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20

Connected cities Squid pro quo Martin Wolf

Artists react to facial recognition How fishing waters risk derailing Britain is on the brink of making a
fears — SEPARATE SECTION Brexit trade talks — BIG READ, PAGE 9 huge blunder — OPINION, PAGE 11

Border control Briefing

HK scrambles i Tech backers criticise UK antitrust body
Two of Deliveroo’s early backers have accused the
to stop virus competition body of putting investment in UK start-
ups at risk with its protracted probe of the food
delivery app’s deal with Amazon.— PAGE 13
Carrie Lam wears a surgical face mask
during a news conference in Hong Kong i Trump reveals Mideast peace plan
yesterday, where the territory’s leader Donald Trump revealed his long-delayed
announced that rail services to China Arab-Israeli peace plan, saying it was a “win-win”
would be suspended from tomorrow in for both sides and would lay the foundations for “a
an attempt to contain the spreading realistic two-state solution”.— PAGE 6
coronavirus.
She added that the number of flights i John Lewis to end weekly sales reports
would also be halved and permits for John Lewis is to stop publishing
Chinese tourists visiting the territory its weekly sales data, depriving
would be suspended. the retail sector of a widely used
Earlier in the day Xi Jinping, China’s benchmark and further
president, met the director-general of reducing the group’s status as an
the World Health Organization and said industry bellwether. — PAGE 17
that the country would defeat the
“devil” virus that has now killed more i Migrant salary threshold ‘should be cut’
than 100 people in China. There are Britain should slash its main salary threshold for
almost 4,500 confirmed cases. workers coming to the country to £25,600 a year
Reports & analysis page 4 after the post-Brexit transition period, say the
Tyrone Siu/Reuters government’s immigration advisers.— PAGE 2

i Philips eyes hiving off appliances unit

US condemns UK decision to give

Conglomerate Philips plans to sell its domestic-
appliances arm, one of Europe’s best-known brands,
or spin it off into a separate company as the Dutch
group focuses on healthcare. — PAGE 16; LEX, PAGE 12

i Banks questioned on overdraft rules

Huawei limited role in 5G network The FCA regulator has quizzed lenders over their
response to new overdraft rules, after every big bank
introduced near identical interest charges of about
40 per cent.— PAGE 2

i US sanctions see Russia build pipe alone

3 Warning over ‘unsafe vendors’ 3 Johnson tries to calm fears 3 Pledge to bolster rivals
HELEN WARRELL
AND GEORGE PARKER — LONDON
KIRAN STACEY — WASHINGTON
The Trump administration condemned
Boris Johnson’s decision to use Huawei’s
equipment in parts of Britain’s fifth-
generation mobile phone networks, but
stopped short of threatening any direct
retaliation.
Mr Johnson last night tried to calm
White House fears over allowing the
Chinese company to develop the 5G net-
work, assuring Donald Trump that Brit-
ain would work with the US to reduce its
reliance on Huawei.
The selection defied intense lobbying
by Washington to exclude Huawei
entirely. A Trump administration offi-
cial called the move “disappointing”,
adding: “There is no safe option for
untrusted vendors to control any part of
the 5G network.”
The UK National Security Council has
limited the Chinese telecoms group to a
market share of 35 per cent in the 5G
infrastructure and will exclude its kit
from the sensitive “core” of the net-
works. The decision came despite US
warnings that Huawei equipment in 5G
networks would put Britain at risk from
spying by China.
In a concession to the White House,
London agreed to work with partners in
the “five eyes” alliance of the US, Aus-
tralia, Canada and New Zealand — and
other allies — to develop alternative tel-
ecoms suppliers. However, ministers
said it could take three years before new
entrants come to the market.
The Trump official said: “We look for-
Russia’s Gazprom group said it would complete the
Nord Stream 2 gas pipeline under the Baltic by itself,
a victory for the US, which had imposed sanctions on
ward to working with the UK on a way market share cap on “high-risk ven- companies in an attempt to halt the project.— PAGE 5
forward that results in the exclusion of dors” will apply to Huawei’s kit for the
untrusted vendor components from 5G 5G infrastructure and its equipment for
networks.” full fibre fixed line networks. The com- Datawatch
Liam Fox, the former UK defence sec- pany currently has a 34 per cent share,
retary, said there were fears in Washing- according to officials.
ton that Britain’s decision to stick with The Chinese The NSC has also stipulated that Hua- Social housing Britain spends
Huawei could give a “green light” to telecoms wei will be banned from sensitive sites Spending on housing allowances, more, relative to
other western allies with less sophisti- equipment including nuclear power stations and % of GDP (2018, or latest year) the size of its
economy, on
cated security systems to use the Chi- maker will be military bases. UK housing allowances
nese company. allowed to Over time, ministers hope that com- Finland than any other
Huawei’s UK approval followed warn- supply only panies such as Samsung and NEC will Germany OECD country; yet
ings that banning the Chinese company ‘noncore’ parts enter the UK market, providing extra France more than 110,000
could delay the rollout of ultrafast of Britain’s 5G competition to Huawei and its two main Denmark households are
mobile and fixed line telecoms net- networks rivals in Britain: Ericsson and Nokia. Netherlands either homeless or
works by two to three years. Huawei welcomed the government’s New Zealand threatened with it.
Huawei will be able to supply “non- decision, saying it would keep the roll- Sweden In the US, there are
core” parts of Britain’s 5G networks, out of 5G infrastructure on track. 500,000 homeless
0 0.2 0.4 0.6 0.8 1.0 people.
such as base stations, but not core ele- Additional reporting by Nic Fildes Source: OECD
ments, such as servers. The 35 per cent Reports & analysis page 5

Trapped Woodford investors braced

German envoy suspected
of spying for China
Authorities in Berlin suspect Gerhard
Sabathil, a German career diplomat
who was the European Commission’s
envoy to South Korea, of spying for
China. The affair has highlighted fears
about the EU’s vulnerability to Chinese
state espionage, especially as relations
between the two powers have become
more tense. ‘The EU has become an
intelligence battleground . . . And
ambassadors provide a route right to
the top,’ says one expert.
Report i PAGE 6
for minimum 20% loss as fund unwinds
OWEN WALKER
Hundreds of thousands of investors
trapped in Neil Woodford’s failed flag-
ship fund face losses of at least a fifth on
the bulk of their holdings following
Europe’s biggest investment scandal
for a decade.
Link Fund Solutions, the fund’s admin-
istrator, yesterday informed investors
of the initial repayment they would
receive from the disposal of the easiest-
to-sell portion of the fund, which was
mostly made up of large and medium-
sized listed companies.
At its peak in 2017 Woodford Invest-
ment Management Equity Income fund
managed more than £10bn. Assets
dropped to £3.8bn at the end of May,
before redemptions were suspended,
and stood at £2.9bn on January 27.
Based on the fund’s value when it was
suspended, the latest payment to inves-
tors crystallises losses of at least 20 per
cent. More losses are expected as the
portfolio continues to be unwound.
More than 300,000 UK savers have
been trapped in the fund since it was
suspended in June. The suspension led
to the collapse of the investment empire
of Mr Woodford, Britain’s best-known
fund manager, and caused a crisis of
confidence in the UK’s £7.7tn fund man-
agement industry.
Link published a letter on its website
yesterday saying investors would
receive between 46.3p and 58.9p for
each share they owned in the fund,
depending on the class of share they
held. The initial repayment is due this
week and corresponds to three-quarters
of the assets in the fund, which have
been sold by BlackRock.
“In some respects, today represents
the first day of closure for investors who
have suffered from the terrible per-
formance of the Woodford Equity
Income fund,” said Ryan Hughes, head
of active portfolios at AJ Bell, a wealth
manager.
“However, while this payment of the
first tranche of the liquidated assets will
be a relief for thousands of investors
who have been trapped in the fund since
June last year, there is still huge uncer-
tainty around the money still stuck in
illiquid assets.”
From 2017 Mr Woodford’s flagship
fund was hit by a tide of redemptions
when clients sought to pull their money
after a long period of underperform-
ance. In order to pay back fleeing inves-
tors, the stockpicker was forced to sell
his stakes in blue-chip companies, leav-
ing a greater proportion of the fund in
hard-to-sell assets.

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2 ★ FINANCIAL TIMES Wednesday 29 January 2020

NATIONAL

Post-Brexit employment Cluster pricing

Cut urged to migrant salary threshold Watchdog

asks banks to
explain similar
Cap of £25,600 proposed,
making it easier to recruit
The MAC was asked last year to devise
new rules for those coming to work in
the UK as the country prepares to leave
Chris Hopson, chief executive of NHS
Providers, the umbrella body for the
service’s employers, welcomed the
just doesn’t offer attractive enough
terms and conditions to attract and
retain staff,” said Prof Manning.
apply to come to the UK. But he stressed
that the committee had struggled to
understand what the government
overdraft fees
workers from overseas the EU. In September, Priti Patel, the reduced salary threshold for NHS staff But it was unclear how many of the meant by “Australian-style, points-
home secretary, asked it to also examine but said there were “mixed messages” in committee’s recommendations would based” system and suggested the idea
ROBERT WRIGHT how salary caps could be modified to fit other areas. “We are disappointed that be implemented. The Home Office said was little more than a slogan. NICHOLAS MEGAW
the government’s pledge to introduce an there are no proposals to ensure we can it would “carefully consider” the report “I understand the government have to
The Financial Conduct Authority has
The UK should slash the main salary “Australian-style, points-based” immi- “before setting out further detail on the sort of summarise their policy into
quizzed banks over their response to
threshold for workers coming to Britain gration system — a key promise of Brex- UK’s future immigration system”. something that’s a bit more of a sound
with a job offer to £25,600 a year after it-supporting politicians.
‘Flexibility will be needed But an official added that while there bite,” he said.
new overdraft rules, after every major
lender introduced near identical inter-
the post-Brexit transition period, say The report produced detailed recom- to build a system that would be “a lot of sympathy” for the Matthew Fell, chief UK Policy Direc-
est charges of about 40 per cent.
the government’s immigration advisers. mendations on salary thresholds for dif- idea of reducing the main salary thresh- tor for the CBI employers’ group, called
The recommendation by the Migra- ferent sectors, including higher levels
lets wages rise where old, the government was wedded to the for more flexibility in salary thresholds The regulator yesterday published a let-
tion Advisory Committee, published for some well-paid occupations and there are shortages’ idea of a more flexible “points-based” to help companies recruit for mid- ter to banks asking them to explain how
yesterday, would relax conditions for lower ones for jobs in education and the system, where salary would be only one skilled roles, such as truck drivers, join- they designed recently announced pric-
employers seeking to bring in workers National Health Service, which have recruit the staff we need to ensure sus- element of a calculation of whether a ers and lab technicians, who did not ing structures, and how they plan to pro-
from outside the European Economic high numbers of vacancies. tainable social care services,” he said. worker could come to the UK. The offi- meet the £25,600 minimum. tect customers left worse off as a result.
Area. Staff currently face a salary But it was sceptical about a points- Alan Manning, the committee chair- cial said social care would be a sector “Flexibility will be needed to build a Banks have been overhauling their
threshold of £30,000 for most roles, but based system. Although the UK’s cur- man, acknowledged a threshold would that could benefit from this mechanism. system that lets wages rise where there approach to overdrafts, which generate
this would make it far tougher for those rent “Tier 2” system for non-EEA present problems for the social care sec- Prof Manning acknowledged that it are shortages while helping businesses about £2.4bn in revenue annually. From
recruiting from within the EEA — the migrants theoretically uses points, tor and recognised it faced “very, very would be possible to introduce a points- to access the skills and labour needed to April, they will be banned from charg-
EU plus Norway, Iceland and Liechten- migrants are chosen almost entirely on real problems at the moment”. based system that allowed people with grow all parts of the UK,” Mr Fell said. ing more for unarranged than arranged
stein — after Brexit. the basis of their proposed salaries. “Our view is the basic problem is it significant potential but no job offer to Editorial Comment page 10 lending, and forced to effect more trans-
parent, interest rate-based pricing.
This followed a call by the FCA for
“radical” changes to the overdraft mar-
ket in 2018, after finding that banks

Up Helly Aa were generating disproportionately

high revenues from a small number of
customers from deprived areas. A com-
Vikings land bination of high fixed fees and complex
charging structures meant many cus-

on Shetland tomers paid an effective overdraft inter-

est rate 10 times higher than a similarly-
sized payday loan.
Islands Nationwide Building Society was the
first big lender to outline a new annual
flat rate of 39.9 per cent last July for
arranged and unarranged overdrafts. It
has since been followed by TSB, HSBC
Members of the Jarl Squad march and Santander.
through Lerwick on the Shetland Lloyds Banking Group said it would
Islands during the Up Helly Aa charge the same rate for most of its cus-
Viking festival yesterday. tomers, with some higher-risk borrow-
The annual event, which brings ers paying 49.9 per cent. Royal Bank of
thousands to the islands, culminates Scotland and Barclays are also introduc-
in a torch-lit procession and a replica ing similar rates of 39.49 per cent and 35
longboat being set alight. per cent respectively.
Those taking part in the festival The FCA said there had been “signifi-
spend the night visiting a host of cant comment” on the fact that “major
celebrations in halls around the town. banks have aligned overdraft rates
Shetland and Orkney were ruled by around 40 per cent”, and asked banks to
the Vikings for about 500 years until detail how they came to their decisions.
they became part of Scotland in the Christopher Woolard, interim FCA
15th century. chief executive, told the BBC the price
The festival stems from the 1870s clustering was “not necessarily evi-
when a group of young local men dence of anything going wrong in terms
wanted to shake-up Shetland’s of competition law”, but the regulator
Christmas celebrations. would look “very closely” at the issue.
Mr Woolard, who was appointed
Andrew Milligan/PA
interim chief of the watchdog last week,
was a driving force behind the overdraft
reforms as FCA director of strategy.
Public inquiry The regulator said last week that 70
per cent of borrowers would end up pay-

Grenfell companies accused of knowing fire risk of cladding ing less after the changes come into
effect, but it has faced widespread criti-
cism that banks had “hiked” fees for
users who previously relied on pre-
arranged overdrafts.
JUDITH EVANS with regulations. The current phase is In the same month, Neil Crawford of the cladding panels specified for use on Arconic, a $13bn US company whose In its letter, signed by Sheldon Mills,
examining the factors leading up to the Studio E emailed Terry Ashton of Exova the Grenfell Tower would fail in the French division made the cladding, also director of competition, and David
The architects, lead contractor and
fire, including issues around the tower’s observing that “metal cladding always event of a fire where external flaming pushed back against suggestions that it Geale, director of retail banking super-
facade provider on Grenfell Tower’s
renovation, which concluded in 2016. burns and falls off, hence fire stopping is occurred”. was responsible. vision, the FCA asked for more informa-
botched refurbishment faced accusa-
Lawyers for Celotex, a division of usually just to the back of the cladding The claims follow accusations on Stephen Hockman QC, representing tion on how many customers at each
tions yesterday that they knew its clad-
France’s Saint-Gobain which provided line”. Monday that Celotex and Arconic, Arconic, said: “The compliance [with bank will end up paying more and what
ding panels would fail if flames reached
insulation used on the tower, yesterday A previous email by Mr Ashton, refer- which manufactured the cladding, building regulations] of the new clad- steps they will take to minimise harm.
the outside of the building.
pointed to emails indicating the compa- ring to earlier plans to clad the building knew in advance that the materials they ding system at the Grenfell Tower could However, it also provided a reminder
Architects Studio E, facade provider nies were aware of the fire risk, a day in less flammable zinc, said that “it is provided were a fire risk. not have been determined by the fire to customers that “overdrafts are not
Harley Facades, and lead contractor after Celotex itself was accused of know- difficult to see how a fire stop would stay Celotex’s lawyers argued yesterday, rating of any individual product, but designed to be used for large amounts
Rydon, along with fire engineers Exova ingly allowing the installation of a dan- in place in the event of a fire where however, that “the cladding system had to depend on an assessment of the for long periods of time”.
Warringtonfire, faced the claims in the gerous product during the refurbish- external flaming occurred, as this would designed and installed on Grenfell cladding system as a whole.” Peter Tutton, head of policy at Step-
latest phase of the inquiry into the 2017 ment. cause the zinc cladding to fail”. This Tower bore no resemblance to the sys- Mr Hockman added that it would Change Debt Charity, said: “The new
blaze, which saw fire sweep through the Craig Orr QC, representing Celotex, message was subsequently forwarded to tem described in Celotex’s marketing have been “obvious to anyone profes- rules on overdraft charges are abso-
west London tower block, killing 72 peo- pointed to an email sent by Daniel Simon Lawrence, project manager at materials”, while the insulation’s fire sional involved in the construction of a lutely necessary to end a longstanding
ple and injuring many more. Anketell-Jones, technical and engineer- Rydon. certification carried disclaimers saying building” that the polyethylene core of cause of harm to the most financially
The first part of the public inquiry ing manager at Harley, in March 2015 to Mr Orr said the emails and others it should be checked against the the cladding was combustible. vulnerable customers. But the FCA now
focused on the night of the fire, raising a colleague in which he stated: “There is submitted to the inquiry constituted intended use of the product. The inquiry continues, with more needs to be watchful that banks do not
concerns about the management of the no point in ‘fire stopping’, as we all “evidence that all of Studio E, Harley, Exova’s lawyers said yesterday that it companies, along with the local council perpetuate unfairness or financial harm
London fire brigade and finding that know; the ACM [cladding] will be gone Exova Warringtonfire and Rydon knew was not involved in decisions about the and London mayor, due to give opening in another form.”
Grenfell’s external walls did not comply rather quickly in a fire!” at the time of the refurbishment that cladding on the tower. Lawyers for statements today. Lombard page 17

Technological breakthroughs Parliamentary group report

MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Call for ‘blue skies’ agency MPs press for inheritance tax
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
to pursue high-risk research cut to 10% and no ‘7-year rule’
Trump vs the Valley A Five Star plan? Dear Don...
Tech titans need to minimise Italy’s populists are trying to woo May’s first stab at the break-up
political risk — GILLIAN TETT, PAGE 13 the poor — BIG READ, PAGE 11 letter — ROBERT SHRIMSLEY, PAGE 12

HMRC warns Lloyd’s of Brussels Insurance market

to tap new talent pool with EU base
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80
Briefing
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017

customs risks THE END

i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border

It has a budget of $3.8bn a year, and ceived as an unfair penalty on hard

dealmaking, as US companies ride a Trump-fuelled HOW DRIVERLESS

being swamped
equity market rally to hunt for bargains across the

OF THE
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

i Report outlines longer NHS waiting times

A report on how the health service can survive
TECHNOLOGY IS
CHANGING AN
JIM PICKARD EMMA AGYEMANG
ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE
by Brexit surge
some surgical procedures will be scrapped.— PAGE 4 Censors and sensitivity
CHIEF POLITICAL CORRESPONDENT
has contributed to research behind the working savers,” said John Stevenson,
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of

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

A group of cross-party MPs has called

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

3 Confidence in IT plans ‘has collapsed’

Credit Suisse Art of persuasion Mystery deepens
i London tower plans break records
A survey has revealed that a
How To Spend It
Global Positioning System, the internet the Conservative chair of the APPG.
3 Fivefold rise in declarations expected record 455 tall buildings are
planned or under construction over disputed painting of Jane Austen

Boris Johnson’s government should

JAMES BLITZ — WHITEHALL EDITOR adjust its negotiation position with the in London. Work began on

engulfed in
EU, a Whitehall official said. “If running almost one tower a week

for a radical overhaul of inheritance

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

fresh tax probe

and the first weather satellite. The group recommended that all IHT
leaves the EU, customs authorities have In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep
admitted to MPs.
HM Revenue & Customs told a parlia-
of the Commons treasury select com-
mittee, HMRC said the timetable for
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
Chic new lodgings

accelerate plans for a UK research body

mentary inquiry that the new system
needed urgent action to be ready by
delivering CDS was “challenging but
achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan
in Scotland

tax, recommending a substantial cut in

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

Policy Exchange, a centre-right think- reliefs be scrapped and that wealth

Setting up a digital customs system CDS, indicating it would be delivered on
has been at the heart of Whitehall’s time. But last month, it wrote to the i HSBC woos transgender customers
Brexit planning because of the fivefold committee saying the programme had TheRALPH
bank hasATKINSunveiled a range of gender-neutral it followed “a strategy offull client tax

modelled on Washington’s “blue skies”

— ZURICH
increase in declarations expected at been relegated to “amber/red,” which DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to
British ports when the UK leaves the EU. means there are “major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.

FINANCIAL TIMES the standard 40 per cent rate to 10 per

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

Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
tank, argued today that a British agency transfers made both on death or in life
international trade once the UK leaves its image as a tax haven. and certain ofits employees”. The UK
the EU . . . Internal ratings are designed
to make sure that each project gets the Terror attacks inwith
co-operating western Europe after
authorities

Reproduction of the contents of this newspaper in

The Swiss bank said yesterday it was tax authority added: “The international
itsattacks
Recent reach— of this investigation sends a clear The lure of the exotic

technology agency without worrying

declarations a year but, once outside the focus and resource it requires for suc- offices in London, Paris and Amsterdam notably the message
2011 that there is no hiding place for
customs union, the number is expected cessful delivery.” were contacted
Highlighted attack byOthers massacre bythose seeking to evade tax.”
local officials Robin Lane Fox on the flair

cent and the scrapping of most reliefs

“concerning client tax matters”. Anders BreivikDutch in prosecutors, who initiated the
to hit 300m.
The revelations about the system,
HMRC’s letters to the select commit-
tee, which will be published today, pro- AFP Norway, the
Dutch authorities said their counter- action, said they seized jewellery, paint- of foreign flora — HOUSE & HOME
parts in Germany wereBrussels attacks in Paris
also involved, ings and gold ingots as part of their

Bracken House, 1 Friday Street, London EC4M 9BT.

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

any manner is not permitted without the publisher’s

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

whether Whitehall can implement a
host of regulatory regimes — in areas
caused by Mrs May’s unexpected deci-
sion to leave the EU customs union.
cities in its decision to set up an
EU base to help deal with the
will be reinsured back to the
syndicates at its City of London
homes for the industry. But Paris
Mr Nelson said the city won on The inquiries threaten to undermine
efforts by the country’s banking sector
could have a “transformative impact” be taxed at a flat rate of 10 per cent. This
bombings — have
thousand” bank accounts opened in
bucked the trend
Switzerland and not declared to French

about the potentially high failure rate

ranging from customs and immigration
to agriculture and fisheries — by the
time Britain leaves the EU.
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
its transport links, talent pool of generally low
and “extremely good regula- to overhaul business models and ensure tax authorities.
fatalities from
tory reputation”. customers meet international tax The Swiss attorney-general’s office
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in

including the “seven-year rule”.

requirements following a US-led clamp- western Europesaid it was “astonished at the way this
Problems with CDS and other projects Philip Stephens & Chris Giles page 13 centuries-old insurance mar- London’s specialist insurance Lex page 14
essential to Brexit could force London to JPMorgan eye options page 18 ket, said he expected other groups after the UK leaves the Insurers set to follow page 18
billions of dollars in fines.

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

City watchdog sends a clear message as

on science and innovation in the UK. should rise to a maximum of 20 per cent
general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
ment” that it had been left out of the in the US to an “extensive and wide-
THE RISE OF ECO-GLAM

of projects, according to a report by

actions co-ordinated by Eurojust, the ranging conspiracy” to help clients
Escape the taper trap
Published by: The Financial Times Limited,
banker loses job over WhatsApp boast
EU’s judicial liaison body.
Credit Suisse, whose shares fell 1.2 per

subject ofinvestigations in the Nether-

lands, France and the UK. The bank said in Paris
evade tax. It agreed to fines of $2.6bn.
Additional reporting by Laura Noonan in
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
Houlder in London, and Michael Stothard
Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library
How high earners can evade
a pension headache — FT MONEY

But ministers and the National Audit In a report published today, members of on death for estates worth more than
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to

Bracken House, 1 Friday Street,

JENNIFER THOMPSON — LONDON
Christopher Niehaus, a former Jeffer- ban people from installing apps on their

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

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

London EC4M 9BT. Congressional Republicans seeking to The FCA said Mr Niehaus had shared Information shared by Mr Niehaus

of The Financial Times Limited.

avert a US government shutdown after
April 28 have resisted Donald Trump’s
attempt to tack funds to pay for a wall
on the US-Mexico border on to
stopgap spending plans. They fear
that his planned $33bn increase in
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
staff’s communication.
Several large investment banks have
confidential information on the messag-
ing system “on a number of occasions”
last year to “impress” people.
Several banks have banned the use of
new media from work-issued devices,
but the situation has become trickier as
Office should expect a failure rate of the all-party parliamentary group on £2m, it said.
included the identity and details of a
client and information about a rival of ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
Jefferies. In one instance the banker GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
boasted how he might be able to pay off STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would
his mortgage if a deal was successful. The EU yesterday took a tough opening fully been singled out for unfavourable require “existing regulatory, budgetary,
Mr Niehaus was suspended from Jef- stance in Brexit negotiations, rejecting treatment by the council at the behest of supervisory and enforcement instru-

Tel: 020 7873 3000 defence and border spending could

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

to accept the proposals. encryption system that cannot be
US budget Q&A and accessed without permission from the
Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
as iPhone-loving staff spurn their work-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
Dominic Cummings, the influential aide over 50 per cent, the authors said, citing inheritance and intergenerational fair- Currently, about 5 per cent of estates
Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and
for comment. About 2.3m people will benefit from European Council president Donald Mr Tusk’s text left room for negotiators citizen rights, which Whitehall officials
Additional reporting by Chloe Cornish today’s increase in the national living Tusk’s first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
Lombard page 20 wage to £7.50 per hour. But the rise which are an important milestone on minister Theresa May’s allies insisted possible if certain conditions are met.

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

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Wednesday 29 January 2020 ★ FINANCIAL TIMES 3

COUNTDOWN TO BREXIT

Irish Sea trade Trade across the Irish Sea has

become increasingly important
Waterborne freight traffic to and from
the UK* (millions of tonnes)

checks loom as Irish Republic Northern Ireland

40
30

next flashpoint
20
10
0
2009 2015 2018
*Includes Northern Ireland
Sources: NISRA, Department for Transport

FT Series Johnson treaty cast as ‘best of both
worlds’ for N Ireland but scepticism abounds
ARTHUR BEESLEY — DUBLIN
ANDY BOUNDS — LIVERPOOL
Northern Ireland dominated the first
phase of Brexit talks because of bitter
divisions over the land border with the
Irish Republic.
Under Boris Johnson’s Withdrawal
Agreement — which comes into force
late on Friday night — the frontier will
stay open. Yet more tension looms in the
second phase, this time over new Irish
Sea trade checks between Northern Ire-
land and Britain.
“There will be added administration
wherever borders go up or there’s an
interruption to trade,” said Richard
Kennedy, chief executive of Devenish, a
Belfast agritech company that special-
ises in animal nutrients. “We’re working
up scenarios and trying to see what
needs to be done.”
Although Mr Johnson’s Brexit treaty
has been cast as a “best of both worlds”,
turning Northern Ireland into a special
economic zone allowing it to trade freely
with both the UK and the EU, anxiety
about short-term risk outweighs busi-
ness optimism about the long-term
opportunity.
The Northern Ireland protocol, a piv-
otal part of the Brexit divorce deal
agreed by the UK and EU leaders last
October, removes the need for former
prime minister Theresa May’s conten-
tious Irish backstop, which would have
come into force in the event the two
sides could not agree a new comprehen-
sive trade deal.
Under Mrs May’s plan — rejected
three times by the House of Commons —
Northern Ireland would have remained
in the EU’s single market while the
whole of the UK would have stayed in
the bloc’s customs union — anathema to
Tory Brexiters who insist on the free-
dom to negotiate trade deals with other
nations outside Europe after Britain
leaves.
But rather than constraining Britain
inside the EU’s customs union, the so-
called frontstop instead places a new
regulatory and customs border in the
Irish Sea. The accompanying prospect
of checks between Northern Ireland and
the rest of the UK has quickly become
one of the more contentious points of
Mr Johnson’s Brexit deal.
According to the agreement, North-
ern Irish businesses importing goods
from the rest of the UK will be charged
the EU tariff rate on goods if they are
deemed likely to end up in the republic
— part of the bloc.
Businesses can reclaim the money if
they prove the goods did not cross the
border while a new EU-UK joint com-
mittee will set out criteria for when a
product is not “at risk” of entering the
EU and will not be subject to EU tariffs.
The joint committee will also set out
arrangements for Northern Ireland to
maintain alignment on goods with EU
value added tax and excise rules. Com-
panies in the region may also have to fill
in customs declarations.
Mr Johnson nevertheless has insisted
there will not be fresh controls on trade
between Northern Ireland and Britain,
saying repeatedly that there will be no
checks on goods travelling in either
direction.
But Michel Barnier, chief EU Brexit
negotiator, could not have been clearer
when he told a Belfast audience on Mon-
Choppy waters: day that frictionless commerce was
Stormont says impossible because the deal creates two
‘it’s in nobody’s regulatory spaces. Checks were there-
interest to have fore “indispensable”, said Mr Barnier.
trade barriers, “We will need sanitary and phytosani-
either east-west tary checks on food products and live
or north-south’ animals,” he said. “The EU must be able
David Creedon /Alamy to assess risks on any product coming
into its market and, if necessary, acti-
vate physical controls. These checks
must take place somewhere.”
At Stormont, seat of the region’s
devolved government outside Belfast,
there is deep scepticism about Mr John-
son’s claim that checks will not be
required.
The recent restoration of the regional
Brexit executive followed a deal between the
countdown Democratic Unionists and the Irish
Read previous nationalist Sinn Féin party to end a long
items in this
series to mark schism, that called into question the
the UK’s formal durability of institutions set up under
exit from the EU the Good Friday peace agreement,
on January 31 reached in 1998.
On the Brexit treaty itself, however,
ft.com/
brexitcountdown there is rare unity — although the pro-
Brexit DUP and anti-Brexit Sinn Féin
oppose Mr Johnson’s deal for different
reasons. In one of the Stormont assem-
bly’s first acts since it reconvened this
month, all five parties in the legislature
voted last week to withhold consent
from Mr Johnsons’ treaty.
The vote was not binding on London
— Brexit will still go ahead. But it shows
that basic arrangements for the future
of Northern Ireland’s economy remain
deeply contentious almost four years
after a 56 per cent majority in the region
voted to remain in the EU.
“It’s in nobody’s interest to have, and
nobody wants to see, any trade barriers,
either east-west or north-south,” said a
senior Stormont official.
In spite of Mr Johnson’s promise to
provide “unfettered access” for goods
moving in either direction, businesses
in Northern Ireland as well as hauliers,
port operators and shipping lines have
already started preparing for checks.
Seamus Leheny, Belfast-based policy
manager of the Freight Transport Asso-
ciation, said: “There are going to be
checks and they are likely to take place
Ports on the island of Ireland
are getting busier
Change in annual waterbourne freight
traded with the UK, 2015 to 2018
(millions of tonnes)
Inwards/imports Outwards/exports
Belfast
Liverpool
Dublin
Cairnryan
Larne
Heysham
Cork
-1 -0.5 0 0.5 1 1.5
Sources: UK Department of Trade, Ireland’s
Central Statistics Office
‘The EU at the ports. For the haulage industry it
is going to be a whole new level of
must be administration.”
able to While the original Brexit battle cen-
tred on the 310-mile Irish land border,
assess risks more trade goes by sea. In 2017 North-
on any ern Ireland imported £10.5bn worth of
goods from Britain and sold £7.7bn to it,
product according to its statistics agency. The
coming into figures for the republic were £2.6bn and
£3bn respectively.
its market’ “The extent to which there’s any dam-
age to east-west trade between North-
Michel Barnier ern Ireland and Great Britain is the big
test and is the gravest short-term risk,”
said Neil Gibson, Belfast-based chief
economist for accountants EY Ireland.
There were potential prizes, he
added, “but not immediately” from
wooing investment by offering prefer-
ential access to EU and UK markets.
“Firms are going to want to see that
everything settles down, that there are
no wrinkles in the system.”
Irish opposition’s bid for power page 4
FT Big Read page 9
Martin Wolf page 11
4 ★
China health crisis
Xi pledges to overcome ‘devil’ coronavirus
UK warns against travel to
mainland and Hong Kong
cuts transport links
DON WEINLAND AND YUAN YANG
BEIJING,
TOM HANCOCK — WUHAN
ALICE WOODHOUSE — HONG KONG
President Xi Jinping said China would
defeat the “devil” coronavirus that has
killed more than 100 people in the
country, as the UK warned against all
non-essential travel to the country.
“The epidemic is a devil. We cannot
let the devil hide,” Mr Xi said in a meet-
ing with Tedros Adhanom Ghebreyesus,
World Health Organization director-
general, in Beijing yesterday, according
to state media.
Following comments from the mayor
of Wuhan, the quarantined city at the
Relief effort
US companies donate
to boost contagion fight
JAMES POLITI — WASHINGTON
RICHARD WATERS AND GREGORY MEYER
SAN FRANCISCO
Big US companies including Microsoft,
Dell and Cargill are making donations
to help contain the deadly coronavirus
outbreak in China, after Beijing
encouraged assistance from corporate
America to help it cope with the crisis.
Multinationals with operations in the
world’s second-biggest economy have
pledged about Rmb10m ($1.4m) in cash
and items to assist relief efforts during
the epidemic, such as face masks and
other surgical equipment, according to
public statements and people familiar
with the matter.
Technology group Microsoft said it
would offer Rmb1m to help relief efforts
in Wuhan and Hubei province, the epi-
centre of the contagion that has killed
more than 100 and infected thousands.
Cargill will donate Rmb2m to the Chi-
nese Red Cross to support medical
teams and to provide aid to affected
communities. The Minnesota-based
agribusiness company also said it would
supply several hundred thousand face
masks to help address a severe shortage
in China. Dell, the computer maker, will
also donate Rmb2m.
Other large consumer goods and
healthcare companies have made simi-
lar pledges, with amounts expected to
rise. They include PepsiCo and Procter
& Gamble in the US, while the Bill &
Melinda Gates Foundation has donated
Rmb5m. Europe’s Bayer, L’Oréal and
Michelin have made similar pledges.
Tim Cook, Apple’s chief executive, said
on Twitter on Saturday that his com-
Fast-build: workers rush to erect
a new hospital in Wuhan yesterday
FRIDAY 31 MARCH 2017
Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
HMRC warns
customs risks
being swamped
by Brexit surge
3 Confidence in IT plans ‘has collapsed’
3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expected once Britain
leaves the EU, customs authorities have
admitted to MPs.
HM Revenue & Customs told a parlia-
mentary inquiry that the new system
needed urgent action to be ready by
March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
in time “has collapsed”.
Setting up a digital customs system
has been at the heart of Whitehall’s
Brexit planning because of the fivefold
increase in declarations expected at
British ports when the UK leaves the EU.
About 53 per cent of British imports
come from the EU, and do not require
checks because they arrive through the
single market and customs union. But
Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
The revelations about the system,
called Customs Declaration Service, are
likely to throw a sharper spotlight on
whether Whitehall can implement a
host of regulatory regimes — in areas
ranging from customs and immigration
to agriculture and fisheries — by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
Shutdown risk as border
wall bid goes over the top
Congressional Republicans seeking to
avert a US government shutdown after
April 28 have resisted Donald Trump’s
attempt to tack funds to pay for a wall
on the US-Mexico border on to
stopgap spending plans. They fear
that his planned $33bn increase in
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
to accept the proposals.
US budget Q&A and
Trump attack over health bill i PAGE 8
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A Five Star plan?
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
adjust its negotiation position with the
EU, a Whitehall official said. “If running
our own customs system is proving
much harder than we anticipated, that
ought to have an impact on how we
press for certain options in Brussels.”
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
mittee, HMRC said the timetable for
delivering CDS was “challenging but
achievable”. But, it added, CDS was “a
complex programme” that needed to be
linked to dozens of other computer sys-
tems to work properly. In November,
HMRC assigned a “green traffic light” to
CDS, indicating it would be delivered on
time. But last month, it wrote to the
committee saying the programme had
been relegated to “amber/red,” which
means there are “major risks or issues
apparent in a number ofkey areas”.
HMRC said last night: “[CDS] is on
track to be delivered by January 2019,
and it will be able to support frictionless
international trade once the UK leaves
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for suc-
cessful delivery.”
HMRC’s letters to the select commit-
tee, which will be published today, pro-
vide no explanation for the rating
change, but some MPs believe it was
caused by Mrs May’s unexpected deci-
sion to leave the EU customs union.
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
City watchdog sends a clear message as
banker loses job over WhatsApp boast
LAURA NOONAN — DUBLIN
JENNIFER THOMPSON — LONDON
A boastful WhatsApp message has cost
a London investment banker his job
and a £37,000 fine in the first case of
regulators cracking down on commu-
nications over Facebook’s popular
chat app.
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
staff’s communication.
Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
encryption system that cannot be
accessed without permission from the
user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
STOCK MARKETS
S&P 500
Nasdaq Composite
Dow Jones Ind
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 €
FTSEurofirst 300 1500.72 1493.75 0.47 ¥ per $
Euro Stoxx 50 3481.67 3475.27 0.18 ¥ per £ 139.035 137.822 £ index 76.705 76.951 US Gov 30 yr
FTSE 100 7369.52 7373.72 -0.06 € index 89.046 89.372 $ index 104.636 103.930 Ger Gov 2 yr
FTSE All-Share
CAC 40
Xetra Dax
Nikkei
Hang Seng
4011.01
5089.64
4011.80 -0.02 SFr per € 1.069 1.072 SFr per £ 1.244 1.238
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 $
297.73 0.09 Gold $
FTSE All World $ 297.99
WORLD BUSINESS NEWSPAPER
Lloyd’s of Brussels Insurance market
to tap new talent pool with EU base
Lloyd’s of London chose Brus-
sels over “five or six” other
cities in its decision to set up an
EU base to help deal with the
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
Berrys after discussions with regulators.
Christopher Niehaus, a former Jeffer-
ies banker, passed confidential client
information to a “personal acquaint-
ance and a friend” using WhatsApp,
according to the FCA. The regulator said
Mr Niehaus had turned over his device
to his employer voluntarily.
The FCA said Mr Niehaus had shared
confidential information on the messag-
ing system “on a number of occasions”
last year to “impress” people.
Several banks have banned the use of
new media from work-issued devices,
but the situation has become trickier as
banks move towards a “bring your own
device” policy. Goldman Sachs has
clamped down on its staff’s phone bills
as iPhone-loving staff spurn their work-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
World Markets
CURRENCIES
Mar 30
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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
Mar 30
50.22
52.98
1248.80
49.51
52.54
1251.10
Fed Funds Eff
prev %chg US 3m Bills
1.43 Euro Libor 3m
0.84 UK 3m
-0.18 Prices are latest for edition
Visit FT.com/subscribenow
insurers to follow. Most of the
business written in Brussels
will be reinsured back to the
syndicates at its City of London
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
London’s specialist insurance
groups after the UK leaves the
media at work, but banks are unable to
ban people from installing apps on their
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set “a precedent
in that it shows the FCA sees these mes-
saging apps as the same as everything
else”.
Information shared by Mr Niehaus
included the identity and details of a
client and information about a rival of
Jefferies. In one instance the banker
boasted how he might be able to pay off
his mortgage if a deal was successful.
Mr Niehaus was suspended from Jef-
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Facebook did not respond to a request
for comment.
Additional reporting by Chloe Cornish
Lombard page 20
INTEREST RATES
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-0.36
Data provided by Morningstar
UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
Dear Don...
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80
THE END
Briefing
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
OF THE
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
ROAD
i Report outlines longer NHS waiting times
A report on how the health service can survive
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while
some surgical procedures will be scrapped.— PAGE 4
i Emerging nations in record debt sales
Developing countries have sold record levels of
government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
Credit Suisse
emerging markets as trade booms.— PAGE 15
i London tower plans break records
A survey has revealed that a
record 455 tall buildings are
engulfed in
planned or under construction
in London. Work began on
almost one tower a week
during 2016.— PAGE 4
fresh tax probe
i Tillerson fails to ease Turkey tensions
The US secretary of state has failed to reconcile
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
i Toshiba investors doubt revival plan
3 UK, France and Netherlands swoop
In a stormy three-hour meeting, investors accused
managers ofhaving an entrenched secrecy culture
3 Blow for bid to clean up Swiss image
and cast doubt on a revival plan after Westinghouse
filed for Chapter 11 bankruptcy protection.— PAGE 16
RALPH ATKINS — ZURICH
DUNCAN ROBINSON — BRUSSELS
i HSBC woos transgender customerscompliance” but was still trying to
The bank has unveiled a range of gender-neutral
Credit
titles suchSuisse
as “Mx”,has been targeted
in addition
to Mr, Mrs,
Ms,sweeping
in a move tax
toinvestigations
embrace diversity in the
andUK,
France
needs and the Netherlands,
of transgender customers.— setting
PAGE 20
back Switzerland’s attempts to clean up dering by “a global financial institution
its image as a tax haven.
The Swiss bank said yesterday it was tax authority added: “The international
Datawatch
co-operating with authorities after its reach of this investigation sends a clear
offices in London, Paris and Amsterdam message that there is no hiding place for
wereattacks
Terror contacted by local
in western Europe officials
“concerning client tax matters”. notably the 2011
Dutch authorities
Highlighted attack said their counter-
Others
parts in Germany were also involved,
AFP while Australia’s revenue department
said it was investigating a Brussels
Swiss bank.
EU, with Dublin and Luxem-
The inquiries threaten to undermine
bourg thought to be more likely Norway
efforts by the Paris country’s banking sector
homes for the industry. But Nice
to overhaul business models and ensure
Mr Nelson said the city won on
customers meet internationalbucked
its transport links, talent pool
requirements following a US-led clamp-
and “extremely good regula-
down on evaders, which resulted in operation has been organised with the
tory reputation”. Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
billions of dollars in fines.
Lex page 14 The probes risk sparking an interna- demanded a written explanation from
Insurers set to follow page 18 tional dispute after the Swiss attorney- Dutch authorities.
general’s office expressed “astonish-
ment” that it had been left out of the in the US to an “extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients
EU’s judicial liaison body.
Credit Suisse, whose shares fell 1.2 per
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
subject ofinvestigations in the Nether-
lands, France and the UK. The bank said in Paris
Living wage rise to pile
pressure on care services
About 2.3m people will benefit from
today’s increase in the national living
wage to £7.50 per hour. But the rise
will pile pressure on English councils,
which will have to pay care workers a
lot more. Some 43 per cent of care
staff — amounting to 341,000 people
aged 25 and over — earn less than the
new living wage and the increase is
expected to cost councils’ care services
£360m in the coming financial year.
Analysis i PAGE 4
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2.99 0.01
0.00
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© THE FINANCIAL TIMES LTD 2017
No: 39,436 ★
Printed in London, Liverpool, Glasgow, Dublin,
Frankfurt, Brussels, Milan, Madrid, New York,
Chicago, San Francisco, Washington DC, Orlando,
Tokyo, Hong Kong, Singapore, Seoul, Dubai
centre of the outbreak, that details of
the Sars-like virus were not disclosed as
quickly as they could have been, Mr Xi
said information would be shared
“transparently, responsibly and in a
timely way”. He added: “We have com-
plete confidence and ability to win this
defensive battle against the epidemic.”
Mr Ghebreyesus praised China’s gov-
ernment for its handling of the out-
break, according to state media, which
reported the WHO chief as saying that
the response showcased “China’s speed,
China’s scale, and China’s effi-
ciency . . . This is the advantage of
China’s system, worthy for other coun-
tries to learn from.” The WHO was not
available immediately for comment or
to confirm the remarks.
The meeting came as Hong Kong
stepped up its defence against an out-
break that has killed 106 people, with
pany would donate to groups in China
participating in relief efforts.
Funds offered by US businesses are
much smaller than the many millions of
renminbi pledged by Chinese compa-
nies, including Tencent and Alibaba.
But they show that even in the wake of
the trade war between Washington and
Beijing, many US companies remain
deeply attached to China where their
businesses are largely profitable. The
virus threatens their employees, suppli-
ers and China’s economy, some of the
donors warned.
“We should be sympathetic and help-
ful and recall that no one is invulnera-
ble,” said Craig Allen, the president of
the US-China Business Council in Wash-
ington. He added that US companies
were “obviously concerned” about the
virus, particularly those with ties to
Wuhan, a big manufacturing hub.
Mr Allen said the Chinese embassy in
Washington had contacted the council
to discuss possible donations. The Chi-
nese embassy in Washington did not
respond to a request for comment.
US-China relations have been compli-
cated in recent years by tension over
Beijing’s treatment of foreign investors,
including intellectual property theft
and the forced transfer of technology.
But this month, the two countries
called a truce in their trade conflict via a
limited deal due to take effect next
month. Investors and businesses are
concerned the virus outbreak could
damage the Chinese economy. Any hit
to demand could make it harder for Bei-
jing to follow through on its plans to pur-
chase at least $200bn in goods and serv-
ices from the US in the next two years.
“People are trying to plan for the
future. If they are not allowed to open
their offices or factories for one week, it
would be one thing; if it is extended
beyond that, it becomes more com-
plex,” said Mr Allen. The Chinese lunar
new year holiday has been extended to
end on Sunday, though parts of China
have increased the break by a
further week.
Additional reporting by Ryan McMorrow in
Beijing
it followed “a strategy offull client tax
gather information about the probes.
by Miss or
HM Revenue & Customs said it had
cater to launched
the a criminal investigation into
suspected tax evasion and money laun-
and certain ofits employees”. The UK
those— seeking to evade tax.”
Recent attacks
Dutch prosecutors, who initiated the
massacre by action, said they seized jewellery, paint-
ingsinand gold ingots as part of their
Anders Breivik
Norway, theprobe; while French officials said their
investigation had revealed “several
attacks in Paris
and Nice, and the
thousand” bank accounts opened in
Brussels suicide
Switzerland and not declared to French
bombings —
taxhave
authorities.
tax the trend The Swiss attorney-general’s office
of generally low
said it was “astonished at the way this
fatalities from
deliberate exclusion of Switzerland”. It
western Europe
In 2014, Credit Suisse pleaded guilty
evade tax. It agreed to fines of $2.6bn.
Additional reporting by Laura Noonan in
Houlder in London, and Michael Stothard
Brussels takes tough stance on Brexit
with Spain handed veto over Gibraltar
ALEX BARKER — BRUSSELS
GEORGE PARKER — LONDON
STEFAN WAGSTYL — BERLIN
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
Britain’s plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
European Council president Donald
Tusk’s first draft of the guidelines,
which are an important milestone on
the road to Brexit, sought to damp Brit-
ain’s expectations by setting out a
“phased approach” to the divorce proc-
ess that prioritises progress on with-
drawal terms.
The decision to add the clause giving
Spain the right to veto any EU-UK trade
deals covering Gibraltar could make the
300-year territorial dispute between
Madrid and London an obstacle to
STOCK MARKETS
S&P 500
Nasdaq Composite
Dow Jones Ind
FTSEurofirst 300
Mar 31
2367.10
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2368.06 -0.04 $ per €
5918.69 5914.34 0.07 $ per £
20689.64 20728.49 -0.19 £ per €
1503.03 1500.72 0.15 ¥ per $
Euro Stoxx 50 3495.59 3481.58 0.40 ¥ per £ 139.338 139.035 £ index 77.226 76.705 US Gov 30 yr
7369.52 -0.63 € index 88.767 89.046 $ index 104.536 104.636 Ger Gov 2 yr
FTSE 100 7322.92
FTSE All-Share 3990.00 4011.01 -0.52 SFr per € 1.071 1.069 SFr per £ 1.252 1.244
CAC 40 5122.51 5089.64 0.65 COMMODITIES
Xetra Dax 12312.87 12256.43 0.46
Nikkei 18909.26 19063.22 -0.81 Oil WTI $
Hang Seng 24111.59 24301.09 -0.78 Oil Brent $
FTSE All World $ 297.38 298.11 -0.24 Gold $
*Terms and conditions can be found at www.ft.com/subscribenow
HOW DRIVERLESS
TECHNOLOGY IS
CHANGING AN
AMERICAN WAY OF LIFE
FT WEEKEND MAGAZINE
Art of persuasion Mystery deepens
over disputed painting of Jane Austen
Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine
ambitious trade and airline access deals.
Gibraltar yesterday hit back at the
clause, saying the territory had “shame-
fully been singled out for unfavourable
treatment by the council at the behest of
Spain”. Madrid defended the draft
clause, pointing out that it only reflected
“the traditional Spanish position”.
Senior EU diplomats noted that
Mr Tusk’s text left room for negotiators
to work with in coming months. Prime
minister Theresa May’s allies insisted
that the EU negotiating stance was
largely “constructive”, with one saying it
was “within the parameters of what we
were expecting, perhaps more on the
upside”.
390_Cover_PRESS.indd 1
British officials admitted that the EU’s
insistence on a continuing role for the
European Court of Justice in any transi-
tion deal could be problematic.
Brussels sees little room for compro-
World Markets
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111.430 111.295 ¥ per € 119.180 119.476 Jpn Gov 10 yr
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FINANCIAL TIMES Wednesday 29 January 2020
INTERNATIONAL
Impeachment trial
Republicans
debate calling
almost 4,500 confirmed cases in China. border with the mainland after Hong Topix fell another 1 per cent after heavy
Bolton as
The number of infections is up
sharply from the previous day as the
Kong’s first six coronavirus cases came
via the high-speed China rail link.
losses on Monday. Markets in China
remain closed for the new year holiday,
witness amid
respiratory illness spread over the lunar
new year holiday.
Carrie Lam, Hong Kong leader, said
Researchers at the University of Hong
Kong forecast that the virus would
spread further. The university esti-
but analysts expect a sharp drop in
Hong Kong when the city’s stock
exchange reopens today.
book claims
mated that at least 25,630 people in Japan has announced the first case of
Wuhan were showing symptoms of the coronavirus transmission within its bor-
‘We have complete disease and about 44,000 were infected ders: a man in his sixties from Nara pre-
LAUREN FEDOR — WASHINGTON
Donald Trump’s impeachment trial
confidence and ability to but had yet to show symptoms. fecture who drove a bus for two parties
defence team sought to deflect claims
The UK’s Foreign Office advised Brit- of tourists from Wuhan. It was one of
win this defensive battle ons to avoid all but essential travel to two new cases announced in Japan yes-
from John Bolton that have caught the
president’s Republican supporters off
against the epidemic’ mainland China. terday, making six in total.
guard, saying the revelations were
Financial markets fell further on the Germany yesterday identified its
insufficient to justify his removal from
yesterday that rail services to the main- expected economic fallout from the cri- first case of the virus, as authorities in
office.
land would be suspended from tomor- sis after several Chinese cities extended Munich said a man from the southern
row and the number of flights would be the traditional lunar new year holiday city of Sternberg had been infected. Mr Bolton, the president’s former
halved, as she suspended permits for by an extra week in an effort to prevent Additional reporting by Hudson Lockett in national security adviser, reportedly
Chinese tourists visiting the territory. the disease from spreading. Hong Kong, Robin Harding in Tokyo and accuses Mr Trump in a forthcoming
Ms Lam, who at her media briefing Singapore’s FTSE Straits Times Guy Chazan in Berlin book of saying he was withholding aid to
wore a surgical face mask, has been dropped 2.6 per cent, Seoul’s Kospi Lex page 12 Ukraine until Kyiv complied with his
under public pressure to close the index was down 3.1 per cent and Tokyo’s Markets pages 23-24 demands to publicly announce investi-
gations into Joe Biden, the Democratic
presidential contender and former US
vice-president.
Repatriation Alan Dershowitz, a constitutional law
scholar and celebrity lawyer who is part
of Mr Trump’s defence team, said:
“Nothing in the Bolton revelations, even
if true, would rise to the level of an abuse
of power or an impeachable offence.”
Democrats have called for witnesses,
including Mr Bolton and Mick Mulva-
ney, the acting White House chief of
staff, to testify in the Senate impeach-
ment trial.
Senate majority leader Mitch McCon-
nell has bristled at such suggestions. But
James Lankford, a Republican senator
from Oklahoma, said in a video posted
to Facebook that senators should have
access to Mr Bolton’s book manuscript.
“That manuscript is pertinent and we
should be able to get access to that man-
uscript to see what they’re actually say-
ing. And I would encourage John Bolton,
if he has something to say, start saying it
now,” Mr Lankford said.
Lindsey Graham, an influential
Republican senator from South Caro-
lina and close ally of Mr Trump, said on
Twitter: “I totally support Senator
Lankford’s proposal that the Bolton
manuscript be made available to the
Behind the mask: Senate, if possible, in a classified setting
passengers arrive where each senator has the opportunity
in Milan from to review the manuscript and make
China yesterday their own decision.”
Cozzoli/ Fotogramma/Ropi But Chuck Schumer, the Senate’s top
Democrat, told reporters yesterday that
the proposals were absurd.
“It’s a book!” Mr Schumer said, add-
Trapped expats appeal for help ing: “There is no reason to read it in an
SCIF unless you need to hide some-
thing.” SCIF is an abbreviation for a sen-
sitive compartmented information
facility, where lawmakers and national
TOM HANCOCK — WUHAN week in an attempt to contain the virus. seppe, an Italian national who works at security officials receive secure brief-
Officials have given no indication when a Wuhan ceramics company. ings about intelligence and other classi-
Divyank Parekh, a 20-year-old Indian
the measures will be lifted. Tom Williams, a British teacher in fied matters.
student at Wuhan University School of
The US, Japan, France and South Wuhan whose Canadian wife is 35 weeks Republican senators have called for a
Medicine, is one of thousands of for-
Korea are the only countries to have pregnant, appealed to the government witness “swap”, where Mr Bolton or Mr
eigners trapped in the stricken city.
confirmed the timing of flights to evacu- for help in an online post. “I just want to Mulvaney would testify in exchange for
“We’re very worried because we see ate citizens by air. The US chartered a share our story so I can try and get my testimony from Mr Biden or his son
people getting ill around us,” Mr Parekh plane to remove consulate officials yes- wife, son and unborn child safely out of Hunter Biden, who previously held a
said. “We’ve called the Indian [consu- terday, selling tickets to some non-gov- the city,” he wrote. lucrative board position with Burisma, a
late] hotline many times but they told ernment staff, including workers at a At a meeting in Beijing on Monday, Ukrainian oil and gas company.
us to wait. We don’t know how much glass factory owned by industrial com- China’s foreign ministry said it was tak- Mr Schumer accused Republicans of
longer it will take for them to help us.” pany Corning, at a cost of $1,000 each. ing effective measures to combat the trying to create a “diversion”, adding:
Wuhan and the surrounding province France said its citizens would be held virus and advised foreign governments “Hunter Biden has nothing to do with
of Hubei is home not just to interna- in quarantine after being repatriated. against evacuating their citizens, the facts of this trial . . . requests to call
tional students but long-term foreign Japanese citizens will be medically according to people who were present. Hunter Biden are an intentional misdi-
workers — among them football examined before boarding the evacua- “They said they don’t encourage or rection, a distraction.”
coaches, airline pilots and teachers — tion flight and will be asked to monitor recommend evacuation. At the same The Republican-controlled Senate
who found a home in the central Chi- their health for two weeks on return. time, they also said if foreign govern- will vote as soon as Friday on whether
nese city as its economy boomed. Expatriates have been calling their ments decide to evacuate their citizens, to call witnesses or admit fresh evidence
Many have been unable to leave after embassies and consulates, but have they would co-operate,” a diplomat said. in the impeachment trial only after
the local government closed the airport, been frustrated by the response. “It’s Additional reporting by Don Weinland in Mr Trump’s legal team concludes its
public transport and road links last been a very difficult time,” said Gui- Beijing and Katrina Manson in Washington arguments.
Election. Centrist party
Irish opposition looks for forgiveness and power
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
weekend put support for Fianna Fáil at 1989 and was in cabinet for 14 years putting him on the winning side in two
Fianna Fáil was punished by
26 per cent and Fine Gael at 23 per cent, before the financial crisis, first under landmark referendums to liberalise
Censors and sensitivity
Warning: this article may be
upsetting — LIFE & ARTS
in keeping with a recent Irish Times poll Bertie Ahern and then his successor, social laws.
voters over the financial crisis
How To Spend It
that had Mr Martin’s party at 25 per cent Brian Cowen. Gerard Howlin, an Ahern As economic recovery set in, he
Chic new lodgings
in Scotland
MAGAZINE
but is now ahead in the polls
FEBRUARY 4 2017
and Mr Varadkar’s at 23 per cent. adviser, said: “Micheál’s comeback, struck a parliamentary voting pact in
“We’re getting a warm response. Peo- from 2011 when Fianna Fáil almost dis- 2016 to prop up the minority Fine Gael
The lure of the exotic
Robin Lane Fox on the flair
ple are talking to us. It’s clear on the integrated, is a political phenomenon.” government from opposition. He also
of foreign flora — HOUSE & HOME
ARTHUR BEESLEY — LONGFORD
doorsteps that people want change and Mr Martin, leader since 2011, backed Mr Varadkar on Brexit as risks
Escape the taper trap
Irish opposition leader Micheál Martin they want a new government,” said Mr accepted that his party faced a long spell grew of a no-deal UK crashing out from
How high earners can evade
Bridgeman Art Library
a pension headache — FT MONEY
and his Fianna Fáil party have endured Martin, as his party released its mani- the EU. The pact, prolonged in late 2018
years in the wilderness, punished for the festo in Dublin. due to Brexit uncertainty, ensured polit-
mise. If Britain wants to prolong its
status within the single market after
Brexit, the guidelines state it would
THE RISE
supervisory OF instru-
and enforcement
ments and structures to apply”.
ECO-GLAM
require “existing regulatory, budgetary,
Mr Tusk wants talks on future trade
to begin only once “sufficient progress”
has been made on Britain’s exit bill and
citizen rights, which Whitehall officials
believe means simultaneous talks are
possible if certain conditions are met.
Boris Johnson, the foreign secretary,
reassured European colleagues at a country’s financial crisis — but he insists Such remarks echo the Irish Times Micheál Martin: ical stability in Dublin during tense talks
Nato summit in Brussels that Mrs May
says his manifesto
had not intended to “threaten” the EU
when she linked security co-operation
a return to government is at hand. survey, which suggested 75 per cent of with Britain over the future of the
19/01/2017 13:57
after Brexit with a trade deal.
Reports & analysis page 3
Jonathan Powell, Tim Harford &
Man in the News: David Davis page 11
Henry Mance page 12
presents ‘a
Mr Martin and his centrist party lead voters want a change of government Northern Ireland border.
INTEREST RATES
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0.07
chg
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prudent,
Leo Varadkar’s Fine Gael ahead of the after nine years of Fine Gael rule. The stance gave freedom of manoeu-
99.27 3.04 0.01
responsible and
102.57 -0.75 0.00
price prev chg
Fed Funds Eff 0.66 0.66 0.00
0.78 0.78 0.00
-0.36 -0.36 0.00
0.41 UK 3m 0.34 0.34 0.00
-0.32 Prices are latest for edition Data provided by Morningstar
election on February 8, with domestic In the midlands town of Longford, reasonable’ plan vre to the taoiseach but meant Mr Mar-
problems overshadowing the prime which endured some of the highest tin could present his party as a pillar of
minister’s Brexit diplomacy. unemployment during the crisis, some in opposition and played a long game to the national consensus on Brexit. “Our
Fianna Fáil once had a tight grip on said they were ready to give Mr Martin’s rebuild it. behaviour and performance in opposi-
government in Ireland, holding power party another chance. He publicly apologised in 2012 for tion on many issues I think has given
from 1997 until 2011. Voters deposed Enda Geraghty, an engineering com- Fianna Fáil’s role in the crash and sup- reassurance to people,” he said.
the party in the aftermath of the global pany worker, said there was no point ported a Brussels treaty that year to Ireland’s economy is booming, with
financial crash, when Ireland needed a dwelling on the past, but he did not say impose fiscal discipline on member record numbers of people at work at
humiliating international bailout and where his vote would go. “It’s what’s states. By putting new representatives 2.33m — an important calling card for
endured rampant unemployment and going on today. It’s what people are get- in charge of local organisations, the Fine Gael. Mr Varadkar believes Fianna
mass emigration in Dublin’s biggest test ting into their bank accounts every party reactivated its grass roots sup- Fáil cannot be trusted with the econ-
since the second world war. week. It’s the cost of living. It’s jobs port. The first glimmer of hope was in omy. But Mr Martin insisted his mani-
Today, Mr Martin and his party today, not what went on 10 years ago.” 2014, when Fianna Fáil won the most festo presented “a prudent, responsible
believe voters are ready to forgive it for Victory would seal a remarkable council seats in local government. and reasonable” plan to boost house-
steering Ireland into crisis. A survey for return for Mr Martin, who turns 60 this Mr Martin backed Ireland’s introduc- building and the health service, and
the Business Post newspaper at the year. He has been in parliament since tion of same-sex marriage and abortion, maintain order in the public finances.
Wednesday 29 January 2020 ★ FINANCIAL TIMES 5

INTERNATIONAL

Huawei decision jolts ‘special’ UK-US

Gas pipeline

relationship at highly sensitive time
Britain had to weigh up potential threat to hopes for quick trade deal with main ally after Brexit this week
GEORGE PARKER AND HELEN WARRELL
LONDON
KIRAN STACEY — WASHINGTON
Mike Pompeo, US secretary of state,
called it a “momentous decision”.
Indeed, such was its significance — and
the pressure exerted by Washington —
that two British prime ministers have
been haunted by the Huawei question.
Mr Pompeo is in London this week
and is expected to have a frank exchan-
ge of views with UK prime minister
Boris Johnson, who finally gave the go-
ahead yesterday for the Chinese tele-
coms equipment maker to supply kit for
Britain’s 5G mobile phone network.
The Trump administration views the
UK National Security Council’s decision
as a craven surrender of national sover-
eignty over data to the Chinese state,
warning that it could give Beijing a back-
door route to spy on British communi-
cations. Senior figures in Washington
fear that other allies could follow Brit-
ain, and former UK defence secretary
Liam Fox said it risked giving a “green
light to other countries which don’t have
the UK’s security capabilities”.
Given that Britain leaves the EU on
Friday and is looking to strike a swift
post-Brexit trade deal with the US, the
decision raises tensions in the “special
relationship” at a highly sensitive time.
The saga has been agonising to watch.
While Mr Pompeo tweeted on Sunday
that the UK had a “momentous deci-
sion” to take on Huawei, it has been a
slow motion process that occupied vast
amounts of time for British ministers
and officials.
In April last year the then premier
Theresa May approved Huawei’s role as
a supplier of “non-core” parts of the
UK’s 5G network. The company’s kit is
cheap compared with rivals and secu-
rity chiefs advised that any security
risks could be controlled, as non-core
equipment does not involve the
processing or storing of sensitive data.
Then Washington complained, the
decision was put into a Whitehall
review, and eventually, after much
transatlantic rancour, Mr Johnson came
to a very similar decision to Mrs May
nine months later.
The facts had barely changed. Huawei
is a valued supplier of antennas and
base stations used in UK mobile net-
works, and has been for years.
However, Mr Johnson used the Con-
servative party’s December election
manifesto to promise to roll out full
fibre broadband to every household by
2025. As with mobile, Huawei has been
a key supplier of equipment used in the
UK fixed line networks for years.
The nine members of the NSC were
told that banning Huawei would set
back the rollout of 5G and full-fibre
infrastructure by up to three years, at a
cost of tens of billions of pounds to a
British economy struggling with low
productivity.
Given that security officials at the
table were happy with Huawei’s contin-
uing role, provided it was limited to the
5G periphery and a new 35 per cent mar-
ket cap was imposed, the decision at the
80-minute meeting should have been
straightforward.
According to the National Cyber Secu-
rity Centre, a branch of the signals intel-
ligence agency, GCHQ, the risks from
Russia to go
it alone on
Nord Stream 2
in face of US
sanctions
Huawei’s role in the UK’s 5G network NASTASSIA ASTRASHEUSKAYA
MOSCOW
Company can only supply ‘non-core’ kit Russia said it would complete con-
struction of the Nord Stream 2 gas
pipeline under the Baltic Sea without
1 2 3 the help of foreign companies, a victory
A mobile phone user Request passes to the Request is forwarded to for the US which imposed sanctions in
makes a data request core network via a the internet and returned an attempt to halt the project.
via a 5G network mast security gateway via the same route
Yesterday’s admission by Gazprom, the
Kremlin-controlled gas monopoly, is the
first official acknowledgment that Mos-
cow will complete the pipeline, which
runs from Russia to Germany, without
foreign involvement.
“The Nord Stream 2 project, which is
already 94 per cent complete, will be
finished by the Russian side,” Gazprom
deputy head Elena Burmistrova said at
Internet the European Gas Conference Vienna.
Washington imposed sanctions last
month against companies involved in
the construction as part of efforts to
punish Moscow for alleged meddling in
Non-core network Core network
Software and hardware
the 2016 US presidential elections.
Includes antennas and base
stations that transmit but do that process and store The Trump administration also
not store data. sensitive data. voiced fears the pipeline would increase
Main suppliers are Huawei, Main suppliers are Cisco, Europe’s dependency on Russian
Ericsson and Nokia Ericsson and Nokia energy.
Gazprom and five EU energy compa-
nies are paying for Nord Stream 2,
which was being laid by international
FT graphic Source: FT research
contractors who suspended work when
the sanctions were announced.
9mins 31 secs using Huawei in 5G can never be Whitehall officials highlight that pany should be barred, while ex-Tory Critics say the pipeline is designed to
Time taken to removed, but they can be brought down intelligence-sharing is conducted inde- leader Iain Duncan Smith described the reroute gas supplies to Europe currently
download an HD to “acceptable levels”. pendently of mainstream telecoms net- decision as “deeply disappointing”. sent through Ukraine, depriving Kyiv of
movie with 3G British intelligence officials believe works on dedicated “cryptographic” The decision also caused consterna- lucrative transit revenues. Russia says it
measures agreed by the NSC are enough channels. But Huawei, which has tion in Washington. Liz Cheney, a is a purely commercial venture.
31 secs to mitigate the key threats of espionage, repeatedly said that it is a private com- Republican in Congress, tweeted: “By “Half a century ago, when pipelines to
Time taken to theft or alteration of data and network pany and not subject to Chinese state allowing Huawei into their 5G net- Europe were being built, no one could
download an HD disruption. Huawei equipment will be interference, creates a neuralgia in work, Boris Johnson has chosen think they would be torn by political
movie with 4G fully excluded from sites such as the UK political circles on both sides of the surveillance state over the disagreements,” Ms Burmistrova said
nuclear weapons base at Faslane in Scot- the Atlantic. special relationship. yesterday, pointing out the approaching
land. Yesterday, British MPs “Tragic to see our closest 50th anniversary on February 1 of the
1 sec Even though Washington has repeat- were almost unanimous in ally, a nation Ronald Reagan “legendary” deal between West Ger-
Time taken to edly warned that a UK decision to use condemning the contin- once called ‘incandescent many and the Soviet Union to supply gas
download an HD Huawei for 5G kit would jeopardise int- ued use of Huawei. with courage’, turn away in return for pipelines.
movie with 5G
elligence relationships, day-to-day op- Former Conservative from our alliance and the cause of Swiss group Allseas, the main con-
Based on theoretical erational links between British and US cabinet minister David freedom.” tractor that had been laying the pipe-
maximum speeds spy agencies are expected to continue. Davis said the com- But Donald Trump, initially at least, line, had immediately suspended oper-
refrained from tweeting about the NSC ations in the face of sanctions.
decision. Despite Ms Burmistrova’s comments,
Fears abate several countries, including India and companies having to rip out and The US president, who lobbied Mr Nord Stream 2 AG, the fully Gazprom-
More countries expected Canada — which is involved in a political replace thousands of existing 4G and Johnson about Huawei last Friday, is owned pipeline operator based in Swit-
stand-off with China over the detention 5G base stations. separately unhappy with Britain over its zerland, insisted that together with the
to follow British move of Huawei chief financial officer Meng The telecoms industry welcomed the plan for a digital services tax that will companies supporting the project —
Wanzhou — could follow the UK’s lead resolution to an 18-month-long debate fall heavily on US tech groups. His Engie, OMV, Royal Dutch Shell, Uniper
Britain’s decision to allow the use of in the wake of the approval. over the Chinese company’s role in 5G. administration has threatened tariffs on and Wintershall, all of which have
Huawei’s equipment in the “non-core” Fifteen years ago, the UK provided All four of the UK’s mobile networks UK car exports. already given it substantial financial
parts of the UK’s new 5G and full-fibre Huawei with a foothold outside of have launched 5G using Huawei Mr Johnson has stood his ground on investment — it would work on finishing
networks has been met with relief by China when BT signed a contract that equipment since last summer despite the digital tax, in a sign that he does not the pipeline.
the Chinese company, calming fears transformed the then obscure company political pressure from the US. want to be presented as Mr Trump’s It is unclear how Gazprom intends to
that a total ban could threaten its into the world’s largest telecoms The industry has three years to poodle just as the UK leaves the eco- finish the project without international
global empire. equipment supplier. comply with the new caps and nomic security of the EU, the world’s assistance. Various options being dis-
Executives at Huawei have privately Jeremy Thompson, vice-president of restrictions on Huawei equipment. biggest trade bloc. cussed include vessels owned by the gas
expressed confidence that the UK Huawei UK, shrugged off the move by The 35 per cent cap has also been While the Huawei decision could also company and other Russian pipe laying
decision, which is backed by the British the UK to ban it from the “core” extended to cover full-fibre and complicate Mr Johnson’s efforts to contractors, but none is as modern or
security agencies but comes with new network and impose a cap on its market “gigabit” speed networks, where secure a post-Brexit trade deal with the advanced as those used by Allseas.
market cap restrictions, could trigger share for less sensitive equipment. He Huawei is the dominant supplier with US, Mr Johnson inevitably also had one The 55bn cubic-metre pipeline was
similar moves elsewhere. said that being allowed to win 35 per 44 per cent market share. Broadband eye on China, which has of late seen Brit- initially expected to be launched by the
Indeed the mood on the company’s cent of the country’s non-core 5G companies including Openreach and ain as a key investment destination. end of 2019, when the previous gas tran-
conference call after the UK decision network landscape would be a “good Virgin Media will thus have to use more In 2015, then UK chancellor George sit contract with Ukraine was set to
was so buoyant that one director sang result” for most companies. equipment from Huawei’s rivals, Osborne vowed that Britain would be expire.
“I’m on a Huawei to Hell” to the tune of Whitehall officials argued that including Nokia, to comply with the cap. China’s “best partner in the west”. The The construction stretched into
the AC/DC hit “Highway to Hell” as he Huawei had been on track to dominate BT, which owns EE and Openreach, City of London, telecoms and even 2020, however, after a delay in receiv-
scrolled the headlines. the 5G market, estimating that it would could have the most work, as around nuclear power stations were opened up ing permission from Denmark to build
Many countries are wrestling with the have had a market share of up to 70 per two-thirds of its 4G network uses to Chinese companies. in its waters.
issue of the threat to national security cent in three years’ time without Huawei radio equipment. The initial It was telling that the British govern- With a new Gazprom-Naftogaz transit
posed by the use of Huawei’s government intervention. The new cap variant of 5G is overlaid on top of the ment press release on “new plans to contract now in place, estimates from
equipment in their future networks. stops that happening while avoiding noncore elements of the 4G network. safeguard the country’s telecoms Russia’s officials for Nord Stream 2’s
But according to industry analysts, the disruption and cost of telecoms Nic Fildes network” did not mention Huawei by completion now vary from the end of
name once. this year to early 2021.

Curb on exemptions East Africa Japan

Portugal plans overhaul of tax World Bank heeds concerns Abe sends message on easing
breaks for wealthy foreigners and delays Tanzania loan vote with central bank nomination
PETER WISE — LISBON
Portugal plans to end tax exemptions
for some foreign residents and over-
haul its “golden visa” scheme in
changes that are likely to diminish the
country’s appeal to wealthy interna-
tional pensioners and big-earning
celebrities.
The ruling Socialist party (PS) has pro-
posed changes to the 2020 state budget
that will raise the tax rate on the over-
seas pensions of so-called non-habitual
residents (NHRs) from zero to 10 per
cent and limit the granting of so-called
golden visas to property purchases out-
side Lisbon and Porto.
The proposed changes come amid
concern in Brussels over discriminatory
tax regimes and visa schemes that offer
EU residency and other benefits in
return for property purchases or other
investments.
Other proposals under consideration
would lift taxation on earnings from
performance fees and royalties from
zero to 20 per cent for NHRs.
Portugal has become well known in
recent years for attracting celebrities
such as Madonna and Philippe Starck,
the French designer, to become resi-
dents. About 28,000 people, including
some 9,000 pensioners, have moved to
Portugal under the NHR scheme.
The changes proposed by the PS are
expected to be endorsed by the minor-
ity Socialist government, which will put
a final version of the budget to a vote in
parliament next week. The changes
would be introduced from March and
would not apply retroactively.
“The zero per cent tax that Portugal
applies to cross-border pensions is not
sustainable in today’s world,” said Nuno
Cunha Barnabé, a tax partner at Abreu
Advogados, a Lisbon law firm. “But tax-
ing royalties and performance fees will
put off the kind of people that have
helped put Portugal on the map.”
Removing property purchases in
Lisbon and Porto from eligibility is
expected to have a big impact on the
golden visa scheme. Property invest-
ments in the two cities are estimated to
represent about two-thirds of the total
to date.
TOM WILSON — LONDON
The World Bank has postponed a vote
on a $500m loan to the government of
Tanzania after local civil society groups
and an opposition leader criticised the
programme.
The lender’s board was due to meet yes-
terday to approve the loan but the dis-
cussion was delayed following a request
from a board member, the World Bank
said.
“The board will be setting a future
date for its consideration of the project,”
it said, without confirming why
the member had requested the post-
ponement.
In a letter to the World Bank last
week, critics said the loan to improve
access to secondary education in the
east African country would be a mistake
and urged it to delay the funding.
Since President John Magufuli’s elec-
tion in 2015 he has courted controversy,
limiting press freedoms and restricting
opposition activity. In 2017, he angered
women’s rights campaigners by endors-
ing a law that allows public schools to
ban pregnant girls and has since encour-
aged women to “free their ovaries” to
boost the country’s population.
Civil society groups said that approv-
ing the project would have amounted to
a “full-throated endorsement” of Mr
Magufuli’s policies, and asked the World
Bank to postpone the decision until the
President John
Magufuli: accused
of limiting press
freedoms and
restricting
opposition activity
government put in place measures to
demonstrate a genuine commitment to
gender equality and the rule of law.
World Bank members met on Mon-
day to discuss concerns raised by the
civil society groups, according to a per-
son briefed on the meeting.
The bank originally postponed the
project and other funding to Tanzania in
2018 over issues including its treatment
of women and threats to arrest mem-
bers of the LGBT+ community.
ROBIN HARDING — TOKYO
Japan’s government has nominated a
dovish economist to the board of its
central bank in a signal that prime min-
ister Shinzo Abe is committed to a huge
programme of monetary easing.
Despite growing complaints from banks
about the downside of negative interest
rates, the selection of Seiji Adachi, a
“reflationist”, suggests Mr Abe will not
back away from his signature stimulus
programme, known as Abenomics.
Once confirmed by parliament, Mr
Adachi will replace Yutaka Harada,
another dovish policymaker, maintain-
ing the balance of power on the nine-
member Bank of Japan policy board. Mr
Abe’s party controls parliament and
nominations are usually confirmed
promptly.
“The key message of this nomination
is not the selection of Mr Adachi himself
but what the Abe administration is
thinking about the BoJ,” said Masamichi
Adachi, chief economist at UBS
in Tokyo, who is not related to the
nominee.
“It suggests the Abe administration is
comfortable with the current balance:
having a minority of reflationists and a
majority of neutrals on the BoJ board.”
The BoJ board has three members
regarded as aggressive reflationists, who
would like to ease policy further to
achieve the central bank’s 2 per cent
inflation objective more rapidly, and six
neutrals who support the easing carried
out by governor Haruhiko Kuroda, but
are not pushing for more.
Mr Abe’s appointment of Mr Kuroda
in 2013 led to a signature monetary
stimulus, with huge purchases of gov-
ernment bonds to drive down long-term
interest rates, followed by a negative
overnight interest rate and a cap on 10-
year bond yields at zero. But despite
this, the BoJ has failed to hit its inflation
objective, and the economy is struggling
to overcome a recent rise in consump-
tion tax from 8 per cent to 10 per cent.
Mr Adachi is a former economist at
Deutsche Bank and most recently head
of economic research at Marusan Secu-
rities. In 2013, he helped to write Refla-
tion Will Save Japan’s Economy.
6 ★
Two-state solution
Netanyahu lauds Trump’s Middle East peace plan
President claims win for
both sides but proposals
likely to anger Palestinians
KATRINA MANSON — WASHINGTON
MEHUL SRIVASTAVA — TEL AVIV
Donald Trump unveiled his long-
delayed Middle East peace plan yester-
day, claiming it would lay the founda-
tions for “a realistic two-state solution”
to end the Israeli-Palestinian conflict.
But setting the tone for a plan that
appeared heavily weighted in favour of
Israel, the US president said Jerusalem,
Germany. Security probe
Spying claims hit
EU-Sino ties
Bloc’s former envoy to South
Korea is suspected of working
for Beijing intelligence agency
MICHAEL PEEL — BRUSSELS
EDWARD WHITE — SEOUL
Flamboyant career diplomat Gerhard
Sabathil touched down in Seoul in late
2015 for what should have been a plum
ambassadorial posting: EU envoy to
South Korea, a crucial economic partner
and strategic Asian ally.
Yet 15 months later he had left, after
his native Germany revoked his security
clearance, the first sign of trouble that
culminated this month with police raids
in Germany and Belgium. Authorities in
Berlin suspect Mr Sabathil, who is in a
relationship with a Chinese academic, of
spying for China’s intelligence agency.
The affair has highlighted fears about
the EU’s vulnerability to the threat of
Chinese state espionage, especially as
relations between the two powers have
become more tense.
“The EU has become an intelligence
battleground, because Europe is so
important to China and relations with
the US are so strained,” said Janka Oer-
tel, Asia programme director at the
European Council on Foreign Relations
think-tank. “And ambassadors provide
a route right to the top.”
German investigators searched nine
offices and homes in Germany and Bel-
gium on January 15 as part of their
probe. Prosecutors said the investiga-
tion targeted three unnamed individu-
als. European officials have confirmed
that one of those was Mr Sabathil,
who did not respond to a request for
comment.
Mr Sabathil, pictured, a former EU
official who began working at the Euro-
pean Commission in the 1980s, has led
bloc delegations all over Europe.
A colourful figure with a fondness for
bow ties, he served as the EU diplomatic
service’s director for east Asia and
Pacific until he moved to Korea in 2015.
He was deeply interested in the
nuclear threat on the Korean
peninsula, travelling to
Pyongyang to meet North
Korean officials just months
before he started his posting in
Seoul.
The German investigation
has focused attention
on his sudden
departure from
South Korea. The
revocation of his
security clear-
ance was
Powell press conference
Fed chairman to face questions on balance sheet expansion and market policies
BRENDAN GREELEY — WASHINGTON
COLBY SMITH — NEW YORK
Investors are seeking more clarity from
the US Federal Reserve this week on
how much it may expand its balance
sheet following the central bank’s
efforts to restore order to short-term
funding markets.
The Fed has been buying US Treasury
bills at a rate of $60bn a month since a
big jump in overnight borrowing costs
last September and today chairman Jay
Powell is set to face questions about how
its actions are affecting markets.
Mr Powell will speak at a regular press
conference after the Federal Open Mar-
ket Committee’s two-day meeting,
which is expected to result in a tweak to
a key tool it uses to implement mone-
tary policy with US interest rates close
to the bottom of the Fed’s target range.
He is likely to have to address criti-
cism from some market participants
the holy city, would be the undivided
capital of the Israeli state. David Fried-
man, US ambassador to Israel, said a
“meaningful portion” of the occupied
West Bank would be allocated to Israel,
including the Jordan Valley.
Palestinian leaders, who have refused
to talk to US officials since Mr Trump
announced in December 2017 his deci-
sion to move the US embassy to Jerusa-
lem, have previously said they would
reject the plan. The details announced
yesterday will probably further inflame
their anger and fuel allegations that Mr
Trump is pursuing a pro-Israeli bias.
The US president insisted the plan
linked to concerns surrounding his rela-
tionship with Shen Wenwen, a specialist
in China-EU comparative politics and
international relations, two people
familiar with the matter said they were
told.
Ms Shen, who has not been accused of
any offence, did not respond to a request
for comment. The case comes after
instances in which western authorities,
particularly in the US, have been criti-
cised for their undue suspicion of people
with Chinese connections.
Details of Ms Shen’s background
remain sketchy but according to social
media profiles, now deleted, she grew
up in Chengdu, in China’s Sichuan prov-
ince, and studied in the country before
joining the national state news agency.
She then studied in the UK for eight
years and earned a doctorate before
working in Brussels in various capaci-
ties at the EU-Asia Centre think-tank,
the European Parliament and the Vrije
Universiteit Brussel.
Mr Sabathil and Ms Shen appear to
have known each other since at least
2013, when they were listed as co-au-
thors on an academic paper on Euro-
pean foreign policy.
Ms Shen left Brussels that year to take
a visiting scholarship at Australian
National University, in Canberra, on a
commission-funded grant. She then
moved to New Zealand’s Victoria Uni-
versity of Wellington and has also been
associated with the University of Can-
terbury in Christchurch.
Ms Shen left New Zealand in 2015 to
take a position as a visiting professor at a
European-focused centre at Korea Uni-
versity in Seoul.
She has lately been living in Berlin
with Mr Sabathil and their children,
while he has worked as a lobbyist in the
German capital and Brussels, people
who know the couple said.
During this time, the pair have
become associated with the Chinese dis-
sident community in Germany, includ-
ing Liu Xia, the poet and widow of the
Nobel Peace Prize laureate Liu Xiaobo.
Ms Liu, who was under house arrest in
China, fled the country in 2018 after
her husband’s death.
Organisers of an event held in
Prague last April to commemorate
Liu claim Mr Sabathil and Ms Shen
disrupted plans for Ms Liu to speak
at the event by persuading her not
to attend.
Additional reporting by
Jamil Anderlini in Hong
Kong, Tobias Buck in Ber-
lin, Christian Shepherd in
Beijing and Primrose
Riordan in Sydney
that the Fed’s actions have been pushing
up asset prices.
“What the market really wants is to
know what the medium-term game is,”
said Mark Cabana, head of US rates
strategy at Bank of America.
After September’s leap in the over-
night “repo” rate, policymakers con-
cluded that they had gone too far in
withdrawing their post-crisis stimulus,
allowing banks’ excess reserves held at
the Fed to fall too low.
The Fed reversed course and began
expanding its balance sheet again by
buying short-dated Treasury bills, cred-
iting banks with reserves and driving up
the level of cash. It said the bill buying
would continue into the second quarter
of 2020 but declined to offer a level of
bank reserves it would consider suffi-
cient. The level had fallen as low as
$1.4tn in September; it is now at $1.6tn.
Since September, the Fed has been
intervening directly in the repo market.
FINANCIAL TIMES
INTERNATIONAL
was a “win-win” for both sides, saying
the proposals would more than double
Palestinian territory. But he gave no
specific details about how this would
work in practice. He said the Palestinian
capital would be in eastern Jerusalem,
but did not state where.
Benjamin Netanyahu, the Israeli
prime minister, lauded the plan as he
stood alongside Mr Trump at the White
House, saying the US president had
“charted a brilliant future, a brilliant
future for Israel”.
Mr Netanyahu, who is gearing up for
his third election battle in less than a
year, suggested the White House plan
Army report
‘Groundhog
Day’ for
Bundeswehr
On parade: soldiers prepare to
take an oath of service in Berlin
in November — Sean Gallup/Getty Images
Originally it said those operations would
continue until at least January, but Mr
Powell and Richard Clarida, his vice-
chairman, have more recently indicated
they could continue until at least April.
‘What the market really
wants is to know what the
medium-term game is’
Mark Cabana, Bank of America
“The Fed’s extremely aggressive
response to the repo blowout in Septem-
ber, as well as their timidity in pulling
back from that response . . . could be
signalling to markets that this is a Fed
with a very low tolerance for market
fluctuations,” noted Blake Gwinn, head
of front-end rates strategy for the Amer-
icas at NatWest Markets.
The turmoil in short-term funding
markets reflects how the Fed continues
would enable Israel to annex areas of
occupied territory in the West Bank.
“You are recognising Israel must have
sovereignty in the Jordan Valley, and
other strategic areas in Judea and
Samaria,” said Mr Netanyahu, using the
biblical description for the West Bank.
“You are recognising Israel’s sovereignty
over all Jewish communities in Judea
and Samaria, large and small alike.”
He said he would agree to negotiate
with Palestinian leaders, but cast fur-
ther doubt on the prospect of any such
talks by indicating that Israel would fol-
low up on his previous threats to annex
the Jordan Valley, part of the occupied
Germany’s army still has “too little
materiel, too few personnel and too
much bureaucracy” despite a big
budget increase, according to a report
on the state of the Bundeswehr.
The annual report by Hans-Peter
Bartels, armed forces commissioner for
the German Bundestag, will make
awkward reading for Annegret Kramp-
Karrenbauer, the defence minister who
has ambitions to succeed Angela
Merkel as chancellor.
Ms Kramp-Karrenbauer, who has
already taken over as leader of the
conservative Christian Democratic
Union from Ms Merkel, was appointed
defence minister last July and
promised to raise spending and
improve morale. She has earned
popularity with reforms such as
allowing uniformed armed forces
personnel to travel free on trains.
But Mr Bartels’ report makes clear
that the Bundeswehr continues to be
plagued by deep-seated problems. He
acknowledged that the government
was serious about trying to modernise
the armed forces and increase defence
spending after years of austerity, but
found that the changes were “still not
being felt by the troops”.
He likened the lack of improvement
to the film Groundhog Day, in which a
TV weatherman relives the same day
over and over again.
to wrestle with how to implement mon-
etary policy in financial markets trans-
formed by the financial crisis.
After almost two years of effort to
keep the fed funds rate, its favoured pol-
icy interest rate, from bumping against
the top of its target range, the Fed now
finds it uncomfortably close to the bot-
tom of the range — at 1.55 per cent, just 5
basis points above the low end.
Having previously cut the interest the
Fed pays on banks’ excess reserves —
something which acts as a magnet for
other short-term rates such as the fed
funds rate — the FOMC is expected to
raise it today by 5 basis points, accord-
ing to analysts at multiple banks.
“The Fed is worried about losing con-
trol of fed funds, but to the downside,”
said Mr Cabana.
Mr Powell has been at pains to say that
none of its actions, in particular the
decision to expand reserves held at the
Fed, has added up to quantitative eas-
West Bank. “Israel must have sover-
eignty in the Jordan Valley,” Mr Netan-
yahu said.
Mr Trump’s previous actions over the
past two years — including his recogni-
tion of Jerusalem as Israel’s capital and
accepting Israeli claims to sovereignty
over the occupied Golan Heights, which
Israel captured from Syria in the 1967
war — had already angered Palestinian
leaders and crushed their hopes of via-
ble a two-state solution.
The status of Jerusalem is one of the
most contentious issues at the heart of
the Israeli-Palestinian conflict. While
Israel considers the holy city its undi-
Mr Bartels said the defence ministry
had failed to significantly improve the
combat readiness of Germany’s main
weapons systems, such as aircraft,
helicopters and ships, a problem that
has dogged the Bundeswehr for years.
Recruitment remains a problem. Mr
Bartels said 20,000 army posts
remained unfilled, and last year the
number of new recruits stood at just
over 20,000, 3,000 fewer than in 2017.
Germany has been under massive
pressure in recent years to increase its
military spending, particularly from
the US. Though it committed itself to
spending 2 per cent of gross domestic
product on defence at a Nato summit
in 2014, it remains far from that: Berlin
says it will spend 1.5 per cent of GDP on
the military by 2025, and will not reach
the 2 per cent goal before the 2030s.
Mr Bartels said expenditure was
already shooting up, from €32.4bn in
2014 to €43.2bn last year. But that had
still not translated into tangible
improvements in the field. He said
€1.1bn earmarked for defence
equipment had not been spent due to
delays in armaments projects.
His report paints a dismal picture of
life for the average German soldier:
their rucksacks were faulty, there was
mould on the walls of some facilities,
and there were not enough beds and
lockers for all soldiers. Guy Chazan
ing, the post-crisis stimulus programme
in which the Fed expanded its balance
sheet with longer-dated Treasuries.
But as the equity markets in the US
continued to rise over the past few
months, analysts have become sceptical
that there is a difference.
“The market mythology has become
the stock market can’t go down when
the Fed is adding reserves,” said Ian
Shepherdson, chief economist at Pan-
theon Macroeconomics.
When it last met in December, the
FOMC signalled that it did not intend to
make any changes to interest rates in
2020. According to investor bets com-
piled by the CME Group, markets see a
90 per cent chance that the fed funds
target range will be held at 1.5 to 1.75 per
cent today. The Fed will not be publish-
ing a new set of economic projections at
this week’s meeting and analysts do not
expect a change to the committee’s
monetary policy statement.
Wednesday 29 January 2020
vided capital, Palestinians see East Jeru-
salem as their future capital.
Dennis Ross, a former senior state
department official who led Middle East
peace efforts under both Republican
and Democratic administrations, said
the “tell-tale indicator” of whether the
vision might have any possible future
would come from the Arab response.
Two Palestinian officials close to
Prime Minister Mohammed Shtyayyeh
said their concern was also whether
Arab countries like Egypt or Saudi Ara-
bia, which have forged close ties to the
US, will attempt to pressure the Pales-
tinians to engage with the plan.
Growth concerns
Stagflation
fears haunt
central banks
in China
and India
ROBIN HARDING — TOKYO
AMY KAZMIN — NEW DELHI
DON WEINLAND — BEIJING
India and China have been hit by a
surge in consumer prices that, together
with a slowdown in growth, has
sparked fears of “stagflation” in the
world’s two most populous countries.
If the Asian powerhouses were to be
overtaken by the phenomenon — rising
prices in a stagnant economy — their
slowing economies would pose a grave
threat to global growth.
The prospect of stagflation has
haunted Beijing for the past six months.
China’s economic growth is at a 29-year
low and consumer price inflation
remains above 4 per cent. The coronavi-
rus that has engulfed the country in
recent weeks is set to damp economic
activity further.
In India, meanwhile, growth has tum-
bled to a six-year low of just 4.5 per cent,
while inflation spiked to 7.4 per cent
over the previous year in December.
But economists question whether the
two countries are truly suffering stagfla-
tion, or just a series of shocks to food
prices, masking what is not inflationary
but rather deflationary pressure. That
uncertainty leaves central banks with a
dilemma over how to respond.
“To speak of stagflation here is really a
bit misleading,” said Frederic Neu-
mann, co-head of Asian economics
research at HSBC in Hong Kong. Given
the hit to demand caused by high food
prices, he said, “one could argue that in
the medium term this is actually more
disinflationary”.
Going purely on the numbers, China
and India are experiencing stagflation.
But the term also describes a mecha-
nism that hit western economies after
the oil shocks of the 1970s, when work-
ers demanded higher wages to compen-
sate for the rising cost of living, pushing
prices up further, and forcing central
banks to raise interest rates, which
choked off growth.
It is not obvious such a mechanism is
now in play. In China, swine fever
caused a surge in pork prices, spilling
over to alternatives. While overall infla-
tion is rising, core inflation — it strips
out volatile components such as fresh
food — has been moving down.
In India, food prices jumped 12 per
cent year on year in December, with a
particular surge in vegetable prices,
which were up by 60 per cent.
“The current spike we have seen in
food inflation is largely an outcome of
unseasonal rains,” said Sunil Kumar
Sinha, principal economist of Indian
Ratings and Research, the local arm of
Fitch. “I don’t see inflation keeping at an
elevated level for very long.”
Ila Patnaik, an economist at the
National Institute of Public Finance and
Policy, said she also believed the current
spike in inflation was “transient” and
would ease once the next onion crop
came in. “It’s basically vegetable
prices . . . it’s not persistent inflation,”
she said. “As of now, I wouldn’t start call-
ing it stagflation.”
The People’s Bank of China and the
Reserve Bank of India have to make a
difficult choice. If food prices feed
through to broader inflation, they will
need to raise interest rates to bring it
under control. But if the inflation effect
is temporary, the central banks should
worry instead about weak demand, or
risk inflation falling below target fur-
ther down the line.
So far, the PBoC has been less aggres-
sive on easing than in past years, risking
lower growth to prevent rising inflation
and the accumulation of bad debt.
The RBI is expected to pause a mone-
tary easing cycle that has cut its bench-
mark interest rate by 135 basis points to
5.15 per cent over the past year.
Wednesday 29 January 2020 ★ FINANCIAL TIMES 7
8 ★
Works from the time of the
East India Company lift the
lid on Anglo-Indian relations.
Rachel Spence visits a London
show by William Dalrymple
G
iven the bloody nature of
Britain’s relationship with
India, it is fitting that
Forgotten Masters, an
exhibition of painting born
of it, starts with a dagger. With a rock
crystal hilt studded with rubies, emer-
alds and onyx, this precious knife —
made between 1620 and 1640 in north-
ern India — was once the property of
Claude Martin, a self-made business-
man and soldier who fought for his
native France and then for the British in
18th-century India.
Martin was more than a buccaneer. In
the 1770s, while based in Lucknow in
north India, he imported 17,000 sheets
of European watercolour paper and
commissioned local artists to produce
illustrations of birds, plants and rep-
tiles. The result are a body of 1800 draw-
ings that give insight into the flora and
fauna of Martin’s adopted country.
Many are still lost but 600 found their
way to the Royal Botanic Gardens at
Kew, where they remained uncata-
logued and in storage.
The story of their creation is a crucial
thread in the narrative woven by cura-
tor William Dalrymple at London’s Wal-
lace Collection as he explores a
neglected chapter in art history.
Martin’s commission typifies a
moment when Indian art, as well as the
country’s natural resources, found itself
at the mercy of European purchase
power. The patrons were the British
men — and sometimes women — who
had settled in India as their country’s
trading organisation, the East India
Company, took control of the subconti-
nent through a crude recipe of commer-
cial and military power.
The artists were Indian. Many, though
not all, were trained in the Mughal style
of painting, which itself evolved out of
the Persian miniature tradition. They
were accustomed to working in satu-
rated, stone-based pigments to create
images whose satin-bright patina and
glittering, decorative motifs had a
gemlike preciosity ideally suited to
expressing a culture steeped in myth,
‘An English
Child in a
Bonnet on
Horseback’
(c1830-50)
by Shaikh
Muhammad
Amir of Karraya
Mughal art meets the white gaze
mysticism and philosophy. But these
artists found themselves expected to
use pale watercolours and produce illus-
trations that served to document India
as it appeared to newcomers nurtured
in the age of the European Enlightment,
with its championship of reason,
detachment and empirical observation.
The results are curious, unsettling
hybrids. Take the drawing of a stork
made between 1775-85 for an East India
Company official in Lucknow by an
unknown artist. The bird is rendered
with skilful realism, his feathers per-
fectly delineated one by one, his eye
bulging with nervous alertness, but the
FINANCIAL TIMES
ARTS
landscape in which he stands is at odds
with such veracity. A flat plain dotted
with stylised shrubs, it is typical of a new
trend in Lucknavi painting that marked
a shift from the imaginary paradises
found in, for example, Mughal paintings
of flowers.
Elsewhere even these traces of Indian
imprint would be erased. When Shaikh
Zain Ud-Din, a Muslim artist from
Patna, created “Painted Stork Eating a
Snail” for Sir Elijah Impey, chief justice
of Calcutta, and his wife Lady Mary,
he displayed the bird against a stark,
white ground in keeping with European
natural history illustrations.
Yet Dalrymple argues that the Mughal
tradition was not entirely lost. In ren-
dering the sensation of the subject —
that bright eye of the nervous stork, for
example — as well as its objective
appearance, the Indian painters
retained their historic lineage. Mean-
while the meticulous technique
required for their customary style made
them well suited to the realistic require-
ments of the Europeans.
The British didn’t stop at birds and
plants. They also commissioned images
of architecture, festivals, dancers,
soldiers, craftspeople, villagers, princes
and courtiers. In 1815, when the Scottish
officer William Fraser took over
the office of the deputy resident
in Delhi, he and his brother James Baillie
Fraser employed a group of artists to
make what Yuthika Sharma describes
in her catalogue essay as an “unmatched
record of the social, cultural and
everyday life of Delhi’s rural and
urban residents”.
Yet it is difficult to regard these draw-
ings — which encompass images of
dancing girls, soldiers, princes, village
elders and horse merchants — without
Too difficult by design
GAMING
Tom
Faber
We were supposed to have stopped
playing hours ago. My brother and I had
been locked in combat with a single
enemy in the “run and gun” game
Cuphead, dying every two minutes and
feverishly restarting. Our concentration
was absolute. We hardly spoke. Our foe:
a unicycling blimp resembling Betty
Boop. When we finally prevailed, there
was just time for a euphoric high-five
before it was on to the next: a pair of
quarrelsome boxing frogs.
Cuphead’s charming characters belie a
ruthlessly hard game. While books and
films can be demanding, games are the
only narrative form that consists
principally of putting obstacles in the
path of progress, making the player
prove they’re “good enough” to get the
whole story. Since gamers expect a
challenge, a key question for designers
is: what is the right amount of difficulty,
and why?
The rote memorisation of enemy
attack patterns in Cuphead harks back to
the heyday of games arcades. In those
days, difficulty was a purely economic
concern: games had to be tough enough
that players would lose frequently and
pay to continue.
When consoles came into the home,
developers added difficulty settings to
appeal to a variety of players, offering
“easy”, “medium” or “hard” modes.
Mainstream games gradually got easier
too, adding checkpoints and assisted
aiming and steering, prioritising
narrative and spectacle over
challenge. Then a converse current
began: a growing market for incredibly
difficult games that offer purists a
“hardcore experience”.
The balance is in making a game
challenging but not punishing. Too
hard, and players will feel frustrated.
Too easy and they’ll get bored.
unease. Pinioned against those empty
backgrounds just as the Indian birds
were, many of the figures have a lonely,
vulnerable aspect that reveals the colo-
nising impulse behind the European
urge to chronicle, taxonomise and
demystify their new territory.
‘Asian Openbill Stork in a
Landscape, Lucknow’ (1775-85)
Developers must guide players through
an obstacle course but make them feel
they’re succeeding because of their own
skill and ingenuity. When increasing
difficulty, they might simply make
enemies stronger or heroes weaker, but
this is considered a cheap fix.
Game studio FromSoftware has
become a byword for excellence in the
design of difficult games. Its violent
titles are set in brooding gothic
environments, telling elliptical tales of
human decay. Banner series Dark Souls
is so beloved that it has developed a cult
following and spawned a whole sub-
genre, the “souls-like” game.
Noted game theorist Jesper Juul wrote
that “failure is central to player
enjoyment of games”. The question for a
developer is how players fail. In Dark
Souls you die a lot, but each battle is
meticulously designed so that death
becomes a learning exercise and combat
a puzzle, solved by training your
reflexes and observation. A bond of
trust is created between the designer
and the player: though the game is hard,
players believe they will improve with
each attempt and ultimately triumph.
FromSoftware is so confident in the
design it does not include an easy mode.
This inflexibility sparked controversy
last year. When FromSoftware
released the samurai title Sekiro:
Shadows Die Twice, some asked: would
Wednesday 29 January 2020
Nevertheless, Forgotten Masters has
much to tell us. Since the 1950s, this
genre of art has generally been known as
Company School painting. Disregarded
by historians of Indian art due to its
Eurocentric characteristics and the
names of its artists being either
unknown or neglected, its topography
has remained unmapped. But it is worth
exploring for, beyond the art itself, the
mechanisms by which it was commis-
sioned reveal insights into the reality of
relations between British and Indian
people in pre-imperial India. It is fasci-
nating to discover, for example, that in
the late 18th century, mixed-race mar-
riage was so ubiquitous that, according
to the wills of East India Company offi-
cials, more than a third of British men in
India left their possessions to Indian
wives — sometimes more than one — or
Anglo-Indian children.
Some of the most revealing pictures
here are portraits of European patrons.
Lady Impey, for example, is captured by
a painter thought to be Shaikh Zain Ud-
Din in the act of “Supervising her
Household in Calcutta”. Wearing a
Mixed-race marriage was
so ubiquitous that a third
of British men in India
left their possessions
to Indian wives
turban, as her servant presents another
turban for her inspection, she sits on a
footstool under the breeze of a fan held
by a page boy. Surrounded by Indian
servants, who are arranged in various
tasks with stylised precision, and one
European steward, Lady Impey appears
at once in control yet out of place.
Was the painter conscious that he was
failing to flatter? There is some evidence
that artists preferred working for their
Mughal patrons than for their British
ones. According to contemporary dia-
ries, Mazhar Ali Khan, a Delhi-based
painter, was scolded for “speaking disre-
spectfully” of his “long-term patron”
Thomas Metcalfe.
We are left with a rare glimpse into a
society tugged between hybridity and
hierarchy, where the desire for creativ-
ity was at odds with the need to control.
Nowhere is this tension clearer than in
“An English Child in a Bonnet on Horse-
back” (c1830-50), by Shaikh Muham-
mad Amir of Karraya. It shows a small
European girl on a horse, riding side-
saddle, accompanied by three Indian
grooms. Their faces are present, visible,
but the child’s is entirely hidden by a
huge turquoise bonnet. Was the painter
respecting her privacy? Or refusing her
the visibility that was often denied to
Indian people by a European gaze?
Forgotten Masters raises more questions
than it answers.
To April 19, wallacecollection.org
its steep difficulty curve exclude less
experienced gamers? Was this an issue
of accessibility? The generation gap
between players is widening, and some
older gamers no longer have dozens of
free hours to master a boss fight. They
want to feel they’re making progress in
the odd hours squeezed between work
and family duties. What’s the harm in
adding an easy mode?
Opponents saw this as a threat to the
purity of the medium. If the goal in a
game like Sekiro is to strategise through
nail-biting battles and earn the rush of
victory, lowering the stakes would both
neuter the experience and impose
artistic restraints on the developer. The
purists argued that a game designed for
everybody is one designed for nobody.
There is room for nuance here, even if
the internet rarely encourages it. Some
games allow you to make granular
tweaks to difficulty or offer “narrative
mode” for players who just want the
story. In offering options, they accept
that people have varying motivations
for play: there are gamers who want a
gentle ride, others to test their reflexes,
while some — the kind who use “one
hundred per cent” as a verb — want to
ferret out every secret. Games are
distinguished by their ability to offer
the player choices. If you’ve built a
garden of forking paths, why limit
visitors to just one?
From-
Software’s
fiendishly
difficult
‘Sekiro:
Shadows
Die Twice’
Wednesday 29 January 2020
Fishing accounts for a negligible part of the UK economy, but if Britain decides to reduce the EU’s access
to its waters to protect the industry after Brexit it could trigger a tough response from Brussels.
B
runo Margollé and his ances-
tors have fished for sole and
cod in the English Channel
since the 18th century, and
like other EU fishermen who
work in Britain’s waters today, he
regards Brexit with trepidation.
Based in Boulogne-sur-Mer near the
narrowest point of the Channel with a
24m fishing boat, the Frenchman says
any reduction in access beyond the
median line separating the two coun-
tries’ territorial waters — a genuine risk
if Britain and the EU cannot rapidly
come to an agreement — would be a dis-
aster for him and his three sons who
share the business.
“It’s death,” he says. “I have no Plan B.
I have €1m of debt. What am I supposed
to do? Put a bullet in my head?”
If Brexit Britain were to close its
waters to foreign vessels, the impact
would be immediate and severe on fish-
ing communities such as those in Boul-
ogne, adding to the pressures from cli-
mate change and warmer seas that fish-
ermen say have driven away the cod and
brought in more squid and spider crabs.
No one disputes that the fishing
grounds are richer on the British side.
French, Belgian and Dutch trawlers are
usually out in force right up to the line
six nautical miles from the English coast
that is already reserved for British-
flagged vessels. The majority of the EU
catch is made in the North East Atlantic,
of which British waters are a crucial
part.
Boris Johnson, the UK prime minister,
fanned the flames last week by insisting
that Britain will “take back control” and
have full jurisdiction over its “spectacu-
lar maritime wealth”.
For EU fishermen, this is the stuff of
nightmares. Ensuring that fishing rights
do not die with Brexit is a priority for the
bloc’s coastal states, not least France, in
future relationship negotiations with
Britain that will begin in the weeks after
the UK leaves the EU on Friday.
EU diplomats fear that a post-Brexit
negotiation covering everything from
trade in goods to financial services —
which accounted for 6.9 per cent of UK
gross domestic product in 2018 — could
become snarled up on fish. It is a sector
that employs fewer than 180,000 people
throughout the bloc but is the economic
lifeblood of coastal communities, giving
the industry added political leverage.
The EU has explicitly linked the City
of London’s future market access to
Britain giving ground on fish. Ireland’s
prime minister Leo Varadkar told the
BBC on Monday that “you may have to
make concessions in areas like fishing in
order to get concessions from us in areas
like financial services. That’s why things
tend to be all in the one package.”
The UK and the CFP
A dragged out fight over fish would be in
neither side’s interests. But it may be
extremely difficult to avoid: the UK and
the EU have opposing positions, little
room for manoeuvre and even less time.
Britain and Brussels will have only 11
months after Brexit day to negotiate a
new relationship and avoid a hard exit
when the country’s transition arrange-
ments expire at the end of 2020.
Emmanuel Macron, the French presi-
dent, has vowed that fishing will be
treated “as an essential economic inter-
est for our country that must be
defended” in the talks. It is a position
that has been adopted by the entire EU,
which insists that “existing reciprocal
access to fishing waters and resources”
should be maintained.
Brussels insists that any move by Brit-
ain to reduce access to its fishing waters
will be met with an overwhelming
response: the loss of much needed mar-
ket access rights for UK fishermen, and
potentially even the breakdown of trade
negotiations, creating the risk of a no-
deal Brexit at the end of 2020.
For the EU, “everything in the future
relationship negotiations is linked”, says
one senior European diplomat. “It’s not
just the French, there are seven or eight
member states highly interested in this.
★ FINANCIAL TIMES 9
FT BIG READ. BREXIT COUNTDOWN
By Jim Brunsden, Mure Dickie, Victor Mallet and Laura Hughes
Why fishing is the big catch
Britain’s fishing waters after Brexit But after Britain leaves it will become health certificates and inspections Above: buyers Britain sees Norway as a model. Oslo
an independent coastal state, with an could make it no longer viable to sell and sellers at holds annual negotiations with the EU
“exclusive economic zone” or EEZ high quality monkfish to the continent, Peterhead Fish on access to waters, management of
stretching out as far as 200 nautical a niche business that accounts for a fifth Market. shared stocks and exchanges of quota
NORWAY
Shetland miles. Where the EEZ bumps up against of company sales. Left: Elspeth rights. In theory, EU access to Norwe-
UK exclusive EU waters before reaching 200 miles, a “I would have to close the export busi- Macdonald, CEO gian waters would lapse if the annual
economic eone Orkney new median line will be drawn between ness unless I pay 25 per cent less for my of the Scottish talks collapsed.
(EEZ) Peterhead the UK and EU. raw material,” Mr Charles adds. Fishermen’s But such an approach would spell
North Sea British waters are rich in staples of the Many other exporters share similar Federation, says endless uncertainty for the EU, and
Aberdeen
DENMARK European diet: herring, mackerel and fears. The UK runs a trade surplus with any permanent Brussels is determined to lock in rights
sole as well as shellfish such as langous- the EU27 on fish and some of Britain’s concessions to upfront. A core part of the negotiations
tine. EU boats annually land more than most lucrative species, such as scallops the EU on will be how to share out fishing rights for
IRELAND 700,000 tonnes of fish caught in UK and Norway lobster, are caught almost fishing rights the more than 70 types of fish that strad-
NETH. waters, according to Britain’s Marine exclusively for the EU market. About would be a dle the UK EEZ and EU waters.
GERMANY Management Organisation. half of all UK fish production — combin- ‘betrayal of the UK officials are adamant that Britain
Rye
BELGIUM A political declaration on future rela- ing what is caught and farmed — is industry’. Below: will seek a relatively larger quota com-
Boulogne tions, agreed by Mr Johnson and EU exported to the rest of the EU. Peterhead pared with its allowance under the CFP.
leaders last year, set a July deadline to Any retreat from his Brexit promises harbour But one EU diplomat says Brussels must
FRANCE negotiate and ratify an agreement on could be disastrous for Mr Johnson’s Robert Ormerod for the FT demand nothing less than the “material
Source: UN future fishing rights. Without a deal, EU Conservative party, not least in Scot- status quo”.
boats will lose access to UK waters at the land. At the daily auction in Peterhead, Gerard van Balsfoort, chairman of the
UK fisheries sector relies on EU market end of this year. the UK’s largest port for white and European Fisheries Alliance, says the
By country (’000 tonnes. 2018)
But the British government is in the pelagic fish, Gary Mitchell, a wholesale EU industry is seeking “guaranteed
grip of competing pressures from its merchant who makes most of his sales access”. And it does not want “annual
Imports to UK by Exports from UK by own fishing sector, parts of which negotiations with the UK on relative
exporting country importing country depend on the tariff-free access to the quota shares and reciprocal access for
China France EU market that Brussels is threatening 0.04% 7.1% shared stocks”, he adds.
Iceland Netherlands to revoke if a deal is not reached. Brus- As a result the risks of internal
Germany Ireland Fishingand Financialservices
Denmark Spain sels insists the two issues are linked. aquaculture’sGVA andinsurance’s division are extremely high for both
Vietnam US contributiontoUK GVAcontributionto sides. EU leaders have agreed to make
Sweden China ‘Betrayal of the industry’
Norway Denmark outputin2018 UKoutputin2018 the bloc’s future economic relationship
Faroe Islands Germany In Scotland, which accounts for 64 per with Britain dependent on solving an
Netherlands Italy
Ecuador Poland cent of UK fish landings, hopes of a post- issue — fishing rights — that is only of
Poland Vietnam Brexit boost and an end to participation on the continent, says he “absolutely” real relevance to about eight coastal
India Nigeria in the CFP are mixed with deep con- trusts the prime minister to keep his states. Diplomats quietly question how
Seychelles Philippines
Mauritius Lithuania cerns about the potential loss of vital word to liberate the sector from EU quo- well EU unity will hold up under the
Philippines Malta access to EU markets for some of the tas and controls, and believes any dis- strain.
0 20 40 60 0 20 40 60 80 country’s highest-value catches. ruption will be shortlived. Michel Barnier, the EU’s chief Brexit
Source: Marine Management Organisation
Elspeth Macdonald, chief executive of “The French, the Spanish, the Ital- negotiator, insisted in January that Brit-
the Scottish Fishermen’s Federation, the ians, they all want our fish, they need ain had more to lose than the EU27 from
The UK is going to have to compromise main industry body, says market access our fish,” Mr Mitchell says. “In any the collapse of talks about future rela-
[on access for EU fishing fleets].” must not be tied to the negotiations over change in any industry you always get tions, but one of the immediate conse-
For Britain, Brexit means escaping fishing rights — a link the EU is deter- teething problems, but after a while I’m quences of a no-deal scenario would be a
from the Common Fisheries Policy, a mined to maintain to pressure Britain sure it will settle down . . . I’m trying to ‘Boats turn loss of EU fishing rights in UK waters.
system that UK fishermen argue has into doing a deal. be as optimistic as I can.” Expectations will weigh on both sides’
cost jobs and livelihoods. Many in the “By the end of this year, we should be up from as they fight to secure rights without
industry argue that their sector was sac- going into . . . negotiations as an inde- Quota quandary Belgium and creating a confrontation that would
rificed to secure Britain’s place in the pendent coastal state, negotiating Expectations of a boon from Brexit are wreak havoc on a fragile, intercon-
European Economic Community in access and fishing opportunities on an also high in the medieval English town they will be nected industry.
1973. annual basis,” she says, adding that any of Rye, just across the Channel from here on the “The market is important for the Brit-
“We will make sure we don’t trade permanent concessions to the EU would Boulogne-sur-Mer. “On Monday morn- ish,” said Frédéric Cuvillier, mayor of
away Britain’s fishing rights as they were be a “betrayal of the industry”. ings, boats turn up from Belgium and six-mile Boulogne and a former fisheries minis-
traded away . . . in the early 1970s,” Mr The SFF is not demanding huge they will be here on the six-mile limit for limit for ter, when Brexit fever was at its peak last
Johnson said on January 22. change overnight, but says there must days,” says Mick Caister, who owns the year and a no-deal exit seemed likely.
Britain’s fishing fleet consists of 6,000 be an immediate cut in the proportion of last wooden trawler in Rye. “If they were days’ “It’s all a bit stupid.”
vessels and close to 12,000 fishermen. It the UK quota taken by EU vessels and pushed further out, it would make a Mick Caister, Icelandic, Scottish and English fish
caught almost £1bn worth of fish in “year-on-year gains” for Scottish fisher- difference to us.” Rye trawler are often trucked to Boulogne’s busy fish
2018 but makes a negligible contribu- men. And while access to EU markets is plants — the industry employs more
‘The French, tion to the UK economy. It is, however, important, Ms Macdonald says, “the than 5,000 people — for processing and
the Spanish, of vital importance to some coastal ability to determine access to our waters onward distribution.
communities, notably in Scotland. is the key goal for us”. The Dover Strait is the point where
the Italians, Under the CFP, EU countries’ fishing That stance is bad news for fish France and the UK are closest in almost
they all fleets have full access to each other’s exporters like Andrew Charles, who every sense. The English coast can be
waters, with the exception of the first 12 runs the processing business his grand- seen from the beach at Wissant between
want our nautical miles out from the coast. Some father established from modest Calais and Boulogne, and the locals have
fish, they special access arrangements exist for premises near Aberdeen harbour. a saying about the weather which trans-
the 6-12 mile band. Mr Charles is sceptical that fishermen lates as: “If you can see the cliffs at
need our The EU agrees annual limits, known in France or Spain would tolerate con- Dover, it’s going to rain. If you can’t, it’s
fish’ as the total allowable catch, for the vol- tinued British imports if they lost access raining already.”
ume of fish that can be caught from each to UK waters. And even if there are no “We’ve had hundreds of years of
Gary Mitchell, stock. National quotas for these are then blockades or protests, he says, the sometimes tumultuous relations,” says
Scottish fish divided up using a template based on expected post-Brexit burden of export Mr Cuvillier. “Geography brings us
merchant historical fishing patterns. and import documents, environmental closer and Brexit pushes us apart.”
10
WEDNESDAY 29 JANUARY 2020
Britain needs a balanced
policy on immigration
Desire to lower numbers must be weighed against economic demands
Taking back control over Britain’s bor-
ders was one of the most powerful ral-
lying cries deployed during the coun-
try’s referendum on EU membership.
Now, as the UK prepares to leave the
bloc, the government has a chance to
demonstrate exactly what it wants to
do with that control — and how UK
prime minister Boris Johnson plans to
meet his pledge to increase migration
from “the brightest and the best” while
ending freedom of movement.
A report from the Migration Advi-
sory Committee, a government-
sponsored expert panel, dealt a blow to
the government’s original plans yester-
day. It rejected the “Australian-style
points-based system” that has been a
slogan for the Conservative party, as
well as the kind of “Global Talent” visa
that Mr Johnson proposed this week. It
also recommends lowering the salary
threshold for migrants with a job offer
to £25,600 from a mooted £30,000.
An existing visa for “exceptionally
talented” individuals to move to the
UK without a job offer attracts few
applicants, the report says. Highly
qualified research scientists, computer
programmers and mathematicians do
not usually switch countries without a
job lined up and easily earn over the
threshold for other schemes. The Glo-
bal Talent visa risks being more of a
gimmick than a serious method to
attract highly skilled workers.
The points-based system promised
in the Conservative manifesto may
likewise work better as a slogan than a
policy. In the UK’s current employer-
sponsored scheme the points are
purely cosmetic: applicants must meet
every one of the criteria to qualify.
There is no evidence the scheme is fail-
ing to recruit appropriate workers, the
MAC concludes. Preferable to an Aus-
tralian-style system, it says, would be a
simple rule with a salary threshold.
Points-based systems may be appro-
Foreign states must end
their hypocrisy in Libya
Conflict risks ripple effects across the southern Mediterranean region
When the foreign powers fuelling the
civil war in Libya gathered in Berlin last
week and committed to refrain from
interference in the conflict, there was a
moment of cautious optimism. In the
end, as with so many previous initia-
tives intended to end violence in the
north African state, the fighting
resumed almost as soon as the ink had
dried on the communique calling for a
halt to the hostilities. The renewed
clashes have dashed hopes of a cease-
fire and exposed the hypocrisy of for-
eign states meddling in the country,
which cynically promise one thing
while doing the opposite.
The UN has said “several” countries
that participated in the Berlin confer-
ence have shipped foreign fighters,
advanced weapons and armoured
vehicles to the Libyan parties in the 10
days since the meeting. It did not name
the states, but the United Arab Emir-
ates and Egypt have long violated an
arms embargo as the main backers of
General Khalifa Haftar. The military
strongman, who triggered the latest
crisis by launching an offensive on
Tripoli in April, also has hundreds of
Russian mercenaries from the Wagner
private security group on his side.
France provides political support to
Gen Haftar, if not more.
On the other side, Turkey has overtly
armed the besieged UN-backed gov-
ernment of Prime Minister Fayez al-
Sarraj. Ankara last month announced
it was deploying troops to support the
Tripoli-based administration and has
dispatched Syrian militias to Libya’s
battlefields.
The Berlin conference was hastily
arranged to prevent an escalation, as
the beefed-up Turkish intervention
and US and European concerns about
Russian influence in Libya appeared to
galvanise western powers to act. Days
earlier, Moscow and Ankara had
sought to broker a ceasefire between
priate for those with exceptional prom-
ise rather than at the top of their field.
The report suggests encouraging appli-
cants without a job offer to register
their interest for a monthly draw;
selection would be on the basis of
points, assigned according to appli-
cants’ qualifications, age and whether
they have studied in the UK.
The Resolution Foundation think-
tank says this combination would cre-
ate a two-tier, “open and closed” labour
market. The UK would be relatively
open to international migrants seeking
higher-paid, higher-skilled jobs, but
lower-earning UK workers would face
little competition from immigrants.
The openness for highly skilled work-
ers to come to the UK is to be wel-
comed. But many parts of the econ-
omy, especially construction, agricul-
ture and healthcare, would struggle.
If such a scheme were implemented,
pressures would increase in Britain’s
creaking social care sector. Under the
MAC proposals, nurses and teachers
would face different salary thresholds
based on the national pay scales
already used by schools and hospitals.
Social care work, however, where pay is
often low, would not be excluded from
the £25,600-a-year threshold. The
solution, the report argues, is to
improve conditions for social care
workers and thus attract more interest.
That would be welcome, though suc-
cessive governments have struggled to
find a long-term fix for social care.
Freedom of movement has served
the UK economy well; ideally it would
be preserved. Yet control of migration
was a key factor in the Brexit vote.
Within these political constraints, pol-
icy should aim to remain as open as
possible: any future regime will need to
balance the economic demands with
the need to end the corrosive effects of
immigration on politics. The MAC pro-
posals are a sensible first step.
the Libyan rivals in the Russian capital.
Gen Haftar never signed up to the
truce. Even as he was making his way to
the Berlin conference, he thumbed his
nose at the diplomatic process by
ordering his loyalists to blockade
Libya’s key oil terminals. There was
barely a murmur from the interna-
tional community.
To be sure, Gen Haftar is a ruthless
and stubborn figure, who is convinced
he can seize power through the gun
when few others believe a military vic-
tory is possible. But it is unlikely that he
would have been emboldened to take
the steps he has without the unrelent-
ing backing of his patrons. Turkey’s
increasing military support for the UN-
backed government will also
strengthen Tripoli’s belief that there is
no need to enter talks on weak terms.
The result is likely to be a doubling-
down by all sides in what has morphed
into a multi-faceted proxy war. Chaos
in Libya since a Nato-led intervention
helped topple dictator Muammer
Gaddafi in 2011 had already created
fertile terrain for al-Qaeda and Isis, as
well as for brutal smugglers exploiting
migrants desperate to enter Europe.
Now there is the risk of an ever more
dangerous regional conflict on the
southern Mediterranean that would
reverberate far beyond Libya’s borders.
The world should be deeply worried.
Yet the international response has been
feeble. The UN Security Council has
met 14 times on Libya since Gen Haftar
launched his April offensive but has
failed to produce a ceasefire resolution.
Important western allies are repeat-
edly violating the arms embargo with
impunity.
Ultimately, it will be up to the rival
Libyan factions to act in the interests of
their long-suffering population. But as
long as foreign powers stoke the flames,
the outside world will also be culpable
for the carnage.
★ FINANCIAL TIMES
Letters
De Bernières’ views on how the EU works are peculiarly British
People across Europe rightly argue for
reforms of the EU institutions and
Louis de Bernières’ reflective and
sincere article “No rowing back” (Life
& Arts, January 25) reflects some of
their arguments. But it also contains
three peculiarly British views about
how the EU works and the reasons for
leaving it. These views (which are not
facts) deserve qualification.
The first of them is that reclaiming
national sovereignty is necessary to
take back control from an unelected
and undemocratic EU government.
There is no EU government. The
European Commission makes
proposals to the Council of Ministers,
composed of ministers of each of the
EU’s member states, which decides
what should become EU law, in
conjunction with the European
Parliament. The commission is then
charged with making sure the law is
implemented.
Englishness as a separate
identity is misplaced
The FT has generally shown a
preference for the UK to remain in the
EU, so it was most refreshing to see the
front page of Life & Arts of January 25
filled by an excellent article “No rowing
back” by Louis de Bernières. This
eloquently makes the case for the UK
moving forward after Brexit while
seeking to maintain close links with
our neighbours in Europe.
However, his emphasis on defining
Englishness as a separate identity from
the other parts of the UK is perhaps
misplaced. The Act of Union between
England and Scotland was signed in
1707 and, during the last 300 years,
there have been substantial
movements of people between the two
countries. Many families in England
and Scotland have relations from both
countries through intermarriage and
migration, and the same applies to
Wales and Ireland. My father was born
and brought up in Wales and much of
my wife’s family are Scottish. One of
my brothers-in-law has family roots in
Ireland. This mixture is replicated in
many families across the UK.
It is good to keep alive the specific
traditions of each country but this
should not mislead us to believe that
we are very different. On the contrary,
our strength lies in our common
culture and history, something that
Nicola Sturgeon, the Scottish first
minister, tries to ignore. I agree with
Mr de Bernières that a rational option
for Ireland in the future would be to
“leave the EU and opt for an Anglo-
Irish economic zone”. The success of
Brexit will undoubtedly strengthen the
integrity of the UK and also be
beneficial for the EU.
Bruce Dean
Cranleigh, Surrey, UK
As an Ipswich resident,
I appreciate its diversity
In response to Louis de Bernières’
views on Brexit (“No rowing back”,
Life & Arts, January 25): it’s a pity that
he doesn’t mention the English
enclaves in France and Spain to
provide balance. And has he visited
Ipswich? I live here and I appreciate
Ipswich’s diversity.
Andrew Shilling
Ipswich, Suffolk, UK
Pension protests
are nothing if
not traditional
Paris
Notebook
by Victor Mallet
The European commissioners are
also nominees of their national
governments, and implicitly, of the
ruling party or parties in their national
parliaments. If there was any real
doubt about the democratic legitimacy
of their appointment, it would not take
more than five minutes for each
national parliament to confirm their
national nominee by vote. The
European Parliament also has a power
of veto on national nominees which it
has recently exercised.
The real problem is that when
countries pool sovereignty together,
they have to take each other’s interests
and policies into account. This is
democracy at work. If you don’t want
to do things with other countries,
which may or may not deliver better
results than doing them on your own,
then you go your own way. That’s the
determining element in “taking back
control”, not democracy. You then have
‘Can you catch Huawei from your
phone?’
Patronising de Bernières
should stick to fiction
What a depressing, smug and self-
contradictory smorgasbord of English
nationalism was served up by Louis de
Bernières (“No rowing back”, Life &
Arts, January 25).
In praising Brexit he rails against
immigration from the EU, a somewhat
ironic stance given Mr de Bernières’
French Huguenot heritage. “There is
an area of Ipswich, for example, where
there seems to be nobody but Eastern
Europeans, hanging about, smoking in
little knots,” he writes. Exactly the
same could be said about swaths of the
Spanish, Portuguese and other
Mediterranean coastlines, except that
those hanging about there are British
migrants — or “expats” as the English
double standard prefers it.
He patronisingly describes the Irish
Republic as “no longer a corrupt,
backward country” but “a place where
anyone would love to live, including
me”. That is just as well, because Brexit
has deprived him, his fellow Britons
and future generations of the
extraordinary and precious privilege of
freely studying, residing and working
in 26 other countries.
He adds that if Ireland, as an
important UK trading partner, “were
being strictly rational it would also
leave the EU and opt for an Anglo-Irish
economic zone”. To which one can only
say that if England was being strictly
Casual visitors to Paris over the past
year can be forgiven their alarm at the
sight of burning vehicles, smashed
shop windows and hundreds of
demonstrators confronting riot police
in clouds of tear gas.
Yet the capital’s residents
understand that there is a reassuringly
ritual element to most of these
people-versus-police displays. The
smell of tear gas outside the Gare
Saint-Lazare and the rows of blue vans
packed with grumpy riot police
guarding the National Assembly
remind me of Paris in the 1980s.
The latest protests, in which trade
unions have mobilised their members
against President Emmanuel Macron’s
pension reforms since December, are
nothing if not traditional.
Here is the routine: Philippe
Martinez, gruff leader of the
communist-aligned CGT union, vows
at the start of each march to continue
the longest such strike in French
history at the SNCF state railway and
the Paris Metro (where train drivers
retire in their fifties on generous
pensions). The marchers then
proceed through the city under their
banners, chanting abuse at Mr Macron
and his “capitalist” reforms. When the
unionists head home, a few hundred
self-styled revolutionaries remain
behind to smash windows (banks are
a favourite target) and fight the police.
The government, having made a
hash of marketing the new pension
system and announced numerous
concessions to the unions, says it
will enact the reform anyway.
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
to substitute diplomacy for working
within supranational democratic
institutions.
Second, Mr de Bernières says that he
was disillusioned to find that the
Common Market was not simply about
free trade. But you can’t make a
market work across national borders
by simply abolishing tariffs. You need
common, or at least equivalent,
regulations as well. Obviously everyone
is happier to have regulations decided
by politicians who are closer to them,
culturally and geographically. But in an
increasingly globalised world, people
are arguably even happier to have
aviation safety, product safety,
environmental and climate change
standards which reflect best
international practice. The EU,
however imperfectly, tries to adopt
these standards.
Third, a commonly held view
in Britain is that Brexit is the beginning
rational it would be staying in an
economic zone that accounts for 45 per
cent of UK trade. Rebuilt links with
Commonwealth countries that he
advocates will not come near to
matching this.
Not content with insulting the Irish,
he also replays the discredited old
trope of Germany still being a threat to
peace. It seems that even the fact that
Nato’s main power, the US, is
encouraging Germany to increase its
defence spending will not end this
smear. Furthermore, he refers to an
“unelected government in Brussels”
without even mentioning such elected
representative bodies as the European
Parliament and the various EU councils
of ministers and national leaders. And
in lamenting the treatment of Greece
he omits that the country’s woes
resulted from it overborrowing,
overspending and lamentably failing to
collect tax.
Mr de Bernières has an undoubted
talent for fiction — on this form, he
should stick to it.
Charles Morris
London NW6, UK
Go hector China and India
— if they’ll let you in
Greta Thunberg, Alexandria Ocasio-
Cortez and all others of the “green” ilk
need to look at the facts before
hectoring the developed world about
climate issues. The major polluters are
countries in the “under-developed”
world. Without massive curbs on their
emissions, there is no significant
positive worldwide impact.
It’s a long walk from Davos to India
and China. Even if they get there,
there’s no assurance they’ll be granted
admission, let alone listened to.
Scott A Bailey
Miami, FL, US
Balancing safety with
protecting our liberties
In some respects, the current furore
over facial recognition technology
reminds me of the early days of CCTV
cameras. Then, as now, concerns were
raised about the use of technology that,
in the wrong hands, could infringe civil
liberties.
Fast-forward a few years and there
are millions of cameras across the UK,
and there is widespread public support
History suggests that Mr Macron
will eventually win this battle and that
the disruption to Paris transport will
dribble to a close. He came to power in
2017 as an insurgent candidate from
the liberal centre (“neither right nor
left”), but is now painted as an
establishment figure, a “president of
the rich” who is hated by the French
left and whose reforms are mostly
supported by the traditional right.
In the short term, the odds are in his
favour because the unions are
enfeebled, he has a majority in
parliament and the current pension
systems are unsustainable. It is also
worth recalling that the apparently
revolutionary Paris events of May
1968, after a moment of panic for
Charles de Gaulle, were followed by a
resounding election victory for the
Gaullists in June of that year.
Unfortunately for Mr Macron’s long-
term chances, his main enemy now is
not the traditional left but the angry
middle-class voters of la France
profonde. Parisians tend to forget this
because the gilets jaunes
demonstrations that shook France at
the end of 2018 soon reverted to the
model of anti-government protests in
which the revolutionary left is in the
streets and the establishment elite
occupies the Elysée palace. Most of the
marchers were on the left.
But that was not how it all began.
The original gilets jaunes in northern
France wanted to pay less tax, not
have everyone pay more. The trigger
for their protests was a green fuel tax
imposed by Mr Macron, which he
Wednesday 29 January 2020
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
of a progressive collapse of the euro
and the EU. Clearly anything is
possible. But it is unlikely. As the
sixth-biggest economy in the world,
the UK has a viable alternative strategy
of “going it alone” which it is now going
to follow. But most of the countries in
the EU and the eurozone are much
smaller and most of them share land
borders. Most do not share any
nostalgia for a world in which 27
European countries have 27 national
currencies and 27 different economic
policies, with no particular influence in
the world. To be viable, their
alternative strategy may mean that
the EU and the euro will need reforms,
but they will still want European, as
well as national, solutions to their
problems.
Sir Philip Lowe
Bath, Somerset, UK
Former Director General of Competition
and of Energy, European Commission
for their use in reducing crime and
helping to prosecute criminals. Clear
guidelines manage their use.
Further, I wonder whether the
current focus on facial recognition
detracts from wider concerns over the
way our lives have been infiltrated by
other technology that tracks our every
move, motivation and desire: the
smartphone and social media. These
collect a huge amount about our daily
lives — from the number of steps we
take each day, to where those steps
take us, and indeed facial recognition.
Clearly, facial recognition technology
must be managed closely. Yet a
framework for such control already
exists in the form of General Data
Protection Regulation. Of course, a
debate on the technology is needed.
But history proves we can’t uninvent
technology, and that bans don’t
necessarily address underlying
concerns. Using technology for
legitimate security and safety
measures, against a defined database of
known suspects, is arguably no
different to providing police personnel
with watch lists, it just increases the
reach.
While we all rightly want to protect
our liberties there is a balance to
ensuring our safety. Let us develop and
agree the working practices, but not
miss legitimate-use cases in the
interim.
Ali Enser
Chief Executive,
Reliance High-Tech,
Bracknell, Berks, UK
Dad came home with an
ad that set me on my path
I am touched by Andrew Jack’s
insightful article “More careers advice
early in life works wonders” (January
27). In the 1960s, the Iraq Petroleum
Company, a subsidiary of BP, offered
me a scholarship to study in the UK. I
had just completed my secondary
education in Baghdad. I still remember,
to this day, my late father coming
home from work one hot summer day
with an advertisement in his hand.
The IPC office in Baghdad booked
my air ticket and I received a monthly
pay cheque. After graduation I went on
to do a PhD and to teach at universities
in Britain.
Dr Sadiq Hussain
Nottingham, UK
subsequently withdrew. The wearing
of the yellow vest (obligatory for
drivers to keep in vehicles in case of
accidents) was to emphasise their
status as aggrieved motorists
struggling to make ends meet in small
towns ill-served by public transport.
Many of those interviewed on the
streets in the early days were angry
about immigration; they supported
Marine Le Pen’s far-right
Rassemblement National and they
disliked Mr Macron because they saw
him as a liberal leftie, not as a
conservative.
The trade unions, accustomed to
organising Paris demonstrations
themselves, were flummoxed by the
gilets jaunes. Union militants were not
welcomed by the early marchers, and
it took months for the Paris protests to
morph into familiar manifestations of
anti-establishment anger.
So the gift to the left that is Mr
Macron’s pension reform means that
the old left-right confrontation now
holds sway again on the streets of
Paris — for the time being. But the
clash of nationalists against globalists,
with Ms Le Pen on one side and Mr
Macron on the other, has not gone
away: this is still the world of Brexit,
Donald Trump and the gilets jaunes.
Unfortunately for the long-suffering
residents of Paris, both kinds of
political conflict will continue to be
played out on their streets in marches,
vandalism and volleys of tear gas.
Paris is where things get noticed.
victor.mallet@ft.com
Wednesday 29 January 2020
Glenn
Hutchins
A
few years ago, pundits were
confidently forecasting
that the US Federal Reserve
would soon “normalise”
monetary policy by gradu-
ally raising interest rates and paring
back its holdings of Treasuries and
mortgage-backed securities. This would
give it the freedom to reduce rates in a
future crisis.
Two years on, monetary policy seems
anything but normal. As rates began to
trend up and the balance sheet down,
the markets and the underlying real
economy could not digest the change.
Instead, central banks around the world
have had to apply yet another dose of
Britain will not
be alone but
will be lonelier
Martin Wolf Economics
Without the UK’s economically liberal
outlook, the EU is also likely to
become more inward-looking
A
t last we are alone.” My
father told me he heard
these words from an
elderly gentleman sitting
beside him on the London
Underground in June 1940, just after the
fall of France. The same insularity ani-
mates Brexit. It was an illusion then — it
was not the UK alone, but an alliance
with greater powers that won the second
world war. It is an illusion now. The UK
will not be alone, but it will be lonelier.
We cannot know what would have
happened if the 2016 referendum had
the opposite outcome. That is the road
not taken. But we know some results
and may at least guess at others.
Brexit is a decision to separate the UK
from the institutions governing the con-
tinent of which it is necessarily a part.
One result is certain: British people will
lose the right to move and work across
the EU, as will citizens of EU members to
live and work in the UK. That is a reduc-
tion in freedom. It is the result of insist-
ing that one should not have both a Brit-
ish and a European political identity.
This is a victory of narrowness.
The direct influence of British politi-
cal choices on those of the neighbours
will also vanish. British politicians will
press their noses against the EU win-
dows as decisions that affect them are
made. Those decisions will determine
the evolution of the single market and
EU trade and climate policies. Without
the UK, the EU will still have 450m peo-
ple and produce 18 per cent of world
output. It will also remain the UK’s most
INDUSTRY
Peggy
Hollinger
W
hen is the right time to
think about cutting a
dividend? For most
companies, the answer
is likely to be only in the
most dire of circumstances. Which is
why it was surprising last week to hear
the new chief executive of Boeing, Dave
Calhoun, say categorically there was no
question about the sustainability of the
dividend at the aerospace group “unless
something dramatic changes”.
Mr Calhoun is widely respected in the
industry and his first press call was a
What if we are all wrong on productivity?
unconventional monetary policy —
ultra-low interest rates and quantitative
easing — to keep growth going.
There has been considerable hand-
wringing about why productivity
growth is anaemic and inflation is stub-
bornly low. This is important because
productivity gains, which allow an econ-
omy to grow faster than its population,
determine increases in national wealth.
Similarly, inflation erodes wealth, so we
must adjust output for it to be certain
that gains are real rather than simply
reflecting higher prices.
Yet there is today a “dialogue of the
deaf” between Silicon Valley and
the economics profession on this critical
issue. Economists point to longitudinal
data that shows productivity has been
rising at a lethargic pace and say
it shows the lack of true technology
breakthroughs such as flying cars. But
the tech industry looks at a world econ-
omy that is rapidly transforming from
important trading partner. The UK’s
self-exclusion will matter.
Moreover, never in my lifetime has a
British government been so determined
to inflict economic damage on its own
people. The government’s own analysis,
published in November 2018, con-
cluded that, under a bare-bones free
trade arrangement of the type the gov-
ernment seeks, UK gross domestic
product per head is likely to be about 5
per cent smaller than it would otherwise
be, over the long term. Elimination of
net immigration from the European
Economic Area would increase the loss
by 0.5 percentage points. It is possible
that the UK will lose close to half of its
potential increase in GDP per head over
the next decade, with grim implications
for government revenue and spending.
This ignores the short-term costs.
Sajid Javid, chancellor of the exchequer,
has told business to abandon calls for
regulatory alignment with the EU, stat-
ing that they have had three years to
prepare. That is nonsense. Nobody has
known (or even now knows) what
agreement, if any, will be reached. The
combination of uncertainty about the
outcome with minimal time for adjust-
ment is grotesquely irresponsible.
Brexiters will claim that, freed of the
“dead hand” of EU regulation, the UK
will thrive. This is likely to prove a fan-
tasy. One reason is that the UK already
has a highly deregulated economy, nota-
bly in the labour market. Is the UK going
to abandon current regulations over the
environment, product standards,
Boeing’s travails run deeper than a few bad apples
welcome attempt to set a new tone of
frankness at a company accused of high-
handed and even dangerous behaviour.
But circumstances could hardly be
more dire or dramatic at Boeing right
now. Mr Calhoun’s hasty dismissal of
dividend questions, while also attempt-
ing to blame the company’s bulldozing
of regulators over safety on an “unusual
group of folks”, raises questions about
just how much change the new CEO
will bring. After all, he spent 10 years on
the board.
The crisis that has engulfed Boeing
since 346 people were killed in two
crashes of its now grounded passenger
jet, the 737 Max, is unprecedented in the
company’s history. Not only has it called
into question the company’s culture of
safety, but it has soaked up billions in
additional costs and in compensation.
The company’s fourth-quarter results
today will be torrid. Boeing is estimated
★ FINANCIAL TIMES
Opinion
industrial to digital and argues that the
changes must be causing productivity to
hurtle forward at warp speed, creating
widespread financial benefits.
Tech leaders also point out that they
are on a mission to eradicate costs from
everything everywhere. Rapidly dou-
bling processing speeds and the use of
Deflation may be
hiding big gains
from technological
improvements
algorithms have combined to let us use
software to replace many physical activ-
ities at vastly lower expense to produc-
ers and consumers alike. Meanwhile,
smartphones, ecommerce and global
supply chains are driving prices down.
Digital disruption, the tech industry
Even without the UK, the EU is an
economic giant
Per cent of global total
GDP at market prices (forecast for 2019)
Imports of goods (year to Sep 2019, total excludes
EU intra-trade)
US
EU excluding UK
China
Japan
UK
Rest of world
0 10 20 30
Source: IMF
financial soundness and so forth? That is
very unlikely. Moreover, the big failings
of the UK — its ultra-low investment
rate, weak productivity growth, poor
infrastructure, high regional inequality,
and long educational tail — have noth-
ing to do with EU membership. Brexit
may eliminate many excuses. It will not
solve any of these problems.
That is far from all. If there is no trade
agreement with the EU, or one that
proves disruptive, a blame game is sure
to ensue. Within the UK, Remainers will
London will frequently
find itself a supplicant
in relations with powers
greater than itself
to be burning more than $1bn every four
weeks as the 737 Max enters the 11th
month of a global ban. At the same time,
it is about to clinch a new loan for some
$12bn — increasing its debt burden by
roughly 40 per cent.
The group stands accused
of focusing on financials at
the expense of investment
in engineering
Rating agencies have downgraded the
company. While it is still well inside
investment grade, some have warned
there could be further cuts in the offing.
Investors are understandably nervous.
In this context, it seems unwise to dis-
miss so hastily any question about the
dividend’s sustainability. Unless he has
argues, with its ruthless efficiencies,
improved price transparency and “crea-
tive destruction” of existing business
models, is obvious and natural. In their
eyes, what can possibly be wrong with
delivering ever more value at continu-
ally lower cost? Any data that suggests
otherwise must be indicative of yet
another flaw of the old economy.
With that in mind, let’s go back to the
question of why the global economy
proved allergic to a modest tightening of
interest rates. If the traditional econo-
mists are right, and real interest rates
(actual levels minus inflation) are in
fact hovering near zero, history would
suggest that rates could have increased
materially without a hitch.
Now consider the view of the techies
that we do not live in an economy char-
acterised by little productivity growth,
low inflation and modest increases in
gross domestic product. What if they
are right that we live in an economy with
Size matters
Exports as a % of total, 2019
Exports as a % of exporter’s GDP, 2019
UK to EU
UK to US
UK to EU
EU to UK
US to EU
(non-UK)
US to UK
40 50 0 10
Source: IMF
blame Leavers and vice versa. More
important, the government might
blame the EU for an unhappy outcome,
and vice versa. Such discord could well
take on a life of its own, driving Britain
and the EU further apart. It is even pos-
sible to imagine an angry and destruc-
tive UK seeking to co-ordinate with
Donald Trump’s US against the EU. The
consequences would be devastating.
The UK’s departure, let alone the
nightmare of prolonged hostility, is also
likely to shape the future EU. Britain
played a central role in promoting the
single market and a liberal EU trade pol-
icy. Its departure is likely to weaken the
influence of more economically liberal
northern countries against the others.
The EU is then likely to be more inward-
looking than it would otherwise have
been. Yet it is also likely that Brexit will
a crystal ball, Mr Calhoun cannot say for
sure that this week’s charges will be the
final tally.
Even if the Max returns to service by
June, as Boeing and the US safety regula-
tor suggest it will, uncertainty remains
about the pace of any return to normal-
ity. In addition, Boeing is about to cut
the rate of production on its popular 787
wide-body, and the 777X still faces
significant challenges before it enters
service.
To be fair, Mr Calhoun’s belief in the
sustainability of the dividend is not
unreasonable. Even after the new loan,
the ratio of net debt to earnings before
interest, tax, depreciation and amorti-
sation will only just rise above two
times. Leaving open the possibility of a
dividend cut could also send the wrong
signal about management’s confidence
in the longer term. But Boeing has been
consistently over-optimistic about
11
rapid productivity growth, burgeoning prepare — operationally and psycholog-
output and relentless price drops? If ically — for the topsy-turvy world of
such deflation was running at around 2 negative rates in which lenders pay bor-
per cent today, real interest rates would rowers. The Fed’s current mandate of
be roughly equal to historic levels and targeting specific inflation rates would
the stubborn resistance of economic be replaced with new measurements of
activity to increases would be unsur- purchasing power that take into account
prising. Does this alternative view fit “better, faster, cheaper” technology. We
reality better? would probe markets to discern the
Moderate deflation is not necessarily levels of nominal interest rates at which
pernicious. The US economy endured
bouts of deflation in the 19th century
activity stalls. And we would talk about
real rather than nominal rates.
partly due to two economic shifts — the Paradigm shifts require radical
mechanisation of farms and transport,
and later as industry displaced farming.
rethinking. Today’s economy is under-
going an epochal shock driven by tech-
In both cases, the transition substan- nological change and globalisation. That
tially raised both output and living suggests that the negative nominal rates
standards. But the 19th century was now common in much of the world may
also afflicted by numerous severe reces- be normal and could be with us for a
sions, pointing to the urgent need for a long time. Policymakers must adapt
monetary policy toolkit and ultimately their world view and tools accordingly.
the creation of the US Federal Reserve.
What would we do differently in The writer, a private equity investor, is
a deflating economy? First, we would chairman of North Island
The UK is a laggard on investment
EU28, investment as a % of GDP, average 2010-19
Czech Republic
Sweden
Austria
The EU is by far the UK’s Ireland
Belgium
main export market France
Finland
Spain
In bilateral terms the EU Denmark
matters more to the UK Germany
than vice versa Poland
Netherlands
Italy
For the US the EU is a much Portugal
more important market UK
than the UK Greece
20 30 40 0 5 10 15 20 25
Source: IMF
reinforce the solidarity of a more The UK is entering a new world. It is
beleaguered EU. Either outcome will forcing its people to abandon their
much affect the UK. rights in Europe. It is standing aside
The UK is also likely to find it hard to from the European project of structured
exercise much independent influence and peaceful co-operation. It is choosing
upon a world entering an era of great to be an independent island next door to
power rivalry. Next to the US, China or what seems likely to remain an inte-
the future EU, it is an economic minnow, grated European giant. It is deciding to
albeit a large one. In such a world, reli- go its own way in a world dominated by
ance on multilateral institutions is likely rivalrous superpowers. It is doing so on
to prove futile. Again and again, Britain the promise of greater control over its
will face choices over which side to own destiny. It is, not least, acting
choose in struggles, perhaps over tech- against the wishes of the majority of its
nology or standards, that are occurring own young people.
far over its head. All this will be very Will this separation endure? Nobody
uncomfortable. Not least, the UK will
frequently find itself a supplicant in
can know. But it is quite likely to last a
long time. In my own view, it is a huge
relations with powers greater than itself. blunder. But the moment is now upon
It will have to be nimble and humble.
That may work. But the control it is
us. We must live with its consequences.
allegedly taking will be illusory. martin.wolf@ft.com
its recovery from this annus horribilis. Investors have surprisingly reacted
And in an age of stakeholder capital- benignly to this belt-tightening. Having
ism mere financials are not enough. In nearly tripled from 2013, Boeing shares
fact, a focus on financial performance at are trading barely 12 per cent below
the expense of investment in engineer- where they were the day before the first
ing is precisely what Boeing, under pre- crash in October 2018. And the market
vious CEO Dennis Muilenburg, stands may be right not to run scared. After all,
accused of. when normality does return there are
Between 2013 and early 2019, boom huge prizes to be won from the still
years for the aerospace industry, it paid growing global demand for aircraft.
out some $43bn to investors through But it is Mr Calhoun’s job to set a very
share buybacks. In the same period, the
annual dividend increase was as high as
different tone from his predecessor. Nor
can he blame a handful of rogue
50 per cent and never below a still employees for the toxic culture that led
remarkable 20 per cent — even in the to the 737 Max tragedy. The financial
aftermath of the two crashes. pressures that drove their actions came
Whatever the strength of the com- from the very top. It will be a difficult
pany, the optics of such big dividend balancing act to root out such practices
increases during a crisis are not good. while also motivating a demoralised
Belatedly, the board has seen fit this workforce. But that is what Boeing
year to hold, rather than increase, the really needs if it is to recover.
first quarter dividend. The share buy-
back bonanza has also been suspended. peggy.hollinger@ftcom
12 ★ FINANCIAL TIMES Wednesday 29 January 2020

Segro/industrial property: delivery hero

The shift to ecommerce has sent the value of logistics properties and shares in sector specialist Segro
soaring. Conversely, rivals exposed to retail property have suffered. There are signs that the UK’s industrial
boom is fading. Supply of big box warehouses is growing and logistics property values in London are flat.

Twitter: @FTLex UK property groups Logistics property values

Royal Philips:
device divide
Sense and simplicity, purred a Royal
Philips’ marketing slogan of the
noughties. The Dutch conglomerate’s
own sprawling structure told a
different story. In recent years, though,
it has slimmed down, offloading TV,
entertainment and lightbulb
businesses. Yesterday,
alongside fourth-quarter results it
unveiled plans to go further.
Shareholders should applaud its
plans to sell the domestic appliances
arm by 2021, sharpening its focus on
health. Flogging coffee makers, air
purifiers and vacuum cleaners has little
overlap with health and is not very
profitable.
Margins are just 10 per cent, while
those of Philips’s top units, such as the
one selling ever-whizzier electric
toothbrushes, are estimated at twice
that. Switching out coffee pots for
higher-margin medical technology
businesses, including software and data
analytics, should further power
Philips’s share price, which has
doubled since April 2011 when
boss Frans van Houten took charge.
What might domestic appliances be
worth? Valuations in the sector,
measured by enterprise value to last
12 months’ sales, range from below
0.8 times (Whirlpool, Arcelik and
Electrolux) to 1.1 or more (De’Longhi,
Spectrum Brands and SEB). Applying
an average of 0.9 would value Philips’s
household gadgets at just over €2bn. A
trade buyer gleaning synergies might
pay more.
For sure Philips is not on a safe romp
home. The manufacturer is caught in
geopolitical crosshairs; this year, like
last, US tariffs could cost it some €70m.
That weighs on profitability, where
Philips already lags behind its peers.
Last year, ebitda margins barely rose to
13.2 per cent of sales. Philips’s price to
forward earnings ratio has more than
doubled since its 2011 lows to 20 times,
but remains a fifth below that of peer
Siemens Healthineers.
No matter. That gap will narrow as
Philips continues its drive to cut costs.
The Dutch group might lack the glitz of
Silicon Valley competitors but is
serious about innovation. Research
spending accounted for nearly a tenth
of sales last year, up from 7.6 per cent
five years ago. It is well placed to
benefit from the rising medical needs
of an ageing population. In a fast-
growing and competitive market, a
sharper focus makes sense. The lights
may be long gone, but the future is
bright.
3M:
scotching a break-up
In an era of focus, 3M is a prime
example of a conglomerate. The
$100bn US company has four huge,
unrelated divisions. Products range
from Post-it notes to headlights.
Generous payouts to investors have
kept activist pressure for a break-up at
bay. But disappointing profits — and a
28 per cent plunge in fourth-quarter
earnings — could change that.
The shares are down nearly a third
from their January 2018 peak. 3M’s
meek 2020 guidance pushed the stock
another 5 per cent lower yesterday. An
immediate catalyst for a rally is needed.
That could embolden activists to
push for a split. It is an easy
prescription, in the wake of disposals
by GE, Honeywell and Dupont. Break-
ups have become a cookie-cutter
solution for languishing businesses.
Like other US manufacturers, 3M has
been struggling with a slowdown in
China and flagging demand from the
motor and electronics sectors. And a
rash of water contamination lawsuits
has intensified concerns that 3M could
face massive legal and clean-up costs.
In theory, any one of 3M’s four main
divisions — safety and industrial;
transportation and electronics;
healthcare; and consumer — is big
enough to go it alone. Revenues range
from $5bn to nearly $12bn last year.
In practice, further spinouts would
be more trouble than they are worth.
The problem missed by fans of focus is
that many markets are naturally
limited. Single businesses servicing
them would lack critical mass.
One strength of 3M’s business model
is that its mature businesses can spawn
new ones through R&D spending. This
came to $1.9bn last year. Size has also
given 3M visibility and financed good
shareholder returns. The company has
spent about $32bn in the past five years
on dividends and share buybacks.
Calls for break-ups are inevitable
when a diversified business is
floundering. Here is another certainty:
Price to net asset value per share
2011 12 13
FT graphic Sources: Refinitiv; Cushman & Wakefield; Barclays
Phil Redding has had a long run at
Segro. As a rank-and-file staffer in
the 1990s, he witnessed some torrid
times in the world of industrial
property funds, then the sector’s poor
relation.
More recently, as chief investment
officer, he has ridden a huge rally —
shares are up fourfold since his
appointment as CIO in 2011. What a
time to head out the door.
Investors seeking decent returns in
UK property have had scarce few
choices. Segro has the greatest
exposure to urban and light
industrial assets, which are used as
distribution centres (customer
fulfilment centres) for ecommerce.
Roughly half its portfolio is located in
London and the south-east.
if management can cut costs and
improve earnings, 3M shares can lose
their discount without major surgery.
Air India/state sell-offs:
Thatch unmatched
Jeremy Corbyn’ s nationalisation plans
helped lose his Labour Party the UK
general election. Even Venezuela has
plans to sell stakes in its oil company
these days. India is reviving the sale of
its national airline. Brazil and Ukraine
are mounting state sell-offs of their
own. Privatisation is back on the
agenda around the world.
Chances are that is precisely where it
will stay. Privatisations pulled in some
$266bn in 2016, according to the
Annual % change
1.6 25
London Paris
Berlin 20
1.4 15
Segro
1.2 10
5
1.0 0
2017 2018 2019
UK big box industrial property
0.8
Average availability Number of
British Land Take-up (m.sqm) years of supply
0.6
2.5 2.0
0.4 2.0
1.5
Intu Properties
1.5
0.2 1.0
1.0
0.5
0 0.5
14 15 16 17 18 19 20 0 0.0
2015 16 17 18 H1 19
Segro trades at almost a 40 per cent penetration compared with the UK
premium to its net asset value, suggests more potential there.
reflecting the market’s optimism. Capital values in many European
That premium, the biggest since cities are rising faster than in
2003, prices in a lot of growth in this London. Logistics property values
subsector. Yet growth is slowing. The in Paris and Berlin grew in the low
UK is reaching saturation point. teens while London was flat last
Industrial value growth slowed to just year, according to Cushman &
0.1 per cent in October, according to Wakefield. Rents in the two cities also
CBRE. ticked up.
This slowdown comes at a bad time Segro has rivals for its European
for Segro. One-third of its property expansion plans. Juicy ecommerce-
portfolio is in big box real estate: large backed returns have attracted other
distribution warehouses. With UK large institutional investors,
vacancy rates and availability both including Blackstone’s Mileway fund.
increasing last year, these look Segro clearly caught the right trend
especially vulnerable to falling for retail, but the ecommerce
valuations. distribution dividend is comfortably
That is one reason that Segro has baked into the share price.
turned to Europe. Lower ecommerce Impeccable timing, Mr Redding.
OECD, up from 2008’s $110bn. The central Asian state had a
But the record is chequered: putative slate of commodity, telecoms
resounding successes are balanced by and transport flotations. Only two,
dispiriting defeats. The template for uranium miner Kazatomprom and
state privatisations remains Margaret KMG Exploration and Production, got
Thatcher’s denationalisation drive in to market. In China, a mega
the 1980s. She set a well followed path. privatisation drive has left the state in
Singapore privatised its telecoms control of its listed SOEs.
monopoly and liberalised the industry Air India illustrates the bigger
later that decade. Mexico shed the bulk problem: privatisation without
of its state-owned enterprises, but deregulation is like a teapot with no
retained oil group Pemex. All hoped to tea. The strings attached to the last
create lean, mean companies ready to abortive attempt at a sale included
compete in new markets. A boost to $5bn of net debt, a workforce of 27,000
state coffers was an added incentive. remaining on the payroll for a year and
Too often, politics tarnishes golden a 24 per cent government stake.
hopes. Vested interests have made The latest plan is burdened with
privatisations glacially slow in India. similar baggage. True, a sale of Air
Kazakhstan’s sell-offs are caught in a India has a better chance of flying than
tussle between nationalists and liberal Venezuela’s gambit. Unfortunately for
professionals with foreign MBAs. Delhi, that is not saying much.
BorgWarner/Delphi:
you will be assimilated
The global car market may be slowing,
but parts maker BorgWarner is putting
its foot on the accelerator.
Yesterday, it acquired fellow car
engine components manufacturer
Delphi Technologies for a whopping 77
per cent premium. The price tag allots
Delphi, once part of General Motors, an
enterprise value of $3.3bn.
BorgWarner justified its largesse by
pointing to cost savings and potential
to increase its share of the market for
electric vehicles, a lone growth sector.
Unimpressed, shareholders pushed its
shares down almost a tenth.
That is short-sighted. BorgWarner
wants to play consolidator, a role that
brings inherent risks. But this is a mild
one. The implied price for Delphi
equity is well below the company’s 52-
week high struck in April.
Delphi Technologies was spun off
from Delphi in 2017. It has floundered
as a standalone, with shares losing a
third of their value last year. It needed
the validation bestowed by Delphi’s
place in industrial lore. Less
prestigiously, it became a ward of Uncle
Sam under the financial crisis bailout,
before falling into hedge funds’ hands.
Delphi Technologies looks like the
runt of the litter from that rescue. The
shares have slumped since it listed,
after several earnings disappointments.
Investors’ relief at BorgWarner’s
intervention was reflected in a 60 per
cent rally in the equity and a jump in
the price of Delphi bonds from 85 to
110 cents on the dollar.
But, the spin-off is a good fit with
BorgWarner. Its products are
complementary and marginally
improve its offerings for electric
vehicles. By paying entirely in shares,
BorgWarner is giving up 16 per cent of
its company to Delphi shareholders.
The implied purchase price is just
over six times ebitda. That makes it
cheap by the standards of the sector.
Even after the deal, BorgWarner’s
leverage is below a modest 2 times
ebitda. This looks like a classic bolt-on,
an operation that should come
naturally to a car parts maker.
Lex on the web
For notes on today’s breaking
stories go to www.ft.com/lex

CROSSWORD ACROSS
1 Actor Bogart shaking with rage
5 Yeoman’s ale containing iron
consumed (9)
No. 16,386 Set by JULIUS (5,5) 7 Met Al up in Ambleside about
6 Continental chap seen in upcoming work (10)
        vermeille every now and again 8 Research facility in which
(4) question of political leaning is
9 Embarrassed editor hiding base asked? (10)
  gambit assigned elsewhere (10) 11 Morse completely stumped,
10 Ignore small Greek character... unable to start the crossword
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12 Sexually explicit British epic 13 Identify gamble covering weak

period novel Romeo? (6,6) investment climate (4,6)
  15 Each way price laid about a side 14 Sanction old registered
of Great Britain? (4,5) trademark “Bottled Potpourri”
   17 He’s enthralled by the lottery (5) (10)
18 Test batsman, opener from 16 Throw up some confetti for Pat
Somerset, becomes established Archer, making hay (2,1,6)
  (5) 21 Spanish chap game to get
19 Instrument invented by plucky infusion of different blood type?
performer? (3,6) (5)
20 Reprise Cleopatra in new year 22 Indigo metal block (5 down) (4)
 
(6,6) 23 Stand up to democratically
  24 Capital that is outwardly grand. elected Free Yemen leaders (4)
Very (4)
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leaves money in the bank (3,7) Solution 16,385
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Wednesday 29 January 2020 ★ 13

Rugby balls Relegated Saracens’ lessons Moving in Asian youth tempt investors
in management ring hollow — ANALYSIS, PAGE 16 to crowd into co-living — INSIDE BUSINESS, PAGE 14

UK tech backers hit out at CMA Tail

3 Anger over prolonged Deliveroo review 3 Regulator risks ‘jeopardising’ investment
TIM BRADSHAW
GLOBAL TECHNOLOGY CORRESPONDENT
Two of Deliveroo’s early backers, Index
Ventures and Accel, have accused com-
petition authorities of jeopardising
investment in British start-ups with a
protracted investigation of the food
delivery app’s deal with Amazon.
The Competition and Markets
Authority rattled investors in Deliveroo,
one of the UK’s best-known private
technology companies, and others in
the start-up sector last month, when it
launched a “phase two” investigation
into Amazon’s plans to lead a $575m
funding round in the company.
Neil Rimer, founding partner at Index
Running dry Fires and drought send Australian meat prices soaring
Australia’s bushfires have scorched
millions of acres, devastating an
agricultural industry suffering from years
of drought and driving meat prices to
record highs.
The fires in the country, the world’s
largest exporter of lamb and mutton, are
expected to tighten supply in a market
where sheep numbers are already at a
historic low, cut down by the “big dry”.
They “will put more pressure on the
situation”, said Justin Sherrard, global
strategist of animal protein at Rabobank.
About 13 per cent of the country’s sheep
are in regions that have been significantly
affected by fires, and a further 17 per cent
in areas partially hit, according to Meat &
Livestock Australia. Moreover, much of
the destruction has been in the wheat-
producing areas that provide feed for the
dairy and livestock industries.
Australia’s meat prices soared last year
because of a surge in demand from China,
which increased meat imports after the
damage caused by African swine fever.
The bushfires have sustained that rally,
pushing up the cost of sheep meat about
50 per cent during 2019, according to
Mintec, a commodities data firm.
MLA expects that more ewe lambs will
be retained for breeding, rather than
eating, which should keep meat prices
high in 2020. If Australia has less meat to
ship, China might turn to New Zealand, a
leading exporter to Europe. This could
affect lamb prices for Easter, said the UK’s
Agriculture and Horticulture
Development Board. Emiko Terazono
Risk
Ventures, which first invested in delivery services. The regulator said it offering potential remedies that could
Leo
Deliveroo in 2014, said the CMA’s review planned to issue provisional findings by
‘It’s vital have led to a shorter probe, but the two Lewis
“set a dangerous precedent”. the end of April, with a final ruling that the UK companies had declined to do so.
“If the CMA process is riddled with before June 11 — more than a year after and its “We always endeavour to conduct our
uncertainty, and its duration is a source Amazon’s plans to take a 16 per cent investigations as quickly as possible, For a frustrating decade or so, Japan’s activist revolution
of competitive harm, this will affect the stake in Deliveroo were announced. [start-ups] whilst ensuring they are thorough,” the was always just over the horizon. In January 2020, it has
incentive to start and invest in compa- Luciana Lixandru, a partner at Accel are able to regulator said. “As the companies steamed into port and smashed through the jetty.
nies in the UK altogether,” said Mr and a Deliveroo board member echoed involved did not offer solutions . . . we In the past week alone, a fire-hose manufacturer
Rimer, writing in the Financial Times. fears about the impact on inward invest- continue to have now moved on to an in-depth (Teikoku Sen-I) has faced a barrage of criticism from a
“The irony is that in its effort to protect ment. “The CMA’s actions are putting compete for investigation.” shareholder urging higher cash returns, a housebuilder
the competitive health of the markets, this at risk, and it’s vital that the UK and The unusually vocal public interven- (Leopalace21) has given in to a demand for an extraordi-
the CMA may inhibit competition and its entrepreneurs are able to continue to funding’ tion from Deliveroo’s venture backers nary shareholder meeting, and a robotmaker (Toshiba
reduce British consumers’ choices.” compete for funding which could other- shows the high stakes for a company Machine) is fighting a hostile bid from funds run by family
The CMA detailed its concerns for the wise go anywhere else in the world.” that remains lossmaking and is locked members of Yoshiaki Murakami, Japan’s most prolific and
first time yesterday, pointing to a poten- The CMA said that Amazon and in fierce competition across Europe. aggressive shareholder activist.
tial reduction of competition in food Deliveroo had been given the chance to Deliveroo and Amazon declined to And these are merely the visible skirmishes. Hidden out
ordering apps and “ultrafast” grocery avoid a phase two investigation by comment. of sight are perhaps hundreds of deliberately low-key
engagements where cash-rich, poorly run companies are
responding to demands from shareholders they would
previously have been quite happy to ignore. Often, say
those who have fought them, these sotto voce scraps are the
ones that yield the best results.
That claim seems to be supported by the data. 2019 set a
record with 75 activist cam-
paigns initiated in Japan in
Sheep flock in Australia public, 44 per cent higher
What will be the
is at a record low than the previous year. But higher yielding
share buybacks last year,
Sheep numbers (m)
largely the fruits of pressure
activist strategy:
200 from shareholders, were over speaking softly
100 per cent higher than in
2018, suggesting lots of
or carrying a
150
behind-the-scenes activity big stick?
taking effect. So as 2020
100 looks even more primed for activism, which is the higher
yielding strategy: speaking softly or carrying a big stick?
The answer, suggests one investor, may lie in an informal
50 metric gaining currency among shareholder activists:
return on time invested, or Roti as he calls it. “Time” here
refers broadly to the application of energy and patience
0 and tact and diplomacy. Imprecise as that measure is, it
1950 80 2000 19* gets to the heart of the calculation that must now be made
* Forecast as of Sep by any activist or engagement fund looking at Japan.
Fires cause Australian sheep True, the market is flush with companies trading on
multiples that chronically undervalue their cash, their
meat price to hit record high assets and their dependable streams of income. It is also
A$ per 100kg true that the levers for extracting that value have been
600 tested and highlighted by the likes of Mr Murakami,
ValueAct, Oasis and Elliott. But while the spoils of activism
550 rose in 2019, so did the time invested. The issue is whether,
500 as all this activism evolves, the market’s Roti can be
expected to rise, or whether corporate Japan will find ways
450 to lower it. The further it falls, of course, the less attractive
400 the strategy becomes.
One early theory is that success depends upon a track
350 record. To demonstrate how far they will go, activists must
engage in blistering, public campaigns that deliver a lower
300
Roti. Once that modus operandi is known, targets that are
250 dealt with quietly, behind the scenes, should fold more
2015 16 17 18 19 quickly and become high-Roti triumphs.
Sources: Meat & Livestock Australia; Mintec
A farmer in New South Wales feeds cotton seed to his drought-stricken flock — Graham Jepson leo.lewis@ft.com

Rush to sovereign bond safety pushes

negative-yielding debt back over $13tn
TOMMY STUBBINGTON year. The rally interrupts a global sell- enduring appeal of bonds as a counter-
off that began in the autumn after an weight that gains when riskier invest-
A rally has swept through bond
upturn in the global economy — and a ments decline. “US Treasuries are one of
markets this month, expanding the
perception central banks had run out of the best insurance policies you can have
global tally of negative-yielding debt to
stimulus options — drove an exodus in your portfolio,” said Andrea Iannelli,
more than $13tn and confounding
from very low-yielding debt. Many fund investment director at Fidelity Interna-
investors who had bet on higher yields.
managers who had expected the selling tional. “Whenever things get messy,
Light steering sets Nissan Fears over the outbreak of the corona- to continue into 2020 have been caught that’s what you want to own.”
bosses on collision course virus in China have pushed investors to short amid growing worries about the Bond markets around the world
dump risky assets in recent days — impact of the virus on China’s economy. remain some way short of the extreme
Makoto Uchida, Nissan’s new boss, has wiping about $1.4tn off the value of “The bottoming-out of global growth levels hit in August and September last
been dubbed ‘invisible’ by colleagues global stocks since mid-January — and was supposed to unleash this reflation- year, when more than $17tn of bonds
critical of a low-key approach they say buy up the safest government debt. ary wave that would see bonds sell off,” carried a sub-zero yield. Even so, that
is unsuited to the strife-hit carmaker, The US 10-year bond yield touched a said Nick Wall, a fund manager at sub-zero total has expanded by more
which needs a strong and dominant three-month low of 1.57 per cent yester- Merian Global Investors. “But as soon as than $2tn since mid-January. The scale
leader who can stop the warring day, reflecting a rise in prices. German there was evidence that not everything and speed of the bond rally has pushed
factions splitting the company apart. 10-year yields have hit their lowest since was so rosy, people gave up on those yields back to levels that imply a bleak
Analysis i PAGE 15 October at minus 0.4 per cent, while trades very quickly. ” outlook for the world economy.
Japanese yields have also dropped this The debt rally underscores the Investors seek alternatives page 23

Companies / Sectors / People

Companies
3M..............................................................12,24
Accel................................................................13
Aima................................................................23
Air India.........................................................12
Alibaba............................................................4
Allianz.............................................................16
Allianz Global Investors......................23
Allseas..............................................................5
Amazon.........................................................14
Apple...........................................................4,14
Arconic.............................................................2
Atlantia.........................................................24
Atlas Copco................................................24
Avast..............................................................24
Azizi Developments...............................14
BT......................................................................17
Barclays .........................................................2
Bayer.................................................................4
Beyond Meat.............................................24
BlackRock.................................................1,23
Boeing.............................................................11
BorgWarner..........................................12,24
Burisma...........................................................4
CVC..................................................................16
Calpers...........................................................23
Canopy Growth........................................24
Cargill...............................................................4
Commerzbank...........................................16
Computacenter.........................................17
Corning............................................................4
Cove................................................................14
Crest Nicholson........................................17
DS Smith.......................................................17
Dechert..........................................................17
Deliveroo.......................................................13
Dell.....................................................................4
Delphi Technologies.......................12,24
Deutsche Bank..........................................16
Devenish.........................................................3
Diageo...........................................................24
Dupont...........................................................12
ENRC...............................................................17
Elliott...............................................................13
Engie.................................................................5
Euromoney..................................................17
Exova Warringtonfire..............................2
FTI Consulting..........................................14
Facebook......................................................14
Ferguson.......................................................17
GE.....................................................................12
GIC....................................................................14
Galliford Try................................................17
Gazprom..........................................................5
General Atlantic.......................................14
Giunti Editori..............................................17
HSBC...............................................................17
HSBC ...............................................................2
Hacking Team...........................................14
Harley Facades...........................................2
Hitachi............................................................16
Hmlet..............................................................14
Honeywell.....................................................12
Huawei..........................................................1,5
Imperial..........................................................17
Index Ventures..........................................13
InterContinental Hotels......................24
Investec.........................................................16
JPMorgan.....................................................23
John Lewis Partnership.......................17
KMG Exp. and Production.................12
Kazatomprom.............................................12
Kone..........................................................16,24
LVMH..............................................................14
Legal & General Inv. M’gmt..............23
Leopalace21.................................................13
Lidl...................................................................16
Linden Homes...........................................17
Lippo...............................................................14
Lloyds.............................................................17
Lloyds Banking Group...........................2
L’Oréal..............................................................4
M&C Saatchi..........................................14,17
Michelin...........................................................4
Microsoft........................................................4
Mitsubishi.....................................................15
Morgan Stanley........................................23
NEC.....................................................................1
NSO Group..................................................14
Nakheel.........................................................14
Nationwide Building Society..............2
Nissan.............................................................15
OMV...................................................................5
Oasis................................................................13
Okta.................................................................14
PFZW..............................................................23
PJT Partners.................................................1
Pembroke Emerging Markets.........23
Pemex.............................................................12
PepsiCo...........................................................4
Pfizer..............................................................24
Procter & Gamble.....................................4
Quarto Group.............................................17
Ras al Khaimah Inv. Authority ......17
Renault...........................................................15
Restore...........................................................17
Royal Bank of Scotland .......................2
Royal Dutch Shell......................................5
Royal Philips.........................................12,16
Rukita.............................................................14
Rydon...............................................................2
Saint-Gobain.................................................2
Samsung..........................................................1
Santander.......................................................2
Saracens........................................................16
Segro...............................................................12
Sequoia..........................................................14
SoftBank.......................................................14
St James’s Place......................................16
State Street................................................23
Swedbank....................................................24
TSB...............................................................2,17
Taylor Wimpey..........................................17
Teikoku Sen-I.............................................13
Tenable..........................................................14
Tencent......................................................4,14
Thyssenkrupp...........................................24
Tiffany & Co...............................................14
Toshiba Machine......................................13
UBS Asset Management....................23
USS Investment Management........23
Uniper...............................................................5
VW Group....................................................15
ValueAct........................................................13
Virgin Media...............................................17
Vistry...............................................................17
Volkswagen.................................................16
Warburg Pincus........................................14
WeWork.........................................................14
Weave Co-Living.....................................14
WhatsApp....................................................14
William Hill..................................................17
Wintershall.....................................................5
Woodford Investment M’gmt..............1
Xerox..............................................................24
Sectors
Aerospace & Defence............................11
Airlines...........................................................12
Automobiles..........................................12,15
Banks....................................................2,16,24
Construction.................................................2
Financial Services...................................23
Financials...........................................16,17,23
Food & Beverage....................................24
Healthcare....................................................12
Industrial Goods......................................24
Industrials.....................................2,12,16,24
Media..............................................................17
Oil & Gas...................................................5,12
Pharmaceuticals......................................24
Property.............................................12,14,17
Retail..........................................................14,17
Retail & Consumer.......................12,14,17
Technology........................1,4,5,11,14,17,24
Telecoms.................................................1,5,17
Tobacco........................................................24
Transport.....................................................24
Travel & Leisure......................................24
Utilities...........................................................12
People
Arnault, Bernard......................................14
Azima, Farhad............................................17
Azizi, Farhad..............................................14
Bezos, Jeff...................................................14
Bhatia, Sanjiv.............................................23
Bolloré, Thierry.........................................15
Burmistrova, Elena....................................5
Calhoun, Dave............................................11
Cook, Tim......................................................4
Davis, Gareth.............................................14
Delbos, Clotilde.........................................15
Diess, Herbert...........................................15
Doshi, Sachin.............................................14
Ehrnrooth, Henrik...................................16
Fink, Larry...................................................23
Ghosn, Carlos.............................................15
Gupta, Ashwani........................................15
Houten, Frans van.............................12,16
Inglis, Jack...................................................23
Jones, Colin.................................................14
Kennedy, Richard.......................................3
Kershaw, David.........................................14
Maktoum, Ahmed bin Saeed Al.....14
Merz, Martina............................................16
Meo, Luca de.............................................15
Muilenburg, Dennis.................................11
Murakami, Yoshiaki.................................13
Powell, Mike...............................................23
Redding, Phil..............................................12
Saatchi, Maurice.......................................14
Senard, Jean-Dominique.....................15
Shaibani, Mohammed al-....................14
Sinclair, Jeremy.........................................14
Soewatdy, Sabrina..................................14
Taraporevala, Cyrus...............................23
Taubman, Paul.............................................1
Truscott, Peter...........................................17
Uchida, Makoto.........................................15
Woodford, Neil.............................................1
Wray, Nigel..................................................16

© The Financial Times Limited 2020 Week 5

14 ★ FINANCIAL TIMES Wednesday 29 January 2020

COMPANIES
INSIDE BUSINESS
Technology
ASIA

WhatsApp reveals rise in security bugs Henny

Messaging service denies
vulnerabilities to blame
for Bezos phone hack
HANNAH MURPHY AND PATRICK MCGEE
SAN FRANCISCO
WhatsApp reported a sharp escalation
in the number of vulnerabilities it found
on its platform in 2019, raising fresh
questions about the security of an app
executive, alleged that a WhatsApp
account used by Saudi Crown Prince
Mohammed bin Salman hacked his
iPhone in 2018 by sending a malicious
video message.
However, Mr Bezos’s investigators
were unable to uncover enough evi-
dence to show whether weaknesses in
either the messaging service or the
iPhone X were exploited.
When asked about the hack, Face-
book pointed the finger at iPhone-
appeared,” said Marc Rogers, vice-presi-
dent of cyber security at Okta and head
of the security team for Def Con, the
world’s largest hacking conference.
“Many of those were likely sitting in
there all that time, and there’s a very
high chance they were being
[exploited].”
He added that the data “strongly sug-
gests” the company had been compla-
cent about the security of the app until
fairly recently. “You see this often: a
Sender
‘For Facebook in 2014, said it had stepped up
its public reporting of flaws as part of a
Facebook
to blame
“commitment to transparency and sup-
port for security experts that help pro-
tect people from similar threats”. The
Crowded cities show
Apple,
that’s not
vulnerabilities reported in the database
were all fixed before disclosure.
why co-living is better
responsible’
“The issue at hand remains the prolif-
eration of spyware that takes advantage
of vulnerabilities, including those
bet than co-working
within the operating systems that power
our phones,” the company said.

that has often been hailed for safe pri-
vate messaging.
Data from the US National Vulnera-
bility Database, a US government repos-
itory of flaws, shows that the Facebook-
owned messaging service disclosed 12
instances last year. Of those, seven were
classified as “critical” — a significant
jump from the past few years, when just
one or two medium-level vulnerabilities
were disclosed.
The platform came under increased
scrutiny last week after a report com-
missioned by Jeff Bezos, Amazon chief
maker Apple. On Friday, Nick Clegg,
Facebook’s head of communications,
said that he believed something
“affected the phone operating system”
and that he was “very, very confident”
that WhatsApp’s encryption technology
had not been exploited.
But the jump in WhatsApp vulnera-
bilities has highlighted other weak-
nesses that appear to have gone unad-
dressed for some time, experts say.
“The fact that they found . . . serious
vulnerabilities in 2019 but didn’t find
them before doesn’t mean they just
Property. Luxury apartments
flurry of vulnerabilities being pulled out
of an app because someone is suddenly
paying attention because they are
scared,” he said.
Others have criticised Facebook for
appearing to shift responsibility prema-
turely on to Apple.
“For Facebook to blame Apple, that’s
not responsible. They need to be able to
fix their vulnerabilities as well,” said
Ron Gula, a former employee of the US
National Security Agency who founded
Tenable, a cyber security group.
WhatsApp, which was acquired by
S
In its report, FTI Consulting, hired by
Mr Bezos to carry out the investigation,
was unable to identify any spyware. But
FTI believed some had been planted on
the phone via an encrypted media
server on the WhatsApp network.
The report suggested that Mr Bezos
could have been the victim of malware
such as the Pegasus-3 product sold by
NSO Group, the Israeli company that
was found last year to have been exploit-
ing a WhatsApp flaw, or the Galileo spy-
ware sold by Hacking Team, the Italian
business.
hared spaces are beginning to look crowded.
Even after last year’s meltdown of WeWork,
investors are piling into co-living and co-work-
ing companies. Sequoia last year selected
Rukita, a co-living company based in Jakarta, as
one of the first recipients of money from its Surge pro-
gramme, which funds start-ups in India and south-east
Asia. Warburg Pincus has invested in three ventures in
mainland China and one in Hong Kong, alongside partners
including General Atlantic, Singapore’s GIC and Tencent.
Venture capitalists are betting that the sharing economy,
in which quicker or more affordable access to goods or
services is prioritised over ownership, will extend to prop-
erty as it has done with the car industry. Their enthusiasm
comes despite the collapse in the valuation of co-working
space provider WeWork, backed by Japan’s SoftBank, from
$47bn to below $6bn.
“Co-living is a much better business model than co-
working, just as long as it doesn’t come with a WeWork
kind of valuation,” said John Riady, a third-generation

Dubai steps up drive to revive real estate
Emirate seeks to get grip on
sector after prices fall 40%
from their peak six years ago
SIMEON KERR — DUBAI
The owner of a five-bed penthouse over-
looking Dubai’s Palm Jumeirah is look-
ing to sell. And like many others leaving
the emirate’s struggling economy, he is
willing to offload his property at a deep
discount.
“The client is willing to let it go for 7m
dirhams ($1.9m),” said a broker asked
to find a buyer for the distressed prop-
erty. Prices for such luxury duplexes
reached Dh16m-17m during the market
peak in 2014.
But demand has plummeted as
Dubai’s services- and tourism-oriented
economy has suffered following the oil
price collapse in 2014, a surge in the
supply of apartments, offices and hotels
and escalating geopolitical tension.
Turmoil across the sector, from
plunging prices to late-paying develop-
ers pressuring cash-strapped contrac-
tors, has prompted Dubai’s authorities
to act to get a grip on a market that has
an outsized impact on sentiment. As
well as forming a committee to balance
supply and demand, the government
has turned to two of its most senior offi-
cials to take over troubled state-owned
groups.
Mohammed al-Shaibani, head of
Dubai’s state holding company, last
week took over the chairmanship of
Nakheel, the Palm’s developer. His
appointment follows that in December
of Sheikh Ahmed bin Saeed Al Mak-
toum. The head of Emirates airline
replaced Abdullah al-Habbai as
chairman of two companies with devel-
opment units owned by the emirate’s
ruler, Sheikh Mohammed bin Rashid al-
Maktoum.
Nakheel was at the heart of Dubai’s
debt crisis a decade ago, receiving a cash
injection when Abu Dhabi stepped in to
prevent a sovereign default with a $10bn
bailout loan, building on a $10bn sup-
port package from the UAE’s central
bank.
The Palm, once the most prestigious
addresses in Dubai, has fallen on hard
times. Some buildings are selling at a
discount to the cost of construction,
making the man-made island one of the
worst performing markets in the Gulf’s
commercial capital.
With no direct beach access and
annual service and cooling charges of
Dh200,000, the penthouses are out of
favour, the broker said: “It’s hard to sell
these now.”
Turmoil across Residents complain of onerous secu-
the property rity at the beach, where guards check to
sector has see whether they have paid their service
prompted fees to secure access. Developers say the
Dubai’s Palm’s government-owned master plan-
authorities to ner, Nakheel, routinely slaps dubious
act — Kamran Jebreili/AP penalties on them to boost cash flow.
“Real estate is such a disaster,” said
one banker who bought his Palm resi-
dence in 2013 and has since seen its
value slump 35 per cent. “My retire-
ment got delayed by a decade.”
The Palm is the highest-profile victim
of the property decline. Residential and
commercial prices fell as much as 15 per
cent across Dubai last year, according to
real estate services firm Asteco, with
apartment and villa rental rates down 11
and 10 per cent, respectively.
S&P Global Ratings, which says this
data shows an overall decline in valua-
tions at almost 40 per cent since their
2014 peak, says prices are approaching
the trough of 2010 and upcoming sup-
ply, while declining, is expected to pile
further pressure on prices.
Developers are offering buyers incen-
tives such as long-term payment plans
to sustain demand, despite the jeopardy
of shifting the burden on to their bal-
ance sheets.
“We don’t foresee a recovery in the
near term due to the current supply-de-
mand imbalance,” said Sapna Jagtiani,
an associate director of corporate rat-
ings at S&P in Dubai. Dubai’s hosting of
the Expo 2020 world fair will ease pres-
sures on hotels and retailers but is
“unlikely to materially improve long-
term conditions in the real estate sec-
tor”, added Ms Jagtiani.
About a fifth of transactions involve
overseas purchasers.
Ali Sajwani, general manager of oper-
ations at private sector developer
Damac, sees hope in the fact that firms
such as his, as well as state-owned devel-
15% 10%
Fall in residential Drop in villa
and commercial rental rates. Rates
property prices for apartments
last year fell 11 per cent
opers, are curbing supply. “Prices are at
the bottom and over the next 18 months
we will see stabilisation. New launches
will play a big role,” he said.
Yet Afghan-owned Azizi Develop-
ments, which is focused on the mid-
market, shows no signs of slowing down.
Azizi will this year complete 15 build-
ings, with a “substantial chunk” of its
12,000 units expected to be finished this
year.
“Delivering the 12,000 units by 2023
is our priority, after which we have
another 100 plus projects in planning,”
said chief executive Farhad Azizi.
Dubai, which has debts equivalent to
110 per cent of GDP, is redoubling efforts
to revive the stagnant economy, includ-
ing an increase in public spending.
Some in government argue that the
slump in property prices is helping to
restore the expensive emirate’s compet-
itiveness as rents decline.
Others speculate that Dubai could yet
play its “last card” by opening casinos,
balancing the Islamic backlash with the
fillip to a hospitality sector struggling
with declining tourist spend.
Most businessmen, however, are
arguing for consistent delivery of basic
reforms. They describe recent changes
to boost confidence — such as longer-
term visas and relaxing restrictions on
foreign business ownership — as piece-
meal efforts that have come too late.
Many are calling for more permanent
residency to encourage expatriate
investors to retain more earnings
locally. Smaller firms worry about oner-
ous government fees while businesses in
different sectors complain about late
payments.
“I would rather have my staff pay
more for rent in a thriving economy
than be able to afford more staff because
of a downturn,” said one owner of a pro-
fessional services firm.
member of the family that controls Indonesia’s Lippo
group. The conglomerate has invested in Cove, a co-living
business in Singapore.
The attraction of Asia for local and US-based investors
interested in shared spaces is clear. More than two-thirds
of millennials in Asia live with their parents, while only 11
per cent of them own their own homes — less than the glo-
bal average of 15 per cent, according to Warburg Pincus,
using data from CBRE. Many live far away from city cen-
tres and face long commutes in cities such as Jakarta where
transportation infrastructure is especially woeful.
Both co-living and co-working models aim to take
underused real estate and make it more attractive, in part
by using technology to reach potential consumers. While
co-working and hot-desking are motivated by cost-cut-
ting, demand for co-living spaces is also driven by a desire
for community and lifestyle benefits such as gyms, as well
as affordability.
“Co-living is all about getting the boundaries right
between privacy and sharing,” said Sachin Doshi, founder
of Weave Co-Living in Hong Kong, which has received
$181m from Warburg Pincus.
“Millennials want a mobile
lifestyle and financial flexi-
‘Millennials want
bility. You can’t have that a mobile lifestyle.
with a mortgage.”
Mr Doshi adds that most of
You can’t have
the largest Hong Kong devel- that with a
opers have approached him
with requests to invest in his
mortgage’
company, which is now 18
months old. Warburg has an option to allocate a total of up
to about $430m.
Millennials based in overcrowded cities are not only
willing to accept less space but, living in a more virtual
world than their parents’ generation, think about that
space differently. Regardless of location, co-living devel-
opments typically offer small kitchen spaces, if any, within
individual residential units since most of their young ten-
ants are far more likely to have their food delivered.
Hmlet, another co-living company backed by Sequoia,
converted the parking space in one of its buildings into a
large café.
Demand for co-living space is judged to be stronger than
that for co-working — at least until millennial tenants
decide to live with partners and have children. In most
Asian markets, landlords can appear far more powerful
than their counterparts elsewhere.
In Hong Kong, affordability is a serious issue. The pro-
tests in the city were triggered by popular opposition to a
proposed extradition law but have quickly morphed to
encompass income inequality and the appalling shortage
of reasonably priced flats.
In mainland China many residents are forced to rent
rather than buy their homes due to a requirement that
they obtain a permit to purchase property in the most pop-
ular cities, part of efforts to control internal migration.
Indonesia has its own peculiar features. Landlords can
demand 12 months’ rent in advance, even though the
occupancy rate is low as a result. Yet they wish to avoid
establishing a new lower base for rents.
Moreover few universities in Jakarta provide student
accommodation. “Landlords keep building more of the
same of what there is no need for,” said Sabrina Soewatdy,
a Rukita co-founder. “There is an oversupply of the wrong
products. We are bringing underused assets to market and
serving our own generation.”
Almost all the great fortunes in Asia in the past few dec-
ades have been made on the back of property. Now a new
generation of investors and young tenants is trying to
shake up some of these real estate monopolies.
henny.sender@ft.com

Retail & consumer Media

Hong Kong protests take toll on LVMH sales
LEILA ABBOUD — PARIS
LVMH suffered a slowdown in fourth-
quarter sales as the world’s biggest lux-
ury goods company was hit by protests
in Hong Kong that reduced demand in
China, its biggest market.
With the coronavirus outbreak sending
shudders across the industry, chief
executive Bernard Arnault said it was
“far too early” to gauge the impact.
“We can’t know at this stage what the
outcome or duration will be of the epi-
demic,” he said. “The impact on the
business won’t be too bad if it lasts two
months but if it lasts two years that
would be another story.”
The conglomerate behind Louis Vuit-
ton, Dior and Bulgari has shown in
recent years that it can steadily increase
profits and cash generation by catering
to wealthy shoppers from London to
Shanghai.
Sales and operating profit grew across
all five of its business lines last year,
while fourth quarter sales reached
€15.3bn, rising 8 per cent on an organic
basis, driven largely by double-digit
expansion in fashion and leather goods.
However, that represents a slowdown
from the 11 per cent growth in the third
quarter, with headwinds including
Hong Kong where sales fell 40 per cent
year-on-year. The city is an important
but shrinking outpost for luxury. Ana-
lysts are predicting that luxury brands
will close some of the 1000 stores they
have there.
The group’s biggest moneymaker
remains the Louis Vuitton brand, which
analysts estimate brings in about 45 per
cent of operating profit.
Last year LVMH sealed its biggest
acquisition with the $16.6bn purchase of
US-based jewellery retailer Tiffany &
Co.
LVMH shares rose more than 60 per
cent last year, making the 70-year-old
Mr Arnault one of the world’s richest
men as his 47 per cent stake rose in
value to reach nearly €87bn last year.
Ex-Imperial Tobacco boss joins M&C Saatchi
ALEX BARKER
M&C Saatchi has appointed Gareth
Davis, the former Imperial Tobacco
chief executive, as its deputy chairman
in the first steps to refill the advertising
group’s board after half its members
quit in December.
The non-executive recruitment spree
announced yesterday includes Mr Davis
and Colin Jones, the former finance
director of Euromoney, but still leaves
two other positions vacant on the board.
M&C Saatchi has been rocked by
accounting problems since the summer,
which led to the acrimonious departure
of Maurice Saatchi, its founder, and
three non-executive directors in
December. Shares in M&C Saatchi have
fallen two-thirds since August.
David Kershaw, chief executive, Jer-
emy Sinclair, chairman, and Bill Muir-
head, executive director, the remaining
founders of the group, have indicated
the new directors will oversee a review
of the company’s governance.
During interviews with candidates,
M&C Saatchi suggested the senior inde-
pendent director would eventually
replace Mr Sinclair as a non-executive
chairman. The appointment of Mr
Davis as deputy chairman suggested he
is being prepared for that position. As
well as serving as the chief executive of
Imperial Tobacco from 1996 to 2010, Mr
Davis was chair of William Hill, the
bookmaker, Ferguson, the building
materials business, and DS Smith, the
packaging business.
Mr Sinclair said Mr Davis and Mr
Jones had “extensive public company
experience at the highest levels”. “We
hope to . . . announce the additional
non-executives in the near future.”
Board departures in December
included Lord Saatchi, Michael Dobbs,
the Tory peer and author of House of
Cards, Michael Peat, the former private
secretary to Prince Charles, and Lorna
Tilbian, the media banker.
See Lombard
Wednesday 29 January 2020 ★ FINANCIAL TIMES 15

COMPANIES

Nissan’s ‘invisible’ boss sparks dissent

Uchida accused of weak leadership as he struggles to bring together warring factions amid talk of rift with chief operating officer
PETER CAMPBELL — LONDON
KANA INAGAKI AND LEO LEWIS — TOKYO
When Nissan’s board met last week in
the wake of Carlos Ghosn’s dramatic
escape from Japan, the moment cried
out for the new chief executive, Makoto
Uchida, to take centre stage.
Instead, the crucial turnround pres-
entation was delivered by the group’s
number two, Ashwani Gupta. The boss,
already dubbed “invisible” by some col-
leagues, listened quietly alongside the
other directors.
This low-key approach is already
drawing criticism from some insiders,
who say it may have its place at other
groups — but not at Nissan, which needs
a strong and decisive leader who can
stop the warring factions splitting the
company apart.
Just two months into his tenure, there
are doubts among some company exec-
utives over whether Mr Uchida is the
man to solve the crisis at the group,
which still has to heal wounds with its
French-owned alliance partner Renault.
A new three-man leadership group
launched with a “one team” slogan to
mark a decisive end to the dictatorial
style of the Ghosn era and bring stability
to the business has already dissolved.
A rift has opened up between the CEO
and chief operating officer Mr Gupta,
say three people close to the company’s
board, while a third member of the
troika left the business in December.
As the new alliance team prepares to
meet tomorrow in Japan, Mr Uchida
needs to start taking charge, say these
insiders, with the company’s future reli-
ant on whether he can stem crumbling
sales worldwide and revive rock-bottom
morale, while under a constant bom-
bardment of criticism from ousted
former chairman Mr Ghosn in Leba-
non.
Renault, led by chairman Jean-Domi-
nique Senard, will aim to breathe fresh
life into the 20-year-old partnership
with Nissan this week, with a spate of
new joint projects intended to bring the
businesses closer while also, crucially,
respecting their independence.
On Tuesday the French carmaker
named former Volkswagen and Fiat
executive Luca de Meo as its new CEO,
although he will not take up the post for
several months.
A person close to Mr Senard denied
any rifts at the top of either Nissan or the
alliance, saying that Mr Uchida, Mr
Gupta, Mr Senard, Renault’s interim
CEO Clotilde Delbos and third alliance
partner Mitsubishi worked well
together and communicated daily.
From the very beginning, the dark-
horse selection of Mr Uchida, the 53-
year-old former head of China opera-
tions, was controversial.
Many inside Nissan had considered
Jun Seki, the turnround expert who was
poached by Apple supplier Nidec in
December, as the strongest contender.
He was also the trusted protégé of
Hiroto Saikawa, who stepped down as
CEO in September following internal
findings of overpayments.
After the initial internal sounding out
of successors to Mr Saikawa by the nom-
ination committee, Mr Seki had gar-
nered the most support while Mr Gupta,
the India-born former Renault execu-
tive, came in second. Mr Uchida had
gained no support.
But the process descended into acri-
mony as unfounded allegations of per-
sonal and professional misconduct were
levied at several candidates by compet-
ing factions inside Nissan, according to
Nissan in search of change
Share price and index (rebased in $ terms)
Carlos Ghosn
arrested
Topix
2016 17 18
Sources: Bloomberg; company
Behind the wheel Main protagonists in saga
Makoto Uchida,
chief executive
The former head of
Nissan’s Chinese
operation, Mr Uchida
previously worked at
Nissan’s joint purchasing
division with Renault.
Being able to work with
the French partner and
unite Japanese executives
will be the key to his
success in turning the
business round.
people with knowledge of the nomina-
tion procedure.
Renault chairman Mr Senard, who
was in favour of Mr Gupta, subsequently
opposed Mr Seki and the official vote
settled with the little-known Mr Uchida
as a compromise candidate.
Mr Senard’s intervention sparked
some bitterness among Nissan execu-
tives as the nomination process, which
was put in place after Mr Ghosn was
arrested in late 2018, is supposed to be
Nissan employees are eager for
leadership as the company seeks to
repair its fortunes and rebuild trust
with Renault — William DeShazer /Reuters
share price at Nissan. The proposal,
which was formally approved by the
committee, has yet to be reported to the
board, according to two people familiar
with the process.
There are also growing doubts within
the board regarding Mr Uchida’s leader-
ship skills.
During a trip to Nissan’s struggling US
operations this month, it was Mr Gupta
who addressed staff at various plants
and at Nissan’s research centre in Michi-
gan, while Mr Uchida spoke to an
employee gathering in Nashville and the
company’s retailers.
The meetings with dealerships, which
are key to reviving the fortunes of the
brand in its largest market, were not
well received.
Rather than apologise for past strate-
gies that saw heavy discounting tarnish
the brand’s image, the new CEO
repeated previous management direc-
tions, asking staff why they were not
selling more cars at greater margins.
“There was no contrition at all,” said
‘People are worried
Net income ($bn) Market share (%) whether Mr Uchida can
140
Forecast
8 14 pull the new management
Bloomberg Global Japan
Automobiles index 6 12 team together’
120
4 10 one person familiar with the details of
US the trip.
100 2 8 Mr Uchida also claimed to be in “lis-
Asia Pacific tening mode”, a tone that went down
0 6
badly with retailers looking for a new
80 direction from the leader.
-2 4
Nissan People close to Mr Uchida and his
Europe
60 -4 2 former colleagues say the new CEO is
hard-working and studious, while the
19 20 2008 10 12 14 16 18 21 2012 13 14 15 16 17 18 19
transparency of board discussions has
increased under him.
Others say Mr Uchida, who showed
little emotion when he heard of news
that Mr Seki was leaving, is also reclu-
sive and difficult to read.
“He was suddenly thrust into the CEO
position,” said one of the people. “Peo-
ple are worried whether Mr Uchida can
pull the new management team
together.”
One person who worked with him in
China said he never would have seen Mr
Ashwani Gupta, Jun Seki, Yasuhiro Yamauchi, Hiroto Saikawa, Jean-Dominique Senard, Uchida as CEO material. “I didn’t even
chief operating officer former turnround expert former interim CEO former chief executive Renault chairman consider it at that time,” he said, adding
The ambitious Indian- The former head of China The former chief Once a loyal deputy to The former Michelin CEO that it was in contrast to Mr Seki, who
born executive has operations was seen as operating officer is the Carlos Ghosn, Mr was parachuted into was being groomed for the top position.
worked across all the strongest chief closest board member Saikawa’s tenure as CEO Renault last January, with But, as head of the combined purchas-
three companies that executive candidate after and mentor to the new was overshadowed by a the aim of holding the ing division of Renault and Nissan, he
comprise the alliance, he was assigned Nissan boss. slide in Nissan’s profits alliance together after gained the respect of the French side of
most recently as the pivotal role of Mr Yamauchi was and a spate of Carlos Ghosn’s arrest. the partnership, something that made
Mitsubishi’s chief overseeing the company’s once considered a CEO certification scandals. He sits on Nissan’s him seem a safe bet for the pro-alliance
operating officer. recovery plan last May. candidate but his brief Mr Saikawa stepped board and chairs the contingent within both companies.
Mr Gupta was Mr Seki left Nissan after tenure as interim chief down last September alliance management In public remarks so far and in inter-
previously in charge of three decades to become ended following following revelations that committee that includes views with Mr Senard ahead of his
the alliance’s light the future CEO of Nidec, tensions with alliance he had been improperly chiefs from Renault, appointment, he has talked about
commercial vehicles unit. an Apple supplier. partner Renault. overpaid. Nissan and Mitsubishi. rebuilding the alliance.
But his loyalty to the entity built by
independent. Nissan and Renault the most is Mr Gupta, but where is the at a time when senior officials were Mr Ghosn has never been fully tested,
declined to comment on the nomination one team he pledged if he is only con- already sparring over retirement pack- while a cabal of senior executives within
process. sulting Mr Yamauchi,” one of the people ages for a string of former executives Nissan has accelerated secret contin-
Another Nissan executive has been said. who were removed in the turmoil fol- gency planning for a potential split from
selected to fill Mr Seki’s number three Nissan denied there were tensions, lowing Mr Ghosn’s arrest. Renault, putting the future of the part-
position. But people close to the man- saying Mr Uchida and Mr Gupta are The infighting has put scrutiny on the nership in serious doubt.
agement say the new team remains “working closely together to lead the newly formed compensation commit- For those yearning for direction, Mr
divided due to Mr Uchida’s tight bond- company in order to rebuild Nissan’s tee. Its head, Keiko Ihara, has proposed Uchida’s pivot from “listening mode” to
ing with his former supervisor Yasuhiro performance and trust in the com- granting full performance-based pay- leading mode cannot come soon
Yamauchi, who remains on the board pany.” outs for Mr Yamauchi and another exec- enough.
after stepping down as interim CEO. But critics say Mr Uchida has added utive associated with Mr Ghosn’s down- Additional reporting by David Keohane in
“The person Mr Uchida should rely on fuel to the fire by siding with his mentor fall despite a collapse in profits and Paris

Automobiles

Renault names de Meo as chief executive

PETER CAMPBELL — LONDON
MICHAEL POOLER — PARIS
Renault has chosen Luca de Meo as its
chief executive as the French carmaker
looks to stabilise the company in the
wake of the chaos that engulfed the
group after the ousting of former boss
Carlos Ghosn more than a year ago.
The Italian, a former Volkswagen and
Fiat executive, will join the company in
July, at a critical time for the business,
which is trying to stem falling sales and
repair a fractured relationship with Jap-
anese alliance partner Nissan.
The alliance, which includes Mitsubi-
shi, is collectively the second-largest
carmaker in the world, but perform-
ance at the three companies has slipped
amid infighting and a wave of distrust
following Mr Ghosn’s arrest in Novem-
ber 2018.
Clotilde Delbos, Renault’s interim
CEO, will become deputy CEO once he
joins.
Negotiations between VW and
Renault have been going on for some
months, with Mr de Meo stepping down
from his post as chief executive of the
Seat brand, which is part of VW Group,
earlier this month.
Mr de Meo oversaw a turnround at the
nameplate from the poor relation in
VW’s stable of brands to a profit centre
and one of its fastest-growing marques,
with earnings in 2018 rising by a quarter
to €286m.
He was regarded as a potential succes-
sor to VW Group’s chief executive Her-
bert Diess, but was passed over several
times for senior posts.
Before joining VW group, Mr de Meo
ran the Fiat brand, and previously
worked at Renault.
Running an overtly Spanish brand at a
Luca de Meo joins in July at a critical
time for the French carmaker
German carmaker, Mr de Meo will have
some experience of the cultural dexter-
ity required to operate in an environ-
ment with seemingly competing nation-
alities.
Relations between Renault, which is
part-owned by the French state, and
Nissan have fallen to a low over the past
year. Renault’s chairman Jean-Domin-
ique Senard told the Financial Times
last year there were times he believed
the partnership would crumble.-
Mr de Meo “is a great strategist and
visionary of a rapidly changing automo-
tive world”, said Mr Senard. The chair-
man is seeking to draw a line under
months of turmoil within the French
carmaker, in seeking a replacement for
Thierry Bolloré, a former lieutenant to
Mr Ghosn who was fired last year.
Mr de Meo has had a long career, ris-
ing through marketing and sales, bring-
ing slick presentation and personal
skills to his jobs.
However, there are questions over
whether he will bring industrial or engi-
neering discipline to the carmaker that
has long prided itself on its urban brand
image rather than its technical prowess.
16 ★ FINANCIAL TIMES Wednesday 29 January 2020

COMPANIES

Financials Industrials

Six banks fall short of ECB capital rules Kone joins

Missed targets of unnamed
lenders show continued
fragility of European sector
MARTIN ARNOLD — FRANKFURT
Six eurozone banks have fallen below
the European Central Bank’s capital
requirements, underlining the continu-
ing fragility of Europe’s banking sector.
Andrea Enria, who chairs the ECB’s
supervisory board, said he was “broadly
satisfied” with the results of the capital
review but flagged concern over “the
business models, internal governance
and operational risks in banks”. He
added: “This is where we will sharpen
the focus of our supervisory work.”
The number of eurozone banks short
of their capital requirements increased
from one last year, illustrating how the
sector remains under pressure from
ultra-low interest rates, inefficient cost
structures and fines for misconduct.
The ECB did not name the six banks
but Mr Enria said four of them had
remedied their capital shortfalls and the
other two had been given “remedial
actions” to do so.
He said banks needed to “deploy
more self-help measures” such as
reducing costs, shedding unprofitable
activities and considering mergers.
The ECB plans to clarify how it will
treat capital requirements of merged
banks to “dispel” the idea that it has an
“unhelpful” approach, he said.
One area it will address is how it treats
so-called “badwill” gains that result
from buying a bank below its book
value, an issue that complicated Deut-
Travel & leisure. Rugby union
sche Bank’s merger talks with Com-
merzbank.
For the first time, the ECB published
the capital requirements for the banks it
supervises, except for a handful that
‘In a significant number of
instances, management
bodies are not effective
and internal control weak’
refused to give their permission, includ-
ing the financial services arm of
Volkswagen, the German carmaker.
“An assessment of business models
showed that most significant institu-
tions’ earnings are below their cost of
capital,” the ECB said. “This hampers
their capacity to organically generate
capital and to issue new equity.” It
added: “Concerned by low profitability,
supervisors are increasingly focusing on
banks’ future resilience and the sustain-
ability of their business models,” noting
internal governance was also a worry
after standards slipped in recent years.
The supervisor, which works closely
with national authorities to oversee the
largest banks in the eurozone, said: “In
a significant number of instances,
management bodies are not effective
and internal controls are weak.”
Mr Enria said he was “not very
happy” at the lack of harmonisation of
European regulations for who is consid-
ered fit and proper to join a bank’s board
or become one of its shareholders.
He said this had prevented the ECB
from removing board members or
investors that it considered unsuitable.
The ECB said its capital requirements
were unchanged last year, requiring
banks to have on average a 2 per cent
“pillar two” buffer above their regula-
tory minimum, plus an extra 1.5 per
cent for the non-binding “pillar two
guidance”.
However, it said that overall require-
ments for bank capital levels had
increased from 11.5 per cent to 11.7 per
cent last year after national regulators
increased the “countercyclical buffer”
to address overheating in the financial
system and raised systemic buffers for
the most important institutions.
Non-performing loans at the main
eurozone banks fell to €543bn in
September last year, down from over
€1tn during the eurozone debt crisis five
years ago, representing on average
3.4 per cent of the sector’s loan books.
CVC in bid for
Thyssenkrupp
elevator unit
OLAF STORBECK, JOE MILLER, KAYE
WIGGINS AND RICHARD MILNE
Kone, the Finnish lift maker, and CVC,
the private equity group, have tabled a
joint bid for Thyssenkrupp’s elevator
unit that values the coveted division at
about €17bn including debt, say people
familiar with the matter.
In a statement late yesterday, Kone
confirmed it had submitted a “non-
binding offer” for the business, adding
that its value was “reasonably close to
the value circulating in the media”.
The bid values the unit at more than
twice its annual sales of €8bn.
Kone and several private equity bid-
ders have been circling Thyssenkrupp’s
elevator unit for months after the
struggling industrial conglomerate
earmarked it for sale last year.

Saracens’ foul tests value of sport’s business gurus
Demotion poses questions for
courses that bring lessons
from field to boardroom
MURAD AHMED
Executives love to look to the sports
world for their leadership gurus.
Carlo Ancelotti, the football manager
and three-times Champions League
winner and Clive Woodward, coach of
England’s only Rugby World Cup win-
ning team, are among those to have pub-
lished corporate leadership books.
Former Manchester United manager
Alex Ferguson has lectured on executive
education at Harvard Business School,
while Wladimir Klitschko has designed
a programme at the University of St Gal-
len in Switzerland, where students can
take courses based on the former heavy-
weight boxing champion’s management
theories.
Tapping into this demand, Saracens,
the London rugby union club, which
boasts more England players than any
of its rivals, created an executive man-
agement course: “The Saracens Way”.
Over the past three years, Allianz, the
insurance group; investment bank
Investec; wealth managers St James’s
Place; and supermarket chain Lidl are
among the clients to have received
insights on how the values of “honesty”,
“discipline”, “work rate”, and “humil-
ity” are instilled in players to create a
winning team.
Saracens draws on its own experience
of transforming itself “from a chroni-
cally underachieving organisation to
double European and four time Pre-
miership champions and how every-
thing that created that success is hugely
transferable to your organisation”.
Yet it is not always obvious that the
skills required in sports are directly
transferable to companies. In Saracens
case, it is especially doubtful. The club’s
success was arguably built less on its
stated values than on acquiring the best
players. And to acquire the best players,
Saracens’ multimillionaire owner, Nigel
Wray, broke the rules.
Saracens, which had already been
fined £5.4m, was earlier this month rel-
egated from Premiership Rugby, the
top tier of English rugby union, due to
breaches of the league’s salary cap,
which is designed to stop teams over-
spending on players.
The unprecedented demotion fol-
lowed revelations that Mr Wray had
entered into property and
commercial invest-
ments alongside
players, including
several England stars
such as Owen Farrell
and Maro Itoje.
Saracens and In sport, as in business, financial
England star strength is often more decisive than star
Owen Farrell, managers would like to think. In foot-
centre, was ball, research has shown that the size of
among players a club’s wage bill is the best indicator of a
to have entered team’s final league position.
into commercial Companies participating in the
investments course, though, used to be happy to laud
with club owner The Saracens Way.
Nigel Wray, “We were able to see so many parallels
below — Paul Childs/ and transferable methods into our own
Action Images/Reuters
‘performance’ business’,” said Mark
Rogers, a director at St James’s Place,
according to a testimonial that was once
listed on The Saracens Way website.
After the Financial Times contacted
companies regarding past endorsement
of the management course, the St
James’s Place logo and a testimonial
attributed to Mr Rogers were removed
from The Saracens Way site. St James’s
Place said “it does not comment on com-
mercial relationships”.
Saracens launched its
course around three years
ago, offering executives
workshops at the club’s
home ground in north
London, with the chance
to speak to players,
coaches, the team’s
psychologist, and even train on the
pitch. The Saracens Way is named after
a club philosophy that was previously
identified by fans and media commen-
tators as the secret of the team’s victo-
ries. This includes a 2017 FT article,
which suggested players were encour-
aged to build camaraderie and trust
through open and deep discussions.
“We may discuss Descartes,” said
David Jones, a psychologist who was
then in charge of players’ personal
development. “We may discuss themes
like envy and anger.”
Allianz, which in 2012 signed a six-
year deal worth £8m to sponsor Sara-
cens, said its executives attended the
management course in 2017. In
response to revelations of the salary cap
breaches, the insurer said: “At Allianz
we act with transparency and integrity
and living up to these high standards is
very important to us. We will be holding
discussions with the club to confirm this
shared understanding and commitment
going forward.”
Investec said members of its sales
team attended a “training day” in 2017,
adding: “We’re interested in learning
about high performance across many
disciplines, including art and sport.”
Lidl did not respond to a request for
It is not comment.
always “There is a huge industry that has
grown up over the last 25 years around
obvious transfer of knowledge from sport to
that the businesses,” said Tim Crow, an inde-
pendent sports marketing adviser. “It is
skills certainly very beguiling for people at the
required in top level of business, looking to acceler-
ate their business and develop their
sports are leadership teams.”
directly
“Saracens were smart in leveraging
transferable that and turning it into an [executive
training] business. “But with all these
things [clients] have to do their due dili-
gence,” added Mr Crow.
It is unclear if The Saracens Way is a
lucrative revenue source for the club.
“Pricing is tailored to meet each client’s
specific needs,” it said. According to
Companies House records, Saracens
had pre-tax losses of £3.9m in the year
ended June 30 2018, widening from a
£2.8m loss a year earlier. Revenues
remained largely flat at £17.9m.
Next season, the club’s income will be
hit by relegation. There is uncertainty
over which star players will remain.
Recovering from this fall from grace
may be the biggest test yet of The Sara-
cens Way.
A person familiar with the process
said three private equity consortiums —
one led by Blackstone and Carlyle, one
by Advent and Cinven and one by
Brookfield — had submitted rival bids.
They value the unit at about €15.5bn
including debt, said the person.
Hitachi, the Japanese industrial
group, was said to have quit the race.
One person warned that the different
bids were difficult to compare and could
still change in coming weeks.
“It’s probably the biggest deal out
there . . . everybody wants to win it,”
said a different person involved with the
process, cautioning that Kone’s bid had
conditions attached.
Thyssenkrupp will soon enter talks
with the four remaining suitors.
Shares in the German group closed
5.3 per cent higher yesterday. Kone
shares rose 4.9 per cent.
While Kone’s bid may be the one with
the highest price tag, it is likely to face
opposition from the IG Metall union,
which has several representatives on
Thyssenkrupp’s supervisory board.
Worker representatives fear that a
tie-up with a large rival might lead to
bigger job cuts than a sale to a private
equity group. IG Metall has urged the
company to maintain a stake in the unit
and ensure that jobs at plants near Stutt-
gart and Hamburg are not imperilled.
The unit, with 53,000 employees glo-
bally, has been the conglomerate’s most
profitable. Last year, it generated
€791m of operating profit, compared
with just €272m on the group level.
Thyssenkrupp’s elevator unit, which
counts some of the world’s most recog-
nisable skyscrapers among its custom-
ers, has benefited from the boom in big
cities and the steady stream of income
that it receives from servicing.
The Essen-based conglomerate, bur-
dened with more than €4bn in debt and
almost double that in pension liabilities,
desperately needs the proceeds of a sale
to strengthen its balance sheet.
Martina Merz, installed as interim
chief executive in October, has prom-
ised to pursue the best solution for each
core Thyssenkrupp unit and has not
ruled out a complete sale.
The group is also still considering list-
ing the division on the stock market.
Mrs Merz said she wanted to reach a
final decision by the end of February.
Henrik Ehrnrooth, Kone’s chief exec-
utive, said last year that while a Thys-
senkrupp acquisition would be “proba-
bly just another deal” for private equity
groups, it was something the Finns had
“been considering for about 20 years”.
Kone said the two businesses had a
“highly complementary geographical
footprint” and the potential for “sub-
stantial value creation” through syner-
gies. Europe and Asia contribute about
40 per cent of Kone group revenues
while the rest comes from the Americas.
Bloomberg first reported Kone’s
€17bn bid. Thyssenkrupp and CVC
declined to comment.

Industrials

Philips to hive off appliances division as China virus spurs focus on healthcare
NIKOU ASGARI
Royal Philips plans to sell its domestic
appliances arm or spin it off into a
separately listed company as the Dutch
conglomerate focuses on the health-
care sector.
Legal Notices A sale of one of the best-known con-
sumer electronics brands in Europe
would mark the latest in a series of
divestments for the group, which has
sold its lighting, television and enter-
tainment divisions in recent years.
Frans van Houten, chief executive,
said the domestic appliances unit was
no longer a “strategic fit” for the com-
pany and a disposal would free up
resources for its healthcare business.
He added that the coronavirus out-
break in China was affecting demand for
the group’s products and services in the
country but that it was too early to
determine whether this would be posi-
tive or negative.
“Hospitals are working around the
clock to support patients and we are
supporting hospitals,” Mr van Houten
said. He added that demand from them
for face masks and CT scanners that are
used to detect the virus had increased
while more general consumer activity
“has slowed down tremendously
because people are staying at home”.
The death toll from the Sars-like res-
piratory illness rose to more than 100
yesterday.
Mr van Houten said all options
including an initial public offering were
being explored for the appliances unit,
which generated sales of €2.3bn last
Philips says orders for protective
masks have jumped significantly
year. Philips plans to divest the busi-
ness, whose products include coffee
machines, vacuum cleaners and air
purifiers, by mid-2021. It sold its audio
and video business in 2013 for €150m to
Japan’s Funai Electric and four years
later Philips Lighting was hived off in an
IPO that valued the company at €3bn.
The group announced its disposal
plans as it reported annual results yes-
terday. Net income rose 7 per cent to
€1.2bn in 2019. Scott Bardo, senior
healthcare analyst at Berenberg, said
increasing orders for products including
protective masks and radiology equip-
ment could lift Philips’s results in 2020.
He added that the group’s annual results
were “fundamentally good enough”.
Philips reported group sales of
€19.5bn, up 4 per cent year-on-year
because of strong demand from China.
The group’s profit margin, measured
as adjusted earnings before interest, tax
and amortisation, rose only 10 basis
points to 13.2 per cent, largely due to
€70m of tariffs as a consequence of the
US-China trade war, according to Mr
van Houten. The Dutch conglomerate
had warned in October that profit mar-
gins would not hit the longstanding
100bp target that it has reached in each
of the past three years.
“I am happy now that there is a truce
between China and the US so further
deterioration has been staved off,” said
Mr van Houten, but added that rising
tensions between the US and Europe
were a concern for the year ahead.
Shares in Philips fell 2 per cent.
See Lex
Wednesday 29 January 2020
Rational, not ridiculous, behaviour by banks on overdraft charges
Cat Rutter
Pooley
OUTRAGEOUS! RIP-OFF! Banks
charge high rates for overdrafts!
The UK’s high street banks were
pressed by regulators to cut the cost of
overdrafts. So they have. They’re no
longer allowed to charge extra for
borrowing without prior permission. So
they’ve stopped. But that means they
stand to lose millions, since overdrafts
have been a nice money spinner in a
market where current accounts are still
mostly free. So banks have been trying
to limit how much they lose.
The Financial Conduct Authority,
whose overdraft reforms come into
effect in April, held back from setting a
cap on rates. The market has come up
with one anyway. HSBC, Lloyds, TSB
and the rest have all set interest
charges at about the 40 per cent mark.
Ridiculous, scream the redtops.
The banks would charge more if they
Retail
John Lewis calls
halt to weekly
sales reporting
Move to new structure
deprives sector of
industry benchmark
JONATHAN ELEY
John Lewis is to stop publishing its
weekly sales figures, depriving the retail
sector of a widely used benchmark and
further diminishing the group’s status as
an industry bellwether.
The employee-owned group, which
operates department stores and the
upmarket Waitrose supermarkets, said
yesterday the change would be effective
immediately.
“The Future Partnership strategy
means the John Lewis Partnership is
now operating as one business and
therefore moving to a new financial
reporting structure,” the group said.
“Sales or operating profit will no longer
be split between the two brands.
Instead, reporting will focus on general
merchandise, grocery and services.”
The group has published the figures
externally for more than 10 years. No
other UK retailer, public or private, dis-
closes its sales trends so frequently,
which has made the numbers a useful
leading indicator for investors, rivals,
analysts and economists.
The British Retail Consortium and the
Office for National Statistics both pub-
lish monthly figures, while Kantar and
Nielsen distribute rolling three-month
“till roll” data that track supermarkets’
sales and relative market shares.
Nick Bubb, an independent retail ana-
lyst, said the news was “disappointing”
but that the figures “had become less
useful over the years and John Lewis’s
Telecoms
BT insists on hardware returns to cut e-waste Crest Nicholson profits hit by fire safety costs
NIC FILDES
BT is to save as many as 1m WiFi rout-
ers and set-top boxes a year from the
scrapheap by requiring customers to
return old or faulty equipment in a
push to cut electronic waste.
New contracts in recent weeks have
stipulated BT will retain ownership of
the hardware and levy fines of up to £50
if customers fail to return it when their
deals expire.
The move comes as governments
press companies to cut the amount of
waste being dumped in landfill but also
reflects a push to cut costs in the tele-
coms sector. Much of the equipment
that ends up in skips or gathering dust
can be refurbished and resold.
BT told the Financial Times it would
make it as easy as possible for customers
thought they could. But when
Nationwide became the first to
announce its 40 per cent rate last July,
the headlines were bad. Any lower and
the banks worry they will lose too
much cash.
Banks across the market made
£2.4bn from overdrafts in 2017, the
FCA reckons. Poorer customers were
disproportionately hit, with total costs
often 10 times as high as payday loans.
The FCA’s reforms have succeeded in
cutting rates for those customers.
For everyone else, charges have gone
up. Last week, the FCA seemed fine
with that. It crowed about the success
of its new rules.
This week, it seems suddenly not so
sure. It has made a show of tut-tutting
at banks. They must explain how they
arrived at their new 40 per cent rate, in
more expansive terms than “I copied
the next guy, guv”. The banks must
cough up minutes of meetings, pricing
proposals, blah-di-blah.
To conspiracy theorists it may smack
of collusion. Outright collusion is
unlikely, though. The rates are
whopping, but transparently so.
Unsecured consumer credit is a risky
status as a bellwether has declined”.
“I remember when they gave weekly
sales performance by store and that was
fascinating, but they stopped that many
years ago,” he added. “Then they
stopped giving the online sales growth
within John Lewis.”
The group’s final weekly figures, for
the seven days to January 25, painted a
dispiriting picture with a 1.9 per cent
drop at the department stores on the
same week a year ago and a 1.6 per cent
fall at Waitrose. However, the numbers
are totals, so not adjusted for the past
year’s closure of one John Lewis and sev-
eral Waitrose stores.
The decision to stop publishing
weekly figures comes at a pivotal time
for the group. Sharon White, an econo-
mist and former regulator who is highly
regarded but has no retail experience,
takes over as chair next week and the
partnership is in the process of over-
hauling its management structure.
Last year the annual staff bonus was
cut to just 3 per cent of salary, its lowest
level since 1953. Any payout for the cur-
rent year will be decided in February.
“The best that can be said about this
news is that if it represents a shift away
from John Lewis being a top line-
focused organisation to being more
profit-focused, then it will enhance
partnership bonus prospects,” said Mr
Bubb.
Under the proposed management
changes, the department stores and the
supermarkets will be run as one organi-
sation under a single executive board,
which John Lewis says will accelerate
innovation and save £100m a year. But
critics say the new structure leaves the
group short of management heft.
to return the equipment by post or in
person at one of its EE stores. The faulty
or old routers will be sent to an in-house
team based in North Yorkshire, while
set-top boxes will be refurbished in
Scotland by a subcontractor.
Governments are
pressing
companies to cut
the amount of
electronic waste
dumped in landfill
BT has followed the lead of Virgin
Media, which already asks customers to
return equipment when they upgrade to
faster services or leave the company.
The problem of e-waste has become a
significant concern for some govern-
ments, with China and other Asian
★ FINANCIAL TIMES
UK COMPANIES
business. Banks charge accordingly.
Not all customers are equally risky. As
the FCA has noted, those with better
credit have other cheaper options —
such as credit cards at 0 per cent.
The FCA has been stung by criticism
over its handling of the minibond
scandal and the Woodford debacle, to
name just two. But we shouldn’t beat it
up for bodging regulation of overdrafts.
It has acted rationally. So have banks.
Cresting the waves
Take a moment to marvel. Crest
Nicholson, the housebuilder, barely
met full-year profit forecasts despite
dialling down expectations in October.
Exceptional costs covering a shortfall
in London prices and a provision for
fire risk, post-Grenfell Tower, touched
£18m. Profits, after those nasties but
before tax, fell 40 per cent in 2019 to
£103m. Yet the shares rose yesterday.
Shareholders were in an indulgent
mood. Crest has a new boss in Peter
Truscott, who joined from rival
Galliford Try late last year and is
rebasing expectations. His blueprint
Off-target
Publisher of
Kama Sutra
resists suitor
countries no longer willing to accept the
shiploads of hard plastic and metals that
western nations once sent there for dis-
posal. Roughly 50m tonnes of e-waste is
generated a year worldwide, a figure the
UN expects to double by 2050, with the
vast majority of old consumer electron-
ics ending up in landfill sites.
A number of specialist companies,
including Computacenter’s RDC and
listed company Restore, refurbish and
resell old computer equipment while
the second-hand mobile phone market
has grown in recent years.
CCS Insight, the research company,
conducted a survey of UK phone users
and found that 60 per cent of respond-
ents would consider buying a refur-
bished smartphone when they next
upgraded, while only one in six had
actually done so.
for the next three years outlined
yesterday centres on streamlining
costs, establishing common priorities
across divisions, imposing new
disciplines and broadening the group’s
portfolio.
He has form. Before becoming
Galliford’s chief executive, he was in
charge of Galliford’s Linden Homes,
where he helped lift margins by a third
and diversified into affordable homes,
regeneration and social housing.
Now Mr Truscott is laying similar
foundations at Crest. The company will
focus on cash and improve operating
margins from 12 per cent to nearer
15 per cent by 2023. Returns on capital
will rise to 20 per cent.
This is the house that Mr Truscott is
building.
It is not overly ambitious. Rivals’
ROC top 25 per cent. Margins at Vistry
— formerly known as Bovis — which
bought Linden Homes for just over
£1bn last year, are close to 17 per cent.
Still, Mr Truscott is right to be wary
given the uncertainty over Brexit,
London house prices and build cost
inflation. The shares, yielding 7.5 per
cent, are not pricey compared with
Quarto Group, the debt-ridden UK
publisher of The Bedside Kama Sutra,
has rebuffed a takeover approach from
a US investor that would give it an
enterprise value of about £90m.
The London-listed company has
repeatedly rejected overtures from
Richard Hurowitz, a US investor and
publisher of The Octavian Report, a
quarterly “journal of ideas,” according
to people informed about the matter.
Quarto has instead opted to raise
funds to reduce its debt through a new
open offer of its shares, which is due to
be approved by shareholders on Friday.
The decision by the Islington-based
publisher of illustrated books to rebuff
Construction
DONATO PAOLO MANCINI
Profits at Crest Nicholson dropped
almost 40 per cent after the house-
builder took an exceptional charge for
fire safety review costs following the
Grenfell disaster and experienced a
slowdown in sales.
The FTSE 250 group said pre-tax profit
fell 39 per cent to £102.7m in the year to
October 31. That included an excep-
tional £18.4m charge in relation to
remedial fire safety work deemed nec-
essary after the 2017 blaze at Grenfell
Tower, a housing block in west London,
that killed 72 people. It prompted new
regulations from the government.
The group said it had reviewed both
sold as well as new properties following
the latest government guidance on fire
risk and that work was “under way on
peers. And if he gets the footings right,
Crest could reach new heights.
Now, play nicely
Gravel-voiced Gareth Davis and Colin
Jones, formerly of Euromoney, are to
fill two of the non-executive holes on
the board of ad agency M&C Saatchi.
The Saatchi moniker is powerful but
the hires are a coup for the Aim tiddler
that uncovered a black hole in its
accounts last year. Mr Davis, a Hanson
alumnus, has led Imperial and chaired
William Hill, DS Smith and Ferguson.
He has seen no end of board fracas.
However, M&C Saatchi has recruited
bruisers from the great and the good
before. Michael Dobbs, a Tory peer,
advised Maggie Thatcher, Michael Peat
advised the crown. Both were M&C
non-execs with banker Lorna Tilbian.
They walked out last month after a
spectacular scuffle with execs. It seems
gravitas gained elsewhere counted for
little.
kate.burgess@ft.com
FCA- banks: cat.rutterpooley@ft.com
Mr Hurowitz’s all-cash offer comes
after a shareholder revolt in May
over the company’s inability to
reduce its debt levels. Quarto’s
overall business has been struggling
as revenues have fallen and it has
failed to turn a profit since 2015.
Quarto has proposed to raise
about £14m by issuing about 20m
new common shares at 68p each,
which is significantly lower than the
offer Mr Hurowitz first proposed.
The publisher did not respond to
requests for comment. A
spokesperson for Mr Hurowitz
declined to comment.
James Fontanella-Khan in New York
Granger Historical Picture Archive / Alamy
several properties”. Excluding this
charge, pre-tax profit fell 28 per cent to
£121.1m, towards the lower end of the
revised guidance it issued last year fol-
lowing a profit warning.
Sales fell 2.4 per cent year on year to
just under £1.1bn and completions were
down 4 per cent to 2,912.
Peter Truscott, chief executive, who
joined from Galliford Try last Septem-
ber, said he was encouraged by the
emphatic Conservative election victory
in December. “We believe the decisive
political outcome should provide sup-
port for the sector in the near term.”
The group expects adjusted pre-tax
profit of £110m to £120m in its current
financial year.
The housebuilder, which focuses on
London and the south-east, said cus-
tomers delayed making decisions over
17
Financials
Lawyer denies
hacked email
allegation in
UAE wealth
fund dispute
KATE BEIOLEY
A top City litigator has rejected as
“preposterous” an allegation that he
relied on hacked emails to build a case
against a US businessman in a dispute
with a Middle Eastern sovereign wealth
fund.
Neil Gerrard, a senior lawyer at Dechert,
was testifying at London’s High Court
yesterday in the latest case to put the
murky worlds of corporate investiga-
tions and cyber crime under scrutiny.
The trial, which began last week, pits
Ras al Khaimah Investment Authority
(Rakia), the sovereign wealth fund of
one of the seven United Arab Emirates
and a client of Mr Gerrard, against
Farhad Azima, the businessman.
Rakia is suing Mr Azima for £3.7m for
alleged fraudulent misrepresentation
and breach of contract over a hotel deal
that collapsed in 2016. It has also
accused Mr Azima of engaging in a cam-
paign to “maliciously denigrate” the
reputation of the nation.
Mr Azima denies those allegations,
and has accused Rakia of hacking a
stash of his emails in a counterclaim.
Tim Lord QC, for Mr Azima, asked Mr
Gerrard if he was aware that Mr Azima’s
emails had been subject to a hack in
2015. Mr Gerrard said he was not. In a
heated exchange, the barrister said,
“you were aware of the confidential
information that had been procured
illegally from Mr Azima’s email
‘I’d like to deny that. It is
preposterous . . . How
would I do that? How do I
pull this stuff down?’
records . . . you thought you were on to
something.”
Mr Gerrard told the court: “I’d like to
deny that. It is preposterous . . . you are
suggesting I had a secret little stash of
Mr Azima’s documents which I could
select at will to identify frauds. How
would I do that? How do I pull this stuff
down?”
Mr Azima has also accused Mr Ger-
rard of threatening him and directing
“shadowy agents” in Rakia’s “offensive”
against him.
The case is not the only High Court
battle in which Mr Gerrard has become
embroiled. The lawyer has been
accused of wrongdoing by ENRC, his
former client, which has been under
investigation by the Serious Fraud
Office since 2013.
The Kazakh mining company has
waged a legal fight against Dechert, its
former law firm, and the SFO. It has
sued the SFO for £70m over the way it
handled its investigation, while ENRC
has also alleged that Mr Gerrard facili-
tated a leak of confidential documents
to the SFO. The SFO, Mr Gerrard and
Dechert have denied these allegations.
At the High Court yesterday, Mr Ger-
rard also faced questions about his role
in alleged human rights abuses in Ras al
Khaimah, one of seven emirates that
make up the UAE, that Mr Azima
claimed to have uncovered.
Mr Gerrard was “orchestrating”
secret prisons where suspects were held
without due process, Mr Azima has
alleged in court filings. In its own filings
with the court, Rakia described the
claims as “manifestly absurd”.
Mr Gerrard told the court he had
interviewed at least one detainee in a
Ras al Khaimah jail, and the interviews
had been conducted with the agreement
of the suspect’s lawyers. He said the
interviews were not conducted on
behalf of the UAE. The case continues.
whether to purchase property last
autumn as a result of uncertainty over
Brexit and the political deadlock.
Taylor Wimpey set aside £30m in
2018 to replace flammable cladding on
developments after Grenfell. A public
inquiry into the disaster is continuing.
Crest Nicholson said it wanted home
completions to increase to 3,500 units in
the next three years as it set out new
financial targets.
It aims to grow its adjusted operating
profit margin by at least 250 basis
points, from the current 12.2 per cent.
“The new three-year financial
targets highlight a renewed focus from
CEO Peter Truscott but it remains to
be seen how quickly improvements
can be made,” analysts at Peel Hunt
wrote in a note.
See Lombard
18 ★ FINANCIAL TIMES Wednesday 29 January 2020

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 $

-0.55% -0.091% -0.613%

1.12% 1.41% 0.85% 0.93% 0.84% 0.15% 0.68% 0.216% 0.355% 1.27% 1.01%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Dec 29 - - Index All World Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World Dec 29 - Jan 28 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
17,507.65 7,644.90
3,280.00 23,821.11 2,197.67
17,168.21 7,480.69 13,300.98 13,323.69 2,176.72
3,239.91 23,215.71
Day 1.12% Month 2.25% Year 16.69% Day 0.37% Month 1.50% Year 13.79% Day 0.93% Month 1.00% Year 10.37% Day 0.90% Month 0.66% Year NaN% Day -0.55% Month 0.22% Year 8.62% Day -3.09% Month -2.91% Year 0.64%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
9,267.89 9,700.50
44,558.44 1,639.25 1,632.63 3,222.99
9,022.39 44,261.51 9,484.20
27,949.64 3,181.25
27,864.21
Day 1.41% Month 2.92% Year 20.43% Day 0.96% Month -4.94% Year 0.16% Day 0.84% Month 2.47% Year 19.82% Day 1.26% Month 2.45% Year 7.59% Day 0.15% Month -4.30% Year -1.20% Day -1.81% Month -2.08% Year 2.54%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai

28,779.62 6,037.39 23,898.42 24,027.63 41,558.00

28,621.39 116,533.98 115,976.65 3,007.35 40,966.86
5,925.82 2,976.53
Day 0.85% Month 1.90% Year 12.30% Day 1.31% Month 5.82% Year 31.60% Day 1.07% Month 3.99% Year 27.62% Day 2.61% Month 2.71% Year 28.81% Day -2.75% Month -2.24% Year 9.90% Day -0.46% Month -0.06% Year 14.54%

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 40762.51 39604.57 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 26130.14 25510.26 Philippines Manila Comp 7468.70 7587.63 Taiwan Weighted Pr 12118.71 12090.29 Cross-Border DJ Global Titans ($) 373.22 369.89
Australia All Ordinaries 7098.40 7203.20 Czech Republic
PX 1107.47 1131.58 FTSE Italia Mid Cap 40465.82 39977.16 Poland Wig 57471.60 57063.12 Thailand Bangkok SET 1513.26 1524.15 Euro Stoxx 50 (Eur) 3717.98 3677.84
S&P/ASX 200 6994.50 7090.50 Denmark OMXC Copenahgen 20 1170.98 1165.06 FTSE MIB 24027.63 23416.13 Portugal PSI 20 5243.32 5178.88 Turkey BIST 100 119801.63 120149.70 Euronext 100 ID 1142.43 1131.52
S&P/ASX 200 Res 4990.90 5134.50 Egypt EGX 30 13620.58 13639.69 Japan 2nd Section 7217.68 7280.01 PSI General 3462.18 3424.32 UAE Abu Dhabi General Index 5178.25 5167.24 FTSE 4Good Global ($) 8102.86 8006.77
Austria ATX 3119.57 3098.44 Estonia OMX Tallinn 1324.83 1326.10 Nikkei 225 23215.71 23343.51 Romania BET Index 10091.08 10105.37 UK FT 30 3228.70 3197.00 FTSE All World ($) 374.80 372.26
Belgium BEL 20 3956.11 3903.50 Finland OMX Helsinki General 10189.74 10015.13 S&P Topix 150 1404.50 1413.72 Russia Micex Index 3113.10 3085.16 FTSE 100 7480.69 7412.05 FTSE E300 1632.63 1619.00
BEL Mid 8661.30 8621.38 France CAC 40 5925.82 5863.02 Topix 1692.28 1702.57 RTX 1572.23 1541.90 FTSE 4Good UK 6909.05 6846.41 FTSE Eurotop 100 3155.15 3130.12
Brazil Bovespa 115976.65 114481.84 SBF 120 4674.67 4627.29 Jordan Amman SE 1868.36 1871.32 Saudi-Arabia TADAWUL All Share Index 8166.08 8178.47 FTSE All Share 4154.59 4118.99 FTSE Global 100 ($) 2046.05 2026.90
Canada S&P/TSX 60 1045.26 1041.19 Germany M-DAX 28354.84 28133.89 Kenya NSE 20 2632.48 2642.50 Singapore FTSE Straits Times 3181.25 3240.02 FTSE techMARK 100 6068.78 6024.68 FTSE Gold Min ($) 1919.09 1920.03
S&P/TSX Comp 17507.65 17442.52 TecDAX 3151.57 3133.87 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 351.22 349.06 USA DJ Composite 9529.25 9456.34 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 513.59 555.07 XETRA Dax 13323.69 13204.77 Latvia OMX Riga 1021.95 1025.49 Slovenia SBI TOP 873.85 - DJ Industrial 28779.62 28535.80 FTSE Multinationals ($) 2247.50 2290.84
Chile S&P/CLX IGPA Gen 23030.65 22933.43 Greece Athens Gen 933.43 936.25 Lithuania OMX Vilnius 732.86 734.07 South Africa FTSE/JSE All Share 55748.24 55902.94 DJ Transport 10899.21 10796.83 FTSE World ($) 667.40 662.78
China FTSE A200 10639.82 10972.35 FTSE/ASE 20 2323.68 2333.69 Luxembourg LuxX 1342.77 1330.14 FTSE/JSE Res 20 47065.10 47220.01 DJ Utilities 932.12 929.65 FTSEurofirst 100 (Eur) 4432.89 4394.40
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 27949.64 27909.12 Malaysia FTSE Bursa KLCI 1551.64 1572.81 FTSE/JSE Top 40 49800.27 49949.24 Nasdaq 100 9088.20 8952.18 FTSEurofirst 80 (Eur) 5111.51 5054.17
Shanghai A 3118.92 3207.12 HS China Enterprise 10976.19 10952.22 Mexico IPC 44558.44 44134.39 South Korea Kospi 2176.72 2246.13 Nasdaq Cmp 9267.89 9139.31 MSCI ACWI Fr ($) 564.02 573.29
Shanghai B 248.58 257.52 HSCC Red Chip 4434.94 4414.81 Morocco MASI 12597.09 12600.45 Kospi 200 292.77 302.33 NYSE Comp 13889.48 13769.60 MSCI All World ($) 2356.09 2395.31
Shanghai Comp 2976.53 3060.75 Hungary Bux 43675.50 43929.17 Netherlands AEX 602.96 598.69 Spain IBEX 35 9484.20 9366.30 S&P 500 3280.00 3243.63 MSCI Europe (Eur) 1673.48 1712.12
Shenzhen A 1837.76 1903.50 India BSE Sensex 40966.86 41155.12 AEX All Share 866.60 860.23 Sri Lanka CSE All Share 5884.81 5934.63 Wilshire 5000 33391.07 33028.76 MSCI Pacific ($) 2834.13 2862.00
Shenzhen B 971.41 993.88 Nifty 500 9956.95 9999.60 New Zealand NZX 50 11685.11 11807.14 Sweden OMX Stockholm 30 1786.35 1771.48 Venezuela IBC 108061.20 108272.44 S&P Euro (Eur) 1701.91 1683.24
Colombia COLCAP 1623.97 1647.91 Indonesia Jakarta Comp 6111.18 6133.21 Nigeria SE All Share 29552.99 29628.84 OMX Stockholm AS 690.29 685.48 Vietnam VNI 991.46 991.46 S&P Europe 350 (Eur) 1682.78 1668.39
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7078.30 7056.03 Norway Oslo All Share 1027.42 1023.08 Switzerland SMI Index 10781.98 10675.96 S&P Global 1200 ($) 2643.12 2623.96
Israel Tel Aviv 125 1635.41 1635.41 Pakistan KSE 100 42299.19 42539.23 Stoxx 50 (Eur) 3416.81 3388.52
(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 Jan 28 %Chg %Chg Jan 28 %Chg %Chg Jan 28 %Chg %Chg Jan 28 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 49.2 316.53 7.58 British American Tobacco 173.8 3375.00 12.50 Sap Se O.n. 540.7 119.84 -2.62 Sony 456.4 7773.00 -92.00 Experian 2705.00 3.6 6.1 Renishaw 4144.00 15.1 6.0 Petropavlovsk 18.08 39.3 42.4 Gas Water & Multiutilities 5736.21 15.0 24.8
Amazon.com 24.0 1850.53 22.19 Royal Dutch Shell 166.7 2149.00 4.50 Lvmh 375.3 412.00 11.00 Softbank . 451.1 4589.00 14.00 National Grid 1018.80 3.2 7.2 Barr (a.g.) 627.00 15.0 7.9 Kenmare Resources 286.00 18.7 19.7 Electricity 8687.29 14.2 31.8
Microsoft 14.8 165.40 3.12 Diageo 152.5 3146.50 -46.00 Asml Holding 355.8 261.75 2.65 Fast Retailing Co., 403.5 58690.00 230.00 Hargreaves Lansdown 1851.50 3.1 -5.7 Paragon Banking 530.00 7.3 -4.2 Lsl Property Services 315.00 11.7 16.7 Household Goods 19022.70 11.6 28.0
Pfizer 13.2 38.46 -1.71 Bp 118.5 481.75 4.80 Royal Dutch Shella 325.6 25.42 -0.02 Toyota Motor 382.0 7747.00 -5.00 Berkeley Holdings (the) 5346.00 3.1 8.0 Crest Nicholson Holdings 472.60 7.2 7.9 Luceco 154.00 11.1 17.6 Tobacco 35951.38 10.9 19.8
Facebook 12.5 218.14 3.27 Royal Dutch Shell 117.9 2154.50 3.00 Intesa Sanpaolo 260.1 2.31 0.05 Tokyo Electron 278.6 24270.00 -220.00 Phoenix Holdings 760.80 2.9 0.8 Just 75.55 6.9 -9.0 Vectura 100.60 10.1 9.9 Index - Technology Hardware & Equipment 1802.23 8.3 93.0
Advanced Micro Devices 12.4 50.43 1.17 Unilever 108.6 4500.50 72.00 Total 252.0 46.48 0.37 Shiseido , 253.5 7230.00 170.00 Sage 753.80 2.7 0.8 Mccarthy & Stone 155.70 6.6 4.0 Reach 129.20 10.1 -6.5 Real Estate & Investment Servic 3008.21 8.3 28.6
Netflix 10.8 349.63 6.75 Rio Tinto 106.3 4250.00 34.00 Adidas Ag Na O.n. 248.9 301.95 1.95 Mitsubishi Ufj Fin,. 232.6 566.30 -0.20 Relx 2046.00 2.5 7.5 Synthomer 345.00 4.9 -5.6 Speedy Hire 80.20 9.9 8.1 General Financial 12752.20 5.7 37.0
Intel 10.0 67.48 1.79 Hsbc Holdings 99.8 567.70 8.60 Enel 248.9 7.90 0.23 Advantest 207.4 6160.00 100.00 Intertek 6078.00 2.5 4.4 Computacenter 1817.00 4.8 0.7 Metro Bank 223.60 9.1 6.9 Food Producers 8294.84 5.3 28.6
Nvidia 8.9 246.50 6.30 Glaxosmithkline 99.5 1792.00 9.40 Daimler Ag Na O.n. 241.5 43.28 0.71 Honda Motor Co., 185.8 2849.00 -61.50 Reckitt Benckiser 6239.00 2.1 0.6 Onesavings Bank 429.80 4.8 -3.2 Costain 190.00 8.6 15.2 General Retailers 2434.97 5.1 31.8
Alphabet 8.3 1452.67 20.94 Astrazeneca 85.8 7651.00 151.00 Unilever 223.7 51.88 0.55 Takeda Pharmaceutical 184.8 4272.00 -25.00 Unilever 4500.50 2.0 3.5 Ip 70.50 4.6 -6.0 Morgan Sindall 1816.00 7.2 12.1 Media 9152.19 4.0 19.7
Pearson 587.20 1.9 -9.7 Integrafin Holdings 480.00 3.8 5.5 Just 75.55 6.9 -9.0 Nonlife Insurance 3226.80 3.7 5.0
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
Taylor Wimpey 218.10 1.8 10.7 Dunelm 1159.00 3.8 0.0 Sdl 620.00 6.9 8.0 Software & Computer Services 2267.93 3.6 30.5
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Xerox Holdings 36.99 1.94 5.53 Barr (a.g.) 627.00 83.00 15.26 Swedbank Ab Ser A 13.49 1.01 8.13 Toho Z Co., 1907.00 52.00 2.80 Burberry 2010.00 -11.2 -8.7 Finablr 96.25 -26.8 -44.4 Allied Minds 38.70 -29.5 -23.5 Fixed Line Telecommunication 2082.29 -7.4 -
Pultegroup 46.46 2.16 4.88 Crest Nicholson Holdings 472.60 32.40 7.36 Atlantia 22.33 1.34 6.38 Shiseido , 7230.00 170.00 2.41 Antofagasta 859.20 -9.6 -9.1 Kaz Minerals 450.90 -16.1 -17.9 Amigo Holdings 50.20 -25.5 -29.0 Automobiles & Parts 4675.86 -7.2 -
Whirlpool 154.91 6.68 4.51 Finablr 96.25 5.95 6.59 Thyssenkrupp Ag O.n. 11.75 0.59 5.29 Shinsei Bank, 1681.00 36.00 2.19 Carnival 3312.00 -8.9 -9.2 Avast 481.80 -10.5 1.5 Sqn Asset Finance ome Fund 51.20 -21.1 -37.7 Forestry & Paper 17854.39 -5.3 -2.9
Hollyfrontier 45.97 1.84 4.17 Tullow Oil 53.00 2.50 4.95 Kone 61.02 2.86 4.92 Advantest 6160.00 100.00 1.65 Evraz 366.70 -8.8 -9.7 Marston's 106.90 -10.2 -17.5 Ted Baker 272.40 -14.6 -37.1 Industrial Transportation 2261.25 -3.7 6.2
Hca Healthcare 147.45 5.85 4.13 Just 75.55 3.55 4.93 Continental Ag O.n. 104.30 3.98 3.97 Suzuki Motor 4865.00 65.00 1.35 Tui Ag 815.80 -7.9 -17.7 Cairn Energy 172.40 -10.2 -15.5 Enquest 25.00 -12.3 13.4 Banks 3580.67 -2.5 -3.3
Rio Tinto 4250.00 -7.8 -6.1 Hunting 316.60 -9.2 -22.1 Intu Properties 19.00 -11.0 -41.9 Personal Goods 38658.19 -2.0 10.1
Downs Downs Downs Downs
Int Consolidated Airlines S.a. 592.40 -7.1 -6.9 Ferrexpo 143.05 -8.5 -11.1 Marston's 106.90 -10.2 -17.5 Oil & Gas Producers 7916.51 -1.7 -6.2
Borgwarner 35.21 -3.16 -8.22 Avast 481.80 -47.70 -9.01 Atlas Copco Ab Ser. B 29.61 -1.80 -5.74 Yamaha 5710.00 -310.00 -5.15
Nmc Health 1383.00 -7.0 -21.1 Rhi Magnesita N.v. 3330.00 -7.9 -12.8 Aa 49.32 -9.4 -15.0 Chemicals 12504.02 -1.4 -4.2
3m 166.44 -9.19 -5.23 Fresnillo 613.00 -25.20 -3.95 Atlas Copco Ab Ser. A 33.66 -1.98 -5.56 Isetan Mitsukoshi Holdings 876.00 -36.00 -3.95
Easyjet 1411.00 -7.0 -1.3 888 Holdings 135.90 -7.6 -17.8 Menzies(john) 430.00 -8.3 -8.5 Industrial Engineering 12794.73 -1.3 21.9
Pfizer 38.46 -1.71 -4.25 Euromoney Institutional Investor 1290.00 -48.00 -3.59 Klepierre 31.35 -0.72 -2.25 Jfe Holdings,. 1334.00 -46.00 -3.33
Anglo American 2052.50 -6.7 -6.8 Premier Oil 106.45 -7.5 6.9 De La Rue 138.00 -7.9 -0.1 General Industrials 6115.84 -1.2 21.0
Juniper Networks 23.46 -1.02 -4.15 Helios Towers 146.50 -4.50 -2.98 Sap Se O.n. 119.84 -2.62 -2.14 Casio Computer Co., 2181.00 -75.00 -3.32
Intercontinental Hotels 4709.50 -5.1 -9.8 Victrex 2290.00 -7.1 -9.8 888 Holdings 135.90 -7.6 -17.8 Travel & Leisure 9964.10 -0.8 12.5
F5 Networks 128.09 -4.61 -3.47 Apax Global Alpha 163.50 -5.00 -2.97 Philips Kon 43.38 -0.92 -2.08 Takashimaya , 1175.00 -36.00 -2.97
Bhp 1723.40 -5.1 -3.7 John Laing 362.00 -6.7 -6.6 Jpmorgan Chinese Investment Trust 336.50 -7.6 -7.2 Construction & Materials 6767.75 -0.4 36.5
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
Jan 28 Currency Mid Change Mid Change Mid Change Jan 28 Currency Mid Change Mid Change Mid Change Jan 28 Currency Mid Change Mid Change Mid Change Jan 28 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 60.1909 0.0555 66.2130 -0.0110 78.1396 -0.3702 Indonesia Indonesian Rupiah 13640.0000 35.0000 15004.6965 22.1885 17707.3889 -54.6635 Poland Polish Zloty 3.8832 -0.0021 4.2717 -0.0069 5.0412 -0.0312 ..Three Month 0.7707 0.0043 0.8471 0.0039 - -
Australia Australian Dollar 1.4809 0.0011 1.6291 -0.0006 1.9225 -0.0095 Israel Israeli Shekel 3.4540 -0.0052 3.7996 -0.0099 4.4840 -0.0322 Romania Romanian Leu 4.3447 0.0041 4.7793 -0.0007 5.6402 -0.0266 ..One Year 0.7717 0.0043 0.8464 0.0038 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4147 -0.0005 0.4894 -0.0028 Japan Japanese Yen 109.1400 0.2350 120.0594 0.1279 141.6851 -0.4960 Russia Russian Ruble 62.4525 -0.5638 68.7008 -0.6957 81.0756 -1.1954 United States United States Dollar - - 1.1000 -0.0012 1.2982 -0.0074
Bolivia Bolivian Boliviano 6.9100 - 7.6013 -0.0083 8.9705 -0.0508 ..One Month 109.1398 0.2347 120.0594 0.1280 141.6850 -0.4962 Saudi Arabia Saudi Riyal 3.7517 0.0004 4.1271 -0.0041 4.8704 -0.0271 ..One Month - - 1.0999 -0.2055 1.2983 -0.0074
Brazil Brazilian Real 4.2120 -0.0137 4.6334 -0.0201 5.4679 -0.0489 ..Three Month 109.1395 0.2339 120.0595 0.1281 141.6848 -0.4966 Singapore Singapore Dollar 1.3591 0.0016 1.4951 0.0001 1.7644 -0.0080 ..Three Month - - 1.0994 -0.2055 1.2986 -0.0074
Canada Canadian Dollar 1.3183 0.0002 1.4501 -0.0014 1.7113 -0.0095 ..One Year 109.1379 0.2308 120.0597 0.1284 141.6850 -0.4973 South Africa South African Rand 14.6125 -0.0150 16.0745 -0.0340 18.9699 -0.1271 ..One Year - - 1.0976 -0.2055 1.2996 -0.0074
Chile Chilean Peso 788.3800 -1.9200 867.2570 -3.0599 1023.4715 -8.3057 Kenya Kenyan Shilling 100.9000 - 110.9950 -0.1210 130.9879 -0.7422 South Korea South Korean Won 1176.4000 7.6500 1294.0983 7.0137 1527.1974 1.3343 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.9300 - 7.6233 -0.0083 8.9965 -0.0510 Kuwait Kuwaiti Dinar 0.3039 0.0003 0.3343 -0.0001 0.3945 -0.0019 Sweden Swedish Krona 9.6329 0.0048 10.5967 -0.0063 12.5054 -0.0647 Vietnam Vietnamese Dong 23170.5000 - 25488.7467 -27.7714 30079.8922 -170.4292
Colombia Colombian Peso 3393.3900 -4.0400 3732.8977 -8.5181 4405.2844 -30.2358 Malaysia Malaysian Ringgit 4.0855 0.0235 4.4943 0.0210 5.3038 0.0006 Switzerland Swiss Franc 0.9739 0.0041 1.0713 0.0033 1.2642 -0.0018 European Union Euro 0.9091 0.0010 - - 1.1801 -0.0054
Costa Rica Costa Rican Colon 569.3300 -0.6450 626.2912 -1.3931 739.1017 -5.0299 Mexico Mexican Peso 18.8220 -0.1270 20.7051 -0.1624 24.4346 -0.3043 Taiwan New Taiwan Dollar 29.9790 - 32.9784 -0.0360 38.9186 -0.2205 ..One Month 0.9089 0.0010 - - 1.1800 -0.0054
Czech Republic Czech Koruna 22.9290 0.0032 25.2230 -0.0240 29.7663 -0.1645 New Zealand New Zealand Dollar 1.5329 0.0061 1.6863 0.0049 1.9900 -0.0033 Thailand Thai Baht 30.8900 0.1825 33.9805 0.1639 40.1013 0.0110 ..Three Month 0.9084 0.0010 - - 1.1799 -0.0054
Denmark Danish Krone 6.7934 0.0076 7.4730 0.0002 8.8191 -0.0401 Nigeria Nigerian Naira 363.2500 0.3300 399.5930 -0.0722 471.5695 -2.2411 Tunisia Tunisian Dinar 2.8377 0.0035 3.1216 0.0005 3.6839 -0.0162 ..One Year 0.9066 0.0010 - - 1.1792 -0.0054
Egypt Egyptian Pound 15.7943 0.0268 17.3745 0.0106 20.5041 -0.0811 Norway Norwegian Krone 9.1461 0.0032 10.0611 -0.0074 11.8734 -0.0630 Turkey Turkish Lira 5.9430 -0.0113 6.5376 -0.0196 7.7152 -0.0585
Hong Kong Hong Kong Dollar 7.7760 -0.0015 8.5540 -0.0110 10.0948 -0.0592 Pakistan Pakistani Rupee 154.6150 0.0200 170.0842 -0.1634 200.7205 -1.1112 United Arab Emirates UAE Dirham 3.6732 - 4.0406 -0.0044 4.7685 -0.0270
Hungary Hungarian Forint 307.4588 0.8753 338.2199 0.5952 399.1416 -1.1188 Peru Peruvian Nuevo Sol 3.3329 -0.0066 3.6664 -0.0113 4.3268 -0.0332 United Kingdom Pound Sterling 0.7703 0.0043 0.8474 0.0039 - -
India Indian Rupee 71.3350 -0.1037 78.4720 -0.1998 92.6068 -0.6602 Philippines Philippine Peso 50.7575 -0.0725 55.8358 -0.1407 65.8932 -0.4680 ..One Month 0.7704 0.0043 0.8473 0.0039 - -
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 Jan 28 Jan 27 Jan 24 Jan 23 Jan 22 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 3228.70 3197.00 3264.90 3230.10 3259.10 0.00 3314.70 3191.90 Leisure Goods 9.67 Pharmace & Biotech 1.39 Mining -1.05 FTSE 100 Price Change FTSE 100 Price Change
Jan 28 chge% Index Jan 27 Jan 24 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Gas Water & Multi 6.64 Personal Goods 1.38 Financials -1.12 3I Group PLC 1099 17.00 Legal & General Group PLC 307.00 3.50
FTSE 100 (100) 7480.69 0.93 6879.39 7412.05 7585.98 6833.93 4.39 1.40 16.31 3.64 6927.09 P/E Ratio net - - - - - 0.00 19.44 14.26 Mobile Telecomms 6.29 Media 1.23 Consumer Services -1.31 Admiral Group PLC 2301 45.00 Lloyds Banking Group PLC 57.64 0.53
FTSE 250 (250) 21433.06 0.61 19710.25 21303.67 21763.94 18702.61 3.07 1.49 21.84 23.69 16706.01 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Utilities 6.20 Equity Invest Instr 1.20 Basic Materials -1.66 Anglo American PLC 2052.5 20.00 London Stock Exchange Group PLC 7732 -36.00
FTSE 250 ex Inv Co (189) 22731.08 0.64 20903.93 22585.43 23070.11 19766.44 3.24 1.38 22.35 24.26 18115.96 FT 30 hourly changes Aerospace & Defense 5.59 Telecommunications 1.15 Tech Hardware & Eq -1.79 Antofagasta PLC 859.20 21.80 M&G PLC 244.60 2.60
FTSE 350 (350) 4205.53 0.87 3867.49 4169.21 4265.71 3812.00 4.16 1.41 17.06 2.49 7779.04 8 9 10 11 12 13 14 15 16 High Low Tobacco 5.45 Industrials 1.08 Construct & Material -2.25 Ashtead Group PLC 2531 19.00 Meggitt PLC 675.20 2.40
FTSE 350 ex Investment Trusts (288) 4150.45 0.88 3816.83 4114.13 4209.49 3767.55 4.24 1.40 16.89 2.37 3960.61 3197 3199.7 3197.8 3120.5 3208.8 3211.4 3213.9 3219.1 3229.7 3232.2 3193.5 Household Goods & Ho 5.45 Real Est Invest & Se 1.02 Food & Drug Retailer -2.25 Associated British Foods PLC 2657 24.00 Melrose Industries PLC 239.70 3.40
FTSE 350 Higher Yield (109) 3613.33 0.85 3322.89 3582.73 3670.77 3422.21 6.00 1.27 13.16 1.60 7262.41 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Software & Comp Serv 5.29 NON FINANCIALS Index 0.96 Industrial Eng -2.37 Astrazeneca PLC 7651 151.00 Mondi PLC 1586 7.50
FTSE 350 Lower Yield (241) 4468.13 0.89 4108.97 4428.77 4524.90 3864.71 2.31 1.78 24.34 3.33 5194.05 Technology 4.85 FTSE SmallCap Index 0.88 General Retailers -2.40 Auto Trader Group PLC 578.40 2.20 Morrison (Wm) Supermarkets PLC 184.15 1.55
FTSE SmallCap (272) 5954.30 0.68 5475.69 5914.13 6002.59 5337.77 3.50 0.88 32.41 9.00 9244.13 Electricity 4.76 Financial Services 0.86 Travel & Leisure -2.62
FTSE SmallCap ex Inv Co (153) 4910.20 0.73 4515.52 4874.43 4923.92 4428.32 3.97 0.87 28.91 4.15 8017.17 FX: EFFECTIVE INDICES Consumer Goods 3.55 FTSE 100 Index 0.58 Chemicals -3.09
Aveva Group PLC 5020 34.00 National Grid PLC 1018.8 12.40
Aviva PLC 406.80 4.10 Next PLC 7040 22.00
FTSE All-Share (622) 4154.59 0.86 3820.64 4118.99 4213.14 3764.71 4.14 1.39 17.34 2.60 7764.53
FTSE All-Share ex Inv Co (441) 4070.48 0.88 3743.29 4034.99 4127.45 3694.72 4.24 1.39 17.03 2.35 3945.92 Jan 27 Jan 24 Mnth Ago Jan 28 Jan 27 Mnth Ago Electronic & Elec Eq 2.08 FTSE All{HY-}Share Index 0.40 Banks -3.69 Bae Systems PLC 635.00 0.20 Nmc Health PLC 1383 23.00
Food Producers 2.06 Oil & Gas Producers -0.30 Industrial Transport -5.59 Barclays PLC 172.02 1.34 Ocado Group PLC 1307.5 26.50
FTSE All-Share ex Multinationals (549) 1262.59 0.72 962.34 1253.60 1278.12 1122.71 3.61 1.20 22.98 1.35 2474.66 Australia - - - Sweden - - - Health Care Eq & Srv 1.94 Oil & Gas -0.38 Industrial Metals & -5.71 Barratt Developments PLC 806.40 12.80 Pearson PLC 587.20 7.40
FTSE Fledgling (98) 9845.03 0.16 9053.68 9829.42 9919.32 10111.87 3.32 -0.47 -64.03 14.91 19774.08 Canada - - - Switzerland - - - Support Services 1.77 Nonlife Insurance -0.48 Oil Equipment & Serv -5.73 Berkeley Group Holdings (The) PLC 5346 16.00 Persimmon PLC 3027 34.00
FTSE Fledgling ex Inv Co (43) 11744.05 0.04 10800.05 11739.32 11773.73 14539.71 5.23 -1.23 -15.54 10.51 23203.69 Denmark - - - UK 80.72 80.69 79.85 Beverages 1.48 FTSE 250 Index -0.55 Forestry & Paper -8.21 Bhp Group PLC 1723.4 19.60 Phoenix Group Holdings PLC 760.80 16.80
FTSE All-Small (370) 4125.47 0.65 3793.86 4098.80 4158.80 3724.54 3.49 0.81 35.32 6.24 8216.67 Japan - - - USA - - - Health Care 1.46 Real Est Invest & Tr -0.74 Fixed Line Telecomms -10.11 BP PLC 481.75 4.80 Polymetal International PLC 1261 -8.00
FTSE All-Small ex Inv Co (196) 3659.81 0.71 3365.63 3633.92 3670.00 3338.91 4.01 0.79 31.71 3.10 7569.55 New Zealand - - - Euro - - - Life Insurance -0.86 Automobiles & Parts -13.44 British American Tobacco PLC 3375 12.50 Prudential PLC 1376 30.00
FTSE AIM All-Share (744) 953.34 0.03 876.71 953.03 965.91 908.91 1.58 1.32 48.16 0.66 1086.58 Norway - - -
British Land Company PLC 579.60 4.80 Reckitt Benckiser Group PLC 6239 109.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Bt Group PLC 174.24 2.32 Relx PLC 2046 26.00
Oil & Gas (12) 8190.54 0.50 7532.18 8149.55 8320.67 8637.03 6.44 1.40 11.08 0.00 8713.99 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bunzl PLC 2005 -5.00 Rentokil Initial PLC 475.60 5.20
Oil & Gas Producers (8) 7944.77 0.49 7306.17 7906.14 8070.62 8330.28 6.44 1.41 11.04 0.00 8757.90 Burberry Group PLC 2010 11.50 Rightmove PLC 665.20 -0.80
Oil Equipment Services & Distribution (4) 8021.57 1.49 7376.79 7903.61 8174.54 11780.76 6.80 0.97 15.12 0.00 6895.09 FTSE GLOBAL EQUITY INDEX SERIES Carnival PLC 3312 55.00 Rio Tinto PLC 4250 34.00
Basic Materials (25) 6055.13 1.18 5568.41 5984.51 6242.61 6093.93 5.56 2.45 7.35 0.00 6958.11 Centrica PLC 88.34 -0.70 Rolls-Royce Holdings PLC 651.00 14.40
Chemicals (8) 13486.45 1.06 12402.40 13344.73 13752.71 14448.95 2.51 2.20 18.11 0.00 12733.05 Jan 27 No of US $ Day Mth YTD Total
YTD Gr Div Jan 27 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2795 23.00 Royal Bank Of Scotland Group PLC 217.90 -0.20
Forestry & Paper (1) 19482.42 0.48 17916.41 19390.29 19986.07 22602.56 4.55 2.44 9.03 0.00 23010.21 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1937.5 38.00 Royal Dutch Shell PLC 2154.5 3.00
Industrial Metals & Mining (2) 3710.27 1.42 3412.04 3658.34 3837.75 4951.51 19.08 1.48 3.55 0.00 4367.57 FTSE Global All Cap 8855 634.34 -1.6 -0.6 -0.3 958.13
-0.3 2.3 Oil & Gas Producers 102 330.58 -2.5 -2.5 -6.4 600.59 -6.3 4.8 Crh PLC 2915 21.00 Royal Dutch Shell PLC 2149 4.50
Mining (14) 17422.92 1.23 16022.45 17211.76 17987.94 17196.84 5.73 2.51 6.94 0.00 10547.27 FTSE Global Large Cap 1793 566.62 -1.6 -0.5 -0.1 880.72
-0.1 2.4 Oil Equipment & Services 38 257.15 -2.0 -2.0 -4.0 412.60 -3.8 4.7 Croda International PLC 5155 70.00 Rsa Insurance Group PLC 552.20 11.00
FTSE Global Mid Cap 2132 822.31 -1.7 -0.9 -0.8 1170.55
-0.8 2.2 Basic Materials 351 489.38 -2.5 -2.5 -4.8 806.36 -4.8 3.4 Dcc PLC 6284 -10.00 Sage Group PLC 753.80 0.60
Industrials (103) 5977.11 0.68 5496.66 5937.01 6058.58 4970.40 2.42 1.13 36.77 3.20 6550.82
Construction & Materials (15) 7129.74 0.72 6556.64 7078.72 7220.30 5534.49 2.66 0.68 55.38 0.00 8056.39 FTSE Global Small Cap 4930 855.98 -1.4 -1.0 -1.0 1173.64
-1.0 2.0 Chemicals 161 712.79 -2.3 -2.3 -5.0 1166.69 -5.0 2.8 Diageo PLC 3146.5 -46.00 Sainsbury (J) PLC 205.50 1.50
Aerospace & Defense (9) 5436.01 0.81 4999.06 5392.13 5505.84 4912.65 2.47 -0.13 -317.05 1.34 6163.43 FTSE All-World 3925 372.26 -1.6 -0.5 -0.3 594.82
-0.2 2.4 Forestry & Paper 20 256.69 -3.7 -3.7 -7.7 473.04 -7.7 3.8 Easyjet PLC 1411 1.50 Schroders PLC 3230 54.00
General Industrials (6) 4929.46 0.86 4533.23 4887.23 5016.35 4470.15 3.32 0.89 33.88 0.00 6071.42 FTSE World 2578 662.78 -1.6 -0.5 -0.2 1421.74
-0.2 2.4 Industrial Metals & Mining 91 356.04 -3.6 -3.6 -5.8 590.55 -5.8 4.3 Evraz PLC 366.70 5.00 Scottish Mortgage Investment Trust PLC 587.50 10.50
Electronic & Electrical Equipment (10)10294.38 -0.02 9466.91 10296.39 10444.12 7836.79 1.41 2.04 34.78 0.00 9800.41 FTSE Global All Cap ex UNITED KINGDOM In 8550 664.02 -1.6 -0.4 -0.2 985.34
-0.1 2.2 Mining 79 704.55 -2.2 -2.2 -3.3 1181.13 -3.3 3.9 Experian PLC 2705 61.00 Segro PLC 901.00 5.00
Industrial Engineering (12) 14083.75 0.39 12951.68 14029.02 14394.64 12315.76 2.42 1.52 27.15 0.00 18165.50 FTSE Global All Cap ex USA 7059 511.90 -1.7 -1.5 -1.3 839.55
-1.3 3.0 Industrials 749 450.06 -1.8 -1.8 0.3 681.24 0.3 1.9 Ferguson PLC 6920 34.00 Severn Trent PLC 2584 3.00
Industrial Transportation (6) 3655.81 0.75 3361.95 3628.63 3713.78 3601.45 6.61 0.86 17.57 0.00 3698.34 FTSE Global All Cap ex JAPAN 7508 653.80 -1.6 -0.5 -0.3 997.15
-0.2 2.3 Construction & Materials 148 547.96 -1.7 -1.7 -1.2 868.59 -1.2 2.3 Flutter Entertainment PLC 8920 24.00 Smith & Nephew PLC 1903 16.00
Support Services (45) 9169.75 0.72 8432.67 9104.63 9279.33 7387.39 2.11 1.73 27.35 9.52 10084.56 FTSE Global All Cap ex Eurozone 8197 664.93 -1.5 -0.3 -0.1 983.82
0.0 2.3 Aerospace & Defense 36 921.80 -1.7 -1.7 3.0 1377.79 3.0 1.8 Glaxosmithkline PLC 1792 9.40 Smith (Ds) PLC 348.60 1.20
FTSE Developed 2164 604.94 -1.6 -0.4 -0.1 921.41
0.0 2.3 General Industrials 64 227.02 -1.5 -1.5 -0.4 374.11 -0.4 2.2 Glencore PLC 227.60 6.20 Smiths Group PLC 1719.5 19.50
Consumer Goods (43) 20659.97 0.49 18999.30 20558.35 20852.20 17656.75 4.04 1.59 15.60 1.89 16899.76
FTSE Developed All Cap 5663 632.32 -1.6 -0.5 -0.2 949.98
-0.2 2.3 Electronic & Electrical Equipment 133 507.74 -1.9 -1.9 -0.3 698.20 -0.2 1.7 Halma PLC 2132 -13.00 Smurfit Kappa Group PLC 2688 24.00
Automobiles & Parts (2) 4699.82 1.11 4322.04 4648.19 4758.71 6962.43 2.32 0.07 639.17 0.00 4804.81
FTSE Developed Large Cap 895 564.14 -1.6 -0.3 0.1 874.07
0.1 2.4 Industrial Engineering 150 803.14 -2.5 -2.5 -3.1 1207.87 -3.1 2.4 Hargreaves Lansdown PLC 1851.5 52.50 Spirax-Sarco Engineering PLC 8910 70.00
Beverages (6) 25117.94 -1.09 23098.94 25395.81 25765.71 21911.68 2.22 1.76 25.52 0.00 18824.13
FTSE Developed Europe Large Cap 233 375.54 -2.4 -2.6 -2.2 683.58
-2.1 3.5 Industrial Transportation 127 748.50 -2.2 -2.2 -1.2 1139.31 -1.2 2.2 Hikma Pharmaceuticals PLC 1942.5 3.50 Sse PLC 1506.5 10.50
Food Producers (11) 8192.04 0.89 7533.55 8120.11 8240.91 7231.51 2.25 2.10 21.10 7.75 7511.86
FTSE Developed Europe Mid Cap 348 614.40 -2.3 -3.0 -2.8 985.47
-2.8 2.9 Support Services 91 521.21 -1.3 -1.3 3.3 747.76 3.3 1.4 HSBC Holdings PLC 567.70 8.60 St. James's Place PLC 1130.5 32.50
Household Goods & Home Construction (14)15923.63 1.46 14643.68 15694.38 15875.52 13081.87 3.79 1.86 14.15 0.00 12548.31
FTSE Dev Europe Small Cap 721 868.66 -2.3 -3.2 -3.3 1343.56
-3.2 2.8 Consumer Goods 542 508.61 -1.3 -1.3 -0.3 803.07 -0.3 2.6 Imperial Brands PLC 1933.8 9.60 Standard Chartered PLC 662.00 4.40
Leisure Goods (2) 18149.98 0.14 16691.07 18124.03 18238.92 9156.54 2.80 1.48 24.19 109.33 18819.03
FTSE North America Large Cap 260 701.80 -1.6 0.3 0.7 1006.75
0.8 1.9 Automobiles & Parts 132 370.50 -1.8 -1.8 -2.7 571.20 -2.7 3.3 Informa PLC 798.80 9.00 Standard Life Aberdeen PLC 304.90 4.00
Personal Goods (6) 33531.11 1.43 30835.84 33057.02 33585.12 30183.63 3.00 2.60 12.81 0.00 24409.41
FTSE North America Mid Cap 411 948.07 -1.5 0.2 0.2 1255.69
0.2 1.7 Beverages 65 714.87 -1.1 -1.1 0.9 1138.21 0.9 2.3 Intercontinental Hotels Group PLC 4709.5 139.50 Taylor Wimpey PLC 218.10 1.10
Tobacco (2) 35951.45 0.40 33061.64 35809.55 36364.23 30222.86 6.85 1.10 13.25 0.00 27227.42
FTSE North America Small Cap 1323 948.21 -1.3 -0.7 -0.7 1214.67
-0.6 1.6 Food Producers 132 681.95 -0.9 -0.9 0.0 1097.41 0.1 2.2 International Consolidated Airlines Group S.A. 592.40 5.40 Tesco PLC 246.00 0.70
Health Care (18) 12945.75 1.20 11905.16 12792.22 13060.01 9893.15 3.30 1.03 29.56 1.36 10900.70
FTSE North America 671 461.61 -1.5 0.3 0.6 676.79
0.7 1.9 Household Goods & Home Construction 59 517.68 -0.2 -0.2 2.2 814.33 2.5 2.4 Intertek Group PLC 6078 42.00 Tui AG 815.80 -4.80
Health Care Equipment & Services (9) 8513.52 0.70 7829.19 8454.32 8615.30 6804.65 1.64 2.31 26.36 7.87 7703.07
FTSE Developed ex North America 1493 268.31 -1.8 -1.6 -1.4 473.99
-1.3 3.1 Leisure Goods 42 244.74 -1.2 -1.2 1.0 333.34 1.0 1.2 Itv PLC 139.75 - Unilever PLC 4500.5 72.00
Pharmaceuticals & Biotechnology (9) 17792.97 1.27 16362.75 17570.56 17942.75 13516.03 3.52 0.95 30.03 0.00 13436.41
FTSE Japan Large Cap 183 394.22 -1.1 -0.4 -0.6 540.49
-0.6 2.4 Personal Goods 99 886.11 -2.2 -2.2 -1.7 1301.97 -1.6 1.8 Jd Sports Fashion PLC 833.00 4.00 United Utilities Group PLC 1000.00 1.40
Consumer Services (85) 5540.02 1.00 5094.71 5485.28 5607.29 4977.57 2.86 1.68 20.82 10.56 5592.40 FTSE Japan Mid Cap 320 609.12 -1.5 -3.1 -3.1 793.85
-3.1 2.1 Tobacco 13 999.63 -1.4 -1.4 0.3 2365.24 0.3 6.1
Food & Drug Retailers (6) 4205.75 0.66 3867.69 4178.35 4263.00 3942.43 2.59 1.41 27.37 0.00 5189.71 Johnson Matthey PLC 2692 32.00 Vodafone Group PLC 156.66 2.36
FTSE Global wi JAPAN Small Cap 844 673.13 -1.3 -3.3 -3.3 907.99
-3.3 2.1 Health Care 278 610.89 -1.0 -1.0 0.0 924.03 0.1 1.9 Just Eat PLC 872.20 16.60 Whitbread PLC 4350 111.00
General Retailers (25) 2318.56 0.84 2132.19 2299.18 2350.48 2091.36 2.91 1.66 20.76 2.74 2889.15
FTSE Japan 503 165.28 -1.1 -1.0 -1.1 253.78
-1.1 2.3 Health Care Equipment & Services 94 1175.58 -1.5 -1.5 0.3 1405.20 0.3 0.9 Kingfisher PLC 204.50 2.00 Wpp PLC 986.40 3.60
Media (18) 9299.70 0.81 8552.18 9225.39 9400.08 7971.40 2.87 1.87 18.63 3.43 6156.50
FTSE Asia Pacific Large Cap ex Japan 934 729.67 -0.8 -0.2 0.4 1233.36
0.4 2.7 Pharmaceuticals & Biotechnology 184 409.94 -0.7 -0.7 -0.1 655.63 0.0 2.4 Land Securities Group PLC 961.00 12.00
Travel & Leisure (36) 9734.43 1.36 8951.97 9604.13 9852.18 8936.91 2.95 1.61 21.09 41.20 9947.75
FTSE Asia Pacific Mid Cap ex Japan 819 867.78 -0.7 0.7 0.2 1408.37
0.2 3.0 Consumer Services 452 550.14 -1.6 -1.6 -1.4 763.45 -1.3 1.4
Telecommunications (6) 2310.32 1.45 2124.61 2277.26 2299.40 2232.46 5.73 0.02 764.79 0.00 3052.92 FTSE Asia Pacific Small Cap ex Japan 1741 548.43 -0.5 1.5 1.0 870.13
1.0 2.9 Food & Drug Retailers 65 289.40 -0.8 -0.8 -1.9 428.68 -1.7 2.5
Fixed Line Telecommunications (3) 2158.68 1.37 1985.17 2129.57 2124.98 2772.68 8.27 1.45 8.32 0.00 2359.42
Mobile Telecommunications (3) 3545.78 1.48 3260.77 3493.90 3544.15 3002.29 4.74 -0.95 -22.10 0.00 4196.43
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
1753 570.33
3192 780.06
-0.8
-1.6
-0.1
-1.5
0.4 1024.11
0.4 2.8 General Retailers
-1.3 1251.59
-1.2 2.9 Media
150 900.81
90 377.56
-1.5
-1.7
-1.5
-1.7
-0.5 1205.10
-1.7 527.59
-0.4
-1.6
1.0
1.4
UK STOCK MARKET TRADING DATA
Utilities (8) 8153.93 0.76 7498.51 8092.07 8200.56 6855.02 5.28 0.39 48.35 33.14 10892.89 FTSE Emerging Large Cap 898 745.31 -1.6 -2.1 -1.6 1203.83
-1.6 2.8 Travel & Leisure 147 502.91 -2.3 -2.3 -2.9 711.21 -2.8 1.9 Jan 28 Jan 27 Jan 24 Jan 23 Jan 22 Yr Ago
Electricity (3) 8667.56 0.73 7970.86 8604.65 8787.08 7032.42 6.11 -0.32 -51.02 126.30 15239.82 FTSE Emerging Mid Cap 863 965.89 -1.9 -0.1 -0.8 1546.45
-0.6 3.4 Telecommunication 93 158.96 -1.0 -1.0 -0.9 333.22 -0.4 4.3 - - - - - -
Gas Water & Multiutilities (5) 7580.99 0.77 6971.63 7522.74 7606.42 6440.14 5.03 0.65 30.78 7.47 10015.96 FTSE Emerging Small Cap 1431 766.43 -1.0 2.1 1.4 1178.11
1.4 3.1 Fixed Line Telecommuniations 38 132.66 -0.7 -0.7 -2.0 311.19 -1.2 4.9 Order Book Turnover (m) 220.54 65.03 65.03 65.03 52.16 47.59
Financials (306) 5005.96 1.05 4603.58 4953.72 5088.12 4695.95 4.18 1.33 17.96 3.41 5127.39 FTSE Emerging Europe 75 434.78 -3.3 -1.1 -1.2 782.57
-1.1 6.5 Mobile Telecommunications 55 167.95 -1.4 -1.4 0.7 309.19 0.7 3.5 Order Book Bargains 785881.00 838953.00 838953.00 838953.00 763983.00 764523.00
Banks (10) 3534.68 1.20 3250.56 3492.69 3598.18 3748.90 5.75 1.30 13.36 0.00 2943.70 FTSE Latin America All Cap 237 943.19 -3.8 -4.6 -4.3 1575.78
-4.1 3.3 Utilities 186 330.96 -0.7 -0.7 4.1 703.08 4.3 3.2 Order Book Shares Traded (m) 1303.00 1447.00 1447.00 1447.00 1548.00 1495.00
Nonlife Insurance (8) 3693.70 1.65 3396.80 3633.87 3689.84 3513.71 3.86 1.53 16.89 0.00 7097.62 FTSE Middle East and Africa All Cap 332 664.46 -2.8 -3.7 -3.7 1115.31
-3.6 3.7 Electricity 129 371.03 -0.6 -0.6 4.2 777.20 4.4 3.1 Total Equity Turnover (£m) 5304.88 5970.71 5970.71 5970.71 5738.55 5408.89
Life Insurance/Assurance (7) 7990.26 1.81 7347.99 7848.25 8142.51 7385.58 4.99 1.78 11.22 0.00 8697.08 FTSE Global wi UNITED KINGDOM All Cap In 305 345.57 -2.3 -3.4 -3.4 641.00
-3.3 4.3 Gas Water & Multiutilities 57 333.93 -0.8 -0.8 4.0 731.88 4.0 3.5 Total Mkt Bargains 969922.00 1011216.00 1011216.00 1011216.00 952180.00 942489.00
Real Estate Investment & Services (19) 2941.97 1.23 2705.49 2906.30 2966.78 2501.83 1.77 1.59 35.42 0.94 8345.56 FTSE Global wi USA All Cap 1796 792.90 -1.5 0.2 1.8 Financials
0.4 1099.13
0.5 849 260.20 -1.4 -1.4 -1.6 459.43 -1.5 3.2 Total Shares Traded (m) 4308.00 4099.00 4099.00 4099.00 4255.00 4248.00
Real Estate Investment Trusts (41) 2949.96 0.46 2712.84 2936.44 2993.10 2614.74 3.98 -0.03 -965.71 6.81 4093.25 FTSE Europe All Cap 1451 444.12 -2.4 -2.7 -2.4 778.29
-2.3 3.5 Banks 277 203.74 -1.5 -1.5 -4.6 392.96 -4.5 4.3 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (40) 10799.38 0.91 9931.31 10702.06 10992.25 8421.86 2.80 1.58 22.58 10.05 13491.44 FTSE Eurozone All Cap 658 422.68 -2.5 -3.2 -2.8 740.23
-2.7 3.2 Nonlife Insurance 71 304.64 -1.6 -1.6 -1.3 467.62 -1.2 2.2 (c) Market closed.
Equity Investment Instruments (181) 11202.39 0.60 10301.93 11135.59 11378.81 9853.82 2.48 1.58 25.53 16.59 6544.13 FTSE RAFI All World 3000 3262 7086.29 -1.7 -2.1 -1.9 10114.58
-1.9 3.2 Life Insurance 60 236.23 -1.6 -1.6 -2.1 408.04 -2.1 3.3
Non Financials (316) 4964.93 0.80 4565.85 4925.75 5030.70 4443.16 4.13 1.41 17.13 3.01 8129.05 FTSE RAFI US 1000 1050 12723.84 -1.6 -1.4 -1.3 17758.48
-1.2 2.5 Financial Services 209 379.05 -1.7 -1.7 2.4 547.48 2.4 1.7
Technology (16) 2306.08 -0.36 2120.72 2314.35 2373.03 1833.53 2.70 0.83 44.43 0.84 3168.03 FTSE EDHEC-Risk Efficient All-World 3925 430.60 -1.5 -0.6 -0.5 635.33
-0.4 2.4 Technology 274 373.08 -2.2 -2.2 3.8 473.78 3.8 1.2 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 2539.34 -0.46 2335.22 2551.03 2608.99 2024.45 2.78 0.78 46.40 0.98 3691.02 FTSE EDHEC-Risk Efficient Developed Europe 581 331.59 -2.2 -2.1 -1.9 542.06
-1.9 3.0 Software & Computer Services 144 633.05 -1.8 -1.8 4.2 753.91 4.2 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 (2) 4047.48 1.36 3722.14 3993.30 4273.07 3096.94 1.45 2.65 25.99 0.00 4945.65 Oil & Gas 151 342.46 -2.4 -5.9 -5.9 609.05
-5.8 4.7 Technology Hardware & Equipment 130 287.19 -2.6 -2.6 3.3 386.91 3.3 1.8 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Alternative Energy 11 126.58 -1.2 -1.2 0.0 177.30 0.0 1.2 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 152 363.31 -0.2 -0.2 -1.6 649.38 -1.5 3.0 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6787.81 6782.92 6806.76 6794.98 6787.98 6775.80 6757.86 6738.88 6749.60 6812.19 6734.18 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 18595.44 18616.64 18634.81 18628.57 18608.72 18601.52 18586.94 18551.21 18550.78 18678.90 18534.68 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 5329.58 5334.43 5338.69 5336.69 5333.19 5331.35 5330.11 5321.83 5321.26 5341.67 5305.57
FTSE All-Share 3740.66 3739.31 3750.55 3745.09 3741.26 3735.59 3727.16 3717.70 3722.11 3753.11 3715.29 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:10:02:45 Day's Low15:15:15 FTSE 100 2010/11 High: 6970.59(21/01/2019) 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:10:03:00 Day's Low15:15:00 FTSE 100 2010/11 High: 3827.67(21/01/2019) 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 Aberforth Split Level Income Trust Int 35.269 42.632L 18.540 22.410L 1.51000 1.45000 Mar 6 4.220 2.555 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Colefax Group Int 42.979 45.384 2.882 3.625 23.900 27.900 2.60000 2.50000 Apr 9 5.300 5.100
There are currently no rights offers by any companies listed on the LSE. Crest Nicholson Holdings Pre 1086.400 1121.000 102.700 168.700 32.100 53.300 21.80000 21.80000 Apr 9 33.000 33.000
LPA Group Pre 19.533 27.979 0.237L 2.024 0.430L 14.340 1.80000 1.80000 Mar 27 2.900 2.900
McCarthy & Stone Pre 725.000 671.600 43.400 58.100 6.500 8.600 0.00000 3.50000 - 1.900 5.400
NWF Group Int 348.900 330.500 2.100 1.600 4.000 2.800 1.00000 1.00000 May 6 6.600 6.300
PZ Cussons Int 293.300 302.800 34.700 25.800 7.100 4.570 2.67000 2.67000 Apr 6 8.280 8.280
Velocity Composites Pre 24.316 24.478 0.652L 1.207L 2.000L 3.000L 0.00000 0.00000 - 0.000 0.000

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Wednesday 29 January 2020 ★ FINANCIAL TIMES 19

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T♦ 38.74 0.49 39.70 28.92 5.55 16.49 282995.7 Lockheed 435.44 3.06 438.99 281.00 2.13 19.65 122825.18
ANZ 25.46 -0.44 29.30 24.09 6.61 11.33 48759.28 Nokia 3.68 0.09 5.73 3.02 2.84 -50.35 22833.91 AstellasPh 1889 -1.50 1934 1375 2.20 13.67 32691.83 AtlasCpcoB 313.80 -19.10 350.40 214.40 1.04 21.23 12711.72 AutomData 178.33 2.59 179.89 133.76 1.87 31.17 77163.05 Lowes♦ 121.01 1.25 123.14 91.60 1.71 31.66 92751.19
BHPBilltn 39.10 -1.35 42.33 33.49 4.56 15.55 77777.34 SampoA 40.89 0.50 43.38 34.45 7.28 19.20 24926.32 Bridgestne 3873 -22.00 4734 3849 4.39 9.64 25326.67 Ericsson 79.06 -0.04 96.74 74.02 1.31 -28.80 25216.04 Avago Tech 316.85 7.82 331.58 250.09 3.36 48.89 126039.57 Lyondell 83.15 1.04 98.91 68.61 5.19 8.24 27723.11
CmwBkAu 84.02 -0.92 85.40 69.15 5.44 17.36 100433.87 France (€) Canon 3022 -6.00 3338 2687.5 5.63 18.62 36930.86 H&M 189.64 5.04 208.80 131.26 5.38 23.46 28755.81 BakerHu 22.08 0.09 31.26 20.09 3.40 47.09 11412.93 Marathon Ptl 53.46 0.76 69.65 43.96 4.04 10.94 34709.49
CSL 312.66 1.96 319.00 184.00 0.84 48.95 95825.51 Airbus Grpe 134.24 1.34 139.40 95.07 1.28 26.51 115651.68 CntJpRwy 21665 -230.00 26255 20365 0.74 8.84 40892.34 Investor 537.20 10.40 544.40 388.80 2.50 17.79 25401.08 BankAm 33.46 0.61 35.72 26.21 1.98 11.72 300999.68 Marsh&M 115.26 2.72 115.33 82.10 1.55 37.21 58168.06
NatAusBk 25.61 -0.19 30.00 23.51 7.48 13.95 50969.24 AirLiquide 129.40 1.80 130.70 94.59 1.97 27.12 67344.87 Denso 4569 -82.00 5225 4081 3.26 13.64 32986.26 Nordea Bk 76.97 1.96 87.27 57.20 9.92 22.44 32360.41 Baxter 90.78 0.25 91.87 69.87 0.89 29.77 46348.26 MasterCard♦ 320.28 4.51 327.09 197.66 0.33 45.11 319463.02
Telstra 3.86 -0.02 4.01 3.00 3.43 20.12 30999.52 AXA 24.17 0.30 25.59 19.94 5.86 36.46 64268.86 EastJpRwy 9866 -44.00 10940 9636 1.70 11.55 34164.2 SEB 93.68 2.90 99.38 78.88 6.61 10.42 21103.44 BB & T 54.24 0.75 55.66 40.68 3.26 12.85 41564.3 McDonald's 212.08 2.74 221.93 173.41 2.30 26.42 159716.03
Wesfarmers 44.32 -0.59 45.27 32.05 5.26 24.40 33932.6 BNP Parib 49.42 0.55 54.00 38.88 6.38 7.99 67944.61 Fanuc 19780 -220.00 22060 17580 1.88 31.90 36977.73 SvnskaHn 95.18 2.70 107.40 82.02 5.96 10.98 19215.8 BectonDick 282.34 2.59 283.69 221.47 1.15 68.02 76361.65 McKesson 153.24 2.61 156.97 110.52 1.09 -44.76 27611.99
Westpc 25.00 -0.21 30.05 23.86 7.91 12.54 60969.86 ChristianDior 442.40 9.40 498.20 350.00 1.43 28.19 87846.13 FastRetail 58690 230.00 70230 47040 0.90 33.67 57041.07 Swedbank 142.90 10.75 211.40 120.75 10.26 7.82 16792.83 BerkshHat 336220 2599 347400294510.58 - 19.34 237961.39 Medtronic 119.79 0.56 122.15 82.77 1.74 34.61 160563.82
Woolworths 41.15 0.31 41.58 28.21 2.45 34.17 35044.9 Cred Agr 12.46 0.14 13.40 9.40 5.78 9.58 39539.33 Fuji Hvy Ind 2775 10.00 3184 2411.5 5.52 11.56 19557.11 Telia Co 41.25 0.61 44.90 38.91 5.83 21.37 18026.09 Biogen 282.06 0.92 338.87 215.78 - 9.53 50895.44 Merck 86.41 0.31 92.64 72.05 2.68 22.91 219998.49
Belgium (€) Danone 73.18 0.28 82.38 61.76 2.80 20.75 55233.84 Hitachi 4378 -65.00 4693 3139 2.19 17.70 38801.12 Volvo 152.70 2.80 163.40 122.95 3.38 9.47 26179.57 BkNYMeln 45.11 0.06 54.27 40.52 2.69 11.12 41595.78 Metlife 50.83 0.74 52.76 41.41 3.57 6.48 46740.26
AnBshInBv 69.29 0.82 92.71 63.76 2.81 15.10 129063.03 EDF 11.40 -0.09 15.48 8.93 2.87 18.30 38921.15 HondaMtr 2849 -61.50 3290 2412 4.18 8.98 47285.69 BlackRock 532.81 9.00 547.35 401.82 2.58 19.51 82250.02 Microsoft 165.40 3.12 168.19 102.17 1.17 29.621261804.45
Switzerland (SFr)
KBC Grp 67.72 1.28 69.54 48.65 5.40 11.51 31001.66 Engie SA 15.73 0.03 15.80 12.31 5.04 45.13 42126.24 JapanTob 2313 -4.00 2899 2179 6.99 10.49 42385.92 Boeing 314.92 -1.68 446.01 302.72 2.63 45.57 177234.22 Mnstr Bvrg 67.06 0.46 68.01 52.23 - 31.99 36056.93
ABB 22.68 0.06 23.96 17.25 3.55 49.13 50494.03
EssilorLuxottica 138.00 2.10 145.00 95.50 1.56 40.59 66425.27 KDDI 3270 4.00 3336 2353.5 3.58 11.65 70570.57 BrisMySq♦ 65.20 1.50 68.34 42.48 2.65 17.89 106229.37 MondelezInt 54.94 0.25 56.72 42.53 2.04 19.24 79096.75
Brazil (R$) CredSuisse 12.70 -0.03 14.14 10.70 2.13 11.32 33319.89
Hermes Intl 686.60 6.20 725.60 492.90 0.70 46.98 79735.94 Keyence 38030-1090.00 40520 26850 0.28 41.09 84746.09 CapOne 103.29 2.13 107.59 76.82 1.63 8.70 48104.32 Monsanto 127.95 0.02 127.97 114.19 1.64 23.62 56462.29
Ambev 18.63 0.08 20.77 16.30 1.83 25.06 69591.65 Nestle 108.62 0.70 113.20 83.46 2.30 34.17 331933.16
LOreal 261.60 3.60 276.20 198.45 1.55 35.34 160611.03 MitsbCp 2827 -20.50 3290 2520 4.78 8.01 41186.98 CardinalHlth 53.99 0.61 56.88 41.03 3.74 -3.64 15789.98 MorganStly 54.33 1.22 57.57 38.76 2.42 10.99 87938.42
Bradesco 32.11 0.11 35.89 27.76 1.08 14.74 30737.51 Novartis 92.59 1.88 94.40 73.67 3.16 29.79 240293.29
LVMH 412.00 11.00 439.05 255.75 1.54 29.72 229071.76 MitsubEst 2223.5 -39.00 2283 1814 1.53 23.95 28342.28 Carnival 46.28 1.01 59.24 39.92 4.61 9.80 24392.11 MylanNV 21.96 0.80 32.23 16.63 - 231.58 11331.69
Cielo♦ 7.10 0.10 12.25 6.25 11.39 7.88 4579.68 Richemont 74.24 0.58 87.44 66.90 2.78 26.84 39793.89
Orange 13.10 0.16 15.38 12.77 5.64 17.47 38333.14 MitsubishiEle 1538.5 -23.00 1622 1213 2.77 12.68 30268.18 Caterpillar♦ 137.03 1.30 150.55 111.75 2.78 12.32 75730.78 Netflix 349.63 6.75 385.99 252.28 - 106.37 153079.42
ItauHldFin 29.69 -0.18 33.47 27.19 4.42 10.84 34950.94 Roche 321.75 3.00 332.35 253.75 2.75 23.07 232119.47
PernodRic 158.00 -0.60 179.50 140.30 0.90 27.30 46132.35 MitsuiFud 2841 -17.50 2977 2263.5 1.72 15.75 25490.66 CBS 40.77 1.43 53.91 35.02 1.88 4.97 14347.97 NextEraE 265.48 -1.26 269.00 171.74 1.93 37.84 129760.23
Petrobras♦ 30.65 0.85 33.70 26.22 1.62 13.54 54158.07 Swiss Re 110.50 1.75 111.70 89.26 4.94 84.27 37149.69
Renault 35.56 0.46 64.20 34.51 10.54 3.96 11566.37 MitUFJFin 566.30 -0.20 603.00 490.50 4.41 10.17 70473.58 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike 100.94 0.70 105.62 77.07 0.93 35.33 125403.37
Vale 51.28 0.77 57.36 40.51 - 16.28 64337.85 Swisscom 536.60 8.60 538.60 441.10 4.22 18.09 28543.33
Safran 144.50 0.95 150.85 110.20 1.33 27.37 67911.92 Mizuho Fin 162.20 0.10 180.20 150.10 4.92 298.90 37737.32 CharlesSch 46.58 0.82 51.65 34.58 1.45 16.31 59722.56 NorfolkS 204.92 2.26 211.46 162.73 1.78 18.96 53430.9
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 39.22 43035.76
Sanofi 87.67 0.97 93.34 71.74 3.70 29.02 120922.6 Murata Mfg 6571 -20.00 16430 4304 3.03 76.88 40687.38 Charter Comms 505.94 1.86 517.07 287.31 - 87.00 108665.85 Northrop 381.55 2.48 384.68 263.29 1.39 20.47 64303.67
BCE 63.05 0.36 65.45 55.62 5.21 18.16 43232.63 UBS 12.15 0.06 13.81 9.86 5.80 11.38 48126.74
Sant Gbn 35.01 0.02 39.57 29.74 4.01-165.75 20974.25 NipponTT 2788 -8.50 2856 2264 7.25 5.89 99646.32 Chevron Corp 111.57 1.18 127.34 109.98 4.43 15.19 210964.61 NXP 133.19 2.74 137.92 82.61 0.89 85.42 37230.21
BkMontrl 103.72 0.32 106.51 88.24 3.94 11.90 50319.48 Zurich Fin 407.30 4.30 413.80 310.80 4.65 15.46 62571.6
Schneider 92.16 0.54 95.02 60.46 2.69 21.31 59010.44 Nissan Mt 599.20 1.50 969.60 589.00 6.84 15.95 23172.57 Chubb 151.46 1.08 162.44 128.58 2.06 18.18 68642.02 Occid Pet 41.40 0.16 68.83 37.25 7.97 27.87 36978.88
BkNvaS♦ 73.11 -0.16 76.75 67.17 4.80 10.88 67279.26 Nomura 557.00 -3.00 585.00 330.70 3.44 -5.78 17829.54 Taiwan (NT$) Cigna 205.52 5.57 214.44 141.95 0.02 17.37 76746.38 Oracle 53.63 0.94 60.50 49.19 1.70 17.18 172026.22
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 82.07 0.63 82.88 54.69 1.07 15.89 65312.51 Nppn Stl 1537.5 -47.00 2081 1413.5 3.46 7.55 13387.57 Chunghwa Telecom 109.50 - 123.50 96.30 4.16 23.60 28376.2 Cisco 47.86 0.39 58.26 43.40 3.01 17.30 203034.69 Pepsico 142.64 0.50 144.15 108.00 2.78 15.47 198902.26
SocGen 29.82 0.05 32.23 20.81 7.70 9.18 27993.55
CanadPcR 346.80 7.70 349.53 259.99 0.90 20.00 36040.31 NTTDCMo 3113 -3.00 3140 2257.5 3.93 15.66 95130.8 Formosa PetChem 96.90 0.50 119.00 94.00 5.04 35.43 30835.63 Citigroup 77.93 1.22 83.11 60.05 2.51 9.81 170125.39 Perrigo 59.28 0.62 60.48 40.68 1.42 31.26 8068.58
Total 46.48 0.37 52.27 42.65 5.98 13.52 133020.65
CanImp 109.21 0.45 115.96 97.55 5.16 9.70 36877.52 Panasonic 1106.5 -4.00 1138 787.70 2.88 8.94 24872.69 HonHaiPrc 92.30 - 97.20 69.50 4.41 10.25 42744.45 CME Grp 213.00 0.01 224.91 161.05 1.46 35.53 76330.8 Pfizer 38.46 -1.71 44.56 33.97 3.89 12.76 212814.68
UnibailR 190.00 0.35 236.45 177.35 5.80 17.44 22215.04
CanNatRs 39.03 0.44 42.57 30.01 3.92 10.91 35145.71 Seven & I 4201 -5.00 5034 3573 2.48 15.98 34120.79 MediaTek 419.00 -1.50 464.00 219.00 2.19 31.24 22255.68 Coca-Cola 57.27 -0.22 57.87 44.42 2.93 28.91 245351.4 Phillips66 97.88 0.96 119.92 80.24 3.66 9.38 43491.5
Vinci 101.15 1.49 102.95 76.00 2.79 17.64 67453.29
CanNatRy 124.03 1.81 127.96 107.54 1.75 19.13 67183.95 ShnEtsuCh 12285 -110.00 12805 8826 1.82 15.39 46900.33 TaiwanSem 333.00 - 346.00 219.00 2.36 26.66 288452.15 Cognizant 62.75 0.98 74.85 56.73 1.34 16.14 34359.76 PhilMorris 84.33 -0.38 92.74 69.27 5.73 16.68 131206.91
Vivendi 24.77 0.27 26.69 21.49 2.13 61.71 32277.6
Enbridge 54.03 0.22 54.11 43.02 5.60 17.82 82979.54 Softbank 4589 14.00 6045 3958 0.77 9.83 87870.24 Thailand (THB) ColgtPlm 70.06 -0.04 76.41 61.60 2.56 24.63 60044.69 PNCFin 150.37 1.84 161.79 118.70 2.80 12.78 66953.28
GtWesLif 34.51 0.02 34.68 27.52 4.95 12.38 24250.24 Germany (€)
Sony 7773 -92.00 8113 4507 0.55 10.95 90663.56 PTT Explor 43.75 0.25 50.25 40.75 4.86 12.54 40454.34 Comcast♦ 44.23 0.23 47.74 34.67 1.95 15.55 200772.91 PPG Inds 123.93 0.97 134.36 102.51 1.66 23.25 29304.89
ImpOil 32.92 0.32 40.59 31.51 2.61 8.77 18577.09 Allianz 219.55 4.30 225.90 181.92 4.28 11.47 100753.87
SumitomoF 3862 -9.00 4167 3380 5.10 11.29 48590.69 United Arab Emirates (Dhs) ConocPhil 61.17 0.13 71.01 50.13 2.10 7.93 67119.92 Praxair 164.50 -0.99 169.75 140.00 2.21 14.16 47306.22
Manulife 26.74 0.30 27.78 20.59 3.92 10.45 39530.61 BASF 62.84 0.71 74.61 55.64 5.32 22.21 63491.78
Takeda Ph 4272 -25.00 4822 3401 4.48-149.06 61702.38 Emirtestele 16.28 -0.04 17.80 15.20 5.18 14.86 38545.41 Corning 28.45 -0.12 35.34 26.75 2.89 20.15 21877.33 Priceline 1905.64 -1.38 2067.99 1612.41 - 17.15 92937.2
Nutrien 57.58 1.14 73.64 56.44 4.20 18.51 25025.64 Bayer 75.65 2.09 76.99 52.02 3.86 -49.63 81756.09
TokioMarine 5984 -15.00 6294 5177 3.29 11.88 38928.35 United Kingdom (p) Costco 311.02 1.57 314.28 205.75 0.84 35.32 137396.65 ProctGmbl 126.47 0.78 127.00 92.97 2.44 76.47 312311.71
RylBkC♦ 105.74 0.39 109.68 97.30 3.87 12.01 114438.91 BMW 66.82 -0.88 78.30 58.04 5.47 8.51 44249.84
Toyota 7747 -5.00 7949 6274 3.02 10.91 231614.81 CrownCstl 151.21 0.91 151.36 112.75 3.14 72.49 62866.27 Prudntl 92.02 1.67 106.40 77.65 4.46 9.35 36992.32
Suncor En 41.77 0.30 46.50 36.32 4.07 12.52 48876.81 Continental 104.30 3.98 157.40 99.26 4.75 -93.36 22947.72 AscBrFd 2657 24.00 2704.27 2078.81 1.71 23.92 27307.26
Mexico (Mex$) CSX 76.39 1.22 80.73 63.97 1.30 17.31 59762.69 PublStor 223.16 -1.10 266.76 199.53 3.78 25.04 38981.7
ThmReut 105.90 0.65 105.98 67.16 1.92 223.32 39962.81 Daimler 43.29 0.71 60.00 40.31 7.84 10.97 50940.99 AstraZen 7651 151.00 72750 109.51 3.00 58.74 125789.95
AmerMvl 15.62 0.32 15.78 12.69 1.16 16.93 37235.03 CVS 72.02 1.05 77.03 51.72 2.93 20.41 93695.56 Qualcomm 88.49 1.44 96.17 49.10 2.95 23.40 101084.44
TntoDom♦ 74.05 0.07 77.96 71.22 3.93 11.77 102225.82 Deut Bank 7.87 0.12 8.32 5.78 1.46 -3.44 17892.86 Aviva 406.80 4.10 442.30 3.87 7.37 7.03 21194.16
FEMSA UBD 172.63 0.20 192.50 166.80 1.46 17.13 19821.7 Danaher♦ 163.87 2.67 164.54 104.50 0.43 46.02 117704.74 Raytheon♦ 226.75 -1.71 233.48 164.70 1.68 18.41 63145.11
TrnCan♦ 72.72 0.36 72.82 54.61 4.24 16.16 51544.99 Deut Tlkm 14.91 0.35 16.26 13.97 4.90 24.20 78096.21 Barclays 172.02 1.34 192.99 131.04 4.07 16.00 38106.11
WalMrtMex 55.95 0.95 59.87 47.85 1.69 25.31 51905.59 Deere♦ 163.21 -0.08 180.48 132.68 1.87 16.03 51378.24 Regen Pharm 343.64 4.22 442.00 271.37 - 17.45 37094.84
ValeantPh 30.80 -1.06 36.02 14.01 - -12.48 8158.48 DeutsPost 32.31 0.02 35.00 25.18 3.72 15.02 43941.86 BP 481.75 4.80 583.40 4.69 6.89 25.38 124647.52
Delphi 15.62 5.82 26.82 9.52 1.15 6.83 1344.01 S&P Global 297.07 3.94 299.59 185.08 0.78 33.45 72603.91
E.ON 10.40 0.08 10.48 8.08 4.32 36.90 30223.85 Netherlands (€) BrAmTob♦ 3375 12.50 3507 34.85 5.90 12.57 81689.22
China (HK$) Delta 57.43 0.60 63.44 47.33 2.66 7.70 37139.21 Salesforce 183.63 2.92 186.44 137.87 - 201.13 162875.38
Fresenius Med 72.08 1.26 76.68 57.24 1.69 16.43 24139.28 Altice 5.95 0.01 6.42 1.73 - 5.14 6789.54 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 3.20 - 3.88 2.93 6.29 4.70 12656.1 Devon Energy 22.82 0.20 35.39 19.72 1.57 8.66 8765.16 Schlmbrg 33.94 -0.02 48.88 30.65 6.21 -5.34 46990.45
Fresenius SE 48.72 1.07 52.82 40.46 1.71 13.85 24167.67 ASML Hld 261.75 2.65 274.80 149.90 0.84 47.13 122563.59 BT♦ 174.24 2.32 239.85 157.67 8.84 7.99 22443.14
Bk China 3.20 - 3.84 2.91 6.69 4.54 34429.8 DiscFinServ 75.09 1.18 92.98 65.81 2.30 8.06 23538.33 Sempra Energy 159.23 0.69 160.51 112.46 2.51 17.95 44886.29
HenkelKgaA 85.00 -0.80 90.30 75.55 2.25 16.12 24292.01 Heineken 98.26 -0.14 104.00 75.34 1.72 28.03 62260.62 Compass♦ 1937.5 38.00 2150 20.62 1.99 27.72 41365.61
BkofComm 5.28 0.01 7.06 4.98 6.57 4.62 23785.31 Disney 137.73 1.83 153.41 107.32 1.35 20.85 248638.38 Shrwin-Will 588.23 3.96 599.95 389.01 0.76 37.47 54299.06
Linde 188.45 3.20 193.15 137.80 1.75 17.82 111358.91 ING 10.07 0.13 12.14 8.20 7.05 8.35 43174.65 Diageo 3146.5 -46.00 3633.5 2688.5 2.11 24.19 102831.9
BOE Tech 0.65 -0.01 1.06 0.58 - 24.52 16.64 DominRes 84.08 0.76 84.42 68.28 4.49 58.69 69205.69 SimonProp 140.89 -0.74 186.44 140.71 6.13 17.95 43233.64
MuenchRkv 271.30 4.60 273.30 192.70 3.56 13.56 43070.72 Unilever 51.88 0.55 57.77 45.57 3.20 13.90 83363.83 GlaxoSmh 1792 9.40 1857 1429.8 4.46 19.63 114407.32
Ch Coms Cons 5.87 -0.03 8.87 5.80 4.66 4.35 3343.91 DowDupont 30.52 -0.65 48.38 30.06 10.05 7.87 68559.76 SouthCpr 38.77 0.80 44.82 29.39 4.35 19.27 29971.49
SAP 119.84 -2.62 127.00 88.41 1.31 40.42 161953.63 Norway (Kr) Glencore 227.60 6.20 2334.5 188.23 6.90 41.38 42620.64
Ch Evrbrght 3.54 0.03 4.10 3.09 5.26 5.03 5774.78 DukeEner 96.70 0.60 97.37 84.28 4.06 19.16 70493.83 Starbucks 88.98 0.25 99.72 65.91 1.70 28.93 104462.29
Siemens 115.36 0.54 119.90 84.42 3.44 17.48 107866.45 DNB 161.95 3.85 171.95 141.50 5.40 9.41 27982.55 HSBC 567.70 8.60 687.70 0.78 7.26 10.93 147766.67
Ch Rail Cons 8.15 -0.06 11.94 7.78 2.97 5.31 2177.25 Eaton 96.89 2.25 99.82 67.97 3.03 16.37 40054.33 StateSt 76.62 1.17 85.89 48.62 2.65 14.37 27860.82
Volkswgn 171.40 0.50 185.00 139.90 2.92 6.16 55638.74 Equinor 176.05 0.15 203.90 144.50 5.35 11.14 64265.06 Imperial Brands 1933.8 9.60 2713.5 1439.09 10.01 18.28 23943.09
Ch Rail Gp 4.68 -0.01 8.21 4.45 3.16 5.27 2533.48 eBay 35.86 0.38 42.00 32.77 1.23 15.40 29168.94 Stryker♦ 214.01 -0.59 223.45 160.79 1.02 22.52 80061.91
Hong Kong (HK$) Telenor 166.70 1.55 190.80 155.40 5.28 40.52 26290.89 LlydsBkg 57.64 0.53 73.66 48.16 5.66 19.21 53928.69
ChConstBk 6.43 - 7.21 5.55 5.52 5.35 198899.65 Ecolab 197.92 1.17 209.87 153.11 0.98 36.06 57049.33 Sychrony Fin 32.86 0.66 38.18 29.19 2.73 5.69 21233.89
AIA 83.00 0.20 88.50 67.70 1.04 21.69 129099.05 Natl Grid 1018.8 12.40 1018.8 8.90 4.65 23.86 44394.04
China Vanke 30.05 0.15 35.60 26.25 4.03 7.60 6100.92 Qatar (QR) Emerson 74.51 0.77 78.38 55.98 2.77 19.06 45388.05 T-MobileUS 82.04 1.32 85.22 65.56 - 20.02 70187.08
BOC Hold 27.35 -0.10 35.90 25.05 5.48 8.93 37205.3 Prudential 1376 30.00 1532.78 1109.67 3.59 13.52 46217.09
ChinaCitic 4.38 - 5.41 3.92 6.07 4.17 8386.84 QatarNtBk 20.21 -0.29 21.25 16.47 3.13 13.42 51268.37 EOG Res♦ 77.43 0.79 107.89 64.33 1.29 14.27 45045.99 Target 116.34 0.56 130.24 69.07 2.22 18.61 58953.8
Ch OSLnd&Inv 26.95 -0.20 31.30 23.70 3.41 6.19 37990.74 RBS 217.90 -0.20 274.20 2.23 2.52 13.17 33849.03
ChinaLife 20.60 -0.05 23.35 17.38 0.90 15.55 19722.76 Russia (RUB) EquityResTP 82.75 0.41 89.55 70.38 2.85 36.88 30729.58 TE Connect 97.57 0.73 101.00 78.53 1.94 16.19 32620.71
ChngKng 53.40 -0.05 72.50 49.00 3.63 6.33 25376.21 ReckittB 6239 109.00 6744 5510 2.74 19.44 57036.67
ChinaMBank 39.90 -0.05 42.75 32.20 2.73 9.82 23568.35 Gzprm neft 235.00 4.04 272.68 148.83 7.17 3.46 89080.11 Exelon 47.77 0.50 51.18 43.42 3.16 19.13 46440.75 Tesla Mtrs 561.93 3.91 594.50 176.99 - -113.49 101284.98
Citic Ltd 9.66 0.01 12.28 8.65 4.34 5.17 36156.29 RELX 2046 26.00 2057.43 1597 2.06 26.54 51411.28
ChinaMob 69.70 1.70 87.70 58.30 4.69 11.36 183622.49 Lukoil 6650 105.00 6810 4980 3.81 6.72 76133.86 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TexasInstr 127.80 1.49 135.70 100.17 2.54 22.51 119464.3
Citic Secs 16.72 -0.04 21.20 13.12 2.42 13.92 4901.3 RioTinto 4250 34.00 5039 3900.5 5.68 6.86 73999.4
ChinaPcIns 28.60 - 34.75 26.30 4.05 7.94 10212.58 MmcNrlskNckl 21282 182.00 22100 13001 10.23 13.46 53925.47 ExxonMb 65.04 0.30 83.49 64.70 5.48 17.95 275169.98 TheTrvelers 134.92 1.19 155.09 123.61 2.48 14.39 34824.58
CK Hutchison 74.35 0.20 86.45 64.30 4.36 7.14 36889.61 RollsRoyce 651.00 14.40 1003.5 619.74 1.80 -5.18 15717.98
ChMinsheng 5.82 0.03 6.36 4.98 6.88 4.17 6230.49 Novatek 1168.2 -8.40 1382.2 1047.4 2.26 4.02 56795.38 Facebook 218.14 3.27 222.75 143.43 - 33.18 524946.98 ThrmoFshr 333.02 2.06 342.26 235.90 0.23 35.56 133538.1
CNOOC 13.04 0.04 15.14 10.74 5.47 8.70 74909.06 RylDShlA 2149 4.50 2637.5 3.04 7.09 10.55 128251.91
ChMrchSecs 18.75 -0.77 19.99 14.07 1.46 22.68 15473.52 Rosneft 477.70 9.40 489.90 390.75 5.50 7.58 81065.57 Fedex 148.40 -0.09 199.32 137.78 1.76 422.47 38750.07 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
HangSeng 165.50 -0.60 212.60 156.00 4.69 12.62 40710.74 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 5.65 -0.23 7.57 5.25 0.98 34.79 17281.58 Sberbank 257.70 2.38 270.80 201.10 6.30 6.29 89075.09 FordMtr 8.95 0.06 10.56 8.16 7.06 21.24 34851.7 TJX Cos 61.50 0.57 63.03 48.19 1.39 24.13 73989.78
HK Exc&Clr 271.40 2.00 286.20 222.00 2.53 35.10 44040.57 StandCh 662.00 4.40 742.60 573.80 2.49 53.32 28332.71
ChShenEgy 14.74 -0.06 20.40 14.66 7.11 5.56 6445.48 Surgutneftegas 47.40 0.90 54.89 24.06 1.39 4.35 27112.46 Franklin 25.17 0.53 35.82 24.48 4.35 10.16 12561.46 UnionPac 180.59 2.12 188.96 149.09 2.06 20.22 125365.56
MTR 46.15 -0.05 55.75 42.45 2.66 19.14 36565.1 Tesco 246.00 0.70 293.40 210.70 2.35 18.37 26147.97
ChShpbldng 5.04 -0.14 7.10 4.29 0.18 256.64 13297.34 GenDyn♦ 183.18 0.61 193.76 160.21 1.71 15.08 52993.65 UPS B 116.26 1.34 125.31 92.65 3.43 19.19 81469.78
SandsCh 41.30 0.50 45.45 32.80 4.90 21.31 42980.21 Saudi Arabia (SR) Vodafone♦ 156.66 2.36 185.05 122.22 5.08 -23.70 54247.85
ChStConEng 5.47 -0.19 6.72 4.93 3.17 5.75 32473.47 GenElectric 11.65 0.21 12.24 7.65 0.36 552.93 101745.85 USBancorp 54.31 0.77 61.11 47.57 2.97 11.85 84824.57
SHK Props 115.70 -0.20 142.00 106.00 4.15 7.31 43137.77 AlRajhiBnk 64.70 - 76.90 56.70 6.11 13.95 43113.8 WPP 986.40 3.60 1085.5 791.00 6.08 17.71 16213.06
ChUncHK 6.80 0.06 10.70 6.52 2.32 16.22 26770.91 GenMills♦ 53.17 -0.05 56.40 42.80 3.93 16.09 32158.11 UtdHlthcre 287.21 3.12 302.54 208.07 1.45 19.83 272104.67
Tencent 385.80 0.20 413.00 312.20 0.26 37.24 474180.06 Natnlcombnk 45.10 -0.15 64.40 40.60 5.14 11.26 36063.66 United States of America ($)
CNNC Intl 4.85 -0.07 6.73 4.69 2.56 16.29 10893.62 GenMotors 33.63 0.22 41.90 33.08 4.76 5.20 48051.44 UtdTech 153.50 2.47 155.53 113.77 2.02 24.82 132511.78
SaudiBasic 88.90 0.40 128.00 84.60 5.05 17.64 71087.76 21stC Fox A 37.25 0.37 41.70 27.73 1.30 14.73 13205.54
CSR 5.51 -0.01 8.62 5.01 3.15 11.36 3098.82 India (Rs) GileadSci 64.53 0.70 70.50 60.89 4.02 28.89 81639.85 ValeroEngy 86.74 1.69 101.99 69.44 4.25 14.92 35620.02
SaudiTelec 90.90 -0.60 117.40 90.50 4.64 15.08 48458.04 3M 166.44 -9.19 219.75 150.58 3.60 18.74 95711.43
Daqin 7.70 -0.14 9.03 7.38 6.44 7.76 16518.64 Bhartiartl 491.25 -23.15 527.35 268.84 0.50 -8.81 37569.8 GoldmSchs 242.51 4.37 250.46 180.73 1.61 10.29 85869.65 Verizon♦ 60.87 0.96 62.22 52.28 4.19 14.85 251745.18
Gree Elec Apl 0.11 - 0.37 0.01 - -0.03 5.00 HDFC Bk 1223.2 10.00 1305.5 1011 0.65 26.18 93943.6 Singapore (S$) AbbottLb♦ 89.70 0.11 92.45 68.80 1.46 46.27 158621.63 Halliburton 22.01 0.36 32.71 16.97 3.45 15.36 19320.47 VertexPharm 230.59 3.22 237.47 163.68 - 26.50 59296.12
GuosenSec 12.30 -0.51 15.13 8.26 1.01 19.51 14554.1 Hind Unilevr 2060.6 -0.75 2190 1650 1.13 63.59 62533.28 DBS 25.85 -0.35 28.64 23.86 4.81 10.11 48579.25 Abbvie♦ 84.39 0.37 91.99 62.66 5.21 35.29 124797.71 HCA Hold 147.45 5.85 150.17 110.31 1.11 14.01 50011.84 VF Cp 83.51 1.00 100.25 76.77 2.47 23.73 33351.69
HaitongSecs 8.33 0.01 11.50 7.01 2.08 9.25 3654.31 HsngDevFin 2431.6 35.80 2499.9 1820 0.92 18.91 58937.48 JardnMt US$ 55.56 -1.10 72.05 50.98 3.12 12.21 40725.37 Accenture♦ 210.41 3.86 213.25 150.20 1.08 27.99 138228.02 Hew-Pack 21.73 0.15 24.09 15.93 2.96 10.46 31570.5 Viacom 24.22 0.75 31.96 20.93 3.53 6.02 8573.32
Hngzh HikVDT 36.00 -0.61 37.24 23.55 1.72 27.00 41942.93 ICICI Bk 528.20 -9.05 552.20 336.15 0.20 48.74 47903.32 JardnStr US$ 31.16 -0.84 40.70 29.03 1.11 10.72 34529.47 Adobe 354.53 7.63 355.69 237.27 - 59.18 170927.48 HiltonWwde 107.41 2.47 113.96 71.20 0.59 32.26 30305.71 Visa Inc 203.29 1.60 210.13 133.30 0.52 36.27 347999.59
Hunng Pwr 4.11 0.07 5.26 3.50 2.91 29.47 2485.61 Infosys 778.00 -0.10 847.00 615.10 2.38 20.30 46445.92 OCBC 10.90 -0.20 12.19 10.45 4.56 10.05 35297.35 AEP 102.10 0.32 102.75 76.30 2.77 22.49 50433.91 HomeDep 234.18 2.99 239.31 177.41 2.19 23.20 255450.81 Walgreen 52.39 0.16 74.95 49.03 3.62 11.40 46410.29
IM Baotou Stl 1.25 -0.03 2.11 1.21 0.58 24.91 5713.94 ITC 230.75 -3.85 310.00 230.50 2.64 19.02 39758.6 SingTel 3.36 -0.03 3.56 2.92 5.39 36.10 40369.27 Aetna - - - - - - - Honywell 175.81 2.27 184.06 138.87 1.97 19.50 125622.13 WalMartSto 116.72 0.86 125.38 93.11 1.81 23.32 331155.06
In&CmBkCh 5.62 -0.02 6.19 4.81 5.15 5.66 62759.91 L&T 1346.65 -1.95 1607 1201.1 1.42 19.03 26494.63 UOB 25.96 -0.39 27.97 23.39 4.19 9.91 32081.74 Aflac 52.61 0.78 57.18 46.96 2.14 12.30 38613.02 HumanaInc♦ 354.40 7.49 376.40 225.65 0.64 17.88 46931.79 WellsFargo 47.56 0.46 54.75 43.34 4.08 9.73 201127.18
IndstrlBk 18.59 -0.54 20.66 15.53 3.84 5.88 51108.66 OilNatGas 116.60 -0.65 178.90 115.55 6.37 5.38 20562.97 South Africa (R) AirProd♦ 235.74 2.27 244.61 158.73 2.05 28.18 52022.75 IBM 140.26 1.64 152.95 126.85 4.79 15.46 124223.05 Williams Cos 21.70 0.09 29.55 21.53 7.19-686.75 26301.46
Kweichow 1052.8 -22.71 1241.61 664.68 1.43 31.27 190840.58 RelianceIn 1471.75 -34.80 1617.55 1095.3 0.47 19.81 130787.85 Firstrand 59.20 -0.25 71.79 54.86 5.07 10.40 22725.89 Alexion 106.32 1.02 141.86 94.59 - 15.48 23526.52 IllinoisTool 175.40 2.03 182.34 129.72 2.44 21.94 56374.63 Yum!Brnds 104.63 0.24 119.72 88.52 1.63 27.44 31646.62
Midea 1.12 -0.01 1.69 0.98 4.56 -3.85 30.99 SBI NewA 315.10 -1.10 373.80 244.35 - 21.58 39421.7 MTN Grp 81.00 0.12 114.43 75.05 6.52 15.93 10444.88 Allergan 189.75 0.75 194.61 114.27 1.63 -6.48 62290.62 Illumina 314.56 0.64 380.76 263.30 - 45.66 46240.32 Venezuela (VEF)
New Ch Life Ins 32.10 0.15 46.95 29.50 2.78 6.56 4271 SunPhrmInds 452.90 4.50 484.25 344.55 0.64 23.68 15233.19 Naspers N 2376.77 -0.69 3750.01 2000.16 0.31 21.26 72326.64 Allstate 117.79 1.21 118.75 85.55 1.75 14.91 38158.79 Intcntl Exch 98.91 0.73 99.06 71.90 1.13 25.51 55077.99 Bco de Vnzla 1599 -1.00 2130 70.00 992.65 - 78.45
PetroChina 3.73 - 5.47 3.50 4.13 14.17 10125.78 Tata Cons 2183.75 14.50 2296.2 1881.3 1.51 23.86 114870.25 Alphabet 1452.67 20.94 1500.58 1027.03 - 29.60 435260.93 Intel 67.48 1.79 69.29 42.86 1.94 15.00 288590.58
South Korea (KRW) Bco Provncl 170000-2000.00 205000 5500 - 10.16 246.54
PingAnIns 94.85 0.35 101.00 72.55 2.30 9.30 90888.96 Altria 49.64 -0.13 57.88 39.30 6.88 50.67 92733.8 Intuit 287.88 4.12 295.78 207.69 0.68 47.98 74935.26
Indonesia (Rp) HyundMobis 245000-6500.00 268500 197500 2.11 10.55 19848.81 Mrcntl Srvcs 195000 - 205000 12000 0.01 3.95 159.67
PngAnBnk 15.54 -0.55 17.60 10.37 0.96 9.58 43515.85 Amazon 1850.53 22.19 2035.8 1566.76 - 77.83 917487.63 John&John 150.00 1.25 150.57 126.10 2.60 27.12 394767.7
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 25950 -450.00 36000 24500 - -8.89 14160.97
Pwr Cons Corp 4.07 -0.13 6.25 4.00 2.48 8.38 6545.11 AmerAir 26.60 0.49 37.23 24.23 1.58 7.13 11652.34 JohnsonCn 40.64 0.34 44.65 32.11 2.70 30.61 31346.64
Israel (ILS) SK Hynix 96300-2400.00 103500 62400 1.61 11.48 59594.21 Closing prices and highs & lows are in traded currency (with variations for that
SaicMtr 22.61 -0.60 30.30 22.49 5.76 8.78 37531.45 AmerExpr♦ 133.74 3.10 138.13 99.48 1.26 15.35 109435.54 JPMrgnCh♦ 134.84 2.81 141.10 98.09 2.58 12.61 422923.63
TevaPha 34.19 - 73.53 21.75 - -2.39 10793.98 SmsungEl 58800-2000.00 62800 40850 2.50 15.66 298387.64 country indicated by stock), market capitalisation is in USD. Highs & lows are
ShenwanHong 0.08 0.00 0.14 0.04 - -3.80 84.52 AmerIntGrp 50.72 0.59 58.66 40.00 2.66 23.60 44123.95 Kimb-Clark 144.77 0.81 149.23 107.44 2.98 23.57 49627.97
Italy (€) Spain (€) AmerTower 237.00 -0.47 242.00 165.67 1.60 62.49 104976.88 based on intraday trading over a rolling 52 week period.
ShgPdgBk 11.35 -0.42 13.33 10.27 3.19 5.41 46028.63 KinderM 21.53 0.24 21.88 17.54 4.40 22.71 48764.71 ♦ ex-dividend
Enel 7.90 0.23 7.90 5.08 3.70 30.26 88341.23 BBVA 4.60 0.07 5.68 4.19 5.90 5.95 33744.71 Amgen 226.53 3.58 244.99 166.30 2.64 16.52 134597.43
Sinopec Corp 4.48 - 6.93 4.32 10.01 9.97 14706.46 Kraft Heinz 30.23 -0.12 48.66 24.86 6.36 -3.24 36915.69 ■ ex-capital redistribution
ENI 13.40 0.20 16.06 12.92 6.55 18.60 53562.3 BcoSantdr 3.55 0.08 4.68 3.39 4.85 10.66 64915.01 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 2.34 -0.06 3.35 1.83 - 102.95 4066.32 Kroger 28.31 -0.02 29.97 20.70 2.10 13.09 22664.63 # price at time of suspension
Generali 18.18 0.46 19.63 14.85 5.23 12.21 31385.11 CaixaBnk 2.62 0.01 3.39 1.98 6.77 9.77 17252.44 Anthem 289.63 5.84 317.99 227.16 1.15 16.72 73439.65
Denmark (kr) Iberdrola♦ 9.85 0.04 9.93 7.02 3.72 18.64 68922.17 L Brands 20.61 0.43 29.02 15.80 7.30 15.68 5698.14
IntSPaolo 2.31 0.05 2.41 1.80 8.92 8.83 44407.47 Aon Cp 217.42 5.47 217.60 151.65 0.81 34.92 50452.64 LasVegasSd 64.42 1.15 74.29 51.17 5.00 24.76 49473.07
DanskeBk 108.50 2.35 135.65 85.90 8.19 6.65 13770.38 Inditex 30.93 0.47 32.19 23.51 2.17 25.40 106042.62
Unicred 12.64 0.31 13.69 9.07 2.23 5.61 31059.19 Apple 316.53 7.58 323.33 153.66 1.00 25.271387676.07 LibertyGbl 21.22 0.40 28.62 19.69 - -31.47 3850.99
MollerMrsk 8268 -22.00 10555 6716 1.95 26.87 12244.34 Repsol 12.77 0.12 15.67 12.37 7.49 11.30 21456.29 ArcherDan 43.77 0.24 47.20 36.45 3.33 19.78 24363.38 Lilly (E) 139.71 1.40 142.25 101.36 1.88 29.47 134139.87
NovoB 408.40 0.30 426.00 300.00 2.09 24.11 111972.91 Telefonica 6.27 0.23 7.90 5.86 6.66 18.20 35806.03

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
Delphi 15.62 9.80 5.82 59.34 5.08 48.1 -0.62 Surgutneftegas 47.40 46.50 0.90 1.92 -6.78 -12.5 2.54 Jan 28 date Coupon S* M* F* price yield yield yield US Jan 28 date Coupon S* M* F* price yield yield yield US
Intel 67.48 65.69 1.79 2.72 6.93 11.4 -1.37 VF Cp 83.51 82.51 1.00 1.21 -11.12 -11.8 5.01 High Yield US$ US$
MitsubEst 2223.50 2262.50 -39.00 -1.72 116.50 5.5 -4.99 Nppn Stl 1537.50 1584.50 -47.00 -2.97 -184.50 -10.7 6.04 HCA Inc. 06/25 7.69 BB- Ba2 BB 120.50 3.48 0.09 -0.05 2.02 GTE LLC 04/28 6.94 BBB+ Baa2 A- 125.59 3.35 0.00 -0.13 -
Woolworths 41.15 40.84 0.31 0.76 2.11 5.4 2.65 ShenwanHong 0.08 0.08 0.00 -2.60 -0.01 -10.7 -20.79 High Yield Euro GTE LLC 04/28 6.94 BBB+ Baa2 A- 125.59 3.35 0.00 -0.13 -
ChinaMob 69.70 68.00 1.70 2.50 3.50 5.3 -7.49 DiscFinServ 75.09 73.91 1.18 1.60 -8.59 -10.3 1.36 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 United Utilities PLC 08/28 6.88 BBB Baa1 A- 124.41 3.54 -0.07 -0.43 -
Deut Bank 7.87 7.75 0.12 1.59 0.37 4.9 20.26 Renault 35.56 35.10 0.46 1.30 -3.73 -9.5 -25.06 United Utilities PLC 08/28 6.88 BBB Baa1 A- 124.41 3.54 -0.07 -0.43 -
Iberdrola 9.85 9.80 0.04 0.45 0.42 4.5 6.95 AtlasCpcoB 313.80 332.90 -19.10 -5.74 -32.10 -9.3 2.75 Emerging US$ Citigroup Inc. 06/31 3.30 BBB+ A3 A 100.02 3.29 0.01 -0.18 -
LibertyGbl 21.22 20.82 0.40 1.90 0.88 4.3 -11.63 Ch OSLnd&Inv 26.95 27.15 -0.20 -0.74 -2.70 -9.1 -0.73 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Citigroup Global Markets Holdings Inc. 02/32 3.63 BBB+ A3 A 100.17 3.54 -0.07 -0.27 -
CSL 312.66 310.70 1.96 0.63 12.56 4.2 8.70 Denso 4569.00 4651.00 -82.00 -1.76 -452.00 -9.0 -1.96 Brazil 01/22 12.50 BB- Ba2 BB- 113.15 5.25 -0.02 -0.84 3.83
Brazil 01/23 2.63 BB- Ba2 BB- 95.75 3.80 -0.01 -0.40 1.29 Euro
Hunng Pwr 4.11 4.04 0.07 1.73 0.16 4.1 4.47 Carnival 46.28 45.27 1.01 2.23 -4.41 -8.7 0.90 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Swedbank 142.90 132.15 10.75 8.13 5.35 3.9 2.44 Devon Energy 22.82 22.62 0.20 0.88 -2.17 -8.7 4.80 Poland 03/23 3.00 A- A2 A- 100.62 2.83 0.01 -0.21 0.58
Turkey 03/23 3.25 - Ba3 BB 88.50 6.59 -0.30 0.91 4.34 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Enel 7.90 7.67 0.23 2.93 0.29 3.8 14.41 FastRetail 58690.00 58460.00 230.00 0.39 -5510.00 -8.6 -6.88 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 123.66 0.76 -0.04 -0.12 -
Netflix 349.63 342.88 6.75 1.97 11.52 3.4 6.50 Vale 51.28 50.51 0.77 1.52 -4.75 -8.5 2.29 Mexico 01/25 3.60 BBB+ A3 BBB 105.60 2.40 -0.06 -0.19 0.94
Colombia 01/26 4.50 BBB- Baa2 BBB 109.60 2.69 -0.03 -0.15 1.23 AT&T Inc. 12/32 3.55 BBB Baa2 A- 127.60 1.18 -0.03 -0.22 -
Fresenius Med 72.08 70.82 1.26 1.78 2.36 3.4 8.29 HaitongSecs 8.33 8.32 0.01 0.12 -0.76 -8.4 -5.67
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Yen
NextEraE 265.48 266.74 -1.26 -0.47 8.59 3.3 3.03 SouthCpr 38.77 37.97 0.80 2.11 -3.49 -8.3 5.06
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 101.20 0.90 -0.03 -0.14 -
Natl Grid 1018.80 1006.40 12.40 1.23 31.50 3.2 -98.86 SandsCh 41.30 40.80 0.50 1.23 -3.70 -8.2 -6.97
GileadSci 64.53 63.83 0.70 1.10 1.90 3.0 2.55 Schlmbrg 33.94 33.96 -0.02 -0.06 -3.01 -8.1 3.74 Russia 06/28 12.75 BBB- Ba1 BBB 172.63 2.93 -0.01 -0.07 - £ Sterling
MitsuiFud 2841.00 2858.50 -17.50 -0.61 83.50 3.0 -3.19 Gree Elec Apl 0.11 0.11 0.00 0.00 -0.01 -8.1 13.48 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
CME Grp 213.00 212.99 0.01 0.00 6.14 3.0 3.71 LasVegasSd 64.42 63.27 1.15 1.81 -5.65 -8.1 1.58 Brazil 04/21 2.88 BB- Ba2 BB- 103.19 0.14 0.00 -0.10 -1.28 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Aon Cp 217.42 211.95 5.47 2.58 6.16 2.9 5.78 Sychrony Fin 32.86 32.20 0.66 2.05 -2.86 -8.0 2.55 Mexico 02/22 1.88 BBB+ A3 BBB 103.56 0.15 0.01 -0.04 -1.27 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
Jan 28 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jan 28 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 1.50-1.75 30-10-2019 2.00-2.25 2.00-2.25 1.25-1.50 Index change change change 1 month 1 year VIX 15.69 -2.54 18.23 24.81 11.03 Jan 28 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 15.35 -2.23 17.58 30.37 2.47 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 209.11 -0.07 0.74 0.74 1.33 8.08 VXN 18.94 -2.52 21.46 28.30 13.58 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 388.32 0.34 3.18 3.18 2.66 13.40 VDAX 15.72 -1.96 17.69 - - - - - - - - - - -
UK Repo 0.75 02-08-2018 0.50 0.50 0.25 Corporates($) 316.96 0.29 1.73 1.73 1.73 1.73 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 100.44 0.56 0.00 -1.75 -11.11 -28.21 104.34 100.44 33.70
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 239.99 0.15 0.98 0.98 0.73 6.65 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 100.98 0.50 6.38 2.04 -16.67 -35.90 101.58 100.86 32.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 255.77 0.71 1.93 1.93 1.45 7.88 Tr 4pc '22 107.55 0.40 14.29 2.56 -20.00 -49.37 109.97 107.37 38.39
Gilts( £) 363.23 0.77 4.24 4.24 3.34 11.31 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 123.32 0.38 11.76 -11.63 -33.33 -61.62 126.04 122.14 35.49
INTEREST RATES: MARKET Global Inflation-Lkd 284.10 0.09 1.62 1.62 2.23 9.07 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 106.13 0.42 10.53 -14.29 -32.26 -64.41 107.75 100.41 23.73
Over Change One Three Six One Markit iBoxx £ Non-Gilts 377.40 0.36 3.01 3.01 2.53 11.77 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 142.30 0.68 7.94 -11.69 -25.27 -53.74 146.36 132.72 35.86
Jan 28 (Libor: Jan 27) night Day Week Month month month month year Overall ($) 266.25 0.32 1.62 1.62 1.62 1.62 Australia - - - - - - - Tr 4.25pc '36 150.90 0.86 4.88 -9.47 -21.10 -46.58 155.71 137.93 30.11
US$ Libor 1.53175 0.000 0.001 -0.010 1.64925 1.77450 1.78350 1.83725 Overall( £) 364.06 0.65 3.86 3.86 3.09 11.47 12/21 2.00 102.32 0.76 0.00 0.00 -0.15 -0.96 Tr 4.5pc '42 170.92 1.02 5.15 -8.11 -17.74 -40.70 176.63 152.21 26.95
Euro Libor -0.56757 -0.004 0.000 -0.001 -0.50600 -0.42900 -0.37014 -0.28043 Overall(€) 247.92 0.52 1.59 1.59 1.21 6.95 Austria - - - - - - - Tr 3.75pc '52 176.02 1.00 4.17 -9.09 -18.03 -40.83 182.25 150.09 23.87
£ Libor 0.67188 0.003 -0.008 -0.013 0.61750 0.69175 0.74050 0.78813 Treasuries ($) 246.22 0.37 1.67 1.67 1.67 1.67 02/47 1.50 128.31 0.39 -0.06 -0.18 -0.17 -0.86 Tr 4pc '60 201.23 0.95 5.56 -9.52 -18.10 -42.07 209.19 167.05 23.89
Swiss Fr Libor -0.002 -0.76060 -0.67000 -0.62820 -0.49840 FTSE Belgium 06/22 1.40 104.63 -0.55 -0.02 -0.04 0.01 -0.22 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor -0.013 -0.09433 -0.04500 0.01983 0.12667 Sterling Corporate (£) - - - - - - 06/47 1.60 125.10 0.60 -0.06 -0.19 -0.17 -1.03
Euro Euribor
Sterling CDs
-0.002
0.000
-0.45300
0.75000
-0.39800
0.83000
-0.33300
0.89500
-0.26000 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 Canada - - - - - - - GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 562.56 3.75 - - 22.20 43.43 03/22 0.50 98.08 1.44 -0.05 -0.21 -0.23 -0.45
US$ CDs 0.000 2.45000 2.56000 2.65000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Denmark - - - - - - - Price Indices Day's Total Return Return
Euro CDs - - - - 11/21 3.00 106.65 -0.67 -0.02 -0.05 0.01 -0.17 Fixed Coupon Jan 28 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 90.62 -0.09 2464.16 0.47 1.47 0.40
Short 7 Days One Three Six One Index change change change high low Finland - - - - - - -
04/21 3.50 105.00 -0.60 -0.02 -0.03 0.03 -0.13 2 5 - 10 Years 185.58 -0.26 3725.36 1.96 5.54 0.43
Jan 28 term notice month month month year Markit iTraxx 3 10 - 15 Years 223.49 -0.42 4741.30 3.45 9.24 0.68
Euro -0.76 -0.46 -0.74 -0.44 -0.67 -0.37 -0.57 -0.27 -0.51 -0.21 -0.46 -0.16 Crossover 5Y 221.60 -7.79 10.61 17.09 259.86 202.10 France 04/22 3.00 108.13 -0.60 -0.02 -0.05 0.02 -0.24
4 5 - 15 Years 194.07 -0.32 3972.65 2.49 6.52 0.55
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 44.91 -1.36 1.52 1.39 59.49 42.48 05/25 0.50 105.16 -0.46 -0.04 -0.12 -0.11 -0.55
5 Over 15 Years 381.49 -0.97 6173.51 6.61 16.53 0.98
Swiss Franc - - - - - - - - - - - - Japan 5Y 46.38 1.38 3.55 2.54 64.12 42.27 05/48 2.00 135.64 0.62 -0.06 -0.18 -0.18 -0.91
7 All stocks 189.60 -0.56 3985.52 3.80 9.57 0.88
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 53.56 -1.31 1.21 1.51 69.82 49.44 Germany - - - - - - -
US Dollar 1.46 1.76 1.50 1.80 1.57 1.87 1.66 1.96 1.68 1.98 1.72 2.02 07/22 1.75 105.89 -0.65 -0.02 -0.06 -0.01 -0.15 Day's Month Year's Total Return Return
Markit CDX 02/25 0.50 105.76 -0.62 -0.04 -0.12 -0.10 -0.39
Japanese Yen -0.25 -0.10 -0.25 -0.10 -0.25 0.05 -0.20 0.10 -0.10 0.20 -0.10 0.20 Index Linked Jan 28 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 199.86 6.68 21.32 25.95 215.60 173.62 08/48 1.25 132.60 0.09 -0.07 -0.17 -0.16 -0.69
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 306.91 -0.16 0.41 -0.45 2502.60 0.68 0.93
Nth Amer High Yld 5Y 310.08 14.78 31.22 31.33 310.08 274.89 Greece 02/25 3.00 115.77 0.95 -0.15 -0.18 -0.28 -3.11
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 2 Over 5 years 794.53 -1.34 6.03 11.30 5989.18 6.09 11.77
Nth Amer Inv Grade 5Y 49.45 2.44 5.41 4.47 63.32 43.93 02/25 3.00 115.77 0.95 -0.15 -0.18 -0.28 -3.11
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 509.33 -0.64 2.61 5.46 4034.74 2.75 6.29
Ireland 03/22 0.80 102.78 -0.50 -0.02 -0.04 -0.05 -0.26 4 Over 15 years 1035.02 -1.60 7.10 13.20 7603.72 7.13 13.53
05/30 2.40 125.40 -0.06 -0.06 -0.20 -0.20 -1.06 5 All stocks 710.40 -1.20 5.30 10.22 5448.31 5.39 10.81
Italy - - - - - - -
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 04/22 1.20 102.79 -0.08 -0.10 -0.16 -0.13 -1.05 Yield Indices Jan 28 Jan 27 Yr ago Jan 28 Jan 27 Yr ago
06/25 1.50 105.42 0.47 -0.17 -0.28 -0.25 -1.49 5 Yrs 0.28 0.24 0.87 20 Yrs 1.03 0.99 1.73
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
03/48 3.45 130.18 2.03 -0.19 -0.32 -0.32 -1.45 10 Yrs 0.57 0.53 1.30 45 Yrs 0.94 0.89 1.64
Crude Oil† Feb 53.42 0.67 Corn♦ Mar 381.00 0.50 Jan 27 Jan 27 Prev return stock Market stocks
Japan - - - - - - - 15 Yrs 0.89 0.85 1.61
Brent Crude Oil‡ 59.81 0.90 Wheat♦ Mar 569.25 -3.75 Can 4.25%' 21 107.59 0.121 0.149 0.36 5.18 86596.83 8
- - - - - - -
RBOB Gasoline† Jan 1.50 0.02 Soybeans♦ Mar 894.00 -3.50 Fr 0.10%' 21 101.70 -1.436 -1.449 -0.16 7.57 244395.36 15
06/22 0.10 100.59 -0.15 -0.01 -0.02 -0.02 0.01 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Mar 298.70 0.90 Swe 0.25%' 22 112.81 -1.583 -1.579 -0.61 31.92 194901.62 6
09/47 0.80 111.97 0.35 -0.04 -0.10 -0.06 -0.30 Real yield Jan 28 Dur yrs Previous Yr ago Jan 28 Dur yrs Previous Yr ago
Natural Gas† Feb 1.89 -0.01 Cocoa (ICE Liffe)X Mar 1938.00 -22.00 UK 2.5%' 24 113.31 -2.645 -2.604 0.84 15.74 747945.94 28
Netherlands 07/22 2.25 107.19 -0.64 -0.02 -0.05 -0.02 -0.19 Up to 5 yrs -2.24 2.82 -2.29 -1.81 -2.79 2.84 -2.84 -2.40
Ethanol♦ - - Cocoa (ICE US)♥ Mar 2742.00 0.00 UK 2%' 35 364.32 -3.215 -3.171 1.04 6.82 747945.94 28
07/25 0.25 104.21 -0.51 -0.04 -0.12 -0.12 -0.45 Over 5 yrs -2.03 24.77 -2.08 -1.58 -2.05 24.82 -2.10 -1.61
Uranium† Feb 24.85 0.00 Coffee(Robusta)X Mar 1331.00 2.00 UK 1.875%' 22 297.50 -2.618 -2.368 3.83 9.08 747945.94 28
Carbon Emissions‡ - - Coffee (Arabica)♥ Mar 105.65 -0.60 New Zealand - - - - - - - 5-15 yrs -2.44 10.36 -2.50 -1.81 -2.54 10.37 -2.60 -1.93
US 0.625%' 21 100.92 -0.001 -0.002 -0.20 35.84 1498931.44 41
White SugarX 404.80 9.60 05/21 6.00 105.86 1.42 0.00 0.02 -0.03 -0.71 Over 15 yrs -1.97 29.86 -2.03 -1.55 -1.99 29.88 -2.04 -1.57
Diesel† - - US 3.625%' 28 129.56 0.022 0.054 1.44 16.78 1498931.44 41
Sugar 11♥ 14.21 0.00 Norway - - - - - - - All stocks -2.03 22.09 -2.08 -1.58 -2.06 22.19 -2.11 -1.61
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 1753.00 -15.00 Cotton♥ Mar 69.68 0.24 05/21 3.75 103.15 1.32 -0.02 -0.08 0.02 0.13 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 1400.00 -30.00 Orange Juice♥ Mar 95.75 0.40 Portugal 04/21 3.85 105.38 -0.56 -0.04 -0.06 -0.03 -0.38 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 5700.50 -46.50 Palm Oil♣ - - 10/25 2.88 117.09 -0.11 -0.04 -0.14 -0.17 -1.04 Gilt Closing Prices information contained herein is proprietary to
Lead 1888.50 -3.50 Live Cattle♣ Feb 122.40 0.00 BONDS: TEN YEAR GOVT SPREADS Spain - - - - - - - Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 12575.00 -130.00 Feeder Cattle♣ Mar 135.18 -4.43 01/21 0.05 100.52 -0.47 -0.02 -0.05 -0.03 -0.27 accurate, complete or timely; and does not constitute investment advice.
Tin 16260.00 90.00 Lean Hogs♣ Feb 66.25 -0.63 Spread Spread Spread Spread Sweden - - - - - - - Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2245.50 -3.50 Bid vs vs Bid vs vs 06/22 3.50 108.99 -0.32 -0.01 -0.02 -0.01 -0.10
% 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 1580.10 15.80 Jan 27 Month Year 05/22 2.00 106.56 -0.79 -0.01 -0.03 -0.05 -0.11 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia - - - Italy - - -
Silver (US cents) 1829.50 46.50 S&P GSCI Spt 401.79 1.39 3.69 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - Japan - - -
Platinum 988.00 -25.00 DJ UBS Spot 76.44 -2.39 -4.90 Belgium 0.60 - - Netherlands -0.51 - - 07/22 0.50 100.40 0.34 -0.04 -0.05 -0.17 -0.52 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2330.00 -125.00 TR/CC CRB TR 184.48 1.63 3.27 Canada - - - Norway - - - 09/25 2.00 109.38 0.31 -0.05 -0.09 -0.23 -0.74 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 - - - Portugal -0.11 - - 07/47 1.50 111.81 1.01 -0.06 -0.18 -0.25 -0.79
Iron Ore 84.70 -7.35 UBS Bberg CMCI TR 14.10 2.75 4.70 Finland - - - Spain - - - United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 89.00 1.00 LEBA EUA Carbon 24.66 -0.32 4.05 France 0.62 - - Switzerland - - - 07/22 1.88 101.11 1.42 -0.06 -0.16 -0.19 -1.16
Baltic Dry Index 539.00 -7.00 LEBA CER Carbon 0.24 26.32 0.00 Germany - - - United Kingdom - - - 05/25 2.13 103.39 1.46 -0.07 -0.20 -0.26 -1.20
LEBA UK Power 4277.00 129.33 101.27 Greece 0.95 - - United States - - - 11/47 2.75 114.58 2.06 -0.07 -0.24 -0.26 -1.01
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.
20 ★ FINANCIAL TIMES Wednesday 29 January 2020

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
GalfrdT 137.30 6.16 887.00 103.00 52.44 1.75 934.3 CloseBrs 1466 16.00 1663 1148 4.37 11.06 528.2 TaylorWm 218.10 1.10 224.80 2.07 2.86 10.96 7166.8 Rightmove PLC 665.20 -0.80 681.13 447.00 0.98 35.36 1236.8 LondonMtrc 226.20 1.40 245.40 180.70 3.67 50.27 679.0 Ferguson 6920 34.00 7268 4594 2.28 18.52 333.7
DBAG € 39.15 -0.25 41.95 29.80 3.87 12.29 11.4 TedBaker 272.40 -9.80 2026 257.60 21.51 108.96 289.2 STV Grp 417.00 1.00 455.00 331.00 4.80 12.23 33.3 McKaySec 270.00 -5.00 286.00 215.00 3.78 21.29 15.2 G4S 200.30 0.80 241.80 165.75 4.84 80.12 1738.9
Aerospace & Defence Hargr Lans 1851.5 52.50 2447 1624 1.75 35.61 892.0 Vistry Group♦ 1397 33.00 1400.21 1209 4.08 12.79 796.6 ThmReut C$X 105.90 0.65 105.98 67.16 1.92 223.32 173.7 PrimyHth 158.80 0.60 160.80 112.60 3.46 -25.21 1916.7 Hays 159.50 -0.20 186.00 131.80 2.42 14.54 1667.2
Avon Rubber 2390 50.00 2570 1075 0.74 51.40 23.9 Indvardn SKr 226.70 1.20 235.20 182.30 2.62 147.41 481.7 WPPX 986.40 3.60 1085.5 791.00 6.08 17.71 3345.6 RDI REIT 132.00 -0.40 815.00 98.40 10.23 17.84 147.0 Homesve 1326 3.00 1350 936.00 1.61 40.55 262.5
Babcock 614.40 6.40 659.80 410.10 4.84 15.59 1046.8 ICG 1697 15.00 1722 969.50 2.65 24.04 733.7
Industrial Engineering SEGRO 901.00 5.00 917.30 634.40 2.09 10.42 2201.4 HowdenJny 682.00 5.20 702.00 477.50 1.70 20.98 1482.4
BAE Sys 635.00 0.20 648.80 5.69 3.50 15.34 4534.7 Investec 428.80 1.60 523.40 391.90 5.71 8.95 1262.4 Bodycote 880.00 -7.00 975.00 638.50 2.16 16.79 325.4 Mining Shaftbry♦ 920.00 3.00 992.50 734.00 1.87 108.24 152.2 Intertek 6078 42.00 6178 56.22 1.63 33.94 166.6
Chemring 281.50 3.00 367.75 134.00 1.21 0.35 922.2 Jupiter 385.70 8.20 435.00 310.30 4.43 13.30 673.9 Castings 419.00 -2.00 452.00 341.00 3.53 14.88 0.7 AngloAmer 2052.5 20.00 2294 1654.8 3.83 8.16 2493.2 Town Ctr 220.00 -3.00 235.94 164.00 5.34 -9.40 7.9 Kin and Carta 112.00 2.00 114.00 75.06 1.74 153.42 153.7
Meggitt 675.20 2.40 701.80 484.30 2.47 36.50 1282.9 Liontrust 1305 - 1340 572.00 1.76 40.09 120.6 Goodwin 3390 130.00 3700 2440 2.84 23.22 1.5 AngloPacif♦ 172.00 - 229.00 155.00 4.65 6.77 178.6 TritaxBBOX 140.50 0.10 162.60 135.00 4.78 10.15 4862.2 MngCnslt 1.25 0.03 2.00 1.07 - - 2331.0
RollsRoyceX 651.00 14.40 1003.5 619.74 1.80 -5.18 6202.7 LSE Gp 7732 -36.00 8150 1656 0.78 56.94 521.6 Hill&Sm 1460 -6.00 1534 1049 2.18 22.46 31.8 AnGoldA R 296.15 -10.87 367.22 160.01 0.33 38.96 1267.2 Wkspace♦ 1211 -13.00 1258 796.88 2.71 16.48 302.7 MearsGp 308.00 7.00 323.00 220.00 4.03 14.27 51.9
Senior 167.40 4.10 241.80 158.69 4.43 15.59 453.6 M&G Plc 244.60 2.60 282.30 201.20 - 4.15 5754.0 IMI 1129.5 3.50 1214.5 896.40 3.59 18.10 424.6 Antofagasta 859.20 21.80 1026 768.80 3.97 17.47 2458.3
MelroseInd 239.70 3.40 254.60 154.20 1.92 -53.27 4547.3 BHP Group 1723.4 19.60 2078.5 18.17 4.62 13.17 4160.9
Real Estate Inv & Services MenziesJ 430.00 -1.50 575.00 353.50 4.77 204.76 38.3
Automobiles & Parts Man 151.55 2.05 177.10 128.35 6.04 10.60 2277.5 Cap&Count 251.40 3.40 275.00 181.40 0.60 -12.83 666.9 Mitie♦ 128.40 -6.70 170.10 111.50 3.12 14.59 151.9
Paragon♦ 530.00 8.00 555.50 385.20 3.66 9.96 433.5 Renold 17.50 - 39.00 16.65 - 5.47 45.1 BisichMg♦ 105.00 - 130.00 96.00 3.81 3.14 2.3 Renewi 35.75 0.55 38.45 18.98 4.02 -2.93 1149.7
FordMtr $X 8.95 0.06 10.56 8.16 7.06 21.24 29768.1 RHIM 3330 30.00 5020 3134.05 4.03 8.67 101.1 EVRAZ 366.70 5.00 710.20 339.19 22.71 4.24 2368.7 CLS 275.50 -2.00 322.50 210.00 2.50 8.01 89.6
Providnt 461.70 4.70 636.20 348.70 2.17 19.73 637.9 Daejan 5320 60.00 6160 4715 1.99 14.50 3.9 Rentokil 475.60 5.20 485.90 327.90 0.94 -89.91 2917.3
Banks RathbnBr 1982 2.00 2560 1938 3.33 45.46 15.3 Rotork 308.20 0.50 344.70 266.60 1.91 29.63 1275.6 Fresnillo 613.00 -25.20 1028 536.80 3.54 30.12 982.3 Ricardo 768.00 -12.00 846.00 586.00 2.70 20.81 7.2
Severfd 83.00 - 88.00 60.26 3.37 15.63 964.9 GlencoreX 227.60 6.20 2334.5 188.23 6.90 41.38 27492.9 Grainger♦ 302.40 2.80 318.00 205.60 1.74 15.27 398.2
ANZ A$X 25.46 -0.44 29.30 24.09 6.61 11.33 5906.2 Record 39.00 -0.25 42.22 27.00 5.90 13.31 475.9 Harworth Grp 147.00 -1.00 160.22 115.00 0.62 10.97 45.0 RbrtWlts 588.00 8.00 676.00 428.20 2.50 12.65 0.6
BcoSant 310.25 15.55 405.00 291.85 4.70 10.99 445.4 S&U 2140 - 2460 1725 5.51 9.06 14.3 Tex# 73.00 - - - 3.42 -4.93 - Harmony R 49.23 -3.00 59.06 22.26 - -9.37 3218.7 RPS 180.00 8.80 198.00 93.00 5.49 17.49 152.8
Trifast 191.00 -0.25 242.00 149.00 2.23 19.29 3.8 KAZ Minerals PLC 450.90 4.90 744.80 375.30 2.11 5.74 1606.0 Helical 486.50 3.50 499.50 315.00 2.08 19.23 221.6
BnkGeorgia 1504 4.00 1777 1220 4.60 5.67 36.1 Schroder 3230 54.00 3456 2508 3.53 19.41 180.0 HK Land $ 5.49 -0.08 7.53 5.16 4.09 7.21 3010.9 SIG 91.95 0.65 153.90 87.60 4.08 131.36 452.1
BankIre Grp € 4.60 0.20 6.06 3.04 3.67 10.06 182.0 ..N/V 2455 25.00 2645 1962 4.64 14.75 38.5 Vitec 1030 -10.00 1335 960.00 3.59 16.02 6.6 Petropvlsk 18.08 0.94 19.06 7.58 - 9.59 34584.3 Vp 1000.00 -5.00 1060 690.00 3.02 15.88 22.0
Weir 1374 10.00 1814.5 1249 3.36 57.97 510.3 PolymtIntl 1261 -8.00 1283 763.80 2.94 21.69 1013.7 Lon&Assc 20.50 - 25.94 14.00 0.85 -3.84 13.3
BkNvaS C$X♦ 73.11 -0.16 76.75 67.17 4.80 10.88 592.3 Strd Life Aber 304.90 4.00 338.25 231.05 7.43 -43.56 11898.4 MacauPrp 113.00 -0.50 166.00 109.07 - -2.81 10.5
BarclaysX 172.02 1.34 192.99 131.04 4.07 16.00 23352.7 TP ICAP 395.50 4.10 425.00 265.40 4.26 26.19 533.4 Rio TintoX 4250 34.00 5039 3900.5 5.68 6.86 2500.2 Tech - Hardware
Industrial General Sirius Min 5.45 -0.02 8389 2.10 - 4.47 56337.9 Mntview 12200 200.00 12540 9150 3.28 16.28 0.7 SpirentCM 228.50 3.00 253.50 138.20 1.53 31.00 807.7
CanImp C$X 109.21 0.45 115.96 97.55 5.16 9.70 411.7 WlkrCrip 27.00 - 35.00 22.25 3.37 17.42 75.0 Coats Group 76.80 1.20 92.20 65.30 1.70 20.07 2089.6 Palace Cap 336.00 6.00 347.34 261.00 5.65 336.00 19.5
HSBCX 567.70 8.60 687.70 0.78 7.26 10.93 17585.5 Troy Res A$ 0.10 0.00 0.13 0.08 - -0.97 539.1
Food & Beverages JardnMt $X 55.56 -1.10 72.05 50.98 3.12 12.21 462.2 Raven Property Group Ltd 50.00 0.10 51.80 36.40 - -4.76 58.7 Tech - Software & Services
LlydsBkgX 57.64 0.53 73.66 48.16 5.66 19.21 96304.2 Jard Str $X 31.16 -0.84 40.70 29.03 1.11 10.72 267.7 Oil & Gas RavenR CNV 104.50 - 119.00 95.63 - - 307.5 Computcnt 1817 19.00 1867 0.10 1.67 25.34 101.6
PermTSB € 1.03 0.01 1.66 0.94 - -10.27 64.2 AngloEst 540.00 6.00 600.00 425.00 0.42 -117.47 9.7
AscBrFdX 2657 24.00 2704.27 2078.81 1.71 23.92 503.5 Macfrlne 111.00 - 116.50 88.00 2.07 19.37 28.3 BPX 481.75 4.80 583.40 4.69 6.89 25.38 24599.0 RavenR Prf 134.00 -0.50 143.00 116.45 - 150.06 15.5 MicroFoc 1094.2 34.20 2174.5 998.00 8.03 6.52 763.3
RylBkC C$X♦ 105.74 0.39 109.68 97.30 3.87 12.01 1612.4 Smith DS 348.60 1.20 397.80 306.30 4.65 102.53 3813.9 CairnEng 172.40 2.70 216.80 141.93 - -2.24 850.6 Safestre 795.00 1.50 829.00 550.50 2.04 13.16 268.4 NCC Grp 213.00 1.00 236.00 111.50 2.18 44.38 393.4
RBSX 217.90 -0.20 274.20 2.23 2.52 13.17 14630.2 Barr(AG) 627.00 83.00 980.00 508.00 2.65 22.17 459.6
Britvic♦ 905.00 13.00 1079 835.50 3.16 29.87 561.9 Smiths 1719.5 19.50 1760.5 1374.5 2.61 48.99 577.0 ExxonMb $X 65.04 0.30 83.49 64.70 5.48 17.95 7317.5 Savills 1229 20.00 1251 807.00 1.27 22.89 120.8 RM 281.00 1.00 310.00 220.00 2.70 12.71 3.9
Sberbank of Russia PJSC ADR - - - - - - - SmurfKap 2688 24.00 2976 2072 3.25 -11.66 128.9 Gazprom PJSC ADR $ 7.47 0.22 8.50 4.47 6.96 3.44 12480.3 SchroderRE 53.10 -0.90 59.40 52.00 4.87 26.55 867.5 Sage 753.80 0.60 826.00 7.32 2.21 31.03 1812.8
STB 1610 50.00 1730 1180 5.16 9.96 1.2 CarrsGroup 155.00 0.50 175.50 128.00 2.97 12.11 0.1
Coca-Cola HBC 2795 23.00 3094 2296 1.82 27.16 343.7 Vesuvius 446.40 1.60 646.00 331.00 4.44 9.70 212.0 GeoPark $ 18.96 0.19 22.62 14.01 - 12.50 22.3 SiriusRE 91.30 2.30 92.50 58.00 3.17 8.26 682.2 SDL 620.00 -2.00 640.00 440.00 1.13 32.80 72.8
StandChX 662.00 4.40 742.60 573.80 2.49 53.32 5691.0 GulfKeyst 194.00 -2.80 276.50 185.20 2.92 7.63 751.8 Smart(J) 124.50 - 126.00 108.00 2.54 8.05 8.0 TriadGp 35.50 -0.50 56.50 33.00 8.45 -1183.33 11.7
..7.375%Pf 129.75 - 125.20 112.50 5.68 - - Cranswk 3510 22.00 3842.5 2340 1.59 24.75 144.8 Industrial Transportation
Devro 172.60 4.60 222.00 147.76 5.21 18.97 126.3 HellenPet € 8.32 0.04 9.60 7.53 9.41 132.82 56.8 StModwen 497.50 5.50 522.31 370.00 1.43 18.36 189.1
..8.25%Pf 140.50 -0.25 138.95 122.00 5.87 - 29.2 Braemar 211.50 -2.50 241.84 70.08 7.09 -20.20 13.5 Hunting 316.60 -2.00 657.00 313.00 2.23 7.98 403.0 U+I 180.60 0.60 479.33 126.80 3.27 5.66 27.5 Telecommunications
TntoDom C$X♦ 74.05 0.07 77.96 71.22 3.93 11.77 660.6 DiageoX 3146.5 -46.00 3633.5 2688.5 2.11 24.19 4845.8 Clarkson 2915 5.00 3135 2180 2.57 28.47 8.0 BTX♦ 174.24 2.32 239.85 157.67 8.84 7.99 27552.8
Grncore♦ 245.70 -2.60 282.20 183.35 2.37 31.91 2313.5 ImpOil C$X 32.92 0.32 40.59 31.51 2.61 8.77 267.2 Unite Gp 1267 -2.00 1335 870.50 2.29 14.06 318.9
Westpc A$X 25.00 -0.21 30.05 23.86 7.91 12.54 5537.5 Eurotunnl € 15.80 -0.06 16.04 12.29 2.41 59.85 1059.6 Pharos Energy 47.60 -2.30 78.00 47.00 11.45 602.53 690.5 Urban&C♦ 356.00 4.00 363.00 260.00 0.98 11.59 53.4 TalkTalk 112.00 2.30 128.50 91.65 2.23 35.00 657.7
HiltonFd 1040 4.00 1133.86 855.00 2.06 28.11 127.3 Fisher J 1930 -50.00 2280 1764 1.64 21.93 13.3 TelePlus 1530 16.00 1568 1094 3.40 35.50 61.2
Basic Resource (Ex Mining) Kerry € 117.00 0.50 118.40 57.62 0.63 35.41 26.7 PJSC Lukoil ADR $ 103.81 -4.64 5295 65.53 3.91 6.55 94.0
OceanWil 1010 - 1290 700.00 5.28 14.49 7.8 PremOil 106.45 0.50 120.70 64.48 - 9.54 4184.3
Retailers Vodafone GpX♦ 156.66 2.36 185.05 122.22 5.08 -23.70 37072.7
Ferrexpo 143.05 2.25 305.60 119.85 5.43 2.37 1499.0 PremFds 37.35 0.10 45.90 29.80 - -14.94 319.5 RoyalMail 202.80 4.60 308.20 186.80 12.33 6.28 2644.9 AA 49.32 -0.68 99.64 40.50 4.06 5.73 627.5
Mondi 1586 7.50 170250 1484 4.28 9.17 1029.3 PureCircle# 131.20 - 345.00 126.60 - -30.83 2.0 RylDShlAX 2149 4.50 2637.5 3.04 7.09 10.55 7755.7 Tobacco
Signature Aviation 293.90 2.10 402.04 53.45 4.66 29.92 1558.6 ..B 2154.5 3.00 2647 8.89 7.07 10.58 5474.3 AO World 78.10 -0.90 127.40 56.70 - -31.49 41.0
REA 179.00 - 234.00 93.00 - -2.26 3.0 AshleyL 3.20 0.04 4.20 1.25 - -1.66 247.1 BrAmTobX♦ 3375 12.50 3507 34.85 5.90 12.57 5150.4
Chemicals StckSpirit 208.00 -0.50 241.00 188.00 3.68 16.59 153.7 Insurance Schlmbrg $X 33.94 -0.02 48.88 30.65 6.21 -5.34 4640.8 Imperial BrX 1933.8 9.60 2713.5 1439.09 10.01 18.28 1913.6
Seplat 104.00 -6.00 134.00 99.00 4.63 3.20 313.5 Caffyns 400.00 - 450.00 302.00 5.63 -10.64 0.1
Carclo 10.98 -0.68 49.00 9.00 - -0.43 925.4 Tate&Lyl 793.20 13.20 810.00 662.80 3.71 16.19 1147.9 Admiral 2301 45.00 2340 1989 3.93 16.65 318.6
TrnCan C$X♦ 72.72 0.36 72.82 54.61 4.24 16.16 436.7 Dairy Fm $ 5.07 -0.33 9.33 5.07 4.22 72.88 948.7 Travel & Leisure
Croda 5155 70.00 5415 48.62 1.73 28.15 340.9 TongtHu R 13.21 - 51.40 13.19 4.59 -1.38 - AvivaX 406.80 4.10 442.30 3.87 7.37 7.03 9272.4
Tullow Oil PLC 53.00 2.50 254.60 38.05 7.21 7.25 18396.3 Dignity 578.50 6.50 765.00 455.20 4.21 23.52 31.2 888 Hldg 135.90 0.30 183.30 126.70 5.93 10.74 1223.0
Elemntis 131.40 0.70 198.90 127.30 4.89 16.24 2049.3 Unilever 4500.5 72.00 5333 3905 3.12 14.31 2413.6 Beazley 549.50 9.50 634.00 486.60 2.22 23.39 885.1
Wood Group (John) PLC 385.60 6.60 598.60 314.00 7.13 57.07 1990.2 DixonsCar 143.05 -0.40 166.45 90.00 - 6.75 1355.4 Carnival 3312 55.00 4448 3037 4.99 9.11 569.8
Johnsn Mtthey♦ 2692 32.00 3475 2641 3.18 13.44 656.5 ..NV € 53.40 -0.20 55.40 45.30 2.94 15.11 7.9 Chesnar 326.00 -1.50 389.50 250.68 6.34 8.68 98.9 Dunelm 1159 9.00 1206 696.56 2.33 23.23 229.8 CompassX♦ 1937.5 38.00 2150 20.62 1.99 27.72 2143.6
Victrex 2290 - 2574 1813.68 2.60 19.91 242.3 Direct Line 337.70 4.30 366.60 266.70 6.22 10.82 1973.1
Health Care Equip & Services Pharmaceuticals & Biotech Halfords 164.10 1.30 261.20 141.20 11.32 7.89 197.3 Dalata Hotel 399.00 -5.75 535.00 379.50 2.24 10.72 277.9
Construction & Materials Eccles prf 159.50 -0.50 164.00 137.30 5.41 - 53.7 AstraZenecaX 7651 151.00 72750 109.51 3.00 58.74 1121.5 Inchcape 671.00 9.00 725.00 536.00 3.99 52.02 423.9
ConstMed 1020 5.00 1075 702.00 2.10 127.50 32.4 Hansard 46.00 3.00 49.00 35.40 9.67 13.94 19.3 easyJet 1411 1.50 1557.5 840.00 4.15 16.07 1560.3
Alumasc 106.00 -1.50 125.00 80.00 6.93 53.00 116.8 ConvaTec 202.60 0.70 225.80 113.25 2.23 32.23 1320.9 CathayIn 2.75 -0.25 8.00 1.70 - -0.60 22.7 JDSportsF 833.00 4.00 890.00 436.50 0.21 31.41 790.2 EI Group 284.20 - 289.00 192.20 - -6.15 267.1
Boot(H) 330.00 -2.00 351.00 228.16 2.73 12.41 104.6 Hiscox 1351 28.00 1795 1140 2.44 39.35 536.9 Dechra 2908 -34.00 3090 2288 0.95 96.71 227.2 Just Eat PLC 872.20 16.60 8150 574.40 - 150.38 674.6
GNStre kr 343.80 1.50 350.30 259.20 0.41 32.80 252.5 Lancashire 745.00 1.00 796.50 556.50 1.59 - 229.8 FirstGrp 124.80 0.90 138.80 86.85 - -6.50 1226.5
CRH 2915 21.00 3116 2172 2.21 16.81 1131.0 Mediclinic 386.60 - 419.40 288.30 2.04 22.61 858.6 Genus 3092 8.00 3358 2122 0.87 259.83 29.6 Kingfisher 204.50 2.00 268.20 185.90 5.29 23.51 7015.8 Flutter Entertainment 8920 24.00 9532 5390 2.24 38.02 162.6
KierGp 81.80 1.75 547.00 58.40 61.25 -0.52 784.1 Leg&Gen 307.00 3.50 324.70 210.70 5.35 9.78 9964.5 GlaxoSmhX 1792 9.40 1857 1429.8 4.46 19.63 5554.1 Marks&Sp 184.30 3.45 292.86 161.35 7.36 40.12 6433.3
NMC Health 1383 23.00 3059 1192 1.30 13.64 859.9 Old Mut 93.52 1.82 136.98 90.48 6.69 10.37 2245.4 Fuller A 978.00 23.00 1250 882.00 2.02 35.15 1.5
Kingsp € 56.70 -0.05 58.13 35.76 0.78 27.45 26.4 Smith & Nephew 1903 16.00 1998.4 1402 1.49 30.39 1150.8 HikmaPhm 1942.5 3.50 2212 1491.5 1.55 16.61 169.5 Morrison (Wm) 184.15 1.55 246.45 176.90 3.58 14.33 4488.7 Go-Ahead 2040 20.00 2308.91 1745 5.00 14.95 50.7
LowBonr 12.30 -0.40 19.00 5.76 10.82 -0.79 40.4 PhoenixGrp 760.80 16.80 777.80 626.40 6.05 10.02 853.0 Oxfd Bio 624.00 -17.00 793.00 461.50 - -54.26 80.7 MossBros 19.75 -0.33 26.90 16.50 7.59 -4.69 195.0
UDGHlthC♦ 793.00 - 846.00 545.00 1.66 42.64 846.8 PrudntlX 1376 30.00 1532.78 1109.67 3.59 13.52 5146.7 IntCon Htels Gp 4709.5 139.50 5770 4244 1.95 25.32 620.6
Marshlls 788.50 4.50 876.00 490.00 1.52 28.14 144.7 RichterG $ 21.40 - 22.40 15.60 1.60 23.46 0.0 Next 7040 22.00 7358 4703 2.34 15.66 193.9 Intl Cons Air 592.40 5.40 684.00 5.58 4.63 6.26 7881.6
MorgSdl 1816 40.00 1830 1056.6 2.92 12.25 610.7 House, Leisure & Pers Goods RSA Ins 552.20 11.00 600.20 497.20 3.80 21.83 2056.7 VecturGp 100.60 8.80 102.24 73.99 - -7.94 1723.7 Ocado 1307.5 26.50 1440.5 836.40 - -53.59 665.2
SagicFin 117.50 - 135.00 87.00 3.45 11.22 0.0 MandarO $ 1.74 -0.03 2.11 1.36 1.76 67.15 238.4
Norcros 286.00 -4.00 305.00 185.00 2.94 13.30 5.5 BarrttDev 806.40 12.80 824.12 526.20 3.41 11.15 2245.4 Saga 44.92 3.18 125.90 31.78 8.90 -2.45 6205.8 Marstons 106.90 -0.40 133.80 92.55 7.02 -38.18 1577.9
Tyman 265.00 2.00 272.00 115.00 4.53 21.39 8.6 Bellway 4042 31.00 4150 38.96 3.60 9.26 185.2 StJmsPl 1130.5 32.50 1777.5 897.80 4.27 40.38 2014.3 Real Estate Sainsbury (J) 205.50 1.50 20130 177.05 5.35 120.88 4546.6 Natl Exp 454.20 -6.80 485.00 378.60 3.27 16.46 437.7
Berkeley 5346 16.00 5504 3416 0.51 13.35 214.0 LEISURE REITs Studio Retail Group 235.00 -0.50 261.00 152.50 - 15.71 2.7 PPHE Htl 1980 -60.00 2100 1620 1.77 30.94 32.0
Electronic & Electrical Equip Burberry Gp♦ 2010 11.50 2362 1678 2.11 23.24 2051.8 Assura 77.40 0.40 80.20 54.90 3.54 22.76 3329.5 TescoX 246.00 0.70 293.40 210.70 2.35 18.37 14586.6
Dialight 260.00 -1.00 573.48 224.75 - 50.00 3.4 PhotoMe International Plc 90.50 1.40 107.80 75.00 9.33 10.19 105.1 Restaurt 131.40 -0.50 167.70 110.10 4.90 -7.77 425.8
Cairn Homes € 1.25 -0.01 1.47 0.95 - 21.93 635.0 BigYellw 1165 7.00 1218 924.50 2.85 12.04 126.1 Ryanair Holdings PLC 415.20 0.40 459.13 359.00 4.99 27.50 116.2
Discoverie PLC 578.00 12.00 590.00 381.00 1.65 27.01 86.8 CtrySide♦ 493.00 6.40 517.00 275.60 2.56 13.22 691.5 Media BritLand♦ 579.60 4.80 649.40 465.30 5.39 -8.52 1598.9
Support Services
Halma♦ 2132 -13.00 2195 19.03 0.74 44.87 676.4 Aggreko 800.00 -0.80 881.00 693.20 3.39 16.44 348.7 TUI 815.80 -4.80 1228 686.60 7.81 12.99 1197.7
GamesWk 6780 - 7135 2785 2.29 33.76 42.7 4imprint 3340 50.00 3540 1900 1.63 31.49 16.0 Cap&Reg 241.60 0.60 334.50 133.20 1.00 -20.03 46.6 Whitbrd 4350 111.00 5194 3927 2.33 18.26 812.7
Morgan Ad 318.60 2.40 339.40 228.92 3.45 15.77 448.0 Gleeson 942.00 8.00 1010 690.00 3.66 15.60 13.5 Auto Trader Group PLC 578.40 2.20 613.80 442.90 1.16 25.97 1716.6 Civitas SH 97.30 -0.80 104.00 76.10 5.29 22.73 600.3 AshtdGp♦ 2531 19.00 2599 1744 1.34 14.76 1389.7
OxfordIn 1538 36.00 1672 870.00 0.94 26.11 32.8 Bunzl 2005 -5.00 2554 1891.5 2.50 20.19 741.0 Willim H 175.35 1.85 206.80 128.45 6.84 62.63 866.3
Headlam 540.00 - 560.00 385.00 4.63 13.67 9.3 Centaur 37.00 - 59.00 30.30 8.11 -3.46 14.2 Countrywd 393.00 12.80 566.00 155.00 - 0.14 274.6
Renishaw 4144 68.00 4724 2830.67 1.45 32.71 118.3 McBride 63.80 -0.20 142.40 45.90 4.39 9.82 62.8 DlyMailA♦ 802.00 10.00 897.00 585.50 2.93 21.22 150.6 DrwntLdn 4060 -4.00 4200 2858 1.62 20.62 156.6 Capita 153.55 -0.70 185.25 98.66 - 10.74 3693.6 Utilities
Spectris 2731 1.00 2984 2210 2.23 66.77 267.4 McCarthy&S 155.70 1.80 159.90 121.40 3.47 20.49 743.2 HaynesPb 414.00 1.00 457.00 146.00 1.81 45.00 6.3 Great Portland 926.60 -1.80 955.00 643.80 1.32 41.00 672.8 DCC 6284 -10.00 8558.3 6200 2.20 25.97 222.2 Centrica 88.34 -0.70 140.70 63.99 13.58 -8.33 18036.9
TT Elect 250.00 -5.00 268.00 176.00 2.60 37.31 484.2 Persimn 3027 34.00 3075 1444.5 7.76 10.90 576.0 Hyve Group♦ 102.00 1.20 110.00 57.00 1.89 -78.46 936.4 Green Reit € 1.84 -0.05 1.93 1.30 3.12 13.44 1922.5 DeLaRue 138.00 -0.20 466.00 121.00 18.12 46.00 81.8 Drax 282.00 4.00 414.40 247.80 5.00 40.87 592.6
XP Power 3600 -110.00 3880 1855 2.39 27.11 50.0 Philips € 43.38 -0.92 45.93 32.20 2.05 28.46 3931.4 Informa 798.80 9.00 900.80 669.20 2.74 33.28 3554.7 Hammersn 256.80 6.70 396.40 202.90 10.09 -3.10 2386.8 Diploma 1955 26.00 2095.42 1246 1.35 35.74 106.7 Natl GridX 1018.8 12.40 1018.8 8.90 4.65 23.86 6016.5
PZCusns 197.00 2.40 229.00 175.00 4.20 31.57 353.9 ITV 139.75 - 165.90 102.65 5.72 12.59 5796.3 Hansteen 116.20 - 118.20 85.00 5.34 10.96 1803.4 DWF Group PLC 127.20 -0.85 133.25 115.00 0.79 37.37 31.6 Pennon♦ 1109.5 9.50 1136.43 693.40 3.70 20.03 889.0
Financial General Elctrcmp 697.00 -2.40 731.20 532.40 2.12 21.31 1268.2
ReckittBX 6239 109.00 6744 5510 2.74 19.44 1344.9 Pearson 587.20 7.40 955.00 6.87 3.15 10.21 2708.6 Hibernia € 1.40 0.01 1.56 1.22 2.60 11.11 2661.4 Severn Trent 2584 3.00 2631 1891 3.61 20.67 692.6
3i 1099 17.00 1189 808.60 3.18 8.29 1296.0 Essentra PLC 415.20 0.40 459.13 359.00 4.99 27.50 116.2
Redrow 802.00 9.00 809.00 528.00 3.80 8.72 1970.7 RELX NV £ 24.18 0.26 24.44 18.50 1.74 31.36 1365.3 Intu 19.00 0.22 122.15 17.90 24.21 -0.17 8254.3 SSE♦ 1506.5 10.50 1533 997.80 6.47 8.98 4025.9
BrewDlph♦ 359.40 5.00 377.20 284.19 4.56 21.65 212.5 Experian♦ 2705 61.00 2720 1868 1.40 41.77 1272.9
Superdry Plc 400.40 -5.00 575.50 356.60 2.87 -2.62 224.3 RELXX 2046 26.00 2057.43 1597 2.06 26.54 2448.4 LandSecs 961.00 12.00 1019.5 473.27 4.77 -23.10 1305.3 UtdUtils 1000.00 1.40 1104 744.20 4.03 18.80 1179.7
CtyLonInv 448.00 -19.50 475.00 375.00 6.03 13.14 28.0

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 Arbuthnot 1275 -25.00 1450 1020 2.75 26.29 0.1 WalkerGb 80.00 - 91.75 55.00 4.05 12.23 31.9 Egdon Res 4.35 - 8.27 2.50 - -6.80 7.5 CVS Group PLC 1132 6.00 1198 362.40 0.44 97.59 48.4 Oxford Metrics♦ 112.00 - 115.00 77.65 1.34 34.57 524.8
Cohort 691.00 7.00 738.00 354.00 1.32 38.80 15.1 BP Marsh 254.00 - 314.00 201.00 1.87 7.82 24.8 Hurricane Energy 21.60 -2.18 64.50 21.60 - -76.33 31914.9 WANdisco 445.00 1.50 858.00 330.00 - -10.11 16.8
Burford Capital Ltd 624.50 4.50 2045 380.20 1.56 4.57 2224.0
Industrial Engineering PetrelRes 13.50 -1.75 27.00 0.89 - -53.78 3675.3
Support Services
Velocity Composites PLC 43.00 2.00 44.96 15.03 - -22.63 53.1 Travel & Leisure
Gresham House 665.00 7.50 675.00 437.00 0.45 -170.47 67.0 600 Grp 15.50 - 21.89 12.15 4.86 5.12 106.9 Phoenix Global 17.00 0.80 27.00 9.00 - -10.82 294.8 Begbies 83.00 - 95.00 56.80 3.13 25.94 80.8
Banks Leeds 17.00 - 29.00 13.00 - -3.62 10.0 MS Intl 189.00 -1.00 222.90 156.20 4.37 35.00 2.0 Rockhop 18.16 -0.18 28.40 14.00 - -6.51 1027.4 Christie 123.50 - 130.00 84.00 2.43 14.99 2.6 Celtic 142.50 - 172.00 130.00 - 21.02 50.2
Caribbean Inv 30.00 - 34.70 13.12 - 2.31 401.5 MattioliWds 835.00 7.50 844.00 291.00 2.14 27.20 17.1 Pres Tech 132.50 -5.00 142.00 75.00 - -19.49 29.0 Sound Energy 1.81 -0.02 27.00 1.70 - -0.96 2142.7 Empres 56.50 - 76.00 41.00 3.54 8.43 99.1 ..6%CvPf 149.00 -1.00 170.00 135.00 - - 5.0
Numis♦ 290.00 -1.00 317.00 210.50 4.14 21.64 105.6 UnJackOil 0.15 -0.01 0.38 0.08 - -15.20 72228.4 Gattaca 105.00 -1.75 173.00 93.40 - 21.43 21.6 ..Cv Pf 291.00 - 339.50 263.00 - - 0.0
Basic Resource (Ex Mining) IT Impellam 355.00 -2.00 570.00 340.00 - 25.18 2.0 Dart♦ 1734 -6.00 1842 482.00 0.59 17.02 418.7
PolarCap 574.00 -6.00 628.00 450.00 5.75 11.15 59.2 Keywords Studios 1380 -8.00 1880 885.00 0.12 102.00 382.1 United O&G 3.40 -0.05 6.20 2.58 - -12.45 2718.9
CropperJ 1350 -5.00 1480 880.00 1.00 3.11 1.0 JhnsnSrv 204.50 2.50 218.15 127.00 1.52 27.64 432.3 gamingrealms 8.90 -0.15 11.10 4.00 - -4.94 271.7
Share 29.00 - 38.00 24.00 1.90 116.00 1.9 Learning Technologies Group 150.80 -0.20 163.00 58.80 0.33 106.12 4336.3 Pharmaceuticals & Biotech LonSec 2180 - 2500 1840 3.67 16.42 0.0 MinoanGp 1.90 - 3.33 1.44 - -1.28 533.5
Chemicals STM Group 29.20 -2.00 58.00 22.25 6.85 3.54 159.4
LEISURE Abcam 1400 -1.00 1523 1058 0.87 64.22 1340.5 NewmkSec 1.45 -0.03 1.60 0.60 - 34.52 866.2
Directa Plus PLC 76.00 1.00 86.91 47.95 - -10.62 24.6 Food & Beverages Codemasters Group Holdings PLC 294.00 4.00 356.00 172.00 - 28.77 524.4 AllcePharm 86.10 -0.40 87.90 61.00 1.70 21.26 513.6 NWF 185.00 4.00 190.00 128.00 3.41 13.31 81.6
Scapa 257.00 -7.50 404.00 145.00 1.13 642.50 197.6
Camellia 8450 -50.00 12000 8250 1.68 8.98 0.2 Sumo Group PLC 193.00 -1.00 205.00 118.00 - 125.32 127.0 Clinigen Group 980.50 4.50 1069 718.50 0.59 245.13 91.2 Petards 12.25 -0.75 29.00 12.00 - 8.63 147.7
Versarien PLC 75.00 1.00 141.00 12.00 - -31.12 456.7
Fevertree Drinks 1432.5 -27.50 3290 1411 1.01 26.15 937.8 e-Thera 4.00 0.15 5.50 1.25 - -3.45 915.8 Renew 512.00 2.00 568.00 359.60 1.95 17.75 37.1
Construction & Materials FinsbryFd 97.50 - 103.00 58.00 3.45 13.93 663.7 Media Mereo Bio 29.00 3.00 176.01 23.75 - -0.67 825.4 Restore 495.00 - 560.00 44.50 1.21 30.18 104.0
Abbey 1350 - 1575.28 1140 1.28 8.10 0.0 Nichols 1345 -5.00 1880 1320 2.83 19.21 16.9 Mission Group 90.50 - 96.00 55.00 2.04 13.94 68.2 Reneuron 162.50 6.50 342.00 29.50 - -4.00 88.0 Smart Metering Systems 517.00 -11.00 676.00 308.00 1.16 -108.61 175.4
AccsysTch 102.75 - 106.62 83.52 - -39.19 15.4 YouGov 644.00 2.00 679.00 148.00 0.47 48.79 117.2 Sareum 0.39 -0.03 0.87 0.26 - -7.80 6914.2
Health Care Equip & Services Tech - Hardware
Aukett 1.95 - 2.34 0.82 - -2.03 7.4 Mining Real Estate
AVO 36.75 -0.50 52.00 32.50 - -3.00 35.7 AminoTech 143.00 2.50 155.00 76.00 5.29 12.63 58.8
Electronic & Electrical Equip CareTech 459.00 -1.00 474.00 322.00 2.40 41.09 22.9 AMC 1.75 -0.11 3.92 1.57 - -7.17 2632.0 InlandHms 87.40 0.1094.40 55.50 2.52 11.81 431.4 IQE 51.00 0.50 99.60 40.86 - -28.65 6383.3
CeresPow 410.00 18.00 425.00 124.98 - -119.53 687.4 Cello Hlth 136.00 - 150.00 100.00 2.83 19.24 26.2 Arkle Resources 1.13 - 1.70 0.80 - -4.20 13.9 Lok'nStor 725.00 - 740.00 400.00 1.56 63.04 108.0 Telit Communications PLC 159.00 0.40 192.00 112.00 - 13.14 33.2
Checkit 30.50 1.00 65.00 28.00 - 19.06 41.1 Tristel 386.00 -14.00 400.00 260.00 1.30 43.57 71.9 BotswanaD 0.68 - 1.44 0.45 - -4.82 31.7 PnthrSec 350.00 - 400.00 330.00 3.71 -38.46 0.3
CentAsiaM 204.50 - 274.00 176.00 7.23 8.78 130.7 SIR 465.00 5.00 466.00 386.00 3.38 9.53 186.8
Tech - Software & Services
LPA 103.00 7.00 115.00 74.01 2.82 17.94 50.4 House, Leisure & Pers Goods HighldGld 195.60 1.90 257.20 149.40 6.94 13.03 2571.1 Summit Prp Ltd € 1.44 - 1.45 0.90 0.74 2.77 97.3 BoBlue Prism Group PLC 1704 95.00 2030 774.25 - -21.22 1042.8
ThorpeFW 335.00 - 363.32 251.00 1.62 24.22 4.2
Airea 43.50 - 78.90 36.00 8.62 5.97 40.0 Eckoh 59.00 -0.50 62.50 33.00 1.03 48.76 764.9
Zytronic♦ 210.00 -20.00 390.00 160.00 10.86 11.41 90.5 Oil & Gas Retailers
Churchll 1980 - 2060 1120 1.46 27.58 32.3 IDE Group Holdings 3.95 - 10.50 0.55 - 0.79 184.9
Financial General Frontier Developments PLC 1430 14.00 1444.92 790.00 - 33.10 27.4 BorSthnPet 1.88 -0.18 2.90 1.15 - -5.82 258.2 ASOS 3030 -34.00 4090 2033 - 103.06 418.5 Ingenta 71.50 0.50 96.00 60.01 2.10 -22.17 13.9
Appreciate Grp 58.50 0.75 63.00 46.00 5.47 11.99 32.9 Portmern 730.00 -30.00 1235 330.00 5.14 12.82 34.9 ClontarfEn 1.10 - 1.98 0.09 - -27.50 11024.1 Boohoo Group PLC 306.20 0.10 339.51 168.90 - 71.04 4164.8 Iomart♦ 373.50 2.00 400.00 265.50 2.00 29.64 46.4

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Brunner 907.00 4.00 935.00 702.00 2.00 977.3 -7.2 IP UKSmall 626.00 10.00 640.00 447.00 2.99 612.8 2.2 PolarHealth 239.00 0.50 249.00 198.50 0.84 260.5 -8.3 BMO ComPrp 110.80 0.20 130.80 103.75 5.42 131.6 -15.8
Price +/-Chg High Low Yld NAV or Pm Caledonia Inv 3105 10.00 3195 2900 1.91 3709.5 -16.3 JPM Amer 496.50 6.50 507.97 408.00 1.31 521.8 -4.8 PolarFins 144.50 -0.25 154.50 125.00 2.87 150.4 -3.9 BMORealE 87.40 0.20 96.00 79.40 5.72 102.6 -14.8
3i Infra 308.00 4.50 308.50 229.75 2.81 239.0 28.9 CanGen C$ 26.60 0.04 27.73 22.00 3.02 - - JPM Asn 392.50 4.50 428.00 336.00 3.97 407.4 -3.7 PolarTech 1644 34.00 1684.81 1150 - 1688.5 -2.6 CustdnREIT 115.00 0.20 120.60 110.40 5.72 102.6 12.1
For queries about the FT Share Service pages e-mail
AbnAsianIn 211.00 3.00 223.00 197.00 4.34 227.7 -7.3 City Merch♦ 196.00 1.00 199.50 178.50 5.10 191.6 2.3 JPM Brazil 77.00 - 80.75 61.52 1.04 92.5 -16.8 RIT Cap 2055 -5.00 2185 1940 1.63 1963.0 4.7 GCP Student 199.20 0.60 205.50 111.75 3.06 - -
ft.reader.enquiries@morningstar.com.
Abrdn Div I&G 109.00 0.50 121.50 100.91 4.83 121.4 -10.2 City Lon♦ 431.50 3.00 448.50 380.50 4.26 425.5 1.4 JPM China♦ 336.50 0.50 381.16 234.00 1.04 387.7 -13.2 Ruffer Inv Pr 221.50 -1.50 231.00 202.00 0.81 229.5 -3.5 Longbow 99.00 1.50 101.00 94.00 6.06 96.6 2.5
AbnEmgMkts 608.00 1.00 638.00 528.00 3.45 707.0 -14.0 CQSNatRs 85.40 0.20 94.40 82.03 7.49 109.2 -21.8 JPMElct MC 102.50 - 106.00 99.00 0.39 103.3 -0.8 Schroder ToRt 364.00 4.00 388.49 331.00 1.70 372.4 -2.3 SLIPropInc 96.70 1.90 97.30 82.43 4.92 89.1 8.5 All data is as of close of the previous business day. Company classifications
AbnJapInv 625.00 - 648.90 510.00 0.86 690.7 -9.5 DiverseInc♦ 92.60 0.60 98.00 80.63 3.78 97.7 -5.2 ..MG 902.50 -5.00 924.85 765.00 1.72 920.2 -1.9 SchdrAsiaP♦ 458.00 5.00 485.79 412.00 2.07 512.0 -10.5 TR Prop 481.00 4.00 492.00 374.00 2.81 475.0 1.3 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnLatAmIn♦ 70.50 -0.60 77.60 64.00 4.96 81.9 -13.9 Dun Inc 303.00 1.00 307.00 236.00 4.11 319.2 -5.1 ..MI 110.50 - 114.00 96.00 4.21 112.8 -2.0 Schdr Inc♦ 305.00 -3.00 320.00 262.00 3.87 318.4 -4.2 Tritax EuroBEUR € 1.07 -0.01 1.15 0.99 - 1.1 -2.7 100 constituent stocks are shown in bold.
AbnNewDn♦ 253.50 4.50 272.00 223.00 1.70 292.2 -13.2 EcofinGlobal 171.00 0.75 172.65 124.00 3.74 178.2 -4.0 JPM Emrg 1026 10.00 1277.55 859.00 1.71 1135.8 -9.7 SchdrJap 194.50 1.50 203.00 176.00 2.06 221.9 -12.3 Tritax EuroBGBP 90.20 0.40 99.00 83.95 - - - Closing prices are shown in pence unless otherwise indicated. Highs & lows
AbnNewIndia 478.00 9.00 520.00 412.00 - 563.8 -15.2 Edin Inv 615.00 4.00 654.00 528.00 4.55 699.1 -12.0 JPM EurGth 291.00 3.00 305.00 263.00 3.04 334.1 -12.9 SchdrOrient 251.00 2.00 276.00 238.84 3.98 254.1 -1.2 UKComPrp 86.80 0.50 92.90 79.20 4.24 89.6 -3.1 are based on intra-day trading over a rolling 52 week period. Price/earnings
AbnNewThai 522.50 - 655.00 507.50 3.44 617.0 -15.3 Edin WWd 204.90 -0.10 209.80 163.50 - 200.7 2.1 JPM EurInc 157.75 2.75 166.00 138.50 4.15 175.5 -10.1 SchdrUKMd♦ 629.00 5.00 700.00 472.00 2.62 696.1 -9.6 ratios (PER) are based on latest annual reports and accounts and are updated
VCTs 52 Week Dis(-)
AbnSmlInCo 348.50 - 350.00 246.00 2.71 376.4 -7.4 EP Global 308.00 1.50 392.00 289.00 1.79 324.2 -5.0 JPM EuSm 385.00 1.00 398.00 337.00 1.74 441.1 -12.7 ScotAmer - - - - - 409.7 - with interim figures. PER is calculated using the company’s diluted earnings
Price +/-Chg High Low Yld NAV or Pm
AbnStdAsia 1062.5 22.50 1160 1010 1.22 1216.0 -12.6 EuroAsset 104.50 0.50 115.00 95.50 7.04 113.9 -8.3 JPM Clavr 774.00 4.00 798.00 650.00 3.59 783.1 -1.2 Scottish Inv♦■ 806.00 4.00 847.00 604.00 2.74 881.9 -8.6 from continuing operations. Yields are based on closing price and on dividends
F&C Inv Trust♦ 762.00 8.00 784.00 651.00 1.47 763.9 -0.2 JPMGIConv# 85.00 -5.40 92.60 84.80 5.29 - - ScottMort 587.50 10.50 606.18 449.50 0.53 593.8 -1.1 ArtemisVCT 36.00 - 51.79 35.00 11.11 39.2 -8.2 paid in the last financial year and updated with interim figures. Yields are
AStd Eqt Inc 400.00 2.00 435.00 344.98 5.05 431.0 -7.2
FidAsian 391.50 1.00 460.00 389.00 1.40 399.1 -1.9 JPM GEI 133.00 2.50 144.66 124.00 3.76 141.7 -6.1 ScottOrtll 974.00 6.00 1100 937.00 1.18 1124.3 -13.4 Baronsmead 2nd VT 78.50 - 79.50 70.00 9.55 82.4 -4.7 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Abf Sml 1476 8.00 1547.68 1095 2.05 1536.2 -3.9
FidChiSpS 228.50 3.00 253.00 193.20 1.68 261.1 -12.5 JPM Gl Gr&Inc 351.00 3.00 360.00 293.00 3.57 343.0 2.3 Seneca I&G 179.00 -1.00 182.00 166.50 3.71 177.0 1.1 BSC VCT 69.00 - 72.50 64.00 15.94 72.4 -4.7 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Abf Spl Inc 89.50 1.50 96.35 70.50 4.53 97.8 -8.5
Fid Euro 262.50 4.00 284.46 211.50 2.39 282.8 -7.2 JPM I&C Uni 388.00 - 394.00 347.20 1.86 - - Smithson 1316 8.00 1356 1028 - 1288.6 2.1 ..VCT2 51.50 - 53.00 47.00 5.83 53.7 -4.1 capital changes where appropriate.
Alliance 844.00 9.00 874.00 708.00 1.62 888.4 -5.0
Fid Jap 176.25 1.75 184.78 128.00 - 186.7 -5.6 JPM Ind 734.00 9.00 812.00 631.00 - 816.7 -10.1 StrategicEq 253.00 -4.00 257.00 193.00 0.40 293.5 -13.8 Inc&GthVCT 71.00 - 76.50 65.50 13.38 78.6 -9.7
AllianzTech 1805 45.00 1890 1285 - 1823.9 -1.0 Trading volumes are end of day aggregated totals, rounded to the nearest
Fid Spec 270.50 2.00 280.50 234.17 1.94 268.0 0.9 JPM JpSm 434.00 1.00 451.00 343.00 4.03 461.1 -5.9 Temp Bar 1368 8.00 1495.6 1136 3.58 1409.0 -2.9 Nthn 2 VCT 58.00 - 62.40 56.50 6.90 61.0 -4.9
Art Alpha 341.00 -6.50 352.00 266.00 1.47 398.3 -14.4 1,000 shares.
FinsG&I 887.00 9.00 966.00 756.00 1.87 896.6 -1.1 JPM Jap 457.00 1.50 477.61 368.00 1.09 502.3 -9.0 TempEmerg 824.00 -1.00 876.99 718.00 1.94 932.1 -11.6 Nthn 3 VCT 86.00 - 90.24 84.50 4.65 90.1 -4.6
Asia Dragon 410.00 6.00 438.00 356.00 0.98 467.9 -12.4 Net asset value per share (NAV) and split analytics are provided only as a
FstPacfic HK HK$ 2.65 0.02 3.58 2.54 5.20 - - JPM Mid 1342.5 12.50 1375 995.01 1.97 1381.2 -2.8 Tetragon $ 11.85 -0.05 13.08 11.79 6.24 - - NthnVent 63.50 - 68.00 62.00 6.30 66.9 -5.1
Aurora Inv 235.00 1.00 242.00 175.00 1.70 231.7 1.4 guide. Discounts and premiums are calculated using the latest cum fair net
GenEmer 782.00 11.00 820.00 664.00 1.90 880.9 -11.2 JPM Mlti-As♦ 102.00 0.25 104.00 91.38 - 107.3 -4.9 TRIG 131.20 -0.40 139.20 115.40 4.97 111.7 17.5 ProVenGI 58.00 - 66.00 57.00 3.45 61.3 -5.4
AVI Global Trust 782.00 -3.00 802.00 695.00 1.66 856.5 -8.7 asset value estimate and closing price. Discounts, premiums, gross redemption
GRIT 3.75 - 5.50 0.65 - 1.4 167.9 JPMRussian 754.00 7.00 804.00 514.00 3.45 856.9 -12.0 TREurGth 956.50 11.50 1008 793.09 2.25 1077.3 -11.2 ProVenVCT 70.00 - 79.50 69.00 3.57 73.6 -4.9
AVI JapOpp 114.50 - 118.00 98.25 - 110.6 3.5 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
GoldenPros 31.10 -0.90 38.40 19.00 - 40.4 -23.0 JPM Smlr 310.00 4.00 325.92 195.00 1.74 324.3 -4.4 TroyInc&G 85.40 1.00 87.00 72.80 3.21 84.3 1.3 UnicornAIM♦ 147.00 - 146.00 125.00 4.42 170.1 -13.6
Axiom 94.00 -0.50 94.85 83.00 6.38 101.2 -7.1 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BG Euro♦ 946.00 2.00 952.53 748.00 2.91 960.0 -1.5 Gulf Invest $ 1.33 - 1.34 1.10 2.30 1.4 -5.0 JPM US Sml 358.00 3.00 370.00 275.00 0.70 355.7 0.6 Utilico Emerging Market 233.00 -1.00 259.00 210.55 3.73 263.5 -11.6 Ordinary Income Shares 52 Week HR in pence.
BG Japan 815.00 3.00 851.00 708.00 0.07 816.6 -0.2 HAN 194.90 -1.00 1140 174.36 1.64 292.7 -33.4 KeystoneInv 1775 15.00 1820 1481.1 4.17 1972.3 -10.0 UIL Inv 241.00 -2.00 263.00 168.00 3.11 350.7 -31.3 Price +/-Chg High Low Yld WO GRY 0%
BG Shin 178.70 1.00 193.80 167.00 - - - HANA 196.75 -0.75 1040 176.00 1.63 292.1 -32.6 Law Deb 634.00 4.00 656.00 528.00 2.98 699.9 -9.4 VEIL 471.50 -3.50 511.00 420.50 - 535.7 -12.0 JPM I&C 99.50 - 103.99 83.50 7.64 - - X FT Global 500 company
Baillie Gifford UK 199.00 1.00 206.34 129.57 2.24 211.8 -6.0 Hend Alt 299.00 - 305.00 252.00 1.59 341.5 -12.4 LinTrain £ 1232.5 42.50 2040 1085 2.26 1084.3 13.7 Witan 227.50 2.50 235.50 196.60 2.12 231.0 -1.5 ♦ trading ex-dividend
Hen Div Inc Tr 94.20 -0.50 97.90 83.80 4.67 91.0 3.5 Lowland♦ 1430 20.00 1480 1205 4.09 1508.6 -5.2 WwideHlth 3170 50.00 3275.95 2470 0.55 3147.8 0.7 Zero Dividend Preference Shares 52 Week HR
Bankers 1008 13.00 1037.66 801.00 1.98 996.6 1.1 ■ trading ex-capital distribution
HenEuroF♦ 1310 25.00 1350 1075 2.37 1414.7 -7.4 Majedie 240.00 - 280.30 229.41 4.75 279.7 -14.2 Price +/-Chg High Low SP WO TAV 0%
BB Healthcare Trust 146.00 1.00 154.50 120.50 2.74 - - Conventional - Private Equity 52 Week Dis(-) # price at time of suspension from trading
BH Global 1552.5 12.50 1680 1430 - 1595.0 -2.7 HenEuro 1215 15.00 1260 983.60 2.51 1333.9 -8.9 Man&Lon♦ 570.00 8.00 578.00 418.00 2.46 584.3 -2.4 Abf Spl Inc 109.50 - 112.67 106.00 -26.6 -53.7 127.3
Price +/-Chg High Low Yld NAV or Pm JPM I&C 189.50 - 191.00 186.00 - - -
..USD $ 15.70 -0.35 17.10 14.20 - 16.3 -3.7 HenFarEs 364.00 5.00 392.00 338.00 6.10 353.3 3.0 Marwyn Val 105.00 - 136.94 102.00 - 161.7 -35.1 The prices listed are indicative and believed accurate at the time of publication.
HenHigh♦ 185.00 - 195.00 162.88 5.24 189.0 -2.1 MercantIT♦ 262.50 2.50 270.50 184.40 2.44 268.4 -2.2 BGUSGROWTH 147.50 1.50 151.50 112.80 - 146.0 1.0 JZ Capital 432.00 - 446.00 424.10 -58.7 -82.1 483.7
BH Macro 2650 - 2840 2250 - 2584.0 2.6 No offer is made by Morningstar or the FT. The FT does not warrant nor
HenInt Inc 172.50 1.00 178.00 153.50 3.25 169.3 1.9 MrchTst 550.00 3.50 569.00 411.90 4.78 543.7 1.2 BMO PvtEq♦ 396.50 6.50 402.69 317.00 3.73 383.1 3.5 UIL Limited 2024 ZDP 117.00 - 117.98 106.00 -29.7 -35.7 138.4
..USD $ 27.80 0.70 32.80 22.80 - 26.8 3.7 guarantee that the information is reliable or complete. The FT does not accept
Hen Opp 1077.5 10.00 1130 654.00 1.95 1295.8 -16.8 Mid Wynd 616.00 12.00 620.00 478.00 0.93 590.8 4.3 Electra 359.50 9.50 427.00 288.00 - 517.0 -30.5 UILFn20 152.00 - 151.84 146.45 -85.3 -93.7 154.9
BiotechGth 936.00 26.00 964.31 648.00 - 1020.3 -8.3 responsibility and will not be liable for any loss arising from the reliance on
HenSmlr 1076 8.00 1104 489.00 2.00 1101.1 -2.3 Miton Global 282.00 0.50 283.00 249.00 - 283.3 -0.5 HVPE 1822 -16.00 1856 1404 - 2031.0 -10.3 UIL Finance 2022 ZDPs 132.00 -0.50 133.80 123.10 -40.0 -53.3 147.0
BlckRCom 66.80 -1.10 78.80 63.14 5.99 76.0 -12.1 or use of the information.
Herald 1480 26.00 1518 1175 - 1713.5 -13.6 Monks 979.00 13.00 1002 765.00 0.19 943.9 3.7 HgCapital 265.00 -2.00 269.00 196.00 1.74 250.0 6.0
BlckRFrnt♦ 124.50 - 145.00 119.80 4.83 124.0 0.4
BlckRGtEur 417.00 3.00 423.00 286.00 1.38 427.0 -2.3 HICL Infra 177.40 0.20 180.29 152.60 4.51 - - MontanSm 1190 5.00 1204 825.00 0.76 1189.3 0.1 ICG Ent Tr 974.00 -14.00 1015 810.00 2.77 1135.4 -14.2 Investment Companies - AIM The FT Share Service is a paid-for-print listing service and may not be fully
Highbridge Tactical 193.50 2.00 209.00 179.63 - 215.0 -10.0 Mur Inc 914.00 15.00 945.34 740.00 3.64 954.3 -4.2 JZ Capital 310.00 - 494.00 240.00 - 728.8 -57.5 representative of all LSE-listed companies. This service is available to all listed
BlckR I&G 205.00 2.00 211.70 181.55 3.41 213.4 -3.9 52 Week Dis(-)
Impax Env. 333.00 3.00 340.00 260.00 0.90 328.1 1.5 Mur Int♦ 1224 2.00 1299.5 1109.39 4.25 1200.1 2.0 Pantheon International Plc ORDs 2425 -20.00 2620 2000 - 2749.3 -11.8 companies, subject to the Editor’s discretion. For new sales enquiries please
BlckRckLat 494.50 9.50 544.00 430.25 5.11 543.0 -8.9 Price +/-Chg High Low Yld NAV or Pm
Ind IT 571.00 10.00 600.00 466.08 1.23 617.6 -7.5 NewCtyEgy 16.50 - 17.25 9.00 - - - PrincssPE € 11.18 0.18 11.30 9.12 5.33 12.6 -11.3 email daniel.fish@ft.com or call +44 (0)20 7873 4571.
BlckRckNrAm 191.00 2.50 204.00 167.50 4.19 188.3 1.4 AbnFrntrMkts 45.70 -0.90 50.00 45.00 3.3 51.3 -10.9
IGC 75.40 0.80 93.40 67.93 - 93.8 -19.6 NewCityHY 59.20 -0.10 61.80 55.80 7.52 54.7 8.2 StdLfPv 383.50 1.50 402.00 324.00 3.26 438.1 -12.5
BlckRSmlr 1732 20.00 1760 1280 1.80 1730.2 0.1 BB Biotech AG SFr 61.50 0.40 64.90 53.90 5.4 - -
BlckRThrmt 700.00 8.00 704.17 467.75 1.43 683.0 2.5 IntBiotech♦ 607.00 11.00 670.00 567.26 4.61 619.4 -2.0 New Star IT 119.50 -0.50 121.24 100.00 0.84 165.5 -27.8 Discretionary Unit Fund Mngrs 52 Week Dis(-)
BlckRWld 369.50 1.00 396.00 328.01 5.14 422.2 -12.5 Intl PP 168.60 1.40 171.60 146.00 4.15 146.7 14.9 NorthAmer 299.75 4.00 317.45 262.00 2.87 - - (1000)F
CrysAmber 123.00 -1.00 225.90 117.50 4.1 179.2 -31.4 Data provided by Morningstar
Gresham House Strategic 1355 - 1355 876.10 1.5 1430.5 -5.3
BMO Cp&I 351.00 1.00 358.00 290.00 3.21 348.4 0.7 Inv AsiaTr 290.00 4.50 310.50 261.00 2.86 327.5 -11.5 NthAtSml 3405 5.00 3570.6 2800 - 4382.1 -22.3 Price +/-Chg High Low Yld NAV or Pm Infra India 2.65 - 4.59 0.78 - 22.0 -88.0
BMOGblSmlr♦ 144.40 1.60 150.00 126.50 1.14 152.1 -5.1 Inv IncGro 301.00 6.50 303.37 237.50 3.84 341.7 -11.9 Oryx Int 982.50 - 993.75 741.11 - 1205.2 -18.5 Right &ISS 2295 5.00 2320 1830 1.37 - -
BMOMgdT 226.00 1.00 229.50 192.00 - 222.1 1.8 IP EnInc♦ 77.30 0.10 78.00 70.00 6.47 74.7 3.5 PacAsset 272.50 4.00 313.00 265.00 1.10 293.6 -7.2
IPST BalR 146.00 - 145.60 129.00 - 146.8 -0.5 PacHorzn 345.50 3.00 368.36 290.00 - 370.3 -6.7 Conventional - Property ICs 52 Week Dis(-)
BMOMgdT 143.50 0.50 146.00 125.00 4.08 141.3 1.6
BMO UK HIT A♦ 100.00 -2.00 103.00 87.00 3.83 109.0 -8.3 IPST Gbl Eq♦ 212.00 -1.00 218.00 185.00 3.25 215.3 -1.5 PerpInc&Gr 325.00 4.00 346.75 282.50 4.37 373.2 -12.9 Price +/-Chg High Low Yld NAV or Pm Guide to FT Share Service
BMO UK HIT B♦ 100.00 -0.50 103.00 87.30 2.58 109.2 -8.4 IPST Mngd 103.00 - 104.00 100.50 - 105.5 -2.4 PerAsset 43200 150.00 43350 39000 1.30 42779. 1.0 Direct Property
BMO UK HIT UNIT 403.00 - 406.00 342.00 0.93 437.2 -7.8 IPST UK Eq♦ 185.00 - 190.25 164.90 3.57 188.2 -1.7 6 AEW UK REIT 96.00 -1.80 102.10 84.06 8.33 93.2 3.0 www.morningstar.co.uk
Wednesday 29 January 2020 ★ FINANCIAL TIMES 21

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

American Fund GBP Unhedged £ 106.37 - -1.37 0.16 Janus Henderson Multi-Manager Global Select Fund Acc 262.10 - -2.10 0.00

Janus Henderson Multi-Manager Income & Growth Fund A Acc 187.80 - -1.70 2.51

Janus Henderson Multi-Manager Income & Growth Fund A Inc 157.20 - -1.40 2.55

Janus Henderson Multi-Manager Managed Fund A Acc 297.30 - -1.00 0.19

Janus Henderson Multi-Manager Managed Fund A Inc 289.00 - -1.00 0.19

Aberdeen Standard Capital (JER) Cheyne Capital Management (UK) LLP Ennismore European Smlr Cos Hedge Fd Janus Henderson Sterling Bond Unit Trust Acc 244.50 - -0.20 1.83 Lothbury Property Trust (UK)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Other International Funds Other International Funds 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
FCA Recognised Foord Asset Management Janus Henderson Sterling Bond Unit Trust Inc 69.50 - -0.05 1.85 Property & Other UK Unit Trusts
Cheyne European Event Driven Fund (M) € 144.16 - -0.70 - NAV € 606.94 - -10.39 0.00
Aberdeen Standard Capital Offshore Strategy Fund Limited Website: www.foord.com - Email: info@foord.com
Janus Henderson Strategic Bond Fund A Inc 127.30 - 0.20 2.89 Lothbury Property Trust GBP £ 1934.55 2092.47 -17.22 3.13
price updated (D) daily, (W) weekly, (M) monthly FCA Recognised - Luxembourg UCITS
Bridge Fund £ 2.0526 - -0.0089 1.94
Foord International Fund | R $ 42.85 - -0.42 - Janus Henderson UK & Irish Smaller Companies Fund A Acc 687.80 - 0.10 0.66
Global Equity Fund £ 2.7908 - -0.0189 1.19
Foord Global Equity Fund (Lux) | R $ 13.91 - -0.29 - Janus Henderson UK Absolute Return Fund A Acc 160.10 - -0.10 0.00
Global Fixed Interest Fund £ 0.9871 - -0.0018 3.84
Regulated
Janus Henderson UK Alpha Fund A Acc 156.60 - 0.10 1.70
Income Fund £ 0.6128 - -0.0016 2.93 Foord Global Equity Fund (Sing) | B $ 17.42 - -0.15 0.00
Janus Henderson UK Equity Income & Growth Fund A Inc 562.80 - 1.00 4.60
Sterling Fixed Interest Fund £ 0.9124 - -0.0005 2.95 Foord International Trust (Gsy) $ 42.53 - -0.42 0.00

Equinox Fund Mgmt (Guernsey) Limited Janus Henderson UK Index Fund A Acc 645.20 - 1.20 3.04
UK Equity Fund £ 2.1208 - 0.0018 3.58 Ashmore Investment Management Limited (LUX) (GSY) New Capital UCITS Fund PLC (IRL)
2 rue Albert Borschette L-1246 Luxembourg Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Regulated M & G Securities (1200)F (UK) Leconfield House, Curzon Street, London, W1J 5JB
Janus Henderson UK Property PAIF A Acc £ 2.37 2.50 0.00 3.19
FCA Recognised Stuart House, St John's Street, Peterborough, PE1 5DD PO Box 9038, Chelmsford, CM99 2XF www.newcapitalfunds.com
Equinox Russian Opportunities Fund Limited $ 185.93 - 14.29 0.00
Dealing & Client Services 0345 850 8818 Janus Henderson UK Property PAIF A Inc £ 1.01 1.06 0.00 3.26 www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 FCA Recognised
Ashmore SICAV Emerging Market Debt Fund $ 97.66 - -0.74 5.71
Authorised Inv Funds Authorised Inv Funds New Capital UCITS Funds
Ashmore SICAV Emerging Market Frontier Equity Fund $ 174.24 - -2.26 0.63 Consistent UT Inc 54.14 55.58 -0.37 2.26 Janus Henderson UK Tracker Fund A Acc 289.30 - 0.60 3.22 Charifund Inc 1645.09 - 5.66 5.06 New Capital China Equity Fund $ 182.49 - 2.70 0.00

Ashmore SICAV Emerging Market Total Return Fund $ 85.08 - -0.72 5.07 Consistent UT Acc 143.60 147.50 -1.00 2.26 Janus Henderson US Growth Fund A Acc 1397.00 - -13.00 0.00 Charifund Acc 27706.84 - 95.25 4.90 New Capital Dynamic European Equity Fund € 132.33 - -2.94 0.00

Ashmore SICAV Global Small Cap Equity Fund $ 154.79 - -2.18 0.00 Practical Investment Inc 244.30 262.20 0.10 2.98 M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.25 - 0.00 - New Capital Dynamic UK Equity Fund £ 122.98 - -2.64 0.00
Franklin Templeton International Services Sarl (IRL)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
EM Active Equity Fund Acc USD $ 138.19 - -3.60 0.00 Practical Investment Acc 1368.00 1469.00 1.00 2.98 M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 41.76 - -0.01 - New Capital Global Alpha Fund £ 111.29 - 0.00 0.00
Other International Funds
EM Equity Fund Acc USD $ 113.24 - -2.83 0.00 Franklin Emerging Market Debt Opportunities Fund Plc M&G Charity Multi Asset Fund Inc £ 0.90 - 0.00 - New Capital Global Equity Conviction Fund $ 147.60 - -2.13 0.00
Euronova Asset Management UK LLP (CYM)
Franklin Emg Mkts Debt Opp CHFSFr 16.15 - 0.18 9.66
EM Mkts Corp.Debt USD F $ 93.87 - -0.21 6.55 Regulated
M&G Charity Multi Asset Fund Acc £ 95.51 - 0.34 - New Capital Global Value Credit Fund $ 151.90 - 0.01 -
Smaller Cos Cls One Shares € 48.07 - 0.25 0.00 Franklin Emg Mkts Debt Opp GBP £ 10.38 - 0.16 7.00
EM Mkts Loc.Ccy Bd USD F $ 81.00 - -0.70 5.39 New Capital Japan Equity Fund ¥ 1300.28 - -26.11 0.00
Smaller Cos Cls Two Shares € 31.96 - 0.14 0.00 Franklin Emg Mkts Debt Opp SGD S$ 22.43 - 0.40 5.17
EM Short Duration Fund Acc USD $ 136.93 - -1.34 0.00 New Capital US Growth Fund $ 313.84 - -6.19 0.00
Smaller Cos Cls Three Shares € 16.10 - 0.07 0.00 Franklin Emg Mkts Debt Opp USD $ 17.69 - 0.41 6.91
New Capital US Small Cap Growth Fund $ 148.92 - -2.09 0.00
Smaller Cos Cls Four Shares € 20.68 - 0.10 0.00
New Capital Wealthy Nations Bond Fund $ 145.58 - 0.09 0.00

Algebris Investments (IRL)

Regulated MMIP Investment Management Limited (GSY)
Regulated
Algebris Core Italy I EUR Acc € 112.73 - -2.45 -
Multi-Manager Investment Programmes PCC Limited
Algebris Allocation Fund - Class I EUR € 103.65 - 0.05 0.00 Atlantas Sicav (LUX) UK Equity Fd Cl A Series 01 £ 3115.89 3153.33 170.22 0.00
Regulated
Algebris Core Italy Fund - Class R EUR € 105.98 - -2.29 0.00 Diversified Absolute Rtn Fd USD Cl AF2 $ 1661.81 - 28.22 0.00
American Dynamic $ 5514.76 5514.76 -129.08 0.00 Kames Capital ICVC (UK)
Algebris Financial Credit Fund - Class I EUR € 171.75 - -0.28 0.00 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
Diversified Absolute Return Stlg Cell AF2 £ 1587.27 - 22.88 0.00
American One $ 5254.49 5254.49 -144.97 0.00 0800 358 3009 www.kamescapital.com
Algebris Financial Credit Fund - Class R EUR € 150.27 - -0.26 0.00 Authorised Funds Global Equity Fund A Lead Series £ 1600.79 1606.04 4.79 0.00
Bond Global € 1565.34 1565.34 9.30 0.00 Dodge & Cox Worldwide Funds (IRL)
Kames Global Equity GBP B Acc £ 2.50 - -0.01 0.21
Algebris Financial Credit Fund - Class Rd EUR € 105.15 - -0.17 5.43 6 Duke Street,St.James,London SW1Y 6BN
Eurocroissance € 1202.01 1202.01 -13.23 0.00 www.dodgeandcox.worldwide.com 020 3713 7664 Diversified Monthly Inc B Acc 155.47 - -0.85 4.56
Algebris Financial Income Fund - Class I EUR € 147.95 - -1.39 0.00 FCA Recognised
Far East $ 977.21 - -22.76 0.00
Dodge & Cox Worldwide Funds plc - Global Bond Fund Diversified Monthly Inc B Inc 115.29 - -0.63 4.69
Algebris Financial Income Fund - Class R EUR € 138.14 - -1.31 0.00
EUR Accumulating Class € 15.14 - -0.01 0.00
Diversified Growth B Acc £ 1.71 - -0.01 2.73
Algebris Financial Income Fund - Class Rd EUR € 94.24 - -0.90 4.75

Asset Management
EUR Accumulating Class (H) € 10.88 - -0.01 0.00
Ethical Cautious Managed B Acc £ 1.47 - 0.00 1.63
Fundsmith LLP (1200)F
Asset Management
Algebris Financial Equity Fund - Class B EUR € 113.47 - -2.09 0.00 (UK)
EUR Distributing Class € 12.21 - 0.00 4.37 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Ethical Cautious Managed B Inc £ 1.29 - 0.00 1.65
Algebris Macro Credit Fund - Class I EUR € 117.34 - 0.02 0.00 FIL Investment Services (UK) Limited (1200)F (UK) www.fundsmith.co.uk, enquiries@fundsmith.co.uk Marlborough Fd Managers Ltd (1200)F (UK)
EUR Distributing Class (H) € 8.74 - -0.02 4.62 130, Tonbridge Rd, Tonbridge TN11 9DZ Authorised Inv Funds Ethical Corporate Bond B Acc £ 2.09 - 0.00 2.71 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Northwest Investment Management (HK) Ltd
Algebris Macro Credit Fund - Class R EUR € 115.65 - 0.02 0.00 Callfree: Private Clients 0800 414161 www.marlboroughfunds.com 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9331 9220
GBP Distributing Class £ 12.57 - 0.00 4.20 Fundsmith Equity T Acc 477.82 - -2.37 0.61 Authorised Inv Funds Other International Funds
Broker Dealings: 0800 414 181 Ethical Corporate Bond B Inc £ 1.09 - 0.00 2.71
Algebris Macro Credit Fund - Class Rd EUR € 115.65 - 0.02 0.00
Barclays Investment Funds (CI) Ltd (JER) OEIC Funds Balanced 212.60 212.60 -2.26 0.24 Northwest China Opps Class T $ $ 2812.89 - 139.76 0.00
GBP Distributing Class (H) £ 9.19 - -0.01 4.87 Fundsmith Equity T Inc 438.31 - -2.17 0.61
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Ethical Equity B Acc £ 2.52 - -0.01 1.66
Algebris Quant Arbitrage Fund - Class EB EUR € 100.25 - 0.12 0.00 Allocator World Fund Y-ACC-GBP £ 2.16 - 0.01 1.43
FCA Recognised USD Accumulating Class $ 12.04 - -0.01 0.00 Bond Income 52.39 52.39 -0.01 3.29 Northwest Feilong Class T $ $ 1981.15 - 107.45 0.00
High Yield Bond B Acc £ 3.04 - -0.01 4.62
Algebris IG Financial Credit R EUR Acc € 101.41 - 0.08 - Bond Funds American Special Sits W-ACC-GBP £ 15.99 - 0.15 0.68
Dodge & Cox Worldwide Funds plc-Global Stock Fund Cautious Inc 91.14 91.14 -0.61 2.32 Northwest Fund Class T $ $ 2596.51 - 135.60 0.00
Sterling Bond F £ 0.50 - 0.00 2.41 High Yield Bond B Inc £ 1.00 - 0.00 4.62
Algebris IG Financial Credit B EUR Acc € 101.59 - 0.08 - USD Accumulating Share Class $ 23.01 - -0.50 0.00 Asia Pacific Ops W-Acc £ 2.16 - -0.01 0.99
Asset Management Emerging Markets 325.40 325.40 -1.27 1.04 Northwest Warrant Class A $ $ 1330.60 - 12.11 0.00

Asset Management Asset Management

Investment Grade Bond B Acc 194.67 - -0.08 1.78
GBP Accumulating Share Class £ 29.00 - -0.58 0.00 Asian Dividend Fund W-ACC-GBP £ 2.01 - 0.01 2.41
ETF Commodity A 75.26 75.26 0.04 0.00
Investment Grade Bond B Inc £ 1.31 - 0.00 2.28
GBP Distributing Share class £ 20.19 - -0.40 1.23 China Consumer Fund W-ACC-GBP £ 3.05 - -0.01 0.40
European Multi-Cap 496.51 496.51 0.58 1.18
Sterling Corporate Bond B Acc £ 0.92 - 0.00 2.81
EUR Accumulating Share Class € 31.37 - -0.65 0.00 Emerging Asia Fund W-ACC-GBP £ 1.65 - -0.01 0.62
GAM Extra Income 87.31 87.31 -0.07 3.98
Sterling Corporate Bond B Inc £ 0.35 - 0.00 2.81
GBP Distributing Class (H) £ 11.55 - -0.25 1.37 Enhanced Income Fund W-INC-GBP £ 0.96 - 0.01 7.00 funds@gam.com, www.funds.gam.com
Regulated Far East Growth A Inc 235.97 235.97 -0.69 1.35
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Strategic Bond B Acc £ 1.36 - 0.00 1.55
European Fund W-ACC-GBP £ 18.48 - 0.06 1.55
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 111.08 - -1.36 2.70 Global 262.78 262.78 -3.08 0.00
USD Accumulating Share Class $ 28.62 - -0.59 0.00 Strategic Bond B Inc £ 1.30 - 0.00 1.55
The Antares European Fund Limited Extra Income Fund Y-ACC-GBP £ 1.41 - 0.00 3.25
Other International LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 100.39 - -1.18 - Global Bond Inc 159.52 159.52 0.35 2.27
GBP Accumulating Share Class £ 34.11 - -0.64 0.00 UK Equity B Acc £ 3.29 - 0.00 2.23
AEF Ltd Usd (Est) $ 678.34 - 4.88 - FID INST - Emerging Markets Fund W-ACC-GBP £ 1.71 - -0.01 1.37
GBP Distributing Share Class £ 21.00 - -0.40 0.88 High Yield Fixed Interest 72.88 72.88 -0.12 3.76
UK Equity Absolute Return B Acc £ 1.20 - 0.00 0.00
AEF Ltd Eur (Est) € 638.18 - 4.57 0.00 Fidelity American Fund W-ACC-GBP £ 48.12 - 0.61 0.61
EUR Accumulating Share Class € 33.69 - -0.66 0.00 Multi Cap Income A Inc 162.56 162.56 -0.17 4.42
UK Equity Income B Acc £ 2.81 - 0.01 4.44
Fidelity Asia Fund W-ACC-GBP £ 14.79 - -0.05 0.93
GBP Distributing Class (H) £ 12.29 - -0.25 0.99 Nano-Cap Growth A Acc 159.3132 175.9600 145.4867 0.00
UK Equity Income B Inc £ 1.80 - 0.00 4.58
Fidelity Cash Fund Y-ACC-GBP £ 1.01 - 0.00 0.55
Special Situations A Acc 1740.22 1740.22 -5.68 0.39
UK Opportunities B Acc £ 2.30 - 0.01 0.99
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.35 - 0.00 2.99
UK Multi-Cap Growth A Inc 360.63 360.63 -1.05 0.00
UK Smaller Companies B Acc £ 4.33 - 0.00 1.29
Fidelity European Opportunities W Acc £ 4.81 - 0.02 0.99 Genesis Investment Management LLP UK Micro Cap Growth A 796.65 796.65 -1.65 0.00
Other International Funds
CCLA Investment Management Ltd (UK) Fidelity Global Enhanced Income Fund W-ACC-GBP £ 1.98 - 0.01 3.49
Senator House 85 Queen Victoria Street London EC4V 4ET Emerging Mkts NAV £ 7.21 - -0.16 - US Multi-Cap Income 608.99 608.99 -2.82 1.36 Oasis Crescent Management Company Ltd
Arisaig Partners Authorised Inv Funds Fidelity Global Focus Fund W-ACC-GBP £ 26.66 - 0.08 0.36 MFM - Third Party Funds Other International Funds
Other International Funds Diversified Income 1 Units GBP Inc £ 1.64 1.64 0.00 1.67 Oasis Crescent Equity Fund R 10.83 - 0.08 1.04
Fidelity Global High Yield Fund Y-ACC-GBP £ 15.46 - -0.01 3.12 Junior Oils 55.11 55.11 -1.78 0.00
Arisaig Africa Consumer Fund Limited $ 10.36 - -0.01 0.00
Diversified Income 2 Units GBP Inc £ 1.58 1.58 0.00 1.70 Fidelity Japan Fund W-ACC-GBP £ 4.26 - 0.00 0.61 Junior Gold C Acc 30.96 30.96 -0.05 0.00
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 99.84 - 0.57 -
Diversified Income 3 Units GBP Inc £ 1.59 1.59 0.00 1.68 Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.53 - 0.01 0.42 MFM Bowland 287.14 287.14 -3.39 0.90
Arisaig Asia Consumer Fund Limited $ 99.32 - 0.65 0.00 The Public Sector Deposit Fund Kames Capital Investment Portfolios ICVC (UK)
Fidelity Multi Asset Income Fund W Acc £ 1.09 - 0.00 2.60 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA MFM Hathaway Inc 160.09 160.09 -0.07 0.88
Arisaig Global Emerging Markets Consumer Fund $ 12.64 - 0.01 0.00 The Public Sector Deposit Fund-share class 1 ♦ F * 100.00 - 0.00 0.78
0800 358 3009 www.kamescapital.com
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.10 - 0.00 0.75 MFM Techinvest Special Situations Acc 181.21 181.21 -1.11 0.00
Arisaig Global Emerging Markets Consumer UCITS € 14.82 - 0.03 0.00 The Public Sector Deposit Fund-share class 4 ♦ F * 100.00 - 0.00 0.72 Authorised Funds
Fidelity Special Situations Fund W-ACC-GBP £ 38.33 - 0.01 2.14 Property Income B Acc 127.82 127.82 0.01 4.39 MFM Techinvest Technology Acc 602.64 602.64 -9.83 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 15.87 - 0.07 0.00
Short Dated Corporate Bond Fund Y ACC GBP £ 10.85 - -0.01 3.72 MFM UK Primary Opportunities A Inc 446.39 446.39 0.01 1.71 Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Property Income B Inc 98.43 98.43 0.01 4.50
Arisaig Latin America Consumer Fund $ 28.67 - -0.25 0.00 Regulated
Fidelity Sustainable Water & Waste W Acc £ 1.05 - 0.01 - Oasis Crescent Global Investment Fund (Ireland) plc

Dragon Capital Group Oasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.99 - 0.00 2.50
Fidelity Sustainable Water & Waste W Inc £ 1.05 - 0.01 -
1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com Oasis Crescent Global Equity Fund $ 32.92 - -0.54 0.39
Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 -
Other International Funds
Oasis Crescent Variable Balanced Fund £ 9.90 - -0.15 0.11
Fidelity UK Select Fund W-ACC-GBP £ 3.38 - 0.01 1.85
CCLA Investment Management Ltd (UK) Vietnam Equity (UCITS) Fund A USD $ 22.67 - 0.10 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET OasisCresGl Income Class A $ 10.92 - 0.01 2.90
Global Dividend Fund W-ACC-GBP £ 2.51 - 0.02 2.51
Property & Other UK Unit Trusts
Global Investment House Marwyn Asset Management Limited (CYM)
OasisCresGl LowBal D ($) Dist $ 12.46 - -0.10 0.99
CBF Church of England Funds Global Property Fund W-ACC-GBP £ 2.12 - 0.03 2.00 Kames Capital VCIC (IRL)
Global GCC Islamic Fund $ 113.86 - 1.67 0.00 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Regulated
Investment Inc 1941.02 1949.78 -30.83 2.96 OasisCresGl Med Eq Bal A ($) Dist $ 13.32 - -0.13 0.47
Global Special Sits W-ACC-GBP £ 43.74 - 0.16 0.85 FCA Recognised Marwyn Value Investors £ 340.40 - -14.66 0.00
Global GCC Large Cap Fund $ 177.93 - 3.46 0.00
Investment Acc 4568.35 4588.95 -72.56 0.00 Absolute Return Bond B GBP Acc 1129.86 - -1.10 1.89 Oasis Crescent Gbl Property Eqty $ 9.13 - -0.09 1.83
Index Emerging Markets P-Acc £ 1.62 - -0.01 2.09
Global Saudi Equity Fund SR 276.30 - 4.60 0.00
Global Equity Inc 227.87 228.21 -4.74 3.19 High Yield Global Bond A GBP Inc 524.22 - -1.75 3.62
Index Europe ex UK P-Acc £ 1.57 - 0.01 2.27
Global Equity Acc 391.84 392.44 -8.16 0.00 High Yield Global Bond B GBP Inc 1115.24 - -3.68 4.27
Index Japan P-Acc £ 1.73 - 0.00 1.87
UK Equity Inc 191.97 192.45 -3.59 3.14 Kames Global Equity Income B GBP Acc 1948.50 - -12.35 0.00
Index Pacific ex Japan P-Acc £ 1.70 - 0.01 3.25
UK Equity Acc 332.08 332.90 -6.21 0.00 Kames Global Equity Income B GBP Inc 1455.44 - -8.32 3.19
Index UK P-Acc £ 1.43 - 0.01 3.26
Fixed Interest Inc 168.03 168.78 1.96 4.04 Kames Global Equity Market Neutral Fund - B Acc GBP £ 10.29 - -0.07 0.00
Index US P-Acc £ 2.51 - 0.03 1.37 McInroy & Wood Portfolios Limited (UK)
Artemis Fund Managers Ltd (1200)F (UK) Fixed Interest Acc 604.99 607.70 7.03 0.00 Kames Inv Grd Gbl Bond A Inc GBH 604.27 - -0.23 1.96 Easter Alderston, Haddington, EH41 3SF 01620 825867 Omnia Fund Ltd
57 St. James's Street, London SW1A 1LD 0800 092 2051 Index World P-Acc £ 2.07 - 0.01 1.73 Other International Funds
HPB Assurance Ltd Authorised Inv Funds
Authorised Inv Funds Property Fund Inc 134.28 138.78 0.21 5.54 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Global Sustainable Equity B Acc GBP £ 18.78 - -0.14 0.00 Estimated NAV $ 747.51 - 46.81 0.00
MoneyBuilder Balanced Y-ACC-GBP £ 0.61 - 0.00 3.23 Balanced Fund Personal Class Units 5198.00 - -19.80 1.48
Artemis Capital R ACC 1693.64 - 6.10 2.92 International Insurances
MoneyBuilder Dividend Y-INC-GBP £ 1.32 - 0.00 4.73 Global Sustainable Equity C Acc GBP £ 18.99 - -0.14 0.00 Income Fund Personal Class Units 2723.70xd - -5.00 2.97
Holiday Property Bond Ser 1 £ 0.52 - 0.00 0.00
Artemis Corporate Bond I Acc £ 1.04 - 0.00 -
MoneyBuilder Income Fund Y-ACC-GBP £ 14.32 - -0.01 3.08 Short Dated High Yld Bd B Acc GBP £ 10.63 - -0.02 0.00 Emerging Markets Fund Personal Class Units 2199.00 - -29.50 1.68
EdenTree Investment Management Ltd (UK) Holiday Property Bond Ser 2 £ 0.64 - -0.01 0.00
Artemis European Growth R Acc 332.63 - 2.19 1.18
PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Multi Asset Allocator Adventurous Fund Y-ACC-GBP £ 1.83 - 0.01 1.32 Short Dated High Yld Bd C Acc GBP (Hdg) £ 10.72 - -0.01 0.00 Smaller Companies Fund Personal Class Units 5930.90 - -1.60 1.24
Artemis European Opps R Acc 107.02 - 0.36 1.04 Authorised Inv Funds
Multi Asset Allocator Defensive Fund Y-ACC-GBP £ 1.37 - 0.00 1.26 Strategic Global Bond A GBP Inc 1185.98 - -0.38 0.54
Amity UK Cls A Inc 253.10 - -0.60 1.40
Artemis Global Emg Mkts I GBP Acc 140.23 - 0.19 -
Multi Asset Allocator Growth Fund Y-ACC-GBP £ 1.69 - 0.00 1.23 Strategic Global Bond B GBP Inc 673.77 - -0.19 1.19
Amity UK Cls B Inc 252.10 - -0.70 2.12
Artemis Global Emg Mkts I GBP Dist 124.98 - 0.17 - CCLA Fund Managers Ltd (UK)
Multi Asset Income Fund W-INC-GBP £ 1.10 - -0.01 4.13 Oryx International Growth Fund Ltd
Senator House 85 Queen Victoria Street London EC4V 4ET Higher Income Cls A Inc 131.10 - -0.10 4.92 Other International Funds
Artemis Global Growth R Acc 279.22 - 1.78 1.34
Property & Other UK Unit Trusts
Multi Asset Allocator Strategic Fund Y-ACC-GBP £ 1.55 - 0.00 1.15 NAV (Fully Diluted) £ 9.10 - -0.52 0.00
COIF Charity Funds (UK) Higher Income Cls B Inc 137.90 - -0.10 4.88
Artemis Global Income R Acc 128.78 - 0.82 3.14
Multi Asset Open Advent W-ACC-GBP £ 1.51 - -0.01 0.00
Investment Inc 1737.26 1745.10 7.14 3.04 UK Equity Growth Cls A Inc 312.40 - 0.90 1.13 Hermes Property Unit Trust (UK)
Artemis Global Income R Inc 90.86 - 0.58 3.22
Property & Other UK Unit Trusts
Investment Acc 19312.15 19399.25 79.40 0.00 Multi Asset Open Defen W-ACC-GBP £ 1.31 - 0.00 0.00 Milltrust International Managed Investments ICAV (IRL)
UK Equity Growth Cls B Inc 318.70 - 0.90 1.81 mimi@milltrust.com, +44(0)20 8123 8369 www.milltrust.com
Artemis Global select R Acc 124.97 - 0.78 0.04 Property £ 6.69 7.17 0.01 2.38
Ethical Invest Inc 266.43 267.63 1.46 3.13 Multi Asset Open Growth Fund W-ACC-GBP £ 1.45 - -0.01 0.00 Regulated
Amity Balanced For Charities A Inc 111.90 - 0.20 5.35
Artemis High Income R Inc 75.86 - -0.06 -
Multi Asset Open Strategic Fund W-ACC-GBP £ 1.40 - -0.01 0.00
Kleinwort Hambros Bank Limited (UK) MAI - Buy & Lease (Australia) A$ 102.52 - 2.25 0.00
Ethical Invest Acc 397.95 399.75 2.17 0.00 Amity European Fund Cls A Inc 258.90 - 1.40 2.00 5TH Floor, 8 St James's Square, London, SW1Y 4JU
Artemis Income R Acc 460.02 - 1.17 4.25
Open World Fund W-ACC-GBP £ 1.82 - -0.02 0.00 Dealing and enquiries: 033 0024 0785 MAI - Buy & Lease (New Zealand)NZ$ 97.29 - 0.06 0.00
Global Equity Inc 216.35 216.68 0.91 3.17 Amity European Fund Cls B Inc 261.20 - 1.40 2.87
Artemis Income R Inc 227.58 - 0.58 4.39 Authorised Inv Funds
Strategic Bond Fund Y-ACC-GBP £ 1.31 - 0.00 1.84 Unit Trust Manager/ACD - Host Capital British Innovation Fund £ 100.02 - 3.18 0.00
Global Equity Acc 376.02 376.60 1.58 0.00 Amity Global Equity Inc for Charities A Inc 141.10 - -0.40 3.24
Artemis Monthly Dist R Acc 95.42 - -0.16 3.95
HC Kleinwort Hambros Growth A Acc 225.48 - -1.51 1.36 Milltrust Global Emerging Markets Fund - Class A $ 94.94 - 0.14 0.00
Fixed Interest Inc 139.73 140.36 0.39 3.24 UK Opportunities Fund W-ACC-GBP 246.90 - -0.50 1.26
Amity International Cls A Inc 287.50 - -1.50 0.96
Artemis Monthly Dist R Inc 69.70 - -0.11 4.09
HC Kleinwort Hambros Growth A Inc 204.57 - -1.37 1.38
Fixed Interest Acc 927.64 931.79 2.62 0.00 UK Smaller Companies W-ACC-GBP £ 2.79 - -0.01 1.47
Amity International Cls B Inc 289.70 - -1.50 1.86 Intrinsic Value Investors (IVI) LLP (IRL)
Artemis Pan-Euro Abs Ret GBP 113.61 - -0.26 -
Institutional OEIC Funds HC Kleinwort Hambros Equity Income A Inc 108.48 - -2.49 3.06
Property Inc 114.90 118.75 0.19 5.58 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
Amity Sterling Bond Fund A Inc 106.50 - -0.20 3.87
Artemis Strategic Assets R Acc 80.57 - 0.19 0.00 America £ 6.86 - 0.06 2.47 FCA Recognised
Local Authorities Property Fd (LAMIT) (UK) HC Kleinwort Hambros Equity Income A Acc 191.15 - -4.39 4.50
Amity Sterling Bond Fund B Inc 118.10 - -0.20 3.87 IVI European Fund EUR € 24.77 - -0.47 0.00
Artemis Strategic Bond R M Acc 101.54 - -0.05 2.48 Property 297.61 322.70 0.35 4.81 Emerging Markets £ 5.17 - -0.03 1.25
HC Kleinwort Hambros Multi Asset Balanced A Acc 171.57 - -1.07 0.81
Artemis Strategic Bond R M Inc 57.54 - -0.03 2.51 IVI European Fund GBP £ 27.81 - -0.54 0.33
Europe (ex-UK) Fund ACC-GBP £ 6.18 - 0.02 0.90
HC Kleinwort Hambros Multi Asset Balanced A Inc 162.17 - -1.00 0.81
Artemis Strategic Bond R Q Acc 101.72 - -0.05 2.73 Fidelity Pre-Retirement Bond Fund £ 158.00 - 0.00 1.72
HC Kleinwort Hambros Fixed Income A Acc 136.93 - -0.02 3.44 Ministry of Justice Common Investment Funds (UK)
Property & Other UK Unit Trusts Orbis Investments (U.K.) Limited (GBR)
Artemis Strategic Bond R Q Inc 57.48 - -0.03 2.78 Global Focus £ 5.17 - 0.02 0.61
HC Kleinwort Hambros Fixed Income A Inc 111.54 - -0.02 3.44 28 Dorset Square, London, NW1 6QG
The Equity Idx Tracker Fd Inc 1825.00 1825.00 -11.00 2.79
Artemis Target Return Bond I Acc £ 1.01 - 0.00 - Index Linked Bond Gross £ 4.52 - -0.01 0.17 www.orbis.com 0800 358 2030
Distribution Units Regulated
Artemis UK Select Fund Class R Acc 584.90 - 1.55 1.72 Japan £ 3.31 - -0.01 0.45
Orbis OEIC Global Cautious Standard £ 10.29 - -0.07 0.03
Electric & General (1000)F (UK)
Artemis UK Smaller Cos R Acc 1921.64 - -6.24 1.24 CG Asset Management Limited (IRL) Long Bond Gross £ 1.19 - 0.01 1.72
Stuart House St.John's Street Peterborough PE1 5DD Orbis OEIC Global Balanced Standard £ 14.58 - -0.20 5.42
25 Moorgate, London, EC2R 6AY Orders & Enquiries: 0845 850 0255 Janus Henderson Investors (UK)
Artemis UK Special Sits R Acc 629.76 - 0.25 1.85 Pacific (Ex Japan) £ 5.39 - 0.03 2.11
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Authorised Inv Funds PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Orbis OEIC Global Equity Standard £ 17.34 - -0.29 3.82
FCA Recognised Authorised Corporate Director - Carvetian Capital Management www.janushenderson.com
Artemis US Abs Ret I Acc 115.34 - -0.16 0.25 Select Emerging Markets Equities £ 2.01 - -0.02 1.06
CG Portfolio Fund Plc Authorised Inv Funds Orbis OEIC UK Equity Standard £ 8.80 - -0.16 3.57
Electric&General Net Accumulation 241.90 - -0.80 -
Artemis US Equity I Acc 229.87 - 1.28 0.27 Select Global Equities £ 4.91 - 0.03 0.88 Janus Henderson Asia Pacific Capital Growth Fund A Acc 1172.00 - 5.00 0.60 Lloyds Investment Fund Managers Limited (1000)F (JER)
Absolute Return Cls M Inc £ 125.88 125.88 -0.65 1.49
Electric&General Net Income A 240.80xd - -0.80 1.22 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Artemis US Ex Alpha I Acc 248.46 - 0.95 0.02
Capital Gearing Portfolio GBP P £ 34390.43 34390.43 -141.90 1.49 South East Asia £ 6.17 - -0.01 1.91 Janus Henderson Asian Dividend Income Unit Trust Inc 104.20 - 2.40 6.53 Other International Funds
Mirabaud Asset Management (LUX)
www.mirabaud.com, marketing@mirabaud-am.com
Artemis US Extended Alpha I Hedged Acc 165.26 - -0.28 - Lloyds Investment Funds Limited
Capital Gearing Portfolio GBP V £ 167.25 167.25 -0.69 0.60 Sterling Core Plus Bond Gr Accum £ 3.03 - 0.00 1.95 Janus Henderson Cautious Managed Fund A Acc 283.20 - 0.50 3.38 Conviction based investment vehicles details available here www.mirabaud-am.com
Euro High Income € 1.5780 - 0.0000 2.44 Regulated
Artemis US Select I Acc 241.52 - 1.33 0.24 UK £ 4.63 - 0.00 2.50 Janus Henderson Cautious Managed Fund A Inc 153.10 - 0.30 3.46
Dollar Fund Cls D Inc £ 161.90 161.90 0.64 2.02
High Income £ 0.8920 - 0.0009 3.70 Mir. - Glb Strat. Bd I USD $ 116.29 - -0.06 0.00
Artemis US Select I Hedged Acc 171.79 - 0.00 - UK Aggreg Bond Gr Accum £ 2.36 - 0.01 1.80 Janus Henderson China Opportunities Fund A Acc 1499.00 - 5.00 0.21
Dollar Hedged GBP Inc £ 100.12 100.12 0.31 1.93
Sterling Bond £ 1.6140 - 0.0010 2.11 Mir. - DiscEur D Cap GBP £ 148.91 - -2.70 0.00
Artemis US Select I Inc 213.78 - 1.17 0.24 Sterling Corporate Bond - Gross £ 2.92 - 0.00 2.27 Janus Henderson Emerging Markets Opportunities Fund A Acc 200.20 - 0.80 0.62
Real Return Cls A Inc £ 198.03 198.03 0.51 2.28 Lloyds Multi Strategy Fund Limited Mirabaud - UK Equity High Alpha £ 135.78 - -3.23 0.00
Artemis US Smllr Cos I Hdg Acc 113.29 - 0.38 - UK Gilt Gross £ 2.55 - 0.00 1.31 Janus Henderson European Growth Fund A Acc 239.20 - 0.00 0.86 Conservative Strategy £ 1.3300 - -0.0070 0.00
Ennismore Smaller Cos Plc (IRL)
Artemis US Smlr Cos I Acc 257.61 - 2.28 0.00 5 Kensington Church St, London W8 4LD 020 7368 4220 Sterling Long Corp Bond - Gross £ 3.60 - -0.01 2.59 Janus Henderson European Selected Opportunities Fund A Acc 1786.00 - -2.00 0.44 Growth Strategy £ 1.9330 - -0.0260 0.00
FCA Recognised
Janus Henderson Fixed Interest Monthly Income Fund Inc 22.59 - -0.02 4.18 Aggressive Strategy £ 2.6180 - -0.0440 0.00
Ennismore European Smlr Cos NAV £ 138.25 - 0.69 0.00
Janus Henderson Global Equity Fund Acc 3614.00 - -30.00 0.00 Global USD Growth Strategy $ 1.7570 - -0.0200 0.00
Ennismore European Smlr Cos NAV € 163.90 - 0.85 0.00
Janus Henderson Global Equity Income Fund A Inc 62.49 - -0.11 3.63 Dealing Daily

Chartered Asset Management Pte Ltd Janus Henderson Global Sustainable Equity Fund A Inc 359.50 - -3.10 0.02
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Other International Funds
Janus Henderson Global Technology Fund A Acc 2299.00 - 11.00 0.00
CAM-GTF Limited $ 296377.80 296377.80 4247.85 0.00
Phaeton Intl (BVI) Ltd $ 582.32 - 18.31 0.00
Pictet Asset Management (Europe) SA (LUX)
Findlay Park Funds Plc (IRL)
Janus Henderson Multi-Asset Absolute Return Fund A Acc 145.10 - -0.30 0.78 15, Avenue J.F. Kennedy L-1855 Luxembourg
CAM GTi Limited $ 717.79 - 30.25 0.00 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Tel: 0041 58 323 3000
FCA Recognised Janus Henderson Multi-Manager Active Fund A Acc 239.00 - -1.00 0.00 FCA Recognised
Raffles-Asia Investment Company $ 1.43 1.43 0.02 2.09
American Fund USD Class $ 138.89 - -1.93 0.15 Pictet-Absl Rtn Fix Inc-HI EUR € 111.76 - 0.13 0.00
Janus Henderson Multi-Manager Distribution Fund A Inc 137.20 - -1.20 3.06
American Fund GBP Hedged £ 71.30 - -0.99 0.16 Pictet-Asian Equities Ex Japan-I USD F $ 335.36 - 1.41 0.00
Janus Henderson Multi-Manager Diversified Fund A Acc 91.16 - -0.56 2.98
22 ★ FINANCIAL TIMES Wednesday 29 January 2020

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

Pictet-Asian Local Currency Debt-I USD F $ 181.65 - -0.42 0.00 LF Ruffer Pacific & Emerging Markets C Acc 384.07 - -2.92 1.20 Slater Income A Inc 156.51 156.51 0.63 0.00 Trojan Fund O Inc 271.06 - -0.50 0.78

Pictet-Biotech-I USD F

Pictet-CHF Bonds I CHF

$ 895.84

SFr 522.91
-

-
7.89 0.00

2.29 0.00
LF Ruffer Pacific & Emerging Markets C Inc

LF Ruffer Pacific & Emerging Markets O Acc

105.57

375.23
-

-
-0.80 1.28

-2.87 0.94
Slater Recovery

Slater Artorius
287.57 287.57 0.66 0.00

258.86 258.86 4.89 0.41

Trojan Global Equity O Acc

Trojan Global Equity O Inc

398.55

329.67
-

-
-1.42 0.59

-1.18 0.60
Guide to Data
Pictet-China Index I USD $ 160.88 - -0.99 0.00 LF Ruffer Total Return C Acc 450.44 - -1.21 1.53 Trojan Global Income O Acc 133.25 - 0.18 2.89
The fund prices quoted on these pages are supplied by the operator of the relevant
Pictet-Clean Energy-I USD F $ 115.71 - 0.36 0.00 LF Ruffer Total Return C Inc 294.26 - -0.79 1.55 Trojan Global Income O Inc 121.73 - 0.16 2.95
fund. Details of funds published on these pages, including prices, are for the
Pictet-Digital-I USD F $ 469.20 - 2.49 0.00 Purisima Investment Fds (UK) (1200)F (UK) LF Ruffer Total Return O Acc 440.45 - -1.21 1.53 Trojan Income O Acc 365.43 - 1.22 3.75
65 Gresham Street, London, EC2V 7NQ
purpose of information only and should only be used as a guide. The Financial
Pictet-Em Lcl Ccy Dbt-I USD F $ 187.35 - -1.82 0.00 Order Desk and Enquiries: 0345 922 0044 LF Ruffer Total Return O Inc 287.57 - -0.79 1.55 Trojan Income O Inc 197.08 - 0.66 3.95 Times Limited makes no representation as to their accuracy or completeness and
Authorised Inv Funds
Pictet-Emerging Europe-I EUR F € 501.80 - 4.61 0.00 Authorised Corporate Director - Link Fund Solutions
they should not be relied upon when making an investment decision.
Pictet-Emerging Markets-I USD F $ 729.45 - -15.02 0.00 Global Total Fd PCG A 290.02 - -3.23 0.62

Global Total Fd PCG B 287.85 - -3.20 0.39

The sale of interests in the funds listed on these pages may, in certain
Pictet-Emerging Markets Index-I USD F $ 319.88 - 1.88 0.00
jurisdictions, be restricted by law and the funds will not necessarily be available to
Pictet-Emerging Corporate Bonds I USD $ 140.40 - -0.03 0.00 Global Total Fd PCG INT 284.56 - -3.17 0.16
persons in all jurisdictions in which the publication circulates. Persons in any doubt
Pictet-Emerging Markets High Dividend I USD $ 145.33 - -2.23 0.00
should take appropriate professional advice. Data collated by Morningstar. For
Pictet-Emerging Markets Sust Eq I USD $ 113.71 - -1.03 0.00 S W Mitchell Capital LLP (IRL) Unicorn Asset Management Ltd (UK)
other queries contact reader.enquiries@ft.com +44 (0)207 873 4211.
Platinum Capital Management Ltd
Regulated PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Other International Funds
Pictet-EUR Bonds-I F € 644.60 - 3.46 0.00 Authorised Inv Funds
SWMC European Fund B EUR € 18187.53 - -442.95 0.00
Platinum All Star Fund - A $ 135.19 - - -
Pictet-EUR Corporate Bonds-I F € 222.46 - 0.25 0.00 UK Growth A Inc 666.82 - -3.59 0.96 The fund prices published in this edition along with additional information are also
SWMC Small Cap European Fund B EUR € 13068.61 - -86.98 0.00
Platinum Global Growth UCITS Fund $ 11.23 - -0.19 0.00
Pictet-EUR Government Bonds I EUR € 178.41 - 1.26 0.00 Mastertrust A Inc X F 550.76 - -1.12 0.26 available on the Financial Times website, www.ft.com/funds. The funds
Stonehage Fleming Investment Management Ltd (IRL)
Platinum Essential Resources UCITS Fund SICAV USD Class E $ 9.13 - -0.20 0.00
Purisima Investment Fds (CI) Ltd (JER) www.stonehagefleming.com/gbi UK Growth B Inc 669.46 - -3.58 -
published on these pages are grouped together by fund management company.
Pictet-EUR High Yield-I F € 291.19 - -1.18 0.00
Regulated enquiries@stonehagefleming.com
Platinum Global Dividend UCITS Fund $ 58.70 - -0.51 0.00
Pictet-EUR Short Mid-Term Bonds-I F € 137.52 - 0.04 0.00 Regulated Mastertrust B Inc X F 494.72 - -0.99 0.95
PCG B X 247.84 - -4.25 0.00 Prices are in pence unless otherwise indicated. The change, if shown, is the
SF Global Best Ideas Eq B USD ACC $ 198.05 - -2.89 0.00 Outstanding British Cos A Acc X F 333.91 - -2.23 0.56
Pictet-EUR Short Term HY I EUR € 130.04 - -0.31 0.00 PCG C X 242.58 - -4.15 0.00 change on the previously quoted figure (not all funds update prices daily). Those
SF Global Best Ideas Eq D GBP INC £ 230.15 - -3.14 0.24 Outstanding British Cos B Acc X F 359.38 - -2.39 1.23
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 100.42 - 0.00 0.00 designated $ with no prefix refer to US dollars. Yield percentage figures (in
Pictet-Euroland Index IS EUR € 170.22 - -4.26 0.00 UK Smaller Cos A Inc X F 628.23 - -2.39 1.52 Tuesday to Saturday papers) allow for buying expenses. Prices of certain older
Pictet-Europe Index-I EUR F € 215.92 - -4.97 0.00 UK Smaller Cos B Inc X F 614.61 - -2.32 2.16 insurance linked plans might be subject to capital gains tax on sales.

Pictet-European Equity Selection-I EUR F € 783.81 - 1.24 0.00 UK Income A Acc X F 341.00 - -1.83 4.07

UK Income A Inc X F 255.55 - -1.38 4.09

Guide to pricing of Authorised Investment Funds: (compiled with the
Pictet-European Sust Eq-I EUR F € 314.60 - 1.19 0.00
assistance of the IMA. The Investment Management Association, 65 Kingsway,
Pictet-Global Bds Fundamental I USD $ 131.66 - 0.02 0.00 UK Income B Acc X F 373.63 - -2.01 3.96
London WC2B 6TD. Tel: +44 (0)20 7831 0898.)
Thesis Unit Trust Management Limited (UK)
UK Income B Inc X F 280.16 - -1.50 4.30
Pictet-Global Bonds-I EUR € 194.21 - 1.17 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Authorised Funds
Pictet-Global Defensive Equities I USD $ 206.38 - -3.67 0.00 OEIC: Open-Ended Investment Company. Similar to a unit trust but using a
TM New Court Fund A 2011 Inc £ 16.71 - -0.06 0.11
Pictet-Global Emerging Debt-I USD F $ 451.30 - -1.60 0.00 company rather than a trust structure.
RobecoSAM (LUX) TM New Court Fund - A 2014 Acc £ 16.85 - -0.06 0.11
Pictet-Global Env.Opport-I EUR € 258.34 - 0.49 0.00 Tel. +41 44 653 10 10 http://www.robecosam.com/
Regulated TM New Court Equity Growth Fund - Inc £ 17.97 - -0.08 0.12 Different share classes are issued to reflect a different currency, charging
Pictet-Global Megatrend Selection-I USD F $ 340.85 - 0.85 0.00
Polar Capital Funds Plc (IRL)
RobecoSAM Sm.Energy/A £ 20.34 - -0.58 1.50 structure or type of holder.
Pictet-Global Sust.Credit HI EUR € 160.87 - 0.06 0.00
Regulated RobecoSAM Sm.Energy/N € 20.02 - -0.57 0.00
WA Fixed Income Fund Plc (IRL)
Pictet-Greater China-I USD F $ 745.25 - 3.90 0.00 Automation & Artificial Intelligence CL I USD Acc $ 12.93 12.93 -0.30 0.00
Ram Active Investments SA RobecoSAM Sm.Materials/A £ 190.51 - -3.64 1.62 Regulated Selling price: Also called bid price. The price at which units in a unit trust are
Pictet-Health-I USD $ 349.64 - 1.63 0.00 Asian Financials I USD $ 403.77 403.77 -2.99 0.00 www.ram-ai.com
RobecoSAM Sm.Materials/N € 212.62 - -4.02 0.00
European Multi-Sector € 126.24 - 0.43 3.35 sold by investors.
Other International Funds
Pictet-SmartCity-I EUR € 219.15 - 1.08 0.00 Biotechnology I USD $ 26.45 26.45 -0.36 0.00
RAM Systematic Emerg Markets Core Eq $ 104.64 - -1.37 - RobecoSAM Sm.Materials/Na € 138.61 - -2.62 1.53
Pictet-India Index I USD $ 130.14 - -1.30 0.00 Emerging Market Stars I USD Acc $ 11.20 - -0.13 0.00
Buying price: Also called offer price. The price at which units in a unit trust are
RAM Systematic Emerg Markets Eq $ 185.58 - -2.20 - RobecoSAM Gl.Small Cap Eq/A £ 120.01 - -0.17 1.35
bought by investors. Includes manager’s initial charge.
Pictet-Indian Equities-I USD F $ 633.35 - -1.31 0.00 European Ex UK Inc EUR Acc € 12.67 12.67 -0.26 0.00
RAM Systematic European Eq € 474.31 - -10.69 - RobecoSAM Gl.Small Cap Eq/N € 227.56 - -0.16 0.00
Pictet-Japan Index-I JPY F ¥ 19074.80 - -118.15 0.00 Financial Opps I USD $ 13.92 - -0.23 2.18
RAM Systematic Funds Global Sustainable Income Eq $ 131.93 - -1.75 0.00 RobecoSAM S.HealthyLiv/B € 241.63 - -3.25 0.00 Single price: Based on a mid-market valuation of the underlying investments. The
Pictet-Japanese Equities Opp-I JPY F ¥ 11946.41 - -41.99 0.00 GEM Income I USD $ 12.88 - -0.36 0.00
RAM Systematic Long/Short Emerg Markets Eq $ 114.56 - 0.35 - RobecoSAM S.HealthyLiv/N € 232.22 - -3.12 0.00 buying and selling price for shares of an OEIC and units of a single priced unit trust
Pictet-Japanese Equity Selection-I JPY F ¥ 17500.51 - -63.90 0.00 Global Convertible I USD $ 13.72 13.72 -0.09 0.00
RAM Systematic Long/Short European Eq € 145.85 - -0.52 - RobecoSAM S.HealthyLiv/Na £ 162.05 - -2.20 1.45 are the same.
Pictet-LATAM Lc Ccy Dbt-I USD F $ 144.88 - -1.18 0.00 Global Insurance I GBP £ 7.62 - -0.08 0.00
RAM Systematic North American Eq $ 326.02 - -4.35 - RobecoSAM S.Water/A £ 276.02 - -3.56 1.56
Pictet-Multi Asset Global Opportunities-I EUR € 128.33 - -0.55 0.00 Global Technology I USD $ 57.63 - -1.20 0.00 Treatment of manager’s periodic capital charge: The letter C denotes that
RAM Tactical Global Bond Total Return € 149.06 - 0.10 - RobecoSAM S.Water/N € 257.89 - -3.27 0.00
Pictet-Nutrition-I EUR € 252.66 - 0.20 0.00
the trust deducts all or part of the manager’s/operator’s periodic charge from
Healthcare Blue Chip Fund I USD Acc $ 14.77 14.77 -0.17 0.00
RAM Tactical II Asia Bond Total Return $ 153.26 - 0.43 -
Toscafund Asset Management LLP (UK) capital, contact the manager/operator for full details of the effect of this course of
Pictet-Pacific Ex Japan Index-I USD F $ 481.12 - -0.36 0.00 Healthcare Opps I USD $ 54.00 - -0.66 0.00 www.toscafund.com
Authorised Funds
action.
Pictet-Premium Brands-I EUR F € 216.83 - 1.43 0.00 Income Opportunities B2 I GBP Acc £ 2.41 2.41 -0.02 0.00
Aptus Global Financials B Acc £ 3.93 - -0.04 4.24
Pictet-Russia Index I USD $ 108.24 - -4.12 0.00 Japan Value I JPY ¥ 124.50 124.50 -0.88 0.00 Exit Charges: The letter E denotes that an exit charge may be made when you
Aptus Global Financials B Inc £ 2.80 - -0.03 5.32
Pictet-Russian Equities-I USD F $ 98.51 - 1.04 0.00 North American I USD $ 27.49 27.49 -0.51 0.00
Yuki International Limited (IRL) sell units, contact the manager/operator for full details.
Tel +44-20-7269-0207 www.yukifunds.com
Pictet-Security-I USD F $ 317.97 - 0.15 0.00 UK Absolute Equity I GBP £ 22.71 22.71 -0.22 0.00
Regulated
Pictet-Select-Callisto I EUR € 100.34 - -0.57 0.00 UK Val Opp I GBP Acc £ 13.06 13.06 0.06 0.00 Yuki Mizuho Umbrella Fund Time: Some funds give information about the timing of price quotes. The time
RLUM Ltd (UK)
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 Yuki Mizuho Japan Dynamic Growth ¥ 6422.00 - -49.00 0.00 shown alongside the fund manager’s/operator’s name is the valuation point for
Pictet-Small Cap Europe-I EUR F € 1510.47 - -0.87 0.00
Authorised Inv Funds Rubrics Global UCITS Funds Plc (IRL)
their unit trusts/OEICs, unless another time is indicated by the symbol alongside
www.rubricsam.com Yuki Japan Low Price ¥ 41906.00 - 1.00 0.00
Pictet-ST Emerg Local Currency Debt-I USD F $ 108.39 - -0.74 0.00 Royal London Sustainable Diversified A Inc £ 2.25 - -0.01 0.92
Regulated
Yuki Japan Value Select ¥ 13887.00 - -41.00 0.00
the individual unit trust/OEIC name.
Pictet-ST.MoneyMkt-I € 138.23 - 0.00 0.00 Royal London Sustainable World A Inc 295.70 - -1.70 0.19 Rubrics Emerging Markets Fixed Income UCITS Fund $ 139.44 - -0.33 0.00
Toscafund Asset Management LLP Yuki Asia Umbrella Fund

The symbols are as follows: ✠ 0001 to 1100 hours; ♦ 1101 to 1400 hours; ▲
Pictet-ST.MoneyMkt JPY I USD ¥ 100761.04 - 1.91 0.00 Royal London Corporate Bond Mth Income 95.36 - 0.02 3.62 Rubrics Global Credit UCITS Fund $ 17.28 - -0.01 0.00 www.toscafund.com
Yuki Japan Rebounding Growth Fund JPY Class ¥ 28801.00 - -228.00 0.00
Tosca A USD $ 336.07 - 19.83 -
Pictet-ST.MoneyMkt-ICHF SFr 120.09 - -0.01 0.00 Royal London European Growth Trust 169.30 - 0.30 0.22 Rubrics Global Fixed Income UCITS Fund $ 174.12 - 0.52 0.00 Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1179.10 - -9.23 0.00 1401 to 1700 hours; # 1701 to midnight. Daily dealing prices are set on the basis of
Tosca Mid Cap GBP £ 326.53 - 13.73 -
Pictet-ST.MoneyMkt-IUSD $ 145.18 - 0.01 0.00 Polar Capital LLP (CYM) Royal London Sustainable Leaders A Inc 698.30 - -0.60 1.05 Q Rubrics India Fixed Income UCITS Fund $ 11.25 - -0.01 0.00 the valuation point, a short period of time may elapse before prices become
Regulated
Tosca Opportunity B USD $ 493.13 - 25.98 -
Pictet-Timber-I USD F $ 191.73 - -5.27 0.00 Royal London UK Growth Trust 607.40 - 0.50 1.90 Rubrics India Fixed Income UCITS Fund $ 98.22 - -0.09 0.00 available. Historic pricing: The letter H denotes that the managers/operators will
European Forager A EUR € 208.87 - 6.50 0.00
Pictet TR-Agora I EUR € 129.28 - 0.22 0.00 Royal London UK Income With Growth Trust 222.30 - 0.70 5.36
Pegasus Fund Ltd A-1 GBP £ 79.64 - 1.08 0.00 normally deal on the price set at the most recent valuation. The prices shown are
Pictet TR-Corto Europe I EUR € 142.81 - -0.81 0.00
the latest available before publication and may not be the current dealing levels
Royal London US Growth Trust 265.30 - 1.10 0.00
Additional Funds Available
because of an intervening portfolio revaluation or a switch to a forward pricing
Pictet TR-Divers Alpha I EUR € 109.98 - 0.31 0.00
Please see www.royallondon.com for details basis. The managers/operators must deal at a forward price on request, and may
Pictet TR-Kosmos I EUR € 109.63 - 0.07 0.00
Zadig Gestion (Memnon Fund) (LUX) move to forward pricing at any time. Forward pricing: The letter F denotes that that
FCA Recognised
Pictet TR-Mandarin I USD $ 167.18 - 0.33 0.00 managers/operators deal at the price to be set at the next valuation.
Memnon European Fund - Class U2 GBP £ 183.12 - -4.66 0.00
Pictet-US High Yield-I USD F $ 178.42 - -1.20 0.00 Scottish Friendly Asset Managers Ltd (UK)
Private Fund Mgrs (Guernsey) Ltd (GSY)
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Pictet-USA Index-I USD F $ 300.81 - -4.81 0.00
Regulated
Authorised Inv Funds
Investors can be given no definite price in advance of the purchase or sale being
Pictet-USD Government Bonds-I F $ 719.79 - 3.56 0.00
Monument Growth 21/01/2020 £ 523.63 528.85 -5.61 1.47
Managed Growth ♦ 290.20 - 1.50 0.00
Money Market carried out. The prices appearing in the newspaper are the most recent provided
by the managers/operators. Scheme particulars, prospectus, key features and
Pictet-USD Short Mid-Term Bonds-I F $ 138.78 - 0.11 0.00 Ruffer LLP (1000)F (UK) UK Growth ♦ 323.60 - -0.10 0.00 Trusts and reports: The most recent particulars and documents may be obtained free of
65 Gresham Street, London, EC2V 7NQ

Bank Accounts
Pictet-USD Sov.ST.Mon.Mkt-I $ 109.14 - 0.01 0.00 Order Desk and Enquiries: 0345 601 9610 charge from fund managers/operators. * Indicates funds which do not price on
Authorised Inv Funds Gross
Pictet-Water-I EUR F € 445.92 - 0.84 0.00
Authorised Corporate Director - Link Fund Solutions Gross Net AER Int Cr Fridays.
LF Ruffer European C Acc 659.87 - 2.10 0.61
CCLA Investment Management Ltd Charges for this advertising service are based on the number of lines published
LF Ruffer European C Inc 120.54 - 0.38 0.67
Prusik Investment Management LLP (IRL) Senator House 85 Queen Victoria Street, London EC4V 4ET

Slater
Enquiries - 0207 493 1331 LF Ruffer European O Acc 645.25 - 2.02 0.32 Troy Asset Mgt (1200) (UK) CBF Church of England Deposit Fund 0.75 - 0.75 Qtr and the classification of the fund. Please contact data@ft.com or call +44 (0)20
65 Gresham Street, London, EC2V 7NQ
Regulated 7873 3132 for further information.

Investments
LF Ruffer Equity & General C Acc 471.67 - 1.03 0.48 Order Desk and Enquiries: 0345 608 0950
Prusik Asian Equity Income B Dist $ 192.38 - -1.23 4.54 CCLA Fund Managers Ltd
Authorised Inv Funds Senator House 85 Queen Victoria Street, London EC4V 4ET
LF Ruffer Equity & General C Inc 432.23 - 0.94 0.49 Authorised Corporate Director - Link Fund Solutions
Prusik Asia Emerging Opportunities Fund A Acc $ 158.70 - -0.37 0.00 COIF Charities Deposit Fund 0.65 - 0.65 Qtr
Trojan Investment Funds
LF Ruffer Equity & General O Acc 461.26 - 0.98 0.19
Prusik Asia Fund U Dist. £ 181.69 - -0.52 0.00
Spectrum Fund O Acc 245.50 - -0.73 0.64 Data Provided by
LF Ruffer Equity & General O Inc 427.05 - 0.91 0.21
Spectrum Fund O Inc 233.80 - -0.69 0.64
LF Ruffer Gold C Acc 195.41 - 0.01 0.00
Trojan Ethical O Acc 109.48 - -0.19 0.00
LF Ruffer Gold C Inc 118.27 - 0.01 0.00
Trojan Ethical O Inc 109.37 - -0.19 0.00
LF Ruffer Gold O Acc 191.03 - 0.00 0.00
Trojan Ethical Income O Acc 143.44 - 0.52 2.64
LF Ruffer Japanese C Inc 134.14 - 0.84 0.51 Slater Investments Ltd (UK)
www.slaterinvestments.com; Tel: 0207 220 9460 Trojan Ethical Income O Inc 128.83 - 0.47 2.75
LF Ruffer Japanese C Acc 287.96 - 1.79 0.49 FCA Recognised
Trojan Fund O Acc 333.52 - -0.61 0.77
www.morningstar.co.uk
LF Ruffer Japanese O Acc X 281.22 - 1.73 0.23 Slater Growth 621.59 621.59 0.31 0.00 Data as shown is for information purposes only. No offer is made by Morningstar or this publication.

Morningstar Fund Ratings

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

Schroder ISF EURO Corp Bd C Acc EUR LU0113258742 Euro 26.06 9.26 4.00 3.70 0.00 0.64 9,653,450,881.00 QQQQQ ´ 19/07/2019 07:00 Louise Babin

BlueBay Investment Grade Bd B EUR LU0179826135 Euro 195.38 7.84 4.00 2.23 0.00 0.66 2,282,797,146.00 QQQQ ´ 23/04/2019 06:00 Evangelia Gkeka

Invesco Euro Corporate Bond C EUR Acc LU0243958047 Euro 19.99 8.58 4.00 2.03 0.00 0.92 1,932,892,511.00 QQQQQ ´ 03/06/2019 05:00 Evangelia Gkeka

Kempen (Lux) Euro Credit Plus I LU0986645306 Euro 1270.29 7.22 3.00 2.94 0.00 0.53 494,460,707.00 QQQQQ „ 25/03/2019 09:00 Jeroen Siecker

Janus Henderson Hrzn Euro Corp Bd I2 EUR LU0451950587 Euro 171.90 6.79 3.00 2.37 0.00 0.75 1,742,458,562.00 QQQQQ ´ 04/03/2019 07:00 Evangelia Gkeka

Kempen (Lux) Euro Credit J LU0630255858 Euro 1252.37 6.98 3.00 2.71 1.97 0.43 1,889,081,806.00 QQQQQ Π18/03/2019 06:00 Jeroen Siecker

MS INVF Euro Corporate Bond A LU0132601682 Euro 53.69 7.72 3.00 2.37 0.00 1.04 4,322,081,700.00 QQQQ ´ 13/08/2019 05:00 Evangelia Gkeka

BGF Euro Corporate Bond A1 EUR LU0162660350 Euro 14.20 6.67 3.00 2.50 0.43 1.03 3,383,156,617.00 QQQQ „ 19/07/2019 05:38 Evangelia Gkeka

AXAWF Euro Credit Plus A Cap EUR LU0164100710 Euro 19.61 7.69 3.00 1.88 0.00 1.14 719,360,507.00 QQQ ´ 18/10/2017 07:10 Mara Dobrescu, CFA

M&G (Lux) Euro Corp Bd C EUR Acc LU1670629895 Euro 21.00 5.70 3.00 2.15 0.00 0.72 1,112,841,763.00 QQQQ ´ 16/04/2019 06:00 Louise Babin

MSCI Benchmark 3.94 2.59 4.73 Date/Time of ratings is Universal Co-ordinated Time (UTC). Sorted by Annualised 3yr Total Return of NAV (highest to lowest).
Morningstar Category Benchmark 3.54 2.23 4.40 For important information about Morningstar Analyst Rating please go to: http://global.morningstar.com/managerdisclosures
Wednesday 29 January 2020 ★ FINANCIAL TIMES 23

MARKETS & INVESTING

Asset management. Disappointing performance Currencies

Commodity
Big investors seek alternatives producers take
forex hit from
to expensive hedge funds coronavirus
ANNA GROSS

Commodity producers have suffered

blows to the value of their currencies in
the global sell-off after the coronavirus
outbreak in China, which is expected to
hit demand in the world’s second-
largest economy and the wider region.
Emerging market currencies were
bolstered in recent weeks by improving
trade relations between Beijing and
Washington in the run-up to the signing
of a “phase one” trade deal this month.
But they have since weakened as
concerns rise about slowing economic
growth in China, which is set to damp
demand for commodities. The virus has
fanned those fears, analysts said.
Russia’s rouble gained 6 per cent in
December and the first week of this
month but has fallen by 3 per cent since
the first death from the virus was recor-
ded on January 11.
The Chilean peso rose almost 11 per
cent ahead of the outbreak but has since
shed more than 5 per cent of its value.
The fallout for emerging and com-
modity-dependent markets could be
greater than those provoked by Sars in
2003, according to analysts’ estimates,
given that the Chinese economy has
since doubled in size.
Outbound travel has increased sixfold
and the share of global exports con-
sumed by China has risen from below 4

High fees and low returns are
driving institutions to other
investment opportunities
LAURENCE FLETCHER
Pension funds and endowments have
been the backbone of the hedge fund
industry for much of the past decade.
But many of these institutional
investors are turning away from the
$3tn-in-assets sector, dismayed by high
fees and relatively lacklustre returns.
“We got out of most of the hedge fund
portfolio,” said Scott Wilson, chief
investment officer of the $8.9bn endow-
ment fund at the Washington University
in St Louis, Missouri. “We don’t want
any investment just for the sake of
having that investment.”
Since Mr Wilson’s appointment two
years ago, the fund has reduced its allo-
cation to hedge funds from about 20 per
cent of the portfolio to just over 10 per
cent.
He plans to rebuild that share to about
15 to 20 per cent over time but will do so
cautiously. “It’s not that all hedge funds
are bad but you have to be very careful
in the selection process,” he said.
The reshuffle comes after years of
largely uninspiring performance from
the hedge fund sector.
Managers have underperformed the
S&P 500 stock index every year since
2009, both in rising and falling markets.
Last year provided hedge funds with
their best returns in a decade but they
were still well behind the market.
The current bull run in stocks — the
longest in history — has increased the
appeal of tracker funds, which charge
much less than hedge funds.
Hedge funds’ pulling power wanes
Overall investor net flows in/out of hedge funds ($bn)
2010 11 13 12 14
Source: HFR
Interest in private equity and debt has
also boomed as investors have looked
beyond expensive public markets for
opportunities.
Mike Powell, head of the private mar-
kets group at London-based USS Invest-
ment Management, which manages the
£68bn Universities Superannuation
Scheme, said it had reduced its hedge
fund holdings to less than 2 per cent of
assets from 4 per cent five years ago.
The pension fund is also planning to
reduce further the number of hedge
fund positions “to focus only on those
that offer strategic alignment with our
investment priorities and clear value-
for-money”, said Mr Powell.
The key problem with respect to
hedge funds has been “the continued
disappointing performance . . . at a time
when fees have remained high”, he said.
UK local authority pension funds,
including West Yorkshire Pension Fund
and Hampshire Pension Fund, are also
turning away from the sector. Hamp-
shire is selling out of a hedge fund port-
100
50
0
-50
-100
15 16 17 18 19
folio with Morgan Stanley in favour of a
private debt mandate with JPMorgan.
“The current low volatility environ-
ment has made it difficult for hedge
funds to perform and, as a result, [inves-
tors] are asking questions on how they
allocate in a way that they previously
did not,” said Dan Nolan, a director at
Duff & Phelps, a professional services
group.
Tracking institutional investors’
appetite for hedge funds is tricky. Inves-
tors in aggregate pulled $43bn from
hedge funds last year, their second-
highest withdrawal since 2009 after
$38bn of withdrawals in 2018, according
to data group HFR.
Since 2015, the share of total hedge
fund assets coming from public and pri-
vate sector pension funds, endowments,
foundations and insurance companies
has slipped from 71 per cent to 67 per
cent, according to data from the
Alternative Investment Management
Association, a London-based body.
Any sign that institutional investors
Hedge fund are moving out en masse would be a blow
managers have for a hedge fund sector that has grown
consistently dependent on their cash after many
underperformed wealthy investors and private banks
leading stock pulled back during the credit crisis.
market indices “It is true there has been a waning of
Getty
interest over the past two years,” said
Jack Inglis, Aima’s chief executive.
“However, recent investor surveys sug-
gest that sentiment for 2020 has turned
positive and institutional investors are
stating an intention to increase their
allocations once again.”
The data are not conclusive. A Deut-
sche Bank survey early last year of
investors with $1.7tn in hedge fund
assets found that 42 per cent of pension
funds had increased their exposure
while just 14 per cent reduced it.
However, an EY study based on 62
interviews with investors managing
$1.8tn in assets found that institutional
investors’ allocation to hedge funds had
dropped to 33 per cent of their alterna-
tive investments last year from 40 per
cent in 2018.
Some big-name institutions had
already pared back their allocations. In
2014, US public pension fund Calpers
said it would stop investing in hedge
funds while the following year Dutch
pension fund PFZW said it had “all but
eradicated” its hedge fund positions.
‘It’s not that Others are considering similarly radi-
cal measures, after two years of losses in
all hedge the past five. “There’s a very strong
funds are recency bias in all investment deci-
sions,” said Sanjiv Bhatia, who runs the
bad but you Pembroke Emerging Markets hedge
have to be fund in London and previously man-
aged emerging-markets portfolios for
very careful Harvard’s endowment. “People chase
in a selection returns, and it’s no different at the top of
pension funds,” he said. “People up
process’ there are not more visionary.”
‘With the weight of tourism
significant in these
economies, negative impacts
should be expected’
per cent to more than 11 per cent over
the same period, according to BNP
Paribas.
Signs that a preliminary US-China
trade deal was coming sent EM curren-
cies rebounding “as if there was no
tomorrow”, said Petr Krpata, chief
Emea FX strategist at ING.
He noted that they have since given
up more than half of those gains.
Some strategists have put Latin
American currencies on watch for inter-
ventions, following moves by both Chile
and Brazil to prop up their exchange
rates at the end of last year.
Brazil’s central bank is to make a deci-
sion on interest rates next week. Ilan
Solot, global currency strategist at
Brown Brothers Harriman, said the Bra-
zilian real, at about Rs4.21 to the dollar,
was back in the “intervention zone”.
Asian currencies tend to be the most
sensitive to Chinese growth, according
to Deutsche Bank. A lack of Chinese
tourists travelling during the peak holi-
day season is expected to affect neigh-
bouring countries such as Thailand,
Vietnam and the Philippines, triggering
knock-on currency depreciation.
Chinese nationals comprise at least 20
FastFT per cent of total arrivals in Singapore,
Our global the Philippines, Japan, Thailand and
team gives you Vietnam, said BNP Paribas.
market-moving “With the weight of tourism signifi-
news and views, cant in these economies, negative
24 hours a day impacts to economic activity should be
ft.com/fastft expected,” wrote Marcelo Carvalho,
head of EM research at the French bank.

Asset management Cross asset

State Street vows to turn up the heat on ESG
ROBIN WIGGLESWORTH — OSLO
State Street’s $3.1tn investment arm is
planning to start voting against the
boards of big companies that lag
behind on environmental, social and
governance standards, a threat that is
likely to reverberate in many corporate
boardrooms.
State Street Global Advisors, one of the
biggest shareholders in many blue-chip
companies thanks to its position as one
of the world’s largest index fund
providers, last year introduced what it
terms a “responsibility factor” — a scor-
ing system that measures how well
companies do on various ESG metrics.
Starting this coming proxy season,
SSGA will “take appropriate voting
action” against board members at big
US, UK, Australian, Japanese, German
and French companies that are laggards
based on this measure and “cannot
articulate how they plan to improve
their score”, according to a letter being
sent out to boards this week.
Initially, SSGA will focus on a smaller
cohort of companies that are perform-
ing particularly poorly but, beginning in
2022, it will also start voting against the
board members of all companies that
have consistently underperformed
their peers. “Ultimately, we have a fidu-
ciary responsibility to our clients to
maximise the probability of attractive
long-term returns — and will never hesi-
tate to use our voice and vote to deliver
better performance for them,” Cyrus
Taraporevala, SSGA’s chief executive,
said in the letter. “This is why we are so
focused on financially material ESG
issues.”
Diversity, sustainability and climate
change have moved towards the top of
corporate agendas in recent years with
many investors demanding that com-
panies do better on a wide variety of
matters that fall under the ESG
umbrella.
European investment groups have led
the charge by targeting individuals over
apparent ESG failings.
Legal & General Investment Manage-
ment voted against the election of 3,864
directors globally in 2018, citing climate
change, diversity or other governance
factors. UBS Asset Management and
Allianz Global Investors have
also increased their votes against
directors over ESG-related concerns.
US fund managers have generally
been more reluctant to take similar
actions but SSGA said a related gender
diversity push had managed to get 583
companies to add or commit to adding
women to their boards.
Meanwhile, BlackRock’s founder
Larry Fink sent a letter this month to
corporate executives arguing that “in
the near future . . . there will be a signif-
icant reallocation of capital” due to the
threat of climate change, in particular.
“Awareness is rapidly changing, and I
believe we are on the edge of a funda-
mental reshaping of finance,” Mr Fink
wrote, saying the $7tn-in-assets invest-
ment group would incorporate ESG
fully into its investment framework and
insist on companies disclosing sustaina-
bility-related metrics.
State Street Global Advisors will use
votes to influence the ESG debate
SSGA’s “R-factor” is based on a system
constructed by the Sustainability
Accounting Standards Board, a San
Francisco-based non-profit.
In 2018, SASB rolled out an ESG dis-
closure framework designed specifically
for investors, which has now been
adopted by money managers with more
than $30tn of assets.
SSGA sees the SASB’s framework as a
minimum set of standards that compa-
nies should reach and uses it together
with other data inputs to rank compa-
nies both against local and industry
peers. Companies can ask SSGA for their
scores.
“We believe a company’s ESG score
will soon effectively be as important as
its credit rating,” Mr Taraporevala
wrote.
Some investment group executives
have been concerned that embracing
ESG too zealously might alienate some
clients or stir up concerns that the asset
management industry’s biggest players
have too much sway in corporate
boardrooms.
Wary of being accused of over-reach,
investment groups stress that improv-
ing ESG standards is vital because of the
financial consequences for companies.
Additional reporting by Attracta Mooney
Sterling slides and bonds rally
ahead of BoE rate decision
EVA SZALAY
A renewed slide in sterling and a rally
in UK government bonds this week
suggested that some investors are
bracing for a cut to interest rates after
the Bank of England’s first meeting of
the year tomorrow.
The pound has shed almost a cent of its
value against the dollar to trade at $1.30
while UK government bonds have
climbed back toward the record highs
they touched last summer.
The rally, assisted by a broader rush
into less risky assets after the outbreak
of coronavirus, pushed 10-year gilt
yields below 0.5 per cent yesterday.
The shift comes just over a month
after the election victory of Boris John-
son’s Conservative party sent the pound
soaring and underscores how quickly
the outlook has softened despite an
upturn in UK manufacturing data.
“Despite the bounce in the [manufac-
turing survey], we still expect the BoE to
go ahead and cut rates,” said Jordan
Rochester, a currency strategist at
Nomura in London, noting that the
currency will probably drift lower
against its peers ahead of the decision.
Expectations for the BoE’s next steps
are not clear. Some analysts and econo-
mists believe that signs of expansion in
the country’s private sector are suffi-
ciently encouraging to stay the central
bank’s hand at least for now.
Derivatives markets are reflecting a
roughly 50 per cent chance that the BoE
will cut its benchmark rate to 0.5 per
cent from 0.75 per cent.
Andrew Harman, senior portfolio
manager at First State Investments,
expects the BoE to cut rates this week or
at the next meeting in late March.
“Data from the second half of 2019
shows the UK economy was soft,
although the recent January 2020 PMIs
suggests a modest pick-up in economic
activity [after] the election,” he said.
The BoE’s monetary policy commit-
tee could decide on a “precautionary
cut” now, Mr Harman added, or it may
wait until the next meeting.
Silvia Dall’Angelo, a senior economist
at Hermes Investment Management in
London, noted that, while the US
Federal Reserve and other big central
banks eased policy last year, the BoE is
late to the party.
AdditionalreportingbyTommyStubbington
24 ★ Wednesday 29 January 2020

The day in the markets Investors are far

What you need to know
too complacent
3 US and European stocks stabilise after
about inflation risk
Coronavirus angst weighs on global oil prices
slide triggered by coronavirus fears
3 Closely watched recessionary signal $ per barrel
turns negative
3 Oil under pressure on worries about
weaker global demand
Brent crude
70
Peter Cramer
65
Global stocks stabilised after their worst
day in nearly four months as investors Markets Insight
assessed the economic fallout from the 60
rapidly spreading coronavirus that

W
sparked a global sell-off on Monday. e have not had to worry CPI. Medical bills have been increasing yields. Institutional investors seem to
Wall Street’s S&P 500, which closed 1.6 55 about inflation for 15 at an annual rate of about 5 per cent, a have headed in the same direction.
per cent lower on Monday, opened more ye a r s a n d , i n i t s trend that will continue as the popula- The eventual return of inflation will
than 1 per cent higher, led by shares in West Texas Intermediate absence, complacency tion continues to age. be read by investors as a harbinger for
technology and financial groups. The 50 has set in. Investors in Additionally, the healthcare insur- the end of the excessively easy mone-
tech-heavy Nasdaq Composite was up 1.1 the US are pricing in an average of ance component of CPI is increasing at a tary conditions that have propelled the
Aug 2019 Jan
per cent by midday in New York. 2020 1.75 per cent inflation over the next 10 dramatic pace, most recently hitting 20 current economic expansion. And when
The Stoxx Europe 600 retreated 0.8 Source: Bloomberg
years based on implied rates in the per cent, a multi-decade high. it hits, there will be a rush towards Tips
per cent yesterday. A day earlier, the Treasury Inflation-Protected Securities Second, housing costs have an out- and real assets. This could quickly jam
region-wide index had fallen 2.3 per cent, market. That is frighteningly low. sized influence over the inflation rate, up liquidity in these small markets.
its worst one-day loss since October on Investors should not underestimate representing 40 per cent of core CPI and Sleepy investors who have failed to
heightening concerns over the outbreak. year holiday until next Monday. Shanghai Brent crude rebounded 0.8 per cent to the possibility of the improbable. about 20 per cent of core PCE. protect their portfolios against inflation
“There will be an economic impact from has ordered companies not to reopen $59.86 a barrel yesterday, having tumbled It would take only a subtle shift in the Weakness in America’s residential will be caught flat-footed.
the virus outbreak, even if we don’t yet until February 9. more than 3 per cent on Monday. breeze for inflation to shift course in housing market has bottomed out and Investment grade bond yields would
know how long it will last and therefore Coinciding with a sell-off in The international benchmark has fallen 2020. And having remained weak for so US house prices are now poised for fur- be likely to rise, particularly for longer
how big the economic hit will be,” said Kit government bonds that followed about 10 per cent this year, driven in part long, the final re-emergence of inflation ther price appreciation. Housing starts maturities. The yield on the Bloomberg
Juckes, strategist at Société Générale. Monday’s rally in haven assets, part of the by “fears of plummeting economic will have an outsized effect on investors’ and sales of existing homes have both Barclays Aggregate Index ended last
Asian bourses, many of which were yield curve — a closely watched metric demand”, said Jim Reid, macro strategist appetite for risk. year at just 2.3 per cent, with a duration
Even a small surprise outside the of 5.9 years. Compare that with 2007
closed for holidays on Monday, tumbled
yesterday as they caught up with peers
for signs of an impending recession —
briefly inverted, triggered by worries
at Deutsche Bank.
Investors in the US were also looking current range would present a big
A rush towards Tips and when the yield was 4.4 per cent and the
elsewhere. Shares in South Korea, about the economic harm the contagion ahead to the conclusion of today’s challenge for the markets. We saw that real assets could quickly duration 4.4 years.
play out towards the end of 2018 when Today’s bond market offers just over
Singapore and Australia all slid.
Hong Kong’s stock exchange will
could inflict.
Yesterday’s spell of guarded optimism
Federal Reserve policy meeting, where
officials were expected to keep interest the US Federal Reserve’s preferred
jam up liquidity in half of the yield while requiring inves-
reopen today while markets in mainland led to a slide in gold, another haven asset, rates unchanged after three cuts last measure, the core personal consump- these small markets tors to accept 1.5 years of additional
China will not return from the lunar new which fell 1 per cent to $1,567 an ounce. year. Anna Gross tion expenditure index, briefly rose to duration risk to achieve that yield.
2.04 per cent. The S&P 500 dropped 14 Meanwhile, collateralised loan obliga-
per cent over the fourth quarter. showed signs of strength while senti- tions — specialist vehicles that took a
Markets update In the US, inflation conversations ment among housebuilders is at its best battering in 2019 — might see their
often revolve around how much the level for more than 20 years. floating rates become attractive again if
average American is earning. We have the Fed to thank for that the Fed sought to curtail inflation with
In the latest non-farm payroll report, reversal in fortunes and its three inter- rate rises.
US Eurozone Japan UK China Brazil wage growth fell below 3 per cent for the est rate cuts in quick succession last However, for that to happen, the Fed
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa first time since July 2018, despite record year. For the first time in nearly 50 would have to change course. And that
Level 3280.00 1632.63 23215.71 7480.69 2976.53 115976.65 unemployment. That flies in the face of years, 30-year fixed mortgage rates seems unlikely. It has already indicated
% change on day 1.12 0.84 -0.55 0.93 -2.75 1.31 what every economics textbook says dipped below the rate of wage inflation that it is open to tolerating inflation
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ should be happening. The absence of (for production and non-supervisory running above target.
Level 98.069 1.100 109.140 1.298 6.930 4.212 growth in wages, during a period of sus- employees) in late 2019. A return of above-target inflation
% change on day 0.115 -0.091 0.216 -0.613 0.000 -0.324 tained economic recovery, has led inves- After years of modest price rises, could cause a sudden bout of volatility,
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond tors to believe that inflation will not investors have become immune to infla- from which there will be winners and
Yield 1.653 -0.342 -0.042 0.573 2.997 6.602 materialise any time soon. tion risk and are increasingly unwilling losers. Investors should stay on their
Basis point change on day 4.900 4.500 1.020 4.500 0.000 -0.200 But that overlooks two factors that to pay the insurance premium to pro- toes in the meantime. A portfolio
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX) contribute to the core PCE and core tect their portfolios. Retail investors hedged against inflation risks is one that
consumer price inflation calculations. have rotated away from the traditional is better prepared.
Level 374.80 59.81 53.54 1580.10 18.30 2688.80
The first is medical care costs, which inflation-hedging products — Tips,
% change on day 0.68 1.53 1.42 1.01 2.61 -2.71
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.
represent 20 per cent of the core PCE commodities and real estate investment Peter Cramer is a senior portfolio manager
index and just under 10 per cent of core trusts — in favour of sectors with juicier at SLC Management in Seattle
Main equity markets
S&P 500 index Eurofirst 300 index FTSE 100 index
3360 1680 7680

3280 1640

3200 1600 7360

3120 1560
| | | | | | | | |
3040 | | | | | | | | | | | | | | | | | | | |
1520 | | | | | | | | | | | | | | | | | | | | 7040 | | | | | | | | | | |

Nov 2020 Jan Nov 2020 Jan Nov 2020 Jan

Biggest movers
% US Eurozone UK
Xerox Holdings 5.53 Atlantia 6.38 Intercontinental Hotels 3.05
Pultegroup 4.88 Thyssenkrupp 5.29 St. James's Place 2.96
Ups

Whirlpool 4.51 Kone 4.92 Hargreaves Lansdown 2.92

Hollyfrontier 4.17 Continental 3.97 Glencore 2.80
Hca Healthcare 4.13 Telefonica 3.76 Whitbread 2.62
%
Borgwarner -8.22 Klepierre -2.25 Diageo -1.44
3m -5.23 Sap -2.14 Centrica -0.79
Downs

Pfizer -4.25 Philips -2.08 Polymetal Int -0.63

Juniper Networks -4.15 Infineon Tech -1.46 Halma -0.61
F5 Networks -3.47 Bay.motoren Werke -1.30 Tui Ag -0.58
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

A mixed day for corporate earnings Atlantia soared after Giancarlo Cancelleri, Diageo missed out on a London market
weighed on US benchmarks with Pfizer Italy’s deputy transport minister, said rally after JPMorgan Cazenove advised
among the stocks to feel the pressure. during a radio interview that the selling on worries of stalling growth.
The drugmaker’s fourth-quarter government might decide not to revoke Worsening trends in core markets
earnings missed consensus forecasts due the Autostrade owner’s motorway including the US and Europe were putting
largely to a rise in operating expenses, concession licence. Diageo’s 2020 guidance at risk, while
which overshadowed unchanged 2020 But Mr Cancelleri said he was headwinds in Hong Kong and China
guidance. continuing to argue for cancellation. suggested there was little room to keep
Manufacturing conglomerate 3M slid Swedbank was a gainer after fourth- improving profit margins, said JPMorgan.
after guiding lower its 2020 expectations. quarter results from the Swedish lender With the beverages group’s growth
Though unexpectedly large showed better than expected trading deteriorating to its slowest rate since
restructuring and litigation charges income and a bigger than forecast capital 2016, its stock should return to a discount
complicated 3M’s headline results, buffer. versus peers rather than the current 10
organic sales growth disappointed. But there was no material new per cent premium, the broker said.
Printer maker Xerox outperformed information on money laundering probes Avast dropped after Peel Hunt started
after its full-year results showed signs of by Swedish and Estonian authorities. coverage with “sell” advice.
stabilisation in the Americas and progress Thyssenkrupp was in demand on a It said the security software maker was
with a year-long restructuring. report that Kone of Finland had bid €17bn “facing existential threats”, including from
Delphi Technologies soared after for the German engineer’s elevator Microsoft’s inbuilt security and from the
agreeing to be bought for $3.3bn by business, about €2bn higher than migration of services to the cloud. “In our
fellow auto parts maker BorgWarner, investors had been predicting. bear case, we forecast revenues going to
which was the S&P 500’s sharpest faller. Kone was lifted by a positive fourth- zero by 2040,” the broker said.
Cannabis grower Canopy Growth quarter update predicting stable demand InterContinental Hotels led a rally
gained after BMO Capital Markets turned in 2020. among travel stocks recently affected by
positive on valuation grounds. Atlas Copco faded after end-of-year the spread of the coronavirus.
Beyond Meat drifted lower on a sales and earnings from the industrial Taking the 2003 Sars outbreak as a
downgrade to “neutral” from JPMorgan. tools maker missed expectations. guide, “the impact on full-year growth
With the vegan burger maker The Swedish group did not give a 2020 might be limited, as such episodes are
outperforming the S&P 500 by 65 per outlook but flagged that trading was typically followed by strong quarterly
cent this month, a lot of good news was “somewhat lower” than fourth-quarter revival”, said JPMorgan, which estimated
already baked into the price, it said. levels and orders from the automotive that China provides about 8 per cent of
Bryce Elder industry had been weak. Bryce Elder InterContinental’s revenue. Bryce Elder
 FT SPECIAL REPORT

UK’s Leading
Management Consultants
Wednesday January 29 2020 www.ft.com/reports | @ftreports

High ambition: the top performers

Inside Consultancies rated by specialism; millennial professionals’ search for meaning; the conflict of interest debate
2 | FTReports FINANCIAL TIMES Wednesday 29 January 2020

UK’s Leading Management Consultants

Charting how leading consultancies perform

The UK’s Leading Management Consultants
2020 is the third annual listing and ratings of
the nation’s top firms.
The list, which is compiled by the Financial
Times and Statista, the data provider,
highlights the consultancies most respected by
their clients and industry peers. Consultants are
also rated in 15 sectors and for 14 different types
of specialist work, from digital transformation
to sustainability.
The results are based on two Statista surveys
— one providing feedback from clients and the
other of consultants evaluating their peers.
Consultancies are awarded gold, silver and
bronze ratings according to how often they are
recommended.
A total of 203 consultancies are listed this
year, including 40 newcomers, eight of which
entered the list in more than one specialist
rating category.
The list and specialist rankings begin on page
8, with the methodology on page 15 explaining
how they were compiled. Read the report online
at: ft.com/leading-consultants

The drive to match millennial desire for purpose

Job satisfaction
Can firms meet new
recruits’ hopes?
Anna Gross reports
Laurie’s first inkling that con-
sultancy was not for him came
when he was sent to one of the
biggest meat producers in the
UKtohelpimprove efficiency.
Like many people in their
mid 20s, he had been cutting
back on meat and had flirted
withthe ideaofvegetarianism.
“I’m not excited about mak-
ing more money for people
who produce meat, so the feel-
ing of lack of purpose was
huge,” he says. “The senior
people in the business . . . are
motivated by selling work, but
they’re detached from what I as
ayoungconsultantcareabout.”
“Laurie” — who like other
consultants interviewed for
this article asked that the FT
not use his real name — gradu-
ated with a first-class Oxbridge
degree and joined a midsized
consulting firm in 2017. He was
excited about enacting real
change, but three years later
feels unfulfilled and wants to
switchcareer.
He says three-quarters of his
cohort at the consultancy feel
unsatisfied and hope to leave
within six months. The firm
specialises in defence, which
some recruits are unhappy
aboutworkingon,he says.
“It’s interesting seeing peo-
ple come in saying ‘I don’t want
to do this’ . . . but quickly those
ideals are out of the window
when they clash with their
career trajectory,” he says. This
creates a dissonance between
the work young staff do to suc-
ceed and what they feel will
enrichtheirlives,he adds.
His experience is echoed by
other young consultants doing
work where they feel they add
little value to the world and
lackasenseofpersonalgrowth,
communityand purpose.
“People are increasingly say-
ing that they think businesses
are too focused on their own
agenda, not the interests of
society at large,” says Anne-
Marie Malley, Deloitte’s new
managing partner for consult-
ing, who looks after the com-
pany’s 5,500 UK consultants.
“Five or 10 years ago people
weren’t so demanding or delib-
erate about the experience
they wanted to build.”
These ethical tensions can
be even starker in other coun-
tries. “Megan”, an Australian
consultant in her late 20s, bris-
tled when her small firm
tasked her with helping gun
lobbyists collect membership
fees. This was one of several
jobs she describes as “ethically
dubious garbage”, but she felt
unable to discuss openly with
her superiors.
“Most managers . . . have
reacted to any ethical dilem-
mas like I was calling in sick to
work while tweeting photos
from a music festival,” she says.
“I think there’s definitely an
impulse to treat [raising con-
cerns] as an act of laziness, or
one ofinsubordination.”
Some consultancies, large
and small, have tried to foster
an environment where
employees can say no without
fear of repercussions.
At Baringa, a 750-employee
firm that specialises in energy
resources, the environment
FINANCIAL TIMES Wednesday 29 January 2020 FTReports | 3

UK’s Leading Management Consultants

How firms weigh

individuals’ worth
Performance It is not deciding, for example, whether to
promote consultants to partner.
just about winning Michael Garstka, managing part-
repeat business, ner of Bain & Company in the UK
until February, says its consultants
writes Andrew Hill are encouraged to provide “support-
ive challenge”. His successor in the
onsultants can demon- role, James Hadley, adds that it is pos-
by different criteria. That can lead to
infighting and jealousy, according to
Laura Empson of Cass Business
School, author of Leading Professionals,
a book about how to manage such
firms. Audit partners think of them-
selves as “reputation creators” and
consultantsas“breadwinners”.

‘C strate their quality only

by their performance;
the ones that succeed on
the job will be sure of
getting plenty of repeat business.”
This was one of the conclusions of a
1961 Financial Times report that
attempted to answer the question
“what are [UK management consult-
ants] really aiming to be [and] how
should their long-term objectives be
defined?”
Nearly 60 years on, that verdict
remains apt, to the point of being a
truism. If a consultant satisfies his or
her client, he or she is likely to win a
newassignment.Ifnot,not.
But assessing individual consult-
ants’ performance is harder than that
implies. Andrew Sturdy, management
professor at the University of Bristol,
says that “things have been balanced
too far in favour of sales and sell-on,
and against quality”. As he puts it:
“There are very few clients who wel-
come and reward a consultant who
sayswhat theydon’twanttohear.”
Naturally, consultants take issue
with this assertion. Anna Purchas,
head of people at KPMG UK, points
out that the ideal consultant is a “crit-
ical friend” to clients. “You need to be
able to challenge — and it’s one of the
competencies we assess”, when
sible to fall short either by being too
abrasive or too friendly.
Judging consultants’ performance
is rife with such complexity. The
emphasis on winning repeat business
is combined with “the difficulty of
assessing and agreeing on outcomes”,
Prof Sturdy says.
It is hard to apportion credit for
complex, long-running, cross-disci-
plinary projects. Consulting is, after
all, a “team sport”, as Mr Hadley says,
where collaboration is vital. Ms Pur-
chas points out that in many cases
appraisal is complicated by the fact
‘Everybody who rises to
the top believes they
have risen there on merit’
that consultants, unlike their counter-
parts in KPMG’s audit business, may
spend years on a client engagement
which is run by a manager different
from the one whoassessesthem.
The big accountancy firms, for
which consulting has long been a
more lucrative business than audit,
face the added difficulty of having to
judge staff in the two main operations
Partners also fall prey, she says, to a
self-sustaining “myth of meritoc-
racy” that militates against reform:
“Everybody who rises to the top
believes they have risen there on
merit and automatically believes it’s a
good system, because it found them.”
In pure partnerships, of course, the
partners also own the business, creat-
ing a further obstacle to change.
Some of these drawbacks used to be
solved by the “lockstep” system,
whereby partners were paid accord-
ing to seniority rather than by the fees
they brought into the group. Lockstep High flyers: employees at KPMG’s Manchester city centre office — Alamy
had its own problems, though, includ-
ing the risk of freeriding by lazy part- (used to gauge whether customers partners and seen others retire.
ners. Large consultancies — like many would advocate a particular service or “When we got this right, we were hav-
of their counterparts in law and product) to monitor where there may ing a fair conversation with [partners]
accounting — have tended to vary, be difficulties with specific clients, about their skills and the way the
diluteorevenabolishlockstep’srigidi- teamsorindividuals. world ischanging,”saysMsPurchas.
ties and allow more of an “eat what KPMG UK assesses its consultants Some of that change comes from
you kill” approach, closer to bonus against a framework consisting of below. Prof Sturdy detects an evolu-
systemsused bycorporate clients. technical skills, sector expertise, and tion in the attitude of bright graduates
Mr Hadley says Bain’s “third way” is “core consulting and leadership”. The “who might be less inclined to follow
not just a mix between tenure- and framework was introduced two years the money”. Bain’s Mr Hadley adds:
profit-based rewards. Consultants are ago in part because KPMG needed to “There’s a generational shift in terms
assessed on three dimensions: client be able to assess outside recruits, and of how individuals see the definition
outcomes, people outcomes, and intel- to be sure that it avoided any uncon- of results we’re getting with our cli-
lectual property and expertise. Staff scious bias in its appraisal system. It ents.” That is unlikely to end consult-
are asked to report, on a rolling basis, has also re-emphasised the impor- ants’ traditional chase towards the
whether they would recommend oth- tance of behaviour and values. As part goal of repeat business, but it is sure to
ers to work on their project. Bain uses of an effort to recover from a reputa- make it even harder to appraise how
this version of a “net promoter score” tional crisis, KPMG has cut some theyreachtheirdestination.

Some refuse tobacco work
and government work, manag-
ing partner Adrian Bettridge
has developed a new permis-
sion-based model where peo-
ple almost always get the
choice over where they work.
“At the big firms you get moved
around like a chess piece on a
board,” he says. “I ask people
what they’re most passionate
about — what topics, countries
and projects — and we build
our business around the inter-
estsofeachofthem.”
He says the firm is organised
in a “collective” way, not a top-
down business, which means
young consultants are happier
because they have a hand in
shaping projects.
For some consultants, how-
ever, the often-siloed nature of
their work, and long hours, can
leave them unfulfilled.
“Tommy”, who worked at a
140-person firm in London for
18 months before leaving the
profession, struggled with a
lack of continuity between
projects.
“It’s just discrete piece of
work after discrete piece of
work and you don’t know
whether it’s followed through.
I didn’t feel like I was making a
difference,” he says.
Tommy recalls a six-month
project consulting for a soap
compound company, on which
he worked until 10pm every
day,includingmostweekends.
He said that he did not want
to work on tobacco, which was
accepted. “You can probably
do that once or twice, but any
more and you might become a
bitofaproblem,”he says.
At Deloitte, Ms Malley says
young staff are deployed on
jobs they feel comfortable with
and are encouraged to focus on
the industries and type of
work they want to do. Manag-
ers meet new recruits every
six months and are accommo-
dating when someone says
they don’t want to work with a Contributors
particular industry or client,
she says. Anna Gross Esan Swan
Ms Malley believes new Markets reporter Picture editor
recruits should keep an open
mind, however. “There are Andrew Hill hitandrun media
challenges and values that you Management editor Illustrations
might not realise from the out-
set,” she says. “It gets a bit Tabby Kinder For advertising details,
tricky — what meaningful Tax and accounting contact: Kate Childs-Carlile,
action might mean for one per- correspondent +44 (0)20 7775 6224 and
son is different to what it might kate.childscarlile@ft.com, or
mean for others.” Gill Plimmer your usual FT representative.
To Megan and Laurie, the Reporter
profession would be a better fit All editorial content in this
for young people if firms lis- Daniel Thomas report is produced by the FT.
tened more to what employees Chief UK corporate
are drivenbyand care about. correspondent Our advertisers have no
Too often, Megan says: “Like influence over or prior sight of
a vegan at a barbecue, the con- Jerry Andrews the articles.
sultant who doesn’t believe in Commissioning editor
[their work] is treated like a Steven Bird All FT Reports are available at:
pariah and a buzzkill.” Designer ft.com/reports
12 4| |FTReports
FTReports FINANCIAL TIMES
FINANCIAL Wednesday
TIMES 29 29
Wednesday January 2020
January 2020 FINANCIAL TIMES
FINANCIAL Wednesday
TIMES 29 29
Wednesday January 2020
January 2020 FTReports
FTReports| |513

UK’s
UK’sLeading
LeadingManagement
ManagementConsultants
Consultants UK’s
UK’sLeading
LeadingManagement
ManagementConsultants
Consultants

Healthcare & life sciences (continued) Altran Consulting

in a position to sell consulting workBronze Travel, transportation
cent of PwC’s revenue was from such & logisticsby an audit partner. The watchdog’s

Sector andlooms
Decision consulting
on service ratings Name
McKinsey & Company
AdviseInc
Akeso & Co.
Rating
Silver
Bronze
Bronze
Analysys Mason

ASE
in the future.
Arthur D. Little
Ms Hudson rejects this. “The con-Bronze
sulting unit has their clients and we
Baringa Partners
have ours, that’s very much the viewBronze
BDO Advisory atPwC,”shesays.
Bronze
Bronze
advisory work; 77 per cent of EY’s rev-

Research by the
Markets Authority
Bronze
Name
enue;and66percentatKPMG.
Accenture

sectors, advisoryKPMG
Competition and
Deloitte Consulting
found
feesAdvisory
that in all
earned by the
2018 Development in Audit report
identified “exercising Rating
scepticism” and “challenging
pany assumptions” as Gold
improvementwasneeded.
appropriate
Gold com-
areas where
Gold

conflicts of interest
Attain Bronze Business Information Systems Consulting
However, the head Ltd of audit at oneBronze
big four were much PwC Consulting
larger than audit “Perception is critical,Gold
and all audit
Consultancies are sorted alphabetically within gold, silver and bronze bands by numbers of recommendations (see p15) Bain & Company
BDO Advisory
Bronze
Bronze
EY Advisory Services
Grant Thorntonto remain anonymous, disagrees:Bronze
Bronze
large UK accounting firm, who wished fees. In banking,AT Kearney audit fees were typi-
Atkinsof advisory fees.
cally just 13 per cent
firms acknowledge that Silver the sec-
tor . . . needs to rebuildSilver
trust,” says
Candesic Bronze KPMG Boxwood “Mandatory audit firm rotation hasBronze According toBain & Company to the
disclosures David Herbinet, global Silver
head of audit
Capgemini Invent Bronze Solon Management
meant Consulting
that in the last three years of anBronze BearingPoint
CMA,whenHSBCendeditsauditrela- Silver
at Mazars. “That is an important fac-
Chaucer Bronze audit mandate you start to think how tionship with KPMG, BCG - Boston
RBSConsulting
switchedGroup tor in scrutinising theSilver
structure of
PwC Consulting Gold Deloitte Consulting Silver CIL Bronze Oil & gas
Regulation Does ahead with proposals to force such that rather than challenging them,
Arcadis
firms to create an “operational split” accounting firms prefer to kowtow Silver
to EY Advisory Services Silver Cogentia Healthcare Consulting Bronze
to translate the audit relationship into from Deloitte toGrant
a consulting one.” He adds: “You start PwC to EY and Aviva
EY, Thornton
Shell went from
McKinsey & Company
ditched EY for
large auditors, but at theSilver
same time it
Silver rules do
could be argued that current
Big Four Sectoral expertise
consultancy Arup
separatingauditfromconsulting. audit clients,
BCG - Boston Consulting Group
who have been
Patisserie be asource ofconsultingincome. Silver
or Silver
may McKinsey & Company
PwC Consulting
Silver
Silver
CRA - Charles River Associates
Edge Health
Bronze
Bronze
Name
Accenture
introducing people and you makeRating
sureyoudon’tpissofftheclient.” Gold
Vendigital
EY Advisory Services
not fully address conflictSilver
risks.”
As the debate rages onBronze
and govern-
work really jeopardise Valerie Like BHS, Carillion and
Mace
before it, the failure of Tho- The UK competition regulatorSilver
said 4C Associates Bronze Infinity Works Bronze Baringa Partners Scott Knight, head of audit at mid-Gold KPMG Boxwood ment ministers continue Bronze
to explore
audit independence? mas Cook in September raised Mott MacDonald
ques- in a 2019 sector review: “The concern Silver Bain & Company Bronze L.E.K Consulting Bronze BCG - Boston Consulting
tier BDO, Group
says: “The auditors work forSilver
‘Clearly robust challenge
L.E.K Consulting remedies to improve trust Bronzein audit,
Aerospace & defence Savills Silver Capgemini Invent Bronze Moorhouse Bronze the shareholders and not the manage- is often inconsistent
IBM Global Business Services Silver LeighFisher Bronze
splitting the big four firms looks likely
Tabby Kinder reports tions about whether auditors were was that auditors may be reluctant
Bourton Group
too close to the client to spot red flags. act objectively and robustly in their
to
Bronze Cornwall Insight Bronze OHE - Office of Health Economics Bronze McKinsey & Company
ment. [Consulting] services are pro-Silver Moorhouse to be one way to reduce Bronzefinancial
Name Rating Costain
PwC, which signed off Thomas audit work for fear that this could be Bronze CRA - Charles River Associates Bronze PA Consulting Group Bronze Wood Mackenzie cured by management so it really isn’tSilver
with a procurement Mott MacDonald Bronze of con-
incentives to accept situations
CPC Project Services
BAE Systems Applied Intelligence
Cook’sGold to 2016, damaging to their relationship Bronze Efficio Bronze Philips Healthcare Consulting Bronze BidPartners difficult to see how conflicts arise. TheBronze relationship’North Highland Bronze
flictsthataredifficulttomanage.

T
he collapse of Thomas accounts for a decade with
Accenture Silver Curzon Consulting Bronze Egremont Group Bronze The King's Fund Bronze Deloitte Consulting
FRC has told the audit firms . . . thatBronze Oliver Wyman The consultants are Bronze
on board.
Cook was the latest fuel gave remuneration advice to its board the company management resulting
EY Advisory Services
Atkins
to be added to the fierce in theSilver
first four years of the audit con- inthe lossofnon-auditwork.” Bronze Grant Thornton Bronze EY Advisory Services
they are falling short in terms of chal- Bronze Steer Michael Garstka, managing Bronzepartner of
Deloitte Consulting Silver Faithful+Gould Bronze Jacobs Consulting Bronze Insurance
Providing consulting advice to a FTSE 350 companies must FTI Consulting
also lenging management. Clearly robustBronze PwC, the departing Triangle
audit firms earned Bronze
Bain in the UK until February, says:
debate about whether tract. Such advice was restricted by The “big four” auditors — Deloitte, “There are clear rules about what we Fuelling debate: Thomas Cook’s
McKinsey & Company
audit quality and inde- Silver
the audit watchdog inGardiner
2016,& andTheobald
PwC, KPMG and EY — dispute Bronzethis. L.E.K Consulting
canand cannotdoforauditclients.” collapse added to Bronze
the argument listed business one year leading up to Genesis
rotate auditors at least every 20 years challenge is often inconsistent with aBronze “substantial” consulting fees from “Audit serves a crucial purpose of
PA Consulting Group Silver Grant Thornton Bronze Mott MacDonald Bronze andName
during the term of an audit con- Rating audit out to io
and put their consulting procurementrelationship.”
tender Bronze
their old clients. In some cases, advi- assurance in public markets and as a
pendence are threatened by audit banned last year. EY, which took over They cite a ramping up of regulations Stephen Griggs, Deloitte’s head of PA
JLL
PwC Consulting
firms’ consultancy work for large Silver
as auditor in 2017, earned millions protecting auditor independenceBronze that audit, says: PA Consulting Group
“There has long been an Bronze Deloitte
tract Consulting
has been restricted by a number Gold
every 10 years. However, when a PwC Consulting BDO is looking at plans to separateBronze sory work brought in more than dou- check and balance on executive
Vendigital
listed companies. Silver KPMG Boxwood
providing permissible non-audit serv- restrict consulting work, and a misun- Bronze
impressionThe thatBrattle Group
auditors are influ- Bronze KPMG
of UK andAdvisory
EU regulations. Under rules company Gold
switches auditor, the out- its audit and consulting business. ble what the audit firm earned in the teams. Directors have the ultimate
Altran Consulting
The dispute has raged since the
BCG - Boston Consulting Group
demise of Arthur Andersen, once a
Bronze
Bronze
McKinsey & Company
icestoThomasCookuntilitwentbust, derstandingofhow theyoperate. Bronze
OC&C Strategy Consultants
and carried out advisory projects for Bronze
“There’s a lot of people that don’t
enced by opportunities to cross-sell
Financial institutions & services
unrelated advisory work. In prac-
setPwC
byConsulting
UK regulator the Financial
Accenture
Reporting Council, auditors may pro-
going one Gold
audit work Silver
Other
is freed up to take on industrial &Itmetals
non- has further been claimed that lastyearofthecontract.
immediately. This cycle lucrative consulting fees pose a threat Consulting services
In another illustration, the FRC said
responsibility to report accurate
accounts. An independent auditor
KPMG Advisory Bronze SLR Consulting Bronze videBain & Company
only some “essential” advisory Bronze
could potentially weaken theName
incen- to audit independence. In 2019, 81 perRating that three of 11 audit misconduct would provide them increased confi-
“big five” audit firm, after the 2001 itsboard inthe precedingdecade. understand the nature of the work tice . . . auditors already adhere to
Raytheon Bronze Stern Stewart & Co Bronze Name Rating Baringa Partners
services, such as checking interim Bronze
tives of the Accenture
existing auditor to chal- cent of Deloitte’s revenue was derivedGoldcases it investigated in the past four dence of objectivity and remove the
Enron scandal. It could reach a climax The string of corporate collapses that is done by auditors,” says Hemi- strict rules around the services they
Roland Berger Bronze Turner & Townsend Bronze Accenture Gold BCG - Boston
resultsand Consulting Group
memostoshareholders. Bronze if it knows itIBM
lenge a company willGlobal
be Business
fromServices Data analytics & big data
work other than audit; 78 perGoldyearsshoweda“lossofindependence” potentialforconflict.”
this year if the UK government moves and accounting scandals created fears one Hudson, PwC’s head of audit. are allowed toprovide.”
Watts Bronze Deloitte Consulting Gold EY Advisory Services Bronze Capgemini Invent Silver
Automotive WSP Bronze EY Advisory Services Gold Grant Thornton Bronze Deloitte Consulting Silver Name Rating
KPMG Advisory Gold McKinsey & Company Bronze KPMG Advisory Silver Accenture Gold
Name Rating Consumer goods & retail McKinsey & Company Gold Oliver Wyman Bronze PwC Consulting Silver Deloitte Consulting Gold
Accenture
BCG - Boston Consulting Group
Deloitte Consulting
Vendigital
Gold
Silver
Silver
Silver
Name
Accenture
Bain & Company
Rating
Gold
Gold
PwC Consulting
AT Kearney
BAE Systems Applied Intelligence
Bain & Company
Gold
Silver
Silver
Silver
HS2 rail project shows how lines
Internet, media & entertainment
AT Kearney
Bain & Company
BCG - Boston Consulting Group
Bronze
Bronze
Bronze
IBM Global Business Services
KPMG Advisory
PwC Consulting
Gold
Gold
Gold

AT Kearney
Bain & Company
BearingPoint
Bronze
Bronze
Bronze
BCG - Boston Consulting Group
Deloitte Consulting
KPMG Advisory
Gold
Gold
Gold
Baringa Partners
BCG - Boston Consulting Group
BDO Advisory
Silver
Silver
Silver
are blurring on infrastructure
Name
Accenture
Deloitte Consulting
IBM Global Business Services
Rating
Gold
Gold
Gold
Korn Ferry
McKinsey & Company
Vendigital
Wood Mackenzie
Bronze
Bronze
Bronze
Bronze
BAE Systems Applied Intelligence
Bain & Company
BCG - Boston Consulting Group
Capgemini Invent
Silver
Silver
Silver
Silver
IBM Global Business Services Bronze PwC Consulting Gold Capgemini Invent Silver BCG - Boston Consulting Group Silver EY Advisory Services Silver
KPMG Advisory Bronze AlixPartners Silver Grant Thornton Silver BDO Advisory Silver
was initially brought in to space. PublicThey
& social sector
tend to cost about professional services firms are Fujitsu Consulting Silver
McKinsey & Company Bronze AT Kearney Silver IBM Global Business Services Silver Infrastructure
KPMG Advisory Silver
make the economic case for a third of the price of the strat- seeking roles on infrastructure Grant Thornton Silver
Proudfoot Bronze BDO Advisory Silver Oliver Wyman Silver McKinsey & Company the project but now Silveracts as its egyName
experts or the Big Four. Rating
projects is that projects have McKinsey & Company Silver
PwC Consulting Bronze BearingPoint Silver 11:FS Bronze Generalists
Vendigital vie for representative Silver — liaising Accenture
Jason Millett, chief executive Gold
become more complicated. Acrotrend Bronze
Quick Release_ Bronze Capgemini Invent Silver Alpha Bronze Agility in Mind Bronze Arup Bronze
Roland Berger Bronze Crimson & Co Silver Alvarez & Marsal Bronze
work with specialists,
Bain & Company
between the Department
Bronze
BAE Systems Applied
for of consultancy
Deloitte Consulting
Intelligence
at Mace, which Consultants can Gold
use expertise
Gold Atos Consulting Bronze
Transport and the high-speed worked on the London 2012 in data analytics to inform con-
Unipart Group Bronze EY Advisory Services Silver Atkins Bronze writes GillServices
EY Advisory Plimmer rail team managers. Bronze Korn Ferryand the delivery of
Olympics Gold
struction and maintenance Avanade Bronze
Grant Thornton Silver BCS Consulting Bronze Grant Thornton “Traditionally, Bronze
we would Birmingham KPMG AdvisoryNew Street sta- Gold
decisions,saysMrThrelfall. BCS Consulting Bronze
Chemicals & pharmaceuticals Kantar Silver BearingPoint Bronze KPMG Boxwood
Britain’s planned HS2 high- have been involved Bronze
as a finan- tion, PwCargues
Consultingthat the govern- In the past, aGolddecision to BearingPoint
Twin Bronze
track: big firms and specialists are on board
McKinsey & Company Silver BJSS Bronze LiveStrategy
speed railway line spent Bronze
cial adviser or on strategy or to ment should 2020 Delivery use a wider range Silver
maintain or resurface a road Cambridge Econometrics Bronze
Name Rating Baringa Partners Bronze Citihub Consulting Bronze MTM on the Big Four consul-
£34.7m argue the business Bronzecase but Atkins
of suppliers. would be made by Silver
engineers, Capco
Advanced Digital Engineering, seeing itself as aBronze
technology-
Accenture Gold BJSS Bronze Curzon Consulting Bronze Ovumfirms last year, under-
tancy now we are getting Bronze
involved in ItCapgemini
is “quite Invent
ironic” that the Silver
but now that assessment is Cognizant
which specialises in leading- driven companyBronze and moving
McKinsey & Company Gold Cognizant Bronze Enterprise Learning Bronze PwC Consulting
scoring their increasing role in project and asset Bronzemanage- EY Advisory Services
government talks of making increasingly being Silverdriven by edgeData Consulting
technologies. away from thatBronze traditional
AT Kearney Silver CRA - Charles River Associates Bronze Frontier Economics Bronze advising on large-scale infra- ment,” says Richard Threlfall, efficiency Grant Thornton
savings but uses the Silver
big data — for example, an IT decisionLab
It is not the only consultancy consultancy space”, Bronzesays Don-
BCG - Boston Consulting Group Silver Egremont Group Bronze FTI Consulting Bronze IT, technology
structure & telecommunications
projects. head of global infrastructure biggest McKinsey & Company
firms when specialists dashboard thatSilverrecords the Moorhouse
to spot new opportunities in ald Morrison, head Bronze
of the con-
Deloitte Consulting Silver Ipsos Business Consulting Bronze Gartner Bronze The amount spent by HS2 at KPMG. wouldPA Consulting
be “a lot Group
cheaper”, Mr condition of assetsSilver
in real time thePA Consultingbetween
marriage Group technol- sultancy’s Europe, Bronze
Middle East
PwC Consulting Silver Javelin Group Bronze KPMG Boxwood Bronze LtdName
on PwC, Deloitte, KPMG The future of Rating
HS2 remains Millett 31ten says. Bronze
and provides a warning that ogyPublicis
and Sapient
infrastructure. Last and Africa business.Bronze
Arthur D. Little Bronze KPMG Boxwood Bronze PA Consulting Group Bronze andAccenture
EY rose by £24m in the Gold
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engineering “We will be comingBronze up with
Bain & Company Bronze Netcel Bronze Savills Bronze yearBAEto Systems Applied Intelligence
September 2019, up ballooning costs, Goldwhich an meansArcadisthat there are more Alexander Jan,Bronze
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tancy Mott MacDonald formed smarter solutions Bronzethat may
CRA - Charles River Associates Bronze OC&C Strategy Consultants Bronze The Berkeley Partnership Bronze fromDeloitte
£10mConsulting
the year before, independent review Gold predicted ASE
partnerships, so that “you can mist at Arup, says Bronze
that it has a partnership with the technol- include not building at all,” Mr
EFESO Consulting Bronze PA Consulting Group Bronze IBM Globalto
according Business Services
research by Tus- could rise as high Goldas £106bn. nowBasis get Mace working for the evolved over the Bronzedecades Digital transformation
ogycompanyMicrosoft. Morrison says.
ERM Bronze Simon-Kucher & Partners Bronze Healthcare & life sciences AT Kearney
sell, a data provider on govern- Although about £8bn Silver has been BigBCG Four- Boston
and Consulting
the Big GroupFour “from being a 100 Bronzeper cent Mott MacDonald, which has To this end, Jacobs last year
KPMG Advisory Bronze Tata Consultancy Services Bronze mentBaincontracts
& Company and spending. Silver
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for Mace”, he adds. Bronzefirm to a
building engineering Name on the bridge between
worked bought a 50 per Rating
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Roland Berger Bronze ?What If! Bronze Accenture Gold Capgemini
agement Invent
consulting firms tra- the prime minister, Silver
is expected Concerto tancy, simulating Bronze
the crash BayDeloitte
in theConsulting
US, and London’s Gold in meas-
pany that specialises
Vynamic Bronze Apex Healthcare Consulting Gold Cognizantprovide auditing and
ditionally to announce within Silver weeks Freshwater worthiness of theBronze
new London Deloitte
new CrossrailDigital train line, says it urement of social Goldvalue and
Energy, utilities & environment Deloitte Consulting Gold Gartner analysis on large
financial Silver
whether the government will GGI (Good Governance Institute) Bronze
taxi and masterplanning new usesIBMthe
Globaltechnology
Business Services
to help wellbeing analysis. Gold In a fur-
Construction & infrastructure KPMG Advisory Gold Hitachi Consultingprojects, they
infrastructure proceed with theSilver
project in its Consultants IBM Global Business Services cities around the Bronze
world”. makeAT Kearney
decisions on infrastruc- ther sign of Jacobs’Silvernew tech-
Name Rating PwC Consulting Gold
can use
areInfosys
increasingly competing for entirety—oratall.Silver Infinity Works Bronze
Lots of firms are trying to do Atkins
ture, for instance on monitor- nology focus, it hasSilveralso been
Name Rating Accenture Gold Ashfield Silver Korn Ferry
project management roles that rivals’ terri- their
The move intoSilver expertise in
Mott MacDonald the same, he says.Bronze
“The march ingAtos Consulting
water quality for the city of collaborating with Silver
Telefónica
AT Kearney Gold Baringa Partners Gold BCG - Boston Consulting Group Silver haveKPMG Advisory
in the past been taken by tory goes both ways,Silver with the PPL of technology has Bronzebrought Bain & Company
AucklandinNewZealand. UK, the telecomsSilverprovider, to
Atkins Gold AT Kearney Silver GE Healthcare Partners Silver McKinsey &construction
Company Silver
data Prederi
analytics to Bronze of some BCG - Boston Consulting Group on Silver
specialist and specialist engineering and down the cost of design Jacobs, which is working better understand travel pat-
Deloitte Consulting Gold Atkins Silver IBM Global Business Services Silver PwC Consulting
engineeringconsultanciessuch Silver
infrastructure consultancies inform
RedQuadrantconstruction Bronze
lesscomplexengineering.” Capgemininew
London’s Invent“super sewer” terns on the UK Silver capital’s
KPMG Advisory Gold BCG - Boston Consulting Group Silver Korn Ferry Silver Tata Consultancy
asBechtel, MaceServices
and Jacobs. Silver
also encroaching into the decisions Strategy& Bronze has cre-
To this end, Arup andEYtheAdvisory Servicestrain line, is
Crossrail transport network Silver
for Trans-
Table continues in next column I Table continues in next column I Table continues in next column I On HS2, for example, KPMG management consultants’
Table continues in next column I ated an entire division called another that is “increasingly port for London.
Table continues over the page I
12 4| |FTReports
FTReports FINANCIAL TIMES
FINANCIAL Wednesday
TIMES 29 29
Wednesday January 2020
January 2020 FINANCIAL TIMES
FINANCIAL Wednesday
TIMES 29 29
Wednesday January 2020
January 2020 FTReports
FTReports| |513

UK’s
UK’sLeading
LeadingManagement
ManagementConsultants
Consultants UK’s
UK’sLeading
LeadingManagement
ManagementConsultants
Consultants

Healthcare & life sciences (continued) Altran Consulting

in a position to sell consulting workBronze Travel, transportation
cent of PwC’s revenue was from such & logisticsby an audit partner. The watchdog’s

Sector andlooms
Decision consulting
on service ratings Name
McKinsey & Company
AdviseInc
Akeso & Co.
Rating
Silver
Bronze
Bronze
Analysys Mason

ASE
in the future.
Arthur D. Little
Ms Hudson rejects this. “The con-Bronze
sulting unit has their clients and we
Baringa Partners
have ours, that’s very much the viewBronze
BDO Advisory atPwC,”shesays.
Bronze
Bronze
advisory work; 77 per cent of EY’s rev-

Research by the
Markets Authority
Bronze
Name
enue;and66percentatKPMG.
Accenture

sectors, advisoryKPMG
Competition and
Deloitte Consulting
found
feesAdvisory
that in all
earned by the
2018 Development in Audit report
identified “exercising Rating
scepticism” and “challenging
pany assumptions” as Gold
improvementwasneeded.
appropriate
Gold com-
areas where
Gold

conflicts of interest
Attain Bronze Business Information Systems Consulting
However, the head Ltd of audit at oneBronze
big four were much PwC Consulting
larger than audit “Perception is critical,Gold
and all audit
Consultancies are sorted alphabetically within gold, silver and bronze bands by numbers of recommendations (see p15) Bain & Company
BDO Advisory
Bronze
Bronze
EY Advisory Services
Grant Thorntonto remain anonymous, disagrees:Bronze
Bronze
large UK accounting firm, who wished fees. In banking,AT Kearney audit fees were typi-
Atkinsof advisory fees.
cally just 13 per cent
firms acknowledge that Silver the sec-
tor . . . needs to rebuildSilver
trust,” says
Candesic Bronze KPMG Boxwood “Mandatory audit firm rotation hasBronze According toBain & Company to the
disclosures David Herbinet, global Silver
head of audit
Capgemini Invent Bronze Solon Management
meant Consulting
that in the last three years of anBronze BearingPoint
CMA,whenHSBCendeditsauditrela- Silver
at Mazars. “That is an important fac-
Chaucer Bronze audit mandate you start to think how tionship with KPMG, BCG - Boston
RBSConsulting
switchedGroup tor in scrutinising theSilver
structure of
PwC Consulting Gold Deloitte Consulting Silver CIL Bronze Oil & gas
Regulation Does ahead with proposals to force such that rather than challenging them,
Arcadis
firms to create an “operational split” accounting firms prefer to kowtow Silver
to EY Advisory Services Silver Cogentia Healthcare Consulting Bronze
to translate the audit relationship into from Deloitte toGrant
a consulting one.” He adds: “You start PwC to EY and Aviva
EY, Thornton
Shell went from
McKinsey & Company
ditched EY for
large auditors, but at theSilver
same time it
Silver rules do
could be argued that current
Big Four Sectoral expertise
consultancy Arup
separatingauditfromconsulting. audit clients,
BCG - Boston Consulting Group
who have been
Patisserie be asource ofconsultingincome. Silver
or Silver
may McKinsey & Company
PwC Consulting
Silver
Silver
CRA - Charles River Associates
Edge Health
Bronze
Bronze
Name
Accenture
introducing people and you makeRating
sureyoudon’tpissofftheclient.” Gold
Vendigital
EY Advisory Services
not fully address conflictSilver
risks.”
As the debate rages onBronze
and govern-
work really jeopardise Valerie Like BHS, Carillion and
Mace
before it, the failure of Tho- The UK competition regulatorSilver
said 4C Associates Bronze Infinity Works Bronze Baringa Partners Scott Knight, head of audit at mid-Gold KPMG Boxwood ment ministers continue Bronze
to explore
audit independence? mas Cook in September raised Mott MacDonald
ques- in a 2019 sector review: “The concern Silver Bain & Company Bronze L.E.K Consulting Bronze BCG - Boston Consulting
tier BDO, Group
says: “The auditors work forSilver
‘Clearly robust challenge
L.E.K Consulting remedies to improve trust Bronzein audit,
Aerospace & defence Savills Silver Capgemini Invent Bronze Moorhouse Bronze the shareholders and not the manage- is often inconsistent
IBM Global Business Services Silver LeighFisher Bronze
splitting the big four firms looks likely
Tabby Kinder reports tions about whether auditors were was that auditors may be reluctant
Bourton Group
too close to the client to spot red flags. act objectively and robustly in their
to
Bronze Cornwall Insight Bronze OHE - Office of Health Economics Bronze McKinsey & Company
ment. [Consulting] services are pro-Silver Moorhouse to be one way to reduce Bronzefinancial
Name Rating Costain
PwC, which signed off Thomas audit work for fear that this could be Bronze CRA - Charles River Associates Bronze PA Consulting Group Bronze Wood Mackenzie cured by management so it really isn’tSilver
with a procurement Mott MacDonald Bronze of con-
incentives to accept situations
CPC Project Services
BAE Systems Applied Intelligence
Cook’sGold to 2016, damaging to their relationship Bronze Efficio Bronze Philips Healthcare Consulting Bronze BidPartners difficult to see how conflicts arise. TheBronze relationship’North Highland Bronze
flictsthataredifficulttomanage.

T
he collapse of Thomas accounts for a decade with
Accenture Silver Curzon Consulting Bronze Egremont Group Bronze The King's Fund Bronze Deloitte Consulting
FRC has told the audit firms . . . thatBronze Oliver Wyman The consultants are Bronze
on board.
Cook was the latest fuel gave remuneration advice to its board the company management resulting
EY Advisory Services
Atkins
to be added to the fierce in theSilver
first four years of the audit con- inthe lossofnon-auditwork.” Bronze Grant Thornton Bronze EY Advisory Services
they are falling short in terms of chal- Bronze Steer Michael Garstka, managing Bronzepartner of
Deloitte Consulting Silver Faithful+Gould Bronze Jacobs Consulting Bronze Insurance
Providing consulting advice to a FTSE 350 companies must FTI Consulting
also lenging management. Clearly robustBronze PwC, the departing Triangle
audit firms earned Bronze
Bain in the UK until February, says:
debate about whether tract. Such advice was restricted by The “big four” auditors — Deloitte, “There are clear rules about what we Fuelling debate: Thomas Cook’s
McKinsey & Company
audit quality and inde- Silver
the audit watchdog inGardiner
2016,& andTheobald
PwC, KPMG and EY — dispute Bronzethis. L.E.K Consulting
canand cannotdoforauditclients.” collapse added to Bronze
the argument listed business one year leading up to Genesis
rotate auditors at least every 20 years challenge is often inconsistent with aBronze “substantial” consulting fees from “Audit serves a crucial purpose of
PA Consulting Group Silver Grant Thornton Bronze Mott MacDonald Bronze andName
during the term of an audit con- Rating audit out to io
and put their consulting procurementrelationship.”
tender Bronze
their old clients. In some cases, advi- assurance in public markets and as a
pendence are threatened by audit banned last year. EY, which took over They cite a ramping up of regulations Stephen Griggs, Deloitte’s head of PA
JLL
PwC Consulting
firms’ consultancy work for large Silver
as auditor in 2017, earned millions protecting auditor independenceBronze that audit, says: PA Consulting Group
“There has long been an Bronze Deloitte
tract Consulting
has been restricted by a number Gold
every 10 years. However, when a PwC Consulting BDO is looking at plans to separateBronze sory work brought in more than dou- check and balance on executive
Vendigital
listed companies. Silver KPMG Boxwood
providing permissible non-audit serv- restrict consulting work, and a misun- Bronze
impressionThe thatBrattle Group
auditors are influ- Bronze KPMG
of UK andAdvisory
EU regulations. Under rules company Gold
switches auditor, the out- its audit and consulting business. ble what the audit firm earned in the teams. Directors have the ultimate
Altran Consulting
The dispute has raged since the
BCG - Boston Consulting Group
demise of Arthur Andersen, once a
Bronze
Bronze
McKinsey & Company
icestoThomasCookuntilitwentbust, derstandingofhow theyoperate. Bronze
OC&C Strategy Consultants
and carried out advisory projects for Bronze
“There’s a lot of people that don’t
enced by opportunities to cross-sell
Financial institutions & services
unrelated advisory work. In prac-
setPwC
byConsulting
UK regulator the Financial
Accenture
Reporting Council, auditors may pro-
going one Gold
audit work Silver
Other
is freed up to take on industrial &Itmetals
non- has further been claimed that lastyearofthecontract.
immediately. This cycle lucrative consulting fees pose a threat Consulting services
In another illustration, the FRC said
responsibility to report accurate
accounts. An independent auditor
KPMG Advisory Bronze SLR Consulting Bronze videBain & Company
only some “essential” advisory Bronze
could potentially weaken theName
incen- to audit independence. In 2019, 81 perRating that three of 11 audit misconduct would provide them increased confi-
“big five” audit firm, after the 2001 itsboard inthe precedingdecade. understand the nature of the work tice . . . auditors already adhere to
Raytheon Bronze Stern Stewart & Co Bronze Name Rating Baringa Partners
services, such as checking interim Bronze
tives of the Accenture
existing auditor to chal- cent of Deloitte’s revenue was derivedGoldcases it investigated in the past four dence of objectivity and remove the
Enron scandal. It could reach a climax The string of corporate collapses that is done by auditors,” says Hemi- strict rules around the services they
Roland Berger Bronze Turner & Townsend Bronze Accenture Gold BCG - Boston
resultsand Consulting Group
memostoshareholders. Bronze if it knows itIBM
lenge a company willGlobal
be Business
fromServices Data analytics & big data
work other than audit; 78 perGoldyearsshoweda“lossofindependence” potentialforconflict.”
this year if the UK government moves and accounting scandals created fears one Hudson, PwC’s head of audit. are allowed toprovide.”
Watts Bronze Deloitte Consulting Gold EY Advisory Services Bronze Capgemini Invent Silver
Automotive WSP Bronze EY Advisory Services Gold Grant Thornton Bronze Deloitte Consulting Silver Name Rating
KPMG Advisory Gold McKinsey & Company Bronze KPMG Advisory Silver Accenture Gold
Name Rating Consumer goods & retail McKinsey & Company Gold Oliver Wyman Bronze PwC Consulting Silver Deloitte Consulting Gold
Accenture
BCG - Boston Consulting Group
Deloitte Consulting
Vendigital
Gold
Silver
Silver
Silver
Name
Accenture
Bain & Company
Rating
Gold
Gold
PwC Consulting
AT Kearney
BAE Systems Applied Intelligence
Bain & Company
Gold
Silver
Silver
Silver
HS2 rail project shows how lines
Internet, media & entertainment
AT Kearney
Bain & Company
BCG - Boston Consulting Group
Bronze
Bronze
Bronze
IBM Global Business Services
KPMG Advisory
PwC Consulting
Gold
Gold
Gold

AT Kearney
Bain & Company
BearingPoint
Bronze
Bronze
Bronze
BCG - Boston Consulting Group
Deloitte Consulting
KPMG Advisory
Gold
Gold
Gold
Baringa Partners
BCG - Boston Consulting Group
BDO Advisory
Silver
Silver
Silver
are blurring on infrastructure
Name
Accenture
Deloitte Consulting
IBM Global Business Services
Rating
Gold
Gold
Gold
Korn Ferry
McKinsey & Company
Vendigital
Wood Mackenzie
Bronze
Bronze
Bronze
Bronze
BAE Systems Applied Intelligence
Bain & Company
BCG - Boston Consulting Group
Capgemini Invent
Silver
Silver
Silver
Silver
IBM Global Business Services Bronze PwC Consulting Gold Capgemini Invent Silver BCG - Boston Consulting Group Silver EY Advisory Services Silver
KPMG Advisory Bronze AlixPartners Silver Grant Thornton Silver BDO Advisory Silver
was initially brought in to space. PublicThey
& social sector
tend to cost about professional services firms are Fujitsu Consulting Silver
McKinsey & Company Bronze AT Kearney Silver IBM Global Business Services Silver Infrastructure
KPMG Advisory Silver
make the economic case for a third of the price of the strat- seeking roles on infrastructure Grant Thornton Silver
Proudfoot Bronze BDO Advisory Silver Oliver Wyman Silver McKinsey & Company the project but now Silveracts as its egyName
experts or the Big Four. Rating
projects is that projects have McKinsey & Company Silver
PwC Consulting Bronze BearingPoint Silver 11:FS Bronze Generalists
Vendigital vie for representative Silver — liaising Accenture
Jason Millett, chief executive Gold
become more complicated. Acrotrend Bronze
Quick Release_ Bronze Capgemini Invent Silver Alpha Bronze Agility in Mind Bronze Arup Bronze
Roland Berger Bronze Crimson & Co Silver Alvarez & Marsal Bronze
work with specialists,
Bain & Company
between the Department
Bronze
BAE Systems Applied
for of consultancy
Deloitte Consulting
Intelligence
at Mace, which Consultants can Gold
use expertise
Gold Atos Consulting Bronze
Transport and the high-speed worked on the London 2012 in data analytics to inform con-
Unipart Group Bronze EY Advisory Services Silver Atkins Bronze writes GillServices
EY Advisory Plimmer rail team managers. Bronze Korn Ferryand the delivery of
Olympics Gold
struction and maintenance Avanade Bronze
Grant Thornton Silver BCS Consulting Bronze Grant Thornton “Traditionally, Bronze
we would Birmingham KPMG AdvisoryNew Street sta- Gold
decisions,saysMrThrelfall. BCS Consulting Bronze
Chemicals & pharmaceuticals Kantar Silver BearingPoint Bronze KPMG Boxwood
Britain’s planned HS2 high- have been involved Bronze
as a finan- tion, PwCargues
Consultingthat the govern- In the past, aGolddecision to BearingPoint
Twin Bronze
track: big firms and specialists are on board
McKinsey & Company Silver BJSS Bronze LiveStrategy
speed railway line spent Bronze
cial adviser or on strategy or to ment should 2020 Delivery use a wider range Silver
maintain or resurface a road Cambridge Econometrics Bronze
Name Rating Baringa Partners Bronze Citihub Consulting Bronze MTM on the Big Four consul-
£34.7m argue the business Bronzecase but Atkins
of suppliers. would be made by Silver
engineers, Capco
Advanced Digital Engineering, seeing itself as aBronze
technology-
Accenture Gold BJSS Bronze Curzon Consulting Bronze Ovumfirms last year, under-
tancy now we are getting Bronze
involved in ItCapgemini
is “quite Invent
ironic” that the Silver
but now that assessment is Cognizant
which specialises in leading- driven companyBronze and moving
McKinsey & Company Gold Cognizant Bronze Enterprise Learning Bronze PwC Consulting
scoring their increasing role in project and asset Bronzemanage- EY Advisory Services
government talks of making increasingly being Silverdriven by edgeData Consulting
technologies. away from thatBronze traditional
AT Kearney Silver CRA - Charles River Associates Bronze Frontier Economics Bronze advising on large-scale infra- ment,” says Richard Threlfall, efficiency Grant Thornton
savings but uses the Silver
big data — for example, an IT decisionLab
It is not the only consultancy consultancy space”, Bronzesays Don-
BCG - Boston Consulting Group Silver Egremont Group Bronze FTI Consulting Bronze IT, technology
structure & telecommunications
projects. head of global infrastructure biggest McKinsey & Company
firms when specialists dashboard thatSilverrecords the Moorhouse
to spot new opportunities in ald Morrison, head Bronze
of the con-
Deloitte Consulting Silver Ipsos Business Consulting Bronze Gartner Bronze The amount spent by HS2 at KPMG. wouldPA Consulting
be “a lot Group
cheaper”, Mr condition of assetsSilver
in real time thePA Consultingbetween
marriage Group technol- sultancy’s Europe, Bronze
Middle East
PwC Consulting Silver Javelin Group Bronze KPMG Boxwood Bronze LtdName
on PwC, Deloitte, KPMG The future of Rating
HS2 remains Millett 31ten says. Bronze
and provides a warning that ogyPublicis
and Sapient
infrastructure. Last and Africa business.Bronze
Arthur D. Little Bronze KPMG Boxwood Bronze PA Consulting Group Bronze andAccenture
EY rose by £24m in the Gold
uncertain amid concerns over Acticaoverlap
The Consulting of roles also Bronze
theasphaltiswearing. yearTatathe
Consultancy Services consul-
engineering “We will be comingBronze up with
Bain & Company Bronze Netcel Bronze Savills Bronze yearBAEto Systems Applied Intelligence
September 2019, up ballooning costs, Goldwhich an meansArcadisthat there are more Alexander Jan,Bronze
chief econo- Vendigital
tancy Mott MacDonald formed smarter solutions Bronzethat may
CRA - Charles River Associates Bronze OC&C Strategy Consultants Bronze The Berkeley Partnership Bronze fromDeloitte
£10mConsulting
the year before, independent review Gold predicted ASE
partnerships, so that “you can mist at Arup, says Bronze
that it has a partnership with the technol- include not building at all,” Mr
EFESO Consulting Bronze PA Consulting Group Bronze IBM Globalto
according Business Services
research by Tus- could rise as high Goldas £106bn. nowBasis get Mace working for the evolved over the Bronzedecades Digital transformation
ogycompanyMicrosoft. Morrison says.
ERM Bronze Simon-Kucher & Partners Bronze Healthcare & life sciences AT Kearney
sell, a data provider on govern- Although about £8bn Silver has been BigBCG Four- Boston
and Consulting
the Big GroupFour “from being a 100 Bronzeper cent Mott MacDonald, which has To this end, Jacobs last year
KPMG Advisory Bronze Tata Consultancy Services Bronze mentBaincontracts
& Company and spending. Silver
spent so far, construction has working BDO Advisory
for Mace”, he adds. Bronzefirm to a
building engineering Name on the bridge between
worked bought a 50 per Rating
cent share in
L.E.K Consulting Bronze Vendigital Bronze Name Rating BCG - Bostonthe
Although Consulting
Big FourGroupman- Silver Johnson,
not yet started. Boris Clarasys
One reason that the large built environment Bronze consul- SanAccenture
Francisco and Oakland Gold
Simetrica, a UK-based com-
Roland Berger Bronze ?What If! Bronze Accenture Gold Capgemini
agement Invent
consulting firms tra- the prime minister, Silver
is expected Concerto tancy, simulating Bronze
the crash BayDeloitte
in theConsulting
US, and London’s Gold in meas-
pany that specialises
Vynamic Bronze Apex Healthcare Consulting Gold Cognizantprovide auditing and
ditionally to announce within Silver weeks Freshwater worthiness of theBronze
new London Deloitte
new CrossrailDigital train line, says it urement of social Goldvalue and
Energy, utilities & environment Deloitte Consulting Gold Gartner analysis on large
financial Silver
whether the government will GGI (Good Governance Institute) Bronze
taxi and masterplanning new usesIBMthe
Globaltechnology
Business Services
to help wellbeing analysis. Gold In a fur-
Construction & infrastructure KPMG Advisory Gold Hitachi Consultingprojects, they
infrastructure proceed with theSilver
project in its Consultants IBM Global Business Services cities around the Bronze
world”. makeAT Kearney
decisions on infrastruc- ther sign of Jacobs’Silvernew tech-
Name Rating PwC Consulting Gold
can use
areInfosys
increasingly competing for entirety—oratall.Silver Infinity Works Bronze
Lots of firms are trying to do Atkins
ture, for instance on monitor- nology focus, it hasSilveralso been
Name Rating Accenture Gold Ashfield Silver Korn Ferry
project management roles that rivals’ terri- their
The move intoSilver expertise in
Mott MacDonald the same, he says.Bronze
“The march ingAtos Consulting
water quality for the city of collaborating with Silver
Telefónica
AT Kearney Gold Baringa Partners Gold BCG - Boston Consulting Group Silver haveKPMG Advisory
in the past been taken by tory goes both ways,Silver with the PPL of technology has Bronzebrought Bain & Company
AucklandinNewZealand. UK, the telecomsSilverprovider, to
Atkins Gold AT Kearney Silver GE Healthcare Partners Silver McKinsey &construction
Company Silver
data Prederi
analytics to Bronze of some BCG - Boston Consulting Group on Silver
specialist and specialist engineering and down the cost of design Jacobs, which is working better understand travel pat-
Deloitte Consulting Gold Atkins Silver IBM Global Business Services Silver PwC Consulting
engineeringconsultanciessuch Silver
infrastructure consultancies inform
RedQuadrantconstruction Bronze
lesscomplexengineering.” Capgemininew
London’s Invent“super sewer” terns on the UK Silver capital’s
KPMG Advisory Gold BCG - Boston Consulting Group Silver Korn Ferry Silver Tata Consultancy
asBechtel, MaceServices
and Jacobs. Silver
also encroaching into the decisions Strategy& Bronze has cre-
To this end, Arup andEYtheAdvisory Servicestrain line, is
Crossrail transport network Silver
for Trans-
Table continues in next column I Table continues in next column I Table continues in next column I On HS2, for example, KPMG management consultants’
Table continues in next column I ated an entire division called another that is “increasingly port for London.
Table continues over the page I
6 | FTReports FINANCIAL TIMES Wednesday 29 January 2020

UK’s Leading Management Consultants

Interview EY’s Arun Batra — and the UK — have come a long way since the 1970s but battles remain, says Daniel Thomas

Partner calls
for courage
on diversity Difficult times:
‘prejudices have
come to the
surface’
recently, says
Arun Batra
Esan Swan

A
runBatraused towatch
hisfathercome home
from hisjobasataxi
driverafteradayofbeing
insulted,spat atand once
hospitalised followingracial abuse.
His own experiences were scarcely
better: one of a handful of Asian
pupils at a state school in Nottingham
in the 1970s, he was subject to “all the
different variations” of racist slurs.
“I’m no different to most south
Asians of my generation with parents
who came to England in the 1960s,”
says the EY partner, sitting in the
firm’s offices near London Bridge.
“The day-to-dayfeelingofgrowing
upinthe 1970swas . . . you were not
onlydifferent but subject toadegree
ofabuse.You felt that you weren’t
reallyaccepted inthiscountry.Itleft
mefeelingprettyangryat the world.”
It alsoled him tofocushiscareeron
improvingopportunitiesforpeople
from minorityand disadvantaged
backgrounds.Thingshave changed,
he says— forhim and widersociety.
He made partnerat EYlastsummer
and received anOBEforservicesto
diversity.He dedicated thistohislate
father,whose good works,including
helpingdevelopNottingham’sHindu
temple,wentwithoutreward.
“I got the letter from Buckingham
Palace just a few days after I’d been
told I’d been made partner. It was a bit
overwhelming to be honest.”
Buthe hasnoillusionsabout
equalityinthe workplace.“Iwould
saythere hasbeenasignificant
change [but]there’ssome waytogo.”
MrBatra’spathtopartnerdiffered
from manyat“BigFour”firms,whose
seniorranksare filled withgraduates
oftopuniversitiesand public schools.
Hismainaim atschool wassurvival:
he leftwithfew qualificationsand an
“awful”firstjobsellingvacuum
cleaners.Havingtalked hiswayintoa
sixthform college,he “realised maybe
the world canofferme something”,
and wentontostudylaw.
Initially taking roles in charities
and then local government, Mr Batra
led inclusion at the Mayor of London’s
economic development agency and in
the Criminal Justice Group at the
Home Office.
He worked on a diversity
benchmark for London businesses
that became a national standard,
sponsored by EY among others. He
now heads EY’s diversity practice,
working with companies on inclusion
strategies at a time of growing
scrutiny from regulators, investors
and employees over factors from
gender and ethnicity to mental health
and disabilities.
“We see fantastic intent,” he says.
But he thinks companies could work
harder to look at a “diverse portfolio
of people” to recruit. “My big advice
for companies is one of courage. This
won’t happen on its own.”
Thisisnotariskymove “because all
the datasetstell usthatdiverse teams
helpcreate betterrevenue and profit”.
He is an advocate of sponsorship
He was named a partner
at EY last summer in the
week he received an OBE
above mentoring, having been
sponsored by Sir David Bell, a former
FT chairman. “It’s taking on personal
responsibility for somebody’s success
and living in their shoes.”
But Mr Batra worries that he now
works at a level where “we’re
protected, we interact with people of
a similar ilk, they’re our clients”.
“Then you only need to watch the
football [and see the racism on the
terraces] to make you actually realise
that maybe we are in a bit of a
bubble . . . we’re in a really difficult
time at the moment, where people’s
prejudices have come to the surface.”
He once ran a diversity training
programme for refuse collectors.
“They turned their backs on me. I
remember running training to a load
of backs and thinking: what do I do?
Do I carry on? Do I stop?”
“There were no global [diversity]
leaders for businesses; that just didn’t
exist. Now I’m in an environment
where people say: can you help me
understand how I can do this better?”
The BigFourprofessional services
firmshave theirownproblems,with
complaintsaboutbullyingand
workingconditions.
Mr Batra has “not experienced
anything disproportionate” in the
sector, he says, pointing to diversity
initiatives and sponsorship schemes.
“Of course you can’t have a perfect
organisation with 15,000 people,” he
adds. “But when you look in terms of
some of the initiatives and
commitments — be it neurodiversity,
mental health, women in black and
minority ethnic sponsorship
programmes and much broader —
I’ve been really surprised at how
proactive the Big Four have been.”
The gender pay gap at EY in 2018
was 19 per cent, and 14 per cent for
ethnic minorities. Mr Batra says that
there has been a serious push to
address this and “what we haven’t
done is rest on our laurels and just
accept [pay gaps] as they are”.
He saysEYnow asks:“Whatdoesit
meanforone persontofeel thatthey
belongwithinthe infrastructureofEY
and whatcanwe dointhe mechanics
ofthe day-to-dayinfrastructureto
reallymake thathappen?”

Brexit drives 20% rise in government spending on big firms

Pay
Clients demand top
advisers to justify high
fees, says Gill Plimmer
Britain’s exit from the EU may
be tumultuous but it has deliv-
ered a bonanza for consult-
ants, with central government
keen to hire their services.
Eight of the biggest firms —
PwC, Deloitte, EY, KPMG,
McKinsey, BCG, Bain and PA
Consulting — enjoyed a 20 per
cent increase in the value of
work in the year to September
2019, according to Tussell, a
data provider on government
contracts. Spending on these
firms rose by £77m to £464m
last year.
While the Department for
Trade and International Devel-
opment was the top spender at
£106m, the Cabinet Office and
Department for Transport had
the biggest increases. Brexit-
related consultancy work was
the biggest driver of spending
by the Cabinet Office. It rose
from £55m out of a total of
£72m, up from £25m in
2017-18.
A Cabinet Office spokesper-
son said: “It is important that
the government can draw on
the experience of external spe-
cialists. It is also often the most
cost-effective solution . . . for
short-term projects, including
work on EU exit priorities.”
Deloitte earned £103m from
central government in 2018-19
— up from £59m in 2017-18 —
making it the biggest earner of
the eight firms and displacing
KPMG as the largest supplier.
PwC was next with £95m, up
from £89m, then KPMG at
£90m, down from £105m, and
EYat£81m,upfrom£48m.
The sums are likely to be a
fraction of total government
spending as they exclude other
advisers, plus legal and finan-
cial advice, outsourcing con-
tractsand runningITprojects.
According to a National
Audit Office report in 2016, the
government is spending more
on consultants despite them
costing twice as much as civil
servants. It found a total of 47
temporary staff were on a daily
rate of more than £1,000, com-
pared with 30 senior civil serv-
antswithcomparable pay.
Nor is value for money
assured. A Bristol university
study published last year con-
cluded that English NHS acute
care hospital trusts became
less efficient even as they spent
more onconsultants.
Joshua Pritchard, outsourc-
ing and procurement lead at
the Reform think-tank, says:
“Without greater transpar-
ency in government contract-
ing, it is impossible to examine
the total amount spent, the
additional benefits being
delivered, or whether depart-
ments have guaranteed value
for money in these deals.”
Day rates in the public sector
range from about £1,000 for
junior consultants to about
£3,500 or occasionally higher
for partners, according to
Source Global Research, which
advises the professional serv-
ices industry. Its clients expect
a moderate increase in fees this
year, driven by higher demand
for specialist or highly techni-
cal skills, greater overall call for
consulting and the growing use
of proprietary technology in
the deliveryofprojects,itsaid.
Fergus Blair, senior analyst
at Source, says there is also a
growing trend in the public and
private sectors towards using
outcome-based pricing in con-
tracts, such as bonuses that
consultants earn if they hit per-
formance objectives.
But clients in the UK and US
are increasingly likely to “push
back on fees they think are too
high”, he adds. “Clients are less
willing these days to pay high
rates for junior [consultants] —
more are saying they don’t see
the point in paying large
amounts of money for access to
people who don’t yet have deep
sectorortechnical expertise.”
Strategy work is generally
the most expensive, followed
by IT design and delivery, and
dataand analytics,hesays.
8 | FTReports FINANCIAL TIMES Wednesday 29 January 2020

UK’s Leading Management Consultants

UK’s Leading Management Consultants

Top firms by sector and service, as recommended by clients and peers, compiled with Statista 3 Category ratings, page 12

General information Sectoral expertise Consulting services Summary

Sales & customer relationship management

Innovation, growth & new business models
IT, technology & telecommunications

Total gold, silver and bronze ratings

Travel, transportation & logistics
Internet, media & entertainment
Financial institutions & services
Energy, utilities & environment
Construction & infrastructure
Chemicals & pharmaceuticals

Marketing, brand & pricing

Finance, risk & compliance

Operations & supply chain

Number of bronze ratings

Healthcare & life sciences

Other industrial & metals

Data analytics & big data

Consumer goods & retail

Number of silver ratings

Number of gold ratings
Organisation & change
Mergers & acquisitions
Digital transformation

People & performance

Public & social sector
Aerospace & defence

IT – implementation

Sustainability
IT – strategy
Automotive

Insurance

Oil & gas

Strategy

Consultancy Website and general notes

11:FS www.11fs.com • • 2 2
2020 Delivery www.2020delivery.com • 1 1
31ten www.31tenconsulting.co.uk • • • 3 3
3keel www.3keel.com • 1 1
4C Associates www.4cassociates.com • • 2 2
Accelerating Experience www.acceleratingexperience.com • • 2 2
Accenture www.accenture.com • • • • • • • • • • • • • • • • • • • • • • • • • • • • 25 3 28
AccountAbility www.accountability.org • 1 1
Acrotrend www.acrotrend.com • 1 1
Actica Consulting www.actica.co.uk • 1 1
AdviseInc www.adviseinc.co.uk • 1 1
Afiniti www.afiniti.co.uk • 1 1
Agility in Mind www.agility.im • • 2 2
Akeso & Co. www.akesoco.com • 1 1
Alchemmy www.alchemmy.com • 1 1
AlixPartners www.alixpartners.com • • • 1 2 3
Alpha www.alphafmc.com • • 2 2
Altran Consulting www.altran.com • • 2 2
Alvarez & Marsal www.alvarezandmarsal.com • • • • 4 4
Amicus www.amicuslimited.com • 1 1
FINANCIAL TIMES Wednesday 29 January 2020 FTReports | 9

UK’s Leading Management Consultants

General information Sectoral expertise Consulting services Summary

Sales & customer relationship management

Innovation, growth & new business models
IT, technology & telecommunications

Total gold, silver and bronze ratings

Travel, transportation & logistics
Internet, media & entertainment
Financial institutions & services
Energy, utilities & environment
Construction & infrastructure
Chemicals & pharmaceuticals

Marketing, brand & pricing

Finance, risk & compliance

Operations & supply chain

Number of bronze ratings

Healthcare & life sciences

Other industrial & metals

Data analytics & big data

Consumer goods & retail

Number of silver ratings

Number of gold ratings
Organisation & change
Mergers & acquisitions
Digital transformation

People & performance

Public & social sector
Aerospace & defence

IT – implementation

Sustainability
IT – strategy
Automotive

Insurance

Oil & gas

Strategy
Consultancy Website and general notes
Analysys Mason www.analysysmason.com • 1 1
Aon www.aon.com • • 1 1 2
Apex Healthcare www.apex-consulting.co.uk
Consulting • 1 1

Arcadis www.arcadis.com • • • 2 1 3
Arthur D. Little www.adlittle.com • • • • • 5 5
Arup www.arup.com • • • • 2 2 4
ASE www.ase.co.uk | Part of Gemserv • • • 3 3
Ashfield www.ashfieldhealthcare.com • 1 1
AT Kearney www.atkearney.com • • • • • • • • • • • • • • • 1 12 2 15
Atkins www.atkinsglobal.com | Part of SNC-Lavalin
Group • • • • • • • • • • • • • • 1 11 2 14

Atos Consulting www.atos.net • • 1 1 2

Attain www.attain.co.uk • 1 1
Avanade www.avanade.com • • 2 2
BAE Systems Applied www.baesystems.com
Intelligence • • • • • 3 2 5

Bain & Company www.bain.com • • • • • • • • • • • • • • • • • • • • • • • 3 13 7 23

Baringa Partners www.baringa.com • • • • • • • • • • • • 2 2 8 12
Basis www.basis.co.uk • • • 3 3
Baxendale www.baxendale.co.uk • • 2 2
BCG - Boston Consulting www.bcg.com
Group • • • • • • • • • • • • • • • • • • • • • • • • • • 2 18 6 26

BCG Digital Ventures www.bcgdv.com • 1 1

BCS Consulting www.bcsconsulting.com • • 2 2
BDO Advisory www.bdo.co.uk • • • • • • • • 4 4 8
BearingPoint www.bearingpoint.com • • • • • • • • • • • 2 9 11
Beyond Philosophy LLC www.beyondphilosophy.com • 1 1
BidPartners www.bidpartners.com • • 2 2
BJSS www.bjss.com • • • 3 3
BMC www.bmc.com • • 2 2
Bourton Group www.bourton.co.uk • 1 1
Brand Vista www.brand-vista.com • 1 1
Brandpie www.brandpie.com • 1 1
Business Information www.bisconsulting.org
Systems Consulting Ltd • • 2 2

Cadence Innova www.cadenceinnova.com | Formerly Cadence

Partnership • 1 1

Caliber www.caliberi.com • 1 1
Cambridge Consultants www.cambridgeconsultants.com • 1 1
Cambridge Econometrics www.camecon.com • 1 1
Candesic www.candesic.com • 1 1
Capco www.capco.com • • 2 2
Capgemini Invent www.capgemini.com • • • • • • • • • • • • • • • 11 4 15
Capita www.capita.com • 1 1
CGI www.cgi-group.co.uk • 1 1
Chaucer www.chaucer.com • • • 3 3
CIL www.cilconsultants.com • 1 1
Citihub Consulting www.citihub.com • 1 1
Clarasys www.clarasys.com • • • • 4 4
Clear www.clearstrategy.com • 1 1
CMG www.cmg-change.com • 1 1
Cogentia Healthcare www.cogentia.co.uk
Consulting • 1 1

Cognizant www.cognizant.com • • • • • • 3 3 6
Concerto www.concerto.uk.com • 1 1
Consulting People www.consultingpeople.co.uk • 1 1
Cornwall Insight www.cornwall-insight.com • 1 1
Costain www.costain.com • 1 1
CPC Project Services www.cpcprojectservices.com • 1 1
CRA - Charles River www.crai.com
Associates • • • • • • 6 6

Crimson & Co www.crimsonandco.com • 1 1

Curzon Consulting www.curzonconsulting.com • • • • 4 4
Data Consulting www.dataconsulting.co.uk • 1 1
Decidedly www.decidedly.com | Formerly FreshMinds • 1 1
Decision Technology www.dectech.co.uk • • 1 1 2
decisionLab www.decisionlab.co.uk • 1 1
10 | FTReports FINANCIAL TIMES Wednesday 29 January 2020

UK’s Leading Management Consultants

General information Sectoral expertise Consulting services Summary

Sales & customer relationship management

Innovation, growth & new business models
IT, technology & telecommunications

Total gold, silver and bronze ratings

Travel, transportation & logistics
Internet, media & entertainment
Financial institutions & services
Energy, utilities & environment
Construction & infrastructure
Chemicals & pharmaceuticals

Marketing, brand & pricing

Finance, risk & compliance

Operations & supply chain

Number of bronze ratings

Healthcare & life sciences

Other industrial & metals

Data analytics & big data

Consumer goods & retail

Number of silver ratings

Number of gold ratings
Organisation & change
Mergers & acquisitions
Digital transformation

People & performance

Public & social sector
Aerospace & defence

IT – implementation

Sustainability
IT – strategy
Automotive

Insurance

Oil & gas

Strategy
Consultancy Website and general notes
Deloitte Consulting www2.deloitte.com • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 23 5 1 29
Deloitte Digital www.deloittedigital.co.uk | Part of Deloitte • • • • 1 3 4
Digital Workplace Group www.digitalworkplacegroup.com • 1 1
Distinction Consulting www.distinctionconsulting.co.uk • 1 1
DMW www.dmwgroup.com • 1 1
DXC Technology www.dxc.technology • • 2 2
Edge Health www.edgehealth.co.uk • 1 1
EFESO Consulting www.efeso.com • 1 1
Efficio www.efficioconsulting.com • 1 1
Egremont Group www.egremontgroup.com • • • • • 5 5
Enterprise Learning www.enterprise-learning.co.uk • • 2 2
ERM www.erm.com • • 1 1 2
EY Advisory Services www.ey.com • • • • • • • • • • • • • • • • • • • • • • • • 1 15 8 24
Faithful+Gould www.fgould.com • 1 1
Fluxx www.fluxx.uk.com • 1 1
Forrester go.forrester.com • 1 1
Freshwater www.freshwater.co.uk • 1 1
Frog Design www.frogdesign.com • 1 1
Frontier Economics www.frontier-economics.com • • 2 2
FTI Consulting www.fticonsulting-emea.com • • • • 4 4
Fujitsu Consulting www.fujitsu.com • • 2 2
Gallup www.gallup.com • • 2 2
Gameshift www.gameshift.co.uk • • 1 1 2
Gardiner & Theobald www.gardiner.com • 1 1
Gartner www.gartner.com • • • 2 1 3
GE Healthcare Partners emea.gehealthcarepartners.com • 1 1
Genesis www.genesisoilandgas.com • 1 1
GGI (Good Governance www.good-governance.org.uk
Institute) • 1 1

Given London www.givenlondon.com • 1 1

Grant Thornton www.grantthornton.co.uk • • • • • • • • • • • • • 8 5 13
Hitachi Consulting www.hitachiconsulting.com • 1 1
Human Engine www.human-engine.co.uk • • 2 2
Human Innovation www.humaninnovation.com • • 2 2
IBM Global Business www.ibm.com
Services • • • • • • • • • • • • • • • • 8 5 3 16

IDEO www.ideo.com • 1 1
Infinity Works www.infinityworks.com • • • 3 3
Infosys www.infosys.com • • • • 1 3 4
Innovation Unit www.innovationunit.org • 1 1
Integration Consulting www.integrationconsulting.com/en • 1 1
Interbrand www.interbrand.com • 1 1
io consulting www.ioconsulting.com • 1 1
Ipsos Business www.ipsosconsulting.com
Consulting • 1 1

Jacobs Consulting www.jacobs.com • 1 1

Javelin Group www.javelingroup.com | Part of Accenture • • 2 2
JLL www.jll.co.uk • 1 1
Kantar www.added-value.com | Formerly Kantar
Added Value • • • 1 2 3

Korn Ferry www.kornferry.com | Formerly Hay Group • • • • • • 2 3 1 6

KPMG Advisory www.home.kpmg • • • • • • • • • • • • • • • • • • • • • • • • • • • 14 10 3 27
KPMG Boxwood www.kpmgboxwood.co.uk • • • • • • • • • 3 6 9
L.E.K Consulting www.lek.com • • • • • • • 7 7
LeighFisher www.leighfisher.com | Part of Jacobs • 1 1
Lippincott www.lippincott.com | Part of Oliver Wyman
Group • 1 1

LiveStrategy www.live-strategy.com • • 2 2
Mace www.macegroup.com • 1 1
Manifesto Growth www.manifestogrowth.com • 1 1
Marsh www.marsh.com • 1 1
Mason Advisory www.masonadvisory.com • 1 1
McKinsey & Company www.mckinsey.com • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 5 19 5 29
Mercer www.uk.mercer.com • • 1 1 2
Metalogue www.metalogue.co.uk • 1 1
Monitor Deloitte www2.deloitte.com | Part of Deloitte
Consulting • 1 1

Moorhouse www.moorhouseconsulting.com | Part of Expleo • • • • 4 4

FINANCIAL TIMES Wednesday 29 January 2020 FTReports | 11

UK’s Leading Management Consultants

General information Sectoral expertise Consulting services Summary

Sales & customer relationship management

Innovation, growth & new business models
IT, technology & telecommunications

Total gold, silver and bronze ratings

Travel, transportation & logistics
Internet, media & entertainment
Financial institutions & services
Energy, utilities & environment
Construction & infrastructure
Chemicals & pharmaceuticals

Marketing, brand & pricing

Finance, risk & compliance

Operations & supply chain

Number of bronze ratings

Healthcare & life sciences

Other industrial & metals

Data analytics & big data

Consumer goods & retail

Number of silver ratings

Number of gold ratings
Organisation & change
Mergers & acquisitions
Digital transformation

People & performance

Public & social sector
Aerospace & defence

IT – implementation

Sustainability
IT – strategy
Automotive

Insurance

Oil & gas

Strategy
Consultancy Website and general notes
Mott MacDonald www.mottmac.com • • • • • 2 3 5
MTM www.wearemtm.com • 1 1
Navigant www.navigant.com/home | Part of Guidehouse • 1 1
Netcel www.netcel.com • 1 1
North Highland www.northhighland.com • • 2 2
OC&C Strategy www.occstrategy.com
Consultants • • • • 4 4

Ogilvy Consulting www.ogilvyconsulting.com • 1 1

OHE - Office of Health www.ohe.org
Economics • 1 1

Oliver Wyman www.oliverwyman.com • • • • • • • • 2 6 8

Ovum www.ovum.informa.com • 1 1
Oxford Strategic www.oxfordstrategicconsulting.com
Consulting • 1 1

Oystercatchers www.theoystercatchers.com • 1 1
PA Consulting Group www.paconsulting.com • • • • • • • • • • • • • • 3 11 14
Pearson Ham www.pearsonham.com • 1 1
Philips Healthcare www.philips.co.uk/healthcare/consulting
Consulting • 1 1

PPL www.pplconsulting.co.uk • 1 1
Prederi www.prederi.com | Part of BearingPoint • 1 1
Project One www.projectone.com • • 2 2
Propaganda www.propaganda.co.uk • 1 1
Prophet www.prophet.com • 1 1
Proudfoot www.proudfoot.com • 1 1
Publicis Sapient www.publicissapient.com • • • 3 3
PwC Consulting www.pwc.co.uk • • • • • • • • • • • • • • • • • • • • • • • • • • • 17 7 3 27
Q5 www.q5partners.com • • 2 2
Quantum www.quantum-sales.com • 1 1
Quick Release_ www.quickrelease.co.uk • 1 1
Raytheon www.raytheon.com • 1 1
RedQuadrant www.redquadrant.com • • • • 4 4
Ricardo www.ricardo.com • 1 1
Roland Berger www.rolandberger.com • • • 3 3
RSM UK www.rsmuk.com • 1 1
Sales Tec www.salestec.co.uk • 1 1
Savills www.savills.co.uk • • • 1 2 3
Simon-Kucher & Partners www.simon-kucher.com • • 1 1 2
SLR Consulting www.slrconsulting.com • 1 1
Smith+Co www.smithcoconsultancy.com • 1 1
Solon Management www.solonstrategy.com
Consulting • 1 1

Soul Consulting www.soulconsulting.co.uk • 1 1

Steer www.steergroup.com • 1 1
Stern Stewart & Co www.sternstewart.com • 1 1
Strategy& www.strategyand.pwc.com | Part of PwC -
PricewaterhouseCoopers • • • 1 2 3

Sustain Value www.sustainvalue.co.uk • 1 1

SustainAbility www.sustainability.com | Part of ERM • 1 1
Talik & Co www.talikandco.net • • 2 2
Tata Consultancy www.tcs.com
Services • • • • • 3 2 5

The Berkeley Partnership www.berkeleypartnership.com • • • 3 3

The Brattle Group www.brattle.com • 1 1
The King's Fund www.kingsfund.org.uk • 1 1
Triangle www.triangle.eu.com • 1 1
Turner & Townsend www.turnerandtownsend.com • 1 1
twentyfifty www.twentyfifty.co.uk • 1 1
Unipart Group www.unipartconsulting.com • 1 1
Vendigital www.vendigital.com • • • • • • • • 5 3 8
Volans www.volans.com • 1 1
Vynamic www.vynamic.com • 1 1
Watts www.watts.co.uk • 1 1
?What If! www.whatifinnovation.com | Part of Accenture • • 2 2
Wipro www.wipro.com • 1 1
Wood Mackenzie www.woodmac.com • • 1 1 2
WSP www.wsp.com • • 2 2
ZS Associates www.zs.com • • 2 2
12 | FTReports FINANCIAL TIMES Wednesday 29 January 2020

UK’s Leading Management Consultants

Sector and consulting service ratings

Consultancies are sorted alphabetically within gold, silver and bronze bands by numbers of recommendations (see p15)

PwC Consulting Gold Deloitte Consulting Silver

Arcadis Silver EY Advisory Services Silver

Sectoral expertise Arup

BCG - Boston Consulting Group
Silver
Silver
McKinsey & Company
PwC Consulting
Silver
Silver
Mace Silver 4C Associates Bronze
Mott MacDonald Silver Bain & Company Bronze
Aerospace & defence Savills Silver Capgemini Invent Bronze
Bourton Group Bronze Cornwall Insight Bronze
Name Rating Costain Bronze CRA - Charles River Associates Bronze
BAE Systems Applied Intelligence Gold CPC Project Services Bronze Efficio Bronze
Accenture Silver Curzon Consulting Bronze Egremont Group Bronze
Atkins Silver EY Advisory Services Bronze Grant Thornton Bronze
Deloitte Consulting Silver Faithful+Gould Bronze Jacobs Consulting Bronze
McKinsey & Company Silver Gardiner & Theobald Bronze L.E.K Consulting Bronze
PA Consulting Group Silver Grant Thornton Bronze Mott MacDonald Bronze
PwC Consulting Silver JLL Bronze PA Consulting Group Bronze
Vendigital Silver KPMG Boxwood Bronze The Brattle Group Bronze
Altran Consulting Bronze McKinsey & Company Bronze
BCG - Boston Consulting Group Bronze OC&C Strategy Consultants Bronze Financial institutions & services
KPMG Advisory Bronze SLR Consulting Bronze
Raytheon Bronze Stern Stewart & Co Bronze Name Rating
Roland Berger Bronze Turner & Townsend Bronze Accenture Gold
Watts Bronze Deloitte Consulting Gold
Automotive WSP Bronze EY Advisory Services Gold
KPMG Advisory Gold
Name Rating Consumer goods & retail McKinsey & Company Gold
Accenture Gold PwC Consulting Gold
BCG - Boston Consulting Group Silver Name Rating AT Kearney Silver
Deloitte Consulting Silver Accenture Gold BAE Systems Applied Intelligence Silver
Vendigital Silver Bain & Company Gold Bain & Company Silver
AT Kearney Bronze BCG - Boston Consulting Group Gold Baringa Partners Silver
Bain & Company Bronze Deloitte Consulting Gold BCG - Boston Consulting Group Silver
BearingPoint Bronze KPMG Advisory Gold BDO Advisory Silver
IBM Global Business Services Bronze PwC Consulting Gold Capgemini Invent Silver
KPMG Advisory Bronze AlixPartners Silver Grant Thornton Silver
McKinsey & Company Bronze AT Kearney Silver IBM Global Business Services Silver
Proudfoot Bronze BDO Advisory Silver Oliver Wyman Silver
PwC Consulting Bronze BearingPoint Silver 11:FS Bronze
Quick Release_ Bronze Capgemini Invent Silver Alpha Bronze
Roland Berger Bronze Crimson & Co Silver Alvarez & Marsal Bronze
Unipart Group Bronze EY Advisory Services Silver Atkins Bronze
Grant Thornton Silver BCS Consulting Bronze
Chemicals & pharmaceuticals Kantar Silver BearingPoint Bronze
McKinsey & Company Silver BJSS Bronze
Name Rating Baringa Partners Bronze Citihub Consulting Bronze
Accenture Gold BJSS Bronze Curzon Consulting Bronze
McKinsey & Company Gold Cognizant Bronze Enterprise Learning Bronze
AT Kearney Silver CRA - Charles River Associates Bronze Frontier Economics Bronze
BCG - Boston Consulting Group Silver Egremont Group Bronze FTI Consulting Bronze
Deloitte Consulting Silver Ipsos Business Consulting Bronze Gartner Bronze
PwC Consulting Silver Javelin Group Bronze KPMG Boxwood Bronze
Arthur D. Little Bronze KPMG Boxwood Bronze PA Consulting Group Bronze
Bain & Company Bronze Netcel Bronze Savills Bronze
CRA - Charles River Associates Bronze OC&C Strategy Consultants Bronze The Berkeley Partnership Bronze
EFESO Consulting Bronze PA Consulting Group Bronze
ERM Bronze Simon-Kucher & Partners Bronze Healthcare & life sciences
KPMG Advisory Bronze Tata Consultancy Services Bronze
L.E.K Consulting Bronze Vendigital Bronze Name Rating
Roland Berger Bronze ?What If! Bronze Accenture Gold
Vynamic Bronze Apex Healthcare Consulting Gold
Energy, utilities & environment Deloitte Consulting Gold
Construction & infrastructure KPMG Advisory Gold
Name Rating PwC Consulting Gold
Name Rating Accenture Gold Ashfield Silver
AT Kearney Gold Baringa Partners Gold BCG - Boston Consulting Group Silver
Atkins Gold AT Kearney Silver GE Healthcare Partners Silver
Deloitte Consulting Gold Atkins Silver IBM Global Business Services Silver
KPMG Advisory Gold BCG - Boston Consulting Group Silver Korn Ferry Silver
Table continues in next column I Table continues in next column I Table continues in next column I
FINANCIAL TIMES Wednesday 29 January 2020 FTReports | 13

UK’s Leading Management Consultants

Healthcare & life sciences (continued) Altran Consulting Bronze Travel, transportation & logistics
Analysys Mason Bronze
Name Rating Arthur D. Little Bronze Name Rating
McKinsey & Company Silver ASE Bronze Accenture Gold
AdviseInc Bronze Baringa Partners Bronze Deloitte Consulting Gold
Akeso & Co. Bronze BDO Advisory Bronze KPMG Advisory Gold
Attain Bronze Business Information Systems Consulting Ltd Bronze PwC Consulting Gold
Bain & Company Bronze EY Advisory Services Bronze AT Kearney Silver
BDO Advisory Bronze Grant Thornton Bronze Atkins Silver
Candesic Bronze KPMG Boxwood Bronze Bain & Company Silver
Capgemini Invent Bronze Solon Management Consulting Bronze BearingPoint Silver
Chaucer Bronze BCG - Boston Consulting Group Silver
CIL Bronze Oil & gas Grant Thornton Silver
Cogentia Healthcare Consulting Bronze McKinsey & Company Silver
CRA - Charles River Associates Bronze Name Rating Vendigital Silver
Edge Health Bronze Accenture Gold EY Advisory Services Bronze
Infinity Works Bronze Baringa Partners Gold KPMG Boxwood Bronze
L.E.K Consulting Bronze BCG - Boston Consulting Group Silver L.E.K Consulting Bronze
Moorhouse Bronze IBM Global Business Services Silver LeighFisher Bronze
OHE - Office of Health Economics Bronze McKinsey & Company Silver Moorhouse Bronze
PA Consulting Group Bronze Wood Mackenzie Silver Mott MacDonald Bronze
Philips Healthcare Consulting Bronze BidPartners Bronze North Highland Bronze
The King's Fund Bronze Deloitte Consulting Bronze Oliver Wyman Bronze
EY Advisory Services Bronze Steer Bronze
Insurance FTI Consulting Bronze Triangle Bronze
Genesis Bronze
Name Rating io consulting Bronze
Deloitte Consulting Gold PwC Consulting Bronze
KPMG Advisory Gold
PwC Consulting
Accenture
Gold
Silver
Other industrial & metals
Consulting services
Bain & Company Bronze Name Rating
Baringa Partners Bronze Accenture Gold
BCG - Boston Consulting Group Bronze IBM Global Business Services Gold Data analytics & big data
EY Advisory Services Bronze Capgemini Invent Silver
Grant Thornton Bronze Deloitte Consulting Silver Name Rating
McKinsey & Company Bronze KPMG Advisory Silver Accenture Gold
Oliver Wyman Bronze PwC Consulting Silver Deloitte Consulting Gold
AT Kearney Bronze IBM Global Business Services Gold
Internet, media & entertainment Bain & Company Bronze KPMG Advisory Gold
BCG - Boston Consulting Group Bronze PwC Consulting Gold
Name Rating Korn Ferry Bronze BAE Systems Applied Intelligence Silver
Accenture Gold McKinsey & Company Bronze Bain & Company Silver
Deloitte Consulting Gold Vendigital Bronze BCG - Boston Consulting Group Silver
IBM Global Business Services Gold Wood Mackenzie Bronze Capgemini Invent Silver
BCG - Boston Consulting Group Silver EY Advisory Services Silver
BDO Advisory Silver Public & social sector Fujitsu Consulting Silver
KPMG Advisory Silver Grant Thornton Silver
McKinsey & Company Silver Name Rating McKinsey & Company Silver
Vendigital Silver Accenture Gold Acrotrend Bronze
Agility in Mind Bronze BAE Systems Applied Intelligence Gold Arup Bronze
Bain & Company Bronze Deloitte Consulting Gold Atos Consulting Bronze
EY Advisory Services Bronze Korn Ferry Gold Avanade Bronze
Grant Thornton Bronze KPMG Advisory Gold BCS Consulting Bronze
KPMG Boxwood Bronze PwC Consulting Gold BearingPoint Bronze
LiveStrategy Bronze 2020 Delivery Silver Cambridge Econometrics Bronze
MTM Bronze Atkins Silver Capco Bronze
Ovum Bronze Capgemini Invent Silver Cognizant Bronze
PwC Consulting Bronze EY Advisory Services Silver Data Consulting Bronze
Grant Thornton Silver decisionLab Bronze
IT, technology & telecommunications McKinsey & Company Silver Moorhouse Bronze
PA Consulting Group Silver PA Consulting Group Bronze
Name Rating 31ten Bronze Publicis Sapient Bronze
Accenture Gold Actica Consulting Bronze Tata Consultancy Services Bronze
BAE Systems Applied Intelligence Gold Arcadis Bronze Vendigital Bronze
Deloitte Consulting Gold ASE Bronze
IBM Global Business Services Gold Basis Bronze Digital transformation
AT Kearney Silver BCG - Boston Consulting Group Bronze
Bain & Company Silver BDO Advisory Bronze Name Rating
BCG - Boston Consulting Group Silver Clarasys Bronze Accenture Gold
Capgemini Invent Silver Concerto Bronze Deloitte Consulting Gold
Cognizant Silver Freshwater Bronze Deloitte Digital Gold
Gartner Silver GGI (Good Governance Institute) Bronze IBM Global Business Services Gold
Hitachi Consulting Silver IBM Global Business Services Bronze AT Kearney Silver
Infosys Silver Infinity Works Bronze Atkins Silver
Korn Ferry Silver Mott MacDonald Bronze Atos Consulting Silver
KPMG Advisory Silver PPL Bronze Bain & Company Silver
McKinsey & Company Silver Prederi Bronze BCG - Boston Consulting Group Silver
PwC Consulting Silver RedQuadrant Bronze Capgemini Invent Silver
Tata Consultancy Services Silver Strategy& Bronze EY Advisory Services Silver
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14 | FTReports FINANCIAL TIMES Wednesday 29 January 2020

UK’s Leading Management Consultants

Digital transformation (continued) Kantar Bronze Clarasys Bronze

PA Consulting Group Bronze Clear Bronze
Name Rating ?What If! Bronze Decision Technology Bronze
Grant Thornton Silver Distinction Consulting Bronze
KPMG Advisory Silver IT – implementation EY Advisory Services Bronze
McKinsey & Company Silver Interbrand Bronze
PwC Consulting Silver Name Rating Kantar Bronze
11:FS Bronze Accenture Gold L.E.K Consulting Bronze
Agility in Mind Bronze Deloitte Consulting Gold Lippincott Bronze
Alchemmy Bronze IBM Global Business Services Gold OC&C Strategy Consultants Bronze
Avanade Bronze Atkins Silver Ogilvy Consulting Bronze
BCG Digital Ventures Bronze Bain & Company Silver Oliver Wyman Bronze
BearingPoint Bronze BMC Silver Oystercatchers Bronze
Cadence Innova Bronze Capita Silver Pearson Ham Bronze
Chaucer Bronze Cognizant Silver Propaganda Bronze
Clarasys Bronze Deloitte Digital Silver Prophet Bronze
Cognizant Bronze Fujitsu Consulting Silver Smith+Co Bronze
Digital Workplace Group Bronze KPMG Advisory Silver ZS Associates Bronze
DXC Technology Bronze Tata Consultancy Services Silver
Infosys Bronze BJSS Bronze Mergers & acquisitions
Javelin Group Bronze CGI Bronze
PA Consulting Group Bronze DXC Technology Bronze Name Rating
Project One Bronze EY Advisory Services Bronze Bain & Company Gold
Publicis Sapient Bronze Infosys Bronze Deloitte Consulting Gold
McKinsey & Company Bronze KPMG Advisory Gold
Finance, risk & compliance North Highland Bronze PwC Consulting Gold
Publicis Sapient Bronze Accenture Silver
Name Rating The Berkeley Partnership Bronze BCG - Boston Consulting Group Silver
Accenture Gold Wipro Bronze EY Advisory Services Silver
Deloitte Consulting Gold McKinsey & Company Silver
KPMG Advisory Gold IT – strategy Alvarez & Marsal Bronze
PwC Consulting Gold Aon Bronze
Arcadis Silver Name Rating BDO Advisory Bronze
Bain & Company Silver Accenture Gold CRA - Charles River Associates Bronze
BCG – Boston Consulting Group Silver Deloitte Consulting Gold FTI Consulting Bronze
BDO Advisory Silver IBM Global Business Services Gold IBM Global Business Services Bronze
Capgemini Invent Silver Atkins Silver L.E.K Consulting Bronze
EY Advisory Services Silver Bain & Company Silver Mercer Bronze
Grant Thornton Silver BCG - Boston Consulting Group Silver OC&C Strategy Consultants Bronze
IBM Global Business Services Silver BMC Silver
McKinsey & Company Silver Capgemini Invent Silver Operations & supply chain
Oliver Wyman Silver Cognizant Silver
AlixPartners Bronze Deloitte Digital Silver Name Rating
Alvarez & Marsal Bronze EY Advisory Services Silver Accenture Gold
Baringa Partners Bronze Gartner Silver Deloitte Consulting Gold
BearingPoint Bronze KPMG Advisory Silver IBM Global Business Services Gold
Capco Bronze McKinsey & Company Silver KPMG Advisory Gold
Consulting People Bronze PwC Consulting Silver PwC Consulting Gold
Enterprise Learning Bronze Tata Consultancy Services Silver AT Kearney Silver
Frontier Economics Bronze ASE Bronze Capgemini Invent Silver
FTI Consulting Bronze Baringa Partners Bronze EY Advisory Services Silver
Marsh Bronze BearingPoint Bronze McKinsey & Company Silver
Navigant Bronze Business Information Systems Consulting Ltd Bronze Vendigital Silver
RSM UK Bronze Chaucer Bronze 4C Associates Bronze
Savills Bronze DMW Bronze AlixPartners Bronze
Forrester Bronze Alpha Bronze
Innovation, growth & new business models Infosys Bronze Alvarez & Marsal Bronze
Mason Advisory Bronze Arup Bronze
Name Rating Oliver Wyman Bronze Atkins Bronze
Accenture Gold PA Consulting Group Bronze Bain & Company Bronze
Deloitte Consulting Gold Strategy& Bronze Baringa Partners Bronze
McKinsey & Company Gold BCG - Boston Consulting Group Bronze
PwC Consulting Gold Marketing, brand & pricing BearingPoint Bronze
AT Kearney Silver Cambridge Consultants Bronze
BCG - Boston Consulting Group Silver Curzon Consulting Bronze
Deloitte Digital Silver Name Rating PA Consulting Group Bronze
EY Advisory Services Silver Accenture Gold
KPMG Advisory Silver Deloitte Consulting Gold
Organisation & change
Manifesto Growth Silver PwC Consulting Gold
Arthur D. Little Bronze AT Kearney Silver
Name Rating
Baxendale Bronze Bain & Company Silver
Accenture Gold
BearingPoint Bronze BCG - Boston Consulting Group Silver
Deloitte Consulting Gold
CRA - Charles River Associates Bronze KPMG Advisory Silver
KPMG Advisory Gold
Decidedly Bronze McKinsey & Company Silver
McKinsey & Company Gold
Fluxx Bronze Monitor Deloitte Consulting Silver
PwC Consulting Gold
Frog Design Bronze Simon-Kucher & Partners Silver
AT Kearney Silver
Human Innovation Bronze Brand Vista Bronze
Atkins Silver
IDEO Bronze Brandpie Bronze
Bain & Company Silver
Infinity Works Bronze Caliber Bronze
BCG - Boston Consulting Group Silver
Innovation Unit Bronze Capgemini Invent Bronze
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FINANCIAL TIMES Wednesday 29 January 2020 FTReports | 15

UK’s Leading Management Consultants

Organisation & change (continued) Baxendale Bronze KPMG Advisory Silver

BCG - Boston Consulting Group Bronze KPMG Boxwood Silver
Name Rating Gallup Bronze Strategy& Silver
EY Advisory Services Silver Human Engine Bronze 31ten Bronze
Grant Thornton Silver Human Innovation Bronze Arthur D. Little Bronze
IBM Global Business Services Silver Metalogue Bronze Baringa Partners Bronze
Korn Ferry Silver Q5 Bronze BearingPoint Bronze
KPMG Boxwood Silver Talik & Co Bronze Curzon Consulting Bronze
PA Consulting Group Silver Egremont Group Bronze
31ten Bronze Sales & customer relationship management Gameshift Bronze
Accelerating Experience Bronze L.E.K Consulting Bronze
Afiniti Bronze Name Rating LiveStrategy Bronze
Basis Bronze Accenture Gold Oliver Wyman Bronze
Capgemini Invent Bronze Deloitte Consulting Gold Oxford Strategic Consulting Bronze
CMG Bronze KPMG Advisory Gold PA Consulting Group Bronze
Egremont Group Bronze PwC Consulting Gold RedQuadrant Bronze
Gallup Bronze Bain & Company Silver
Moorhouse Bronze Baringa Partners Silver Sustainability
Project One Bronze Beyond Philosophy LLC Silver
Q5 Bronze Decision Technology Silver Name Rating
RedQuadrant Bronze EY Advisory Services Silver Accenture Gold
Talik & Co Bronze McKinsey & Company Silver Deloitte Consulting Gold
The Berkeley Partnership Bronze Arthur D. Little Bronze PwC Consulting Gold
BidPartners Bronze 3keel Silver
People & performance Clarasys Bronze Arup Silver
Egremont Group Bronze Atkins Silver
Name Rating Integration Consulting Bronze ERM Silver
Accenture Gold Quantum Bronze EY Advisory Services Silver
Deloitte Consulting Gold RedQuadrant Bronze KPMG Advisory Silver
Korn Ferry Gold Sales Tec Bronze McKinsey & Company Silver
KPMG Advisory Gold Soul Consulting Bronze Mott MacDonald Silver
PwC Consulting Gold ZS Associates Bronze SustainAbility Silver
Aon Silver AccountAbility Bronze
Atkins Silver Strategy Baringa Partners Bronze
Bain & Company Silver Given London Bronze
Capgemini Invent Silver Name Rating Human Engine Bronze
EY Advisory Services Silver Accenture Gold Oliver Wyman Bronze
Gameshift Silver Bain & Company Gold PA Consulting Group Bronze
KPMG Boxwood Silver BCG - Boston Consulting Group Gold Ricardo Bronze
McKinsey & Company Silver Deloitte Consulting Gold Sustain Value Bronze
Mercer Silver McKinsey & Company Gold twentyfifty Bronze
Accelerating Experience Bronze AT Kearney Silver Volans Bronze
Amicus Bronze Atkins Silver WSP Bronze
Basis Bronze EY Advisory Services Silver
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Methodology How the list of the UK’s Leading Management Consultants was compiled
Market Definition
Along with pure management
consulting firms, IT consultancies,
advisory branches of professional
services firms (eg KPMG Advisory) and
consultancy branches of technology
companies (eg IBM Global Business
Services) were all eligible for
consideration.
Methodology
The list of the awarded management
consultancies is based on two surveys
— one among peers (partners and
executives from management
consultancies) and one among clients
of the consultancies. Both surveys
were conducted online by Statista.
Peer survey
Building on last year’s methodology,
the long list was expanded from just
over 1,000 management consulting
firms to more than 1,400 and used as a
basis for this year’s survey among
peers. To update the long list, Statista
used recommendations from previous
years and also the following sources:
lists of associations (eg the
Management Consultancies
Association), consulting directories (eg
Consultingcase101) and company
databases (eg Orbis). The list of
management consulting partners and
executives was compiled through
research conducted primarily on the
firms’ websites. It was also possible to
register for the survey on ft.com, which
resulted in additional contacts for the
sample. The sample size was extended
to 5,100 partners and executives of
management consultancies in the UK.
Invitations to the survey were sent
in an email containing a personalised
link. The field period ran from July 22
to August 30 2019.
As in previous years, 15 sectors and
14 consulting services were identified
in which partners and executives could
make recommendations. Respondents
were also given the opportunity to
mention which consultancies they
would refrain from recommending.
An autocomplete function was
offered to assist respondents in
selecting management consultancies
and they were also able to recommend
any consultancy which did not appear
on the list by entering its name.
The recommendations for the
management consultancies in each
sector and consulting service were
then counted. An overall score was
given to each company based on the
number of positive and negative
recommendations they received. Self-
recommendations were excluded from
the evaluation.
Client survey
Following the survey of peers, an
online survey was conducted among
about 1,000 senior executives who
have used the services of management
consultancies. They were recruited
through an online access panel. The
field phase lasted from September 9 to
August 30 2019.
Respondents were asked to indicate
the sectors or consulting services in
which they had collaborated with a
management consultancy in the past
four years. They were asked to
recommend consultancies by using an
autofill list or writing in names.
Respondents were given a list of
recommended consultancies for
evaluation for each sector or service in
which they have worked with a
consultancy.
The quality of the management
consultancies was surveyed using a
five-point scale (very good to very
poor). For the following classification
the evaluations “very good”, “good”
and “acceptable” were counted as
recommendations (“very good”
counted as one recommendation,
“good” and “acceptable” were equated
with lower weights). The evaluations
“poor” and “very poor” counted
against the consultancies in question
(see below).
Reputation is typically established
over several years and it is the aim of
this report to reflect such longevity.
Therefore last year’s results were
also taken into account, but were given
a low weighting in the evaluation
process.
Recommendations
In each sector and consulting service
the consultancies were sorted based
on the number of recommendations
(the sum of all recommendations for a
consultancy, taking into account the
reduction for negative ones). The
groups were sorted into the classes
below. These were based on the
average number of recommendations
per sector or consulting service as
detailed here:
c Management consultancies that
received recommendations from peers
and clients well above the average
were sorted into the gold class “very
frequently recommended”. (The
number of recommendations was at
least two times larger than the average
for each sector or service.)
c Management consultancies that
received recommendations from peers
and clients less frequently, but still
clearly above average, were sorted into
the silver class “frequently
recommended”. (The number of
recommendations was less than
double, but more than the average of
each sector or consulting service.)
c Management consultancies that
still received a significant number of
recommendations from peers and
clients were sorted into the bronze
class “recommended” within their
industry or sector.
c Management consultancies with
an insufficient number of
recommendations were excluded.
The consultancies have been sorted
alphabetically within each class.
Disclaimer
The ranking is comprised exclusively
of consultancies that have a sufficient
number of recommendations; a
mention is therefore positive and
indicates a vote of confidence from the
market. The ranking was created
through a complex process. The
quality of consultancies that are not
included in the list is not disputed.