The Laird's Estate Argentine Tangle Arctic Ambitions On Ice: Merkel and Hollande in Putin Talks To Break Ukraine Deadlock

FRIDAY 6 FEBRUARY 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.
00
The laird’s estate Arctic ambitions on ice Argentine tangle

Nationalists pursue land reform Oil price collapse forces exploration Flawed democracy or failed
in Scotland — BIG READ, PAGE 9 rethink — COMPANIES, PAGE 17 state? — COMMENT, PAGE 11
Germany cold Briefing

shoulders i Pfizer to buy US biotech group Hospira
Pfizer has unveiled its biggest deal since
Greece plan abandoning an ill-fated pursuit of AstraZeneca,
agreeing to buy US-based Hospira, a maker of
copycat biotech drugs and sterile injectables, in a
Wolfgang Schäuble, German finance $17bn deal. — PAGE 15; LEX, PAGE 14; ANALYSIS, PAGE 16
minister, left, and Greek counterpart
Yanis Varoufakis at a tense press brief- i Probe into Tesco threatens to widen
ing in Berlin after a two-hour discussion Other chains could be dragged into the Tesco probe
during which they failed to find com- after the regulator urged suppliers to come forward
mon ground on how to refinance Athens and said she had reasonable suspicion that a code of
when its bailout expires at the end of the practice had been broken. — PAGE 3; LOMBARD, PAGE 20
month. They could not even agree on
the extent of their disagreement. i Support for Google’s search stance
Mr Schäuble said they had “agreed to Google’s decision to restrict censorship
disagree” over the Greek government’s under Europe’s “right to be forgotten”
rescue plan. But Mr Varoufakis said rules to its search sites based there
they did not “even agree to disagree”. and not extend it, has been backed
Austerity clash page 7 by a panel of experts. — PAGE 18
Editorial Comment page 10
Lex page 14 i Twitter shares all of a flutter
Short View page 15 Twitter shares rose 11 per cent in after-hours trade
Markets page 28-30 after it beat expectations on earnings and revenue,
Reuters
despite downbeat user growth figures. — PAGE 15
i Party treasurer quizzed on Petrobras
Merkel and Hollande in Putin

The treasurer of Brazil’s ruling Workers’ party,
João Vaccari Neto, is the most senior political figure
quizzed in the corruption case centred on state oil
group Petrobras. — PAGE 6
i Sports Direct tussle offers zero-hours test
talks to break Ukraine deadlock Light could be shed on the employment status of
Britain’s zero-hours workers in the legal tussle
between Sports Direct and 300 of its staff.— PAGE 3
i FCA backs EU push over trading fees split

The Financial Conduct Authority back a push from
Europe for managers to pay for research out of their
Moscow summit as fears grow US mood has moved towards supplying weapons to Kiev own funds via a separate account.— PAGE 28
i London tech funds in $2bn bet

STEFAN WAGSTYL — BERLIN talks came hours after Mr Poroshenko The talks mark the first visit to Kiev’s woes Mr Putin has signalled that any US New tech funds have raised $2bn in London in the
ANNE-SYLVAINE CHASSANY — PARIS met US secretary of state John Kerry in Moscow by Ms Merkel, who has spear- arming of Ukraine would be seen as a past five years. — PAGE 21
KATHRIN HILLE — MOSCOW the Ukrainian capital. headed western efforts with Mr Putin, worsened direct challenge to Russia. He has
German chancellor Angela Merkel and The new diplomatic push reflects since the Ukrainian crisis erupted more when its already accused Nato of meddling mili- Datawatch
French president François Hollande will growing transatlantic alarm that an than a year ago. The two leaders last met tarily, claiming that the Ukraine army
today hold face-to-face talks with Rus- upsurge in fighting between Russia- nearly three months ago, in Brisbane. currency was a “foreign legion” for the alliance.
sia’s Vladimir Putin in Moscow in a bold backed separatists and Ukrainian forces Ms Merkel and Mr Hollande are likely Mr Putin has also proposed a new Emigration
attempt to break the diplomatic dead- in the country’s east could take the con- to warn Mr Putin that time for a diplo-
plunged peace plan to Mr Poroshenko, the Krem- Thousands of people
Before the
financial crisis,
lock over Ukraine. flict in a dangerous new direction. matic solution is running out and that 30 per cent lin said, and was awaiting a response. 0 200 400 600 emigration
tended to be for
A senior EU official suggested that the Diplomatic talk in Paris and Berlin was they may struggle to dissuade the US to a record People working with Mr Putin said there Spain older people in
initiative was prompted in part by fears that both capitals were deeply con- from sending arms if this initiative fails. had been “close, frequent contacts” on
that momentum in Washington was cerned that the recent “dramatic” wors- Further sanctions could also follow. low against how to stop the fighting, with Paris and
UK
France
richer countries,
but once the
shifting towards supplying defensive ening of fighting could further increase “One logic is to arm the protagonists, the dollar Berlin, and with Mr Poroshenko. crisis struck,
weapons, such as anti-tank missiles, to the threat to European security. and since Russia does it for the separa- Russian officials said the possibility of Poland
younger workers
Ukraine — a move Ms Merkel and Ukraine’s economic woes also wors- tists, so the idea is that we should do it sending UN peacekeepers to Ukraine Germany have been
Mr Hollande oppose. ened when its currency, the hryvnia, for the Ukrainians,” Mr Hollande said at was also expected to be discussed. Italy increasingly
2006
The German and French leaders flew plunged 30 per cent to a record low a press conference before his departure Additional reporting by Roman Olear- Ireland 2012
leaving Europe’s
into Kiev yesterday to discuss the new against the dollar. The fall came after for Kiev. “But there’s another option, chyk in Kiev and Neil Buckley in London austerity-ridden
Source: Eurostat fringe
plan with Petro Poroshenko, Ukraine’s Ukraine’s central bank abandoned its which is diplomacy, which cannot be Currency plunge page 8
president, before heading to Russia. The attempts to keep the currency afloat. extended indefinitely.” Philip Stephens page 11
Sony Pictures co-chairman Pascal

steps down after hack attack at studio
MATTHEW GARRAHAN — NEW YORK Korea, who illegally accessed company Ms Pascal apologised for the content
files, destroying data and releasing pri- of the emails when they became public,
Amy Pascal, whose embarrassing
vate correspondence to the media. saying they were “not an accurate
emails were leaked online in the dam-
Sony movies, including the studio’s reflection of who I am”.
aging hack of Sony Pictures, is stepping
remake of Annie, were released to Sony cancelled the wide theatrical
down from her role as co-chairman of
streaming sites and private emails — release of The Interview in December
the film studio.
including embarrassing and racially when the hackers made a threat that
Odds favour Miliband Ms Pascal had been considering her charged messages between Ms Pascal invoked the 9/11 terror attacks.
in the coalition hurdles future and her contract was due to and Scott Rudin, a leading producer — Mr Obama subsequently rebuked
expire next month. were leaked. Sony for withdrawing the satirical
Ed Miliband is more than twice as likely She is not leaving immediately and In one exchange Angelina Jolie was movie. “I think they [Sony] made a
as David Cameron to be Britain’s next has struck a four-year production deal described by Mr Rudin as “a minimally mistake.”
prime minister, according to a new with the company that will keep her at talented spoilt brat”. In its most recent quarterly earnings
election model set up by opinion its headquarters in California. But she “We will end up being the laughing Sony said its films unit expected to
polling firm Populus that takes will no longer be responsible for the stu- stock of our industry and we will report a 90 per cent year-on-year drop
account of coalition possibilities. But dio’s creative output. deserve it,” wrote Mr Rudin. in operating profit to Y2.4bn after book-
the Labour leader has only a 2 per cent Ms Pascal endured a torrid two In another exchange Ms Pascal and ing $15m in investigation and remedia-
chance of winning a majority under the months at the end of 2014 after the stu- Mr Rudin speculated which films Presi- tion costs linked to the cyber attack.
model — as remote a chance as a Tory dio’s decision to produce and release the dent Barack Obama would like, reeling Costs related to the attack are likely
outright victory. Seth Rogen comedy The Interview. The off a list starring African-Americans, eventually to rise to $35m. Sony expects
Report i PAGE 2 film made the studio the target of hack- including Django Unchained and 12 Years some of those costs to be covered by
ers suspected to be aligned with North a Slave. insurance.
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2 ★★★ FINANCIAL TIMES Friday 6 February 2015
NATIONAL
Populus poll Scottish land reform
Miliband leads Cameron in PM stakes SNP plans

prompt
Greater number of Labour victory have dwindled as the simulations, slightly more than one in
‘dismay’ for
options for coalitions
party loses its consistent lead in the
polls. Betfair, the gambling exchange, The
forecast the chances of each party
winning every seat it is contesting at the
eight times,” Mr Nye said.
“Labour’s greater choice of potential
Buccleuch
favours Labour leader reckons the odds of a Labour majority method 2015 election. We combine this partners gives them a better chance of
have lengthened sharply from 7:4 to 17:1 information with our own forecast of the leading the next government. It also
JIM PICKARD since September. eventual overall outcome to project a means that the Greens and Plaid Cymru MURE DICKIE
— DUMFRIESSHIRE
— CHIEF POLITICAL CORRESPONDENT The Populus model suggests that the How statistical modelling seat range for all the parties. have a better chance of being included
Tories are on track for 274 seats against Second, we apply political intelligence in government (10 per cent) than Ukip The Duke of Buccleuch, the UK’s larg-
Ed Miliband is more than twice as likely 273 for Labour. Despite this, Mr Mili-
yields probability scores to establish a sequence of likely (3 per cent) who may end up with est private landowner, has spoken out
as David Cameron to be Britain’s next band is still more likely to become coalitions or arrangements that each of more MPs than those two parties com- for the first time against the Scottish
prime minister, according to an election prime minister because he has more Rick Nye, managing director of the the two main parties would follow if bined.” government’s land reform proposals
model set up by opinion pollster Popu- options when it comes to cutting deals polling firm Populus, explains the neither won an overall majority (defined The Populus/Hanover model applies and revealed that he plans to slim down
lus. But the Labour leader has only a with smaller parties after the election, method used to calculate the likely here as 323 seats, once Sinn Féin and a uniform national swing from recent his estates in response.
2 per cent chance of winning a majority according to Rick Nye, managing direc- outcomes of the May general election. the Speaker and his two deputies are polls — adding constituency polls and
under the model — as remote a chance tor of Populus. The Populus/Hanover election outcome excluded from the total of 650 MPs). Scottish surveys where possible — to Richard Scott, 10th Duke of Buccleuch,
as a Tory outright victory. The Scottish National party is on predictor combines national polling Using our election simulator, we forecast the chances of each party win- said he felt “absolute dismay” over the
For May’s general election, most polls track to increase its number of data with constituency level polls generate half a million different ning seats. It then adds “political intelli- plans. “Over the next five or 10 years I
are pointing towards another hung par- MPs from just six to 30 or 40, if and then uses statistical modelling scenarios. The number of times one gence” to establish a sequence of likely think we will reduce our exposure to
liament. Several have even suggested polls are to be believed. to produce probability scores for the party or a permissible combination of coalitions or political deals in the event land. This estate will almost certainly
that Labour and the Tories could win However, the SNP has ruled most likely results of the 2015 parties reaches or exceeds 323 seats is of a hung parliament: simulating half a get smaller,” he said in an interview with
the same number of seats. out any post-election deal with general election. divided by the number of simulations million scenarios. the Financial Times at Drumlanrig Cas-
Populus has worked with Hanover, a the Tories while leaving open First we apply a uniform national run to produce a probability score for To achieve a majority in the Com- tle, the centrepiece of Buccleuch land-
public relations firm, to create an “out- the possibility of an informal swing from recent national polls, that particular election outcome. mons 323 MPs are needed — fewer than holdings in southwest Scotland.
come predictor” combining national “confidence and supply” adding constituency poll data Each week we will be updating our half of the 650 seats — reflecting the fact The duke’s comments show the depth
polling data with constituency level arrangement with where available and polls predictor to take account of fresh that there is an independent speaker, of concern among landowners at the
polls — using statistical modelling to Labour. conducted specifically polling data, changes to our overall his two deputies and five Sinn Féin MPs Scottish National party’s proposals,
produce probability scores for the most “As things stand, across Scotland, to forecast when they occur, and where who do not attend parliament. “The which include possible powers of inter-
likely result in May. David Cameron’s events render potential deals between number of times one party or a permis- vention against landowners whose size
Its results will, therefore, change as best chance of parties more or less likely. sible combination of parties reaches or and conduct is judged to be a barrier to
the public mood shifts, meaning that remaining in No We will explain the fluctuating exceeds 323 seats is then divided by the sustainable development.
today’s results are not a definitive pre- 10 lies in doing a Ed Miliband: the probabilities of different election number of simulations run to produce a The duke is chair of the family trust-
diction. There is a view in Westminster deal with the odds of an outcomes and what they mean for the probability score for that particular controlled Buccleuch Estates, which
— not confined to the Tory party — that Liberal Demo- outright Labour likelihood that David Cameron or Ed election outcome,” Mr Nye said. owns 240,000 acres of land, mainly in
there could be a last-minute shift of crats and Dem- victory have Miliband emerges as prime minister, and This week’s model suggests that a Scotland. He said the political situation
support from Labour to the Conserva- ocratic Union- dwindled as the for the possibility that the Labour-SNP deal is the most likely com- was his main motive for “slimming
tives during the final weeks of cam- ist party. This party loses its Conservatives are driven from bination of parties able to command a down”, but that concern about the
paigning. produces a major- consistent lead government even if they are the largest majority in the Commons in May, at 23 ability to fund development of all Buc-
Already, the odds of an outright ity in 13 per cent of our in the polls party after polling day. per cent probability. cleuch land was also a factor.
“There is a need for us to be pragmatic
The Populus/Hanover election outcome predictor Richard Scott, 10th

Duke of Buccleuch:
Projected outcomes ... ... Implied probability of participation in government ‘Over the next five
or 10 years I think
Likelihood of each coalition scenario we will reduce our
exposure to land’
Conservative majority 2.4% 2.4% Labour majority Labour 70.0% about the politics of the time and also
what we will be able to afford to look
after well, and I do have an anxiety on
Conservative/DUP/UKIP 2.7% 0.7% Labour/Left minority parties* Lib Dem 60.5% both fronts,” he said.
Yet the prospect of a reduction in the
Conservative/DUP 2.6% SNP 44.7%
nation’s biggest private landholding is
likely to be welcomed by campaigners
who argue that over-concentrated
ownership in Scotland undermines
communities and stunts economic
Conservative
30.0% growth. Nicola Sturgeon, Scotland’s first
Conservative/ minister, has declared that the nation’s
Lib Dem/DUP land “must be an asset that benefits the
12.7% DUP 18.0% many, not the few”. The SNP leader has
Labour/SNP made reform a government priority,
23.5% Left
with public consultation ending on Feb-
minority* 9.5% ruary 10.
In an interview with the FT last
Conservative/ November, Ms Sturgeon stressed that
Lib Dem responsible landowners should be “val-
9.6% UKIP 2.7% ued and respected” and planned
Labour/ changes such as the removal of shooting
SNP/ estates’ exemption from business rates
5.2% Left minority* Chances of...
did not represent “some kind of class
warfare”.
3.6% Hung parliament Conservatives as
largest party
Conservatives as
largest party but
The duke did not give details of how
much the Buccleuch landholdings
not government might shrink or how any disposals
would be handled. “But I think I would
Labour/ be surprised if in 10 years’ time we are
Labour/Lib Dem/ 16.0% SNP/Lib Dem not noticeably smaller,” he said.
Left minority*
18.6% “We are more stimulated and stirred
up than ever to look after what we do
95.2% 50.8% 20.7% have as well as we can,” he said. “I and
the management team are determined
Labour/Lib Dem to carry on rethinking the use of the
land, of farms and forestry, to ensure
that it delivers the best for the local
* Green, Plaid Cymru, SDLP Source: Populus/Hanover
community.”
Storming the ramparts page 9
Political donors. Europe is bugbear

A private bank unlike
any other. Business supporters divided over shift to left
by the wayside: Sir Ronald Cohen has referendum which, if the polls are cor- of money, it should be for the workers,”
Some signatories to a letter withdrawn his backing, while Lord rect, could lead to Britain quitting the he says.
that backed Labour in 2005 Sainsbury stopped donating after Ed bloc. Labour has, in effect, ruled it out. Senior Labour figures have been san-
Miliband beat his brother to the leader- “People are not running around wav- guine about this week’s row with busi-
have changed their position ship. Only a handful of new donors have ing their arms, saying we want Labour ness, having expected it for months. If
30 global locations • www.efginternational.com picked up the slack, including former in,” says Mr McGrath. anything, they are relieved that the first
JIM PICKARD
tax exile Andrew Rosenfeld and John “Ed Balls has worked hard and Ed critic out of the blocks was a Monaco-
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014) — CHIEF POLITICAL CORRESPONDENT Mills, a fierce eurosceptic. Miliband has not really, to be fair. But if based billionaire.
Not all the backers from 2005 have you push them about what they really One businessman who signed the
In 2005, Sir Charles Dunstone, co- lost faith in the party. believe, the one thing they fear isleaving 2005 letter now believes the party needs
founder of Carphone Warehouse, was Sir Gulam Noon said he still sup- Europe — that is the biggest risk.” to tack further to the left. John Boyle,
FINANCIAL TIMES newspaper in any manner is not permitted without one of 63 business people who signed a ported Labour despite his reserva- The 63 included Sir Chris Evans, the who sold travel firm Direct Holidays for
Number One Southwark Bridge, the publisher’s prior consent.
London SE1 9HL ‘Financial Times’ and ‘FT’ are registered trade marks letter supporting Labour: now he says tions about the mansion tax. biotech entrepreneur who loaned £84m in 1998, and now has an invest-
of The Financial Times Limited. he is “frightened” by the idea of the “No party is perfect; the mansion money before the 2005 election. ment business, wants Labour to prom-
Published by: The Financial Times Limited, The Financial Times adheres to a self-regulation party winning the general election. tax is terrible. But sometimes you This week, he stopped short of a Con- ise a living wage and crack down harder
Number One Southwark Bridge, regime under the FT Editorial Code of Practice:
London SE1 9 HL, United Kingdom. www.ft.com/editorialcode
The business community feels “iso- have to take the party line. My party servative endorsement but com- on corporate tax abuse.
Tel: 020 7873 3000; Fax: 020 7407 5700 lated” by Labour’s shift to the left, he is Labour, and I want it to win the mented: “It would be a disaster for the “Voters expect the Labour party to be
Editor: Lionel Barber Reprints believes. “As a business person I’m election,” said the curry magnate. life sciences industry if an incoming coming out with crystal-clear policies
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Are available of any FT article with your company frightened of an environment where Kevin McGrath, chairman of M&M government was anti-business. The on these things,” he said.
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Tel 0800 028 1407; subscriptions@ft.com; order 100 copies). there isn’t sufficient emphasis put on Asset Management, said: “Some busi- industry depends on commitment to “I believe in free enterprise, but the
www.ft.com/subscribenow One-off copyright licences for reproduction of FT growing the economy to grow tax ness people are very nervous about innovation and risk-taking and the UK proceeds should be shared, not just gob-
articles are also available. receipts to spend more money,” he says. Labour and maybe positive about the needs to do a hell of a lot more of it.” bled up by the fortunate.”
Advertising: For both services phone 020 7873 4816, or
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Sir Charles argues that New Labour Tories except when the conversation Another signatory, Simon Woodroffe,
Letters to the editor: tried to end the “tyranny of the either/ turns to Europe. founder of Yo! Sushi, said this week that Can Labour win back business?
Fax: 020 7873 5938; letters.editor@ft.com FT Cityline or”: that you either have economic “Many executives may not be elated Labour’s approach “scares” him. Mr Video: It’s been a tough week for
Executive appointments: For real time share prices call 0905 817 1690 or go to
Tel: 020 7873 4909; www.exec-appointments.com http://www.ft.com/servicetools/ftmobile/cityline. Calls
growth or fairness. “Now it feels like we about Labour being in power for Woodroffe said the leadership did not Ed Miliband, as he finds himself
cost 75p/min. have gone back to Old Labour and busi- five years, but they are more worried understand the need for business to embroiled in a row with several
Printed by: ness people feel very detached from the about the outcome if Britain leaves make “enormous profits” before dis- leading businessmen. Former
St Clements Press (1988) Ltd, London, Newsprinters Newspapers support recycling party.” Europe”. cussing how to share them out via the Labour leaders Tony Blair and
(Knowsley) Limited, Merseyside and Smurfit Kappa The recycled paper content of UK newspapers in Gordon Brown managed to
News Press Ld, Kells, Ireland 2013 was 83.5% The Financial Times has spoken to Stefano Pessina, the head of Boots, tax system. establish a rapport with the City.
several of those signatories from 2005 to said at the weekend that a British exit “What I worry about Ed Miliband is Can Mr Miliband do the same?
©Copyright The Financial Times Limited 2015. All gauge whether they have changed their was the biggest political fear for his that he is appealing to the popular by
rights reserved. Reproduction of the contents of this ft.com/labour-elex
view. Some loyal supporters have fallen company. The Tories are promising a saying ‘look at these fat cats’ making lots
Friday 6 February 2015 ★ FINANCIAL TIMES 3
NATIONAL
Probe into how Tesco treats suppliers Sports

Employment
Direct
tussle offers
could spread to rivals, warns watchdog zero-hours
test case
Groceries regulator urges small businesses to come forward with any evidence of bullying or delays in payments
SARAH O’CONNOR
ELIZABETH PATON, SCHEHERAZADE — EMPLOYMENT CORRESPONDENT
DANESHKHU AND ELIZABETH RIGBY Can pay, won’t pay How smaller fish find it tougher to survive the debt dragnet A legal tussle between Sports Direct
An investigation into Tesco’s relations and 300 of its staff could help clarify
with its suppliers, following accusations Debt burden the employment status of zero-hours
of bullying and delayed payments, workers, who account for 4 per cent of
could drag other British supermarkets UK companies face a late payment the workforce but exist in a legal grey
into its net, after the groceries regulator burden of area in which no one is sure of their
and government urged suppliers to £46.1bn rights.
come forward. Large
The Groceries Code Adjudicator companies The law firm Leigh Day sent letters last
launched a formal investigation into £6.7bn week to the retailer’s legal team claim-
Tesco yesterday, saying she had formed ing just over £1m in compensation on
a “reasonable suspicion” that the UK’s behalf of 30 zero-hours workers who
largest retailer had breached the supply had been with the company for more
code of practice. than five years but were excluded from a
Christine Tacon said the investigation £39.4bn SMEs bonus scheme because they were not
could be broadened “if it becomes obvi- classed as permanent staff.
ous that another retailer is doing this Leigh Day said it planned to file claims
and if I have evidence of it happening”. for almost 300 workers, arguing they
Both she and Vince Cable urged sup- Additional costs caused should have been paid bonuses too.
pliers to speak up. “I would encourage by late payments Zero-hours contracts, which do not
anyone with any evidence of any wrong- guarantee workers a minimum number
doing to come forward and be confident of hours, have become a flashpoint in
of being able to do so confidentially as the political debate over the pros and
their anonymity will be protected by £9.16bn cons of the UK’s flexible labour market.
law,” the business secretary said. Business groups say the contracts
The Federation of Small Businesses Tesco share price offer flexibility for both workers and
welcomed the investigation but said it Pence employers, while Labour leader Ed Mili-
should be broader. John Allan, FSB 400 band has called them “a graphic symbol
chairman, said: “We would encourage of what is wrong with the way this coun-
the GCA to use its new powers and try is run”. He has singled out Sports
include the major supermarket chains Direct, which employs about 17,000 of
in the scope of the investigation. Late its 20,000 workers on the contracts, as
payment can have disastrous effects on emblematic of the growth of what he
a small firm’s cash flow and pushes 300 calls “Victorian” working practices.
many businesses to the brink.” Sports Direct declined to comment.
This is the first big investigation by Leigh Day and Sports Direct might
the adjudicator and comes just days settle the claims, which the law firm is
after the government finally agreed to funding on a “no win, no fee” model. But
give Ms Tacon the powers to fine employment lawyers said if the case
Britain’s 10 big grocery retailers up to 200 went to court, any ruling could influ-
1 per cent of their annual sales should ence how employers should treat the
they breach the code. UK’s estimated 1.4m zero-hours work-
“We have created a regulator that has ers, who still exist in a legal no-
real teeth,” said Mr Cable, pointing to the man’s-land, unlike traditional part-time
new fine system and increased funding employees who had clear rights.
for Ms Tacon’s office. In the Financial 100 “The problem at the moment is
Times last week, Ms Tacon warned that there’s no definition of a zero-hours
proposed fines must be big enough to be Jan 14 Feb worker; there’s nothing in law in the
2013 2015
seen as “weapons” against retailers, add- statute books that sets out their rights or
ingthat “ithasgottohurtifIuse it”. Sources: Bacs; Thomson Reuters Datastream lack of them,” said Martin Warren, a
However, Tesco, which is grappling partner at the law firm Eversheds.
with continuing store closures, board- Tesco said it was take six to nine months, would “con- scotch whisky, said it would in future ‘Late how the code could be made more There are three main employment
room turmoil and the aftermath of its ‘changing the sider the existence and extent of prac- look to new contract terms and take 90 effective. statuses in the UK: employees, workers
£263m profit overstatement, will escape way we work tices which have resulted in delay in days to pay suppliers instead of 60. payment can But Mike Cherry, head of policy at the and the self-employed. Many employers
financial penalty, should it be found with suppliers’ payments to suppliers”. Other food and drinks manufactur- have FSB, said this was not enough and called treat people on zero-hours contracts as
guilty of breaching the code, as the fine after Christine The retailer will now face a series of ers, including Heinz, the baked beans disastrous for an independent inquiry. “What has casual “workers” who have fewer jobs
cannot beappliedretrospectively. Tacon, below, allegations, including the bullying of and ketchup company, and 2 Sisters come out with 2 Sisters and Premier rights than employees. But the legal
A government official pointed out found suppliers, demanding rebates in Food Group, the UK’s biggest Christmas effects on a Foods, and since then with multination- lines between the statuses are blurry
that the investigation could still have ‘reasonable exchange for prominent positioning on pudding maker, have all sought to small firm’s als such as Heinz, Diageo and Cadbury, and depend on the nature of the rela-
significant reputational implications for suspicion’ that the shelves, invoicing discrepancies and extend new payment terms. cash flow and it does beg the question that there needs tionship between worker and employer;
Tesco. If the retailer is found in breach of the retailer had deductions for unknown or unagreed The government is trying to to be some action on this. We are calling for example, whether the worker is
the code, Ms Tacon has the power to breached items between June 2013 and February strengthen its voluntary code of good pushes many for a full-blown independent inquiry obliged to accept the work on offer.
issue best practice guidance to the rest industry codes this year. practice — the Prompt Payment Code — businesses to into all of this.” “If it gets as far as courts, it could shed
of the industry. — Charlie Bibby
The adjudicator follows the Serious by setting up an advisory board to see the brink’ The post of adjudicator was set up in light on the status of zero-hours work-
If it is found in serious breach, it Fraud Office and the Financial Report- 2013 to monitor the relationship ers, and what do those workers have to
would have to take out full- ing Council in investigating the super- between retailers and their suppliers, on do to be regarded as permanent workers
page apologies. market chain. concerns that the latter are being or permanent employees,” Mr Warren
The retailer said it had The Chartered Institute of Procure- squeezed by a supermarket price war. said.
improved its compli- ment & Supply said Britain was suffer- It has five staff of which two, including Sarah Henchoz, a partner at Allen &
ance and was “changing ing from a culture of late payment that Ms Tacon, work three days a week. Julie Overy, said employers would be watch-
the way we work with extended beyond the supermarkets to Palmer, a partner and retail expert at ing carefully. “I think if there’s any deci-
suppliers”. It would “co- the food industry as a whole. Begbies Traynor, the insolvency special- sion that makes zero-hours less attrac-
operate fully with the The most controversial was Premier ist, questioned whether this was tive for an employer . . . then I think it
GCA as she carries out Foods, maker of Kipling cakes and enough: “It’s a small department deal- will make them start to reflect on
her investigation and Hovis bread, which had told suppliers ing with a large problem.” whether they want to carry on using
welcome the oppor- last year that they could lose the chance The adjudicator’s office said it was zero-hours contracts at all,” she said.
tunity for our sup- of new contracts unless they made cash adequately resourced and could call in The government admitted in October
pliers to provide payments. It later backed down, saying outside expertise. there was problematic lack of clarity
direct feedback”. it would revert “to a more conventional Tesco shares, which have fallen 26 per about the employment status of many
Ms Tacon said type of discount negotiation”. cent in the past 12 months, closed 1.2 per UK workers, and launched a review to
the probe, Last week, Diageo, the world’s largest cent higher at 232.40p. try to address it.
which is set to distiller and owner of Johnnie Walker Lombard page 20 Additional reporting by Kadhim Shubber
PwC criticism Employment
Tax advice sector ‘cannot be trusted to regulate itself’ say MPs Collective redundancy law
VANESSA HOULDER
set for U-turn after ruling outrage over these issues,” she said. “I
Spending watchdog managing the risks to its essential see it as unfinished business.”
MPs have called for greater regulation
Revenue must do ‘more’ function of tax collection”. But he The committee said: “Government
of the tax advice sector after accusing a
added that HMRC faced challenges in needs to take a more active role in regu- SARAH O’CONNOR cies in a single establishment, such as an
leading firm of accountants of promot- to help taxpayer harnessing new technology and lating the tax industry as it evidently — EMPLOYMENT CORRESPONDENT
office, shop or factory.
ing avoidance “on an industrial scale”.
exploiting the data. cannot be trusted to regulate itself.” The law on collective redundancies Because the Woolworths and Ethel
A cross-party committee criticised PwC Revenue & Customs has some of the The NAO said HMRC had accepted Chas Roy-Chowdhury, head of tax at looks likely to revert to the more Austin employees worked in shops with
for devising financing structures in Lux- best managers in Whitehall but needs all but one of the former’s 137 ACCA, an accountancy institute, said employer-friendly version that existed fewer than 20 staff, they did not receive
embourg that allowed companies to pay to do “much more” to improve its recommendations, and had acted on the call for state regulation was “worry- before 2013, prompting dismay from compensation for the administrators’
a very low rate of tax. The Commons customer service, the government’s more than 80 per cent of them. It ing” and unnecessary. There was al- trade unions and relief from busi- failure to consult collectively about the
public accounts committee called on spending watchdog said yesterday. implemented two-thirds of the public ready a code of conduct from the profes- nesses. redundancies.
HM Revenue & Customs to introduce a HMRC is “among the strongest accounts committee’s suggestions. sional institutes representing advisers. But in 2013, the employment appeals
code of conduct for advisers following government departments as regards It found the department had an The MPs focused on Shire, the phar- Nils Wahl, advocate-general of the tribunal agreed with the Usdaw union,
an inquiry sparked by the leak of hun- to its managerial competence”, the “exemplary” record in responding to maceutical company that was drawn European Court of Justice, said yester- which brought a case on behalf of the
dreds of Luxembourg tax rulings. National Audit Office said in an recommendations on marketed tax into the inquiry after the leak of docu- day that he did not agree with an Woolworths and Ethel Austin employ-
Margaret Hodge, who chairs the com- assessment of HMRC’s progress in avoidance schemes. HMRC had ments concerning its lending activities employment appeal tribunal decision ees, and said the obligation to consult
mittee, said: “We believe that PwC’s maximising revenues and cutting reorganised its business to tackle the in Luxembourg. Shire paid tax in the from two years ago that in effect should apply whenever 20 or more lay-
activities represent nothing short of the costs since 2010. causes of such avoidance, as well as Grand Duchy at a rate of 0.0156 per cent upended the law with regard to collec- offs are planned across a whole group.
promotion of tax avoidance on an indus- The tone of the report was positive, seeking powers to challenge the users on profits relating to interest payments tive redundancies. Employers complained that the deci-
trial scale.” She rejected the firm’s insist- given that HMRC has faced frequent of avoidance schemes more quickly. on £10bn of intra-company loans. If the court follows the advocate-gen- sion made it harder and more costly to
ence that the financial structures in criticism from MPs and others. But the The NAO did not comment on However, the company said: “Shire eral’s advice in its final judgment, which restructure their workforces.
Luxembourg were tailored to individual NAO also said there were “significant whether HMRC had done enough to has always and will always comply fully it often does, the pre-2013 status quo The CBI business lobby group said it
clients’ needs, saying they were “in fact risks” in its plans to replace its challenge artificial tax deals by with all of our tax obligations in jurisdic- will be restored. hoped the court would follow the advo-
marketed tax avoidance schemes”. technology provider in 2017. It warned multinationals. It said HMRC had taken tions in which we operate.” The case at the heart of the dispute cate-general’s advice.
The criticism, which was strongly that HMRC faced a “major challenge” steps to tackle tax practices that had PwC said: “We stand by the evidence involves about 1,200 former Wool- But Nick Dent, a partner at Clyde &
rejected by PwC, is the latest of several in halting its reliance on existing been called into question, although we gave [the committee] and disagree worths and Ethel Austin employees who Co, said some had been “quietly ignor-
attacks by the select committee on suppliers to meet Cabinet Office their effect had yet to be with its conclusions about the work we lost their jobs when the retailers col- ing” the Woolworths case and continu-
organisations it believes have contrib- targets aimed at introducing more demonstrated. It added that HMRC do. But we recognise we need to do more lapsed in the recession. ing to consult in the usual fashion while
uted to tax avoidance. Ms Hodge told competition into procurement. had more to do to improve its record to explain the positive role we play in Since the mid-1970s, the law has been awaiting the results of the ECJ appeal.
the Financial Times she intended to Amyas Morse, head of the NAO, on answering telephone calls and the the tax system and in helping businesses interpreted to mean that employers are Usdaw said it was disappointed with
continue to pursue the matter in the praised HMRC’s “robustness in post. Vanessa Houlder to operate successfully.” The firm would required only to consult collectively the advocate-general’s opinion but was
next parliament. “There is such public “continue to support reform”. when they plan 20 or more redundan- pinning its hopes on the final judgment.
4 ★ FINANCIAL TIMES Friday 6 February 2015
NATIONAL
King’s Fund
Coalition ‘wasted years’ trying to reform NHS

Think-tank says £1.5bn health service was being privatised were financial and service pressures,” he said. The fund made a positive assessment ices but some of that rise could be years ago were no longer doing so, he
“exaggerated”. This period had been a distraction of Mr Lansley’s successor, Jeremy Hunt, because of contracts being won by social added.
spent on restructuring However, Chris Ham, chief executive, from the real problems facing the health saying he had “recognised the limits of enterprises or staff-led mutuals; it was However, he said the emphasis on
distracted from care warned that those responsible for com- service and had generated “an unwieldy markets and competition”. He had “debatable” whether that could be competition in the health and social
missioning healthcare were under structure” that had led to a lack of local begun to focus on supporting staff to described as privatisation, added Prof care act had resulted in “greater
SARAH NEVILLE — PUBLIC POLICY EDITOR increasing pressure to put contracts out leadership. improve patient care and ensured that Ham. complexity and uncertainty about
to tender to other NHS or to private sec- In its place was “a bewilderingly com- different services worked more closely Indicating there were signs of lessen- when contracts should be put out to
The NHS endured “three wasted years” tor providers. plex regulatory system and a strategic together, it added ing enthusiasm for private sector tender”.
because of the coalition government’s Prof Ham said historians would “not vacuum in place of the system leader- Dismissing suggestions that the involvement in some areas, he pointed A 70-page document had been issued
health service reforms, with at least be kind in their assessment of the coali- ship that was previously provided by health service was being privatised, Prof to Circle Health’s decision to end its in an attempt to explain the circum-
£1.5bn spent that would have been bet- tion government’s record on NHS strategic health authorities”. Ham said the evidence suggested that operating franchise at Hinchingbrooke stances in which tendering must take
ter devoted to patient care, according to reform”. The first three years, under Prof Ham suggested that Simon Ste- less than 10 per cent by value of health- hospital and Bupa’s withdrawal from a place, said Prof Ham.
a leading think-tank. Andrew Lansley, the Conservative vens, head of the NHS in England, was care was being delivered by non-NHS contract to provide musculoskeletal This compared with only 50 pages for
In an assessment of the coalition’s health secretary, had been wasted on doing “a good job in impossible circum- providers. services in Sussex. the entire Lansley health plan, which
health record, the King’s Fund also sug- organisational changes “when the NHS stances” to make the complicated There was some evidence of an Big US health providers who had been had underlined the role of competition
gested that Labour party claims that the should have been concentrating on national structures work efficiently. increase in the area of community serv- “banging on the door” of the NHS 10 in the first place.
Interview. Alexander Temerko Oilfield decommissioning
Ukraine donor
mixes business with
politics in north east
Tory supporter wants to build Labour-dominated north east England
that it is in their best interests to elect
vision for a coherent industrial more Tory MPs. He is the prime mover
behind a new North East Conservative
policy within government Board, comprising local business
CHRIS TIGHE
figures.
He believes that the young people of
If donating large sums to a political the north east think differently from the
party influences its policies when in Labour-dominant consensus of older
government, the £500,000 plus that generations. “If you only eat fish and
Ukrainian businessman Alexander chips, sausage and potato, sometimes
Temerko estimates he has given to the you want to try something different,” he
Conservatives has yet to deliver. explains.
The department of energy and cli- Mr Temerko is also deputy chairman
mate change is “feeble”, says Mr of Tyneside-based OGN, a maker of
Temerko. Vince Cable, the coalition North Sea oil and gas platforms, a role
government’s business secretary, offers which unites his political and energy
“rhetoric but no support”, civil servants interests.
are “very resistant” and the Treasury is OGN’s management and Mr Temerko,
a “technical financial organisation”. who has invested £10m in a 35 per cent
But Mr Temerko, one of the Tories’ stake in the company, are frustrated Pieter Schelte Heerema, in SS uniform, on his wedding day in 1942. A vessel bearing his name, below, is the world’s largest of its type — Wikimedia Commons/Bloomberg
biggest donors who says he has finan- that the UK government is not doing
cially supported 34 Conservative MPs, more to ensure that British components
praises the prime minister. “I like David,
he’s a guy who will listen. He’s very
clever, flexible and friendly — he isn’t
are used in North Sea oil and gas
projects.
Only 17 per cent of capital expendi-
Shell attacked over Nazi history behind ship’s name
technical.” ture on oil and gas fabrication has come
His admiration made the news when to the UK in the past five years, OGN
he paid £90,000 at a Tory fundraising calculates. It wants larger performance MARK ODELL judge believed his story, since discred- led campaign to change the name of the our concerns with Allseas and asked
dinner for a bronze bust of Mr Cameron. bonds, to underwrite cash flow, greater Royal Dutch Shell is facing criticism ited, that he had renounced the Nazis ship, owned by Edward Heerema, presi- them to consider changing the name.
It now sits in the Carlton Club in Lon- transparency in tendering and a link after deciding to proceed with plans to and started working for the resistance. dent of Switzerland-based Allseas and However, the name of the vessel is a
don, where Mr Temerko is a member. between government concessions and bring a ship named after a Nazi war He went to Venezuela after the war to one of the former Waffen-SS officer’s matter for Allseas alone, and one for All-
He arrived in the UK in 2004 and British content. criminal into UK waters to decommis- work in the oil industry before return- sons, but the company had refused to seas to justify,” the company said.
became a British citizen in 2011, six And now there is increased pressure sion an oilfield, having failed to per- ing to the Netherlands to set up Heer- bow to the demands. The ship is the only one capable of
years after a request by the Russian on the supply chain following the sharp suade the owner to change the name. ema, an oil services company. “Shell believes that the name of the lifting the weight of the oil platform.
authorities for his extradition on fraud fall in the price of oil, which has placed Shell said it had supported a Dutch- vessel is inappropriate. We have raised Vivian Wineman, president of the
charges was rejected by a court in the future of many North Sea projects in The Anglo-Dutch energy group has filed Board of Deputies of British Jews, said
London. doubt. plans with the British government to he planned to make representations to
Investment in football clubs or cul- “There’s fair competition and unfair use the Pieter Schelte, the world’s larg- the government during the 30-day con-
ture provides a new focus for some competition,” says Mr Temerko. “We est crane ship, to lift the 23,500 tonne sultation period over Shell’s Brent
wealthy exiles from the former Soviet require from our government to protect steel superstructure of the Brent Delta decommissioning plan, which begins on
Union. But Mr Temerko, ex-deputy us from unfair competition from other oil platform and bring it to Teesside for February 16. “We call on Shell and the
chairman of Yukos Oil where he took on European countries.” scrapping. government to insist the ship is
management duties following the arrest He says his political donations are But the name of the new ship, which is renamed. The shipowner should be sen-
in 2003 of oligarch Mikhail aimed at building support for a coher- in Rotterdam, has sparked outrage sitive to the citizens of Britain and the
Khodorkovsky, is sticking to ent industrial policy within govern- among the Jewish community on both Netherlands, both Jewish and non-Jew-
politics and energy. ment. The Treasury, he says, has “a sides of the North Sea. ish, who will be deeply hurt.”
He is spearheading a new global vision for finance but not It was named by the Dutch owner The UK government said the issue of
drive to persuade voters in global vision for industry”. using the forenames of his father, Pieter the ship’s name was “a matter for All-
In 2010, OGN opened a fabri- Schelte Heerema, a convicted war crim- seas and Shell to resolve”.
cation site beside the river inal who served in the Waffen-SS along- Allseas said the decision to name the
Protection call — Tyne in Wallsend to carry side Josef Mengele, the Auschwitz physi- vessel after Heerema, who died in 1981,
Alexander out a £260m order for cian, during the second world war and was “a tribute to his accomplishments”
Temerko Apache of the US, one also worked for the SS sending slave in the industry and that Edward Heer-
of the biggest North labour to the eastern front. ema had “disassociated himself entirely
Sea oil and gas He was found guilty of war crimes by a of his father’s wartime history”.
projects in the past Dutch court but served less than half his Additional reporting by Kiran Stacey
25 years. three-year prison sentence after the Arctic wells page 17
London hubs. Heathrow v Gatwick
Final approach for decision on airport expansion

next government after May’s general been using computer software to send airport capacity in 2012, the commis- fewer people with the noise of aircraft airline industry. Even easyJet, Gatwick’s
Review panel goes behind election. automatic complaints about noise. This sion has narrowed the choice to three — coming and going. bigger airline operator, last week cast its
“This has been a rigorous and robust was only discovered when the compu- two at Heathrow and one at Gatwick. The environmental impact is not to be vote for Heathrow.
closed doors to weigh evidence process,” says Gavin Hayes, director of terised complaints, not adjusted when In the last report, published in dismissed. The fear of antagonising vot- “Gatwick has fought a good fight but
after three-year public debate the Let Britain Fly campaign, which the clocks went back in October, were November, the panel found that ers in marginal constituencies to the in the end Heathrow will come
remains neutral on which airport sent before the aircraft took off. expanding Heathrow, the world’s sec- west of London is one reason why the through,” says David Bentley, airports
PEGGY HOLLINGER — INDUSTRY EDITOR
should be expanded. “The competition Sir Howard and his colleagues have ond-biggest airport by passengers, coalition government cancelled the pre- analyst with Capa, the aviation consul-
between the two airports has been been studiously neutral, offering pros would deliver significantly greater eco- vious Labour administration’s decision tancy. “There are too many vested inter-
They have blanketed London with post- highly contested. We have had a good and cons for expansion at each airport nomic benefits to the UK than Gatwick. to expand Heathrow. Gatwick, too, has ests in favour of it.”
ers, splurged a combined £6m on mar- national debate.” in their interim reports and updates. But the Sussex airport’s expansion its opponents, including MPs and minis- There is another option, which some
keting campaigns and rallied support- There have been dozens of inquiries Having begun with 58 options to expand would be far cheaper and disturb far ters. suspect may be Sir Howard’s trump
ers from every corner of Britain and into the need for new capacity in the Perhaps the most remarkable out- card. The commission has said that
beyond. But for the next few months, southeast of England, the first starting come of this review has been that Gat- while there is urgent need for a new run-
Heathrow and Gatwick have only just three years after Gatwick opened its 2 Heathrow Hub wick, once regarded as a rank outsider way by 2030, there will soon be a strong
five people to worry about in their runway in 1958. But few have been as The data extending existing runway against the mighty Heathrow, has man- case for yet another. While Heathrow is
three-year battle over who will win the fiercely contested. 3 Economic benefits: £101bn-£214bn aged to transform itself into a real con- already at full capacity, Gatwick will be
go-ahead for airport expansion. Some observers might even suggest 3 Fees per passenger: £27-£28, peaking tender. at its limits by 2020.
Sir Howard Davies, who leads the gov- that on occasion the protagonists, at £30 “Stewart Wingate [Gatwick chief “I have a sneaking feeling the com-
ernment-appointed commission inves- including not only the airports but local Commission’s view of costs 3 Cost: £13.5bn plus up to £6.3bn executive] has been a very good advo- mission will recommend expansion at
tigating airport capacity in the south- residents for and against expansion, the transport investment cate for his case,” says Malcolm Gins- both,” Mr Ginsberg says.
east, said this week that more than airlines and the travel industry, have
versus benefits berg, editor of Business Travel News. Whatever the decision, the most
50,000 submissions had been received taken the fight outside the ring. 3 Gatwick Mr Hayes of Let Britain Fly adds: important question is whether the next
in the final 12-week public consultation, On Wednesday, Heathrow was repri- Heathrow airport new runway “There is now a strong case for expan- government will have the courage to
which closed on Tuesday. manded by the Advertising Standards new runway 3 Economic benefits: £42bn-£127bn sion of that airport and it might be polit- press ahead with expansion at all. “After
The five-member panel of academics Authority for unsubstantiated claims in 3 Economic benefits: £112bn-£211bn 3 Fees per passenger: £15-£18, peaking ically more deliverable.” nearly three years of debate, doing
and industrialists will now go one of its advertisements about the ben- 3 Fees per passenger: £28-£29, peaking at £23 Yet it will be difficult for the commis- nothing is no longer an option. We need
behind closed doors to weigh the thou- efits to UK trade of its expansion. at £32 3 Cost: £9.3bn plus £787m transport sion to ignore the overwhelming sup- politicians to grasp the moment and
sands of pages of evidence amassed It has also emerged that campaigners 3 Cost: £18.6bn plus £5.7bn transport investment port that Heathrow appears to have won commit to a quick decision on airports
before making a recommendation to the against expansion at Heathrow have investment Source: Davies Commission from the business community and the expansion,” Mr Hayes says.
INTERNATIONAL
GLOBAL INSIGHT
Corruption probe
SAO PAULO
Brazil ruling party treasurer quizzed Joe

Leahy
Police questioning follows treasurer yesterday denied any wrong- Petrobras’s chief executive Maria das Prosecutors lower house of Congress, yesterday
doing by himself or his party, saying it Graças Foster. authorised a congressional inquiry into
resignation of state oil allege that
group’s chief this week
only accepted legitimate donations.
The Workers’ party denied accepting
illegal donations and said the accusa-
The questioning of Mr Vaccari, one of
the most influential figures in the PT,
also brings the scandal one step closer to
executives
the scandal.
“Lawmakers who returned from
recess this week have already taken
Petrobras scandal
JOE LEAHY — SAO PAULO tions were based on the testimony of
former Petrobras directors who had
home for a president who won a bruis-
ing election last year by one of the nar-
colluded
to extract
steps to open new investigations into the
corruption scandal,” said João Augusto
adds to the storm
Brazilian police have questioned the
treasurer of the ruling Workers’ party
entered into plea bargains with police.
The party said there was no evidence
rowest margins in recent history.
The treasurer was approached by bribes
de Castro Neves, analyst at Eurasia
Group. brewing for Rousseff
(PT) about alleged corruption in Petro- behind the allegations and promised police as part of what they said was the from the He said that with the scandal entering
bras, in an escalation of the case involv- legal action against its “accusers”. “ninth phase” of their Petrobras investi- a fresh phase, Ms Rousseff would be
ing the state-owned oil company. One of Brazil’s most important com- gation, known as “Car Wash” as petrol company hoping to find a replacement for Ms
W
The PT’s João Vaccari Neto is the most panies and a symbol of its technical stations were allegedly involved in laun- Graças Foster, who would be able to hen Petrobras chief executive Maria das
senior political figure to have been sum- prowess in deepwater oil exploration, dering money. About 200 federal police clean up the company and steer a way Graças Foster met Brazil’s president Dilma
moned to give testimony in the case, Petrobras has been crippled by the scan- fanned out across the country with 62 through treacherous political waters. Rousseff this week to discuss the former’s
where prosecutors allege that Petrobras dal. search warrants and court orders “As the scandal enters its most resignation from the state-controlled oil
executives colluded with politicians, President Dilma Rousseff, who led the authorising four arrests. Police said political phase — the list of politicians group, Petrobras boasted of its technical
contractors and criminals to extract company before taking office in 2010, officers were investigating allegations under investigation for wrongdoing prowess. The company at the centre of the biggest corrup-
bribes from the company. tried to distance herself from the case. including fraudulent tenders, corrup- will become public before the end of tion scandal in Brazil’s history said it had won a coveted
“We called in three people for ques- However, Ms Rousseff suffered a blow tion, money laundering and taking part the month — the next Petrobras chief award for deepwater exploration.
tioning,” an insider said, confirming this week when she was forced to accept in a criminal organisation. will need both diplomatic as well as For Ms Rousseff, the award might serve as a reminder of
that one of them was Mr Vaccari. The PT the resignation of her trusted friend, Eduardo Cunha, the new leader of the managerial acumen,” he said. the two faces of Petrobras. At the technical level, it is a
national champion and a symbol of Brazilian excellence in
oil exploration and production. But at the corporate level,
it is a national catastrophe, a company so mismanaged
and, allegedly, corrupted by politicians that it is on the
Africa. Budget pressures verge of implosion. So acute is the crisis in Petrobras cre-
ated by Ms Rousseff’s Workers’ party (PT), and its allies
Angola chases loans to counter slide in oil that she will need to bring it quickly under control or risk
seeing her government implode. But solving company
problems is much easier said than done.
The oil company is suffering from two problems — mis-
management and corruption. Throughout Ms Rousseff’s
first four-year term that ended last year, her government
Fall in price illustrates failure Angola real GDP growth forced the company to subsidise petrol prices to help con-
to reduce vulnerability to Annual % change trol inflation. This was done at the expense of minority
shareholders — Petrobras is a publicly listed company in
25
severe market fluctuations São Paulo and New York — and it cost them billions of dol-
Forecasts lars and destroyed the company’s share price. Worse is the
20 corruption. Federal police and prosecutors allege the PT
ANDREW ENGLAND — JOHANNESBURG
and its allies collaborated with crooked executives of
Angola has slashed its budget for the 15 Petrobras and a cartel of construction groups to skim bil-
year and is reaching out to the World lions of dollars in bribes
Bank and international lenders for at and kickbacks out of the
least $1bn in loans as Africa’s second- 10 company’s projects over
One lower tier
biggest oil producer and one of the con- much of the past decade. executive has
tinent’s star economic performers grap- 5 Ms Rousseff, who was
ples with the fallout from the collapse in chairman of the company
offered to give
crude prices. 0 before becoming Brazil’s back $100m he
Luanda has already approached Gold- president in 2010, and Ms
man Sachs and Gemcorp Capital LLP,
2002 04 06 08 10 12 15
Graças Foster, who was a
said he pilfered
a small London-based investment firm Currency and the oil price senior director before
set up last year, for loans of $250m from Kwanza Brent oil price becoming chief executive in 2012, insist they knew noth-
each institution. Both groups declined per $ ($ per barrel) ing of this. But to many, these claims ring hollow. In 2009,
to comment. many of the same allegations were the subject of a congres-
However, people familiar with the 20 140 sional inquiry. If Congress was already on to the scandal
matter said the approaches by the gov- five years ago, what were Ms Rousseff, her predecessor as
ernment were made after José Eduardo 40 120 president Luiz Inácio Lula da Silva and Ms Graças Foster
dos Santos, the veteran president, and other Petrobras directors doing?
issued decrees authorising his adminis- 100 Yesterday, police summoned for questioning the PT
60
tration to seek the loans. 80 treasurer João Vaccari Neto in connection with the scam,
The government is also in discussions the first time a senior party figure has been directly
80
with the World Bank over a possible 60 embroiled. The greater problem for Ms Rousseff, however,
$500m soft loan for budgetary support is that the scandal adds to a perfect storm that is building
to help narrow its financing gap. 100 40 in the first year of her second term. Petrobras has lost
It would be the first such loan pro- access to credit markets until it can release audited results
vided by the bank to Angola. 120 20 for last year — a tough call given that no one in the govern-
“The main thing is to provide some 2002 04 06 08 10 12 15 ment or the company can agree on how much was stolen.
short-term support for the sharp reduc- This, in turn, is creating a liquidity crunch in the oil and
Sources: Thomson Reuters Datastream; IMF
tion in revenue,” Souleymane Coulibaly, construction industries in a year in which the economy is
the World Bank’s lead economist for already threatened with recession.
Angola, said. Luanda: the ended in 2002 and Angola’s target is to already being felt by many corporates vulnerable” were protected from the After years of fiscal largesse, the government is trying to
“They are considering their priorities, government reach production of 2m barrels a day which can’t get enough foreign spending cuts. launch an austerity programme to rebalance its books. But
where to cut [spending], to try to make has wiped $14bn this year. It has been the second-biggest exchange because of the liquidity short- Despite its oil wealth, one in three of austerity will not go down well with a public that is receiv-
sure the social element is still protected off this year’s supplier of oil to China after Saudi Ara- age that is a consequence of collapsing the 24m population lives on less than a ing updates on the amounts that politicians in Brasília and
somehow. But the reform programme budget bia since 2005, while Beijing has been a exports.” $1 a day, illustrating the huge Petrobras executives allegedly stole from the company.
that will be supported by the budget Simon Dawson/Bloomberg source of finance and investment in Standard Chartered estimates that disparities that exist between the elite One lower tier executive has offered to give back $100m he
support is to strengthen fiscal manage- Angola. Angola’s fiscal break-even oil price is and the masses. said he pilfered during his tenure.
ment in the medium term.” However, while the oil boom helped about $110 a barrel and is forecasting Critics accuse the regime of Mr dos Two months into her second term, Ms Rousseff is also
Angola, still rebuilding after a 27-year drive double-digit economic growth in that the budget deficit will widen to at Santos — he has been in power for weaker politically. She won last year’s election with a nar-
civil war, has seen strong growth as its the decade after the war ended, the fall least 7 per cent of GDP this year. It is 36 years — of wastage, cronyism and row margin and lost control of the lower house of Congress.
oil industry expanded rapidly and the in crude prices has graphically illus- basing its calculations on oil averaging corruption, and using the petrodollars She still enjoys the support of her mentor, Mr Lula da Silva.
state invested heavily in infrastructure. trated the government’s failure to $85 a barrel this year, up from its cur- to enrich a politically connected cabal. But she will have to tread carefully to avoid exacerbating
Yet, last month the government in reduce Angola’s vulnerability to crude rent price of about £54. But Mr Coulibaly said the World Bank resistance to his austerity programme. Though few in Con-
effect wiped $14bn off this year’s budget price shocks. The currency, the kwanza, has also had “mitigation measures” to counter gress are muttering the “impeachment” word yet, if any
when it reduced its assumed oil price “Obviously when you are an economy been trading at record lows to the US any potential concerns around graft. evidence emerges connecting her directly to the Petrobras
from $81 a barrel to $40 a barrel. with exports and fiscal receipts depend- dollar. Mr Lopes said he expected the “Angola is not the first country to have scandal, her luck may run out. Her priority is to find a suc-
Oil accounts for 98 per cent of ent on oil, the impact will be very neg- government to cut “massively” its the rumour or reality of corruption,” cessor to Ms Graças Foster capable of setting Petrobras
Angola’s export earnings, more than ative for the budget, balance of pay- planned infrastructure projects, adding he said. “Our most important objective back on course, so that it can keep winning awards for its
two-thirds of government revenues and ments and the exchange rate,” said that some had already been delayed. is to engage with them because they are technical brilliance — and cease setting records for sleaze.
44 per cent of gross domestic product. Victor Lopes, economist at Standard Mr Coulibaly said in the short term a valuable partner. It’s the third-largest
The industry surged after the civil war Chartered. “The negative impact is the key was to make sure “the poor and economy in Africa.” joe.leahy@ft.com
Subscribe to FT Weekend today Asia timber Mekong clashes as China demand drives illicit trade
MICHAEL PEEL — BANGKOK intimidation and environmental harm.” and China broke to the surface at a Trade in Endangered Species of Wild
The trade risks raising geopolitical meeting in December of law enforce- Fauna and Flora, which lists protected
Soaring demand from China’s new rich tensions through incidents such as the ment agencies, officials and others plants and animals, said the trade in
is fuelling the illicit trade in rare detention last month of more than 100 involved in protection of Siamese rose- Siamese rosewood had escalated and
southeast Asian wood, stoking political alleged Chinese loggers in the northern wood and other species, according to needed to be dealt with urgently, not
tensions over natural resource flows Myanmar state of Kachin, where timber people who attended. least by countries that imported it.
from the region’s nations to their giant is seen as a driver of conflict between While delegates from the Mekong “It is lucrative and well-organised,
neighbour to the north. government forces and ethnic militias. states said Beijing needed to act to cut and must be tackled in the same way as
Demand for neoclassical redwood In Thailand, rangers have been killed demand, China officials insisted the other transnational organised crimes,”
furniture has raised prices for some or wounded in the past two years in fire- answer was better law enforcement in John Scanlon, secretary-general, said.
forms of timber to tens of thousands of fights with Cambodian wood poachers. source countries. “The real battle is to Campaigners say governments such
dollars per cubic metre and sparked Thai authorities said last month they make it socially unacceptable to con- as Cambodia have chosen to ease rather
deadly clashes between tree poachers had intercepted a cargo of rosewood sume these goods,” one person who than restrict exploitation. Global Wit-
and rangers in Mekong region forests. that had been sent to Laos for false doc- attended the talks said. “It’s what has ness alleges that moves in Phnom Penh,
The problem has added to alarm uments, then shipped back to Thailand worked in Europe and North America.” such as turning protected areas into
Read beyond the expected on the cross-border stream to China
of products such as ivory, shark’s fin
en route to China.
Laotian media played down the story,
The Convention on International land concessions, have given tycoon Try
Pheap a licence to exploit timber, even
FT Weekend brings art and culture to life through intelligent and jade. saying only a small amount of rosewood extending to rights to buy up illegally
and thought-provoking writing. Our editors bring the best of A report published yesterday by Glo- had been found. logged rosewood seized by authorities.
the world to you – from news and interviews, to extensive bal Witness, the London-based cam- Officials and activists say that efforts Mr Try Pheap did not respond to a
coverage of property, gardens, books, style, travel and arts. paign group, highlights concerns about to protect Siamese rosewood by listing it request for comment on the role law
Together with the award-winning How to Spend It magazine,
how Cambodia, an ally of China, has two years ago as a protected species, changes had played in helping him
allowed the luxury timber business to exportable only under licence, are fail- achieve his market position. Prak
there is something to delight all readers.
flourish by relaxing legal safeguards. ing in the face of a boom in demand for Vuthy, general manager of MDS Import
Subscribe now and save 23% at Megan MacInnes, a campaigner at the intricate traditional Chinese furniture. Export, one of Mr Try Pheap’s compa-
ft.com/weekendsub group, said China’s “craze for chic furni- Prices for the rich, red-hued timber nies, said the group was not involved in
ture” was behind a “black market trade have risen to as high as $50,000 per wrongdoing. Phay Siphan, a Cambodian
in logs across the Mekong”. cubic metre. Data, though patchy, sug- 100 $50,000 government spokesman, defended the
“China urgently needs to introduce gest imports of luxury redwoods such as Chinese alleged Price per rights granted Mr Try Pheap. He said
regulations to stem the import of ille- rosewood to China began to climb loggers detained cubic metre keeping the industry in the hands of one
gally sourced timber and help put an sharply in 2013. in Myanmar’s of Siamese or two people made it easier for authori-
end to the trade’s legacy of violence, Tensions between Mekong countries Kachin state rosewood ties to monitor it and collect taxes.
Friday 6 February 2015 ★★★ FINANCIAL TIMES 7
INTERNATIONAL
Austerity clash
ECB split on move to cancel Greek waiver Liquidity clampdown
Lenders suffer
Tight decision leaves bank The waiver was set to expire on Febru- the governors of the central banks of now find additional collateral to pledge The governing council agreed on
fall on Athens
exposed to accusations of
involvement in politics
ary 28, if the Syriza-led government car-
ried out its threat to leave its EU bailout
programme. Its early cancellation has
Greece, Cyprus, Ireland and France
could not vote.
Yanis Varoufakis, Greece’s finance
at the ECB by February 11 or switch to
Emergency Liquidity Assistance from
the Bank of Greece.
Wednesday that the ECB could not
restrict Athens’ access to cheap cash
immediately after finance ministers
bourse as
CLAIRE JONES — FRANKFURT
been viewed as a warning shot to Athens
and to eurozone leaders to agree a new
minister, was told the central bank
could cancel the waiver during his meet-
As of the end of December, the coun-
try’s lenders had borrowed €56bn from
met, as this would have involved form-
ing a judgment on the outcome of the
Varoufakis
FERDINANDO GIUGLIANO — LONDON
The eurozone’s monetary policy makers

deal as soon as possible.
While the ECB had made clear its dis-
like of Syriza’s plan to exit its pro-
ing with Mario Draghi, ECB president, the ECB. The amount of emergency
loans the Bank of Greece can grant
under ELA is set to rise to €59.5bn once
meeting. This would have brought the
governing council into the political fray,
according to policy makers.
returns
were split on their decision to ban the gramme this month, the timing of
The waiver was worth just the waiver is cancelled. Central bank insiders are sceptical
use of the Greek debt as collateral for the Wednesday’s move caught markets off short of €50bn for Greek The ECB was accused by many ana- Greece and the rest of the eurozone will KERIN HOPE — ATHENS
European Central Bank’s cheap cash guard with US stock markets and the lysts and economists of politicised mis- agree a full-fledged programme as soon
weeks before a limit was expected to euro falling sharply in response. Mone-
banks, which must now sion creep over its cancellation of the as next week’s Eurogroup meeting, but
Greek bankers yesterday shrugged off
the European Central Bank’s decision
come into force. tary policy makers were expected to find additional collateral waiver. But some members of the coun- are confident an extension can be nego-
to reduce their access to cheap liquidity
The split highlights the sensitivity of wait until after a crucial meeting of cil viewed the discussion as “not partic- tiated before a final new deal is put in
as shares of the country’s four big lend-
the move, which has left the ECB eurozone finance ministers next week earlier in the day. Mr Varoufakis had ularly controversial” and saw the move place.
ers fell on the Athens exchange.
exposed to accusations that it was inter- before acting. wanted the ECB to continue to provide as natural consequence of Greece’s They have also stressed that the
fering in the political negotiations over The council was roughly split about funding to Greek lenders between its unwillingness to extend the bailout. removal of the waiver will have no bear- The ECB on Wednesday banned the use
Greece’s future in the euro. whether to drop the waiver early or wait exit of the bailout programme and the The argument for removing the ing on any decision on limiting ELA. of Greek debt as collateral for access to
The ECB’s 25-member governing until the end of the month. But some of agreement of a new deal, which Mr Var- waiver immediately was based on the The ECB said €60m was withdrawn its cash. The move underscored rising
council on Wednesday revoked a waiver the members who wanted to wait did oufakis hopes to have in place by the fact the agreement to accept Greece’s from Greek banks yesterday morning, impatience in eurozone capitals with
that allowed Greek government debt to not have a vote. start of June. debt, which carries a junk rating, was compared with more than €1bn on the anti-austerity, Syriza-led govern-
be used as collateral despite its junk The governing council works under a The ECB’s waiver was worth just short always conditional on the programme some days before last month’s elections. ment over its efforts to end the bailout
credit rating from next week. system of rotating votes. In February, of €50bn for Greek banks, which must remaining on track. Editorial Comment, Notebook page 10 and win approval in principle from
creditors for an agreement on more
favourable terms.
The ECB decision followed a meeting
Showdown on Wednesday between Yanis Varou-
Brief encounter in Berlin Orthodox opening Parliament sworn in fakis, Greek finance minister, and Mario
Draghi, ECB president.
Mr Varoufakis returned yesterday
from a six-day roadshow to European
leaves the main actors capitals without securing concessions

on debt relief from Greece’s eurozone
partners.
as far apart as before Greek banks will now be dependent

on the ECB’s Emergency Liquidity
Assistance facility to provide funds after
a steady stream of withdrawals by
depositors and foreign banks’ reluc-
STEFAN WAGSTYL — BERLIN ful reforms. In his encounter with the tance to lend to the sector.
72-year-old conservative German law- There were no indications yesterday
It was not quite Ill Met by Moonlight, the
yer, Mr Varoufakis put aside the bomber of a run on deposits in response to the
film in which second world war Greek
jacket he often wears in Athens for a ECB’s move, which was announced on
guerrillas help kidnap a Wehrmacht
smart dark suit, although he did not Wednesday night.
general. But it was nonetheless dra-
stretch to a tie. Mr Schäuble wore grey. “We’re not in mid-2012, when the cri-
matic when the Greek and German
And he was not tieless. sis was at its height and the sector was
finance ministers finally met for a
Both ministers tried to be polite: Mr completely frozen,” a Greek banker said
showdown in Berlin over the Greek
Schäuble praised Greece for its progress in a reference to to a critical point when
debt crisis.
in implementing economic reforms Greece was poised to crash out of the
Like the best movie stars, Wolfgang under the current €240bn programme; euro. “The funding situation isn’t good
Schäuble and Yanis Varoufakis kept the Mr Varoufakis spoke of his respect for but it’s still manageable.”
crowds waiting. And when they finally Mr Schäuble’s long commitment to The Greek finance ministry issued a
appeared at their press conference after European unity. statement downplaying the impact of
two hours of talks it was to announce However, they did nothing to hide the the ECB decision, saying it was not
that they were as far apart as ever on gaps between them. Mr Schäuble based on “negative developments in the
how to refinance Athens once its rescue insisted that Greece’s financing pro- country’s financial sector”. It added:
programme expires at the end of this gramme must continue to be led by the “The Greek banking system remains
month. If they agreed on one thing, it troika that is so despised in Greece — the adequately capitalised and fully safe-
was that this eurozone thriller still has a European Commission, the Interna- guarded through its access to ELA.”
long way to run. tional Monetary Fund and the European The Athens exchange banking index
During the tense press conference, Mr Central Bank. fell by more than 25 per cent in early
Schäuble said he and Mr Varoufakis Greece could not expect further debt trading but curbed losses later in the
relief. “We went as far as we could last day to 10 per cent. Piraeus Bank, the
time,” he said. “We can only provide country’s biggest lender, fell 27 per cent
help for people to help themselves.” before reducing the decline to 14 per
Mr Schäuble argued that people in cent. The other three large lenders,
other European countries, including Alpha Bank, Eurobank and National
Germany, should not have to foot the Bank of Greece, also suffered falls.
bill for Athens: “Yes we must respect Greek lenders face a worsening liquid-
‘We can only ‘We did not reach
provide help for
Greek voters, but we must also respect ity squeeze following an estimated
agreement. It was
people to help never on the cards the voters of other European countries.” €10bn of withdrawals during last
themselves’ that we would’ Mr Varoufakis said Greece needed month’s election campaign, on top of
Wolfgang Schäuble Yanis Varoufakis bridging finance until the end of May to €4bn of withdrawals in December.
allow the new government to prepare Most withdrawals have been by ship-
“agreed to disagree” over the proposals plans for talks between Greece and owners and corporate clients sending
of the Syriza-led anti-austerity govern- eurozone partners and to “give space for funds abroad, while retail depositors
ment, in what he described as “long and all of us to come to an agreement”. have reacted calmly to the change.
intensive” discussions. The Greek government has back- “There has been some movement of
Mr Varoufakis went further, saying tracked from its initial demands for a funds out of savings accounts into safe
they did not “even agree to disagree”. He debt writedown. But it wants a restruc- deposit boxes, but nothing like what
said: “We did not reach agreement turing that would lower the interest happened during the election period in
because it was never on the cards that costs to Greece, combined with some 2012,” another banker said.
we would. We agreed to enter into delib- reversal of the public cuts imposed in Since December, foreign banks have
erations as partners with the orientation recent years. ceased rolling over short-term funding
of a joint solution to European problems Mr Varoufakis said 60-70 per cent of deals with Greek counterparts because
that’s going to put the interests of the reforms agreed by the last Greek of increased sovereign risk.
Europe at the helm.” government with the EU-led creditors Greece’s four big lenders have drawn
The stand-off leaves Athens and its were appropriate, but that “we need to only about €5bn in ELA in the past two
eurozone partners uncertain about put loan repayments ahead of interest weeks. Their reliance on ELA peaked at
financing Greece after this month. payments” and “not put the cart before €120bn at the peak of the crisis in 2012.
The urgency was highlighted yester- the horse”. But the amount is expected to rise
day when the European Central Bank In a comment that may well rile some sharply over the next few weeks.
tightened Greek access to cheap liquid- Germans, Mr Varoufakis spoke of the Markets pages 28-30
ity, putting the country’s bank stocks rise of the Nazis in the 1930s against a
into a tailspin. background of economic depression.
For the 53-year-old leftwing Greek “When I return home tonight, I will find Video
economics professor, the meeting in a country where the third-largest party Yanis Varoufakis is an expert on
Berlin was the climax of a European is not a neo-Nazi party, but a Nazi game theory but Mario Draghi
seems to have beaten the Greek
tour in which he has sought support — party,” he said in a reference to the far- finance minister by curbing the
mostly in vain — for plans to rewrite right Golden Dawn party. “It is one of cash spigot to Greece
Greece’s financing programme, with history’s greatest ironies that Nazism is New faces: Orthodox priests conduct a swearing-in ceremony for MPs in the Greek parliament in Athens yesterday ft.com/shortview
new funds and a partial reversal of pain- rearing its ugly head in Greece.” following the general election won by the far-left Syriza party last month Yannis Behrakis /Reuters
Currency bloc
Brussels raises eurozone growth outlook but investment and jobs remain a concern
PETER SPIEGEL — BRUSSELS acknowledged that the economy to deliver the jobs that remain elusive “Uncertainty on the direction of policies facing sanctions after it unilaterally government deficit to 4.1 per cent,” the
remained troubled, saying weak invest- for millions of Europeans.” is affecting confidence and may dent the scrapped a promise to get its deficit report said. But it warned that France’s
The European Commission upgraded
ment and high unemployment contin- Despite Greek upheaval, the commis- speed of the recovery,” it said. below the EU-mandated ceiling of 3 per “still high” deficit and slow growth —
growth forecasts for the eurozone yes-
ued across Europe. sion downgraded its projections for Ath- The commission’s forecasts are par- cent of economic output this year. this year’s forecast was raised from
terday, saying low oil prices, a declining
Unemployment is projected to drop ens only marginally. ticularly important for France and Italy, In its budget presented in October, 0.7 per cent to 1 per cent — meant the
euro and aggressive monetary policy
to 11.2 per cent in the eurozone this It predicted that Greece would grow which face a February 27 judgment from Paris projected a 4.3 per cent deficit in country’s sovereign debt would increase
would help reverse the region’s slide
year, barely off highs during the peak of 2.5 per cent this year, down from 2.9 per Brussels as to whether they are in viola- 2015; the Brussels forecasts predict it to 98.2 per cent of gross domestic prod-
into recession.
the crisis, when it hit 12 per cent. cent projected in November, and return tion of EU budget rules. will be 4.1 per cent. uct, a euro-era high and the second-
Despite turmoil sparked by two months But Pierre Moscovici, the EU’s eco- to 3.6 per cent growth in 2016, nearly the The forecasts contained some good That is well above the 3 per cent EU highest in the eurozone of any country
of uncertainty in Greece, the commis- nomic chief, said the sharp fall in oil same as the 3.7 per cent predicted three news for Paris, which is most at risk of threshold but a clear sign that the com- that has not been through a bailout.
sion predicted that the eurozone econ- prices and a weaker euro were providing months ago. mission believes the deficit is heading in Italy, which is in less trouble with
omy would expand 1.3 per cent this year “a welcome shot in the arm”. But in its 180-page report, the com- the right direction. Brussels, saw its deficit projections
and 1.9 per cent in 2016. “Europe’s economic outlook is a little mission said projections were based on 1.9% 11.2% “In 2015 the additional measures lowered. It is safely under the 3 per
Just three months ago, Brussels down- brighter today than when we presented full completion of Greece’s bailout pro- European Unemployment adopted after the publication of the cent threshold, with the commission
graded forecasts for the currency area, our last forecast,” Mr Moscovici said in a gramme, which the new government Commission’s projected for this autumn forecast, together with the predicting its deficit will hit 2.6 per
projecting growth of 1.1 per cent this statement accompanying the forecasts. has vowed to scrap, and warned that forecast for next year, against 12% improving macroeconomic outlook, are cent this year before falling to 2 per cent
year and 1.7 per cent in 2016. Officials “But there is still much hard work ahead growth could be hit by political turmoil. year’s growth at height of crisis set to result in a decrease in the general next year.
INTERNATIONAL
Net neutrality Financial meltdown fears
Broadband groups fear utility Ukraine currency

plunges after central
move will mean ‘pipe’ sharing bank abandons defence
ROMAN OLEARCHYK — KIEV showed the value of its gold reserves had
fallen nearly half over the same period.
Ukraine’s hryvnia plunged 30 per cent
A person with direct knowledge of the
to a record low against the dollar yes-
central bank’s policy said part of the
terday after the central bank aban-
drop had been due to large-scale gold
doned its attempts to prop up the cur-
sales.
rency and allowed it to float freely
Gerry Rice, an IMF spokesman, said
against other currencies.
in Washington that the fund supported
The central bank also lifted its key inter- all of the decisions announced by the
est rate from 14 per cent to 19.5 per cent central bank yesterday.
as part of a monetary policy shift away The National Bank of Ukraine blamed
from defending the valuation of the hry- the steep drop in reserves in January
vnia towards controlling inflation. largely on servicing state and state-
The hryvnia’s fall coincided with an guaranteed foreign currency debt obli-
announcement that central bank for- gations amounting to $624.4m, includ-
eign exchange reserves declined nearly ing to the IMF.
15 per cent last month to just $6.42bn — Interventions to defend the currency
far below the three months of import cost the central bank $518m in January.
coverage considered sustainable by
most economists.
The developments thrust the war- 15 % 24.7 %
torn and recession-battered country Fall in central Ukraine’s
one step closer to a financial meltdown bank’s foreign annual rate
and heightened urgency for a speedy exchange reserves of inflation
approval of a fresh International Mone- last month in December
tary Fund bailout. An IMF mission is at
present in Kiev wrapping up talks on a The currency has fallen from 8.7 hryv-
new assistance package. nia to the dollar a year ago to 24.63 at the
Speaking in Kiev during talks with lowest point yesterday.
John Kerry, US secretary of state, Petro Central bank authorities said they
Poroshenko, Ukraine’s pro-western expected the economy to contract by
president, yesterday said he expected between 4 and 5 per cent this year, after
the IMF mission to provide preliminary falling an estimated 6.7 per cent last
approval for a new programme “in the year.
next hours or days”. Annual inflation rose to 24.7 per cent
But any new financing programme for in December and the central bank fore-
Senators Al Franken, Bernie Sanders and Edward Markey, left to right, discuss the proposed ‘Title II’ internet law on Capitol Hill this week — Mark Wilson/ Getty Ukraine would need support from the cast that consumer prices would
IMF board, which Valeria Gontareva, increase by a further 17.2 per cent this
Ukraine’s central bank chief, said she year.
Internet providers claim or force incumbents to share their net- broadband companies so worried. The for consumers. However, the evidence expected within “a minimum of two — “The rate hike and backing off from
work “pipes” with rivals. reclassification of broadband opens vast from Europe is not so bleak. Counting all maximum of three weeks”. interventions were long overdue to put
Title II regulatory plan “Despite the repeated assurances areas of uncertainty,” he says. forms of broadband, 12 European coun- In early 2014 the IMF extended a the economy on a more balanced macr-
would chill investment from [President Barack Obama] and Unbundling has been a component of tries have more subscriptions per per- $17bn loan to Ukraine as the country oeconomic path,” said Alexander Val-
[FCC] chairman Wheeler, we remain EU competition policy on former state son than the US, according to the OECD. slipped into recession and suffered a chyshen, head of research at Investment
BARNEY JOPSON — WASHINGTON concerned that this proposal will confer telecoms monopolies. It has fostered Some 18 European countries offer more balance of payments crisis. Late last Capital Ukraine. “These were not only
DAVID CROW — NEW YORK sweeping discretion to regulate rates broadband competition and some pol- affordable broadband than the US, it year the IMF identified the need for an conditions of the IMF but unavoidable
DUNCAN ROBINSON — BRUSSELS and set the economic terms and condi- icy makers hope it has already pro- says — a result some internet activists additional $15bn after Russian-backed measures, which the authorities tried to
US internet providers fear plans to regu- tions of business relationships,” said moted net neutrality, for example by attribute to unbundling. rebel fighters seized much of the coun- postpone.”
late broadband as a public utility will Michael Powell, president of the NCTA deterring internet providers from A senior FCC official stressed the try’s industrial east, which accounts for Ms Gontareva stopped short of calling
give the government the power to cable lobby group. “throttling” sites such as Netflix to push commission’s aversion to heavy-hand- the equivalent of 15 per cent of the econ- yesterday’s decision a complete shift to
mimic European policies, such as forc- The battle over net neutrality pits users towards their own services. edness and said the trends of recent omy’s capacity. a free float but added that people would
ing companies to share infrastructure. fixed line and wireless providers such as But Mr Boucher, singling out France, years made it clear that light touch Late last year the central bank need to “get used to market volatility”.
Such steps, which European policy Comcast, Verizon and AT&T against big internet regulation was in the ascend- revealed its foreign currency reserves Additional reporting Shawn Donnan in
makers say have been in the public bandwidth users that oppose discrimi- ant. However, she acknowledged it was had dropped from $16.3bn in May to Washington
interest, would chill broadband invest- nation, such as Netflix and Apple. impossible to speculate about what a $9bn in November. The data also Philip Stephens page 11
ment and represent unwarranted regu- It is an issue on both sides of the future FCC would do.
latory interference, broadband compa- Atlantic. The EU is attempting to intro- One factor that might give broadband
nies say. duce a single rule on net neutrality companies reason to worry is that 82 per
Their comments come after Tom across the bloc, where regulation is a cent of US households have access to West Africa
Wheeler, chairman of the Federal Com- patchwork. At present, some countries only one broadband provider offering
munications Commission, the US tele-
coms regulator, this week announced
plans aimed at preventing broadband
such as the Netherlands already require
internet service providers to treat all
data equally, while others do not.
speeds of at least 50 megabits per sec-
ond. Given that these speeds will soon
be seen as average, the chance of a
IMF grants $100m debt relief
providers from blocking or prioritising
particular websites or apps.
Andrus Ansip, vice-president for the
digital single market at the European
18
European
82%
Share of US homes
future regulator deciding to fix such a
chronic lack of choice with Title II is not
to countries hit by Ebola
On Wednesday, Mr Wheeler set out Commission, has repeatedly called for countries offering with access to only negligible.
plans to reclassify broadband as a public net neutrality. But attempts to intro- broadband one provider of Reclassifying broadband as a utility
utility under part of a communications duce EU-wide rules have been bogged cheaper than US at least 50Mbps also gives internet activists a chance to SHAWN DONNAN — WASHINGTON IMF’s behaviour, praised the new trust,
ELAINE MOORE AND MARTIN ARNOLD
law called Title II. This would give the down by disagreements between mem- file lawsuits against the regulator to — LONDON
saying the creation of a permanent facil-
FCC the same sweeping powers other ber states amid fierce lobbying from tel- says the various service providers now force it to be even tougher on broadband ity was innovative. “What has been cre-
regulators wield over utilities. ecoms groups, who say strict rules will accessible by consumers often offer uni- providers. The International Monetary Fund has ated is a global safety net,” said Eric
Broadband providers say that, as well stymie investment. formly slow connections: “It’s competi- By proposing to enforce only parts of granted debt relief worth about $100m LeCompte, executive director of Jubilee
as allowing the regulator to enforce so- Rick Boucher, a former US congress- tion in theory, but in fact you are getting Title II related to its immediate goal, to the three west African nations that USA. “The IMF has moved quickly and
called net neutrality, Title II would also man who represents broadband compa- DSL service [the slowest form of broad- the regulator is storing up trouble, have been hit the hardest by the Ebola what they are announcing is a debt relief
allow it to take steps similar to those nies at a law firm and through the Inter- band] from everybody. So it’s not com- says Robert McDowell, a former Repub- outbreak, taking the money from a facility with clear and transparent rules
used in the EU to break the stranglehold net Innovation Alliance, a lobby group, petitionthatisparticularlymeaningful.” lican FCC commissioner. “Chairman new trust to help impoverished coun- that will allow for immediate action.”
of former telecoms monopolies. says the biggest fear of US broadband In the US, Verizon told the FCC in Wheeler can’t on one hand say that the tries navigate public health crises. The IMF, the World Bank and others
They say that once Title II is activated companies is that incumbents will be comments last year that using Title II economics of the industry are such that have raised concerns over the economic
— as expected when the FCC votes on forced to let rivals use their infrastruc- could make US unbundling almost inev- we need Title II, but then wave his hands The move, announced yesterday, is part cost of fighting Ebola to the three coun-
the proposals on February 26 — it will be ture for a fee, a process called local loop itable, chilling broadband investment in a breezy way and say he is not going to of an international effort to ensure tries and to west Africa as a whole.
easier for the regulator to control prices unbundling. “This is what has the and having “disastrous consequences” apply 99 per cent of it,” he says. Guinea, Liberia and Sierra Leone are not The World Bank last October warned
left crippled by the financial burden of that if the outbreak was not contained,
containing the disease. it could result in a $33bn blow to west
Christine Lagarde, the IMF’s manag- Africa’s economy. The bank’s econo-
Political storm. Police chief nomination ing director, said the new Catastrophe mists have since scaled back their esti-
Containment and Relief Trust would be mates after an accelerated international
Indonesia’s Widodo stumbles into crisis

used to cover the three Ebola-affected
countries’ debt service payments for
two years with a grant worth about
‘The Sierra Leone market
$100m. The IMF will also offer a further has been greatly
$160m in no-interest loans on top of the
(KPK), an aggressive anti-corruption Megawati Sukarnoputri, who was Indo- KPK and police had agreed to back away $130m it has already provided to help
constrained’
Corruption probe into force respected for its integrity, named nesia’s president from 2001-04 and from each other after the conviction in them fight Ebola. Diana Layfield, StanChart in Africa
nominee raises doubts over him as a suspect in a probe. He denies remains the head of Mr Widodo’s Indo- 2013 of Djoko Susilo, a serving police The idea for the trust was first put
the allegations. nesian Democratic Party-Struggle officer, for his part in a $13m fraud forward by Jack Lew, the US Treasury response to the outbreak and the slow-
president’s grip on his party The police then arrested Bambang (PDI-P). related to the procurement of driving secretary, at G20 meetings in Brisbane ing rate of new cases.
Widjojanto, one of the KPK’s five com- Mr Gunawan is a former security aide simulators while he led the police traffic last year and was approved by the IMF But many remain concerned that the
missioners, on perjury allegations relat- to Mrs Sukarnoputri and the pair are division. board this week. It will use deposits three countries will need extended help
HARRY JACQUES — JAKARTA
ing to a five-year-old case. The arrest understood to be close. Officials and This truce broke down “the moment remaining in a special natural disaster to get back on their feet economically
Indonesia’s Joko Widodo was swept to was seen as part of a police campaign to analysts say Ms Sukarnoputri last year the KPK criminalised Budi Gunawan”, fund created to help Haiti in the wake of with Oxfam, the UK-based charity, last
power in October promising reforms discredit the KPK investigation into Mr requested a cabinet position for Mr Mr Pane said. the 2010 earthquake. week calling for the creation of post-
and action to stamp out corruption in Gunawan. Gunawan but the president refused, For now, it is unclear how faltering Ms Lagarde called on other bilateral Ebola “Marshall Fund” to help Guinea,
one of the world’s largest democracies. The day of Mr Widjojanto’s arrest, only to capitulate to her later insistence public support for Mr Widodo will affect creditors to do their part to relieve the Liberia and Sierra Leone.
But his choice of an allegedly corrupt crowds gathered outside the KPK’s that Mr Gunawan be nominated police his reform plans. affected countries’ debt burden and said Standard Chartered, the only global
general for police chief has sparked pub- headquarters to offer their support, chief. Wellian Wiranto, an economist at she would be pressing that case during a bank operating in Sierra Leone, will
lic anger with the self-styled man of the while the hashtags #SaveKPK and The case also highlights the huge Oversea-Chinese Banking Corp, said Mr G20 meeting in Turkey next week. today announce plans to provide $50m
people and raised questions about his #WhereAreYouJokowi have public support for the KPK, which Widodo had already embarked on the “Those three countries are going of loans to companies in the west
grip on his party. become popular on Twitter. Amid since it was set up in 2002 has most pressing reforms — he has saved through a very, very dramatic ordeal,” African country in partnership with
“[If] Jokowi fails to establish himself the public backlash and a fresh maintained a near-perfect con- $20bn by cutting fuel subsidies — and she said. CDC Group, the UK state-owned devel-
as both president and the dominant court case — Mr Gunawan is now viction record, making the most that announcements on labour reform The announcement comes after criti- opment agency. There are $210m of out-
figure within [his party], we could see suing the KPK — Mr Widodo has of its phonebugging powers to and infrastructure projects were still too cism of the IMF by campaign groups, standing corporate loans in the country.
sentiment turning very negative against delayed Mr Gunawan’s appoint- bring down politicians, judges and far off to be affected by the political tur- which have argued that past calls for The London-listed bank, which will
him,” said Jeffrey Winters, a political sci- ment. It is not clear when a an overambitious police moil. “We’re in a period of a lull where strict fiscal reforms contributed to the share the risk on the loans equally with
entist at Northwestern University in the final decision will be general. [the market] does not expect big severity of the Ebola outbreak in CDC, said the agreement would allow it
US, referring to Mr Widodo by his nick- made. In doing so, it has won a moves,” he said. Guinea, Liberia and Sierra Leone by to raise its lending to companies in
name. Analysts suggest reputation for integrity from However, the longer-term political constraining their ability to invest in Sierra Leone at a time when many are
“If he continues to shock and alienate the stand-off may be a jaded electorate that consequences could still be profound, health infrastructure. Those accusa- struggling to cope with the effects of
his base, there could be large demon- part of a power believes Indonesia’s police with the affair damaging Mr Widodo’s tions, made most recently in Lancet, the Ebola on the economy. “This doesn’t
strations against him, with many people struggle between force has elevated nest- fraught relationship with his political British medical journal, have been compromise our lending standards, just
who voted for him among the angry Mr Widodo and feathering, rather than party. rejected by the IMF and many develop- increases our capacity,” said Diana Lay-
protesters.” law enforcement, to a “It is hard to imagine relations ment experts. But the fact that the three field, head of StanChart in Africa. “The
Last month, Mr Widodo nominated high art. between the president and the party countries have been continuing to serv- Sierra Leone market has been greatly
Budi Gunawan, a general in charge of Joko Widodo: Relations between the improving,” Prof Winters said. ice their debts in recent months was also constrained — there were almost no
police training, as police chief. faces a power KPK and the police have been “If Jokowi is lucky, the Budi disaster seized on by anti-poverty campaigners. loans in the past six months.”
Three days after his nomination, the struggle in his turbulent. Neta Pane, an anti- will damage Megawati and the PDI-P far However, campaigning group Jubilee The short-term loans will comprise
Corruption Eradication Commission own party corruption activist, said the more than it damages him.” USA, which has been critical of the overdrafts or working capital facilities.
FT BIG READ. SCOTLAND
The ruling Scottish National party wants land reform to revive local rural communities hit by
depopulation, but critics say the plan smacks of class war and a further advance of an over-mighty state.
By Mure Dickie
S
tanding proud and elegantly
turreted among the rolling
hills of southwest Scotland,
Drumlanrig Castle is a mag-
nificent symbol of enduring
landed power and wealth. Built in the
17th century by the first Duke of
Queensberry, it remains 11 generations
later one of Scotland’s finest country
houses and a glistening sandstone jewel
in the crown of Buccleuch Estates, the
UK’s largest private landowner.
Yet even Drumlanrig’s thick walls
cannot ward off the winds of modern
politics. Fired up by a failed independ-
ence campaign in which promises of
social justice was a dominant theme,
The country’s governing Scottish
National party has promised a pro-
gramme of radical land reform. Richard
Scott, 10th Duke of Buccleuch and 12th
Duke of Queensberry, says the prospect
fills him with “absolute dismay”.
The duke is not the only one worried.
Lobby group Scottish Land and Estates
has expressed “extreme concern” at the
SNP call for ministers to have the as-yet
undefined powers to intervene if the
scale of land ownership and conduct of a
landowner is judged to be a barrier to
sustainable development. The Conserv-
ative party has denounced the idea as
“simply unacceptable”. One local news
website in western Argyll has even
declared that Scotland’s landowners
face “a form of planned genocide”.
Such language is highly exaggerated
— the SNP proposals are for new legal
frameworks rather than land seizures or
violence — but it highlights the passions
that can be raised by talk of land reform.
Ownership has been an emotive popular
issue in Scotland at least since the High-
land clearances of the 18th and 19th cen-
Breaking up
turies, when rural populations were
forced off their land to make way for
more lucrative sheep.
Critics of the SNP say such abuses are
long in the past and present reform
‘I can understand people

who have a deep-down
visceral dislike of other
people who own large
the estates
amounts of land’
plans smack of class war and a further Snow on the Lowther Hills behind roads, set up a sawmill operation and between its leaders and a dairy farmer ship of it as being good and responsive to
advance of an over-mighty state that Drumlanrig Castle, the home of the employs the equivalent of three full- who moved to the island last year. ARGYLL the best interests of the community.”
will deter investment and threaten jobs. Duke of Buccleuch, below time workers. Now it is buying a further Don Dennis, a US businessman who AND BUTE The duke also warns that miscon-
But proponents see reform as a way of South West Images Scotland/Alamy
1,000 acres, expects to employ another runs a flower essence business from the ceived reform could end up exposing
unleashing economic and social benefits five people and is planning to start former landlord’s house on Gigha that the fragility of such maintenance-hun-
that have been suppressed by distant or building houses on the site. he bought from the trust in 2003, gry aristocratic bastions as Drumlanrig.
unsympathetic landowners and of “This community has experienced 50 believes community ownership has “There’s always been an umbilical cord
addressing the inequality summed up in years of decline,” says Mr Blair. “It’s like overall been a good thing for the island. Edinburgh almost linking these great houses with
the much-cited estimate by author and a lifeline.” But getting things done can be frustrat- the land around them,” the duke says.
campaigner Andy Wightman that just Yet community ownership is hardly a ing. “I deal with the trust as little as pos- Isle of Drumlanrig Castle “If you diminish the ability of the estates
432 owners account for 50 per cent of panacea, as is clear from the experience sible,” Mr Dennis says. “It’s not inherent Gigha to support them . . . within a generation
Scotland’s privately held land. Eighty- of the Isle of Gigha off the western coast in the nature of the Gigha Trust. It’s Kintyre or two it will become increasingly diffi-
three per cent of Scottish rural land is of Kintyre. In a pioneering move in inherent in the nature of committees.” DUMFRIES AND cult to look after them.”
GALLOWAY
still privately held. 2002, Gigha residents bought most of Like other owners, the duke contests
The biggest estates are often in the their scenic island from its private land- Island life DUMFRIESSHIRE the idea that land still equals power in
50 km (Historical)
most marginal areas of this northern lord for nearly £4m, making it a test Some residents even say they would an era of planning processes and demo-
nation of 5.3m, where thin-soiled hills case for community control. rather Gigha was still in the hands of a cratic controls. “I am as hedged around
and hard-to-reach islands have suffered Since then the population has grown laird, or rural landowner. Such disputes within the community as the next person,” he says. But with
from depopulation and decline. But the from under 100 to 170, businesses have “You go to a laird and he says yes or are themselves a sign of empowerment, land reform pressure growing, Duke
SNP also wants to take reform into Scot- proliferated and many of the dilapi- no; you go to the trust and they say ‘let’s however uncomfortable. And other res- Richard, as his staff refer to him, says he
land’s sometimes badly deprived urban dated homes in which most islanders have a meeting’,” complains Mathew idents are much more positive, relishing expects to soon start slimming down the
areas in the hope of giving residents a Scottish land ownership, 2012 lived have been refurbished, says Mar- Steele, who works at a fish farm that was the security that comes with control of sprawling Buccleuch estates. “There is a
greater stake in their cities. Number of Share of private garet McSporran, chair of the resident- not included in the buyout. “It’s the their island’s fate. need for us to be pragmatic about the
Nor is it just the governing SNP that is landowners rural land controlled Isle of Gigha Heritage Trust. lunatics taking over the asylum, the Still, one lesson from Gigha is that, politics of the time,” he says.
keen on change. Asked about the Top 16 10% The trust was able to create a steady blind leading the blind. That’s what this whatever their ownership, estates must The sale of some Buccleuch land is
nationalists’ plans, Jim Murphy, leader 49 20% income from the “Dancing Ladies” — place has become: one big cliché.” be economically viable. likely to be welcomed by reform cam-
of the main opposition Scottish Labour 110 30% three 225kW wind turbines, individu- For some residents a downside of Large landowners such as Buccleuch paigners. Mr Wightman says benefits
party, says his prime concern is that 221 40% ally dubbed Faith, Hope and Charity — community control is the fact that it Estates argue that scale itself can be an will flow from increasing the number of
they will not be radical enough. which were in 2013 joined by a 330kW means neighbours can fall out over eve- advantage when it comes to making the people with a direct stake in land.
432 50% sister christened Harmony. rything from rent levels to investment best use of the economically marginal “You’ll have higher levels of commit-
State intervention But harmony is just what some island strategy. land that makes up much of Scotland. ment to using that land in the public
Richard Lochhead, the SNP cabinet sec- residents say is now lacking. Though the “This place was more enjoyable under interest. Higher levels of accountability.
retary for rural affairs, believes the case community buyout was backed by pub- a laird — there was less back-stabbing,” Political pragmatism Higher levels of democratic engage-
for greater government intervention is lic funds, the trust has struggled with says Mr Steele. Retired farmer Kenny Buccleuch lands around Drumlanrig ment. And higher levels of investment
clear. “Scotland has the most concen- debt and the high cost of house renova- Robison recalls one resident who said Castle range from dramatic but near- and productivity,” he says.
trated pattern of land ownership in 963 60% tions. Some residents say the trust does after the buyout that “we all used to hate barren uplands to fertile farms. There is Certainly, Mr Lochhead, the SNP cabi-
Europe, and that raises questions about Source: Land Reform Review Group not operate effectively as a business, the landowner, but who are we going to even an opencast coal mine, which the net secretary, is unsympathetic to con-
communities’ lack of control over their complaints fuelled by a bitter dispute hate now?” estate is attempting to transform into a cerns about his government’s interven-
own destinies and over the concentra- renewable energy park combining wind tionist ambitions. Even politicians are
tion of wealth and power,” he says. turbines with a pump storage hydroe- regulated and good landowners have
As well as giving the government ‘Imprint of feudalism’ very sad indeed,” says the duke, calling their land and buildings to only one heir lectric scheme — a challenge beyond nothing to fear from demands that they
power to intervene against problem Holyrood goes back to the the Scottish National party’s new is expected to be a focus of the reform most smaller landowners. With serve the public good, he says. “I don’t
landlords, which ministers suggest reform agenda a challenge to “the effort. The move would bring Scotland 240,000 acres of land, mainly in Scot- believe that landowners . . . should
would only be used in response to com- future on land reform nature of the society we live in and into line with European states that land, Buccleuch can cross-subsidise. view any of the measures being pro-
munity complaints, the SNP wants to property rights” that risks undermining adopted Napoleonic codes after the And it is adopting increasingly sophisti- posed as a threat, unless they deem
establish a permanent land reform com- It was only after the establishment of the rural economy. French Revolution. But critics say cated approaches to long-term land themselves bad landowners,” he says.
mission, strengthen the rights of tenant the Scottish parliament in 1999 that Land reformers say Scotland still has giving all children and spouses a claim management. “Our new thing is whole Online video ft.com/scotland-reforms
farmers and amend the law so landown- Scotland abolished feudal landholding plenty of catching up to do. Highly on assets could lead to landholdings estate development planning,” says
ers can no longer leave all their land and — something France managed to do concentrated ownership restricts being split into increasingly John Glen, Buccleuch chief executive.
buildings to a single heir. back in 1792. access to land and contributes to a uneconomic parcels. The Duke of Buccleuch admits that
In pursuit of its goal of “fairer and The scrapping of the “archaic and relatively empty countryside, argues Richard Lochhead, the Scottish some of his predecessors were less than
more equitable” land distribution, the medieval” system of feudal duties was Lesley Riddoch, an author and cabinet secretary leading the land ideal landowners. One was berated by
SNP wants to reintroduce business rates part of a barrage of land reform laws commentator, who says Scotland has reform push, says his experience as a poet Robert Burns as a reptile in a ducal
on shooting and deerstalking estates in enacted in the first half of the past suffered because of its lack of a mass minister for agriculture tells him that crown for laying waste to the Drumlan-
order to help fund an expansion of com- decade by Scottish Labour rural property owning class of the sort most families already sit rig woods. Spreading wealth The SNP aims to
munity ownership of land to 1m acres administrations. Other moves included enjoyed by other European states such down together to work out But the duke says the family takes fund greater community ownership of
from less than half that now. right to roam legislation and a better as Norway. how to divide their assets. seriously its role as custodian of the land land through taxes on activities such
Community ownership can be trans- deal for tenant farmers. “Feudalism was formally abolished Mr Lochhead says that and its concern for the community, a as deerstalking at rural estates
formative, argues David Blair, chair of For the Duke of Buccleuch, who . . . but its imprint is still all over giving heirs the same reflection of the connection that many
Kilfinan Community Forest Company in presides over the largest UK Scotland,” Ms Riddoch wrote in rights to all kinds of assets traditional landowners feel toward the Political headwinds Lairds with
the Argyll village of Tighnabruaich. landholding in private hands, that Blossom: What Scotland Needs to is a matter of basic fairness. estates they preside over. sprawling estates, such as the Duke of
When the group, set up by local resi- should have been the end of land Flourish, a book hailed by some “The principle of equality “I can understand people who have a Buccleuch, may take a pragmatic
dents, purchased more than 300 acres reform. “We thought that was the done independence activists ahead of last of treatment deep-down visceral dislike of other approach and sell off some land
of land from the Forestry Commission deal and we all knew where we stood year’s referendum as a manifesto for a trumps any people who own large amounts
in 2010 it was just dark forest that and we could plan ahead,” he says. better future outside the UK. other of land,” he says, from the cas- Equality of treatment The next round
lacked even a single footpath and gener- “To find it being reopened in the A change to the law on succession argument,” tle’s aquamarine morning of planned reforms would stop
ated no local jobs, says Mr Blair. Since aggressive way in which it is, I think, is preventing landowners from leaving all he says. room. “All I can do is try and landowners being able to leave all
then, the group has created access make a case for our steward- their portfolio to only one heir
Letters
Email: letters.editor@ft.com or
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Include daytime telephone number and full address
Corrections: corrections@ft.com
Western arms will not make Russia back down Error on a massive scale
— but no accountability
Sir, Peter Doyle (Letters, February 5)
Sir, If you are playing against a nation their point of view, collapse in global oil Russian popular aversion to casualties does a great service in highlighting the
of chessplayers it pays to think more prices. And, to boot, the Russian armed has been widely, and rightly, touted as “unprecedented scale” of the IMF’s
than one move ahead. forces have been ordered to probe and a constraint on Russian action, it is forecasting error in relation to its 2010
So the key question about the latest prod around Nato’s periphery as a certainly not an absolute constraint. programme for Greece and its apparent
burst of enthusiasm for arming the reminder of what they are capable of. And it is a constraint that is likely to failure to admit such an enormous
Ukrainians (“Pledge weapons for In brief, sanctions have made Russia weaken if President Putin can mistake. That the application of a
Ukraine or the violence will go on”, more obdurate, not less. persuasively claim it is western guns modicum of common sense would have
FRIDAY 6 FEBRUARY 2015 Wolfgang Ischinger, February 5) is: how What reason is there to believe that killing Russian soldiers. indicated that its forecast was utterly
are the Russians likely to react, and the Russians would respond any So the argument that western arms wrong makes the mistake all the more
what should we then do next? differently if western arms were added will encourage Russia to back down, as galling.
The answer to the first question is to the mix? The popular credibility of with the similar argument at the time The fact that Greek citizens have
depressingly clear. Russia (not just the regime is now heavily pinned to the sanctions were imposed, is very suffered such devastation in the
The ECB is right to take Vladimir Putin) has already responded

to the first round of western pressure —
economic sanctions — by the
protection of the east Ukrainians. On
the military front they know they can
always ultimately beat the Ukrainian
probably the reverse of the truth. What
then would our next move be? Military
advisers? Bombing? Troops on the
intervening years, and that eurozone
taxpayers are now likely at some point
to incur major costs as the fiction that
a back seat on Greece coalescence of public and elite opinion

in opposition to “Nato aggression”.
They have redoubled their support for
army. Indeed the mere announcement
of a western intention to provide arms
may well accelerate their
ground? There are lots of historical
precedents for such escalation; few of
them happy.
Greek debt is sustainable becomes
untenable, is directly attributable to
such mistakes on the part of the IMF
the dissidents in eastern Ukraine. They determination to settle the military Tony Brenton and its troika partners, the ECB and the
The central bank is wise to push the big decisions to governments have held firm to this approach even in confrontation once and for all before Cambridge, UK European Commission.
the face of the, hugely damaging from those arms can be deployed. And while UK Ambassador to Russia, 2004-08 Were a mistake on such a massive
The European Central Bank has what relief to grant Greece on its debt scale with such detrimental
become used to being vilified over the stock and primary fiscal surplus target consequences to be made by any other
past few years. Yet its decision this in return for reform. If your adversary does Admen still dream of party, there would be accountability
week to require Greek banks to obtain The ECB’s announcement should be and heads would roll. Yet it appears
liquidity from the country’s own cen- read as a clear signal to politicians that not agree terms, you the personal connection that these institutions act without any
tral bank rather than the ECB is far less they should now step forward. Cer- do not have a deal Sir, As a strategy consultant with a accountability, and with no processes
aggressive than it looks. tainly, the central bank can decide to former life in marketing, I enjoyed in place to evaluate their performance
Rather than a declaration of eco- keep Greece afloat until the pro- Sir, I am neither a former security reading Andrew Hill’s article “The or to ensure that where glaring
nomic war, it represents the ECB gramme is amended or an entirely new chief, nor an associate of a prestigious moment digital selling tips over into mistakes are made, those responsible
removing itself from a decision about one agreed. Beyond that, it should institute. But I can’t help wondering if creepy stalking” (February 3) on the are held to account.
whether to keep Greece afloat while its stand on the edge of the conversation. Eugene Rumer and his co-author pervasive and intimate tactics of It is past time for a root and branch
new government tries to negotiate with These negotiations have not started Thomas Graham miss a very simple admen. My iota of dissent would be reform of institutions such as the IMF
the European authorities. This step well. One obvious problem is the lack of problem with their argument, in “Arm that Mr Hill assumes that such and the ECBm so that an ethos of
was perfectly understandable. Deci- clarity about interlocutors on both Ukraine and you risk another Black knowledge is in the hands and transparency and accountability
sions about Greece’s future in the euro- sides. Syriza’s government has given Hawk Down” (February 4), that processes of people and systems with obtains in their operations and
zone should be taken by politicians, not mixed messages in its first 10 days in instead of arming Ukraine and hoping sufficient sophistication to enable such decision-making. Recent experience
by central bankers. office, first appearing to abrogate the its army can restore order to its eastern effective creepiness. suggests that a failure to do so will lead
The ECB’s decision removes the existing bailout programme and then border region, the conflict should be In my experience working for some only to even more disastrous mistakes
waiver that permitted low-grade bonds rowing back. Yanis Varoufakis, the “frozen”. Would not a freeze depend on of the more innovative and biggest by these institutions, with further
to be used as collateral in the Eurosys- finance minister, has adopted a high the co-operation of the armed groups agencies (the two do not always go costly consequences for citizens.
tem. But Greek banks can continue to profile, but his statements sometimes currently fighting Ukraine’s army, and hand in hand), marketers are still a fair Louis Brennan
fund themselves from Greece’s central seem at odds with those from Alexis ultimately on whoever is directing, ‘We want you to lend us more money way from being able to implement Professor and Research Associate,
bank through the Emergency Liquidity Tsipras, the prime minister. funding, and arming them? to pay you back with’ accurately the insights they get from Institute for International Integration
Assistance (ELA) programme. For their part, the eurozone member If your adversary does not agree data, certainly at an individual level. Studies, School of Business,
The ECB has let go of one of the ropes governments have always had diffi- terms, or has a record of appearing to Any “success” stories one might read Trinity College, Dublin, Ireland
by which Greece is dangling from the culty co-ordinating policy. Jeroen Dijs- agree and then reneging, you do not TTIP: harmonisation of about are usually confined to pilot
cliff edge. To drop the other by remov- selbloem, the Dutch minister and cur- have a deal. Why do Dr Rumer and his
regulation is years away schemes with little or no performance Growth-linked bond? Call
ing permission for the Bank of Greece rent chair of the eurogroup of finance co-author think that freezing is an indicators.
to operate the ELA would send Greece ministers, has his own strongly scepti- option, given Ukraine’s inability so far Sir, John Kay discusses causes of the I would add, however, that it has it a charitable donation
plunging, at the very least to a Cyprus- cal views about Greece’s role in the to defend its territory? European public’s negative attitude to always been the dream of marketers Sir, I have to disagree with Martin
style outcome with capital controls and euro, which do not necessarily reflect Paul Sanders the Transatlantic Trade and to create personal connections, even in Wolf’s assertion that a growth-linked
at worst out of the eurozone altogether. majority eurozone opinion. London NW3, UK Investment Partnership (“Free trade its own ranks. The master of selling, bond should be acceptable to Greece’s
This is clearly not a decision in which These problems need to be resolved should not put democracy in the dock”, David Ogilvy, is famously said to creditors, although I can certainly
the ECB wants to or should take the quickly. Fumbling around for months Stop blathering and give February 4). He puts forward the have encouraged very personal understand why the new Greek
lead. The ECB is involved in the lending deciding who can talk to whom and investor-state dispute settlement as introspection on communications back government likes the idea (“A deal to
“troika” managing the response to the under what circumstances could end in Ukraine military aid now the “principal focus of popular in the heyday of advertising when he bring modernity to Greece”, February
euro crisis mainly because the other disaster. It is in the ECB’s power, bar- Sir, My reaction upon reading Eugene concern”. But there is another cause for reminded colleagues: “The consumer 4). As Mr Wolf acknowledges, Greece
two members — the IMF and the Euro- ring a complete collapse in the Greek Rumer’s article “Arm Ukraine and you concern that is mentioned only in isn’t an idiot, she’s your wife.” For has failed to deliver on 13 of the 14
pean Commission — do not have banking system, to keep Greece going. risk another Black Hawk Down” passing. better or worse though, the industry is reform promises it made to secure
remotely enough financial firepower. It should not be its role to decide (February 4) was: more hand-wringing Professor Kay assumes harmonised still a few years away from effectively funding in the last crisis. The
But the ECB is not the principal judge whether the country remains in the from an impotent western regulation. As far as I can ascertain, targeting our better halves. government, led by Alexis Tsipras, has
of whether Greece is adhering to its eurozone. Syriza says it must respect establishment. Vladimir Putin’s which is not very far given the lack of David Llewelyn-Jones pledged to backpedal even further and
bailout programme. That programme, its voters’ wishes, yet other eurozone escalation, targeting strategic towns, transparency he rightly deplores, such London SW10, UK increase government spending, rehire
especially the technical structural pol- governments have the same obligation. threatens the collapse of the Ukrainian harmonisation is years away. government employees and raise
icy including privatisations and reform With this action, the ECB has clearly economy should it succeed, and with it Apparently, the TTIP would therefore Two-way bets on the rage wages. All these measures will further
of the tax-collecting system, should signalled that big decisions should be the Ukrainian government. This is no allow suppliers of services, including erode Greece’s ability to compete and
mainly be assessed by the IMF and taken by politicians. It is right to do so. time to blather about increasing health services, to conform only of tennis champions depress its growth prospects. Any
eurozone governments. Those institu- Governments should muster the cour- economic aid in place of providing to the regulations of their own Sir, We are informed, by those who creditor who accepted such bonds
tions should also take the decision on age to take them. military support to this beleaguered country (or state in the US) until the know about such things, that Andy should be considered to be making a
country. pan-American-European regulations Murray’s downfall in Melbourne last charitable contribution.
Ukraine has fought well considering come into force. Sunday was brought about by his Robert M Sussman
the disadvantages under which it Charlotte Foulds anger at his opponent’s perceived Paradise Valley, AZ, US
labours. Just give Ukraine the military London SW1, UK gamesmanship.
aid it asks for, and let the Ukrainians Like many, I used to marvel not only Sir, Let me give some free advice to
Time to end America’s do the rest, without trying to imagine

or control the outcome. Remember the
Finns in 1940 when confronted by a
European Union’s
relative values
at the sublime tennis skill of John
McEnroe, but also at his rages, when he
dominated the tennis world. Some of
Yanis Varoufakis, the Greek finance
minister who calls himself an “erratic
Marxist”: refinance your debt by
relentless pursuit of BP seemingly overwhelming Soviet power.

Anxiously worrying about what
President Putin might or might not do
Sir, If Robert Finney (Letters, February
4) is correct that most Europeans are
likely to related to Solon of Athens
his most notable victories were won
when his outbursts were at their most
volcanic, and self-evidently genuine. I
issuing perpetual zero-coupon bonds.
Who will buy these? Fellow Marxists,
leftwingers, do-gooders and others who
in response, combined with failure to (died c560BC) then most are also recall the theory being offered that believe that capitalists should not earn
Oil companies need to be set the right incentives exercise the most minimal military related to me. Perhaps the European McEnroe “fed off his anger”. Last a return on their money but should be
option, has about it the stench of Union isn’t such a bad idea after all. weekend, I read that “Murray was satisfied by helping the poor and
Almost five years after the Deepwater mistakes that led to the disaster and appeasement. Mark Solon eaten up” by his. Is psychology mainly making the world a better place.
Horizon disaster in the Gulf of Mexico, the deaths of 11 men. The company was Albion M Urdank Managing Director, Legal Division, a matter of each way bets? Theo Vermaelen
the US government is still pursuing its also woefully underprepared to cope Dept of History, UCLA, Wilmington Group, Gordon Bonnyman Professor of Finance, Insead,
campaign to extract every last cent it with the consequences. But there can Los Angeles, CA, US London N1, UK Frant, E Sussex, UK Fontainebleau, France
can gouge from BP. be little faulting its overall commit-
This week the US District Court in ment in responding to the spill.
New Orleans finished hearing the trial Some polluters have to be dragged
over civil penalties for the spill, with
lawyers from the Department of Justice
“kicking and screaming” to meet their
legal responsibilities, said US Coast Mentioning the Yanis Varoufakis, the Greek finance
minister, was in Berlin on Thursday for a
resist them. You know how we feel.
WS: This is why you also threaten to
terms that you will not like.
WS: Namely?
urging the judge to impose the maxi-
mum punishment permitted under the
Guard Rear Admiral Meredith Austin,
but BP was not one of them. war: a Greek meeting with Wolfgang Schäuble, his
fiscally hardline German counterpart, as
pursue Germany for war-reparations,
out of your desire for a common front?
YV: We want you to cancel our debt,
reduce the required budget surplus
Clean Water Act.
Few tears are shed for BP in America,
and government lawyers who hound a
Yet the US government’s argument in
court has been that BP deserves no
credit for its determination to undo the
strategy to win he seeks to alter the terms of the
European bailout. The two are not
natural soulmates; Schäuble is a formal
YV: You have to understand. Some
of our Nazi references are for internal
consumption and some are for your
and allow us to cancel privatisations.
WS: Writing off the debt is not
acceptable to the German people.
foreign oil company for billions of dol-
lars in penalties will do their careers no
harm it caused. “Efforts of the violator
to minimise or mitigate the effects of
German hearts and old-style German politician while
Varoufakis is an ebullient and youthful
consumption. You must not confuse
the two. I want a strong Germany. A
YV: Do I need to mention the last
time German debts were written off?
harm. Consideration of the signals the the discharge” are a factor specified in 53-year-old, an economics blogger and Germany leading Europe; lifting all WS: I am surprised you haven’t.
case sends to the oil industry, however, the law to reduce the penalty below the professor at Essex, Sydney and Athens the boats on Europe’s seabed. YV: I thought I would go to Dachau
suggests the US authorities should take possible statutory maximum. The US is universities who dresses with nightclub- WS: So you do not mind a powerful before I head home.
a less aggressive approach. arguing that in setting the penalty, bouncer chic and whose party uses the Germany as long as it is doing as you WS: Yes, yes. You are going on an
The purpose of any penalty is two- most of those efforts by BP should be imagery of the Nazi occupation to rally wish. If we waive your debts and let entire Third Reich tour. The best you
fold: to deter companies from acting
recklessly; and to encourage any that
disregarded.
The message sent to other oil compa- Notebook Greek resistance. you abandon reform, then we are not
an army of occupation. You do not
can hope for is extending the maturity
of debt and some breathing space for a
do cause a spill to make the efforts nies is: there is no point in acting with Wolfgang Schäuble: Good morning, mind a powerful creditor as long as he tax reform programme. Do not put
needed to put it right. any excessive enthusiasm to tackle a
by Robert Shrimsley we expected you earlier. keeps paying. yourself in a position where you are
In BP’s case, there is no obvious need spill if you cause one, because the Yanis Varoufakis: I apologise, I was YV: We are simply asking for help. forced to leave the euro. We would not
for an additional deterrent. The com- authorities will come after you for the paying a visit to the site of Hitler’s WS: And we wish to help. We wish wish it but we cannot prevent it under
pany has already paid out more than maximum punishment all the same. Bunker. to help you to help yourself. But we all circumstances.
$35bn on sealing the well, cleaning up Although walking away from its WS: Yes. You are all rather fond of also need trust and reliability, a belief YV: We will not leave the euro. As
the oil, paying fines, compensating operations would have been fraught Nazi sites. I saw your leader’s visit to that if a country makes an agreement the Eagles say, you can check out any
those affected and starting to restore with legal and strategic complexities, the memorial to Greeks shot by the that it can be counted on to fulfil it. time you like but you can never leave.
the Gulf coast. BP could simply have abandoned its Nazis. Perhaps you will find time to YV: But the programme is bringing WS: I doubt Don Henley studied the
The full bill for the compensation subsidiary in the gulf and refused to squeeze in a visit to Wannsee while my country to despair. Do you want intricacies of Maastricht treaty.
settlement has not yet come in. The cover any additional cost of responding you are in Berlin. me to mention the Nazis again? YV: You must respect our mandate
company says the total cost of those to the spill. The US authorities’ stance YV: Let us not get off on the wrong WS: I believe I caught that message. from a people not prepared to put up
payments, some of which have already towards BP risks making that look like foot. I’ve come with a present for you. YV: We are in a savage debt crisis. with endless austerity.
been paid out, will be “significantly” an attractive option in a future spill. WS: How thoughtful. Is it a book? You gave the largest loan in history to WS: I know you are an expert in
more than $9.9bn. There is an opportunity, though, for YV: Yes, Anthony Beevor’s Crete: the an insolvent nation. We came to you game theory but I urge you not to
The message is clear: pouring a lot of the US to encourage companies to Battle and the Resistance. with a mortgage problem and you overplay your hand.
oil into US waters is a very bad idea, behave responsibly if they cause a spill. WS: Of course, Greeks and gifts. offer us credit cards. Our people voted YV: Half measures and compromise
and the consequences if you do so will It could agree a settlement with BP on a YV: You must understand, I for a better future — that was our are not enough this time.
be significant. Seeking an additional penalty that would both reflect the mention Nazis not as an insult but as a promise to them. WS: Something you learnt at Essex?
penalty of up to $13.7bn, as the US gov- seriousness of the spill and acknowl- warning of what happens when a WS: A promise made on someone YV: It’s the only way.
ernment is doing, is unnecessarily vin- edge the company’s good behaviour country is reduced to national else’s bank account. WS: We will have to agree to
dictive. As for encouraging a swift and afterwards. That there will be oil spills humiliation and unending YV: We need time to work out a new disagree.
effective response to an accident, the in future is inevitable. That companies hopelessness. We now have Nazis in programme. We need you to keep YV: I cannot agree to that.
DoJ’s stance seems likely to be counter- should respond effectively to them our own country, we think Germany, supporting the bailout beyond
productive. depends on setting the right incentives of all nations, would want to help us February 28, while we work out new robert.shrimsley@ft.com
BP’s staff undeniably made terrible in place now.
Comment
A democracy dented by a mysterious murder A refreshing and
necessary
OPINION bling Facebook post, she suggested it
was a murder, at the hand of rogue spies
make Ms Fernández a credible reformer
of Argentina’s spy services, the mantle
trip to China, she also mocked her hosts’
accents by swapping l’s for r’s, remark-
according to the latest filing, her wealth
grew 15 per cent to $6.6m. But her presi- postcript to the
John Paul
Rathbone
wanting to discredit her.
“In Argentina . . . every day you have
to explain the obvious and the simple,”
she claimed in an hour-long television
broadcast on January 26.
After all, long experience has also
ing that humour was the best reaction to
slurs.
Now the spotlight is on Argentina’s
dency ends this year, she cannot seek re-
election and, stripped of immunity, that
could leave her legally exposed. Ms
end of an empire
she wrote wearily, adding: “in Argen- made Argentines wary of government judiciary. It is slow, inefficient, perhaps Fernández’s actions give critics further
tina, like everywhere, not everything is lies — over almost everything, but par- corrupt, but still enjoys silos of compe- cause for suspicion.
what it seems”. Few leaders can match ticularly corruption and inflation. The tence and legal expertise. Indeed, its One solution now might be to bring in
OPINION
T
ruth can be stranger than such sarcasm. government, acting as if it is holier than independence is one reason why Argen- a credible team of independent experts
fiction. Ever since Alberto Conspiracy theories are thickening. tina is not as messed up as Venezuela, to investigate Nisman’s death — and the
Nisman was found dead in Officials blame “dark interests”. Yet despite Ms Fernández’s best efforts to 1994 bombing too. Mexico brought in Simon
his Buenos Aires apart- most of the conspiracy theories are fed No Argentine believes this control it (she is a lawyer). Argentine forensic experts to investi- Kuper
ment, Argentina — or, more by the state itself. Two years ago, for example, Ms Fern- gate the death of 43 students this year.
precisely, the government of Cristina On Sunday, Clarín, a newspaper that conspiracy will be solved, ández proposed a reform that would Similarly, a UN-backed commission
because of the complicity
S
Fernández — has proved the wisdom of has clashed repeatedly with the presi- have seen the panel that chooses Argen- investigated the mysterious death of a ir Edward Grey was a fairly
the proverb. You could not make this dent, reported that Nisman had also tine judges selected by popular vote. Guatemalan judge in 2009. Buenos typical member of the British
story up. drafted a warrant for her arrest. The of so many sectors This would supposedly “democratise” Aires has not made a similar move. ruling class. He went to Win-
Three weeks ago, Nisman was prepar- government rubbished the report and, the legal system. In reality, it would have The result is a murder conspiracy that chester and Oxford. He grad-
ing for the defining moment of his on television, the cabinet chief ripped it Mother Teresa, has always batted away put it in thrall to ruling politicians. In nobody believes will ever be properly uated with a third-class
career. On January 19, the 51-year old up. The next day, it transpired the arti- such allegations. the end, the courts threw out the initia- solved because of the complicity of so degree, but did become Varsity cham-
prosecutor was set to accuse the presi- cle was true: a draft of the warrant was But now, trapped by its own mistakes, tive, as they did a government-spon- many sectors: the state, the presidency, pion in real tennis.
dent of covering up Iran’s alleged role in found in Nisman’s garbage. it can no longer disguise reality with sored accord with Tehran over the 1994 the judiciary, Congress and the intelli- He spoke no foreign languages. Still,
Argentina’s worst terrorist attack: a Argentines remain understandably words. Nobody suggests Ms Fernández terrorist attack. gence services. The story exemplifies in 1905 he became foreign secretary.
1994 bombing that killed 85 people. A suspicious of their intelligence services, orchestrated Nisman’s death. But her One does not have to look far for rea- that notion that Argentina, 32 years Even then he avoided travelling abroad.
few hours before the congressional which are little changed since the mili- government’s actions suggest that it is sons why Ms Fernández might want to after the demise of the military junta, During the “July crisis” of 1914, he con-
hearing, Nisman’s mother found her son tary dictatorship ended in 1983. That scared and perhaps hiding something stack the judiciary in her favour. Her remains at best a flawed democracy and tinued to take long country weekends.
lying in a pool of blood. means Ms Fernández’s idea that rogue too. Ms Fernández’s behaviour has not personal wealth has grown exponen- at worst a rogue state. Three days before first world war broke
At first, Ms Fernández suggested Nis- spies planned Nisman’s death is not helped. She is yet to offer condolences to tially since she and her deceased hus- out, he was still dithering about whether
man’s death was suicide. Then, in a ram- entirely implausible. Yet that does not Nisman’s family. On Wednesday, on a band came to power in 2003. In 2013, johnpaul.rathbone@ft.com Britain should fight. He scarcely both-
ered discussing the matter in cabinet.
Finally Britain drifted into a disastrous
war. Andrew Adonis, the writer and
Labour peer, calls him “arguably the
Ukraine is only
most incompetent foreign secretary of
all time”, although the 1930s appeaser
Lord Halifax and 1960s drunk George
Brown provide stiff competition.
Admittedly, not all ruling Brits have
been incompetent. Still, the selection
part of Putin’s
process, which excluded almost every-
one except Oxbridge-educated British
males, was limiting. That is now being
rectified. The UK has begun recruiting
its rulers abroad, chiefly in former white
game plan
colonies. The government has just
appointed the New Zealand judge Low-
ell Goddard to investigate historical
child abuse in the UK. Every nation
grumbles about its ruling class. Britain
is actually doing something about it.
Foreigners have taken over British
business and sport in a process called
GLOBAL POLITICS The annexation of Crimea and the Wimbledonisation: as at the tennis
march into Ukraine’s Donbass region tournament, Britain provides the venue
Philip should have dispelled the doubts. In the
case of Angela Merkel this is what seems
but not the leading players. The UK’s
Stephens to have happened. Not a politician to

prefer confrontation over negotiation,
the German chancellor has been offered
Britain has begun
too many lies and broken promises. recruiting its rulers abroad,
The argument within Europe, though, chiefly in former white
E
urope thinks it has a Ukraine has not ended. Much has been made of
problem. In truth, it has a the sympathy towards Moscow shown colonies
Russia, or more precisely, a by the Syriza government in Greece. It is
Vladimir Putin problem. not alone. Italy’s prime minister Matteo to anticipate the fall of former president news with the rapid expansion of the back into the Russian orbit. The US has public sector began Wimbledonising
Moscow’s war against Kiev is Renzi has been outdoing Silvio Berlus- Viktor Yanukovich. So he grabbed what Kremlin-controlled Russia Today news been working with the European Com- much later. The Canadian Mark Carney
a fragment of a bigger picture. The Rus- coni in his fealty to Mr Putin. Hungary’s he could. Expedient as the war may network. Then there is the funding of mission to ease some of the vulnerabili- was appointed governor of the Bank of
sian president’s revanchism reaches Viktor Orbán publicly disdains liberal have been, it fitted the game plan to populist parties of left and right in west- ties of energy-dependent governments England in 2012; Ross McEwan, Ms
well beyond Ukraine. The bigger goal is democracy. Cyprus always speaks up restore suzerainty over much of the ern European capitals. Marine Le Pen’s in southeastern Europe. But in western Goddard’s compatriot, took charge at
to tear up the continent’s post-commu- for Russia, while French consent to the former Soviet empire. National Front in France has taken a Europe there is widespread reluctance the majority state-owned Royal Bank of
nist settlement. sanctions regime is halfhearted. So no General Yury Baluyevsky, the former Russian loan. Nigel Farage, the leader of still to recognise the big picture — to set Scotland in 2013.
European hesitation about confront- one should be surprised by the latest chief of staff of the Russian armed the anti-immigrant UK Independence the Ukraine crisis in the context of Mr Wimbledonising the ruling class may
ing Russia is readily explained. Eco- Russian offensive: there is no more pow- forces, says the confrontation with the party, counts himself an admirer of the Putin’s broader aims. sound obvious, but the UK is possibly
nomic self-interest, history, cultural erful a provocation to the Kremlin than west is a continuation of the cold war. Russian leader. Mr Putin is not the creation of western the only country on earth that can do it.
affinity, and latent anti-Americanism appeasement. The methods, though, are now more Further along the spectrum there are perfidy. Throughout his career, from the It operates in the de facto global lan-
have persuaded many Europeans to Mr Putin’s litany of grievances — sophisticated. Military force, he says, is the bribes paid to politicians and busi- office of the mayor of St Petersburg to guage. It is big enough to offer enticing
look at Mr Putin as the leader they Nato’s “encirclement” of Russia, a plan “the final stage of the process”. Moscow ness leaders and the stakes taken in vul- the top job in the Kremlin, he has been salaries for top public-sector jobs. And it
hoped for rather than the one who saw to humiliate Moscow, broken interna- has mastered the art of hybrid warfare, nerable financial institutions in south remarkably constant in his ambitions is open to rule by foreigners.
the fall of the Soviet Union as the geopo- tional rules — have been heard over and including “information and psychologi- eastern Europe and the Balkans. There and in the ruthlessness he will deploy to Wimbledonisation should reduce
litical catastrophe of the 20th century. over. Occasionally there is a small truth cal pressure”. To paraphrase the gen- is a none-too-subtle campaign to desta- achieve them. elite incompetence, groupthink and
There is a seductive narrative for a hidden in the big lie, but the essential eral, Mr Putin will divide and weaken bilise pro-western governments in the A collapsing oil price and the impact cronyism. The British-only ruling class
west chastened by bungled interven- storyline never deviates. The west his enemies before deploying force. former Soviet space — Bulgaria is a of sanctions have made him more dan- was cosy: members typically met at pri-
tions in the Middle East. If Mr Putin’s wants to destroy the power and dignity In its softest form, this means pre- recent victim — by exploiting their gerous: without oil and gas revenues, his vate school, university, or in a handful of
demands are sometimes provocative — of Russia. So familiar are the charges senting rolling propaganda as rolling dependence on Russian energy. Add in domestic support now rests on his London postcodes. Of the two previous
and, as in Georgia as well as Ukraine, that the implications are often dis- the testing of Nato defences by Russian capacity to mobilise nationalist anger appointees to Ms Goddard’s post, one
can turn into outright aggression — the counted. Everyone has heard Mr Putin fighter planes, cyber attacks and kid- against the alleged attempt by Nato and had to step down because her brother
west should be mindful of the circum-
stances. Perhaps Nato had indeed bro-
pledge to roll back the frontiers, but few
have really been listening.
A collapsing oil price nappings in the Baltics, and the incur-
sions of nuclear bombers, and you can
the EU to subjugate “mother Russia”.
The west’s options are limited, but the
was attorney-general when a dossier
containing sex-abuse allegations disap-
ken promises about admitting former The annexation of Crimea and the and the impact of see what the general was talking about. beginning of wisdom is to understand peared; the other because she was a
Soviet satellites? Maybe it had bent the
rules when it bombed Serbia? As for the
push into eastern Ukraine were in one
dimension opportunistic. Mr Putin had
sanctions have made him Ms Merkel has recognised the danger,
publicly warning about subversion in
that this is not just about Ukraine. neighbour and dinner-party pal of the
minister who lost the dossier. The gov-
Iraq war, well, enough said. misread the Maidan protests and failed more dangerous Moldova and attempts to pull Serbia philip.stephens@ft.com ernment had to go to the ends of the
earth to find a judge who was not
chummy with those being investigated.
For now, Britain prefers to appoint
foreigners with reassuringly British sur-
The solution to England’s housing crisis lies in the green belt names from former colonies. John Sen-
tamu, the Ugandan Archbishop of York,
is an exception. But recruitment will
broaden. Oxbridge, the elite pipeline, is
already about 30 per cent foreign.
notes that in 2010, agricultural land renting and now even house purchases; green belts around our cities. Support- taxes on beneficiaries should also meet This is bad news for mediocre Brits.
ECONOMICS around Cambridge was worth £18,500 a and the health of banking has come to ers of the policy of “urban containment” all additional cost of public services. A For now, their chief defence is that for-
hectare, while neighbouring residential depend on the continuation of the land argue that this is a small island whose tax on undeveloped sites would help eigners cannot grasp the subtleties of
Martin land cost maybe £2.9m a hectare. Land scarcity. Paul Cheshire of the LSE even countryside risks being concreted over. ensure that land was developed. Finally, British culture. MPs argued that the
Wolf restricted to agricultural use and land
open to development lie side by side but
argues that these policies have made
houses more similar to art or gold than
In fact, the land in green belts alone is
one and a half times greater than in all
those prepared to argue that a valuable
amenity risked being lost should be
Australian Carol Mills could not become
Clerk of the House of Commons because
their value is hugely different. to humble dwellings. cities and towns together. Moreover, the entitled to challenge the presumption of she didn’t know Commons procedure:
In a recent paper, Christian Hilber of How can this be justified? The towns are far “greener” than green belts. development. But they would also need for instance, whether one MP can call
the London School of Economics and response is that this is how one pre- Gardens cover nearly half of the 10 per to produce evidence of value of the lost another a “blackguard” (no), “git” (no)
ow would one describe a Wouter Vermeulen of the Netherlands serves England’s green and pleasant cent of England that is urbanised, while amenities. or “stupid, sanctimonious dwarf” (yes).
H market in which the value

of the same commodity var-
ied by more than 100 to
one? “Hugely distorted” is
the answer. Yet that is precisely the situ-
bureau for economic policy analysis,
note that real house prices have grown
faster in the UK over the past 40 years
than in any other member of the Organ-
isation for Economic Co-operation and
Building an economy upon
a massive and growing
the dominant use of land in green belts
is intensive arable farming, which is
mostly hideous and offers less biodiver-
sity than urban parks and gardens. Nor
do green belts offer much if any amenity
I understand the vested interests of
those with houses in or near the green
belts. I understand, too, the risks of a
policy that might actually lower house
prices. But building an economy upon a
Longer term, the British must shape
up or risk one day being under a foreign
prime minister. They can model them-
selves on Andy Murray, the Briton who
in 2013 won Wimbledon after taking
ation for land near England’s most pros-
perous urban centres. As I have recently
Development. Prices, particularly in
London and the South East, are among
distortion in the market for to the bulk of the population that lives in
the great cities. Their value goes to the
massive and growing distortion in the
market for land is foolish. We do not
himself at 15 to a world-class academy
in Barcelona.
argued, these anomalies are the product the highest in the world. In the absence land is foolish small number of people who own need to concrete over England. We do The Goddard-Carney-run Britain
of the UK’s system of land planning, of controls, real prices would have risen houses inside them. need to stop constraining the growth of might have irked Sir Edward Grey. Yet
introduced by the postwar Labour gov- by around 90 per cent between 1974 and land from the blight of urbanisation. Let So what is to be done? The price mech- the places where people really want to he would have found it familiar. After
ernment in 1947. Their effect is to make 2008, instead of 190 per cent. us leave aside the fact that the majority anism should rule. There should be a live. It is untrue that the green belts are all, it resembles the British colonies of
a mockery of the claim that the country As usual, market distortions have of people want to live in cities. The big presumption of development in green areas of outstanding amenity. They are his day: foreigners rule in the capital,
has a competitive market economy. If it large knock-on effects. Thus, a big pro- question is whether the amenity value belts, unless the cost of new infrastruc- rather sources of increasing misery, as while the natives inhabit distant out-
did, these discrepancies simply could portion of the population have become justifies forgoing the value revealed in ture exceeds the benefits. Developers an ever-larger population is crammed posts with inhospitable climates, such
not exist. land speculators; people who receive no the extraordinary prices of residential should pay a fee to local councils at least into an artificially limited space. as Scotland or Merseyside. The rulers
In an excellent book on housing, help from their families are forced to land. equal to the additional infrastructure This is a really big issue. That is, of claim benevolence and competence.
Housing: Where’s the Plan?, Kate Barker, a live in cramped quarters or commute To this, Prof Cheshire offers a power- costs, and ideally more than that, in course, why no politician dares touch it. But the natives are getting restless.
former member of the Bank of Eng- very long distances; the government ful response. The core question, he order to encourage development. Some
land’s Monetary Policy Committee, feels forced to pay large subsidies for notes, is what is to be done with the combination of fees and subsequent martin.wolf@ft.com simon.kuper@ft.com
BUSINESS LIFE
Personal technology
Sling TV
On a mission to cut US viewers’
ties to cable television
TIM BRADSHAW
I have an awful confession. I drama and sports channels,

do not own the most CNBC and Nickelodeon.
ubiquitous domestic gadget This patchwork of content
of them all: a television set. rights will perplex British
After moving to the US a readers, who have been able
couple of years ago, I never to watch shows from the
got around to buying one. I BBC and rival stations online
already have more screens for some time. In the past
in my life than I can handle, couple of years, BT and Sky
what with smartphones, have made it possible for
tablets, PCs and a digital customers to stream live
projector. Netflix, iTunes football for the same price
rentals and YouTube as broadcast or less.
provide more than enough The US cable market has
to watch without shelling been harder to crack open. It
out $50 to $100 a month for is striking that this
live cable or satellite TV, on watershed moment has
top of the $50 or so for come not from Apple or
broadband internet. Also, Google, which have tried to
The joy of being an agony aunt

I’ve never felt I need a figure out new ways into the
regular television set living room for years, but
because I don’t watch from Dish, a “traditional”
regular TV, the sort that has satellite network.
dozens of channels to flick US media companies
through. license content with strings
attached. You cannot record
chology to pick-up artists. In another 24 hours (during the week). But why, in Tell me your Like a lot of journalism, she says, most For all the hype around through Sling TV and on-
WORKING LIVES former bedroom, her staff are answer- this age of chat rooms and specialist troubles: agony of the job is about meeting deadlines, “cord cutting” — when demand viewing of previous
ing readers’ problems by email and advice groups, is there a need for a news- being reliable and producing intelligible customers ditch cable and broadcasts is available only
Emma Facebook private message as well as paper agony aunt? “It’s not that I’m
aunt Deidre
Sanders among copy to the right length. satellite subscriptions — I for certain channels. ESPN
Jacobs monitoring the Twitter feed. One peers
over her glasses to read out an email.
some wonderful wise woman or any-
thing; they know they’ll get a proper
her many Aside from the increased number of
words there are also the extra digital
am part of a minority. Barely
3 per cent of US households
and Disney ban pausing or
rewinding live shows, now
reference books
“I’ve had my eyes opened, I read the response,” she says. “Even in this day Rosie Hallam demands: a Facebook page, a Twitter go without a TV set. standard on cable boxes.
information you sent me and, with the and age with Google and everything feed, an app. The immediacy of email Now a new service is Also, for reasons that are
help of my friends and family, I have else, it’s actually very hard to find infor- encourages more people to write in, taking aim at the estimated not obvious, the ad breaks
After 34 years, ‘Dear reported the events of the last 23
months to the police.”
mation you feel you can trust.”
Philippa Perry, a psychotherapist
including those who do not read The
Sun. When email displaced letters, Ms
12m US homes that do not
have cable. Sling TV,
on ESPN are filled with a
blank screen and elevator
Deidre’ and her staff still They are a loyal bunch, the agony whose television programme, Sex, Lies Sanders started to receive many more subsidiary of satellite music that almost made me
respond to every fretful team: the newest has been in her job for
eight years; another, 26 years. The long-
and Love Bites: The Agony Aunt Story, will
be shown by the BBC this month, agrees.
problems from men. There are few
fakes and readers are, largely, civil.
provider Dish Network,
offers online streaming of
wish for something more
entertaining.
message from readers, and est-serving assistant has worked with “Agony aunts will survive because they Ms Sanders will not be drawn when live television from a
non-readers, of The Sun Ms Sanders almost as long as the head
agony aunt has been writing the tab-
offer a relationship of sorts, be it at arm’s
length. People contact [agony aunts]
asked if competitors have tried to poach
her. A few years ago an intellectual
selection of well-known
channels for just $20 a
loid’s column: 34 years. To qualify to because they feel they know them.” property lawyer persuaded her to regis- month, with no annual
S
ex is the biggest category in work here, the person must be empath- Emily Yoffe, who writes Dear Pru- ter her service mark. “It is a valuable contract. This internet
Deidre Sanders’s very partic- etic, unshockable and non-judgmental, dence for online magazine Slate, says: brand and I do protect it.” broadcasting service is in
ular database of leaflets. The Ms Sanders says. She is a reassuring mix “People come to me for a trusted voice — The internet has caused social prob- invite-only testing at the Viewing points
subtopics are pretty compre- of forthright opinion and twinkly empa- why read a movie review from a critic lems, she says, particularly with the moment, with a public While such differences are
hensive too: how to have great thy. All the team regularly attend coun- when you could go to an online forum? availability of free online pornography. launch expected shortly. annoying, the rest of Sling’s
sex; how to light her fire; worried you’re selling training and consult specialists You trust the voice of a specific person.” She has had an email from an 11-year- user interface is intuitive,
past it, guys? She writes a leaflet for each (“Thinking moves on, things change, Agony aunts’ enduring appeal is also old worried about his addiction to inter- Sports win both on a big screen and on
of the most common issues she tackles there are sensitivities you’re not aware because people like reading about oth- net pornography. “They’re getting a Sling TV complements mobile devices. You can
at work. Then there is the alphabetised of”). They share a fairly similar outlook ers’ misfortunes. Ms Yoffe says she has model of sex and relationships which is Netflix and YouTube, while browse what to watch next
list of topics on which her team regu- when it comes to responding to readers. two reactions from readers: interest that just completely distorted from anything adding a killer feature that is while watching a live show
larly proffer advice: B for babies, back The only dissent, says Ms Sanders, who someone else is experiencing a similar that’s actually likely to lead to a happy very hard to find (legally) and channel hop as you
pain, benefits, bereavement, birthdays, has two grown-up daughters, tends to be problem to their own; and relief that sex life,” she says. online: live sports. For the would on a proper telly.
blood, and so on. at what age to let a teenager’s boyfriend their problems are not as bad as the one The virtual world can also leave peo- first time, ESPN and ESPN 2, Watching via Roku on my
The agony aunt — The Sun news- or girlfriend stay over. being discussed. ple isolated. “If you lack social confi- the two most popular sports digital projector, on a
paper’s Dear Deidre — oversees an all- Such staffing is a rarity in today’s Over the decades, Ms Sanders’s word dence it’s too easy to get stuck in your channels in the US, are part speedy 80 Mbps broadband
female team of six trained counsellors newspaper world. “I’m the only agony count has risen as her space in the paper room on your screen.” Flirting on Face- of the basic $20 bundle. connection, picture quality
and an administrator from a beige and aunt left with a proper answering team,” has increased. Each week she files book is also a temptation for those in Other live channels include was indistinguishable from
cream-coloured three-bedroom flat in says Ms Sanders. “It’s a sales driver for 11,000 words. “I can’t believe another real relationships. CNN, Disney, TNT and broadcast and there was
commuter-belt territory (the precise The Sun. They see the value of it.” In journalist is doing more copy than me,” Most of the issues, however, are eter- Cartoon Network. little or no lag or buffering
location cannot be disclosed for fear of a return for the investment and auton- she says. nal: loneliness, difficulty in forming and Sling TV works on over several hours. But some
stalker’s return). “I’ve been open to omy, all problems are answered within If she goes on holiday, she cranks out sustaining relationships. She is always iPhones, iPads and Android users might soon run up
recruiting men but I’ve never had a man extra words beforehand. So too if she shocked by the “appalling things, emo- devices, as well as the Roku against their internet
apply that I actually felt was right for the
job,” says Ms Sanders, who is wearing a
Her leaflet topics are goes to hospital. When due to deliver
her daughter, 26 years ago, she wrote six
tional, physical and sexual that people
do to children”.
3 set-top box for big-screen
viewing. Samsung and LG’s
provider’s bandwidth limits,
due to the data
geometric-patterned dress. comprehensive: how to weeks’ columns in advance to cover her Podcast
Emma Jacobs
On the issue of retirement, she is smart TVs, Microsoft’s Xbox requirements of all that
Ms Sanders, who started as a sub- maternity leave. The morning she was tight-lipped. “You get this privileged
editor before writing a consumer and have great sex; how to due to have her baby, her editor called visits Dear insight into people’s lives . . . they may
One and Amazon’s Fire TV
devices will follow, it says.
video streaming.
Deidre’s
personal advice column in a women’s
magazine, has one bedroom to herself.
light her fire; worried her to ask for an extra piece. “I said, ‘I’m
just about to go and have a caesarean’.”
headquarters be moving but they’re not wearisome.” Getting ESPN on board is
a breakthrough, but many
The verdict
For all its achievements,
The books on her shelves are on a range you’re past it? To which he replied, “It’s just routine ft.com/agony
emma.jacobs@ft.com big names are missing, Sling TV has one big flaw. If
of work-related topics from child psy- surgery.” She wrote it. Twitter: @emmavj including other sports you are not a sports fanatic
channels — which means no or news addict, is there
Super Bowl football or Major anything left on live TV
League Baseball — and worth watching? Most of the
some popular sources of best shows head to iTunes,
Blokeish crowdsourcing fuels the Lad Bible’s unholy success drama: no HBO for Game of
Thrones, which plans its
own cable-free streaming
Hulu or Netflix soon after
broadcast. Cord cutting is as
much about choosing a few
service; no AMC, maker of great things to watch a lot
Breaking Bad; no Showtime, as about ditching expensive
Readers produce much of community, community.”
At the Lad Bible’s office in Manches-
have raised nearly $100m in venture
capital in the past six months.
women in underwear. By 2013, sport
clips had joined the mix.
which shows Homeland.
Moreover, Sony is testing
cable services. Sling TV is
technically and commercially
the content of this popular ter, twenty-somethings trawl through So far the company behind the Lad Most sexist content — including a competing internet TV innovative, but much of the
site, writes Henry Mance reams of photos and videos. Readers,
mostly men aged 16 to 30, send in about Video
Bible, 65twenty, has received no exter-
nal investment, and says it is now cash-
Cleavage Thursday — has been jetti-
soned. The best posts are now “fun,
service: PlayStation Vue will
have some of the content
content to watch on it is not.
Perhaps I’ll hold off buying
1,000 submissions a day. The in-house Henry Mance flow positive. “This has been boot- uplifting, time-relevant, engaging”, Sling lacks, such as Fox’s that TV set a little longer.
It has more Facebook fans than Buzz- editorial team selects the best, captions meets the strapped from day one,” says Mr Solo- says Mr Kalantari. That reflects a
twenty-
Feed, and more Twitter followers than them, and publishes about one an hour. somethings who mou. Sir Robin Miller, former chief change among young people, he says,
Rupert Murdoch. Is the Lad Bible a new “We know within a minute how well a executive of magazine publisher Emap, who no longer want nastiness.
media force to be reckoned with? post will do,” says Mr Kalantari. One
run the site
and Hugh Chappell, founder of technol- One-quarter of the site’s fans are
Planet of the apps
ft.com/ladbible
The website, run by two friends from Lad Bible photo — “The mother of all ogy site TrustedReviews, serve on the reportedly women. 65twenty has
Stockport in the northwest of England, steak!” – has received over 160,000 board. launched a new female-targeted site, emails into a “focused” inbox
has surged in popularity, with blokeish likes and 30,000 comments on Face- A few brands — such as Pot Noodle Pretty 52. But reader comments on the for important messages, the
commentary on sports (“Meet the book. The day the FT visits, a screen Laughing boys: and Sky’s Now TV — have paid for spon- Lad Bible are still unruly and occasion- rest going into “other”, and
world’s best backwards bowler!”) and shows 12,000 users on the site at that the Lad Bible sored content on the site. ally offensive. learns from your behaviour
light-hearted news. moment. Unique monthly browsers are website To attract more, it is As it matures, 65twenty has started to to improve the filtering. You
If MailOnline considers itself “jour- about 26m, excluding linked sites Stu- Rosie Hallam downplaying its history pay for rights to some photos. More can swipe left or right to
nalism crack”, this is a journalism dent Bible and Sports Bible. of misogynistic content. original content is planned. “Originally What it is delete or flag for later.
jägerbomb. And it is cheap: most ingre- Crowdsourcing content is not new; The site started in we were probably quite reactive, it’s Microsoft Outlook, free for A calendar is integrated
dients are sent in by readers. take You’ve Been Framed!, the television 2011 with a set of com- moving to a more proactive behaviour,” iOS and Android directly into the Outlook
“We’ve always been clear on what we show where viewers send in funny mandments. One of says Mr Solomou. It is also cracking app, with a useful “send
want to do: a community-style web- videos. But today people are not send- the more printable down on imitators that call themselves Why you should try it availability” feature, to
site,” says Arian Kalantari, 23, who runs ing clips to broadcasters: “We’re getting is: “Thou shall never “Bible”. Microsoft’s new Outlook app shortcut the usual to and fro
the site with his partner Alexander Sol- all the content,” says Mr Solomou. drink cider, when reach- But unlike BuzzFeed, 65twenty has can be used with all the when arranging meetings.
omou, 24. The two bought it from its The business is now looking for the ing the British legal no plans to invest in first-hand report- biggest email providers and Attachments can be saved
founder when fans were in the hun- respectability of other viral con- drinking age.” By ing and long-form journalism. Why offers several features that to Dropbox, iCloud, Google
dreds of thousands. “For a year, it was tent producers, such as Buzz- 2012, it had added anec- would it? A week ago, the Lad Bible had improve on Google’s Gmail Drive and Box, as well as
just two of us at [Leeds] uni, and that’s Feed, Business Insider and dotes from readers, mostly 8.1m likes on Facebook. That number or Apple’s Mail apps. It sorts Microsoft’s OneDrive.
what we focused on — community, Mashable, which together sexual, and pictures of has since grown by more than 100,000.
ARTS
The comedy
brings in the UK. All the lead roles are
played by Brits. Only before the main
story’s battle dust rises, and as it begins
to clear, does America hazard its own
that couldn’t
icons: Oprah Winfrey, no less, as the
black woman in the prologue vainly bat-
tling for voting rights; later, Martin
Sheen, liberalism’s ageless poster boy, as
be gagged
the judge ruling the legality of the march.
The tableau vivant style in cinema is
wonderful when it works. Jessica Haus-
ner’s Amour fou, from the Austrian
director of the sombrely bewitching
Lourdes, is the tale of Heinrich von
Kleist’s pact with love and suicide. The
FILM author of Michael Kohlhaas and The Mar-
quise of O persuaded a married woman to
Nigel share a double immolation, courtesy of
Andrews twopistolshots.
The build-up scenes of talk and philos-
ophising, in salons and sitting rooms, are
hypnotic. The interiors, Vermeer-like,
are chaste, pale, decorative. This is a
T
ottering towards the titters world of refined high-reaching, where
it was originally made for, gentility and passion interact, where civ-
bloodied and more than a ilisation and romanticism are both
little bowed, The Interview attaining their peaks. What better time,
finally makes it from US to the film asks (half rapt, half wry), for a
UK and selected outposts worldwide. If fulfilled but despairing genius to blow his
ever a proverb was put through a stress The Interview (15) enemies need to be lulled into uncon- ningly overpraised by some critics — as brains out, in company with the collat-
test it has been “There’s no such thing as Seth Rogan, Evan Goldberg sciousness. In a word: sheep. Here they of Mandela: Long Walk to Freedom: two eraldamageofhischoice?
bad publicity.” Try telling that to the aaaee take an away day from Mossy Bottom moviesinwhichthefightforblackrights, Back in Hollywood, crazy is as crazy
famous Japanese distributors. Here is a Farm, by bus, to tour the big city in semi- instead of having a fiery and inspiring does. Filmmakers Lana and Andy
film they strove to stop being served Shaun the Sheep Movie (U) disguise. That means thrift-shop hats, crackle, is like being hit over the head Wachowski follow Cloud Atlas with
Sony side up, or indeed at all. Amazingly Richard Starzak, Mark Burton suits, frocks, buttoned up to or just withalong,soggysermonette. Jupiter Ascending, a sci-fi adventure
it is now put before us over easy(ish), aaaae beyond the giveaway woolly necks. Eyes The self-evident — that Martin Luther fantasy in 3D almost inspired in its
overhereandonlymildlyoverdue. poke out above dark snouts like fireflies King helped transform a race’s future derangement.MilaKunis,Chicagoimmi-
As a movie it proves everything it was Selma (12A) onamidnightquivive. and a nation’s self-esteem — never, unin- grants’ daughter, learns she is the Queen
cracked down to be. The biggest guffaws Ava DuVernay TheFarmerisalsointown,runninghis flected, makes good cinema. For that you of the Universe. She is whisked to a far
are the most inadvertent — the script aeeee own gauntlet of comical catastrophes. need conflict, passion and the drama and planet by Channing Tatum, intergalactic
seems written on a shtick and a prayer — The sets are a Toytown wonderland. The unpredictability of a seeming “now”. See Hermes, to trade dialogue with hissy
while buffoonish bromance blooms Amour fou (12A) humans as well as the animals vocalise in Lincoln and 12 Years a Slave. Here instead tyrant Eddie Redmayne (stealing every
everywhere. You’d expect this in a com- Jessica Hausner non-lexical grunts, squeaks, murmurs, wegetthedead-as-a-plankre-enactment scene not nailed down). The plot thick-
edy from Seth Rogen, star, co-writer, co- aaaae bleats. The other sound (figurative) is of a pietised “then”: a 50-year-old battle ens. The cosmos explodes. The film is
director. On screen his TV producer, the pinball clang and ping of a script of ideals between Good Guys (David gagaandoccasionallyglorious.Don’ttake
James Franco’s chat show host and even Jupiter Ascending (12A) where few seconds elapse without a win- Oyelowo’sMLK,TomWilkinsonasLBJin anyonesensitivetosensoryoverload.
Randall Spook’s Kim Jong Un, the story’s Andy and Lana Wachowski ning gag. The sheep themselves are civil rights reform mode) and Bad Guys Still Life is a doleful charmer written
interview/assassination target, all come aaaee brought to life with a dotty brio quintes- (Tim Roth’s Governor Wallace, keeping and directed by Uberto Pasolini, long-
from the same mixing bowl. Saturday sentially Aardman. I liked the ovine the Alabama hate fires burning) that time UK-based producer (The Full
Night Live frat humour. Stir in anal jokes Still Life (12A) grins and smiles slid out from the side of seemsexactlythat:50yearsold. Monty). Eddie Marsan is wonder-
(alevelshovelful)andgross-outgoreand Uberto Pasolini the face like a PC’s disk drawer (with The film is shot in lantern-slide ful as the forlorn, sweet-souled
top with a shock climax that should be a aaaee teeth). What other way to get a droopy- scenes, each making its bromidic point loner who locates dead folks’ rela-
shoo-in for the Worst Taste in a Black headed dumb chum, covered in wool, to while the music’s pious drizzle adorns tives for the council undertakers.
Comedy(Ever)Oscar. Frat pack: keepshowcasingitsivories? the soundtrack. As the historic He goes from case to case. He solo-
Surprisingly, The Interview is often Diana Bang, If you want safer mirth, try Shaun the You can whisper it in the Hollywood Selma-to-Montgomery protest attends funerals. He almost falls for
funny. Unsurprisingly, it often isn’t. It’s Seth Rogen and Sheep Movie.Indeeddon’tmissit.Those valleys, you can yell it from the Holly- march is planned and enacted, the the daughter (Joanne Froggatt) of a
an uneven, designer-silly fun piece that James Franco in knowing the Aardman TV series will wood hills. “Good causes seldom make lines of dialogue banally thud. mortuary client. Only once is Paso-
somehow came close to starting the dig- ‘The Interview’. know the main characters. Most of them good movies.” It makes no difference: (“This right here is the next lini’s tragicomical pudding over-
ital age’s first world war. That, not the Right: ‘Shaun are woolly, bulb-eyed, stick-legged crea- they keep churning them out. That there great battle.”) To spare its egged, or over-sugared. Did we really
movie itself, should be the cue for a large the Sheep tures given to jumping serially over stiles is no greater hokum than holiness, secu- own nationals from per- needallthoseghostlyvisionsclosing
ifscaryroundofcosmiclaughter. Movie’ or fences in any crisis response when lar or divine, is as true of Selma — stun- forming this stuff, the US insentimentallyattheclose?
THIS EVENING’S TELEVISION
Pick of the day

If the prospect of solid cheerful turmoil that makes
Genesis (the band, not the Milk Wood look as orderly
scriptures) from 9pm as Cheltenham. Patrick
onwards on BBC4 in Baladi co-stars as the
documentary, concert, and matriarch’s mate. A diverting
Top of the Pops archive ensemble piece.
strikes you as an hour or The impression that nerds
so of Phil Collins too many, are coming into fashion is
take refuge with Stella reinforced by The Social
(Sky 1 9pm). The sitcom Network (More4 9pm),
situated in a Welsh based on Mark Zuckerberg’s
community has undergone success story and scripted
changes but Ruth Jones’s by The West Wing’s Aaron
Cambrian Mother Courage Sorkin. Snappily, wittily,
(pictured, with David Peet) unstoppably entertaining.
remains the anchor in the MARTIN HOYLE
BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News. 6.00 Eggheads. Quiz. 6.00 ITV News London. 6.00 The Simpsons. R
6.30 BBC Regional News 6.30 The Great Antiques Map 6.30 ITV News and Weather. 6.30 Hollyoaks.
Programmes. of Britain. Tim Wonnacott 7.00 Emmerdale. 7.00 Channel 4 News.
7.00 The One Show. Chris Evans visits Cambridge’s Town 7.30 Coronation Street. 8.00 The Jump. The remaining
and Alex Jones round off and Country Fair. 8.00 The Martin Lewis Money celebrities head up into the
the week. 7.00 Six Nations Rugby Union. Show. The financial guru mountains once more to
7.30 Live Six Nations Rugby 7.30 The Wonder of Animals. and Saira Khan help a compete in the unforgiving
Union. Wales v England New series. Wildlife couple with very different ski cross.
(kick-off 8.05pm). John documentary using views on their money and 9.00 8 Out of 10 Cats Does
Inverdale introduces research into animal present a guide to cutting Countdown. Team captains
coverage of the opening anatomy. Previously seen the cost of holidays. Last Sean Lock and Jon
match of this year’s on BBC Four. in the series. Richardson are joined by
championship. 8.00 Mastermind. 8.30 Coronation Street. Vic Reeves and Bob
10.00 BBC News. 8.30 Food & Drink. 9.00 Benidorm. A dejected Mortimer, while Jack
10.25 BBC Regional News and 9.00 The Big Allotment Joyce receives another Whitehall is in Dictionary
Weather. Challenge. Finalists present blow when Janey reinstates Corner with Susie Dent.
10.35 The Graham Norton Show. cauliflowers and Cape Jason Gallagher. Jimmy Carr hosts.
Graham talks to Julianne gooseberries. Last in the 10.00 ITV News at Ten and 10.00 The Last Leg. Adam Hills,
Moore and Cuba Gooding series. Weather. Josh Widdicombe and Alex
Jr, who appears in the 10.00 Rhod Gilbert vs 10.30 ITV News London. Brooker are joined by
Martin Luther King Jr Kilimanjaro. The comedian 10.40 Film Parenthood. A family Episodes star Stephen
movie, Selma. documents a charity man struggles to be a Mangan for a comic review
11.20 Bluestone 42. Mary takes challenge. better parent to his of the past seven days.
an unexpected shine to a 10.30 Newsnight. children than his own 11.05 Catastrophe. R
government minister and 11.00 Weather. father was to him. Starring 11.35 Brooklyn Nine-Nine. In
Nick comes up with a plan 11.05 Film Things We Lost in Steve Martin and Mary another Halloween wager,
to get rid of him. the Fire. Drama, starring Steenburgen. Peralta bets Holt he can
Previously shown on BBC3. Halle Berry, Benicio Del steal his treasured watch
11.50 EastEnders. R Toro and David Duchovny. Regional variations apply before midnight.
Other channels
BBC3 Dollar Wreck Hunt. 8.00 Ice 8.00 Without a Trace. 9.00 Penny Five-0. 11.50 Underworld.
7.00 Doctor Who: The Ultimate Road Truckers. 9.00 Celebrity Dreadful. 10.10 Fortitude. 11.10
Guide. 7.10 Doctor Who. 8.00 Big Brother: Live Final. 10.50 Curb Your Enthusiasm. 11.50 The Sky Arts 1
Excluded: Kicked Out of School. Celebrity Big Brother’s Bit on Comeback. 6.20 Beat Beat Beat. 6.30 Peter
9.00 Tough Young Teachers. the Side. Gabriel: Live in Athens 1987.
10.00, 10.30 Russell Howard’s Sky Sports 1 9.00 Pink Floyd — Live at
Good News. 11.00, 11.25 Family More4 6.00 Premier League 100 Club. Pompeii. 10.25 Ladies and
Guy. 11.45 American Dad! 6.50 Building the Dream. 7.55 6.30 The Fantasy Football Club. Gentlemen: The Rolling Stones.
Grand Designs. 9.00 The Social 7.30 Live First Utility Super 11.55 The Doors Live at the
BBC4 Network. 11.20 Gogglebox. League. 10.15 The Fantasy Hollywood Bowl ’68.
7.00 World News Today. 7.30 Football Club. 11.15 Super League
Film4 Gold. 11.30 Barclays Premier Sky Arts 2
Sounds of the ’60s. 8.00
6.50 The Death and Life of League Preview. 6.00 South Bank Show Originals:
Symphony. 9.00 Genesis: Together
Charlie St Cloud. 8.50 Selma David Lean. 6.30 South Bank
& Apart. 10.30 Genesis: Three
Interview Special. 9.00 This Is Sky 1 Show Originals: John Lee Hooker.
Sides Live. 11.55 TOTP2: Genesis.
England. 11.05 End of Watch. 6.00 Futurama. 6.30, 7.00, 7.30 7.00 Discovering: David Niven.
Channel 5 The Simpsons. 8.00 Show Me 8.00 An Evening with Il Divo.
6.00 Home and Away. 6.30 5 Sky Atlantic Your Garden. 9.00 Stella. 10.00 Joseph Calleja — A Night
News Tonight. 7.00 The Billion 6.00 House. 7.00 Blue Bloods. 10.00 Quiz Nights. 11.00 Hawaii in Malta.
Inversion
Company valuation Analyst consensus for net income growth
Forward price-to-earnings ratio Per cent
AstraZeneca Sanofi
Valuations for both Sanofi 20 6.6
and AstraZeneca have grown. 6.2
Twitter: @FTLex Email: lex@ft.com
AstraZeneca has a higher
18
valuation despite expectations
that its net income will shrink
in the coming years 16
BT and EE: prime frequency band. EE only has 8 Pfizer:
per cent. BT may need to spend more
crossing the Ts money to fully achieve the coverage 3.3 only in America
14
touted by EE. The moment for bravado
A major acquisition is part bravado, has passed. Time to get busy with those M&A begins at home for Pfizer. It may
part dull detail. The former has come boring details. 12 not end there. Jilted by AstraZeneca in
easy to BT Group’s chief executive, 2014 — it had hoped to “invert” into its
Gavin Patterson. He has marched first target and the more favourable UK tax
into the UK’s sports programming Twitter: 10 domicile — the US pharma group has
market, and now into mobile found a new target in Hospira. The
telephony. But it is execution, rather cruising altitude company, which specialises in
than swagger, that determines a deal’s 8 -2.0 injectable therapies, will cost Pfizer just
success. Is Twitter destined to remain a $17bn (AstraZeneca’s enterprise value
BT’s confirmation of its acquisition of playground for a limited number of -2.8 -2.6 is $90bn). With cheap financing and
UK mobile carrier EE yesterday is as tweet-happy enthusiasts, or will it 6 combination benefits, Pfizer’s earnings
much about dotting the i’s as adding become the next all-purpose platform 2012 13 14 15 2015 2016 2017 will jump immediately. More
some t’s. In this case DT, Deutsche for digital life? Co-founder Evan significantly, the deal advances the
FT graphic. Sources: S&P Capital IQ; Bloomberg
Telekom. As part-owner of EE, it will Williams threw his weight behind the possibility of a Pfizer break-up.
receive a 12 per cent stake in the former when he used unprintably The earnings outlook that Pfizer
combined BT-EE, along with a seat on colourful language to describe how he It looks upside down. Two big Analysts expect Sanofi’s growth to Perhaps there is some expectation, shared last week highlighted its biggest
the board. DT will also have the option felt about Instagram overtaking European pharma groups reported accelerate in 2016 and 2017; it has a following Pfizer’s bid last year, that challenge. Revenues will fall this year,
to lift its interest up to 15 per cent Twitter in user numbers (Hint: he 2014 results yesterday. AstraZeneca diverse portfolio with slow, consistent AstraZeneca will be bought. Today’s while earnings per share will stay
within three years. Interesting, if the didn’t care very much). More clocked in with a 3 per cent rise in growers such as insulin; hard to copy news that Pfizer has bought Hospira roughly flay because of deep cost cuts
two want to co-operate on pan- important, he said, was how much sales for the year but, even excluding treatments for rare diseases; and for $17bn, and that AstraZeneca has and share buybacks. The company
European ambitions. Orange, the other those people who do turn up care about a pile of one-off costs, net profit was vaccines. Analysts expect declines in spent $600m on respiratory drugs, churns out a whopping $90bn in
part-owner of EE, will receive cash and the experience. down 8 per cent. It told investors to revenues and profits in those years at should put an end to these hopes. annual revenue. How can such a
a 4 per cent stake in BT-EE. With its latest quarterly numbers, expect falling sales, and modest AstraZeneca, which will face generic The other explanation is that monster grow — and so attract a better
DT and Orange will receive a total of Twitter delivered a graphic earnings growth, in 2015. This competition for US Nexium (7 per cent AstraZeneca’s growth will be strong a valuation? Pfizer is considering mitosis.
£6.8bn of shares. The cash part of the demonstration of how a business built excludes the impact of currency of total sales) imminently, and for US few years further out. This depends It will spend a ridiculous $400m in
consideration will be funded by debt on those terms could play out. which, at the pound’s current level, Crestor (11 per cent of sales) next year. on the immuno-oncology drugs in its 2015 exploring putting its higher-
and a £1bn equity issue. That last point Engagement — measured by the will probably worsen the sales Which company trades at a higher pipeline selling as well as it hopes. No growth units into new company.
cheered the market — analysts had number of timeline views per monthly decline and wipe out the earnings valuation? The one that is set to shrink. drug class creates more excitement. Hospira would fit into Pfizer’s low-
expected BT to issue £2bn of equity. Its active user — turned up for the first growth. AstraZeneca trades at 17 times this Roche, Bristol-Myers Squibb and growth segment (“Global Established
share price rallied 5 per cent. time in five quarters. Users were not Then there is Sanofi, which year’s expected earnings; Sanofi at 16. Merck are also active in the space. Pharmaceutical”). The generic
Having DT on the board may help BT put off by an increase in ads. With a expanded sales by 5 per cent and For several years the difference in Investors at ease making guesses injectable marketplace is growing
integrate the new company. Mr 10 per cent improvement in pricing, ad earnings by 7 per cent, and also sees valuation went the other way — Sanofi about cancer treatment may feel at 10 per cent a year and should reach a
Patterson’s team has promised cost revenue for each timeline view went up modest earnings growth this year — has been outgrowing Astra for some ease paying up for AstraZeneca. market size of $70bn by 2020.
savings worth £360m annually. BT says 60 per cent. but, at the current level of the euro, time. The relationship inverted at the Those who like their pharma stocks Hospira’s other area is biosimilars,
that if those savings are capitalised and The operating leverage from that will receive a currency boost. beginning of last year. defensive will stick with Sanofi. therapies that replicate biological (as
then taken off the £12.5bn acquisition pick-up is impressive. Earnings margin opposed to traditional chemical) drugs.
price, the deal values EE at six times before interest, tax, depreciation and Biosimilars are a small business, but
trailing earnings before interest, tax, amortisation was 30 per cent, from Pfizer estimates the market could
depreciation and amortisation. 18 per cent the year before. Ironically, coming quarters. Investors swept up by 2014. The company sold 2.5m cars and (trucks and financing make up the reach $20bn by 2020. The growth that
Without the discount, EE’s price the unexpectedly strong revenue lift the enthusiasm over the latest earnings trucks last year, generating 10 per cent rest). However, Daimler expects global Hospira brings could make Pfizer’s
looks closer to eight times, which is presented a new challenge for a had better hope they are right. revenue growth and pushing operating car sales to grow only 4 per cent next Established segment more attractive as
about right for a global mobile management team that has not always profits up a quarter. But despite the big year, highlighting how ambitious its a standalone company.
company. EE barely makes a net profit. shown itself adept at execution: Twitter numbers for 2014 and the big promises 10 per cent sales growth target is. Hospira does not come cheap. The
With the share dilution, the deal does could not invest the extra money fast Daimler: for 2015, the market shrugged — Is that 2015 guidance ambition or $90 per share price is three times the
not add to BT’s earnings per share in enough, boosting margins faster than Daimler shares barely moved delusion? The company is investing price of two years ago. But this deal
the first year, even including the its internal forecast. Benz in the road yesterday. plenty in research, technology and new may not be the end of the story — and
hoped-for savings. All of this will come as a relief to The stock has had a very strong run, production facilities (in China, the US AstraZeneca might not have been the
BT chose to buy EE (rather than O2, investors made wary by turmoil in Oh dear. When a company uses cheesy up more than 45 per cent in the past and India). There are a few new high last word on Pfizer’s efforts to avoid US
which was also an option) because it Twitter’s management ranks. The 1970s rock to sell its strategy, you have four months. At 12 times forward margin car models coming in 2015. taxes. AstraZeneca is off the table; a
has the best 4G coverage in the UK, at trouble is, the company’s heady to worry. “You Ain’t Seen Nothing Yet” earnings they trade at a slight premium Low fuel prices and low financing foreign address may not be. If a spin-off
more than 80 per cent of the valuation can be justified only on the (the Bachman Turner Overdrive to BMW (11) and a substantial rates will make higher margin cars and is completed, the smaller Pfizer units
population. But things are not quite so assumption that its user base will grow classic) accompanies Daimler’s latest premium to mass-market names such SUVs more affordable. However, it will would be more digestible to an
simple. Mobile operators prefer certain enormously — a view management annual results video. The company as VW, Toyota and GM. Mercedes- not feel the benefit of the falling euro: international buyer — or could invert
frequencies for the best balance of data backs, whatever Mr Williams says. promises rock-solid growth (over Benz’s young, broad product range has the company has hedged its currency into a smaller international target.
capacity and range. Too high or too low On that measure, the 4m net new 10 per cent) in unit sales, revenues and sold well in the key markets of China exposure (80 per cent next year and
and more equipment (such as base monthly users added in the fourth earnings next year. and the US, each of which account for more than 50 per cent in 2016). So no
stations) is needed to ensure good quarter was a let-down, even allowing That is ambitious, but Daimler might about a fifth of new-car sales according dramatic shifts. Just more of what has Lex on the web
For notes on today’s breaking
service. According to Moody’s, O2 and for technical headwinds. Twitter well make it. The company produced to IHS automotive. Cars generate more worked recently. There is nothing here stories go to www.ft.com/lex
Vodafone each have 42 per cent of promises a return to normal growth in record figures on all three metrics in than half of the company’s profits we haven’t seen yet.
1010 1000
56 1010 Forecasts by
1020
8 4
7 1030 -1
-3 -7
7
HIGH 5 Luxembourg Fair 1 34
5 10 Lyon Cloudy 2 36
6 Madrid Sun 6 43
0 -1 LOW
6 3 1 Manchester Fair 4 39
6 Miami Sun 22 72
5 2
6 1 0 Milan Sleet 3 37
4 Montreal Snow -9 16
2 4
6 0 Moscow Cloudy -7 19
4 5 2
Mumbai Sun 30 86
6 2 11
5 Munich Fair 1 34
5 29 14
6 New York Sun -2 28
11 Nice Shower 10 50
5 11 6 LOW 12 Paris Fair 2 36
8 1000 19
31 20 Prague Fair 0 32
1010
Reykjavik Snow 6 43
11 13 2 28
Rio Thunder 29 84
Wind speed in MPH at 12 GMT 10 32 Rome Shower 11 52
Temperatures max for day˚C Wind speeds in KPH 19 San Francisco Rain 17 63
Stockholm Fair 2 36
Today’s temperatures Strasbourg Fair 3 37
Abu Dhabi Sun 25 77 Belgrade Sleet 6 43 Copenhagen Cloudy 2 36 Hamburg Sun 2 36 Sydney Fair 25 77
Amsterdam Fair 3 37 Berlin Fair 1 34 Delhi Sun 21 70 Helsinki Fair 4 39 Tokyo Sun 10 50
Athens Shower 19 66 Brussels Sun 2 36 Dubai Sun 25 77 Hong Kong Fair 16 61 Toronto Cloudy -5 23
B’ham Fair 4 39 Budapest Cloudy 4 39 Dublin Cloudy 6 43 Istanbul Fair 16 61 Vancouver Rain 12 54
Bangkok Sun 32 90 Buenos Aires Sun 32 90 Edinburgh Cloudy 6 43 Jersey Cloudy 5 41 Vienna Sun 2 36
Barcelona Sun 9 48 Cardiff Fair 5 41 Frankfurt Sun 3 37 Lisbon Cloudy 11 52 Warsaw Cloudy 0 32
Beijing Fair 9 48 Chicago Cloudy -1 30 Geneva Cloudy 2 36 London Fair 6 43 Washington Sun 4 39
Belfast Cloudy 6 43 Cologne Fair 2 36 Glasgow Fair 5 41 Los Angeles Sun 21 70 Zurich Cloudy 0 32
ACROSS 4 Incinerator I do get fussed

CROSSWORD 1 Old poetry to get when abroad (8) about – one must provide some
No. 14,848 Set by BRADMAN 5 Fellow starts to get everything ventilation (3,11)
repaired – clumsy worker (6) 6 New volunteers will get stuck into
10 Help the person who has been work, as available (2,3)
taken in through listening (7) 7 Novelist has brief line that might

11 Motorist’s cheap alternative suggest fresh leaves on the tree
engineers rated “bad” (7) (8)
12 Weird emanation’s initially seen 8 Content of salad bowl is shared
by lake (5) out (8)
13 Those inside happen not to have 9 Put off triceratops and trembling

right underwear (9) (14)
14 Dairy product to indulge in 15 A little room showing heaven and
somewhere in Somerset (7,5) hell? (5,4)
18 Person’s physical state is 16 Bill provided with advance
something that matters to financial information is held up (8)

Americans (12) 17 Clothes wrecked by water and ink
21 No longer having to win, one (8)
disappeared in the country? 19 Bishop repeatedly held by canon
(3,2,4) to be rubbish? (6)
23 Dear solver, no good being 20 Some progressive female

immature! (5) deemed to be nasty (6)
24 Heartless act in that place where 22 Overweight, taken drug, daughter
people go to watch (7) is doomed (5)
25 Difficulty that’s beginning with
money in Russia (7)
26 Laugh at poor exam grades SOLUTION 14,847

obtained by sally (6) *
0 $
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27 It sounds like one adored Scottish 5 ( 3 / , & $ % 8 < 7 , 0 (
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DOWN 1 2 5 7 + ' ( 0 ( 5 $ 5 $
JOTTER PAD 1 Exposed, with intervention of
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Friday 6 February 2015 ★★★ 15
HDFC Bank Vodafone Ford Greek stocks €/$ Brent crude £/$ Gold
City Insider Odd couple (ATG index)
at the breakfast club 0.82% 2.37% 0.25% 3.4% 1.3% 4.5% 1.1% $3
HARRIET AGNEW, PAGE 20
Rs1,076 230.90p $15.83 819.5 $1.1487 $56.57 $1.5332 $1,266
Pfizer back on Marqued change

Daimler promises ‘unprecedented’ profits surge
Short
View
deal path with James
Mackintosh
$17bn Hospira A finance minister who has written or edited five books on
game theory ought to have a smart negotiating strategy.
But Greece’s Yanis Varoufakis seems to have been out-
acquisition
played by the acknowledged master of financial bluff, the
European Central Bank’s Mario Draghi. Worse still for
Athens, Germany yesterday put up a wall of Teutonic
intransigence, with its finance minister and Mr Varoufakis
failing even to agree on whether they disagreed or not.
Greece is not yet in checkmate but its defence looks
weak. The game for investors is in working out whether the
Analysts see move for copycat biotech Greeks or Germans might sacrifice position and accept a
draw, or upend the board and threaten financial chaos.
as step towards break-up of company The ECB on Wednesday evening decided to stop accept-
ing Greek government bonds as collateral, not unreasona-
ANDREW WARD — LONDON new sources of growth, although bly, given Mr Varoufakis had earlier declared his country
DAVID CROW AND
JAMES FONTANELLA-KHAN — NEW YORK
Mr Read has used several public appear- “bankrupt”.
ances recently to insist the company Investors took the news badly, with bank shares plum-
Pfizer has unveiled its biggest deal since does not “need” to do a big deal. meting 23 per cent and short-dated Greek bond yields
abandoning an ill-fated pursuit of Astra- The transaction continues a year-long jumping to almost 20 per cent. But reality soon set in, as
Zeneca, agreeing to buy a maker of mergers and acquisitions spree across explanations of the complexities of euro financing filtered
copycat biotech drugs and sterile inject- the pharmaceuticals sector, and bank- out; in particular, full financing will still be available from
ables in a transaction valued at about ers said it was indicative of the type of the Greek central bank. Shares and bonds recovered most
$17bn. M&A that groups were likely to pursue of their losses, with banks closing down 10 per cent.
Its decision to pay $90-a-share for US- in 2015. If the worst happens and Greece dumps the euro (some-
based Hospira had diminished the pros- However, the 39 per cent premium to thing Mr Varoufakis opposes), the ECB would be in a worse
pect of Pfizer pursuing a transforma- Hospira’s stock at the close on Wednes- position under its new approach. The same euros will be
tional deal on the scale of its £69.4bn bid day highlighted the hefty valuations created, but rather than claims against Greek banks with
for AstraZeneca, analysts said, and required to secure assets. government bonds as collateral, the ECB would have a
could presage a full-scale break-up of Mr Read said this week that Pfizer had tough-to-enforce claim against the Greek central bank.
the company within two years. a “bias towards deals with the potential Mr Varoufakis argued in his book Rational Conflict that
“We think this deal signals a firm for creating value in the near-term” game theory is oversimplified. Still, investors are focused
intent to separate in 2017,” said Jeffrey rather than investing in riskier assets. on the straightforward win/lose question of whether Ger-
Holford, an analyst at Jefferies. Hospira is the world’s largest pro- many will agree to ease austerity in Greece — where com-
Ian Read, Pfizer’s chief executive, said ducer of generic injectable drugs and is promise ought to be achievable, whatever model is used.
Hospira would become part of the also building a strong position in the If Germany and the ECB decide to cut off Greek banks
group’s “established pharmaceuticals” important new market for biosimilars — properly by blocking emergency lending by the Greek cen-
business, which he has suggested could medicines that aim to mimic biological tral bank, Mr Varoufakis will be left with the unpleasant
be hived off from the rest of the group. treatments at a lower price. choice of Cyprus-style capital controls or a eurozone exit.
Analysts said the addition to the divi- Biosimilars are expected to grow into Yesterday’s wild swings in Greek markets give a foretaste
sion of Hospira, which has $4.4bn of a multibillion-dollar global market as of what could happen if one side or the other chucks the
revenues, was designed to bulk up the the first generation of blockbuster bio- pieces to the floor.
established business so it could stand on logical drugs — which are derived from
its own as an independent company. living cells rather than chemicals — Financing Greek banks
The acquisition of a large US biotech begin to lose patent protection. Change in deposits ECB/eurosystem
company follows a White House clamp- Hospira was the first US company to (€bn) funding (€bn)
down on “tax inversions” of the kind launch a biosimilar with an imitation of
10 150
that would have enabled Pfizer to move Johnson & Johnson and Merck’s Remi- Chris Ratcliffe/Bloomberg
its tax base to the UK had a deal with cade arthritis drug, introduced in Daimler has promised share- Motor Show, reported group 130
5
AstraZeneca gone through. Europe last year. holders a dividend increase and operating profits up 27 per cent 110
The deal also provides an alternative Pfizer was advised by Guggenheim “unprecedented profitability” in 2014 at €10bn, on sales of 0 90
outlet for some of Pfizer’s big cash Securities, JPMorgan and Lazard, with as the German car and truck- €130bn. It predicted further Investors took
reserves after a long and futile search for legal assistance from Ropes & Gray and maker benefits from new “significant growth” this year in * 70
overseas targets. It said it had repatri- Clifford Chance. Morgan Stanley served models that have dispelled the unit sales, revenues and operat-
Daimler has made a -5
50
badly news of the
ECB deciding to
ated some of the cash it had been build- as Hospira’s financial adviser, while “old man” image of its main ing profits, partly thanks to big rock’n’roll promise to -10 30 stop accepting
ing up abroad to help fund the deal. Skadden, Arps, Slate, Meagher & Flom Mercedes-Benz brand. sales increases in China. It is investors: ‘Baby you 2008 10 12 14 Greek government
Since its botched approach for Astra- LLP was its legal adviser. The company, which also targeting 10 per cent profit ain’t seen nothin’ yet’ Source: Credit Suisse *Estimate bonds as collateral
Zeneca, Pfizer has been linked with a Lex page 14 makes the Smart car, pictured margins at Mercedes-Benz.
wide range of other assets as it seeks Pfizer closer to split page 16 above at last year’s Geneva Report page 19 Page 14 james.mackintosh@ft.com
Twitter shares fly high in spite of

disappointing increase in users
HANNAH KUCHLER — SAN FRANCISCO ter wanted to tackle the online harass- 2014. Sales almost doubled as Twitter
ment, known as trolling, that put some pushed monetisation in its first year as a
Twitter shares jumped more than
users off the platform. In a post on an public company.
11 per cent to $45.50 in after-hours
internal forum, obtained by tech blog It forecast total revenue of between
trading as the company beat expecta-
The Verge, he said the company lost $2.3bn and $2.4bn for 2015, higher than
tions on earnings and revenue, despite
“core user after core user by not the average prediction for $2.3bn. It also
disappointing user growth figures.
addressing simple trolling issues that guided towards adjusted earnings
Finmeccanica eyes growth The messaging platform was ahead of they face every day”. before interest, tax, depreciation and
from a smaller base expectations in the fourth quarter and Twitter reported non-GAAP earnings amortisation of $550m to $575m, higher
issued guidance for 2015 that was above per share of 12 cents, double the consen- than the $552m consensus.
State-appointed Finmeccanica chief the average analyst forecast. sus for the quarter, and 14 cents in the Mr Costolo said Twitter had seen
Mauro Moretti says he will shrink the But it reported 288m monthly active full year, higher than the forecast of monthly active user growth returning to
number of businesses in the Italian users, a growth rate of just 1.4 per cent 9 cents. It made a loss of 20 cents per “normal levels” in the first quarter of
aerospace conglomerate ‘but enlarge quarter on quarter, despite having share on a GAAP basis in the quarter 2015. He blamed the slow growth in
every one that remains’ as the group tweaked the app to make it easier to use and a net loss of $578m in the full year. monthly active users on an “unforeseen
looks to cut at least 3,000 of its 54,000 and understand for a mass audience. The company also generated revenue bug” with Apple’s iOS 8 rollout that
jobs in the next two years. Ahead of the results announcement, of $479m, higher than the average affected Twitter, which could not find a
Interview i PAGE 19 Dick Costolo, chief executive, had analyst estimate of $453m for the fourth “one size fits all fix”.
sought to reassure employees that Twit- quarter. It generated $1.4bn in sales for Lex page 14
Companies / Sectors / People

Companies Coal India.....................................................19 Hewlett-Packard......................................16 Ocado.............................................................29 Vodafone................................................21,29 Colao, Vittorio............................................21
AB InBev......................................................20 Coca-Cola....................................................29 Hikma Pharmaceuticals......................29 Omnicom.......................................................17 WPP.................................................................17 Considine, Jill.............................................17
AT&T.................................................................8 Comcast..........................................................8 Holcim...........................................................20 Orange....................................................18,20 Wm Morrison.............................................29 das Graças Foster, Maria......................6
Accel Partners...........................................21 Credit Suisse..............................................19 Hospira.........................................14,15,16,29 PepsiCo.........................................................20 XL......................................................................16 Dunstone, Charles.....................................2
Actavis...........................................................16 Daimler..........................................................19 Hutchison Whampoa.............................18 Petrobras........................................................6 Yahoo..............................................................21 Ellinger, Deborah.....................................17
AgustaWestland.......................................19 Dairy Crest.................................................20 IBM...................................................................16 Pfizer..............................................14,15,16,29 Yo! Sushi.........................................................2 Evans, Sir Chris...........................................2
Airbus.............................................................19 Danske Bank.............................................30 Index Ventures..........................................21 Piraeus Bank................................................7 Sectors Goldstein, Richard...................................17
Alibaba...........................................................21 Dentsu............................................................17 Informatica..................................................16 Premier Foods.............................................3 Aerospace & Defence...........................19 Heppenstall, Ashley...............................17
Allseas..............................................................4 Deutsche Bank.........................................30 Interpublic Group....................................17 Publicis...........................................................17 Automobiles.........................................14,20 Horton, Andrew........................................16
Alpari...............................................................21 Deutsche Telekom......................14,18,20 JM Financial................................................19 Rexam.....................................................20,29 Banks...........................................................6,16 Höttges, Tim..............................................18
Alpha Bank....................................................7 Diageo..............................................................3 JPMorgan.....................................................19 Riverbed........................................................16 Food & Drug................................................3 Kanji, Hussein.......................................21,21
Altium............................................................28 Direct Holidays .........................................2 Jaguar Land Rover................................20 Rolls-Royce Power Systems.............19 Food Producers...................................3,20 Lynton, Michael...........................................1
Amadeus Capital......................................21 Dong Energy..............................................17 Johnson & Johnson...............................15 Rosneft...........................................................17 Forestry & Paper.......................................6 McGrath, Kevin...........................................2
Anthem..........................................................16 EE.........................................................14,18,20 Juniper Networks....................................16 Royal Dutch Shell................................4,17 Gen Financial.............................................18 Miller, Henry...............................................17
Apache.............................................................4 EMC.................................................................16 Just Eat.........................................................21 Sanofi..............................................................14 Gen Industrials...................................19,20 Miller, Jonathan........................................17
Apax Partners...........................................21 easyJet.............................................................4 KPMG..............................................................21 Schroders.....................................................18 Gen Retailers................................................3 Mills, John......................................................2
Apple................................................................8 eBay.................................................................16 Kaz Minerals..............................................29 Shire...................................................................3 Healthcare....................................................21 Moretti, Mauro..........................................19
Arsenal...........................................................21 Elliott Management..........................16,17 Keurig Green Mountain......................29 Sky....................................................................12 Investment Comp................................6,16 Noon, Sir Gulam.........................................2
Astaire...........................................................28 Eni.....................................................................17 King Digital.................................................21 Smith & Nephew......................................21 Leisure Goods.............................................3 Pascal, Amy...................................................1
AstraZeneca..............................14,15,16,29 Eurobank........................................................7 Lafarge..........................................................20 Sony................................................................14 Media................................................8,15,16,17 Patterson, Gavin..........................14,18,20
Aviva...............................................................18 Execution Noble......................................28 Lavazza.........................................................29 Sony Entertainment.................................1 Mobile & Telecoms..................2,14,18,21 Pessina, Stefano.........................................2
BMW................................................................14 ExxonMobil..................................................17 Lazard.......................................................16,16 Sony Pictures...............................................1 Nonlife Insurance....................................16 Pheap, Try.....................................................6
BNP Paribas...............................................16 Fidelity...........................................................18 LinkedIn.........................................................21 Soundcloud..................................................21 Oil & Gas...............................................4,6,17 Read, Ian..................................................15,16
BT Group.........................................14,18,20 Finmeccanica..............................................19 Lonmin..........................................................29 Sports Direct................................................3 Oil Equipment.............................................4 Rosenfeld, Andrew...................................2
Ball Corporation................................20,29 GDF Suez......................................................17 Lundin Petroleum....................................17 Standard Chartered.................................8 Personal Goods..........................................6 Roth, Michael.............................................17
GM....................................................................14 Statoil..............................................................17 Pharmaceuticals...............................2,15,16
Banco Popular..........................................28 Gatwick ..........................................................4 M&M Asset Management....................2 Stryker............................................................21 Saetre, Eldar...............................................17
Bank of America Merrill Lynch.......19 Gemcorp Capital........................................6 MDS Import Export.................................6 Swiss National Bank..............................21 Real Estate....................................................2 Sainsbury, Lord...........................................2
Barclays.........................................................19 General Electric........................................21 Merck..............................................................15 Tata Motors...............................................20 Software........................................................16 Semel, Terry................................................21
Beazley..........................................................16 Glencore.......................................................29 Michael Kors..............................................29 Telefónica.....................................................18 Support Services.......................................3 Singer, Paul.................................................17
Boots.................................................................2 Goldman Sachs...............................6,19,30 Microsoft.................................................16,21 Tesco..........................................................3,20 Technology HW & Equ........................16 Soriot, Pascal..............................................16
Buccleuch Estates.....................................2 Google......................................................18,21 Mojang...........................................................21 Tesla................................................................19 Travel & Leisure.....................................2,4 Speth, Ralph..............................................20
CRH.................................................................20 Google Ventures......................................21 Morgan Stanley........................................19 Twitter............................................................15 People Teli, Sitar.......................................................21
Cairn................................................................17 GoPro..............................................................19 Müller.............................................................20 Toyota ..........................................................14 Alierta, César.............................................18 Uebber, Bodo.............................................19
Carlsberg.....................................................20 Grant Thornton.......................................20 National Bank of Greece......................7 UBS.............................................................18,19 Bohuon, Olivier.........................................21 Weiner, Jeff..................................................21
Carphone Warehouse..............................2 Greylock Partners....................................21 Netflix...............................................................8 Under Armour..........................................29 Bonnafé, Jean-Laurent........................16 Wilks, Martyn............................................20
Catlin...............................................................16 HDFC Bank.................................................19 News Corp...................................................17 VW....................................................................14 Boyle, John....................................................2 Wingate, Stewart.......................................4
Chevron.........................................................17 Havas..............................................................17 Nomura..........................................................19 Verizon.............................................................8 Catlin, Stephen.........................................16 Woodroffe, Simon......................................2
Cisco Systems...........................................16 Heathrow ......................................................4 OGN...................................................................4 Virgin Group...............................................21 Cohen, Sir Ronald ....................................2 Zetsche, Dieter..........................................19
© The Financial Times Limited 2015 Week 6

COMPANIES
INSIDE BUSINESS
Non-life insurance
TECHNOLOGY
Cyber risks too big to cover, says Catlin Richard

Waters
Industry pioneer believes Catlin told the Insurance Insider Lon- internet architecture can bring down ‘Our over by New York-listed rival XL for
don conference yesterday, arguing that systems globally, putting the industry £2.5bn, is less active in cyber insurance
such activity is greater balance
threat than terrorism
managing such liabilities was a job for
governments.
His comments underscore the reser-
on the hook for simultaneous, multibil-
lion-dollar payouts.
“It’s possible that you can have the
sheets are
than other companies. But even those
groups that underwrite more cyber
cover have expressed their growing
Wall Street’s raiders
ALISTAIR GRAY
— INSURANCE CORRESPONDENT
vations that insurers harbour about
underwriting cyber security risks, even
same loss happening around the globe,”
Mr Catlin explained.
not large
enough to
anxiety.
“He’s got a valid point,” said Andrew
break down the gates
Cyber attacks now present such a dan-
ger to global business that governments
though some executives say rising num-
bers of electronic incursions are an
opportunity to sell more cover.
Traditional risks, such as natural
catastrophes, are more contained,
insurers have pointed out — as earth-
pay for that’ Horton, chief executive of Beazley, a
rival Lloyd’s insurer, of Mr Catlin’s com-
ments. “We’re very mindful of the
of Silicon Valley
should step in to cover the risks, Several insurers offer cyber policies, quakes in Japan do not cause hurricanes potential aggregation impact. It’s some-
Stephen Catlin, the head of the largest which are designed to help companies in Florida. thing governments should be putting a
I
Lloyd’s of London insurer, has warned. meet costs including forensic investiga- Governments have already had to lot of thought into.” t’s been a busy couple of months for Jesse Cohn, head
Speaking a day after Anthem, the US tions and defending lawsuits if they are establish state-backed schemes to pro- Anthem, which provides health cover of shareholder activism at hedge fund Elliott Manage-
health insurer became the latest to dis- attacked. However, the industry puts vide terrorism cover — such as Pool Re for almost 40m people, said cyber crim- ment. After nudging underperforming technology
close that hackers had breached its sys- big restrictions on the cover provided in the UK and the Terrorism Risk Insur- inals had stolen personal information company Riverbed into accepting a $3.6bn buyout, he
tems, Mr Catlin said cyber security pre- and tends to charge high premiums. ance programme in the US — because about customers and employees, negotiated a truce with EMC, the storage group, and
sented the “biggest, most systemic risk” Insurers have been worried about the insurance market was unwilling to including social security numbers and then laid siege to services company Informatica. With
he had come across in his 42-year career their exposure because cyber risks are do so. But Mr Catlin claimed cyber secu- income details, in a “very sophisticated” proxy season looming, Juniper Networks, which has been
in insurance. hard to model and, as Mr Catlin warned rity presented an even bigger threat attack. It added there was no evidence in Elliott’s warm embrace for more than a year, may soon
“Our balance sheets are not large yesterday, unusually systemic. A vul- than terrorism. credit card or medical information had be forced into making extra concessions.
enough to pay for that,” the founder of nerability in widely used software or Catlin, which has agreed to be taken been targeted. In Silicon Valley, the Wall Street raiders are no longer at
the gates: they are on the inside, warming their feet by the
fire and combing through the family jewels.
It is hard to overstate the psychological impact the rise of
shareholder activism has had in the tech sector. With the
Pharmaceuticals Pharmaceuticals. Break-up plans high level of risk behind their technologies, need for con-
AstraZeneca stant reinvention and dependence on scarce engineering

talent, tech companies used to think of themselves as
immune from this kind of pressure. Why would outside
agrees deal for investors risk rocking the boat?
Now, a quarter of all activist situations are estimated to
respiratory involve tech companies. It turns out that the tech excep-
tion was a myth. In fact, the opposite appears to be the
case. The customers of IT
drug rights companies seldom junk
their old systems, leading to
Tech groups used
dependable revenue streams to think they
for suppliers. Along with
ANDREW WARD strong balance sheets and
were immune
— PHARMACEUTICALS CORRESPONDENT
attractive valuations, low- from shareholder
growth IT companies were
AstraZeneca has agreed to pay $600m
an obvious target: all it took
activism
for the rights to Actavis’s branded res-
piratory drugs business in North was a bit of arm-twisting to
America as it scrambles to find new persuade them to cut back on their investment in a nebu-
sources of revenues to offset the loss of lous future and share more of the financial rewards from
patents on older drugs. the current generation of technology with shareholders.
One result of the barrage of activism is that much of the
The UK group yesterday posted its first low-hanging fruit has been picked. One of the most prolific
full-year revenue growth since 2011, but activists in tech, Mr Cohn developed a modus operandi
sales were forecast to swing back into that cut a swathe through smaller public IT companies
decline over the next two years as its whose best years were behind them. Novell Systems (RIP,
blockbuster Nexium heartburn drug 2010), Blue Coat Systems (2011), BMC Software (2013)
and Crestor cholesterol pill face generic and Compuware (2014) were among those cajoled into
competition. accepting acquisitions or buyouts.
Pascal Soriot, chief executive, said the The activists are being forced to turn to bigger compa-
company was on course to meet his tar- nies where the battles are more complex and the outcomes
gets to grow again by 2017 and increase convoluted. Break-ups of the kind being planned by
revenues by three-quarters over the Hewlett-Packard and eBay — both companies came under
next decade as several promising drugs activist pressure — take a lot time to pull off and have yet to
emerge from the development pipeline. produce much notable benefit for shareholders.
But the deal with Actavis to buy two EMC’s shares are barely up from their level when Elliott
products with combined revenues of Pfizer plans to add Hospira, which had revenues of $4.4bn last year, to its established pharmaceuticals business — Chris Ratcliffe/Bloomberg acquired its $1bn stake and started agitating for a spin-off
about $230m last year highlighted the of the company’s majority stake in VMware. Things have
need for more short-term measures to been working out better at Juniper, where the stock is up
shore up sales until the new medicines
reach market.
It was the second such acquisition in
seven months after the $2.1bn purchase
Hospira deal takes Pfizer closer to split about 15 per cent since the hedge fund showed up. But the
initial gains were double that and, overall, the investment
has not done much better than the wider market. Returns
such as these do not tend to
of respiratory drugs from Almirall of shine in a bull market.
Spain last July. Mr Soriot said there were £69.4bn pursuit of AstraZeneca. That “It won’t likely be the last deal that It is still far too early to
HP and eBay’s
likely to be more deals and partnerships
Purchase of injectables and deal would have brought a pipeline of Pfizer is going to do in the near to reach any conclusions about plans mean every
in months ahead. biosimilars specialist will new therapies and a lower tax rate. medium term as they try to boost their the final outcome of such
The near-term pressure on Astra- Tim Anderson, an analyst at Sanford separate businesses ahead of potential investments. Also, activists
IT conglomerate
Zeneca was demonstrated by a sharper- pave way for standalone units Bernstein, said: “Our belief is that any split two to three years from now,” said hope to outperform in less has had to justify
than-expected fall in fourth-quarter other deals as big or bigger than this in Vamil Divan, an analyst at Credit Suisse. buoyant markets: in theory,
profits as it stepped up spending on 2015 are unlikely.” The addition of Hospira brings Pfizer their downside risk is limited
its structure
DAVID CROW — NEW YORK
marketing and research and develop- However, on a call with investors, Mr assets in two fast-growing areas. It will by both the low valuations of
ment to boost its recovery efforts. Is Pfizer going through a slow-motion Read did not rule out such a deal — “this becomeoneofthebiggestoperatorsinster- their targets and their ability to apply direct pressure to
Andrew Baum, analyst at Citigroup, break-up? is not a case of ‘the deal has been ile injectables, a market that is projected improve financial returns.
said fourth-quarter earnings of 76 cents The prevailing view among many made’”, he said. to grow from $37bn in 2013 to $70bn There are other reasons for the activists to feel optimis-
a share were a “big miss” compared with analysts yesterday was Yes, after it After paying for the Hospira deal, two- in 2020. The deal will also bring it one of tic. While the aggressive tactics of a Carl Icahn still arouse a
market expectations for 82 cents. But he announced the purchase of Hospira, a thirds of which will be funded with its thebiggestnamesin“biosimilars”—copy- visceral response, their approach has become a less con-
remained bullish on long-term pros- US pharmaceutical group, for $17bn. $33bn of cash, Pfizer retains enough cat versions of biotech drugs made using troversial part of the tech investment landscape. Interven-
pects, arguing that investors continued Pfizer will add the company, which financialfirepowerforafurtherbigdeal. large, biological molecules rather than tions at Microsoft, where ValueAct helped steer a change
to underestimate the quality of Astra- had revenues of $4.4bn in 2014, to its “I am not ‘on the prowl’,” said Mr small chemical compounds. Analysts say in leadership, and Hewlett-Packard, where Relational
Zeneca’s drugs pipeline. established pharmaceuticals business, Read. “But we continue to look at oppor- the biosimilar opportunity is huge: bio- Investors has worked behind the scenes over an extended
The stock closed down 3.4 per cent giving the division the bulk it would tunities of all sizes. The criteria has to be tech drugs accounting for $100bn of sales period, have made activism a less dirty word.
yesterday at £45.29, well below the £55 need to stand on its own should the it creates shareholder value.” willlosetheirpatentprotectioninthenext The other good news for the activists is that the number
a share offer from Pfizer which the com- company decide to hive it off. Bankers and analysts say the prospect fiveto10years. of potential targets is likely to increase, not shrink. The rise
pany rejected last year. Mr Soriot, who “We think this deal signals a firm of a large deal has diminished since the But there are hurdles ahead for bio- of cloud computing has intensified the pressure on old-line
vocally opposed the proposed US take- intent to separate in 2017,” said Jeffrey US White House changed rules relating tech copycats. Although they have been IT companies to carve out a new future and explain why
over, said this was no longer a relevant Holford, an analyst at Jefferies. to so-called “tax inversions”, where a US available in Europe for a decade, no their investment plans make sense.
measure because it was “almost sure” a Ian Read, Pfizer’s chief executive, has
Pfizer’s company would buy an overseas one biosimilar has won approval in the US Since HP and eBay announced their splits, every IT con-
deal at that price would have subse- talked of splitting the group since 2013, chief has and shift their headquarters abroad to despite legislation to hasten their intro- glomerate has been forced to justify its structure. Compa-
quently broken down because of the when he carved it into three: a division gain from a more favourable tax regime. duction, while some doctors are nerv- nies such as Cisco Systems (which has no obvious divisions
change in US tax laws that thwarted selling generic, off-patent drugs, which
talked of Mr Read recently pointed out that ous about using them. That has meant to spin off) or IBM (which has already shed its less profita-
AbbVie’s takeover of Shire in October. will house Hospira; and two other units splitting the pharma company valuations were very the market — which everyone agrees ble businesses) may be less vulnerable, but the underper-
The deal with Actavis involved the focused on innovative medicines. At the high and in the absence of any meaning- has huge potential — has not taken off. formance of their share prices over an extended period
Tudorza Pressair and Duaklir Genuair time, he said that Pfizer would need to
group since ful tax savings, a purchase on the scale of Yet most analysts agree this deal has hardly make them immune to pressure.
medicines for breathing difficulties, run the divisions separately for three 2013, when the now-abandoned AstraZeneca more to do with financial engineering Agitators such as Mr Cohn may still provoke fear and
strengthening AstraZeneca’s position in years before a formal split. approach might be hard to justify. than a shift in corporate strategy. loathing in Silicon Valley executives suites. But for many,
the US respiratory market, where its Hospira is not the transformational
he carved it Instead analysts expect Mr Read to For Mr Read, breaking up might not they are about to become an inescapable fact of life.
biggest competitor is UK rival Glaxo- deal that many investors have been into three continue doing deals that will add bulk be hard to do — it just takes time.
SmithKline. awaiting since Pfizer abandoned its to the company’s individual divisions. See Lex richard.waters@ft.com
Banks Banks
Lazard notches up record $1bn in deal revenues BNP Paribas warns of tax and regulatory threat
JAMES FONTANELLA-KHAN — NEW YORK Independent investment banks, Lazard worked on some of the largest MICHAEL STOTHARD — PARIS Yesterday, the bank reported a return bank was spending €250m more on
which focus mainly on advising clients deals of 2014, including AT&T’s $67bn on equity of 7.7 per cent for the full year compliance, and that the balance sheet
Lazard’s merger and acquisition advi- BNP Paribas has warned that rising
on deals rather than cross selling other acquisition of DirectTV, Walgreens’ excluding one-off costs — some way was “rock solid”, with a core tier one
sory revenues topped $1bn for the first taxes and stricter regulations will have
financial products, have grown rapidly $37bn purchase of its remaining stake in short of its target of 10 per cent or more capital ratio of 10.3 per cent.
time in the US investment bank’s his- a greater than expected impact on its
since the financial crisis, winning mar- Alliance Boots and the $27.4bn four-way by 2016. Mr Bonnafé also ruled out fur- He said that increased costs for 2016
tory in 2014, underlining its encroach- earnings next year, as it reported a rise
ket share from the so-called bulge transaction between Lorillard, Rey- ther cost-cutting measures. were partly due to contributions to the
ment into a sector dominated by Wall in fourth-quarter profits.
bracket operators. nolds American, Imperial Tobacco and Shares in BNP fell nearly 4 per cent, European Commission’s single resolu-
Street rivals Goldman Sachs, JPMorgan
In 2014 independents such as Lazard, British American Tobacco. Shares in France’s largest lender by despite the bank reporting healthy net tion fund, an integral part of the so-
Chase and Morgan Stanley.
Evercore and Centerview controlled 28 Lazard reported stronger-than-ex- assets fell as it said that a “sharp rise in income in the fourth quarter: €1.3bn, called single supervisory mechanism, as
Strong M&A activity helped the New per cent of the advisory market, nearly pected earnings for the quarter ended taxes” as well as tougher regulations up sharply from the €110m booked a well as new regulations that apply to for-
York company, which has deep Euro- double the level of 2007. The share of December on the back of the deal frenzy would reduce 2016 net income by about year earlier. eign banks in the US.
pean roots, beat its pre-crisis highs on bulge bracket players fell to 61 per cent and record revenues at its asset manage- €500m, adding that Europe’s economy BNP also sought to draw a line under a The single resolution fund — a €55bn
the back of a string of mega deals across from 76 per cent before the crisis. ment unit. Net income of $172m, or was also weaker than forecast. difficult year when earnings were shared fund to cover costs, paid for by
the globe. The value of global mergers Dealogic estimates that Goldman $1.29 per share, was up 57 per cent year “We are facing a strong headwind almost wiped out by a $8.9bn fine for banks — is designed to give a common
and acquisitions hit $3.34tn last year, generated just over $2bn from M&A on year. Annual earnings hit an all-time today,” said Jean-Laurent Bonnafé, chief breaching US sanctions regulations. It framework for dealing with failing
up 47 per cent, to its highest level since advisory activities in 2014 compared high at $427m, or $3.20 per share, up executive, in Paris. “Our profitability reported net income for 2014 of €157m, banks and is seen as a key step towards
the financial crisis. with $1.7bn at JPMorgan. from $160m, or $1.21 per share. targets may be more difficult to reach.” but Mr Bonnafé pointed out that the European banking union.
Friday 6 February 2015 ★ † FINANCIAL TIMES 17
COMPANIES
Low oil prices Exploration threatened Frozen assets

Sanctions put Russia’s
interest in area on hold
leave offshore Sakhalin-1

Sakhalin-2
No companies face as big a question
mark over Arctic exploration as
Russia’s oil and gas groups.
Just as Moscow was gearing up to
Arctic wells
gas and oil start exploiting the potentially vast
projects resources off Russia’s long northern
coast, it was hit with sanctions last
year that bar US and European
companies from supplying the
out in the cold

necessary technology and money.
The measures, aimed at stopping
Russia from fuelling a military
conflict that threatens to break
apart neighbouring Ukraine, have
Alaska cut state-controlled Rosneft and
(US )
Gazprom and privately owned Lukoil
off from the rigs, ships and financing
Political and economic backdrop puts Chukchi Sea needed to go ahead.
When ExxonMobil pulled out of
focus back on more profitable plans, CANADA Beaufort Sea
Exploration drilling with Rosneft in the Kara Sea
last year because of sanctions, the
but long-term prospects remain Exploration
shelved US R USS IA
US group took with it West Alpha, a
rig commissioned from Norwegian
company SeaDrill. A proposed deal
for Rosneft to take a 30 per cent
RICHARD MILNE — OSLO don’t think anyone else, if sanctions
RUSSIAN stake in SeaDrill subsidiary NADL
CHRISTOPHER ADAMS — LONDON were lifted, is going to want to chase FEDERATION was also stopped by the sanctions.
ED CROOKS — NEW YORK
after barrels in what is now a very differ- Maxim Nechaev, head of
Within weeks a giant oil platform made ent environment,” says an industry ana- CANADA consulting at IHS in Russia, said: “In
in South Korea will begin its journey lyst of the remote Russian Arctic. this situation and with oil prices as
North
round the tip of Africa to a Norwegian Wood Mackenzie says offshore Arctic Pole low as they are, the already long-
fiord deep in the Arctic Circle. exploration only really happens when term projects are certain to be
The platform will then be towed oil prices are high. And, even at $100- pushed back further. Not a single
60km off the northern coast of Norway plus prices there have been few substan- Exploration on
Exploration hold due to
well has been drilled east of the
to play its role in the first oil production tial recent finds. licences sanctions Kara Sea, and that’s even less likely
from the Norwegian Arctic. The Goliat No offshore wells have been drilled in handed back to happen now.”
field, operated by Italy’s Eni, will be the the Canadian Arctic since 2006, and Unsuccessful Kara
Igor Sechin, Rosneft chief
exploration Sea
northernmost offshore oil production exploration off the west of Greenland by NORWAY executive, on Wednesday tacitly
site in the world. Cairn of the UK disappointed. Even conceded that the group will not
At about the same time, a drilling rig results in the Barents Sea, the most Barents Sea drill in the Arctic this year. Laying
will leave Singapore for the remote promising area of the Arctic, have been Goliat out investment and exploration
Chukchi Sea, northwest of Alaska. One mixed — there were nine discoveries GREENLAND oil project projects for 2015 to Russian
of two contracted by Royal Dutch Shell, from 14 exploration wells in 2014. (DENMARK) president Vladimir Putin, he did not
the pair will wait for winter sea ice to Meanwhile, environmental opposi- Exploration FINLAND mention the Arctic.
clear before starting a summer drilling tion to exploiting reserves is growing. Rosneft hopes it can resume
campaign in the US Arctic. US President Barack Obama last month ICELAND SWEDEN drilling in the summer of 2016 if
In spite of objections from environ- announced plans for additional protec- sanctions are eased.
mental campaigners, the Arctic has long Arctic Rainer Seele, chairman of
been heralded as the next major frontier Circle
for “Big Oil”. A US geological study in
‘We will see a pullback in German oil and gas company
Wintershall, which has a
2008 estimated it held about 13 per cent high-cost frontiers and partnership with Gazprom, said
of the world’s undiscovered oil — some
412bn barrels of oil equivalent — and 30
the most prominent of Russia should focus on exploring
other undeveloped resources in
per cent of its undiscovered gas. those is the Arctic’ Sources: FT research; companies; Heritage Foundation FT Graphic
Siberia. Kathrin Hille
Now, after a more than 50 per cent
collapse in oil prices since last summer
to less than $60 a barrel, there will be tions against drilling in a section of the
fewer drilling rigs heading north to the country’s Arctic national wildlife refuge reserves and offshore prospects in the
Arctic. The region is a high-cost frontier in northern Alaska that is believed to Gulf of Mexico. Contracts & Tenders
because it is so remote, and for many hold about 10.4bn barrels of oil. Energy groups have abandoned the
energy groups halting exploration in the The move will not have any immedi- Arctic before; many wells were drilled in
Arctic is likely to be preferable to aban- ate impact — drilling is not allowed in the Barents Sea in the 1980s before com-
doning cheaper projects elsewhere that the area — and the president’s plans are panies left.
offer swifter returns. likely to be rejected by a Republican- But for those groups that have sunk
“We will see something of a pullback dominated Congress. money into the Arctic, the spot price of
in high-cost frontiers and the most But the proposal is a sign of how con- crude counts for less. These projects will
prominent of those is the Arctic,” says tentious the idea of Arctic drilling typically take a decade or more from
Andrew Latham of energy consultants remains in the US, and one reason the discovery to first oil, involving planning
Wood Mackenzie. “I wouldn’t expect industry is turning away from it. Shell horizons far beyond those in many
anyone else to be pushing ahead with expects protests against its Chukchi other industries. If, like Shell, you have
Canada, Greenland or other parts of the campaign. already spent several billion dollars get-
Arctic until we get a recovery in the This combination of political sensitiv- ting this far, pulling out now feels short-
price environment.” ities and unfavourable economics in the sighted. Similarly, Eni cannot afford to
Indeed, Statoil, Norway’s biggest Arctic has encouraged US oil groups to turn back.
energy group, on Wednesday indicated focus on more attractive opportunities, Likewise those who have enjoyed
it is unlikely to drill in the Norwegian including the country’s abundant shale exploration success, such as Lundin
Arctic this year. Eldar Saetre, chief exec- Petroleum. The Swedish group is bull-
utive, said it could delay development of ish, saying it will continue drilling in the
the huge Johan Castberg field. Offshore Arctic exploration Barents Sea, part of the Norwegian Arc-
Chevron of the US has shelved indefi- slows when the oil price is tic. Interest in Norway’s next licensing
nitely plans to drill in the Beaufort Sea in low round this year is expected to be high as
the Canadian Arctic, while Statoil, Den- Number of Brent price* companies bid for the first new acreage
mark’s Dong Energy and France’s GDF wells ($ per barrel) offered in more than 20 years, a series of
Suez have all handed back licences in blocks in the Barents right up to the
Greenland. 20 120 newly set maritime border with Russia.
Meanwhile, ExxonMobil of the US 100 Ashley Heppenstall, Lundin’s chief
was forced last year to pull out of its 15 executive, says Arctic oil is not a short-
80
exploration joint venture with Russia’s 10 60 term play. “At the end of the day, you are
Rosneft in the Kara Sea in the Russian looking at 20 to 30-year develop-
40
Arctic, because of western sanctions 5 ments . . . It is not like shale oil in the US
against Moscow. 20 where they are looking at the oil prices
“If sanctions were lifted tomorrow, 0 0 over six to 12 months. A billion barrels
Rosneft and Exxon would proceed. 1970 80 90 2000 14 of oil have been found [in the Barents]
They’ve already spent a lot of money, * Annual average at 2014 prices in recent years. It gives confidence that
Source: Wood Mackenzie’s Exploration Service
drilled a hole and enjoyed success. But I there will be an oil play,” he says.
Media
Interpublic agrees to board shake-up

SHANNON BOND — NEW YORK number of large holding groups. Ana- expert and chairman of Marblegate
lysts and industry executives expect Asset Management.
Interpublic Group has reached a settle-
more dealmaking, despite the break- The incoming members will sit on a
ment with Elliott Management, the
down last year of a planned $35bn new five-person finance committee,
activist hedge fund, to reshuffle the
merger between Omnicom and Publicis. which will focus on improving IPG’s
advertising company’s board as it seeks
In November, Publicis paid $3.7bn for operating margin to 13 per cent or
to boost its financial performance.
Sapient, the US consultancy. higher, on par with its peers. The com-
Elliott, which has lifted its holding to Three board nominees were agreed in pany has projected a 10.3 per cent mar-
6.9 per cent, has been pushing IPG to discussions between IPG and Elliott, gin in 2014. It reports fourth-quarter
maximise shareholder value since the and full-year results on February 13.
$25bn fund, founded by Paul Singer, Michael Roth, IPG chief executive,
first disclosed its stake in July. Elliott 13 % 6.9% said: “We felt it was important to build
and IPG have held regular talks in the IPG profit margin Elliott on our momentum, consolidate our
past six months, including discussing target, up from a Management’s achievements, reaffirm our commit-
the possibility of a sale of the entire busi- projected 10.3% share holding ment to further margin enhancement
ness to another of the large advertising for 2014 in IPG and position the company for continued
holding companies including Publicis, value creation going forward. By
Omnicom, WPP, Dentsu or Havas, a with each side proposing names. Two refreshing our board and creating a new
person familiar with the matter said. directors, Jill Considine and Richard finance committee, we can accomplish
The agreement announced yesterday Goldstein, will retire on March 1 and all four of these key objectives.”
does not rule out a later sale, and Elliott the board will expand from nine mem- As part of the agreement, Elliott will
continues to believe the advertising bers to 10. support all of the board’s nominees at its
industry is ripe for consolidation, the The new candidates are Jonathan annual meeting and has agreed to cer-
person said. Miller, the former chief executive of tain standstill provisions preventing it
IPG, which owns McCann, Lowe and AOL and former News Corp chief digital from mounting a proxy fight or acquir-
Partners and FCB, has been tipped as an officer; Deborah Ellinger, the former ing a stake of more than 9.9 per cent.
acquisition target for years as the sector chief executive of the Princeton Review; IPG shares rose 1.1 per cent to $20.81
has become dominated by a small and Henry Miller, a restructuring in New York afternoon trading.
COMPANIES
Media Mobile & telecoms. EE acquisition
Google backed on censorship limit BT steps closer to single

platform offerings with
Advisory group agrees
UK mobile market stake
advise it on how to implement last year’s Google advisory body, not all members by Google last year to advise it on how
right to be forgotten ruling, could signal agreed with the idea. Sabine to implement a ruling by the European
with Europe-only ‘right a battle ahead with European regula- Leutheusser-Schnarrenberger, a former Court of Justice that ordered it to
to be forgotten’ stance tors. The data protection watchdogs federal justice minister in Germany, remove links to information that was
have called for Google to extend its issued a dissenting opinion, arguing for “inadequate, irrelevant or no longer rel-
suppression of links to all its global more stringent censorship. “The inter- evant”. lead initially in negotiations on EE,
RICHARD WATERS — SAN FRANCISCO
search sites, because these are also net is global, the protection of the user’s It is made up of eight independent Deal unlocks 24m potential according to several people familiar
Google’s decision to limit censorship accessible from inside the EU. rights must also be global,” she wrote. experts and two Google executives, Mr customers for bundled phone, with the process.
under Europe’s new “right to be forgot- David Drummond, Google’s legal “Any circumvention of these rights Drummond and chairman Eric “Deutsche Telekom is not selling EE,”
ten” requirement to its search sites chief, said the methods needed to guar- must be prevented.” Schmidt. broadband and TV packages said one person close to the talks. “It is
based there, rather than extend it antee that people in Europe could never In its report backing Google’s limited Mr Drummond said Google hoped buying into BT, a now much bigger
globally, has won the backing of an find information covered by the ruling geographic application of the right to be to continue discussions with regulators group set for future growth in a con-
DANIEL THOMAS
independent group of experts. would require a draconian level of cen- forgotten, the advisory group said it had in Europe to resolve the differences — TELECOMS CORRESPONDENT verged market.”
However, the experts called on Google sorship. Suggestions have included been told by the company that 95 per in interpretation, though he did not The German group has made little
to adjust some of its processes for decid- methods such as blocking access to IP cent of search queries in Europe took put forward any compromises to head BT’s £12.5bn acquisition of EE, Britain’s secret of its view about convergence of
ing which links to strip out of its search addresses based on a user’s location. place on local search engines, and that off the risk of a fresh regulatory chal- largest mobile network, was a deal fixed and mobile broadband — and the
service, for example by giving publish- “It’s a bit more reminiscent of what many users were automatically directed lenge. forged in Bonn, agreed in Paris and sale of EE to BT is seen by one person
ers the right to appeal against having authoritarian governments do,” Mr to local sites when typing in the address Google has taken down links to delivered in London — and the results close to the group as a way to help create
links to information suppressed. Drummond said in an interview with for the company’s US website, personal information online in response will be felt even more widely as they set “a British telecoms champion”.
The conclusions of the group, which the Financial Times. www.google.com. to about 40 per cent of the 210,000 the stage for a reshuffle of power in the Meanwhile, Brussels regulators are
was convened by the search company to While receiving the backing of the The group of experts was set up requests it has received. European telecoms sector. keen to foster cross-border alliances
The acquisition of EE from owners and mergers to create regionally strong
Deutsche Telekom and Orange will give groups able to compete with telecoms
BT a significant foothold in the UK rivals in the US and Asia.
mobile market, with about 24m cus- Still, there will be no rapid moves,
Drug trial. Dark side of net tomers who can be sold products such as given that there is a three-year standstill
broadband and television services in agreement on Deutsche Telekom rais-
Web of intrigue led to Silk Road creator bundled offers.

The deal will also allow the company
to take another step towards moving all
of its offerings on to a single, internet-
ing its share in BT to more than 15 per
cent — a move that Gavin Patterson,
chief executive of BT, said would avoid
other shareholders becoming “per-
based platform. This means it will even- turbed”. He described the German
tually be able to provide services from group as a long-term investor following
Ulbricht faces 20 years in calls and texts to TV and broadband a deal that strengthened the “vision of
prison after drug trafficking across the same system. what BT looks like in the future”.
The combination with EE is expected The origins of the deal were opportun-
case that queried web security to create savings of as much as £4.6bn istic. Executives close to the process said
after integration costs in areas such as it had become evident last summer that
sales, marketing, administration, and a relationship allowing BT to use EE’s
KARA SCANNELL — NEW YORK
cross and upselling integrated products network was not going to be easy.
The jury took fewer than four hours to combining mobile, fixed-network serv- A Deutsche Telekom team led by Mr
convict Ross Ulbricht, the creator of Silk ices and TV. Höttges talked with Mr Patterson about
Road, of running a multimillion-dollar Analysts at Enders still harbour the potential sale of EE. As talk coa-
drug trafficking operation from his lap- doubts about whether there is appetite
top computer. Ulbricht, 30, was con- among UK consumers for “quad-play”
victed on all seven counts related to the offers, and the prospect of cross-selling
‘Deutsche Telekom is not
trafficking and faces 20 years to life in fixed broadband and mobile. But, they selling EE. It is buying into
prison when he is sentenced in May. add, BT will benefit from merging the
The trial thrust into the spotlight the largest fixed and mobile operators
BT, a now much bigger
issues of internet security and the so- under a single brand and network. group set for growth’
called dark web of hidden websites on Also important, according to some
browsers that anonymise traffic. It also involved in the deal, is the potential for lesced around a deal, Orange’s team
explored the operations of bitcoin, the closer co-operation with Deutsche Tele- became involved, working on the terms.
virtual currency, that was the currency kom. The German group wanted to The process became more compli-
of choice on Silk Road. retain a sizeable interest in the UK and cated during the autumn when Tele-
The case also tested the boundaries of will have a 12 per cent stake in the com- fónica joined the bidding. The Spanish
applying laws normally associated with bined group. Tim Höttges, chief execu- group had found out about the talks,
capturing drug dealers selling on street tive, will take a seat on the BT board. prompting it to offer its UK operations
corners to the internet. By contrast, it was clear from the start as management worried about being left
“The legacy of Silk Road,” prosecutor Orange wanted more cash from the sale. behind in a consolidating market.
Serrin Turner told the jury, was that it Some have described Deutsche Tele- Parallel negotiations led by José María
“lowered the barriers of drug dealers to kom’s investment as an option on BT’s Alvarez-Pallete López, Telefónica’s chief
reach customers” more than could ever future. Those people see signals from operating officer, began.
be reached on the street. the German group’s management that BT was already heading towards a
Criticism came from libertarian the European telecoms sector will even- deal for EE after a board meeting in
groups, some of which believed the gov- tually consolidate into a few, large early December. César Alierta, Tele-
ernment was criminalising the activities groups. Many expect one day to see a fónica’s chief executive, flew to London
of anyone who operated a website. Sev- merger of the two businesses — albeit in a last-ditch attempt to head off the
eral supporters of Ulbricht — some of after an 18-month period during which rivals’ deal. But it failed to do much
whom said they did not personally Deutsche Telekom will not be able to more than cause some antagonism on
know him — attended parts of the trial buy or sell shares. both sides, according to people familiar
to protest the government’s reach. One Analysts at Moody’s described this as with the discussions.
of his supporters in the court shouted a “strategic” stake. They said it would Board meetings in Germany and
after the verdict: “Ross is a hero.” make Deutsche Telekom part of “a France gave a final blessing, which led
The trial had all the intrigue of a high- stronger group in the UK with greater BT to sign-off on the deal. The deal was
stakes thriller. Federal agents led the scale, scope and more potential to take announced on December 15.
jury into their investigation, as they advantage of becoming an integrated Weeks later, Telefónica would end up
intercepted drugs in vacuumed sealed player in a market in which the rest of doing a deal with Hong Kong’s
packets at a Chicago airport, and logged the operators will find it more difficult Hutchison Whampoa, owner of the
in to computers to assume the identity to offer competitive converged offers”. Three network, to merge their British
of a Silk Road employee. A college class- Against this backdrop, it is not sur- operations instead.
mate testified about when he learnt prising that the German group took the See Lex
Ulbricht had created Silk Road, while
another federal agent described con-
fronting Ulbricht at his San Francisco
apartment just weeks before his arrest General financial
with nine counterfeit driver’s licences.
The central question for the jury was
whether Ulbricht, a physics major from
Austin, Texas, was Dread Pirate Rob-
The jury in the
trial of Ross
Ulbricht, below,
Richard Bates, a college classmate of
Ulbricht, testified that in 2011 Ulbricht
told him: “I’m working on a website
Karpelès has denied any involvement
and has not been accused of any wrong-
doing. Ulbricht’s lawyer argued that it
Investor pressure forces Italy
erts, a pseudonym adopted from the fic-
tional character in the novel The Princess
had to decide
whether he was
where people can buy drugs.” Mr Bates
said he remembered “seeing the
was possible that someone else had put
the voluminous files on Ulbricht’s lap-
into U-turn on loyalty shares
Bride, and the ruthless mastermind Dread Pirate homepage, seeing the green camel top by hacking into his computer when
operating the Silk Road website. Roberts, the [logo] for the first time”. he was online using an open portal.
Mr Turner and his fellow prosecutor mastermind Expenses for a cabin rental where In a sense, he put the internet on trial, RACHEL SANDERSON — MILAN approved by a simple 50 per cent major-
Timothy Howard relied heavily on dig- behind the Silk Ulbricht produced magic mushrooms to pressing the jury to be wary as files ity. It would have created a situation,
Italy has staged a U-turn on the issue of
ital evidence recovered from Ulbricht’s Road drugs sell on Silk Road to launch the website could be changed or manipulated online they argued, that favoured controlling
its companies creating “loyalty shares”
laptop, including personal journals, website matched a drug laboratory manual and and asking them to question whether shareholders and punished minorities.
after pressure from some of the world’s
private chat logs, files for aliases, receipts found on Ulbricht’s laptop and anyone could ever know who was on the Speaking on behalf of the group of
largest institutional investors. The
encryption keys, bitcoin wallets and Gmail account. other side of a computer screen. international investors that had entered
decision was seen as a sign of prime
addresses. Ulbricht’s ambitions were met, they There were many questions left unan- the debate and whose assets collectively
minister Matteo Renzi’s openness to
They showed the jury private chat said. He instituted vendor agreements swered. Mr Dratel did not tell the jury exceed $8.8tn, Sacha Sadan, director of
foreign investment.
logs from Roberts alerting Silk Road and required commissions on sales. Silk how or when Ulbricht was lured back in corporate governance at Legal & Gen-
staff that he was going to be out of town Road generated $200m in revenues and to the website. Tactical moves by The step comes as Mr Renzi seeks to eral Investment Management, a
next to Ulbricht’s personal emails con- $13m in commissions, it was estimated. Ulbricht’s lawyers also backfired — boost foreign investment to help pull London-based asset manager with
taining receipts of airline tickets. They Mr Howard said Ulbricht would do moves that drew unusual criticism from Italy out of its triple-dip recession. It is assets under management of €609bn,
matched Ulbricht’s Facebook posts anything to protect his “baby”. He read Judge Katherine Forrest and rulings that also the 40-year-old reformist leader’s applauded the U-turn.
about a trip to Thailand to a chat mes- screeds of private chat messages in Mr Dratel said, after the verdict, had second strike against Italy’s arcane cor- He said the decision to enforce “the
sage in which Roberts tells a Silk Road which Roberts solicited the murder of given the jury a “one-sided” case. porate governance rules in as many basic principle of one share, one
adviser that he is running around a jun- five Silk Road users who threatened the During opening statements, Mr Dratel months as the government is already vote” sent “a strong message to the mar-
gle with girls. website from someone he believed was a told the jury Ulbricht had traded bit- seeking a shake-up of its hidebound kets that the Italian government is seri-
Using Ulbricht’s words, taken from Hells Angels member. The “hits” dis- coins, which would explain why so mutual banks sector. ous about attracting international
the journal entries on his laptop, prose- cussed matched entries on a log located many were found on his laptop, he said. The decision follows an open letter investment and safeguarding good
cutors told of Ulbricht’s ambition to on Ulbricht’s computer. The prosecu- Prosecutors hired a former FBI agent to this week from more than 100 investors governance standards in line with global
turn Silk Road into a “phenomenon”. tors told the jury there was no evidence An ex-FBI analyse bitcoins transfers. He talked the including Fidelity, Aviva, Threadneedle best practice”.
anyone was harmed. jury through how he had traced $13m of Investments, Schroders and UBS, aca- He added that “this exercise has also
Ulbricht’s lawyer, Joshua Dratel, told agent told bitcoins from Silk Road to so-called wal- demics and board members who had reinforced the sense that investors can
the jury that his client had created the the jury lets found on Ulbricht’s laptop. Mr Dra- called on Mr Renzi to strike down a pro- work effectively with board directors
Legal Notices website but said he handed it to some- tel objected to the analysis but the judge vision supporting the creation of multi- and Italian policy makers to protect
one else when it became too much for how he had said he had “opened the door to it”. ple voting rights at Italian listed compa- long-term value, for the benefit of both
him to handle. Ulbricht was framed — traced $13m Mr Dratel also sought to call two nies which they said made Italy hostile shareholders and the broader Italian
perhaps by Mark Karpelès, the founder experts, one to discuss bitcoin and to foreign investment. economy”.
of Mt Gox, the largest bitcoin exchange of bitcoins another to talk about internet security. The government has now decided not Loyalty shares were intended to
until its collapse, or someone else — from Silk Judge Forrest refused to allow the to extend a legal provision that enabled reward long-termism after a period of
and lured back only when experts, in part, because of a lack of listed companies to grant double voting volatility in the Italian stock market.
the real Dread Pirate Road to notice. In a harshly worded ruling, rights to those who had owned their However, those who signed the letter
Roberts felt law wallets on she wrote of Mr Dratel, “if he has a shares for at least two years, according maintained that the experience of
enforcement particular defence theory that requires to people familiar with the matter. France, which has held this type of loy-
closing in on Ulbricht’s evidence to support it, he must insure The investors had sought to prevent alty share scheme for years, had shown
him, Mr Dra- laptop that he has prepared a case to get such the extension of the provision, which that it tended to favour controlling
tel said. Mr evidence in”. allowed the loyalty shares to be shareholders.
COMPANIES
Cars Electronic equipment
Bullish Daimler signals dividend increase GoPro shares

fall despite
Younger Mercedes-Benz “our confidence about the ongoing
course of the business”.
in China, the world’s largest car market,
where it achieved a 25 per cent jump in
ing profit from ongoing business
jumped 27 per cent to €10.1bn — in line
upbeat festive
product line-up helps
German group’s revival
Daimler management also predicted
“significant growth” — of at least 10 per
unit sales last year. “China holds an
important key to profitable growth at
with analysts’ expectations. Net profit
fell 16 per cent to €7.3bn, reflecting how
camera sales
cent — in operating profit from ongoing Daimler . . . It’s the market that will Daimler’s 2013 earnings were boosted
CHRIS BRYANT — STUTTGART businesses during 2015. determine who comes out on top in the by the sale of shares in Airbus, the aero-
Daimler’s shares have surged 45 per premium segment,” said Mr Zetsche. space and defence group. TIM BRADSHAW — SAN FRANCISCO
Daimler plans to reward shareholders cent since mid-October as analysts pre- “This year will be even better.” Daimler’s net cash pile swelled from
GoPro leapt above Wall Street’s highest
with a dividend increase and has fore- dicted the manufacturer’s new line-up Total unit sales at Mercedes-Benz rose €13.8bn to €17bn year on year thanks in
forecasts for its fourth quarter, with
cast “significant” profit growth in 2015. of premium compact cars and sport util- 10 per cent in 2014 while its return on part to the sale of its stakes in Tesla and
revenues of $634m after bumper holi-
The Stuttgart-based car and truck- ity vehicles would continue to find sales improved to 8.1 per cent from Rolls-Royce Power Systems. That cash
day sales of its action cameras.
maker said yesterday that it would raise favour with customers. 6.5 per cent a year ago. The company is inflow allowed the company to make a
its dividend from €2.25 to €2.45 a share Daimler’s Mercedes-Benz marque has targeting a 10 per cent profit margin at €2.5bn contribution to its underfunded But its shares fell 16 per cent in after-
— in line with analysts’ expectations. cast aside a once stuffy, “old man” brand Mercedes-Benz in the medium term. pension plan in December. hours trading after its guidance of
“Daimler is on an upward curve,” said image. The new vehicle designs and a Profit was also higher at the truck unit
‘China . . . will determine Max Warburton, analyst at Bernstein future performance came in below
Dieter Zetsche, chief executive. “We relatively young model line-up com- thanks to North America, where sales who comes out on top in Research, described Daimler’s fourth- expectations and it revealed that its
intend to reach a level of profitability pared with rivals BMW and Audi have jumped 19 per cent. This more than off- quarter performance as “near faultless” chief operating officer, Nina Richard-
that is unprecedented at this company.” helped boost profit margins. set falling sales in Europe and Latin
the premium segment’ and its 2015 earnings guidance as son, was leaving at the end of the month.
Bodo Uebber, chief financial officer, The car unit has also overcome teeth- America. Group revenue soared 10 per Dieter Zetsche, Daimler “impressively bullish”. Ms Richardson joined GoPro in 2013
said the dividend increase underscored ing troubles with its sales organisation cent to €129.9bn in 2014 while operat- See Lex and is credited with bringing opera-
tional rigour to the company ahead of its
initial public offering.
Analysts had forecast earnings of
Interview. Mauro Moretti, Finmeccanica about 70 cents on revenues of $580m for
the three months to December 31 but
Change in
sales grew much faster than expected at
75 per cent year over year. Net income
almost tripled to $122m compared with
the air for

2013’s holiday quarter, because of a 68
per cent jump in camera shipments to
2.4m in the run-up to Christmas.
industrial
The Silicon Valley company’s gross
margin leapt from 41.9 per cent a year
ago to 47.9 per cent in the quarter,
champion because of what it described as a

“favourable” mix of its latest Hero 4
cameras.
Operating expenses rose 43 per cent
to $111m, ahead of GoPro’s own guid-
ance, because of extra holiday season
Italian conglomerate to shrink advertising spending. The company’s
and shed 3,000 jobs amid headcount increased 50 per cent to 970
people. It said that operating expenses
drive for return to growth would increase further to about $115m,
as it increases research and develop-
ment spending to create new products.
PEGGY HOLLINGER — INDUSTRY EDITOR
“We’re feeling good,” said GoPro
Annual sales at Finmeccanica, Italy’s founder and chief executive Nick Wood-
aerospace, defence and transport con- man. “GoPro was one of the best-selling
glomerate, will shrink by close to 20 per products this holiday, selling an average
cent over the next two years and it could of 1,000 units per hour for the entire
ditch its 70-year-old name as part of a quarter.”
business plan devised by its govern- Camera sales rose 73 per cent from
ment-appointed chief executive. 3.8m in 2013 to 5.2m last year. Despite
Mauro Moretti, appointed in May to sales growth of 70 per cent in interna-
restructure the 30 per cent state-owned tional markets such as Europe, the Mid-
group, says at least 3,000 of its 54,000 dle East and Asia, almost two-thirds of
jobs will go in the next two years, partly GoPro’s revenues come from the Ameri-
through disposals, as Finmeccanica cas. Last month, GoPro began selling its
focuses on high-tech areas in aerospace devices in China for the first time
and defence. Once that is done, he adds, through online retailers Tmall and JD,
the group will return to growth, while where Mr Woodman said he saw “posi-
profit margins are expected to rise from Ready for take-off: an M346 aircraft strong figures, then I can change the margins,” he says. The Finmeccanica will not hinder his attempts to shrink its tive indications”.
7 per cent in 2014 to 9.5 per cent in 2016. made by Alenia Aermacchi, a brand.” boss believes the business plan will help industrial champion. During a conference call with ana-
“None of our peers is running the Finmeccanica company. Abandoning the Finmeccanica name to dispel suspicions over governance by “In Italy, as in other countries, the lysts, Mr Woodman said that he would
same number of businesses,” he says in The group is to focus on high-tech — with its origins in a postwar merger of increasing head office’s hold over sub- independence of the company depends consider making acquisitions to expand
his first interview since unveiling a five- areas in aerospace and defence Italy’s industrial companies — might sidiaries. More importantly, he says, it on the quality of management,” he says. GoPro’s business.
year plan aimed at improving earnings — Simon Dawson/Bloomberg prove as contentious as the job cuts. But will enable him to deliver better returns “If a manager has a good reputation, he “It would only be prudent if we were
and cutting the €4.1bn of net debt which a name change could help to restore the from a group which until now has been a is also autonomous.” looking at ways to accelerate the realisa-
has cost Finmeccanica its investment- image of one of Europe’s leading aero- collection of autonomous operations. However, his confidence is not tion of our vision. We didn’t go and raise
grade status. “We will shrink the busi- space and defence groups, which has “Finmeccanica was one holding matched by rating agency Fitch. In a this money just to sit on it,” he said,
ness but enlarge every one that remains. been dogged by allegations of corrup- [company], without real control of the note last week, Fitch cast doubt on Fin- referring to its June IPO.
In a few years we can return to the
Finmeccanica tion in recent years. subsidiaries,” he says. Not only did this meccanica’s ability to implement its Before it reported earnings, GoPro’s
equivalent size — and more.” Net profit before exceptionals (€bn) The summary of investigations affect- make common governance procedures restructuring plan. “Fitch believes that shares were up 73 per cent since its IPO
The task is pressing. Finmeccanica 1 ing Finmeccanica stretched to almost difficult, it meant there was little coher- the outlined cost-reduction measures but have been trading well below their
was in 2013 relegated to junk status by 12 pages in last year’s accounts. The ence in strategy or the €1bn research may prove difficult to achieve in the autumn peak of $98.47. Its shares took a
the main credit rating agencies. Given group’s helicopter subsidiary, Agus- and development budget, he argues. stated timeframe,” the agency said, not- hit last month when Apple was awarded
that the group is regarded as a govern- 0 taWestland, is still barred from bidding “There was a lot of waste, and a lot of ing that disposals were crucial to reliev- an action-camera patent, prompting
ment-related issuer by some agencies, in India even though Finmeccanica and overlap. By concentrating our ing pressure on the credit rating. speculation that GoPro could face com-
Finmeccanica’s rating — on negative its former chief executive, Giuseppe resources . . . we can amplify the The first test is imminent, with Fin- petition from the iPhone maker.
outlook — has become a matter of -1 Orsi, were last year cleared of corrup- effect,” he says. meccanica expected soon to conclude GoPro also said yesterday that it
intense concern in Rome. tion in a contract dating from 2010. Mr Moretti has some experience of the sale of its train-making business, would bring its channel of video content
Mr Moretti, a close ally of Matteo -2
Mr Moretti concedes such events still turnrounds at industrial companies. For AnsaldoBreda, to Hitachi of Japan. shot using its cameras to Roku’s range of
Renzi, Italy’s prime minister, who chose cast a shadow, but maintains they have eight years, he led Italian State Rail- Mr Moretti, ever the optimist, says TV set-top boxes.
the former state railway boss for the affected Finmeccanica’s ability to win ways, where he took the workforce from that Finmeccanica will deliver. Within The company has said it is planning to
Finmeccanica job, is even ready to chal- -3 helicopter tenders in other markets, or 110,000 to 70,000 and transformed two years, the 61-year-old executive grow sales from media in the future but
lenge a few totems to signal that the 2006 07 08 09 10 11 12 13 even to sell different military equip- annual losses of €2.2bn into profits says he will be running a new company. said that its current focus was on using
group is changing. “When I can present ment to India. “Our helicopters business within two years. A former union offi- When that is proven beyond doubt, he video distribution to show off its prod-
the first robust balance sheet, based on Source: company is increasing — in volume, revenue and cial, he is confident that the government says, “then I can retire”. ucts’ capabilities.
Legal Notices Contracts & Tenders

Banks
HDFC bolstered by move to

tap India’s investor allure
JAMES CRABTREE — MUMBAI Indian history in rupee terms. Founded
in 1994, HDFC Bank is widely viewed as
Shares in HDFC Bank rose 2 per cent at
one of the most successful of India’s new
the open yesterday as India’s second-
generation of private-sector lenders,
largest bank by assets aimed to wrap
leading many analysts to predict the
up a Rs100bn ($1.6bn) share sale, mak-
share sale would be heavily oversub-
ing it the most prominent private-
scribed by eager global investors.
sector institution to capitalise on the
“For 20 years this bank has reliably
country’s soaring stock market.
produced metronomic growth of 20 or
HDFC Bank’s stock is widely held by 25 per cent. Their ability to grind out
international fund managers, attracted these huge figures year after year means
by its rapid growth and reputation for foreign investors have come to love the
strong asset quality — a record that has stock,” said Saurabh Mukherjea at bro-
also helped make it India’s most valua- kerage Ambit Capital. “A whole genera-
ble lender by market capitalisation. tion of foreign investors have grown up
The Mumbai-based group aims to banking on HDFC to deliver for their
raise funds in two tranches, the largest portfolios, so [the bank] can now raise
Rs80bn portion coming from the US huge sums almost effortlessly.”
through 22m new American Depositary Its record has also made it one of the
Shares, a system allowing US investors world’s most expensive banking stocks.
indirectly to hold equity in Indian com- It trades at nearly six times price/book
panies. The balance of Rs15bn-Rs20bn value — a common measure. Large lend-
was being raised through a placement to ers in Europe and the US tend to trade at
Indian investors yesterday. an average ratio of about one.
HDFC Bank’s sale is the second large Bookrunners for the issuance are
equity raising in India in less than a Bank of America Merrill Lynch, Credit
week, following the government’s suc- Suisse, JPMorgan, Morgan Stanley, Bar-
cessful offloading of a 10 per cent stake clays, Goldman Sachs, Nomura, UBS
in public sector miner Coal India that Investment Bank and JM Financial.
raised Rs224bn, the biggest issuance in The shares closed up 0.8 per cent.
UK COMPANIES
City
Insider
Can-do Rexam should run with the Ball — straight off the stock market
Edited by
Harriet Agnew
harriet.agnew@ft.com
physical aluminium steeply higher GCA: Stand back, nogoodnik! I’m eat fish washed down with an is buying EE for six times trailing Varoufakis/Lamont
than futures prices imply. kicking your door in. inadequately-chilled Sauvignon! earnings before nasties. That looks
Profits are expected to drift lower. Tesco Executive: It’s already open. GCA: Yes, because white wine is like cheap compared with a rating for its
The odd couple
Many investors would happily sell to GCA: (leaping in) I’m Christine Tacon. the revenge against Tesco that own shares of 7.6 times from S&P CIQ. Lord Lamont welcomed his old
Ball at a mooted 610p per share. That That’s pronounced “take on”. But it browbeaten suppliers have always However, BT has knocked off cost friend Yanis Varoufakis in London
would be 40 per cent above recent signifies “take down” for perps who dreamt of — best served cold! synergies. Put them back and EE’s this week. The former chancellor,
levels. Ball would be buying at an flout the code. purchase multiple is a stiffer 7.8 times. pictured below left, and the Greek
enterprise value multiple slightly TE: You write your own gags? The deal will not, in the jargon, “be finance minister, below right, struck
Emmet Brickowski, rectilinear hero of below its own, at 9.4 times. The scale of GCA: And enforce the rules — which Ride a white swan accretive to earnings” until its second up an unlikely friendship in
last year’s Lego Movie, imagined he was the two businesses and the current deter delayed payment of suppliers. year. That is a way of saying it is no Australia in 2012, when they
a crucial member of his construction composition of the offer suggests Ball Just as well you’ve tied yourself to your Consumers have yet to embrace bargain. Unusually, a guarantee would appeared on opposing sides of a
gang. After he disappeared, no one may not be planning a lucrative but chair, ready for interrogation. quadplay — mobile and fixed compensate EE’s owners Deutsche debate on the eurozone. The Greek
could remember who he was. It will be politically-vulnerable tax inversion. TE: The Serious Fraud Office did that. telephony, TV and internet from a Telekom and Orange from a 4 per cent economist certainly impressed the
the same for Rexam, if it is bought for a If not, 610p is a generous price that They’ve watched too many repeats of single provider. But investors are drop in the BT shares that are the main hedgies and City types he spoke to
mooted £4.3bn by US rival Ball. The should have Rexam shareholders The Sweeney on UK Gold. already convinced it will be a winner, deal currency, by increasing the cash on Monday night. His two-hour
drinks can maker has been a stalwart singing the Lego Movie’s theme song GCA: I came as soon as I heard supplier judging from their enthusiastic payment from £3.4bn. speech received a standing ovation;
member of the FTSE-350 for years. But “Everything is Awesome”. To make the rebates were a huge wedge of profits response to BT Group’s £12.5bn BT is determined to protect its credit his flawless English was “more
a stolid performance means the City most of its outlay, Ball would need to forecasts, which you’d overstated. purchase of mobile operator EE. rating — net debt will be manageable at eloquent than practically the entire
would feel guiltily relieved to see it go. exhibit greater dealmaking steel TE: We disclosed that in September. They hailed details of the deal 1.4 times earnings after the deal. The British Cabinet”, said one person
Like Mr Brickowski, Rexam’s agreeing disposals with antitrust GCA: Correction: I came as soon as I yesterday with a 4.5 per cent jump in concomitant is a hefty 20 per cent who met him. “Not the dogmatic
business model is composed of a few regulators than Rexam has when was sure you were an open goal for shares that have risen 17 per cent since expansion of equity capital. Full Marxist he’s portrayed as.” But not
basic components. It buys aluminium. haggling with suppliers. every regulator in the country. November. repayment of a whopping £7bn everything went to plan. Lord
It makes it into cans. It sells the cans to TE: (sneering) You’ve got no super Swashbuckling chief executive Gavin pension deficit was recently extended Lamont tried to give a breakfast for
companies such as Coca-Cola. powers. You can’t even fine me yet. Patterson tickled their tummies with by six years to 2030.
This is a volume game, where Salad days for the GCA GCA: But I can do this — force feed you synergy estimates of £3.5bn on costs EE is more costly than it at first
manufacturers try to widen margins a Mediterranean salad that’s past its and, less reliably, £1.6bn on revenues. appears. BT can bear the strain. Mr
even as suppliers and customers seek Faster than a shopping trolley with a “best before” date! The former monopoly’s incursion Patterson has gained investors’
to narrow them. Latterly, Rexam has wobbly wheel! Stronger than a shelf TE: You fiend! into mobile was smoothly presented. confidence. Now he must justify it.
been hit by rising Brazilian power stacker with sciatica! Is it a bird? Is it a GCA: And I can do this! But this swan is paddling hard beneath
prices, the falling rouble and prices for plane? No, it’s Groceries Code Adjudicator! TE: I confess! Now you’re making me the surface. For example, BT claims it jonathan.guthrie@ft.com
his friend at the Reform Club, only
to find that the perennially tieless
Varoufakis wasn’t allowed in. Lord
General industrials Lamont tells City Insider: “They
wouldn’t accept that his national
US drinks can
dress was not a tie.” So they
popped to the less formal Sofitel.
Enigmatic Varoufakis never fails to
surprise. While he was at the
maker in talks
University of Essex, he was secre-
tary of the black students’ union.
Ed Balls
A boy named Bill
to buy Rexam Ed Balls might have picked a better

person to half-forget the name of.
The shadow chancellor attracted
ridicule for his performance on
BBC’s Newsnight, when he failed to
Ball would pay £4.3bn to ket. A beneficiary of any asset sales
could be US-based Crown, the third-
summon the name of any business
leader who backed Labour. Other
merge rivals and create largest beverage can maker with a than someone called Bill. It turned
industry powerhouse global market share of 19 per cent.
Analysts said a deal between the two
out he meant Bill Thomas, an IT
whizz who has at least three claims
ARASH MASSOUDI AND TANYA POWLEY groups made strategic sense because of to fame. Thomas ran the European
— LONDON
JAMES FONTANELLA-KHAN — NEW YORK complimentary manufacturing foot- operations of EDS at a time when it
prints. Rexam, which produces about was making gaffes on IT contracts,
Ball Corporation of the US is in talks to 60bn cans a year for drink companies like the botched 2003 Inland
buy Rexam, the UK-based drinks can including PepsiCo, AB InBev and Revenue systems upgrade. He now
manufacturer, in a £4.29bn deal that Carlsberg, is strong in emerging mar- holds several non-executive
would create a powerhouse in the kets such as Russia and India, while Ball positions, including a seat on the
industry. has a presence in China, Vietnam and board at the Co-operative Bank.
Shares in Rexam jumped as much as Myanmar. Oh, and he and his wife own 30-
29 per cent to 575p yesterday after it The British can maker has also been acre Hopton Hall in Derbyshire.
confirmed a cash-and-share offer from expanding its foothold in the Middle Balls didn’t say whether it was the
Ball, valuing the London-based com- East. In January, it completed the pur- business credentials or Labour
pany at 610p a share. The offer con- chase of a majority stake in UAC, a Mid- values he found most impressive.
sisted of two-thirds cash — £2.85bn — dle East beverage can maker.
and the remainder in Ball shares. A combined group would also appeal Andrew Davis
However, any deal between the two to the world’s biggest drinks companies,
largest beverage can makers would have who would prefer to negotiate packag-
Fawlty Towers
to result in large-scale asset sales across ing contracts with one global player and Groundhog Day for fallen hotel
several regions to appease competition pay lower prices. tycoon Andrew Davis, the one-time
authorities, seen to be the main obstacle Mr Dillon said a strong US dollar and Growing market share for Dairy Crest’s cheddar brand helped offset losses at its milk operations — Jason Alden/Bloomberg owner of Von Essen Hotels. The
to a potential takeover. Rexam’s decision to become a pure-play latest financial statements for
Rexam, which disclosed the terms of
the possible deal, said “discussions on
other matters are continuing” and
beverage can maker is likely to have
made it more attractive as a target. The
British company sold its healthcare
Say cheese Dairy Crest sold enough flavoured
milkshakes and cheddar to weather
the storm of plunging milk prices,
and focus on cheese, milkshake and
butter brands.
The sale of its dairies to Müller for
Forbury Properties Limited —
known until August 2014 as Von
Essen Properties Limited — show
stressed that a formal offer was far from
certain.
packaging division last year for £490m
to focus solely on making drink cans. Dairy Crest which battered its poorly performing
dairy operations in the third quarter.
£80m received shareholder
approval and has been referred to
that it is trying to renew a loan
from the Bank of Ireland that
A combined company would control
about 61 per cent of the market for bev-
erage cans in North America, according
“There’s no heavy lifting of having to
divest non-core assets,” he said.
Confirmation of the talks came as Ball
upbeat despite A strong performance for Frijj milk-
shakes and growing market share for
Cathedral City cheese had offset losses
the Competition and Markets
Authority.
Dairy Crest said it was on track to
expired in July. The results also say
that there’s material uncertainty
about the company’s ability to
to analysts. In Europe, Rexam and Ball
would have a combined market share of
reported fourth-quarter results yester-
day. Colorado-based Ball, which has a milk price fall at its milk-making operations in the
three months to the end of December,
achieve pre-tax profit of £62m for
the full year, in line with analysts’
continue as a going concern. Sound
familiar? Von Essen Hotels went
about 69 per cent, and about 74 per cent market capitalisation of $8.9bn, has said the UK’s largest dairy producer. consensus, but down from £65m into administration in 2011 after
in Brazil. until 5 March to make a firm offer or Falling milk prices also plumped up last year. failing to keep up the interest
“They are going to have to divest so walk away under UK takeover rules. the profits of Country Life butter and Martyn Wilks, executive payments on its debt. Twenty-eight
much to get this through the antitrust Shares in Rexam closed the day up 20 Clover spread, with the price of cream managing director, would leave at hotels were sold but Davis bought
authorities,” said Chip Dillon, an analyst per cent at 538p. Shares in Ball Corpora- — a key ingredient — down 40 per cent. the end of March “to pursue other back two sites. Von Essen’s auditor
at US-based Vertical Research Partners. tion were up 9.75 per cent $72.60 in As part of an overhaul Dairy Crest is interests”, the group announced. Grant Thornton is being sued by
Both Rexam and Ball control about afternoon New York trading. to shed its lossmaking milk operations Joel Lewin Barclays (who lent £250m to the
21 per cent of the global 300bn-can mar- See Lombard group) for declaring that the
company was in good health just
months before its collapse. So to
whom did Davis turn to audit
Cars Fosbury? Grant Thornton, of
course. Davis might consider a new
China venture will hit JLR margins, Tata warns vocation. His hotel career seems
more Fawlty than Forte.
CRH/Lafarge/Holcim
JAMES CRABTREE — MUMBAI third-quarter results yesterday. optimistic for our volume growth [in
JLR’s costs have been impacted by its China] over the next year.”
M&A fee bonanza
Tata Motors yesterday warned that
joint venture with Chery Automobile in But analysts said JLR would struggle When Lafarge and Holcim
costs linked to a new Chinese joint ven-
China, where the partners opened a new to sustain its Chinese growth, adding announced a merger last year, M&A
ture will contribute to reduced profit-
factory last year. JLR hopes increased that greater competition would curb the bankers saw dollar signs. The two
ability at its UK-based Jaguar Land
local production, alongside the launch price premiums its luxury sport-utility would need to make asset disposals
Rover division in the coming year.
of a new Land Rover model, will help its vehicles and saloons have enjoyed. (think more fees) to satisfy
The Mumbai-based group said JLR’s sales catch those of larger German rivals Tata Motors said consolidated net competition authorities. The golden
underlying profit margins would be BMW and Audi in China. profit in the three months to the end of tickets were secured by Goldman
“somewhat lower” in the financial year JLR chief executive Ralph Speth dis- December came to Rs35.8bn, down 26 Sachs, advising Holcim; and
ending in March 2016. It added that missed worries that an economic slow- per cent compared with the same period Rothschild and Zaoui & Co,
increased capital spending at JLR, down in China, plus higher production in 2013. Revenues rose 10 per cent to advising Lafarge. Last week Irish
reflecting investment in new models, there by several manufacturers, would Rs700bn. cement company CRH agreed to
would also turn the UK division free end its run of rapid sales growth in the The group reported a third-quarter buy €6.5bn in assets from Lafarge
cash flow negative during the same year. country, the world’s largest car market. loss of Rs21bn ($340m) in India, and Holcim. Eight more banks
Tata has relied on earnings at JLR, “Every one of our competitors is weighed down by weak sales at its car joined the party. The cement
bought in 2008, as its domestic car busi- building up capacity in China, so we will and commercial vehicle units. JLR’s industry is being investigated for
ness has persisted with a weak perform- see an element of overcapacity,” Mr profit came to £593m, slightly lower cartel behaviour and price fixing.
ance, and this situation was highlighted Speth said in Mumbai. “But we will grow than the same period in 2013, partly Nothing like banking then.
in the group’s worse than expected our [dealer] network, so I am very because of a fall in vehicle deliveries.
UK COMPANIES
Venture capital funds sprout as rush

Mobile & telecoms
Vodafone’s 4G
service helps
to invest in London technology grows to arrest slide
in revenues
Growing confidence in European start-ups pulls in those groups willing to think in the long term
DANIEL THOMAS
— TELECOMS CORRESPONDENT
MURAD AHMED — EUROPEAN companies, said Ms Teli. “It’s not possi-
TECHNOLOGY CORRESPONDENT
ble to do that if the company moves sev- Vodafone almost reversed a long-term
After Connect Ventures, a tech venture eral time zones away. They need to be an slide in revenues in the third quarter on
capital fund, was founded in 2012, its easyJet flight away.” the back of the voracious appetite for
partners struggled to find offices in their This European focus has created videos and social media using smart-
favoured east London. Start-ups were some problems, with some investors phones on its superfast 4G networks.
springing up so quickly in the area that saying they initially struggled to raise
demand for workspace was fierce. money for their fund. Venture capital Group service revenues declined by
But they eventually found the perfect founders often invest their own cash, about 0.4 per cent in the third quarter to
spot — a 750 sq ft room, decked out with alongside capital from institutional £9.8bn, excluding M&A activities and
wood floors and whiteboards for walls, investors, such as university endow- exchange rates, improving on a 1.5 per
located just off the Old Street junction ments and wealthy individuals cent fall in the previous three months.
now known as “Silicon Roundabout.” Hussein Kanji, co-founder of Hoxton Excluding the impact of regulatory
Sitar Teli, one of Connect’s three part- Ventures, a £24m early stage fund issues, service revenues managed to
ners, said that they were able to secure founded in 2013, said it took his group grow by 0.2 per cent.
the location because, unlike start-ups three years to raise the money to launch The British group also posted an
that can’t be certain if they can pay next its fund, far longer than he expected. unexpectedly healthy return to growth
month’s rent, “we could sign a three- “If you talked to most folks about in its home market, where revenues
year lease.” European tech in 2009, most people have been falling for several years. The
The tale is an illustration of how were sceptical,” he said. “So we strug- last time Vodafone posted a growth in
money is rushing into London’s tech gled for quite some time to put our fund core mobile revenues at a UK or group
scene. New venture capital groups are together. Institutional investors had level was in 2012.
sprouting in the city alongside tech mostly switched off. European venture The return to growth in the UK will be
start-ups, but it is the investment groups funds was the worst performing asset particularly heartening for Vodafone
that begin by thinking long term. class globally. We still had the dotcom given questions about the future of its
According to an FT analysis, using collapse hanging over the industry. This British business after the acquisition of
data collated from VentureSource, an all put Europe at the bottom of the pile. rivals EE by BT and O2 by Hutchison
investment database, and other public There are a lot of people in Europe who Whampoa respectively.
sources, about 25 venture capital funds are not risk-takers.” Vittorio Colao, chief executive, said
have been established in London since But as European start-ups have begun competition authorities overseeing the
2010 which have not seen an “exit” — to achieve major exits in recent years — merger of BT and EE should consider
meaning the companies in the VC firm’s such as last year’s sale of Mojang, the separating Openreach, BT’s infrastruc-
portfolio have not yet been sold or Swedish maker of the Minecraft video ture arm, echoing calls from other
groups that are forced to use the group’s
national broadband network.
‘We need the fund to ‘We still had the dotcom He said that “structural separation of
work, for our own lives, collapse hanging over the Openreach would be a good remedy” to
competition concerns, but at the very
for us all not to be industry. This put Europe least the regulator should ensure fair
bankrupt in the future’ at the bottom of the pile’ access to BT’s next generation broad-
band network.
achieved an IPO. Between them, these game to Microsoft for $2.5bn, and the Vodafone has increased the number
new investment groups have raised successful flotation of Just Eat, the UK of customers using its 4G mobile net-
more than $2bn. online takeaways service — there has works, while also rolling out services in
Speaking to a number of these Lon- been growing confidence in the region’s home broadband and TV in some Euro-
don tech funds reveals that, though each tech scene. pean countries.
adopts distinct investment strategies, This has begun to attract larger ven- In the UK the increase in 4G custom-
they share similarities. Investors Silicon Roundabout ture capital funds, particularly to the ers helped to make December 2014 the
explain that the lack of exits at London’s in London British capital. These typically invest at busiest month to date for mobile data
new VC firms is to be expected, as start- — Chris Ratcliffe/Bloomberg
a later stage, when start-ups are more traffic, peaking as mobile users watched
ups typically take five to 10 years to established and need to secure larger, Manchester United play Liverpool.
mature. This means that investment multimillion-dollar funding rounds. Analysts have questioned whether
groups are forced to make long-term On the Silicon Roundabout laptop with you.” A keen cook, she Valley, founding start-ups, three of Among these new entrants is this rise in data travelling over its net-
bets that create unique pressures — and Tech investors who have says has to resist the urge to bake which went on to be acquired. 83North, a $200m fund set up by Grey- work can be converted into sustainable
opportunities — for those who have because she is diabetic. lock Partners, one of Silicon Valley’s mobile revenue growth.
been launching investment groups. made the journey Toby Coppel, 43, leading VC firms, which launched ear- The group’s European businesses con-
“We need the fund to work, for our Hussein Kanji, 38, co-founder, Mosaic lier this month. It joined Google Ven- tinued to drag down the group’s overall
own lives, for us all not to be bankrupt in Sitar Teli, 35, co-founder, Hoxton Ventures Ventures tures, the investment arm of the US revenues, even if the 2.7 per cent fall in
the future,” said Ms Teli, a partner at partner, Connect Before founding Hoxton Ventures in When Toby Coppel technology group, who set up a London- regional sales has again slowed owing to
Connect Ventures, founded in 2012. Ventures 2013 with fellow American Rob Kniaz, a first met Jack Ma, the based fund worth $125m last year. less onerous regulations and improved
“We’re putting ourselves on the line. After a decade-long former Google product manager, Alibaba founder was Another example is fund is Mosaic consumer confidence in Germany, the
There is an anxiety around that. But if career in technology Hussein Kanji spent time as a Microsoft clutching a biography Ventures, a $140m fund which UK and Italy. Operations in Italy and
you want to put a positive spin on that, it investing, Sitar Teli executive and at the London offices of of Jack Welch, the launched last September. The group Spain continued to report heavy
is that it aligns us really well with our had planned to start Accel Partners, a venture fund. former General Electric chief. plans to make eight to 10 investments a declines. Africa, Middle East and Asia
entrepreneurs. We need our companies her own firm. Their combination of US and UK The Northern Irishman was running year, writing cheques worth between Pacific service revenues grew by about
to work as well as they need their com- While at Doughty Hanson experience has led to Hoxton’s strategy Yahoo’s mergers and acquisition arm. $1m-$10m — a larger sum than has typi- 6 per cent, slightly lower than the sec-
panies to work.” Technology Ventures in London, she of focusing on European start-ups, Last week Yahoo said it was spinning cally been available from the city’s early ond quarter.
Connect is a tech venture fund worth had worked on an investment in many of which they encourage to move off its $40bn stake in the Chinese stage tech funds which have tended to Vodafone is set to announce plans to
$21m, focusing on early stage start-ups, Soundcloud, the Berlin-based music to Silicon Valley. ecommerce group into a separate focus on smaller “seed” funding. launch its own home broadband and TV
making investments of about €250,000 platform valued at over $1bn. It is often easier not company. Toby Coppel, one of the founding packages in the UK to meet the threat
and €1.25m. It has invested in 19 com- But after Connect Ventures was just to raise funding In 2000 Mr Coppel had co-founded partners, has a long career in technology from the enlarged BT Group.
panies so far, including Secret Sales, the started in 2012 she was persuaded to on the West Coast, Windsor Media with Terry Semel, who investing, including at Yahoo, where he
flash sales site, and Citymapper, the join by its two co-founders, Pietro but also to attract went on to be chief executive at Yahoo led the investment in Alibaba, the Chi-
transportation app. Bezza, an Italian entrepreneur, and talent, he says. “The and Warner Brothers, and Jeff Weiner, nese ecommerce juggernaut.
Sharing a sentiment expressed by Bill Earner, an American who had been smarter money, the LinkedIn chief. But even with his record, Mr Coppel
many London-based VCs, Ms Teli said an investor at Cambridge-based mostly through After investing in start-ups at Virgin, said new venture funds all begin on the
her group needed to be based in the city Amadeus Capital. wisdom and experience, is in the US,” Mr Coppel founded Mosaic Ventures same unpredictable terrain. “Luck
as venture investors need to be close to Ms Teli, who grew up in New Jersey, he says. last year with fellow Britons Simon plays its part,” he said. “Sure, you have
their companies in order to help them says life in the VC world means she is Mr Kanji, from New York city, studied Levene, a former partner at Accel and to put yourself in right place in the right
grow. The vast majority of the money is likely to be “on call” for the next at Stanford University in California and Index Ventures, and Mike Chalfen, who time to be lucky. Typically, if one in
focused on investing in UK and Euro- decade. “You can go on holiday,” she the London Business School. He spent led Apax Partners’ early stake in King three of our investments turns out to be
pean fledgling tech groups. says, “but you’ve got to take your the early part of his career in Silicon Digital, the Candy Crunch makers. a great success, then we’ve done phe- Vodafone’s 4G mobile networks have
“We like to be actively involved in nomenally well.” proved popular with customers
Healthcare General financial
S&N chief brushes off talk of Alpari faces break-up as

takeover after wave of deals KPMG fails to find buyers
ANDREW WARD the $1.7bn purchase of ArthroCare, a PHILIP STAFFORD “We continue to speak to buyers about
— PHARMACEUTICALS CORRESPONDENT
Texas-based specialist in high-margin sales of other parts of the company’s
The administrators of Alpari’s UK busi-
Smith & Nephew can prosper as a surgical devices to treat sports injuries. business.” Among them include £100m
ness have begun the break-up of the
standalone company, its chief execu- Mr Bohuon said he was looking for in customer assets.
retail foreign exchange broker after
tive has insisted, brushing away take- more bolt-on deals, but his focus was However, KPMG said that delays and
giving up on attempts to sell the busi-
over speculation surrounding the UK organic growth in sports medicine and uncertainty in the sale — it had initially
ness as a whole.
medical device maker. emerging markets, where revenues rose hoped to dispose of the assets in the
17 per cent last year. KPMG, which was appointed as special seven days after Alpari collapsed —
Olivier Bohuon cited growth in the com- In China and South Africa, he said, administrator to the assets after it col- meant that 114 out of the 170 employees
petitive US market for implants. demand for implants and devices was lapsed in mid-January, confirmed yes- had left the company. A further 52
“Despite what many people say about spreading to the growing middle classes. terday that it had sold Alpari UK’s intel- would assist in the administration of
needing to be big, we have beaten the Fourth-quarter revenues rose 2 per lectual property back to Andrey Dashin, Alpari, KPMG added.
market in knees and hips,” he said. the company’s founder and main share- One of the bidders included IronFX, a
“If you are able to bring innovative holder. Cyprus-based retail foreign exchange
products to market that meet unmet $50bn $13.4bn Several bidders identified themselves broker. It could not be reached for com-
needs, you can have a great future, and Approximate Amount paid by as potential buyers for the assets of ment.
that’s what we’re doing.” value of Zimmer of the Alpari’s London operations. The broker, The sale of the UK assets had been
S&N has been seen as a potential Medtronic’s US for Biomet a popular channel for retail investors to overshadowed by a dispute between the
acquisition target since Stryker of the Covidien takeover last year trade foreign exchange, wracked up parent company’s main shareholders. A
US said last May it had been in the early huge losses when many of its customers year ago Mr Dashin brought a wind-
stages of preparing for a possible bid. cent to $1.25bn, producing earnings per suffered in volatile markets following ing-up order against its parent company
Medical device manufacturers have share of 25.6 cents, up 9 per cent and the Swiss National Bank’s surprise in a Cyprus court. Mr Dashin, a 34 per
been affected by a wave of mergers and beating market expectations. The announcement that it was removing the cent shareholder in the parent group,
acquisitions in the past year. shares closed up 2.6 per cent at £11.98 franc’s peg to the euro. Rescue takeover also asked for a prohibition on changes
Last month Medtronic of the US com- and have gained 37 per cent in a year. talks with several parties before it filed to the shareholding structure. KPMG
pleted its near-$50bn takeover of Ire- Mr Bohuon declined to comment on for administration had also foundered. had contended the dispute did not pre-
land-based Covidien, and Zimmer the possibility of an offer, other than to KPMG said the disposal of the intel- vent it from pursuing a sale of the UK
bought Biomet last year for $13.4bn. say it would be up to the board to decide lectual property “will recover value for business. Mr Dashin could not be
S&N made its own acquisition with the best interest of shareholders. the company’s creditors”, adding that: reached for comment.
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 $
-0.98% -0.038% -0.399% -0.73%

No change
0.84% 0.69% 0.89% 0.09% 0.04% 0.35% 0.50% 0.526% 2.08%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jan 06 - Feb 05 Index All World Jan 06 - Feb 05 Index All World Jan 06 - Feb 05 Index All World Jan 06 - Feb 05 Index All World Jan 06 - Feb 05 Index All World Jan 06 - Feb 05 Index All World
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
15,124.92 6,865.93 10,905.41
2,062.52 17,504.62 1,952.84
2,002.61 14,285.00 6,419.83
9,518.18 16,883.19
1,883.83
Day 0.84% Month 0.02% Year 17.29% Day 0.79% Month 5.00% Year 11.45% Day 0.09% Month 6.91% Year 6.24% Day -0.05% Month 15.12% Year 19.63% Day -0.98% Month 0.31% Year 24.96% Day -0.51% Month 1.37% Year 3.50%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,487.81 10,535.50 24,765.49 3,406.58
4,765.10 42,453.64
41,329.41 9,891.40
4,592.74 1,330.20 23,681.26 3,298.36
Day 0.69% Month 0.47% Year 17.80% Day 0.92% Month 2.38% Year 5.51% Day 0.04% Month 11.60% Year 16.92% Day -0.40% Month 1.78% Year 8.01% Day 0.35% Month 3.80% Year 15.74% Day -0.32% Month 2.27% Year 14.99%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
4,703.30 20,819.05
17,884.88 3,373.95 28,850.97
49,462.91 49,233.85
17,371.64 3,136.53
4,112.73 18,123.45 26,967.00
Day 0.89% Month -0.03% Year 15.43% Day 0.44% Month 4.19% Year 6.19% Day 0.15% Month 10.61% Year 14.23% Day -0.59% Month 14.46% Year 9.17% Day -1.18% Month -3.03% Year 54.27% Day -0.11% Month 3.45% Year 42.74%
Country Index Feb 05 Feb 04 Country Index Feb 05 Feb 04 Country Index Feb 05 Feb 04 Country Index Feb 05 Feb 04 Country Index Feb 05 Feb 04 Country Index Feb 05 Feb 04
Argentina Merval 9101.11 8957.69 Cyprus CSE M&P Gen 77.12 77.31 Italy FTSE Italia All-Share 22147.81 22242.83 Philippines Manila Comp 7674.24 7716.06 Thailand Bangkok SET 1607.92 1599.81 Cross-Border DJ Global Titans ($) 238.10 237.01
Australia All Ordinaries 5765.50 5733.70 Czech Republic
PX 971.24 980.24 FTSE Italia Mid Cap 28627.31 28412.63 Poland Wig 52084.05 52049.85 Turkey BIST 100 85910.14 86534.54 Euro Stoxx 50 (Eur) 3408.48 3415.53
S&P/ASX 200 5811.00 5777.30 Denmark OMXC Copenahgen 20 797.95 801.43 FTSE MIB 20819.05 20941.73 Portugal PSI 20 5273.54 5274.97 UAE Abu Dhabi General Index 4608.56 4648.95 Euronext 100 ID 923.30 922.39
S&P/ASX 200 Res 3551.70 3605.50 Egypt EGX 30 10045.93 9954.34 Japan 2nd Section 4377.00 4395.98 PSI General 2317.74 2321.91 UK FT 30 2952.50 2947.60 FTSE 4Good Global ($) 5600.65 5576.76
Austria ATX 2253.37 2252.72 Estonia OMX Tallinn 817.08 816.12 Nikkei 225 17504.62 17678.74 Romania BET Index 7055.95 7064.17 FTSE 100 6865.93 6860.02 FTSE All World 277.87 276.48
Belgium BEL 20 3557.19 3565.79 Finland OMX Helsinki General 8626.35 8496.69 S&P Topix 150 1183.37 1189.23 Russia Micex Index 1696.06 1656.02 FTSE 4Good UK 6104.99 6092.94 FTSE E300 1487.81 1487.20
BEL Mid 5320.28 5277.69 France CAC 40 4703.30 4696.30 Topix 1410.11 1417.00 RTX 804.50 770.63 FTSE All Share 3687.08 3680.18 FTSE Eurotop 100 2990.79 2992.73
Brazil Bovespa 49517.66 49301.05 SBF 120 3706.83 3696.09 Jordan Amman SE 2220.77 2223.74 Saudi-Arabia TADAWUL All Share Index 9180.11 9169.20 FTSE techMARK 100 3671.39 3654.71 FTSE Global 100 ($) 1330.98 1324.41
Canada S&P/TSX 60 882.28 875.75 Germany M-DAX 19104.88 18921.69 Kenya NSE 20 5284.41 5268.98 Singapore FTSE Straits Times 3406.58 3417.57 USA DJ Composite 6456.39 6416.84 FTSE Gold Min ($) 1358.46 1341.51
S&P/TSX Comp 15114.50 14995.65 TecDAX 1507.81 1499.34 Kuwait KSX Market Index 6700.06 6708.40 Slovakia SAX 227.77 227.77 DJ Industrial 17830.47 17673.02 FTSE Latibex Top (Eur) 3450.50 3457.50
S&P/TSX Met & Min 667.75 656.22 XETRA Dax 10905.41 10911.32 Latvia OMX Riga 415.71 416.13 Slovenia SBI TOP 782.61 776.52 DJ Transport 8917.38 8884.94 FTSE Multinationals ($) 1527.80 1528.69
Chile IGPA Gen 19152.74 19084.36 Greece Athens Gen 819.50 848.04 Lithuania OMX Vilnius 471.22 465.97 South Africa FTSE/JSE All Share 51688.70 51630.82 DJ Utilities 637.04 633.85 FTSE World ($) 490.56 488.11
China FTSE A200 8855.86 8954.65 FTSE/ASE 20 246.37 257.93 Luxembourg LuxX 1608.96 1621.98 FTSE/JSE Res 20 43865.96 44216.45 Nasdaq 100 4236.22 4221.20 FTSEurofirst 100 (Eur) 4327.38 4321.48
FTSE B35 10387.15 10374.15 Hong Kong Hang Seng 24765.49 24679.76 Malaysia FTSE Bursa KLCI 1803.21 1803.02 FTSE/JSE Top 40 45450.89 45412.12 Nasdaq Cmp 4749.36 4716.70 FTSEurofirst 80 (Eur) 4550.17 4555.60
Shanghai A 3286.19 3325.73 HS China Enterprise 11789.19 11767.49 Mexico IPC 42094.70 41710.82 South Korea Kospi 1952.84 1962.79 NYSE Comp 10877.33 10775.04 MSCI ACWI Fr ($) 419.42 419.24
Shanghai B 290.81 290.50 HSCC Red Chip 4582.54 4567.79 Morocco MASI 10251.67 10173.69 Kospi 200 249.78 251.60 Russell 2000 1204.70 1213.05 MSCI All World ($) 1715.13 1715.22
Shanghai Comp 3136.53 3174.13 Hungary Bux 17211.61 17350.83 Netherlands AEX 455.30 454.88 Spain IBEX 35 10535.50 10577.80 S&P 500 2058.70 2041.51 MSCI Europe (Eur) 1458.60 1455.94
Shenzhen A 1594.60 1597.66 India BSE Sensex 28850.97 28883.11 AEX All Share 695.72 693.28 Sri Lanka CSE All Share 7047.31 7000.06 Wilshire 5000 21691.92 21536.44 MSCI Pacific ($) 2356.27 2357.45
Shenzhen B 1081.84 1083.37 S&P CNX 500 7076.65 7108.75 New Zealand NZX 50 5797.59 5785.32 Sweden OMX Stockholm 30 1587.67 1579.31 Venezuela IBC 3597.59 3582.60 S&P Euro (Eur) 1489.76 1490.48
Colombia COLCAP 1428.45 1436.19 Indonesia Jakarta Comp 5279.90 5315.28 Nigeria SE All Share 30617.96 30018.35 OMX Stockholm AS 513.95 510.77 Vietnam VNI 567.17 576.07 S&P Europe 350 (Eur) 1524.77 1524.06
Croatia CROBEX 1757.79 1771.89 Ireland ISEQ Overall 5597.78 5602.88 Norway Oslo All Share 655.84 648.39 Switzerland SMI Index 8544.32 8608.24 S&P Global 1200 ($) 1914.15 1903.82
Israel Tel Aviv 100 12.80 12.78 Pakistan KSE 100 34672.25 34826.51 Taiwan Weighted Pr 9512.05 9513.92 Stoxx 50 (Eur) 3252.05 3256.14
(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 Feb 05 %Chg %Chg Feb 05 %Chg %Chg Feb 05 %Chg %Chg Feb 05 %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 27.1 119.86 0.30 Royal Dutch Shell 287.8 2169.00 12.00 Novartis N 561.0 86.58 0.00 Sony 2203.2 3101.50 332.50 Tullow Oil 418.10 11.3 -5.7 Afren 9.65 138.3 -78.8 Enquest 40.00 25.0 12.7 Oil Equipment & Services 16948.37 12.4 2.9
Covidien New 26.6 106.71 -1.36 Astrazeneca 268.4 4529.00 -159.00 Santander 500.3 6.11 -0.07 Hitachi, 1031.9 781.00 -85.60 Weir 1852.00 9.3 -2.8 Vedanta Resources 474.20 27.8 -17.5 Salamander Energy 82.25 24.6 26.5 General Industrials 4227.76 8.7 8.5
Hospira 24.5 87.77 22.97 Vodafone 223.0 230.90 -5.97 Bnp Paribas Act.a 430.0 47.01 -1.80 Toyota Motor 924.4 7654.00 -74.00 Bhp Billiton 1538.00 8.8 10.8 Hunting 493.00 25.0 -7.2 Carclo 116.00 20.6 30.8 Construction & Materials 4630.14 7.2 12.0
Safeway 18.4 35.10 -0.04 Rexam 220.5 538.00 93.90 Total 394.8 48.08 0.33 Mitsubishi Ufj Fin,. 595.7 656.90 2.80 Antofagasta 711.00 8.5 -5.5 Rexam 538.00 23.5 19.3 Foxtons 207.75 15.3 29.6 Mining 14464.26 7.2 1.2
Amazon.com 13.0 376.72 11.97 Bhp Billiton 188.8 1538.00 11.00 Sanofi 382.2 84.53 2.94 Sumitomo Mitsui Fin,. 467.5 4044.00 25.50 Bg 954.80 8.4 10.4 Premier Oil 168.70 18.3 0.9 Lsl Property Services 312.50 12.4 4.9 Industrial Engineering 9319.57 6.8 5.2
Pfizer 11.2 32.91 0.84 Glaxosmithkline 173.8 1500.50 24.50 Nestle N 368.8 67.81 0.00 Softbank . 387.0 6992.00 -40.00 Crh 1747.00 8.4 13.1 Ophir Energy 152.00 18.1 7.2 Fenner 208.00 11.5 -4.2 Oil & Gas Producers 7465.56 6.4 4.6
Gilead Sciences 9.4 97.86 -0.57 Bt 157.5 442.00 19.00 Swatch I 365.7 366.57 0.00 Mizuho Fin,. 326.9 195.40 2.00 Glencore 268.85 7.4 -10.0 Serco 179.40 17.7 11.8 Mcbride 90.00 11.5 12.5 Automobiles & Parts 8945.44 3.6 11.2
Keurig Green Mountain 7.6 115.40 -5.80 Bp 155.7 450.10 4.75 Eni 349.7 15.43 0.00 Honda Motor Co., 320.0 3739.00 50.00 Anglo American 1172.00 6.8 -2.4 Lonmin 188.30 17.0 5.9 Mothercare 193.50 10.9 10.6 Real Estate & Investment Servic 2887.63 3.1 7.6
The Walt Disney 7.5 102.41 1.13 Rio Tinto 114.4 3080.50 -27.98 Roche Gs 343.0 239.74 0.00 Fuji Heavy Industries 284.9 4010.00 -90.00 Royal Dutch Shell 2272.50 6.3 1.8 Kaz Minerals 229.70 16.8 -10.9 Kenmare Resources 3.35 10.6 3.4 Fixed Line Telecommunication 4993.92 3.0 9.1
Twenty-first Century Fox Class A 7.2 32.96 -1.71 Bg 113.5 954.80 22.80 Intesa Sanpaolo 334.5 2.62 0.00 Mazda Motor 271.1 2401.00 -71.00 Smiths 1179.00 6.2 7.4 Petrofac 770.50 15.3 9.6 Raven Russia Ltd 41.25 10.4 -13.2 Technology Hardware & Equip. 1275.81 2.6 7.1
Bp 450.10 5.9 9.5 Rps 208.00 13.2 -0.5 Low & Bonar 56.50 9.4 10.4 Industrial Transportation 2843.63 2.6 0.4
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
Intertek 2452.00 5.7 5.1 Soco Int 298.10 12.5 -1.7 Darty 74.25 9.2 8.4 Industrial Metals 1746.18 2.5 14.6
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Hospira 87.77 22.97 35.45 Rexam 538.00 93.90 20.98 Dassault Systemes 59.14 4.37 7.98 Sony 3101.50 332.50 12.01 Easyjet 1726.00 -7.0 4.5 Zoopla Property 176.80 -7.3 -10.0 Rm 140.75 -9.5 -6.3 Beverages 14694.73 -3.8 3.8
Ball 73.31 7.16 10.82 Lonmin 188.30 16.00 9.29 Technip 55.80 1.98 3.68 Yahoo Japan 431.00 21.00 5.12 Diageo 1916.50 -5.3 3.6 Pennon 852.50 -5.7 -7.3 Aquarius Platinum Ld 13.50 -8.5 -8.5 Tobacco 42976.61 -3.3 5.7
O'reilly Automotive 210.09 17.38 9.02 Hunting 493.00 36.80 8.07 Sanofi 84.53 2.94 3.60 Sumitomo Mitsui Trust Holdings,. 436.30 16.90 4.03 Astrazeneca 4529.00 -4.9 -0.6 Oxford Instruments 719.00 -5.7 -43.4 Int Biotechnology Trust 464.50 -8.1 5.3 Food Producers 8095.71 -3.2 -0.7
Estee Lauder Co. 78.56 6.01 8.28 Vedanta Resources 474.20 25.00 5.57 Vi 49.62 1.29 2.68 Nippon Paper Industries Co Ltd 1862.00 66.00 3.67 Associated British Foods 3014.00 -4.6 -4.4 Premier Farnell 158.10 -5.3 -10.2 Flybe 61.75 -7.8 -44.4 Personal Goods 26608.03 -3.0 7.9
Vimpelcom Ltd 4.73 0.36 8.24 Premier Oil 168.70 7.60 4.72 Galp Energia-nom 10.24 0.20 2.04 Thb Bank Of Yokohama, 668.20 21.70 3.36 Int Consolidated Airlines S.a. 542.50 -4.4 10.9 Saga 182.90 -4.7 17.9 New City High Yield Fund 62.00 -6.2 -5.7 Mobile Telecommunications 5223.36 -2.9 3.6
Imperial Tobacco 3021.00 -4.2 6.7 Euromoney Institutional Investor 1026.00 -4.7 -2.0 Dialight 667.00 -5.7 -17.7 Gas Water & Multiutilities 6265.39 -2.7 2.0
Downs Downs Downs Downs
United Utilities 998.00 -4.2 9.0 Worldwide Healthcare Trust 1776.00 -3.8 4.1 Optos 240.50 -5.5 -5.7 Travel & Leisure 8384.37 -1.3 3.9
Teradata 42.83 -4.15 -8.83 Afren 9.65 -1.09 -9.82 Piraeus Bank (cr) 0.64 -0.11 -14.97 Hitachi, 781.00 -85.60 -9.88
Ashtead 1073.00 -4.1 -6.9 Man 175.50 -3.0 9.8 Utv Media 189.75 -5.1 8.4 Household Goods 13351.34 -1.3 4.2
Alliance Data Systems 276.38 -15.94 -5.45 Premier Farnell 158.10 -11.30 -6.67 National Bank (cr) 1.14 -0.16 -12.31 Nisshinbo Holdings . 1248.00 -93.00 -6.94
Hargreaves Lansdown 1000.00 -4.0 -2.0 Riverstone Energy 910.00 -2.7 4.7 Biotech Growth Trust (the) 736.00 -4.4 8.1 Pharmaceuticals & Biotech. 13439.33 -1.2 5.7
Twenty-first Century Fox Class A 32.96 -1.71 -4.92 Ocado 409.30 -22.00 -5.10 Bnp Paribas Act.a 47.01 -1.80 -3.69 Nichirei 581.00 -41.00 -6.59
Unilever 2835.00 -4.0 7.9 Northgate 602.00 -2.5 -0.8 Servelec 283.00 -4.2 -6.7 Chemicals 11238.08 -0.9 -0.8
Cummins 137.25 -6.91 -4.79 Astrazeneca 4529.00 -159.00 -3.39 Edp 3.26 -0.08 -2.39 Toray Industries,. 965.30 -46.20 -4.57
Kingfisher 333.80 -3.7 -2.0 Howden Joinery 419.30 -2.4 4.0 Renold 55.75 -3.9 -5.1 Life Insurance 8126.98 -0.9 7.7
Keurig Green Mountain 115.40 -5.80 -4.79 Victrex 2038.00 -54.00 -2.58 Gdf Suez 19.15 -0.46 -2.35 Okuma 1071.00 -49.00 -4.38
Severn Trent 2120.00 -3.6 5.7 Betfair 1571.00 -2.4 -0.1 Aga Rangemaster 99.50 -3.6 -15.7 General Retailers 2998.66 -0.6 0.7
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.
CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Feb 05 Currency Mid Change Mid Change Mid Change Feb 05 Currency Mid Change Mid Change Mid Change Feb 05 Currency Mid Change Mid Change Mid Change Feb 05 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 8.6605 0.0018 9.8994 0.0072 13.2397 0.0663 Indonesia Indonesian Rupiah 12632.5000 7.5000 14439.6200 16.1409 19311.9164 104.2333 Philippines Philippine Peso 44.1100 0.0200 50.4201 0.0493 67.4331 0.3546 ..One Month 0.6541 -0.0032 0.7477 -0.0032 - -
Australia Australian Dollar 1.2809 -0.0094 1.4641 -0.0100 1.9582 -0.0049 Iran Iranian Rial 9740.5000 - 11133.9109 5.8480 14890.7909 71.6072 Poland Polish Zloty 3.6428 -0.0006 4.1639 0.0014 5.5688 0.0258 ..Three Month 0.6540 -0.0032 0.7476 -0.0032 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4309 0.0002 0.5763 0.0028 Israel Israeli Shekel 3.8575 -0.0376 4.4093 -0.0406 5.8971 -0.0289 Romania Romanian Leu 3.8629 0.0096 4.4155 0.0133 5.9054 0.0430 ..One Year 0.6539 -0.0032 0.7471 -0.0032 - -
Bolivia Bolivian Boliviano 6.9100 - 7.8985 0.0042 10.5636 0.0508 Japan Japanese Yen 117.4700 -0.0450 134.2744 0.0192 179.5820 0.7949 Russia Russian Ruble 66.7500 -1.0100 76.2988 -1.1138 102.0439 -1.0460 United States United States Dollar - - 1.1431 0.0006 1.5287 0.0073
Brazil Brazilian Real 2.7382 0.0109 3.1299 0.0141 4.1860 0.0367 ..One Month 117.4700 -0.0451 134.2744 0.0192 179.5820 0.7947 Saudi Arabia Saudi Riyal 3.7532 0.0000 4.2901 0.0022 5.7377 0.0275 ..One Month - - 1.1430 -0.3783 1.5287 0.0073
Canada Canadian Dollar 1.2421 -0.0148 1.4197 -0.0162 1.8988 -0.0134 ..Three Month 117.4699 -0.0453 134.2744 0.0191 179.5817 0.7943 Singapore Singapore Dollar 1.3452 -0.0017 1.5376 -0.0011 2.0565 0.0073 ..Three Month - - 1.1429 -0.3784 1.5287 0.0074
Chile Chilean Peso 623.7500 -3.8300 712.9794 -4.0009 953.5566 -1.2427 ..One Year 117.4692 -0.0466 134.2744 0.0190 179.5820 0.7933 South Africa South African Rand 11.2595 -0.1821 12.8702 -0.2012 17.2129 -0.1942 ..One Year - - 1.1423 -0.3784 1.5285 0.0074
China Chinese Yuan 6.2521 0.0044 7.1465 0.0088 9.5579 0.0526 Kenya Kenyan Shilling 91.3500 -0.2000 104.4179 -0.1736 139.6511 0.3671 South Korea South Korean Won 1090.9750 6.3250 1247.0425 7.8814 1667.8261 17.6412 Venezuela Venezuelan Bolivar Fuerte 12.0000 - 13.7166 0.0072 18.3450 0.0882
Colombia Colombian Peso 2382.7550 4.2050 2723.6157 6.2354 3642.6329 23.9102 Kuwait Kuwaiti Dinar 0.2947 -0.0002 0.3369 -0.0001 0.4505 0.0019 Sweden Swedish Krona 8.2703 0.0200 9.4534 0.0278 12.6433 0.0912 Vietnam Vietnamese Dong 21284.0000 -56.0000 24328.7693 -51.1875 32537.8904 71.2012
Costa Rica Costa Rican Colon 537.6650 0.6950 614.5796 1.1170 821.9544 5.0091 Malaysia Malaysian Ringgit 3.5740 0.0115 4.0853 0.0153 5.4637 0.0438 Switzerland Swiss Franc 0.9251 -0.0003 1.0574 0.0002 1.4142 0.0063 European Union Euro 0.8749 -0.0005 - - 1.3374 0.0057
Czech Republic Czech Koruna 24.2601 -0.0211 27.7306 -0.0095 37.0876 0.1463 Mexico Mexican Peson 14.7364 -0.0521 16.8445 -0.0507 22.5282 0.0290 Taiwan New Taiwan Dollar 31.4760 0.1065 35.9787 0.1406 48.1189 0.3934 ..One Month 0.8748 -0.0005 - - 1.3374 0.0057
Denmark Danish Krone 6.5125 -0.0034 7.4441 0.0000 9.9559 0.0426 New Zealand New Zealand Dollar 1.3548 -0.0039 1.5486 -0.0036 2.0712 0.0041 Thailand Thai Baht 32.6400 0.0200 37.3093 0.0425 49.8983 0.2703 ..Three Month 0.8747 -0.0005 - - 1.3373 0.0057
Egypt Egyptian Pound 7.6301 0.0050 8.7216 0.0103 11.6644 0.0637 Nigeria Nigerian Naira 192.4500 0.2000 219.9806 0.3441 294.2076 1.7187 Tunisia Tunisian Dinar 1.9201 -0.0032 2.1947 -0.0025 2.9353 0.0092 ..One Year 0.8741 -0.0005 - - 1.3368 0.0057
Hong Kong Hong Kong Dollar 7.7522 -0.0001 8.8612 0.0046 11.8512 0.0569 Norway Norwegian Krone 7.5253 -0.0295 8.6018 -0.0292 11.5042 0.0104 Turkey Turkish Lira 2.4373 -0.0067 2.7859 -0.0062 3.7259 0.0076
Hungary Hungarian Forint 268.4223 -0.7799 306.8209 -0.7298 410.3500 0.7863 Pakistan Pakistani Rupee 101.1750 - 115.6484 0.0608 154.6711 0.7436 United Arab Emirates UAE Dirham 3.6731 - 4.1985 0.0022 5.6152 0.0270
India Indian Rupee 61.7100 -0.1050 70.5378 -0.0829 94.3390 0.2938 Peru Peruvian Nuevo Sol 3.0605 -0.0025 3.4983 -0.0010 4.6787 0.0187 United Kingdom Pound Sterling 0.6541 -0.0032 0.7477 -0.0032 - -
Rates are derived from WM/Reuters at 4pm (London time). Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on the internet at http://www.FT.com/marketsdata
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 Feb 05 Feb 04 Feb 03 Feb 02 Jan 30 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 2952.50 2947.60 2917.80 2914.20 2941.90 0.00 2955.70 2669.30 Forestry & Paper 13.24 Financial Services 4.59 Equity Invest Instr 1.74 FTSE 100 Price Change FTSE 100 Price Change
Feb 05 chge% Index Feb 04 Feb 03 ago yield% Cover ratio adj Return FT 30 Div Yield 1.72 1.73 1.74 1.73 1.72 0.00 3.93 2.74 Personal Goods 10.14 Telecommunications 4.58 FTSE 250 Index 1.37 3i Group PLC 476.70 1.70 Kingfisher PLC 333.80 4.10
FTSE 100 (100) 6865.93 0.09 7163.47 6860.02 6871.80 6558.28 3.39 1.84 16.01 7.35 5188.62 P/E Ratio net 25.87 25.78 25.69 25.72 25.98 0.00 19.44 14.26 Food & Drug Retailer 10.14 Tech Hardware & Eq 4.04 Food Producers 1.37 Aberdeen Asset Management PLC 430.80 4.60 Land Securities Group PLC 1305 10.00
FTSE 250 (250) 16694.99 0.74 17418.47 16571.64 16570.30 15789.91 2.57 2.04 19.12 17.46 11337.59 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Industrial Metals & 8.91 Household Goods & Ho 4.04 General Retailers 1.37 Admiral Group PLC 1459 -14.00 Legal & General Group PLC 268.10 -2.40
FTSE 250 ex Inv Co (212) 18059.28 0.88 18841.88 17901.41 17897.08 17205.29 2.61 2.16 17.72 17.19 12501.94 FT 30 hourly changes Tobacco 8.07 Aerospace & Defense 3.84 FTSE SmallCap Index 1.24 Aggreko PLC 1638 42.00 Lloyds Banking Group PLC 75.53 0.98
FTSE 350 (350) 3755.02 0.19 3917.74 3747.92 3753.29 3581.07 3.26 1.87 16.43 4.00 5730.50 8 9 10 11 12 13 14 15 16 High Low Real Est Invest & Tr 8.03 Gas Water & Multi 3.76 Health Care Eq & Srv -0.10 Anglo American PLC 1172 22.00 London Stock Exchange Group PLC 2361 -21.00
FTSE 350 ex Investment Trusts (312) 3735.27 0.20 3897.14 3727.92 3733.31 3566.31 3.28 1.88 16.23 3.94 2934.35 2947.6 2943.9 2936.7 2932 2936.6 2931.1 2930.7 2933 2942.3 2952.5 2925.7 Life Insurance 7.45 Construct & Material 3.62 Chemicals -0.80 Antofagasta PLC 711.00 13.50 Marks and Spencer Group PLC 481.60 1.20
FTSE 350 Higher Yield (96) 3668.76 -0.12 3827.75 3673.26 3684.14 3562.75 4.49 1.64 13.56 4.66 5661.65 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Automobiles & Parts 7.15 Fixed Line Telecomms 3.42 Industrial Eng -1.05 ARM Holdings PLC 1082 13.00 Meggitt PLC 548.00 1.00
FTSE 350 Lower Yield (254) 3474.43 0.52 3625.00 3456.34 3455.65 3246.57 1.96 2.41 21.21 2.96 3605.83 Consumer Goods 6.68 Technology 3.40 Industrial Transport -1.28 Ashtead Group PLC 1073 -6.00 Mondi PLC 1218 13.00
FTSE SmallCap (291) 4463.32 0.12 4656.74 4457.79 4452.52 4464.72 2.45 1.54 26.54 11.35 5965.50 Media 6.53 Real Est Invest & Se 3.39 Electronic & Elec Eq -1.80
FTSE SmallCap ex Inv Co (151) 3909.62 0.44 4079.05 3892.58 3874.84 4132.15 2.31 2.11 20.49 6.59 5485.08 FX: EFFECTIVE INDICES Beverages 6.38 FTSE 100 Index 2.79 Banks -2.08
Associated British Foods PLC 3014 -28.00 Morrison (Wm) Supermarkets PLC 181.20 -0.30
AstraZeneca PLC 4529 -159.00 National Grid PLC 917.00 -6.20
FTSE All-Share (641) 3687.08 0.19 3846.86 3680.18 3685.14 3521.37 3.24 1.86 16.64 4.11 5693.77
Feb 04 Feb 03 Mnth Ago Feb 05 Feb 04 Mnth Ago Pharmace & Biotech 5.83 NON FINANCIALS Index 2.66 Oil & Gas Producers -2.48 Aviva PLC 529.50 1.50 Next PLC 7140 25.00
FTSE All-Share ex Inv Co (463) 3655.30 0.20 3813.70 3647.96 3652.83 3495.90 3.27 1.88 16.29 3.89 2919.54 Health Care 5.32 FTSE All{HY-}Share Index 2.52 Oil & Gas -2.60 Babcock International Group PLC 1030 -4.00 Old Mutual PLC 214.00 1.10
FTSE All-Share ex Multinationals (575) 1182.55 0.32 1022.59 1178.79 1179.17 1142.63 2.76 2.04 17.73 1.18 1962.33 Australia 95.30 94.66 99.05 Sweden 78.20 78.39 79.39 Mobile Telecomms 5.27 Software & Comp Serv 2.48 Electricity -3.07 BAE Systems PLC 516.50 -11.00 Pearson PLC 1358 -12.00
FTSE Fledgling (99) 7027.70 0.21 7332.24 7013.30 7012.74 6644.94 2.33 0.74 58.20 7.17 12387.47 Canada 92.98 93.58 99.48 Switzerland 164.43 164.51 146.63 Consumer Services 5.17 Support Services 2.37 Basic Materials -3.51 Barclays PLC 248.80 0.05 Persimmon PLC 1618 9.00
FTSE Fledgling ex Inv Co (55) 8762.93 0.39 9142.67 8729.28 8713.62 8146.77 1.71 0.86 67.58 0.95 15018.84 Denmark 106.49 106.62 108.41 UK 89.08 88.35 87.63 Nonlife Insurance 5.07 Utilities 2.24 Mining -4.42 Barratt Developments PLC 470.20 0.20 Prudential PLC 1612 -15.50
FTSE All-Small (390) 3086.09 0.13 3219.83 3082.14 3078.66 3076.45 2.45 1.50 27.26 7.62 5296.95 Japan 128.15 128.11 123.00 USA 100.66 100.49 97.94 Travel & Leisure 4.60 Financials 2.11 Leisure Goods -4.51 BG Group PLC 954.80 22.80 Randgold Resources Ltd 5550 25.00
FTSE All-Small ex Inv Co Index (206) 2901.40 0.44 3027.13 2888.82 2875.99 3041.35 2.29 2.07 21.12 4.69 5158.27 New Zealand 121.05 119.77 125.49 Euro 87.74 88.06 92.63 Industrials 2.01 Oil Equipment & Serv -6.09 BHP Billiton PLC 1538 11.00 Reckitt Benckiser Group PLC 5585 -35.00
FTSE AIM All-Share Index (840) 697.95 0.56 728.19 694.03 693.27 857.81 1.24 2.56 31.32 0.55 742.02 Norway 93.61 93.52 90.43
BP PLC 450.10 4.75 Reed Elsevier PLC 1169 -10.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3689 -46.50 Rio Tinto PLC 3080.5 27.00
Oil & Gas (21) 7892.09 1.24 8234.09 7795.41 7889.88 8376.03 4.27 1.90 12.33 0.00 6280.26 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 851.00 8.00 Rolls-Royce Holdings PLC 918.00 18.50
Oil & Gas Producers (14) 7512.17 1.18 7837.71 7424.65 7511.11 7923.03 4.28 1.89 12.33 0.00 6179.75 British Sky Broadcasting Group PLC 960.00 4.50 Royal Bank Of Scotland Group PLC 377.70 -3.10
Oil Equipment Services & Distribution (7)17387.62 3.09 18141.12 16866.31 17311.90 21967.24 4.07 1.97 12.46 0.00 12262.33 FTSE GLOBAL EQUITY INDEX SERIES BT Group PLC 442.00 19.00 Royal Dutch Shell PLC (A) 2169 12.00
Basic Materials (29) 4808.73 0.97 5017.11 4762.62 4809.87 5344.67 3.77 2.77 9.56 0.87 4499.24 Bunzl PLC 1910 5.00 Royal Dutch Shell PLC (B) 2272.5 27.00
Chemicals (7) 12007.53 0.59 12527.88 11937.65 11953.99 11423.62 2.15 2.43 19.14 22.19 10142.90 Feb 05 No of US $ Day Mth YTD Total
YTD Gr Div Feb 05 No of US $ Day Mth YTD Total YTD Gr Div Burberry Group PLC 1784 -12.00 Royal Mail PLC 451.10 8.40
Forestry & Paper (1) 14315.80 1.08 14936.18 14163.00 14221.77 11118.84 2.65 3.19 11.83 0.00 14548.40 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Capita PLC 1143 18.00 RSA Insurance Group PLC 448.90 -0.30
Industrial Metals & Mining (2) 1769.79 3.39 1846.48 1711.71 1737.37 1142.47 0.56 14.52 12.23 0.00 1531.76 FTSE Global All Cap 7573 472.66 0.0 0.9 0.70.6 632.00
2.3 Oil & Gas 177 398.60 -1.3 -1.3 0.1 587.92 0.1 3.5 Carnival PLC 2908 -13.00 SABMiller PLC 3529 0.50
Mining (19) 13841.31 0.99 14441.12 13705.65 13857.18 15844.19 4.02 2.77 8.98 0.00 6742.80 FTSE Global All Cap 6936 485.74 0.0 0.6 0.40.3 638.38
2.2 Oil & Gas Producers 121 364.78 -1.2 -1.2 0.7 546.84 0.7 3.5 Centrica PLC 296.00 2.60 Sage Group PLC 485.40 1.00
FTSE Global Large Cap 1357 418.86 0.1 0.8 0.60.5 571.97
2.5 Oil Equipment & Services 47 403.75 -2.1 -2.1 -2.6 545.51 -2.4 3.3 Coca-Cola HBC AG 1098 -2.00 Sainsbury (J) PLC 269.40 2.70
Industrials (114) 4525.70 0.78 4721.83 4490.79 4475.06 4500.19 2.44 2.05 20.07 2.90 4388.00
Construction & Materials (13) 4767.16 -1.27 4973.74 4828.50 4767.05 4636.48 3.19 0.23 134.12 0.00 4754.90 FTSE Global Mid Cap 1670 624.82 0.0 1.5 1.31.2 800.95
1.9 Basic Materials 270 447.14 0.5 0.5 2.7 636.99 2.7 2.8 Compass Group PLC 1145 -1.00 Schroders PLC 2915 -28.00
Aerospace & Defense (9) 5247.29 0.16 5474.68 5238.86 5197.27 5364.96 2.07 3.92 12.30 1.29 5304.50 FTSE Global Small Cap 4546 655.84 -0.1 0.7 0.60.5 816.77
1.8 Chemicals 115 649.18 0.3 0.3 4.1 932.07 4.1 2.3 CRH PLC 1747 -32.00 Severn Trent PLC 2120 5.00
General Industrials (6) 3431.89 5.83 3580.61 3242.68 3232.32 3581.35 3.30 1.82 16.67 0.00 3614.39 FTSE All-World 3027 276.48 0.1 0.9 0.70.6 389.79
2.4 Forestry & Paper 18 218.57 0.0 0.0 4.9 340.61 4.9 2.7 Diageo PLC 1916.5 -8.50 Shire PLC 4954 53.00
Electronic & Electrical Equipment (12) 5070.21 0.31 5289.93 5054.55 5028.47 5525.07 2.24 2.19 20.41 0.00 4389.57 FTSE World 2544 488.11 0.1 0.8 0.60.5 924.09
2.4 Industrial Metals & Mining 75 397.49 0.5 0.5 -3.6 569.55 -3.4 2.8 Direct Line Insurance Group PLC 316.20 -2.10 Smith & Nephew PLC 1198 30.00
Industrial Engineering (14) 9694.77 2.33 10114.89 9473.89 9520.79 10310.97 2.45 2.34 17.44 8.25 11062.47 FTSE Global All Cap ex UNITED KINGDOM In 7233 483.67 0.0 0.7 0.60.5 638.34
2.2 Mining 62 586.96 1.0 1.0 3.0 823.42 3.1 3.8 Dixons Carphone PLC 425.50 -5.50 Smiths Group PLC 1179 8.00
Industrial Transportation (8) 4215.44 1.47 4398.12 4154.17 4158.52 4860.72 3.62 1.48 18.67 0.00 3411.15 FTSE Global All Cap ex USA 5592 455.63 0.5 2.4 2.01.9 643.29
2.7 Industrials 534 316.04 0.0 0.0 0.4 430.22 0.5 2.1 easyJet PLC 1726 -52.00 Sports Direct International PLC 715.00 -1.50
Support Services (52) 6594.10 0.49 6879.85 6562.02 6553.09 6233.97 2.29 1.75 24.95 7.25 6466.84 FTSE Global All Cap ex JAPAN 6330 485.76 -0.1 0.7 0.50.4 654.99
2.4 Construction & Materials 114 435.57 0.2 0.2 1.0 620.66 1.0 2.1 Experian PLC 1194 9.00 SSE PLC 1630 10.00
FTSE Developed 2116 440.11 0.0 0.7 0.50.4 592.81
2.3 Aerospace & Defense 29 513.20 0.1 0.1 3.2 693.07 3.3 1.9 Fresnillo PLC 897.00 9.00 St. James's Place PLC 877.00 -13.00
Consumer Goods (40) 16981.78 -0.76 17717.68 17111.89 17144.30 14450.55 2.92 1.83 18.73 61.52 11651.07
FTSE Developed All Cap 5669 461.65 0.0 0.7 0.50.4 615.53
2.3 General Industrials 56 214.45 -0.5 -0.5 -1.4 312.91 -1.1 2.6 Friends Life Group Ltd 398.90 1.30 Standard Chartered PLC 935.50 16.30
Automobiles & Parts (1) 8991.28 2.00 9380.92 8815.02 8826.77 9374.34 2.12 3.62 13.04 0.00 8061.14
FTSE Developed Large Cap 905 407.85 0.0 0.5 0.40.2 556.25
2.4 Electronic & Electrical Equipment 67 331.08 0.2 0.2 1.8 416.64 1.8 1.6 G4S PLC 282.80 1.60 Standard Life PLC 401.80 -1.80
Beverages (6) 14733.43 -0.26 15371.91 14772.21 14848.57 13202.82 2.33 1.76 24.39 0.00 9769.97
FTSE Developed Europe Large Cap 202 362.61 0.2 3.6 2.72.5 553.34
3.2 Industrial Engineering 103 618.27 -0.1 -0.1 0.0 826.36 0.0 2.1 GKN PLC 382.60 7.50 Taylor Wimpey PLC 137.00 -
Food Producers (10) 8185.57 -0.40 8540.30 8218.31 8280.28 7333.01 1.95 1.83 27.94 3.84 6720.09
FTSE Developed Europe Mid Cap 318 513.51 0.3 3.4 2.72.7 718.60
2.4 Industrial Transportation 94 592.69 -0.4 -0.4 -0.7 805.12 -0.7 2.0 GlaxoSmithKline PLC 1500.5 24.50 Tesco PLC 232.40 2.85
Household Goods & Home Construction (13)11144.02 -0.27 11626.94 11173.67 11096.56 9513.77 2.35 2.46 17.25 0.00 7412.00
FTSE Dev Europe Small Cap 724 701.58 0.4 2.4 2.01.9 957.11
2.2 Support Services 71 274.67 0.5 0.5 0.8 360.24 0.9 2.0 Glencore PLC 268.85 1.85 Travis Perkins PLC 1954 5.00
Leisure Goods (2) 4862.40 -0.38 5073.11 4880.79 4830.73 5025.04 4.39 1.05 21.74 0.00 3935.82
FTSE North America Large Cap 332 439.46 -0.5 -1.1 -1.2 566.84
-1.0 2.1 Consumer Goods 407 416.00 0.5 0.5 2.7 578.15 2.9 2.3 Hammerson PLC 705.50 5.50 Tui AG 1156 1.00
Personal Goods (6) 23166.45 -1.39 24170.37 23492.46 23519.02 21143.52 2.87 2.72 12.85 137.64 14620.22
FTSE North America Mid Cap 399 677.45 -0.4 -0.1 -0.1 823.38
-0.1 1.6 Automobiles & Parts 98 404.17 1.2 1.2 3.7 539.33 3.8 2.1 Hargreaves Lansdown PLC 1000.00 34.00 Tui AG New Shs 1131 5.00
Tobacco (2) 42976.68 -1.45 44839.08 43606.91 43771.31 33275.49 4.02 1.30 19.16 377.80 25247.01
FTSE North America Small Cap 1495 687.31 -0.5 0.0 -0.2 812.71
-0.2 1.5 Beverages 48 553.81 0.2 0.2 2.9 778.92 3.0 2.4 HSBC Holdings PLC 613.40 -2.20 Tullow Oil PLC 418.10 22.20
Health Care (20) 9775.22 -0.09 10198.83 9784.15 9691.53 8636.74 3.44 0.82 35.45 0.17 6873.72
FTSE North America 731 295.85 -0.5 -1.0 -1.0 391.41
-0.9 2.0 Food Producers 100 563.61 0.0 0.0 2.1 807.90 2.2 2.2 Imperial Tobacco Group PLC 3021 -59.00 Unilever PLC 2835 -49.00
Health Care Equipment & Services (9) 6898.02 2.10 7196.95 6756.24 6767.28 5144.07 1.29 2.46 31.62 1.43 5762.59
FTSE Developed ex North America 1385 239.30 0.8 3.2 2.62.5 362.28
2.8 Household Goods & Home Construction 45 394.35 0.8 0.8 -0.5 546.58 -0.1 2.3 InterContinental Hotels Group PLC 2608 -10.00 United Utilities Group PLC 998.00 -4.00
Pharmaceuticals & Biotechnology (11)13314.48 -0.29 13891.46 13352.54 13213.03 11923.10 3.64 0.77 35.84 0.00 8300.08
FTSE Japan Large Cap 174 312.13 1.9 2.6 2.32.3 382.85
1.8 Leisure Goods 26 131.43 0.6 0.6 4.3 166.84 4.5 1.3 International Consolidated Airlines Group SA 542.50 0.50 Vodafone Group PLC 230.90 -5.60
Consumer Services (96) 4827.86 -0.11 5037.07 4833.20 4816.09 4553.55 2.57 2.05 19.05 7.59 4264.05 FTSE Japan Mid Cap 301 444.14 1.4 4.7 4.54.5 528.06
1.4 Personal Goods 77 597.47 0.4 0.4 2.4 794.49 2.5 1.9
Food & Drug Retailers (7) 3355.34 0.56 3500.75 3336.54 3369.03 4396.91 4.79 2.08 10.02 0.00 3773.45 Intertek Group PLC 2452 54.00 Weir Group PLC 1852 42.00
FTSE Global wi JAPAN Small Cap 768 479.21 1.3 2.5 2.22.2 587.08
1.6 Tobacco 13 1123.00 0.2 0.2 4.6 2108.96 4.9 4.0 Intu Properties PLC 373.60 1.60 Whitbread PLC 4952 -17.00
General Retailers (30) 2919.44 0.49 3045.95 2905.19 2892.92 2690.41 2.26 2.43 18.24 3.13 3127.51
FTSE Japan 475 128.47 1.8 3.0 2.8 1.7 Health Care
2.8 177.19 162 443.74 -0.5 -0.5 2.2 607.23 2.2 1.8 ITV PLC 226.00 -4.60 Wolseley PLC 3820 -68.00
Media (24) 7148.72 -0.67 7458.51 7197.08 7131.59 6309.44 2.67 1.68 22.26 1.11 4104.57
FTSE Asia Pacific Large Cap ex Japan 481 634.95 1.1 2.7 3.23.1 920.58
2.8 Health Care Equipment & Services 58 603.78 0.1 0.1 2.2 685.45 2.2 1.0 Johnson Matthey PLC 3245 3.00 WPP PLC 1459 -18.00
Travel & Leisure (35) 8179.51 -0.21 8533.97 8196.35 8170.62 7114.96 1.85 2.19 24.66 29.70 7327.83
FTSE Asia Pacific Mid Cap ex Japan 445 828.45 0.9 2.6 2.82.8 1163.96
2.4 Pharmaceuticals & Biotechnology 104 341.11 -0.7 -0.7 2.1 483.88 2.2 2.1
Telecommunications (8) 3948.90 0.11 4120.03 3944.38 3941.59 3798.59 3.95 2.51 10.08 0.00 3975.32 FTSE Asia Pacific Small Cap ex Japan 1330 547.25 0.7 2.0 2.52.4 758.68
2.6 Consumer Services 378 380.28 0.7 0.7 1.6 486.18 1.7 1.6
Fixed Line Telecommunications (6) 5059.55 4.06 5278.81 4862.03 4840.29 4568.24 2.73 1.88 19.53 0.00 4263.05
Mobile Telecommunications (2) 5215.45 -2.20 5441.46 5332.87 5340.88 5197.90 4.71 2.74 7.74 0.00 4652.71
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
926
1904
500.40
706.20
1.0
0.2
2.7
2.7
3.1
2.5
3.1 771.57
2.8 Food & Drug Retailers
2.4 978.93
2.8 General Retailers
55 309.00
117 490.76
0.0
0.4
0.0
0.4
2.7 410.77
2.6 612.82
2.8
2.7
2.0
1.4
UK STOCK MARKET TRADING DATA
Utilities (8) 8933.06 -0.06 9320.17 8938.02 8983.46 8028.75 4.79 1.23 16.92 32.81 9103.71 FTSE Emerging Large Cap 452 671.86 0.2 3.0 2.82.7 936.52
2.9 Media 88 302.05 1.8 1.8 0.4 386.57 0.5 1.5 Feb 05 Feb 04 Feb 03 Feb 02 Jan 30 Yr Ago
Electricity (3) 9623.17 0.59 10040.19 9566.81 9616.58 9052.58 5.22 0.68 28.30 142.09 12293.92 FTSE Emerging Mid Cap 459 873.51 -0.1 2.0 1.51.4 1208.06
2.6 Travel & Leisure 118 362.93 0.1 0.1 0.8 468.65 0.9 1.7 SEAQ Bargains 5116.00 5664.00 6184.00 5470.00 5470.00 5470.00
Gas Water & Multiutilities (5) 8280.35 -0.23 8639.18 8299.58 8341.51 7345.23 4.67 1.41 15.23 5.10 8464.84 FTSE Emerging Small Cap 993 718.18 0.2 1.6 1.61.5 960.56
2.6 Telecommunication 95 173.70 0.4 0.4 4.0 294.62 4.4 3.9 Order Book Turnover (m) 44.41 138.99 80.98 - - -
Financials (283) 4811.55 0.02 5020.05 4810.76 4820.25 4558.69 3.04 1.78 18.50 3.36 4064.71 FTSE Emerging Europe 86 310.77 -1.7 -0.5 -0.3 437.85
-0.3 3.9 Fixed Line Telecommuniations 45 141.41 0.2 0.2 3.2 261.70 3.9 4.4 Order Book Bargains 839749.00 970232.00 913654.00 - - -
Banks (7) 4332.93 0.17 4520.69 4325.47 4331.98 4632.11 3.43 1.18 24.64 0.00 2869.21 FTSE Latin America All Cap 245 867.52 -0.2 -0.4 -3.7 1246.68
-3.6 3.7 Mobile Telecommunications 50 189.92 0.7 0.7 5.0 293.01 5.0 3.2 Order Book Shares Traded (m) 1423.00 1943.00 1661.00 - - -
Nonlife Insurance (12) 2348.27 -0.30 2450.03 2355.41 2354.28 2143.06 2.84 1.44 24.45 0.00 3829.22 FTSE Middle East and Africa All Cap 212 809.59 -0.6 6.7 5.3 2.6 Utilities
5.2 1174.60 162 267.90 -0.7 -0.7 0.2 473.35 0.4 3.6 Total Equity Turnover (£m) 1856.79 2706.92 1940.34 0.01 0.01 0.01
Life Insurance/Assurance (12) 8239.35 -0.51 8596.40 8281.95 8322.45 6868.99 3.10 1.84 17.55 0.00 7305.11 FTSE Global wi UNITED KINGDOM All Cap In 340 365.40 0.5 3.3 1.8 3.3 Electricity
1.7 557.75 113 286.95 -0.8 -0.8 1.2 502.64 1.3 3.5 Total Mkt Bargains 993139.00 1102068.00 1049541.00 15.00 15.00 15.00
Index- Real Estate Investment & Services (25) 2856.61 1.00 2980.40 2828.21 2820.62 2800.15 1.68 5.48 10.87 2.08 7202.68 FTSE Global wi USA All Cap 1981 505.98 -0.4 -0.5 -0.6 636.50
-0.5 1.9 Gas Water & Multiutilities 49 293.90 -0.6 -0.6 -1.2 530.69 -1.1 3.7 Total Shares Traded (m) 3458.00 3946.00 3849.00 0.00 0.00 0.00
Real Estate Investment Trusts (20) 3053.77 0.83 3186.11 3028.65 3024.30 2387.49 2.71 5.83 6.33 6.53 3512.51 FTSE Europe All Cap 1391 407.93 0.2 3.3 2.5 3.0 Financials
2.4 604.94 665 211.53 0.2 0.2 -2.0 319.84 -1.8 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 7669.34 -0.11 8001.69 7677.68 7707.68 6499.55 2.87 1.87 18.62 12.32 8114.90 FTSE Eurobloc All Cap 637 379.48 0.0 3.7 3.2 2.8 Banks
3.0 570.94 242 192.70 0.2 0.2 -4.2 309.50 -4.0 3.1 (c) Market closed.
Equity Investment Instruments (178) 7684.29 -0.19 8017.29 7698.75 7711.43 7057.73 2.42 1.03 40.02 19.00 3946.83 FTSE RAFI All World 3000 3022 5914.98 0.1 0.8 0.5 2.8 Nonlife Insurance
0.4 7246.53 69 214.48 0.2 0.2 0.2 292.02 0.2 2.1
Non Financials (358) 4289.06 0.25 4474.93 4278.54 4283.39 4109.08 3.30 1.88 16.09 5.39 5804.52 FTSE RAFI US 1000 1027 9187.61 -0.4 -1.1 -1.1 11355.50
-1.0 2.3 Life Insurance 50 207.71 0.3 0.3 -1.6 307.02 -1.5 2.4
Technology (22) 1310.70 0.78 1367.49 1300.53 1279.73 1141.81 1.24 2.07 38.85 0.96 1616.55 FTSE EDHEC-Risk Efficient All-World 3027 324.54 0.1 1.7 1.6 2.1 Financial Services
1.5 427.22 138 225.02 0.4 0.4 -2.8 294.23 -2.8 1.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 1429.68 0.22 1491.64 1426.50 1417.39 1294.14 1.90 2.04 25.79 2.59 1836.18 FTSE EDHEC-Risk Efficient Developed Europe 520 285.37 0.3 3.3 2.5 2.6 Technology
2.4 406.35 177 170.95 0.2 0.2 -0.7 200.62 -0.6 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1631.39 1.16 1702.08 1612.64 1576.30 1385.40 0.80 2.12 59.04 0.00 1856.31 Software & Computer Services 77 266.15 -0.1 -0.1 -2.0 302.14 -1.9 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 100 140.55 0.5 0.5 0.4 168.81 0.5 1.9 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 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/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6815.89 6825.56 6844.22 6837.76 6834.84 6840.61 6840.75 6843.69 6861.59 6869.85 6808.95 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
FTSE 250 16500.18 16520.32 16570.04 16586.83 16619.12 16609.36 16606.91 16635.37 16668.43 16694.99 16487.67 (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,
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
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4456.40 4452.00 4453.07 4453.44 4454.41 4459.28 4458.08 4459.64 4462.12 4463.92 4448.79
FTSE All-Share 3658.44 3663.22 3673.09 3670.84 3670.69 3673.01 3672.95 3675.25 3684.25 3687.56 3655.69 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 100 Day's high:15:47:15 Day's Low08:21:00 FTSE 100 2010/11 High: 6871.80(03/02/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:15:49:00 Day's Low08:08:00 FTSE 100 2010/11 High: 3687.08(05/02/2015) Low: 3434.73(06/01/2015)
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 AstraZeneca Pre 26095 25711 1246 3267 0.98 2.04 190 190 - 280 280 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Avanti Communications Group Int 31.051 24.961 48.057L 41.789L 0.449L 0.387L - - - - - 02/03 70.00 AIM AFG Aquatic Foods Group PLC 64.50 1.70 71.50 60.00 7303.1
KZT1150.4 Nil n/a 3.21 3.21 JSC Kazkommersbank GDR 3.21 0.00 Hargreaves Lansdown Int 197.247 158.412 101.874 104.094 16.9 17.1 7.3 7 Apr 10 22.69 22.978
5p Nil 13-03-15 13.25 12.25 Petropavlovsk PLC 13.00 0.75 McBride Int 364.7 380.3 7.3 3.7 2.8 1.6 - - - - -
A$0.05 Nil 30-01-15 3.08 3.08 Wildhorse Energy Ltd 3.13 0.00 Smith & Nephew Pre 4617 4351 714 802 0.561 0.617 18.6 17 May 6 29.6 27.4
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.
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$) ChristianDior 162.70 0.30 163.50 126.10 1.53 18.06 33796.64 FastRetail 43475 -375.00 46325 30950 0.80 45.23 39257.28 TeliaSonera 52.35 0.45 54.15 43.98 4.34 15.23 27408.74 BkNYMeln♦ 37.73 0.56 41.79 30.82 1.60 16.28 42473.03 Lyondell 87.65 2.30 115.40 70.06 2.80 10.92 43883.55
ANZ 34.98 0.36 35.07 29.05 5.26 12.88 75535.93 Cred Agr 10.86 0.03 12.22 9.76 3.36 12.53 31981.87 Fuji Hvy Ind 4010 -90.00 4617 2380 1.18 14.10 26724.21 Switzerland (SFr) BlackRock 358.82 8.04 368.64 286.04 1.96 19.68 59282.09 Marathon Ptl 97.30 1.11 98.25 74.64 1.71 12.82 27262.75
BHPBilltn 31.36 -0.63 39.79 26.50 4.22 10.57 78631.16 Danone 59.12 0.12 60.53 48.50 2.63 30.64 43505.73 Hitachi 781.00 -85.60 939.90 660.00 1.12 37.16 32135.33 ABB 18.78 0.29 23.35 16.75 - 20.24 46993.01 Boeing 148.60 1.38 148.87 116.32 1.70 22.58 105941.47 Marsh&M♦ 55.82 0.49 58.74 44.25 1.74 22.23 30193
CmwBkAu 93.27 2.48 93.29 72.78 4.44 16.53 118057.96 EDF 24.23 -0.15 29.90 20.90 5.53 11.91 51504.49 HondaMtr 3739 50.00 3848 3239 1.35 11.78 57656.68 CredSuisse 20.20 -0.10 29.75 18.57 3.16 59.73 35095.2 BrisMySq 60.23 0.99 64.44 46.30 2.25 39.23 99908.11 MasterCard♦ 85.82 1.64 89.87 68.68 0.48 31.22 95510.82
CSL 88.32 0.33 89.07 63.77 1.42 28.60 32675.72 Essilor Intl 96.20 -0.28 100.50 70.51 1.05 19.50 23739.91 JapanTob 3388.5 38.50 4193 2997 2.38 14.88 57691.32 Nestle 71.25 -0.45 74.60 63.85 1.83 25.65 248383.32 Broadcom 44.31 0.55 44.50 28.75 1.06 41.66 24370.5 McDonald's 94.34 0.29 103.78 87.62 3.24 19.65 92635.21
NatAusBk 36.97 0.47 37.03 31.33 5.60 16.02 69828.65 GDF Suez 19.15 -0.46 21.19 16.17 8.39 -5.01 53293.17 KDDI 7670 -150.00 8449 5000 1.50 16.49 58565.69 Novartis 90.10 -1.45 99.75 70.15 2.78 23.05 263583.58 CapOne♦ 75.78 0.78 85.39 67.86 1.49 10.82 42536.74 McGraw Hill 95.88 1.04 95.99 71.93 1.16 30.88 26031.42
Telstra 6.67 0.07 6.74 4.96 4.62 17.17 63662.41 Hermes Intl 297.50 0.40 317.40 229.00 0.97 35.61 35899.75 Keyence 57900 750.00 58390 36095 0.17 33.31 29968.77 Richemont 80.30 -0.35 94.75 68.80 0.10 23.03 45312.79 CardinalHlth 84.43 0.56 87.33 63.06 1.54 26.60 27872.94 McKesson 215.86 5.02 222.93 162.90 0.42 38.12 50053.99
Wesfarmers 44.71 0.18 46.69 40.26 4.66 29.08 39224.74 Kering 181.00 -0.80 182.00 136.95 2.22 25.25 26116.02 MitsbCp 2229 13.00 2356 1805 2.34 11.10 30816.19 Roche 250.00 -3.50 295.80 238.80 2.85 25.33 189871.55 Carnival 43.70 0.24 47.44 33.11 2.23 28.18 25898.78 Medtronic 75.32 1.19 77.39 53.73 1.48 27.25 74138.72
Westpc 36.44 0.21 36.54 30.40 5.16 14.76 88765.13 LOreal 158.00 0.05 160.55 114.55 1.69 30.32 101359.55 MitsubEst 2428 64.00 2930 2151.5 0.40 45.02 28738.27 SwatchGpI 398.70 11.10 592.50 350.00 1.14 12.78 13292.16 Caterpillar♦ 83.57 1.62 111.46 78.81 2.82 14.33 50593.18 Merck 59.17 0.12 63.62 52.49 2.80 34.34 168686.18
WoodsdPet 35.26 -0.61 44.23 31.97 6.33 12.28 22680.22 LVMH 153.50 -2.75 156.45 121.40 2.16 21.41 89082.41 MitsubishiEle 1307.5 -32.50 1550 1083 0.43 23.61 23899.43 Swiss Re 83.80 -0.25 86.55 69.25 4.54 8.16 33582.23 CBS 56.00 -0.74 68.10 48.83 0.86 22.99 26903.76 Metlife♦ 48.98 0.21 57.57 46.10 2.41 10.62 55643.34
Woolworths 32.46 -0.33 38.92 29.11 4.53 15.35 32010.32 Nmrcble-SFR 46.34 0.18 57.50 23.87 - -57.82 20633.15 Mitsui 1573 -8.50 1820 1399 3.30 7.82 24056.49 Swisscom 544.00 -1.50 587.50 489.50 2.40 17.55 30463.5 Celgene 120.02 3.45 124.60 66.85 - 66.97 95860.48 MicronTech 29.49 0.46 36.59 21.02 - 9.81 31769.97
Belgium (€) Orange 15.85 -0.18 16.10 8.80 5.41 25.25 47990.89 MitsuiFud 3054.5 24.50 3809.5 2854.5 0.58 32.75 25779.4 Syngent 317.10 4.90 350.30 273.20 1.92 21.75 31861.05 CharlesSch♦ 27.92 0.37 31.00 23.35 0.81 31.60 36457.07 Microsoft 42.45 0.61 50.05 35.69 2.66 17.48 348250.69
AnBshInBv 108.75 -0.50 109.95 69.28 1.60 24.13 199915.79 PernodRic 107.80 -0.25 108.75 78.98 1.66 26.35 32705.55 MitUFJFin 656.90 2.80 700.30 519.00 2.10 8.54 79232.55 UBS 16.06 -0.15 17.84 13.58 1.42 19.17 64535.1 ChevrnTx 109.31 0.96 135.10 98.88 3.57 10.68 206642.29 MondelezInt 36.26 0.24 39.54 31.83 1.48 35.91 60905.61
Safran 60.57 0.66 60.65 43.24 1.98 15.04 28872.93 Mizuho Fin 195.40 2.00 221.00 178.10 2.74 11.30 40672.87 Zurich Fin 312.30 -3.80 323.50 244.20 5.35 12.94 50517.9 Chubb 100.82 0.91 105.30 83.07 1.81 12.54 23774.74 Monsanto 120.86 1.80 128.79 104.63 1.44 24.53 58409.93
Brazil (R$)
Sanofi 84.53 2.94 89.95 68.29 3.45 26.30 127869.99 Murata Mfg 13135 205.00 13780 8192 0.79 26.13 25188.02 Cigna 112.22 2.12 113.39 73.47 0.03 16.18 29354.36 MorganStly♦ 34.93 0.16 39.19 28.31 0.81 14.74 68372.09
Ambev 17.60 0.27 17.87 14.99 1.77 21.69 100994.12 Taiwan (NT$)
Schneider 68.33 0.03 72.22 52.59 3.59 19.22 45654.53 NipponTT 7079 57.00 7120 5051 2.05 14.24 68499.86 Cisco 27.26 0.57 28.70 21.27 2.59 19.35 139396.41 News Corp A 32.80 -1.86 39.27 30.83 0.72 19.19 44529.35
BncBrasil 22.79 0.49 38.19 18.61 6.16 4.67 23848.84 HonHaiPrc 87.30 -0.20 113.00 80.30 1.80 11.38 41030.11
SocGen 36.82 -0.34 48.69 31.85 2.83 7.75 33888.94 Nissan Mt 1037 8.00 1146.5 842.00 2.44 9.87 39907.92 Citigroup♦ 48.54 0.14 56.95 45.18 0.08 17.29 147051.36 NextEraE 109.71 0.27 112.64 89.01 2.44 26.12 47886.47
BncoDoBrasl 30.00 -0.15 35.98 22.07 4.17 17.68 21912.2 MediaTek 485.00 - 545.00 396.50 2.41 16.68 24214.46
StGobn 38.99 0.23 46.40 29.51 1.70 21.51 25039.15 NpnStlSmMtl 287.60 - 333.00 243.30 1.40 10.85 23266.53 CME Grp 90.84 1.59 93.91 66.44 1.93 31.90 30524 Nike 93.34 0.80 99.50 69.85 1.00 28.50 64066.77
Bradesco♦ 35.15 -0.15 41.30 27.48 1.01 17.12 27004.18 TaiwanSem 145.50 -0.50 147.00 101.00 1.61 17.22 119861.68
Total 48.08 0.33 54.71 38.25 5.54 10.57 130709.05 NTTDCMo 1993.5 23.50 2047 1515 2.31 20.42 74075.32 Coca-Cola 41.79 0.11 44.87 36.89 2.70 24.59 183044.92 NorfolkS♦ 107.85 1.50 117.64 89.76 1.90 17.86 33373.31
Cielo 41.40 0.32 47.10 31.06 3.08 17.52 23771.22 Thailand (THB)
UnibailR 258.60 1.25 260.15 174.25 3.69 21.65 28985.41 Panasonic 1302.5 -28.00 1610 1030 0.87 57.46 27199.31 Cognizant 57.64 -0.25 59.64 41.51 - 26.70 35094.97 Northrop 163.03 1.19 164.00 109.70 1.63 17.05 32931.94
ItauHldFin 31.97 -0.05 38.74 25.42 1.63 8.27 32341.7 PTT Explor 374.00 -4.00 398.00 272.00 1.84 11.39 32728.42
Vinci 49.62 1.30 57.36 39.65 3.82 10.30 33496.71 Seven & I 4414 -13.50 4592.5 3611 1.25 23.08 33308.55 ColgtPlm♦ 69.79 0.59 71.31 60.02 1.89 32.46 63606.49 NtlOilVarc 53.24 0.91 86.55 51.73 2.55 9.22 22923.75
Petrobras 9.66 -0.24 23.50 7.88 5.87 5.33 26256.01
Vivendi 20.87 -0.14 21.43 17.26 4.99 -12.41 32235.4 ShnEtsuCh 7841 -38.00 8529 5267 1.03 28.15 28842.67 United Kingdom (p) Comcast 56.97 0.07 59.30 47.74 1.44 19.03 122461.37 Occid Pet 82.12 1.27 101.38 72.32 3.22 12.10 63678.15
Vale 20.45 -0.10 35.20 17.65 9.82 -10.20 24027.28
Germany (€) Softbank 6992 -40.00 8760 6683 0.46 12.17 71465.2 AngloAmer 1172 22.00 1678.5 923.00 4.22 257.13 25023.98 ConocPhil 67.57 1.70 87.09 60.64 3.91 12.28 83172.78 Oracle 43.16 0.74 46.71 35.47 1.09 18.46 189531.4
Canada (C$) Sony 3101.5 332.50 3269 1581 0.65 -14.64 30565.34 AscBrFd 3014 -28.00 3293 2407 1.07 31.25 36477.55 Corning 24.48 0.21 25.16 17.03 1.54 20.28 31379.64 Paccar 62.25 -0.21 71.15 55.34 1.27 18.10 22042.99
Allianz 148.75 -0.85 151.45 115.05 3.71 10.40 77703.32
Alimentation 47.45 -1.03 50.58 26.92 0.35 25.77 15964.47 SumitomoF 4044 25.50 4910 3800 2.37 7.74 48680.01 AstraZen 4529 -159.00 5750 3663.7 3.85 89.98 87438.93 Costco■ 149.09 -6.83 156.85 109.80 0.90 31.74 65674.8 Pepsico 96.61 0.01 100.57 77.01 2.39 22.66 144587.11
BASF 81.43 0.45 88.28 64.27 3.46 14.46 85490.9
BCE 58.97 0.18 60.20 45.09 4.33 18.92 39897.17 Takeda Ph 5878 -16.00 5970 4337.5 2.47 51.42 39519.06 Barclays 248.80 0.05 278.00 201.75 2.61 56.14 62683.98 Covidien 106.71 -1.36 108.57 65.97 1.54 28.15 48500.47 Pfizer♦ 32.99 0.92 33.50 27.51 2.92 21.61 207858.68
Bayer 127.80 -1.90 131.70 91.31 1.71 27.73 120802.35
BkMontrl♦ 76.91 1.62 85.71 67.04 4.22 11.08 40091.11 TokioMarine 4099 -90.50 4218.5 2884 1.52 13.22 26851.8 BG 954.80 22.80 1420 780.55 1.94 18.19 49829.67 CrownCstl 86.73 0.46 88.79 68.56 1.14 173.90 28955.49 PG&E 58.06 0.15 60.21 40.92 2.96 20.56 27583.61
BMW 106.65 - 108.35 74.74 - - -
BkNvaS 64.60 1.17 74.93 59.92 4.17 10.84 63201.16 Toyota 7654 -74.00 7873 5205 1.84 12.32 222706.67 BP 450.10 4.75 526.80 364.40 5.30 14.72 125499.13 CSX 35.20 0.63 37.99 26.19 1.66 20.18 35037.99 Phillips66 75.21 0.79 87.98 57.33 2.23 12.51 41629.74
Continental 207.60 1.40 209.20 136.85 - - -
Brookfield 65.68 0.86 66.10 40.34 1.19 13.53 33303.13 BrAmTob 3689 -46.50 3818 2878.5 3.86 19.26 108178.44 Cummins 138.11 -6.05 161.03 123.50 1.81 16.46 25231.57 PhilMorris 82.57 0.49 91.63 76.06 4.36 17.56 128290.26
Daimler 82.78 0.15 84.69 55.10 - - - Malaysia (RM)
CanadPcR 233.24 1.47 247.56 156.64 0.63 35.36 31195.25 BSkyB 850.50 -12.00 954.00 782.50 3.76 9.03 23005.52 CVS 100.76 0.30 101.59 64.95 0.98 27.64 115509.6 PNCFin 88.82 1.07 93.45 76.69 1.95 12.70 46737.95
Deut Bank 27.13 - 36.35 22.66 2.02-224.94 42772.68 Maybank 8.92 0.09 10.20 8.25 9.10 11.95 23258.65
CanImp 92.88 1.54 107.37 85.06 4.47 11.23 29701.32 BT♦ 442.00 19.00 451.00 350.30 2.24 18.03 55024.49 Danaher 85.48 1.14 87.49 70.12 0.36 23.78 60066.08 PPG Inds 230.37 2.92 233.98 171.56 1.05 24.30 31614.84
Deut Tlkm 15.84 0.05 15.86 10.07 2.47 29.67 82120.87 Mexico (Mex$)
CanNatRs 38.94 1.26 49.57 31.00 2.36 12.95 34230.6 Compass♦ 1145 -1.00 1179 924.41 2.30 23.51 29191.47 Deere 89.12 0.44 94.89 78.88 2.38 10.80 30517.63 PPL 36.32 0.51 38.14 30.04 3.86 26.65 24155.42
DeutsPost 29.34 -0.20 29.75 21.55 - - - AmerMvl 16.15 0.12 17.64 12.39 1.38 16.84 76029.71
CanNatRy 87.10 0.58 88.36 58.56 1.16 23.28 56752.54 Diageo 1916.5 -8.50 2055 950.00 2.70 24.69 73570.13 Delta 46.14 -0.82 51.06 29.12 0.55 4.23 38616.47 Praxair 124.61 1.90 135.24 117.32 1.93 21.02 36307.93
E.ON 13.15 -0.13 15.46 12.23 4.76 -45.89 30077.33 FEMSA UBD 129.56 2.35 135.75 108.90 0.80 27.92 31459.19
Enbridge 63.11 0.33 65.13 45.63 2.27 67.07 43273.04 GlaxoSmh 1500.5 24.50 1709 1200.67 5.47 17.52 111559.36 DevonEngy 65.00 1.00 80.63 51.76 1.33 12.69 26591.5 Prec Cast 204.95 0.21 275.09 186.17 0.06 16.94 29212.08
Fresenius 49.21 -0.43 51.66 34.52 - - - WalMrtMex 29.59 0.55 35.75 27.71 0.91 18.89 35194.52
GtWesLif 33.04 0.14 33.98 28.61 3.90 12.10 26513.38 Glencore 268.85 1.85 379.45 236.20 3.59 16.30 54228.38 DirectTV 87.73 -0.23 89.46 68.07 - 17.15 44061.23 Priceline 1044.6 16.32 1378.96 990.69 - 25.02 54691.1
HenkelKgaA 90.23 -0.86 92.15 66.67 1.04 13.63 26794.74
ImpOil 50.80 1.24 57.96 44.08 1.07 9.89 34666.9 Netherlands (€) HSBC 613.40 -2.20 737.00 573.54 4.89 11.92 179960.29 DiscFinServ♦ 57.50 0.74 66.75 51.63 1.44 11.60 26075.09 ProctGmbl♦ 86.70 0.91 93.89 75.67 2.86 23.43 234134.21
Linde 174.15 1.15 174.55 138.15 - - -
Manulife 21.36 -0.04 23.09 18.91 2.67 9.43 33874.77 ASML Hld 89.21 -0.78 95.81 57.51 0.61 27.56 44686.88 ImpTob♦ 3021 -59.00 3183 2174.58 3.97 20.39 44236.42 Disney 102.64 1.36 102.84 70.37 1.10 23.26 174443.19 Prudntl 75.32 -4.57 94.30 74.51 2.65 15.69 34345.92
MuenchRkv 180.25 -1.60 184.25 141.10 4.19 8.33 35632.29
Potash 46.05 0.28 47.10 34.92 3.56 24.66 30781.75 Heineken 66.19 0.16 67.28 44.96 1.22 26.25 43579.6 LlydsBkg 75.53 0.98 85.53 70.02 - 229.57 82412.7 DominRes 78.69 1.06 80.89 64.71 2.83 32.49 45850.14 PublStor 206.76 4.10 206.92 157.24 2.55 43.71 35712.76
SAP 59.68 0.08 61.63 50.08 - - -
RylBkC♦ 75.39 1.26 83.87 67.84 3.97 11.94 87551.93 ING 11.19 -0.08 11.95 9.34 - 11.66 49351.13 Natl Grid 917.00 -6.20 965.00 777.50 4.58 16.06 52734.7 DowChem 47.80 1.58 54.97 41.45 2.82 16.91 56335.2 Qualcomm 67.95 0.99 81.97 62.26 2.32 14.65 112087.61
Siemens 96.30 0.76 103.30 80.17 - - -
Suncor En 38.55 1.06 47.18 30.89 2.56 17.72 44836.53 Philips 25.14 0.25 26.99 20.69 - 99.31 26857.96 Prudential 1612 -15.50 1649.5 1223 2.08 19.34 63261.09 DukeEner 86.72 0.74 89.97 68.10 3.41 20.85 61336.24 Raytheon 106.81 -0.32 111.47 89.17 2.09 17.24 32936.79
Volkswgn 209.70 1.40 211.80 147.35 - - -
ThmReut 49.74 -0.27 50.28 36.86 3.10 85.56 31877.82 Unilever♦ 37.26 -0.39 38.81 26.97 2.67 19.35 73030.53 RBS 377.70 -3.10 403.90 291.60 - -6.64 36739.56 DuPont 76.00 2.26 76.05 60.64 2.26 23.91 68851.97 Regen Pharm 413.87 12.51 437.64 269.50 - 143.62 41259.49
TntoDom 53.66 1.11 58.20 47.35 3.61 12.32 79793.46 Hong Kong (HK$)
Norway (Kr) ReckittB 5585 -35.00 5745 4620 2.45 21.57 61351.51 Eaton 69.22 0.74 79.98 57.11 2.57 20.76 32851.81 ReynoldsAm 69.45 -0.12 70.70 46.55 3.58 24.89 36897.64
TrnCan 58.71 0.15 63.86 47.43 3.39 23.29 33497.53 AIA 44.50 -0.05 46.45 34.65 0.87 30.99 69142.06
DNB 117.40 0.80 126.90 98.10 1.91 8.03 25410.58 Reed Els 1169 -10.00 1185 851.53 2.10 25.26 37838.24 eBay 54.29 0.58 59.70 46.34 - -574.08 67448.12 Salesforce 59.26 0.27 67.00 48.18 - -121.97 36326.38
ValeantPh 200.43 -1.51 205.98 116.01 - 115.71 54167.6 BOC Hold 26.95 -0.35 27.95 21.50 3.35 13.80 36755.32
Statoil 139.60 2.40 195.80 118.20 5.58 8.83 59152.21 RioTinto 3080.5 27.00 3680.56 2600 3.68 15.83 66582.71 Ecolab 106.38 1.94 118.46 97.65 0.98 29.94 31926.39 Schlmbrg 85.92 1.37 118.76 75.60 1.83 20.33 110561.33
Ch OSLnd&Inv 23.70 0.25 26.70 17.52 1.77 8.65 24989.32
China (HK$) Telenor 167.20 0.70 170.40 123.90 4.63 34.51 33360.19 RollsRoyce 918.00 18.50 1219 777.00 2.40 7.59 26517.66 EMC 27.08 0.24 30.92 23.48 1.50 23.03 55105.32 SempraEgy 113.42 1.39 116.30 89.87 2.17 26.29 27889.27
ChngKong 146.50 -0.90 152.00 111.80 2.12 8.78 43770.27
AgricBkCh 3.85 0.07 4.10 3.04 5.53 5.78 15265.82 Qatar (QR) RylDShlA 2169 12.00 2864 1929 5.41 13.80 126719.1 Emerson 57.15 -0.18 69.94 55.81 3.02 18.48 39561.95 Shrwin-Will 277.90 3.80 278.12 174.29 0.73 33.81 26677.76
Citic Ltd 13.32 0.08 16.88 9.37 2.35 8.67 42789.14
Bk China 4.40 0.07 4.57 3.03 5.30 6.37 47462.33 Inds Qatar 154.30 1.20 202.90 143.50 6.72 15.51 25633.69 SABMill 3529 0.50 3857 2659 1.83 25.45 87040.1 EOG Res 96.19 1.00 118.89 81.07 0.43 18.33 52713.03 SimonProp 203.22 1.39 206.31 152.36 2.34 44.98 63155.51
Citic Secs 25.65 0.45 33.95 13.72 0.70 29.95 3898.76
BkofComm 6.46 -0.10 7.36 4.53 4.79 6.23 29175.74 QatarNtBk 192.00 -1.10 237.00 160.00 3.57 13.11 36891.07 Shire 4954 53.00 5470 2827 0.26 25.86 44682.9 EquityResTP 80.27 1.33 81.03 54.56 2.53 92.38 29086.89 SouthCpr 29.74 0.52 33.90 23.60 1.46 18.90 24332.3
CNOOC 10.86 -0.24 15.88 9.72 4.68 7.82 62545.73
Ch Evrbrght 4.30 0.03 4.52 2.68 4.29 5.77 3809.95 SSE♦ 1630 10.00 1858 1321 5.32 78.89 24606.33 Exelon 36.60 0.41 38.93 28.57 3.19 15.94 31456.41 SouthwestAir 44.47 -0.17 47.17 20.23 0.42 28.54 30183.76
Galaxy Enter 40.15 -0.55 80.45 36.70 - 16.91 21984.88 Russia (RUB)
Ch Yangtze RMB 9.72 -0.29 11.32 5.54 2.49 15.25 15151.82 StandCh 935.50 16.30 1355.5 867.50 5.26 9.20 35358.72 ExpScripts 82.70 0.36 86.64 64.64 - 35.04 60690.69 SpectraEn 36.21 1.54 43.12 32.43 3.41 25.74 24296.92
HangSeng 144.90 1.40 148.40 117.60 3.39 18.57 35734.92 Gzprm neft 147.60 5.00 154.47 113.73 7.06 2.55 52347.82
ChCommsCons 8.00 -0.25 10.24 4.88 2.36 9.00 4569 Tesco 232.40 2.85 341.58 155.40 6.35 22.02 28859.45 ExxonMb 92.36 0.90 104.76 86.03 2.70 12.32 391101.07 Starbucks♦ 89.64 0.94 89.77 67.93 1.20 27.72 67212.07
HK & Ch Gas 17.48 -0.14 18.90 13.91 1.73 29.33 23702.98 Lukoil 2996 86.00 3030 1715 - 6.39 38176.6
ChConstBk 6.39 0.12 6.62 4.89 5.59 5.89 198171.19 Vodafone 230.90 -5.60 435.82 179.10 6.04 63.61 93572.99 Facebook 75.62 -0.02 82.17 54.66 - 70.24 168162.94 StateSt 74.69 0.92 80.92 62.67 1.41 16.93 31182.72
HK Exc&Clr 178.00 -0.30 189.00 112.80 1.88 47.07 26822.35 Rosneft 251.00 12.00 259.00 183.95 8.17 2.84 39852.33
China Vanke 17.52 0.10 20.35 12.84 - 10.49 2971.79 WPP 1459 -18.00 1565 1091 2.34 19.40 29398.83 Fedex 173.37 1.29 183.51 129.19 0.39 22.45 49117.91 Stryker 93.67 1.20 98.24 75.78 1.23 59.32 35437.28
Hutchison 102.50 -0.50 113.50 85.90 2.01 29.88 56370.16 Saudi Arabia (SR)
ChinaCitic 5.78 0.04 6.34 3.63 5.25 5.58 11095.99 United States of America ($) FordMtr♦ 15.85 -0.02 18.12 13.26 2.83 11.08 61001.7 Sychrony Fin 32.00 0.75 32.08 22.60 - 14.00 26680.47
MTR 34.35 0.15 34.70 26.55 2.40 15.08 25817.2 SaudiBasic 94.00 2.16 136.50 70.25 5.52 11.82 75135.87
ChinaLife 31.05 0.30 32.80 19.72 1.04 25.92 29804.06 3M 166.55 1.74 168.16 125.92 1.81 24.23 106728.38 Franklin 53.45 0.51 59.43 49.12 0.94 14.56 33236.64 Target 75.95 0.34 77.75 54.66 2.28 33.30 48377.45
SandsCh 37.20 -0.50 68.00 34.50 4.38 15.39 38713.76 SaudiTelec 65.75 0.12 76.50 55.00 2.87 11.52 35036.76
ChinaMBank 17.74 0.34 19.96 12.12 4.16 6.46 10505.68 AbbottLb♦ 45.65 0.48 46.50 35.98 1.65 37.83 68739.34 FreeportMc 19.59 1.30 39.32 16.43 6.02 9.64 20356.32 TE Connect 69.25 1.28 69.96 51.03 1.59 15.41 28130.8
SHK Props 124.40 -0.20 129.40 83.40 2.41 11.19 45303.6 Singapore (S$)
ChinaMob 108.30 2.70 108.50 63.65 2.72 16.97 285741.22 Abbvie♦ 57.99 1.08 70.76 45.50 2.67 26.66 92393.46 GenDyn♦ 138.69 0.16 145.92 97.58 1.60 19.88 45960.44 TeslaMotors 220.99 2.44 291.42 169.36 - -143.23 27708.12
Tencent 135.20 1.30 138.00 93.00 0.17 48.61 163425.58
ChinaPcIns 37.40 -0.20 41.95 23.55 1.15 28.06 13389.19 DBS 19.42 -0.18 20.67 15.65 2.97 7.39 35716.2 Accenture 88.47 1.13 91.94 73.98 2.15 20.65 70082.44 GenElectric 24.50 0.34 27.53 23.41 3.39 17.50 246033.7 TexasInstr♦ 55.31 0.70 56.00 40.33 2.05 25.48 58423.95
ChinaRailCons 8.55 -0.20 10.68 5.57 1.63 8.25 2289.97 India (Rs) JardnMt US$ 64.09 0.36 67.88 52.10 1.95 16.58 44271.37 GenGrwthPrp 30.60 0.07 31.70 19.83 1.76 127.41 27053.69 TheTrvelers 107.41 0.68 108.24 79.95 1.84 10.96 35595.28
Ace 113.10 1.48 117.89 92.52 2.13 12.42 37519.52
ChinaRailGp 5.69 -0.09 6.68 2.99 1.39 9.94 3088.14 HDFC Bk 1076.5 8.80 1100.6 629.35 0.60 31.48 42116.64 JardnStr US$ 35.06 0.28 38.10 31.05 0.65 13.88 39270.79 GenMills 53.40 0.18 55.64 46.70 2.94 22.88 32240.13 ThrmoFshr 127.04 0.69 131.12 107.33 0.45 32.47 50819.24
Actavis 274.67 8.44 285.09 180.70 - -54.81 72804.34
ChMinsheng 8.85 -0.17 10.70 6.73 1.36 5.84 7915.37 Hind Unilevr 909.05 9.15 968.85 542.00 1.20 52.62 31858.68 OCBC 10.49 -0.09 10.63 9.15 3.27 9.88 31063.05 GenMotors 36.25 0.42 38.15 28.82 3.25 22.24 58242.74 TimeWrnr 79.98 -0.16 88.13 60.72 1.46 17.71 67062.13
Adobe 73.10 0.82 77.56 57.15 - 141.87 36426.76
ChMrchSecs RMB 27.67 2.08 32.98 9.71 - 45.55 20628.68 HsngDevFin 1246.45 14.00 1361.85 755.00 1.06 25.10 31688.69 SingTel 4.09 - 4.12 3.45 4.09 18.02 48475.49 GileadSci 99.90 1.47 116.83 63.50 - 18.86 150715.57 TimeWrnrC 147.68 2.15 155.95 128.78 1.85 21.99 41423.43
AEP 62.45 0.23 65.38 47.23 3.02 18.08 30553.07
ChShenEgy 20.90 -0.50 24.40 19.12 4.67 8.51 9162.54 ICICI Bk 335.60 -9.05 393.40 189.21 2.63 16.79 31486.07 UOB 23.40 - 24.72 19.49 2.98 11.23 27878.9 GoldmSchs 180.77 1.99 198.06 151.65 1.15 11.09 78733.57 TJX Cos 68.44 0.57 69.84 51.91 0.89 23.65 47148.34
Aetna 96.59 0.54 97.71 64.68 0.85 17.08 33970.7
ChShpbldng RMB 8.43 -0.25 10.35 4.36 0.47 65.82 24213.48 Infosys 2193.8 50.95 2225 1440 1.68 20.70 40626.89 South Africa (R) Google 529.83 3.73 614.44 490.91 - 29.86 150904.16 UnionPac 122.85 2.41 123.61 85.60 1.39 24.06 109225.85
Aflac 60.98 0.30 66.01 54.99 2.29 10.14 27476.77
ChStConEng RMB 5.62 -0.22 7.57 2.71 2.20 7.53 26967 ITC 368.90 1.30 400.30 311.40 1.35 35.10 47543.81 Halliburton 43.35 0.96 74.33 37.21 1.31 11.85 36737.4 UPS B 101.46 0.93 114.40 93.50 2.44 26.69 71259.86
Firstrand 51.60 0.15 53.19 30.16 2.48 16.39 25837.56 AirProd♦ 151.52 3.10 151.57 102.73 1.99 32.55 32466.8
ChUncHK 12.88 0.42 14.22 9.03 1.50 21.24 39786.7 OilNatGas 356.65 -11.90 471.85 266.00 2.59 12.15 49446.03 HCA Hold 68.85 -0.11 76.18 46.61 - 18.71 29850.87 USBancorp 44.00 0.42 46.10 38.10 2.04 15.32 78733
MTN Grp 213.60 1.60 263.44 190.48 3.90 15.47 35046.58 Alexion 178.17 -0.12 203.30 136.37 - 78.71 35328.77
Daqin RMB 10.22 -0.17 12.32 6.24 3.64 11.21 24302 RelianceIn 923.70 -5.10 1145.25 793.10 0.99 12.28 48424.27 Hew-Pack 37.95 0.05 41.10 27.90 1.54 15.15 69603.41 Utd Cntl Hldg 69.60 -2.10 74.52 36.65 - 23.36 25687.32
Naspers N 1698.44 20.10 1744.64 983.25 0.20 63.63 62976.03 Allergan 224.69 5.27 228.43 110.62 0.08 55.53 66934.84
GF Secs RMB 22.32 0.18 29.42 9.50 0.77 38.64 21131.87 SBI NewA 290.80 -2.25 336.00 145.51 0.97 14.30 3518.12 HiltonWwde 26.87 0.54 26.94 20.55 - 51.18 26456.67 UtdHlthcre 108.82 0.90 114.32 69.57 1.14 20.76 104444.47
Sasol 450.54 -18.47 652.99 360.00 3.80 9.99 26044.17 Allstate 72.30 -0.28 72.87 49.18 1.42 12.39 30325.03
HaitongSecs 17.34 0.18 23.20 9.50 0.83 26.54 3338.58 SunPhrmInds 959.55 0.60 965.95 552.55 0.15 35.02 32205.23 HlthcareREIT 81.63 0.91 84.88 55.87 3.64 110.14 26748.04 UtdTech 120.11 2.32 120.95 97.30 1.85 18.80 109499.28
South Korea (KRW) Altria 53.67 -0.36 55.18 33.80 3.44 26.11 106077.15
In&CmBkCh 5.67 0.10 5.90 4.33 4.95 6.10 63481.16 Tata Cons♦ 2552.4 38.10 2839.7 1999.5 1.28 24.24 81015.36 HomeDep 108.99 0.58 109.34 73.96 1.58 26.04 143630 ValeroEngy 55.01 0.72 59.69 42.53 1.71 8.16 28673.69
HyundMobis 253500 5000 323500 226000 0.64 11.01 22199.13 Amazon 373.89 9.14 383.11 284.00 - -731.05 173628.51
IndstrlBk RMB 14.13 0.02 17.49 8.60 2.81 6.06 36566.58 Tata Motors 589.20 -2.20 612.40 349.00 0.31 10.36 24315.22 Honywell 102.34 1.59 103.92 82.89 1.66 20.42 80112.81 Verizon 47.86 0.06 53.66 45.09 4.22 10.97 198605.78
KoreaElePwr 42450 -300.00 50200 34700 0.18 9.59 24242.35 AmerAir♦ 48.81 -0.65 56.20 28.10 0.19 94.18 35009.63
Kweichow RMB 174.05 -3.20 204.24 130.86 2.17 14.02 31791.68 Indonesia (Rp) AmerExpr♦ 84.73 1.12 96.24 78.41 1.09 16.59 87668.14 IBM 157.91 0.95 199.21 149.52 2.45 10.76 156277.29 VertexPharm 111.59 2.32 127.69 59.79 - -52.78 26839.83
SK Hynix 47150 -150.00 52400 35550 - 10.54 31393.99
PetroChina 8.56 -0.20 11.70 7.35 4.54 10.15 23297.41 Astra Int 7550 -175.00 8100 6325 2.38 15.29 24195.4 AmerIntGrp 51.62 0.11 56.79 47.02 0.87 9.05 72263.47 IllinoisTool 97.07 1.22 97.79 76.84 1.70 23.41 37947.93 VF Cp 70.24 1.36 76.89 55.14 1.41 25.47 30334.71
SmsungEl 1358000-1000.00 1495000 1078000 0.82 8.65 163016.82
PingAnIns 83.00 - 88.70 55.60 0.97 15.82 39869 Bk Cent Asia 13700 -200.00 14000 9850 0.38 21.47 26738.36 Ameriprise♦ 132.48 1.18 137.33 100.94 1.57 18.61 24446.81 Illumina 194.51 2.48 213.33 127.69 - 108.58 27620.42 Viacom 66.25 0.17 89.76 63.11 1.91 12.41 23528.99
PngAnBnk RMB 13.79 0.08 16.39 8.36 1.00 8.25 21696.44 Spain (€) Intcntl Exch 225.85 10.85 228.79 182.40 1.09 52.30 25454.92 Visa Inc 271.80 6.91 271.80 194.84 0.61 30.99 133443.54
Israel (ILS) AmerTower 99.59 1.74 105.20 78.80 1.24 57.61 39483.74
SaicMtr RMB 21.82 -0.12 25.98 12.22 4.75 9.20 38479.56 BBVA 8.13 -0.02 9.99 7.21 0.81 -53.24 57869.69 Intel♦ 33.94 0.34 37.90 23.50 2.50 17.20 164099.9 Walgreen 76.05 -0.74 77.98 55.27 1.71 36.06 72276.92
TevaPha 220.70 -0.50 237.70 152.20 2.03 18.77 48445.1 Amgen 153.36 1.91 173.14 108.20 1.41 25.59 116656.35
ShgPdgBk RMB 14.18 - 16.75 8.39 4.02 6.01 33845.46 BcoSantdr♦ 6.11 -0.07 7.96 5.77 8.68 12.80 96365.97 Intuit 91.71 1.17 95.84 69.02 0.85 33.43 26182.88 WalMartSto 87.28 0.63 90.97 72.27 2.09 19.20 281320.01
Italy (€) Anadarko 83.68 0.61 113.51 71.00 1.01 -21.06 42379.77
Sinopec 6.19 -0.09 8.23 5.74 4.20 9.92 20371.97 CaixaBnk 3.90 0.05 5.00 3.71 1.06 39.97 25470.19 John&John 102.46 1.10 109.49 86.48 2.50 18.01 286796.85 Wellpoint 128.71 0.94 129.96 81.84 1.27 16.42 34744.16
Enel 3.92 -0.12 4.49 3.31 2.77 12.53 42091.31 Aon Cp♦ 93.72 0.60 98.10 76.49 0.86 23.37 26723.01
GasNatur 20.39 -0.02 24.45 17.83 3.62 12.52 23317.2 JohnsonCn 48.37 0.26 51.60 38.60 1.86 22.24 31793.31 WellsFargo♦ 53.67 0.64 55.95 44.17 2.28 13.95 278419.81
Denmark (kr) ENI 15.69 0.26 20.46 12.98 6.01 10.39 65177.3 AppldMat 23.96 0.34 25.71 16.64 1.60 28.79 29266.47
Iberdrola 6.01 -0.08 6.24 4.46 2.71 17.12 43887.28 JPMrgnCh 56.77 0.39 63.49 52.97 2.59 11.15 212216.98 WestrnDigl 104.11 0.07 114.69 80.78 1.27 17.26 24177.49
DanskeBk 174.10 -4.20 178.50 124.80 1.19 43.68 26963.85 Generali 18.39 -0.17 18.79 14.40 2.04 17.70 32726.64 Apple♦ 119.94 0.38 120.51 72.32 1.51 16.55 698620.28
Inditex 26.40 -0.08 27.13 19.29 1.20 32.84 94032.16 Kimb-Clark 110.02 0.16 119.01 99.20 2.85 20.66 40977.52 Williams Cos 46.40 1.04 59.77 39.31 3.59 18.28 34682.27
MollerMrsk 13470 60.00 15390 11020 2.35 17.08 45120.05 IntSPaolo 2.57 -0.04 2.68 1.98 1.62 -9.36 46622.68 ArcherDan 48.68 2.53 53.91 37.92 1.76 17.72 31423.95
Repsol 16.56 0.05 21.07 14.26 4.81 16.41 26021.53 KinderM♦ 41.49 0.69 43.18 30.81 3.80 36.55 42661.24 Yahoo 43.55 -0.50 52.62 32.15 - 6.13 41252.42
NovoB 282.60 -0.20 305.80 219.00 1.19 27.58 119332.98 Luxottica 52.50 0.60 53.55 34.74 1.03 41.45 28905.25 AT&T 34.54 0.13 37.48 31.74 5.02 11.21 179158.98
Telefonica 13.13 -0.08 13.43 10.76 4.70 13.18 69870.03 Kraft 66.94 -0.14 67.74 50.54 2.96 17.95 39412.92 Yum!Brnds♦ 75.20 1.55 83.58 65.81 1.86 24.89 33061.61
Finland (€) Unicred 5.50 -0.04 6.89 4.82 - -2.48 36415.87 AutomData 87.17 0.59 87.19 70.50 2.08 29.04 42020.89
Sweden (SKr) Avago Tech 106.20 1.40 108.34 53.19 1.02 95.81 27116.21 Kroger 71.55 0.20 71.65 35.13 0.88 23.07 35154.26
Nokia 6.88 0.05 7.23 4.99 1.67 26.60 29451.72 Japan (¥) AtlasCpcoB 235.20 6.30 235.50 155.90 2.53 22.51 34512.16 BakerHu 62.28 1.30 75.64 47.51 0.94 22.34 26942.26 L Brands 91.19 4.68 92.00 51.28 1.38 29.36 26689.72 Closing prices and highs & lows are in traded currency (with variations for that
SampoA 43.50 0.13 43.77 33.94 3.95 15.11 27785.11 AstellasPh 1787.5 -40.50 1906 1062 3.80 42.79 34386.94 Ericsson 100.90 -0.30 104.80 77.55 3.22 22.13 39516.48 BankAm 15.97 0.18 18.21 14.37 0.47 43.16 167947.71 LasVegasSd 56.07 0.66 88.28 49.82 3.11 17.93 44968.04 country indicated by stock), market capitalisation is in USD. Highs & lows are
France (€) Bridgestne 4505.5 -46.00 4774 3328 1.57 15.07 31186.11 H&M 337.50 -1.60 343.50 261.00 3.07 26.42 67540.89 LibertyGbl 49.50 0.45 88.19 37.98 - -38.33 10650.18 based on intraday trading over a rolling 52 week period.
Baxter 71.36 1.29 77.31 66.34 2.67 22.63 38675.56
Airbus Grpe 48.41 0.78 55.00 39.64 1.61 21.91 43425.99 Canon 3669 -39.50 4045 2889 3.21 16.25 41658.11 Investor 302.00 0.40 305.60 208.00 2.01 4.10 28014.16 Lilly (E) 71.41 1.19 75.10 52.29 2.59 30.31 79510.02 ♦ ex-dividend
BB & T 37.09 0.72 41.04 34.50 2.39 14.38 26715.87
AirLiquide 113.95 0.05 113.95 84.12 2.40 22.26 44920 CntJpRwy 19780 -360.00 20785 10655 0.49 14.65 34686.98 Nordea Bk 106.80 0.30 110.10 82.40 3.97 13.55 52006.94 LinkedIn 237.97 5.94 243.25 136.02 - -2051.71 25778.09 ■ ex-capital redistribution
BectonDick 145.29 5.37 146.74 105.89 1.41 25.72 28096.45
AXA 20.72 -0.29 21.33 16.43 4.19 9.32 57843.03 Denso 5382 -83.00 5995 4223 1.57 16.36 40504.45 SEB 99.10 -0.15 103.00 82.30 4.37 11.37 26247.58 Lockheed 194.06 1.78 198.88 147.43 2.59 20.84 61308.44
BerkshHat 224560 3533.12 229374163038.88 - 18.90 192325.09 # price at time of suspension
BNP Parib 47.01 -1.80 61.82 43.14 3.33 -54.90 66944.32 EastJpRwy 9319 -89.00 9523 7105 1.04 18.15 31216.71 SvnskaHn 375.20 0.40 396.90 305.10 3.32 14.79 29828.75 Lowes 71.47 0.80 71.50 44.13 1.10 29.51 69533.78
Biogen 401.79 10.67 402.40 272.02 - 40.34 94884.88
Fanuc 19780 -515.00 21440 16105 0.97 24.70 40329.23 Swedbank 200.00 -0.10 202.70 165.70 5.46 12.37 26655.58
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
Amazon 373.89 364.75 9.14 2.51 62.11 19.9 23.73 Covidien 106.71 108.07 -1.36 -1.26 - - 3.39 Feb 05 date Coupon S* M* F* price yield yield yield US Feb 05 date Coupon S* M* F* price yield yield yield US
Petrobras 9.90 9.90 0.00 0.00 1.43 16.9 17.17 Hitachi 781.00 866.60 -85.60 -9.88 -132.00 -14.5 -13.29 High Yield US$ US$
FreeportMc 19.59 18.29 1.30 7.11 2.76 16.4 -11.91 ICICI Bk 335.60 344.65 -9.05 -2.63 -44.70 -11.8 -7.37 Windstream Corporation 11/17 7.88 B B1 BB 108.62 4.53 -0.29 -0.26 4.01 Bear Stearns Cos, LLC 03/26 6.00 A A3 A+ 100.47 6.03 0.00 0.05 4.21
ChMrchSecs 27.67 25.59 2.08 8.13 3.47 14.3 -2.12 SBI NewA 290.80 293.05 -2.25 -0.77 -36.20 -11.1 -7.76 High Yield Euro Wachovia Corporation 08/26 6.82 A A3 A+ 134.12 3.90 0.01 -0.08 2.09
Vale 20.55 20.55 0.00 0.00 2.50 13.9 -1.91 ChMinsheng 8.85 9.02 -0.17 -1.88 -1.10 -11.1 -14.58 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 82.00 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 122.94 4.33 0.04 0.04 -
Biogen 401.79 391.12 10.67 2.73 48.54 13.7 19.32 ChStConEng 5.62 5.84 -0.22 -3.77 -0.60 -9.6 -22.80 SouthTrust Bank 12/27 6.57 A+ A1 A+ 125.69 4.03 0.02 -0.16 -
Lyondell 87.65 85.35 2.30 2.69 9.88 12.7 15.27 ChCommsCons 8.00 8.25 -0.25 -3.03 -0.83 -9.4 -20.00 Emerging US$ Citigroup Inc. 01/28 6.63 A- Baa2 A 127.32 3.95 0.10 -0.12 -
SouthCpr 29.74 29.22 0.52 1.78 3.12 11.7 9.99 SaicMtr 21.82 21.94 -0.12 -0.55 -2.06 -8.6 1.63 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.71 Duke Energy Florida, Inc. 02/28 6.75 BBB+ A3 A- 127.31 4.07 0.00 -0.17 -
Rosneft 251.00 239.00 12.00 5.02 24.45 10.8 28.19 KDDI 7670.00 7820.00 -150.00 -1.92 -697.00 -8.3 0.43 Mexico 09/16 11.40 BBB+ A3 BBB+ 116.61 0.89 -0.07 -0.07 0.37
Brazil 01/18 8.00 BBB- Baa2 BBB 109.17 4.64 0.02 -0.24 4.12 Euro
DevonEngy 65.00 64.00 1.00 1.56 6.28 10.7 10.73 Abbvie 57.99 56.91 1.08 1.90 -5.13 -8.1 -10.30 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- Baa1 A 112.74 1.63 0.00 -0.13 -0.18
Intcntl Exch 225.85 215.00 10.85 5.05 20.98 10.2 3.21 Delta 46.14 46.96 -0.82 -1.75 -4.07 -8.1 -4.59 Russia 07/18 11.00 BB+ Baa3 BBB- 111.47 7.32 0.21 0.57 6.80
Peru 03/19 7.13 BBB+ A3 BBB+ 119.39 2.21 0.05 -0.23 0.91 Citigroup Inc. 09/26 2.13 A- Baa2 A 105.06 1.64 0.00 -0.01 -0.17
Disney 102.64 101.28 1.36 1.34 9.42 10.1 11.05 Fuji Hvy Ind 4010.00 4100.00 -90.00 -2.20 -353.50 -8.1 -6.74 Eni SpA 01/29 3.63 A A3 A+ 123.63 1.71 0.00 -0.28 -
Sony 3101.50 2769.00 332.50 12.01 277.50 9.8 25.44 ChShpbldng 8.43 8.68 -0.25 -2.88 -0.74 -8.1 -8.47 Brazil 01/21 7.88 BBB- Baa2 BBB 105.30 3.88 -0.01 0.15 2.57
Turkey 03/21 5.63 - Baa3 BBB- 111.26 3.60 -0.01 -0.19 2.29 BG Energy Capital plc 11/29 2.25 A- A2 A- 107.46 1.68 0.00 -0.26 -
Sasol 450.54 469.01 -18.47 -3.94 40.23 9.8 11.24 ChinaRailCons 8.55 8.75 -0.20 -2.29 -0.74 -8.0 -17.31
Poland 04/21 5.13 A- A2 A- 118.00 2.63 0.00 0.00 1.32 Yen
Visa Inc 271.80 264.89 6.91 2.61 23.80 9.6 4.68 Galaxy Enter 40.15 40.70 -0.55 -1.35 -3.05 -7.1 -6.30
Colombia 07/21 4.38 BBB Baa2 BBB 106.73 3.21 0.00 -0.24 1.90 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.28 0.33 0.00 -0.02 -
Halliburton 43.35 42.39 0.96 2.26 3.78 9.6 11.99 Panasonic 1302.50 1330.50 -28.00 -2.10 -97.50 -7.0 -8.72
GenMotors 36.25 35.83 0.42 1.17 3.09 9.3 5.59 Canon 3669.00 3708.50 -39.50 -1.07 -273.50 -6.9 -4.47 Turkey 02/25 7.38 - Baa3 BBB- 130.38 4.21 0.00 0.00 2.39 £ Sterling
BakerHu 62.28 60.98 1.30 2.13 5.20 9.1 12.91 AmerAir 48.81 49.46 -0.65 -1.31 -3.43 -6.6 -9.40 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 132.72 3.30 0.02 -0.38 1.49
Statoil 139.60 137.20 2.40 1.75 11.20 8.7 10.79 SandsCh 37.20 37.70 -0.50 -1.33 -2.45 -6.2 -1.33 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 Barclays Bank plc 09/26 5.75 BBB- Baa3 A- 118.27 3.77 0.05 -0.43 1.96
SpectraEn 36.21 34.67 1.54 4.44 2.81 8.4 3.69 Softbank 6992.00 7032.00 -40.00 -0.57 -448.00 -6.0 -3.02 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 0.98 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 112.77 2.74 0.00 -0.40 1.44 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 09/25 5.75 BB+ - BBB- 121.83 3.33 0.00 -0.43 1.51
Data provided by SIX Financial Information & Tullett Prebon Information. 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
Feb 05 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Feb 05 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.06 16-12-2008 0.06 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 16.85 -1.48 18.33 31.06 10.28 Feb 05 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 16.48 -1.03 17.51 23.19 7.64 Tr 3.5pc 'WL - - - - - - - - -
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 181.30 -0.18 0.31 1.69 2.34 6.44 VXN 18.18 -0.98 19.16 31.17 9.66 Tr 2.75pc '15 100.26 0.44 -0.01 -0.07 0.15 -1.93 102.20 100.00 0.02
Euro Repo 0.05 05-05-2014 0.15 0.05 0.5 Corporates( £) 304.51 -0.14 -1.19 3.75 2.85 14.13 VDAX 19.31 -0.36 19.67 - - Tr 2pc '16 101.53 0.40 -0.01 -0.09 -0.15 -1.17 102.72 101.53 0.32
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 255.91 0.00 -0.37 2.17 -0.37 2.17 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 1.75pc '17 102.40 0.52 -0.02 -0.16 -0.17 0.11 102.68 101.07 0.29
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 214.72 0.02 0.10 0.95 0.79 7.71 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 5pc '18 113.00 0.72 -0.01 -0.31 -0.22 -1.08 114.29 111.68 0.35
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 226.88 -0.04 0.08 2.35 2.03 13.11 Tr 4.5pc '19 114.36 0.91 -0.02 -0.37 0.10 0.93 115.07 111.17 0.36
Gilts( £) 293.68 -0.20 -2.01 2.81 1.83 15.27 BONDS: BENCHMARK GOVERNMENT Tr 4.75pc '20 118.08 1.08 -0.05 -0.44 0.26 2.17 119.04 113.53 0.33
INTEREST RATES: MARKET Global Inflation-Lkd 252.20 -0.40 -0.12 0.54 1.07 3.45 Red Bid Bid Day chg Wk chg Month Year Tr 8pc '21 141.44 1.19 -0.07 -0.58 0.30 2.09 142.92 135.65 0.24
Over Change One Three Six One Markit iBoxx £ Non-Gilts 303.42 -0.18 -1.24 3.38 2.52 13.50 Date Coupon Price Yield yield yield chg yld chg yld Tr 4pc '22 118.34 1.28 -0.09 -0.64 0.71 5.97 119.85 110.38 0.38
Feb 05 (Libor: Feb 04) night Day Week Month month month month year Overall ($) 228.86 -0.03 -0.52 2.09 -0.52 2.09 Australia 10/18 3.25 104.74 1.91 0.02 -0.07 -0.28 -1.47 Tr 5pc '25 132.38 1.52 -0.15 -0.75 1.31 9.47 134.70 119.37 0.35
US$ Libor 0.11800 0.001 -0.002 0.003 0.17350 0.25510 0.36080 0.62540 Overall( £) 293.84 -0.20 -1.77 2.99 2.04 14.70 04/25 3.25 107.54 2.41 0.02 -0.07 -0.33 -1.78 Tr 4.25pc '27 129.20 1.71 -0.21 -0.84 2.23 13.87 131.90 112.04 0.31
Euro Libor -0.08000 -0.006 -0.019 0.000 -0.00429 0.02571 0.09000 0.22643 Overall(€) 222.39 -0.02 0.08 1.78 1.52 10.89 Austria 10/18 1.15 104.30 0.02 -0.01 0.00 -0.02 0.00 Tr 4.25pc '32 133.46 1.96 -0.31 -1.09 3.03 17.90 136.85 111.72 0.35
£ Libor 0.47063 0.001 0.001 -0.001 0.50475 0.56400 0.68456 0.96119 Treasuries ($) 219.73 -0.05 -0.69 2.17 -0.69 2.17 10/24 1.65 111.40 0.45 0.01 -0.03 -0.23 0.00 Tr 4.25pc '36 136.41 2.10 -0.36 -1.27 3.53 20.49 140.37 111.54 0.26
Swiss Fr Libor 0.010 -0.90400 -0.86900 -0.75960 -0.64560 FTSE Belgium 06/18 0.75 101.87 0.19 0.00 -0.08 -0.08 -0.93 Tr 4.5pc '42 148.10 2.18 -0.43 -1.55 4.34 24.37 153.16 117.05 0.26
Yen Libor 0.000 0.07571 0.10429 0.14357 0.26186 Sterling Corporate (£) 117.58 -0.06 - - 2.15 8.32 12/24 1.10 103.81 0.70 0.00 -0.05 -0.39 0.00 Tr 3.75pc '52 139.30 2.20 -0.55 -1.85 5.84 31.02 145.21 104.09 0.22
Euro Euribor 0.000 0.00100 0.05500 0.13200 0.26300 Euro Corporate (€) 110.90 -0.07 - - 0.71 5.73 Canada 11/16 1.00 100.97 0.43 0.03 -0.02 -0.50 0.00 Tr 4pc '60 152.08 2.18 -0.65 -1.97 6.66 33.87 159.23 111.06 0.21
Sterling CDs 0.000 0.50000 0.55000 0.70500 Euro Emerging Mkts (€) 979.79 3.26 - - 4.09 6.84 06/25 2.25 108.60 1.35 0.08 -0.01 -0.46 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
US$ CDs 0.000 0.17000 0.22000 0.29000 Eurozone Govt Bond 117.23 0.03 - - 1.81 10.36 Denmark 11/16 2.50 105.81 -0.76 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks. A longer list appears on Mondays & the full list
Euro CDs 0.000 -0.15000 -0.00500 0.08500 11/25 1.75 116.33 0.21 -0.06 -0.23 -0.59 0.00 on Saturdays, and can be found daily on ft.com/bond&rates.
CREDIT INDICES Day's Week's Month's Series Series
LA 7Day Notice 0.40%-0.35% Finland 09/18 1.13 104.33 0.08 0.00 0.06 0.05 -0.68
Index change change change high low
Short 7 Days One Three Six One Markit iTraxx 07/25 4.00 135.59 0.48 0.02 -0.04 -0.26 -1.59 GILTS: UK FTSE ACTUARIES INDICES
Feb 05 term notice month month month year Crossover 5Y 302.29 -2.99 -10.83 -61.78 419.37 290.75 France 11/16 0.25 100.62 -0.10 0.00 0.00 0.00 0.00
Price Indices Day's Total Return Return
Euro -0.20 0.00 -0.20 0.00 -0.15 0.00 -0.08 0.07 0.00 0.15 0.14 0.29 Europe 5Y 55.42 -0.97 -2.05 -10.78 80.45 51.98 11/19 0.50 102.10 0.06 0.01 -0.03 -0.11 0.00
Fixed Coupon Feb 05 chg % Return 1 month 1 year Yield
Sterling - - - - - - - - - - - - Japan 5Y 64.50 0.33 -0.33 -9.93 79.33 58.50 11/24 1.75 110.97 0.59 0.00 0.00 -0.21 0.00
1 Up to 5 Years 100.46 0.00 2347.85 0.07 2.57 0.79
Swiss Franc - - - - - - - - - - - - Senior Financials 5Y 62.01 -0.49 -2.39 -9.05 85.99 56.40 05/45 3.25 146.27 1.37 -0.01 -0.10 -0.41 -1.82
2 5 - 10 Years 184.41 -0.08 3228.11 0.65 9.05 1.30
Canadian Dollar - - - - - - - - - - - - Germany 06/16 0.25 100.57 -0.17 0.00 0.00 0.00 0.00
Markit CDX 3 10 - 15 Years 215.56 -0.17 3840.17 1.63 16.10 1.64
US Dollar 0.08 0.18 0.08 0.18 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58 10/19 0.25 101.54 -0.08 0.00 0.00 0.00 0.00
Emerging Markets 5Y 388.35 13.60 -12.59 11.62 420.12 238.47 4 5 - 15 Years 191.57 -0.10 3377.41 0.93 11.08 1.44
Japanese Yen -0.05 0.05 -0.05 0.05 -0.15 0.00 -0.05 0.10 -0.05 0.15 0.00 0.20 02/25 0.50 101.28 0.37 0.00 0.01 0.00 0.00
Nth Amer High Yld 5Y 359.32 7.91 -9.38 -19.19 406.42 328.06 5 Over 15 Years 316.52 -0.43 4469.35 3.72 28.74 2.14
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/46 2.50 141.80 0.96 -0.01 -0.08 -0.33 0.00
Nth Amer Inv Grade 5Y 67.96 2.71 -0.87 -2.04 75.99 60.32 7 All stocks 179.51 -0.21 3267.00 1.74 14.41 1.91
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. LA 7 days Greece 07/17 3.38 75.44 16.37 0.38 -0.64 2.36 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 181.74 100.00 02/25 2.00 61.67 9.53 0.00 -0.49 -0.75 1.47
notice: Tradition (UK).” Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 114.43 0.12 -0.01 -0.05 -0.18 -1.26 Index Linked Feb 05 chg % chg % chg % Return 1 month 1 year
03/24 3.40 120.88 0.99 0.01 0.01 -0.24 -2.29 1 Up to 5 Years 313.05 -0.03 -1.01 -2.18 2367.28 -0.42 -0.47
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/17 1.15 101.76 0.37 -0.02 -0.09 -0.20 0.00 2 Over 5 years 577.23 -0.60 0.98 20.89 4234.32 1.11 21.94
12/19 1.05 101.16 0.81 0.00 -0.04 -0.19 0.00 3 5-15 years 438.94 -0.27 -0.73 7.00 3303.63 -0.56 8.32
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/24 2.50 108.70 1.55 0.00 -0.06 -0.29 0.00 4 Over 15 years 707.49 -0.74 1.74 28.26 5100.45 1.85 29.13
Crude Oil† Feb 50.66 2.08 Corn♦ Mar 370.75 -2.25 Apr 02 Apr 02 Prev return stock Market stocks
09/46 3.25 113.52 2.63 0.01 -0.09 0.00 0.00 5 All stocks 533.98 -0.54 0.76 18.20 3964.75 0.94 19.34
Brent Crude Oil‡ 56.84 2.38 Wheat♦ Mar 503.00 -4.75 Can 4.25%' 21 134.85 -0.726 -0.717 0.42 5.18 74147.29 7
Japan 01/17 0.10 100.12 0.04 0.01 0.03 0.00 0.00
RBOB Gasoline† Feb 1.47 0.07 Soybeans♦ Mar 961.25 -7.00 Fr 2.25%' 20 115.97 -0.613 -0.655 0.19 19.98 214578.55 14
02/20 0.05 99.63 0.12 0.01 0.06 0.10 0.00 Yield Indices Feb 05 Feb 04 Yr ago Feb 05 Feb 04 Yr ago
Heating Oil† Feb 1.77 0.00 Soybeans meal♦ Mar 330.70 -7.20 Swe 0.25%' 22 106.55 -0.518 -0.522 0.10 28.76 219691.59 5
12/24 0.30 99.44 0.36 -0.03 0.06 0.07 0.00 5 Yrs 1.04 1.03 1.73 20 Yrs 2.11 2.09 3.37
Natural Gas† Feb 2.60 -0.07 Cocoa (ICE Liffe)X Mar 1934.00 13.00 UK 2.5%' 16 327.97 -1.309 -1.276 0.16 7.90 490033.88 24
12/44 1.50 103.08 1.36 -0.09 0.06 0.25 0.00 10 Yrs 1.59 1.57 2.73 45 Yrs 2.21 2.18 3.44
Ethanol♦ Mar 1.39 0.02 Cocoa (ICE US)♥ - - UK 2.5%' 24 348.90 -0.971 -0.994 -0.50 6.82 490033.88 24
Netherlands 04/17 0.50 101.39 -0.14 0.00 0.00 0.00 0.00 15 Yrs 1.93 1.90 3.18
Uranium Feb 38.00 0.45 Coffee(Robusta)X Mar 1922.00 -9.00 UK 2%' 35 237.82 -0.878 -0.924 -1.64 9.08 490033.88 24
07/24 2.00 114.58 0.42 0.00 -0.01 -0.21 0.00
Carbon Emissions - - Coffee (Arabica)♥ - - US 0.625%' 21 105.06 -0.156 -0.174 -0.30 35.84 1100195.58 35
New Zealand - - - - - - - inflation 0% inflation 5%
Diesel Mar 121.25 0.00 White SugarX 428.20 - US 3.625%' 28 142.34 0.340 -0.174 -0.82 16.78 1100195.58 35
12/17 6.00 107.67 3.18 0.08 -0.10 -0.38 -1.35 Real yield Feb 05 Dur yrs Previous Yr ago Feb 05 Dur yrs Previous Yr ago
Unleaded Mar 56.35 - Sugar 11♥ - - Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 108.00 0.69 0.00 0.04 0.00 -0.92 Up to 5 yrs -0.98 2.44 -0.99 -1.29 -1.59 2.46 -1.60 -1.89
Base Metals (♠ LME 3 Months) Cotton♥ - - value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/24 3.00 114.84 1.26 0.01 0.00 -0.18 0.00 Over 5 yrs -0.82 22.86 -0.84 0.02 -0.85 22.97 -0.88 -0.02
Aluminium 1883.00 8.00 Orange Juice♥ - - amount.
Portugal 02/16 6.40 106.29 0.20 -0.01 -0.01 -0.15 -2.17 5-15 yrs -0.88 9.10 -0.91 -0.19 -1.00 9.13 -1.03 -0.33
Alluminum Alloy 1850.00 0.00 Palm Oil♣ Mar 646.50 29.25
Copper 5701.00 -6.00 Live Cattle♣ Feb 154.85 0.93 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 104.08 2.44 -0.04 -0.16 0.00 0.00 Over 15 yrs -0.81 28.62 -0.84 0.06 -0.83 28.69 -0.86 0.03
Spain 10/17 0.50 100.22 0.42 -0.03 -0.07 -0.14 0.00 All stocks -0.82 20.72 -0.85 0.00 -0.86 20.87 -0.89 -0.05
Lead 1850.00 -14.00 Feeder Cattle♣ Mar 195.63 -1.18
Nickel 15130.00 10.00 Lean Hogs♣ Feb 67.65 -0.88 Spread Spread Spread Spread 04/25 1.60 100.87 1.51 0.04 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Tin 18955.00 30.00 Bid vs vs Bid vs vs Sweden 08/17 3.75 109.80 -0.15 0.00 0.00 0.00 0.00
Zinc 2140.50 -0.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 118.36 0.64 -0.01 -0.05 -0.22 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix) Feb 04 Month Year Switzerland 10/16 2.00 105.04 -0.97 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Australia 2.41 2.04 0.60 Italy 1.55 1.18 -0.27
Gold 1259.25 -9.25 S&P GSCI Spt 404.06 7.40 - 07/25 1.50 117.05 -0.12 0.00 0.00 0.00 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Austria 0.45 0.08 -1.37 Japan 0.36 -0.01 -1.46
Silver (US cents) 1700.00 -39.00 DJ UBS Spot 102.48 2.23 - Belgium 0.70 0.33 -1.12 Netherlands 0.42 0.05 -1.39 United Kingdom 07/18 1.25 101.30 0.87 0.00 0.10 -0.03 -0.70 loss arising from the reliance on or use of the listed information. For all queries e-mail
Platinum 1206.00 13.00 R/J CRB TR 223.73 -2.29 -22.06 Canada 1.35 0.98 -0.46 Norway 1.26 0.89 -0.55 07/20 2.00 104.27 1.19 0.01 0.11 -0.06 0.00 ft.reader.enquiries@morningstar.com
Palladium 794.00 3.00 Rogers RICIX TR 2629.33 - - Denmark 0.21 -0.16 -1.60 Portugal 2.44 2.07 0.62 09/24 2.75 110.67 1.55 0.01 0.12 -0.10 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 305.66 -0.73 -29.86 Finland 0.48 0.11 -1.33 Spain 1.51 1.14 -0.31 01/45 3.50 127.49 2.24 0.02 0.11 -0.15 0.00 Data provided by Morningstar | www.morningstar.co.uk
Iron Ore (Platts) 61.75 -0.25 UBS Bberg CMCI TR 15.85 -2.28 -21.18 France 0.59 0.22 -1.22 Switzerland -0.12 -0.49 -1.93 United States 01/17 0.50 99.96 0.52 0.04 0.00 0.00 0.00
Iron Ore (The Steel Index) 61.10 -0.30 LEBA EUA Carbon 6.95 2.81 21.08 Germany 0.37 0.00 -1.44 United Kingdom 1.55 1.18 -0.27 01/20 1.25 99.73 1.31 0.07 0.03 0.00 0.00
GlobalCOAL RB Index 62.00 0.00 LEBA CER Carbon 0.45 -10.00 275.00 Greece 9.53 9.16 7.72 United States 1.81 1.44 0.00 11/24 2.25 103.88 1.81 0.06 0.06 -0.20 0.00
Baltic Dry Index 564.00 -5.00 LEBA UK Power 2872.00 70.55 69.44 Ireland 0.99 0.62 -0.82 11/44 3.00 112.20 2.42 0.07 0.11 -0.17 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
FINANCIAL TIMES SHARE SERVICE
Main Market
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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 FriendsLf 398.90 1.30 413.63 286.60 5.30 47.90 6960.1 SKF SKr 195.90 1.30 200.00 134.80 3.04 48.99 2722.8 BisichMg♦ 72.50 -2.00 126.00 73.00 5.52 -10.48 12.0 PrimyHth 383.00 4.75 383.00 324.00 5.03 14.41 89.7 Intertek 2452 54.00 3111 2141 1.88 20.31 375.2
AvonRub 797.00 - 810.00 580.00 0.60 18.84 16.2 Gimv Nv € 40.82 0.71 41.21 34.16 4.98 60.23 32.6 Spirax-S 3162 46.00 3162 2548 1.87 23.99 90.8 CoalfieldR# 5.43 - 6.60 5.35 - 4.74 - Redefine 57.40 1.40 59.20 47.75 5.46 7.19 794.5 Latchways♦ 717.50 -4.00 1287 705.01 5.52 18.07 6.9
BAE Sys 516.50 -11.00 528.00 374.10 3.89 89.24 8713.5 GuinPeat 23.25 - 36.63 19.00 - -54.58 5063.8 Tex 88.50 -2.00 101.50 72.50 4.52 8.01 5.5 EVRAZ 177.30 6.10 179.00 51.35 - -12.93 2001.0 SEGRO 419.00 -0.10 425.60 325.30 3.53 7.53 1449.0 Lavendon 161.50 -0.25 247.75 155.50 2.20 13.32 15.2
Chemring 221.00 5.50 289.50 181.50 3.26 -11.90 320.3 Hargr Lans 1000.00 34.00 1513 827.00 2.24 29.36 2616.2 Trifast 110.00 2.00 134.00 73.00 1.27 18.87 52.5 FstQuant 686.00 6.00 1512 581.50 1.18 12.83 17.2 Shaftbry♦ 812.00 10.50 814.50 608.50 1.57 4.93 284.2 MngCnslt 15.75 0.25 30.00 14.50 5.24 9.05 11.0
Cobham 336.50 2.10 345.10 258.30 2.88 32.53 1025.9 HBM Hlth SFr 94.95 0.45 105.80 70.25 - 2.43 19.3 Vitec 625.00 4.50 690.00 539.00 3.68 15.62 5.2 Fresnillo 897.00 9.00 1037 675.50 0.32 50.01 919.0 Town Ctr 275.00 -5.00 288.00 212.75 3.80 5.33 8.5 MearsGp 430.25 4.25 540.00 354.75 2.05 19.56 18.6
Meggitt 548.00 1.00 552.10 421.70 2.33 20.97 1022.6 HenderGp 246.00 -0.40 275.40 180.10 3.25 31.73 2539.5 Weir 1852 42.00 2848 1574 2.27 12.07 1070.8 GemDmnd 150.00 -0.75 223.00 139.75 - 11.03 127.0 Wkspace 815.00 6.50 818.00 538.00 1.30 3.95 111.4 MenziesJ 365.00 -6.50 714.75 306.25 7.26 8.26 171.3
RollsRoyceX 918.00 18.50 1219 777.00 2.40 7.59 7657.3 ICAP♦ 463.40 -7.90 477.20 338.70 4.75 26.98 1429.1 Harmony R 33.68 -0.81 40.98 16.60 - -12.39 1967.1 Real Estate Inv & Services MichaelPge 480.30 2.20 511.50 358.70 2.19 33.63 456.9
Indvardn SKr 147.50 1.40 150.20 111.40 4.03 10.23 332.6
Industrial General Hochschild 92.25 2.25 207.46 77.80 - -5.15 346.7 MITIE 278.80 4.60 345.90 263.90 3.95 80.39 654.3
Senior 317.10 5.60 324.80 248.90 1.61 18.01 250.6 Cap&Count 397.60 7.70 397.60 313.00 0.38 11.61 1316.0
ICG 505.50 -3.50 510.00 361.70 4.02 14.18 1134.2 BritPoly 650.00 8.75 690.00 565.00 2.23 14.34 8.7 Kenmr 3.35 0.07 17.35 2.18 - -2.36 29722.1 PayPoint 846.50 6.50 1212 809.39 4.17 15.50 34.9
UltraElc 1774 -4.00 1985 1642 2.38 28.87 74.9 Cardiff♦ 1040 - 1099.5 825.00 1.22 4.40 0.6
IPF 444.00 1.90 636.50 412.00 2.09 15.34 448.5 JardnMt $X 64.09 0.36 67.88 52.10 1.95 16.58 195.5 Lonmin 188.30 16.00 336.60 149.74 - -9.25 2852.0 PremFarn 158.10 -11.30 242.40 147.00 6.58 11.58 3325.9
CLS 1575 5.00 1600 1249 - 6.66 4.1
Automobiles & Parts Investec 570.50 3.50 606.50 380.70 3.33 17.98 1100.8 Jard Str $X 35.06 0.28 38.10 31.05 0.65 13.88 122.4 Petra 156.90 -1.30 220.87 135.10 - 21.60 801.8 Daejan♦ 5755 20.00 5800 4650 1.55 5.03 2.0 Rentokil 122.10 0.20 133.60 109.80 1.89 21.06 1467.9
FordMtr $X♦ 15.85 -0.02 18.12 13.26 2.83 11.08 25510.5 Jupiter 381.50 3.20 447.60 313.70 3.30 22.12 1153.1 Macfrlne 37.75 0.75 49.50 33.00 4.24 12.67 118.9 Petropvlsk 13.00 0.75 98.25 6.00 - 0.35 675.8 Ricardo 693.50 -11.50 800.00 597.70 2.06 19.07 16.6
REXAM 538.00 90.40 603.00 424.60 3.64 13.39 40981.5 DvlptSec 243.00 0.75 267.25 179.00 3.29 15.53 130.2
GKN 382.60 7.50 468.00 281.10 2.06 13.02 5984.9 Liontrust 294.13 0.13 306.25 208.00 1.02 26.02 0.3 PolymtIntl 598.50 -1.50 690.00 315.18 0.87 25.29 438.6 Grainger♦ 207.80 1.10 250.00 167.80 1.00 11.58 1167.8 RbrtWlts 343.00 2.00 363.00 270.00 1.57 39.06 2.5
Man 175.50 -4.20 183.44 80.70 2.68 102.45 7685.4 RPC 569.50 13.00 672.90 488.20 2.42 21.78 451.7 RndgldRs 5550 25.00 5752.1 3638 0.55 31.23 510.5 RPS 208.00 2.60 359.37 181.50 3.54 15.40 300.8
Banks Smith DS 319.70 5.90 359.10 231.82 3.13 17.89 2037.0 HelclBar 392.00 4.00 405.06 320.00 1.72 6.89 162.0
NB GFRIF♦ 95.00 - 102.70 93.75 3.76 20.51 1300.8 RioTintoX 3080.5 27.00 3680.56 2600 3.68 15.83 3715.2 HK Land $ 7.85 - 8.30 5.97 2.05 17.91 1354.7 Shanks 102.50 2.00 120.00 84.50 3.37 -23.30 213.5
ANZ A$X 34.98 0.36 35.07 29.05 5.26 12.88 6185.6 Smiths 1179 8.00 1429 1006 3.37 20.28 1426.8
Paragon♦ 424.80 0.50 432.00 313.70 1.84 13.64 1774.2 Troy Res A$ 0.62 0.04 1.53 0.35 - -1.69 1244.1 Lon&Assc 39.50 - 61.50 36.50 0.32 68.46 12.6 SIG 191.10 3.10 214.80 143.40 1.86 -171.08 2986.4
BcoSant 460.75 -4.00 758.00 416.37 8.57 12.91 505.5 SmurfKap € 22.20 0.61 22.43 14.78 2.17 17.93 366.9
Providnt 2614 -15.00 2692 1644 3.25 23.37 105.5 VedantaRs 474.20 25.00 1201 353.21 8.01 256.74 1909.1 MacauPrp 212.25 0.25 270.00 212.00 - 4.77 21.4 SpeedyHr 72.00 0.50 83.00 50.75 0.85 77.92 535.9
BankAm $X 15.97 0.18 18.21 14.37 0.47 43.16 91605.7 Vesuvius 460.50 11.10 493.60 388.80 3.26 11.45 144.4
RathbnBr 2215 -9.00 2250 1623 2.21 25.01 8.3 Mntview 10950 - 11200 6675 1.83 12.42 0.3 St Ives 180.00 -0.75 225.00 168.00 3.69 21.63 97.7
BnkGeorgia 2119 53.00 2795.69 1774 3.30 9.29 43.2
Record 33.25 - 46.92 28.38 4.51 13.27 8.0
Oil & Gas TribalGrp 164.75 2.38 204.00 141.10 0.97 -84.06 3.8
BankIre € 0.29 - 0.39 0.24 - -11.13 26953.2 Industrial Transportation Afren 9.65 -1.46 166.60 4.01 - 0.32 99774.7 Q'tainEst 98.00 0.25 108.50 75.00 - 22.28 1261.8
S&U 2072.5 -12.50 2129 1700 2.61 15.94 0.5 BBA Aviat 342.40 4.70 362.10 293.70 2.63 16.36 598.8 RavenRuss 41.25 0.13 82.50 37.25 - -34.40 204.0 Vp 602.50 -0.50 690.00 539.00 2.32 14.61 0.2
BkNvaS C$X 64.60 1.17 74.93 59.92 4.17 10.84 1770.1 Aminex 1.85 -0.05 3.17 0.64 - -2.02 1818.1
Schroder 2915 -28.00 2965 2086 1.99 22.31 287.9 Braemar 473.00 -2.00 557.23 390.00 5.50 35.14 18.9 RavenR Prf 122.25 0.25 160.75 101.50 9.82 - 24.5 Watermn 67.25 - 79.00 50.00 1.04 112.08 32.0
BarclaysX 248.80 0.05 278.00 201.75 2.61 56.14 26414.0 BGX 954.80 22.80 1420 780.55 1.94 18.19 11891.8
..N/V 2242 -17.00 2277 1692 2.59 17.16 8.8 Clarkson 2075 67.00 2750 1835 2.70 20.82 85.9 RavenR Wrt 29.00 - 62.49 27.00 - - 2.5 Wolseley 3820 -68.00 4038 2966 1.91 20.23 671.2
CanImp C$X 92.88 1.54 107.37 85.06 4.47 11.23 1469.4 BPX 450.10 4.75 526.80 364.40 5.30 14.72 34601.1
SVG Cap 459.70 11.40 480.00 226.00 - 11.47 409.6 Eurotunnl € 12.17 0.08 12.17 8.11 1.32 56.49 518.7 Safestre 274.75 3.75 277.25 184.25 2.09 13.77 716.5
HSBCX 613.40 -2.20 737.00 573.54 4.89 11.92 14310.4
TullettPre 334.00 1.00 348.60 234.40 5.04 25.81 184.7 Cadogan 10.38 - 12.44 8.50 - -2.53 42.3 Tech - Hardware
LlydsBkgX 75.53 0.98 85.53 70.02 - 229.57 129225.2 Fisher J 1145 17.00 1565 1003 1.75 14.42 6.4 CairnEng 205.40 4.60 213.00 141.00 - -5.16 3784.7 Savills 734.00 3.00 742.00 567.52 1.43 18.36 89.3 ARM Hldgs 1082 13.00 1098 778.50 0.57 87.10 6133.0
Tungsten 208.25 -0.75 409.75 200.25 - -10.31 894.4 Flybe Grp 61.75 -0.25 151.56 55.68 - -4.52 558.3 SchroderRE♦ 60.25 -0.50 62.00 50.50 4.12 4.80 498.5
RylBkC C$X♦ 75.39 1.26 83.87 67.84 3.97 11.94 2923.1 Cape 212.00 - 335.00 177.00 6.60 45.52 438.0 CSR 858.00 3.00 890.00 506.00 1.03 -2794.79 214.2
WlkrCrip 43.00 - 53.60 37.50 3.28 7.97 6.0 Goldenpt 185.50 -3.50 500.00 180.10 - -5.63 3.2 Smart(J) 91.00 - 106.50 86.00 3.22 41.74 11.5
RBSX 377.70 -3.10 403.90 291.60 - -6.64 4917.3 DragnOil 582.50 4.50 632.50 447.50 3.30 8.74 528.5 Laird 321.60 1.20 335.00 259.45 3.73 25.09 225.3
StandChX 935.50 16.30 1355.5 867.50 5.26 9.20 6714.9 Food & Beverages OceanWil 977.50 - 1290 936.00 3.59 9.92 2.4 Endeav Int' $ - - 5.92 0.02 - - - StModwen 443.50 3.50 443.50 324.59 0.94 12.05 632.8 Pace 339.00 2.00 487.00 284.20 0.96 18.60 857.8
..7.375%Pf 121.00 - 124.00 108.50 6.10 - 45.6 AngloEst 570.00 -20.00 725.00 539.00 0.51 3.06 4.1 RoyalMail 451.10 8.40 617.00 388.00 2.95 24.79 1823.4 EnQuest 40.00 2.00 148.40 21.50 - 3.49 7441.2 UNITE Gp 511.50 3.50 511.50 388.30 0.94 11.10 172.5 SpirentCM 87.50 1.50 112.70 65.95 2.37 31.35 261.9
..8.25%Pf 134.00 - 139.75 124.50 6.16 - 0.9 AscBrFdX 3014 -28.00 3293 2407 1.07 31.25 590.4 UK Mail 545.00 -4.50 715.00 380.00 3.91 28.81 3.0 Exillon 131.50 2.00 175.57 103.25 - 7.59 6.4 Urban&C♦ 270.50 -2.00 275.00 215.00 - 8.81 14.5
TntoDom C$X 53.66 1.11 58.20 47.35 3.61 12.32 3781.7 Barr(AG) 638.50 3.00 672.00 510.13 1.73 23.92 26.1 ExxonMb $X 92.36 0.90 104.76 86.03 2.70 12.32 12789.8
Tech - Software & Services
Insurance Retailers Anite♦ 81.50 -0.75 98.75 69.25 2.26 25.51 146.5
Westpc A$X 36.44 0.21 36.54 30.40 5.16 14.76 6780.8 Britvic♦ 732.50 -5.50 784.00 600.72 2.61 20.21 611.0 FastnetO&G 2.18 - 13.00 2.00 - -3.50 187.5 AA 362.75 2.50 365.00 225.50 - 16.90 301.3
Admiral 1459 -14.00 1583 1175.33 3.21 13.63 700.9 AVEVA 1442 52.00 2460 1183.9 1.87 22.01 291.8
C&C € 3.60 0.08 5.02 3.16 2.95 12.52 133.1 Fortune 9.99 0.27 14.50 6.25 - -9990.00 773.2 AO World 326.90 7.40 412.38 149.60 - -495.30 1173.5
Basic Resource (Ex Mining) Amlin 491.70 0.80 506.50 409.20 5.29 8.45 553.4 Computcnt 686.00 8.00 720.00 575.00 2.55 18.20 30.8
Carr'sMill 143.00 -4.88 194.50 137.50 2.29 11.60 134.3 Aviva 529.50 1.50 571.50 438.60 2.83 13.51 6285.3 GenelEgy 645.00 -3.00 1100 593.50 - 21.21 2206.2 AshleyL 29.00 -0.75 32.38 22.00 6.90 12.79 84.1
Ferrexpo 54.00 0.75 175.00 47.60 7.54 2.22 809.3 DRS Data 13.00 - 28.50 12.50 3.08 -5.88 0.1
Coca-Cola H 1098 -2.00 1617 1051 2.51 21.78 907.3 Beazley 293.90 -7.30 301.70 232.60 2.84 8.52 1889.4 GeoPark $ 4.02 0.07 11.00 3.70 - 5.90 29.5 Brown N 446.80 -1.80 600.00 282.50 3.18 16.87 247.3
IntFerMet 4.08 0.13 13.25 2.65 - 9.37 231.6 Elecdata 69.50 -3.00 86.75 64.00 2.88 21.99 14.8
Cranswk 1352 27.00 1499 1148.42 2.37 16.09 186.0 Brit Plc 268.50 1.50 275.00 195.00 - 11.70 495.1 GreatEEgy 110.00 - 137.00 100.00 - 12.70 - Caffyns 565.00 - 670.00 480.00 3.19 9.88 0.0
Mondi 1218 13.00 1218 914.00 2.37 16.39 952.6
Dairy Cr 504.00 6.40 537.50 367.39 4.23 21.94 429.6 GrnDnGas 395.00 2.50 675.00 265.00 - -10.70 0.1 MicroFoc 1097 8.00 1169.96 715.80 3.20 20.33 178.4
Vale BRLX 20.45 -0.10 35.20 17.65 9.82 -10.20 4540.2 CatlinGp 705.00 1.50 711.50 479.50 4.19 8.65 412.1 Card Factor 270.00 5.20 296.00 195.50 - 102.27 269.6 NCC Grp♦ 220.00 1.00 234.41 169.80 1.59 26.23 28.2
Devro 289.50 4.50 324.80 203.88 3.04 21.74 48.2 Chesnar 341.00 0.50 363.25 267.25 5.24 7.13 59.4 GulfKeyst 52.50 -0.25 165.00 42.25 - -22.08 3266.2 Dairy Fm $ 8.82 -0.02 10.90 8.79 2.33 26.40 88.8 RM 140.75 -9.25 174.00 120.00 2.68 13.79 37.7
Chemicals Glanbia € 14.32 -0.03 15.53 10.40 0.75 25.90 43.3 DirectLine 316.20 -2.10 319.40 227.70 3.98 14.12 3184.9 HellenPet € 4.05 -0.10 7.79 3.41 - -5.01 155.7 Debenhm 77.70 0.65 82.40 56.85 4.38 10.95 3558.3
Grncore♦ 312.60 -1.70 319.90 228.50 1.63 27.12 282.9 Hunting 493.00 36.80 918.83 383.90 3.47 11.31 831.5 Sage 485.40 1.00 487.80 346.70 2.38 28.48 2317.6
Alent 367.00 2.20 393.61 294.56 2.45 15.66 94.7 Eccles prf 140.00 - 142.00 118.50 6.16 - 24.5 Dignity 1923 27.00 1950 1291 0.67 23.37 31.7
HiltonFd 391.00 -10.50 534.50 342.25 3.26 15.74 0.5 ImpOil C$X 50.80 1.24 57.96 44.08 1.07 9.89 731.0 SDL 446.00 2.50 446.00 284.25 - -14.59 248.6
Bayer €X 127.80 -1.90 131.70 91.31 1.71 27.73 2046.1 Hansard 82.75 -1.25 107.25 78.50 9.85 13.70 115.3 DixonsCar 425.50 -5.50 470.00 319.20 1.23 50.06 3440.1
Kerry € 64.90 0.50 65.96 49.30 0.66 65.94 83.2 JKX 23.00 4.50 70.50 10.23 - 9.45 5554.9 Telecity 865.00 -18.50 888.50 625.00 1.21 25.00 824.5
Carclo 116.00 15.75 219.75 80.00 2.28 -4.10 8536.9 Hiscox 731.50 -1.00 795.72 615.50 3.23 11.40 210.6 Dunelm 901.50 18.00 1045 745.97 1.83 20.65 45.2
Nestle SFrX 71.25 -0.45 74.60 63.85 1.83 25.65 5438.8 Lamprell 112.75 0.25 178.00 93.50 - 7.74 211.3 TriadGp 16.25 - 19.00 7.00 - 7.33 0.3
Croda 2676 31.00 2849 1965 2.41 21.10 222.0 JardineL 960.50 11.00 1108.23 815.00 2.83 19.30 376.1 Findel 200.50 - 330.25 188.41 - -15.16 3.6
Elemntis 279.50 5.50 305.10 225.50 1.70 19.58 799.7 NewBrPlm 697.00 -1.50 705.50 307.50 1.26 19.62 37.0 Lancashire 610.00 -1.50 766.50 506.00 1.51 9.62 290.9 Lukoil RUBX 2996 86.00 3030 1715 - 6.39 2085.8 Halfords 460.00 2.40 515.00 417.10 3.11 14.99 247.6 Telecommunications
Porvair 298.75 -6.00 347.75 237.53 0.97 21.85 19.2 PremFds 45.00 0.25 165.71 26.13 - -2.09 1818.3 Leg&Gen 268.10 -2.40 273.01 193.00 3.47 17.08 6736.6 Nostrum 577.50 -12.50 825.00 370.00 3.18 10.39 355.8 Inchcape 728.00 6.00 732.50 571.50 2.39 15.53 1121.0 BTX♦ 442.00 19.00 451.00 350.30 2.24 18.03 35641.3
Syngent SFrX 317.10 4.90 350.30 273.20 1.92 21.75 463.9 REA 309.00 10.75 488.87 298.25 2.30 9.30 5.8 NovaeGp 617.00 9.00 620.00 495.50 3.65 12.46 194.3 OphirEgy 152.00 6.60 319.70 112.70 - 15.44 3113.3 JDSportsF 504.50 7.00 520.00 336.00 1.34 20.54 79.9 Colt Grp 138.10 3.10 155.00 113.10 - 57.54 377.9
Synthomer 245.00 0.20 302.08 176.64 2.45 18.27 151.7 SABMillX 3529 0.50 3857 2659 1.83 25.45 2378.2 Old Mut 214.00 1.10 214.90 163.80 3.79 20.16 5738.9 Petrofac 770.50 28.00 1483 594.00 5.08 8.33 2931.7 Lookers 150.00 -0.25 152.00 117.50 1.72 13.30 78.0 Inmarsat 869.00 5.50 878.00 653.00 3.37 36.29 643.5
Victrex♦■ 2038 -54.00 2202.55 1536 2.16 21.62 233.7 StckSpirit 198.25 -2.00 316.75 193.44 - 14.98 64.1 PermTSB 0.06 -0.01 0.14 0.05 - -6.10 46.7 PremOil 168.70 7.60 358.60 124.50 2.92 6.62 4906.5 Marks&Sp 481.60 1.20 512.00 359.20 3.53 15.65 4073.7 KCOM Gp 84.75 0.25 105.50 78.50 5.76 11.55 784.5
Tate&Lyl 664.50 3.50 790.00 551.50 4.15 17.05 1983.2 PhoenixGrp 826.50 -5.50 853.50 560.52 6.46 5.83 350.8 RylDShlAX 2169 12.00 2864 1929 5.41 13.80 13271.1 Morrison 181.20 -0.30 250.00 150.60 7.17 -13.12 12413.7 TalkTalk 315.20 -1.00 334.30 261.00 3.81 58.60 3313.5
Construction & Materials TongtHu R 161.50 -2.95 174.93 107.00 1.78 15.64 370.5 ..B 2272.5 27.00 2990.5 1984.5 5.02 14.46 4805.1 MossBros 89.25 3.25 126.18 77.50 5.60 27.45 88.7
PrudntlX 1612 -15.50 1649.5 1223 2.08 19.34 2605.3 TelePlus 1104 -5.00 1920 968.50 3.17 28.50 58.8
Alumasc 127.50 - 139.72 108.66 3.92 11.02 43.3 Unilever♦ 2835 -49.00 2993.13 2291.65 3.08 20.36 2844.2 Salamand 82.25 1.75 155.95 52.75 - -5.90 1935.3 Next 7140 25.00 7967 6105 1.81 18.43 613.5
RSA Ins 448.90 -0.30 500.50 83.05 2.25 -6.92 1832.9
BalfourB 233.10 1.00 322.20 145.59 6.05 88.97 1017.1 ..NV €♦ 37.38 -0.01 38.76 26.96 2.66 19.41 16.5 SagicFin 62.50 1.50 78.00 55.00 3.70 19.89 34.3 Schlmbrg $X 85.92 1.37 118.76 75.60 1.83 20.33 7740.4 Ocado 409.30 -22.00 624.93 216.80 - -1986.89 3110.4 Tobacco
..CvPf 118.50 - 119.50 101.00 8.16 - 86.8 SEPLAT 140.00 5.50 270.00 97.50 - 4.14 121.9 Pendragn 36.50 0.50 36.75 27.00 1.10 10.25 436.6 BrAmTobX 3689 -46.50 3818 2878.5 3.86 19.26 2752.7
Health Care Equip & Services StJmsPl 877.00 -13.00 908.50 637.00 1.82 30.89 1127.7
Boot(H) 205.00 -2.00 229.00 170.00 2.49 16.71 30.0 Soco Int 298.10 1.10 477.10 234.80 12.69 21.36 384.3 Photo-Me 139.00 2.50 153.15 107.85 2.70 20.16 58.4 ImpTobX♦ 3021 -59.00 3183 2174.58 3.97 20.39 2561.9
Bioquell 84.00 -1.00 142.00 82.44 3.93 15.18 22.4 Stan Life 401.80 -1.80 429.30 340.70 3.93 15.69 2909.5
ClarkeT 75.25 -0.63 88.56 37.50 4.12 53.87 29.8 TrnCan C$X 58.71 0.15 63.86 47.43 3.39 23.29 1043.6 Saga 182.90 3.80 195.00 143.75 - 34.31 154.7
Costain 292.00 8.50 324.58 248.00 3.94 15.51 157.9 ConstMed♦ 870.00 3.00 1084 650.00 2.08 19.11 189.8 Media Tullow 418.10 22.20 918.78 345.30 2.73 -32.75 12366.6 Travel & Leisure
GNStre kr 149.00 1.50 164.10 122.50 0.59 32.86 399.2 SignetJwl♦ 7890 -169.00 9180 4520 0.55 30.84 8.1 888 Hldg 146.00 -2.00 160.78 109.19 3.81 18.40 514.8
CRH 1747 -32.00 1811 1220 2.86 -16.49 6330.0 4imprint 884.00 - 892.50 610.50 1.92 32.65 2.6 Wood(J) 619.00 23.00 825.00 517.60 2.08 14.12 978.3 SuperGroup 1007 9.00 1749 750.00 - 20.95 180.4
GalfrdT 1335 3.00 1369 1044 3.00 14.36 65.3 Optos 240.50 - 271.53 147.25 - 34.43 1231.5 Blmsbury 149.75 1.75 190.00 142.00 3.89 15.17 15.2 AirPrtnr 292.50 -13.00 583.51 245.00 6.41 11.91 43.9
UDGHlthC♦ 429.00 9.00 430.00 315.20 1.75 12.14 445.5 Pharmaceuticals & Biotech TescoX 232.40 2.85 341.58 155.40 6.35 22.02 26247.0 bwin.party 104.70 -1.50 134.00 79.00 3.33 -27.54 1887.5
Keller 921.00 3.50 1299 742.00 2.61 45.54 160.9 Centaur 62.50 -0.50 77.00 55.75 3.84 -2.43 21.3 Thorntns 84.00 0.25 167.94 77.00 - 11.82 77.5
KierGp 1611 -2.00 1903 1374 4.28 88.12 56.2 ChimeCm 249.50 1.75 377.00 239.00 2.94 -79.79 10.5 BTG 793.50 -7.50 835.87 490.20 - 72.84 1017.7 Cineworld 434.30 7.50 445.00 290.00 2.32 39.54 261.1
House, Leisure & Pers Goods CathayIn 21.13 -0.88 41.06 21.00 - -46.02 3.0 VertuMotor 56.50 0.25 66.00 51.00 1.42 12.23 16187.3 CompassX♦ 1145 -1.00 1179 924.41 2.30 23.51 5786.5
Kingsp € 15.92 0.06 16.74 11.03 0.94 26.20 18.3 Creston 116.00 - 131.95 96.60 3.36 9.70 40.0
AGARmst 99.50 2.00 190.75 96.45 - 26.71 173.0 Dechra 870.00 5.50 888.60 655.00 1.66 39.30 30.6 EntInns 110.20 1.00 166.10 98.70 - 20.61 299.1
LowBonr 56.50 -2.00 96.00 44.25 4.60 13.38 274.0
BarrttDev 470.20 0.20 477.80 323.50 1.21 15.47 2219.3 DlyMailA♦ 870.00 - 1074 699.00 2.24 14.45 996.8 Support Services
Marshlls 253.00 -4.00 264.00 151.00 2.08 27.82 35.3 HaynesPb 112.50 - 230.00 110.00 6.67 12.99 4.4 Genus 1259 17.00 1382 924.50 1.32 26.45 27.7 Acal 252.00 -1.00 418.00 180.00 2.70 214.10 16.4 FirstGrp 103.60 0.70 146.14 99.00 - 21.43 1748.2
Bellway 1839 7.00 1965 1333 2.01 11.76 184.3 GlaxoSmhX 1500.5 24.50 1709 1200.67 5.47 17.52 11585.5 Fuller A 1000.00 15.00 1020 830.50 1.51 20.86 8.7
MorgSdl 688.50 8.50 875.00 570.00 3.92 12.47 24.1 ITE Grp♦ 142.50 2.75 289.20 125.00 5.05 10.36 500.1 Aggreko 1638 42.00 1841.76 1388.75 1.69 17.46 1236.0
Berkeley 2484 6.00 2808 2033 7.25 9.49 468.8 HikmaPhm 2428 30.00 2500 1190 0.48 26.82 277.5 Go-Ahead 2468 -12.00 2655 1813 3.28 15.20 24.2
Norcros 16.38 0.13 23.38 14.69 3.11 6.92 3427.4 ITV 226.00 -4.60 233.00 167.10 1.55 23.24 14628.8 APR Engy 195.75 9.50 959.00 146.00 4.91 3.82 642.2
BovisHme 865.00 4.00 946.00 717.43 1.56 13.79 337.9 Oxfd Bio 7.28 0.08 10.13 1.77 - -10.57 1955.3 GreeneKg 860.00 -5.00 926.00 712.00 3.30 20.51 632.8
StGobn €X 38.99 0.23 46.40 29.51 1.70 21.51 1495.7 JohnstnP 169.25 4.00 175.00 2.90 - -4.59 13.9 AshtdGp 1073 -6.00 1219 763.00 1.07 20.35 2654.7
CrestNic 422.60 2.10 427.00 291.98 1.54 13.42 507.7 RichterG $ 14.04 -0.34 19.76 12.20 1.42 21.61 0.0 IrishCtl € 3.33 0.03 32.05 2.50 3.21 25.42 4.1
Tyman 308.00 -2.00 325.00 228.25 1.95 90.91 29.4 News Corp A $ 15.73 0.14 18.53 14.28 - 34.92 3275.8 AtknsWS 1275 24.00 1511 1225 2.65 16.01 108.0
GamesWk 489.00 -20.50 683.50 470.25 7.36 22.22 108.7 ShireX 4954 53.00 5470 2827 0.26 25.86 1336.0 Ladbrokes 120.50 0.40 167.30 102.20 7.39 25.67 5646.7
NewsCpB $ 15.22 0.11 18.02 14.09 - 33.78 681.9 Babcock 1030 -4.00 1476 979.65 2.18 22.82 747.0
Electronic & Electrical Equip Gleeson 374.50 -4.00 467.25 322.35 0.83 11.42 12.9 VecturGp 150.00 -1.00 171.50 113.25 - -85.42 150.5 Berendsen 1133 12.00 1145 895.50 2.47 21.95 164.8 MandarO $ 1.67 0.01 1.95 1.62 3.75 22.06 42.0
Headlam 443.00 -2.00 495.50 390.00 3.45 22.62 66.1 Pearson 1358 -12.00 1378 981.00 3.53 40.45 3071.7
Dialight 667.00 -7.50 992.00 657.00 2.16 28.31 27.2 Brammer 331.50 -5.25 509.00 265.00 3.08 18.78 232.6 Marstons 147.70 0.50 157.34 134.50 4.40 -16.63 695.3
McBride 90.00 3.00 115.00 74.00 - -9.65 552.9 Quarto 155.00 3.50 176.47 136.66 4.91 11.95 8.2 Real Estate
e2v Tech 188.00 - 193.53 145.44 2.34 15.33 60.8 Bunzl 1910 5.00 1943 1356 1.70 30.56 526.7 Natl Exp 262.10 1.90 309.27 213.40 3.82 27.58 339.9
Persimn 1618 9.00 1625 1176 - 15.51 983.3 Reed ElsX 1169 -10.00 1185 851.53 2.10 25.26 2915.3
Halma 702.50 3.50 708.00 552.50 1.59 23.88 464.9
ReedElsNV € 22.02 -0.08 22.24 14.51 2.09 23.41 1607.2
REITs Capita 1143 18.00 1248 985.50 2.32 45.02 1377.0 Playtech 708.00 13.50 847.50 570.50 2.62 17.26 361.5
MorganAd 305.20 0.10 366.65 258.10 3.44 20.88 571.1 Philips €X 25.14 0.25 26.99 20.69 - 99.31 3087.2 Assura 54.25 -0.25 55.25 38.55 3.05 10.41 521.7 PPHE Htl 473.50 - 475.73 300.02 2.83 6.81 17.7
PZCusns 317.20 -2.10 392.10 289.76 2.45 14.85 310.9 STV Grp 379.75 14.75 393.75 320.00 0.53 10.38 8.0 Carillion 348.70 4.80 396.54 294.03 5.02 29.86 669.9
OxfordIn 719.00 1.00 1659.88 671.58 1.72 61.44 253.0 BigYellw 667.00 14.00 667.00 451.40 2.46 15.65 199.5 Comnsis 55.00 - 75.00 47.00 3.27 18.06 81.3 Rank Gp 182.00 -3.50 185.50 119.69 2.47 15.06 52.9
ReckittBX 5585 -35.00 5745 4620 2.45 21.57 1219.5 ThmReut C$X 49.74 -0.27 50.28 36.86 3.10 85.56 540.5
Renishaw 2373 -14.00 2420 1470 1.74 15.49 28.1 BritLand 851.00 8.00 851.50 645.36 3.19 5.30 2839.6 ConnectGp♦ 146.25 2.00 208.75 128.02 5.79 9.03 86.2 Restaurt 721.00 -2.00 742.98 551.50 1.94 21.82 204.4
Redrow 289.10 1.40 352.60 224.00 0.69 10.26 586.7 UTV Med 189.75 1.75 263.00 166.99 3.69 9.66 19.5
Spectris 2100 -13.00 2493 1606 2.04 17.91 788.6 Cap&Reg 53.50 -0.25 54.50 42.25 1.21 10.11 188.0 DCC 3694 35.00 3712 2720 2.08 24.27 250.4 SpiritPub♦ 117.70 -0.10 118.90 68.75 1.78 7.82 724.6
TaylorWm 137.00 - 139.50 101.20 0.50 16.14 8045.6 WPPX 1459 -18.00 1565 1091 2.34 19.40 5324.3
TT Elect 116.25 2.75 225.00 96.00 4.65 44.92 203.5 Countrywd 502.00 5.20 701.00 404.30 1.59 16.81 525.4 DeLaRue 518.50 1.50 891.91 467.40 8.16 13.40 202.5 Sportech 63.63 0.63 93.00 47.00 - 1.93 1235.0
XP Power 1490 55.00 1798 1340 3.76 14.37 11.3 TedBaker 2423 100.00 2441 1634.12 1.39 33.42 34.1 Mining DrwntLdn 3383 43.00 3383 2507 1.08 5.87 178.6 Stagech♦ 343.80 -2.80 416.90 338.54 2.76 15.11 487.3
Diploma 764.00 8.50 807.00 603.84 2.11 24.30 29.4
Industrial Engineering Acacia 289.30 2.70 318.90 222.90 0.73 -55.95 382.5 Gt Portld 810.00 9.00 810.00 594.00 1.09 5.36 578.2 Elctrcmp 209.90 1.20 371.00 197.20 5.60 11.53 1180.1 ThomasCook 127.20 1.10 189.40 99.40 - -15.52 4754.7
Financial General Green Reit € 1.41 0.05 1.53 1.16 - 10.64 59.5
Bodycote 720.50 15.50 832.00 542.50 1.87 17.67 177.7 AngloAmerX 1172 22.00 1678.5 923.00 4.22 257.13 8543.5 EnergyAst 445.00 -2.50 504.00 295.50 - 22.64 6.1 TUI 1156 1.00 1215.78 1004.81 - 57.92 594.4
3i 476.70 1.70 478.30 343.61 3.36 7.45 1326.8 Hammersn 705.50 5.50 707.50 513.00 2.71 8.30 2618.9
Castings 400.00 7.50 525.00 373.00 3.24 10.59 17.1 AngloPacif 83.00 1.00 214.01 74.75 12.29 -2.40 257.3 Essentra 857.00 11.00 924.00 624.50 1.80 31.77 456.1 Whitbrd 4952 -17.00 5140 3718 1.39 26.44 404.5
AberAsM♦ 430.80 4.60 481.74 360.76 3.89 18.90 4592.3 Hansteen 114.60 0.30 116.69 98.25 4.19 7.11 1202.9
Fenner♦ 208.00 1.50 451.70 180.50 5.53 17.84 1239.8 AnGoldA R 143.75 0.05 209.52 88.36 - -18.03 1191.8 Experian 1194 9.00 1222 909.95 1.93 23.38 1652.3 Willim H 381.70 0.70 398.50 314.52 3.04 17.50 2263.0
Ashmore 294.00 - 379.40 249.00 5.51 15.94 852.0 HIBERNIA 1.13 0.02 1.18 0.99 - - 3015.1
Goodwin 2862 -80.00 4250 2375 1.48 10.42 6.7 Antofagasta 711.00 13.50 959.50 620.00 7.79 20.13 2109.3 G4S 282.80 1.60 289.24 225.40 3.17 -56.67 2414.2
BrewDlph 290.00 3.40 357.60 236.80 3.00 121.09 270.7
..5%Pf 0.60 - 0.60 0.60833.33 - - Highcrft 845.00 - 869.75 741.00 3.99 11.64 1.0 Utilities
Canaccord 325.00 - 729.00 305.00 3.41 14.90 0.1 Hill&Sm 616.00 -0.50 620.25 495.00 2.60 21.29 27.5 Grafton 705.00 5.00 705.50 527.00 1.20 28.71 182.6 Centrica 296.00 2.60 348.80 257.90 5.74 22.82 9077.4
IMI 1399 50.00 1755.43 1108 2.65 19.67 652.9 AquarsPl 13.50 -0.25 42.50 13.00 - 101.50 1910.3 INTU 373.60 1.60 373.60 270.10 3.89 6.21 1707.2 HarvyNah 76.75 -1.63 124.75 66.32 4.19 9.92 6.0
CharlsSt 333.00 1.13 493.00 289.20 3.68 -56.13 20.3 LandSecs 1305 10.00 1305 988.50 2.38 5.90 2541.6 DeeVally 1252.5 2.50 1610 1135 4.99 14.00 1.6
MelroseInd 272.60 6.00 357.15 234.50 3.03 22.30 5474.8 AsiaResM 15.00 0.38 245.35 3.61 - -0.38 134.0 Hays 157.90 2.50 158.80 108.15 1.58 26.32 2259.8
CtyLonInv 328.50 -16.00 349.75 225.00 7.31 15.41 28.1 LondonMtrc 162.30 0.90 162.43 132.30 4.31 6.73 617.8 Drax 375.60 0.50 828.50 348.37 4.69 -12.71 1868.7
Renold 55.75 0.75 69.00 49.00 - -16.82 7.7 AvocetMng 6.62 -0.24 14.25 4.19 - -0.17 82.9 Homesve 335.00 0.20 354.50 293.80 3.37 39.87 75.8
CloseBrs 1535 -1.00 1580 1217 3.00 15.35 202.4 McKaySec 236.13 0.13 245.00 187.00 3.64 6.08 1133.6 Natl GridX 917.00 -6.20 965.00 777.50 4.58 16.06 9879.2
Rotork 2377 71.00 2890 2146 2.02 21.04 290.3 Barrick C$ 16.24 0.02 23.78 11.67 1.44 -5.50 2231.3 HowdenJny 419.30 -5.80 440.00 287.50 1.31 23.40 820.4
DBAG 27.98 0.04 28.20 18.25 - - 37.0 MucklGp 490.00 6.00 542.00 417.00 4.06 7.37 2.3 Pennon♦ 852.50 -7.50 925.00 679.00 3.56 29.38 1131.3
Severfd 67.75 -1.25 72.05 52.60 - 153.63 65.1 BHP Bltn 1538 11.00 2102.53 1247.5 4.47 10.15 12278.2 Intserve 547.50 6.00 751.50 487.20 3.93 15.43 136.2
El Oro 55.00 - 87.00 50.00 6.55 4.56 10.0 UtdUtils 998.00 -4.00 1045 704.50 3.61 19.23 1288.5
AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Plus500 570.00 14.50 707.00 283.25 2.26 12.48 130.8 Insurance Egdon Res 8.75 - 30.80 8.50 - -28.78 1139.5 InlandHms 58.50 0.25 63.00 43.00 0.46 21.65 106.2 Servoca 22.50 - 23.50 7.10 - 23.27 70.0
Cohort♦ 241.50 -2.00 251.87 160.00 1.74 18.11 11.6 PolarCap 384.88 0.13 531.00 353.00 6.50 13.36 23.0 Gable 49.75 -0.75 90.00 47.25 - 13.17 898.5 Enegi Oil 1.03 -0.05 10.25 0.85 - -0.35 234.4 Lok'nStor 246.00 -3.50 255.00 194.00 2.57 311.79 20.1 Synectics 137.50 - 580.00 115.00 6.18 36.12 197.8
Share 36.50 - 53.00 23.50 1.42 36.35 12.6 Helios 127.50 1.00 160.00 120.00 1.18 25.58 11.4 EuropaOil 5.50 0.63 10.75 4.65 - -26.19 1044.2 LXB Retail 136.25 -0.75 147.50 119.25 - 7.19 18.7 Utilityws 238.00 0.25 373.28 195.00 1.26 19.56 155.7
Banks ShoreCap 422.50 - 430.00 345.00 1.89 23.92 2.0 FalkldO&G 27.50 -0.50 33.75 16.75 - -57.65 1595.9 MirLand 64.00 - 255.00 61.00 - 4.78 3.3
BCB Hldgs 10.50 -0.50 14.17 10.00 - -2.15 20.0 STM Group 26.50 - 34.00 15.00 - 243.12 35.5 Media FaroePet 75.25 4.25 154.89 58.00 - -95.25 637.7 NewRiver 294.50 -0.50 322.00 264.75 3.48 27.61 84.8
Tech - Hardware
STB 2955.5 -44.50 3009 2245 2.10 29.81 0.7 WH Ireland 82.50 - 143.00 79.00 1.82 16.96 67.3 Avesco 118.00 0.50 126.50 94.00 4.66 -9.22 7.5 GETECH 35.00 0.50 105.00 32.00 5.83 7.07 14.7 Palace Cap 347.50 - 370.00 245.00 - -6.40 1.9 AminoTech 125.50 - 134.90 75.24 2.87 16.47 8.1
Cello Gp 91.00 - 100.00 81.00 2.47 15.78 17.6 GlobalPet 2.38 - 7.50 2.00 - -0.60 7.2 PnthrSec 337.50 5.00 357.00 295.00 3.56 9.73 0.6 IQE 21.00 0.50 26.25 12.08 - -57.85 1259.6
Basic Resource (Ex Mining) Food & Beverages M&Csaatc 334.00 1.50 344.75 235.00 1.63 85.16 8.7 Gulfsands 34.13 2.13 71.91 21.00 - -2.85 120.0 PSPI 26.00 - 29.00 21.00 - -2.85 25.3 Tech - Software & Services
CropperJ 477.50 -2.50 490.00 352.00 1.65 23.89 3.3 FinsbryFd 65.50 - 70.00 47.00 1.15 10.40 76.8 MissionMk 41.00 0.50 56.90 31.50 0.61 8.45 7.5 Indus Gas 130.25 -3.25 780.00 125.00 - 24.81 0.8 SiriusRE € 0.42 -0.01 0.43 0.28 0.75 6.56 442.5 Blinkx 28.00 - 125.75 23.25 - -23.81 4125.4
Nichols 1070 5.00 1204 834.56 1.83 45.06 9.7 Next15Cm 161.50 - 163.00 91.75 1.58 104.46 6.6
Chemicals Infrastrata 4.13 -0.63 10.00 4.00 - -3.25 1792.6 Songbird 349.25 0.25 359.26 175.25 - 4.08 246.2 BondInt 91.50 - 153.75 83.00 1.97 24.35 1.1
PureCircle 577.50 -2.50 655.00 455.00 - 701.70 9.1 YouGov 116.25 -0.75 133.00 98.50 0.52 278.11 3.2 Iofina 30.63 -0.38 93.98 20.75 - -13.54 193.7 SumGermny €♦ 0.78 - 0.81 0.50 0.84 4.54 123.7
Scapa 130.50 -0.50 150.00 107.00 0.77 -33.56 59.3 Brady 82.50 - 84.50 57.17 2.06 29.30 84.5
RealGdFd 42.50 - 69.00 23.00 - -5.31 3.5 Ithaca Engy 70.50 1.25 160.50 44.75 - 5.46 1098.1 TaliesinPr 2225 20.00 2250 1605.35 - 16.41 15.3
Construction & Materials Ukrproduct 7.23 - 10.50 5.95 - -1.00 - Mining Datatec 317.50 - 330.85 258.20 3.26 19.58 -
KBC Adv 92.00 -2.50 142.00 79.00 - 13.01 108.2 UnitchCP 3.06 0.01 54.80 2.25 - 0.60 430.0 DDD 3.25 - 8.00 3.00 - -2.78 31.3
Abbey 872.50 - 927.30 800.00 0.90 9.00 - Wynnstay 558.50 -3.00 690.52 535.00 1.72 16.13 12.8 AfricanMin# 10.00 - 168.50 9.12 - -1.11 -
Max 0.57 -0.01 2.26 0.50 - -0.27 2608.9 Winkworth 126.50 - 189.10 115.00 4.43 11.39 2.0 Eckoh 43.75 - 48.50 33.00 0.72 103.18 138.4
AccsysTch 57.63 0.25 76.50 0.88 - -5.68 25.3 AMC 9.29 -0.16 13.47 2.29 - -9.56 1319.1
Health Care Equip & Services NewWldO&G 0.16 0.01 0.99 0.11 - -0.44 542.8 EgSoltns 75.00 0.50 84.00 42.00 - -128.42 0.6
Aukett 7.75 0.13 9.50 5.88 2.58 11.92 34.9 BeowMin 1.90 0.03 6.45 1.15 - -1.63 574.6
PetrelRes 4.25 0.13 18.25 3.85 - -10.00 44.4
Retailers
Advnc Med 131.00 - 140.00 106.85 0.46 22.69 134.5 BotswanaD 1.38 0.13 4.15 1.03 - -2.42 50.5 ASOS 3046 102.00 7195 1742 - 68.52 1089.9 Iomart 172.00 - 294.50 159.93 1.02 21.30 48.2
Petroceltic 130.00 -1.00 224.00 98.50 - -6.53 223.0
Electronic & Electrical Equip CareTech 222.00 - 268.00 193.00 2.11 9.31 23.5 CentAsiaM 150.00 4.75 190.71 135.16 5.76 2.80 10.2 Koovs 139.00 - 237.40 120.00 - - 0.0 K3BusTc 215.00 -7.50 239.63 170.00 0.47 26.67 27.0
ImmunDiag 330.00 - 593.00 286.00 2.58 17.42 48.9 PetroNeft 4.25 -0.03 7.25 3.75 - -37.61 108.8 Monitise 19.50 1.25 80.50 12.75 - -5.48 33430.0
CeresPow 9.60 0.50 11.75 5.90 - -6.97 1195.7 Connema 1.00 -0.13 5.00 0.25 - -1.50 10.0 Majestic 334.25 -0.25 524.00 311.96 4.79 13.19 68.6
SphereMed 22.50 - 31.00 20.00 - -2.67 5.0 Plexus 171.50 -6.50 325.00 168.00 0.60 29.82 31.8 OMG♦ 35.25 - 37.00 25.00 1.13 133.02 10.4
Densitrn 5.38 - 6.70 4.00 1.86 -6.09 7.1 C'royG&NR 0.95 - 2.30 0.50 - -9.50 27.0 StanlGib 281.50 -3.00 387.00 240.00 2.40 25.00 67.9
Tristel 79.00 -2.75 90.50 39.00 0.86 24.34 60.2 PresidentEn 13.00 0.13 48.99 10.75 - -58.56 373.8 Progility 7.13 - 11.49 4.00 - -45.38 22.0
ElektronT 5.63 - 7.50 3.25 - -1.59 8.3 GrekaDrill 8.88 0.35 20.00 7.20 - -40.16 48.3
Rockhop 62.50 3.75 135.75 51.00 - -12.22 1681.0 Support Services Pub Tech 192.50 7.50 399.70 125.50 - -82.65 3.4
FlowGp 31.50 0.75 50.00 15.02 - -7.95 1934.6 House, Leisure & Pers Goods Herencia 0.24 -0.01 0.61 0.18 - -2.93 23900.4
Sound Oil 10.75 0.13 14.00 4.50 - -3.93 2245.4 AndSyks 299.00 -4.00 385.00 260.00 6.96 13.28 2.3 SciSys 88.00 - 97.00 72.00 1.66 14.36 3.1
LPA 65.00 - 148.00 61.00 2.08 4.44 4.8 HighldGld 38.75 0.75 84.25 17.73 12.45 3.74 218.1
Airea 14.25 - 15.00 9.03 3.86 21.89 4.7 TowerRes 0.48 - 7.25 0.43 - -0.46 14318.5 Augean 46.50 - 56.75 42.00 0.75 11.97 35.0 WANdisco 402.50 - 1390 255.15 - -5.18 6.3
ThorpeFW 147.50 1.00 149.63 120.00 2.07 16.91 41.8 KarelianDd 0.98 - 4.90 0.92 - -9.56 278.8
Churchll 580.00 - 630.00 425.00 2.52 21.34 3.5 TrinityE 19.25 -0.13 147.75 17.08 - -0.91 125.3 Begbies 44.25 1.25 55.00 37.54 4.97 17.30 57.9
Zytronic 295.00 - 308.00 197.00 3.12 15.14 22.0 KEFI Min 1.03 -0.05 2.05 0.90 - -1.94 886.9 Telecommunications
gamingrealm 31.75 0.25 41.70 19.50 - -6.79 78.1 UnJackOil 0.24 0.01 0.52 0.14 - -3.12 60748.1 Christie 150.00 - 162.00 85.15 1.00 27.44 0.3
OracleC 0.83 - 2.41 0.25 - -2.29 423.4
Financial General HavelckE 15.50 - 25.00 15.10 - 28.08 1.6
PatagonG 2.88 - 11.50 2.75 - -4.96 1705.0
VictorOil 59.75 1.25 71.40 0.94 - -63.36 182.7 Empres 41.00 - 60.50 38.13 0.85 6.94 208.1 AltNetwks 493.50 -4.50 547.00 415.00 2.74 29.69 3.1
Ambrian 7.50 - 12.50 7.00 - 3.33 36.5 Mulberry 861.00 8.75 900.00 562.50 0.58 167.77 0.6 VolgaGas 70.50 - 143.00 55.00 - 8.60 51.0 Hargreaves 565.00 3.50 906.50 522.50 3.96 4.62 111.4 AvantiCom 244.00 18.00 329.25 162.75 - -4.35 702.0
RamblMtls 12.75 2.25 32.00 10.00 - 5.95 785.7
Arbuthnot 1430 -0.50 1463.41 1000.00 1.82 18.52 7.0 Portmern 905.00 - 930.00 720.00 2.65 16.12 0.7 Hydrogen 70.50 - 113.00 68.00 6.52 -25.72 11.5
SinclairW 46.00 - 120.00 35.00 6.52 -3.01 5.2
ShantaGold 10.63 - 16.00 8.50 - 13.48 689.0 Pharmaceuticals & Biotech Travel & Leisure
Ashcourt Rw 266.50 3.00 270.00 166.00 - 2239.50 15.0 SierraRut 21.00 - 64.00 19.75 - 79.85 27.6 Impellam 607.50 - 620.00 365.50 1.98 106.95 0.6
TelfordHms 356.00 5.00 379.00 245.50 2.47 13.12 306.1 Abcam 436.00 8.50 511.00 270.88 1.66 25.62 798.4 CastleStIn 17.50 - 19.00 17.00 17.14 -2.05 436.3
Aurora 9.88 - 25.08 8.00 - -0.57 19.7 Sirius Min 7.60 0.10 14.50 7.26 - -149.02 2116.0 ISG 232.50 4.00 356.00 215.00 3.93 17.78 82.3
WalkerGb 197.50 -2.50 219.00 151.05 0.94 22.30 28.0 AllcePharm 33.88 - 37.50 30.00 2.68 10.60 58.0 Celtic 76.00 - 77.27 72.00 - 9.26 0.8
BP Marsh 134.00 - 155.00 116.75 2.05 9.50 1.8 SolGold 2.13 -0.05 14.75 2.03 - -4.82 744.1 JhnsnSrv 71.25 - 71.25 52.00 1.70 17.87 76.9
Epistem 272.50 - 342.00 260.00 - -15.71 0.0 ..6%CvPf 62.50 - 75.00 50.00 5.18 - -
BrooksMac 1389 14.00 1817 1300 1.66 20.23 2.8 Industrial Engineering Stratex 1.70 -0.13 4.27 1.68 - -1.33 995.3 JourneyGp 122.50 - 167.00 113.00 2.24 17.98 1.1
e-Thera 31.50 - 36.55 19.02 - -12.08 108.4 ..Cv Pf 135.00 - 150.00 120.00 - - 0.4
Camellia 9200 49.50 11300 8450 1.36 14.13 0.4 Xtract Res 0.09 -0.01 0.30 0.06 - -1.85 24164.7 LonSec 2335 - 2600 1939 2.96 20.55 0.1
600 Grp 15.25 0.25 24.01 14.60 - 4.07 616.6 GW Phrms 408.50 16.50 541.00 205.00 - -58.63 210.8 Dalata 222.50 - 249.00 209.24 - 228.21 0.8
CaptlMgt 112.50 - 278.00 103.00 - 2.78 0.8 ZincOx 10.75 -0.13 24.00 6.00 - -1.46 56.2 Matchtech 505.00 5.00 640.00 495.00 3.62 14.43 2.5
CoracGrp 3.75 - 14.30 3.00 - -4.18 286.9 HtchChMd 1297.5 -42.50 1550 638.00 - 159.61 23.3 Dart 287.00 - 304.50 177.75 0.95 13.06 275.0
Charlemgn 11.13 - 19.95 9.50 7.93 13.82 0.4 NewmkSec 2.63 -0.15 2.95 1.50 2.86 5.59 453.7
Molins 90.50 0.50 188.00 75.00 6.08 6.84 26.4 ImmuPhar 54.50 1.50 67.00 41.00 - -11.92 247.7 GoalsSocc 217.00 - 235.70 200.00 0.85 21.43 1.4
Fairpoint 118.00 - 164.00 109.00 5.08 13.90 79.1 Oil & Gas NormanBr 22.50 - 40.00 20.00 - -2.02 0.0
MS Intl 123.00 -4.00 217.00 120.16 6.50 16.62 3.1 ReNeuron 3.38 - 4.39 2.75 - -7.50 857.5 MinoanGp 8.63 - 18.22 8.15 - -14.23 284.8
ImpaxGp♦ 58.00 1.00 59.00 44.50 2.07 20.98 32.1 AlkneEng 22.13 0.13 48.00 21.35 0.90 3.57 50.7 NWF 136.00 4.00 163.00 120.00 3.75 13.94 30.6
Pres Tech 262.50 -110.00 790.00 215.00 3.05 9.40 903.7 Sareum 0.33 - 0.70 0.30 - -7.22 2697.6 PeelHtls 89.00 - 90.00 66.00 - 19.05 2.4
Leeds 38.50 -1.00 43.79 29.00 - 9.42 45.1 AmeriRes 30.50 -1.50 67.25 19.10 - 9.38 9411.4 Optimal Pay 373.50 1.25 558.09 270.00 - 22.33 1183.6
SinclairIS 36.00 0.63 39.18 23.30 - -39.13 188.4
MattioliWds♦ 501.00 -3.00 510.00 414.00 1.82 22.44 167.5 Industrial General AndesEnrg 30.25 0.13 70.59 27.00 - -3025.00 321.9
Vernalis 50.00 - 53.00 28.59 - -17.31 29.3 PennaCns 137.00 - 155.00 111.00 1.82 83.33 5.4 Utilities
Miton 25.00 - 49.50 18.50 2.16 -4.20 100.1 API Group 59.00 - 77.00 42.00 3.39 9.77 30.0 BahamasP 1.69 0.14 4.70 1.47 - -7.56 1276.4 Petards 11.88 - 15.99 8.25 - -1.85 8.5 ModernWtr 19.50 - 39.50 18.10 - -3.19 8.6
MAB 176.25 -1.38 187.23 160.00 - 21.48 16.3 Powerflte 51.13 -0.13 58.38 27.43 2.11 19.90 740.0 BorSthnPet 6.50 0.63 15.89 4.69 - -101.56 10842.8 Real Estate RedhallGp 9.75 -1.75 53.54 9.00 - -0.68 45.9 RenEnGen 62.88 - 81.00 62.25 3.26 17.20 72.9
Numis♦ 211.13 2.13 419.50 196.09 4.74 12.34 43.3 RM2 48.00 - 93.00 47.00 - -3.73 314.7 Circle Oil 12.00 0.50 28.70 9.64 - 4.91 768.2 Conygar♦ 183.00 0.25 191.00 160.00 0.82 7.81 49.2 Renew♦ 277.50 - 327.13 200.00 1.44 16.73 46.3 Rurelec 3.38 - 10.45 3.25 - -0.45 10.0
Park Grp 60.38 - 64.98 46.00 3.81 14.61 0.1 Symphny 10.25 - 11.33 5.75 - -24.58 5.6 ClontarfEn 0.73 0.03 1.50 0.35 - -0.46 77.0 FltchKng♦ 61.50 - 65.00 35.00 4.88 8.56 1.4 Restore 277.50 3.00 284.00 170.13 0.90 39.79 160.7 SeaEnergy 24.00 - 44.00 18.68 - -30.93 18.6
Cluff NR 4.00 - 5.48 3.00 - -2.77 9.1 SafeCharge 275.00 0.50 285.50 162.00 - 227.27 11.8
Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 106.63 - 107.70 101.75 - - - JPM Inc&Gr 106.50 0.25 112.00 98.50 2.07 116.6 -8.7 ScottOrtll♦ 876.00 10.25 900.00 691.00 1.31 910.2 -3.8 Amati VCT 67.25 - 80.50 66.50 7.43 70.2 -4.2 Infra India 14.00 - 17.25 9.50 - 43.9 -68.1
Price +/-Chg High Low Yld NAV or Pm Edin Inv♦ 658.00 -6.50 670.50 565.20 3.57 679.4 -3.1 JPM Ind 573.50 -4.50 605.50 312.50 - 618.1 -7.2 SecTstScot 138.50 -0.50 149.00 129.86 3.47 148.8 -6.9 AmatiVCT2 102.75 - 123.50 102.53 6.57 107.6 -4.5 MMP 4.13 - 8.75 4.00 - - -
3i Infra 153.80 0.20 161.50 132.60 4.36 149.7 2.7 Edin WWd 408.00 -0.88 452.45 332.25 0.49 453.2 -10.0 JPM JpSm 220.00 -0.75 224.75 174.50 - 250.0 -12.0 Seneca I&G 138.50 - 139.50 131.00 3.96 146.5 -5.5 ArtemisVCT 62.00 - 69.50 60.00 6.45 70.9 -12.6 Marwyn Val 204.50 - 240.70 184.56 - - -
AbnAsianIn♦ 197.50 -1.00 213.80 173.26 4.00 203.2 -2.8 EP Global 239.25 -2.50 249.00 207.04 1.13 239.6 -0.1 JPM Jap 245.13 0.13 248.38 195.00 1.14 276.5 -11.3 Shires Inc 249.25 -0.50 261.75 216.26 4.81 257.2 -3.1 Baronsmd 70.75 0.13 77.80 69.50 13.43 73.3 -3.5 TerraCat 97.00 1.50 126.70 60.00 - - -
AbnAsian 929.50 -6.00 1014 752.00 1.08 978.2 -5.0 Estabmt 178.50 - 188.00 163.00 2.63 225.6 -20.9 JPM Mid 792.50 -5.00 842.00 669.10 2.15 913.9 -13.3 StdLf Eqt 404.00 -4.00 431.00 362.50 3.32 432.2 -6.5 ..VCT 2 91.75 - 101.49 91.00 13.62 94.6 -3.0 Tiger Res 0.83 -0.25 1.80 0.75 - 1.3 -36.2
AbnJapInv 454.50 -1.00 470.00 319.00 0.99 473.9 -4.1 Euro Ast 1005 - 1040 800.00 5.17 999.4 0.6 JPM O'seas 1059 6.00 1076 890.95 1.42 1133.3 -6.6 StdLf Sml 280.00 0.50 348.75 256.00 1.49 307.1 -8.8 ..VCT 3 95.00 - 110.10 94.00 16.32 97.5 -2.6
AbnLatAmIn 68.38 -0.25 85.68 60.25 6.22 74.8 -8.6 EuroInvT 768.00 -2.00 797.00 659.33 1.82 824.8 -6.9 JPMRussian♦ 299.75 -0.75 518.22 223.25 5.10 342.1 -12.4 StrategicEq 195.00 0.50 201.90 152.85 0.77 192.8 1.1 ..VCT 4 88.88 - 96.10 86.75 14.63 91.7 -3.1 ISDX
..Sub 1.00 - 5.89 0.50 - - - F&C Cp&I 263.63 -1.38 271.75 231.75 3.70 261.4 0.9 JPMSnrSec 93.75 -0.13 102.50 93.50 - 93.9 -0.2 Temp Bar 1177 -4.00 1287 1101 3.21 1231.9 -4.5 ..VCT 5 72.75 - 78.39 71.62 8.25 74.3 -2.1
F&CGblSmlr 934.00 4.00 934.00 781.00 0.86 918.2 1.7 JPM Smlr 729.00 0.50 877.00 632.40 1.30 901.6 -19.1 TempEmerg 571.50 -2.00 626.64 493.20 1.27 643.4 -11.2 BSC VCT 87.00 -2.00 92.20 83.00 6.32 101.1 -13.9 52 Week Vol
AbnNewDn 185.25 0.25 195.00 152.38 1.94 205.7 -9.9
F&CMgdG 147.00 3.00 147.00 130.00 - 144.6 1.7 JPM US Sml 180.75 -0.25 182.00 134.50 0.39 183.6 -1.6 TRIG 102.50 -0.25 412.00 99.00 - - - ..VCT2♦ 56.00 - 61.00 53.50 8.04 62.3 -10.1 Price +/-Chg High Low Yld P/E 000s
AbnNewThai 476.50 2.50 482.75 344.38 1.68 540.3 -11.8
F&CMgdI♦ 122.50 - 125.00 110.00 3.96 119.7 2.3 JupDv&G♦ 113.00 - 115.00 104.50 0.88 123.9 -8.8 ThreadUKSel 178.00 - 187.70 163.00 2.39 192.2 -7.4 Crown Place 30.00 0.13 30.50 29.00 8.33 33.0 -9.1 ArsenalFC 1515000 2500 1550000 1400000 - 129.64 0.0
AbnSmlCo 187.25 0.25 230.00 174.00 3.36 231.8 -19.2
FidAsian 247.63 -0.63 255.00 196.50 0.44 280.4 -11.7 JupEur 499.00 - 502.63 371.25 0.70 490.0 1.8 TREurGth 537.50 1.25 601.00 438.00 1.12 617.6 -13.0 Frsight3VCT 42.13 -1.25 67.90 42.00 4.75 72.1 -41.6 ShephdNm 1125 - 1260 1025 2.25 27.07 0.0
Abn UK 322.50 -1.50 324.50 288.00 3.19 339.1 -4.9
FidChiSpS 135.40 -2.30 142.68 97.20 0.85 151.0 -10.3 JupGrn 139.75 0.25 145.89 133.20 0.79 144.1 -3.0 TroyInc&G 69.88 -0.13 70.75 59.75 2.36 69.4 0.7 Frsight4VCT 46.00 - 64.70 43.00 - 86.1 -46.6 Thwaites 120.50 - 132.00 112.50 3.70 -25.69 10.0
Abf Gd Inc 167.00 0.63 185.25 138.25 4.29 196.8 -15.1
Abf Sml 1063 -2.00 1237 966.00 2.25 1191.9 -10.8 Fid Euro 171.80 -2.10 174.08 137.40 1.73 183.3 -6.3 JupPrim 303.00 - 306.16 268.34 2.56 307.3 -1.4 UtilicoEmg 193.75 -1.50 202.23 170.25 3.15 208.8 -7.2 Frsight4C 50.00 - 52.00 30.00 - 82.5 -39.4
AcenciADbt 106.25 -0.25 109.00 101.75 3.57 111.1 -4.4 Fid Jap 75.00 -0.50 77.50 54.17 - 85.6 -12.4 JupUSSmCo 651.50 -5.00 701.50 596.99 - 711.6 -8.4 UtilicoInv 120.50 - 133.80 101.00 7.78 182.5 -34.0 FrsightSol 100.50 - 113.00 95.00 5.97 104.0 -3.4
AdvDvpMk 446.00 -1.00 473.66 383.00 - 497.9 -10.4 Fid Spec 859.00 3.00 966.00 796.84 1.89 947.0 -9.3 KeystoneInv 1786 -14.00 1848.64 1651.76 2.80 1875.9 -4.8 ValAndInc 256.88 -1.75 288.00 238.43 3.31 293.7 -12.5 Inc&GthVCT 101.00 1.00 106.24 93.50 17.82 114.2 -11.6 Guide to FT Share Service
Alliance 493.00 -2.00 499.40 420.20 1.95 565.0 -12.7 FinsG&I 577.00 1.50 583.00 464.25 1.87 571.8 0.9 Law Deb 523.50 2.00 553.68 465.10 2.87 491.3 6.6 Witan 774.00 -2.50 791.95 642.00 1.90 776.5 -0.3 KingsAYVCT 18.00 - 19.50 17.00 5.56 19.5 -7.7
AllianzTech 558.00 -0.25 584.50 463.07 - 601.8 -7.3 FstPacfic H HK$ 7.90 - 9.48 7.37 2.38 - - LinTrain £ 413.00 - 420.00 331.00 1.64 371.3 11.2 WitanPac 244.00 0.50 248.00 205.75 1.82 276.3 -11.7 Maven I&G 63.50 - 69.00 60.00 7.09 68.1 -6.8
AltAstsOps 45.00 0.38 47.00 35.50 - 49.0 -8.2 For & Col 457.00 -1.10 464.00 361.90 2.45 471.4 -3.1 Ln&StLaw♦ 378.50 1.50 410.50 330.80 3.57 377.1 0.4 WorldTst 252.25 -0.25 257.00 211.00 - 290.0 -13.0 MavenVCT2 54.00 - 56.75 43.00 4.63 58.1 -7.1
Art Alpha 279.25 -1.75 312.00 269.00 1.15 328.2 -14.9 Geiger 18.38 - 34.89 17.00 - 24.7 -25.6 Lowland 1258 5.00 1547.5 1219 2.82 1378.8 -8.8 WwideHlth 1776 -23.00 1884 1180.01 0.84 1822.3 -2.5 MavenVCT3 77.50 - 79.00 70.00 5.48 82.6 -6.2 For queries about the London Share Service pages e-mail
..Sub 31.50 - 46.00 30.00 - - - GenEmer 539.50 0.50 583.00 476.00 - 588.6 -8.3 M&GHighInc♦ 163.00 -1.00 173.50 148.00 0.92 175.6 -7.2 MavenVCT4 85.75 - 89.00 80.00 5.42 95.9 -10.6 ft.reader.enquiries@morningstar.com.
Conventional - Private Equity 52 Week Dis(-)
AsianToRt 208.00 -4.00 213.25 163.00 1.56 224.1 -7.2 GFIS 21.25 - 35.99 19.00 - 54.1 -60.7 Majedie 235.13 -1.25 243.00 202.50 5.87 254.4 -7.6 MavenVCT5 35.75 - 37.00 26.50 5.59 39.5 -9.5 All data is as of close of the previous business day. Company classifications
Price +/-Chg High Low Yld NAV or Pm
Aurora 147.00 - 171.21 144.00 2.59 166.2 -11.6 GRIT 23.50 - 70.00 18.45 - - - Man&Lon 236.00 -0.50 281.50 219.00 5.83 283.8 -16.8 MobeusI&G 86.50 - 107.90 84.00 4.05 95.4 -9.3 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
GoldenPros 29.50 -2.25 49.00 26.50 - 34.8 -15.2 MCGlobPort 181.00 0.50 182.50 154.50 2.21 181.6 -0.3 AbnPvtEq 90.75 0.75 96.00 73.75 2.25 117.5 -22.8 ..I&G 2VCT 105.50 - 119.50 97.00 1.18 133.6 -21.0
BG Japan 388.50 -5.50 398.48 313.50 - 391.0 -0.6 100 constituent stocks are shown in bold.
Hansa 864.50 - 1010 826.50 1.85 1159.6 -25.4 MCurPac 312.00 -0.75 316.23 257.00 2.08 349.3 -10.7 Altamir € 10.42 0.14 11.99 9.43 - 15.7 -33.6 ..I&G 4VCT 102.00 - 116.00 99.00 5.15 100.8 1.2
BG Shin 323.00 3.00 334.75 282.50 - 331.7 -2.6 Closing prices are shown in pence unless otherwise indicated. Highs & lows
..A 835.00 - 986.00 825.00 0.60 1159.6 -28.0 MercantIT 1530 14.00 1666 1316.55 2.09 1700.7 -10.0 Dun Ent 367.00 -5.50 434.75 332.84 4.50 499.6 -26.5 Nthn 2 VCT 75.50 - 81.00 73.50 7.28 84.9 -11.1
BSRT 28.25 0.75 47.75 27.00 - 44.0 -35.8 are based on intra-day trading over a rolling 52 week period. Price/earnings
Hen Div 92.88 -0.13 93.50 87.75 5.44 90.2 3.0 MrchTst♦ 485.00 1.00 524.00 422.18 4.87 493.4 -1.7 Electra 3043 17.00 3052 2338 - 3178.4 -4.3 Nthn 3 VCT 93.25 - 99.48 92.00 5.90 105.4 -11.5
Bankers♦ 604.50 2.50 614.50 506.00 2.42 624.5 -3.2 ratios (PER) are based on latest annual reports and accounts and are updated
HenEuroF♦ 1024.5 - 1037.24 816.47 2.66 1008.1 1.6 Mid Wynd 314.88 0.38 318.00 256.00 1.08 318.0 -1.0 ElectraPrf 149.00 - 149.68 141.25 - 140.3 6.2 NthnVent 77.50 - 88.88 75.00 7.74 86.0 -9.9
BrngEmEu 504.00 3.50 711.00 432.00 3.77 576.2 -12.5 with interim figures. PER is calculated using the company’s diluted earnings
HenEuro 850.50 -1.50 865.00 678.25 2.00 848.5 0.2 MitonWw 158.75 - 160.08 147.00 - 178.6 -11.1 F&C PvtEq 220.75 1.25 233.00 197.00 2.43 261.0 -15.4 ProVenGI 79.00 - 81.00 76.00 8.23 83.1 -4.9
BH Global 1290 -2.00 1304 1162 - 1408.0 -8.4 from continuing operations. Yields are based on closing price and on dividends
HenFarEs 339.00 -1.50 351.00 289.25 5.28 334.2 1.4 MMP 4.13 - 8.75 4.00 - - - GraphEnt 576.00 1.00 619.00 536.10 1.30 672.2 -14.3 ProVenVCT 93.50 - 97.00 89.50 7.49 98.1 -4.7
..EUR € 12.00 - 14.00 11.80 - - - paid in the last financial year and updated with interim figures. Yields are
HendGlob 397.75 -1.88 405.00 336.20 2.51 436.0 -8.8 Monks 396.40 -1.00 406.00 348.40 1.00 460.5 -13.9 HVPE $ 12.78 0.03 12.81 10.64 - 15.6 -18.1 UnicornAIM♦ 124.00 -1.50 133.00 120.00 4.84 138.0 -10.1
..USD $ 12.80 0.03 12.95 11.20 - 13.9 -7.9 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenHigh 186.25 0.25 187.00 156.50 4.56 180.5 3.2 MontanSm 487.00 -5.00 551.49 390.50 1.44 538.0 -9.5 HgCapital 1086.5 6.50 1145.75 990.00 2.67 1149.0 -5.4
BH Macro 2118 10.00 2124.99 1919 - 2209.0 -4.1 Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenInt Inc♦ 128.88 -0.13 132.89 103.00 3.26 125.8 2.4 Mur Inc 793.00 4.50 808.00 699.86 3.88 797.0 -0.5 JPM Pvt Eq $ 0.87 - 0.88 0.72 - 1.1 -20.9
..EUR € 20.41 0.01 20.50 18.40 - 21.4 -4.6 Price +/-Chg High Low Yld WO GRY 0% capital changes where appropriate.
Hen Opp 812.50 - 971.99 755.00 1.29 960.9 -15.4 Mur Int♦ 1048 -11.00 1150 925.36 4.10 996.1 5.2 JZ Capital 404.00 - 451.00 390.00 - 650.0 -37.8
..USD $ 20.35 -0.01 20.50 18.40 - 21.3 -4.5 Trading volumes are end of day aggregated totals, rounded to the nearest
HenSmlr 564.00 5.00 616.39 468.13 1.95 651.6 -13.4 ..B 1050 - 1538.69 900.00 - 996.1 5.4 LMS Capitl 76.50 0.25 88.75 72.75 - 92.5 -17.3 JPM I&C 97.25 - 100.80 86.00 6.43 -14.0 -
BiotechGth 736.00 -9.00 792.86 390.01 - 729.3 0.9 1,000 shares.
HendVal♦ 226.00 - 254.00 224.04 0.66 284.3 -20.5 NB DDIF $ 1.18 0.00 1.25 1.00 - - - Mithras 141.50 - 148.23 130.00 0.71 155.4 -8.9 JupiterDv&G♦ 4.25 - 5.83 3.50 16.94 5.5 -30.0
BlckRCom 90.88 1.13 119.88 80.54 6.59 88.7 2.5
Herald 676.00 -9.00 747.00 594.00 - 825.7 -18.1 NewCtyEgy 20.25 -0.38 42.00 16.75 - 24.2 -16.3 NB PE Ptnr $ 12.01 0.01 12.11 9.90 - - - M&GHI&Gt 59.00 - 68.80 55.00 - -14.0 -2.8 Net asset value per share (NAV) and split analytics are provided only as a
BlckREmEur 207.88 -2.00 280.00 169.25 0.99 240.3 -13.5
HICL Infra 153.60 0.30 156.39 133.00 5.80 132.8 15.7 ..Sub 0.13 - 0.15 0.06 - - - Nthn Invs 470.00 -4.50 483.81 348.00 2.13 468.9 0.2 Rghts&Icp 4030 7.50 4900 3800 2.03 -62.2 0.8 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRFrnt♦ 110.00 - 133.28 103.50 1.24 115.1 -4.4
Impax Env. 151.50 -0.50 156.50 136.00 0.79 172.4 -12.1 NewCityHY♦ 62.00 -0.25 68.00 61.53 6.71 58.3 6.3 Pantheon 1298 4.00 1298 1055 - 1517.1 -14.4 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRGtEur 236.13 -1.25 254.15 201.75 2.54 246.8 -4.3 Income Shares 52 Week HR
Ind IT 283.00 - 296.00 265.00 1.77 317.4 -10.8 NewIndia 364.00 2.13 371.30 194.03 - 380.5 -4.3 PantheonR 1232.5 7.50 1240 1010 - 1517.1 -18.8 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
..Sub 11.75 - 28.25 8.00 - - - Price +/-Chg High Low Yld WO GRY 0%
Intl PP 135.80 -0.50 139.50 125.60 4.53 120.9 12.3 New Star IT 70.50 - 76.24 65.45 - 113.4 -37.8 PrincssPE € 7.08 - 7.25 6.20 7.95 8.9 -20.4 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRHSUK# 134.75 0.25 142.50 120.00 - 137.7 -2.1 JPM In&Gr 95.00 - 97.00 90.15 4.63 -56.5 7.4
InvAsTr 193.00 -1.00 198.00 149.50 1.79 217.3 -11.2 NorthAmer♦ 870.00 2.00 906.45 763.00 3.16 943.5 -7.8 Riverstone 910.00 - 960.50 822.00 - 1050.1 -13.3 in pence.
BlckR I&G 184.75 -1.63 188.33 158.01 3.09 186.7 -1.0 M&GHghIc 55.75 - 63.00 53.00 - -13.9 -2.4
Inv Inc 291.88 -1.00 294.70 255.00 4.09 311.3 -6.2 NthAtSml 1877.5 20.00 1888 1594 - 2306.2 -18.6 StdLfEuPv 207.50 1.25 236.42 195.75 2.41 257.4 -19.4
BlckRckLat 391.00 0.75 508.45 355.00 4.41 439.8 -11.1 Rghts&I 1052.5 - 1252 895.00 2.85 - 17.8
InvPerp 75.88 0.13 77.50 69.00 6.59 74.0 2.5 Oryx Int 464.00 - 473.00 375.00 - 550.7 -15.7 X FT Global 500 company
BlckRckNrAm 118.00 0.50 120.75 98.75 2.54 126.4 -6.6 Conventional - Property ICs 52 Week Dis(-)
IPST BalR 117.13 - 117.80 108.50 - 122.4 -4.3 PacAsset 197.13 - 199.00 145.44 1.32 203.9 -3.3 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRSmlr 815.00 -3.50 912.30 697.00 1.47 918.5 -11.3 Price +/-Chg High Low Yld NAV or Pm
IPST Gbl Eq 157.00 - 159.49 138.00 - 159.5 -1.6 PacHorzn 198.00 -0.75 204.75 159.20 0.76 214.5 -7.7 Price +/-Chg High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRThrmt 286.88 1.38 320.75 238.00 1.39 340.9 -15.8 Direct Property
IPST Mngd 102.00 0.38 101.81 100.00 - 103.3 -1.3 Perp I&G 391.60 -1.10 403.60 350.81 3.04 406.8 -3.7 JPM Inc&Gr 11.50 - 15.50 9.00 1.0 -3.5 8.9 # price at time of suspension from trading
BlckRWld 320.00 -1.30 520.99 286.00 6.56 358.1 -10.6 AseanaPr $ 0.45 - 0.47 0.39 - 0.6 -25.0
Bluecrest A 188.10 - 188.50 172.00 - 197.5 -4.8 IPST UK Eq♦ 159.00 - 162.00 143.00 3.55 164.8 -3.5 PerAsset 35710 50.00 36313.1 31810 1.57 35378. 0.9 M&GHghIc 4.40 - 6.54 3.00 7.3 6.1 -
AXA Propty 42.88 - 43.63 37.00 - - - The prices listed are indicative and believed accurate at the time of publication.
Brit Ast 132.25 0.25 143.50 119.25 4.83 142.1 -6.9 InvPpUK 328.50 -1.50 346.98 281.00 1.98 373.1 -12.0 8 Zero Dividend Preference Shares 52 Week HR
CustdnREIT♦ 105.00 -0.25 115.50 103.50 - - - No offer is made by Morningstar or the FT. The FT does not warrant nor
Brit Emp 522.00 -4.00 528.00 472.00 2.01 583.7 -10.6 Invs Cap A 94.50 0.50 99.00 87.00 4.81 104.7 -9.7 PolarFins 96.25 -0.13 109.50 92.00 - 108.9 -11.6 Price +/-Chg High Low SP WO TAV 0%
F&CComPrp 144.50 1.20 148.40 116.50 4.15 120.2 20.2 guarantee that the information is reliable or complete. The FT does not accept
Brunner 541.50 -0.50 552.50 486.00 3.23 630.0 -14.0 Invs Cap B 93.50 0.50 103.00 87.03 - 104.7 -10.7 ..Sub 7.63 - 19.89 5.00 - - - Abf Gd Inc 149.13 - 149.75 137.75 -33.6 - 159.7
F&CUKRealE 95.25 1.00 97.00 81.00 5.25 90.8 4.9 responsibility and will not be liable for any loss arising from the reliance on
Calednia 2320 8.00 2337 1905 2.12 2752.2 -15.7 Invs CapU 365.00 3.00 378.00 347.00 0.89 419.2 -12.9 PolarHealth♦ 167.25 0.25 172.59 142.50 2.06 180.2 -7.2 EcofinWatr 153.50 - 154.25 144.27 -68.3 -92.2 160.7
IndMultiPr 54.50 - 73.00 48.00 - - - or use of the information.
CanGen C$ 19.52 0.09 21.00 17.34 0.75 28.0 -30.3 JLaingInf 122.40 -0.30 155.35 113.60 5.21 105.6 15.9 PolarTech 579.00 2.50 590.74 431.00 - 576.0 0.5 F&C PvtEq 151.50 - 152.14 146.25 - - -
InvistaERET 1.00 -0.13 4.40 0.50 - 11.0 -90.9
Cap Gear 3330 - 3465 3080 0.48 3257.3 2.2 JPM Amer 289.60 - 296.14 225.80 0.93 285.5 1.4 ProspJap $ 1.09 - 1.19 0.91 - 1.2 -9.2 JPM I&C 171.38 - 171.75 159.65 -17.9 - 192.1 The London Share Service is a paid-for-print listing service and may not be
Longbow 105.00 -0.25 106.75 100.50 - - -
CayenneTst 154.00 - 153.75 137.01 0.78 160.2 -3.9 JPM Asn 239.25 -4.00 248.27 190.00 1.09 265.5 -9.9 QatarInvF $ 1.32 0.00 1.49 1.15 2.17 1.6 -17.5 JupiterDv&G 111.25 - 113.00 97.75 -5.3 - 129.3 fully representative of all LSE-listed companies. This service is available to all
PictonProp 70.00 -0.50 71.50 56.00 4.29 66.0 6.1
CayenCULS 106.50 - 106.00 105.25 - - - JPM Brazil 57.00 -0.25 76.49 52.56 1.75 61.7 -7.6 RIT Cap 1455 4.00 1455 1235 1.97 1541.3 -5.6 JZ Capital 355.25 0.13 356.00 333.65 -90.5 - 369.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
SLIPropInc♦ 79.50 -1.00 82.00 72.00 5.74 75.4 5.4
City Merch♦ 189.63 0.13 191.50 182.15 5.27 185.1 2.4 JPM China 187.50 -2.38 194.00 139.25 0.85 209.1 -10.3 RobecoNV € 30.38 - 30.91 26.47 - - - M&GHghIc 113.13 0.13 114.70 105.00 -17.3 -90.3 122.8 please email stella.sorrentino@ft.com or call 020 7873 4012.
UKComPrp 90.90 0.20 92.65 74.98 5.34 80.4 13.1
CityNatRs♦ 100.75 0.25 146.75 95.00 5.46 131.9 -23.6 JPMElct MC 99.50 - 101.99 98.00 - 101.2 -1.7 RolincoNV € 28.32 - 28.98 24.80 - - - UtilicoFn16 185.63 1.38 185.45 170.25 -54.6 -86.9 192.8
City Lon♦ 395.30 -1.20 399.00 345.00 3.70 391.1 1.1 ..MG 587.75 -2.25 600.01 507.66 1.28 601.2 -2.2 Ruffer Inv 218.50 -1.00 222.50 193.50 - 215.7 1.3 Property Securities
UtilicoFn18 142.00 0.13 142.50 117.00 -19.7 -30.3 160.5
DexionAb 179.50 -0.50 182.00 157.50 - 193.2 -7.1 ..MI 102.50 0.75 104.99 93.01 0.83 105.8 -3.1 SchdrAsiaP 294.00 -1.75 298.00 223.00 1.14 323.3 -9.1 SchdrGlbRe♦
TR Prop
124.75
309.00
1.25
-0.50
126.25
313.50
29.00 3.37 139.3
229.33 2.41 317.9
-10.4
-2.8 UtilicoFn20 111.63 0.13 112.50 100.00 -10.4 -12.6 154.9 Data provided by Morningstar
..EUR € 2.46 - 2.50 2.26 - 2.7 -8.9 JPM Emrg 612.00 -3.00 632.37 499.00 0.90 684.6 -10.6 Schdr Inc 276.00 0.13 278.50 235.50 3.55 284.6 -3.0
..USD $ 3.76 - 3.75 3.30 - 4.1 -8.3 JPM EurGth 235.00 0.50 240.00 193.00 2.85 251.2 -6.4 SchdrJap 138.25 - 139.10 106.79 1.27 150.8 -8.3 VCTs 52 Week Dis(-) Investment Companies - AIM
DiverseInc♦ 80.38 0.38 90.75 73.02 2.92 81.2 -1.0 JPM EurInc 130.00 -1.00 132.55 104.75 - 136.6 -4.8 SchdrOrient 198.50 -0.50 201.59 160.70 3.78 200.1 -0.8 Price +/-Chg High Low Yld NAV or Pm
Dun Inc♦ 266.25 -2.25 371.25 239.00 4.17 280.7 -5.1 JPM EuSm 218.00 1.50 246.80 164.00 1.33 249.6 -12.7 SchdrUK 162.75 1.00 198.50 146.83 2.76 180.7 -9.9 AlbionDev 70.00 - 70.89 67.00 7.14 71.2 -1.7 52 Week Dis(-)
Dun Sml♦ 180.50 - 243.50 171.30 2.88 220.3 -18.1 JPM Clavr♦ 597.00 -5.50 633.50 534.51 3.27 643.2 -7.2 SchdrUKMd 443.25 -1.75 527.50 402.49 1.79 486.0 -8.8 ..D 100.00 - 101.00 98.00 2.50 104.7 -4.5 Price +/-Chg High Low Yld NAV or Pm
EcofinWatr♦ 148.50 -3.50 176.75 123.75 4.50 183.5 -19.1 JPMGIConv 103.00 - 112.50 99.00 - 100.6 2.4 ScotAmer 245.75 1.25 257.50 221.99 4.19 253.1 -2.9 Albion Ent♦ 89.00 - 92.00 85.00 5.62 92.7 -4.0 AdFrntMkt 57.63 0.13 65.50 55.00 - 62.6 -7.9
JPM GEI 120.50 0.25 130.00 105.00 4.43 119.7 0.7 Scottish In 616.00 1.50 626.00 536.00 1.88 682.8 -9.8
..CULS
EdinDragn
105.75
284.00
-0.25 111.70 102.52
1.00 291.79 229.60
-
0.77
-
315.8
-
-10.1 JPM I&C Uni 351.50 - 370.50 330.06 - 372.2 -5.6 ScottMort 253.90 0.20 258.70 189.00 1.14 250.6 1.3
AlbionTech♦ 77.00 - 81.00 71.25 8.12 83.2 -7.5 CrysAmber
GLI Finance♦
150.38
61.63
-
-
157.66 129.81
65.00 50.00
0.3 151.8
8.1 - -
-0.9
www.morningstar.co.uk
AlbionVCT 66.00 - 68.75 64.00 7.58 67.6 -2.4
IndiaCap 67.75 - 69.40 32.76 - 74.9 -9.5
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
CF Heartwood Balanced B Acc 128.05 - -0.09 0.63 Comgest Gth Emerging Mkt DIS F $ 34.04 - -0.07 0.29 Strategic Bond Gross £ 0.33 - 0.00 3.23 Tem Latin America $ 50.39 - -0.35 0.89
ACPI Global UCITS Funds Plc (IRL) Barings (Luxembourg) (LUX) CF Heartwood Defensive Multi Asset Fund B Accumulation 111.16 - -0.11 0.01 Comgest Gth Europe DIS F € 19.39 - 0.13 0.00 Edinburgh Partners Limited (IRL) Target 2015 £ 0.50 - 0.00 0.27 Class A Acc
www.acpi.com FCA Recognised CF JM Finn Gbl Opps A Acc 275.92 - -0.88 1.55 Comgest Gth GEM PC DIS F € 13.03 - 0.03 0.00 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Target 2015 - Gross £ 0.50 - 0.00 0.30 Frk Biotech Discovery $ 31.97 - -0.68 -
Regulated Russia A GBP Inc F £ 21.64 - -0.45 1.46 Dealing - Fax only - +353 1 434 5230
CF Richmond Core 191.99 - -0.60 0.00 Target 2020 £ 0.58 - 0.00 0.49 Frk Brazil Opportunities Fd $ 10.23 - -0.01 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 107.08 - 0.15 0.00 FCA Recognised
Edinburgh Partners Opportunities Fund PLC Frk Euro S-Term Money Mkt Fd € 1012.30 - -0.01 0.00
ACPI Global Credit UCITS Funds USD A $ 13.82 - 0.01 0.00
CF Seneca Diversified Growth A ACC 214.81 - 0.02 1.18 Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Target 2025 £ 1.34 - 0.00 0.28
Barmac Asset Management Ltd (UK)
CF Seneca Diversified Growth B ACC 126.43 - 0.02 2.01 PO BOX 10117, Chelmsford, Essex, CM1 9JB European Opportunities I EUR € 2.69 - 0.01 1.28 Target 2030 £ 1.42 - 0.00 0.25 Frk Euroland Fund € 19.18 - -0.02 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 151.67 - 0.04 0.00 40 Dukes Place, London, EC3A 7NH Dealing & Client Services 0845 0264281
Artemis Fund Managers Ltd (1200)F (UK) CF Seneca Diversified Growth N ACC 125.43 - 0.01 1.74 European Opportunities I GBP £ 2.02 - -0.01 1.58 UK Select £ 2.36 - 0.01 1.12 Frk European Growth € 14.98 - 0.04 -
ACPI India Fixed Income UCITS Fund USD A3 $ 88.73 - -0.25 0.00 Authorised Corporate Director - Capita Financial Managers Authorised Inv Funds
57 St. James's Street, London SW1A 1LD 0800 092 2051 Dealing: 0845 922 0044 European Opportunities I USD $ 3.08 - 0.00 1.38 Frk European Sml Mid Cap Gth € 32.67 - 0.11 0.00
CF Seneca Diversified Income A INC 89.11 - 0.00 5.46 Consistent UT Inc 58.73 59.45 0.28 4.34 UK Growth £ 3.58 - 0.02 0.05
ACPI International Bond UCITS Fund USD A $ 18.44 - -0.02 0.00 Authorised Inv Funds Authorised Inv Funds
CF Seneca Diversified Income B INC 105.33 - 0.00 6.06 European Opportunities A EUR € 2.62 - 0.01 0.91 UK Smaller Companies £ 1.92 - 0.01 0.25 Frk Gbl Equity Strategies Fd $ 11.40 - -0.04 0.00
Artemis Capital R ACC 1206.37 1274.68 5.08 1.50 Consistent UT Acc 132.99 134.62 0.63 4.20
Retail Accumulation 2 113.07 - 0.10 0.00
CF Seneca Diversified Income N INC 104.45 - 0.00 6.06 Global Opportunities I USD $ 1.71 - 0.02 1.15 WealthBuilder A Acc £ 1.02 - 0.00 0.62 Frk Gbl Fundamental Strat Fd $ 13.06 - -0.04 0.00
Artemis European Growth R Acc 243.02 256.47 -0.50 3.62 Practical Investment Inc 209.25 214.20 -0.75 3.76
ACPI Select UCITS Funds PLC (IRL) Retail Income 2 111.66 - 0.09 0.00
Investment Adviser - DSM Capital Partners Global Opportunities I GBP £ 1.12 - 0.00 1.00 Fidelity PathFinder Frk Global Conver.Securities $ 11.66 - 0.00 0.00
Regulated Artemis European Opps R Acc 71.83 75.78 -0.12 1.36 Practical Investment Acc 986.01 1009.33 -3.52 3.66
The Castleton Growth Fund Ret Acc F 109.68 - 0.09 0.00
ACPI Balanced UCITS Fund USD Retail $ 14.06 - 0.03 0.00 The Westchester $ 26.18 - -0.05 0.00 Global Opportunities I EUR € 1.49 - 0.01 0.99 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.12 - 0.00 - Frk Global Growth $ 14.24 - 0.03 0.00
Artemis Global Energy R Acc 28.99 30.75 -0.76 0.00 The Castleton Growth Fund Ret Inc F 110.11 - 0.09 0.00
ACPI Balanced UCITS Fund EUR Retail € 10.64 - 0.02 0.00 The Westchester Class 1 GBP Acc £ 18.60 - -0.10 0.00 Global Opportunities A GBP £ 1.05 - 0.00 0.59 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.11 - -0.01 - Frk Global Gth & Val $ 24.69 - -0.05 0.00
Artemis Global Growth R Acc 177.49 187.31 -0.55 0.76 Coupland Cardiff Funds Plc (IRL)
ACPI Balanced UCITS Fund GBP Retail £ 10.74 - 0.03 0.00 The Westchester Class 2 GBP Acc £ 18.63 - -0.09 0.00 31/32 St James's Street, London, SW1A 1HD Pan European Opportunities I EUR € 1.62 - 0.00 - Fidelity PathFinder Foundation 2 Acc (clean) £ 1.12 - -0.01 - Frk Global Sml Mid Cap Gth $ 28.03 - -0.06 0.00
Artemis Global Income R Acc 95.00 100.35 -0.82 3.76
BlackRock (JER) Investment Adviser Lacomp Plc FCA Recognised Fidelity PathFinder Foundation 3 Acc (clean) £ 1.12 - -0.01 - Frk Gold and Precious Mtls Fd F $ 4.15 - 0.04 0.00
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global Income R Inc 78.57 83.01 -0.68 3.87 Regulated
CF Lacomp World 104.75 109.98 -0.07 0.00 CC Asia Alpha Fd - Cls A Euro € 12.46 12.46 0.02 0.00
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Fidelity PathFinder Foundation 4 Acc (clean) £ 1.14 - 0.00 - Frk India $ 33.85 - -0.16 0.00
Artemis Global select R Acc 68.81 72.63 -0.16 0.00 BlackRock UK Property £ 38.89 - 0.00 3.88
Investment Adviser - Morant Wright Management Limited CC Asia Alpha Fd - Cls B USD $ 12.23 12.23 0.02 0.00
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Fidelity PathFinder Foundation 5 Acc (clean) £ 1.18 - 0.00 - Frk Japan Fd ¥ 798.87 - 11.04 -
Artemis High Income R Inc 81.09 86.35 -0.05 5.54 Blackrock UK Long Lease £ 1043.11 - 2.31 0.00 CF Morant Wright Japan A 246.93 - -3.10 0.00 CC Asia Alpha Fd - Cls C GBP £ 12.09 12.09 0.02 0.00
ACPI Focused Equity UCITS Fund $ 12.40 - -0.04 0.00 Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.12 - -0.01 - Frk K2 Alt Strat Fd $ 10.38 - 0.01 -
Artemis Income R Inc 210.49 222.96 0.13 4.04 BLK Intl Gold & General $ 5.55 5.86 0.10 0.00 CF Morant Wright Japan A Inc 243.29 - -3.05 0.00 CC Asia Alpha Fd - Cls I USD $ 9.66 9.66 0.02 0.00
Fidelity PathFinder Focussed 1 Acc (clean) £ 1.12 - 0.00 - Frk MENA Fund $ 7.10 - -0.02 0.00
Artemis Income R Acc 345.78 366.26 0.21 3.93 CF Morant Wright Japan B 261.67 - -3.27 0.43 CC Asian Evolution Fd. Cls A USD $ 14.53 14.53 -0.12 0.00
Fidelity PathFinder Focused 2 Acc (Clean) £ 1.14 - 0.00 - Frk Mutual Beacon $ 70.98 - -0.11 0.00
Abbey Life Assurance Company Limited (UK) Artemis Monthly Dist R Inc 62.76 66.61 -0.21 4.74 CF Morant Wright Japan B Inc 248.06 - -3.11 0.45 CC Asian Evolution Fd. Cls B GBP £ 13.67 13.67 -0.12 0.00
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 EFG Hermes Fidelity PathFinder Focussed 3 Acc (clean) £ 1.14 - -0.01 - Frk Mutual Euroland Fd € 17.26 - -0.09 0.00
additional fund prices can be found @ www.abbeylife.co.uk Artemis Pan-Euro Abs Ret GBP 98.05 - -0.05 - CF Morant Wright Nippon Yield ACC A 252.90 - -1.58 2.16 CC Asian Evolution Fund - Cls C USD Acc $ 16.32 16.32 -0.14 0.00 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Fidelity PathFinder Focussed 4 Acc (clean) £ 1.15 - 0.00 - Frk Mutual European EUR € 23.95 - -0.02 0.00
Insurances Artemis Strategic Assets R Acc 76.77 81.24 -0.03 0.00 CF Morant Wright Nippon Yield ACC B 261.17 - -1.63 2.15 CC Japan Alpha Fd - Cls A Euro € 9.86 9.86 0.16 0.00 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds Fidelity PathFinder Focussed 5 Acc (clean) £ 1.15 - 0.01 - Frk Mutual Gbl Disc $ 17.43 - -0.06 0.00
Life Funds Artemis Strategic Bond R M Acc 83.43 88.59 -0.01 3.99 CF Morant Wright Nippon Yield Fund A Inc 224.56 - -1.40 2.20 CC Japan Alpha Fd - Cls B GBP £ 10.75 10.75 0.19 0.00
Prop. Acc. Ser 2 1467.40 1544.60 0.00 - The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.10 - 0.00 - Frk Natural Resources Fd F $ 7.65 - -0.17 0.00
Artemis Strategic Bond R M Inc 55.12 58.52 0.00 4.06 CF Morant Wright Nippon Yield Fund B Inc 231.97 - -1.45 2.20 CC Japan Alpha Fd - Cls C JPY ¥ 1054.32 1054.32 17.66 0.00
Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.09 - -0.01 - Frk Real Return Fd F $ 10.58 - -0.01 0.00
Selective Acc. Ser 2 1572.90 1655.70 0.00 -
Artemis Strategic Bond R Q Acc 83.52 88.68 0.00 3.99 BlueBay Asset Management LLP (LUX)
CC Japan Inc & Grwth Fd - Cls Acc USD $ 15.78 15.78 0.28 0.00
American Ser. 4 1657.20 1744.40 -9.60 - Regulated Saudi Arabia Equity Fund SR 14.80 - 0.07 0.00 Fidelity PathFinder Freedom 1 Acc (clean) £ 1.09 - -0.01 - Frk Strategic Income Fd $ 14.74 - 0.01 0.00
Artemis Strategic Bond R Q Inc 55.21 58.63 -0.01 4.08 CC Japan Inc & Grwth Fd - GBP Founder Acc £ 16.24 16.24 0.29 0.00
BlueBay EmMkt B-USD $ 294.33 - -0.58 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.09 - -0.01 - Frk Technology $ 10.66 - 0.04 0.00
Custodian Ser. 4 490.90 516.80 -0.40 -
Artemis UK Growth R Acc 426.19 451.36 0.92 0.59 CC Japan Inc & Grwth Fd - GBP Founder Inc £ 15.42 15.42 0.28 0.00
BlueBay EmMktCrp B-USD $ 164.40 - 0.63 0.00 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.09 - 0.00 - Frk U.S. Focus Fund $ 16.06 - -0.03 0.00
Equity Ser. 4 568.60 598.60 1.30 - Electric & General (1000)F (UK)
Artemis UK Smaller Cos R Acc 1006.87 1084.05 0.05 0.55 CC Japan Inc & Grwth Fd - JPY Founder Acc ¥ 1643.73 1643.73 29.41 0.00
BlueBay EmMktSel B-USD $ 158.53 - -0.70 0.00 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Freedom 5 Acc (clean) £ 1.13 - 0.00 - Frk US Equity $ 23.63 - -0.03 -
European Ser 4 575.10 605.40 -2.60 -
Artemis UK Special Sits R Acc 505.85 537.42 1.05 1.70 CC Japan Inc & Grwth Fd - JPY Founder Inc ¥ 1549.26 1549.26 27.73 0.00 Orders & Enquiries: 0845 850 0255
BlueBay EmMkLocCy B-USD $ 154.32 - -1.12 0.00 Fidelity PathFinder Income 1 Income (clean) £ 1.06 - 0.00 - Frk US Opportunities $ 11.70 - -0.06 0.00
Fixed Int. Ser. 4 913.00 961.00 -1.50 - Authorised Inv Funds
Artemis US Abs Ret I Acc 101.08 - 0.08 - CC Japan Inc & Grwth Fd - USD Founder Acc $ 16.17 16.17 0.29 0.00
BlueBay GlblConv I-USD $ 187.66 - 0.02 0.00 Authorised Corporate Director - Carvetian Capital Management Fidelity PathFinder Income 1 Gross Income (clean) £ 1.06 - 0.00 - Frk US Sml Mid Cap Gth F $ 19.24 - -0.07 -
Intl Ser. 4 439.00 462.10 -1.80 - CATCo Reinsurance Opportunities Fund Ltd. (UK)
Artemis US Equity I Acc 109.13 - -0.49 - CC Japan Inc & Grwth Fd - USD Founder Inc $ 15.35 15.35 0.27 0.00
BlueBay GlblHgYd B-USD $ 130.35 - 0.24 0.00 Electric&General Net Income A 137.40 - -0.90 2.10 Fidelity PathFinder Income 2 Income (clean) £ 1.06 - 0.00 - Frk Wrld Perspective Fd $ 19.03 - -0.01 0.00
Japan Ser 4 352.80 371.40 -4.10 - 9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Artemis US Select I Acc 109.51 - -0.51 -
BlueBay HgYield B-EUR € 331.82 - 0.18 0.00 Authorised Funds Fidelity PathFinder Income 2 gross £ 1.08 - 0.00 4.26 Tem Africa $ 10.91 - 0.08 0.00
Man. Ser. 4 1673.00 1761.00 -2.30 -
Artemis US Smlr Cos I Acc 113.47 - -0.53 - CATCo Re Opps Fund Ords $ 1.3312 - 0.1436 18.31
BlueBay HgYieldCp B-EUR € 140.59 - 0.14 0.00 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Income 2 Gross Income (clean) £ 1.06 - -0.01 - Tem Asian Sml Comp Fd $ 39.33 - 0.05 0.00
Money Ser. 4 524.10 551.70 0.00 -
Artemis US Ex Alpha I Acc 111.49 - -0.51 - 5 Kensington Church St, London W8 4LD 020 7368 4220
BlueBay InvGr B-EUR € 175.29 - 0.14 0.00 Fidelity PathFinder Income 3 Income (clean) £ 1.06 - 0.00 1.89 Tem BRIC $ 13.91 - 0.03 0.00
Prop. Ser. 4 1052.60 1108.00 0.00 - FCA Recognised
BlueBay InvGEurGv B-EUR € 151.93 - 0.20 0.00 CATCo Reinsurance Fund Ltd. (BMU) Institutional OEIC Funds Tem China $ 22.97 - 0.05 0.00
Custodian Ser 5 472.40 497.20 -0.30 - Ennismore European Smlr Cos NAV £ 91.91 - -0.41 0.00
Artemis Fund Managers Ltd (CYM)
BlueBay InvGEurAg I-EUR € 151.83 - 0.19 0.00
Regulated America £ 3.86 - -0.01 0.42
International Ser 5 422.40 444.60 -1.80 - Regulated Ennismore European Smlr Cos NAV € 122.40 - 0.52 0.00 Tem Eastern Europe € 17.73 - -0.21 0.00
CATCo Re Fund Ltd Series A $ 1643.1807 - 13.5508 -
BlueBay InvGLibor B-EUR € 126.02 - 0.09 0.00 Emerging Markets £ 3.39 - -0.01 0.49 Tem Emerging Mkts Sml Comp Fd $ 10.16 - -0.04 0.00
Managed Ser 5 1609.70 1694.40 -2.30 - Artemis Gbl Hedge Fd Ltd GBP £ 55.60 - 0.34 - CATCo Re Fund Ltd Series B $ 1688.2146 - 14.6326 -
HighIncomeLoan H-EUR € 190.76 - -0.07 0.00 Crèdit Andorrà Asset Management (LUX) Europe £ 4.01 - -0.02 2.44
Artemis Gbl Hedge Fd Ltd EUR € 51.90 - 0.27 - Tem Euroland € 19.01 - -0.07 0.00
Money Ser 5 513.20 540.20 0.00 - CATCo Re Fund Ltd Series D $ 1408.6155 - 11.9140 0.00 www.creditandorra.com Ennismore European Smlr Cos Hedge Fd
Other International Funds Fidelity Pre-Retirement Bond Fund £ 120.90 - -0.40 1.50 Tem European EUR € 20.67 - 0.00 0.00
Property Ser 5 1012.80 1066.10 0.00 - Artemis Gbl Hedge Fd Ltd USD $ 55.96 - 0.33 - FCA Recognised
CATCo Re Fund Ltd Series E $ 1434.4695 - 12.7443 0.00
BONHOTE Crediinvest SICAV Money Market Eur I € 11.23 - 0.00 - NAV € 440.44 - 1.50 0.00 Global Focus £ 2.76 - -0.01 0.53 Tem Frontier Mkts Fund $ 18.22 - 0.06 0.00
Pension Funds Artemis Pan-Euro Hdg EUR € 179.43 - 3.22 -
Other International Funds Index Linked Bond £ 2.67 - -0.02 0.63
American 1905.30 2005.60 -14.30 - Artemis Pan-Euro Hdg GBP £ 199.42 - 3.79 - Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00 Tem Growth (Euro) € 15.94 - 0.07 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6810.00 - -25.00 2.46 Cavendish Asset Management Limited (1200)F (UK)
Equity 5037.30 5302.40 10.20 - Crediinvest SICAV Fixed Income Eur € 10.93 - 0.01 0.00 Equinox Fund Mgmt (Guernsey) Limited (GSY) Index Linked Bond Gross £ 3.21 - -0.03 0.63 Tem Korea $ 5.30 - 0.01 0.00
Artemis Pan-Euro Hdg USD $ 188.04 - 3.46 - Chelsea House, Westgate, London W5 1DR
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10120.00 - 16.00 0.84 Regulated
European 1163.20 1224.50 -6.20 - IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Crediinvest SICAV Fixed Income Usd $ 10.67 - 0.00 0.00 Index-Linked Bond Fund Gross Inc £ 12.59 - -0.10 0.63 Tem Thailand $ 21.63 - 0.00 0.00
Authorised Inv Funds Equinox Russian Opportunities Fund Limited $ 84.05 86.77 -0.55 0.00 Japan £ 1.97 - 0.00 0.76
Fixed Int. 1678.00 1766.30 -4.90 - Crediinvest SICAV Spanish Value € 263.22 - -0.31 0.00
Artisan Partners Global Funds PLC (IRL)
Braemar Group PCC Limited (GSY) Cavendish Opportunities Fund B Class 991.70 - 1.70 1.43
Long Bond £ 0.54 - 0.00 2.64
International 933.20 982.30 -5.00 - Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Crediinvest SICAV International Value € 230.12 - 1.08 0.00 Frontier Gottex (UK)
Regulated Cavendish Opportunities Fund A Class 986.20 - 1.70 0.57
Tel: 44 (0) 207 766 7130 Euronova Asset Management UK LLP (CYM) Long Bond Gross £ 0.86 - -0.01 2.58 Authorised Inv Funds
Japan 368.20 387.50 -3.40 - UK Agricultural Class A £ 1.27 - 0.02 0.00 Crediinvest SICAV Big Cap Value € 17.73 - -0.04 0.00
FCA Recognised Cavendish Opportunities Fund C Acc 1018.00 - 2.00 1.30 Regulated
Long Bond Fund Gross Inc £ 11.97 - -0.06 2.63 FP Frontier MAP Balanced Fund 140.80 - -0.20 0.66
Managed 4339.70 4568.10 -11.00 - Artisan Partners Global Funds plc UK Agricultural Class B £ 1.38 - 0.01 0.00 Crediinvest SICAV US American Value $ 18.15 - -0.05 0.00 Smaller Cos Cls One Shares (Est) € 31.17 - -0.15 0.00
Cavendish Worldwide Fund B Class 308.70 - -1.50 0.95
Property 2695.70 2837.50 0.10 - Artisan Emerging Markets I USD Acc $ 7.64 - -0.01 0.00 Crediinvest SICAV Sustainability € 15.40 - 0.13 0.00 Pacific (Ex Japan) £ 3.81 - -0.02 1.88
Student Accom Class B £ 0.72 - -0.28 0.00 Smaller Cos Cls Two Shares (Est) € 22.14 - -0.09 0.00
Cavendish Worldwide Fund A Class 308.30 - -1.50 0.16
Security 1477.00 1554.70 0.00 - Artisan Global Equity Fund Class I USD Acc $ 14.37 - -0.06 0.00 Pan European £ 2.64 - -0.01 2.05 Frontier Capital (Bermuda) Limited
Smaller Cos Cls Three Shares (Est) € 11.08 - -0.06 -
Cavendish Worldwide Fund C Acc 314.80 - -1.50 0.90 Other International
Selective 2018.60 2124.90 -1.50 - Artisan Global Opportunities I USD Acc $ 11.57 - -0.01 - Dantrust Management (Guernsey) Ltd (GSY) Reduced Duration UK Corporate Bond £ 10.57 - -0.01 3.33
CAF Financial Solutions (UK)
Cavendish AIM Fund B Class 149.80 - -0.10 0.40
Smaller Cos Cls Four Shares (Est) € 14.34 - -0.06 0.00 Commercial Property-GBP Class £ 71.42 - -0.53 -
Formerly Hill Samuel Life Assurance Ltd Artisan Global Value Fund Class I USD Acc $ 15.91 - -0.04 0.00 Kings Hill, West Malling, Kent 03000 123 222 Regulated Reduced Duration UK Corporate Bond Gross £ 10.69 - -0.01 3.32
Cavendish AIM Fund A Class 146.00 - -0.10 0.00 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Property & Other UK Unit Trusts Dantrust II Limited kr 459.40 459.50 -1.10 - Reduced Duration UK Corporate Bond Inc £ 10.13 - 0.00 3.35
Artisan US Value Equity Fund Class I USD Acc $ 11.77 - -0.08 0.00
Managed Ser A (Life) 1585.70 1678.00 -5.00 - CAF UK Equitrack Inc Fd 73.78 73.78 0.04 3.41 Cavendish Asia Pacific Fund B Class 171.50 - -0.90 1.44
Reduced Duration UK Corp Bond Gross Inc £ 10.14 - 0.00 3.35
Managed Ser A (Pensions) 1064.20 1120.20 -4.10 - CAF UK Equitrack Acc Fd 101.10 101.10 0.10 3.34 Cavendish Asia Pacific Fund A Class 171.20 - -0.90 0.66 DAVIS Funds SICAV (LUX)
Ashmore Sicav (LUX) Select Emerging Markets Equities £ 1.31 - -0.01 0.96
Formerly Target Life Assurance Ltd FP CAF Alternative Strategies A Class Acc 110.30 - -0.05 0.47 Cavendish Asia Pacific Fund C Acc 176.40 - -0.90 1.42 Regulated
2 rue Albert Borschette L-1246 Luxembourg Select European Eqts £ 1.73 - 0.01 -
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Davis Value A $ 39.94 - -0.11 0.00
FCA Recognised FP CAF Alternative Strategies A Class Inc 109.92 - -0.05 0.33 Cavendish European Fund B Class 135.20 - -0.50 1.32
Managed (Life) 1606.90 1691.50 -5.30 - Select Global Equities £ 2.98 - 0.00 0.97
Ashmore SICAV Emerging Market Debt Fund $ 96.44 - -0.14 13.57 Davis Global A $ 29.41 - 0.00 0.00
FP CAF Fixed Interest A class Acc 114.57 - -0.17 2.76 Cavendish European Fund A Class 134.00 - -0.50 0.38
Managed Growth (Life) 509.10 535.90 -2.00 - South East Asia £ 3.79 - -0.03 0.68
Ashmore SICAV Emerging Market Frontier Equity Fund $ 156.90 - 0.72 2.11 Eurobank Fund Management Company (Luxembourg) S.A.
FP CAF Fixed Interest A class Inc 102.38 - -0.15 2.81 Cavendish Japan Fund B Class 147.40 - -1.10 0.82
Managed (Pensions) 6385.80 6721.90 -24.70 - Regulated Sterling Core Plus Bond Gr Accum £ 2.13 - -0.02 3.43
Ashmore SICAV Emerging Market Total Return Fund $ 86.40 - -0.21 10.25 FP CAF Fixed Interest B class Acc 115.03 - -0.17 2.76 Cavendish Japan Fund A Class 146.50 - -1.20 0.00 Discretionary Unit Fund Mngrs (1000)F (UK) Fundsmith LLP (1200)F (UK)
(LF) Absolute Return € 1.31 - 0.00 0.00 Sterling Core Plus Bond Inc £ 1.41 - -0.01 3.53
Managed Growth (Pensions) 624.80 657.70 -3.00 - 1 Poultry, London EC2R 8JR 020 7 415 4130 PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Ashmore SICAV Global Equity Fund $ 111.14 - -0.26 0.60 FP CAF Fixed Interest B class Inc 102.66 - -0.15 2.81 Cavendish North American Fund B Class 189.10 - -1.20 0.59
additional fund prices can be found on our website Authorised Inv Funds (LF) Balanced - Active Fund (RON)RON 16.32 - 0.06 0.00 UK £ 3.48 - 0.01 1.91 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Ashmore SICAV Global Small Cap Equity Fund $ 130.62 - 0.38 0.07 FP CAF International Equity A Class Acc 140.91 - 0.13 0.70 Cavendish North American Fund A Class 184.10 - -1.10 0.00 Disc Inc 1362.40 1404.60 8.00 0.00 Authorised Inv Funds
(LF) Cash Fund € € 1.33 - 0.00 0.00 UK Aggreg Bond Gr Accum £ 1.85 - 0.00 3.03
Ashmore SICAV Local Currency Fund $ 86.89 - -0.19 1.95 FP CAF International Equity A Class Inc 137.41 - 0.13 0.71 Cavendish Technology Fund B Class 264.20 - 0.60 0.10 Fundsmith Equity T Acc 205.93 - 0.15 1.09
Do Accum 5063.90 5220.50 29.70 0.00 (LF) Cash Fund (RON) RON 15.71 - -0.01 0.00 UK Aggregate Bond Inc £ 1.26 - -0.01 3.08
EM Mkts Corp.Debt USD F $ 94.43 - 0.08 9.77 FP CAF UK Equity A Class Acc 146.93 - -0.34 2.18 Cavendish Technology Fund A Class 252.50 - 0.60 0.00 Fundsmith Equity T Inc 196.03 - 0.13 1.10
(LF) Eq Emerging Europe € 0.78 - -0.02 0.00 UK Corporate Bond £ 1.27 - 0.00 3.90
EM Mkts Loc.Ccy Bd USD F $ 92.35 - -0.47 10.67 FP CAF UK Equity A Class Inc 135.58 - -0.31 2.20 Cavendish UK Balanced Income Fund B Class 142.20 - 0.20 4.84 (LF) Eq Flexi Style Greece € 1.22 - 0.02 - UK Corporate Bond - Gross £ 2.30 - -0.01 3.77
FP CAF UK Equity B Class Acc 146.93 - -0.34 2.17 Cavendish UK Balanced Income A Class 135.90 - 0.20 5.06 GAM Limited (2300)F (UK)
(LF) Global Bond Fd € 12.22 - 0.00 0.00 UK Corporate Bond Fund Gross Inc £ 11.51 - -0.04 3.89 GAM Sterling Management Limited
FP CAF UK Equity B Class Inc 135.57 - -0.31 2.20 Cavendish UK Select Fund B Class 159.40 - 0.30 1.75 (LF) Global Equities € 1.14 - 0.00 0.00 UK Gilt Bond £ 1.32 - 0.00 1.82 12 St James's Place London SW1A 1NX. 0800 919 927
Alceda Fund Management S.A. Cavendish UK Select Fund A Class 159.00 - 0.20 0.91 (LF) Eq Mena Fund € 15.33 - 0.08 0.00 Internet: gam.com
UK Gilt Gross £ 2.08 - 0.00 1.79
www.alceda.lu Authorised Inv Funds
(LF) Greek Government Bond € 15.37 - -0.04 0.00 UK Long Corp Bond £ 1.46 - -0.01 4.19
FCA Recognised GAM Funds OEIC
Cedar Rock Capital Limited (IRL) Dodge & Cox Worldwide Funds (IRL) (LF) Income Plus $ $ 1.22 - 0.00 0.00 UK Long Corp Bond - Gross £ 2.57 - -0.03 4.04 GAM Global Diversified Acc 3949.97 - -7.78 0.00
AC Opp - Aremus Fund EUR A € 105.52 - 0.65 -
Regulated 6 Duke Street,St.James,London SW1Y 6BN
AC Risk Parity 7 Fund EUR A € 125.77 - -0.97 0.00 (LF) Greek Corporate Bond € 10.79 - -0.04 0.00 UK Long Corporate Bond Fund - Gross Income £ 11.66 - -0.13 4.18 GAM North American Gwth Acc 3188.64 - -19.87 0.00
Cedar Rock Capital Fd Plc $ 348.17 - 10.71 0.00 www.dodgeandcox.worldwide.com 020 3713 7664
Aspect Capital Ltd (UK)
AC Risk Parity 12 Fund EUR A € 154.29 - -1.70 0.00 FCA Recognised (LF) FOF Balanced Blend € 1.42 - 0.00 0.00 UK Specialist £ 1.83 - 0.00 1.22 GAM UK Diversified Acc 1878.72 - 3.10 1.08
Other International Funds Cedar Rock Capital Fd Plc £ 363.94 - 15.70 0.00
Dodge & Cox Worldwide Funds plc - Global Bond Fund
Asset Management
AC Risk Parity 17 Fund EUR A € 103.12 - -2.10 0.00 Aspect Diversified USD $ 419.52 - 3.36 0.00 (LF) FOF Equity Blend € 1.28 - 0.00 0.00 Retail Share Classes
Cedar Rock Capital Fd Plc € 321.18 - 23.16 0.00 EUR Accumulating Class € 11.87 - 0.08 -
CCLA Investment Management Ltd (UK) (LF) FOF Glob. Emerging Mkts € 0.92 - 0.00 0.00 Emerging Markets - retail £ 1.35 - -0.01 0.00
ACQ Risk Parity Bond Fund EUR A € 104.36 104.36 -0.27 0.00 Aspect Diversified EUR € 251.39 - 1.64 -
Senator House 85 Queen Victoria Street London EC4V 4ET GAM Limited (IRL)
EUR Accumulating Class (H) € 9.72 - -0.01 -
(LF) FOF Dynamic Fixed Inc € 11.67 - -0.05 0.00 Europe Long Term Growth £ 1.54 - 0.00 1.84 FCA Recognised
Aspect Diversified GBP £ 128.02 - 0.95 0.00 Authorised Inv Funds
Charles Schwab Worldwide Funds Plc (IRL) EUR Distributing Class € 11.65 - 0.08 - {*}CAR - Net income reinvested GAM Fund Management Ltd
Aspect Diversified CHF SFr 121.22 - 1.34 0.00 The Public Sector Deposit Fund Regulated (LF) FOF Real Estate € 17.16 - 0.00 0.00
EUR Distributing Class (H) € 9.53 - -0.01 - Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.47 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Aspect Diversified Trends USD $ 123.37 - -0.83 0.00 GAM Star Fund Plc
The Public Sector Deposit Fund-share class 2 F 100.00 - 0.00 0.27 GBP Distributing Class £ 10.62 - -0.04 - FIL Fund Management (LUX)
Aspect Diversified Trends EUR € 123.31 - -0.86 0.00 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg GAM Star Asia-Pacific Eqty USD Acc F $ 12.03 - 0.21 0.77
The Public Sector Deposit Fund-share class 3 F 100.00 - 0.00 0.32 GBP Distributing Class (H) £ 9.56 - -0.01 -
Aspect Diversified Trends GBP £ 127.42 - -0.86 0.00 Chartered Asset Management Pte Ltd Phone: 800 22 089, 800 22 088 GAM Star Asian Eqty USD Ord Acc F $ 14.48 - 0.07 0.00
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.37 Other International Funds USD Accumulating Class $ 9.75 - -0.01 - Regulated
GAM Star Balanced GBP Acc £ 10.36 - -0.03 -
CAM-GTF Limited $ 340592.92 340592.92 -8106.27 0.00 Dodge & Cox Worldwide Funds plc-Global Stock Fund China Consumer A-GBP £ 15.45 - -0.04 0.00
The Public Sector Deposit Fund-share class 5 F 100.00 - 0.00 0.27
Allianz Global Investors GmbH(1200) F (UK) Atlantas Sicav (LUX) USD Accumulating Share Class $ 16.89 - -0.04 0.00 GAM Star Cap.Appr.US Eqty USD Inc F $ 17.42 - -0.11 0.00
199 Bishopsgate, London, EC2M 3TY,0800 073 2001 CAM GTi Limited $ 737.96 - -0.80 0.00 China Focus A-GBP £ 4.38 - 0.00 0.24
Regulated GAM Star Cat Bond USD Acc $ 12.42 - 0.00 0.00
GBP Accumulating Share Class £ 18.27 - -0.09 0.00
Authorised Inv Funds Raffles-Asia Investment Company $ 1.96 1.96 -0.03 6.61 Global Financial Services A-GBP £ 0.43 - 0.00 0.00
American Dynamic $ 3372.48 - -57.35 0.00 CCLA Investment Management Ltd (UK) FIL Investment Services (UK) Limited (1200)F (UK) GAM Star Cautious GBP Acc £ 10.41 - -0.02 -
OEIC Senator House 85 Queen Victoria Street London EC4V 4ET GBP Distributing Share class £ 13.42 - -0.07 0.63
American One $ 3117.50 - -62.55 0.00 130, Tonbridge Rd, Tonbridge TN11 9DZ Global Health Care A-GBP £ 0.54 - 0.00 0.00
Allianz BRIC Stars A Acc 162.11 - -0.82 0.61 Property & Other UK Unit Trusts EUR Accumulating Share Class € 22.27 - 0.13 0.00 Callfree: Private Clients 0800 414161 GAM Star China Equity USD Acc F $ 22.46 - 0.02 0.50
Bond Global € 1360.06 - -6.34 0.00 Global Industrials A-GBP £ 0.69 - -0.01 0.00
Allianz BRIC Stars C Acc 172.82 - -0.87 1.04 CBF Church of England Funds Dodge & Cox Worldwide Funds plc-International Stock Fund Broker Dealings: 0800 414 181 GAM Star Cont European Eqty GBP Acc F £ 3.39 - 0.00 0.00
Eurocroissance € 819.73 - -10.98 0.00 Investment Inc 1340.27 1355.09 2.50 3.78 Authorised Inv Funds Global Inflation-Linked Bd A-GBP-Hdg £ 1.20 - 0.00 0.51
Allianz Brazil Fund A Acc 59.26 - -0.61 0.97 USD Accumulating Share Class $ 15.20 - -0.06 0.00 GAM Star Cred Opportunities GBP Acc £ 12.62 - 0.01 4.12
Far East $ 695.65 - -8.87 0.00 Unit Trust Global Real Asset Securities £ 1.51 - -0.01 0.00
Investment Acc 2648.50 2677.80 4.93 - EUR Accumulating Share Class € 15.71 - 0.07 0.00 GAM Star Defensive GBP Acc £ 10.94 - -0.02 0.00
Allianz Brazil Fund C Acc 60.62 - -0.63 1.65 Cash Accum Units 186.23 186.23 0.00 0.00
Global Equity Inc 159.57 161.33 0.28 4.31 Global Technology A-GBP £ 0.24 - 0.00 0.00
Allz Continental European A Acc 871.92 - -0.10 0.20 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund GAM Star Discretionary FX USD Acc F $ 12.94 - -0.03 0.00
Cash Fund £ 1.00 1.00 0.00 0.12 Global Telecomms A-GBP £ 0.29 - 0.00 1.01
BLME Asset Management (LUX) Global Equity Acc 225.02 227.50 0.40 - USD Accumulating Share Class $ 18.18 - -0.04 0.00
GAM Star Dynamic Gbl Bd USD Acc H $ 10.68 - -0.02 1.44
Allz Continental European C Acc 140.52 - -0.01 1.04 Gross Accum Cash £ 1.28 1.28 0.00 0.00
BLME Sharia'a Umbrella Fund SICAV SIF
UK Equity Inc 146.85 148.33 0.27 4.05 Cheyne Capital Management (UK) LLP (IRL) GBP Accumulating Share Class £ 18.59 - -0.10 0.00 India Focus A-GBP £ 4.82 - -0.05 0.00
Allz European Eq Inc A Inc 138.32 - -0.29 3.59 Regulated Regulated GAM Star Emerging Asia USD Class ACCU $ 13.20 - 0.10 0.47
MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.11 Latin America A-GBP £ 1.70 - -0.01 0.18
UK Equity Acc 210.69 212.81 0.39 - EUR Accumulating Share Class € 20.72 - 0.13 0.00
Allz European Eq Inc A Acc 187.12 - -0.39 3.75 $ Income Fund - Share Class A Acc $ 1139.60 - 0.20 0.00 Cheyne Convertibles Absolute Return Fund € 1347.85 - 0.50 0.00 GAM Star Emerg. Market Rates USD Acc F $ 11.60 - -0.01 0.00
MoneyBuilder Global £ 2.62 2.62 0.00 0.19
Fixed Interest Inc 173.35 174.05 0.02 3.96 GAM Star European Eqty USD Acc F $ 22.35 - 0.13 0.00
Allz European Eq Inc C Acc 105.05 - -0.22 3.56 $ Income Fund - Share Class B Acc $ 1158.99 - 0.20 0.00 Cheyne European Real Estate Bond Fund € 112.50 - 0.16 0.00 OEIC Funds
Fixed Interest Acc 510.35 512.39 0.05 - Findlay Park Funds Plc (IRL)
Allz European Eq Inc C Inc 101.60 - -0.21 3.48 $ Income Fund - Share Class C Acc $ 1009.08 - 0.17 0.00 Cheyne Global Credit Fund € 120.51 - -0.01 0.00 American £ 27.67 - -0.02 0.00 GAM Star Flexible Gbl Port GBP Ac £ 12.67 - 0.01 0.00
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
Property Fund Inc 124.33 128.50 0.10 6.51 GAM Star GAMCO US Equity Acc F $ 13.53 - 0.01 0.00
Allianz EcoTrends A Acc 86.89 - -0.84 0.00 $ Income Fund - Share Class D Dis $ 1002.01 - 0.17 - American Special Sits £ 11.15 - -0.01 0.00 FCA Recognised
Property Fund Acc 216.50 223.76 2.85 - American Fund USD Class $ 78.12 - -0.14 0.00 GAM Star Global Conv Bond USD Acc F $ 11.34 - 0.03 0.00
Allianz EcoTrends C Acc 91.20 - -0.88 0.00 $ Income Fund - Share Class G Acc £ 1077.53 - 0.22 0.00 Cheyne Capital Management (UK) LLP Asia Pacific Ops W-Acc £ 1.07 - -0.01 -
Allianz Gilt Yield Fund C Inc 172.65 - -0.70 1.86 $ Income Fund - Share Class M Acc € 1017.47 - 0.16 0.00 Other International Funds Fidelity Asian Dividend Fund A-Accumulation £ 1.17 - -0.01 0.48 American Fund GBP Hedged £ 42.56 - -0.07 0.00 GAM Star Global Rates USD Acc F $ 12.65 - 0.05 0.00
CCLA Fund Managers Ltd (UK) Cheyne European Event Driven Fund € 143.98 - 0.75 0.00
Asset Management Latin American Fund USD Class $ 15.82 - -0.15 0.00
Asset Management
Allianz Gilt Yield Fund I Inc 178.43 - -0.72 1.86 $ Income Fund - Share Class W DisA$ 1028.82 - 0.33 - Fidelity Asian Dividend Fund A-Income £ 1.13 - -0.01 2.60 GAM Star Global Selector USD Acc F $ 14.26 - -0.05 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET Cheyne European High Yield Fund € 134.71 - -1.84 0.00 Dominion Fund Management Limited
Allianz Japan A Acc 491.96 - -2.56 0.00 Gl Sukuk Fund - Share Class A Acc $ 1211.97 - 1.30 0.00 Property & Other UK Unit Trusts China Consumer £ 1.53 - -0.03 0.21 GAM Star Japan Eqty USD Acc F $ 12.14 - 0.27 0.38
PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Cheyne Long/Short Credit Fund $ 213.53 - 1.23 -
Allianz Japan C Acc 111.02 - -0.58 0.00 Gl Sukuk Fund - Share class B Acc £ 1078.97 1078.97 1.16 0.00 COIF Charity Funds (UK) Guernsey - Channel Islands United Kingdom GY1 3PU Emerging Asia £ 1.27 - 0.00 0.24 GAM Star Keynes Quant Strat USD Acc F $ 12.42 - 0.01 0.00
Investment Inc 1232.30 1245.94 9.66 3.73 Cheyne Malacca Asia Equity Fund Class A $ 1441.37 - -50.85 0.00 +44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com
Allz RiskMaster Conservative A Acc 119.94 - -0.54 0.00 Emerg Eur, Mid East & Africa H £ 1.50 - -0.01 0.84 GAM Star Local EM Rates and FX USD Acc $ 11.85 - -0.04 0.00
Cheyne Multi Strategy Liquid Fund $ 124.67 - -0.92 - FCA Recognised
Allz RiskMaster Conservative C Acc 121.49 - -0.54 0.31 Bank of America Cap Mgmt (Ireland) Ltd (IRL) Investment Acc 11493.97 11621.11 90.16 - Enhanced Income - Acc £ 1.89 - 0.00 6.74 GAM Star North of South EM Equity Acc F $ 11.85 - 0.05 0.02
DGT - Consumer £ I Class £ 130.81 - -1.87 0.00
Regulated Ethical Invest Inc 190.84 192.96 1.50 3.80 Cheyne Real Estate Credit Holdings Fund £ 139.97 - 0.47 0.00
Allz RiskMaster Defensive A Acc 113.83 - -0.49 0.00 Enhanced Income - Inc £ 1.28 - 0.00 6.90 GAM Star Technology USD Acc F $ 15.98 - 0.08 0.00
DGT - Consumer £ R Class £ 126.20 - -1.81 0.00
Global Liquidity USD $ 1.00 - 0.00 0.21 Ethical Invest Acc 235.83 238.43 1.84 - Cheyne Real Estate Debt Fund Class A1 £ 128.31 - -0.27 0.00
Allz RiskMaster Defensive C Acc 115.32 - -0.49 0.14 European - Inc £ 1.44 - 0.00 2.35 GAM Star US All Cap Eqty USD Acc F $ 13.85 - -0.09 0.00
DGT Managed - £ I £ 1.15 - 0.01 0.00
Global Equity Inc 151.11 152.79 0.79 4.29 Cheyne Total Return Credit Fund - December 2017 Class $ 197.75 - -0.92 0.00 Fleming Financial Trust Investment Fund Limited (NZ)
Allz RiskMaster Growth A Acc 125.97 - -0.67 0.00 European £ 16.29 - -0.04 1.58 GAM Star Worldwide Eqty USD Acc F $ 3272.80 - 1.98 0.37
DGT Managed - £ R £ 1.16 - 0.01 0.00 Incorporated in New Zealand, Reg No 5141841
Barclays Investment Funds (CI) Ltd (JER) Global Equity Acc 215.86 218.24 1.15 - Cheyne Total Return Credit Fund December 2019 $ 133.38 - -1.32 -
European Opportunities £ 3.62 - 0.00 0.37
Allz RiskMaster Growth C Acc 128.64 - -0.67 0.03 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Allz RiskMaster Moderate A Acc 124.31 - -0.63 0.00 Fixed Interest Inc 140.44 141.00 -1.60 3.91 Extra Income £ 0.27 - 0.00 3.59 www.fftinvestmentfund.com GYS Investment Management Ltd (GSY)
FCA Recognised
Dominion Fund Management Limited
Allz RiskMaster Moderate C Acc 126.35 - -0.64 0.48 Bond Funds Fixed Interest Acc 781.05 784.19 -8.88 - CMI Asset Mgmt (Luxembourg) SA (LUX)
Extra Income - Gross £ 0.27 - 0.00 3.59
info@fftinvestmentfund.com Regulated
Other International Funds
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311 Other International Funds Taurus Emerging Fund Ltd $ 251.31 256.43 0.84 0.00
Sterling Bond F £ 0.48 - 0.00 3.25 Property Inc 106.95 110.53 0.04 6.12
Allz Sterling Total Return Fund A Inc 154.71 - -0.22 2.99 FCA Recognised DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 106.91 106.91 6.02 0.00 Global Dividend - Acc £ 1.56 - 0.00 2.98 Fleming FT Investment Fund
Allz Sterling Total Return Fund C Inc 155.56 - -0.21 3.54 Property Acc 230.09 237.80 0.09 - CMI Global Network Fund (u) DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 106.70 106.70 2.69 0.00 Global Dividend - Inc £ 1.42 - 0.00 3.20 Fleming Fund $ 2.66 2.76 0.03 -
Baring Fund Managers Ltd (1200)F (UK) Local Authorities Property Fd (LAMIT) (UK) Regional Equity Sub Funds Generali International Limited
Allz Total Return Asian A Acc 694.81 - -2.94 - Global Focus £ 13.01 - -0.03 0.00
Dealing and Enquiries 020 7214 1004 Property 268.44 288.35 2.60 4.55 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
CMI Continental Euro Equity € 28.86 - -0.05 0.91
Allz Total Return Asian C Inc 640.87 - -2.69 1.15 Fund Information: www.barings.com Global High Yield Fund - A Gross Acc £ 11.91 - 0.01 4.67 Foord Asset Mgt (Guernsey) Ltd (GSY) International Insurances
Authorised Inv Funds CMI Pacific Basin Enhanced Equity $ 44.99 - -0.08 2.37 Regulated
Allz UK Corporate Bond A Inc 110.22 - -0.24 3.66 Global High Yield Fund - A Gross Inc £ 10.32 - 0.02 4.84 Global Multi-Strategy Managed $ 4.85 5.23 0.05 0.00
Dynamic Capital Growth Acc 659.10 696.30 -1.30 1.28 CG Asset Management Limited (IRL) Single Country Equity Sub Funds Foord International Trust $ 34.50 - 0.27 0.00
Allz UK Corporate Bond C Inc 110.55 - -0.24 3.56 Global High Yield Fund - A Net Acc £ 11.58 - 0.02 4.74 UK Multi-Strategy Managed £ 4.83 5.20 0.04 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland CMI Japan Enhanced Equity F ¥ 4045.60 - -20.54 0.86
Allz UK Equity Income A Inc 287.06 - -0.15 4.55 Dynamic Capital Growth Inc 267.60 282.60 -0.50 1.29 00 353 1 434 5098 Global High Yield Fund - A Net Inc £ 10.31 - 0.01 4.83 EU Multi-Strategy Managed € 2.92 3.15 0.06 0.00
Eastern Acc GBP 684.00 - -5.00 0.00 FCA Recognised CMI UK Equity £ 12.33 - 0.00 2.11 Franklin Templeton International Services Sarl (IRL)
Allz UK Equity Income C Inc 102.73 - -0.05 3.21 Global Property - Acc £ 1.59 - 0.00 1.23 Global Bond USD $ 3.59 3.87 0.01 0.00
Capital Gearing Portfolio Fund Plc £ 26868.82 26868.82 -23.65 0.62 CMI US Enhanced Equity F $ 78.22 - -0.28 - JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Allianz UK Growth A Acc 4376.28 - 0.10 1.67 Eastern Inc GBP 671.20 - -5.00 0.00 Dragon Capital Group Global Property W Inc £ 1.33 - 0.00 - Other International Funds
CG Portfolio Fund Plc Index Tracking Sub Funds c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Allianz UK Growth C Acc 101.35 - 0.01 1.33 Europe Select Inc GBP 2470.00 - 5.00 0.64 Global Special Sits £ 24.64 - 0.02 0.04 Franklin Emerging Market Debt Opportunities Fund Plc Genesis Asset Managers LLP
Real Return Cls A £ 175.72 175.72 1.33 2.28 Euro Equity Index Tracking € 19.72 - -0.06 2.00 Fund information, dealing and administration: funds@dragoncapital.com
European Growth Inc 1009.00 1064.00 -7.00 1.07 Franklin Emg Mkts Debt Opp CHFSFr 17.80 - -0.86 6.29 Other International Funds
Allianz UK Unconstrained C Acc 100.57 - 0.00 0.74 Other International Funds Index Emerging Markets P-Acc £ 1.12 - -0.02 -
Dollar Fund Cls D £ 135.80 135.80 1.70 1.55 Japan Index Tracking ¥ 742.81 - -3.73 0.94 Emerging Mkts NAV £ 5.91 - -0.05 0.00
German Growth Acc GBP 586.70 - -0.30 0.74 Vietnam Enterprise Inv. (VEIL) NAV $ 3.51 - 0.05 0.00 Franklin Emg Mkts Debt Opp EUR € 12.66 - 0.11 5.94
Allianz UK Unconstrained A Acc 209.20 - 0.00 0.85 Index Europe ex UK P-Acc £ 1.03 - -0.01 0.16
Capital Value Fund Cls V £ 130.40 130.40 -0.15 0.27 UK Eqty Index Tracking £ 15.85 - 0.01 2.90
German Growth Inc GBP 541.50 - -0.30 0.54 Vietnam Growth Fund (VGF) NAV $ 22.72 - 0.12 0.00 Franklin Emg Mkts Debt Opp GBP £ 10.61 - -0.01 5.96
Allianz UK Index C Acc 1832.95 - 0.88 2.93 Index Japan P-Acc £ 1.07 - 0.00 0.02
US Eqty Index Tracking $ 57.33 - -0.22 0.80 Guardian (UK)
Global Bond Inc 122.00 128.10 -0.40 1.82 Vietnam Property Fund (VPF) NAV $ 0.80 - 0.03 0.00 Franklin Emg Mkts Debt Opp SGD S$ 23.02 - -0.10 5.97
Allianz UK Index C Inc 1301.54 - 0.60 2.47 Index Pacific ex Japan P-Acc £ 1.15 - -0.01 -
Managed Sub Funds Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Global Growth Inc 374.80 394.90 -2.20 0.00 Franklin Emg Mkts Debt Opp USD $ 17.85 - -0.19 6.03
Allianz UK Mid Cap A Acc 3774.56 - 21.04 0.88 Index UK A-Acc £ 0.86 - 0.00 1.18 Insurances
Global Bond £ 1.52 - 0.00 0.84
Allianz UK Mid Cap Fund C Acc 3833.33 - 21.45 1.69 Japan Growth Acc 129.60 136.50 -1.40 0.00 DSM Capital Partners Funds (LUX) Index UK P-Acc £ 1.05 - 0.00 0.97 Guardian Assurance
Global Network Mgd Global Mxd £ 2.37 - -0.02 -
Allianz US Equity A Acc 399.22 - -2.60 0.13 Korea Acc 263.60 279.40 -2.70 0.00 www.dsmsicav.com
Index US A-Acc £ 1.61 - 0.00 1.32 Franklin Templeton Investment Funds (LUX) Property Bond £ 23.34 24.32 0.00 -
Global Equity £ 2.62 - -0.02 0.02 Regulated 8A rue Albert Borschette / L-1246 Luxembourg
Allianz US Equity C Acc 184.34 - -1.20 0.81 Multi Asset A Acc ... C 157.50 - -0.20 0.73 Index US P-Acc £ 1.24 - 0.00 1.73 Choices Wth-Pfts Lg-tm 316.90 333.60 0.00 -
Bond Sub Funds Global Growth I2 Acc € 124.83 - 0.78 0.00 www.franklintempleton.co.uk UK freephone 0 800 305 306
Yield expressed as CAR (Compound Annual Return) Multi Asset A Inc ... C 152.10 - -0.20 0.74 Index World A-Acc £ 1.43 - 0.00 1.70 FCA Recognised Choices Wth-Pfts St-tm 268.90 283.10 0.00 -
CMI Euro Bond F € 47.26 - -0.04 1.80
All transactions to Ser A units the sell price will be used UK Growth Inc 250.80 265.20 0.10 1.37
Canada Life Investments (UK) Class A Dis
Index World P-Acc £ 1.16 - -0.01 2.10 Choices Managed 630.49 663.68 -1.50 -
1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 CMI UK Bond £ 8.35 - -0.02 - Ecclesiastical Inv Mgt Ltd (1200)F (UK)
Charity Fund Frk Gbl R.Estate (USD) A Dis $ 10.49 - 0.00 2.19
Authorised Inv Funds PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 Japan £ 2.62 - -0.02 0.25 Choices Equity 708.59 745.89 -2.57 -
0800 032 6347 (charity enquiries) CMI US Bond $ 13.56 - 0.00 1.51
Amundi Funds (LUX) Asia Pacific B Acc 910.34 - -1.41 0.95 Authorised Inv Funds Frk High Yield $ 6.76 - 0.01 -
Freedom With Pfts Long-Tm 217.80 229.30 0.00 -
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Currency Reserve Sub Funds Japan Smaller Companies £ 1.83 - 0.00 0.00
Targeted Return Fund Acc 145.20 146.30 -0.20 3.15
www.amundi-funds.com Balanced B Acc 148.19 - -0.14 0.00
Asset Management Amity UK Cls A Inc 206.70 - 0.80 1.47
MoneyBuilder Asset Allocator £ 1.23 - 0.00 0.50
Frk Euro Gov. Bond € 11.57 - 0.00 1.01
Freedom With Pfts Short-Tm 196.10 206.40 0.00 -
Asset Management Asset Management

Targeted Return Fund Inc 114.50 115.30 -0.10 3.22 CMI Euro Currency Reserve € 24.96 - -0.01 -
FCA Recognised Corporate Bond B Inc 218.69 - -0.55 - Amity UK Cls B Inc 205.90 - 0.80 2.31 Frk Euro High Yield € 6.60 - 0.00 4.58
CMI Stlg Currency Reserve £ 4.93 - 0.00 - MoneyBuilder Balanced £ 0.52 - 0.00 4.04 Freedom Managed 364.67 383.87 -0.71 -
Bd. Euro Corporate AE Class - R - EUR € 19.04 - 0.01 0.00 European B Acc 244.46 - -0.98 0.00 Higher Income Cls A Inc 130.50 - -0.10 4.72 Frk Euro Liquid Reserve € 4.37 - 0.00 -
CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50 Money Builder Dividend £ 2.66 - 0.01 4.39 Freedom Equity 410.00 431.58 -1.20 -
Bd. Global AU Class - R - USD $ 27.00 - -0.01 0.00 Baring International Fd Mgrs (Ireland) (IRL) Frk Euro Short Dur Bond Fd € 10.21 - 0.00 -
Global Bond B Inc 97.33 - -0.35 2.18 Higher Income Cls B Inc 133.90 - -0.10 4.65 Corp Pens Mananged 222.58 222.58 -0.53 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 CMI Access 80% Gu F € 5.67 - 0.00 - MoneyBuilder Growth £ 0.75 - 0.00 2.17
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 FCA Recognised Global Equity B Acc 607.04 - -1.68 1.45 UK Equity Growth Cls A Inc 228.20 - 0.90 0.48 Frk Europ Corp Bond Fd € 11.59 - 0.00 1.64
MoneyBuilder Growth ISA £ 0.76 - 0.00 2.33 Corp Pens Equity 231.32 231.32 -0.84 -
Eq. Emerging World AU Class - R - USD $ 94.61 - 0.41 0.00 ASEAN Frontiers A GBP Inc £ 124.80 - -0.65 0.91 Global Equity Income B Inc 126.63 - -0.41 3.90 UK Equity Growth Cls B Inc 232.60 - 0.90 1.29 Frk European Total Return € 10.44 - 0.01 1.48
MoneyBuilder Income £ 0.37 - 0.00 3.23 Corp Pens Fixed Interest 307.21 307.21 -1.22 -
Cohen & Steers SICAV (LUX)
Eq. Greater China AU Class - R - USD $ 625.87 - 3.44 0.00 Asia Growth A GBP Inc H £ 46.55 - -0.29 0.00 Global High Yield Bond B Inc 100.99 - 0.00 5.04 Amity Balanced For Charities A Inc 113.70 - -0.30 4.34 Frk Global Aggr.Inv.Grd Bond Fd $ 10.80 - -0.02 0.00
Regulated MoneyBuilder Income -Gross £ 0.37 - 0.00 3.23 Corp Pens Index Linked 363.60 363.60 -2.61 -
Eq. Latin America AU Class - R - USD $ 437.66 - -0.72 0.00 Australia A GBP Inc £ 75.06 - 0.10 2.27 Global Infrastructure B Acc 117.27 - -1.54 1.72 European Real Estate Securities € 22.5994 - 0.1620 1.35 Amity European Fund Cls A Inc 199.40 - -1.10 1.25 Frk Global Aggregate Bond Fd $ 10.21 - -0.02 1.27
Multi Asset Adventurous A-Acc £ 1.36 - 0.00 0.46 Corp Pens Deposit 190.27 190.27 0.00 -
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 99.01 - 0.01 0.00 Baring China Bond Fund $ 10.13 - 0.01 0.00 Global Resource B Acc 92.17 - -1.37 0.07 Europ.RealEstate Sec. IX € 29.7466 - 0.2133 0.00 Amity European Fund Cls B Inc 201.20 - -1.00 2.13 Frk Global Income Fd $ 10.27 - 0.01 -
Multi Asset Alloc Adventurous A-Acc £ 3.67 - 0.00 2.29 Corp Pens Protector 381.11 381.11 -4.21 -
Baring Emerging Markets Corporate Debt Fund $ 9.21 - -0.03 0.00 Japan B Acc 48.46 - -0.25 0.00 Gbl RealEstate Sec. I $ 11.4323 - 0.0491 1.29 Amity Global Equity Inc for Charities A Inc 106.40 - -0.90 3.92 Frk Income $ 12.64 - -0.05 3.09
Multi Asset Alloc Strategic A-Acc £ 1.22 - 0.00 0.27 Corp Pens UK Index Tracker £ 1.99 1.99 -0.01 -
The Antares European Fund Limited Baring European Opportunities Fund Class A EUR Acc € 12.12 - 0.09 0.00 Portfolio III B Acc 109.56 - -0.13 1.37 Gbl RealEstate Sec. IX $ 13.3327 - 0.0574 0.00 Amity International Cls A Inc 219.70 - -0.80 1.28 Frk US Government $ 9.49 - 0.00 - Guardian Linked Life Assurance Ltd
Multi Asset Alloc Def - Gross A £ 1.15 - 0.00 0.27
Other International Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00
Baring Global Mining Fund - Class A GBP Inc £ 5.18 - -0.09 0.74 Portfolio IV B Acc 110.07 - -0.12 1.82 Amity International Cls B Inc 221.20 - -0.80 2.09 Managed Acc £ 18.30 19.27 -0.04 -
AEF Ltd Usd $ 589.68 - 4.87 - Multi Asset Alloc Def - Net A £ 1.15 - 0.00 0.24
Dynamic Emerging Markets A GBP Acc F £ 9.86 - -0.08 0.00 Portfolio V B Acc 110.40 - -0.08 0.87 Amity Sterling Bond Fund A Inc 110.40 - 0.10 5.19 Frk US Low Duration Fd $ 9.89 - 0.00 0.53 Equity Acc £ 33.35 35.10 -0.10 -
AEF Ltd Eur € 591.65 - 4.91 0.00 Multi Asset Alloc Growth A £ 1.26 - -0.01 0.00
Eastern Europe A GBP Inc £ 42.71 - -0.20 0.79 Portfolio VI B Acc 110.65 - -0.20 1.00 Amity Sterling Bond Fund B Inc 118.60 - 0.00 5.18 Frk US Total Return $ 11.52 - 0.01 1.56 Fixed Interest Acc £ 17.52 18.44 -0.06 -
Multi Asset Defensive £ 1.25 - 0.00 0.35
Emerging Mkt Debt LC A GBP Hedged Inc £ 8.97 - -0.08 6.60 Portfolio VII B Acc 108.49 - -0.24 0.78 Tem Asian Bond $ 13.54 - 0.03 3.04 International Acc £ 13.33 14.03 0.02 -
Multi Asset Defensive - Gross £ 1.25 - 0.00 0.34
Arbiter Fund Managers Limited (LUX)
Tem Asian Growth $ 33.15 - 0.12 0.29
Emerging Opportunities A GBP Inc H £ 20.13 - -0.09 0.00 North American B Acc 871.21 - -0.44 0.45 Eclectica Asset Management (UK) Nth American Acc £ 6.79 7.15 0.03 -
FCA Recognised Multi Asset Growth £ 1.40 - -0.01 0.34
Glb Emerging Markets A GBP Inc H £ 20.31 - -0.04 0.44 40 Dukes Place, London EC3A 7NH Tem Emerging Markets $ 33.21 - -0.08 0.27
Arbiter Global Emerging Markets Fund Class A USD $ 111.40 - -0.16 0.00 Strategic Return B Acc 106.83 - -0.55 - MultiManager Balanced £ 1.09 - 0.00 - Pacific Acc £ 3.94 4.15 0.02 -
Order desk: 0845 6080941 Switchboard 0870 6072555
Glb Resources A GBP Inc H £ 12.65 - -0.25 0.34 Total Return B Acc 106.12 - -0.59 1.24 Comgest SA (LUX) Tem Emg Mkts Balanced AQdis $ 7.90 - -0.01 2.87 European Acc £ 3.38 3.55 -0.01 -
Arbiter Global Emerging Markets Fund Class B GBP £ 103.36 - -0.84 - Authorised Corporate Director - Capita Financial Managers Multi Asset Open Growth A-Acc £ 0.48 - 0.00 0.77
High Yield Bond A GBP Hedged Inc H £ 6.77 - 0.00 6.62 17 square Edouard VII - 75009 Paris, www.comgest.com Authorised Inv Funds Tem Emg Mkts Bd $ 17.19 - -0.07 6.69
UK Equity B Inc 110.16 - 0.23 1.51 Multi Asset Open Strategic A-Acc £ 1.26 - -0.01 1.60 Property Acc £ 6.74 7.10 0.00 -
FCA Recognised
Hong Kong China A GBP Inc £ 613.27 - 0.19 0.58 CF Eclectica Agriculture A EUR Acc € 1.47 - -0.01 0.00 Tem Global $ 33.98 - -0.22 0.47
Arisaig Partners UK Equity & Bond Income B Inc 239.22 - 0.45 4.59 Comgest Asia F $ 4091.32 - 15.39 0.00 Multi Asset Open Strategic A-Inc £ 0.31 - 0.00 2.32 Index-Linked Acc £ 6.81 7.17 -0.04 -
Other International Funds India Fund - Class A GBP Inc £ 15.76 - 0.02 0.00 CF Eclectica Agriculture A GBP Acc 110.21 - -1.11 0.00 Tem Global (Euro) € 18.65 - 0.04 0.37
UK Equity Income B Inc 423.68 - 1.27 - Comgest Europe F SFr 5507.46 - 64.75 0.00 Multi Asset Strategic £ 1.56 - -0.01 0.51 Deposit Accum £ 4.46 4.69 0.00 -
Arisaig Africa Consumer Fund Limited $ 16.99 - -0.06 0.00 Latin America A USD Inc H $ 34.73 - 0.17 - CF Eclectica Agriculture A USD Acc $ 1.68 - -0.01 0.00 Tem Global Balanced $ 22.73 - -0.11 0.64 Guardian Pensions Management Ltd
UK Government Bond B Inc 49.07 - -0.14 2.18 Open World A-Acc £ 1.22 - 0.00 0.00
Arisaig Asia Consumer Fund Limited $ 63.05 - -0.05 0.00 MENA A GBP Inc F * £ 14.93 - -0.12 - CF Eclectica Agriculture C EUR Acc € 1.52 - -0.01 0.32 Tem Global Bond $ 20.89 - 0.00 2.32 Pens. Managed Acc. £ 23.81 25.07 -0.06 -
Comgest SA (FRA) Multi Asset Income A Gross Acc £ 1.57 - 0.00 3.66
Arisaig Global Emerging Markets Consumer Fund $ 10.51 - -0.04 0.00 17 square Edouard VII - 75009 Paris CF Eclectica Agriculture C GBP Acc 113.92 - -1.15 0.36 Tem Global Bond (Euro) € 10.34 - -0.02 2.89 Pens. Equity Acc. £ 35.69 37.57 -0.13 -
Capita Asset Services (UK) Multi Asset Income A Gross Inc £ 1.14 - 0.00 5.06
Arisaig Global Emerging Markets Consumer UCITS € 11.94 - -0.03 0.00 Baring International Fd Mgrs (Ireland) (IRL) 40 Dukes Place, London EC3A 7NH FCA Recognised CF Eclectica Agriculture C USD Acc $ 1.72 - -0.01 0.38 Tem Global Equity Income A(Mdis) $ 9.97 - -0.05 3.69
Order Desk 08459 220044 Switchboard 0870 607 2555 Multi Asset Income A Net Acc £ 1.49 - 0.00 3.67
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.47 - -0.12 0.00 Regulated Comgest Magellan € 21.36 - -0.01 0.00 Tem Global High Yield Fd F $ 9.41 - 0.00 4.99
Authorised Inv Funds Multi Asset Income A Net Inc £ 1.14 - 0.00 5.06
HPB Assurance Ltd
Arisaig Latin America Consumer Fund $ 22.81 - -0.31 0.00 China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Tem Global Income $ 14.11 - -0.03 1.64
CF Heartwood Cautious B Acc 129.75 - -0.10 0.37 South East Asia £ 8.49 - -0.10 0.45
Comgest AM International Ltd (IRL) International Insurances
Tem Global Smaller Cos $ 33.10 - -0.14 0.00
CF Heartwood Cautious Income B Inc 113.41 - -0.10 2.07 46 St Stephen's Green, Dublin 2, Ireland Special Situations £ 28.45 - 0.03 1.77 Holiday Property Bond Ser 1 £ 0.53 - 0.00 -
FCA Recognised Tem Global Total Return $ 17.74 - -0.01 3.56
CF Heartwood Growth B Acc 146.39 - -0.03 0.65 Strategic Bond £ 0.33 - 0.00 3.23 Holiday Property Bond Ser 2 £ 0.62 - 0.00 0.00
CF Heartwood Balanced Income B Inc 116.73 - -0.08 2.37 Comgest Gth Asia Pac ex Jap DIS F $ 8.24 - 0.02 0.30
Asset Management

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
European Opportunities Acc F 77.22 - -0.13 0.18 Invesco Euro Corporate Bond Fund (A) € 17.61 - 0.01 0.00 UK Smaller Cos Inc 64.90xd - 0.15 0.00 New Zealand Dollar NZ$ 209.7790 - 0.0180 2.69 (Accum Units) 6789.28xd - -21.20 4.15 Emerging Markets 244.82 - -1.38 1.68 US Property A F $ 73.24 - 0.42 0.00
Hamon Investment Group European Smlr Cos Acc F 164.45 - -0.03 0.00 Invesco Euro Inflation Linked Bond A € 15.78 - -0.04 0.00 UK Strategic Eq Inc Acc ... C 149.10xd - 0.30 3.37 Sterling Class £ 52.5350 - 0.0010 0.19 M&G Property Portfolio A Acc 125.89xd 132.51 0.01 3.94 ETF Global Growth A 160.68 - 0.05 0.00
Other International Funds Global Bd Acc (Gross) F 130.45 - -0.41 1.06 Invesco Euro Reserve A € 322.89 - 0.00 0.00 UK Strategic Eq Inc Inc ... C 99.59xd - 0.22 3.45 US Dollar Class $ 60.5780 - -0.0010 -0.32 Property Portfolio A 117.96xd 124.16 0.01 4.03 ETF Commodity A 82.75 - -1.42 0.00 Morgens Waterfall Vintiadis.co Inc
Asian Market Leaders - USD $ 26.26 - -0.23 0.00 Lloyds Multi Strategy Fund Limited Other International Funds
Global Bd Inc (Gross) F 81.28 - -0.26 1.07 Invesco European Bond A € 7.14 - 0.00 0.00 UK Strategic Gth Acc 108.80xd - 0.30 1.21 Property Portfolio X 117.96xd 117.96 0.01 4.02 European Multi-Cap 242.53 - 0.12 0.22
Asian Market Leaders - GBP £ 13.49 - -0.16 0.00 Conservative Strategy £ 1.1650 - -0.0030 2.30 Phaeton Intl (BVI) Ltd (Est) $ 426.71 - -11.30 0.00
Global Bond Acc F 122.80 - -0.38 1.06 Invesco European Growth Equity A € 23.23 - 0.09 - UK Strategic Gth Inc 101.50xd - 0.30 1.22 Extra Income 80.36 85.04 -0.18 4.08
Greater China - USD $ 10.81 - -0.11 0.00 Growth Strategy £ 1.5440 - -0.0040 1.64
Global Bond Inc F 81.20 - -0.25 1.07 Invesco Global Absolute Return Fund A Class € 11.85 - 0.00 - US Acc 712.20xd - -3.80 0.00 M & G (Guernsey) Ltd (GSY) Far East Growth A Inc 167.97 - -0.64 1.92
Greater China - GBP £ 4.49 - -0.06 0.00 Aggressive Strategy £ 1.8350 - -0.0070 0.00 Regulated
Glbl Distribution Acc 52.62 - -0.01 4.35 Invesco Global Bond A Inc $ 5.59 - -0.01 - US Inc 98.58xd - -0.53 0.00 Global 181.13 191.22 -0.25 0.00
Selected Asian P'folio $ 49.73 49.74 0.18 0.00 Global USD Growth Strategy $ 1.4120 - 0.0000 0.00 The M&G Offshore Fund Range
Glbl Distribution Acc (Gross) 52.93 - -0.01 4.35 Invesco Global Equity Income Fund A $ 59.56 - -0.09 0.00 US Equity Income Acc ... C 122.00xd - -0.80 1.86 Global Bond Inc 144.04 152.42 -0.23 3.38
Dealing Daily American Fund 161.89 168.64 -1.18 0.00
Glbl Distribution Inc 51.41 - -0.02 4.37 Invesco Global Inc Real Estate Sec A dist $ 9.93 - 0.01 2.26 US Equity Income £ hdg Inc ... C 101.90xd - -0.40 2.03 High Yield Fixed Interest 73.42 77.90 0.01 6.06
Corporate Bond 1377.18 1419.77 -2.66 3.03
Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Glbl Distribution Inc (Gross) 51.41 - -0.01 4.38 Invesco Global Inv Grd Corp Bond A Dist $ 12.33 - 0.00 3.04 US Equity Income Inc ... C 105.20xd - -0.70 1.88 Multi Cap Income A Inc 149.84 - 1.40 4.29
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Global Basics 2439.64 2515.10 -7.00 0.00
Enquiries 0117 90090000 Global Equity (acc) F 468.03 - -2.59 0.50 Invesco Global Leisure A $ 35.82 - 0.20 0.00 US Select Acc 110.90xd - -0.60 0.00 Nano-Cap Growth A Acc 95.8459 105.8200 -0.3246 -
Global Leaders 3323.01 3461.47 -25.69 1.32 Natixis International Funds (Lux) I SICAV (LUX)
Authorised Inv Funds Global Equity (inc) F 426.89 - -2.36 0.50 Invesco Global Smaller Comp Eq Fd A $ 53.37 - -0.10 0.00 US Select Inc 109.50xd - -0.60 0.00 Special Situations A Acc 1003.09 1061.47 1.38 0.25
Global High Yield Bond 996.93 1027.76 -0.20 4.66 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Hargreaves Lansdown Funds
Global Equity Income Acc F 119.71 - -0.50 3.23 Invesco Global Structured Equity A $ 45.46 - 0.11 - US Smaller Cos Acc 372.50xd - -2.00 0.00 UK Multi-Cap Growth A Inc 222.82 235.79 1.95 0.44 FCA Recognised
Unit Trust Global Macro Bond Fund 11402.04 11754.68 -36.03 0.54
Global Equity Income Inc F 100.61 - -0.42 3.31 Invesco Global Total Ret.(EUR) Bond Fund A € 13.46 - 0.01 0.00 US Smaller Cos Inc 97.60xd - -0.54 0.00 UK Micro Cap Growth A 403.08 426.54 -0.12 0.00 Harris Global Equity R/A (USD) $ 267.68 267.68 1.04 0.00
Multi-Manager Spec Sits Tst 259.38 273.03 0.21 0.22 Optimal Income Fund 145.58 150.08 -0.07 2.37
Gbl Financial Capital Acc 85.83 - -0.04 4.37 Invesco Gold & Precious Metals A $ 5.15 - 0.06 0.00 US Multi-Cap Income 316.89 - -1.57 0.17 Harris Concentrated US Equity H-N/A (GBP) £ 145.38 145.38 -1.22 0.00
HL Multi-Manager Income & Growth Trust (Accumulation units) 162.08 170.51 -0.47 3.88 Lombard Odier Funds (Europe) S.A (LUX) Recovery Fund Limited 'A' Participating Shares 10718.83 11165.45 17.94 0.72
Gbl Financial Capital Inc 75.09 - -0.04 4.50 Invesco Greater China Equity A $ 47.39 - 0.07 0.00 JPMorgan Asset Management (Europe) S.à. r.l. (FRA) www.loim.com MFM - Third Party Funds Harris Concentrated US Equity R/D (GBP) £ 104.09 104.09 -1.56 34.05
HL Multi-Manager Income & Growth Trust (Income units) 100.40 105.62 -0.29 3.88 Recovery Fund Limited 'I' Participating Shares 10732.43 10840.83 18.91 1.54
Gbl Financial Cap Acc Gross 89.04 - -0.04 4.87 Invesco India Equity A $ 54.16 - 0.10 0.00 6 route de Trèves L - 2633 Senningerberg - Luxembourg Regulated Junior Oils 100.59 106.44 -3.05 0.00 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 99.92 99.92 -0.06 1.89
Multi-Manager Bal Mgd Tst 181.09 190.44 0.08 0.92 FCA Recognised Lombard Odier Funds Strategic Corporate Bond Fund 139.05 144.84 -0.18 2.89
Gbl Financial Cap Inc Gross 75.35 - -0.03 5.06 Invesco Japanese Equity Adv Fd A ¥ 3502.00 - -14.00 0.00 Junior Gold C Acc 28.37 - 0.36 0.00
HL Multi-Manager Equity & Bond Trust (Income units) 109.09 114.62 -0.16 2.29 Star Capitol America Absolute Ret Bond (EUR) PA € 12.19 - -0.03 0.00 UK Growth 1551.06 1615.69 -0.17 1.08
Global Opportunities Acc F 93.56 - -0.36 0.49 Invesco Japanese Value Eq Fd A ¥ 1127.00 - -9.00 0.00 MFM Artorius Fund 136.98 - 0.10 0.20 Natixis International Funds (Dublin) I plc (IRL)
HL Multi-Manager Equity & Bond Trust (Accumulation units) 145.17 152.54 -0.22 2.29 Star Capitol America D € 2599.84 - 2.09 0.00
Absolute Ret Bond (USD) PA $ 17.86 - -0.04 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Global Smaller Cos Acc F 1666.16 - -8.54 0.00 Invesco Latin American Equity A $ 7.62 - -0.02 0.00 MFM Bowland 136.73 147.82 -1.74 0.00
Multi-Manager Strategic Bond Trust A Acc 169.92 175.17 -0.16 1.78 All Roads (CHF) PA SFr 18.05 - -0.04 0.00 Regulated
Global Smaller Cos Inc F 1593.83 - -8.17 0.00 Invesco Nippon Small/Mid Cap Equity A ¥ 1005.00 - -2.00 0.00 MFM Hathaway Inc 101.94 106.74 -0.57 1.44
Multi-Manager Strategic Bond Trust A Inc 143.39 147.82 -0.14 1.78 JPMorgan Charity Funds (UK)
All Roads (USD) PA $ 11.40 - -0.02 0.00 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 14.21 14.21 -0.10 0.96
Global Targeted Rets Acc 58.20 - 0.00 0.28 Invesco Pan European Equity A EUR Cap NAV € 19.32 - 0.05 0.00 60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 MFM SGWM Managed A Acc 124.76 - -0.24 0.15
HL Multi Manager UK Growth 99.83 102.92 -0.31 0.00 All Roads (GBP) PA £ 11.62 - -0.02 0.00 Loomis Sayles High Income R/D (USD) $ 9.58 9.58 0.01 13.02
Property & Other UK Unit Trusts MFM Techinvest Special Situations Acc 107.05 - -1.05 0.09
High Income Acc F 798.36 - 1.20 3.51 Invesco Pan European High Income Fd A € 14.19 - 0.01 1.97 Loomis Sayles Multisector Income R/D (GBP) £ 13.94 13.94 -0.09 4.20
UK Equity Fund for Charities I...C £ 2.859000xd 2.871400 0.005600 3.30 All Roads (EUR) PA € 11.57 - -0.03 0.00
High Income Inc F 448.39 - 0.67 3.60 Invesco Pan European Small Cap Equity A € 19.60 - 0.02 0.00 MFM Techinvest Technology Acc 358.61 - -0.42 0.00
Haussmann Bond Fund for Charities £ 1.415530xd 1.422560 -0.004100 3.62 Alpha Japan (EUR) PA F € 10.74 - 0.16 0.00
High Yield Fund Acc 107.85 - 0.20 4.20 Invesco Pan European Structured Equity A € 16.51 - 0.09 - MFM UK Primary Opportunities A Inc 320.87 - 1.24 1.33
Other International Funds MFS Investment Funds (LUX) Natixis International Funds (UK)
Alpha Japan (CHF) PA F SFr 13.49 - 0.20 0.00 Slater Investments Ltd - Investment Adviser
Haussmann Cls A $ 2700.75 - -7.45 0.00 High Yield Fund Acc (Gross) 124.82 - 0.23 4.17 Invesco UK Eqty Income A £ 30.95 - 0.16 0.00 FCA Recognised Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Jefferies Umbrella Fund (LUX) Alpha Japan (JPY) PA F ¥ 1273.00 - 19.00 0.00 MFM Slater Growth 359.05 380.95 0.18 0.00 Authorised Funds
Haussmann Cls C € 2368.79 - -0.84 0.00 High Yield Fund Inc 44.04 - 0.08 4.29 Invesco UK Investment Grade Bond A £ 1.03 - -0.01 2.72 Em.Mk.Debt Fd.US Dollar $ 122.02 - -0.11 0.00
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626 Alpha Japan (USD) PA F $ 15.39 - 0.22 0.00 MFM Slater Income A Inc 151.07 - -0.01 3.77 H2O MultiReturns Fund N/A (GBP) $ 13.11 13.11 -0.01 1.68
Haussmann Cls D SFr 1259.31 - -10.97 0.00 High Yield Fund Inc (Gross) 44.06 - 0.08 4.28 Invesco US Structured Equity A $ 22.31 - -0.15 0.00 FCA Recognised Em.Mk.Debt Fd.Yen 1 ¥ 10345.00 - -11.00 0.00
Alternative Beta PA F SFr 118.98 - -0.29 0.00 MFM Slater Recovery 157.60 167.21 2.40 0.11 H2O MultiReturns Fund I/A (GBP) £ 1.22 - 0.00 2.05
Hong Kong & China Acc F 477.30 - 0.55 0.73 Invesco US Value Eq Fd A $ 32.38 - -0.20 0.00 Europe Convertible Bd A (Dis) - D - EUR F € 13.60 - 0.03 0.96 Em.Mk.Debt Fd.Yen 2 ¥ 14921.00 - -16.00 0.00
Alternative Beta PA F € 79.70 - -0.19 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.06 - -0.01 -
Heartwood Wealth Management Limited (IRL) Income & Growth Acc F 956.15 - 4.52 3.66 Invesco USD Reserve A $ 87.02 - 0.00 0.00 Europe Convertible Bd B (Cap) € 15.63 - 0.03 0.00 Em.Mk.Debt Fund Yen 3 ¥ 10372.00 - -11.00 0.00
Alternative Beta PA F $ 119.08 - -0.28 0.00 Marlborough International Management Limited (GSY) Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.06 - -0.01 -
Regulated Income & Growth Inc F 424.24 - 2.00 3.76 Global Convertible A (Dis) F $ 19.16 - 0.03 0.00 Em.Mk.Debt Fund Yen 4 ¥ 14921.00 - -16.00 0.00
Commodities (CHF) PA SFr 6.16 - -0.07 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Heartwood Caut Multi Asset B Acc 142.22 - -0.23 0.00 Global Convertible B (Cap) F $ 22.76 - 0.04 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.99 - 0.00 4.61
Income Acc F 3094.97 - 15.53 3.33 Invesco Global Asset Management Ltd (IRL) Em.Mk.Eq.Fund Euro € 119.43 - -0.04 0.00 FCA Recognised
Commodities (EUR) PA € 6.21 - -0.06 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.05 - 0.00 4.75
Income Inc F 1772.36 - 8.90 3.41 Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 Global Convertible A Hdg GBP(Dis) F £ 12.92 - 0.02 0.00 Em.Mk.Eq.Fund Sterling £ 105.46 - -0.95 0.00 Marlborough North American Fund Ltd £ 30.34 30.64 -0.53 0.00
Henderson Global Investors (UK) FCA Recognised Commodities (USD) PA $ 6.36 - -0.07 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.33 - 0.00 0.29
Japan Acc F 290.22 - -0.48 0.33 Global Convertible B Hdg GBP (Cap) F £ 15.19 - 0.02 0.00 Em.Mk.Eq.Fd.US Dollar $ 104.21 - -0.25 0.00 Marlborough Tiger Fund Ltd F £ 27.02 27.29 -0.32 0.00
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Invesco Stlg Bd A QD F £ 2.67 - 0.00 3.56 Convertible Bd P A € 17.19 - 0.01 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.31 - 0.00 0.50
Japanese Smlr Cos Acc F 66.37 - -0.25 0.00 Global Convertible Hdg A (Cap) F $ 19.09 - 0.03 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 9508.00 - -52.00 6.30
www.henderson.com Invesco Asian Equity A $ 6.85 - -0.03 - Convertible Bd Asia PA F SFr 13.62 - 0.02 0.00
Authorised Inv Funds Latin America Acc F 131.23 - -0.85 1.21 Global Convertible B Hdg (Dis) F $ 22.72 - 0.04 0.00 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 11234.00 - -62.00 5.93 Martin Currie Fund Management Ltd (1200)F (UK)
Invesco ASEAN Equity A $ 103.60 - -0.76 - Convertible Bd Asia PA F € 14.44 - 0.03 0.00
Asia Pacific Capital Growth A Acc 790.20 - -2.70 0.82 Global Convertible A Hdg EUR(Dis) F € 15.47 - -0.18 0.25 Em.Mk.Loc.Ccy Debt Fd II $ 93.78 - -0.48 0.00
Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125 NatWest (2230)F (UK)
Latin America Inc F 110.37 - -0.72 1.22
Invesco Bond A $ 28.02 - 0.01 - Convertible Bd Asia PA F $ 14.52 - 0.03 0.00 Authorised Inv Funds PO Box 23873, Edinburgh EH7 5WJ**
Asian Dividend Income Inc 97.23 102.61 0.01 5.81 Global Convertible B Hdg EUR (Cap) F € 17.05 - 0.03 0.00 Gb.Conc.Eq.Fd.Euro € 269.84 - 1.96 0.00
Managed Growth Acc F 161.52 - -0.58 0.82 Martin Currie Investment Funds (OEIC) Enquiries: 0800 085 5588
Invesco Continental Eurp Small Cap Eqty A $ 189.15 - -0.09 0.00 Emerg. Consumer (CHF) PA SFr 12.74 - 0.00 0.00
Cautious Managed A Acc 243.80 - 0.00 3.22 Global Convertible A Hdg CHF (Dis) FSFr 22.66 - 0.04 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 169.12 - -0.25 0.00 Class A (Retail) Authorised Inv Funds
Managed Growth Inc F 135.28 - -0.48 0.82
Invesco Emerging Markets Equity A $ 39.89 - -0.28 0.00 Emerg. Consumer (EUR) PA € 12.80 - 0.00 0.00 Series 1(Minimum initial investment 16375,000)
Cautious Managed A Inc 154.40 - 0.00 3.28 Global Convertible B Hdg CHF (Cap) FSFr 24.99 - 0.03 0.00 Gb.Conc.Eq.Fd.Sterling £ 256.57 - -0.37 0.00 Asia Pacific 120.20 - -0.30 1.02
Managed Income Acc F 159.37 - -0.44 3.17
Invesco Emerging Markets Bond A $ 21.44 - -0.03 4.72 Emerg. Consumer (USD) PA $ 12.78 - 0.00 0.00 United Kingdom Equity Index Fund £ 13.23 - -0.02 2.50
China Opportunities A Acc 868.60 - -29.90 - Gb.Conc.Eq.Fd.US $ 195.12 - 1.01 0.00 China 115.40 - 0.00 0.06
Managed Income Inc F 99.69 - -0.28 3.24
Invesco Continental European Equity A € 8.43 - 0.00 0.07 Emerg.Eq. Risk Par.(EUR) PA € 8.97 - 0.04 0.00 UK Specialist Equity Inc £ 19.66 - -0.05 0.34
Emerging Markets Opportunities A Acc 156.00 - -1.40 0.40 Gb.Eq.Hdg Fd.Euro IRE T € 180.78 - 0.46 0.00 Emerging Mkts 210.10 - -0.60 0.27
Money Acc F 90.07 - -0.01 0.26
Invesco Gilt A £ 15.55 - -0.05 1.50 Emerg. Eq. Risk Par.(USD) PA $ 7.16 - 0.02 0.00 Contl Europe Spec Equity £ 15.88 - -0.05 0.00
European Growth A Acc 165.10 - 0.10 0.80 Gb.Eq.Euro Hdg Fd. € 256.43 - 0.65 0.00 European Equity Income A acc 349.40 - -1.60 3.59
Money Acc (Gross) F 95.16 - -0.01 0.26
Invesco Global Small Cap Equity A NAV $ 121.01 - -0.34 0.00 Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.33 - -0.01 0.00 US Spec Equity Fund £ 13.63 - -0.11 0.00
European Selected Opportunities A Acc 1269.00 - -5.00 0.49 Gb.Eq.Fund Euro € 276.13 - 1.09 0.00 Global Alpha 133.90 - -0.60 0.38
Monthly Income Plus Acc F 298.24 - 0.59 4.79
Invesco Global High Income A NAV $ 12.83 - 0.01 5.30 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.74 - -0.02 0.00 Japan Specialist Fund £ 8.97 - 0.02 0.00
European Special Situations A Acc 88.72 - 0.03 1.13 Gb.Eq. Fd Euro IRE T € 174.51 - 0.69 0.00 Global Equity Income Inc 109.10 - -0.90 3.91
Monthly Income Plus Acc (Gross) F 348.00 - 0.70 4.76
Invesco Gbl R/Est Secs A GBP F F £ 8.37 - -0.01 0.70 Emerg.Loc.Cur.Bd.Fdt PA € 11.91 - -0.02 0.00 Pacific Basin Specialist Equity Fund £ 24.20 - -0.11 0.60
Fixed Interest Monthly Income A Inc 22.37 23.47 0.01 5.99 Gb.Eq.Fd.Sterling UK T £ 209.31 - -1.00 0.00 Global Equity Income acc 137.50 - -1.20 3.82
Monthly Income Plus Inc F 113.19 - 0.23 4.89
Invesco Global Health Care A $ 128.38 - -1.04 0.00 Emerg.Loc.Cur.Bd.Fdt PA $ 9.45 - -0.04 0.00 UK Sovereign Bd Index Fund £ 11.30 - -0.08 2.58
Global Care Growth A Inc 199.60 - -0.90 0.12
Monthly Income Plus Inc (Gross) F 113.32 - 0.23 4.89 Swiss & Global Asset Management (LUX) Gb.Eq.Fd.US Dollar $ 315.36 - 0.59 0.00 Japan Alpha 101.30 - -0.70 0.05
Invesco Global Select Equity A $ 13.22 - -0.04 0.00 funds@swissglobal-am.com, www.jbfundnet.com Euro BBB-BB Fdt PA SFr 15.93 - 0.00 0.00 UK Specialist Equity Income Fund £ 9.97 - -0.03 3.47
Global Equity Income A Inc 50.45 - -0.27 3.81 Gb.Eq.Fund Sterling £ 207.33 - -0.99 0.00 North American 253.10 - -1.60 0.00
Pacific Acc F 1009.76 - -6.62 0.37 Regulated
Invesco Jap Eqty Core A $ 1.70 - 0.00 - Euro BBB-BB Fdt PA € 12.55 - 0.00 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.43 - -0.01 3.13
Global Growth Fund 1999.22 2088.88 7.61 0.00 Gb.Val.Ex-Jap.Fd.USD $ 118.84 - -0.09 0.00 European Equity Income A Inc 315.80 - -1.40 3.67
Pacific Inc F 927.45 - -6.08 0.37 JB BF ABS-EUR B € 105.45 - 0.04 0.00
Invesco Japanese Equity A $ 17.33 - -0.13 0.00 Euro BBB-BB Fdt PA £ 11.05 - 0.01 0.00 Inflation Lkd Sov Bd Fund £ 12.83 - -0.11 0.71
Global Technology A Acc 909.10 - -1.50 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 13731.00 - -13.00 0.00
Tactical Bond Acc F 69.51 - 0.05 1.76 JB BF Abs Ret Def-EUR B € 111.30 - 0.04 0.00
Invesco Korean Equity A $ 29.11 - 0.07 - Euro BBB-BB Fdt PA $ 17.78 - 0.00 0.00 Global Emerg Mkts Equity Fund £ 12.79 - -0.09 0.47
Multi-Manager Absolute Return A Acc 136.60 - -0.10 0.00 Marwyn Asset Management Limited (CYM)
Tactical Bond Inc F 60.65 - 0.03 1.77 JB BF Abs Ret EM-USD B $ 118.27 - -0.14 0.00
Invesco PRC Equity A $ 51.78 - -0.12 - Euro Credit Bd PA F € 13.15 - 0.00 0.00 Series 2 (Investment Management customers only)
Multi-Manager Active A Acc 175.80 - -0.50 0.00 Regulated
Tactical Bond Acc (Gross) F 72.00 - 0.04 1.75 JB BF Abs Ret-EUR B € 130.02 - 0.17 0.00 MFS Meridian Funds SICAV (LUX) United Kingdom Equity Index Fund £ 13.23 - -0.02 2.85
Invesco Pacific Equity A $ 49.90 - -0.21 0.18 Euro Government Fdt PA € 12.78 - 0.00 0.00 Marwyn Value Investors £ 525.38 - 16.85 0.00
Multi-Manager Distribution A Inc 132.60 - -0.20 2.49 Regulated
Tactical Bond Inc (Gross) F 60.71 - 0.04 1.78 JB BF Abs Ret Pl-EUR B € 127.94 - 0.15 0.00 UK Specialist Equity Inc £ 19.84 - -0.05 1.52
Invesco Global Technology A $ 15.24 - 0.01 0.00 Euro Inflation-Lk Fdt PA € 12.15 - -0.01 0.00 Absolute Return A1 € 19.70 - 0.12 0.00
Multi-Manager Diversified A Acc 78.98 - -0.07 2.61
UK Aggressive Acc F 209.02 - 0.04 1.78 JB BF EM Corporate-USD B $ 106.06 - 0.07 0.00 Contl Europe Spec Equity £ 16.56 - -0.04 0.62
Invesco UK Eqty A £ 8.36 - 0.01 1.11 Euro Resp.Corp. Fdt PA € 18.63 - 0.00 0.00 Asia ex-Japan A1 $ 25.07 - 0.06 0.00 Mayfair Capital Investment Management Limited (UK)
Multi-Manager Global Select Acc 182.40 - -0.30 0.00
UK Aggressive Inc F 174.07 - 0.03 1.81 JB BF EM Infl Link-USD B $ 98.17 - -0.53 0.00 2 Cavendish Square, London, W1G 0PU, 020 7495 1929 US Spec Equity Fund £ 14.11 - -0.12 0.16
Multi-Manager Income & Growth A Acc 153.80 - -0.10 2.03 Europe High Conviction PA € 11.13 - 0.12 0.00 Bond A1 $ 10.60 - 0.01 0.00
UK Growth Acc F 567.88 - 0.40 1.82 JB BF EM Inv Grade-USD B $ 102.68 - -0.27 0.00 Property & Other UK Unit Trusts Japan Specialist Fund £ 9.45 - 0.02 0.56
Multi-Manager Income & Growth A Inc 144.10 - -0.10 2.05 Eurozone Small&Mid Caps PA € 47.23 - 0.16 0.00 China Equity Fd A1 $ 10.14 - -0.03 0.00
UK Growth Inc F 360.29 - 0.25 1.85 JB Emerging (EUR)-EUR B € 338.89 - -0.89 0.00 Property Income Trust for Charities 76.02 78.55 0.97 6.48
Pacific Basin Specialist Equity Fund £ 24.00 - -0.11 1.19
Multi-Manager Managed A Acc 229.90 - -0.30 - Fdmt.Eq.L/S SH Sd EUR PA € 10.41 - -0.01 - Continental European Eqty A1 € 17.06 - 0.16 0.00
UK Smaller Cos Equity Acc F 770.19 - 2.36 0.62 JB Emerging (USD)-USD B $ 408.99 - -0.80 0.00 UK Sovereign Bd Index Fund £ 11.45 - -0.08 2.58
Multi-Manager Managed A Inc 225.70 - -0.30 0.00 Fdmt.Eq.L/S SH Sd USD PA $ 10.40 - 0.00 - Emer Mkts Debt Lo Curr Fd A1 $ 13.05 - -0.13 0.00
UK Smaller Cos Equity Inc F 594.00 - 1.82 0.62 JB BF Local EM-USD B $ 290.26 - -0.75 0.00 McInroy & Wood Portfolios Limited (UK)
UK Specialist Equity Income Fund £ 10.65 - -0.02 3.44
Sterling Bond Acc 204.23 213.40 -1.67 2.84 Gl Aggregate High Conv PA $ 19.31 - -0.06 0.00 Emerging Markets Debt A1 $ 33.17 - -0.02 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867
UK Strategic Income Acc F 180.71 - 0.18 3.49 JB BF Total Ret-EUR B € 99.35 - 0.02 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.54 - -0.01 3.13
Gbl.Gvt.Fdmt PA € 10.82 - 0.01 0.00 Emerging Markets Eq.A1 $ 11.78 - -0.04 0.00 Authorised Inv Funds
Sterling Bond Inc 64.37 67.25 -0.53 2.88
UK Strategic Income Inc F 137.62 - 0.14 3.58 JB EF Abs Ret Eur-EUR B € 119.00 - 0.11 0.00 Balanced Fund Personal Class Units 3957.20 - -12.20 1.83 Inflation Lkd Sov Bd Fund £ 12.95 - -0.11 0.71
Invest AD Gbl.Gvt.Fdmt.(CHF) PA SFr 22.93 - 0.00 0.00 European Concentrated A1 € 17.42 - 0.15 0.00
Strategic Bond A Inc 129.90 - 0.00 5.74
US Equity Acc F 545.16 - -5.93 0.00 Client services: +971 2 692 6101 clientservices@InvestAD.com JB EF Euro Value-EUR B € 189.27 - -1.07 0.00 Income Fund Personal Class Units 2456.80xd - -5.80 2.79 Global Emerg Mkts Equity Fund £ 12.31 - -0.09 0.65
UK & Irish Smaller Companies A Acc 519.10 - 2.90 0.05 Gbl.Gvt.Fdt.SH (CHF) PA SFr 27.48 - -0.01 0.00 European Core Eq A1 € 29.87 - 0.24 0.00
Invesco Perpetual Funds (No Trail) Other International Funds
JB EF Japan-JPY B ¥ 16065.00 - 3.00 0.00 Emerging Markets Fund Personal Class Units 1859.40 - -19.80 2.07 The initial charge you will pay will depend on the amount you invest
UK Absolute Return A Acc 143.90 - 0.10 0.00 Invest AD - Iraq Opportunity Fund $ 70.63 - -0.07 0.00 Gbl.5B Fdmt (EUR) PA € 11.77 - 0.04 0.00 European Res.A1 € 31.04 - 0.21 0.00
Asian (No Trail) Acc F 198.52 - -0.49 1.33 **Address and Telephone number for series 1 only
JB EF Luxury B-EUR B € 226.13 - 0.38 0.00 Smaller Companies Fund Personal Class Units 3470.10xd - -10.30 1.56
UK Alpha A Acc 108.50 - 0.00 1.05 Invest AD - Emerging Africa Fund $ 1175.87 - 11.98 0.00 Gbl.5B Fdmt (CHF) PA SFr 10.17 - 0.02 0.00 European Smaller Companies A1 € 45.58 - 0.25 0.00
Asian (No Trail) Inc F 180.51 - -0.44 1.34
JB Ms EF Special Val. EUR/A € 145.23 - 0.23 0.77
UK Equity Income & Growth A Inc 616.50 - 0.80 3.45 Invest AD - GCC Focus Fund $ 1749.75 - 11.75 0.00 Gbl.5B Fdmt SH (USD) PA $ 11.15 - 0.00 0.00 European Value A1 € 34.71 - 0.26 0.00
Asian Equity Income (No Trail) Acc F 131.26 - -0.93 3.99
JB Strategy Balanced-CHF/B SFr 152.72 - 0.32 0.00 Meridian Fund Managers Ltd
UK Index A Acc 508.90 - 0.20 1.99 Generation Global (CHF) PA F SFr 12.53 - 0.00 0.00 Global Bond A1 $ 10.77 - -0.02 0.00
Asian Equity Income (No Trail) Inc 113.77 - -0.80 4.10 Other International Funds
JB Strategy Balanced-EUR € 158.54 - 0.23 0.00
UK Property A Acc 193.08 203.24 0.05 4.04 Generation Global (EUR) PA F € 19.53 - 0.02 0.00 Global Conc.A1 $ 36.68 - 0.15 0.00
Balanced Risk 6 No Trail Acc 110.17 - -0.45 0.20 Global Gold & Resources Fund $ 204.84 - -17.30 -
JB Strategy Balanced-USD/B $ 133.75 - 0.04 0.00
UK Property A Inc 97.68 102.81 0.03 - Generation Global (USD) PA F $ 15.20 - -0.02 0.00 Global Energy Fund A1 $ 14.39 - -0.25 0.00
Balanced Risk 8 No Trail Acc 114.52 - -0.62 0.45 Global Energy & Resources Fund $ 51.93 - -5.53 -
JB Strategy Growth-CHF/B SFr 94.43 - 0.23 0.00
UK Tracker A Acc 232.20 - -0.10 1.42 Global Energy (USD) PA F $ 8.75 - -0.21 0.00 Global Equity A1 $ 46.01 - 0.02 0.00
Balanced Risk 10 No Trail Acc 118.97 - -0.80 0.67
JB Strategy Growth-EUR € 119.62 - 0.13 0.00
US Growth A Acc 772.50 - -5.10 0.00 Corporate Bond (No Trail) Acc F 165.08 - -0.13 3.90
Golden Age (CHF) PA F SFr 21.32 - -0.02 0.00 Global Equity A1 € 25.72 - 0.20 0.00 New Capital Fund Management Ltd (IRL)
JB Strategy Inc-CHF/B SFr 121.39 - 0.18 0.00 Metage Capital
Golden Age (EUR) PA € 14.39 - -0.02 0.00 Leconfield House, Curzon Street, London, W1J 5JB
Corporate Bond (No Trail) Inc F 120.55 - -0.09 4.00 Global Multi-Asset A1 $ 16.19 - -0.09 0.00 Other International Funds
JB Strategy Inc-EUR/B € 162.99 - 0.17 0.00 FCA Recognised
Distribution (No Trail) Acc F 169.07 - 0.49 4.13 JPMorgan Asset Mgmt (1200)F (UK) Golden Age (USD) PA F $ 20.02 - -0.02 0.00 Global Res.A1 $ 26.05 - -0.04 0.00 MGS -Master Series (Est) $ 223.20 - 10.16 - New Capital UCITS Funds
60 Victoria Embankment, London EC4Y 0JP JB Strategy Inc-USD/B $ 149.97 - 0.08 0.00
Sh.T- Money Mkt EUR PA € 112.42 - 0.00 0.00 Global Total Return A1 € 17.57 - 0.07 0.00 MEMO - Master Series (Est) $ 484.95 - 3.97 0.00 Asia Pac Bd USD Inst Inc $ 96.62 - 0.39 3.10
Distribution (No Trail) Inc F 115.31 - 0.33 4.21
Asset Management
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Emerging Countries (No Trail) Acc F 170.79
Asset Management
- -1.58 0.99 Authorised Inv Funds Sh.T- Money Mkt CHF PA SFr 129.35 - 0.00 0.00 High Yield A1 $ 25.16 - 0.04 0.00 MEMO - MEMV Series $ 114.18 - -3.32 0.00 Asia Pac Bd USD Ord Inc Managemen $ 98.70 - 0.40 2.38
Asset Management
JPM Retail OEIC (A class unless stated)
Asset Management
Sh.T- Money Mkt GBP PA £ 10.25 - 0.00 0.00 High Yield Fund A1 € 16.11 - 0.14 0.00 Asia Pac Eq EUR Ord Inc € 100.99 - 0.68 2.88
Emerging Countries (No Trail) Inc F 160.97 - -1.49 1.00
America Eq Fd A - Net Acc 58.43xd - -0.38 0.00 Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00 Inflation-Adjusted Bond A1 Ministry of Justice Common Investment Funds
$ 14.49 - -0.01 0.00 (UK)
Emerging European (No Trail) Acc F 68.57 - 0.07 3.92 Asia Pac Eq GBP Ord Inc £ 103.88 - 0.69 3.27
America Eq Fd A - Net Inc 58.43xd - -0.38 0.00 Sw.Fr.Bd(For) PA SFr 24.01 - 0.00 0.00 Property & Other UK Unit Trusts
Hermes Investment Funds Plc (IRL) Emerging European (No Trail) Inc F 62.50 - 0.06 4.03 Japan Equity A1 $ 9.64 - 0.15 0.00 Asia Pac Eq USD Ord Inc $ 104.79 - 0.71 2.68
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 Asia Acc 127.10xd - -0.80 0.30 The Equity Idx Tracker Fd Inc 1392.00 1392.00 -8.00 2.74
Sw.Fr.Credit Bd(For) PA SFr 13.80 - 0.00 0.00 Latin American Equity Fd A1 $ 15.33 - -0.18 0.00 Asia Pac Eq USD Inst Acc $ 108.52 - 0.73 0.00
European Equity (No Trail) Acc F 144.66 - -1.10 2.87 Distribution Units
FCA Recognised Asia Inc 70.51xd - -0.44 0.29 Tactical Alpha (CHF) PA SFr 10.37 - -0.04 0.00 Limited Maturity A1 $ 14.06 - 0.00 0.00 Asia Pac Eq USD Inst Inc $ 116.94 - 0.79 3.32
Hermes Active UK Inflation Fund Class F Acc £ 1.30 1.30 -0.01 0.00 European Equity (No Trail) Inc F 122.18 - -0.92 2.94 Kames Capital ICVC (UK)
Cautious Managed Rt Acc 66.96xd - 0.06 0.17 Tactical Alpha (EUR) PA € 10.61 - -0.04 0.00 Prudent Wealth Fd A1 $ 14.26 - 0.00 0.00
European Equity Income (No Trail) Acc F 148.42 - -1.25 3.23 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Dyn Europ Eq EUR Ord Inc € 163.79 - 0.72 1.21
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.57 1.57 -0.02 0.00 Mirabaud Asset Management (LUX)
Cautious Managed Rt Inc 58.93xd - 0.06 0.17 0800 45 44 22 www.kamescapital.com Tactical Alpha (USD) PA $ 15.21 - -0.06 0.00 Research Bond A1 $ 16.86 - 0.00 0.00
European Equity Income (No Trail) Inc F 116.39 - -0.98 3.31 www.mirabaud.com, marketing@mirabaud.com Dyn Europ Eq GBP Ord Inc £ 174.60 - 0.71 1.80
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.35 3.35 -0.01 0.00 Authorised Funds
Diversified Real Ret Acc 54.52xd - -0.29 1.02 Technology PA € 13.51 - 0.06 0.00 UK Equity A1 £ 8.26 - -0.03 0.00 Regulated
European High Income (No Trail) Acc F 166.31 - -0.39 3.35 Dyn Europ Eq USD Ord Inc $ 164.19 - 0.71 1.24
Hermes Global Emerging Markets Fund Class F Acc £ 1.25 1.25 0.00 0.00 Diversified Income B Acc 112.03 - -0.16 0.00 Mir. Conv. Bds Eur A EUR € 133.16 - 0.22 0.00
Diversified Real Ret Inc 53.23xd - -0.27 1.01 Technology PA $ 20.49 - 0.10 0.00 US Conc.Growth A1 $ 15.30 - -0.03 0.00
European High Income (No Trail) Inc F 123.86 - -0.29 3.41 China Equity EUR Ord Acc € 149.24 - -0.18 0.00
Hermes Global Emerging Markets Fund Class R Acc € 3.09 3.09 0.00 0.00 Diversified Income B Inc 107.03 - -0.15 0.00 Mir. Conv. Bds Glb A USD $ 113.39 - 0.27 0.00
Emerging Mkts Acc 157.90xd - -0.50 0.66 Wld Gold Expertise PAF SFr 13.29 - 0.22 0.00 US Government Bond A1 $ 17.25 - -0.01 0.00
Invesco Perpetual High Yield Fund acc (No trail) 222.63 - 0.41 4.26 China Equity GBP Ord Acc £ 153.30 - -0.17 0.00
Hermes Global Equity Fund Class F Acc £ 1.50 1.50 -0.01 0.00 Ethical Cautious Managed A Acc 162.20 - 0.01 1.53 Mir. - Eq Asia ex Jap A $ 186.96 - -0.43 0.00
Emerging Mkts Inc 67.90xd - -0.23 0.66 Wld Gold Expertise PA € 10.53 - 0.17 0.00 Value A1 $ 21.86 - -0.05 0.00
Invesco Perpetual High Yield Fund inc (No trail) 169.34 - 0.31 4.35 China Equity USD Ord Acc $ 151.30 - -0.17 0.00
Hermes Global Equity Fund Class R Acc € 3.87 3.87 0.00 0.00 Ethical Cautious Managed A Inc 135.62 - 0.01 1.55 Mir. - Eq Glb Emrg Mkt A USD $ 104.37 - -0.17 0.00
Emrg Mkts Inc Acc... C 58.03xd - -0.44 3.81 Wld Gold Expertise PA $ 13.80 - 0.23 0.00
European Opportunities (No Trail) Acc F 161.04 - -0.27 0.76 China Equity USD Inst Acc $ 154.43 - -0.16 0.00
Hermes Global ESG Equity Fund Class F Acc £ 1.15 1.15 -0.01 - Ethical Corporate Bond A Acc 198.40 - -0.40 3.35 Mir. - Eq Global A USD $ 127.32 - -0.12 0.00
Emrg Mkts Inc Inc... C 52.78xd - -0.41 3.90 LO Selection
European Opportunities (No Trail) Inc F 152.82 - -0.26 0.77 MMIP Investment Management Limited (GSY) Global Val.Cr.Fd GBP Ord Inc £ 114.16 - 0.11 3.81
Hermes Global High Yield Bond Fund Class F Acc £ 1.12 1.12 -0.01 0.00 Ethical Corporate Bond A Inc 114.05 - -0.23 3.35 Mir. -Eq Spain A € 26.31 - 0.00 0.00
Europe Acc 1028.00xd - -7.00 1.33 Balanced (CHF) PA F SFr 106.85 - 0.21 0.00 Regulated
European Smaller Companies (No Trail) Acc F 201.19 - -0.03 0.54 Global Val.Cr.Fd USD Inst Acc $ 123.93 - 0.13 0.00
Hermes Global High Yield Bond Fund Class R Acc € 2.84 2.84 0.00 0.00 Ethical Equity A Acc 166.97 - 0.39 1.10 Multi-Manager Investment Programmes PCC Limited Mir. - Eq Swiss Sm/Mid A SFr 276.74 - 4.13 0.00
Europe Inc 59.27xd - -0.37 1.35 Balanced (EUR) PA F € 125.61 - 0.24 0.00
Global Balanced Index (No Trail) Acc F 157.01 - -0.15 1.78 Global Val.Cr.Fd GBP Ord Acc £ 178.74 - 0.19 0.00
Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.00 1.00 -0.01 - High Yield Bond A Acc 115.63 - -0.36 4.41 European Equity Fd Cl A Initial Ser € 2208.68 2217.55 1.10 0.00
Conservative (CHF) PA F SFr 104.22 - 0.12 0.00 Mir. - Glb High Yield Bds A $ 109.10 - 0.20 -
Asset Management
Eur Dynamic exUK Acc 157.70xd - -0.60 0.62
Global Bond (No Trail) Acc F 137.79 - -0.43 1.30 Global Val.Cr.Fd USD Ord Acc $ 168.25 - 0.19 0.00
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.02 1.02 0.00 - High Yield Bond A Inc 54.11 - -0.17 4.41 Japanese Equity Fd Cl A Initial Ser ¥ 315452.00 316508.00 -1147.00 0.00
set Management Eur Dynamic exUK £ hdg Acc 175.80xd - 0.30 0.54 Conservative (EUR) PA F € 114.75 - 0.14 0.00 Mir. - Glb Eq High Income A USD $ 104.53 - -0.08 0.00
Global Bond (No Trail) Inc F 126.00 - -0.39 1.31 Global Val.Cr.Fd EUR Ord Acc € 157.50 - 0.17 0.00
Hermes Sourcecap EU Alpha Fund Class F Acc £
Hermes Sourcecap EU Alpha Fund Class F Dis £
1.26
1.24
1.26 0.00
1.24 0.00 1.84
-
Glbl Distribution Acc (No Trail) Asset Management 105.61 - -0.03 -
Eur Dynamic exUK Inc
Eur Smaller Cos Acc
72.56xd
432.40xd
-
-
-0.27 0.60
0.80 0.00
Inflation Linked A Acc
Investment Grade Bond A Acc
Asset Management 135.14
161.85
-
-
-0.19 1.77
-0.28 3.22
Global Allocation (GBP) PA F
Growth (CHF) PA F
£ 10.01
SFr 110.65
-
-
-0.01 0.00
0.30 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1340.85 1344.86 -6.38 0.00
Pacific Basin Fd Cl A Initial Ser $ 2374.79 2394.11 -48.62 0.00
Mir. - Glb Strat. Bd A USD
Mir. Opp.- Activ.Strategies I
$ 106.50
$ 101.39
-
-
0.12 0.00
-1.31 -
Swiss Select Equity Inst Acc SFr 102.05 - 1.06 -
Hermes Sourcecap EU Alpha Fund Class R Acc € 2.99 2.99 0.01 0.00 Glbl Distribution Inc (No Trail) 103.18 - -0.03 -
Asset Management Investment Grade Bond A Inc 120.00 - -0.20 3.22 UK Equity Fd Cl A Series 01 £ 2170.61 2191.95 -0.26 0.00
Swiss Select Equity Ord Acc SFr 101.46 - 1.06 -

Eur Smaller Cos Inc 56.24xd - 0.10 0.00 Growth (EUR) PA F € 135.59 - 0.33 0.00
Global Equity (No Trail) acc F 205.81 - -1.13 1.03 US Growth USD Ord Acc $ 200.54 - -0.85 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.30 1.30 -0.01 0.00 Sterling Corporate Bond A Acc 71.02 - -0.14 2.99 Diversified Absolute Rtn Fd USD Cl AF2 $ 1615.58 - 11.56 0.00
Fusion Balanced Acc 54.53 - -0.02 0.00 Vantage 1500 (EUR) MA € 10.35 - -0.01 0.00
Global Equity (No Trail) inc F 192.60 - -1.07 1.04 US Growth EUR Ord Acc € 192.35 - -0.82 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 3.00 3.00 0.00 0.00 Sterling Corporate Bond A Inc 32.08 - -0.07 2.99 Diversified Absolute Return Stlg Cell AF2 £ 1632.60 - 12.04 0.00
Fusion Balanced Inc 54.52 - -0.01 0.00 Vantage 3000 (EUR) MA € 10.65 - -0.02 0.00
Global Equity Income (No Trail ) Acc F 246.68 - -1.03 3.21 US Growth GBP Ord Acc £ 200.71 - -0.88 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.48 1.48 0.00 0.00 Strategic Bond A Acc 182.83 - 0.07 2.71 PrivilEdge
Fusion Conservative Acc 54.08 - -0.06 0.00
Global Equity Income (No Trail) Inc F 207.31 - -0.87 3.30 US Growth USD Inst Acc $ 184.05 - -0.78 0.00
Hermes UK Small & Mid Cap Fund Class R Acc € 4.36 4.36 0.04 0.00 Strategic Bond A Inc 122.56 - 0.04 2.71 Inc.Pt.RMB Dt.CNH PA CNY 99.74 - -0.04 - Manek Investment Mgmt Ltd (1000)F (UK)
Fusion Conservative Inc 54.06 - -0.06 0.00
Global ex UK Core Equity Index ( No Trail) Acc F 170.58 - -0.86 1.32 P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Wealthy Nat Bd EUR Inst Inc € 110.37 - 0.03 3.93
Hermes US SMID Equity Fund Class F Acc £ 1.54 1.54 -0.01 0.00 UK Equity Absolute Return A Acc 116.75 - -0.39 0.00 Inc.Pt.RMB Dt.SH CHF PA SFr 9.89 - 0.00 -
Fusion Growth Acc 55.78 - 0.03 0.00 Authorised Inv Funds
Global ex UK Enhanced Index ( No Trail) Acc F 198.67 - -1.29 1.74 Wealthy Nat Bd GBP Inst Inc £ 113.89 - 0.02 3.80
Hermes US SMID Equity Fund Class R Acc € 3.23 3.23 -0.01 0.00 UK Equity A Acc 226.59 - -0.04 1.21 Inc.Pt.RMB Dt.SH EUR PA € 9.90 - 0.00 - Montello Real Estate Opportunity Fund (LUX)
Fusion Growth Inc 55.78 - 0.03 0.00 Growth Fd Acc 57.27 60.69 0.07 0.00
Gbl Fin Cap No Trail Acc 174.23 - -0.08 4.35 101 New Cavendish Street,London W1W 6XH Wealthy Nat Bd EUR Ord Inc € 109.73 - 0.03 3.65
UK Equity Income A Acc 202.01 - 0.13 3.98 Inc.Pt.RMB Dt.USD PA $ 9.94 - 0.01 -
Fusion Growth + Acc 57.24 - 0.01 0.00 Regulated
Gbl Fin Cap No Trail Inc 152.46 - -0.07 4.48 Wealthy Nat Bd GBP Ord Inc £ 114.51 - 0.02 3.55
Hermes Property Unit Trust (UK)
Fusion Growth + Inc 57.25 - 0.01 0.00
UK Equity Income A Inc 161.93 - 0.10 4.08 Jenn. US Eq.Opp. USD PA $ 9.73 - -0.07 -
Manulife Global Fund (LUX) Montello Real Estate Opportunity Fund II £ 1079.96 - 7.12 - Wealthy Nat Bd USD Ord Inc $ 111.68 - 0.03 3.51
Property & Other UK Unit Trusts Global Opportunities (No Trail) Acc F 239.83 - -0.93 1.01 Neubrg.Berman US Core PA $ 14.49 - -0.09 0.00
UK Opportunities A Acc 164.00 - 0.13 1.07 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Fusion Income Acc...C 54.08 - -0.09 2.44 New Capital Alternative Strategies
Property £ 5.31 5.64 0.13 4.93 Global Smaller Companies (No Trail) Acc F 242.49 - -1.23 0.40 www.manulife.com.hk
UK Smaller Companies A Acc 236.82 - 0.96 0.28 Sands US Growth PA € 13.70 - -0.08 0.00
Fusion Income Inc...C 52.30 - -0.08 2.49 FCA Recognised Morant Wright Management Ltd (CYM) All Weather Fd USD Cls $ 119.43 - -0.22 0.00
Global Smaller Companies (No Trail) Inc F 233.24 - -1.19 0.40 Sands US Growth PA $ 16.58 - -0.10 0.00
Global Allocation A-Net Acc 54.38xd - -0.03 0.64 American Growth Fund Class A F $ 28.4754 - 0.1198 0.00 Regulated All Weather Fd EUR Cls € 107.75 - -0.24 0.00
Impax Asset Management (IRL) Global Targeted Rets (No Trail) Acc 117.22 - 0.00 0.81 Will.Blair Gbl. Ldrs PA € 15.25 - 0.04 0.00
Norfolk House, 31 St James's Square, London, SW1Y 4JR Global Allocation A-Net Inc 54.03xd - -0.02 0.65 Kames Capital Investment Portfolios ICVC (UK) American Growth Fund Class AA F $ 1.6193 - 0.0068 0.00 MW Japan Fd Ltd A $ 23.08 - 1.15 0.00
All Weather Fd GBP Cls £ 115.84 - -0.23 0.00
High Income (No Trail) Acc F 170.06 - 0.26 3.50 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Will.Blair Gbl. Ldrs PA $ 13.00 - 0.01 0.00
FCA Recognised American Growth Fund Class AA (HKD) FHK$ 10.1525 - 0.0423 - MW Japan Fd Ltd B $ 23.36 - 1.16 0.00
Global Bond Opport. A - Net Acc £ 0.50 - 0.00 - 0800 45 44 22 www.kamescapital.com Tactical Opps USD Cls $ 167.30 - -7.06 0.00
Env Mkts (Ire) Stl A £ 2.21 - -0.03 0.00 High Income (No Trail) Inc F 127.30 - 0.19 3.59
Global Bond Opport. A - Net Inc £ 0.50 - 0.00 - Authorised Funds Asian Equity Fund Class A F $ 3.1778 - -0.0109 0.40 Tactical Opps EUR Cls € 140.74 - -5.98 0.00
Hong Kong & China (No Trail) Acc F 188.56 - 0.22 1.23
Env Mkts (Ire) Euro A € 2.02 - 0.00 0.00
Global Equity Acc 971.10xd - -5.90 0.15 Property Income B Acc 111.72 - 0.10 - Lothbury Property Trust (UK) Asian Equity Fund Class AA F $ 1.0236 - -0.0035 0.00 Morant Wright Funds (Ireland) PLC (IRL) Tactical Opps GBP Cls £ 158.17 - -6.72 0.00
Env Mkts (Ire) USD A $ 1.76 - -0.01 0.00 Income & Growth (No Trail) Acc F 224.23 - 1.06 3.65 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 FCA Recognised
Global Equity Inc 72.17xd - -0.44 0.14 Property Income B Inc 107.87 - 0.10 - Asian Small Cap Equity Fund Class AA F $ 2.2290 - -0.0027 0.00
Property & Other UK Unit Trusts Morant Wright Fuji Yield CHF Acc HedgedSFr 10.49 - -0.01 -
Income & Growth (No Trail) Inc F 181.54 - 0.86 3.74
Global Bond exUK Acc 253.40xd - 0.10 0.69 Lothbury Property Trust GBP £ 1654.97 1776.10 10.45 3.28 Asian Small Cap Equity Fund Class AA (HKD)HK$ 9.0194 - -0.0108 -
Income (No Trail) Acc F 169.42 - 0.85 3.31 Morant Wright Fuji Yield EUR Acc Hedged € 10.29 - -0.01 -
INDIA VALUE INVESTMENTS LIMITED (INVIL) Global Bond exUK Inc 200.00xd - 0.10 0.69 Kames Capital VCIC (IRL) China Value Fund Class A F $ 8.7061 - -0.0442 0.70
www.invil.mu Income (No Trail) Inc F 127.71 - 0.64 3.40 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Morant Wright Fuji Yield GBP Acc Hedged £ 10.48 - -0.01 -
Other International Funds Global Consumer Trends Acc 92.63xd - -0.47 0.40 China Value Fund Class AA F $ 2.7295 - -0.0138 0.48
Asset Management
Japan (No Trail) Acc F 137.37 - -0.22 0.85 FCA Recognised Morant Wright Fuji Yield USD Acc Hedged $ 10.21 - -0.02 -
Asset Manageme
NAV £ 7.35 - 0.01 0.00 Global Consumer Trends Inc 87.92xd - -0.44 0.37 Absolute Return Bond B GBP Acc 1077.92 - -0.50 - Dragon Growth Fund Class A F $ 2.0220 - 0.0048 -
Japanese Smaller Companies (No Trail) Acc F 168.42 - -0.61 0.00 Morant Wright Fuji Yield USD Dist Hedged $ 10.46 - -0.01 -
Global Eq Income £ hdg Acc... C 67.42xd - -0.05 3.77 Eq Market Neutral B Acc 995.84 - -3.34 - Dragon Growth Fund Class AA HKDHK$ 9.7938 - 0.0231 0.59
Latin American (No Trail) Acc F 126.40 - -0.82 1.84 Morant Wright Fuji Yield YEN Acc ¥ 1047.49 - -1.60 -
Intrinsic Value Investors (IVI) LLP (IRL) Global Eq Income £ hdg Inc ... C 49.60xd - -0.04 3.83 Eq Market Neutral Plus B Acc 987.98 - -8.53 - Emerging Eastern Europe Fund Class AA F $ 1.3653 - 0.0037 - Northwest Investment Management (HK) Ltd
Latin American (No Trail) Inc F 115.43 - -0.75 1.86 Morant Wright Fuji Yield YEN Dist ¥ 1047.49 - -1.60 -
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Global Eq Income Acc... C 71.15xd - -0.20 3.64 High Yield Global Bond A GBP Inc 540.68 - 0.44 4.28 Emerging Eastern Europe Fund Class A F $ 3.1771 - 0.0088 0.93
FCA Recognised Managed Growth (No Trail) Acc F 195.18 - -0.70 1.27 Morant Wright Sakura Fund Sterling Acc Hedged £ 12.35 - -0.11 0.00 Other International Funds
Global Eq Income Inc ... C 63.29xd - -0.17 3.73 High Yield Global Bond B GBP Inc 1123.01 - 0.95 4.80 M & G Securities (1200)F (UK) European Growth Fund Class A F $ 10.7193 - 0.0399 1.24 Northwest $ class $ 2282.96 - 24.66 0.00
IVI European Fund EUR € 16.82 - 0.07 0.00 Managed Growth (No Trail) Inc F 181.39 - -0.65 1.29 Morant Wright Sakura Fund Euro Acc Hedged € 12.34 - -0.10 0.00
PO Box 9039, Chelmsford, CM99 2XG
Global Financials Acc 722.50xd - -4.10 0.81 Investment Grade Global Bd A GBP Inc 572.16 - 0.03 2.40 European Growth Fund Class AA F $ 0.7762 - 0.0029 0.60 Northwest Warrant $ class $ 2016.80 - 163.93 0.00
IVI European Fund GBP £ 17.13 - -0.02 1.07 Managed Income (No Trail) Acc F 190.41 - -0.53 3.17 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1255.92 - -10.60 0.00
Global Financials Inc 41.12xd - -0.23 0.80 Kames Global Equity Income B GBP Acc 1128.64 - -7.26 - Authorised Inv Funds Global Contrarian Fund Class AA F $ 0.9383 - 0.0031 0.00
Managed Income (No Trail) Inc F 159.73 - -0.44 3.23 Morant Wright Sakura Fund Dollar Acc Hedged $ 12.33 - -0.10 0.00
Global High Yield Bond A Mth Net Inc 39.21xd - 0.03 7.03 Kames Global Equity Income B GBP Inc 1100.11 - -7.08 - Charifund Inc 1494.01 - -0.91 4.46 Global Property Fund Class AA F $ 1.0578 - 0.0055 0.73
Monthly Income Plus (No Trail) Acc F 171.36 - 0.35 4.78 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.34 - -0.10 -
Global High Yield Bond Acc ... C 99.81xd - 0.07 6.96 Strategic Global Bond A GBP Inc 1125.05 - 0.15 1.56 Charifund Acc 19827.29 - -12.15 4.30 Global Resources Fund Class AA F $ 0.8576 - 0.0066 0.00
Monthly Income Plus (No Trail) Inc F 111.13 - 0.22 4.88
Global High Yield Bond Inc ... C 39.20xd - 0.03 7.06 Strategic Global Bond B GBP Inc 637.94 - 0.10 2.04 M&G Corporate Bond A Acc 64.67xd - -0.11 3.05 Greater China Opportunities Class AA $ 1.0283 - -0.0006 -
Pacific (No Trail) Acc F 186.60 - -1.22 0.84
Global Property Secs Acc 62.17xd - 0.11 0.67 M&G Corporate Bond A Inc 41.37xd - -0.08 3.05 Healthcare Fund Class AA F $ 1.8956 - 0.0169 0.00
Pacific (No Trail) Inc F 177.11 - -1.16 0.92
Global Property Secs Inc 53.89xd - 0.09 0.67 Kleinwort Benson Bank (UK) M&G Dividend A Inc 61.93xd - 0.08 4.16 India Equity Fund Class AA F $ 1.4849 - 0.0058 0.00
Tactical Bond (No Trail) Acc F 141.82 - 0.09 2.23
Income Fd A - Net Acc 50.32xd - 0.09 - 14 St. George Street, Mayfair, London W1S1FE M&G Dividend A Acc 601.49xd - 0.79 4.01 International Growth Fund Class A F $ 4.6240 - 0.0185 0.14
Invesco Fund Managers Ltd (UK) Tactical Bond (No Trail) Inc F 121.49 - 0.07 2.26 Oasis Crescent Management Company Ltd
Dealing and enquiries: 0800 024 2400
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Income Fd A - Net Inc 48.68xd - 0.09 - M&G Episode Growth X Inc 50.95xd - -0.28 1.83 International Growth Fund Class AA F $ 1.0626 - 0.0042 0.00 Other International Funds
UK Aggressive (No Trail) Acc F 171.30 - 0.03 2.32 Authorised Inv Funds
Dealing: 0800 085 8571 Oasis Crescent Equity Fund R 9.92 - -0.05 0.00
Japan Acc 259.50xd - -1.10 0.00 Unit Trust Manager/ACD - Host Capital M&G Episode Income A Acc 145.07xd - -0.49 3.22 Japanese Growth Fund Class A F $ 3.1338 - 0.0015 0.66
Investor Services: 0800 085 8677 UK Aggressive (No Trail) Inc F 144.14 - 0.03 2.37 Morgan Stanley Investment Funds (LUX)
www.invescoperpetual.co.uk Japan Inc 62.46xd - -0.26 0.00 HC KB Capital Growth A Acc 170.80 - -0.22 1.36 M&G Episode Income A Inc 124.23xd - -0.42 3.29 Japanese Growth Fund Class AA F $ 0.8067 - 0.0003 0.00 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
UK Enhanced Index (No Trail) Acc F 407.00 - 0.37 3.29
Authorised Inv Funds HC KB Capital Growth A Inc 162.43 - -0.21 1.38 M&G Extra Income A Inc 768.30 - -0.14 4.17 www.morganstanleyinvestmentfunds.com Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Multi-Asset Inc A Mth Net Inc 66.90xd - -0.03 3.70 Latin America Equity Fund Class AA F $ 0.9056 - 0.0003 1.46
INVESCO PERPETUAL Funds UK Enhanced Index (No Trail) Inc F 262.09 - 0.24 3.37 FCA Recognised Regulated
Multi-Asset Inc Acc... C 86.66xd - -0.04 3.64 HC KB Capital Growth B Acc 164.85 - 0.00 1.10 M&G Extra Income A Acc 6069.33 - -1.10 4.06 Russia Equity Fund Class AA F $ 0.3824 - 0.0061 0.00
Asian Acc F 475.55 - -1.17 0.82 UK Growth (No Trail) Acc F 149.62 - 0.10 2.34 US Advantage A F $ 54.67 - 0.11 0.00 Oasis Global Investment (Ireland) Plc
Multi-Asset Inc Inc... C 66.90xd - -0.03 3.72 HC KB Capital Growth B Inc 159.26 - 0.00 1.07 M&G Global Basics A Inc 661.78 - -1.90 0.28 Taiwan Equity Fund Class AA F $ 1.5591 - -0.0044 0.22 Oasis Global Equity $ 27.94 - -0.01 0.18
Asian Inc F 427.13 - -1.05 0.83 UK Growth (No Trail) Inc F 122.43 - 0.09 2.39 Asian Equity A F $ 45.39 - 0.06 0.00
Multi-Asset Macro Acc 60.48xd - 0.25 0.00 HC KB Capital Growth C Acc 171.88 - 0.00 2.01 M&G Global Basics A Acc 999.04 - -2.86 0.28 Turkey Equity Fund Class AA F $ 0.9116 - -0.0064 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Asian Equity Income Acc F 64.37 - -0.45 4.00 UK Smaller Companies Equity (No Trail) Acc F 249.79 - 0.77 1.14 Asian Property A F $ 19.62 - 0.26 0.00
Multi-Asset Macro Inc 60.48xd - 0.25 0.00 HC KB Capital Growth C Inc 159.94 - 0.00 2.00 M&G Global Dividend Fund A Acc 198.15xd - -2.39 3.19 US Bond Fund Class AA F $ 1.2213 - 0.0007 - Oasis Crescent Global Equity Fund $ 28.43 - -0.01 0.00
Asian Equity Income Inc F 55.78 - -0.40 4.11 UK Smaller Companies Equity (No Trail) Inc F 233.12 - 0.72 1.15 Asian Property AX F £ 11.89 - 0.10 0.56
Multi-Manager Growth Acc 710.10xd - -2.60 0.46 HC KB Enterprise Equity Income A Inc 112.21 - -0.25 3.78 M&G Global Dividend Fund A Inc 160.30xd - -1.93 3.28 U.S. Bond Fund Class AA Inc F $ 1.0109 - 0.0006 - OasisCresGl Income Class A $ 11.08 - 0.01 2.44
Balanced Risk 6 Acc 54.27 - -0.23 0.00 UK Strategic Income (No Trail) Acc F 715.04 - 0.71 3.47 Diversified Alpha Plus A F € 33.50 - -0.13 0.00
Multi-Manager Growth Inc 662.70xd - -2.50 0.46 HC KB Enterprise Equity Income A Acc 161.85 - -0.37 3.69 M&G Glbl Emrgng Mkts A Acc 212.25xd - -2.57 0.69 U.S. Bond Fund Class AA (HKD) IncHK$ 10.0334 - 0.0052 - OasisCresGl LowBal D ($) Dist $ 12.22 - -0.01 0.00
Balanced Risk 8 Acc 56.42 - -0.31 0.04 UK Strategic Income (No Trail) Inc F 544.58 - 0.54 3.56 Emerg Europ, Mid-East & Africa Eq A F € 66.34 - 0.62 0.00
Natural Resources Acc 471.50xd - -8.50 0.09 HC KB Endeavour Multi Asset Balanced A Acc 134.83 - -0.21 0.81 M&G Glbl Emrgng Mkts A Inc 205.30xd - -2.49 0.70 U.S. Special Opportunities Fund Class AA F $ 0.9108 - 0.0014 7.19 OasisCresGl Med Eq Bal A ($) Dist $ 12.35 - 0.00 0.04
Balanced Risk 10 Acc 58.62 - -0.40 0.27 US Equity (No Trail) Acc F 226.15 - -2.46 0.04 Emerging Markets Debt A F $ 76.31 - -0.06 0.00
Natural Resources Inc 33.39xd - -0.61 0.09 HC KB Endeavour Multi Asset Balanced A Inc 128.68 - -0.20 0.81 M&G Global Macro Bond Fund A Acc 109.25xd - -0.34 0.54 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.4147 - 0.0153 - Oasis Crescent Gbl Property Eqty $ 10.10 - 0.00 1.55
Childrens Acc F 412.47 - 0.53 1.75 Emerging Markets Domestic Debt AX F £ 12.59 - -0.12 5.21
Asset Management
New Europe Acc 142.00xd - -1.50 2.55 HC KB Enterprise Fixed Income A Acc 125.65 - -0.26 3.44 M&G Global Macro Bond Fund A Inc 75.96xd - -0.24 0.54 U.S. Special Opportunities Fund Class AA Inc $ 0.9235 - 0.0015 -
Corporate Bd Acc (Gross) F 207.59 - -0.15 3.65 Emerging Markets Equity A F $ 37.53 - 0.08 0.00
set Management New Europe Inc 33.76xd - -0.35 2.52 HC KB Enterprise Fixed Income A Inc 113.62 - -0.23 3.44 M&G Global High Yield Bond X Inc 50.70xd - -0.01 4.67 US Small Cap Equity Fund Class AA F $ 1.0995 - 0.0048 0.00
Euro Bond A F € 15.94 - 0.00 0.00
Corporate Bd Inc (Gross) F 91.40 - -0.06 3.75
Portfolio Acc 198.30 - 0.20 0.99 M&G Global High Yield Bond X Acc 116.61xd - -0.03 4.65 US Treasury Inflation-Protected Securities Fund Class AA F $ 1.3191 - 0.0023 0.06
Corporate Bond Acc F 185.79 - -0.14 3.67 Euro Corporate Bond AX F £ 22.87 - -0.07 1.93
Sterling Corporate Bond Acc 85.61xd - -0.19 2.50 Lloyds Investment Fund Managers Limited (1000)F (JER) M&G Managed Growth X Inc 79.89 - -0.29 0.61
Euro Strategic Bond A F € 44.22 - 0.00 0.00
Corporate Bond Inc F 91.17 - -0.07 3.75 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Sterling Corporate Bond Inc 54.34xd - -0.12 2.51 M&G Optimal Income A Inc 146.91 - -0.08 2.37 Manulife Global Fund European Currencies High Yield Bd A F € 21.67 - 0.00 0.00
Distribution Acc F 110.63 - 0.32 4.14 Other International Funds
Strategic Bond Acc 69.00xd - 0.23 3.33 M&G Optimal Income A Acc 191.00 - -0.11 2.37 Other International Funds
Distribution Acc (Gross) F 125.73 - 0.36 4.12 Invesco (LUX) Lloydstrust Gilt £ 12.7800xd - -0.0400 2.40
Asia Total Return Fund Class AA $ 0.9972 - -0.0007 -
European Equity Alpha A F € 44.86 - -0.08 0.00
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 Strategic Bond Inc 58.12xd - 0.20 3.35 M&G Recovery GBP A Inc 123.96xd - 0.21 0.96 Odey Asset Management LLP (UK)
Lloyds Investment Funds Limited European Property A F € 34.95 - 0.17 -
Distribution Inc F 66.28 - 0.19 4.22 Asia Total Return Fund Class AA Inc $ 0.9603 - -0.0007 3.45 40 Dukes Place, London, EC3A 7NH
FCA Recognised UK Active Index + E Acc 281.90xd - 0.40 2.90 Euro High Income € 1.7150xd - 0.0010 2.99 M&G Recovery GBP A Acc 277.35xd - 0.48 0.95
Distribution Inc (Gross) F 66.28 - 0.19 4.22 Eurozone Equity Alpha A F € 11.54 - -0.03 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
Invesco Management SA Asia Value Dividend Equity Fund Class AA F $ 1.6626 - -0.0042 0.00
UK Active Index + E Inc 53.15xd - 0.07 2.99 European £ 7.7670 - -0.0330 1.02 M&G Strategic Corp Bond A Inc 76.63 - -0.10 2.90 Authorised Corporate Director - Capita Financial Managers
Emerging Countries Acc F 261.59 - -2.42 0.49 Invesco Active Multi-Sector Credit Fund A € 2.93 - 0.00 0.00 Global Bond A F $ 40.13 - 0.07 0.00
Asia Value Dividend Equity Fund Class AA Inc $ 1.0166 - -0.0030 - Authorised Inv Funds
UK Dynamic Acc 154.10xd - 0.60 1.39 High Income £ 0.9171xd - -0.0016 4.91 M&G Strategic Corp Bond A Acc 108.20 - -0.15 2.90
Emerging Countries Inc F 238.00 - -2.20 0.49 Invesco Asia Balanced A dist $ 15.65 - -0.02 3.48 Global Brands A F $ 94.27 - 0.17 0.00 CF Odey Continental European R Acc 729.09 - -5.71 0.18
Strategic Income Fund Class AA F $ 1.0944 - 0.0005 4.40
UK Dynamic Inc 127.10xd - 0.50 1.40 International £ 4.4490 - -0.0350 1.23 M&G Global Leaders GBP A Inc 191.27 - -1.48 1.47
Emerging European Acc F 33.08 - 0.03 3.21 Invesco Asia Consumer Demand Fund A income $ 14.08 - -0.02 0.18 Global Convertible Bond A F $ 42.63 - 0.02 0.00 CF Odey Continental European I Acc 124.53 - -0.98 0.74
UK Eq & Bond Inc Acc ... C 141.30xd - 0.00 3.20 North American £ 16.0500 - -0.1300 0.05 M&G Global Leaders GBP A Acc 444.35 - -3.43 1.46
Emerging European Inc F 30.96 - 0.03 3.29 Invesco Asia Infrastructure (A) $ 13.44 - -0.11 1.51 Global Property A F $ 29.86 - 0.26 0.00 CF Odey Continental European I Inc 119.68 - -0.94 0.74
UK Eq & Bond Inc Inc ... C 84.55xd - 0.04 3.30 M&G UK Inflation Lnkd Corp Bnd A Acc 112.43 - -0.05 0.23
Marlborough Fd Managers Ltd (1200)F (UK)
Sterling Bond £ 1.5530xd - -0.0040 3.42
European Equity Acc F 822.48 - -6.25 2.33 Invesco Asia Opportunities Equity A $ 106.94 - 0.05 0.00 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Indian Equity A F $ 37.43 - 0.12 0.00 CF Odey Opus R Inc 3838.89 - -14.61 0.00
UK Focus Acc 73.36xd - 0.24 1.13 UK £ 7.1320 - 0.0260 1.06 M&G UK Inflation Lnkd Corp Bnd A Inc 110.81 - -0.06 0.23 www.marlboroughfunds.com
European Equity Inc F 695.84 - -5.30 2.38 Invesco Balanced Risk Allocation Fund A € 15.62 - -0.05 0.00 Latin American Equity A F $ 49.68 - -0.21 0.00 CF Odey Opus Fund A Accumulation 136.96 - -0.52 0.00
UK Focus Inc 62.80xd - 0.21 1.12 Lloyds Gilt Fund Limited Authorised Inv Funds
European Equity Income Acc F 72.33 - -0.61 3.25 Invesco Capital Shield 90 (EUR) A € 12.14 - 0.00 0.00 Short Maturity Euro Bond A F € 20.44 - -0.01 0.00 CF Odey Opus Fund I Acc 175.86 - -0.67 0.25
Lloyds Gilt Fund Quarterly Share £ 1.3250xd - -0.0050 1.92 Balanced 153.31 162.10 -0.22 0.08
UK Higher Inc Acc ... C 891.30xd - 2.60 3.94 M & G Securities Ltd (UK)
US Dollar Liquidity A F $ 13.03 - 0.00 0.00
European Equity Income Inc F 56.70 - -0.48 3.32 Invesco Emerging Europe Equity Fund A $ 7.82 - -0.02 0.00 CF Odey Opus Fund I Inc 172.19 - -0.66 0.25
Monthly Share £ 1.2760xd - -0.0040 1.92 Property & Other UK Unit Trusts Bond Income 52.28 55.32 -0.04 4.30
UK Higher Inc Inc ... C 530.60xd - 1.60 4.06
European High Income Acc F 80.97 - -0.19 3.36 Invesco Emerging Local Currencies Debt A Inc $ 8.40 - -0.07 5.97 US Growth A F $ 64.13 - 0.33 0.00 CF Odey Absolute Return Fund Euro Hedged € 1.75 - 0.01 0.00
Lloyds Money Fund Limited Charibond 130.61xd - -0.26 4.97 Cash 50.08 - 0.00 0.60
UK Managed Equity Acc 67.82xd - 0.07 2.08
European High Income Inc F 60.31 - -0.14 3.42 Invesco Emerging Mkt Quant.Eq. A $ 11.02 - -0.05 0.00 Australian Dollar A$ 173.4170 - 0.0070 1.46 US Growth AH F € 44.32 - 0.23 0.00 CF Odey Absolute Return Fund US Dollar Hedged $ 1.61 - 0.00 0.00
(Accum Units) 3718.51xd - -7.40 4.91 Cautious Inc 84.80 89.39 -0.23 1.59
UK Managed Equity Inc 57.86xd - 0.06 2.11
European Opportunities Inc F 75.41 - -0.12 0.18 Invesco Energy A $ 22.98 - -0.50 - Euro € 52.7280 - 0.0010 -0.05 US Growth AX F £ 41.93 - 0.01 0.00 CF Odey Absolute Return R 293.89 - 0.84 0.00
NAACIF 78.41xd - -0.24 4.34 Defensive A Inc 116.48 - 0.01 0.97
UK Smaller Cos Acc 334.20xd - 0.70 0.00

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
Guide to Data
CF Odey Absolute Return I 302.78 - 0.87 0.00 Pictet-Emerging Markets Index-I USD F $ 250.18 - 1.11 0.00 Your Portfolio Fund V Class 1 129.10 - -0.20 0.60
CF Odey Portfolio Fund Class P Institutional Acc 104.11 - -0.48 - Pictet-Emerging Corporate Bonds I USD $ 105.09 - 0.06 0.00 Polunin Capital Partners Ltd Your Portfolio Fund V Class 2 128.80 - -0.10 0.90 Scottish Friendly Asset Managers Ltd (UK) The Hartford International Funds (IRL) Veritas Asset Management LLP (IRL)
CF Odey Portfolio Fund Class P Retail Acc 103.86 - -0.48 - Pictet-Emerging Markets High Dividend I USD $ 110.92 - -0.52 0.00 Other International Funds Your Portfolio Fund VI Class 1 128.50 - -0.20 0.60 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Regulated HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland The fund prices quoted on these pages are supplied by
Authorised Inv Funds Veritas Funds Plc the operator of the relevant fund. Details of funds
Developing Countries 'A' $ 38.29 - 0.63 0.00 Gbl Govt Bond (Ex Japan) Index (GBP) £ 1646.55 - -13.05 0.00 published on these pages, including prices, are for the
CF Odey Portfolio Fund I Acc 147.06 - -0.75 0.06 Pictet-Emerging Markets Sust Eq I USD $ 100.31 - 0.47 0.00 Your Portfolio Fund VI Class 2 128.80 - -0.20 0.90 www.veritas-asset.com
Managed Growth 229.90 - 0.40 0.00 purpose of information only and should only be used as
Emerging Markets Active $ 42.90 - 0.70 - UK Corporate Bond £ 1611.13 - -1.99 0.00
CF Odey Portfolio Fund I Inc 144.73 - -0.74 0.06 Pictet-Environmental Megatrend Sel I EUR € 154.13 - -0.19 0.00 +353 1 635 6799 a guide. The Financial Times Limited makes no
UK Growth 243.50 - 0.80 0.00
Luxcellence Em Mkts Tech $ 956.73 - -13.78 0.00 Gilt £ 1618.63 - -4.03 0.00 FCA Recognised representation as to their accuracy or completeness and
CF Odey Portfolio Fund R Acc 143.36 - -0.73 0.00 Pictet-EUR Bonds-I F € 560.57 - 0.27 0.00 Ruffer LLP (1000)F (UK) they should not be relied upon when making an
Polunin Developing Countries $ 859.17 866.47 10.77 0.00 Global Eq (Ex Japan) Index Fund ¥ 1.38 - 0.00 0.00 Institutional
CF Odey Portfolio Fund R Inc 143.11 - -0.74 0.00 Pictet-EUR Corporate Bonds Ex Fin i EUR € 146.47 - -0.04 0.00 40 Dukes Place, London EC3A 7NH investment decision.
Order Desk and Enquiries: 0845 601 9610 SIA (SIA Funds AG) (LUX) Veritas Asian Fund A USD H $ 312.30 - -0.54 0.66
Polunin Discovery - Frontier Markets $ 1501.86 - -1.34 - Global Eq (ex Japan) Class HJ4 ¥ 1.43 - 0.00 0.00
Pictet-EUR Corporate Bonds-I F € 202.41 - -0.01 0.00 Authorised Inv Funds Regulated The sale of interests in the funds listed on these pages
Veritas Asian Fund A GBP H £ 380.31 - -1.59 0.48
Polunin Small Cap $ 1428.02 1445.87 -10.74 0.00 Global Eq (ex Japan) Class JP5 ¥ 1.52 - -0.01 0.00 may, in certain jurisdictions, be restricted by law and
Odey Asset Management LLP (CYM) Pictet-EUR Government Bonds I EUR € 159.69 - 0.02 0.00 Authorised Corporate Director - Capita Financial Managers LTIF Alpha € 167.57 - -0.08 0.00
Veritas Asian Fund A EUR H € 317.38 - 0.34 0.41 the funds will not necessarily be available to persons in
Regulated CF Ruffer Investment Funds Global Eq Ex Japan Index Fund (Hedge) ¥ 1.40 - 0.00 0.00 all jurisdictions in which the publication circulates.
Pictet-EUR High Yield-I F € 241.17 - 0.09 0.00 LTIF Classic € 346.28 - -0.79 0.00
Veritas China Fund A USD $ 135.25 - 0.00 0.00 Persons in any doubt should take appropriate
OEI MAC Inc A £ 471.36 - 0.00 0.00
Pictet-EUR Inflation Linked Bonds I EUR € 127.36 - -0.26 0.00
Private Fund Mgrs (Guernsey) Ltd (GSY) CF Ruffer Gold Fund C Acc 85.63 - 1.34 0.00
LTIF Natural Resources € 81.44 - -1.49 0.00
Gbl Govt Bond (Ex Japan) Index ¥ 1.34 - 0.00 0.00
professional advice. Data collated by Morningstar. For
Regulated Veritas China Fund A GBP £ 137.61 - -0.01 0.00
OEI Mac Inc B £ 269.35 - 0.00 0.00 CF Ruffer Gold Fund O Acc 84.96 - 1.32 0.00 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.31 - -0.01 0.00 other queries contact reader.enquiries@ft.com +44
Pictet-EUR Short Mid-Term Bonds-I F € 136.75 - 0.01 0.00
Monument Growth 27/01/2015 £ 460.93 466.02 3.20 1.07 Veritas China Fund A EUR € 133.51 - 0.00 0.00 (0)207 873 4211.
OEI MAC Inc USD $ 2568.71 - 0.00 0.00 Equity & General C Acc 378.77 - 2.61 0.25 Japan Equity Index Fund ¥ 0.96 - 0.00 0.00
Pictet-EUR Short Term HY I EUR € 116.79 - 0.07 0.00 SIA (SIA Funds AG) (CH) Veritas Global Equity Income Fund D USD $ 128.02 - -0.10 4.74
Odey European Inc EUR € 994.88 - 0.00 0.00 Equity & General C Inc 349.56 - 2.41 0.25 Other International Fds Japan Equity Class JP3 ¥ 1.16 - -0.01 0.00 The fund prices published in this edition along with
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.20 - 0.00 0.00
Odey European Inc A GBP £ 380.40 - 0.00 -
Prusik Investment Management LLP (IRL)
LTIF Stability Growth SFr 204.10 - 4.10 -
Veritas Global Equity Income Fund D EUR € 217.14 - 0.43 4.05 additional information are also available on the
Equity & General O Inc 348.92 - 2.39 0.00 Financial Times website, www.ft.com/funds. The
Pictet-Euroland Index IS EUR € 131.21 - 0.44 0.00 Enquiries - 0207 493 1331 Veritas Global Equity Income Fund D GBP £ 163.07 - -0.56 4.55 funds published on these pages are grouped together by
Odey European Inc B GBP £ 215.94 - 0.00 0.00
Pictet-Europe Index-I EUR F € 170.61 - 0.80 0.00 Regulated Equity & General O Acc 375.96 - 2.58 0.00 LTIF Stability Inc Plus SFr 181.20 - 3.60 5.70 The National Investor (TNI) fund management company.
www.tni.ae Veritas Global Focus Fund D USD $ 25.21 - 0.02 2.87
Odey European Inc USD $ 463.59 - 0.00 0.00 Prusik Asian Equity Income B Dist $ 163.07 - -0.55 4.59 European C Acc 491.41 - 2.50 0.22
Pictet-European Equity Selection-I EUR F € 591.66 - 1.68 0.00 Other International Funds Veritas Global Focus Fund D EUR € 22.21 - 0.07 2.69 Prices are in pence unless otherwise indicated. The
Giano Capital EUR Inc € 4955.50 - 77.78 0.00
Pictet-European Sust Eq-I EUR F € 236.83 - 0.79 0.00
Prusik Asia A $ 202.69 - -0.82 0.00 European O Acc 487.81 - 2.46 0.00 Smith & Williamson Investment Management (1200)F (UK)
UAE Blue Chip Fund * AED 10.51 - 0.02 0.00 change, if shown, is the change on the previously
25 Moorgate, London, EC2R 6AY 020 7131 8100 Veritas Global Focus Fund D GBP £ 28.05 - -0.06 2.45 quoted figure (not all funds update prices daily). Those
Prusik Asian Smaller Cos A $ 160.38 - 0.08 0.00 Japanese Fund C Acc 174.09 - 0.66 0.01 TNI Funds Ltd (BMU)
Pictet-Generics-I USD F $ 275.95 - -2.08 0.00 www.sandwfunds.com designated $ with no prefix refer to US dollars. Yield
Veritas Global Focus Fund A GBP £ 27.07 - -0.06 -
Odey Asset Management LLP (IRL)
Pictet-Global Bds Fundamental I USD $ 123.95 - -0.08 0.00
Japanese Fund O Acc 172.62 - 0.65 0.00 Authorised Inv Funds MENA Hedge Fund $ 965.83 - -0.63 0.00 percentage figures (in Tuesday to Saturday papers)
FCA Recognised Veritas Global Focus Fund A EUR € 12.94 - 0.04 2.14 allow for buying expenses. Prices of certain older
Pictet-Global Bonds-I EUR € 162.64 - 0.24 0.00
Purisima Investment Fds (UK) (1200)F (UK) Pacific C Acc 294.43 - -2.13 0.48 European Growth Trust A Class 493.90 - 0.40 1.37 TNI Funds Plc (Ireland) insurance linked plans might be subject to capital gains
Odey Pan European EUR R € 342.81 - 1.31 0.00 40 Dukes Place, London EC3A 7NH MENA UCITS Fund * $ 1360.45 - 8.24 0.00 Veritas Global Focus Fund A USD $ 24.31 - 0.01 2.41 tax on sales.
Pacific O Acc 292.00 - -2.12 0.18 Far Eastern Income and Growth Trust A Class 413.10 - -1.70 2.79
Odey Pan European GBP R £ 206.68 - -1.02 0.00 Pictet-Global Emerging Currencies-I USD F $ 98.68 - 0.11 0.00 Order Desk 08459 220044, Enquiries: 0870 607 2555 Veritas Global Focus Fund C GBP £ 29.21 - -0.07 0.00
Authorised Inv Funds Total Return C Acc 398.15 - 0.49 1.60 Fixed Interest Trust A Class 126.90xd - -0.30 3.89 Guide to pricing of Authorised Investment Funds
Odey Allegra European EUR O € 267.48 - 1.48 0.00 Pictet-Global Emerging Debt-I USD F $ 355.39 - 1.52 0.00
Veritas Global Focus Fund C EUR € 23.23 - 0.07 0.00 (compiled with the assistance of the IMA. The
Authorised Corporate Director - Capita Financial Managers Total Return C Inc 279.62 - 0.34 1.62 Global Gold and Resource Trust A Class 174.30 - 1.50 0.00
Pictet-Global Megatrend Selection-I USD F $ 227.21 - -0.81 0.00 Investment Management Association, 65 Kingsway,
Odey Allegra European EUR A € 160.88 - 0.89 0.00 Global Total Fd PCG A 160.78 - -0.55 0.35 Veritas Global Focus Fund C USD $ 26.30 - 0.01 0.00 London WC2B 6TD. Tel: +44 (0)20 7831 0898.)
Total Return O Inc 277.46 - 0.33 1.61 MM Endurance Balanced Fund A Class 213.70 - 0.00 0.96
Odey Allegra European GBP O £ 287.99 - -0.92 0.00 Pictet-Greater China-I USD F $ 474.90 - -2.15 0.00
Global Total Fd PCG B 159.67 - -0.54 0.13 Veritas Global Equity Income Fund A GBP £ 156.62 - -0.54 4.57
Total Return O Acc 395.18 - 0.47 1.60 MM Global Investment Fund A Class 2235.00 - -3.00 1.53 OEIC: Open-Ended Investment Company. Similar to a
Odey Allegra European USD O $ 234.97 - 0.81 0.00 Pictet-High Dividend Sel I EUR F € 153.77 - -0.29 0.00
Global Total Fd PCG INT 157.90 - -0.54 0.00 Veritas Global Equity Income Fund A EUR € 211.41 - 0.42 4.07 unit trust but using a company rather than a trust
North American Trust A Class 1735.00 - -4.00 0.00
Odey Allegra European EUR I € 255.15 - 1.41 0.00 Pictet-India Index I USD $ 111.20 - -0.40 0.00 structure.
Veritas Global Equity Income Fund A USD $ 123.45 - -0.10 4.76
Oriental Growth Fund A Class 147.70 - -0.10 1.59
Odey Allegra European EUR A I € 163.57 - 0.90 0.00 Pictet-Indian Equities-I USD F $ 486.97 - 3.02 0.00
Purisima Investment Fds (CI) Ltd (JER) Veritas Global Equity Income Fund C GBP £ 180.11 - -0.62 - Different share classes are issued to reflect a different
UK Equity Growth Trust A Class 411.80 - 1.60 0.80
Odey Allegra European GBP D £ 173.43 - -0.55 0.00 Pictet-Japan Index-I JPY F ¥ 14887.60 - -75.35 0.00 Regulated currency, charging structure or type of holder.
Veritas Global Equity Income Fund C EUR € 242.87 - 0.49 -
UK Equity Income Trust A Class 229.40 - -0.10 5.63
Odey Allegra International Euro Class € 173.48 - 1.38 0.00 Pictet-Japanese Equities Opp-I JPY F ¥ 8717.23 - -60.04 0.00 PCG B 162.60 - 1.55 0.00 Veritas Global Equity Income Fund C USD $ 141.04 - -0.11 - Selling price:Also called bid price. The price at which
Odey Allegra International GBP Class £ 203.54 - -0.14 0.00 Pictet-Japanese Equity Selection-I JPY F ¥ 13338.05 - -100.77 - PCG C 160.57 - 1.53 0.00 The Resolution Fund (1200) (UK) Veritas Global Real Return Fund A USD $ 20.29 - -0.02 2.07
units in a unit trust are sold by investors.
Pictet-LATAM Index I USD $ 66.61 - -0.10 0.00 Smith & Williamson Fd Admin Ltd (1200)F (UK) Tel 0870 870 8434
Odey Allegra International USD $ 155.93 - 0.93 0.00 25 Moorgate, London, EC2R 6AY 0141 222 1150 Veritas Global Real Return Fund A GBP £ 11.28 - -0.01 2.06 Buying price: Also called offer price. The price at
S W Mitchell Capital LLP (CYM) Authorised Inv Funds
Odey Allegra International Euro I Class € 158.74 - 1.27 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 136.53 - -0.97 0.00 Putnam Investments (Ireland) Ltd (IRL) Authorised Inv Funds
which units in a unit trust are bought by investors.
Regulated Global Fixed Income D Acc F 103.90 - -0.20 0.59 Veritas Global Real Return Fund A EUR € 11.96 - -0.01 0.17 Includes manager’s initial charge.
Pictet-Pacific Ex Japan Index-I USD F $ 371.37 - 1.37 0.00 Regulated S&W Deucalion Fd (OEIC) 2076.00 - 15.00 0.45
Odey Allegra International GBP D inc £ 184.40 - -0.13 0.00 S W Mitchell European Fund Class A EUR € 298.90 - -2.66 - Global Fixed Income D Inc F £ 1.03 - 0.00 0.58 Retail
Putnam New Flag Euro High Yield Plc - E € 1029.32 - 1.19 4.82
Odey Allegra International GBP A D £ 136.01 - -0.09 0.00 Pictet-Premium Brands-I EUR F € 160.29 - 0.53 0.00 S W Mitchell Small Cap European Fund Class A EUR € 215.99 - -2.86 - S & W Magnum 383.00 404.90 -0.30 1.50 Veritas Asian Fund B USD $ 219.60 - -0.38 0.47 Single price: Based on a mid-market valuation of the
Global Yield B Acc F 119.20 - -0.40 1.60 underlying investments. The buying and selling price
Odey Allegra Developed Markets Fund USD I $ 130.09 - 1.31 0.00 Pictet-Quality Global Equities I USD $ 136.06 - -0.10 0.00 The Charlemagne Fund EUR € 279.88 - -12.15 - S & W Marathon Trust 187.40 198.30 0.10 1.66 Veritas Asian Fund B GBP £ 280.37 - -1.17 0.04 for shares of an OEIC and units of a single priced unit
Global Yield B Inc F 112.50 - -0.40 1.60
Pictet-Russia Index I USD $ 45.87 - -0.93 0.00 Rathbone Unit Trust Mgmt (1200)F (UK)
Charity Value and Income Fund Acc 137.00 137.90 0.40 4.57 Veritas Asian Fund B EUR € 233.63 - 0.25 0.00
trust are the same.
Odey Allegra Developed Markets Fund GBP I £ 132.65 - 0.46 0.00 PO Box 9948, Chelmsford, CM99 2AG Global Balanced B Acc F 130.80 - -0.40 0.37
Pictet-Russian Equities-I USD F $ 39.12 - -0.65 0.00 Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Charity Value and Income Fund Inc 95.36 95.99 0.31 4.70 Veritas China Fund B GBP £ 133.00 - 0.00 0.00 Treatment of manager’s periodic capital charge:
Odey Atlas Fund GBP I £ 105.73 - -0.05 - S W Mitchell Capital LLP (IRL) Global Balanced B Inc F 126.30 - -0.30 0.36 The letter C denotes that the trust deducts all or part of
Pictet-Security-I USD F $ 190.37 - 0.06 0.00 Authorised Inv Funds Regulated Veritas China Fund B EUR € 140.17 - 0.00 0.00
Odey Atlas Fund GBP I S £ 1.27 - 0.00 0.00 Global Growth B Acc F 138.80 - -0.40 0.29 the manager’s/operator’s periodic charge from capital,
Pictet-Select-Callisto I EUR € 105.40 - -0.47 0.00 Blue Chip Income Inc 155.61 160.68 0.88 4.08 SWMC European Fund B EUR € 15278.77 - 49.93 0.00 contact the manager/operator for full details of the
Odey Atlas Fund GBP R S £ 1.09 - 0.00 0.00 SMT Fund Services (Ireland) Limited Global Growth B Inc F 130.20 - -0.30 0.29
Veritas Global Focus Fund B USD $ 17.56 - 0.01 1.75
effect of this course of action.
Pictet-Small Cap Europe-I EUR F € 980.59 - 3.19 0.00 Blue Chip Income Acc 225.95 233.12 1.28 3.95 SWMC UK Fund B £ 10233.61 - -8.61 - Regulated Veritas Global Focus Fund B GBP £ 20.70 - -0.05 1.76
Odey Giano European Fund EUR R € 123.62 - -0.63 0.00 Global Equity Fund B Acc F 132.10 - -0.30 0.31
Ethical Bond Inc 94.23 96.33 -0.01 4.80 SWMC Small Cap European Fund B EUR € 12937.50 - 75.89 0.00 Monthly Dividend High Yield $ 6.95 - 0.01 0.00 Exit Charges: The letter E denotes that an exit charge
Odey Giano European Fund GBP R £ 124.11 - -0.63 0.00 Pictet-ST.MoneyMkt-I € 140.55 - 0.00 0.00 Veritas Global Focus Fund B EUR € 15.42 - 0.05 1.71
Daiwa Gaika MMF Global Equity Fund B Inc F £ 1.32 - 0.00 0.31 may be made when you sell units, contact the
Pictet-ST.MoneyMkt JPY I USD ¥ 101559.94 - -3.66 0.00 Ethical Bond Acc 175.32 178.93 -0.01 4.67 SWMC Emerging European Fund B EUR € 8392.46 - -24.23 0.00 Veritas Global Equity Income Fund B GBP £ 144.69 - -0.50 4.62 manager/operator for full details.
Odey Giano European Fund USD R $ 124.87 - -0.63 0.00 AU$ Portfolio A$ 0.01 - 0.00 - UK Income Focus B Inc F 66.40 - -0.10 3.22
Pictet-ST.MoneyMkt-ICHF SFr 125.20 - -0.01 0.00 Global Opportunities Acc 125.51 129.45 0.05 0.00 Veritas Global Equity Income Fund B EUR € 194.82 - 0.39 4.11
Odey Naver Fund Euro I Class € 126.75 - 0.93 0.00 US$ Portfolio $ 0.01 - 0.00 - UK Income Focus B Acc F 87.40 - -0.20 3.14 Time: Some funds give information about the timing of
Pictet-ST.MoneyMkt-IUSD $ 134.82 - -0.01 0.00 Income Inc 856.83 887.02 1.02 3.94 Veritas Global Equity Income Fund B USD $ 122.90 - -0.10 4.81 price quotes. The time shown alongside the fund
Odey Naver Fund GBP I Class £ 127.28 - 0.95 0.00 Canadian Dllr Pfolio C$ 0.01 - 0.00 - UK Balanced B Inc F 70.70 - -0.10 1.34 manager’s/operator’s name is the valuation point for
Pictet-Timber-I USD F $ 161.10 - 0.29 0.00 Income Acc 1285.54 1329.55 1.53 3.82 Veritas Global Real Return Fund B USD $ 19.69 - -0.02 1.62 their unit trusts/OEICs, unless another time is indicated
Odey Odyssey USD I $ 158.63 - 0.52 0.00 New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 - UK Balanced B Acc F 76.90 - 0.00 1.32
Multi Asset Enhanced Growth Acc 123.88 - -0.43 0.00 by the symbol alongside the individual unit trust/OEIC
Odey Odyssey Fund GBP I £ 158.10 - 0.51 0.00 Pictet Total Ret-Agora I EUR € 107.05 - -0.08 - Veritas Global Real Return Fund B GBP £ 11.08 - -0.01 1.64 name.
Daiwa Bond Series UK Growth B Acc F 77.80 - -0.10 1.19
Pictet Total Ret-Corto Europe I EUR € 128.54 - 0.33 0.00 Multi Asset Strategic Growth inc 149.11 - -0.26 1.19 Veritas Global Real Return Fund B EUR € 12.81 - -0.01 1.44
Odey Odyssey Fund GBP R £ 155.76 - 0.51 0.00 Monthly Dividend AUD Bd A$ 10.58 - 0.03 0.00 UK Growth B Inc F 86.00 - -0.10 1.18
Multi Asset Strategic Growth acc 156.67 - -0.28 1.04 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Odey Odyssey EUR I € 142.00 - 0.46 0.00 Pictet Total Ret-Divers Alpha I EUR € 101.91 - 0.22 - Monthly Dividend EUR Bd € 10.99 - 0.00 0.00 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
UK Equity B Acc F 87.30 - 0.10 2.28
Pictet Total Ret-Kosmos I EUR € 108.84 - 0.11 0.00 Multi Asset Total Return inc 127.43 - -0.21 1.63 RobecoSAM (LUX)
Veritas Asset Management LLP
midnight. Daily dealing prices are set on the basis of
Odey Odyssey Fund EUR R € 118.18 - 0.38 0.00 Monthly Dividend CAD Bd C$ 10.59 - -0.01 0.00 UK Equity B Inc F 80.40 - 0.00 2.31 the valuation point, a short period of time may elapse
Tel. +41 44 653 10 10 http://www.robecosam.com/
Pictet Total Ret-Mandarin I USD $ 117.34 - -0.32 0.00 Multi Asset Total Return acc 138.54 - -0.23 1.75 www.veritas-asset.com before prices become available.Historic pricing: The
Odey Odyssey Fund USD R $ 123.56 - 0.41 0.00 Regulated Mthly Div US Preferred Secs $ 7.99 - 0.00 0.00
Recovery Inc 410.85 426.96 1.92 2.40 Other International Funds letter H denotes that the managers/operators will
Odey Orion Fund Euro I Class € 124.85 - -0.11 0.00 Pictet-US Equity Selection-I USD $ 187.51 - -0.48 0.00 RobecoSAM Sm.Energy/A £ 12.16 - -0.11 1.23 Daiwa Equity Fund Series normally deal on the price set at the most recent
Recovery Acc 484.60 503.20 2.25 2.36
Thesis Unit Trust Management Limited (UK) Real Return Asian Fund USD (Est) € 296.30 - 8.99 0.00 valuation. The prices shown are the latest available
Pictet-US High Yield-I USD F $ 147.25 - 0.12 0.00 RobecoSAM Sm.Materials/A £ 128.09 - -0.68 1.94 New Major Economies $ 9.14 - 0.04 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Odey Orion Fund USD I Class $ 124.89 - -0.10 0.00 Real Return Asian Fund GBP (Est) £ 314.44 - 9.14 0.00 before publication and may not be the current dealing
Pictet-USA Index-I USD F $ 178.54 - -0.71 0.00 Strategic Bond Ret Acc £ 1.19 1.21 0.00 3.85 Authorised Funds levels because of an intervening portfolio revaluation or
Odey Swan Fund Euro I Class € 110.19 - -0.43 0.00 RobecoSAM Gl.Small Cap Eq/A £ 80.72 - -0.78 1.70
Real Return Asian Fund EUR (Est) $ 309.01 - 8.60 0.00 a switch to a forward pricing basis. The
Pictet-USD Government Bonds-I F $ 643.32 - -0.39 0.00 Strategic Bond Ret Inc £ 1.07 1.09 0.00 4.13 Standard Life Wealth (JER) TM New Court Fund A 2011 Inc £ 13.23 - 0.02 0.00 managers/operators must deal at a forward price on
Odey Swan Fund Euro R Class € 109.18 - -0.43 0.00 RobecoSAM Sustainable Gl.Eq/B € 176.15 - -0.06 0.00
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 request, and may move to forward pricing at any time.
Pictet-USD Short Mid-Term Bonds-I F $ 129.20 - -0.01 0.00 TM New Court Fund - A 2014 Acc £ 13.25 - 0.01 -
Odey Swan Fund GBP I Class £ 110.39 - -0.41 0.00 RobecoSAM S.HealthyLiv/B € 177.15 - 0.33 0.00 Forward pricing: The letter F denotes that that
FCA Recognised Virgin Money Unit Trust Managers Limited (1700)F (UK) managers/operators deal at the price to be set at the
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.50 - 0.00 0.00 RECM Global Management Limited (GSY)
RobecoSAM S.Water/A £ 166.85 - -1.85 2.26 Standard Life Offshore Strategy Fund Limited
TM New Court Equity Growth Fund - Inc £ 13.36 - 0.02 0.00
Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL
Odey Swan Fund GBP R Class £ 114.71 - -0.44 0.00 next valuation.
www.recmglobal.com Enquiries: info@recmglobal.com
Pictet-Water-I EUR F € 263.17 - -1.53 0.00 Bridge Fund £ 1.6096 - -0.0057 2.48 www.virginmoney.com
Odey Swan Fund USD I Class $ 109.93 - -0.43 0.00 Regulated
Authorised Inv Funds Investors can be given no definite price in advance of
Odey Swan Fund USD IR Class $ 109.44 - -0.42 0.00 RECM Global Fund Limited - Class A $ 17.46 - -0.07 0.00 Diversified Assets Fund £ 1.1919 - -0.0021 3.02 the purchase or sale being carried out. The prices
Virgin UK Index Tracking Trust 247.40 - -0.20 2.62
appearing in the newspaper are the most recent
Odey Swan Fund USD R Class $ 108.99 - -0.42 0.00 Pimco Fds: Global Investors Series Plc (IRL) RECM Global Equity Fund Limited - Class A $ 8.91 - -0.04 0.00 Global Equity Fund £ 1.8351 - -0.0098 1.32
provided by the managers/operators. Scheme
Virgin Income Trust 126.90 - -0.90 2.20
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Global Balanced Fund - Income Units £ 1.3732 - -0.0075 1.62 particulars, prospectus, key features and reports: The
Odey European Absolute Return Fund EUR I € 100.94 - 0.14 0.00 http://gisnav.pimco-funds.com/ Virgin Pension Growth Fund 280.50 - -0.20 2.55 most recent particulars and documents may be obtained
Odey European Absolute Return Fund GBP I £ 100.42 - 0.17 0.00 Dealing: +44 20 3640 1000 Renasset Select Funds Plc (IRL) Global Balanced Fund - Accumulations Units £ 1.5745 - -0.0086 1.59 free of charge from fund managers/operators. *
Virgin Pension Income Protector Fund 270.00 - -1.90 2.37 Indicates funds which do not price on Fridays.
PIMCO Funds: +44 (0)20 3640 1407 Regulated Global Fixed Interest Fund £ 1.0490 - 0.0003 3.59
Odey European Absolute Return Fund USD I $ 101.20 - 0.14 0.00 Virgin Climate Change Fund 107.16 - -0.02 0.00
FCA Recognised European Opportunities Fund A € 141.82 - -0.04 - Toscafund (CYM)
Odey European Absolute Return Fund EUR R € 96.08 - 0.14 0.00 Sterling Fixed Interest Fund £ 0.8950 - -0.0018 3.20 Charges for this advertising service are based on the
Asia Local Bond Fund - Inst Acc $ 10.20 - 0.02 0.00 Regulated number of lines published and the classification of the
European Opportunities Fund B € 104.90 - -0.02 0.00
Odey European Absolute Return Fund GBP R £ 100.15 - 0.17 0.00 UK Equity Fund £ 1.9509 - 0.0066 2.84 Tosca $ 271.46 - 9.50 0.00 fund. Please contact data@ft.com or call
Capital Securities Inst Acc $ 14.58 - 0.02 0.00 Renaissance Eastern European Allocation Fund € 411.10 - -0.02 - Waverton Investment Funds Plc (1600)F (IRL) +44 (0)20 7873 3132 for further information.
Odey European Absolute Return Fund USD R $ 100.82 - 0.14 - Tosca Mid Cap GBP £ 231.97 - 5.27 0.00 waverton.investments@citi.com
CommoditiesPLUS111sp Strategy - Inst Acc $ 7.50 - -0.17 0.00 Renaissance Eastern European Fund A € 390.75 - 2.58 - Santander Asset Management UK Limited (1200)F (UK) FCA Recognised
Odey European Absolute Return Fund EUR S € 101.18 - 0.14 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Tosca Opportunity B USD $ 313.41 - 20.23 0.00
Credit Absolute Return Fund Inst Acc $ 11.33 - 0.00 0.00 Renaissance Eastern European Fund B € 83.88 - 0.55 0.00 Waverton Asia Pacific A USD $ 19.91 - 0.00 1.05
Odey European Absolute Return Fund GBP S £ 101.69 - 0.13 0.00 Authorised Funds
Diversified Income - Inst Acc $ 19.52 - 0.02 - Renaissance Ottoman Fund € 122.10 - 0.93 0.00 Santander Atlas Range Waverton European Fund A Eur € 17.54 - 0.10 0.33
Odey European Absolute Return Fund USD S $ 101.30 - 0.14 0.00
Diversified Income Durat Hdg Fund Inst Acc $ 11.31 - 0.12 0.00 Santander Atlas Port 3 Acc Ret 150.50 - -0.50 - Waverton Global Bond Fund Cls A $ 9.23 - 0.00 5.15
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.84 - 0.02 0.00 Santander Atlas Port 3 Inc Ret 105.50 - -0.30 - Waverton Global Equity Fund A GBP £ 14.71 - -0.16 0.24
Odey Wealth Management (CI) Ltd (IRL) Emerging Asia Bond Fund Inst Acc $ 10.05 - -0.02 0.00 Santander Atlas Port 3 Acc Inst 164.80 - -0.50 - Stenham Asset Management Inc Waverton UK Fund A GBP £ 13.30 - 0.03 1.86
www.odey.com/prices
FCA Recognised Emerging Multi-Asset Fund Inst Acc $ 8.79 - -0.04 0.00 Santander Atlas Port 4 Acc Ret 182.20 - -0.50 - www.stenhamassetmanagement.com Waverton Equity Fund A GBP £ 15.05 - 0.03 0.00
Odey Opportunity EUR I € 219.92 - 0.47 0.00 Emerging Local Bond - Inst Acc $ 12.70 - -0.07 - Other International Funds
Santander Atlas Port 4 Inc Ret 132.30 - -0.40 - Waverton Sterling Bond Fund A GBP £ 9.88 - 0.00 5.21
Emerging Markets Bond - Inst Acc $ 38.16 - -0.04 0.00 Stenham Asia USD $ 131.74 - -1.80 -
Santander Atlas Port 4 Acc Inst 165.00 - -0.50 -
Stenham Credit Opportunities A Class USD $ 105.26 - -0.12 0.00
Odey Wealth Management UK Emerging Markets Corp.Bd Fund Inst Acc F $ 13.00 - 0.04 0.00 Robeco Asset Management (LUX) Santander Atlas Port 5 Acc Ret 193.90 - -0.60 - WA Fixed Income Fund Plc (IRL)
Authorised Funds Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Stenham Emerging Markets USD B1 $ 108.18 - -2.11 0.00
Emerging Markets Curr.Fd- Inst Acc $ 12.43 - -0.03 0.00 Santander Atlas Port 5 Acc Inst 164.10 - -0.50 - Regulated
www.robeco.com/contact TreeTop Asset Management S.A. (LUX)
VT Odey Total Return Fund Class A £ 102.92 - -0.34 - Stenham Gold USD $ 159.09 - 0.93 0.00 European Multi-Sector € 125.25 - -0.01 0.00
Euro Bond - Inst Acc € 22.97 - 0.01 - Santander Atlas Port 6 Acc Ret 268.20 - -0.90 - Regulated
FCA Recognised
VT Odey Total Return Fund Class A € 109.55 - -0.34 - Stenham Growth USD $ 212.93 - -0.95 - TreeTop Convertible Sicav
Euro Credit - Inst Acc € 14.83 - 0.00 0.00 Asia-Pacific Equities (EUR) € 132.47 - 0.53 0.00 Santander Atlas Port 6 Acc X 191.50 - -0.60 -
VT Odey Total Return Fund Class I £ 104.50 - -0.34 - Stenham Healthcare USD $ 170.84 - 2.73 0.00 International A € 299.68 - 0.14 0.00
Euro Income Bond - Inst Acc F € 12.95 - 0.01 0.00 Chinese Equities (EUR) € 79.26 - 0.45 0.00 Santander Atlas Port 6 Acc Inst 164.10 - -0.60 - Winton Capital Management
VT Odey Total Return Fund Class I € 100.00 - 0.00 - Stenham Helix USD $ 104.66 - 0.71 0.00 International B $ 384.66 - 0.07 0.00 Other International Funds
Euro Long Average Duration - Inst Acc € 23.35 - 0.04 0.00 Em Stars Equities (EUR) € 189.88 - -0.07 0.00 Santander Atlas Port 7 Acc Ret 209.30 - -0.80 -
VT Odey Total Return Fund Class R £ 105.20 - -0.34 - Stenham Managed Fund USD $ 113.25 - -0.09 - International C £ 133.46 - 0.00 0.00 Winton Futures USD Cls B $ 1022.41 - 11.02 0.00
Euro Low Duration Fund Inst Acc € 11.35 - 0.00 0.00 Emerging Markets Equities (EUR) € 157.80 - 0.06 0.00 Santander Atlas Port 7 Acc Inst 165.40 - -0.70 -
VT Odey Total Return Fund Class R $ 104.46 - -0.31 - Stenham Multi Strategy USD $ 118.17 - 0.09 - International D € 285.08 - 0.12 0.00 Winton Futures EUR Cls C € 286.60 - 3.08 0.00
Euro Real Return - Inst Acc € 13.38 - -0.02 - Flex-o-Rente (EUR) € 109.20 - 0.05 0.00 Authorised Inv Funds
VT Odey Total Return Fund Class I $ 107.81 - -0.32 - Stenham Quadrant USD A $ 389.49 - 2.32 - Pacific A € 287.16 - -3.05 - Winton Futures GBP Cls D £ 313.07 - 3.38 0.00
Euro Short-Term Inst Acc € 12.28 - 0.01 0.00 Glob.Consumer Trends Equities (EUR) € 145.31 - 0.64 0.00 Max 70% Shs Acc Ret 167.50 - -0.50 -
Stenham Trading Inc USD $ 113.02 - 0.64 - Pacific B $ 362.11 - -3.65 0.00 Winton Futures GBP Cls F £ 120.76 - 1.31 0.00
Euro Short-Term Inv Acc € 11.91 - 0.01 0.00 High Yield Bonds (EUR) € 124.44 - 0.10 0.00 Max 70% Shs Inc Ret 143.00 - -0.40 -
TreeTop Global Sicav Winton Evolution USD Cls F $ 1757.18 - 26.33 0.00
Omnia Fund Ltd Euro Ultra Long Duration - Inst Acc € 30.95 - -0.17 0.00 Investments Inc Acc Ret 161.20 - -0.30 - Stenham Universal USD $ 439.88 - 0.40 -
Lux -O- Rente (EUR) € 140.82 - -0.29 0.00 Global Opp.A € 144.42 - 0.05 0.00
Other International Funds Stenham Universal II USD $ 163.71 - 0.08 0.00 Winton Evolution EUR Cls H € 1379.72 - 20.77 0.00
Global Advantage - Inst Acc $ 12.69 - -0.02 0.00 New World Financials (EUR) € 52.23 - 0.29 0.00 Investments Inc Inc Ret 108.50 - -0.20 -
Estimated NAV $ 877.58 - 50.31 0.00 Global Opp.B $ 143.63 - 0.04 0.00 Winton Evolution GBP Cls G £ 1401.48 - 20.95 0.00
Global Advantage Real Return Fund Inst Acc $ 9.56 - -0.04 0.00 US Premium Equities (EUR) € 179.40 - -0.61 0.00 Equity Inc Inc Inst 243.40 - 1.10 -
Global Opp.C £ 182.81 - -1.08 0.00 Winton Futures JPY Cls E ¥ 20107.25 - 204.86 0.00
Global Bond - Inst Acc $ 28.14 - -0.02 0.00 Equity Inc Inc Ret 209.80 - 0.90 - Stratton Street Capital (CI) Limited (GSY)
US Premium Equities (USD) $ 200.76 - -0.70 0.00 Sequoia Equity A € 144.10 - 0.03 0.00
Regulated
Global Bond Ex-US - Inst Acc $ 19.68 - -0.02 - N&P UK Gwth Inc Ret 165.20 - 0.00 -
Japanese Synthetic Warrant ¥ 1183.28 - 125.51 0.00 Sequoia Equity B $ 151.30 - -0.03 0.00
Global Fundam.Index StocksPLUSInst Acc $ 11.76 - -0.01 0.00 Stckmkt 100 Track Gwth Acc Inst 96.82 - -0.06 -
Royal Bank of Scotland (2230)F (UK) Japan Synthetic Warrant GBP Hedged Participating Shares £ 133.67 - 7.58 0.00 Sequoia Equity C £ 170.57 - -1.18 3.53
Global High Yield Bond - Inst Acc $ 20.03 - 0.02 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Stckmkt 100 Track Gwth Acc Ret 178.10 - -0.10 -
Japan Synthetic Warrant Fund USD Class $ 13.06 - 1.29 0.00
Authorised Inv Funds
Global Investment Grade Credit - Inst Income $ 12.60 - -0.01 3.23 UK Growth Acc Inst 281.30 - 0.00 -
Series 5 (Minumum Initial Investment £75,000) Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 132.49 - 7.20 0.00
Global Investment Grade Credit Fund Inst Acc € € 11.50 - 0.01 0.00 UK Growth Acc Ret 327.50 - 0.00 -
Optima Fund Management United Kingdom Equity Index Fund £ 16.55 - -0.03 2.50 Renminbi Bond Fund AUD Cls A A$ 114.58 - -0.38 4.08
Other International Funds Global Investment Grade Credit Fund Inst Acc $ $ 16.76 - -0.02 0.00 UK Growth Inc Ret 220.30 - 0.00 -
UK Specialist Equity Inc £ 19.66 - -0.05 0.35 Renminbi Bond Fund AUD Cls B A$ 116.46 - -0.39 3.80 Yuki International Limited (IRL)
JENOP Global Healthcare Fund Ltd $ 15.93 - 0.45 0.00 Global Multi-Asset - Inst Acc $ 14.76 - -0.02 0.00 Managed OEIC
Contl Europe Specialist Fund £ 23.46 - -0.06 0.00 Renminbi Bond Fund CHF Cls A SFr 114.20 - -0.42 4.05 Tel +44-20-7269-0207 www.yukifunds.com
Optima Fd NAV $ 90.82 - 0.72 0.00 Glob Em Shs Port Acc Ret 175.30 - -0.90 - Regulated
Global Real Return - Inst Acc $ 18.60 - -0.05 0.00
Japan Specialist Fund £ 13.58 - 0.03 0.00 Renminbi Bond Fund CHF Cls B SFr 114.16 - -0.42 3.79
Optima Discretionary Macro Fund Limited $ 86.61 - 0.42 0.00 Max 70% Shs Port Acc Ret 257.50 - -0.70 - Yuki Mizuho Umbrella Fund
High Yield Bond - Inst Acc $ 27.90 - 0.03 0.00
US Spec Equity Fund £ 18.42 - -0.15 0.00 Renminbi Bond Fund CNH Cls A CNH 118.33 - -0.46 3.59 Yuki Mizuho Japan Dynamic Growth ¥ 6567.00 - -67.00 0.00
The Dorset Energy Fd Ltd NAV $ 38.33 - -0.34 0.00 Max 70% Shs Port Acc X 184.90 - -0.50 -
Income Fund Inst Acc $ 11.99 - -0.01 0.00
Pacific Basin Specialist Equity Fund £ 42.67 - -0.20 0.61 Renminbi Bond Fund CNH Cls B CNH 118.26 - -0.46 3.34 Yuki Mizuho Japan Large Cap ¥ 6844.00 - -85.00 0.00
Platinum Fd Ltd $ 87.52 - 0.00 0.00 Investment Port Acc Ret 238.80 - -0.50 -
Inflation Strategy Fund Inst Acc $ 9.91 - -0.04 0.00
UK Sovereign Bd Index Fund £ 11.08 - -0.07 2.58 Renminbi Bond Fund Euro Cls B € 115.01 - -0.42 3.81 Yuki Japan Low Price ¥ 24440.00 - -280.00 0.00
Platinum Fd Ltd EUR € 17.11 - 0.00 0.00 Investment Port Acc X 169.20 - -0.40 -
Low Average Duration - Inst Acc $ 14.76 - 0.00 -
Inflation Lkd Sov Bd Fund £ 13.08 - -0.11 0.71
Troy Asset Mgt Ltd (UK)
Renminbi Bond Fund GBP Cls B £ 116.39 - -0.41 3.61 Yuki Japan Value Select ¥ 11960.00 - -111.00 0.00
Platinum Japan Fd Ltd $ 48.82 - 0.00 0.00 Max 50% Shs Port Acc Ret 248.50 - -0.60 - 40 Dukes Place, London EC3A 7NH
PIMCO EqS Emerging Markets Fund Inst Acc $ 8.48 - -0.04 0.00
UK Specialist Equity Income Fund £ 9.94 - -0.03 3.48 Renminbi Bond Fund SGD Cls B S$ 115.35 - -0.40 3.57 Order desk: 0845 608 0950, Enquiries 0845 608 0950 YMR Umbrella Fund
Optima Partners Global Fd $ 14.45 - 0.00 0.00 Max 50% Shs Port Inc Ret 224.20 - -0.50 -
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 15.30 - -0.05 0.00 Authorised Inv Funds
Global Emerg Mkts Equity Fund £ 12.36 - -0.08 0.44 Renminbi Bond Fund USD Cls B $ 115.97 - -0.42 3.35 YMR N Growth ¥ 15839.00 - -154.00 0.00
Optima Partners Focus Fund A $ 16.67 - 0.00 0.00 Max 50% Shs Port Acc X 179.90 - -0.40 - ACD Capita Financial Mgrs
PIMCO EqS Pathfinder.Fd Inst Acc F $ 14.04 - -0.07 0.00 Yuki Asia Umbrella Fund
Global Spec Inv Grade Bd Fund GBP £ 10.27 - -0.01 3.13 Renminbi Bond Fund YEN Cls B ¥ 12824.19 - -45.84 0.00
Max 100% Shs Port Acc Ret 282.90 - -0.40 - Trojan Investment Funds
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.89 - -0.02 0.00 Series 6 (Investment Management Customers Only) Yuki Japan Rebounding Growth Fund ¥ 21626.00 - -250.00 0.00
Renminbi Bond Fund USD Class $ 159.64 - -0.58 3.61
Max 100% Shs Port Acc X 203.10 - -0.30 - Spectrum Fund 'O' Acc 160.31 - 0.34 0.26
Orbis Investment Management Ltd (BMU) StocksPLUS{TM} - Inst Acc $ 22.82 - -0.13 0.00 United Kingdom Equity Index Fund £ 16.34 - -0.02 2.85
Renminbi Bond Fund GBP Class £ 154.89 - -0.55 3.87
Regulated Enhanced Inc Inc Ins 212.10 - -0.50 - Spectrum Fund 'O' Inc 156.34 - 0.33 0.26
Total Return Bond - Inst Acc $ 27.45 - 0.02 0.00 UK Specialist Equity £ 19.85 - -0.04 1.52
Renminbi Bond Fund SGD Class S$ 152.56 - -0.53 3.83
Zadig Gestion (Memnon Fund) (LUX)
Orbis Global Equity $ 168.97 - -0.87 0.00 Enhanced Inc Inc Ret 201.80 - -0.50 - Trojan Fund O Acc 258.80 - -0.59 0.59
UK Corporate Bond - Inst Acc £ 17.56 - -0.09 0.00 Contl Europe Specialist Fund £ 24.24 - -0.06 0.62 FCA Recognised
Orbis Optimal (US$) $ 73.22 - 0.34 0.00 Renminbi Bond Fund YEN Class ¥ 18960.00 - -69.00 0.00
Enhanced Inc Inc X 170.70 - -0.40 - Trojan Fund O Inc 215.30 - -0.49 0.59 Memnon European Fund I GBP £ 111.96 - -0.95 0.00
UK Long Term Corp. Bnd Inst-Inst Acc £ 19.93 - -0.16 0.00 Japan Specialist Fund £ 14.20 - 0.03 0.56
Orbis Optimal (Euro) € 25.20 - 0.13 0.00 Managed Investments OEIC Renminbi Bond Fund EUR Class € 105.61 - -0.38 4.07
Trojan Capital O Acc 205.49 - -0.77 0.92
UK Real Return - Inst Acc £ 23.52 - -0.22 0.00 US Spec Equity Fund £ 19.11 - -0.16 0.16
Orbis Optimal (Yen) ¥ 1046.00 - 3.00 0.00 Max 30% Shs Port Acc Ret 158.20 - -0.30 - Poland Geared Growth £ 0.51 - -0.02 0.00
UK Sterling Long Average Duration - Inst Acc £ 23.06 - -0.28 - Pacific Basin Specialist Equity Fund £ 42.35 - -0.19 1.19
Trojan Capital O Inc 176.28 - -0.65 0.93 Zebedee Capital Partners LLP (CYM)
Orbis Japan Equity (US$) $ 39.68 - 0.12 0.00 Max 30% Shs Port Acc X 158.20 - -0.30 - Trojan Income O Acc 264.50 - 0.45 3.71 Regulated
UK Sterling Low Average Duration - Inst Acc £ 14.17 - 0.00 - UK Sovereign Bd Index Fund £ 11.17 - -0.07 2.58
*Orbis Prices as of January 30th Max 30% Shs Inc Port Inc Ret 159.70 - -0.10 - Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Trojan Income O Inc 170.18 - 0.29 3.83
Unconstrained Bond - Inst Acc $ 12.17 - 0.01 0.00 Inflation Lkd Sov Bd Fund £ 12.93 - -0.11 0.71
Max 30% Shs Inc Port Inc X 159.70 - -0.10 - Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
US Fundam.Index StocksPLUS Inst Inc $ 12.60 - -0.05 0.00 UK Specialist Equity Income Fund £ 10.64 - -0.03 3.44
Orbis Sicav (LUX) Max 60% Shs Port Acc Ret 271.60 - -0.50 - Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Regulated
UBS Global Asset Mgmt Fds Ltd (UK)
Global Spec Inv Grade Bd Fund GBP £ 10.51 - -0.01 3.13
Max 60% Shs Port Inc Ret 220.60 - -0.40 - 21 Lombard Street, London, EC3V 9AH
Orbis Japan Equity (Yen)
Orbis Japan Equity (Euro)
¥ 3880.00
€ 25.64
-
-
11.00 0.00
0.08 0.00
Global Emerg Mkts Equity Fund £ 12.31
Address and telephone number for Series 5 only
- -0.09 0.63
Max 60% Shs Port Inc X 170.80 - -0.30 -
Client Services 0800 587 2113, Client Dealing 0800 587 2112
www.ubs.com/retailfunds
Money Market
Eq Inc Port Acc Ret 294.20 - -0.70 - E.I. Sturdza Strategic Management Limited (GSY)
Trusts and
Authorised Inv Funds
Orbis Asia ex-Japan - Investor Shares $ 22.23 - -0.06 0.00 Regulated
Eq Inc Port Inc Ret 234.50 - -0.50 - OEIC
Orbis Global Equity - Investor Shares € 148.04 - -0.37 0.00 Royal London Unit Managers (CIS) (1200) F (UK) Nippon Growth Fund Limited ¥ 95449.00 - 362.00 -
Global Emerg Mkts Eqty B Acc £ 1.42 - 0.00 1.50
Bank Accounts
PO Box 105, Manchester M4 8BB 08457 464646 Managed Investments OEIC 2
Strat Evarich Japan Fd Ltd JPY ¥ 84819.00 - -823.00 0.00
Authorised Inv Funds Investments Inc Port Inc Ret 174.90 - -0.40 - Global Optimal B Acc £ 1.01 - -0.01 -
Gross
Oryx International Growth Fund Ltd Platinum Capital Management Ltd CIS Sustainable Diversified Trust A £ 1.59 - 0.00 1.74 Investments Inc Port Inc X 158.50 - -0.30 -
Strat Evarich Japan Fd Ltd USD $ 845.92 - -8.17 0.00
UBS UK Opportunities Fund B Acc £ 0.92 - 0.00 - Gross Net AER Int Cr
Other International Funds Other International Funds
CIS Sustainable World Trust A 169.50 - 0.20 0.77 £ Gov Bond Inc Inst 184.00 - -0.60 - US Equity B Acc £ 1.45 - 0.00 0.28
NAV (Fully Diluted) £ 5.44 - 0.05 0.00 Platinum All Star Fund - A (Est) $ 114.71 - - -
Corporate Bd Inc Tst 93.61 98.54 -0.04 3.96 Strat Bond Inc Inst 188.00 - -0.10 - E.I. Sturdza Funds PLC (IRL)
UBS Asian Consumption Fund - B Acc £ 0.59 - -0.01 0.44 CCLA Investment Management Ltd
Platinum Global Dividend Fund - A $ 62.83 - - - Regulated Senator House 85 Queen Victoria Street, London EC4V 4ET
European Growth 102.40 107.80 0.10 1.74 Managed Investments OEIC 3 UBS S&P 500 Index C Acc £ 0.52 - -0.01 -
Platinum Global Dividend UCITS Fund $ 74.55 74.55 0.15 6.85 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1013.95 - -10.08 0.00 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Sustainable Leaders A 460.40 - 1.30 0.68 Div Inc Port Inc Ret 171.50 - 0.70 - UBS Targeted Return B Acc £ 1.27 - 0.00 1.15
Platinum Arbitrage Opportunities Fund Ltd Class A (Est) $ 85.93 - - - Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1187.42 - -11.88 0.00
UK Growth 491.10 516.90 2.20 1.07 Corp Bond Acc Inst 220.00 - -0.40 -
Platinum Essential Resources UCITs Fund $ 7.06 7.06 -0.05 - Nippon Growth (UCITS) Fund JPY Class A shares ¥ 94514.00 - 1694.00 0.00
UBS Sterling Corporate Bond Indexed Fund 53.80 - 0.30 3.16 CCLA Fund Managers Ltd
Multi-Manager OEIC Senator House 85 Queen Victoria Street, London EC4V 4ET
UK Income With Growth 235.40 247.80 0.50 4.35 UBS Multi Asset Income B Inc (net) £ 0.52 - 0.00 3.71
Platinum Maverick Enhanced Fund Limited $ 92.87 - - 0.00 Bal Intl Track Acc Ret 272.30 - -0.40 - Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 79279.00 - 1421.00 0.00 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
US Growth 149.60 157.30 -0.80 0.00 UBS UK Equity Income B Inc Net £ 0.42 - 0.00 4.88
Platinum Navigator Fund Ltd Class A $ 98.72 - - - Bond Mthly Inc Acc Ret 147.60 - -0.40 - Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 77010.00 - 1380.00 0.00
Additional Funds Available Corporate Bond UK Plus B Inc Net £ 0.54 - 0.00 4.00
Permal Investment Mgmt Svcs Ltd Please see www.cis.co.uk for details Bond Mthly Inc Inc Ret 96.58 - -0.25 - Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 51118.00 - 917.00 0.00
www.permal.com UBS Global Allocation (UK) B Acc £ 1.11 - 0.00 1.58
Strategic China Panda Fund USD $ 2288.73 - -1.56 0.00
Data Provided by
Asset Management
Other International Funds
UBS Global Enhanced Equity Income C Inc £ 0.50 - 0.00 -

Offshore Fund Class A US $ Shares RBS Collective Investment Fds Ltd (UK) Santander Asset Management UK Limited (1200)F (UK) Strategic China Panda Fund Hedged EURO € 2228.82 - -0.85 0.00
PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 UBS US Growth Fund B Acc £ 1.41 - -0.02 0.00
Investment Holdings N.V. $ 5436.88 - -32.89 0.00 Strategic China Panda Fund Hedged Sterling £ 2257.97 - -1.12 0.00
Authorised Inv Funds Authorised Inv Funds UBS Emerging Markets Equity Income B Inc £ 0.45 - 0.00 -
Macro Holdings Ltd $ 4198.93 - 30.95 0.00 Strategic Euro Bond Accumulating Class CHFSFr 1021.31 - 1.74 0.00
Balanced Acc 355.60 - -0.30 1.10 Santander Premium Fund (OEIC)
Fixed Income Holdings N.V. $ 400.40 - -10.13 7.99 A Shares Strategic Euro Bond Institutional Class EUR € 1035.41 - 1.87 0.00
Balanced Inc 290.10 - -0.20 1.10
Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00 Polar Capital Funds Plc (IRL) Strategic Euro Bond Fund Accumulating Class Shares € 1163.89 - 2.10 0.00 Unicapital Investments (LUX)
Equity Income 334.90 - 1.60 3.67 Europe (ex-UK) 271.60 - -1.40 -
Regulated Regulated
Japan Equities 146.20 - -1.00 - Strategic Euro Bond Fund Distributing Class Shares € 1064.22 - 1.91 0.00
Asian Financials I USD $ 307.79 307.79 -0.55 0.00 Extra Income 111.20 - -0.20 3.10 Investments III € 24.78 - -51.77 0.00
Biotechnology I USD $ 16.59 16.59 -0.24 0.00 FTSE 100 Tracker Special 1 302.00 - -0.20 2.99 Pacific Bas (ex-Japan) 545.80 - -1.50 - Strategic Global Bond RMB Acc CNY 1095.38 - 1.85 0.00
Investments IV - European Private Eq. € 307.74 323.13 0.00 - www.morningstar.co.uk
Sterling Bonds 273.20 - -0.60 - Strategic Global Bond USD Acc $ 1074.22 - 1.63 0.00
European Income Acc EUR € 11.31 11.31 0.08 - FTSE 100 Tracker Special 3 209.40 - -0.10 2.76 Investments IV - Global Private Eq. € 429.57 451.05 0.00 0.00 Data as shown is for information purposes only. No
UK Equities 263.90 - 0.00 - Strategic US Momentum and Value Fund $ 812.31 - 3.98 0.00
Financial Opps I USD $ 12.06 - 0.01 2.03 FTSE 100 Tracker Standard 285.80 - -0.20 2.52 offer is made by Morningstar or this publication.
US Equities 260.10 - -1.50 - Strategic US Momentum and Value EUR Hedged Class EUR € 566.74 - 2.72 0.00
GEM Growth I USD $ 9.92 - 0.00 0.00 Growth 315.90 - 0.70 2.06 Unicorn Asset Management Ltd (UK)
B Shares Strategic US Momentum and Value CHF Hedged Class CHFSFr 563.19 - 2.46 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
GEM Income I USD $ 11.21 - 0.02 0.00 High Yield 127.90 - -0.10 3.52
Pictet Funds (Europe) SA (LUX) Pacific Bas (ex-Japan) 545.00 - -1.60 - Authorised Inv Funds
15, Avenue J.F. Kennedy L-1855 Luxembourg Global Alpha I USD $ 12.87 12.87 0.04 0.00 International Growth 407.20 - -1.20 0.61 UK Growth A Inc 372.94 - 2.03 0.00
Tel: 0041 58 323 3000 Taube Hodson Stonex Ptnrs UT (1200)F (UK)
Global Convertible I USD $ 11.40 11.40 0.01 0.00 Stakeholder Investment 170.90 - -0.10 1.37 Mastertrust A Inc F 351.09 - -0.94 -
50 Bank Street, Canary Wharf, London E14 5NT
FCA Recognised
Adventurous Growth 149.70 - -0.50 0.50
Saracen Fund Managers Ltd (1000)F (UK)
Global Insurance I GBP £ 3.77 - -0.01 0.00 Admin: 50 Bank Street, Canary Wharf, London E14 5NT UK Growth B Inc 373.97 - 2.03 0.25
Pictet-Absl Rtn Fix Inc-HI EUR € 107.93 - -0.01 0.00 19 Rutland Square, Edinburgh EH1 2BB
Balanced Growth 146.20 - -0.30 0.70 Dealing & Enquiries: 0870 870 8433
Global Technology I USD $ 21.85 - 0.08 0.00 Dealing: 00 353 1 603 9921 Mastertrust B Inc F 315.12 - -0.84 0.40
Pictet-Absl Rtn Glo Div-I EUR F € 124.54 - -0.09 0.00 Authorised Inv Funds
Cautious Growth 135.40 - -0.20 1.20 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Healthcare Blue Chip Fund I USD Acc $ 10.61 10.61 -0.07 - THS Growth & Value Funds Outstanding British Cos A Acc F 228.94 - 1.32 0.48
Pictet-Agriculture-I EUR F € 192.30 - -0.56 0.00 Authorised Inv Funds
Healthcare Opps I USD $ 36.58 - 0.09 0.00 Income 123.30 - -0.20 2.20 International Outstanding British Cos B Acc F 237.76 - 1.38 1.24
Pictet-Asian Equities Ex Japan-I USD F $ 226.82 - -1.26 0.00 Saracen Growth Fd Alpha Acc £ 3.46 - -0.01 1.05
Income Opportunities B2 I GBP Acc £ 1.67 1.67 0.00 0.00 Capital Protected Accelerator Fund 2 125.30 - 3.00 0.00 IGV - Inc A 335.30 - -2.10 1.83 UK Smaller Cos A Inc F 401.97 - 0.91 0.09
Pictet-Asian Local Currency Debt-I USD F $ 157.19 - -0.77 0.00 Saracen Growth Fd Beta Acc £ 5.51 - 0.00 1.57
Japan Alpha I JPY ¥ 185.16 185.16 -1.20 0.00 Capital Protected Accelerator Fund 3 117.10 - 2.90 0.00 IGV - Inc B 334.00 - -2.10 1.09 UK Smaller Cos B Inc F 393.74 - 0.90 0.84
Pictet-Biotech-I USD F $ 780.25 - -13.99 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.23 - 0.00 2.86
Japan I JPY ¥ 1852.88 - -14.46 0.00 Capital Protected Fund 4 133.90 - 3.20 0.00 IGV - Acc X 402.70 - -2.40 1.33 UK Income A Acc F 241.18 - -0.41 6.27
Pictet-Brazil Index I USD $ 56.59 - -0.18 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.16 - -0.01 2.92
North American I USD $ 16.90 16.90 -0.06 0.00 Capital Protected Fund 6 172.20 - 0.00 0.00 IGV - Acc Y 430.30 - -2.60 1.79 UK Income A Inc F 222.66 - -0.37 6.53
Pictet-CHF Bonds I CHF SFr 505.44 - -0.31 0.00 Saracen Global Income and Growth Fund -Acc £ 1.51 - -0.01 3.23
UK Absolute Equity I GBP £ 10.71 10.71 0.06 - Your Portfolio Fund II Class 1 113.30 - -0.20 0.90 IGV - Acc Z 400.80 - -2.40 1.07 UK Income B Acc F 254.55 - -0.43 6.24
Pictet-China Index I USD $ 117.18 - 0.46 0.00 Saracen Global Income and Growth Fund -Dist £ 1.36 - -0.01 3.32
Your Portfolio Fund II Class 2 113.00 - -0.20 1.00 European
. UK Income B Inc F 235.10 - -0.39 6.50
Pictet-Clean Energy-I USD F $ 89.93 - -0.66 0.00
Your Portfolio Fund III Class 1 119.10 - -0.10 0.90 For Save & Prosper please see Countrywide Assured EGV - Acc S 268.20 - -2.20 -
Polar Capital LLP (CYM)
Pictet-Digital Communication-I USD F $ 242.62 - -0.06 0.00
Regulated Your Portfolio Fund III Class 2 119.00 - -0.10 1.10 EGV - Acc Z 268.20 - -2.20 0.26
Pictet-Eastern Europe-I EUR F € 281.25 - -4.44 0.00 Value Partners Hong Kong Limited (IRL)
ALVA Convertible A USD $ 126.35 - 0.10 0.00 Your Portfolio Fund IV Class 1 124.70 - -0.10 0.80 Schroder Property Managers (Jersey) Ltd Continental www.valuepartners.com.hk / vpl@vp.com.hk
Pictet-Em Lcl Ccy Dbt-I USD F $ 177.05 - -0.80 0.00 European Conviction A EUR € 164.81 - 2.42 0.00 Other International Funds Regulated
Your Portfolio Fund IV Class 2 124.40 - -0.10 1.10 CVG - Acc S 107.70 - -1.00 -
Pictet-Emerging Markets-I USD F $ 556.14 - -2.65 0.00 European Forager A EUR € 181.04 - 0.47 0.00 Indirect Real Estate SIRE £ 124.74 129.81 1.55 3.32 Value Partners Classic Equity USD Hedged $ 13.69 - -0.06 0.00
CVG - Acc X 107.70 - -1.00 -
MARKETS & INVESTING
Capital markets
fastFT
Sterling enjoys best week

for a year on buoyant data
Coco bonds sweetened by Europe QE
The pound is having its steadily sliding since July Investors look to high-risk 0.68 per cent in the two weeks since the of the issuing lender or regulators.
5.48% first half. Volumes are expected to keep
best week in a year as a as the falling oil price and ECB announcement. Cocos’ yield compression is a shot in pace this year as banks continue to
run of positive data spurs more mixed economic data contingent convertible Bryan Wallace, head of JPMorgan’s the arm for a market that has been rela- Average yield on shore up capital buffers under pressure
coco bonds, down
a rethink on the strength raised doubts over the debt amid hunt for yield global bond fund, said QE would con- tively subdued since ECB bank stress from 5.86% since from regulators. Cocos are seen as a
of the recovery and assumption that the Bank tinue to support the pricing of riskier tests in October. ECB announcement cheaper way of increasing bank capital
what it could mean for of England would lift assets, including cocos. Spain’s Banco Popular, one of the few than issuing new shares.
interest rates. interest rates. CHRISTOPHER THOMPSON “The ECB’s QE programme should be smaller banks to have issued a deal in €750 m “Buyers have become more cautious
Sterling rose 0.7 per cent The oil price, which has The European Central Bank’s supportive for risk assets as investors the past, announced a perpetual €750m Size of a perpetual
as the market develops, but they need
yesterday to $1.5290, its halved since June, announcement of a €60bn-a-month reach for yield,” he said. “The coco coco this week. The bond has an 8.25 per coco issued by the yield, and banks have massive capi-
highest level in a month, triggered a sharp fall in bond-buying programme has boosted spread [yield] levels compensate for cent coupon. Popular had abruptly Spain’s Banco tal buckets to fill,” said Mr Burrows.
bringing its advance this inflation and reduced some of the riskiest loss-absorbing debt conversion and writedown risk as well withdrawn the deal last year because of Popular this week In October last year the average coco
week to 1.6 per cent, which pressure to raise rates. instruments issued by banks. as coupon cancellation risk — however, market volatility. yield, which moves inversely to prices,
is its best showing since As expected, the BoE Since the ECB announcement late last we remain focused on the strongest “Since June last year the market has rose above 6 per cent following a year
last February. declined to lift rates month, the average yield on contingent credits and structures in the space.” been wobbly,” said Oliver Burrows, low of 4.73 per cent in June.
It gained against the yesterday. At the last convertible, or coco, bonds has dropped Most coco bonds sit above equity senior banks analyst at Rabobank. Institutional investors have emerged
dollar for a third meeting, two hawks from 5.86 to 5.48 per cent, according holders in a bank’s capital hierarchy, “You’ve got high-yield tourists because as the busiest coco buyers, with hedge
consecutive day after a stopped voting for rate to an index from Markit iBoxx. meaning they are exposed to losses there are few other high-yield opportu- funds snapping up less than a fifth of the
closely watched survey increases. The high-risk, high-reward bonds, before senior creditors. nities in the market. But at the first sign hybrid debt.
showed that the UK Nonetheless, with the which convert to equity or simply write- They have been criticised by some of trouble they sell, so it’s more volatile.” UK regulators banned the sale of coco
housing market had made economy still going strong, down when a bank’s capital drops below investors for their lack of creditor pro- Demand for cocos among yield- bonds to mass-market retail investors,
a much stronger start to the decision is likely to an agreed threshold, outperformed the tection, including the possibility of starved investors was robust in 2014 following warnings that investors were
the year than economists become more finely wider iBoxx Financials bonds index by coupon cancellation at the discretion leading to record issuance, mostly in the underpricing the risks involved.
were expecting. balanced in the year ahead,
Purchasing managers’ leading some investors to
indices this week for buy sterling on the view
construction, services and
manufacturing have come
that a rate increase could
come sometime in 2015. Analysis. Capital markets
in ahead of expectations, The BoE has signalled
as did consumer
confidence data last Friday
and Halifax house prices
statistics yesterday.
that it remains unwilling to
raise rates until there is a
sustained improvement in
workers’ pay. Regular
EU push to split trading fees meets resistance
Halifax said UK house weekly wage growth
prices had risen 2 per cent accelerated from 1.6 per
in January from December, cent to 1.8 per cent in the
far exceeding forecasts three months to November, Paying separately for research The value of dealing
for a 0.1 per cent increase but real wages remain would threaten liquidity as commission has tumbled
from economists polled 8 per cent lower than on equity markets ...
by Reuters. before the financial crisis. well as profits, brokers warn €bn
Sterling had been www.ft.com/fastFT
Total commissions
Equity research
Sterling PHILIP STAFFORD
Trade execution
Against the dollar ($ per £) European rules on dealing commissions 5
aim to cut prices and improve transpar-
1.70 ency for investors, but brokers are 4
warning that they threaten to tighten
the tap on liquidity in equity and fixed 3
1.60 income markets.
A review of Mifid, the flagship mar- 2
1.50 kets legislation, has proposed cleaner
divisions between payments for trading 1
and for research across all asset mar-
1.40 kets. Most fund managers use their cli- 2008 09 10 11 12 13 14
ents’ money to pay for the execution of Q1
Jan 2013 2014 Feb
2015 trades, but the broker’s commission ... as electronic trading
Source: Thomson Reuters Datastream includes other services such as research. becomes a common way
The UK introduced payment separa-
tion more than a decade ago, but the
to trade shares
Financial Conduct Authority is con- % of total
fastFT cerned that its rules have largely been Electronic single stock trading
ineffective and investors are still over- Trades that are a mixture of sales
trader and electronic
Danish 2-year yield tumbles paying for research.
Single stock trades
It is backing a push by the European
after yet another rate cut Securities and Markets Authority for
by sales traders 100
managers to pay for research out of their 80
The yield on Denmark’s The yield of Denmark’s own funds via a separate account. This
60
two-year bond has two-year bond fell 10 basis must be funded in advance, operate
plummeted to minus points to minus 0.76 per within a budget set by the manager, and 40
0.76 per cent after the cent yesterday afternoon, not be linked to the volume of transac- 20
central bank cut its deposit the lowest rate on record tions executed.
rate for the fourth time in and the lowest in the world The change “could be more profound 0
less than a month as it after Swiss two-year notes than the arrival of high-frequency trad- 2008 11 13 15 17*
tries to stem bets that its (which currently yield ing or dark pools”, says Richard Balar- Source: Greenwich Associates * Projection
currency peg to the euro minus 1.18 per cent). kas, a consultant and former chief exec-
will have to be severed. Colin Bermingham at utive of Instinet Europe, an electronic
Although the Danish BNP Paribas forecast that broker. Both developments were ena- Need for clarity: In the UK fund managers pay for Splitting payment for research in ers to provide liquidity. Fund managers
krone’s peg to the euro the Danish central bank bled by the first set of Mifid rules. the FCA is research via a separate pot known as a these asset classes should result in a are increasingly trading directly on the
pre-dates even the would have to continue to While many brokers were relieved concerned that commission-sharing arrangement, but reduction in the size and cost of the market themselves, taking on part of
common currency (before intervene and perhaps that Esma did not recommend an out- UK rules on “in Europe it would be a revolution”, spread. “Whether managers are paying the role previously played by a broker.
the euro it was pegged to even lower its deposit rate right ban on the practice of paying for payment says Robert Buller, global head of with their own money or from clients’ Unbundling research from trading in
the Deutschmark) and is further, given the research through commission, the rules separation, account management at Kepler assets, there should be the same pres- fixed income markets may further cut
enshrined in law, that has “relentless” pressure on were stricter than expected, and bro- introduced Chevreux in Paris. “The usage of CSAs in sure on brokers to reduce the spread,” profitability, but market participants
not prevented some the currency. kers are frantically preparing to lobby more than a continental Europe is very new indeed.” says Arjun Singh-Muchelle at the question whether others will step into
investors from flooding the Jens Naervig Pedersen for last-minute changes. decade ago, have A number of smaller brokers in the Investment Association. “If that does the breach and provide liquidity. Banks’
country with money since of Danske Bank agreed It is unclear whether the proposals been ineffective UK, such as Altium, Astaire, Execution not occur it is something the FCA or historical role of holding a fixed income
the Swiss National Bank that there was more work would be in the form of a mandatory Chris Helgren/Reuters
Noble and Fairfax, have exited the busi- Esma may have to look at again.” inventory is being hit as Basel III rules
ended its currency ceiling for the central bank ahead. regulation, or a directive, which would ness or merged since CSAs were intro- That change may have repercussions, make it more expensive to do so by rais-
last month. “The larger rate cut give national regulators more latitude. duced. Kepler forecasts a similar out- as the transparency push comes up ing capital requirements. Compara-
The Danish central bank indicates that DN Market participants have another come in Europe, where it says smaller against market participants’ desire for tively little capital is needed to trade in
has sold $16.3bn of krone [Danmarks Nationalbank] month to give feedback. Then Esma brokers could lose a third to a half of orderly markets. “The proposed provi- equities markets.
to keep the currency is strongly committed to sends its final recommendation for a existing revenues. sions are framed in a way that is not Global debt levels are rising, but some
steady, persuaded the safeguarding the fixed decision by the European Commission For fixed income, commodity and appropriate to the way non-cash equi- experts question whether companies
government to halt exchange rate policy, but and parliament. The rules are due to currency markets, paying for research is ties markets work,” says Christian and investors will find it easy to exit
sovereign bond sales to also hints that more come into force by 2017. a new concept. Trading in these markets Krohn at the Association of Financial their holdings. “It’s becoming harder for
crimp yields, and cut its emphasis may be put on Many brokers say the current system is largely principal-based, with the bank Markets in Europe, a trade group. the sellside bank to become the risk-
deposit rate four times foreign exchange does not exploit the customer. They taking on risk for managing the deal. In equities the decade-long decline of bearing intermediary,” says Mr Balar-
since mid-January, to a intervention purchases,” make little money from equities trad- The spread — or difference between the commission costs has concentrated kas. “It has long been an accepted fact in
negative 0.75 per cent he said. ing, they say, and the proportion of com- bid and the ask price of a security — trading among bigger brokers, equities, but it’s going to get worse. In
yesterday. www.ft.com/fastFT mission spent on research is low when helps pays for the trade. Research is pre- increased trading volumes and helped fixed income, liquidity is already begin-
set against the returns investors receive. sented as part of the service. open a gap for high-speed market mak- ning to dry up.”
Commodities Currencies
Oil price stages rebound from sharp losses Euro climbs as Greece talks to its creditors
ANJLI RAVAL Stocks at the inland US storage hub of number of oil rigs in the US and a pull- MICHAEL HUNTER of a Greek exit is clearly now higher than France — and retail sales have firmed,”
— OIL AND GAS CORRESPONDENT
Cushing, Oklahoma, which is the deliv- back in spending by the world’s largest at any time in 2012.” said Marc Chandler at Brown Brothers
The euro tracked the political develop-
The price of oil rallied more than $3 a ery point for WTI, jumped a further energy companies. Frederik Ducrozet, senior eurozone Harriman, pointing to recent upticks in
ments between Greece’s new anti-
barrel yesterday, rebounding from 2.5m barrels. “They are 1.1m barrels “There are signs of a change of senti- economist at Crédit Agricole, said the eurozone economic data.
austerity government and its creditors
sharp losses in the previous session. above both the year-ago level and the ment among traders, with concerns ECB had put maximum pressure on “This is not to suggest a surge in
yesterday, as investors weighed up the
five-year average.” growing that prices are low enough to Athens. “The bottom line is that the growth is at hand, but we do expect the
stand-off between Athens and Brussels
In afternoon trading, Ice March Brent, Relentless US supply increases and create severe supply losses in non- decision is a risky, albeit calculated, decline in the euro, oil and yields to off-
over debt relief.
the international oil benchmark, sustained output from Opec nations Opec areas,” said analysts at Standard political move,” he said. set some of the other headwinds the
jumped $2.84 to $57 a barrel while its US have coincided with demand weakness Chartered. The shared currency fell as low as Yesterday’s euro gains came as the region faces.”
counterpart Nymex March West Texas in Europe and a slowdown in China, Although US oil output will be higher $1.1315 overnight in immediate reaction dollar weakened against most other Ukraine’s hryvnia also stood out, after
Intermediate rose $2.66 to $51.15 a bar- putting pressure on oil prices since throughout 2015 than in 2014, lower to the European Central Bank’s unex- developed world currencies ahead of a rate increase from 14 per cent to
rel. In the previous session, US energy mid-June. upstream spending could bring month- pectedly early move to ban the use of today’s US jobs report, which will heav- 19.5 per cent from the country’s central
department data showed a bigger than The oil producer cartel’s decision to to-month growth to a halt in the second Greek debt as collateral for access to its ily influence thinking on the potential bank. The National Bank of Ukraine’s
expected jump in crude inventories. maintain production targets at 30m half of the year, according to research by cash. But the shared currency bounced timing of the Federal Reserve’s likely move failed to generate support for the
Analysts had expected an increase of barrels a day — rather than cut output IHS Energy. back to $1.1445 as the trading day devel- move to take US interest rates off crisis- currency, which also remained vulnera-
3.47m barrels for the week to January to shore up the price — lubricated fur- “This will be a key development to oped, and in late London trade stood era historic lows. There was also support ble to the geopolitical tension between
30. Instead, crude stocks rose 6.33m ther falls. rebalance world oil supply and demand 0.7 per cent up at $1.1424. for the euro from Germany, as the euro- Kiev and Moscow.
barrels to 413m barrels — an 80-year Although Brent prices have dropped — and provide a foundation for a poten- Giuseppe Maraffino, analyst at Bar- zone’s most powerful economy reported It weakened as much as 31 per cent,
high for this time of the year. almost 60 per cent since the middle of tial oil price recovery,” it said. clays economics research, said: “Overall a sharp recovery in industrial orders. with a single dollar fetching as many
“The demand for onshore storage last year, they have jumped more than Traders awaited the release of data we retain the view that an agreement “Over the last couple of weeks, M3 as 24.5 hryvnia. The decline was the
seems insatiable,” said David Hufton at 16 per cent since last Thursday as inves- from Saudi Arabia’s state oil company between the Greek government and the [money supply] and bank lending have biggest fall since the currency’s incep-
London-based broker PVM. tors have focused on a drop in the detailing its selling prices for March. EU remains possible but the probability improved, PMIs are firmer — except tion two decades ago.
MARKETS & INVESTING
Global overview
TRADING POST Markets update
Jamie
Chisholm
Wall Street rallies as oil rebounds S&P 500 index
Change on day 1.03%
while Greek woes rattle Europe

2060
2040
2020
Great news for day traders. Jobs Friday 2000
is here again!
1980
According to Reuters consensus, Jan 2015 Feb
analysts expect the US non-farm
payrolls report will show a net gain of S&P 500 closes 1.5 per changed against the Danish krone, even US equities Wall Street resumed its
234,000 positions in January and for after Denmark’s central bank lowered upward momentum as equity bulls
the unemployment rate to hold at 5.6 cent below record high, its deposit rate for the fourth time in less were encouraged by a rebound for oil
per cent. with Brent reversing an than three weeks. prices and a huge takeover deal in the
Unless the numbers arrive bang in “The Nationalbank is struggling to pharmaceuticals sector
line with those forecasts it would be early slide and Pfizer deal protect its peg to the euro in the face of
reasonable to expect the usual adding upward pressure substantial demand for Danish assets,” FTSE 100 index
twitchiness across markets as dealers said Jessica Hinds at Capital Economics. Change on day 0.09%
adjust interest rate expectations. DAVE SHELLOCK “The cut in the deposit rate, to minus 7000
Short-term punters like the volatility 0.75 per cent from minus 0.5 per cent,
(vol). But as the carnage from the Rebounding oil prices and a huge take- takes the Danish rate in line with that of 6800
Swiss central bank’s recent forex policy over deal in the US pharmaceutical sec- Switzerland, as we had expected, and 6600
shift shows, too much is dangerous. tor paved the way for Wall Street to follows FX intervention.”
6400
It also makes it more expensive for resume its upward momentum. But Sterling was up 1 per cent against the Jan 2015 Feb
longer-term investors to hedge, or stock markets across the Atlantic were broadly weaker dollar at $1.5333 after
protect, portfolios via options. far more circumspect in the wake of the the Bank of England left interest rates UK equities A rally for the energy
And vol is up all over the place. European Central Bank’s warning shot unchanged, as had been expected. sector supported the FTSE 100, with
Take the CBOE Vix index. The to Greece over its bailout negotiations. The German Bund yield edged up 1bp further help coming from a 4.5 per
measure of vol costs for the S&P 500 In New York, the S&P 500 equity to 0.38 per cent ahead of the start next cent rise in BT after it finalised the
averaged 14.2 per cent last year, but so index finished 1 per cent higher at 2,062, month of the ECB’s massive bond-buy- £12.5bn acquisition of mobile group EE
far in 2015 it has averaged 19. about 1.5 per cent below the record high ing programme. Data yesterday showed
The Merrill Lynch Option Volatility reached at the end of last year. Pfizer a surprisingly strong rise in German fac- Eurofirst 300 index
Estimate, known as the MOVE index, shares rose sharply after it announced tory orders in December, while the
Change on day 0.04%
tracks vol prices across the Treasury the $17bn acquisition of Hospira, a pro- European Commission raised its euro- 1500
curve. As Fed tightening (supposedly) vider of injectable drugs. zone growth forecasts yesterday, in spite 1450
gets closer, the MOVE has risen from Wall Street’s rally came as Brent crude of the uncertainty over Greece. 1400
— Cultura Creative/Alamy
the 60 level seen for much of last year reversed an early fall to as low as $53.07 The 10-year US Treasury yield, mean-
Lever up or down, global debt still rises: FT.com/video 1350
to more than 90, its highest since a barrel to settle $2.41 higher at $56.57, a while, edged up 2bp to 1.81 per cent as
1300
October’s Treasury yield “flash crash”. gain on the day of 4.5 per cent — contin- The world is more indebted than during the financial crisis. market participants eagerly awaited the
Jan 2015 Feb
The CBOE Gold Vix, calculated from uing the recent pattern of extreme vola- Richard Dobbs of McKinsey talks about the risks January non-farm payroll report.
exchange traded fund options, tility in oil prices. There was further encouraging news European equities Greek banks came
averaged 16.6 last year and 20.3 per However, the FTSE Eurofirst 300 on the US labour market as initial under heavy selling pressure after the
cent this year. The JPMorgan G7 forex ended just a fraction higher, while Greek the ECB,” said Gary Jenkins, chief credit be lenient on Greece’s requests,” he said. jobless claims rose by far less than European Central Bank tightened their
vol has more than doubled from its banking stocks once again suffered strategist at LNG Capital. Shares in Greece’s biggest banks fell expected last week. access to cheap funding, helping drive
historic lows hit six months ago. savage losses amid concerns over their “It is unlikely to be a coincidence that between 10 and 15 per cent, while the However, a sharp widening of the US the Athens market down 3.4 per cent
Finally, unsurprisingly, the CBOE Oil access to funding. the move came on the day that the Athens General equity index shed 3.4 trade deficit in December prompted
Vix has spiked to near six-year highs. Late on Wednesday, the ECB said it Greek finance minister met with repre- per cent. The Greek three-year govern- some economists to lower their esti-
Sell vol, or hunker down? would no longer accept Greek debt as sentatives of the ECB. I can’t help think- ment bond yield soared as much as 233 mates for final fourth-quarter US GDP Nikkei 225 index
collateral in its refinancing operations, ing that the party that is going to have to basis points, according to Reuters data, growth — although Anthony Karydakis (’000) Change on day 0.98%
18.0
jamie.chisholm@ft.com meaning the country’s banks would make the most compromises to get a before easing back. at Miller Tabak noted that a key reason
have to resort to the emergency liquid- deal done is the Greek government.” However, the euro, which initially for the deterioration was a 2.2 per cent 17.5
CBOE Oil Vix ity assistance programme via the Greek Giuseppe Maraffino, an economist at extended a fall against the dollar follow- rise in imports, reflecting strengthening 17.0
Index central bank. Barclays, said that while an agreement ing the ECB announcement, rebounded domestic consumption.
Analysts said the ECB’s decision was between the Greek government and the 1.2 per cent to $1.1482. The single cur- “The irony is also compounded by the 16.5
100 Jan 2015 Feb
aimed at nudging Greece’s new govern- EU remained possible, the probability of rency was also up 1.5 per cent versus the counterintuitive reality of accelerating
50 ment and its creditors towards reaching a Greek exit from the eurozone was now yen at Y134.96. And there was a muted consumer spending now leading to the Japanese equities Concerns over
an early agreement over the country’s higher than ever. response in other “peripheral” euro- downward revision to last quarter’s GDP Greece and weak oil prices weighed on
0
2007 08 09 10 11 12 13 14 15
bailout programme. “The rise of radical parties in Europe, zone bond markets, with Portugal’s 10- growth,” he said. the Nikkei, although Sony leapt 12 per
Source: Thomson Reuters Datastream
“It is difficult to see this as anything such as Podemos in Spain, leaves not year yield actually falling. Gold gave back an early advance to cent after it raised its full-year outlook
other than a very aggressive move by much room to EU policy makers to But the single currency was barely stand $5 lower at $1,264 an ounce.
Lonmin gained 1.3 per cent to £24.28. Vodafone

Share price (pence) lost 2.4 per cent to 230.9p after third- Trading Directory
300 quarter earnings were flattered by a
strong contribution from its carrier
250 services business, bought via the 2012
200 acquisition of C&W Worldwide.
150 “This is a more volatile revenue
London Feb 2014
Source: Thomson Reuters Datastream
Feb
2015
stream and typically lower margin,”
said Merrill Lynch. “It should not be
Ocado falls after broker Day's
discounted, but nor is this the mobile
delivers ‘niche’ tag and Indices Close change
data nirvana story that the market read
through second-quarter results.”
downgrades to ‘sell’ FTSE 100
FTSE 250
6865.93
16694.99
5.91
123.35
Rexam closed 20.2 per cent higher at
FTSE 350 3755.02 7.10
538p, with the can maker drifting back
FTSE All-Share 3687.08 6.90
from a session high of 575.5p on worries
FTSE All-Share Yield 3.26 - that a 610p-a-share bid approach from
FTSE 100 Futures 6803.00 6.00 Ball Corporation would by stymied by
Bryce Elder 10 yr Gilt Yield 2.53 -0.29 antitrust regulations. A combined group
20yr Gilt All-Share Ratio 0.65 - would have about 70 per cent of the
drinks can market in North America
Ocado was a sharp faller yesterday after Each international deal signed might and Europe, before divestitures.
Deutsche Bank called the grocery be worth just £5m a year, which would “Regulatory impediments seem
retailer a “niche business” with limited be less than a third of fee income from almost impossible to overcome,” said
expansion potential. “We think Ocado is its joint venture with Wm Morrison. Wells Fargo.
a great business, but we don’t expect it “Given the slim margins on grocery, we Speculative theories among day
to become a major national player,” it find it difficult to envisage a retailer traders about sector consolidation
said as it downgraded the stock to “sell”. paying much more than this,” the helped Lonmin advance 9.3 per cent to
The grocery deliverer’s core retail broker said. 188.3p. The miner this week hosted an
business was breaking even at best, Ocado ended 5.1 per cent lower at analyst trip to its Marikana platinum
having shown little sign of improvement 409.3p in a flat wider market, with the mine in South Africa. Glencore, the
in five years, said the broker. FTSE 100 edging up 5.91 points to miner’s key shareholder, was up 0.7 per
With competitors offering click-and- 6,865.93. cent to 268.9p.
collect or delivery of non-perishables, Drugmaker AstraZeneca lost 3.4 per Kaz Minerals gained 3.2 per cent to
Ocado was likely to capture less than 10 cent to £45.29 after full-year earnings 229.7p on an upgrade to “equal weight”
per cent of the UK grocery market by missed forecasts. The stock took a from Morgan Stanley. A devaluation of
2024, it forecast. further leg down after Pfizer, which the Kazakh tenge was expected in the
Deutsche also doubted that failed to buy AstraZeneca last year, bid current half, and the shares were likely
international licensing agreements, $17bn for injectables maker Hospira. to react positively, given that about
expected this year, would be lucrative Hikma Pharmaceuticals, which has 45 per cent of its cost base was
enough to justify the stock’s valuation of benefited in the past from Hospira’s denominated in the currency, the
more than 170 times 2015 earnings. regulatory and supply-chain problems, broker said.
strengthening dollar will dent the share, on sales of $1.3bn. Both profits
retailer’s profits overseas, where and sales beat expectations.
Deutsche estimates that Costco earns Lower than expected fiscal first-
29 per cent of sales. Same-store sales, a quarter results and disappointing
closely watched metric in the retail guidance sent shares of Keurig Green
industry, were flat in January and lagged Mountain 5 per cent lower to $115.30.
behind expectations of a 1.2 per cent The Vermont-based company
gain. Comparable sales outside the US forecast second-quarter earnings in the
Wall Street fell 4 per cent, the steepest decline in range of $1-$1.05 a share, including an
Costco slides after more than two years, as the dollar
gained against nearly all of its trading
8 cent impact from its Coca-Cola and
Lavazza transactions.
forex-related downgrade partners. Profits fell 3 per cent from a year
Excluding the effect of foreign earlier to $135m, or 82 cents a share, a
exchange movements and sliding gas penny below consensus forecasts. Sales
prices, Costco said same-store sales had were little changed at $1.4bn.
risen 7 per cent, including a 6 per cent Under Armour shares, after an initial
Eric Platt and Mamta Badkar gain abroad. Shares of the retailer slid rise, fell less than 1 per cent to $73.24
4 per cent to $149.05. after the company announced that it
Michael Kors shares slipped 2 per cent had bought two fitness apps and said
Procter & Gamble, Apple, Microsoft and to $69.77 after the company said same- fourth-quarter results had eclipsed Wall
United Technologies have a new store sales had fallen short of Wall Street Street expectations.
stablemate in complaining about the expectations. US stocks were led higher by rising
strong dollar. The company said comparable sales crude oil prices. The S&P 500 rose 1 per
Costco, the US retailer, was in North America, which accounts for cent to 2,062.52, just above its break-
downgraded yesterday from “buy” to about four-fifths of overall revenues, even level for the year, while the Dow
“hold” by analysts at Deutsche Bank had increased 6 per cent. Analysts had Jones Industrial Average advanced
after its latest results showed that the projected a 9.3 per cent gain. 1.2 per cent to 17,884.88. The Nasdaq
climbing dollar was hurting its Profits in the retailer’s fiscal third Composite climbed 1 per cent to
international operations. A quarter rose a third to $304m, or $1.48 a 4,765.10.
30 ★ Friday 6 February 2015
INSIGHT Analysis. Currencies

Ralph
Atkins Dollar bulls review their prospects
Today’s US jobs data will Buck’s bounceback
influence whether currency’s Dollar trade-weighted index
Greece’s clash with hefty appreciation continues Feb 2002 Dollar Mar 2009 Dollar rally Jul 2011 Dollar bottoms Jul 2014 Oil prices Jan 2015 Dollar rises
its creditors is part of MICHAEL MACKENZIE

bull run ends
and commodity
during financial crisis
on haven flows ends
after a steady decline
for more than two years
peak and dollar
embarks on a sharp
9 per cent as oil
prices have slid
a global challenge
super-cycle starts as equities bottom as Federal Reserve uptrend since the summer
One constant of the new year has been a and risk assets begin policy has been highly
strengthening US dollar, until now. rising accommodative
Broad global currency weakness
against the dollar faces a test when the 110
A
s he raced between European capitals, Yanis latest US employment figures are
Varoufakis, Greece’s flamboyant leftwing released today. Ahead of this closely
105
finance minister, would have enjoyed reading watched report, the dollar’s ascent dur-
McKinsey & Co’s study this week on global ing January has slowed — with the euro
debt “deleveraging” — or rather, the lack of it. recovering back above $1.14 from below 100
The consultancy’s 47-country survey highlighted how $1.11 — while the world’s reserve cur-
indebtedness has increased much faster than economic rency has also slipped versus the yen, 95
growth since 2007, and argued for “fresh approaches” to sterling and Canadian dollar.
reduce the dangers of future financial crises. To Germany’s Hefty appreciation of the dollar since 90
particular horror, that was just what Mr Varoufakis is pro- last summer has been built on two
posing for Greece’s debt mountain. What was striking, planks, the first being expectations of a 85
however, about McKinsey’s report — at least to non-Greek stronger US economy propelling the
readers — is how the geographical areas of concern have Federal Reserve towards a tightening of
80
shifted since the aftermath of the US subprime mortgage policy in the coming months. The sec-
crisis and the collapse of Lehman Brothers. ond has been slowing global growth 2001 02 03 04 05 06 07 08 09 10 11 12 13 14 15
Greece rated scarcely a mention. Nor for that matter did prompting easing by other central FT graphic. Source: Thomson Reuters Datastream Photo: Dreamstime
US debt. Instead the report identifies risks in China, espe- banks — notably in Japan and the euro-
cially in real estate and “shadow” banks, which could rico- zone — that results in sharply weaker
chet across emerging markets. As striking, perhaps, were currencies.
warnings about high household debt — largely mortgage Since November a host of central ‘A rise in report for January — and one accompa- rate of about 4 per cent, and the relative Net bets on a rising dollar remain close
related — in countries that escaped better than most the banks have eased policy and sought nied by evidence of rising wages. absence of better pay for workers has to all-time highs, according to US
post-2007 crises, including Australia, South Korea, Swe- stimulus via a depreciating currency, earnings “Payrolls are one of the most impor- helped cap interest rates. futures positioning data, and such
den and the Netherlands. That geographic shift in imbal- with Australia the latest example this would tant data points for the month,” says “A rise in earnings would mean the crowded trades are vulnerable to sud-
ances is important for investors and strategists on guard week. That has boosted the dollar, but of Jens Nordvig, global head of foreign rate hike story is back on for this year,” den sentiment shifts.
for the next bout of financial market turmoil. late the bond market has questioned mean the exchange strategy at Nomura Securi- says Mr Chandler. Another weak month Recent sharp changes in currencies,
McKinsey is not alone in worrying that the sort of credit whether the US central bank will start rate hike ties. “The Fed clearly tried to sound of earnings is seen as likely to push the such as a 10 per cent slide in the Cana-
bubbles that popped in 2007 are emerging elsewhere. tightening policy by the middle of the optimistic on the economy and keep a Fed to hold any rate rises, more in line dian dollar over a six-week period, can
Making similar observations year. Last week’s Federal Open Market story is June rate rise on the table. The market with the bond market’s expectations. swing back and catch traders riding the
have been economists at the
Debate is Committee meeting left that question back on for doesn’t believe it.” Anthony Karydakis, chief economic dollar’s positive momentum.
Bank for International Settle- open, with the onus on key economic While economists expect the addition strategist at Miller Tabak & Co, says lit- “People complain when there is little
ments, which acts as a think- stirring on how data such as the monthly jobs report. this year’ of 230,000 jobs for January, down from tle or no rebound in wages during Janu- volatility,” says Mr Nordvig, and there is
tank for central banks. Signs of oil prices stabilising and conjec- an average of 284,000 for the past four ary “would leave a pocket of concern to a lot of potential for surprises in the cur-
A BIS research paper in Sep-
economies can ture over the timing of Fed tightening months, the pace of wage gains during the Fed, as the softness in wage growth rency market, he adds.
tember warned that “trou- prosper with have sparked some trimming of bullish January will be the decisive factor for has been a key missing part in the con- But the difference in the growth per-
bling signs of the build-up of dollar bets this week. currency traders and investors. text of the ‘solid’ improvement in labour formance of the US and other key econ-
financial imbalances in sev-
high debt levels “The dollar’s momentum has weak- The December jobs report was markets that the FOMC mentioned in its omies favours owning the dollar over
eral countries less affected by ened on the talk that the US may not marked by a surprise drop of 0.2 per statement last week”. the long haul, many argue. Alan Ruskin,
the Great Financial Crisis point to the risk of disruptive hike this year,” says Marc Chandler, cent in earnings, which resulted in an Fed rate rises delayed until towards strategist at Deutsche Bank, says the
financial busts”. strategist at Brown Brothers Harriman. annualised rise of just 1.7 per cent for the end of the year may well put pres- appreciation of the dollar against the
Diplomatically, Claudio Borio, head of the BIS economic Renewed dollar strength, at least in workers. During previous business sure on the dollar as traders with a backdrop of lower US interest rates
and monetary department, did not name countries, but he the near term, requires a solid jobs cycles, wages have expanded at a yearly short-term horizon trim bullish bets. bodes well for its prospects.
warned that financial “busts” could occur before countries
affected by previous crises “are completely out of the
woods and have restored the necessary policy room for
manoeuvre”. Mr Varoufakis would also have been pleased Capital markets
by McKinsey’s ideas for “fresh approaches” to prevent
such crises. As the report points out, global leveraging-up
is unlikely to go into reverse in the foreseeable future —
slow economic growth will see debt-to-gross domestic
Demand strong for
product ratios ratcheting ever upwards.
McKinsey’s proposals included better risk sharing
0.08% Swedish bond
between borrowers and creditors, with, for example,
mortgages that vary according to households’ circum-
stances. For companies, bigger bond and credit markets ELAINE MOORE Like the eurozone, Swe-
would reduce reliance on bank loans, especially in Europe. den’s central bank, the Riks-
More controversial would be further sovereign debt Sweden has received a flood bank, has been trying to
restructurings. But McKinsey goes further — floating the of orders for an issue of five- combat falling prices. It cut
idea of writing off bonds held by central banks. Where they year debt that pays inves- interest rates to zero, a
have used quantitative easing, the effects could be dra- tors just 0.08 per cent a year. record low, last October.
matic. Japan’s government debt-to-GDP ratio would fall at Like other Nordic nations, The Riksbank’s surprise
a stroke from 234 to 94 per cent. Greece’s international Sweden is a rare bond issuer move was greeted as evi-
creditors would resist such borrower-friendly moves, and and, according to one ana- dence of the problems faced
“monetary financing” (or central bank funding of govern- lyst, this could be the only by the common currency’s
ments) is banned under EU treaties. But Mr Varoufakis’s euro-denominated bond it smaller neighbours in man-
service has been to stir a debate only just beginning on how sells this year. aging the impact of the ECB’s
economies can prosper with high levels of debt. While Swedish bond sales actions.
This debate has so far largely escaped markets’ notice as tend to be popular, yester- Although the ECB’s QE
a result of QE — most lately by the European Central Bank day’s sale met particularly programme was larger than
— which has suppressed private and public sector borrow- heavy demand as investors expected and will total more
ing costs. “You really don’t want to buy a country where watch yields in the eurozone than €1tn, it is not as big as
you think that without the ECB it would be unsustainable,” slip below zero. equivalent programmes in
says Michael Krautzberger, head of euro fixed income at The bond, which matures the US and Japan.
BlackRock. As McKinsey’s conclusions suggest, other in February 2020, was mar- But analysts at ABN Amro
finance ministers could find themselves with particular keted at about 20 basis say its size should be under-
interests — including in northern European countries. Jer- points below mid-swaps, a stood in the context of the
oen Dijsselbloem, the Netherlands’ finance minister, has funding benchmark. eurozone bond market. The
pushed for the bailing-in of bondholders in bank rescues to However, demand of more use of the ECB “capital key”
avoid overburdening taxpayers. than €3.5bn for the €1.5bn skews purchases towards
Largely shaping the European debate — to Mr Varou- issue pushed the yield to core countries such as Ger-
fakis’s frustration — will be Germany’s principled defence 24bp below mid-swaps. many, meaning the central
of creditors’ interests. Fiscally prudent Germany is neither Danske Bank, Deutsche bank will end up buying
among those countries worst hit by the post-2007 crises, Bank and Goldman Sachs 20 per cent of the total out-
nor on today’s watchlists. It just gets all the criticism. arranged the sale. standing stock of AAA bonds
Sweden also sold €1bn of in the eurozone.
ralph.atkins@ft.com inflation-linked bonds at a Neighbouring countries
yield of minus 0.69 per cent. have already felt a spillover.
Prices for European gov- Switzerland recently aban-
ernment bonds have risen doned its currency’s peg to
fast in the wake of the Euro- the euro, and Denmark
pean Central Bank’s decision shocked markets by
More comment and data on ft.com to buy €60bn a month of announcing that it was halt-
eurozone securities in an ing sales of government debt
attempt to stimulate the until further notice.
Y Fast FT Our global economies, headed economy. Yesterday Denmark cut
team gives you market- by Brazil, Russia, India German five-year bonds interest rates to minus 0.75
moving news and views, and China. are trading at a negative per cent.
24 hours a day, five days ft.com/beyondbrics yield, and on Wednesday Sweden’s benchmark 10-
a week. ft.com/fastft Finland became the first year bond yields fell to a
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a eurozone country to issue record low of 0.58 per cent
irreverent financial blog. look at what is driving five-year debt at a negative this year, and companies and
Join Paul Murphy and the global currency yield. households in the country
Bryce Elder for the daily market. ft.com/podcasts Although negative yields are borrowing at historically
Markets Live session at mean that investors are in low rates.
Y Video View from the effect paying to lend, some The Riksbank says it will
11am. ft.com/alphaville
Markets features video clearly believe prices will maintain zero per cent inter-
Y beyondbrics News and interviews with leading keep rising, and yields fall- est rates until 2016. It is
comment from more market analysts. ing, when the ECB begins its expected to update markets
than 40 emerging ft.com/vftm bond-buying in March, on its plans in the middle of
according to bank analysts. this month.

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