby’s terminate the
BidFair offer with respect to a
“superior proposal agreement”, it
would need to pay BidFair a fee of
$110.9m (plus up to $4m of expenses).
Should BidFair terminate the deal
because its debt financing is not
available, it would need to pay
Sotheby’s a $221.7m fee. Should such a
termination fee not be payable by
BidFair, but it breached its
contractual obligations, it would be
liable for breach-of-agreement
damages of up to $1.9bn.
★ † FTWeekend
“Every African artist that has been big
in Europe — Youssou N’Dour, Baaba
Maal, Salif Keita — all of them started by
singing salsa.” But Kidjo was a woman in
a male musical environment. “As a
young girl, for me, salsa was always
linked to the male gender. It was only
men who sang salsa. I had never seen a
woman playing cowbell, piano, singing
in any salsa band.”
So Cruz was a revelation. “I saw the
poster and thought, ‘Is this a scam or is it
going to be a real woman who will come
and play?’ When she walked on stage” —
she gives a long, low, appreciative whis-
tle — “you sit down there and you watch
and you go, ‘Man, there is nothing
impossible for us women to do.’ That
was something, growing up in Africa,
that was a game changer for me.”
Part of the kinship Kidjo feels is that
both she and Cruz were forced out of
their home countries. In 1983, at the age
of 23, Kidjo was an established per-
former in Benin. But she left for France
to escape the regime of Mathieu
Kérékou, after refusing to praise his
Communist party in her songs. “[Cruz]
fled Cuba and arrived in a country of
racism, where racism is ingrained in the
constitution. But even with that, it was
better than living in Cuba.”
Her first encounter with her heroine
came when Cruz and her band played a
concert in Paris in the early 1990s. “She
hugged me and I thought, ‘I’m never
Above:
‘Refugees’
(1941) by Josef
Herman.
Left: Patrick
Drahi, who is
awaiting
approval for his
purchase of
Sotheby’s
Ben Uri collection;
Justin Lane/EPA-
EFE/Shutterstock
going to wash these clothes.’ She invited
me on stage. The look on her husband’s
face was hilarious. He turned around
like, ‘What in the world is this?
I grabbed the microphone and started
singing. The public was dumbstruck.
I thought, ‘Angélique, you’re making
a fool of yourself. What you are singing
is not Spanish, get the hell out of here.’
I gave her back the microphone and she
was cracking up, laughing like crazy.”
In 2016, at the request of the Celebrate
Brooklyn festival, Kidjo developed a
performance of Cruz’s songs. The late
singer’s family were sceptical, but Cruz
appeared in a dream to Kidjo’s jazz
singer friend Dianne Reeves, to give her
blessing. Kidjo says she found African
roots in the Cruz songbook. “She uses
her voice as percussion. All the ballads
are really melodic, but within that mel-
ody you have a rhythm. I love drums. I
may not have perfect pitch, but I have
perfectrhythm.”
Kidjo has always acknowledged her
debt to the singers who formed her
musically. “Miriam Makeba was my
political awakening; Bella Bellow, it was
the beauty of the voice and the grace of
it. [Cruz] was the one who brought that
melting pot of music I was listening to
from all over Africa.”
She now has “dreams of paying back”
these childhood heroes. “I hope I have
time to do all the tributes I want to do.
One that I don’t want to miss is James
Brown, for sure — he is the one who
made me badly want to speak English.”
Another formative experience came
when she first moved to Paris and
heard, on a friend’s compilation tape, a
song that she did not then know to be
Talking Heads’ “Once In A Lifetime”. “It
was a show-stopping moment for me.
The chorus took me back home; it
sounded like an African song we grew
up singing,” she says.
A decade later, when Kidjo’s song
“Batonga” was a dance floor hit, David
Byrne came to see her play at SOBs club
in New York. “We started talking music.
An American guy that knows about Fela
and knows about [King] Sunny Adé?
This dude is crazy, but good crazy.” It
was only a couple of years ago that she
made the connection between her
friend and the song from her past. “I was
humming [‘Once In A Lifetime’] and my
An exhibition dedicated to the
mostly Jewish, émigré art dealers and
publishers who found refuge in Britain
during and after the second world war
opened at Sotheby’s in London this
week. Brave New Visions (until August
9) is part of Insiders/Outsiders, a timely,
nationwide, year-long festival that
recalls the influential contribution of
refugees from Nazi Europe.
“These very cultured individuals
reinvented themselves as fresh
champions of Britain’s contemporary
art. They had lost everything, so could
perhaps identify with struggling,
avant-garde artists,” says Sue Grayson
Ford, the exhibition’s curator and
founder of the Serpentine Gallery and
The Big Draw.
Among the celebrated galleries that
are still in business today is
Marlborough Fine Art, founded in
London by Frank Lloyd and Harry
Fischer, who had both emigrated from
Austria. Their represented artists
included Frank Auerbach, whose
“Head of Helen Gillespie” (c1962-64) is
included among the show’s near-50
works. Gimpel Fils, a dealership now
in its fourth generation, was founded
in London by the two sons of the
French dealer René Gimpel, who
sent his art to the UK before the war
and was killed in a concentration
camp in 1945.
Lesser-known dealers include the
Germans Henry Roland and Gustav
Delbanco. The pair joined forces with
Lillian Browse to promote painters
including Josef Herman, whose
“Refugees” (c1941) is also among the
works on show. Three pioneering
female dealers feature: Lea Bondi Jaray,
who fled from Vienna to London in
1937; Erica Brausen from Germany,
whose Hanover Gallery launched
Francis Bacon’s career, and the
German-born Annely Juda, whose
London gallery is now run by her
son David.
Mariane Ibrahim, a specialist in
African-American art, is in the process
of moving her gallery from Seattle to
Chicago, where she will join other
specialists including Kavi Gupta and
15
Arts
From left:
Angélique Kidjo,
photographed
for the FT by
Daria Pliszka;
Cuban singer
Celia Cruz
(c1970)
Michael Ochs Archives/Getty
husband said ‘that’s David Byrne’. I said,
‘Are you kidding me?’ I started listening
to the whole album, and from the
moment I heard ‘Born Under Punches’,
I said, ‘I’m doing it. Track by track.’”
Kidjo’s version of Remain In Light fore-
grounds the African influences that
Bryne and Brian Eno had fed into the
original record. “The Afrobeat that I was
feeling in the song when I was dancing to
it in 1983 was the right road to take. And
who better than Tony Allen?” Fela Kuti’s
drummer guests on Kidjo’s album. “The
same with Celia [Cruz] — the music is in
6/8 and you sing in 4/4. The whole
album had that red thread about bring-
ing it back to Africa where it all started
but keeping the innovation. That was
the hardest thing to find.”
Allen’s rhythmic underpinning marks
a departure. “The most important thing
in that original Talking Heads album,
the foundation, is Tina [Weymouth].
‘Salsa is huge in Africa.
Every African artist that
has been big in Europe
started by singing salsa’
Her bassline is what is driving every-
thing. It functions like the drums in
Africa. That girl don’t move. She just...”
— Kidjo gestures for emphasis — “drives.
This. Truck.” “If she was a man,” she
adds, “she would not be underrated.”
Kidjo Africanised Remain In Light lyri-
cally as well, throwing in west African
aphorisms. “People were telling me,
‘You can’t do that album. The lyrics
mean nothing.’ I said, ‘It might mean
nothing to you in English but where I
come from, all those complicated prov-
erbs I have to squash my head to under-
stand, this is easy.’” And somehow,
Byrne’s lyrics have grown increasingly
contemporary. “Listening Wind”, in
particular, is about encounters with
“people that have a different culture
and the westerner won’t listen. They
want full power even if they have to kill
everyone to get that power.” She sips her
tea, finally. “When we humiliate people,
it always comes back to bite us.”
‘Celia’ is out now on Verve Records
Rhona Hoffman. Her new space in the
city’s West Town area is twice the size
of her Seattle gallery and next door to
Monique Meloche Gallery on North
Paulina Street. Ibrahim describes the
area as “a vibrant playground for
galleries”, adding that “the point is to
be among them.”
Ibrahim describes herself as having
been somewhat “isolated” for the past
seven years in Seattle, though she has
participated in big art fairs around the
world. She considered a move to New
York, but settled on Chicago, a city
where the art market is “less
aggressive,” she says, and whose
African-American community and
music scene also chime well with her
programme. “Theaster Gates and
Kerry James Marshall live here, there’s
a strong art fair, incredible museums
and important collectors. I won’t have
to introduce my artists as much,”
Ibrahim says.
Her opening show is of about a
dozen works by Ayana V Jackson, who
questions the colonial gaze in the
history of photography (works priced
between $15,000 and $25,000).
Take Me to the Water opens with the
new gallery on September 20 to
coincide with the Expo Chicago fair
(September 19-22).
Lapada, an association of UK art and
antiques traders, which also runs an art
fair, has widened its admission
categories for the first time since 2006.
Its new Apprentice Membership is now
open to dealers with less than three
years in business, who initially pay 25
per cent of Lapada’s membership fee,
gradually growing to its full price of
£525 a year. New entrants will be
matched with a more experienced
mentor and, says chief executive
Freya Simms, the relationship can
work both ways. “People are quite
entrenched and moan about the
market, but younger people are coming
in with passion,” she says.
Sign-ups to the Apprentice category
already include the London-based
Thurston Design, Yorkshire’s
Elephantiques and Spinka & Co
from Derbyshire.
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
16 ★ FTWeekend 20 July/21 July 2019

The bet that failed

Once confined to the racetrack and the bingo hall, betting in Britain has become digitised,
deregulated and relentlessly marketed — and in the process created a new generation
of addicts. Jonathan Ford reports on the winners and losers in a world of nonstop gambling

Illustration by Dalbert B Vilarino; photographs by Charlie Bibby

T
here are many low points
for the compulsive gambler.
But for Alex Macey, one of
the lowest came a decade
ago, when he found himself
at the cinema with his young daughter.
“I was sitting in the dark, just gam-
bling away on my smartphone while she
was watching the movie,” he recalls. “I
was running through hundreds and
hundreds of pounds, money I ought to
have been spending on her, and feeling
totally awful.”
Years later, Macey, 38, can’t remem-
ber anything else about the day, just the
abiding feeling of shame.
A policeman from the southern Eng-
lish county of Dorset, Macey was never
the worst, most destructive kind of
gambler. He had it under control — sort
of. Each month he’d carefully set aside
enough to pay his essential bills, and the
minimum he thought he needed to live
on. “Then everything that was left over
went on gambling,” he says.
In a 15-year career at the slots, he esti-
mates he threw away £250,000, and was
at times tens of thousands of pounds in
debt. Some of this went on sports bet-
ting, but the great majority was lost on
Macey’s particular vices: fast, high-
stakes fruit machines known as “Fixed
Odds Betting Terminals” (FOBTs), and
the rest on online casino games.
He has been through several cycles of
therapy, blown relationships — includ-
ing with the mother of his daughter —
and seen his police career go sideways.
He is currently off sick on half pay, look-
ing to leave the force.
When we meet at a pub in Yeovil in
Dorset, Macey struggles to explain the
compulsion. He has been clean of online
gaming since 2017, but it has not been an
easy journey. Vulnerable to lapses when
living alone, he has only found his feet
since starting a relationship with his
new girlfriend.
“I have got a bank account where my
partner is in complete control of all my
money,” he says. “I get about £100 a
week to live on.”
It is not the hope of winning that
makes people like him bet so much, he
thinks. Regular gamblers understand all
too well the iron laws of chance that, in
the long run, mathematically doom
them to be losers.
“It’s losing yourself in the excitement
of the moment, the moment when
you’ve pressed the button and don’t
know what’s going to happen,” he says.
“It gives you the emotions and the
dopamine fixes you are not getting in
your normal life. So you want to hit that
button again and again.”
There have always been gambling
addicts. Go back in time to Britain’s offi-
cial inquiries into gambling in 1978, 1951
А
Rothschild Royal Commission con-
cluded that some paternalism was
“desirable” and fretted about “house-
wives being deflected into prize bingo
establishments during their morning
shopping in the high street”.
But that was an analogue age when
betting was confined to a few somewhat
staid outlets. Macey came of age at a
time when the gambling industry was
not only going digital but becoming ever
slicker about selling its wares.
From 1999, powerful new machines
started to appear in bookmakers’ shops.
FOBTs allowed punters to stake large
sums — up to £100 on a single spin — on
games that offered fixed odds and paid
out a set proportion of the takings as
winnings. Best of all, they were super-
fast. Spin succeeded spin within sec-
onds, helping to induce the trance-like
state in which punters obediently emp-
tied their wallets.
Macey discovered FOBTs around the
time he joined the police force in 2003.
“It was soon after I got my first pay
cheque,” he recalls. “Almost straighta-
way I was on the cycle of losing your
money on payday — gone.”
Stigmatised in the British media as
the “crack cocaine of gambling”, FOBTs
were recently the subject of a high-
profile public campaign calling for a
sharp reduction in the maximum
‘It gives you the emotions
and dopamine fixes you are
not getting in your normal
life. So you want to hit that
individual stake, on the grounds that
they were feeding addiction. After
a fiercely fought battle, activists suc-
ceeded in cutting this to just £2 last year
— a ruling seen as a landmark moment
by anti-gambling campaigners. The
new maximum came into force in April
this year.
FOBTs, however, were always just one
part of the industry’s expanding arsenal.
There were other new games: products
such as “in play” betting on live sports
events, where the action was sliced into
myriad bettable moments — from who
would score next in a football match to
the number of wides (a ball that is
judged to be too wide of the stumps for
the batsman to play) a bowler might
deliver in a cricketing fixture. Hot on
their heels came the online casino-style
games, first on personal computers and
later on smartphones, which meant a
spin was always just a few thumb
strokes away.
Gambling had once been largely epi-
sodic — linked perhaps to a horse-race
meeting with a finite number of events.
Now it became continuous — and more
dangerous because of its propensity to
encourage loss-chasing.
“With addiction, it’s about the length
of time between bet and result and the
ability quickly to repeat the dose,” says
Stewart Kenny, one of the founders of
the Irish betting giant Paddy Power Bet-
fair, who left the industry in 2016
because of his disquiet about online
gaming.
“If you buy a lottery ticket on Monday
and the draw is on Thursday evening,
that’s not going to get you hooked.”
With online slot machines, though,
technology had let the genie out of the
bottle. If you were so minded, you could
play nonstop 24 hours a day.
Alongside the technical leaps came
sweeping changes to regulation. Like
many other countries, Britain had tradi-
tionally been wary of betting. Until the
1960s, the industry still groaned under
the weight of Victorian moral
disapproval. Off-course bookmaking
(in betting shops) was not permitted
until 1961.
Betting was tolerated but under strict
controls designed to limit access
(including the prohibition of market-
ing, and the need to “demonstrate
demand” before new premises could
open). The key principle was “non-
stimulation” of gambling activity.
Change only came in the 1990s with
two big developments. The first was the
decision by the government of the then
prime minister John Major to launch the
National Lottery in 1994 — a move that
blew apart the logic for the ban on all
advertising, as the government was
determined to push its own product.
‘The thing recovering
addicts most want is to be
left alone by the industry.
But they are targeted
relentlessly’
Liz Ritchie, co-founder,
Gambling with Lives
and moving his operation to Gibraltar
almost overnight. Casting around for a
new model at the turn of the millen-
nium, Tony Blair’s government com-
missioned Sir Alan Budd, a civil servant
and a founding member of the Bank of
England’s Monetary Policy Committee,
to conduct a review.
Budd, now 81, was no great lover of
gambling. “In an ideal world, I’d prefer it
if people didn’t do it,” he told me
recently. “I would rather that everyone
read a good book, or listened to a little
Bach.” But he was also a 19th-century
liberal who believed people should be
free to make choices so long as they
didn’t hurt others.
Budd’s big idea was that gambling
should be treated largely like any other
consumer product. True, there were
exceptions: children should be pro-
tected and a watchful eye kept on the
growth of problem gambling; betting
should take place in places where the
public expected it, not in “ambient”
locations such as pubs.
But restrictions on supply simply
entrenched existing players and led to a
worse deal for the betting public, the
Budd commission contended in a
review that began in March 2000. The
answer was to take the brakes off, to
permit advertising and encourage new
entrants. That would both sharpen
competition and allow the market to
be appeased or else it would flee abroad,
taking with it a sizeable slice of tax reve-
nue. At a stroke, the 2005 Gambling Act
took Britain from being a gambling mar-
ket like many others to being one of the
most deregulated in the world.
If the aim was to juice up a stagnant
industry, it certainly succeeded. In
2007, the year the reforms kicked in, the
UK’s “gross gambling yield” (the
amount lost by punters) stood at
£10.1bn. By 2018, it had risen to
£15.2bn, according to numbers from the
consultancy Regulus Partners.
And there was a happy story for the
government’s own coffers too: taxes
from betting have doubled to £2.9bn a
year over the past decade.
Growth didn’t come from traditional
gambling, such as horseracing. It came
from the new online services that lured
in Alex Macey; products that barely
existed when the act was passed, and
that were but a glimmer in Budd’s eye
when his commission sat five years
before.
The take from online games increased
from £1.2bn in 2007 to £5.5bn in 2018 —
a near fivefold jump, almost all of it
from increasing access through smart-
phone apps. The rest of the market was
flat — with traditional segments such as
bingo in steep decline.
A new wave of entrepreneurs duly hit
the jackpot. Until the turn of the millen-
nium, the Coates family from Stoke-on-
Trent owned a provincial chain of bet-
ting shops. From that inheritance, Den-
ise Coates fashioned Bet365, one of the
biggest online betting companies in the
world. Its advertisements, featuring the
shouty cockney actor Ray Winstone, are
omnipresent on British TV screens in
the breaks between sporting coverage.
Last year, the company took in a stag-
gering £52.6bn in bets and won a net
£2.7bn from punters. Coates paid her-
self £265m.
Not everyone sees the growth of gam-
bling as some triumph of consumer wel-
fare economics. Charles Ritchie and his
wife Liz founded the charity Gambling
with Lives last year to help families
bereaved by gambling-related suicide.
They did so in memory of their son Jack,
who killed himself in 2017 at the age of
24 after being unable to cope with his
online gambling addiction.
An English teacher in Vietnam, Jack
did not have massive losses or debts. His
despair was brought on by his inability
to control the compulsion once he
started playing an online game.
Charles remembers finding out about
Jack’s habit — which started with FOBTs
— when his son was still at school. He
had been staking his dinner money, and
confessed after gambling away a four-
figure inheritance he had received from

or even the 1930s and you will find the The second was the arrival of technol- satisfy demand.
П

his grandmother.
П
РУ

same concerns being expressed about ogy that allowed gambling firms to It was an idea in tune with the times Charles and Liz persuaded Jack to
w АГ

button again and again’

N ИЛ

move online and offshore. In 1999, one and chimed with the Blair government’s
SN s"

the dangers it posed to the public, par- exclude himself from the local book-
В

S
О

W
e
VK Wh ОТ

ticularly those on middle or lower Alex Macey, well-known bookie, Victor Chandler, own deregulatory instincts — sharpened makers and thought that might be an
s
Г

'
Д

/W
.C at
О

incomes. As late as the 1970s, the shocked the industry by upping sticks by the fear that the industry needed to end to it. They underestimated the
M
П

former gambling addict

O
З

"
И
Л
РЕ

20 July/21 July 2019
industry’s persistence. “They would tar-
get Jack with emails, as well as adverts on
Facebook,” Charles says. “Once you’ve
played online, there’s an account set up,
so the company has all your details.”
A retired civil servant, Charles now
believes that the online games on which
Jack was hooked are specifically
designed to foster addiction in users,
especially the young and vulnerable.
“That is the model,” he says. “They go
for a small clientele, get them addicted
and milk them as much as they can.”
It’s a concern that is shared by Gerda
Reith, a professor of social sciences at
Glasgow University. She sees the online
gaming industry as sharing many of the
characteristics of the social-media
giants, such as Facebook and Twitter,
whose aim is to design addictive prod-
ucts that encourage users to spend time
on them.
“You can see it in the way many of the
games are structured,” she says. “The
speed with which the spins come round
are nothing like a physical casino and
seem designed to get users hooked on
the action. They play on people’s cogni-
tive biases, with lights and sounds and
ideas such as ‘losses disguised as wins’
and ‘near misses’.”
A simple example of the former is
commonly found in online slot
machines. When a player stakes £10,
the sum is deducted silently from their
on-screen credits. But if they then lose
half of that on a spin, recovering only £5,
the machine will still make a celebra-
tory dinging sound as if the loss were a
victory and show the credits marching
back into the player’s account.
The regulators have so far tended not
to intervene in the minutiae of product
design, at least in the online industry. So
the demand for any tweaks has commu-
nicated itself up the industry’s own sup-
ply chain, according to Derek Webb, a
former gambling entrepreneur who
helped fund the Fairer Gambling cam-
paign against FOBTs in the UK.
“The game designers dream this
stuff up precisely because they know it
produces games that make more money
for the operators,” he says. “This is a
competitive industry. There is a con-
stant drive to produce ever more engag-
ing games.”
Gambling’s right to advertise was sup-
posed to encourage new entrants and
innovation, and thereby benefit the cus-
tomer. But is that really its legacy? Some
worry that it has done more to drive
dependence.
“If you talk to recovering addicts, the
thing they most want is to be left alone
by the industry,” says Liz Ritchie. “But
what happens to them? They are tar-
geted relentlessly to make them
relapse.”
Most concerns have focused on TV
advertising, given the industry’s effec-
tive colonisation of widely watched
sporting events. (Campaigners have
called for bans, and a voluntary “whis-
tle-to-whistle” moratorium is due to
start next month, stopping adverts dur-
ing live sports broadcasts.)
Even Alan Budd is perturbed by its
ubiquity, worrying that this is a loophole
through which the industry lures in the
young. “We know now that if a televi-
sion company films a football game,
they will not only film the [sponsors’]
labels on people’s shirts but the adverts
all around the ground,” he says. “We
didn’t see the extent to which that would
normalise it and expose children to
gambling messages.”
But TV advertising is only part of the
picture. Much more disturbing is the
direct marketing targeted at players via
texts, emails and social media.
After our meeting, Macey shows me
some of the messages to which he is
incessantly subjected. Games with
names such as “Casino Magix” and
“Lucky247” offer “free” spins if you sign
up to the service or reactivate an
account. The ads seem to hold out the
possibility of gratuitous enrichment,
though I later learn that many are sub-
ject to fine-print conditions which mean
the likelihood of ever collecting any-
thing is remote indeed.
Darker still are the incentives offered
to heavy-losing customers. An under-
cover investigation by the Daily Mail
into Bet365’s staff training practices this
year found that employees were told to
offer big losers rebates of up to 10 per
cent to keep them gambling. Those who
hit a “net loss threshold” were treated as
VIPs and given “incentives” such as the
chance to win cup final tickets. (Bet365
told the Mail it prides itself on providing
“a safe environment for its customers
and goes above and beyond its legal and
regulatory requirements to do so”. It
added that it takes steps to ensure any
customers at risk of gambling-related
harm are not inappropriately incentiv-
ised to intensify their gambling.)
The industry doesn’t seem to have
many scruples about targeting those
most in need. A study in 2013 showed
that FOBTs were most heavily clustered
in Britain’s poorer districts. A similar
dynamic seems to be at work in online
gambling, where the companies pay
affiliates to find them new customers.
These intermediaries are very willing
to sign up less well-off punters, who are
А
П
more susceptible to offers of “free spins”
П
РУ
that may yield what would for them be
w АГ
N ИЛ
SN s"
significant cash wins. Lower-income
В
S
О
W
e
VK Wh ОТ
users are among “the most successfully
s
Г
'
Д
/W
.C at
О
targeted segments”, says a digital
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
★ FTWeekend
‘Just under half a million
people are officially
pathological gamblers.
And how many do we
treat? About 9,000 a year’
Henrietta Bowden-Jones, director,
National Problem Gambling Clinic
marketer who has done work for betting
companies.
This is one reason why problem gam-
bling is much more prevalent among
those with the lowest incomes, to whom
it is also most damaging. They are
about three times as likely to have a
problem as those at the top of the
income scale, despite their overall pro-
pensity to gamble being well below that
of the better off.
Macey became a VIP only once (not
with Bet365), during one of his worst
binges. “I instigated it by saying to the
company, ‘I have just spent £5,000 with
you in two days, can you offer me some
reason to carry on?’ So they whacked
£500 into my account and that was gone
in two hours.” It led to another deep
low, and one point where Macey con-
templated suicide. “It was the worst
period; a real, real situation mentally,”
he recalls.
Customers can in theory switch off
the marketing barrage by opting to
“self-exclude” from gambling sites or
bookies. But in practice, as Jack Ritchie
found, it’s not so easy. Macey shows me
emails and texts from betting firms
from which he had self-excluded. “It
‘To me, if people are
willingly going into casinos
because they enjoy it, that
is a success for the policies,
because this is individual
consumer choice’
Sir Alan Budd, chairman of the
2001 Gambling Review Report
shouldn’t happen under the rules the
companies have signed up to,” he says.
“But it does, time and again.”
Seven years ago, the parliamentary
Culture Media and Sport select commit-
tee undertook a review of the 2005
Gambling Act. Entitled “A Bet Worth
Taking?”, its report belied the appar-
ently sceptical title. It was determinedly
upbeat about the new regime.
Unsurprisingly, the industry took the
lead in framing this assessment. Indeed,
its evidence to the select committee was
a masterclass in deflection by an “addic-
tion” industry under attack. Gambling
bosses pointed out that most consumers
of their product were ordinary, sensible
people who were entertaining them-
selves responsibly. Rates of problem
gambling were much lower in Britain
than in other deregulated markets such
as Australia (where the problem rate
stood at more than 1 per cent of adults).
So why should a relatively small
number of irresponsible people wreck it
for everyone else?
The “responsible gambling” model —
which locates the problem in the indi-
vidual gambler and not the product —
has served the industry well in stifling
its critics. Described by one researcher
as “a form of corporate gaslighting”, it
puts the onus on the user to find the
solutions, whether special software that
denies them access to gambling sites, or
services such as the online bank Monzo,
which stops self-excluders from hand-
ing over their cash.
The industry has also been helped by
a dearth of authoritative official data on
the impact of liberalisation. Between
1999 and 2010, the government con-
ducted three large gambling prevalence
surveys, only to discontinue the series
on the grounds of cost. Two of these
occurred before the Gambling Act’s
reforms started, and the last came just
three years into deregulation.
What data there is from recent years
comes from NHS (National Health Serv-
ice) surveys, which are regarded as less
reliable. The last dedicated gambling
survey (2010) does show a perceptible
increase in people identifying as prob-
lem gamblers, from 0.6 per cent in the
2007 survey to 0.9 per cent. That is a rise
equivalent to about 150,000 people. But
the industry is able to point to subse-
quent surveys, albeit ones employing
different methodologies. These evince
no clear consistent trend.
Many doubt that the statistics give a
full sense of the post-deregulation real-
ity. Since 2008, Henrietta Bowden-Jones
has run the UK’s only dedicated clinic
for the treatment of gambling addiction
out of NHS premises in London, where
she looks after 350 patients a year — a
tiny fraction of the affected population.
“Just under half a million people are
officially pathological gamblers, and
there are two million who could do with
‘[Expecting the industry to
turn away business] is like
putting the fox in charge of
security at the henhouse
and expecting the hens to
be alive next morning’
Matt Zarb-Cousin, campaigner for
fairer gambling
intervention to keep them from tip-
ping,” she says. “And how many do we
treat? About 9,000 a year.”
Part of the problem, thinks Bowden-
Jones, is a lack of research into numbers,
which promotes complacency. “It is
incredibly frustrating, the sequence of
studies simply stopped,” she says. “We
need to compare apples with apples if
we are to get more of a sense of what has
gone on.” Yet most research into gam-
bling is still funded by the industry, and
tends to support the responsible gam-
bling agenda.
Twelve years after the 2005 act came
into force, there are growing doubts
about Britain’s gambling experiment.
Betting among the young is becoming
increasingly commonplace. According
to a recent report from the UK regulator,
the Gambling Commission, close to half
a million children aged between 11 and
16 now bet regularly online, and the
number classified as having a problem
quadrupled to more than 55,000 in the
past two years. A further 70,000 are
deemed to be “at risk”.
Nearly a million youngsters have been
17
Spectrum
exposed to gambling through “gateway”
products such as “loot boxes”, features
on non-gambling video games in which
gamers pay to open crates for a chance
to win various goodies and perks. This is
the generation that has grown up in Brit-
ain’s deregulated betting market.
Budd’s commission was never blind to
the societal risks of liberalisation. Its
report hypothesised a world in which
reform both multiplied the number of
gambling establishments and the punt-
ers who played in them. “An adherent of
the liberal approach would welcome
this development as a sign that consum-
ers were better able to spend their time
and money as they wished,” the report
observed.
“But an alternative view would be that
thequalityofsociallifehaddeteriorated,
that Britain had become less civilised,
and that the state has a responsibility to
prevent this from happening.” Budd sat
on the fence on this question of “social
excess”, and remains largely optimistic
aboutthefruitsoftheexperiment.
“I don’t think this country is beset by
an epidemic of problem gambling,” he
says. “To me, if people are willingly
going into casinos because they enjoy it,
that is a success for the policies, because
this is individual consumer choice.”
Modern critics take a less optimistic
view, however. One academic, who
declined to be identified, thinks gam-
bling has come to occupy far too big a
space in Britain’s cultural life.
“This is not a normal industry,” the
individual says. “Normal industries do
not exist purely to fleece their custom-
ers, especially those who have not got
much to lose to begin with. Normal
industries do not have self-exclusion
mechanisms.”
Competition may have driven effi-
ciency but it has also led to powerful
gambling software that renders games
far more absorbing, even addictive. As
for Budd’s desire for gambling to take
place in designated spaces, smart-
phones have blown that apart.
The government is at least starting to
take the risks more seriously. The NHS
announced last month that it would
open 14 new clinics and increase fund-
ing for the one operated by Bowden-
Jones. There is talk more broadly of a
tougher approach to age verification,
more effective self-exclusion mecha-
nisms and even affordability tests to
screen out those who can’t afford their
habit, though it’s not clear how these
would work.
Most of all, though, there is a recogni-
tion that self-regulation and the
“responsible gambling” mantra are
not enough. Problem gamblers may be
a small proportion of the adult popula-
tion. But, because of their compulsive
behaviour, they are big earners for
the industry.
In a study based on 2010 data, around
a quarter of gambling companies’ prof-
its on products such as FOBTs came
from problem gamblers, according to
Jim Orford, a professor at Birmingham
University and a gambling expert.
An estimate of online gambling for the
“Fairer Gambling” campaign, based on
PwC and health-study data, estimated
that problem gamblers accounted for 24
per cent of that segment’s turnover (the
amount staked). In total, problem and
“at risk” punters were an astonishing 59
per cent of the take.
Expecting the industry to spot and
turn away such business is unrealistic,
say campaigners. “It’s a bit like putting
the fox in charge of security at the hen-
house and expecting the hens still to be
alive next morning,” says Matt Zarb-
Cousin, a one-time problem gambler
who spearheaded the FOBT campaign.
The companies insist they are doing
more to enforce self-exclusion and are
intervening to stop irresponsible play.
But they are understandably hamstrung
by the wish not to turn away business.
“If we do it wrong, the customer
might just leave and go to an unlicensed
illegal operator,” says Wes Himes of the
Remote Gambling Association, the
industry trade body.
One company, which boasts about
one million unique weekly users, inter-
venes to block 50 problem players a
week, or 2,500 a year. That’s 0.26 per
cent of the total. Yet prevalence data
suggests that figure should be closer to
five per cent, or 50,000 users. (Even
accounting for those who blocked them-
selves or set limits on their betting, it
would still be tens of thousands.)
Reforming all this will take more than
a stricter self-exclusion scheme, accord-
ing to Orford. It will require a whole new
legal framework, one designed to ensure
the industry intrudes far less into our
daily lives. It could also be much
smaller. When the £2 limit came in on
FOBTs, their take fell substantially. Ear-
lier this month, the betting giant Wil-
liam Hill announced it would close 700
of its 2,300 UK stores as a result.
The future of the market depends on
politicians. In the meantime, those like
Alex Macey must fight daily to stay on
the wagon. He doesn’t find it easy. “I still
can’t walk down the high street and pass
a bookie without having that trigger in
my mind telling me to go in,” he tells me.
“The only thing that stops me is know-
ing I have got £60 in my account. If I’ve
got £500 or £1,000, then I’m in there
without a doubt.”
Jonathan Ford is the FT’s City editor
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
18 ★ FTWeekend 20 July/21 July 2019

Spectrum

Welcome to
aerotropolis
Photographer Giulio Di Sturco explores the generic
architecture and epic scale of airports where
national differences dissolve. By Edwin Heathcote

A
lready in the 1960s, the
French cultural theorist
Paul Virilio suggested that
the airport would become
the agora of the modern
age: the place where people would meet,
eat and trade; where they would come
together in a new civic space of ultra-
modernity, a fusion of high-tech piazza
and marketplace.
The same phenomenon was later
explored, expanded and christened the
“aerotropolis” by the American aca-
demic and air consultant John Kasarda.
It is a prophecy that has simultane-
ously come to pass and not.
The contemporary airport is certainly
architecture at the scale of the global
city. But in only very few cases could it
be called urban. Instead it occupies a
very particular interstitial place outside
the city that is both sprawling and
super-secure, high-tech and suburban,
a virtual police state and yet also a curi-
ously open public space.
Where else in the metropolis, after all,
are there free toilets, air-conditioning
and seating?
There was once an idea that airports
could be built in the centres of cities.
Berlin’s Nazi-era Tempelhof was
beloved for its proximity to the centre
(most recently it was used, with won-
derful irony, as refugee accommoda-
tion). But as planes got bigger and nois-
ier, the rim around airports became less
desirable and, in many instances, a
place where informal settlements would
grow on unloved land in the shadow of
the jetliners. The city that grows around
an airport is only about the airport; it
has no authentic life of its own.
When cities vie to become interna-
tional hubs, the airport suddenly
becomes a raison d’être, a place possibly
more important than the city centre
itself and intimately connected with its
success and status.
Think of Changi in Singapore or Dubai
International, where millions change
planes and perhaps spend a little time in
hotels and at tourist attractions: these
airports are more than utilitarian inter-
changes; they make a first impression
and define the city.
Changi even has a tourist bus to
give you a trip around the island without
even having to go through passport
control.
In 2011, the Italian photographer
Giulio Di Sturco was commissioned to
take a portrait of John Kasarda at Bang-
kok airport. “He started to tell me about
this idea of the aerotropolis,” Di Sturco
told me, “and it allowed me to
think about something that was
happening, but hadn’t quite happened
yet. I was travelling a lot and I suddenly
began to look around at the airports,
noticing things. This was about the city
of the future.”
We all sense, I think, that the city is
becoming more like the airport. There is Above: Songdo preparation factories, endless aprons,
the increasingly interchangeable, glo- University freeports and removal centres; the para-
balised architecture, the generic spaces auditorium at dox of frictionless movement and the
that could be in Vancouver, Astana or the International barriers set up to stop it dead.
Istanbul. There are the omnipresent Business District If the aerotropolis isn’t quite what Vir-
global brands, logos and storefronts, the in South Korea, ilio envisaged, its tropes are contagious.
same food and the same shoes. which is The sci-fi interiors of Singapore’s Gar-
There is the growing confluence connected to dens by the Bay, with its huge glass
between the airport and the mall, the Incheon domes and recreational gardens on
endless expanse of climate-controlled International reclaimed land in the city centre, is the
interior, the elaborate roofs, the cam- Airport analogue to Changi’s waterfalls and but-
eras and the security guards, the blur- terfly courts: nature reimagined and
ring of public and private space. And nurtured to fill the vast hangars of
just like the contemporary city, there is super-modernity.
the front and back of house; the public Left: Changi The airport is the space where
and private sides. Airport in national differences collapse: the exact
In his photographs, Di Sturco captures Singapore, is point of arrival and maximum move-
the familiar, epic spaces but he is even highly ment. Di Sturco shows the epic scale of
more compelling when showing us the automated and the skyline and the interior spaces but
figures huddled together smoking in futuristic, the smaller-scale drudgery of check-in
sweaty glass shelters, chatting in shady featuring queues, baggage scans, stockinged feet
concrete alleys between buildings or cinemas, a and X-rays are missing.
just slumped uncomfortably across air- rooftop pool, I suppose this is because of the
port seats. That you don’t see faces adds and the world’s extreme security demands of this
to the sense of anonymity; the figures highest indoor strange marginal space, the border
are dwarfed by the banal bigness of an waterfall transplanted to inside the nation,
almost impossible scale. between the edge of the metropolis and
Many of his photographs, though, Right: Bangkok’s Right: Cathay airside.
show hazy skylines punctured by ran- Suvarnabhumi Pacific City, It’s a picture of a city in which humans
dom towers, each trying desperately to Airport has Hong Kong, are reduced to units, to patterns of
attain some kind of architectural dis- suffered decades which was movement predicted by algorithms, for
tinction through a deviation of shape, of delays. It is opened in 1998 which the architecture becomes an effi-
each becoming more similar the harder operational but to serve 3,000 cient funnel: the more spectacular its
they try. the site remains airline staff on cone, the more friction-free the flow. We
When you fly into an airport you in limbo due to reclaimed land are the flow.
become aware of the scale of the opera- political near to Hong
tion below: the low clusters of distribu- instability Kong Airport Edwin Heathcote is the FT’s
tion sheds, logistics warehouses, food- architecture critic

The creepy line — probably closer to 1 per cent — of

Continued from page 1
material for artificial intelligence — and
so will put itself at a competitive disad-
vantage. Democracies will have to col-
lect data in order to safeguard them-
selves from cyber attacks, or so the
argument goes.
The head of the London Metropolitan
Police’s staff association recently called
China’s use of facial recognition “abso-
lutely correct”. For most of us, however,
total transparency or surveillance
would be a dystopia. We fear data
breaches, identify theft and simply the
embarrassment of old photos online,
but it often takes bitter experience for
us to act. “Privacy’s a hindsight problem
— you look back and see what’s hap-
pened,” says Jason Schultz, a law profes-
sor at New York University.
It doesn’t help that privacy is a slip-
pery, abstract concept. It is not men-
tioned explicitly in the US constitution
or in English law before a few decades
ago. Its essence is that it is contextual:
we want certain information limited to
certain people. Have you ever noticed
how easy it is to share a secret with a
stranger, who will never be able to con-
nect it with any other information about
you? Privacy is also often about power:
the less knowledge that others have
about you, the less easily they can med-
dle in your life. Total transparency
would not satisfy either of these criteria.
Big technology companies have dif-
А
personal data serve only to enrich the
companies that collect them”). Face-
book, a privacy laggard, now predicts
that the “main ways” that people will
communicate on its platform will be via
encrypted messaging services, Messen-
ger and WhatsApp.
Second, tech companies offer to put
us in control. Google and Apple now
offer more options to hide our location,
for example. On a cloudless day in Sili-
con Valley in May, I listened as a Google
executive noted how much personal
information was now stored on our
phones. “You should always be in con-
trol of what you share and who you
share it with,” she said. Facebook prom-
ises that users’ information “will only be
seen by who they want to see it”. In other
words, we can now choose where to put
the creepy line.
The third way that technology com-
panies offer us privacy is by safeguard-
ing and anonymising our data. Google
will know you searched for gonorrhoea
remedies and went to the cinema on a
sick day, but no one else will.
Likewise, so what if an Amazon
employee who you never meet listens to
a recording of your domestic life?
The risk that anonymised data will be
traced back to individuals can never be
eliminated — especially because new
data sets might become available that
can be crossmatched — but it can be
made minimal.
There are, however, notable flaws in
Google users change their privacy set-
tings. With many companies’ services,
you either sign up to a sweeping state-
ment, or you can’t use the service at all.
Nearly all the time, we don’t know what
it means to click “accept”.
“When you go to your doctor, they
don’t just say, I can perform any kind of
surgery you want if you sign this form,”
says Schultz of New York University. In
the current world, we are like drugged
patients, who submit ourselves a gen-
eral anaesthetic, knowing our bodies
will be used for medical research while
we’re unconscious.
In the future, individuals could be
given more detail about the use of their
data; an option to deny apps access to
key information and still use the serv-
ice; and easier means to delete their data
after the fact.
But perhaps we should go further still,
and say that even informed consent
does not guarantee privacy. Govern-
ments don’t allow us to save money by
buying a car without seat belts, or to
make money by selling our organs. Does
privacy belong in the same category as
safety or medical ethics? If some degree
of privacy is a right — an essential part of
being human, rather than a commodity
— then we should not be able to trade it
away either. “It is a classic consumer
protection problem,” said Viktor May-
er-Schönberger, a professor at the Uni-
versity of Oxford’s Internet Institute.
The principle of individual agency —
Google’s promise that “You should
always be in control” — has other limita-
tions. How does it apply to surveillance
in public places: such as facial recogni-
the huge datasets on other people’s
behaviour. This is the new frontier: to
protect our own privacy from intrusive
algorithms, we may need to block col-
lection of other people’s data and there-
fore slow down services that they might
find useful. How do we find the balance?
Quayside is a four-hectare, former
industrial stretch of Toronto’s eastern
waterfront. One of Google’s sister com-
panies wants to turn it into “the most
innovative district in the world”.
In a proposal published last month,
Sidewalk Labs outlined a vision of the
future. As always with Silicon Valley
dreams, there is something to love. The
buildings would nearly all be made of
Information may be the
new oil, but for some
start-ups, it’s also known as
‘the new Kryptonite’
wood; they would be able to turn food
waste into energy; the greenhouse gas
emissions would be barely a tenth of the
current city average.
At the heart of Sidewalk Labs’ vision is
data. Sensors would gather information
in buildings and adjust settings. The
thermostats could be adjusted automat-
ically. The street markings could fluctu-
ate, giving more room to pedestrians at
some times in the day and more to cars
at others. Data would be made publicly
accessible for other public goods — not
advertising. People’s lives would be
tracked, measured and “optimised”.
sion for a marginal benefit (a meal
ordering app recently asked me for a
photo to make it easier for me to collect
my order). Sidewalk Labs is promising
significant intrusion for a significant
benefit. As such, it is comparable to the
healthcare services that want access to
sensitive data — in exchange for helping
to identify serious disease.
The fate of Sidewalk Toronto is inter-
esting, because it is a rare example
where technology companies have had
to submit their innovation for inspec-
tion beforehand. Critics have centred on
how Quayside’s data will be handled. A
trust, proposed by Sidewalk Labs, rec-
ommends all data gathered is de-identi-
fied. But it would not insist upon it.
“As soon as they said that, I knew I had
to resign,” says Ann Cavoukian, a
former Ontario privacy commissioner,
who was an adviser to the company last
year. “The minute you make it volun-
tary, you’re not going to have any pri-
vacy. Everybody wants personally iden-
tifiable data, that’s the treasure trove.”
Cavoukian compares it to the surveil-
lance in China and Dubai. “No way,
that’s not the direction we’re going to
here in Toronto.” She adds that privacy
concerns could yet lead Waterfront
Toronto, the development agency, to
cancel the whole thing. “It’s not a done
deal,” she says.
But Waterfront Toronto and the city’s
citizens are faced with an almost impos-
sible decision: to evaluate unforeseeable
benefits against unforeseeable benefits.
Who knows how massive, but probably
de-identified, data collection will affect
Toronto? Who knew how YouTube,
Facebook and Twitter would affect
but the technology is likely to spread in
other places — as will gait recognition,
iris scanning and biometrics. (The US
Department of Homeland Security aims
for nearly all air travellers to be boarded
using facial recognition by 2023.)
Woodrow Hartzog, a privacy scholar,
argues that there is a value in simply
making data harder to collect, in creat-
ing transaction costs. But parents use
cameras to watch their children, home-
owners use them to watch their front
doors; the shift from convenience to sur-
veillanceisaneasyone.
When regulation has focused on par-
ticular areas, as with an Illinois law on
biometrics, it has proved effective.
Information may be the new oil, but for
some start-ups, it’s also known as “the
new Kryptonite”, because of the fines
for data breaches.
Politicians like to talk about “compre-
hensive” privacy legislation. Yet, pri-
vacy is so contextual that each sector
needs different standards, says Dixon of
the World Privacy Forum. The AI Now
Institute, a think-tank working on hold-
ing algorithms to account, argues that
different bodies should be set up with
expertise in different sectors: health-
care, education, welfare and so on.
There is not one creepy line, there are
hundreds. “You should always be in
control of what you share and who you
share it with,” says Google. But after
nearly two decades living in the data
economy, we have learnt that perhaps
the best way to draw those creepy lines
is not as individuals, hurrying through
online consent forms, but as communi-
ties, with the power of numbers. For 20
years, tech companies have assumed

this vision. Facebook and Google have to tion by the police or even from other And as in a Kafka novel or the TV show the world?
П

ferent approaches to addressing our that they are right to infringe our pri-
П
РУ

worries. First, they can build in some keep tracking us, because that is what people’s smart cars? You can’t sign a Black Mirror, residents might feel sub- In any case, nobody seriously thinks vacy; we should now ask them to justify
w АГ
N ИЛ

their advertising business is built on. form every time you leave the house. ject to opaque processes beyond their that tech companies will have less data
SN s"

privacy: Apple, a pioneer, blocks some themselves first.

В

S
О

W
e
VK Wh ОТ

online tracking (its chief executive Tim They can offer consent without offering And even if we as individuals opt out, direct control. on us in 10 years than they do today. We
s
Г

'
Д

/W
.C at
О

Cook said last year that “stockpiles of real choice. Today less than 10 per cent our behaviour can be inferred through Many services swap marginal intru- can ban police use of facial recognition, Henry Mance is the FT’s chief feature writer
M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 ★ FTWeekend 19

Food & Drink

L
ast February, to celebrate
his 54th birthday, wine
merchant Tuggy Meyer took
his 15-year-old son to dinner
at the Chinese restaurant on
top of London’s Royal Garden Hotel,
and enjoyed its famous duck and the
views across Kensington Gardens.
He’d recently sold the building in
Kensington Church Street that is home
to his shop, Huntsworth Wine, and so
was feeling pretty good about things.
But the next day he received news that
has clouded his life ever since, and has
implications for anyone who stores
wine in a professional warehouse.
He was told that over the weekend,
when there were no staff present and
the CCTV was not monitored, some
£200,000 worth of his stock had been
lifted out of the roof of the bonded
warehouse he used deep in the English
countryside. According to the terms
and conditions of his storage contract,
the warehouse was liable for just
£1,000 of his loss. “If I hadn’t just sold
the building, I would have gone under,”
Meyer admits.
Meyer has become concerned with
what he perceives to be widespread
ignorance in the wine trade of how
increasingly vulnerable fine wine is.
Every time he sees an article about the
increase in prices for fine wine, his
heart sinks. His theory is that thanks
to the determination of a colleague of
mine, Jim Budd, to wage war on wine-
investment scams, the individuals
behind these rackets (often initiated
by cold-calling potential investors) are
What to do in
a cellars’ market
Jancis Robinson
Wine
now looking for new ways of making
money out of wine.
“There’s no question that
we’re being targeted,” he told me.
“Last week, I sent out emails to
100 wine merchants asking whether
they’d experienced any losses and I’ve
already had three positive responses.”
One of these instances involved a
20ft container of wine that was
intercepted en route to a bonded
warehouse, the driver being told the
delivery address had changed. Another
merchant reported that all of four cases
in a consignment from France were
missing, while a third merchant found
his order short by a case of valuable
mixed Bordeaux. Short consignments
of wine are commonplace. Meyer, for
example, has received three short
deliveries since his big heist.
Most of the drivers of these
consignments are contractors. One of
them told me, under condition of
anonymity, that security varies
enormously between companies.
Octavian, whose storage fees are the
highest but which stores more than a
million cases of fine wine for traders,
merchants and collectors from 48
different countries in limestone
caverns deep beneath the turf at
Corsham, Wiltshire, is obsessive.
Drivers are allowed on the premises
only if they are on that day’s rota;
every case is photographed and
checked on dispatch and arrival; every
truck is inspected.
But some other professional wine
storage sites have little or no security
on the gate and very little oversight,
according to my source. A dozen or so
drivers may arrive at 5am and be
monitored by just one warehouseman,
who cannot possibly check everything.
The only safeguard on stocks is that
contracted drivers are personally liable
for any losses. My driver told me how,
in a previous, non-wine-related career,
he did some work for a bonded
warehouseman and was asked whether
he wanted to be paid in cash or wine.
California-based Maureen Downey
of Chai Consulting is the scourge of
wine counterfeiters, and she too feels
frustrated by what she sees as the
complacency of the wine trade.
“People who are not licensed to sell
wine are selling illegally on non-
traditional platforms,” she says,
“Craigslist, Facebook, eBay . . . there
is not much of a fingerprint left when
the sale is over, so the exposure of the
crooks is limited.”
Unlike Meyer and Downey, I’m not
convinced that the wine trade is being
targeted by an army of thieves — unless
they are stocking their own cellars.
I have come across no evidence of the
Jancis’s guide to UK merchants who store as well as sell
Some wine merchants operate their
own specialist storage companies,
such as Goedhuis’s Private Reserves,
Private Cellar’s Private Cellar Reserves
and Justerini & Brooks’ Cellarers, but
do not have their own warehouses.
The UK merchants listed here own
their own bonded warehouses.
disposal of stolen fine wine — in the
UK anyway. Anyone likely to buy it
belongs to a tight-knit club of UK
traders, and would be very suspicious
of an outsider offering classed-growth
Bordeaux of unspecified provenance.
(Admittedly, the British wine trade
may have a nefarious underbelly of
which I am ignorant.)
But Meyer’s experience has
convinced me of his other point: that
the exponential increase in the value
of fine wine has rarely been matched
by an exponential increase in insured
value and professional obsession with
security. “I reckon about 40 per cent
of the people in the wine trade, with
much more valuable stocks than I had,
have never actually been to their
bonded warehouse,” claims Meyer. “So
they have no idea whether they really
have 24-hour CCTV, for instance. It’s a
rather naive, old-fashioned business
that’s based on trust and has been too
slow to adapt.”
Only a small proportion of the bottles
sold by traders of fine wine and the
Averys, averys.com
Laithwaite’s, laithwaites.co.uk
Berry Bros & Rudd, bbr.com
Seckford, seckfordwines.co.uk
The Wine Society, thewinesociety.com
c For a free international guide to
where to store wine, see the ‘Learn’
section of jancisrobinson.com
smarter wine merchants in Britain is
ready to drink. This means that their
customers have to store their
purchases, often for years, sometimes
for decades. Very few collectors today
have sufficient storage space that is
suitably cool and dark to accommodate
a personal cellar, so they typically pay
whoever sold them the wine a storage
charge per case of a dozen bottles, or
part-case, that can vary from about £8
to £25 a year.
Few of the UK wine merchants have
their own storage either, and they
store vast quantities with professional
wine warehouses, typically bonded so
that customers don’t have to pay UK
duty on the wine until they want to
drink it.
Insurance is the big issue. Some —
but by no means all — merchants and
warehouse-keepers offer full insurance
that replaces losses at current value,
this last phrase being crucial in what is
an era of rising wine prices. Meyer
admits that storage charges at the
bond from which his stock was stolen
were relatively low. Now that fine wine
is so valuable, it is probably worth
treating it to top-quality storage, and
reading the terms and conditions in
fine detail. Flexibility of access and
speed of delivery will be a factor for
many wine collectors.
To add insult to injury, those whose
wine is stolen are still liable for VAT
and UK duty on it. “I bet half the trade
don’t know that,” says Meyer.
More columns at ft.com/jancis-robinson

A vegetarian feast Fennel, watercress

and nectarine salad

Cookery | In-season produce makes summer the ideal time to cut

out meat, says Rowley Leigh. In these recipes, veg is all you need

I
recently took part in a panel debate
on kitchen design at which one
expert opined that kitchens would
be greatly changed once “we started
printingourownmeat”.
“Printing” meat is food processing
taken to the next degree, when plant-
based “product” is fed into a machine
and something comes out the other end
that looks a bit like meat and has a tex-
ture a bit like meat. But it is not meat,
nor does it taste much like meat.
Many will see these attempts to simu-
late meat as harmless. Yet whether a
vegan “burger” is made from printed
meat, textured vegetable protein or a
simple home-made amalgam of vegeta-
bles, be it jackfruit, beetroot, brown rice
or soyabeans, it is still something pre-
tending to be what it is not.
Most such recipes are advertised as
“mouth-watering”, “yummy” or “sim-
ply delicious” — epithets that I seriously
doubt. Claims to be healthy or nutri-
tious are also highly questionable.
There are plenty of arguments for
veganism. There is an understandable
distaste for eating our fellow animals.
Even among dedicated carnivores,
there are few in the west who like the
idea of eating domesticated animals,
such as cats, dogs and even horses, and
certainly balk at the idea of fox, badger
and rat. These are not necessarily ethi-
cal considerations but matters of taste.
Whether we like eating meat or not, it
is clear that we need to eat less of it. The
worldwide hunger for meat and our dis-
Photographs like of paying too much for it has led us
by Andy Sewell to consume chickens that are intensely
reared in inhumane conditions. There is
not enough grass or grain that we can all
regularly eat prime steak. Nectarines and peaches will soon be
We must either moderate our con- over but plums just short of ripeness,
sumption or abandon meat altogether. I apples and pears can all be substituted
take the former position but have sym-
pathy with the latter. Ingredients
My point is that if you embrace a 2 heads of fennel
plant-based diet, it might be best to 2 large bunches of watercress
enjoy plants for what they are. If you’re 4 nectarines
hooked on the idea of a burger, forget 1 lemon
trying to make some sort of patty that 1 red chilli
looks or feels like ground meat; instead, 1 tsp coarsely cracked black pepper
cook a meaty vegetable such as a slab of 60ml olive oil
aubergine, a piece of salt-baked celeriac
or some portobello mushrooms. Method
It is not just attempts at simulating Remove any damaged outer fennel
meat that can be problematic, but the stalks. Trim the bases and remove the
structure of a vegan or vegetarian meal top stalks and fronds. Cut the bulbs
itself. The fact is that veg and two veg across the stalks as thin as you can (use
doesn’t really work. A carnivorous meal a mandoline if you can). Soak these
is centred around a chunk of protein; slices for at least half an hour so that
unless you’re a fan of jackfruit or tofu, they become crisp. Soak the watercress
there is no vegetable equivalent. in cold water, remove any tired leaves or
My idea of a vegetarian feast is a buffet woody stalks and spin dry.
of different dishes, reflecting the pas- Cut the nectarines in half and remove
sage of the seasons. Here we are now in the stones. Cut into thin semicircular
July, when the vegetable garden is at its slices and bathe in the lemon juice. Cut
most fecund. Next month I shall con- the top of the chilli and clean out the
tinue the theme with a glimpse of the seeds before slicing into very thin
more substantial possibilities of rounds. Combine the well-drained
autumn. All recipes serve four. fennel, nectarine and chilli, season with
salt and pepper and toss with the olive
Rowley Leigh is winner of the General oil. Very gently fold in the watercress
Cookbook Award at the UK’s Guild of Food and serve.
Writers Awards 2019

French beans, tomatoes
and wax beans, with a
herb dressing
Yellow wax beans are succulent but hard
to find; you can make this dish with just
the French beans or runner beans
Ingredients
300g French beans
300g yellow wax beans
6-8 tomatoes, large plum if possible
3 banana shallots
Oil for frying
2 tbs chives, finely chopped
1 tbs chopped parsley
1 tsp chopped tarragon
1 tsp Dijon mustard
2 tbs cider vinegar
100ml rapeseed oil
Method
Top and tail both sets of beans. Heat
a large pot of salted water to a rolling
boil. Drop in the French beans and cook
to your fancy: I like them tender
throughout rather than crunchy, but
still a brilliant green. Lift them out into
a bowl and run under cold water. Drop
the yellow beans into the hot water
until they too are tender: if
undercooked, they can taste starchy
and fibrous. Lift them out and spread
them on a plate — they will not need
А
П
into boiling water and leave for 30
seconds before removing and running
them under cold water until completely
cold. Remove the skins and cut them
into quarters lengthways. Remove the
seeds (seeds and skins can be used to
make tomato broth). Now cut the
tomatoes into thin strips about the
same size as the beans.
Peel the shallots and cut them into
very thin rounds and separate the rings.
Heat an inch of oil (olive or vegetable)
until hot but not smoking in a deep pan
and drop in the rings. Stir them with
tongs or a roasting fork so that they
colour evenly and lift them out when
golden brown. Drain on kitchen paper
and sprinkle with a little fine salt.
Dissolve a teaspoon each of salt and
black pepper in the cider vinegar and
whisk in the mustard before adding the
oil. Stir in the herbs. Toss the beans and
tomatoes in this dressing and sprinkle
the fried shallots over.
Courgettes and chickpea
purée with lemon, pine nuts
and rosemary
The courgettes on their own make a
great side dish. A touch of tahini will
give a hummus-like flavour if desired
Ingredients
200g chickpeas
1 tsp bicarbonate of soda (optional)
6 cloves garlic
1 onion, peeled and studded with
eight cloves the mixture with a little of the cooking
A few sprigs of thyme water to make a smooth purée.
300g green courgettes Wash, top and tail the courgettes,
300g yellow courgettes then peel alternating strips of the skin.
50g pine kernels Heat half the olive oil in a large frying
3 sprigs of rosemary pan and add the courgettes. Season
75ml olive oil well with salt and pepper and turn them
2 lemons regularly until they start to wilt and
have cooked through. Drain the
Method courgettes in a colander.
Soak the chickpeas overnight. Change Top up the frying pan with the rest of
the water, bring to the boil and drain. oil, add the pine kernels and rosemary
Cover with fresh water, add bicarbonate together, tossing them until they are
of soda, garlic, onion and thyme and evenly coloured. Return the courgettes

refreshing in cold water. bring to a simmer. Cook for two hours to the pan and douse with the juice of
П
РУ
w АГ

Remove the stalks from the tomatoes very gently until completely tender. both lemons. Toss together and taste
N ИЛ
SN s"

with a sharp knife and make a little nick

with Season with sea salt. Liquidise in a for seasoning before serving on a bed of
В

S
О

W
e
VK Wh ОТ

in the skin at the other end. Drop them blender or food processor, loosening the chickpea purée and crusty bread.
s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 ★ 20 July/21 July 2019

My mid-life
marijuana crisis

Joshua Chaffin
Citizen of nowhere

Taken on May 31 1935, this
SNAPSHOT photograph shows a man testing
a pair of Mabboux’s acoustic horns —
a device used to locate aircraft. The
‘Acoustic Horn’ image was one of thousands
produced for the French National
(1935) Scientific and Industrial Research
and Inventions Office as part of a
policy to encourage innovation.
Initially administrative in purpose,
the photographs take on an artistic life
of their own in Inventions 1915-1938.
From an early washing machine to
a device that allows you to answer the
phone while wearing a gas mask, the
technologies on display range from
the mundane to the improbable — and
prompt us to reflect on the outlandish
nature of some of our own
contemporary inventions.
Jessica Heron-Langton
‘Inventions: 1915-1938’ by Luce Lebart is
published by RVB books, €39
H
ere’s a question I did not
expect to be mulling in
middle age: should I
smoke pot?
I might not even
consider it if so many people were not
asking me. There were the parents on
the front porch after the party while
somebody paid the babysitter inside;
there was the wife of the friend I had
not seen in years, offering me her
“pen” as a matter of courtesy soon after
pointing out her children (How they’ve
grown!); and my wife’s friend from
graduate school sitting in our garden
after dinner.
All of them offering me pot. They
catch me off-guard and I feel genuinely
surprised — although I should not by
now. The old torment of peer pressure
returns — still surprisingly potent —
and I end up stammering an anguished
reply: “No, thanks. I mean — it’s OK.
I’m not against it or anything. I’m
just . . . It’s not you, it’s me.” Somehow
I feel I am disappointing them when
I decline. Perhaps I should partake
a bit just to be polite?
Since returning to New York last year
after a decade overseas, the thing that
has prompted a Rip Van Winkle sense
of surprise is the speed with which pot
has moved into the mainstream. I
Marijuana is not yet legal in New
York — although it might as well be.
The construction workers smoking up
across from our office on a recent
morning did not seem to be waiting on
the state legislature to iron out the fine
points — nor did the young men
around the corner passing a joint as fat
as a tree limb. The pungence of pot is
ever-present, encroaching on roasted
nuts and the tang of summer garbage
as essential city fragrances.
The business of pot is also ubiquitous.
If there is some wayward soul or
disgraced politician you’ve lost touch
with, there’s a better than even chance
they are now reinventing themselves as
In New York, the smell is
ever-present, encroaching on
the tang of summer garbage
as an essential city fragrance
a pot entrepreneur of some variety.
My own experience with pot is
disappointing: I used it a bit when I was
younger but never with great results.
I recall there being broad agreement
that I was insufferable when high. The
problem was the hysterical, shrieking
we grew older. Instead, I am struck
that so many of my middle-aged
contemporaries seem to have
rediscovered it. Many are corporate
types with law and business degrees
and mortgages and kids. Not exactly
the Dazed and Confused crowd.
Pot’s popularity feels in some way
like a verdict on antidepressants.
These have become widely used by our
generation. Yet pot’s appeal suggests to
me that these wonder drugs have
turned out to be less than cure-alls.
We are certainly living in stressful
times — with a race-baiting president
waging war on America’s institutions,
Brexit and the depressing mood music
of climate change. For those
uncomfortable with outrage, it can feel
as though there is little to do other than
vote and get by. Pot, I suspect, is a good
drug for the internal exile.
Then there is the kit. Newfangled
“pens” and sleek electronic cigarettes
mean that a person no longer has to
engage with the high-school rituals of
marijuana: the rolling papers, the
stench, the apple cores and so on. One
might just as easily be an investment
banker strolling through Midtown,
sucking on a vape.
I’m going to the West Coast to see an
old friend this summer for the first

Naomi Campbell and recall last year hearing Cynthia Nixon,

the Sex and the City actress then
running for governor, telling a radio
the road to rehabilitation journalist about her plan to legalise
marijuana. It sounded radical to me —
until I discovered that the incumbent
and pretty much everyone else
supported this, too. When did that
happen, I asked my wife, as if I’d
Jo Ellison missed a crucial plot point in a film.
How did it happen?
laughter. It might have been amusing
for a few minutes. But then it dragged
on and on and on. Soon even ardent
time in years. He no longer drinks but
informed us in a pre-vacation email
that he will be bringing copious
marijuana evangelists were telling me
I should not smoke it. Message
cannabis snacks for all to enjoy.
Naturally, I thought. Next time I write
received. I focused my efforts on booze one of these columns I may be high.
and trying to become a decent drinker. You may be, too.
It’s been the work of decades.
Marijuana, I had assumed, was joshua.chaffin@ft.com; @JoshuaChaffin
something that all but a few
connoisseurs would leave behind as Janan Ganesh is away

Trending

P
erhaps the most surprising
thing about “Come fly with
me”, a video charting Naomi
Campbell’s airport routine
released on her YouTube
channel Naomi, is not the revelation
that she is a bit of a germaphobe, who
keeps disposable plastic gloves and
antiseptic Dettol wipes in her hand
luggage. Nor is it the array of
facemasks she travels with, because
“everything is for hydration”, nor the
brightly coloured blankets she tucks
into the seat before take off and has
handwashed in her hotel. Nor even is
it the mask she wears throughout the
flight, “no matter what plane you take,
private or commercial”, to avoid being
infected by the sneezes that commence
with the descent.
It’s the fact she decided to make a
video on board a plane at all.
As those with slightly longer
memories will recall, the last time the
supermodel was so publicly associated
with a flight was in 2008, when she was
charged with assaulting two police
officers after a disturbance on a plane
at Heathrow’s Terminal 5. Then 37, she
was escorted from her Los Angeles-
bound flight after complaining that a
bag had gone missing. Perhaps it was
one containing her Dettol wipes?
This followed Campbell’s appearance
in criminal court the previous year,
charged with assault for hitting her
maid with a mobile phone. After
pleading guilty, she was given 200
hours’ community service.
In the early part of this century her
public image was tied up with a
reputation for volatility. She fell out
with agents and was described as
difficult on set. Following the 2008
case, in which she pleaded guilty, she
had to serve another 200 hours of
community service. Her last court
appearance took place in 2010, when
she was questioned as a witness at the
war crimes trial of the former Liberian
ruler Charles Taylor about a “blood
diamond” gift she was presented with
in 1997 — not a great look.
But recent years have seen a very
different Naomi narrative emerging.
It’s one that has highlighted her work
to champion diversity in fashion, her
numerous charitable causes, from
breast cancer awareness to children’s
welfare to disaster relief, and her role
as an ambassador for maternal health
and, ultimately, fashion. Her
transformation will see her fully
redeemed in December at the Fashion
Awards, in London, when she will be
crowned an Icon, in recognition of her
efforts to use fashion for change.
“I think I made the name anger
management famous,” Campbell said
in 2013 of her road to rehabilitation in
an interview which also discussed her
former drug addiction. Her recovery
has been slow and hard-won. And fair
play to her. She’s worked hard on
exorcising her demons, and though she
has clearly retained the mark of an
obsessive — I urge you to watch her
wiping down a first-class cabin in
The supermodel will no
longer be associated with air
rage but with her aggressive
use of antiseptic wipes
rubber gloves and a silk,
monogrammed Burberry pyjama suit
— it’s rather sweet to think that for a
new generation, Campbell will not be
associated with air rage and anger but
with her aggressive use of antiseptic
wipes. Rather than an icon, she appears
blessedly human. It’s undoubtedly her
most relatable incarnation yet.
Public forgiveness is fickle. Some
must labour for years in the shadow of
their reputations. Others seem to get a
free pass. Perhaps it depends where
your position on the moral high ground
was to start with. The stand-up
comedian Louis CK who, in 2017,
publicly acknowledged various acts of
sexual misconduct has been booking —
and filling — seats on a summer
comeback tour that has been quietly
growing in momentum.
On Wednesday, in Massachusetts,
prosecutors dropped a case accusing
Kevin Spacey of sexual misconduct.
This was the only case to have been
brought against one of the most high-
profile actors to have been embroiled
in the #MeToo movement. But for how
long will his reputation remain tainted?
Must Spacey now embark on a crusade
of philanthropic causes? Will he work
again? It will be fascinating to see how
quickly Hollywood extends its favour
to his future career.
And what of Dolce & Gabbana? The
Italian brand seems to have become
a bellwether when it comes to reading
the mood in fashion regarding social
justice. Having had to abort a show in
China last November following a public
relations disaster during which the
brand’s designer Stefano Gabbana was
accused of making racist insults on
Instagram (though he said he had been
hacked), the brand was removed from
several Asian ecommerce sites and was
widely considered toxic. Ever since,
wearing the brand has been considered
something of a statement, but recently
it has become more visible again.
Catherine, the Duchess of Cambridge,
wore a grass-green Dolce & Gabbana
dress to watch the women’s final last
weekend at Wimbledon. She first wore
it in 2016, on the royal tour in Canada
— and possibly has no clue as to the
context of her clothes — but as a
gesture of support for the designers,
who have maintained an
uncharacteristically low profile since
the events of last year, it will have been
significant. And the moment will have
gone a long way to reshape their
reputation in the west.
Asian clients, however, might need
more persuading. In China, where the
market is particularly determined by
vloggers and social media stars, and
People of Influence (POIs) are
instrumental in a brand’s success,
Dolce & Gabbana has yet to be
forgiven. According to various sources,
sales have failed to rebound in Asia
since the scandals, but more crucially
the POIs aren’t wearing it in public.
A Duchess can do so much. But until
the POIs pick it up again, Dolce &
Gabbana will remain PNG (persona
non grata).
jo.ellison@ft.com; @jellison

FT Weekend Festival 2019

The FT Weekend Festival returns on
September 7 in the grounds of
London’s Kenwood House. It will
А
П
to the perfect wine. Speakers include
Ed Smith on England’s cricket
triumph, Prue Leith, Simon Schama

unfold in eight tents addressing and Emily Maitlis. For tickets, go to:
П
РУ
w АГ

everything from the march of robots ftweekendfestival.com

N ИЛ
SN s"
В

S
О

W
e
VK Wh ОТ
s
Г

'
Д

/W
.C at
О

M
П

Chess solution 2324 1 Rh5! Qxd7 2 Ng5+ Kh8 3 Rxh6 mate.

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
Saturday 20 July / Sunday 21 July 2019

O, Yes! Jackie’s former estate in Martha’s Vineyard is on the market — US PROPERTY PAGE 3
Follow us on Instagram @ft_houseandhome

The home of prime property: propertylistings.ft.com Follow us on Twitter @FTProperty

L
ondon’s most illustrious resi-
dents are honoured with
ceramic blue circles — great
lives lived in the same place,
in a different time. The latest
will be fixed to the residences of Martha
Gellhorn and Bob Marley, among oth-
ers. Some only passed through; others
spent their lives in the UK capital.
Many global cities salute their cele-
brated citizens with similar schemes,
and plaques can add prestige and value.
But they can also cause controversy and
lead to resentment. What does it take to
qualify? And what is it like when your
home is marked — quite literally — by a
former resident?
Deciding who is honoured, and at
which building, is a “pretty competitive
process”, says Howard Spencer, senior
historian for English Heritage’s blue
plaques scheme in London, founded in
1866 and thought to be the oldest of its
kind in the world.
Nominations are received from the
public, and limited to one per person
per year. The subject must have died
more than 20 years before, and the sur-
viving London building must remain in
a form that the commemorated person
would have recognised and be visible
from a public highway. No more than
two plaques are allowed on a single
building. Residential commemoration
in the UK is a peculiarly local business:
English Heritage piloted a national
scheme between 1998 and 2005, but
closed it after finding other cities pre-
ferred their own schemes.
Every year, up to 80 nominations are
debated by a 12-strong panel. The
current group includes historians Rose-
mary Hill and Professor David
Olusoga, novelist Alan Hollinghurst

Deciding who is
honoured, and at
which building, is a
competitive process

The plaque pack

and art historian Philip Mould. The
candidates are whittled down to 12
“pre-eminent, game-changing figures”,
in Spencer’s words. When several
dwellings may be suitable to commemo-
rate a particular subject, the panel
tries to honour the building where the
person was at their “creative peak”, or
where they made “their vital scientific
discovery”. Bob Marley’s plaque to be
unveiled in October, for example, will
mark the Chelsea house where he and
the Wailers lived in 1977, when they had
finished recording the platinum-selling
album Exodus.
Spencer justifies the 20-year wait as a
means of securing a reputation. “Any-
thing that is really untoward about
them would have come to light” in the
interim period, he says. Hurrying to
commemorate a life can end in disaster
— as was the case with the Scarborough
and District Civic Society’s plaque to
Jimmy Savile, installed on the BBC
broadcaster’s former home in 2012, a
year after his death. When sexual abuse
allegations surfaced, the plaque was
defaced and hurriedly removed.
But a two-decade delay is not without
its frustrations. When seeking to hon-
our Philip Jones, the classical musician
and trumpet player who died in 2000,
his wife Ursula Jones and his musician
friends opted for a green plaque from
Westminster Council, rather than wait-
А
П
П
РУ
w АГ
N ИЛ
SN s"
В
Heritage | London’s blue plaques mark the capital’s greatest residents — and their
presence on a house can transform the value of an entire street. By Emily Rhodes
ing for 20 years to apply to English Her-
itage. The green plaque could be added
to Jones’s St John’s Wood home the year
after his death. Ursula, who is in her
eighties and still lives in the house, says:
“I wanted to have it while I was alive,
and I worried that in 20 years a brass
player would be forgotten.”
Four of the five English Heritage
plaques announced this year will hon-
our women, in an effort to redress an
imbalance: just 14 per cent of existing
plaques commemorate women. In the
past, the gender problem has led to
resentment and activists have taken
matters into their own hands. This year,
members of a Norfolk theatre company,
the Common Lot, erected eight home-
made plaques in Norwich to honour
the city’s “heroines”. Alison Treacy
not to damage anything, but as the
plaques are beautiful and temporary,
we’ve had no negative reactions.” The
group says it was careful to use adhe-
sives that would not cause damage to
buildings. It is now in talks with the
local authority about making them a
permanent fixture.
Why did they not take the official
route to commemoration via the local
council? “We wanted to make a point,”
says Treacy. “It could have taken years
to get this level of interest from the
media — coverage that has led to people
from around the world getting in touch
(Clockwise from from the company says the idea came and saying: ‘we need to do this in our
top left) Plaques to the group while researching and town, too’.
for Patrick writing a play about radical Norfolk “It wouldn’t have been guerrilla
Blackett and women. They realised that just 25 plaquing if we had asked permission,”
Samuel Beckett, of the city’s 300 heritage plaques were Treacy adds.
Paultons for women. Another problem faced by English
Square, Chelsea; They made their own plaques to rep- Heritage — and one harder to rectify — is
Hungerford resent eight from the play, including the difficulty in tracking down owners
Road, Holloway; Emma de Gaudar, a young woman who of buildings. Permission to install a
Lawford Road, at the age of 16 is believed to have held plaque must be granted by the property
Kentish Town; Norwich Castle against a siege by Wil- owner, and while English Heritage’s
Brook Street, liam the Conqueror. Over three nights, requests are occasionally refused, it is
Mayfair; (left) 10 members of the group (who range in more common to be met with silence,
Mary Shelley’s age from 15 to mid-seventies) made the says Spencer. “Due to the complicated
former home in plaques using a silicon cake mould, ownership structures of properties in
Chester Square pricking out the words with wooden London today, it can be very difficult to
sold for £14m letters in clay. They installed them at find the actual decision maker — it can
English Heritage/Lucy
Millson-Watkins; English
night using a stepladder, hooks, cable take years.”
Heritage Trust; Alamy; ties and tape.
Treacy says: “It’s really important Continued on page 2

S
О

W
e
VK Wh ОТ
s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
2 ★ FTWeekend 20 July/21 July 2019

House Home

The tyranny of I like kitchen gadgetry but despair at

ubiquitous faux-vintage designs — to
me, they look oversized and ugly.
twee kitchenalia Why are they designed this way?
And can you recommend stylish
alternatives?
I went shopping online for kitchen
appliances for our new home in the
country and ended up falling down a
rabbit hole. (Recent sample Google
search: “most handsome
toaster 2019”).
I nearly caved and bought a 1950s-
style Smeg fridge-freezer because I
prefer coloured appliances to white,
black or chrome, but I could not
bring myself to do it. I wanted a
ketchup-red fridge, a telephone box
with an ice machine. But I cannot get
behind that faux Americana thing, and
I associate those fridge-freezers with
cupcakes (you know the ones I am
talking about — the size of a baby’s
head, smothered in half a litre of tooth-
shatteringly sweet buttercream) and,
Luke Edward Hall God forbid, bunting.
Neither am I into curvaceous
toasters. One model I have just been
Readers’ questions looking at resembles a new
Routemaster bus, and that is not a
good thing. As with cars and blazers, a
boxy shape is better. And the colours
are never right — what’s with all the
pastels? Watery cream, depressing
duck egg, too-pale pink, that shade of
toothpaste mint that defies definition,
neither blue nor green? Give me a
proper tangerine or intense violet any
day. The whole vibe is too sugary.
Why are they designed this way?
Perhaps it has something to do with
KitchenAid’s revival, which started in
1994 with the relaunch of its signature
mixer machine in a rainbow of colours.
They cropped up in cooking shows and
faux-retro cupcake shops as a sort of
twee status symbol.
Of course, these days you can buy
armies of appliances all in
the same shade of clotted
cream. But where do
you draw the line? Once
you have bought the
fridge, do you get the
matching toaster and kettle?
I suppose that is the idea.
Do not misunderstand
me: a bit of 1950s style is
always welcome. A
stainless-steel diner on
some ghostly, endless
highway in Ohio with red leather
banquettes, neon signs and a
checkerboard floor is actual heaven.
When this look is reinterpreted in a
cute fashion, it becomes off-putting.
At home in London I have a
Kenwood toaster that I have replaced
at least a couple of times. The
model, kMix, is available in delectable
colours: bright green, acid yellow,
cobalt blue, fuchsia and tangerine.
Proper colours. It is cheap and
attractive, with slightly rounded
corners that hint at retro design, but
without looking faux. They can be hard
to track down, but search online for
“Kenwood kMix yellow toaster” and
you will see where I am coming from.
I absolutely would buy
matching kettle, toaster
and hand blender in
acid yellow.
Ubiquitous as
they are, Dualit
makes the most
handsome
appliances. Its
NewGen range
comes in shiny
red, which is OK, but in
the absence of colour
options, I would put up with steel
and black.
And you cannot go wrong with
Dualit’s Architect, Classic or Studio
Kettles. Most other models are too
curvy, or too blobby and bulbous, like a
I absolutely would 2016 compact 4x4. Bring back boxy
shapes. I want a toaster that looks like
buy matching a 1995 Range Rover, not a Boris
kettle, toaster and Johnson-endorsed bus. We opted for a
run-of-the-mill stainless-steel fridge-
hand blender in freezer for our country house in the
acid yellow end: big and boring but I will cover it in
postcards, photographs and magnets
soon enough.
I have come to the conclusion that
there is a gap in the market for simple,
well-priced kitchen gadgets in good
colours that are chic, refined and
elegant and straightforward to use.
And without brand names splattered
across them. This formula could apply
to many products for the home and
person: table lamps, pants, loafers,
bags. (Calling all investors: I am
waiting by the telephone.)
Luke answers readers’ questions on design
and stylish living every fortnight. Email
him at lukeedward.hall@ft.com and
follow him on Instagram @lukeedwardhall

Inside The plaque

pack
Continued from page 1

This difference between who owns a

building and who lives in it is not new.
Pippa Thistlethwaite was a long-term
tenant at 81 Charlotte Street in Fitzrovia
during the 1970s. She was surprised
Malta property when one day a plaque “was just sud-
Island’s ‘golden visa’ leads to denly there”. She had no idea that Rob-
a building boom ert Smirke, architect of the British
Page 4 Museum, had lived there.
The discovery had a particular reso-
nance for Thistlethwaite, who was
working as a freelance picture
researcher in the British Museum’s
Reading Room: “I used to think about
how we must have walked the same
route every day.” It was an uncanny
echo in an otherwise very different
building: “The house was split into
three flats, with a sweatshop down-
stairs and a travel agent on the first
Architecture floor . . . the only thing he would have
Whatever floats your boat . . . recognised would have been the out-
cork as a building material? side, and maybe the door knocker — it
Page 6 was a very nice door knocker, maybe
that was original.”
Publisher Selina Walker, who was
Artificial intelligence instrumental in installing a plaque to
What really happens when we John Masefield, the former Poet Laure-
invite technology into the home? ate, on her west London home in 2002,
Page 8 agrees. “It is a nice way of keeping in
touch with and celebrating the past.”
She recalls meeting Masefield’s family at
the party she held when the plaque went
up, and being informed that wherever
the poet lived, he was “always within
sight of water” — her home overlooks
Regent’s Canal.
Architectural writer Gillian Darley
has owned 14 Doughty Street in
Bloomsbury for more than 30 years,
where a handsome terracotta plaque (a
Gardens design that predates the blue ceramic
La Foce marries English style with ones) for 18th-century writer Sydney
an Italian landscape Smith adorns the exterior. “Sometimes I
Page 9 feel very close to him,” she says.
He is described on the plaque as
“author and wit”, and Darley appreci-
ates his witticisms, indulgently quoting:
“My idea of heaven is eating paté de foie
gras to the sound of trumpets.” She says:
“As someone who writes and tries to
apply humour to dire situations, the
plaque is a daily reminder.”
Darley is also aware of how times have
changed, noting that in the Dictionary of
National Biography, Leslie Stephen
(Virginia Woolf’s father) wrote that
Smith lived in a “mean house in
Doughty Street”. She laughs: “Who
would call it mean now?”
While Walker says the plaque makes
her house special, just how special can
be quantified. Knight Frank, the estate
agent, says plaques tend to increase the
value of a house. The agency has gath-
ered sale prices of every London blue
Robin Lane Fox plaque property sold over the past dec-
For reliable planting, the cat’s ade. Some, such as composer Hubert
got the cream Parry’s house in Kensington Square,
Page 12 which sold for more than £18m in 2014,
or Mary Shelley’s former home in
Chester Square, which sold for £14m
FT Weekend Festival in the same year, are expensive. James
Commemorative schemes around the world
Many countries commemorate
notable former residents, but their
schemes differ, and often depend
The FT Weekend Festival returns on on cultural and political priorities.
September 7 at London’s Kenwood Chile’s National Monuments
House. Themes discussed in the Council marks burial sites of the
House & Home tent will include country’s indigenous peoples.
sustainable gardening and the future Plaques also attempt to preserve
of the property ladder. For tickets, national memory of the country’s
go to ftweekendfestival.com darkest historic episodes. For
example, an engraved bronze
House & Home Unlocked plaque is installed on the wall of
Villa Grimaldi, a torture camp
А
(Above) The
Common Lot
erected eight
home-made
plaques in
Norwich to
honour
local ‘heroines’;
(right) Bob
Marley (centre)
and the Wailers
in London
(1973)
XX; Michael Ochs
Archives/Getty Images
Pace, head of Knight Frank’s Chelsea
Office, says a blue plaque is “a talking
point” when marketing a property:
“It’s something we can lever off to
generate interest, and the more interest
we get in a property, the better value we
get for it.”
He adds that blue plaques hold partic-
ular appeal for prospective home-
buyers “who buy into the narrative sur-
rounding it”. Pace suggests that this
value is not conferred just to the prop-
erty itself, but spreads to the immediate
neighbourhood. He cites the example of
Chelsea’s Paultons Square, where the
houses are “elevated” by the square’s
Sto:lo, the people who inhabited the
area for 5,000 years before
colonists arrived. Another
remembers Demasduit, one of the
last Beothuk aboriginal women,
who died in 1820.
Some countries install plaques
overseas. The Philippines, for
Memorial in Santiago, Chile example, has placed a monochrome
Alamy
metal marker on Guam, a US Pacific
establishing the nation. The island territory, to commemorate
deciding committee, once described Apolinario Mabini, a revolutionary
as a “Victorian gentlemen’s club”, is leader and the Philippines’ first
five plaques — to Samuel Beckett,
Patrick Blackett, Henry Watson Fowler,
Gavin Maxwell and Jean Rhys.
But, according to English Heritage’s
Spencer, while a blue plaque adds cul-
tural capital to a property in terms of
real financial value, “you’d be better off
modernising a bathroom”.
There are downsides. Blue-plaque
houses feature on many walking tours,
and Caroline Mittwoch, a medical
researcher who lives at 6 Wimpole
Street, the former home of Sir Frederick
Treves — surgeon of Elephant Man
fame — says when groups gather on
the steps, “it can be slightly annoying
if you’re coming back home carrying
shopping bags, or with a buggy, and
you have to manoeuvre around
them”. She also points out a benefit:
“Sometimes I listen to them; it can be
quite illuminating.”
Whether the plaques are inherited,
nominated or home-made, most
residents are overwhelmingly fond of
them. If anything, the value a plaque
adds to a property is such that, as
Darley points out, “it is almost a
constraint” when it comes to the pros-
pect of selling a home. “It means you
want to safeguard it rather than stick it
on the market.”
Meet the makers
All of London’s blue plaques are
made by Frank and Sue
Ashworth and their son, Justin.
The family works from a studio
on the banks of Cornwall’s river
Lerryn, near Fowey. They have
been making plaques for
English Heritage since 1984.
“I try to visualise in my mind
what sort of person they were,”
says Frank of his
commemorative subjects, “and
what they would think about a
plaque being put up for them.”
The process starts with Frank
casting the plaque from a
special clay composition — the
result of a “secret recipe”
handed down to them by the
previous maker’s widow, he says
— before it undergoes
painstaking lettering work,
completed by Sue. The
plaque is finally finished in
the distinctive lapis lazuli-
coloured glaze.
Many of the Ashworths’
ingredients are found locally,
with the lead, copper and
china clay coming from nearby
Devon. It is not easy work.
“Ceramics is full of danger,” says
Frank. A crack in the plaque
renders weeks of work useless,
and the process must start
again from scratch.
Nicole Douglas-Morris

FT subscribers can sign up for our weekly Bob Marley’s plaque at 42 Oakley Street,
П

during the Pinochet dictatorship. today overseen by Parks Canada, a prime minister, who was exiled
П
РУ

email newsletter containing guides to the

Chelsea, will be unveiled on October 1.
w АГ

In Canada, maple-leaf red government organisation. One there in 1901 after protesting
global property market, distinctive Sue and Frank Ashworth
N ИЛ
SN s"

markers first celebrated “great men plaque at the archeological site of against US rule.
В

S
О

architecture, interior design and gardens. Sam Chick/English Heritage Trust

W
e
VK Wh ОТ

and events” credited with Xá:ytem bears testament to the Nicole Douglas-Morris www.english-heritage.org.uk/visit/blue-
s
Г

Go to ft.com/newsletters
f
'
Д

/W
.C at
О

plaques/
M
П

O
З

"
И
Л
РЕ

20 July/21 July 2019
US property Martha’s
Vineyard has been the
favoured getaway for
wealthy Bostonians, but
price growth is flagging.
By Hugo Cox
T
he time to repair the roof is
when the sun is shining,”
said President John F
Kennedy in his 1962 State of
the Union address. With a
price tag of $65m, buyers considering
Red Gate Farm in Martha’s Vineyard,
one-time estate of Jacqueline Kennedy
Onassis, now being sold by her daughter
Caroline Kennedy, will hope the mainte-
nance is up to scratch.
Even by the standards of Martha’s
Vineyard, the exclusive island enclave
off the coast of Massachusetts, the par-
ticulars of the home are compelling.
Landscaped by Bunny Mellon, who
redesigned the Rose Garden at the
Kennedy White House, the estate fea-
tures more than a mile of private beach-
front in its 340 acres. The main house,
with five bedrooms and just under
6,500 sq ft of living space, was com-
pleted in 1981. In 1979, when Onassis
paid $1m for the estate — which is near
Aquinnah on the island’s western tip —
the only structure was a hunting cabin.
In the US, connections to famous
names can add a hefty premium, but is
Red Gate Farm really worth $65m —
twice the price of the island’s most
expensive sale? Potential buyers should
consider the state of the local market —
which is complex.
In May, the average house price in
Dukes County, which includes Martha’s
Vineyard, was 2.7 per cent up on the
year before, according to Zillow, lagging
А
П
П
РУ
w АГ
N ИЛ
SN s"
В
S
О
W
e
VK Wh ОТ
s
Г
'
Д
/W
.C at
О
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
★ FTWeekend
Edgartown is the biggest town in Martha’s Vineyard; and (right) Jacqueline Kennedy Onassis
Getty Images; David McGough/DMI/The Life Picture Collection via Getty Images
Island retreat
Red Gate Farm, both the national average of 5.4 per cent
a 340-acre plot and the 3.4 per cent gain in nearby
with a five- Boston, from where a good number of
bedroom main the island’s affluent second-home
house, $65m owners originate.
Laura Moss Photography
The probable reason for the slow
growth, says Jeff Tucker, an economist
at Zillow, is the US tax reforms, which
limit the amount of state and local taxes,
including property taxes, that most
Americans can deduct from their
federal tax bills to $10,000.
Zillow puts local property taxes for
Martha’s Vineyard homes at roughly
0.56 per cent. “By national standards,
these are relatively low, but because
prices in Martha’s Vineyard are so high,
and buyers are very affluent — meaning
they have large tax liabilities elsewhere
— the tax reforms are having an
impact,” says Tucker. The tax payable
on homes costing more than $1.79m —
which number 167 of the 344 registered been blamed for causing a
for sale on Zillow on the island — would sharp decline in local prices.
take up the $10,000 allowance by itself. Martha’s Vineyard has many
In other second-home markets, most attractions. The remote island loca-
notably the Hamptons in the high-tax tion — it is accessible only by boat
state of New York, the tax reform has and air — makes for pleasant sum-
mer temperatures, and beautiful
beaches add to the appeal. Relative
quiet is secured by local conservation
Oak Bluffs easements, which consist of agree-
Tisbury ments between homeowners’ associa-
tions and the local government to limit
Edgartown development, says Tucker.
Martha’s A-listers such as Jackie O and
Vineyard Katharine Graham, publisher of the
Washington Post during the Watergate
scandal, were among a number of
Chappaquiddick wealthy buyers who purchased vast
Island tracts of land in the 1960s and 1970s,
Aquinnah Dike Bridge says Julia Wells, editor of the Vineyard
maps4news.com/©HERE 5 km Gazette, the island’s newspaper. This
has meant little development on
3
House Home
i / BUYING GUIDE
The median asking price for homes listed
on Zillow in Dukes County, which contains
Martha’s Vineyard, is $1.44m
Multiple daily flights connect Martha’s
Vineyard Airport with New York (1hr 10
min) and Boston (40min)
There were 54 homes for sale on Zillow at
the start of July costing more than $5m
What you can buy for . . .
$2m A three-bedroom detached house
in Edgartown
$5m A three-bedroom waterfront house
with private dock in Chilmark
$20m A five-bedroom waterfront house
on Katama Bay
More at propertylistings.ft.com
these plots in intervening years, which
has restricted supply and helped keep
values high. “Available land is rare and
the few plots that come up for sale com-
mand high prices,” says Tucker.
In Tisbury, in the north of the island,
Sandpiper Realty is selling a three-
bedroom house with a white picket
fence and a back garden for $1.499m.
In Aquinnah, the same agent has a
five-bedroom waterfront house
with a pool and private beach on
Menemsha Pond for $5.8m.
The Kennedy connection runs
deeper than the link to Jackie O.
This week marks the 50th
anniversary of the Chap-
paquiddick incident. In
1969, Ted Kennedy, the
former senator and younger
brother of John and Robert,
drove his car off a bridge on
Chappaquiddick Island, part of
Edgartown, resulting in the
death of his passenger, 28-year-
old Mary Jo Kopechne. Kennedy
fled the scene, failing to report
the incident to police for 10
hours. The scandal haunted him
for decades.
There are links to other presi-
dential families too. The Clintons
have been regular visitors, as
have the Obamas. In 2017, there
was even talk among the locals
that the Obamas were looking for
a home there. A spokesperson for
the family has since denied the
rumours — which probably rules them
out of buying Red Gate Farm.

4 ★
House Home
Malta property The island’s
golden visa programme has
contributed to a building
boom and soaring prices
but has also created friction
with locals. By Layli Foroudi
W
hen Chris Wood’s
employer proposed
transferring him from
Dublin to Malta, he pic-
tured a change in life-
style. “I wanted to get away from the
rain and spend my days off at the beach
relaxing with an ice-cold beer,” he says.
Today, he lives in a flat a 30-second walk
from his office in Msida, but his home is
surrounded by construction sites.
It is not just this neighbourhood.
Cranes are multiplying on the Maltese
horizon, roads are being widened and
building-height restrictions are being
lifted as the island adapts to accommo-
date the influx of companies and inves-
tors to which the government is offering
incentives to settle on its shores.
Due to tax refunds, companies are
able to pay an effective corporate tax
rate of about 5 per cent, which makes it
the lowest in the EU. It was the first
European country to introduce remote
gaming regulations in 2004, and online
gambling companies contributed 12 per
cent of Malta’s gross domestic product in
2016. But the industry is also at the cen-
tre of a Mafia corruption probe led by
the Italian authorities. Undeterred,
prime minister Joseph Muscat is pro-
moting Malta as a “blockchain island”.
In 2014, he also brought in golden visa
schemes, allowing foreigners to buy a
Maltese passport or residency.
Malta’s construction frenzy has pro-
voked anger. In June, hundreds of Mal-
tese protested after a house was dam-
aged by excavation works nearby. “The
number of permits issued actually
exceeds Malta’s population growth, and
a large chunk of what is being built is not
aimed at providing housing [but] for
purchase by wealthy persons from
abroad,” said Andre Callus, an activist
with the collective Moviment Graffitti.
Grace, a 61-year-old resident of
Xghajra, no longer opens her windows
because of the dust. “Everywhere is
blocked; there is no air. Of course they
are creating a lot of jobs, but they are
destroying the island,” she says. Grace
lives with her 27-year-old daughter
А
П
П
РУ
w АГ
N ИЛ
SN s"
В
S
О
W
e
VK Wh ОТ
s
Г
'
Д
/W
.C at
О
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
A rapidly rising tide
(Above) The waterfront in Sharon, a teacher, who cannot afford to
Msida, near the capital move out of the family home.
Valletta — Getty Images Malta’s house prices have soared and
blocks of flats are following suit.
(Below) A rendering of Between 2015 and 2018, the number of
Mercury Tower, St Julian’s dwelling permits allocated annually
more than tripled, from 3,957 to 12,885;
almost all of them are for apartments.
Perry Estate Agents is marketing a
two-bedroom penthouse with a balcony
overlooking the rocky Sliema coast for
€2.7m. Sotheby’s International Realty is
marketing a three-bedroom apartment
with sea views for €6m in Mercury
Tower, a Zaha Hadid-designed develop-
ment in St Julian’s that is set to be the
tallest on the island. “The prime minis-
FTWeekend
ter says he has Malta in his heart,” says
Grace. “I say he has Malta in his pocket.”
In April, the Council of Europe anti-
corruption watchdog published a report
accusing the Maltese government of
apathy in combating corruption and
money laundering, including in relation
to the sale of land and the golden visa
schemes. Laure Brillaud, senior policy
officer at consultancy Transparency
International, says there are insufficient
checks for money laundering and tax
evasion. “The most recent case was a
Russian national arrested for money
laundering [in Finland] and he was
found to have obtained Maltese nation-
ality in 2015,” she says.
To qualify for a passport, applicants
must pay the government €650,000,
invest €150,000 in approved financial
instruments and buy a property for at
least €350,000, or rent for a minimum
annual cost of €16,000. Technically,
they need to reside in the property for
183 days a year for five years, but the
Maltese regulator has said “physical
presence” is not required. So far, 1,431
people have been accepted on to the
programme, most of whom rent. Many
who do buy spend well over the thresh-
old: last year the average property pur-
chase price was €1.2m. A 2018 IMF
report warned that a rapid influx of
housing investment in Malta could lead
to a property bubble.
“Our [citizenship-buying] clients pre-
fer city living . . . it is more convenient
and they have pools and gardens all over
the world,” says Robert Spiteri Paris, co-
managing director and head of lettings
at Perry. “They are not based here per-
manently. They don’t have family or
friends; they just need a place where
they can shut the door.”
Before Maltese journalist Daphne
Caruana Galizia was murdered in 2017,
she had been investigating corruption
and the citizenship scheme. “There is a
lot of construction and a lot of corrup-
tion” in the sale of land as well as in the
Gozo
Mediterranean Sea
M A LTA Saint Julian’s
Malta Sliema
Manoel Valletta
Island
Msida
Xghajra
5 km
maps4news.com/©HERE
20 July/21 July 2019
i / BUYING GUIDE
Most sellers ask buyers to enter into
a promise of sale agreement, or a
konvenju, before the final deed of sale.
There is no law on what needs to be
agreed to, but it generally covers the
purchase price and conditions around
building permits
When buying a property, expect to pay
5 per cent stamp duty and a 1 per cent
notary fee. There are no clear rules about
agency fees, but generally the seller pays
5 per cent commission
What you can buy for . . .
€200,000 A new two-bedroom
apartment in Gzira
€2m A three-bedroom villa in Madliena
with pool
More at propertylistings.ft.com
granting of passports, says her son,
Matthew Caruana Galizia, also an inves-
tigative journalist. Three men this week
were formally charged over her murder.
There are alleged conflicts of interest.
The permit for the DB Tower in St
Julian’s was revoked in June when a
planning authority board member was
found to be a shareholder in Re/Max, an
estate agent marketing the flats.
Carmel De Gabriele, the regulator
managing the investor citizenship pro-
gramme, rejects claims the scheme has
links to corruption and money launder-
ing. Kate Everett-Allen, head of interna-
tional residential research at estate
agent Knight Frank, thinks the scheme
has had minimal impact. “Given the
scale of the population, the demograph-
ics and the housing stock, [1,431]
doesn’t sound like a significant fig-
ure . . . annual [house price] growth in
Malta reached double figures at the end
of 2015, but that was when the economy
started reaching higher annual growth.”
Sharon’s teaching salary has not kept
up with rising prices, leaving her too rich
to qualify for social housing but too poor
to buy or rent in a market with no afford-
ablehousing.“Youcannotjustbuyaone-
room property for a family,” she says.
Some newcomers are complaining
too. “It has changed the scene from
a lovely little island in the Mediterra-
nean to a very busy island with a lot of
cars and taxi services,” says Jacques
Vissers, a Dutch director of an online
betting business. After 12 years, he is
ready to leave.
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 ★ FTWeekend 5

А
П
П
РУ
w АГ
N ИЛ
SN s"
В

S
О

W
e
VK Wh ОТ
s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ

6 ★
House Home
Show
stopper
Architecture | A house made of cork may sound
unlikely, but the bark material is robust
as well as sustainable. By Edwin Heathcote
W
ine corks often crumble
on the end of a cork-
screw, so cork may not
seem a robust choice for
building. It is difficult to
imagine an entire house constructed
from a byproduct of their manufacture.
Yet robust is exactly what Cork House is.
On a picturesque island between tribu-
taries of the Thames at Eton, it is an odd
little building with stepped roofs.
Dark, tactile and beautifully textured,
Cork House must be one of the most sus-
tainable houses built in the modern age
and even gained a place on the 2019
RIBA Stirling Prize shortlist, announced
this week. But cork? Seriously?
Cork House is not just clad or lined in
cork but also built almost entirely out of
the material. As its architects Matthew
Barnett Howland, Dido Milne and
Oliver Wilton guide me around, they
show me a slide of a section through a
typical house. There are layers of stuff —
the blockwork, the brickwork, the cav-
ity, the insulation, the moisture mem-
branes, the surface finishes, plaster,
paint and so on. “Could we get rid of all
that and do everything in one material,
one solid block?” Barnett Howland asks.
He could, as it happens. We might not
think of cork as the strongest material,
or the most robust. But if it is deemed
the best material to stopper bottles of
expensive wine it must surely be airtight
and watertight. “We wanted to reboot
the wall,” the architect says, “[with] one
single solid material to replace all those
layers. Cork was just the means to
achieve that end.”
It might be a new material for walls
but paradoxically it forced the archi-
tects back to the most archaic of forms.
“Cork is excellent in compression,” Bar-
nett Howland says (think of those wine-
stoppers) “but absolutely useless in ten-
sion. We weren’t using any mortar
between the blocks so we ended up in
the same architectural territory as the
Hot property
Homes for
cyclists
By Jessie Williams
B Cortina d’Ampezzo, Belluno, Why The most impressive
Italy, €1.8m sections of the Giro d’Italia bike
race are the steep, winding routes
Where Nestled in Italy’s Dolomites. through the Dolomites. This
Venice Marco Polo Airport is a property is close to one of the
А
П
П
two-hour drive away. most challenging mountain
РУ
w АГ
What A three-bedroom chalet with climbs, the Giau Pass.
N ИЛ
SN s"
В
features dating back to the mid- Who Knight Frank,
S
О
W
e
VK Wh ОТ
18th century and a fireplace with a knightfrank.com,
s
Г
'
Д
/W
.C at
О
frieze from the 17th century. tel + 44 20 8022 6179
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
dry stone wall.” That territory includes
the oldest and most elemental forms of
building: the beehive huts at the Skelligs
in Ireland, the dry stone bunkers of the
Bories village in Provence, the mega-
lithic temples of Malta.
If these structures sound archaic and
archetypal, the techniques used to build
Cork House are a combination of
archaeology and high technology. “I
built it myself,” the architect says, show-
ing me his hands and gently knocking
the walls to show how solid they are.
“But the blocks were 3D-milled by a
robot.” The result is a compelling com-
bination of the elemental and the futur-
istic. From outside, the house is charac-
terised by its roof: a row of five trun-
cated, stepped pyramids. There is a
touch of the beehive about them, but
also an intimation of Mayan temples
and pagan tombs.
Inside, that same sense of timeless
forms persists as those pyramids assert
themselves from beneath as stepped
chimneys capped with rooflights. The
effect is as if they were open to the sky,
the most elemental relationship
between space and the heavens imagi-
nable. “The roof lights are steel and they
act almost like paperweights,” the archi-
tect says. “They press down on the cork
and keep it in place, stopping the roofs
from blowing off. And the window lights
also stop it getting too Hobbity.” The
windows are usually left slightly open,
which creates a stack effect, sucking
exhaust air out the top.
If cork sounds a little dingy, it is not.
Quite the opposite. The interiors are
rich and sheltering, evoking timber
panelling. It feels like being in a very
classy cigar box. “We were a bit worried
about the anechoic chamber effect,” he
confesses. “Cork absorbs sounds so well.
But there is just enough timber and fur-
niture for it not be become a problem.”
The set-up is simple. A kitchen and
living room, bedrooms, bathroom and a
Matthew
Barnett
Howland
Tom Jamieson for the FT
B Gillonnay, Isère, France, €2.8m
Where On the outskirts of
Gillonnay, a village between Lyon
and Grenoble in the Auvergne-
Rhône-Alpes region, otherwise
known as cycling country.
Lyon-Saint Exupéry airport is a
50-minute drive.
What A 10-bedroom 17th-century
chateau with its own chapel, barns,
FTWeekend
cosy-looking sleeping space stowed
under one of the pyramid roofs. Win-
dows and a sliding door give on to the
garden. The texture of the cork imparts
an almost agricultural feel, as if this
were a deeply functional structure
whose use has been slightly mislaid, but
which makes a lovely house.
The most pertinent thing about the
material, though, is its impeccably
green credentials. Cork comes from a
type of oak tree that grows in Mediterra-
nean climates, in carefully protected,
biodiverse landscapes and is only har-
vested every nine years. It is the bark of
the tree which is removed from the
The bark ascending
Cork has a rich history in modern
architecture. In the 1970s when I
was a child, cork floor tiles were
modern — one of those postwar
DIY fixes that people glued on the
floors or walls of their Victorian
terraces to transform them. As I got
older I encountered cork tiles in
rehearsal studios, huge planes of
the lovely material with that
tobacco tinge and holey texture.
Cork is in the strange shapes of
anechoic chambers, with their spiky
and 32 hectares of land.
Why The mountainous area is
famed for its tough passes,
including the Tour de France’s
most feared ascent, Alpe d’Huez,
which has 21 hairpin bends for
cyclists to negotiate.
Who Agence Clerc, affiliate of
Christie’s International Real Estate,
christiesrealestate.com,
tel +33 4 50 64 88 88
(Top) Cork trunk, leaving clumps of trees looking a
House; (above little like flocks of shorn sheep, their
left) the living midriffs exposed. The best material is
room and taken for the wine industry, the rest is
kitchen beneath used as a building material, mixed with
the pyramid a not-so-sustainable polyurethane and
roof; (above the material that is left over after all that
right) the is what the architects have used to build
house’s interior the house. These granulated dregs are
Tom Jamieson for the FT;
Magnus Dennis
bonded together using their own natu-
ral suberin, the hydrophobic
biopolymer that gives cork its flexible
corkiness. The lack of any other addi-
tives means that at the end of its life-
cycle the material can be reused,
regranulated and reformed or simply
walls designed to reduce echo to and Herzog & De Meuron created
zero. It is in the peeling walls of beautiful cork furniture, and
Marcel Proust’s bedroom, intended Portuguese architect João Luís
to insulate against the horrors of Carrilho da Graça blended cork with
the outside world. And, more concrete to lighten the structure of
recently, it appeared in Eduardo Lisbon’s cruise ship terminal.
Souto de Moura’s Portuguese That cork is a modern material is
Pavilion at the Hanover Expo in evidenced by its use as a
2000 and again at Swiss architects membrane covering the nose cone
Herzog & De Meuron’s dark, semi- of space rockets, allowing them to
subterranean Serpentine Pavilion, withstand the heat of re-entry. This
designed with Ai Wei Wei in 2012. most earthbound of tree barks is a
Jasper Morrison, Ilse Crawford space-age wonder. EH
B Kailua-Kona, Hawaii,
US, $10.5m
Where On the Kona-Kohala coast
close to Kukio Golf and Beach Club.
Kona International Airport is just
15 minutes by car.
What This five-bedroom property
is surrounded by anchialine pools,
20 July/21 July 2019
retired to the earth where, apparently, it
helps to aerate the soil.
Many self-proclaimed green buildings
perform well but often less thought is
given to how they might end their lives.
This is a material that not only seques-
ters carbon as it grows but can turn back
to the earth without a trace. “It’s a real
cradle to cradle material, just going
back into the soil when it’s finished,”
Barnett Howland says.
The interiors are rich,
evoking timber panelling.
It feels like being in a very
classy cigar box
What about price, I ask. There is a
pause and a hesitant, slightly pained,
expression. “Well, it wasn’t cheap,” he
replies. As this was a house for them-
selves, that might have been a problem,
had they not secured grants (from Inno-
vate UK and the Engineering and Physi-
cal Sciences Research Council and
assistance from cork manufacturer
Amorim) covering much of the
research. There were also academic
partners, Bath university and UCL, ena-
bling a project to go quickly from
research to finished form.
The problem with developing what is,
in effect, an entirely new building
technology (albeit employing one
of the oldest materials) is that every-
thing is an experiment. Were this to be
taken up at scale, prices could come
down drastically, although this proba-
bly is not a solution to the mass
housing crisis or environmental col-
lapse. But it is a tantalising and intrigu-
ing experiment in a super-sustainable
material that has, for too long, been
overlooked and seen only as the slightly
sad, cylindrical fragments that remain
after a party.
CSKarchitects.co.uk
Edwin Heathcote is the FT’s
architecture critic
plus views of the ocean.
Why The Ironman World
Championship, the epic triathlon,
began in Kailua-Kona in 1978. It
includes a bike section of 112 miles
across the lava fields.
Who Hawai’i Life Real Estate
Brokers, hawaiilife.com,
tel +1 808 896 9749
K Burrows Lane, Gomshall,
Guildford, Surrey, UK, £3.85m
Where In the village of Gomshall in
Surrey, 6m outside Guildford, and
23 miles from Heathrow airport.
London is one hour away by train.
What An eight-bedroom Victorian
house set in 3.5 acres. Inside there
is a billiard room, home cinema and
a pool.
Why On the edge of the Surrey
Hills which has a network of more
than 80km of trails, taking in
picturesque vistas.
Who Savills, savills.com,
tel +44 1483 796 800
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 FTWeekend 7

А
П
П
РУ
w АГ
N ИЛ
SN s"
В

S
О

W
e
VK Wh ОТ
s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ

8 ★
House Home
Digital life | A new artwork
forces us to rethink the value
of assistants like Amazon’s
Alexa. By Aleks Krotoski
I
t is early evening and the sun is fad-
ing. “Lauren,” says the woman sit-
ting on the sofa, “turn the lights on
in the living room.” She says this to
no one in particular, but suddenly
the lights are on. “Too much,” she says,
and the lights fade slightly. “You have a
call with your mother in 10 minutes,”
says a disembodied voice. “Thanks,
Lauren,” says the woman. “Remind me
again in five.”
The woman on the sofa is a member of
the audience taking part in perform-
ance art by Lauren McCarthy. Lauren —
the voice and the artist — is elsewhere,
connected to every element of the
woman’s home via the internet, and
video, audio and other sensors installed
for a week of 24-hour surveillance.
Lauren the artist has trouble making
connections with other people. And
“LAUREN”, the piece of performance
art, is her way of trying to fix that.
“I want access to someone in a really
personal intimate way,” says McCarthy
in her sunny studio on the UCLA cam-
pus, where she is an assistant professor
at the Design Media Arts school. “But I
have such a hard time with the first
interactions.”
“LAUREN” is a human-controlled
version of Amazon Echo’s voice-acti-
vated speaker Alexa. McCarthy controls
everything in the house and is on call
throughout. “When I do these perform-
ances, it’s also an endurance test for
me,” she says. “Or a test of my own ethi-
cal limits.”
The piece examines the unsteady
partnership between human social con-
nection and technology. It is a way into
someone else’s world, mediated by
machines. More than any of the installa-
tions in AI: More Than Human a major
exhibition at the Barbican in London,
McCarthy’s work represents our vision
of a domestic future.
But it also hints at what we are most
afraid of now that future is here, and
what we never think about when we
invite technology into our homes.
А
П
П
РУ
w АГ
N ИЛ
SN s"
В
S
О
W
e
VK Wh ОТ
s
Г
'
Д
/W
.C at
О
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
Mind readers
“It’s one thing to have your phone
on you all the time, but it’s still some-
thing you [can] leave in the other
room,” says McCarthy. “To have your
entire home space taken over by these
devices . . . The implications seemed so
much bigger.”
Our relationship with technology
begins to break down when we think we
are in control. We choose to believe that
these devices operate at our behest. We
are still surprised when we realise a
domestic machine may be recording
our lives. We know we buy these objects
from companies who provide conven-
ience in exchange for our data, but we
choose to forget.
They get through our front doors
because they are rolled out with a lim-
ited set of features, says McCarthy. They
respond to our lighting requests and tell
us the news. “But the potential is much
more interesting and much more terri-
fying,” she says.
“Because it’s a machine, we may ask
FTWeekend
for things we might not ask a human to
do.” And because it has a learning
algorithm, “it can keep feeding us more
and more extreme versions of whatever
we want . . . in our homes.”
This echoes the concept of The
Familiar, described in the Barbican
exhibition catalogue by co-curator
Suzanne Livingston. “The Familiar” is
what we imagine our domestic artificial
intelligence will be, and what the
companies who are creating it are
working towards. It is an extension of
brands, advertising and commodities,
but remains invisible. It interprets our
daily habits and integrates itself into
family life.
“It genuinely exceeds the butler func-
tion,” says Livingston. “It has a mind
and a personality of its own, which it
uses to learn about your desires and
preferences and to anticipate the ways
in which they might be met.”
While those of us who have bought
an Amazon Echo or a Google Home
(Top) Lauren might believe we have already wel-
McCarthy’s comed a Familiar over the threshold,
‘LAUREN’ McCarthy’s “LAUREN” suggests that
performance; the reality is different. To curate her
(above) Playing performances, she interviewed partici-
Go against pating households beforehand. She
AlphaGo also spoke to the people close to them, to
AFP/Getty Images try to understand how she could help
20 July/21 July 2019
her volunteers in ways that they did not
ask for directly.
Voice-activated assistants cannot yet
perform this kind of personal curation.
They can only make assumptions based
on their owners’ previous behaviour — a
narrow window into the complexity of
the human mind. To get into your head,
domestic devices of the future will still
need a human behind them, to interpret
the data we are not even aware we are
generating. Computers do not know
what to do with nuance.
For example, one of McCarthy’s audi-
ence members spent most of her time
at home on the phone, talking to friends
To get into your head,
domestic devices of the
future will still need a
human behind them
and family. While one of “LAUREN” ’s
functions was to provide companion-
ship, “I felt like the best thing I could
do as a system was nothing, because
she had such a full, rich life already,”
McCarthy says.
Choosing to go against a prime direc-
tive is not something Amazon’s Alexa
would do. It would never have been able
to interpret what it thought the device’s
owner really needed — to be left alone —
because it can only make decisions
based on the information put into it.
Other cues pass it by.
But we do not want to know that.
When AlphaGo, Google’s game-playing
robot that beat Ke Jie, the greatest logi-
cian in the world at Go, in 2017 — the
world’s greatest logic game — we chose
to believe that the machine had inter-
preted the rules with logical elegance
and grace on a scale previously unimagi-
nable. We believe that technology can
see into our minds.
Machines convince us that they can
predict what we will do, and know the
things we want to know before we
have even imagined the questions. We
are both delighted and horrified,
because it forces us to examine what it
means to be human.
Aleks Krotoski is a psychologist and
presents ‘The Digital Human’ on
BBC Radio 4
‘AI: More than Human’ is at the Barbican in
London until August 26
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 ★ † FTWeekend 9

House Home

In harmony
with landscape
Gardens | An Englishman laid out the grounds
of La Foce in Tuscany but it was the owners’ grit
that ensured it flourished. By Jonny Bruce

N
ext week the hills surround-
ing La Foce in Italy will res-
onate with the sounds of the
Incontri in Terra di Siena —
a classical music festival
established 31 years ago by cellist Anto-
nio Lysy with his mother Benedetta. It
was founded in memory of his grand-
parents, Antonio and Iris Origo, who
built this celebrated garden. Aiming to
promote music and the arts across the
region, intimate open-air perform-
ances, talks and dinners will be held in seemed engraved on the men’s faces and fortune from an American cousin. In this account, Iris describes the strug- (Far left) Iris to Montepulciano under shellfire.
the garden’s picturesque grounds as well on the soil”. This money also allowed the Origos to gle of life under occupation. The diary’s Origo (1940s); Such determination ensured La
as neighbouring Tuscan villages. Benedetta, the Origos’ eldest daugh- invest in the garden. Large pieces of tra- most famous entry comes when, (above) garden Foce’s survival in the years after
Just under an hour’s drive south of ter, says the rate of illiteracy in the local vertine were used to create stairs. The following their expulsion from the of La Foce; the war, despite being nearly aban-
Siena, La Foce sits at the junction of the population was more than 90 per cent largest lead down to the final garden villa, Iris and Antonio led more than 30 (below) The doned. The Origos were under pressure
Val d’Orcia and the Val di Chiana. Once a because of the lack of schools. Despite room, showcasing Pinsent’s geometry children — many of them refugees from Incontri in terra from their families to sell La Foce and
modest inn, today’s villa is surrounded being novices in estate management, it with box hedges angling towards an Turin and Genoa — on a day-long march di Siena move to the US but, as Benedetta
by mature gardens created by English was the Origos’ desire to protect the Val Alamy; Paul Flanagan
explains, her parents resolved that “if
designer Cecil Pinsent. Pinsent had been d’Orcia farming community that moti- Iris described the slopes as we survived the Germans we will sur-
employed by the Origos in the 1920s to vated them to take on this project. vive the communists”.
renovate the house and went on to cre- Poor land management had denuded ‘bare and colourless as Antonio died at La Foce in 1976 fol-
ate garden rooms, marked with potted the hills of topsoil and driven its popula- elephant’s backs, as lowed by Iris in 1988. They passed La
lemon trees and layered hedges. He tion into poverty. In response, road Foce to Benedetta, who still lives in the
designed everything from the garden’s building and farm repairs were initiated mountains of the moon’ villa, and her sister Donata. While vastly
layout to the decorative urns that adorn while the Origos suspended the felling of improved, the soil of the Val d’Orcia is
the balustrades. His creative reach trees and began building dams and still poor and La Foce today relies on EU
extended into the landscape. banks to slow soil erosion. octagonal pool. While they draw the subsidies to maintain the farming land-
When the Origos bought the 7,904- These projects were expensive. Iris’s garden to a dramatic end, the landscape scape. Events such as the Incontri in
acre estate in 1924 the Val d’Orcia parents helped fund the bringing of beyond dissipates this visual energy. Terra di Siena raise its profile and pro-
looked very different from today. water to the villa but the first real finan- Iris had little involvement in La Foce’s vide a fitting celebration of the Origos’
Marred by war and mismanagement, cial support the Origos received was design, focusing instead on creating a remarkable legacy.
the land that had once been referred to from Mussolini’s land subsidies. These day hospital and Montessori school. She
as il granaio di Siena had fallen into abject paid for the school and it is with irony — unintentionally drew international itslafoce.org
condition. Iris described La Foce’s her parents later became ardent anti- attention to the garden through her
slopes as “bare and colourless as ele- fascists — that Benedetta says it was writings that included her bestselling Jonny Bruce is a gardener and historian
phant’s backs, as mountains of the “one thing we can thank Mussolini for”. diary, The War in Val d’Orcia, that tracked currently based at the perennial
moon”. She went on to describe how The second boost came with an unex- the German retreat through Tuscany in plant nursery, De Hessenhof, in Ede in
“neglect, destitution and hopelessness pected inheritance of a substantial the second world war, published in 1947. The Netherlands
А
П
П
РУ
w АГ
N ИЛ
SN s"
В

S
О

W
e
VK Wh ОТ
s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
10 FTWeekend 20 July/21 July 2019

UK Office: +44 20 7873 4907 | US Office: +1 212 641 6500 | ASIA Office: +852 2905 5579
Property Gallery www.ft.com/house&home
Switzerland

France

France Portugal

Monaco Switzerland

Italy Australia
А
П
П
РУ
w АГ
N ИЛ
SN s"
В

S
О

W
e
VK Wh ОТ
s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ
 РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
20 July/21 July 2019 FTWeekend 11
UK Office: +44 20 7873 4907 | US Office: +1 212 641 6500 | ASIA Office: +852 2905 5579
Property Gallery www.ft.com/house&home
Spain

England

England

Channel Islands USA

Channel Islands
А
П
П
РУ
w АГ
N ИЛ
SN s"
В

S
О

W
e
VK Wh ОТ
s
Г

'
Д

/W
.C at
О

M
П

O
З

"
И
Л
РЕ

12
House Home
Paws for
thought
Catmint is best known for sending cats into
raptures, but it can also delight gardeners with
its reliable and colourful spread in borders
T
his year I have made two
new gardens. The best
thing in them both is a
plant so easy that I have
never written about it here
in 49 years. I will now make amends.
Catmint is not only good news for cats.
It is excellent news for all gardeners. It
survives great heat. It grows and
flowers freely. It is improving yearly as
ever more varieties come on sale.
In cat-ridden cities catmint is never
at its best. The best known forms send
most of our cats into raptures of
delight. They rub on them and roll on
them. They ruin their shape and
excrete nearby. The better news is that
about a quarter of the little scratchers
ignore it and that there are tricks that
will keep plants safe from over-
interested parties. In a spacious garden
one trick is to plant a bush of the basic
Nepeta cataria, the one that cats really,
really like. They head for this dreary
variety and leave the others alone.
Another trick is to plant one called
Nepeta racemosa “Grog”, listed by 10
UK suppliers in the RHS Plantfinder. It
is low-growing, only a foot or so high,
and its leaves have a lemony scent that
turns cats off.
As a general rule, varieties of Nepeta
grandiflora are the better no-cat bets.
Their leaves contain a different oil to
the major cat-attractors and are
usually left in peace. My favourite in
this group is Nepeta grandiflora
“Bramdean”, named after a great
Hampshire garden. Its charm is the
dark colour of its upright flower stems,
about 2ft high. In recent trials in the
А
П
П
РУ
w АГ
N ИЛ
SN s"
В
S
О
W
e
VK Wh ОТ
s
Г
'
Д
/W
.C at
О
M
П
O
З
"
И
Л
РЕ
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
Chicago Botanic Garden, a prize went
to Nepeta grandiflora “Wild Cat”, a
variety with blueish flowers in short
spikes above grey-green leaves. It
grows about 2ft high and looks set for a
bright British future. Do not be worried
by the name. Big cats, including tigers,
have been found to be as fond of
catmint as little cats, but Wild Cat will
not bring them into the garden.
My personal winners are more
familiar: Six Hills Giant and
Walker’s Low. The Giant is a superb
plant for a sloping bank where it
spreads about a yard wide and makes a
great drift of blue-purple flowers. In its
second year it obliterates weeds and
turns a slope on a lawn into a blue sea
with waves of flower about 3ft high.
Walker’s Low is smaller at about 18
inches high but spreads well, especially
in fertile soil. It is a major planting in
the restored fountain garden at that
hall of good horticulture, Longwood in
the US. It makes an excellent under
and inter-planting around big shrubs
while they are young. I have used it
around a new magnolia, planting it at a
distance from the magnolia’s main
root, and among shrub roses that will
need another year or two to look their
best. Both these catmints flower for
many weeks, fading to grey-lavender. If
their stems are then pruned back the
plants will flower a second time in
autumn. There is no point in staking
either of them. Their talent is to spread
across the ground, blocking out
intrusive weeds and seedlings. A few
plants can be divided in spring to make
dozens more. They are a very cheap
★ FTWeekend
Catmint Nepeta faassenii ‘Purrsian Blue’ — GAP Photos/Visions
type of mass planting, ideal for
weekend gardeners.
They allow a second planting which
often goes unmentioned. In late
autumn these catmints should
be cut back to their main
central rootstock, leaving a
bare area of soil which the
rest of the plant has been
smothering all summer. This
space can be planted with early
flowering spring bulbs, the
narcissi of February and
March being excellent
choices. The narcissus leaves
die down just as the catmint
starts its annual surge of
growth. It then covers them
over with a drift of flower
Robin Lane Fox which lasts until autumn.
In expatriate gardens
these varieties ought to do well. They
On gardens like sun and any soil which is Thorsten Nilson /
not full of clay. They are classic EyeEm/Getty Images
companions for pink roses, the musk
rose “Felicia” being one of the best, and
I can imagine them looking lovely
between bushes of the small-flowered,
rose “Cécile Brünner” or the taller
“Bloomfield Abundance”. What
catmint dislikes is poorly drained soil.
In stony soil most of the
spreading varieties are
happy. At worst, their
young stems droop,
pining for water, but a
single watering brings
them back to their best.
When prairie-style
planting became
fashionable, rampant
rudbeckias and off-pink
persicarias dominated
photos and plantings. The
copycats forgot catmint. In
Britain many gardens had a
pre-prairie style of their own,
waves of these informal, blue-
20 July/21 July 2019
flowered beauties without a eurograss
in sight. If you want to enliven your
summer country garden without
losing control of it, catmint is the
classic way forwards.
The family has not been standing
still. I rather like the white ones, of
which the best is racemosa
“Snowflake”. I prefer the newish nepeta
nervosa “Blue Moon”, whose lavender
blue flowers have pale lips, well suited
to a mixed border. I really like the
yellow one, Nepeta govaniana, which is
the odd one out. It is at its best this
weekend, about 2ft high with small
pale yellow flowers well spaced along
its stems. It needs damp, but not badly
drained, soil and may not always
survive a hard winter. It is not a cat-
fascinator, so it is the catmint of choice
for a semi-shaded urban back garden
that does not dry out. Forms of the
excellent Nepeta subsessilis are also
good in those conditions, long-
flowering with bigger flowers, more
thinly spaced, than basic catmint. The
best is subsessilis “Washfield”, a good
deep blue with big leaves serrated at
the edges. Connoisseurs insist that the
blue Nepeta kubanica is even better, a
wild variety now offered by 17
suppliers in the RHS Plant Finder. I
must try it.
In 2013, the new Summer Magic
catmint turned up at Chelsea, a long-
flowering, low-growing variety which
suggests an invaluable use. It could be
trimmed to make a low summer hedge,
longer flowering than lavender. If you
want a tinge of pink, the alternative is
Dawn To Dusk, but I find it too muted.
The more promising arrivals are a pair
of cat-puns. Faassenii “Kit Cat” is an
excellent blue, only 1ft high and
“Purrsian Blue” is as good as its name
is not, a lovely clear blue on stems
about 2ft high. It ought to become a
British hit.
Unlike grasses and alchemillas, these
catmints cover bare ground and block
weeds but never seed themselves
around. Butterflies like them. Varieties
continue to multiply, partly from
planned breeding, partly from chance
appearances in gardens. If in doubt,
catmint it. There is even one from
Yunnan which will grow 4ft tall. I begin
to think that part of my garden will
have to go to the cats.
Robin Lane Fox will speak at the
FT Weekend Festival, September 7 at
Kenwood House, London. For more
information, visit ftweekendfestival.com