MONDAY 19 APRIL 2021 NEWS PROVIDER OF THE YEAR UK £2.90 Channel Islands £3.20; Republic of Ireland €3.

20

Paradise lost Game of thrones A place in the sun

Coinbase listing is a defeat for Jordan’s outsider prince has rattled Exactly how hard is it to earn ‘from
crypto purists — INSIDE BUSINESS, PAGE 11 the kingdom — BIG READ, PAGE 21 anywhere’? — WORK & CAREERS, PAGE 18

Breakaway goal Briefing

Clubs to join i EY’s Wirecard audits slammed in report

‘Super League’
A probe commissioned by a German parliamentary
committee has found that the Big Four firm failed
to spot fraud risk indicators and, on key questions,
relied on verbal assurances from executives.— PAGE 8
European football is set for its biggest
shake-up in decades, after some of the i EU hopeful of Northern Ireland solution
continent’s biggest clubs signed up to a Brussels Brexit chief Maros Sefcovic has told the FT
breakaway “Super League”. that means can be found to “minimise” disruption
Up to 12 teams, including Liverpool over trade arrangements, calling for “good faith” in
and Real Madrid (pictured), Barcelona, applying new rules that can ease tensions.— PAGE 2
Juventus and Manchester United have
agreed to join a new competition that i Loan to Scottish Liberty plant scrutinised
will seek to supersede the current Scottish Enterprise has said the Dalzell mill in
Champions League. It would involve 20 Motherwell halted interest payments on an overdue
teams, including 15 “permanent mem- taxpayer-backed loan as the pandemic hit, raising
bers” who would not need to qualify via pressure on the Edinburgh government.— PAGE 11
their domestic leagues.
Clubs hope it will resemble the struc- i Elliott turns spotlight on Walmsley plan
ture of “closed” North American sports Activist hedge fund Elliott
leagues, where franchise owners enjoy Management’s move to take a
reliable profits and with the valuation of stake in GSK has turned a
teams steadily rising over time. spotlight on chief executive
Report page 8 Emma Walmsley’s break-up
Paul Ellis/AFP
plan for the drugmaker.— PAGE 9

i Navalny allies call for Russian protests

US-China climate pledge boosts

Supporters of opposition leader Alexei Navalny,
whose life, they say, “hangs by a thread” 19 days
into a hunger strike, have called for demonstrations
against his harsh prison treatment.— PAGE 4

hopes for global emissions deal

i Big banks urged to stop funding carbon
investors managing $11tn in assets have pressed
Goldman Sachs, HSBC, BNP Paribas and 24 other
global banks to stop financing carbon-intensive
projects and to scale up green lending.— PAGE 10

i Vatican squeezed as Covid hits income

3 Top powers to work together 3 Agreement despite tensions 3 Optimism rises for COP26 The smallest independent country has taken a
series of emergency budget measures, including
cutting the salaries of all cardinals and cancelling
EDWARD WHITE — SEOUL The pledge, which followed two days compared with pre-industrial levels. Li the Asia Wind Energy Association, said non-essential renovations of buildings.— PAGE 4
LESLIE HOOK — LONDON
of talks in Shanghai, is a signal that cli- Shuo, an energy policy officer at Green- that the joint promises would accelerate
The US and China have committed to mate change could be a rare area of col- peace in Beijing, said the US-China the world’s transition from fossil fuels.
work together to combat climate change laboration despite increasingly strained statement should sharply increase the “The probability that we will reach a Datawatch
despite rising tensions between the two ties between Beijing and Washington. momentum on climate action globally. more comprehensive climate agree-
powers, boosting hopes of a new global “I think this is the first time China has “It is very important for the rest of the ment during the upcoming climate con-
deal on emissions this year. joined in saying it’s a crisis,” Kerry said world to understand that, at least on the Washington and ference in Glasgow has grown signifi- Political violence Political violence
John Kerry and Xie Zhenhua, the cli- in Seoul yesterday. “The language is issue of climate change, the G2 are Beijing vowed cantly,” said Kerkwijk. Number of incidents (’000) fell across the
mate envoys for the world’s two biggest very strong . . . you can see we agreed on united again,” Li said. to co-operate The Shanghai meetings came against 0 20 40 60 world last year,
economies, have vowed to co-operate critical elements of where we have to Kerry’s trip to China came ahead of a on ‘concrete a backdrop of intensifying friction State forces except for Africa.
Related deaths fell
“to tackle the climate crisis”, commit- go.” US summit this week, which has been actions’ to cut between Washington and Beijing. Political
by nearly a fifth
ting to “concrete actions in the 2020s” to US president Joe Biden’s climate pol- billed as a showcase for Biden’s new emissions in line The US opposes Beijing’s actions to militias
globally. The only
reduce emissions in line with the aims of icy has already departed sharply from climate policies, and as Beijing vies to be with the aims of reduce the autonomy of Hong Kong and Rebel forces
rise was by those
the 2015 Paris climate accord. that of predecessor Donald Trump’s seen as a leader in global climate talks. the 2015 Paris human rights abuses against Uyghurs Rioters motivated by
“Both countries recall their historic administration, bringing the US back In the statement, the countries com- climate accord and other Muslim minorities in Xin- ‘identity’, such as
contribution to the development, adop- into the Paris accord ahead of setting a mitted to co-operating in multilat- jiang. It has also maintained pressure on Other* ethnicity or
tion, signature and entry into force of new climate target for 2030. eral processes, including the upcoming technology companies with alleged Identity 2019 religion, which
the Paris Agreement through their lead- Under the Paris deal, countries com- COP26 UN climate conference in links to China’s military. militias 2020 became prolific in
ership and collaboration,” they said in a mitted to limiting global warming to Glasgow, Scotland. Green lending page 10 Source: Acled *Includes external forces Africa
joint statement yesterday. “well below” 2C, preferably about 1.5C, Edgare Kerkwijk, a board member of Alok Sharma page 23

HSBC top brass forced to hot desk as

London HQ scraps executive floor
STEPHEN MORRIS — BANKING EDITOR way we’re working. We don’t have a “We will have a very different work-
designated desk. You turn up and grab ing style going forward that will be
HSBC chief executive Noel Quinn has
one in the morning,” he added. much more hybrid,” Quinn said.
abolished the entire executive floor of
“I won’t be in the office five days a The HSBC boss is also taking aim at
its London headquarters, as the bank
week. I think it’s unnecessary . . . It’s other parts of the bank’s operations.
becomes the latest to drive through
Staff crisis brews as pubs sweeping changes to post-pandemic
the new reality of life.” The bank is in the middle of a pro-
reel from Covid exodus HSBC has made previous efforts to gramme to cut 35,000 jobs to reduce its
working practices.
modernise a culture that has been com- global headcount to about 200,000.
Pubs and restaurants have warned of pared to Britain’s vast imperial-era civil This will help it to eliminate $5.5bn of
staff shortages after recalling workers Top managers have been booted out of service. Two decades ago, management costs, with earnings under pressure
from furlough only to find that many their 42nd-floor private offices, which told staff preparing to move into the from ultra-low interest rates and a slow-
had found other jobs or returned to have been turned into client meeting new Canary Wharf headquarters that down in global trade.
their home countries. In London, which rooms and collaborative spaces, Quinn they were “encouraged to embrace the HSBC’s Covid-related office changes
has a higher share of foreign workers, told the Financial Times. Executives, proposed open-plan layout”. echo those of its peers. Standard Char-
one chain estimates it has lost 20 per including the CEO, now hot desk two More changes are coming, Quinn said. tered signed an agreement with flexible
cent of staff. Jeremy King of Corbin & floors below. To achieve its goal of cutting 40 per cent office company IWG to allow many of its
King, owner of the Wolseley and “Our offices were empty half the time from its global head-office costs, HSBC 95,000 staff to work from “near-home”
Delaunay restaurants, has 130 roles to because we were travelling around the does not plan to renew many of its city- locations rather than commuting into
fill. ‘I don’t think restaurateurs realise world. That was a waste of real estate,” centre leases due in the next three to five cities. Nationwide, Britain’s biggest
how serious it is,’ he warns. he said. “If I’m asking our colleagues to years. The bank is also shifting to a mortgage lender, will allow its 13,000
Staff shortages i PAGE 11 change the way that they’re working, policy of having about two employees office-based staff to work from home
then it’s only right that we change the per desk, excluding branches. full-time if they wish.

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2 ★ FINANCIAL TIMES Monday 19 April 2021

NATIONAL

Trading rules Ministerial Code

Brussels optimistic on N Ireland talks Tories defend

lobbying laws
Brexit chief confident the Financial Times on Friday he comply with the bloc’s rules. Micheál The Irish leader warned that “very Asked if he felt the EU was getting after Labour
‘sleaze’ claims
believed discussions with the UK could Martin, Ireland’s taoiseach, said yester- serious harm can come if we keep seeing “good faith” implementation from the
disruption can be eased yield approaches that protect the EU day he “sincerely” believed the protocol people trying to use Brexit as an issue to UK, Sefcovic said both sides had agreed
with ‘good faith’ approach market from illicit entry of goods and was a “fair conclusion to attempts to create points of dispute or . . . present- to look for joint solutions.
reduce problems for people and busi- limit the potential destructiveness of ing every single issue as a zero-sum, Pressed on what could be done to
JIM BRUNSDEN nesses in Northern Ireland — although Brexit on this island”. win-lose fight”. reduce disruption to trade, Sefcovic
AND MICHAEL PEEL — BRUSSELS he also stressed there needed “to be an “It is complex, but it is nowhere near Sefcovic praised what he said was said: “We can make the checks JASMINE CAMERON-CHILESHE
LAURA NOONAN — DUBLIN effort from both sides”. as complex as it is presented,” he said, “very professional co-operation” by UK smoother, faster, we can do a lot through
Environment secretary George Eustice
The EU’s Brexit chief has said he is con- Following a recent resurgence of vio- stressing that “important progress” had and EU officials in Northern Ireland and the IT systems, and of course there are
defended the rules on lobbying and
vinced solutions can be found to “mini- lent unrest in the region, Britain and the been made in recent days as Ireland, the said relations between London and other means how this can be done.”
transparency yesterday, amid accusa-
mise” the disruption of Brexit on North- EU agreed last week to intensify talks on UK and the EU have worked on “how to Brussels were mending after a spat over Sefcovic repeated the EU position that
tions from Labour of “Tory sleaze”.
ern Ireland, calling for a “good faith” implementing the Northern Ireland tone down the disputes and show how the protocol last month, when Britain one way to reduce trade frictions would
approach to applying new trading rules protocol — part of the 2019 Brexit treaty the arrangements for Northern Ireland blindsided Brussels by unilaterally be for the UK to commit to the EU’s ani- Eustice said the existing measures,
in a way that can reduce tensions. that created a trade frontier in the Irish can work. extending waivers from some of the pro- mal health and food safety standards — notably those under the Ministerial
Maros Sefcovic, the EU commission Sea to ensure all goods flowing from “With openness and good faith, we tocol’s rules — a move that led Brussels a step ruled out by the British govern- Code, whereby ministers have a “per-
vice-president in charge of Brexit, told Great Britain into Northern Ireland can deal with this difficult period.” to launch legal action. ment for sovereignty reasons. sonal responsibility” to take action in
order to avoid a conflict of interest, were
“robust”.
“We have already got some quite
Inequality. Labour market robust systems in place,” he said. “The
principal one is the Ministerial Code. It
is about how ministers conduct them-

Companies urged to publish ethnic pay gaps selves based on the people they have
talked to.”
He conceded that once a number of
separate reviews into lobbying within
Whitehall and the relationship between
ity at work is not just about participation failed finance company Greensill Capi-
Government-commissioned in employment but also about progres- tal and ministers and senior officials
sion into more senior roles. Pay report- were concluded, some “tweaks” to the
race report attacked for ing can highlight organisations and sec- rules might be necessary.
tors where this is not happening.” “But that is not to say you couldn’t
downplaying level of disparity BITC has found that barely one in 10 make tweaks or changes, and there will
large companies reports on its ethnicity be a time and a place for that after these
DELPHINE STRAUSS pay gap voluntarily, and points to a reviews have concluded,” he said.
A duty for large companies to publish sharp drop-off in gender pay reporting Last week, Downing Street launched
the pay gap between staff of different last year, when the pandemic led to a an independent review by Nigel Board-
ethnicities would be a straightforward suspension of the usual requirement to man, a former partner at law firm
step to tackle racial inequality in the disclose the pay gap between male and Slaughter and May and a non-executive
workplace, according to business female staff.
groups and economists who accuse the Ethnicity pay reporting is more com-
government-commissioned race report plicated than for gender. One issue is
‘There will be a time and
of playing down the extent of problems disclosure: many companies hold only a place for [tweaks or
in the labour market. patchy data because employees do not
A storm of criticism greeted the have to disclose their ethnicity and
changes] after these
report by the Commission on Race and some are reluctant to do so — or unable reviews have concluded’
Ethnic Disparities (Cred), after it con- to find a box to tick that matches their
cluded last month that the UK was not heritage. director at the Department for Business,
“rigged” against minorities and that A bigger issue is sample sizes. Ideally, Energy and Industrial Strategy. It will
“very few” disparities were linked to employers would give a detailed break- explore how contracts in government
racism. But the main complaint from down of outcomes for different ethnic were secured as well as “issues of supply
business groups was at its failure to rec- groups, but it is not always possible to do chain finance and the role Greensill
ommend a statutory reporting obliga- this while preserving anonymity. Cred played”.
tion of the kind in place since 2017 for Ethnic pay gaps have not improved over time in the UK Recent unemployment rise hit argued that many employers recruiting Subsequent parliamentary inquiries
gender pay disclosure. Gap (% below mean wages of white workers), nine-year rolling average* black and Asian youths hardest from predominantly white areas did not have also been launched by the Treas-
The report said there had been a have enough ethnic minority staff for a ury select committee; the public admin-
Men Women Unemployment rate for those aged 16-24
“broadly positive story” on ethnic median pay comparison to be meaning- istration and constitutional affairs com-
in the UK (%)
minorities’ place in the labour market Chinese Black 10 10 ful. But business groups say these issues mittee; and the public accounts com-
over the past 25 years, with “a gradual Indian Bangladeshi Q2 to Q4 2019 Q2 to Q4 2020 are manageable, if companies also put mittee.
convergence on the white average in Pakistani 0 10 20 30 40 the headline figures in context and Eustice admitted the Boardman
employment, pay and entry into the 0 0 explain how they plan to close pay gaps. Review, due to report to Boris Johnson,
middle class”. But Jonathan Portes, pro- All Network Rail, for example, has pub- prime minister, in June, would not make
fessor at King’s College London, said −10 −10 lished figures showing the pay gap for “policy recommendations”, adding:
Cred had relied on “crude sleight of White black employees is much bigger than for “This review doesn’t need enforcement
hand” in presenting statistics to back up −20 −20 Asian colleagues, based on disclosure by powers, as such, it just needs to get to the
its narrative. Black 90 per cent of staff. With more than 100 bottom of what happened.”
A headline gap of 2.3 per cent between nationalities among its staff, it collects Rachel Reeves, Labour’s shadow cabi-
the hourly median pay of all minorities −30 −30 more granular data to inform internal net office minister, said the Greensill
and white British employees hides a 2000 05 10 15 2000 05 10 15 Asian policy but does not publish figures lobbying scandal was the “tip of the ice-
much bigger gap for certain groups — * Centred, so value for 2015 covers 2011-19 inclusive where the sample size is too small to be berg”, and the revelations had caused an
Sources: Alan Manning; Rebecca Rose; Resolution Foundation; ONS
with those of Bangladeshi and Pakistani reliable. “erosion of trust” in British politics.
ethnicity at particular disadvantage, Sainsbury, meanwhile, has published She also questioned Boardman’s
and black men suffering a far bigger Right track: likely as white British men to work as approach, saying there were statistical ‘[There is] figures showing that median pay for impartiality, describing him as “a very
shortfall than black women. Network Rail chefs and waiters, while Pakistani men “pitfalls” in trying to impose the frame- black employees is higher than for white close friend of the Conservative party”.
Alan Manning, a professor at the Lon- is among the are more than 10 times as likely to work work used for gender pay to report out- no evidence colleagues — explaining that more black “I don’t want any stone to go unturned
don School of Economics and Political growing number as taxi drivers. comes for many ethnic groups. for pay gaps staff work in London stores with a in these investigations,” she said.
Science, said that after adjusting the of employers But they also reflect the barriers to But business groups have repeatedly higher pay weighting. Mean pay for “Standards have fallen so far in the last
data for personal characteristics such as that report career progression in professional life. urged the government to introduce a being black employees, who are under-repre- 11 years under this government.”
age, qualifications and family status, ethnicity pay Ethnicity pay gaps are largest in mana- mandatory reporting requirement, smaller . . . sented at senior level, still lags. Tory backbenchers have also voiced
there was “no evidence for pay gaps gaps on a gerial, professional and skilled occupa- modelled on gender pay disclosure, The complexity of reporting ethnicity their alarm. In the Observer newspaper,
being smaller . . . than they were 25 voluntary basis tions — and when employers examine arguing that practical difficulties can be than they pay data is no reason not to report it, as Sir Bernard Jenkin, chair of parliament’s
years ago”, and that while the ethnic Tolga Akmen/AFP/Getty
pay differentials within their organisa- overcome. were 25 Andy Haldane, the Bank of England’s liaison committee, argued that a “casual
penalties for some groups had improved tions, they generally find ethnic minor- Matthew Fell, CBI chief UK policy chief economist, has argued. approach to conflicts of interest” had
over time, “the overriding impression is ity employees are concentrated in front- director, said pay gap disclosure was years ago’ “Published pay gaps are a starting emerged within government.
of stasis”. line roles and under-represented at sen- “one of the most transformative steps a point for corporate and national He also warned that Johnson risked
These persistent pay disparities ior level. company can take to address race ine- accountability and explanation, not an being “dismissed” by voters in so-called
partly reflect occupational segregation, A growing number of employers — quality at work”. end point,” he said in 2019. “No single red wall areas, constituencies that tradi-
with many ethnic minorities clustered from law and accountancy firms to local Peter Cheese, chief executive of the metric can perfectly summarise all tionally voted Labour but swung to the
in low-paid jobs with little chance of authorities and large companies such as Chartered Institute of Personnel and dimensions of diversity. But publication Tories in the 2019 general election, if he
progression. Andrea Barry, an analyst at Sainsbury and Network Rail — now Development, criticised Cred for a of a single metric can, and has, served as failed to show that he was “different
the Joseph Rowntree Foundation, notes report ethnicity pay gaps on a voluntary “missed opportunity” to press for man- the catalyst for an explanation and from the out-of-touch elite he defeated
that Bangladeshi men are three times as basis. Cred endorsed this voluntary datory disclosure, adding: “Racial equal- action.” in the 2016 referendum”.

Transport Covid-19
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Coach sector expresses anger Scientists assessing Indian
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
at continued curbs on travel variant spread ‘on daily basis’
Trump vs the Valley A Five Star plan? Dear Don...
Tech titans need to minimise Italy’s populists are trying to woo May’s first stab at the break-up
political risk — GILLIAN TETT, PAGE 13 the poor — BIG READ, PAGE 11 letter — ROBERT SHRIMSLEY, PAGE 12

HMRC warns Lloyd’s of Brussels Insurance market

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

customs risks THE END

i US bargain-hunters fuel Europe M&A

HARRY DEMPSEY body, wrote to Michael Gove, Cabinet JASMINE CAMERON-CHILESHE She added that scientists were also
Europe has become the big target for cross-border
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

being swamped i Report outlines longer NHS waiting times

A report on how the health service can survive CHANGING AN
ROAD AND ALEX BARKER
more austerity has said patients will wait longer for
AMERICAN WAY OF LIFE

Office minister, on Friday to explain his conducting investigations to determine

non-urgent operations and for A&E treatment while

by Brexit surge
some surgical procedures will be scrapped.— PAGE 4 Censors and sensitivity
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of upsetting — LIFE & ARTS

The UK’s struggling coach sector has

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

Credit Suisse
3 Confidence in IT plans ‘has collapsed’ i London tower plans break records
Art of persuasion Mystery deepens

members’ confusion and outrage that a whether it was now spreading within the
3 Fivefold rise in declarations expected
A survey has revealed that a
record 455 tall buildings are
over disputed painting of Jane Austen How To Spend It

Health officials say they are still assess-

planned or under construction

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

criticised the government over what it

EU, a Whitehall official said. “If running almost one tower a week
A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions

fresh tax probe

full return would not be allowed until community. “The vast majority of the
surge in workload expectedonce Britain press for certain options in Brussels.” The US secretary of state has failed to reconcile
leaves the EU, customs authorities have
admitted toMPs.
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the Chic new lodgings

sees as a “perverse” decision to ban pri- ing whether a variant of Covid-19 first
May 17, the next staging post in the discovered in India is more transmissi- cases we have confirmed are known [to]
FINANCIAL TIMES Reproduction of the contents of this newspaper in vate trips for people from multiple
unwinding of restrictions. ble and vaccine evasive than other have come from India and or tested on
Bracken House, 1 Friday Street, London EC4M 9BT. any manner is not permitted without the publisher’s households until next month, even as
“I am at a loss to understand how this forms of the virus after the discovery of day two or day eight of their isolation
prior consent. other areas of the economy have been
Published by: The Financial Times Limited, decision has been reached,” he wrote in 77 cases in the UK. period,” she said.
allowed to reopen.
Bracken House, 1 Friday Street, ‘Financial Times’ and ‘FT’ are registered trade marks the letter, seen by the FT. “At a time Concern over the variant comes as
London EC4M 9BT. of The Financial Times Limited.
Tel: 020 7873 3000
Representatives of the industry told the when we are opening the rest of the Susan Hopkins, a senior medical adviser cases have risen within India: over the
Editor: Roula Khalaf The Financial Times and its journalism are subject to Financial Times the transport depart- economy, it is perverse that this deci- at Public Health England, said yester- weekend the country recorded 261,500
a self-regulation regime under the FT Editorial Code ment had led them to believe they were sion moves coach travel in the opposite day that scientists did not have “enough new infections and 1,501 deaths.
Subscriptions and Customer Service of Practice: www.ft.com/editorialcode cleared to offer coach trips to groups direction.” data” to clarify whether it should be Prime minister Boris Johnson is facing
Tel 0800 028 1407; [email protected];
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Are available of any FT article with your company last Monday, as part of a broader easing been made to the guidance for coach most serious classification. his trip to India later this month, while
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Thursday that private coaches were not given the coach sector the go-ahead investigation”. Eustice yesterday dismissed the push
Printed by alternatively, email [email protected] only permitted for a single household or to start offering trips to people from Speaking on the BBC’s Andrew Marr for Johnson to cancel his trip, describing
St Clements Press (1988) Ltd, London, Newsprinters bubble, thereby vastly reducing the more than one household bubble. programme, Hopkins said: “To escalate the visit as “appropriate”.
(Knowsley) Limited, Merseyside, Newsprinters Newspapers support recycling number of passengers able to travel From last Monday, non-essential it up the ranking, we need to know that He added: “I think it is important that
(Eurocentral) Glasgow, and Smurfit Kappa News The recycled paper content of UK newspapers in
Press Ld, Kells, Ireland 2018 was 69.2% together. shops and outdoor attractions were it’s increased transmissibility, increased the business of politics does continue
In response, Graham Vidler, chief allowed to reopen in England. Pubs and severity, or vaccine-evading, and we and doesn’t stop completely — we just
© Copyright The Financial Times Limited 2021. All executive of the Confederation of Pas- restaurants were also allowed to start just don’t have that yet, but we’re look- need to make sure we take the right pre-
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Monday 19 April 2021 ★ FINANCIAL TIMES 3

NATIONAL

Business attacks Sturgeon’s slow lifting of curbs

Companies in the retail, travel and hospitality sectors are urging Scotland’s first minister to move faster on easing restrictions
MURE DICKIE — EDINBURGH Andrew McRae, Scotland policy chair
JOHN BURN-MURDOCH — LONDON Excess deaths have been lower in Scotland than England of the Federation of Small Businesses,
Over the past year, Nicola Sturgeon and but higher than in comparable countries in continental Europe said grant funding had been too slow
her Scottish National party government Overall weekly excess deaths (% above or below average deaths for time of year) both north and south of the border.
have enjoyed high public approval rat- “The Scottish government have cho-
ings for their handling of the coronavi- 120 sen to launch a slew of support schemes,
rus crisis. But as hotel owner Stephen Scotland 100 which means the landscape is more
Montgomery puts it, many businesses England complex than in England, but likely a
80
see things a “wee bit differently”. Denmark smaller share of operators have lost out
The Scottish government’s “ridicu- 60 completely,” McRae said.
lous” bans on alcohol sales by bars and 40 Conversely, companies have praised
hotels have shown they “just have no the Scottish government’s extension of
understanding of the way hospitality 20 full business rates relief for the current
works”, said Montgomery, whose hotel 0 fiscal year for those operating in partic-
and restaurant-bar in south west Scot- ular in retail, hospitality, leisure and avi-
land has been badly hit by the pan- -20 ation.
demic. “They have listened to us, but -40 But even if, as the latest set of opinion
they haven’t implemented anything we Mar 2020 2021 Apr polls suggest, Sturgeon cruises back into
say,” he said. power on May 6, her government will
Source: FT analysis of ONS, NRS and Statistics Denmark data
Such frustration, widely shared have much to do to repair relations with
among businesses in Scotland’s travel, many in the private sector.
hospitality and retail sectors, stems in “We’ve lost sight of the overall value More significantly for the elections lier we will do so,” Kate Forbes, SNP Bar service: pubs and restaurants in Cameron of the Scottish Chambers of
part from the more cautious approach of travel both economically and socially may be whether voters are persuaded finance secretary, said. Scotland are not allowed to open Commerce said the next government
Sturgeon has taken to easing lockdown and it is increasingly difficult to plan for by the SNP’s arguments that business Forbes rejected complaints that gov- until April 26, two weeks later than should act quickly to cut business costs
over the past year compared with that of a recovery without a clear road map or will only be able to trade normally again ernment support for business has been those in England — Jeff J Mitchell/Getty and boost trade.
the government for England. even indicative dates from the Scottish if coronavirus is successfully sup- slow and incomplete, insisting Scottish “Fundamentally, businesses and
On Friday the SNP government did government,” said Gordon Dewar, chief pressed. “We have always said that if it is funding for such assistance was actually Scottish government need a reset,” she
implement an earlier-than-expected executive of Edinburgh Airport. possible and safe to lift restrictions ear- more generous than in England. said.
loosening of the restrictions on outdoor A survey of Scottish voters by YouGov
gatherings, with six adults from six for The Times last month found marked
households now allowed to meet at a declines in approval for the SNP govern-
time and travel outside the local council ment’s handling of lockdown compared
area permitted for recreation and exer- with last August. But the poll still found
cise. But the easing, which Sturgeon said 70 per cent of Scottish voters thought
was aimed particularly at boosting Sturgeon was managing the pandemic
“mental health and wellbeing” brought well overall, compared with just 19 per
few direct benefits to business. cent who said the same of Boris Johnson,
So far this does not appear to have prime minister.
dented the widespread support for the That gulf between the two leaders
reflects in part what even her political
rivals accept has been clearer communi-
‘Businesses are increasingly cation of coronavirus policy by Stur-
frustrated by the geon than Johnson.
The SNP can also point to overall
abundance of caution by coronavirus death rates that, while high
the Scottish government’ by international standards, have been
proportionally lower in Scotland than in
SNP and polls suggest the party is on England. Comparisons between the two
course for a landslide in Scottish parlia- nations are complicated by differences
mentary elections on May 6 that Stur- of geography and demography
geon hopes will provide a platform to but health experts said the data sug-
push for a second referendum on inde- gested Sturgeon’s earlier tightening of
pendence from the UK. restrictions late last year helped ensure
Yet some political rivals believe public a lower second peak of deaths than in
patience with Scottish first minister’s England.
approach may be running out. The Scot- The comparison with England has
tish Conservatives have called for a also helped soften the political impact of
quicker exit from lockdown as part of shortcomings in the Scottish govern-
their campaign and accused the SNP of ment’s response to the crisis, such as ini-
keeping Scotland “stuck in the slow tially insufficient stocks of personal pro-
lane”. tective equipment and the failure to
Dissatisfaction among companies in protect care home residents.
the hospitality, travel and retail sectors But similar mistakes were made in
has been fuelled by the SNP’s reluctance England and excess death figures for
to set out detailed plans for leaving lock- care homes throughout the pandemic
down despite rapidly falling Covid-19 suggest a heavier coronavirus toll south
cases and deaths. of the border.
“Businesses in Scotland are increas- Opponents of Scottish independence
ingly frustrated by what has been have sought to highlight the success of
described as the abundance of caution the UK’s vaccines programme. The SNP
deployed by the Scottish government was previously scathing about Johnson’s
when it comes to emerging from lock- decision not to join an EU vaccine pro-
down,” said Liz Cameron, chief execu- curement effort, claiming last August
tive of the Scottish Chambers of Com- that his “short-sighted and increasingly
merce. isolationist approach” would hinder
Pubs and restaurants in England efforts to control Covid-19. Yet the UK
resumed serving customers outdoors on scheme, which procured vaccines on
April 12. Scotland will not allow that behalf of all four nations, has so far been
until two weeks later on April 26. one of the most successful globally.
There is anger in the travel sector at Sturgeon faced some criticism over
Sturgeon’s refusal to follow the UK gov- the relatively slow initial vaccine rollout
ernment in exempting travellers from by the Scottish health system. But its
many countries from supervised quar- focus on giving care home residents the
antine or to give at least an indication, jabs first appears to have paid off in
like in England, when foreign holidays lower deaths and vaccination rates are
might resume. now similar across the UK.

Scotland

Survey reveals public backing

for second independence vote
MURE DICKIE — EDINBURGH Ipsos Mori found 51 per cent of people
in the UK believed the SNP should be
More than half of people across the UK
allowed to hold another independence
think Scotland should be allowed a sec-
vote within the next parliament’s term if
ond independence referendum within
the party won a Holyrood majority. It
five years if the Scottish National party
found 40 per cent believed the UK gov-
wins a majority in elections on May 6,
ernment should block such a vote.
pollster Ipsos Mori has found.
“If the Scottish National party wins a
The survey of more than 8,500 is likely majority of seats, as looks likely, it will
to increase pressure on Boris Johnson, be more difficult for the UK government
prime minister, to rethink his refusal to to refuse a second referendum on inde-
allow any rerun of the 2014 referendum pendence,” said Emily Gray, managing
in which Scots rejected independence director of Ipsos Mori Scotland.
by 55:45 per cent. SNP leaders portrayed the 2014 refer-
The Scottish parliamentary elections endum as a “once in a generation” event,
could prove a crucial moment for the but argue that rising support for inde-
UK’s constitutional future, with the SNP pendence since and the UK’s exit from
last week unveiling plans for a referen- the EU, which was opposed by 62 per
dum it hopes to hold by the end of 2023. cent of Scottish voters, justify another
Less than a quarter of those Ipsos Mori vote. Johnson has insisted he will not
asked across the UK said they thought approve a second vote, suggesting in
the country would still exist in its cur- January not until the 2050s at least.
rent form in a decade’s time. The UK government declined to com-
Recent polls suggest the SNP is on ment on the poll or how it would res-
course to win more than half of the 129 pond to an SNP majority, insisting that
seats in the Scottish parliament on May Scots wanted to see the UK and devol-
6, despite its proportionally representa- ved administrations “working together”
tive voting system. Even if the SNP falls and a second referendum push was irre-
short, polls suggest there will continue sponsible. “The UK is the most success-
to be a majority of pro-independence ful political and economic union the
MSPs at Holyrood in Edinburgh. world has seen,” it said.
4 ★ FINANCIAL TIMES Monday 19 April 2021

INTERNATIONAL

Russian opposition Sustainable finance

Navalny supporters say he is close to dying Brussels split

over delay on
Jailed activist’s health ologist, posted test results on Saturday crackdown on their group and his harsh Navalny’s team called for the protest totally unfair, totally inappropriate on classifying
gas as green
that he said showed Navalny had height- treatment in prison as a “desperate — which they described as “the final bat- the basis of having been poisoned and
worsens as Kremlin cracks ened creatine levels that could bring attack” by the Kremlin in response to tle between good and neutrality” — to be then on a hunger strike. Wrong.”
down on his foundation about kidney failure, as well as poten- Putin’s declining approval ratings amid held on Wednesday evening on a square The Kremlin has denied any involve-

MAX SEDDON — MOSCOW

tially fatal levels of potassium that could
cause a cardiac arrest at “any moment”.
The sharp deterioration in Navalny’s
an economic decline that has been going
on for years.
outside the Kremlin. Putin is set to give
his annual state-of-the-nation speech to
Russia’s elite a few hours earlier.
ment in Navalny’s poisoning or impris-
onment, and the terms of his confine-
ment. “He will not be allowed to die in
investment
Supporters of jailed Russian opposition health comes as the Kremlin appears The rally will be a big test of support prison, but I can say that Mr Navalny, he
leader Alexei Navalny have called on increasingly resolved to eliminate the
‘If we don’t speak up for Navalny — and the Kremlin’s willing- behaves like a hooligan, absolutely,” MEHREEN KHAN — BRUSSELS
Russians to protest against his harsh threat from President Vladimir Putin’s now . . . peaceful political ness to crack down on it — after a heavy- Andrei Kelin, Russia’s ambassador to
The European Commission is split over
treatment in prison, saying that it could most prominent critic. handed police response forced his sup- the UK, said in an interview with the
end in his imminent death. Russian prosecutors said on Friday
activity in Russia will porters to abandon protests at his arrest BBC yesterday. “His purpose for all of
whether to postpone a decision on clas-
sifying gas generated from fossil fuels
Leonid Volkov, who runs Navalny’s they would move to have Navalny’s be impossible’ in more than 100 cities this January. that is to attract attention for him.”
as green energy under its landmark
foundation from exile in Vilnius, Anti-Corruption Foundation and his Navalny, 44, was arrested at a Mos- Ursula von der Leyen, president of the
classification system for investors.
Lithuania, said in a video message yes- network of regional offices declared an “If we don’t speak up now, the darkest cow airport in January on returning European Commission, tweeted yester-
terday that the anti-corruption activist’s “extremist organisation”, an unprece- times for free people are at hand. Russia from Germany, where he had spent five day: “I am deeply worried about Alexei Brussels had planned to publish an
life was “hanging by a thread” 19 days dented step that would essentially shut will descend into total hopelessness. months recuperating from a poisoning Navalny’s health. He must immediately updated draft of a taxonomy for sus-
into a hunger strike in protest at the down his operations while exposing his Peaceful political activity in Russia will with the military nerve agent novichok. receive access to proper medical treat- tainable finance this week. The docu-
prison’s refusal to let him see a doctor of team to potential criminal prosecution. be impossible,” said Ivan Zhdanov, the On Saturday, US president Joe Biden ment. The EU continues to call for his ment is designed to guide those who
his choice. Yaroslav Ashikhmin, a cardi- Navalny’s supporters described the head of Navalny’s foundation. said Navalny’s treatment was “totally, immediate and unconditional release.” want to direct their money into environ-
mentally friendly investments, and help
stamp out the misreporting of compa-
nies’ environmental impact, known as
Republicans. Party donations greenwashing.
The commission was forced to revamp
its initial proposals this year after the

Trump loyalists set fundraising records text was criticised by member

states that want gas to be explicitly rec-
ognised as a low-emission technology
that can help the EU meet its goal of
becoming a net-zero polluter by 2050.
Now, the publication of the draft rules
Campaign inflows to former could be postponed again. According to
president’s supporters in a draft of the text seen by the Financial
Times, the commission proposed to
congress reach quarterly high delay the decision in order to carry out a
separate assessment of how gas and
nuclear “contribute to decarbonisa-
CHRISTINE ZHANG — NEW YORK
LAUREN FEDOR — WASHINGTON tion”, to allow for a more “transparent”
debate about the technologies.
Republicans loyal to Donald Trump But officials told the FT that some
raised record sums of money in the first commissioners were pushing for gas to
three months of this year, even as US be awarded the green label now, rather
corporations said they would pause or than delaying the decision until later
stop political giving after the January 6 this year. “There are a sizeable number
siege on the US Capitol. of voices in the commission who want
The latest filings from the Federal gas to be included in the taxonomy,”
Election Commission show Republican said one official. A final decision on
members of Congress, including Mis- whether to approve the current text or
souri senator Josh Hawley, Texas sena- delay it again for further redrafting is
tor Ted Cruz and Georgia congress- likely to be made today.
woman Marjorie Taylor Greene, raised The EU’s taxonomy is being closely
millions of dollars in campaign contri- watched by investors as the first big
butions in the first quarter, driven in attempt by a leading regulatory body to
large part by small donations. create a labelling scheme that will help
Hawley brought in more than $3m in guide billions of euros of investment
the three months to March 31, com- into green financial products.
pared with $120,000 in the first quarter But the process has proved divisive, as
of last year. Cruz raised $3.6m, com- several EU governments have
pared with the $1.6m he raked in at the demanded recognition for lower-emis-
same time last year. Neither senator is sions energy sources such as gas.
up for re-election until 2024. Coal-reliant countries such as Poland,
At the same time, Taylor Greene, the Hungary, Romania and others that are
representative from Georgia who was Upwards trend: the Capitol attacks, which interrupted ernor’s mansions will be up for grabs. $4.8m Lisa Murkowski of Alaska, who is up banking on gas to help reduce their
ejected from her congressional commit- Republican the certification of Joe Biden’s electoral At the same time, the latest FEC fil- Amount raised in for re-election next year, raised almost emissions do not want the labelling sys-
tee assignments in February over her Matt Gaetz, who college victory and left five dead. ings show that a small number of the first quarter by $379,000 in the first quarter, while Ben tem to discriminate against them.
endorsement of conspiracy theories, raised $1.8m in Many of the country’s largest compa- Trump’s most prominent critics from Sarah Huckabee Sasse of Nebraska, who will not face re- France and the Czech Republic, mean-
raised $3.2m in the first quarter, a stag- the first quarter, nies, including Facebook, Microsoft and within his own party were able to fund- Sanders, who is election until 2026, raised just under while, are also pushing for the recogni-
running for
gering sum for a first-term congress- speaks at an JPMorgan Chase, as well as the US raise off the back of their opposition to governor of $130,000. Mitt Romney of Utah brought tion of nuclear as a “transitional” tech-
woman. event in Florida Chamber of Commerce, said they would the former president. Arkansas, more in about $75,000. nology in the taxonomy.
Matt Gaetz, the Republican congress- this month — Eva pull or review political donations in Liz Cheney, the congresswoman from than any candidate Democrats, meanwhile, have raised A leaked legal text seen by the FT this
man from Florida under investigation Marie Uzcategui/Bloomberg
response to the January 6 riots, which Wyoming who was the most senior in the state’s history huge sums in recent election cycles month paved the way for gas to be con-
for alleged involvement in a child sex- were led by Trump supporters. Republican House member to vote to through ActBlue, their own online fund- sidered green in limited circum-
trafficking ring, brought in $1.8m. Jim Several companies specifically said impeach Trump over his role in the Jan- $3.6m raising platform. The latest FEC filings stances. That has since been removed,
Jordan, the Ohio congressman and they would not give to Republicans who uary 6 riots, raked in more than $1.5m in First quarter
show large numbers of campaign contri- along with other sensitive topics such as
another vocal Trump ally, brought in opposed the certification of Biden’s win, the first quarter. donations to butions in the first quarter of this year. how best to classify the agricultural sec-
$2.1m, about three times what he raised but a few have broken their pledges. Adam Kinzinger, a Republican from senator Ted Cruz, Raphael Warnock, the Democratic tor, according to the latest draft the FT
in the first quarter of last year. The latest filings show that small Illinois who also voted to impeach and compared with the senator from Georgia who won one of has seen. EU governments and the
Meanwhile, Sarah Huckabee Sanders, donations from individuals, many made has set up a political action committee $1.6m brought in two hotly contested Senate run-offs in European Parliament have the power to
at the same time
Trump’s former press secretary who is online through the Republican party’s to raise funds for anti-Trump Republi- last year
the southern state in January, will be up block the draft if they can muster a qual-
running for governor of Arkansas, said WinRed platform, have more than can candidates, brought in $1.1m in the for re-election in next year’s midterms ified majority of countries and MEPs.
she had raised $4.8m in the first quarter, made up the gap for the party’s candi- first three months of the year, including as he won his seat in a special election. Environmental groups have hailed
more than any candidate in the state’s dates, especially those loyal to the transfers from other Republican fund- According to the latest filings, he raised the exercise and urged Brussels to stick
history. About three-quarters of the former president. raising committees. more than $4.5m between January 26 to science-based criteria in defining the
donations came from outside the state, The filings also signal how the amount However, Cheney and Kinzinger were and March 31. thresholds for sustainable economic
according to her campaign. of money in US politics continues to rise, among just a handful of anti-Trump Mark Kelly, the Democratic senator activity.
The figures underscore the enduring even in a year with no significant elec- Republicans who bucked the trend of from Arizona, another important swing The delays in agreeing the taxonomy
enthusiasm of Trump’s supporter base tions on the calendar. The next big polit- more muted donations for those who state, also won a special election in last have forced Brussels to abandon an
and the Republican grassroots. It also ical event will be next year’s midterm have shown less loyalty to the former year’s cycle and will therefore defend his attempt to use it as the basis for EU
highlights the increasing power of small elections, when all 435 seats in the president during his term, including the seat next year. However, Kelly reported green bonds that will be issued as part of
donors at a time when corporations House of Representatives, a third of the seven Republican senators who voted to receipts of more than $4.4m in the first the bloc’s €800bn recovery and resil-
have withheld political spending over 100-member Senate and a spate of gov- convict him at his impeachment trial. quarter. ience fund.

Tourist slump
FRIDAY 31 MARCH 2017

Trump vs the Valley

Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
A Five Star plan?
WORLD BUSINESS NEWSPAPER

Italy’s populists are trying to woo

the poor — BIG READ, PAGE 11
UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00

Dear Don...
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
Vatican forced into austerity drive as pandemic hits donations
HMRC warns
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017

Lloyd’s of Brussels Insurance market

THE END
Briefing
to tap new talent pool with EU base HOW DRIVERLESS
customs risks
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border

OF THE TECHNOLOGY IS
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
CHANGING AN
being swamped ROAD
uct to mitigate the impact of the pan- lead eurozone economist at Oxford Eco- cent compared to the year before. Last
i Report outlines longer NHS waiting times
AMERICAN WAY OF LIFE
MILES JOHNSON — ROME
A report on how the health service can survive
more austerity has said patients will wait longer for Censors and sensitivity
non-urgent operations and for A&E treatment while
Warning: this article may be

by Brexit surge
some surgical procedures will be scrapped.— PAGE 4
FT WEEKEND MAGAZINE
upsetting — LIFE & ARTS
i Emerging nations in record debt sales
Developing countries have sold record levels of

demic, and Italy announced it would nomics. “It is a small, open economy year, with tourism banned for months
government debt in the first quarter of this year,

Credit Suisse
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15
Art of persuasion Mystery deepens
3 Confidence in IT plans ‘has collapsed’ i London tower plans break records
over disputed painting of Jane Austen How To Spend It

While other European countries

A survey has revealed that a
3 Fivefold rise in declarations expected
engulfed in
record 455 tall buildings are
planned or under construction
JAMES BLITZ — WHITEHALL EDITOR adjust its negotiation position with the in London. Work began on

spend an additional €40bn to support that relies on external revenues, notably as a result of lockdown measures,
EU, a Whitehall official said. “If running almost one tower a week
A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4

fresh tax probe

duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions
Chic new lodgings

increase spending to support their pan-

surge in workload expectedonce Britain press for certain options in Brussels.” The US secretary of state has failed to reconcile
leaves the EU, customs authorities have In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep
admitted to MPs.
HM Revenue & Customs told a parlia-
of the Commons treasury select com-
mittee, HMRC said the timetable for
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
in Scotland

struggling businesses and its economy. tourism, which have collapsed.” visitors to the country fell by 59.1 per
mentary inquiry that the new system delivering CDS was “challenging but MAGAZINE
FEBRUARY 4 2017

i Toshiba investors doubt revival plan

needed urgent action to be ready by
March 2019, when Brexit is due to be
achievable”. But, it added, CDS was “a
complex programme” that needed to be 3 UK, France and Netherlands swoop
In a stormy three-hour meeting, investors accused
completed, and the chair of the probe linked to dozens of other computer sys-
3 Blow for bid to clean up Swiss image
managers ofhaving an entrenched secrecy culture

demic-ravaged economies, the Vatican

said confidence it would be operational tems to work properly. In November, and cast doubt on a revival plan after Westinghouse
in time “has collapsed”. HMRC assigned a “green traffic light” to filed for Chapter 11 bankruptcy protection.— PAGE 16
Setting up a digital customs system CDS, indicating it would be delivered on RALPH ATKINS — ZURICH it followed “a strategy offull client tax
has been at the heart of Whitehall’s time. But last month, it wrote to the i HSBC woos transgender customerscompliance” but was still trying to
DUNCAN ROBINSON — BRUSSELS

The Vatican, which has a permanent While tourism to Italy, a rough proxy cent, according to official data.
Brexit planning because of the fivefold committee saying the programme had The bank has unveiled a range of gender-neutral gather information about the probes.
increase in declarations expected at been relegated to “amber/red,” which Credit
titles suchSuisse
as “Mx”,has been targeted
in addition by Miss HM
to Mr, Mrs, or Revenue & Customs said it had
British ports when the UK leaves the EU. means there are “major risks or issues Ms,sweeping
in a move taxtoinvestigations
embrace diversity in the
andUK,
cater tolaunched
the a criminal investigation into
About 53 per cent of British imports apparent in a number ofkey areas”. France
needs and the Netherlands,
of transgender customers.— PAGE setting
20 suspected tax evasion and money laun-

has been forced into a painful austerity

come from the EU, and do not require HMRC said last night: “[CDS] is on back Switzerland’s attempts to clean up dering by “a global financial institution
checks because they arrive through the track to be delivered by January 2019, its image as a tax haven. and certain ofits employees”. The UK
single market and customs union. But The Swiss bank said yesterday it was tax authority added: “The international
and it will be able to support frictionless Datawatch
Theresa May announced in January that international trade once the UK leaves co-operating with authorities after its reach of this investigation sends a clear
offices in London, Paris and Amsterdam message that there is no hiding place for
The lure of the exotic

population of fewer than 1,000 people, for visitors to the Vatican, has proven The Vatican has said it expects total
Brexit would include departure from the EU . . . Internal ratings are designed
both trading blocs. HMRC handles 60m to make sure that each project gets the wereattacks
Terror contacted by local
in western Europe officials those
Recent attacks — seeking to evade tax.” Robin Lane Fox on the flair
“concerning client tax matters”. notably the 2011 Dutch prosecutors, who initiated the
declarations a year but, once outside the focus and resource it requires for suc-
Dutch authorities
Highlighted attack said their counter-
Others massacre by action, said they seized jewellery, paint-
of foreign flora — HOUSE & HOME
customs union, the number is expected cessful delivery.”
parts in Germany were also involved, ingsinand gold ingots as part of their
Anders Breivik

drive as visitors and donations to the

to hit 300m. HMRC’s letters to the select commit-
The revelations about the system, AFP while Australia’s revenue department Norway, the probe; while French officials said their
tee, which will be published today, pro-
called Customs Declaration Service, are Lloyd’s of London chose Brus- insurers to follow. Most of the EU, with Dublin and Luxem- said it was investigating a Brussels
Swiss bank.attacks in Paris
investigation had revealed “several
vide no explanation for the rating The inquiries threaten to undermine and Nice, and the
likely to throw a sharper spotlight on change, but some MPs believe it was sels over “five or six” other business written in Brussels bourg thought to be more likely Norway thousand” bank accounts opened in
efforts by the Paris country’s banking Brussels suicide
sector Switzerland and not declared to French

is not a member of the EU or eurozone recession-proof in the past, during the revenues to fall by 30 per cent to €213m
whether Whitehall can implement a caused by Mrs May’s unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But Nice bombings — have
EU base to help deal with the syndicates at its City of London to overhaul business models and ensure tax authorities.
host of regulatory regimes — in areas sion to leave the EU customs union. Mr Nelson said the city won on
customers meet international bucked tax the trendThe Swiss attorney-general’s office
ranging from customs and immigration Timetable & Great Repeal Bill page 2 expected loss of passporting headquarters, picturedabove. its transport links, talent pool of generally low
requirements following a US-led clamp- said it was “astonished at the way this
to agriculture and fisheries — by the Scheme to import EU laws page 3 rights after Brexit. The Belgian capital had not and “extremely good regula- fatalities from
down on evaders, which resulted in operation has been organised with the
John Nelson, chairman of the been seen as the first choice for tory reputation”. Sources: Jane’s Terrorism and Insurgency Centre terror incidents in

tiny city state have slumped.

time Britain leaves the EU. Editorial Comment & Notebook page 12
billions of dollars in fines. deliberate exclusion of Switzerland”. It
western Europe
Problems with CDS and other projects Philip Stephens & Chris Giles page 13 centuries-old insurance mar- London’s specialist insurance Lex page 14
The probes risk sparking an interna- demanded a written explanation from
essential to Brexit could force London to JPMorgan eye options page 18 ket, said he expected other groups after the UK leaves the Insurers set to follow page 18
tional dispute after the Swiss attorney- Dutch authorities.
general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty

but uses the euro as its official currency pandemic it has been one of the worst- this year compared with 2019, the year
ment” that it had been left out of the in the US to an “extensive and wide-
Escape the taper trap
City watchdog sends a clear message as
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients
EU’s judicial liaison body. evade tax. It agreedto fines of $2.6bn.
Credit Suisse, whose shares fell 1.2 per Additional reporting by Laura Noonan in How high earners can evade

banker loses job over WhatsApp boast

cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
subject ofinvestigations in the Nether- Houlder in London, and Michael Stothard a pension headache — FT MONEY
lands, France and the UK. The bank said in Paris Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library

Brussels takes tough stance on Brexit

The smallest independent country in and issues its own euro coins. hit sectors. At the Vatican its museums before the Covid-19 pandemic hit
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON — LONDON
Christopher Niehaus, a former Jeffer- ban people from installing apps on their
A boastful WhatsApp message has cost ies banker, passed confidential client private phones.

with Spain handed veto over Gibraltar

a London investment banker his job information to a “personal acquaint- Andrew Bodnar, a barrister at Matrix
and a £37,000 fine in the first case of ance and a friend” using WhatsApp, Chambers, said the case set “aprecedent
Shutdown risk as border regulators cracking down on commu- according to the FCA. The regulator said in that it shows the FCA sees these mes-
M Niehau had turn d hi d vic gin th erythi

the world has taken a series of emer- Guerrero Alves last month acknowl- and other exhibitions were shut for Europe, and to post a deficit of €49.7m
gency budget measures, including cut- edged that the Vatican was unable to act much of the year, depriving it of one of for 2021 even as it cuts expenses. Its def-
MAKE A SMART INVESTMENT ting the salaries of all cardinals, cancel-
ling non-essential renovations of build-
like other countries due to its minuscule
size and lack of tax revenue.
its most important sources of revenue.
At the start of Italy’s last prolonged
icit in 2019 came in at €11m.
Stripping out donations from Catho-
ings and scaling back travel. “If we were a state like any other, we recession in 2012, the number of visitors lics around the world, which the Vatican
Subscribe to the Financial Times today Last month Pope Francis announced would have increased our debt and arriving in the country fell by 1.7 per has said fell during the pandemic along
that all cardinals would have their pay taken fiscal measures,” he said in com- with revenues from real estate and com-
Morning briefing. Midday analysis. Mobile updates. Subscribe to reduced by 10 per cent from the start of ments to the Vatican’s state news outlet. mercial activities, the Holy See has said
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caused by the spread of Covid-19, which besides saving as much as possible, we expanded to €80m, and that it will plug
With newspaper delivery, you start the day prepared.* With FT.com, has adversely affected all sources of can only use reserves.” the gap from its reserves.
you’re on top of the news throughout the day. And with mobile revenue for the Holy See”. The Pope The Vatican has never made the size The budget crunch has also resulted
and tablet access, you’re up to speed wherever you are. himself will not take any pay cut as he of its financial reserves public, which in the Vatican increasingly looking
receives no salary. encompass vast real estate holdings towards outside donors to fund its
Juan Antonio Guerrero Alves, the around the world and other invest- events. Last year Angelo Vincenzo Zani,
Holy See’s top economic official, has ments controlled by APSA, its sovereign secretary for the Congregation for Cath-
Visit FT.com/subscribenow said the Vatican’s spending this year will wealth manager. olic Education who was appointed by
be “the lowest in the recent history of “The Vatican doesn’t have the option Pope Francis to run the Vatican’s educa-
the Holy See”. Last week the IMF called of spending money like others to shelter tional charity initiatives, acknowledged:
*Terms and conditions can be found at www.ft.com/subscribenow on all eurozone countries to spend an its economy from the pandemic as what The Vatican has never made the “The Vatican hardly has anything; we
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Monday 19 April 2021 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Monday 19 April 2021

INTERNATIONAL
GLOBAL INSIGHT
European visit

Australia hits at ‘vaccine nationalism’

LATIN AMERICA

Michael
Stott
Trade minister warns ing this Covid-19 pandemic,” said denied playing a role in disrupting the Astra- protectionist measures and that is in no
Tehan, who will meet his counterparts export of 3m vaccines to Australia. one’s interest,” said Tehan, who defen-
Brussels to curb policies Zeneca
on jabs and carbon levies
in Germany, France, Brussels and Lon-
don in the coming days.
Canberra has blamed the EU for
However, Tehan said Brussels had
sent signals to AstraZeneca that any fur-
ther applications for exports of vaccines
have been
ded Australia’s environmental record,
adding that it had met its targets under
the Kyoto and Paris climate pacts.
Populism’s rocky ride
JAMIE SMYTH — SYDNEY delays affecting 3m doses of the Oxford/
AstraZeneca vaccine, which have
outside the bloc would be rejected.
“They’ve [AstraZeneca] been encour-
encouraged
not to apply
Tehan said he also wanted to advance
talks on a free trade deal with the UK,
to victory in Peru
Australia will ask the EU to lift export
restrictions on vaccines and drop a plan
to introduce carbon tariffs on imports
severely disrupted the country’s inocu-
lation programme. It has also under-
mined efforts to distribute vaccines to
aged not to apply and that has meant
that 3m doses that we thought we had
contracted for haven’t arrived here in
and that has
which had failed to meet his predeces-
sor’s target of an agreement by the end augurs ill for region
from outside the bloc in high-stakes Papua New Guinea, a Pacific neighbour Australia,” he said.
meant of 2020.
He said negotiators needed to be more

P
talks due to begin today. suffering a wave of Covid-19. Tehan will also use his first trip to 3m doses ambitious and move beyond debates
Dan Tehan, Australia’s trade minister, Tehan said “vaccine nationalism” Europe as trade minister to lobby his haven’t over animal welfare standards, a big opulism has taken many forms amid the pan-
said he would warn his European coun- made global efforts to combat the pan- counterparts to drop plans for a carbon issue in opening access to the UK mar- demic: in Peru, it arrived in a small Andean
terparts about the dangers of introduc- demic “fraught” and difficult to plan. border adjustment mechanism. The arrived’ ket for Australian farm products. town on the back of a horse. Pedro Castillo, the
ing protectionist measures as the world Canberra wanted to discuss with the EU scheme is intended to increase the cost “What we want to make sure is the far-left activist who won the first round of the
seeks to bounce back from a coronavi- and World Trade Organization how of imports from non-EU countries that
Dan Tehan, free trade agreement is about actually presidential election on April 11, almost did not
Australian
rus-induced recession. He will also try countries could work together to boost have not signed up to the Paris climate trade minister liberalising market access for agricul- make it to vote at a school in Tacabamba. Alarmed by
to re-energise talks on an Australia-UK vaccine production. goals or committed to net-zero emis- ture, rather than being a debate on crowds, his steed reared and bucked repeatedly, threaten-
free trade deal, which have stalled over Brussels said it had only blocked a sin- sions. Canberra, which has refused to who’s got the best standards,” he said. ing to throw him off. But Castillo clung on as helpers
concerns in London about opening its gle shipment of 250,000 doses of Astra- commit to net-zero emissions by 2050, “Given the current structures of our tugged repeatedly on the horse’s bridle and, after the bal-
market to Australian farm imports. Zeneca vaccines to Australia on the is concerned the measures could hit economies, in many ways the UK has lots were counted, the scale of Peruvians’ disillusion with
“Ultimately, the world will go back- basis that the company had not fulfilled Australian exporters. more to gain from the full liberalisation their politicians became clear.
wards if protectionism runs rife follow- its contractual obligations to the EU. It “Carbon border tariffs will be used as of goods and services than Australia.” Although voting was compulsory, nearly a third
abstained. Of those who did vote, more than 17 per cent
returned an invalid paper. “More people cast spoiled or
blank ballots than voted for Castillo, who won first place,”
Middle East. Gender discrimination said Cynthia Arnson, director of the Latin America pro-
gramme at US think-tank the Wilson Center. “That is a
deeply troubling sign.”

Egyptian women attack new family laws Best-known for leading a long teachers’ strike in 2017,
Castillo barely figured in opinion polls until the final stages
of the campaign. His advocacy of nationalisation and calls
to renegotiate state contracts and trade treaties have alar-
med many Peruvians but they face an unenviable choice.
His likely opponent in a run-off in June is Keiko Fuji-
Campaigners say reform mori, daughter of former strongman president Alberto
fails to address inequality Fujimori, who is serving a long prison sentence for human
rights abuses and corruption. Keiko is herself under inves-
and treats them as minors tigation for allegedly taking millions of dollars in illegal
campaign funding.
Marta Lagos, director of Latinobarómetro, a regional
HEBA SALEH — CAIRO
polling organisation in
When Areej Ashraf, an Egyptian doctor, Chile, said Peru was an
sought to apply for a school place for her “extreme case” of the
‘You get this sort
son, she was told her husband had to be populism sweeping Latin of populist creep.
present, unless she could provide America. “You have two
authorisation from him. candidates reaching the
You don’t need
She informed them that he lived second round who are even to be
abroad and that getting such documen- totally outside the tradi-
tation was a lengthy bureaucratic proce- tional political establish-
in power’
dure, she wrote on social media under ment,” she said. “It is also
the “Guardianship Is My Right” hashtag. a magisterial example of a country which has gone from
She would certainly miss the applica- having a party system to having no [viable] parties.”
tion deadline. “I’m the mother of the As Latin America goes through a big election cycle, with
child, but whether I’m divorced, still seven major nations holding presidential or midterm elec-
married or a widow, the people who tions by October, voters are venting their fury at a political
drew up the law do not even recognise class that is seen to have failed. The region is the world’s
my existence,” she wrote. worst hit by the combined health and economic impact of
Ashraf’s criticism is one of a flood of coronavirus, according to the World Bank. This has exac-
recent testimonies from Egyptian erbated grave “pre-existing conditions”, such as glaring
women angered by new family legisla- inequalities of income and opportunity, uncompetitive
tion that fails to redress the unequal economies and inadequate public services.
treatment of women in family affairs. Underlining the unpredictability of the region’s politics,
Opponents complain that the draft Ecuador also voted on April 11 and chose as president
bill, which seeks to consolidate dispa- Guillermo Lasso, a millionaire, in a result seen as a repudi-
rate pieces of family legislation passed ation of the leftist populism espoused by the losing candi-
over the years, retains provisions treat- date. As in Peru, the winner is far short of a congressional
ing women as legal minors, whose Restricted: ferent school, or manage their children’s ing back to 1925. “Other Arab and clerics who officiate often refuse to majority, heightening the challenges of governing.
authority over their children and, in the draft law bank accounts. “Why am I being treated Islamic countries have taken important finalise the contract in the absence of a After Peru and Ecuador, the next Latin American nation
some cases, their own lives, remains appears to as if I’m a legal minor and have no rights steps towards enlightened readings of male relative. to vote is Chile, where electors will next month choose del-
under male control. They argue these enshrine the to deal with anything related to my the rights of women, men and children Public defenders of the status quo egates to a special assembly to draft a new constitution. A
clauses are disconnected from women’s powerlessness of son?” one woman asked in a post. [in Islam],” she said. argue that men are the “natural guardi- few months later, they will pick a new president.
daily problems, especially following women in many The legislation has moved forward Egyptian feminists said some clauses ans” of the family because they are One of the region’s best economic performers, Chile lost
divorce, making their lives Kafkaesque. spheres of life, even as Abdel Fattah Al-Sisi, Egypt’s were even a regression. A new provision responsible for supporting them. Alaa its halo when riots erupted in 2019 over costly public serv-
“The logic of family laws in Egypt has say critics president, has appeared more support- makes it possible for close male rela- Mostafa, a lawyer, suggested in a debate ices, inadequate pensions and declining living standards.
always been that women are under Mohamed Abd El Ghany/
Reuters
ive of women in public life. tives to sue for an annulment of a on state television that the online cam- The Pacific nation had stood out for its consensus politics
guardianship,” said Hoda Elsadda, chair His cabinet boasts eight female minis- woman’s marriage contract by arguing paign against the bill was the work of over the past three decades. Now one of its most popular
of Women and Memory, the civil society ters, the most in the country’s history. “lack of compatibility” between her and feminist organisations backed by for- politicians is a former television presenter best known for
group that started the social media Last month he instructed that women her husband. “The structure of the law eign funds for nefarious purposes. promoting early withdrawals of pension savings. Even
movement. “Women have to refer to should be allowed into the last two bas- and its philosophy do not respect Guardianship was given to men by reli- though economists point out that pulling out pension
[the man] in many situations for their tions of the judiciary that refused to hire women and denigrate them,” Aboul gion, he said. “Egyptian men are being funds early will only make retirement finances worse,
lives to function normally. This is the them — the prosecution and the Council Komsan said. “Female ministers in persecuted by women,” he claimed. some lawmakers from the governing centre-right coalition
key issue that has not been addressed in of State, the body that deals with the Egypt can sign agreements worth bil- Sisi has promised “social dialogue” are backing such moves.
the new law.” country’s administrative law. But the lions of pounds on behalf of the state, over the legislation but it is unclear who Nicholas Watson, Latin America managing director at
One divorced woman recounted private sphere is still governed by but they can’t marry without a male would take part. Officials and members UK consultant Teneo, said this illustrated one of the big-
being told she did not have the right to restrictive laws derived from narrow guardian. Now under the new law any of the state-appointed National Council gest dangers of the region’s populists: “You get this sort of
approve surgery for her seriously ill interpretations of Islam, activists say. male member of their family can go to for Women have not commented. populist creep. You don’t need even to be in power. The
daughter after her former husband Nehad Aboul Komsan, a lawyer and court to get an order within 24 hours “I’m calling on president Sisi to inter- fact you exist and have traction with the population sways
refused to sign the consent form. Others rights advocate, described the draft bill, preventing them from travelling.” vene immediately to stop a law which politics towards more radical policy proposals.”
described being unable to get passports which has yet to be debated in parlia- Egyptian law allows women to marry takes Egypt back 200 years,” said Aboul
for their children, transfer them to a dif- ment, as a “worse version” of laws dat- without a guardian, but in practice the Komsan. [email protected]

Regulator approval Economic recovery

South Africa recommends restarting J&J shots Chile predicts rebound after fast jabs rollout
JOSEPH COTTERILL — JOHANNESBURG country can restart using the US com- ond wave struck over the new year. MICHAEL STOTT — LATIN AMERICA EDITOR but its effectiveness after one dose was summer infection rate was common to
pany’s jabs. Daily counts of new cases have since much lower. It was 80 per cent effective many countries and new lockdowns
South Africa’s health regulator has rec- Chile expects this year to recover all the
The J&J shot has been the only vaccine fallen markedly, but a third wave is in preventing deaths and 85 per cent were bringing the disease under control.
ommended resuming use of the John- economic growth it lost to coronavirus,
used so far in South Africa’s rollout, widely feared to be round the corner. effective at preventing hospital admis- Chile hopes to reach herd immunity
son & Johnson coronavirus vaccine, the only major Latin American nation
until the country followed the US in sus- South Africa switched to J&J at the last sions. by June through vaccination, although
days after the country followed the US to do so, as rapid vaccination helps it
pending its use on Tuesday, risking fur- minute in February, after an original The rapid pace of vaccination should Jaime Mañalich, former health minister,
with a pause to assess the risk of blood beat the pandemic, according to Presi-
ther disruption to vaccinations in plan to use the Oxford/AstraZeneca allow the economy to rebound rapidly, has questioned whether this is possible
clotting with the single-dose shot. dent Sebastián Piñera.
Africa’s most industrial economy. vaccine foundered over evidence that it helped by higher prices for copper, its when nearby countries such as Brazil,
Lifting of the pause should be condi- The US Centers for Disease Control failed to protect against milder illness in Although a strong second wave of infec- main export. “We expect this year that Peru and Argentina are experiencing
tional on “strengthened screening and and Prevention and the US Food and cases of a variant that has become domi- tions triggered fresh lockdowns at the high infection rates and new variants
monitoring of participants who are at Drug Administration recommended an nant in the country. end of last month, Piñera said it was are circulating.
high risk of a blood-clotting disorder”, indefinite suspension after six cases of a South Africa’s supplies of the J&J vac- mainly unvaccinated younger people Sebastián Piñera: The fresh surge of cases has forced the
‘The numbers
and on updated plans to treat any vac- rare blood-clotting disorder out of cine have been limited to date because who were testing positive. “The num- show the vaccines postponement to next month of elec-
cine-related clots, the South African nearly 7m doses administered in the US. the initial rollout among health workers bers show that the vaccines we are we are applying — tions for a special assembly to draft a
Health Product Regulatory Authority Use of the J&J vaccine in the US was a research study rather than com- applying in Chile — Pfizer and Sinovac — Pfizer and Sinovac new constitution, replacing a document
said at the weekend. Ethics committees remains on hold after experts said last mercially ordered deliveries. The gov- are effective,” he said, rejecting doubts — are effective’ dating from 1980, under the Pinochet
must also give their approval before the week that they lacked enough evidence ernment has ordered 31m J&J shots and over the Chinese jab. dictatorship. The new constitution and
to change their stance. 30m of Pfizer’s two-dose product to Chile has administered 65 vaccine the growth of the Chilean economy will a welfare package worth 10 per cent of
No blood-clotting cases have been meet its goal of vaccinating 40m people. doses per 100 people, putting it third in be higher than the fall that we had last gross domestic product form the hub of
recorded among the nearly 300,000 The opposition Democratic Alliance the world after Israel and the UAE, year,” Piñera said. “All the projections the government’s response to riots and
health workers who were vaccinated in said last week that, unlike South Africa, which both have much smaller popula- indicate that Chile will grow 6 per cent social protests in October 2019.
South Africa before the suspension. the US had the “luxury” of being able to tions, thanks to early government this year and hopefully more.” Investors are concerned that the
President Cyril Ramaphosa’s govern- suspend the J&J vaccine as millions of action to secure supplies. The economy contracted last year by assembly will be deliberating during the
ment was under pressure to speed up Americans had already received shots About 90 per cent of Chileans have 5.8 per cent. campaigns for presidential and congres-
the sluggish pace of vaccinations even made by other drugmakers. “Halting received Sinovac’s CoronaVac jab and a Critics have attacked the government sional elections in November and may
before the US pause interrupted its the administering of one vaccine does large-scale health ministry study for easing mobility restrictions too be swayed into writing unaffordable
plans. South Africa has recorded more not impact them as much as it could released on Friday said the Chinese vac- quickly this year, allowing a fresh surge social pledges into the new charter or
than 1.5m cases of Covid-19 to date, the impact South Africa, since we currently cine had proved 67 per cent effective at of the virus over the southern hemi- weakening property rights that have
worst-hit African country in the pan- only have tiny quantities of this single preventing symptomatic infection more sphere summer and hospitals to be made Chile a prime destination for for-
demic, especially after an intense sec- vaccine available to us,” the party said. than two weeks after the second dose, swamped, but Piñera said the higher eign capital.
Monday 19 April 2021 ★ FINANCIAL TIMES 7

INTERNATIONAL

Biden push to ‘end the forever war’ leaves Diplomatic spat

Czechs expel
Afghans in fear of Taliban retribution 18 Russian
envoys over
US troop withdrawal brings warning of return to Islamist brutality and regional power struggles 2014 blasts
STEPHANIE FINDLAY — NEW DELHI
SAMI YOUSAFZAI — LONDON JAMES SHOTTER — WARSAW
KATRINA MANSON — WASHINGTON
The Czech Republic is to expel 18 Rus-
Gul Muhammad joined the Afghan
sian diplomats over suspicions that
army in 2016 when he was just 22. He
Russia’s security services were in-
wanted to serve his nation by fighting
volved in explosions at a Czech ammu-
the Taliban and make an honest living
nition dump in 2014.
as a soldier. But after the US signed a
peace deal with the Taliban last year, Andrej Babis, prime minister, said that
Muhammad felt increasingly desperate based on “unequivocal evidence” from
as the army lost territory and suffered Czech security services, there was “well-
heavy casualties. founded suspicion” that officers from
In December, Muhammad surren- unit 29155 of Russia’s GRU military
dered to the Taliban, one of four soldiers intelligence service were involved in the
in his company who deserted around explosions near the village of Vrbetice,
the same time. “Our commander was in which two people died.
careless about soldiers’ lives, they were “The Czech Republic is a sovereign
stealing our food and salaries and state and must respond accordingly to
deploying us without planning,” he said. these unprecedented findings,” Babis
“This war has no morality, the Taliban said on Saturday evening, adding that
are stronger and they are brutal.” investigations were continuing.
Muhammad’s hopelessness is Bohuslav Sobotka, who was Czech
endemic across Afghanistan after Joe prime minister at the time of the explo-
Biden, the US president, announced sions, said they represented the “biggest
plans to “end the forever war” and with- Russian attack on Czech soil” since the
draw all US and Nato troops from Soviet Union and its allies invaded
Afghanistan by September 11, the 20th Czechoslovakia in 1968.
anniversary of the 9/11 attacks. “It is a historic moment and we must
“War in Afghanistan was never meant respond,” he told Czech website Seznam
to be a multigenerational undertaking,” Zpravy. “It is an attack by Russia on a
Biden said in an address on Wednesday. member of the EU and Nato, and from
The US leaves Afghanistan at a time an international perspective, it cannot
when the Kabul government is fragile, be taken lightly.”
beset by corruption and internal rival- Russian officials denied that there
ries. Some in the Taliban say they are Country at war: gave assurances that it would not way forward. The Taliban have refused ‘Without women were in jeopardy. “The Taliban had been any involvement in the explo-
confident that if they bide their time Afghan security allow al-Qaeda to threaten the US from to attend. leadership have learnt how to evade sions. Vladimir Dzhabarov, deputy
they can install an Islamic Emirate, a forces arrest Afghanistan and would reduce levels of Christopher Kolenda, a retired army US and some of these questions of rights to gain head of the committee for foreign affairs
scenario that risks reversing US efforts members of violence, a pledge on which analysts say colonel who has negotiated with the Tal- foreign international legitimacy, but the group’s in the Federation Council, Russia’s
to support the democratisation and the Taliban it has failed to deliver. iban, said the US had little leverage after ideology remains the same,” she said. upper house of parliament, said the alle-
modernisation of Afghan society. in Jalalabad. The Taliban secured the release of a series of “missed opportunities” to troops, A US administration official said the gations were “nonsense”.
“Our jihad will continue until we have Below, damage thousands of prisoners while launching exit. He warned that in the absence of a Afghans US would support women’s rights “We’ve never done anything like this
established and restored an Islamic from a roadside a relentless assault on Afghan security comprehensive regional approach to through diplomatic means and would in our life. It’s ridiculous. Why do we
regime,” a Taliban leader and ex-gover- bombing in the forces and civilians. More than 500 peace, “Afghanistan’s neighbours con- will be have significant counter-terrorism need to blow up something in the Czech
nor in eastern Afghanistan told the FT. capital Kabul civilians have been killed in Afghani- tinue stirring the pot with their proxies killed like assets in the region to face a threat in Republic?” he told Russia’s Tass news
“Our guns and bombers are ready to Ghulamullah Habibi/EPA-EFE
stan in the first three months of 2021, a and transferring security problems”. Afghanistan and to hold the Taliban to agency. “This is just a contrived situa-
strike on remaining forces in Afghani-
Rahmat Gul/AP
30 per cent rise from the previous year, Chris Alexander, a former Canadian chickens in its commitment to ensure al-Qaeda did tion in order to support the Americans.”
stan and the puppet regime.” according to the UN. The Taliban has diplomat, has been outspoken about the a butcher not once again threaten the US. Russia’s foreign ministry said yester-
As the US steps back, Afghanistan’s been blamed for a wave of assassina- US and its allies not holding Pakistan “We retain substantial military and day that Moscow would take retaliatory
neighbours — Pakistan, Iran, Russia and tions of journalists, judges and activists. accountable for its role in supporting shop’ intelligence capabilities to disrupt the measures that would “make the authors
China — are waiting to step into the Talks between Ashraf Ghani’s govern- the Taliban by offering funding and broader capacity of al-Qaeda to success- of this provocation realise their full
power vacuum, evoking the great power ment in Kabul and the Taliban to reach a sanctuary for its leaders. fully reconstitute the sustained home- responsibility for destroying the basis of
rivalries in the region of the late 19th power-sharing deal have ground to a “The US and Nato allies have not yet land threat to the United States,” said normal development of relations
century between Britain and Russia. halt, prompting the Biden administra- even tried the best strategy available for the official. between our countries”.
Sajjan Gohel, a south Asia expert at tion to suggest a new multinational ending this war: sanctions against those But a former US military commander The Czech expulsions come as rela-
the London School of Economics, said peace conference in Istanbul to chart a responsible for it in Pakistan. With or cast doubt over the feasibility of the tions between the Kremlin and the west
there were disturbing parallels between without international military forces on Biden administration’s commitment to are at their worst for several years.
the US pullout and the Soviet with- the ground, united political action is provide assistance to the 300,000- On Thursday, the US imposed further
drawal 30 years ago. After the collapse required to end Pakistan’s proxy war,” strong Afghan national security forces sanctions on Russia, including on indi-
of the Soviet regime, Afghanistan he said on Twitter. that the US had spent years training and viduals and companies accused of tak-
became a haven for Islamist militants. Afghans are bracing for a future with- equipping. “It is to be anticipated that ing part in efforts to interfere in US elec-
“The house of cards came down,” he out the US to keep the Taliban at bay. those extremist groups [the US took tions and conducting cyber attacks.
said. “Ungoverned spaces are the great- Many, like Ghousuddin Frotan, are try- military actions against] will establish Russia hit back the next day by expel-
est asset for extremism to flourish.” ing to flee to Europe or neighbouring new sanctuaries in areas not controlled ling 10 US diplomats and imposing
Biden set the withdrawal date after countries. “Due to the worsening secu- by the Afghan government in the restrictions on those allowed to stay.
taking over a deal brokered by the rity situation and the target killings, I future,” they said. Dominic Raab, UK foreign secretary,
Trump administration and which he want to leave the country,” said Frotan, Muhammad, the former soldier, fears said yesterday that the Czech govern-
said was “perhaps not what I would have a director at a social development the Afghan military may not be strong ment’s revelations “exposed the lengths
negotiated myself”. The Doha deal, organisation, “I know many other peo- enough. “Without US and foreign that the Russian intelligence services
signed between the US and the Taliban ple who want to leave.” troops, Afghans will be killed like chick- will go to in their attempts to conduct
in February 2020, set a timetable for Madiha Afzal, at the Brookings Insti- ens in a butcher shop,” he said. dangerous and malign operations in
withdrawal. In exchange, the Taliban tution think-tank, said the rights of See FT View Europe”.
8 ★ FINANCIAL TIMES Monday 19 April 2021

Level playing fields China should extend its anti-monopolistic scrutiny from private tech groups to state entities y FT VIEW, PAGE 22

Europe’s top Great expectations Spectacular forecasts

set the bar high for US corporate earnings
EY’s Wirecard
audits had
football clubs serious flaws,
probe reveals
sign up for OLAF STORBECK — FRANKFURT

EY’s audits of defunct payments group

‘Super League’
Wirecard suffered from serious short-
comings over a period of years, a Ger-
man investigation has found.
The Big Four firm is said to have failed to
spot fraud risk indicators, did not fully
implement professional guidelines and,
on key questions, relied on verbal assur-
3 Up to 12 of wealthiest teams join ances from executives.
A special investigator who scrutinised
3 JPMorgan provides backing of $6bn the EY audits came to a damning verdict
about the quality of the work, according
to people with first-hand knowledge of
MURAD AHMED AND ARASH MASSOUDI The clubs not yet signed up include the report. The report, filed to the Bun-
France’s Paris Saint-Germain and Ger- destag last week, will significantly add
Many of Europe’s wealthiest football many’s Bayern Munich, among the rich- to the woes of the accountancy firm.
clubs have agreed to join a breakaway est in Europe, according to people close A team of auditors from Rödl & Part-
“Super League” competition that would to the discussions. ner led by Martin Wambach, the parlia-
mark the biggest transformation of the A declaration about the Super League mentary special investigator, dug
game in decades. is designed to head off an alternative through 90 gigabytes of EY data that
Up to 12 clubs have signed up to a plan for a radical transformation of the included internal working papers and
plan, backed by $6bn in debt financing Champions League, which is run by 40,000 emails. One finding refers to
from JPMorgan, to launch a new tourna- Uefa, European football’s governing Angela Weiss/AFP/Getty
EY’s handling of the interim results of a
ment that would supersede the Champi- body. US earnings estimates paint Q1 as strongest quarter since 2018 forensic investigation in 2017.
ons League, currently the continent’s Uefa’s annual conference today is set The 2017 probe, which was conducted
top annual club competition. to approve a radical new format for its % change by a separate EY anti-fraud team and
According to people with knowledge competition, which includes 100 more 40 code-named Project Ring, was man-
of the discussions, those ready to join matches each season and more money- Q3 2018 was the last time earnings growth surpassed 24% dated by Wirecard’s board after a
the breakaway contest include Spain’s spinning ties between top teams. 20 whistleblower raised allegations about
Real Madrid and Barcelona; England’s That move came after the European accounting manipulations and
Manchester United, Manchester City, Club Association, a body that represents 0 attempted bribery of an auditor by
Liverpool, Arsenal and Chelsea; and the interests of more than 200 leading Wirecard staff in India.
teams and led by Andrea Agnelli, Juven- -20 By March 2017, just before the audit
tus chair, gathered last week to discuss opinion for 2016 was due, Project Ring
‘It is a project founded on the proposed reforms to the continent’s
Earnings growth estimate Actual earnings
growth
-40 was suffering from delays with key
at end of quarter
the self-interest of a few club tournaments.
-60
questions unanswered.
The ECA agreed to allow Uefa to pro- EY auditors warned Wirecard that an
clubs when society needs ceed with the proposed format changes Q1 2018 Q1 2019 Q1 2020 Q1 2021 unqualified audit would be denied
solidarity more than ever’ but there was widespread discontent Source: FactSet
unless these issues were resolved.
with the plan as leading clubs wanted to According to Rödl & Partner, EY
Italy’s Juventus, AC Milan and Inter be given greater assurances over a new AZIZA KASUMOV — NEW YORK real earnings growth could be 28 per president of trading and derivatives at received “mainly verbal and written
Milan. joint venture that would control all cent or more, the highest level in more Charles Schwab. “To me, that sounds explanations by executives” and signed
US corporate earnings season has
These clubs either declined or did not media and sponsorship rights for Euro- than a decade. like a climate that’s ripe for some sort off the audit. The special investigator
officially begun and analysts are
respond to a request for comment. pean club competitions. The forecasts represent a drastic of pullback.” said there was no evidence that EY eval-
expecting nothing short of a spectac-
The new league, according to docu- Uefa’s attempts to contact Agnelli this upward revision from what Wall Markets have been spoilt with dra- uated the questions it had raised earlier
ular rebound in companies’ first-
ments seen by the Financial Times, weekend to find out whether Juventus Street had originally expected. Back matic upside surprises for three earn- further. This view is in line with findings
quarter results.
would involve 20 clubs with 15 being had agreed to join the Super League in December, during another explo- ings seasons in a row. In last year’s sec- of German audit watchdog Apas, which
“permanent members”, meaning they have failed, according to people close to But the lofty outlook leaves little sion of coronavirus cases across the ond, third and fourth quarter, compa- has told prosecutors that EY may have
could not be relegated and would not discussions. room for disappointment, and could country, analysts predicted 15.8 per nies beat Wall Street estimates by acted criminally during its work for
need to qualify through strong perform- However, other key power brokers prove a stumbling block for US equity cent earnings growth. more than 10 percentage points each Wirecard.
ances in national league competitions. have been informed, such as La Liga’s markets, which have been rallying to The accelerating national vaccina- time as pandemic damage proved less Project Ring was terminated by Wire-
The founder members would be chief Javier Tebas, who is among the all-time highs off hopes for a swift eco- tion campaign and upbeat economic dramatic than feared, fuelling a fierce card in 2018 despite EY’s anti-fraud spe-
granted between €100m-€350m each football officials seeking to block the nomic recovery. data support the case for a stronger equity market rally. cialists arguing that “red-flag indica-
and would continue to play in their breakaway plan. As of April 9, Wall Street had pencil- rebound, but some investors warn “You’ve had substantial earnings tors” required further investigation.
national competitions, such as Eng- Uefa said that it was united with led in 24.5 per cent year-on-year earn- that the rosy first-quarter expecta- surprises back-to-back,” said Jens Zimmermann, a Social Democrat
land’s Premier League and Spain’s La Europe’s top leagues, national govern- ings growth for companies in the blue- tions also could cause markets to trip. Maneesh Deshpande, head of US MP, said the Rödl & Partner report on
Liga. With expected revenues of €4bn ing bodies and Fifa in “efforts to stop chip S&P 500 index. If those expecta- “If the optimism gets too high, even equity strategy at Barclays. Now, with EY backed up the KPMG Wirecard
for the competition through media and this cynical project, a project that is tions are met, it would mark the in a really good earnings season, the the bar significantly higher for mar- report. “Its language is technical but its
sponsorship sales, clubs would receive a founded on the self-interest of a few strongest quarter since 2018. But market could actually go down kets to get their next dose of upside content is devastating.”
fixed payment of €264m a year. clubs at a time when society needs because companies tend to beat esti- because there’s a lot fewer upside sur- news, he said, “you could see some Rödl & Partner did not immediately
JPMorgan declined to comment. solidarity more than ever”. mates, researchers at FactSet think prises,” said Randy Frederick, vice- downside”. respond to FT requests for comment.

Financials. Mubadala
Abu Dhabi fund veers away from commodity roots
$18.5bn and raised $17bn through Carlyle. Mubadala on Friday invested mitment to make similar investments in
Chief says selldowns will divestments, Mubarak said, adding that $75m in Recursion Pharma through an British tech, green energy and infra-
include public listing of annual results in June would reveal IPO, raising its stake in the US company structure over five years.
higher income. to about 11 per cent. The changes began two years ago as
Emirates Global Aluminium The shift in strategy reflects Abu Today, its partners are more likely to Mubadala’s development mandate
Dhabi’s thinking as its leaders increas- be SoftBank, US private equity firm Sil- diminished and it focused more on
ingly focus on developing tech-related ver Lake and Google. Mubadala was one returns while reducing its exposure to
ANDREW ENGLAND — LONDON
SIMEON KERR — DUBAI hubs and industries rather than manu- of the anchor investors in SoftBank’s sectors once at its core but now facing
facturing. It also fits with the deepening Vision Fund, pumping in $15bn, and its “headwinds”.
Abu Dhabi’s most active investment economic ties between the United Arab biggest deals last year were a $2.4bn This included multibillion-dollar
fund, Mubadala, is turning away from its Emirates and Asia. commitment to a partnership with Sil- sales of stakes in companies such as
roots as it cuts its holdings in energy and Born out of petrodollar wealth, ver Lake and a $1.2bn investment in European gas company Cepsa and
other commodity-related assets while Mubadala, chaired by de facto UAE Indian conglomerate Reliance Indus- chemicals group Borealis as the fund has
ramping up investments in technology, leader Sheikh Mohammed bin Zayed al- tries’ digital upstart Jio Platforms. cut it exposure to energy, petrochemi-
healthcare and disruptive industries. Nahyan, has embodied Abu Dhabi’s Silver Lake said on Wednesday it cals and mining by about a third to 45
Khaldoon al-Mubarak, chief execu- ambitions for the past two decades. would invest $800m in Group 42, an per cent. Mubarak expects a further
tive, said the $232bn fund’s strategy In the 2000s it was tasked with diver- Abu Dhabi-based artificial intelligence drop to 20-30 per cent of the portfolio.
shift would mean more selldowns in sifying the oil-dependent economy and and cloud computing company in which He said Mubadala was considering its
“legacy commodity sectors” either making strategic overseas investments. Mubadala has a significant stake. options with GlobalFoundries, a capital-
through market listings or private The fund drove greenfield projects Mubadala this year formally switched intensive business that has struggled to
placements, including an initial public including a desert aircraft parts plant its core areas of investment from the compete with market leaders Taiwan
offering for Emirates Global Alumin- and its huge aluminium business as well likes of petrochemicals, aerospace and Semiconductor Manufacturing Com-
ium. as real estate, energy and tourism. manufacturing to direct investments, pany and Samsung Electronics.
Mubadala is also planning an IPO for Mubadala garnered a reputation as disruptive industries and real estate and “It’s a challenging industry, a very
Yahsat, a satellite company set up 14 the Gulf’s most professional state infrastructure. competitive industry, [and] we went
years ago, and is considering whether to investment vehicle. When another, the It announced a multibillion-pound through lots of ups and downs . . . but
list GlobalFoundries, the US-based chip- International Petroleum Investment “sovereign investment partnership” the thesis [for the investment] was the
maker into which it has pumped billions Company, became embroiled in the with the UK last month, pledging right one,” Mubarak said. “Now GF has
of dollars over the past decade that 1MDB fraud, its assets were folded into £800m to a life sciences fund and a com- reached that point where it’s in the right
turned its first profit in 2019. Mubadala, further boosting its fire- place and ready to go to the next level. Is
At the same time, the fund is increas- power. But its industrial projects have that next level an IPO, is it something
ing its investments in Asia’s two power- had mixed success. else? This is what we will decide.”
houses as it aims to double its assets The aerospace parts factory, which He said Mubadala’s focus in Abu
under management by 2030. opened in 2009, only employs about Dhabi was now on the development of
“The sectors we like all have a signifi- 600 people while plans to establish a new industries in the UAE where “we
cant growth trajectory in China and if semiconductor plant in Abu Dhabi after can . . . be competitive globally and
you look at the overall portfolio and the Mubadala pumped billions of dollars where we can have scale”.
percentage of coverage we have in China into GlobalFoundries never made it off Mubarak added: “It’s that next indus-
it’s nowhere near where it should be,” the drawing board. trial play. Life sciences, that’s a sector we
Mubarak told the Financial Times. “The Its overseas exposure, meanwhile, know is going to be growing immensely
same applies for India.” became heavily weighted to the US, and we have the sort of competitiveness
Mubadala deployed more funds and which accounts for more than $100bn of in that space where we can create the
“monetised” more assets last year than the fund’s assets under management, as Khaldoon al-Mubarak wants to shift right industries here. Technology is
the highs it hit in 2019 when it invested it partnered with groups such as GE and from sectors facing ‘headwinds’ [another] area we are very strong in.”
Monday 19 April 2021 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

GSK chief finds that breaking up is hard to do

Walmsley under pressure as activist Elliott pushes for change and investors show concern over lagging drug research
HANNAH KUCHLER, SARAH NEVILLE, nue. Poor productivity has been com-
ATTRACTA MOONEY
AND ARASH MASSOUDI
pounded by “bad luck” with some
assets, said Walton but she added: “You
When Emma Walmsley announced the need a big enough portfolio to be able to
bold move to break-up the British drug- absorb a few failures.”
maker GlaxoSmithKline in 2018, she GSK forecasts a mid- to high-
said spinning off its toothpaste-and- single-digit percentage decline in earn-
vitamins unit would allow the company ings per share this year, compared with
to focus on delivering “breakthrough 2020. Sales of Shingrix, the shingles
medicines”. shot, have been disrupted by the pan-
But as the split looms, with GSK due to demic. Others are likely to be more per-
reveal more detail on its plans for the manent shifts, as revenues from drugs
£9.8bn consumer health joint venture such as the asthma treatment Advair
with Pfizer in June, shareholders fear are eroded by generic competition.
the cupboard of innovative drugs is Geoffrey Porges, an analyst at SVB
almost bare. Elliott Management, the Leerink, said investors were now ques-
activist hedge fund, has taken a multi- tioning the attempt to reestablish a can-
billion-pound stake to push for change, cer business. “It’s a highly competitive
sending GSK’s share price up 6 per cent category with huge companies that have
after the Financial Times reported the large portfolios,” he said. “So to rebuild
position this week. that from a standing start is a challenge
Yet it is far from clear whether GSK’s in the best of times.”
lagging research and development pro- He believes the company could have
ductivity is bad luck or poor planning — given more attention to its world lead-
and whether another leader could have ing vaccines business, which he esti-
tackled the challenge more quickly. mates could be worth £25bn to £30bn.
Walmsley has pledged to carry on as He said the programme for a shot for
chief executive of the drugmaker after RSV, a respiratory virus that hits infants
the split but some shareholders would and the elderly, was “pretty promising”.
prefer her to lead the consumer busi- While there could be many buyers for
ness, where she has more experience. the consumer business, it might be
“The natural [CEO] change that tough to find someone willing to snap up
might have happened organically — the drugmaker. “It’s not at all clear that
Emma will have been in the role five Planning the future: Emma Walmsley was an unexpected choice to lead the drugmaker but has pledged to carry on as chief executive — Mandel Ngan/AFP via Getty Images anyone would be interested in the entire
years in 2022 — could be forced through entity, at what would probably be a
by Elliott, who see this, plus the uplift Shares in GSK have underperformed GSK’s drugs pipeline has lagged behind its rivals $70bn acquisition price,” Porges said.
from crystallising the disposal of the
GSK underperforms on research and The UK government could also be
consumer healthcare business, as the
its peers Number of products in trials development productivity reluctant to allow a foreign buyer to buy
medium-term upside in their plan,” said Share prices rebased Phase 1 Phase 2 Phase 3 Net present value of R&D divided by R&D GSK. After the pandemic and Brexit, it is
one top-30 shareholder. AstraZeneca Pfizer GSK 60 60 spend* concerned about ensuring it has home-
Elliott’s stakebuilding — led by Mark EU large cap pharma Global pharma grown vaccine-making capacity.
250
Levine and Sebastian de La Riviere — GSK appoints GSK GSK would have to impress investors
Emma Walmsley CEO 2.5
caught GSK off guard. The group had 200 40 40 at the “absolutely critical” capital mar-
not prepared a defence against any 2.0 kets day in June, the portfolio manager
potential activist investors or held for- 150 1.5 said. It was its opportunity to show what
mal discussions with Elliott, according 20 20 drugs may be hiding in the cupboard.
to people briefed on the matter. 1.0 “I would imagine Emma and the
100
Elliott declined to comment. But one 0.5 board are trying to make the company
AstraZeneca Pfizer GSK
person familiar with the activist group’s as attractive as possible with a clear
50 0 0 0
general approach argued that it would long-term standalone proposition so it
2017 18 19 20 21 2015 20 2015 20 2015 20 2000 05 10 15 20
not have become involved unless it isn’t taken over come August next year,”
planned to agitate for a sale of at least * Based on 70% of reported R&D after tax — assuming average 30% tax — for seven years (four years pre and three years post) said Walton. “With Elliott in the back-
part of the business ahead of the Sources: Refinitiv; S&P Capital IQ; Credit Suisse PharmaValues Database ground, maybe that is more difficult.”
demerger — most likely consumer
health — with pharma and vaccines
likely to be put on the block later. “This venture which was good for both par- vant to boost the efficacy of vaccines
is the end of GSK,” the person added. ties,” he said. made by others — including in a part-
Walmsley was an unexpected choice Another top-30 shareholder said the nership with Sanofi that is far behind
to lead the company. As the process of decision to split the company, ending after problems with an early stage trial.
finding a successor to former chief exec- the diversified model that Witty had While investors may be glad GSK has
utive Sir Andrew Witty began, the then assiduously defended, was a “brave escaped the scrutiny that AstraZeneca
chair Sir Philip Hampton assured share- move”, adding: “It also shines a light on is suffering, it has missed out on the bil-
holders that he was looking for “an pharma, which has to be strong enough lions of dollars of revenue forecast by
external candidate steeped in pharma”, to prosper on its own.” Pfizer and Moderna.
according to one person briefed on the But now some shareholders worry GSK has been playing catch-up with a
conversations. that the fresh attention could expose deal with the German biotech CureVac
Walmsley, appointed in September GSK’s failure to refill the drugs pipeline. and a partnership with Vir, which has
2016, had no background in that area — Investors sometimes compare Walms- created a promising Covid-19 drug. It
and was already on the GSK payroll as ley to rival AstraZeneca’s Pascal Soriot, also has an earlier stage project on self-
chief executive of the consumer health who had a career in pharma including amplifying mRNA on vaccines.
division, having joined the company leading Genentech before taking the But its position could be further dam-
after a long stint at L’Oréal. helm of the Anglo-Swedish company aged as vaccine executives and scien-
One person familiar with the search and turning it into a scientific leader. tists are leaving the company, resenting
said the strongest of three external can- “The best people in the pharma being left on the sidelines when they
didates who all had solid pharma expe- industry tend to have deep roots in sci- could have made the biggest contribu-
rience was excluded over a $25m golden tion of their careers, according to people
handcuff payment that would have familiar with the matter.
been met with “substantial shareholder
Concerns over GSK’s Even before Elliott’s stake was
resistance”. pipeline have been revealed, this week had been disap-
Walmsley, one of three internal candi- pointing for GSK. The company had
dates shortlisted, had in any case been
brought into sharper focus been reinvesting in oncology — a lucra-
the preferred choice of all directors on during the pandemic tive market where novel drugs can fetch
her merits, the person emphasised. high prices and trials are shorter. But on
A senior portfolio manager in the City Wednesday, GSK scrapped two trials for
of London who holds GSK shares said ence and can really fully contribute to cancer drug feladilimab.
Walmsley had made a good early the strategic decisions on R&D direc- It was only a small setback, but comes
impression. She won praise for sur- tion,” said Jo Walton, an analyst at after others earlier in the year. In Janu-
rounding herself with experienced sci- Credit Suisse. ary, one oncology drug failed in late
entists, such as Hal Barron, the presi- Before Elliott’s approach, shares in stage trials, and another had its US regu-
dent of R&D who also sits on the board GSK had fallen by 14 per cent since latory approval delayed by restrictions
and has done innovative deals, investing Walmsley took up the post in 2017, com- related to the pandemic.
in new ways to find drugs, and Luke pared with a rise of 49 per cent at Astra- Failures are common in drug develop-
Miels, a former AstraZeneca executive Zeneca over the same time and a 16 per ment, with some experts estimating as
who leads pharmaceuticals. cent increase at US-based Pfizer. many as nine out of 10 do not get
“When she first came in, she hired Concerns over GSK’s pipeline have approved. GSK does have 14 assets in
some very good people around her, the been brought into sharper focus during oncology now, including Zejula, from its
ex-HSBC chief financial officer, a new the pandemic. The company is notably acquisition of Tesaro, which is on the
head of pharma, a new head of R&D. She absent from the frontrunners that have market. Overall, it had nine major
didn’t overpay for the Pfizer consumer a Covid-19 vaccine on the market. It approvals in 2020 and new and special-
assets — and ended up doing the joint decided to focus on supplying an adju- ity drugs made up half of pharma reve-

Airlines

Australia and NZ test ‘travel bubble’ template

JAMIE SMYTH — SYDNEY launch of the trans-Tasman travel bub- Canberra has not provided a date for
ble today. reopening its international border and
The launch of a quarantine-free “travel
Foran said that there was still a lot of suggested last week that travel bubbles
bubble” between Australia and New
work to be done by the governments of with Singapore, Japan, South Korea and
Zealand could provide a template for
New Zealand and Australia to deter- Vietnam could be its next step.
elsewhere in the world and pave the
mine how to reopen air routes to the US Flights between New Zealand and
way for an airline industry recovery,
and other countries where Covid-19 was Australia accounted for 5 per cent and
the countries’ main carriers have said.
still prevalent. 20 per cent of pre-pandemic revenues at
However, cash-strapped Air New Zea- So-called vaccination passports, Qantas and Air New Zealand respec-
land and Qantas Airways have warned which prove that a traveller has been tively, according to research firm
that delays in Covid-19 vaccinations in inoculated, might provide a way to Morningstar.
both nations threatened to disrupt the resume flights to these destinations by Morningstar forecasts that Air New
resumption of international flights to the end of the year, he added. Zealand and Qantas will suffer a com-
parts of the world that are struggling to Qantas warned last week that Aus- bined A$15bn ($11.6bn) knock to reve-
contain the spread. tralia risked falling behind other coun- nues in 2021.
“Getting Australia back up and run- tries in its inoculation programme, However, both airlines are experienc-
ning for Air New Zealand is a significant which the government has conceded ing a strong recovery on their domestic
boost to us,” said Greg Foran, Air New will not be completed this year due to a routes because of the countries’ early
Zealand’s chief executive, ahead of the scarcity of vaccines. suppression of Covid-19 last year.
10 ★ FINANCIAL TIMES Monday 19 April 2021

COMPANIES & MARKETS

Financials Banks

Big banks urged to defund carbon emitters UBS told it

could not rely
Goldman, HSBC and BNP includes Amundi, Legal and General ment on climate change, the world’s big- investors together, argues these ambi- through deforestation and land-use on privilege
with rape
Investment Management, the Church gest 60 banks have provided $3.8tn of tions often will not have the “impact change.
Paribas under pressure Commissioners for England and Nordea financing for fossil fuel companies, with needed”, because they typically do not They also argue that lenders should
from investor coalition Asset Management. It has called on the 2020 levels higher than in 2016. include “Scope 3” emissions produced not rely on “unproven negative emis-

ATTRACTA MOONEY
AND STEPHEN MORRIS
banks to align their financing with a goal
of net zero emissions and ensure execu-
tive pay is linked to this target.
“The problem we face today is that
too many banks are failing to consider
climate harm when they make financ-
by customers and suppliers.
The investors want the banks to with-
draw finance from projects that do not
sions technologies” and that so-called
avoided emissions — derived from back-
ing green projects such as wind farms —
inquiry report
The move is the latest sign that inves- ing decisions, and too much money is speed up their efforts to meet the goals should not be used to offset carbon-
Goldman Sachs, HSBC, BNP Paribas tors’ climate focus is shifting from big being ploughed into carbon-intensive of the Paris agreement and fail to set intensive activities. KATE BEIOLEY AND STEPHEN MORRIS
and 24 other global banks are coming carbon emitters, such as oil and gas activities that we so desperately need to firm interim targets. Goldman Sachs and HSBC declined to
UBS was told by an employment tribu-
under pressure from a coalition of large groups, to those providing the finance move away from,” said Natasha Landell- The Paris accord introduced a com- comment. BNP said it welcomed “dia-
nal it could not use legal privilege to
investors to stop financing carbon- for carbon-intensive projects. Mills, head of stewardship at UK asset mitment to limit global warming to less logue with its stakeholders” and that its
keep private the findings of an inquiry
intensive projects and to scale up their The investors, which also include manager Sarasin & Partners. than 2C above pre-industrial levels. asset management arm had “made cli-
into how it handled an alleged rape.
green lending. M&G Investments, Northern Trust Many banks have set net zero targets. Among their other appeals, the inves- mate action a key focus of its steward-
The group of 35 big investors, which Asset Management and Aviva Investors, But the Institutional Investors Group on tors are calling on banks to phase out ship with the companies in which it In a 2019 ruling seen by the Financial
together manages $11tn in assets, said that, since the 2015 Paris agree- Climate Change, which brought the lending to projects that led to emissions invests”. Times this week, a judge told UBS it
could not rely on legal privilege because
law firm Freshfields Bruckhaus Der-
inger had been hired to conduct an inde-
Market Questions. Pandemic fallout pendent inquiry into how human
resources had responded, rather than in
the capacity of legal adviser to the bank.

ECB ponders options for hastening bloc’s recovery UBS appointed Freshfields partner
Caroline Stroud in 2018 to conduct an
investigation into the way the bank han-
dled a former employee’s allegation that
she was raped by a colleague nearly 20
years her senior.
Will the European Central Bank do The former employee, known as Ms A
more to help eurozone economy? for legal reasons, filed an employment
When ECB policymakers meet on claim against UBS for failing to protect
Thursday, they will be painfully aware her in 2019. The claim was later settled
that the eurozone economy is still being confidentially.
held back by lockdowns to tackle rising According to the ruling, Ms A, who
coronavirus infections while the US, had no legal representation at the time,
China and the UK are reopening and agreed to take part in the Freshfields
rebounding faster. investigation following assurances from
Christine Lagarde, ECB president, last senior UBS executives that Stroud had
week compared the eurozone with a not been hired to give it legal advice.
patient walking out of intensive care The bank gave Ms A a summary of the
with the support of two crutches. findings but refused to disclose the full
But with the eurozone lagging behind report, which exonerated the bank, to
its main trading partners, the crucial Ms A on the grounds that it was covered
question for the ECB is whether it is by lawyer-client privilege, triggering
doing enough.
At its previous monetary policy meet-
ing in March, the ECB decided to con-
‘Fairness would demand
duct bond purchases “at a significantly that . . . [UBS] did
higher pace” under its €1.85tn pan-
demic emergency purchase programme
not cherry-pick
(PEPP) to avoid an unwanted tightening [what] it shared’
of financing conditions.
Since then, adjusting for the Easter her application to the tribunal to see its
holidays, it has bought €19bn of bonds a findings.
week compared with a weekly average Employment judge Harjit Grewal said
of €15bn earlier in the year, according to that “fairness would demand that
Goldman Sachs. . . . [UBS] did not cherry-pick what] it
Some economists say the ECB could shared”, and that it had told Ms A that
step up further, particularly given Stroud was not acting as a lawyer but
the 0.13 percentage point rise in 10-year merely giving advice and suggestions
Italian yields in the past month. about how the bank handled the claim
However, Andrew Kenningham, chief another 6.2m subscribers last quarter, west and Spirit for signs that travel Investors in US the Bank of England’s 2 per cent target and what it could have done differently.
European economist at Capital Eco- according to a Refinitiv survey of ana- demand is recovering. airline groups in the long run could compel it to tighten The judge ruled that the report was
nomics, pointed out that the pick-up in lysts, down from an jump of 15.8m a The number of travellers passing will be looking monetary policy to cool the economy. not protected by privilege.
Italian yields came despite the ECB’s year ago when shutdowns spread across through US airport security check- for signs that Economists expect the UK’s March Grewal said evidence from the bank’s
higher bond purchases. the US. points remains below 2019 levels but passenger CPI to rise to 0.8 per cent, according to a managing director for group investiga-
“[The ECB’s] revealed preference is to Analysts cautioned, however, that last has been steadily climbing in recent numbers are Bloomberg survey. Analysts also predict tions, Neil Young, in which he said the
buy around €15bn-€20bn per week year’s subscriber surge would weigh on weeks to levels last recorded before beginning to that the gauge will continue to rise in bank had hired Stroud to give it legal
under the PEPP and let bond prices 2021 demand for streaming groups. coronavirus shutdowns early last year. bounce back coming months, likely exceeding the advice, was “very difficult, if not
adjust to market conditions,” he said. This week will also bring updates American Airlines has said it expects Andrew Caballero-Reynolds/
AFP
BoE’s target later this year. That, how- impossible, to reconcile” with evidence
Martin Arnold from US airlines with investors parsing to report a first-quarter net loss of up to ever, does not mean the central bank about what other executives had told
results from United, American, South- $1.3bn. But it forecast strong demand will blink. “I think the bank is going to Ms A.
How will pandemic winners and this summer, saying it would fly more pretty much ignore inflation for the According to covert recordings of sen-
losers fare in US earnings season? than 90 per cent of its domestic seat next year or two,” said Paul Dales, chief ior executives, which were cited in the
UK inflation unexpectedly slowed in February
In another busy week for US corporate capacity compared with 2019. UK economist at Capital Economics. ruling, the then head of investment
Annual % change in consumer price index
earnings, Netflix will be in the spotlight Matthew Rocco Dales said the BoE would probably banking Andrea Orcel told Ms A that he
as investors wait to see if one of the com- 3.0 disregard higher growth figures due to did not originally know that Stroud
panies that most benefited from con- Is UK inflation at inflection point? the strong influence of technical factors, worked at Freshfields.
sumers’ thirst for in-home entertain- 2.5 Investors have been focused on inflation including rising energy and utility He said he had hired Stroud because
ment during the pandemic has contin- this year as a key driver of financial mar- prices. Clothing had also proved to be a she “had a good reputation for doing
ued to draw in viewers this year despite 2.0 kets. In the UK, year-on-year consumer “wild card” over recent months as what’s right”.
an easing in lockdown restrictions. price growth ticked down to 0.4 per cent retailers increased their price tags in In a separate conversation put to the
The streaming group, which will pub- 1.5 in February from 0.7 per cent the month response to lockdown measures, he tribunal, Siobhan McDonagh, the bank’s
lish its first-quarter earnings on Tues- before. added. But higher readings over the head of HR for the UK and the invest-
day, added 8.5m paying customers in 1.0 The March reading, released on next several months could still make ment bank, told Ms A that Stroud was
the three months to the end of Decem- Wednesday, could mark a point when investors nervous about the prospect acting “in a very different capacity,
0.5
ber even as it raised prices — beating price growth switches to an upward tra- that higher inflation is here to stay. doing a very different role” from her
analysts’ forecast of 6m and bringing its 0 jectory. The key question for investors is “The outlook for inflation now is legal one.
overall subscriber tally to almost 204m where a move higher in inflation will more uncertain than it’s been for 10 Freshfields was not a party to the pro-
subscribers. 2018 19 20 21 stop and how central banks will years,” said Dales. ceedings and declined to comment. UBS
Source: ONS
Netflix is expected to have gained respond. Price growth running above Joshua Oliver declined to comment.

Energy. Climate change

Doubts raised over environmental benefits of offset schemes

a third of the more than 1bn credits since the early 2000s, according to to build the world’s largest solar power would have generated an estimated more credits that clearly do not repre-
Proliferation of projects is issued to date. Trove Research. While some of those company by 2025. The project, designed return of only 6-10 per cent for equity sent real emissions reductions,” she
“If you buy carbon credits from a available were issued more than a dec- to deliver 990MW of power to five states investors, below the benchmark of said. Haya’s 2010 PhD on earlier renew-
not necessarily equating to large-scale renewable electricity project ade ago, many were generated in the in India, is expected to produce 15.5m about 15 per cent for energy projects in able energy offsetting projects in India
reductions in emmisions you are making zero difference for the past few years. credits over 10 years, linked to emissions India — a figure based on a standardised and China found that “the large major-
climate,” said Gilles Dufrasne of Carbon Renewables credits linked to emis- savings from 2017 onwards. Recent buy- United Nations methodology. ity” were not additional.
Market Watch. Since renewable energy sions reductions between 2016 and 2018 ers of the credits include aerospace man- In 2019 Adani Green issued $862.5m Verra and Gold Standard, another
CAMILLA HODGSON
project offsets were among the most from large projects in India and China ufacturer Boeing. in green bonds to refinance solar power certification body based in Geneva,
A rush by companies to buy credits to plentiful and cheapest available, com- have largely driven the value of S&P Glo- The application to generate offsets plants. Another Adani solar scheme has stopped approving most new renewa-
offset carbon emissions has led to con- panies looking to neutralise their emis- bal’s Platts CEC, which tracks the price was approved by Verra, a Washington- been issuing offsets since 2020, and an bles projects from the start of 2020.
tentious offset schemes developed by sions were buying them “whether they of credits eligible for the aviation indus- based carbon emissions certification Adani wind scheme is in the process of Verra said large projects that applied
large power companies including India’s have good intentions or not”. try’s flagship offsetting system. It has body. It says that without the revenue registering with Verra. before the deadline were “more fre-
Adani Group and US-based NextEra For renewable energy projects, the been valued at about $2.10 per metric from the credits, the development Also for sale are half a million credits quently rejected” than smaller
Energy. financial test for offset credit eligibility tonne of CO2-equivalent since mid from a Texas wind farm developed by schemes. “Early [renewables] projects
Fundamental to the principle of off- has become more difficult to apply as March. NextEra Energy, the solar and wind took additional risk and depended on
setting is that the projects that generate investor demand and government sup- “Most people are going to take the eas- power group that last year briefly over- carbon finance to do so — and that
credits deliver carbon benefits that are port for clean energy has accelerated. A iest way to transact,” which was often a took Exxon as the most valuable US investment helped change the space,”
additional to a business-as-usual sce- 2016 study for the European Commis- $2 renewables credit, said Jonathan energy group. The project’s earliest Verra said in a statement.
nario, and can show that they would not sion found that many renewables Goldberg, chief executive of advisory credits related to emissions savings Adani declined to comment, while
have been viable without the revenue projects were “unlikely to be addi- group Carbon Direct. Credits from other from 2010, but savings made in 2019 Acme did not respond to requests for
from offsets. But some of the most abun- tional”. project types, such as carbon capture produced the greatest number, accord- comment. NextEra said it had followed
dant credits are from big renewable “The revenue from the [credits] for schemes, can cost much more. ing to the Berkeley data. Recent buyers Verra’s protocol.
energy schemes developed by well- these project types is small compared to Among the renewables projects with include Delta Air Lines and London- Azure Power said that while revenue
funded power groups, according to data the investment costs and other cost or the most available credits — 3.1m, listed insurer Hiscox. from carbon credits was “small overall”,
compiled by the Berkeley Carbon Trad- revenue streams . . . Moreover, many according to the Berkeley data — is a Barbara Haya, research fellow at the carbon credit sales could allow certain
ing Project. projects are economically attractive,” it solar power development by Mumbai- University of California, Berkeley, said projects to be viable that otherwise may
As the world races to decarbonise found. There are more than 126m listed Adani Green Energy, tycoon Gau- the rules governing which projects not reach minimum return. “Ulti-
power grids, climate policy experts are renewable energy credits for sale, each tam Adani’s renewables business in could generate offsets should be tight- mately, revenue from the sale of carbon
questioning the validity of these renew- representing a saving of 1 tonne of CO2 which French oil major Total has a 20 Workers carry photovoltaic panels ened up “urgently.” credits allows us to provide lower prices
ables offsets — which account for about equivalent, with roughly 191m used per cent stake. Adani has said he intends for India’s Gujarat solar park “We continue to produce more and for renewable energy to customers.”
Monday 19 April 2021 ★ FINANCIAL TIMES 11

COMPANIES & MARKETS

INSIDE BUSINESS
Travel & leisure

Hospitality sector faces staff shortages

ON MONDAY

Izabella
Kaminska
Workers have returned to that operators have realised that they D&D, owner of 38 restaurants in Lon- So far, the said the problem of labour shortages
may not have all the staff come back,” don, Manchester and Leeds, said he was “was just emerging” and was partly
home countries or taken problem is
other jobs during crisis
said Phil Urban, chief executive of
Mitchells & Butlers, the UK’s largest
listed pub group.
planning a “rapid rebuild” of the group’s
workforce to cater to high demand.
“Quite how much of a challenge that
being most
because it was hard for employers to
offer staff guaranteed hours because of
uncertainty about trading. Restrictions
Coinbase listing shows
ALICE HANCOCK Urban estimated that about 9,000 of
M&B’s 39,000 staff had left since the
will be with many EU staff having
permanently left the UK, we don’t know
acutely felt
in London,
on customer numbers are expected to
stay in force until at least June 21, even
the state, not crypto,
UK pub and restaurant owners have
warned of staff shortages after thou-
sands of workers left the hospitality
first lockdown last year, many to take
other jobs in home delivery or essential
retail, which have boomed during the
but I do think it will be tough,” he said.
According to the rules of the furlough
scheme, employees are not permitted to
which had
after operators are able to reopen for
indoor service from May 17. has won the day
industry to return to their home coun- pandemic. work for the employer that has applied
a higher So far, the problem is being most
acutely felt in London, which generally

F
tries or took other jobs during the pan- Jeremy King, chief executive of for the support but they are allowed to proportion had a higher proportion of foreign work-
demic. Corbin & King, which owns the Wolseley find another job. of foreign ers. One small London pub chain esti- or all those bitcoin true believers who survived
Operators from across the industry and Delaunay restaurants in London, There is also no rule against staff on mated that it had lost about 20 per cent the crypto winter of 2017-20 with their holdings
told the Financial Times that when they said he had expected to need 20 new furlough basing themselves abroad. workers of its staff. intact, the direct listing of digital currency
recalled furloughed staff in preparation staff to take the group’s headcount to During the most recent lockdown, the Nick Mackenzie, chief executive of exchange service Coinbase must have felt like a
for the reopening of outdoor drinking around 600 ahead of reopening but now hospitality industry had about 2m staff Greene King, said staff tended to have vindication.
and dining this week, they discovered had 130 roles to fill. “People said, ‘actu- on furlough, according to the trade body been on furlough for longer in bigger Not only did the $75.9bn listing on Nasdaq mark the big-
many did not want to return. ally we are not going to come back’. I UKHospitality. Over the course of the cities, where trading was particularly gest cash-out in crypto history, many would say it une-
“We have some businesses where we don’t think restaurateurs realise how pandemic, 660,000 people working in quiet because of the lack of tourists and quivocally established digital currencies as a force to be
have lost quite a few of the team [and serious it is.” the sector have lost their jobs. office workers, and therefore had been reckoned with on Wall Street. For crypto boosters the
because of furlough] it is not until now Des Gunewardena, chief executive of Kate Nicholls, head of UKHospitality, more likely to try to find other work. world over, more simply, it marked the day they were
finally proven right.
“It feels like a shift in legitimacy not just for Coinbase but
the whole industry. Crypto has a shot at being a major force
Retail. Shopping trends in the financial world,” observed Coinbase’s chief execu-
tive Brian Armstrong.
The group’s valuation came hot on the heels of a stellar

Pandemic prompts a renaissance for park life

set of first-quarter earnings. The group posted revenues of
$1.8bn for the period compared with $191m last year. It
made net income of as much as $800m. That, the Street
said, made it worthy of comparisons to the New York Stock
Exchange’s parent company ICE, which has a valuation
around $67bn.
Resilient UK retail parks A more objective analysis would note this is not a fair
Footfall on the increase as comparison. Yes, ICE posted revenues of $1.6bn in the first
Average change in footfall each year between 2008 and 2020 quarter of 2020, putting Coinbase well in the same ball-
customers take to open-air by destination type (%) park. But Coinbase is a very different beast from the Wall
settings and ease of car travel Street establishment that is ICE.
<-8 -8 to <-6 -6 to <-4 -4 to <-2 -2 to <0 0 >0 to 2 Coinbase is highly sensitive to super volatile crypto valu-
All UK UK shopping UK retail UK high ations. A strong bull-market performance in the first quar-
DANIEL THOMAS AND JONATHAN ELEY ter of 2021, when bitcoin reached above $60,000 record
destinations centres parks streets
On a frosty spring afternoon this week, highs, should be contrasted with the fact that Coinbase
cars were queueing down the North Cir- UK -4.6 -5.2 -1.3 -6.8 posted a $30m annual net loss in 2019, a year when bitcoin
cular ring road around London, waiting averaged around $5,000-$6,000.
to enter the Friern Barnet retail park. As it stands, Coinbase is also regulated and licensed
Just days after lockdown rules eased East -4.0 -5.4 1.8 -7.3 under the US Money Services Business legislative frame-
in England, allowing non-essential work, not as an exchange or so-called prime brokerage for
shops to reopen, the traffic provided services such as credit for trading. This gives Coinbase a
East Midlands -4.7 -6.9 -0.2 -6.8
evidence of an unexpected boost the big advantage over its more heavily regulated counter-
pandemic has given to a retail format parts such as ICE or the CME.
often derided as dull and soulless. Greater London -4.0 -4.2 0.1 -6.5 If that changed, there
A renaissance for traditional British could be big consequences.
So-called bitcoin
retail parks — out-of-town, open-air North & Yorkshire -4.4 -4.8 -1.7 -6.6 Were it indeed regulated as maximalists
clusters of big household chains — an exchange, its capacity to
would have seemed unlikely before generate earnings from
consider the
Scotland -5.3 -7.1 -0.4 -8.1
Covid struck. prime brokerage, over-the- platform to be a
Many were hit by closure pro- counter brokerage and prin-
grammes or had suffered since the col- South East -4.5 -4.4 -1.6 -6.7 cipal trading would be firmly
brazen sellout
lapses of chains such as Comet, Toys R clipped in the wings. If over-
South West -4.6 -5.2 -0.5 -7.3 seen as a prime broker or a bank, its capital burden would
be significantly increased.
‘Consumers feel safe and While the IPO might validate the importance of crypto-
-5.6 -6.6 -3.1 -6.7
know they can enjoy their Wales
currencies as a speculative asset, it’s a noteworthy irony
that so-called bitcoin maximalists also consider the plat-
shopping experience’ West Midlands -4.5 -5.7 -1.3 -7.0 form to be a brazen sellout. They believe it has forsaken
Helen Dickinson crypto’s true principles for the golden goose offered by
Source: Springboard
Wall Street. It’s a fair argument.
Bitcoin came to market touting promises of “trustless”
Us and Blockbuster and the emptying B&Q at Friern retail parks account for three-fifths of click-and-collect, returns and shipping companies such as Tim Hortons, Greggs banking, cheaper payments, privacy and — most famously
out of food outlets such as TGI Fridays. Barnet retail selling space, said in its recent full-year direct from store”. and Starbucks were in the market for of all — the end of the public’s dependency on financial
But these car-dependent arrays of park in London, results that sales in those stores were Retail park tenants are also often in sites, both for sit-down dining and middleman. But in both wooing Wall Street and embracing
boxes have hung on for their moment one of many consistently up to 20 per cent higher the “right” sectors for the pandemic. “drive-through” operations. regulation, especially know-your-customer and anti-
during the pandemic. Data from retail open-air than stores in other locations. Andy Sumpter, retail consultant at Even retailers usually associated with money laundering rules, Coinbase has not only abandoned
adviser Springboard showed footfall in business The size of these outlets is part of their ShopperTrak, pointed out that the high street locations are now chasing the role of challenging the traditional state-controlled fiat
such parks was the only part of the retail locations that appeal in a Covid-19 world. They offer supermarkets, bargain stores and DIY sites on retail parks, including variety currency system but also the privacy of crypto transac-
market to grow compared with pre-pan- has prospered more space and air for shoppers nerv- sheds that often anchored estates were discounters such as Home Bargains and tions envisaged by inventor Satoshi Nakamoto.
demic levels after 2020’s two lockdowns during the ous about crowds. Diane Wehrle, deemed essential retail businesses dur- Poundland, cut-price trainers merchant The group’s transmutation into just another middleman
on non-essential retail ended. pandemic — Alamy insights director at Springboard, also ing lockdown, helping to sustain footfall. Sports Direct, greetings card group Card operator has been fascinating to watch. It is unclear if the
Last Monday — the day the latest pointed to the ease of access by car for In Friern Barnet, queues snaked from Factory and budget footwear chain Shoe platform’s 56m users understand or even care that they are
restrictions were relaxed — footfall those wary of travelling on trains, buses Pets At Home to pick up supplies for Zone — which closed 40 smaller shops not holding coins but Coinbase IOUs, or that most transac-
in retail parks across the UK was almost or the Underground and who now rarely their pandemic puppies. B&Q, Dunelm in the year to October but opened 10 out tions on the platform are not even settled through any
8 per cent higher than on the equivalent ventured into city centres to shop. and Sports Direct had people waiting of town. public blockchain.
day in 2019. In comparison, it was down “Offering easy access by car, free patiently to improve their homes and Supple said the resilience of retail The IPO comes at a time when the original challenger
more than a quarter on high streets and parking and more open space, consum- fitness with cash they might once have parks had been reflected in rent vision of Nakamoto is being rattled in other ways. Last
16 per cent lower in shopping centres. ers feel safe and know they can enjoy spent on holidays or meals out. collection rates with landlords report- week a former deputy director of the CIA, Michael Morrell,
Vacancy rates are still increasing in their shopping experience,” said Helen The resilience of retail parks has also ing an average range of 65-75 per cent, officially endorsed the bitcoin network, arguing “block-
retail parks, up slightly to 10 per cent in Dickinson, head of the British Retail attracted new occupiers. Five Guys, a which is typically higher than elsewhere chain analysis is a highly effective crime fighting and intel-
the final quarter of 2020, according to Consortium. fast-growing burger chain, has agreed to in the industry. ligence gathering tool”.
the British Retail Consortium and Local Martin Supple, head of out-of-town open half a dozen since the start of this Will Andrews, a director of KLM It was also a week famed libertarian Peter Thiel warned
Data Company. retail at the property agents Cushman & year and plans more in the next months. Retail, a retail and leisure property China, a mass surveillance state with big digital currency
But they are still lower than the 17 per Wakefield, said the units were “typically All are on retail or leisure parks close adviser, predicted that retail parks ambitions, was using bitcoin as a financial weapon against
cent of units that are empty in shopping large with clear-span trading floors to former commuter towns and cities would have a role in acting as showcases the US. If this signals anything at all it is that the state, not
centres and 13 per cent on high streets. allowing retailers to adapt more readily that have been the beneficiaries of for goods for customers to buy online, to crypto, has won the day in terms of control of the financial
Lucy Stainton, head of retail and stra- to social distancing measures, such as working from home. allow for click-and-collect services and system. Rather than celebrating the Coinbase listing, those
tegic partnerships at the Local Data wider aisles and increased till circula- Charles Dunstone, the entrepreneur provide an easy place for returns. who thought crypto would upend the public’s dependency
Company, said retail parks “should see a tion areas”. who co-owns Five Guys in Europe, said He added that investors were again on central banks or financiers, should really be lamenting
reprieve in coming quarters” as units On Wednesday, the property such locations were the fastest growing interested in acquiring retail parks after it. All indicators imply crypto has acted less as a liberator
became “more attractive to retailers group British Land said it wanted to within the burger chain and that the slowing activity during the lockdown, and more as a honeypot designed to lure all of us into
who are looking to expand and make the acquire more out-of-town retail parks, failure of other casual dining businesses with consumers embracing the “chance greater surveillance not less of it.
most of the availability of space”. hoping to tap into the rush of consumers had left plenty of available space. to take themselves and their social
The fashion chain Next, for which to “open-air locations” that “facilitated Commercial real estate agents said bubble to the shop door”. [email protected]

Retail Industrials

Leon fast-food chain sold for £100m to EG Gupta’s Scottish plant misses interest payments
ALEX BARKER, ARASH MASSOUDI, Founded in 2004 by John Vincent, series of debt deals and selling off some MICHAEL POOLER — SÃO PAULO Scottish Enterprise, the agency Lochaber and two adjoining hydro-
KAYE WIGGINS AND LEILA ABBOUD SYLVIA PFEIFER — LONDON
Henry Dimbleby and Allegra McEvedy, of Asda’s assets to fund the purchase. responsible for the public funding to power plants.
EG Group, the petrol station business Leon tapped in to demand for healthier, The brothers and TDR have used A steel factory in Scotland owned by Dalzell, said interest payments and loan Scottish Enterprise said it was work-
whose billionaire founders have affordable fast-food, growing to a total debt-funded acquisitions to build EG Sanjeev Gupta, the tycoon fighting to conditions known as covenants “were ing “to explore avenues of support for
pushed for rapid growth through debt- of 70 restaurants and franchises, mainly Group into a petrol stations empire save his metals empire, stopped mak- met until the impact of the current the business” but declined to disclose
fuelled acquisitions, has bought fast- based in the south-east of England. spanning Europe, Australia and the US ing interest payments on an overdue Covid pandemic”. details on when compliance with inter-
food chain Leon for £100m as it The deal will bring together the clean- with revenues of $25bn a year. taxpayer-backed loan last year after Gupta has said he is trying to secure est and covenants ended or when the
expands into food retailing. living Leon chain, whose menu ranges But EG faced difficulties last autumn the coronavirus crisis hit the UK. alternative long-term financing for his debt originally fell due.
from vegan burgers to gluten-free when Deloitte resigned as its auditor wider group. But a request for a £170m Liberty Steel, which declined to com-
Mohsin and Zuber Issa said the deal to chicken nuggets, with a portfolio of over governance concerns. It has since The Dalzell plate mill run by Liberty bailout of Liberty Steel, the UK’s third- ment on its arrangements with the Scot-
acquire pandemic-hit Leon offered other fast-food brands operated by the appointed retail veteran Sir Stuart Rose Steel in Motherwell was reopened in largest producer of the alloy, to help tish government, said: “We can confirm
“fantastic opportunities” to build out EG Group. The Blackburn-based com- as non-executive chair. 2016 and the Holyrood administration with working capital was recently that Dalzell has been operationally
the network, including drive-through pany last year acquired the largest KFC The Leon group generated sales of later provided a £7m three-year com- rejected by Westminster on concerns strong this year and we are up to date
sites. franchise operator in the UK and Ire- about £115m in 2019, running losses to mercial debt facility. about a lack of financial transparency. with our vendor payments.”
The £100m sale price, including debt, land, and runs Greggs and Subway fund its expansion within the UK and It was one of the first acquisitions on The revelation of the missed interest The Dalzell unit’s accounts are over-
values the business at about 20 times its stores from its petrol station sites. overseas before the pandemic paralysed which Gupta built his GFG Alliance, an payments will heighten pressure on the due, according to Companies House. Its
UK arm’s earnings before interest, tax, EG Group’s owners, private equity its growth plans. Vincent described the industrial conglomerate with $20bn in Scottish government, which has already most recent financial statements, for
depreciation and amortisation, accord- firm TDR Capital and the Issa brothers, Issa brothers as “decent, hard-working revenue. GFG is now teetering on the faced questions over its decision to pro- the year ended March 2019, show the
ing to three people familiar with the agreed last year to buy supermarket business people” who would be “superb brink after the collapse of its main vide a £575m guarantee to GFG for the business swung into a pre-tax profit of
transaction. chain Asda in a £6.8bn deal, using a custodians” of the Leon brand. lender, Greensill Capital, last month. purchase of an aluminium smelter in £610,00 on revenue of £41.8m.
12 ★ Monday 19 April 2021

COMPANIES & MARKETS

How to Lead. Daniel Bekele, chief commissioner, Ethiopian Human Rights Commission

‘It’s not an easy ride for us. We get a lot of heat ’

what is available.” A way to keep staffers
The lawyer has led probes Daniel Bekele has
in the past been
committed, he says, is to “involve
myself very closely in a lot of the mis-
into atrocities while harassed, beaten sions and investigations we do, includ-
navigating a complex and jailed
Eduardo Soteras Jalil/FT
ing providing close support and guid-
ance on how we go about it”.
political situation, In a country where atrocities have
writes Andres Schipani become common, Michelle Bachelet,
the UN human rights chief, has warned

S
of “blanket denials and finger-pointing”
ince a brutal civil war broke amid evidence of possible war crimes
out in Ethiopia in November, committed by all sides, including the
Daniel Bekele has not had Ethiopian National Defence Force, the
much sleep. “When my col- Eritrean army, the TPLF and its sup-
leagues are on a mission, I porters, and fighters from Amhara.
have a lot of sleepless nights,” he says. With so many cases surfacing and a
“We send people to places that are not skeleton staff, “it is so difficult to priori-
very safe, and anything could happen. I tise and to choose. It’s a daily challenge
get so worried and stressed and remain when you have limited resources, to
extremely tense, until they return.” decide what to investigate,” he says.
“It’s a tough decision,” he says, espe- Partly to boost the agency’s reach, last
cially when funds do not stretch to pro- month Bekele approached the UN,
viding security protection. As head of which agreed to joint investigations in
the state-appointed but legally autono- Tigray. But it was not easy to convince
mous Ethiopian Human Rights Com- the Ethiopian government. He is not
mission, or EHRC, he is responsible for new to standing up to power, though.
investigating and denouncing atrocities
— such as alleged ethnic-fuelled massa- Leadership
cres and weaponised rapes — that the More interviews illuminating
UN says may amount to war crimes by the personalities of high-profile
“multiple actors”. These include his own leaders by focusing on the
government’s forces. issues they faced ft.com/
“What is very shocking about Ethio- howtolead
pia’s conflict is the brutality with which
the killings happen. It’s not just the kill-
ings, but the extent of brutality, that the UN special rapporteur on torture fewer than a third are professionals, hope. Abiy had released tens of thou- tive branch of the government, because He has earned many critics, includ-
level of brutality,” he says in his office in and other cruel, inhuman or degrading including lawyers and investigators. sands of political prisoners, lifted our work is actually supposed to be ing, insiders say, Rwanda’s President
central Addis Ababa. treatment or punishment. “We don’t have doctors, we don’t have restrictions on the media, and set a overseeing the human rights record of Paul Kagame. Now, amid the polarisa-
Bekele is no stranger to human rights “Latin America has built a very strong forensics,” he says. timetable for elections. the executive branch of the govern- tion some Tigrayan critics claim Bekele
abuses. He was beaten and harassed and culture of human rights movements and With a small annual budget of 100m Now, the war has clouded Abiy’s ment,” says Bekele, adding that “we see wants to “whitewash Abiy Ahmed and
jailed during the period when the Ethio- strong activism and strong institutions birr ($2.4m) allocated by parliament, vaunted political liberalisation, while encouraging signs of impactful work. So, Amhara crimes”; those from Eritrea
pian People’s Revolutionary Democratic and experts,” he says. “There are also he has to rely on foreign donors. “Can the EHRC has moved to the forefront, that inspires people.” allege he holds a “political axe to grind”
Front, or EPRDF, the four-party coali- some good examples, not very far from you imagine what it is like doing the grabbing headlines for its investigations That inspiration has proved key in against their country, others charged
tion of which the Tigray Peoples’ Libera- here,” in Kenya and Ghana. Ethiopian human rights work with less and recommendations that sometimes attracting professionals, despite the low him with being a “TPLF Trojan Horse”.
tion Front, or TPLF, — the party now at But those are countries with smaller than $3m a year? It’s a complete joke. do not please the powers that be. salaries. “I guarantee to my colleagues People close to the government feel
war with Ethiopia’s central government populations and less complex ethno- That’s the reality in Ethiopia.” This has put Bekele — who spent and staff that we will only be guided by Bekele is “under tremendous pressure”
and neighbouring Eritrea — was the nationalist tensions. “Ethiopia is really Money is just one challenge. He has to almost a decade roving between Addis the international human rights laws and to please western powers. Sceptics in
leading member. Critics say it ran a par- big, we’re talking about over 100m peo- navigate a complex political situation. Ababa, Nairobi, and New York — hold- norms, principles and our professional western diplomatic circles see him as
anoid police state that fostered ethnic- ple, with very complicated and deep- The EHRC is overseen by parliament. ing senior positions at Action Aid, integrity. There is not going to be politi- “part of the system” in Ethiopia. He nev-
based politics. rooted political problems. And lots of This is controlled by the ruling party of Human Rights Watch and Amnesty cal interference in our work. I try and ertheless keeps a cool head.
Born and raised in Addis Ababa, the senseless deaths have happened over Abiy Ahmed, prime minister since International — in a difficult situation. articulate a vision and mission of us as “There are instances when some gov-
53-year-old went on to pursue a legal the years in Ethiopia, and we are still in 2018, who recommended Bekele to a “We are independent from the execu- an institution that I hope, and believe, ernment officials would be dismissive of
career, studying first in the Ethiopian the same cycle of violence,” he laments. multi-institutional committee that has inspired new colleagues to come and our findings, and they’d accuse us of hid-
capital and then at Oxford university, But while the Ghanian human rights appointed him in August 2019 with the join. People care about their country but den motives, agendas, and so on. It’s not
where he graduated with a doctorate in commission, according to Bekele, has an task of reforming the EHRC, which was
‘What is very shocking they don’t often find an opportunity.” an easy ride for us. We get a lot of heat
international and human rights law. He 800-strong “smart group of profession- then a very weak institution. about Ethiopia’s conflict is He says that, as he is reforming from the government in the same way as
says he was “inspired” by the example als organised in a very efficient way and Two months later, Abiy won the the EHRC, better opportunities — we get heat from others,” he says.
of Juan Méndez, an Argentine lawyer — working very efficiently” Bekele has Nobel Peace Prize for making formal
the brutality with which including better pay — would come. “In His formula to keep going? “We just
also once a political prisoner — who was half of that workforce in Ethiopia — and peace with Eritrea. It was a time of great the killings happen’ the meantime, they are sticking to stick to our work.”

Lessons from daily diet of terrorist attacks, coups

d’état and corruption scandals made
for “an odd life on the frazzled edge
for western companies and
opportunities for firms such as his.
He became chief executive just
the ‘risk of globalisation”, he writes in What On
Earth Can Go Wrong.
after the US invasions of Iraq and
Afghanistan had created “a game

business’ The memoir has its share of

derring-do, as he takes the reader on
his Kevlar-clad journeys through Iraq
changing moment” for security
consultants, on whom diplomats, aid
workers and contractors depended
and Libya, recalls flying sweatily into for their safety.
Russia with $20,000 stuffed down the In the background, the digital
front of his trousers, or explains how revolution was redefining the risks
he helped a client in the mid-1990s facing companies and, of course, the
whose ice-cream factory had been finance industry’s “persistent
infiltrated by the Medellín cartel. recidivism” guaranteed a steady
But Fenning is too attuned to the stream of work.
comedy in such capers to paint his Fenning’s sketches of countries are
career as particularly adventurous. sometimes overly simplistic (“China
He brings equal relish to the tale of does not take criticism easily”) but
the chief financial officer who stole he is at his strongest when discussing
from his company to pay for a penis the nature of risk itself.
enlargement operation, or the Since Francis Drake, he observes,
What On Earth Can Go moment when he had to inform a entrepreneurial adventurers have
Wrong. Tales from the client that his wife had worked in understood that their ability to
Risk Business adult films. generate high returns in volatile parts
by Richard Fenning, The risk-averse product of a of the world depended on “good
Eye Books, £12.99, 128 pages Yorkshire Methodist childhood, who intelligence, the right security and a
struggles to understand why his cool calibration of the risks”.
father volunteered to fly Royal Air But many still confuse risk with
Force Lancasters when so few fear, he emphasises. “We put too
members of Bomber Command much trust in our response to fear
survived the second world war, and are lazy in calibrating and

Book review
favours self-deprecation over triaging risk. The net result is that we
heroics. react very often to the wrong things.”
When he recounts the time three In a corporate setting, he notes,
by Andrew burly skinheads pushed their way managers want to seem bold rather
into his Moscow office, one of them than timorous. Rather than voicing
Edgecliffe-Johnson armed with a monkey wrench, he their concerns, many also assume
focuses the account on his trembling that someone else involved in taking
knees, and the fact that a local a strategic gamble must have
colleague had to explain that his answered the questions that are
Since its beginnings in the 1970s, the visitors were not about to abduct privately troubling them.
corporate security industry Richard him: “They are plumbers, you And such head office debates about
Fenning calls “the risk business” has moron.” risk are miles away from the reality
accommodated two distinct Or when Fenning spins the story of in far-flung subsidiaries, says the
personality types. being driven blindfolded to visit “O man who recalls hearing prominent
One is the document digger, never Coronel”, a retired Brazilian army Brazilian industrialists boast of their
happier than when following the officer turned private detective, he roles as bribe-paying junior partners
footnotes in obscure subsidiaries’ tells the reader it was just like a Bond in international consortiums.
accounts to establish an asset’s true movie. “What matters here is less the tone
owner or a potentate’s ill-gotten But rather than being dressed in a from the top and more the tone from
gains. tuxedo with a Walther PPK tucked the middle — what the people
The other is the Boys’ Own inside the jacket, “I was wearing an actually charged with running the
Adventure sort, who may or may not ill-fitting suit and carrying an asthma business do on the ground,” he points
have aged out of a special forces unit inhaler.” out.
but who now finds job satisfaction in The modern risk business that It is a message office-dwellers who
“K&R” (kidnap and ransom) cases Jules Kroll pioneered four decades opine airily about Brics, Mints and
and extricating westerners from ago did not become a multibillion- other acronymned frontier markets
sticky situations in the world’s dollar industry because of hapless would do well to remember: for all
trouble spots. Englishmen abroad, however. that globalisation has done for their
Fenning spent nearly 30 years — 14 Fenning spells out how the end of the business and Fenning’s, it’s still
of them as chief executive — at cold war, the North American Free messy out there.
Control Risks, where the second of Trade Agreement and the Maastricht
those tribes is over represented. His treaty opened up unfamiliar markets [email protected]
Monday 19 April 2021 ★ FINANCIAL TIMES 13

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.115% -0.39%
0.36% 0.10% 0.48% 0.52% 0.90% 0.14% 0.61% 0.43% 0.084% 0.218% 0.078% 1.25%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Mar 17 - - Index All World Mar 17 - Apr 16 Index All World Mar 17 - Apr 16 Index All World Mar 17 - Apr 16 Index All World Mar 17 - Apr 16 Index All World Mar 17 - Apr 16 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
4,185.47 15,459.75 3,198.62
19,351.32 7,019.53
30,216.75 29,683.37
3,974.12 18,983.10 6,803.61 14,557.58 3,066.01

Day 0.36% Month 5.62% Year 49.51% Day 0.15% Month 2.53% Year 39.22% Day 0.52% Month 3.07% Year 24.59% Day 1.34% Month 6.20% Year 50.07% Day 0.14% Month -0.22% Year 51.93% Day 0.13% Month 5.02% Year 72.24%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
14,052.34 1,703.38 3,201.76
13,525.20 48,726.98 29,405.72
48,203.95 1,642.61 8,657.70 8,613.50 28,969.71 3,109.65

Day 0.10% Month 4.31% Year 64.69% Day 0.44% Month 1.09% Year 44.33% Day 0.90% Month 3.62% Year 33.40% Day NaN% Month NaN% Year NaN% Day 0.61% Month 0.60% Year 20.14% Day 0.53% Month 3.07% Year 22.87%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
34,200.67 121,113.93 6,287.07
24,744.38
33,015.37 114,835.43 24,261.12 3,445.55 50,395.08
6,055.43 3,426.62 48,832.03
Day 0.48% Month 4.19% Year 45.30% Day 0.34% Month 6.22% Year 55.65% Day 0.85% Month 3.83% Year 44.53% Day 0.88% Month 2.05% Year 47.65% Day 0.81% Month 0.19% Year 21.89% Day 0.06% Month -3.10% Year 60.74%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 47664.35 47093.25 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 27030.19 26791.19 Philippines Manila Comp 6494.81 6539.96 Taiwan Weighted Pr 17158.81 17076.73 Cross-Border DJ Global Titans ($) 482.71 481.70
Australia All Ordinaries 7325.80 7317.50 Czech Republic
PX 1103.78 1094.11 FTSE Italia Mid Cap 44532.47 44099.80 Poland Wig 60158.72 60279.93 Thailand Bangkok SET 1548.96 1541.12 Euro Stoxx 50 (Eur) 4032.99 3993.43
S&P/ASX 200 7063.50 7058.60 Denmark OMXC Copenahgen 20 1519.21 1504.92 FTSE MIB 24744.38 24528.69 Portugal PSI 20 5016.48 4987.99 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 1234.77 1227.19
S&P/ASX 200 Res 5410.50 5399.10 Egypt EGX 30 10143.21 10115.51 Japan 2nd Section 7521.44 7513.90 PSI General 3764.72 3735.18 UAE Abu Dhabi General Index 6131.69 6039.26 FTSE 4Good Global ($) 10219.82 10182.84
Austria ATX 3232.74 3205.77 Estonia OMX Tallinn 1602.59 1601.38 Nikkei 225 29683.37 29642.69 Romania BET Index 11147.32 11120.99 UK FT 30 2786.70 2760.50 FTSE All World ($) 465.12 463.12
Belgium BEL 20 3978.43 3941.48 Finland OMX Helsinki General 11933.06 11754.14 S&P Topix 150 1655.88 1654.77 Russia Micex Index 3598.44 3568.51 FTSE 100 7019.53 6983.50 FTSE E300 1703.38 1688.15
BEL Mid 8920.12 8883.18 France CAC 40 6287.07 6234.14 Topix 1960.87 1959.13 RTX 1497.05 1474.85 FTSE 4Good UK 6594.08 6565.74 FTSE Eurotop 100 3200.82 3172.97
Brazil IBovespa 121113.93 120700.67 SBF 120 4946.35 4906.92 Jordan Amman SE 1772.34 1766.03 Saudi-Arabia TADAWUL All Share Index 9987.92 9847.62 FTSE All Share 4006.76 3988.72 FTSE Global 100 ($) 2715.60 2707.48
Canada S&P/TSX 60 1153.58 1152.02Germany M-DAX 33263.21 33007.27 Kenya NSE 20 1867.15 1867.15 Singapore FTSE Straits Times 3201.76 3184.77 FTSE techMARK 100 6794.21 6787.44 FTSE Gold Min ($) 2278.89 2210.44
S&P/TSX Comp 19351.32 19321.92 TecDAX 3525.62 3517.24 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 369.94 369.94 USA DJ Composite 11424.35 11383.28 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 829.32 805.59 XETRA Dax 15459.75 15255.33 Latvia OMX Riga 1120.00 1114.73 Slovenia SBI TOP - - DJ Industrial 34200.67 34035.99 FTSE Multinationals ($) 2961.01 2928.83
Chile S&P/CLX IGPA Gen 25151.63 24926.24Greece Athens Gen 898.63 905.31 Lithuania OMX Vilnius 877.13 877.26 South Africa FTSE/JSE All Share 68698.78 67823.09 DJ Transport 14919.55 14930.00 FTSE World ($) 830.20 826.98
China FTSE A200 13304.79 13261.68 FTSE/ASE 20 2176.13 2194.09 Luxembourg LuxX 1572.87 1543.88 FTSE/JSE Res 20 70350.06 68827.47 DJ Utilities 923.71 917.19 FTSEurofirst 100 (Eur) 4421.08 4383.29
FTSE B35 9000.71 8988.96Hong Kong Hang Seng 28969.71 28793.14 Malaysia FTSE Bursa KLCI 1608.38 1608.25 FTSE/JSE Top 40 62898.13 62080.02 Nasdaq 100 14041.91 14026.20 FTSEurofirst 80 (Eur) 5497.40 5442.99
Shanghai A 3591.60 3562.63 HS China Enterprise 11027.51 10905.89 Mexico IPC 48726.98 48514.10 South Korea Kospi 3198.62 3194.33 Nasdaq Cmp 14052.34 14038.76 MSCI ACWI Fr ($) 702.02 695.84
Shanghai B 247.61 246.06 HSCC Red Chip 4144.61 4090.94 Morocco MASI 11634.57 11619.35 Kospi 200 432.43 432.66 NYSE Comp 16186.29 16000.15 MSCI All World ($) 2941.75 2913.53
Shanghai Comp 3426.62 3398.99Hungary Bux 42997.61 42626.71 Netherlands AEX 716.80 713.80 Spain IBEX 35 8613.50 8571.60 S&P 500 4185.47 4170.42 MSCI Europe (Eur) 1765.68 1758.27
Shenzhen A 2322.97 2308.70India BSE Sensex 48832.03 48803.68 AEX All Share 1028.06 1022.97 Sri Lanka CSE All Share 7600.57 7644.38 Wilshire 5000 43887.91 43769.22 MSCI Pacific ($) 3241.62 3221.45
Shenzhen B 1147.22 1130.93 Nifty 500 12298.05 12237.60 New Zealand NZX 50 12684.73 12636.55 Sweden OMX Stockholm 30 2280.50 2242.98 Venezuela IBC 3089.52 3004.67 S&P Euro (Eur) 1851.85 1833.56
Colombia COLCAP 1321.80 1312.55Indonesia Jakarta Comp 6086.26 6079.50 Nigeria SE All Share 38866.39 38799.83 OMX Stockholm AS 921.13 907.83 Vietnam VNI 1238.71 1247.25 S&P Europe 350 (Eur) 1760.27 1743.97
Croatia CROBEX 2013.05 2011.29Ireland ISEQ Overall 8153.37 8028.07 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 11262.97 11198.70 S&P Global 1200 ($) 3268.63 3254.17
Israel Tel Aviv 125 1697.27 1696.07 Pakistan KSE 100 45305.63 45230.18 Stoxx 50 (Eur) 3417.15 3387.11
(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 Apr 16 %Chg %Chg Apr 16 %Chg %Chg Apr 16 %Chg %Chg Apr 16 %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 111.6 134.16 -0.34 Astrazeneca 256.9 7380.00 -20.00 Enel 635.5 8.66 0.08 Softbank . 589.6 10080.00 -70.00 Just Eat Takeaway.com N.v. 7883.00 9.1 - Babcock Int 307.80 31.9 - Treatt 1165.00 21.6 42.5 Mining 23850.03 5.4 10.0
Amazon.com 106.6 3399.44 20.35 Rio Tinto 235.3 6054.00 70.00 Asml Holding 439.3 536.40 6.50 Fast Retailing Co., 526.2 90230.00 430.00 Antofagasta 1872.50 8.2 - Elementis 135.30 12.5 - Ted Baker 155.00 21.2 - Industrial Metals 6571.33 5.1 32.6
Microsoft 62.7 260.74 1.24 British American Tobacco 220.5 2901.00 79.00 Siemens Ag Na O.n. 423.9 145.96 5.96 Tokyo Electron 363.3 49120.00 180.00 Weir 1984.00 7.0 - Gcp Student Living 177.40 10.7 - Vitec (the) 1375.00 19.6 50.8 Automobiles & Parts 4995.87 3.8 8.1
Nvidia 52.4 636.50 -8.99 Sse 214.2 1490.50 -16.50 Daimler Ag Na O.n. 411.1 77.39 2.03 Sony 332.1 12080.00 -125.00 Rio Tinto 6054.00 6.9 - Electrocomponents 1099.00 8.3 - Amigo Holdings 16.57 15.1 - Tobacco 30609.20 3.3 5.8
Facebook 39.1 306.18 -1.64 Glencore 214.1 302.00 -1.20 Iberdrola 403.6 11.59 0.07 M3,. 290.1 8400.00 246.00 Polymetal Int 1557.00 6.8 - Qinetiq 350.60 6.9 - Petrofac 127.80 14.1 - General Industrials 7056.72 3.1 6.4
Advanced Micro Devices 38.5 82.15 -0.86 Glaxosmithkline 200.7 1346.40 -2.00 Lvmh 369.9 630.00 13.30 Toyota Motor 284.2 8530.00 -34.00 Evraz 636.40 6.2 - Dr. Martens 493.60 6.9 - Studio Retail 290.00 12.4 3.2 General Financial 12487.16 2.6 3.0
Boeing 35.8 248.18 -2.93 Anglo American 191.1 3199.50 50.00 Sap Se O.n. 337.6 116.22 0.54 Mitsubishi Ufj Fin,. 191.7 590.30 -1.30 Entain 1647.50 5.2 - Dechra Pharmaceuticals 3850.00 6.9 - Luceco 329.50 11.7 29.9 Gas Water & Multiutilities 4805.15 2.4 0.7
Alphabet 28.4 2282.75 -2.50 London Stock Exchange 150.1 7700.00 -200.00 Volkswagen Ag Vzo O.n. 301.7 245.05 6.80 Sumitomo Mitsui Fin,. 177.8 3885.00 -25.00 Smurfit Kappa 3617.00 4.9 - Apax Global Alpha 207.00 6.7 - Phoenix Spree Deutschland 364.00 10.0 - Personal Goods 35122.72 2.3 -5.5
Alphabet 25.2 2297.76 1.10 Vodafone 145.3 135.18 1.84 Allianz Se Na O.n. 274.3 218.75 3.30 Shin-etsu Chemical Co., 169.6 18995.00 110.00 Glencore 302.00 4.6 - Investec 247.50 6.6 - Schroder Uk Public Private Trust 34.80 9.8 - Software & Computer Services 2146.49 2.3 12.1
Wells Fargo & Co 25.0 43.84 1.60 Unilever 133.4 4164.00 -1.50 Linde Eo 0,001 272.4 241.50 1.00 Takeda Pharmaceutical 166.1 3704.00 -11.00 Scottish Mortgage Investment Trust 1245.00 4.4 - Ferrexpo 387.20 6.3 - Kkv Secured Loan Fund 23.60 9.8 27.2 Health Care Equip.& Services 6518.35 2.0 -0.3
Bhp 2239.50 4.2 - Sirius Real Estate Ld 99.70 6.2 - Hostelworld 91.20 8.8 - Support Services 11094.05 1.8 11.9
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
British American Tobacco 2901.00 4.1 - Hammerson 39.60 5.9 - Norcros 299.00 8.7 - Chemicals 15194.26 1.7 11.6
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Ppg Industries 167.41 13.44 8.73 Apax Global Alpha 207.00 12.00 6.15 Siemens Ag Na O.n. 145.96 5.96 4.26 Toho Co.,ltd 4735.00 180.00 3.95 Rolls-royce Holdings 104.56 -6.5 - Airtel Africa 75.00 -9.4 - Clipper Logistics 638.00 -6.9 - Electricity 8857.93 -3.1 0.1
Alexion Pharmaceuticals 163.68 6.14 3.90 Petropavlovsk 26.42 1.34 5.34 Volkswagen Ag St O.n. 295.60 10.00 3.50 Marui Co., 2206.00 68.00 3.18 Legal & General 279.00 -5.9 - Jupiter Fund Management 271.40 -8.8 - Fuller, Smith & Turner 902.00 -5.5 - Food Producers 7692.39 -1.9 9.2
Sherwin-williams (the) 266.92 9.78 3.80 Syncona 243.00 10.00 4.29 Akzo Nobel 101.80 3.40 3.46 Daiwa House Industry Co., 3432.00 102.00 3.06 Standard Life Aberdeen 289.60 -3.9 - Ssp 303.00 -5.7 - Aberdeen New India Investment Trust 524.00 -4.7 -1.3 Life Insurance 8279.07 -1.1 14.9
Wells Fargo & Co 43.84 1.60 3.79 Evraz 636.40 22.40 3.65 Volvo, Ab Ser. B 21.41 0.70 3.37 M3,. 8400.00 246.00 3.02 Sse 1490.50 -3.3 - Cmc Markets 506.00 -5.6 - Chesnara 281.50 -4.6 - Banks 2921.51 -0.7 16.8
Dr Horton 96.37 3.32 3.57 Tesco 231.85 7.40 3.30 A.p. M__ller - M__rsk B A/s 2057.53 65.89 3.31 Inpex 776.00 22.00 2.92 Hikma Pharmaceuticals 2367.00 -2.7 - Firstgroup 89.45 -5.4 - Ricardo 435.00 -4.2 - Electronic & Electrical Equip. 10657.07 -0.2 6.5
Hsbc Holdings 427.45 -2.3 - C&c 282.20 -4.9 - Sme Credit Realisation Fund 63.00 -3.8 4.3 Construction & Materials 7817.86 -0.1 13.4
Downs Downs Downs Downs
Associated British Foods 2428.00 -2.3 - Carnival 1656.00 -4.6 - Marston's 96.50 -3.8 - Real Estate & Investment Servic 2603.34 0.1 0.5
State Street 80.43 -6.08 -7.03 Ashmore 403.60 -14.40 -3.44 Grifols 22.89 -0.59 -2.51 Tokyo Electric Power ,orporated 322.00 -16.00 -4.73
Barratt Developments 784.00 -1.3 - Ao World 313.20 -4.5 - Lamprell 59.70 -3.7 18.9 Mobile Telecommunications 3128.64 0.3 13.2
Bank Of New York Mellon 46.07 -1.94 -4.04 Kainos 1642.00 -55.00 -3.24 L''''oreal 336.55 -6.25 -1.82 Sharp 1863.00 -59.00 -3.07
Rightmove 610.40 -1.3 - Sanne 639.00 -4.5 - Capital & Regional 86.00 -3.6 16.2 Nonlife Insurance 3227.73 0.3 -1.4
Eog Resources 70.51 -2.32 -3.19 Ao World 313.20 -10.40 -3.21 Saipem 2.29 -0.04 -1.50 Screen Holdings Co Ltd 10640.00 -320.00 -2.92
Sage 644.00 -1.3 - Mitchells & Butlers 310.20 -4.4 - Dialight 257.50 -3.6 -3.8 Household Goods 19156.12 0.3 8.6
Marathon Oil 10.53 -0.31 -2.86 Trainline 474.40 -15.40 -3.14 Edf 11.98 -0.14 -1.16 Seven & I Holdings Co., 4547.00 -128.00 -2.74
Next 8204.00 -1.1 - Cineworld 99.10 -4.2 - Menzies(john) 329.00 -3.5 28.5 Food & Drug Retailers 4420.04 0.5 2.3
Morgan Stanley 78.59 -2.23 -2.76 Ti Fluid Systems 298.50 -9.50 -3.08 Royal Dutch Shella 16.44 -0.19 -1.15 Hitachi Zosen 809.00 -19.00 -2.29
Tesco 231.85 -1.1 - Contourglobal 197.00 -4.1 - Metro Bank 115.50 -3.0 - Aerospace & Defense 3728.42 0.6 3.1
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Apr 16 Currency Mid Change Mid Change Mid Change Apr 16 Currency Mid Change Mid Change Mid Change Apr 16 Currency Mid Change Mid Change Mid Change Apr 16 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 92.7750 0.0500 111.1397 0.1477 128.2149 0.3201 Indonesia Indonesian Rupiah 14565.0000 -45.0000 17448.1398 -40.0950 20128.8245 -22.6339 Poland Polish Zloty 3.7956 -0.0085 4.5469 -0.0065 5.2455 -0.0014 ..Three Month 0.7236 -0.0014 0.8667 -0.0010 - -
Australia Australian Dollar 1.2926 0.0030 1.5484 0.0048 1.7863 0.0076 Israel Israeli Shekel 3.2787 -0.0018 3.9277 0.0009 4.5312 0.0064 Romania Romanian Leu 4.1123 -0.0034 4.9263 -0.0002 5.6831 0.0064 ..One Year 0.7238 -0.0014 0.8662 -0.0010 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4516 0.0004 0.5210 0.0010 Japan Japanese Yen 108.8150 0.0850 130.3548 0.2047 150.3821 0.4118 Russia Russian Ruble 75.7500 -0.4237 90.7446 -0.4355 104.6864 -0.3794 United States United States Dollar - - 1.1979 0.0009 1.3820 0.0027
Bolivia Bolivian Boliviano 6.9100 - 8.2778 0.0065 9.5496 0.0187 ..One Month 108.8150 0.0849 130.3549 0.2048 150.3821 0.4117 Saudi Arabia Saudi Riyal 3.7511 0.0007 4.4936 0.0043 5.1839 0.0110 ..One Month - - 1.1979 -0.1813 1.3820 0.0027
Brazil Brazilian Real 5.6215 -0.0074 6.7342 -0.0035 7.7688 0.0050 ..Three Month 108.8149 0.0848 130.3550 0.2050 150.3820 0.4116 Singapore Singapore Dollar 1.3338 -0.0008 1.5978 0.0004 1.8433 0.0026 ..Three Month - - 1.1977 -0.1813 1.3820 0.0027
Canada Canadian Dollar 1.2498 -0.0034 1.4972 -0.0029 1.7272 -0.0013 ..One Year 108.8145 0.0840 130.3553 0.2057 150.3821 0.4112 South Africa South African Rand 14.3225 0.1481 17.1576 0.1908 19.7937 0.2430 ..One Year - - 1.1969 -0.1813 1.3822 0.0027
Chile Chilean Peso 700.5500 -1.1100 839.2233 -0.6657 968.1588 0.3652 Kenya Kenyan Shilling 107.5000 0.4500 128.7795 0.6404 148.5648 0.9117 South Korea South Korean Won 1116.3500 -1.3000 1337.3305 -0.4997 1542.7937 1.2286 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.5229 -0.0097 7.8141 -0.0054 9.0146 0.0043 Kuwait Kuwaiti Dinar 0.3015 0.0001 0.3612 0.0004 0.4167 0.0010 Sweden Swedish Krona 8.4418 -0.0100 10.1128 -0.0040 11.6665 0.0091 Vietnam Vietnamese Dong 23068.0000 -6.5000 27634.3097 14.0441 31880.0291 53.4711
Colombia Colombian Peso 3599.5000 -19.6400 4312.0195 -20.1018 4974.5032 -17.3476 Malaysia Malaysian Ringgit 4.1270 0.0025 4.9439 0.0069 5.7035 0.0146 Switzerland Swiss Franc 0.9190 -0.0031 1.1009 -0.0028 1.2700 -0.0018 European Union Euro 0.8348 -0.0007 - - 1.1536 0.0013
Costa Rica Costa Rican Colon 612.3300 -0.0350 733.5402 0.5376 846.2389 1.6091 Mexico Mexican Peso 19.9140 0.0015 23.8560 0.0206 27.5211 0.0560 Taiwan New Taiwan Dollar 28.3395 -0.0365 33.9493 -0.0169 39.1651 0.0264 ..One Month 0.8347 -0.0007 - - 1.1536 0.0013
Czech Republic Czech Koruna 21.6295 -0.0192 25.9110 -0.0026 29.8919 0.0320 New Zealand New Zealand Dollar 1.4009 0.0063 1.6781 0.0088 1.9360 0.0124 Thailand Thai Baht 31.2225 -0.2600 37.4030 -0.2817 43.1494 -0.2741 ..Three Month 0.8345 -0.0007 - - 1.1535 0.0013
Denmark Danish Krone 6.2074 -0.0063 7.4361 -0.0017 8.5785 0.0081 Nigeria Nigerian Naira 410.5000 1.7500 491.7581 2.4833 567.3102 3.5249 Tunisia Tunisian Dinar 2.7665 0.0042 3.3141 0.0077 3.8233 0.0134 ..One Year 0.8338 -0.0007 - - 1.1530 0.0014
Egypt Egyptian Pound 15.6825 0.0222 18.7868 0.0414 21.6732 0.0731 Norway Norwegian Krone 8.3761 -0.0134 10.0341 -0.0081 11.5758 0.0042 Turkey Turkish Lira 8.0702 -0.0015 9.6677 0.0058 11.1531 0.0198
Hong Kong Hong Kong Dollar 7.7700 0.0033 9.3080 0.0113 10.7381 0.0256 Pakistan Pakistani Rupee 152.8000 0.1500 183.0466 0.3242 211.1693 0.6205 United Arab Emirates UAE Dirham 3.6732 - 4.4002 0.0035 5.0763 0.0099
Hungary Hungarian Forint 301.4316 1.0974 361.0997 1.5989 416.5779 2.3295 Peru Peruvian Nuevo Sol 3.6295 0.0057 4.3480 0.0103 5.0160 0.0178 United Kingdom Pound Sterling 0.7236 -0.0014 0.8668 -0.0010 - -
India Indian Rupee 74.3475 -0.5775 89.0645 -0.6209 102.7481 -0.5953 Philippines Philippine Peso 48.3800 -0.0600 57.9568 -0.0260 66.8611 0.0482 ..One Month 0.7236 -0.0014 0.8668 -0.0010 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Apr 16 Apr 15 Apr 14 Apr 13 Apr 12 Yr Ago High Low Year to date percentage changes Closing Week's Closing Week's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2786.70 2760.50 2764.80 2759.00 2761.50 0.00 3314.70 1337.80 Industrial Metals & 32.25 Beverages 11.69 Gas Water & Multi 6.10 FTSE 100 Price Change FTSE 100 Price Change
Apr 16 chge% Index Apr 15 Apr 14 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Transport 26.50 Oil & Gas Producers 11.64 Equity Invest Instr 5.06 3I Group PLC 1257 16.00 Land Securities Group PLC 721.20 4.60
FTSE 100 (101) 6625.94 0.21 5990.66 6612.24 6624.02 7403.92 3.31 1.48 20.46 14.60 6346.67 P/E Ratio net - - - - - 0.00 19.44 14.26 Mining 18.20 Mobile Telecomms 11.53 Consumer Goods 4.71 Admiral Group PLC 3200 50.00 Legal & General Group PLC 279.00 -17.40
FTSE 250 (250) 21057.72 0.37 19038.76 20981.09 21035.96 21780.20 1.98 1.34 37.47 33.04 16741.55 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Basic Materials 18.11 Oil & Gas 11.28 Utilities 4.49 Anglo American PLC 3199.5 116.50 Lloyds Banking Group PLC 43.46 0.21
FTSE 250 ex Inv Co (183) 21759.77 0.74 19673.50 21600.49 21556.06 23115.63 1.87 1.11 48.29 24.78 17638.09 FT 30 hourly changes Travel & Leisure 17.18 Media 10.81 Aerospace & Defense 3.55 Antofagasta PLC 1872.5 142.50 London Stock Exchange Group PLC 7700 222.00
FTSE 350 (351) 3793.86 0.24 3430.12 3784.94 3792.25 4181.51 3.07 1.46 22.30 7.92 7241.30 8 9 10 11 12 13 14 15 16 High Low Banks 16.71 Industrials 10.46 Real Est Invest & Se 3.25 Ashtead Group PLC 4675 102.00 M&G PLC 221.20 3.20
FTSE 350 ex Investment Trusts (282) 3696.64 0.34 3342.22 3684.15 3686.52 4122.18 3.13 1.31 24.29 7.64 3641.07 2760.5 2770.7 2780 2681.9 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Life Insurance 14.84 FTSE 250 Index 9.93 Financial Services 2.81 Associated British Foods PLC 2428 -56.00 Melrose Industries PLC 178.85 5.25
FTSE 350 Higher Yield (146) 3067.50 0.48 2773.40 3052.84 3037.00 3508.27 4.23 1.34 17.61 11.05 6448.92 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Construct & Material 14.68 Food Producers 9.79 Pharmace & Biotech 1.11 Astrazeneca PLC 7380 93.00 Mondi PLC 1977.5 70.00
FTSE 350 Lower Yield (205) 4263.62 -0.01 3854.84 4264.07 4302.91 4547.84 1.90 1.72 30.54 2.35 5047.81 Fixed Line Telecomms 14.60 NON FINANCIALS Index 9.15 Food & Drug Retailer 1.03 Auto Trader Group PLC 577.60 8.20 National Grid PLC 902.30 1.80
FTSE SmallCap (255) 6486.94 -0.15 5864.99 6496.71 6495.18 5995.80 2.43 -0.70 -59.18 20.58 10348.56
FTSE SmallCap ex Inv Co (137) 5264.69 0.74 4759.92 5226.11 5186.83 4950.75 1.94 -0.75 -68.46 9.21 8767.93 FX: EFFECTIVE INDICES FTSE SmallCap Index
General Retailers
14.40
13.40
FTSE All{HY-}Share Index
Financials
9.07
8.91
Health Care
Electricity
0.96
-0.01
Avast PLC 467.00 -1.00 Natwest Group PLC 199.55 2.90
Aveva Group PLC 3809 33.00 Next PLC 8204 -92.00
FTSE All-Share (606) 3771.34 0.22 3409.75 3762.96 3769.95 4132.71 3.05 1.40 23.39 8.01 7271.90 Software & Comp Serv 13.38 Electronic & Elec Eq 8.77 Health Care Eq & Srv -0.38
Apr 15 Apr 14 Mnth Ago Apr 16 Apr 15 Mnth Ago Aviva PLC 411.40 6.80 Ocado Group PLC 2181 31.00
FTSE All-Share ex Inv Co (419) 3637.47 0.35 3288.71 3624.90 3626.68 4043.99 3.11 1.29 24.92 7.49 3638.82 Chemicals 12.45 FTSE 100 Index 8.65 Tech Hardware & Eq -1.04 B&M European Value Retail S.A. 558.60 11.40 Pearson PLC 816.80 11.00
FTSE All-Share ex Multinationals (536) 1226.54 0.14 920.04 1224.79 1231.08 1284.85 2.31 1.54 28.04 1.85 2461.93 Australia - - - Sweden - - - Support Services 12.42 Household Goods & Ho 8.40 Nonlife Insurance -1.36 Bae Systems PLC 522.00 7.00 Pershing Square Holdings LTD 2790 15.00
FTSE Fledgling (89) 11281.34 -0.47 10199.71 11334.47 11360.62 9747.69 2.09 1.45 33.05 21.34 23273.85 Canada - - - Switzerland - - - Consumer Services 12.37 Automobiles & Parts 8.36 Leisure Goods -2.46 Barclays PLC 189.18 3.48 Persimmon PLC 3201 -9.00
FTSE Fledgling ex Inv Co (42) 14148.64 -0.52 12792.10 14223.15 14218.52 11655.09 1.69 6.19 9.58 20.44 28489.41 Denmark - - - UK 81.08 81.05 81.71 Telecommunications 12.27 Industrial Eng 8.32 Personal Goods -3.51 Barratt Developments PLC 784.00 -10.60 Phoenix Group Holdings PLC 759.80 11.20
FTSE All-Small (344) 4506.76 -0.17 4074.66 4514.36 4513.94 4150.41 2.41 -0.59 -70.21 13.97 9223.29 Japan - - - USA - - - Technology 11.89 Real Est Invest & Tr 7.39 Oil Equipment & Serv -9.08 Berkeley Group Holdings (The) PLC 4610 -24.00 Polymetal International PLC 1557 98.50
FTSE All-Small ex Inv Co (179) 3943.09 0.68 3565.04 3916.32 3888.11 3688.26 1.93 -0.49 -105.05 6.85 8318.27 New Zealand - - - Euro - - - Tobacco 6.35 Oil & Gas Producers -40.36 Bhp Group PLC 2239.5 89.50 Prudential PLC 1552.5 -5.00
FTSE AIM All-Share (721) 1183.85 -1.40 1070.34 1200.60 1214.14 972.62 0.73 0.28 485.01 1.28 1361.03 Norway - - -
BP PLC 302.95 7.95 Reckitt Benckiser Group PLC 6661 50.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2901 115.00 Relx PLC 1935.5 25.00
Non Financials (298) 4472.98 0.31 4044.12 4459.22 4468.90 4902.74 3.09 1.26 25.69 10.80 7584.08 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 515.60 3.20 Renishaw PLC 6425 -50.00
Technology (19) 981.73 -1.25 1010.22 994.16 1017.45 1048.47 1.22 1.01 81.09 3.64 1039.44 Bt Group PLC 154.35 0.85 Rentokil Initial PLC 520.40 6.20
Software and Computer Services (17) 977.36 -1.21 1005.72 989.35 1012.41 1045.29 1.25 0.98 81.94 3.71 1036.02 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2508 99.00 Rightmove PLC 610.40 -8.00
Technology Hardware and Equipment (2) 1077.50 -2.87 1108.76 1109.35 1141.00 1072.24 0.31 5.75 56.06 0.00 1117.74 Burberry Group PLC 2074 30.00 Rio Tinto PLC 6054 391.00
Apr 16 No of US $ Day Mth YTD Total
YTD Gr Div Apr 16 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2510 97.00 Rolls-Royce Holdings PLC 104.56 -7.32
Telecommunications (8) 653.41 -0.26 672.37 655.12 658.20 769.47 4.45 0.94 23.86 0.00 770.36
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1588.5 30.00 Royal Dutch Shell PLC 1350.2 14.80
Telecommunications Equipment (2) 2389.28 -2.93 2458.60 2461.45 2530.00 2283.83 1.52 3.38 19.41 0.00 2541.57
Telecommunications Service Providers (6) 638.07 -0.16 656.58 639.11 641.59 756.45 4.55 0.91 24.05 0.00 753.95 FTSE Global All Cap 9221 796.85 0.4 3.7 9.5
10.1 1.7 Oil Equipment & Services
1234.73 26 219.30 -0.6 -0.6 15.9 376.76 17.3 5.2 Crh PLC 3515 -13.00 Royal Dutch Shell PLC 1412.8 17.00
Health Care (15) 1130.04 -0.18 1162.83 1132.03 1142.81 1322.54 3.90 0.75 34.22 7.02 1262.63 FTSE Global All Cap 9221 786.75 0.1 2.9 8.18.7 1.7 Basic Materials
1218.94 364 686.95 0.9 0.9 12.6 1179.97 13.8 2.6 Croda International PLC 6740 128.00 Rsa Insurance Group PLC 683.00 -0.60
Health Care Providers (4) 409.33 -0.40 421.21 410.96 420.55 569.98 0.93 0.73 148.56 2.65 425.84 FTSE Global Large Cap 1729 708.39 0.4 4.2 8.89.4 1.7 Chemicals
1130.81 171 949.54 1.0 1.0 9.1 1605.42 9.6 2.1 Dcc PLC 6448 154.00 Sage Group PLC 644.00 -8.20
Medical Equipment and Services (2) 1039.79 -0.37 1069.96 1043.60 1083.87 1379.20 2.16 1.04 44.53 0.00 1105.03 FTSE Global Mid Cap 2307 1019.40 0.4 2.8 11.2
11.7 1.7 Forestry & Paper
1485.75 21 347.04 0.8 0.8 9.8 669.97 11.3 2.5 Diageo PLC 3230 47.00 Sainsbury (J) PLC 248.70 3.10
Pharmaceuticals and Biotechnology (9) 1175.04 -0.15 1209.13 1176.85 1184.58 1352.82 4.12 0.74 32.98 7.95 1322.20 FTSE Global Small Cap 5185 1123.60 0.6 1.6 11.6
12.1 1.5 Industrial Metals & Mining
1572.56 94 575.15 0.7 0.7 22.7 1002.17 24.5 2.9 Entain PLC 1647.5 81.00 Schroders PLC 3621 -5.00
FTSE All-World 4036 465.12 0.4 4.0 9.29.8 1.7 Mining
762.87 78 998.05 1.0 1.0 13.3 1764.00 15.4 3.3 Evraz PLC 636.40 37.20 Scottish Mortgage Investment Trust PLC 1245 52.50
Financials (251) 867.42 -0.24 892.59 869.52 870.38 939.39 3.00 2.16 15.39 1.05 959.29
FTSE World 2615 830.20 0.4 4.5 9.7
10.4 1.7 Industrials
1828.19 760 582.07 0.5 0.5 11.1 901.19 11.6 1.4 Experian PLC 2716 63.00 Segro PLC 986.00 13.40
Banks (11) 599.45 0.65 616.84 595.60 587.98 763.78 3.43 2.08 14.03 0.00 654.74
FTSE Global All Cap ex UNITED KINGDOM In 8932 842.49 0.4 3.7 9.4
10.0 1281.63
1.6 Construction & Materials 148 688.67 1.3 1.3 11.8 1119.14 12.3 1.6 Ferguson PLC 9344 34.00 Severn Trent PLC 2431 25.00
Finance and Credit Services (9) 1145.79 -1.07 1179.04 1158.20 1167.77 1238.13 1.14 2.36 37.19 9.70 1235.13
FTSE Global All Cap ex USA 7448 603.91 0.6 2.1 7.17.9 1022.95
2.1 Aerospace & Defense 38 812.64 0.2 0.2 10.8 1237.02 11.2 1.3 Flutter Entertainment PLC 15685 390.00 Smith & Nephew PLC 1445 45.00
Investment Banking and Brokerage Services (31) 1109.31 0.11 1141.50 1108.06 1107.04 1197.15 4.12 0.96 25.14 1.74 1233.63
FTSE Global All Cap ex JAPAN 7830 826.17 0.5 4.0 10.0
10.5 1291.79
1.7 General Industrials 71 287.50 0.8 0.8 13.6 490.10 14.6 1.9 Fresnillo PLC 925.80 31.40 Smith (Ds) PLC 420.20 5.40
Closed End Investments (187) 1275.83 -1.44 1312.85 1294.49 1320.68 1126.07 2.22 3.54 12.73 3.86 1383.26
FTSE Global All Cap ex Eurozone 8567 838.76 0.4 3.6 9.5
10.1 1273.14
1.7 Electronic & Electrical Equipment 145 725.43 0.7 0.7 8.4 1016.55 8.7 1.1 Glaxosmithkline PLC 1346.4 26.80 Smiths Group PLC 1643.5 30.00
Life Insurance (6) 862.01 0.03 887.02 861.74 852.72 925.99 3.46 1.98 14.62 0.00 985.12
FTSE Developed 2172 759.94 0.4 4.5 9.8
10.4 1187.74
1.7 Industrial Engineering 147 1175.77 0.9 0.9 14.7 1814.21 15.4 1.4 Glencore PLC 302.00 13.30 Smurfit Kappa Group PLC 3617 169.00
Nonlife Insurance (7) 988.61 0.50 1017.30 983.73 988.32 1014.25 2.98 1.73 19.40 0.00 1095.59
FTSE Developed All Cap 5708 799.02 0.4 4.2 10.1
10.7 1231.00
1.6 Industrial Transportation 124 1008.41 0.4 0.4 10.0 1570.70 10.5 1.5 Halma PLC 2563 4.00 Spirax-Sarco Engineering PLC 12130 -110.00
Real Estate (57) 870.48 1.80 895.74 855.12 856.00 1049.28 2.33 -1.59 -26.99 1.95 967.94
FTSE Developed Large Cap 860 709.23 0.4 4.9 9.4
10.0 1128.28
1.7 Support Services 87 702.83 -0.1 -0.1 9.3 1025.52 9.7 1.0 Hargreaves Lansdown PLC 1658.5 -8.50 Sse PLC 1490.5 -51.00
Real Estate Investment and Services (17) 861.08 0.00 886.07 861.05 868.56 1065.35 1.02 3.06 32.01 0.30 918.16
FTSE Developed Europe Large Cap 232 425.59 1.0 4.4 8.39.3 2.3 Consumer Goods
802.69 534 641.72 0.6 0.6 5.0 1041.86 5.5 1.9 Hikma Pharmaceuticals PLC 2367 -66.00 St. James's Place PLC 1343 0.00
Real Estate Investment Trusts (40) 874.55 2.24 899.93 855.38 854.64 1045.35 2.65 -2.03 -18.66 2.36 979.65
FTSE Developed Europe Mid Cap 342 765.54 0.9 4.1 9.6
10.2 1258.78
1.9 Automobiles & Parts 129 667.70 0.6 0.6 9.0 1054.56 9.4 1.1 HSBC Holdings PLC 427.45 -9.95 Standard Chartered PLC 494.00 -3.50
Consumer Discretionary (89) 940.04 0.48 967.31 935.56 921.31 1054.42 1.45 1.19 58.01 0.05 1021.79
FTSE Dev Europe Small Cap 716 1077.96 0.9 4.6 11.8
12.3 1705.84
1.5 Beverages 68 744.46 0.8 0.8 0.7 1220.14 1.3 2.3 Imperial Brands PLC 1582 40.00 Standard Life Aberdeen PLC 289.60 -11.90
Automobiles and Parts (3) 491.61 -3.07 505.88 507.19 499.53 500.58 0.66 2.43 62.85 3.22 521.22
FTSE North America Large Cap 238 919.54 0.3 5.9 10.7
11.2 1348.49
1.4 Food Producers 133 735.91 0.6 0.6 2.5 1217.13 2.9 2.2 Informa PLC 596.00 11.80 Taylor Wimpey PLC 190.95 0.90
Consumer Services (4) 953.54 1.37 981.21 940.66 908.01 1261.82 2.59 0.46 83.90 0.00 1012.84
FTSE North America Mid Cap 421 1196.17 0.2 3.0 12.8
13.3 1.5 Household Goods & Home Construction
1617.53 60 614.05 0.6 0.6 6.6 991.10 7.2 2.3 Intercontinental Hotels Group PLC 5214 52.00 Tesco PLC 231.85 -2.55
Household Goods and Home Construction (11) 937.51 -0.04 964.72 937.85 940.88 1243.82 2.32 2.66 16.20 0.00 1081.02
FTSE North America Small Cap 1293 1293.54 0.4 0.9 13.1
13.4 1.2 Leisure Goods
1685.37 44 345.35 -0.4 -0.4 4.6 478.81 5.1 0.9 Intermediate Capital Group PLC 2017 49.00 Unilever PLC 4164 33.00
Leisure Goods (2) 1116.59 -0.59 1148.99 1123.22 1135.05 898.53 1.83 1.62 33.66 0.00 1241.47
FTSE North America 659 601.72 0.3 5.3 11.2
11.6 1.4 Personal Goods
901.66 86 1082.49 0.6 0.6 2.7 1619.30 3.0 1.3 International Consolidated Airlines Group S.A. 208.25 -1.90 United Utilities Group PLC 957.20 -0.60
Personal Goods (4) 914.12 1.54 940.64 900.21 897.35 882.64 0.00 0.00 24.20 0.00 957.77
FTSE Developed ex North America 1513 314.04 0.6 2.9 7.28.0 573.68
2.2 Tobacco 14 1011.18 1.6 1.6 11.3 2611.65 13.1 6.1 Intertek Group PLC 6098 44.00 Vodafone Group PLC 135.18 0.54
Media (10) 904.19 0.66 930.43 898.27 894.71 1036.44 1.81 2.72 20.33 0.02 985.42
FTSE Japan Large Cap 174 464.32 0.0 -0.5 2.43.3 657.95
1.9 Health Care 326 710.34 0.6 0.6 3.5 1102.47 4.2 1.7 Jd Sports Fashion PLC 929.60 12.60 Weir Group PLC 1984 130.00
Retailers (21) 1077.74 0.55 1109.01 1071.88 1078.43 994.19 0.50 5.09 39.15 0.00 1161.03
FTSE Japan Mid Cap 333 688.43 0.0 -1.3 6.87.8 925.13
1.9 Health Care Equipment & Services 124 1486.22 0.4 0.4 6.8 1796.40 7.1 0.8 Johnson Matthey PLC 3186 52.00 Whitbread PLC 3529 63.00
Travel and Leisure (34) 873.65 0.24 898.99 871.59 837.64 957.91 1.07 -3.02 -30.91 0.00 937.15
FTSE Global wi JAPAN Small Cap 884 739.10 0.1 -0.5 3.64.6 1029.67
2.0 Pharmaceuticals & Biotechnology 202 449.61 0.8 0.8 1.1 743.90 2.1 2.4 Just Eat Takeaway.Com N.V. 7883 658.00 Wpp PLC 978.00 34.40
Consumer Staples (27) 796.89 1.17 820.01 787.66 799.88 910.94 4.18 1.34 17.89 1.09 896.38
FTSE Japan 507 193.11 0.0 -0.6 3.24.1 306.32
1.9 Consumer Services 442 734.39 0.6 0.6 6.5 1031.37 6.7 0.8 Kingfisher PLC 355.30 11.40
Beverages (6) 1066.95 0.12 1097.91 1065.68 1082.05 1138.09 2.43 0.75 55.01 0.16 1145.64
FTSE Asia Pacific Large Cap ex Japan 905 921.18 0.5 0.2 5.35.7 1.9 Food & Drug Retailers
1601.21 71 318.40 0.3 0.3 6.6 486.80 7.4 2.4
Food Producers (10) 906.09 1.15 932.39 895.81 890.03 970.13 1.42 3.03 23.19 0.00 965.66
FTSE Asia Pacific Mid Cap ex Japan 949 1111.10 0.9 2.2 8.28.6 1855.79
2.3 General Retailers 146 1342.83 0.8 0.8 6.0 1811.35 6.2 0.6
Tobacco (2) 503.20 1.11 517.80 497.66 495.85 642.70 8.39 1.36 8.77 3.13 628.63
Industrials (92) 1068.72 -0.06 1099.73 1069.33 1077.92 1077.43 1.57 0.90 70.85 0.85 1142.55
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
2007
1854
702.82
721.41
1.0
0.5
2.5
0.4
8.1
5.6
8.5
6.0
2.0 Media
1146.87
1.9 Travel & Leisure
1332.22
84 492.83
141 546.42
0.5
0.6
0.5
0.6
5.0 696.42
9.7 784.77
5.3
10.0
0.7
1.0
UK STOCK MARKET TRADING DATA
Construction and Materials (17) 1023.66 0.14 1053.36 1022.21 1016.32 1025.37 1.84 0.14 389.88 0.00 1110.45 Apr 16 Apr 15 Apr 14 Apr 13 Apr 12 Yr Ago
FTSE Emerging All Cap 3513 934.34 0.8 -0.2 5.05.4 2.0 Telecommunication
1543.18 89 162.39 0.6 0.6 5.5 359.71 7.2 4.0
Aerospace and Defense (9) 728.38 2.07 749.51 713.64 693.54 1072.49 2.68 -2.35 -15.89 0.38 785.69 - - - - - -
FTSE Emerging Large Cap 869 894.30 0.7 -0.7 4.34.6 1.9 Fixed Line Telecommuniations
1486.33 37 119.69 0.6 0.6 2.9 299.30 5.2 5.4
Electronic and Electrical Equipment (10) 1258.63 -1.41 1295.15 1276.67 1288.56 1149.01 1.41 1.93 36.90 0.00 1332.18 Order Book Turnover (m) 166.57 1434.68 186.11 277.83 136.80 136.80
FTSE Emerging Mid Cap 995 1127.43 1.0 2.1 7.78.2 2.5 Mobile Telecommunications
1863.67 52 198.14 0.6 0.6 7.6 381.84 8.7 3.2
General Industrials (9) 1131.16 -0.16 1163.98 1132.93 1149.08 984.13 2.02 1.32 37.62 0.00 1218.41 Order Book Bargains 862218.00 869075.00 854264.00 915736.00 930503.00 930503.00
FTSE Emerging Small Cap 1649 926.86 1.1 1.5 8.79.1 2.2 Utilities
1467.18 198 332.31 0.6 0.6 3.6 735.53 4.5 3.1
Industrial Engineering (4) 1390.22 -0.87 1430.56 1402.41 1430.79 1108.40 0.61 4.28 38.62 0.00 1457.80 Order Book Shares Traded (m) 1316.00 1358.00 1208.00 1295.00 1484.00 1484.00
FTSE Emerging Europe 84 389.25 0.9 -4.4 5.15.5 4.7 Electricity
741.34 137 374.67 0.6 0.6 3.8 818.55 4.7 3.1
Industrial Support Services (32) 1075.86 -0.29 1107.08 1079.02 1099.41 1122.63 1.30 2.09 36.74 1.82 1142.78 Total Equity Turnover (£m) 6806.56 9734.23 7214.33 7104.35 4264.85 4264.85
FTSE Latin America All Cap 246 810.67 0.5 4.7 -1.4
-0.3 2.6 Gas Water & Multiutilities
1405.01 61 331.16 0.5 0.5 3.3 754.54 3.9 3.1
Industrial Transportation (11) 1433.48 -0.15 1475.08 1435.60 1450.63 1032.73 0.84 4.20 28.21 1.79 1547.27 Total Mkt Bargains 1107178.00 1139436.00 1126652.00 1182983.00 1175262.00 1175262.00
FTSE Middle East and Africa All Cap 326 742.77 0.0 4.2 13.7
15.1 2.4 Financials
1299.72 863 284.23 0.5 0.5 12.6 520.26 13.5 2.4
Basic Materials (25) 1519.47 -0.33 1563.56 1524.57 1526.33 1076.65 3.04 2.60 12.65 0.34 1759.41 FTSE Global wi UNITED KINGDOM All Cap In 289 350.00 0.7 2.7 10.4
11.6 2.9 Banks
676.18 267 215.46 0.8 0.8 16.8 433.68 17.9 2.7 Total Shares Traded (m) 11039.00 9184.00 7631.00 9828.00 13340.00 13340.00
Industrial Materials (1) 968.08 -1.16 996.17 979.47 968.08 871.49 0.48 6.38 32.83 0.00 1067.85 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE Global wi USA All Cap 1773 1045.68 0.3 4.9 11.3
11.8 1.3 Nonlife Insurance
1479.39 71 328.78 0.6 0.6 9.9 520.89 10.8 2.7
Industrial Metals and Mining (12) 1682.15 -0.15 1730.96 1684.61 1687.44 1142.34 3.15 2.73 11.61 0.10 1989.87 (c) Market closed.
FTSE Europe All Cap 1445 512.52 1.0 4.1 8.89.6 2.2 Life Insurance
928.35 53 258.31 0.4 0.4 11.1 467.69 12.1 3.0
Precious Metals and Mining (5) 1139.72 -1.50 1172.79 1157.06 1154.28 1056.62 3.69 1.05 25.69 0.00 1252.95
FTSE Eurozone All Cap 654 508.24 1.0 4.9 9.7
10.1 1.8 Financial Services
913.14 211 464.70 0.3 0.3 10.6 687.32 11.1 1.3
Chemicals (7) 1067.32 -1.60 1098.28 1084.70 1082.40 895.29 1.59 1.84 34.06 2.13 1138.42
FTSE EDHEC-Risk Efficient All-World 4036 519.96 0.5 3.3 10.2
10.8 1.9 Technology
788.14 330 581.57 0.0 0.0 11.8 747.68 12.0 0.8
Energy (13) 526.72 0.60 542.00 523.57 510.60 759.33 4.47 0.77 28.95 4.93 626.22 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE EDHEC-Risk Efficient Developed Europe 574 405.33 1.0 4.1 8.59.2 1.9 Software & Computer Services
680.11 176 951.88 0.1 0.1 13.3 1141.05 13.4 0.5
Oil. Gas and Coal (13) 527.46 0.60 542.76 524.31 511.31 760.39 4.47 0.77 28.95 4.94 627.10 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas 130 295.31 -0.3 -4.3 14.4
15.8 4.2 Technology Hardware & Equipment
558.55 154 469.10 -0.2 -0.2 10.0 644.45 10.4 1.2
Utilities (10) 933.62 1.01 960.71 924.27 943.43 1161.70 5.15 1.16 16.78 4.07 1116.19 Oil & Gas Producers 89 280.78 -0.4 -5.1 16.2
17.6 4.3 Alternative Energy
542.71 15 220.53 2.1 2.1 -17.9 314.08 -17.7 0.5 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 162 380.16 0.2 0.2 6.0 704.69 6.5 2.5 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 99 502.02 0.4 0.4 10.4 1115.91 11.3 3.3 For all queries e-mail [email protected]
FTSE 100 6762.87 6748.01 6751.43 6746.14 6754.94 6767.50 6756.14 6748.02 6720.47 6775.54 6713.63 FTSE Global Large Cap 1729 699.04 0.0 0.0 7.3 1115.79 7.9 1.7
FTSE 250
FTSE SmallCap
21565.25 21583.56 21572.02 21567.44 21581.50 21576.72 21558.95 21559.59 21534.69 21603.48 21518.71
6791.11 6791.97 6790.64 6790.55 6786.23 6787.43 6785.82 6788.19 6791.35 6803.07 6779.80
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
Data provided by Morningstar | www.morningstar.co.uk
FTSE All-Share 3854.87 3848.79 3849.93 3847.41 3851.73 3857.24 3851.54 3847.96 3834.85 3861.78 3831.05 (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,
Time of FTSE 100 Day's high:07:20:00 Day's Low15:35:29 FTSE 100 2010/11 High: 6873.26(08/01/2021) Low: 6407.46(29/01/2021) WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE All-Share Day's high:07:20:00 Day's Low15:45:40 FTSE 100 2010/11 High: 3880.43(08/01/2021) Low: 3641.93(29/01/2021) 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
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the Group companies and is used by FTSE International Limited under licence.
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 Chamberlin Int 11.044 12.828 0.558L 1.843L 8.300L 25.000L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Gunsynd Int 0.000 0.000 1.032 0.608L 0.341 0.652L 0.00000 0.00000 - 0.000 0.000 04/14 0.13 MAST Mast Energy Developments PLC 15.50 -0.31 16.90 14.50 2922.7
There are currently no rights offers by any companies listed on the LSE. 04/06 61.00 AIM CSFS Cornerstone FS PLC 58.50 -1.50 63.90 54.00 1186.2
03/31 390.00 ROO Deliveroo Holdings PLC 247.00 -9.05 390.39 241.70 423439.6
03/31 200.00 AIM MEAL Parsley Box Group PLC 201.50 -1.50 211.80 180.00 8445.7
03/29 168.00 AIM AOM ActiveOps PLC 215.00 0.00 229.00 183.00 15333.9
03/22 5.00 ROQ Roquefort Investments PLC 8.50 0.33 9.00 7.00 275.4
03/15 200.00 AIM ITS In The Style Group PLC 230.00 8.50 246.00 215.00 12075.0
03/12 175.00 AIM AMTE Amte Power PLC 300.00 2.00 337.03 175.00 10399.8
03/08 88.00 AIM TEAM Team PLC 85.00 0.00 91.90 83.00 1407.5

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.
14 ★ FINANCIAL TIMES Monday 19 April 2021

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m Stock Price+/-Week High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 29.95 -0.09 33.24 26.35 7.02 -39.50 213596.32 Lowes 208.25 9.74 208.95 91.49 1.15 27.44 149368.74
ANZ 28.82 0.08 29.55 15.07 3.61 24.00 63446.08 Nokia 3.51 0.03 4.95 2.70 - -7.56 23887.96 AstellasPh 1648 18.00 1982 0.00 2.65 20.70 28196.71 AtlasCpcoB 480.80 6.60 480.80 289.70 1.51 38.11 22224.93 AutomData 192.94 3.50 193.77 127.31 1.92 33.07 82566.79 Lyondell 107.55 3.47 112.73 44.33 3.95 25.03 35955.39
BHPBilltn 47.57 0.51 50.93 28.76 3.30 26.47 108415.14 SampoA 40.69 0.32 40.72 24.58 3.86 17.92 27011.88 Bridgestne 4435 47.00 4631 3078 3.23 36.09 29088.38 Ericsson 118.94 -0.92 120.64 78.74 1.27 27.18 43288.52 Avago Tech 478.79 -6.30 495.14 246.80 2.81 55.00 195491.07 Marathon Ptl 54.26 1.43 59.93 21.90 4.32 -3.16 35338.17
CmwBkAu 87.99 0.87 89.20 57.00 3.42 24.38 120769.27 France (€) Canon 2589 39.00 2646.5 0.00 5.11 39.78 31733.81 H&M 208.65 8.60 229.50 117.65 2.35 115.38 36102.61 BakerHu 22.08 0.28 31.26 20.09 3.06 -1.60 11412.93 Marsh&M♦ 127.44 1.26 128.02 91.80 1.46 31.99 64763.3
CSL 269.07 3.13 332.68 242.00 1.10 33.49 94740.76 Airbus Grpe 103.68 2.58 104.54 48.21 - -12.40 97626.43 CntJpRwy 15925 195.00 19165 0.00 0.94 -28.85 30147.96 Investor 731.10 16.40 731.10 444.70 1.79 7.04 39447.33 BankAm 39.15 -0.84 40.38 20.10 1.86 20.71 337756.94 MasterCard♦ 386.17 6.09 389.50 244.10 0.53 59.96 380434.18
NatAusBk 26.72 0.09 27.10 15.00 4.19 24.45 68188.67 AirLiquide 141.20 0.36 144.45 110.55 1.97 26.60 80130.84 Denso 7186 8.00 7765 0.00 2.08-209.50 52034.85 Nordea Bk 87.90 0.48 88.08 53.07 - 15.30 42170.25 Baxter 86.56 1.64 95.19 74.79 1.12 40.20 43721.79 McDonald's 233.08 1.60 234.26 167.85 2.19 36.54 173900.39
Telstra 3.43 0.00 3.54 2.66 2.94 22.83 31560.41 AXA 23.71 0.21 23.89 13.34 3.23 19.52 68686.98 EastJpRwy 7570 145.00 8881 0.00 1.87 -7.71 26291.85 SEB 108.35 -0.10 111.60 64.42 - 14.42 27852.24 BectonDick 260.94 13.01 284.97 219.50 1.24 49.73 75818.72 McKesson 193.18 2.31 198.43 125.65 0.87 -7.16 30747.96
Wesfarmers 55.64 1.73 56.40 35.58 2.75 33.13 48807.31 BNP Parib 52.90 1.44 53.66 24.67 - 9.65 79201.62 Fanuc 27255 -735.00 29700 0.00 0.75 67.97 50575.63 SvnskaHn 97.04 0.58 101.20 71.70 - 11.86 22355.7 BerkshHat 409250 9250 410400250926.02 - 15.18 261816.46 Medtronic 125.91 3.91 126.83 87.68 1.82 58.74 169735.85
Westpc 25.32 0.16 25.52 14.53 3.13 40.14 71863.6 ChristianDior 591.00 54.00 595.50 324.20 0.85 55.80 127797.14 FastRetail 90230 -750.00 110500 0.00 0.57 95.11 87956.86 Swedbank 158.70 1.34 165.90 99.14 - 13.27 21281.05 Biogen 270.31 2.14 363.92 223.25 - 10.78 41177.87 Merck 77.47 1.16 87.80 71.72 3.24 27.56 196029.14
Woolworths 42.04 0.28 42.47 33.82 2.25 37.19 41229.52 Cred Agr 12.46 -0.07 12.69 6.15 - 8.73 43542.78 Fuji Hvy Ind 2155 32.00 2683.5 1898.5 2.77 13.47 15232.95 Telia Co 36.50 -1.87 39.16 30.75 5.12 -6.35 17682.55 BkNYMeln 46.07 -2.55 49.13 31.24 2.72 11.90 40401.15 Metlife 63.07 1.15 63.36 29.18 2.92 10.98 55779.06
Belgium (€) Danone 59.57 -0.02 65.68 46.03 - 19.52 48999.14 Hitachi 5171 169.00 5515 0.00 2.06 13.74 45994.9 Volvo 216.50 4.80 240.80 113.70 - 21.93 40738.29 BlackRock 811.45 3.10 827.85 444.84 1.81 25.20 123859.58 Microsoft 260.74 4.89 261.00 166.11 0.81 38.441966557.34
AnBshInBv 56.77 1.94 59.51 35.11 2.27 -40.95 115153.28 EDF 11.98 0.02 13.58 6.55 - 116.02 44488.34 HondaMtr 3326 89.00 3475 0.00 2.69 12.94 55367.47 Boeing 248.18 -4.18 278.57 113.89 0.84 -11.76 144688.16 Mnstr Bvrg 98.17 2.88 98.43 58.73 - 36.78 51847.21
Switzerland (SFr)
KBC Grp 62.70 0.50 65.66 39.46 1.67 16.04 31298.52 Engie SA 12.40 0.08 13.87 8.85 - -26.28 36180.93 JapanTob 2089 40.00 2234 0.00 8.13 11.59 38395.44 Booking Holdings 2476.9 26.84 2489.41 1303.25 - 1701.32 101458.27 MondelezInt 58.77 -0.08 60.23 48.77 2.06 23.53 82577.47
ABB 30.69 1.16 30.69 16.37 2.52 235.95 72409.24
EssilorLuxottica 139.08 1.98 142.80 103.05 0.85 708.87 73145.86 KDDI 3444 -9.00 3673 2604 3.71 11.29 72927.4 BrisMySq♦ 65.46 2.85 67.16 54.07 2.84 -16.23 146232.92 Monsanto 9.81 0.02 9.99 9.51 - - 245.25
Brazil (R$) CredSuisse 9.90 0.10 13.50 7.15 1.50 6.05 26370
Hermes Intl 1026.5 36.90 1030.5 646.20 0.46 92.70 129818.15 Keyence 51800 650.00 59310 36500 0.41 64.54 115775.93 CapOne 136.68 2.51 137.75 49.41 0.74 26.05 62412.2 MorganStly 78.59 -2.13 86.64 35.53 1.80 12.02 147005.62
Ambev 15.80 0.44 16.91 10.68 3.31 27.07 44237.66 Nestle 108.70 -0.10 112.62 95.00 2.61 24.11 340785.37
LOreal 336.55 -1.90 344.45 236.40 1.18 51.41 225743.32 MitsbCp 3067 1.00 3298 0.00 4.69 13.00 41875.78 CardinalHlth 61.31 1.26 62.96 44.65 3.20 13.04 18004.76 MylanNV 15.86 0.22 23.11 12.75 - -14.73 8586.21
Bradesco 23.12 0.96 25.15 15.02 1.15 7.01 18210.74 Novartis 80.87 -0.03 89.34 70.42 3.50 24.73 217107.8
LVMH 630.00 41.70 630.50 324.30 0.75 65.46 380944.37 MitsubEst 1906 -23.50 2047.5 0.00 1.68 15.99 24370.47 Carnival 27.03 -2.27 30.63 11.00 1.91 -1.98 26314.8 Netflix 546.54 -8.77 593.29 393.60 - 88.91 242059.98
Cielo 3.68 -0.13 5.93 3.15 1.93 18.65 1778.54 Richemont 96.20 2.98 97.14 50.48 1.11 211.96 54645.41
Orange 10.35 -0.12 11.61 8.63 5.07 10.07 32981.43 MitsubishiEle 1679.5 24.50 1785.5 0.00 2.28 19.90 33140.87 Caterpillar 233.36 2.61 237.78 100.22 1.78 42.27 127252.11 NextEraE 80.94 3.00 87.69 55.66 1.75 54.09 158759.36
ItauHldFin 24.81 0.83 29.38 19.76 3.59 12.31 21883.17 Roche 309.20 -0.45 357.85 290.55 3.06 17.81 236391.95
PernodRic 170.85 2.30 172.05 125.70 1.61 157.20 53598.17 MitsuiFud 2511 56.50 2675 1645.5 1.87 12.67 22274.71 Celgene 108.24 - 110.70 58.59 - 12.71 77035.98 Nike 134.31 -1.14 147.95 84.11 0.78 73.30 171239.32
Petrobras♦ 22.65 -0.85 32.34 15.52 2.49 -5.89 29987.21 Swiss Re 90.64 -2.70 94.96 58.52 6.87 -18.96 31316.13
Renault 36.13 0.32 41.42 15.80 - -1.19 12799.42 MitUFJFin 590.30 8.30 660.30 392.80 4.67 14.79 73679.61 CharlesSch 64.74 -2.83 68.89 31.63 1.12 30.20 116914.01 NorfolkS 270.86 -1.63 276.16 147.37 1.40 34.17 73736.87
Vale 108.67 5.67 109.88 41.83 4.31 36.17 102155.82 Swisscom 479.30 -5.70 525.00 456.30 4.82 15.44 27018.52
Safran 122.90 3.78 127.45 70.38 - 75.13 62901.07 Mizuho Fin 1556.5 0.50 1732.5 1181 2.82 36.81 36321.66 Charter Comms 644.37 30.13 681.71 485.01 - 41.39 138715.53 Northrop 346.43 6.48 357.12 282.88 1.65 18.01 55762.08
Canada (C$) Syngent 453.40 1.40 471.20 402.50 - 28.99 43035.76
Sanofi 85.01 -0.05 95.82 74.92 3.83 8.42 128210.72 Murata Mfg 8993 -178.00 10835 0.00 1.24 35.18 55850.63 Chevron Corp 102.96 0.04 112.70 65.16 5.07 -34.40 198512.97 NXP 199.38 -9.81 216.43 80.46 0.761095.61 54978.4
BCE 58.11 0.21 60.14 52.52 5.68 23.34 42057.87 UBS 14.82 -0.12 15.24 8.75 4.56 9.01 62214.38
Sant Gbn 53.22 1.36 53.43 22.64 2.44 21.10 33961.87 NipponTT 2866 84.00 3018 2127 3.62 11.16 102740.07 Chubb 162.77 2.08 179.01 93.10 1.92 20.67 73263.59 Occid Pet 24.38 -0.21 32.52 8.52 3.40 -1.54 22757.77
BkMontrl 114.82 -0.07 115.84 61.05 3.64 14.20 59445.84 Zurich Fin 381.60 -3.90 411.30 271.10 5.07 16.07 62479.57
Schneider 137.50 2.04 138.00 75.04 1.94 33.19 93406.4 Nissan Mt 576.10 1.80 664.50 331.30 - -1.96 22345.77 Cigna 252.57 6.47 255.89 158.84 0.02 10.88 87738.25 Oracle♦ 78.95 3.37 79.34 50.86 1.20 19.15 227655.09
BkNvaS♦ 77.59 -0.73 80.16 49.11 4.57 14.81 75286.47 Nomura 582.00 5.20 721.00 402.50 4.58 6.15 17294.81 Taiwan (NT$) Cisco♦ 52.80 0.71 53.18 35.28 2.74 21.95 222910.28 Pepsico 144.16 1.59 148.77 126.53 2.82 27.85 198947.66
SFR Group 34.50 0.00 34.56 21.87 - -23.02 17905.81
Brookfield 57.65 0.58 58.26 38.77 1.08-1176.92 72714.58 Nppn Stl 1959.5 62.50 2019 0.00 - -8.55 17113.04 Chunghwa Telecom 114.00 3.00 117.00 106.50 3.88 25.58 31205.49 Citigroup 72.45 0.03 76.13 38.76 2.85 15.15 151180.44 Perrigo 41.62 1.09 58.83 38.20 2.19 -34.59 5559.06
SocGen 22.39 0.50 23.17 10.77 - -26.09 22889.2
CanadPcR♦ 461.72 -9.36 489.37 302.33 0.76 25.91 49245.31 NTTDCMo 3880 0.00 3928 2678 3.25 19.99 120882.79 Formosa PetChem 102.00 3.80 104.00 77.80 2.90 128.23 34286.03 CME Grp 207.58 2.95 216.75 146.89 1.66 34.98 74532.23 Pfizer 38.57 1.97 43.08 29.95 3.98 30.77 215129.17
Total 37.95 0.11 42.19 24.51 7.12 -18.90 119558.22
CanImp♦ 124.80 0.89 127.13 77.68 4.61 13.87 44749.12 Panasonic 1406 42.00 1520 733.50 1.89 17.33 31702.52 HonHaiPrc 123.50 1.00 134.50 72.50 3.56 15.93 60413.25 Coca-Cola 53.68 0.50 54.93 43.20 3.09 29.66 231323.85 Phillips66 78.69 -0.34 90.59 43.27 4.63 -8.59 34455.64
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
CanNatRs 38.54 -0.03 41.05 16.75 4.28 -78.64 36559.32 Seven & I 4547 123.00 4680 2937.5 2.34 20.74 37041.33 MediaTek 975.00 -45.00 1030 342.00 1.13 45.42 54711.44 Cognizant 80.62 0.07 82.73 47.39 1.10 31.03 42778.12 PhilMorris 92.91 1.84 93.09 66.85 5.16 17.81 144801.44
Vinci 90.65 0.40 92.38 64.86 1.42 39.90 64235.6
CanNatRy 148.67 1.45 149.18 106.55 1.53 29.98 84444.63 ShnEtsuCh 18995 -380.00 20060 11090 1.23 26.43 72733.63 TaiwanSem 610.00 -3.00 679.00 288.50 1.71 30.25 558144.45 ColgtPlm 80.70 0.92 86.41 65.54 2.19 25.42 68395.14 PNCFin 178.86 -1.35 184.33 89.13 2.60 27.82 75840.31
Vivendi 28.51 0.26 32.35 18.81 2.17 21.91 40526.83
Enbridge 46.63 0.41 46.96 35.80 6.89 31.77 75573.01 Softbank 10080 80.00 10695 4300 0.47 23.42 193588.47 Thailand (THB) Comcast♦ 55.11 1.54 58.59 34.17 1.69 23.91 251919.48 PPG Inds 167.41 16.94 172.67 81.43 1.27 37.29 39667.19
GtWesLif 34.94 0.53 35.16 19.13 4.97 11.11 25952.52 Germany (€)
Sony 12080 180.00 12545 0.00 0.44 13.13 139995.32 PTT Explor♦ 39.75 0.25 45.00 30.50 3.39 28.58 36364.12 ConocPhil 51.09 -0.14 61.14 27.53 3.34 -20.13 69081.39 Praxair 164.50 -0.44 169.75 140.00 2.22 36.91 47306.22
ImpOil 31.95 1.02 32.67 14.86 2.73 -12.73 18766 Allianz 218.75 0.00 221.10 139.78 4.53 12.98 108041.98
SumitomoF 3885 0.00 4354 2632 5.35 196.23 49057.08 United Arab Emirates (Dhs) Corning 45.80 1.05 46.32 18.82 1.94 83.89 35227.71 ProctGmbl 137.25 0.88 146.92 111.25 2.30 25.66 337974.84
Manulife 26.97 -0.05 27.68 15.36 4.12 9.28 41906.71 BASF 72.45 0.96 72.88 41.14 4.70 -44.41 79716.06
Takeda Ph 3704 -4.00 4365 3239 5.18 30.29 53709.1 Emirtestele 21.90 0.30 22.10 14.32 3.69 20.87 51851.7 Costco 370.72 7.51 393.15 293.84 0.75 38.35 164056.12 Prudntl 98.88 4.53 99.53 48.52 4.50 -97.80 39098.74
Nutrien 70.05 1.30 74.34 41.50 3.25 68.44 31959.75 Bayer 54.00 0.66 73.63 39.91 5.35 -3.30 63552.28
TokioMarine 5457 227.00 5746 4368 3.81 24.50 34979.16 United Kingdom (p) CrownCstl 179.62 4.38 180.34 146.15 2.77 75.60 77629.47 PublStor 266.80 8.92 268.74 172.11 3.03 41.95 46633.9
RylBkC 118.49 1.38 118.79 80.72 3.59 14.89 135050.41 BMW 88.38 0.38 90.68 45.30 2.96 15.94 63736.08
Toyota 8530 112.00 8712 0.00 2.75 12.37 255786.14 CSX 98.64 0.35 99.75 58.80 1.07 27.10 74916.67 Qualcomm 138.21 -2.36 167.94 71.75 1.88 23.41 157006.56
Suncor En 26.14 0.01 29.55 14.28 4.15 -9.31 31836.29 Continental 117.58 6.64 130.85 67.44 2.67 -15.31 28171.81 AscBrFd 2428 -56.00 2796.19 1613.5 1.41 42.15 26564.56
Mexico (Mex$) CVS 75.88 1.81 77.23 55.36 2.66 13.72 99505.61 Raytheon 116.96 - 233.48 103.00 2.98 10.60 32566.46
ThmReut 115.81 1.76 116.09 89.89 1.66 39.85 45851.57 Daimler 77.39 2.48 77.96 26.30 1.20 22.11 99183.86 AstraZen 7380 93.00 10120 6736 2.78 41.34 129166.96
AmerMvl 14.50 0.39 15.93 12.33 2.39 14.08 33054.03 Danaher♦ 243.06 10.70 248.86 151.37 0.30 49.16 173318.18 Regen Pharm 502.60 27.43 664.64 441.00 - 16.29 52915.2
TntoDom♦ 82.88 0.00 83.82 53.19 3.75 12.77 120599.47 Deut Bank 10.44 0.10 11.25 5.45 - 168.52 25853.22 Aviva♦ 411.40 6.80 420.70 220.80 3.16 8.61 22817.44
FEMSA UBD 159.72 -3.19 164.28 112.72 1.81 322.06 17333.7 Deere♦ 383.07 6.07 392.42 117.85 0.80 34.82 120069.05 S&P Global 378.07 8.97 379.87 265.92 0.72 38.71 91071.93
TrnCan♦ 59.58 0.90 67.89 50.61 5.39 12.67 46632.25 Deut Tlkm 16.12 -0.33 17.36 12.14 3.84 17.74 91971.05 Barclays 189.18 3.48 210.45 85.16 - 14.03 44612.53
WalMrtMex 63.70 -0.24 70.40 49.81 0.83 36.10 55854.66 Delphi 17.02 - 18.51 5.39 - -7.42 1469.67 Salesforce 231.91 0.63 284.50 148.00 - 52.61 213589.11
ValeantPh 30.80 0.74 36.02 14.01 - -15.33 8158.48 DeutsPost 48.59 0.54 49.34 25.20 2.48 23.10 72116.18 BP 302.95 7.95 376.54 188.52 9.28 -3.66 83444.87
Delta 46.64 -2.63 52.28 17.51 0.87 -2.37 29763.16 Schlmbrg 26.29 -0.47 30.41 13.70 3.36 -3.44 36760.38
E.ON 9.84 -0.06 10.81 8.27 4.89 20.44 31138.56 Netherlands (€) BrAmTob 2901 115.00 3308.5 2422.5 7.25 10.40 74749.1
China (HK$) Devon Energy 21.88 -0.16 26.13 7.73 1.94 -3.19 14727.43 Sempra Energy 138.14 3.86 138.82 112.16 3.06 20.77 41815.79
Fresenius Med 63.38 -0.06 79.96 55.18 1.96 15.50 22236.95 Altice 5.34 0.01 6.86 2.26 - -4.03 9137.97 BSkyB 1727.5 0.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 3.11 0.01 3.30 2.38 7.14 4.81 12303.52 DiscFinServ 102.27 2.09 104.49 31.09 1.74 28.10 31329.9 Shrwin-Will 266.92 11.63 269.32 158.70 2.03 11.96 23916.53
Fresenius SE 38.46 -0.18 46.51 31.03 2.29 11.31 20833.96 ASML Hld 536.40 0.90 543.20 251.85 0.49 61.26 269560.65 BT 154.35 0.85 157.73 94.68 2.99 10.15 21164.51
Bk China 3.08 0.09 3.19 2.33 7.58 4.59 33147.87 Disney 187.26 -0.63 203.02 98.86 - -68.10 339926.32 SimonProp 117.12 1.21 121.92 47.25 5.18 32.27 38436.58
HenkelKgaA 85.40 -0.35 86.50 66.90 2.21 25.60 26578.38 Heineken 92.34 0.58 94.48 71.26 1.91 54.69 63716.61 Compass 1588.5 30.00 1721.63 1023.55 1.69 198.56 36103.75
BkofComm 5.01 0.09 5.09 3.66 7.68 4.67 22575.3 DominRes 78.89 2.59 87.34 67.85 4.42 42.87 63585.58 SouthCpr 76.20 5.22 83.15 28.05 1.99 37.13 58908.18
Linde 241.50 3.30 242.10 160.05 1.35 60.88 151259.04 ING 10.56 0.11 10.71 4.51 - 17.62 49349.06 Diageo 3230 47.00 3247.5 2253 2.16 66.60 112375.09
BOE Tech 0.82 0.05 1.10 0.50 - -5.30 21.00 DowDupont 30.52 -0.56 48.38 30.06 3.63 -8.38 68559.76 Starbucks 118.34 5.16 118.50 70.65 1.44 205.35 139321.68
MuenchRkv 258.90 -5.10 269.30 173.45 3.96 28.37 43451.55 Unilever 48.01 0.31 53.66 43.00 0.77 25.30 174431.45 GlaxoSmh 1346.4 26.80 1748.55 1190.8 5.94 11.80 91507.62
Ch Coms Cons 3.76 0.01 5.33 3.21 7.56 3.25 2138.19 DukeEner 100.67 3.13 101.13 77.58 3.84 58.23 77437.03 StateSt 80.43 -6.04 87.89 51.21 2.61 12.59 28030.94
SAP 116.22 3.92 143.32 89.93 1.40 25.87 171039.3 Norway (Kr) Glencore 302.00 13.30 310.55 130.32 - -29.49 60203.53
Ch Evrbrght 3.43 0.07 3.97 2.40 7.59 4.85 5596.9 Eaton 141.15 0.70 143.29 70.54 2.09 40.00 56229 Stryker♦ 257.13 3.81 260.00 171.28 0.93 60.55 96764.33
Siemens 145.96 5.56 145.96 69.27 2.76 27.34 148624.75 DNB 186.40 5.45 188.20 105.05 - 15.85 34501.5 HSBC♦ 427.45 -9.95 466.54 281.50 - 30.75 118443.15
Ch Rail Cons 5.11 -0.01 8.95 4.07 4.97 3.20 1365.5 eBay 64.93 2.46 64.99 36.29 1.00 18.14 44181.34 Sychrony Fin 41.39 -1.41 43.61 14.02 2.15 18.03 24069.67
Volkswgn 295.60 -2.40 357.40 123.90 1.70 34.96 104495.36 Equinor 165.54 3.64 176.80 116.30 4.77 -18.30 64163.41 Imperial Brands 1582 40.00 1758 1142 11.74 10.01 20851.75
Ch Rail Gp 3.96 -0.14 4.85 3.33 5.16 3.16 2144.34 Ecolab 223.15 3.71 231.36 168.56 0.86 65.50 63838.33 T-MobileUS 133.05 4.02 135.54 85.81 - 55.53 165355.08
Hong Kong (HK$) Telenor 153.90 0.75 163.65 138.25 5.22 20.64 25713.24 LlydsBkg♦ 43.46 0.21 59.94 23.59 - 36.22 43286.8
ChConstBk 6.54 0.00 6.74 4.93 5.97 5.53 202359.26 Emerson 92.20 0.26 93.38 46.34 2.20 26.43 55322.74 Target 208.55 3.19 209.49 100.50 1.29 23.98 103986.4
AIA 98.95 -0.15 109.30 61.25 1.31 26.24 154029.05 Natl Grid 902.30 1.80 998.80 805.40 5.38 21.28 41855.63
China Vanke 28.25 -0.05 35.00 22.95 4.37 6.47 6884.52 Qatar (QR) EOG Res♦ 70.51 -1.26 77.15 31.22 2.03 -67.06 41152.93 TE Connect 133.40 1.86 136.01 62.88 1.44 471.23 44140.56
BOC Hold 27.30 0.60 29.00 20.05 6.31 8.54 37147.89 Natwest Group♦ 199.55 2.90 201.00 90.54 - -32.19 32999.57
ChinaCitic 4.20 0.21 4.20 2.93 6.99 4.25 8044.4 QatarNtBk 17.89 0.17 19.00 16.35 3.38 14.90 45373.68 EquityResTP 72.62 0.93 76.13 45.43 3.36 29.32 27062.8 Tesla Mtrs 739.78 62.76 900.40 134.76 - 1143.31 710080.43
Ch OSLnd&Inv 20.15 0.25 28.50 14.92 5.67 4.41 28383.41 Prudential 1552.5 -5.00 1586 861.00 1.48 26.01 55511.52
ChinaLife 15.74 -0.24 21.90 13.74 5.71 7.12 15073.96 Russia (RUB) Exelon 46.16 1.33 46.37 33.97 3.35 22.71 45087.24 TexasInstr 191.93 -3.50 197.58 105.45 1.96 31.80 176621.51
ChngKng 48.20 0.65 50.55 35.65 4.89 7.80 22911.61 ReckittB 6498 64.00 8020 5782 2.69 -16.80 63133.6
ChinaMBank 59.40 -0.60 69.45 34.10 2.47 13.57 35096.7 Gzprm neft 185.71 1.03 272.68 158.17 7.52 -71.33 58976.64 ExpScripts 92.33 - 101.73 66.93 - 11.10 52061.19 TheTrvelers 155.95 4.30 161.19 85.10 2.18 14.66 39215.33
Citic Ltd 7.89 0.38 8.43 5.20 6.61 4.32 29539.71 RELX 1935.5 25.00 2000 1484.9 2.36 30.63 51695.45
ChinaMob 51.20 0.55 63.75 39.00 7.15 8.08 134922.99 Lukoil 4745.5 125.50 6810 3663 10.47 32.79 44107.51 ExxonMb 56.66 0.79 62.55 31.11 6.21 -10.67 239871.4 ThrmoFshr 492.92 14.04 532.57 316.36 0.18 30.55 193725.97
Citic Secs 19.28 0.88 21.45 13.06 3.16 13.99 5653.33 RioTinto 6054 391.00 6561 3519 4.65 13.80 112214.5
ChinaPcIns 29.35 -0.55 42.75 20.10 5.03 9.08 10483.33 MmcNrlskNckl 20150 432.00 23656 13352 5.44 13.99 42774.79 Facebook 306.18 -6.28 315.88 168.34 - 30.01 735078.15 TimeWrnr 98.77 - 103.89 85.88 1.54 15.09 77269.69
CK Hutchison 63.75 0.25 64.05 45.80 5.58 6.35 31637.62 RollsRoyce 104.56 -7.32 159.43 0.90 1.51 -1.01 2687.51
ChMinsheng 4.34 0.02 6.06 3.85 10.41 3.67 4647.38 Novatek 973.20 15.40 1382.2 682.80 3.05 46.54 39639.58 Fedex 287.59 1.01 305.66 103.40 0.89 25.79 76309.73 TJX Cos 69.99 0.54 71.06 42.52 0.70 107.35 84405.86
CNOOC 8.43 0.61 10.60 6.50 10.41 7.46 48440.26 RylDShlA 1412.8 17.00 1718.36 878.10 4.92 -6.95 89758.48
ChMrchSecs 18.48 -1.20 28.18 13.77 - 16.34 21027.28 Rosneft 324.00 10.10 489.90 229.80 9.45-126.68 46063.6 FordMtr 12.23 -0.28 13.62 4.52 1.24 -37.80 47945.84 Truist Financial Corp 57.84 -2.18 61.26 29.24 3.15 18.57 77763.16
HangSeng 151.90 -0.80 156.30 110.00 4.47 17.93 37375.91 Shire# 4690 0.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 4.20 -0.03 5.72 4.01 1.45 23.40 19662.64 Sberbank 188.91 -2.89 270.80 172.15 9.07 5.92 54705 Franklin 30.05 -0.63 31.32 14.91 3.67 19.05 15187.38 UnionPac 222.71 -0.53 225.78 141.22 1.76 27.95 148481.67
HK Exc&Clr 467.00 2.80 587.00 239.00 1.45 50.71 76201.25 StandCh♦ 494.00 -3.50 519.80 334.25 - 65.56 22507.36
ChShenEgy 16.60 0.70 16.80 11.94 9.34 6.82 7215.79 Surgutneftegas 35.13 0.77 54.89 24.06 1.70 1.55 16833.73 GenDyn♦ 184.47 1.47 186.00 121.67 2.37 16.59 52307.05 UPS B 179.71 3.77 181.19 88.85 2.27 115.42 129485.24
MTR 44.15 0.10 49.00 36.20 2.82 -55.87 35126.49 Tesco 231.85 -2.55 329.33 217.10 5.00 17.30 26234.76
ChShpbldng 4.20 0.03 5.44 3.94 - -107.85 11772.82 GenElectric♦ 13.39 -0.21 14.42 5.48 0.30 22.45 117626.48 USBancorp 57.86 0.57 58.46 28.36 2.94 18.70 86938.93
SandsCh 36.30 -2.00 40.55 26.50 3.05 135.17 37809.39 Saudi Arabia (SR) Vodafone 135.18 0.54 157.52 100.00 6.04 17.43 49831.73
ChStConEng 5.22 0.08 5.70 4.68 3.63 5.05 32526.23 GenMills♦ 61.30 1.17 66.14 53.96 3.34 15.18 37391.24 UtdHlthcre 391.01 14.71 393.92 273.25 1.25 24.13 369629.34
SHK Props 119.30 1.20 126.00 87.60 4.65 13.10 44492.57 AlRajhiBnk 94.20 -1.00 99.90 51.10 1.61 22.03 62793.3 WPP 978.00 34.40 985.00 525.40 2.32 -5.26 17112.68
ChUncHK 4.46 0.06 6.70 3.95 4.08 9.08 17563.63 GenMotors 58.71 -1.45 63.44 20.12 0.65 13.41 84595.99 UtdTech 86.01 -18.63 158.44 69.02 2.27 -41.47 74498.84
Tencent 632.00 12.00 775.50 396.00 0.22 47.99 780431.93 Natnlcombnk 54.80 -1.10 59.50 33.00 2.21 14.80 43835.31 United States of America ($)
CNNC Intl 5.33 -0.01 5.77 4.02 2.34 15.49 12718.86 GileadSci 66.87 1.76 85.79 56.56 4.11 661.38 84193.08 ValeroEngy 72.50 1.41 84.39 35.44 5.47 -20.49 29635.06
SaudiBasic 116.60 -0.80 117.80 67.00 3.205779.63 93270.06 21stC Fox A 37.95 0.49 44.80 23.57 1.23 14.72 12686.96
CSR 3.39 0.04 4.22 2.53 5.40 8.17 1907.1 India (Rs) GoldmSchs 342.31 11.50 356.85 165.36 1.48 13.69 118368.87 Verizon♦ 58.28 0.79 61.95 52.85 4.31 13.41 241279.2
SaudiTelec 120.80 -4.20 127.60 86.30 3.53 21.13 64419.8 3M 198.58 0.58 199.67 131.12 2.99 21.23 115060.67
Daqin 6.91 0.00 7.30 6.32 7.11 9.51 15748.99 Bhartiartl 540.75 -4.50 623.00 394.00 0.38 -9.67 39945.05 Halliburton 20.69 -0.38 24.74 6.53 1.54 -6.13 18385.29 VertexPharm 219.39 6.04 306.08 202.57 - 21.09 56782.79
Gree Elec Apl 0.13 0.00 0.21 0.08 - -0.04 6.58 HDFC Bk 1428.65 6.90 1641 826.10 - 26.06 105932.63 Singapore (S$) AbbottLb♦ 124.35 3.45 128.54 86.16 1.17 49.40 220289.68 HCA Hold 196.93 6.05 197.21 91.21 0.22 17.82 66352.98 VF Cp 84.74 -0.20 89.68 50.72 2.30-182.21 33200.43
GuosenSec 11.09 -0.55 16.14 10.39 1.85 14.64 15007.51 Hind Unilevr 2458.9 -17.10 2505.9 1902 1.57 75.26 77707.42 DBS♦ 29.00 0.30 29.40 18.45 3.59 15.70 55578.84 Abbvie♦ 107.91 0.37 113.41 79.11 4.42 39.24 190442.35 Hew-Pack 33.98 1.00 34.27 13.39 2.14 14.25 42359.41 ViacomCBS 39.35 -2.53 101.97 14.39 2.47 10.43 23817.26
HaitongSecs 6.95 -0.08 9.42 5.79 - 6.19 3049.76 HsngDevFin 2574.05 60.15 2896 1486 0.84 25.23 62456.04 JardnMt US$♦ 65.00 0.00 68.88 37.37 2.96-111.76 46793.34 Accenture♦ 286.96 -0.75 288.10 165.71 1.16 34.40 190861.32 HiltonWwde 128.05 3.70 129.05 62.47 0.12 -49.09 35547.68 Visa Inc 226.41 3.89 228.23 159.15 0.54 46.17 384017.08
Hngzh HikVDT 57.03 -0.48 70.48 27.31 1.26 40.02 71362.34 ICICI Bk 566.95 0.75 679.40 285.55 - 25.28 52742.54 JardnStr US$ 32.90 -0.11 37.47 18.89 1.20 -37.44 36466.64 Adobe 525.08 21.04 536.88 325.21 - 46.84 250988.24 HomeDep 328.08 8.85 328.67 196.82 1.91 26.53 352759.36 Walgreen 53.30 -0.88 57.05 33.36 3.59 -65.18 46072.22
Hunng Pwr 2.73 0.03 4.12 2.44 6.20 20.21 1651.48 Infosys 1353.75 -87.30 1477.55 626.00 1.59 30.53 77579.86 OCBC 11.95 0.14 11.96 8.36 3.75 14.64 40084.13 AEP 88.55 2.66 94.21 74.80 3.24 19.82 43979.41 Honywell 232.11 5.13 232.35 117.11 1.58 34.16 161432.77 WalMartSto 140.61 0.83 153.66 117.01 1.63 18.98 396108.45
IM Baotou Stl 1.57 -0.06 2.24 1.04 - -147.59 7624.39 ITC 207.95 -5.15 239.20 157.10 5.02 18.73 34427.84 SingTel 2.55 0.11 2.85 2.00 5.02 23.96 31571.89 Aetna - - - - - - - HumanaInc♦ 435.28 17.54 474.70 353.28 0.58 17.01 56156.52 WellsFargo 43.84 3.34 44.13 20.76 2.81 105.76 181240.89
In&CmBkCh 5.44 -0.05 5.75 3.96 5.90 5.65 60767.11 L&T 1359.15 -44.95 1593 791.70 1.36 62.06 25674.91 UOB 26.14 0.19 26.26 18.85 3.67 14.70 32784.06 Aflac 53.45 1.81 53.59 30.32 2.12 7.93 36752.23 IBM 133.59 -2.14 137.07 105.92 4.93 21.56 119375.23 Williams Cos 23.62 0.02 24.69 16.37 6.85 137.42 28669.73
IndstrlBk 20.89 -2.39 28.07 15.50 3.73 7.04 62819.02 OilNatGas 107.30 3.50 122.35 60.80 4.79 144.84 18156.11 South Africa (R) AirProd♦ 287.48 3.12 327.89 205.41 1.89 33.34 63612.68 IllinoisTool 224.03 1.40 228.77 148.41 1.99 33.42 70901.07 Yum!Brnds 118.06 3.10 118.97 76.70 1.61 39.72 35252.72
Kweichow 2054.98 -15.02 2627.88 1193 0.85 56.56 395753.7 RelianceIn 1932.1 -49.95 2369.35 1153.03 0.35 29.13 175728.72 Firstrand 52.46 2.17 59.82 33.83 2.74 21.06 20546.26 Alexion 163.68 8.67 164.60 94.82 - 59.52 36158.98 Illumina 399.00 -4.37 555.77 260.42 - 88.69 58214.1 Venezuela (VEF)
Midea 0.60 0.02 0.85 0.52 - -3.77 23.25 SBI NewA 339.90 -13.10 427.70 149.45 - 12.71 40801.27 MTN Grp 92.78 4.81 97.13 42.00 3.77 10.06 12206.15 Allergan 193.02 - 202.22 114.27 1.54 -25.19 63659.11 Intcntl Exch 120.73 3.56 121.08 86.00 1.00 31.68 67936.23 Bco de Vnzla 150010 25010 150010 5005 357.59 - 229.99
New Ch Life Ins 29.55 -0.25 37.30 23.65 5.76 5.97 3932.82 SunPhrmInds 646.05 9.30 654.40 434.25 0.64 62.49 20849.26 Naspers N 3550 64.00 3888 2758.02 - 34.10 107946.54 Allstate 122.20 5.10 122.71 84.97 1.79 6.98 36701.75 Intel 64.75 -3.51 68.49 43.61 2.06 12.96 263684.38 Bco Provncl 3749000 109000 3796980 375000 - -15.37 169.94
PetroChina 2.83 0.06 3.19 2.16 5.55 22.98 7684.64 Tata Cons 3195.15 -127.10 3354.35 1719.15 1.29 37.31 158970.02 Alphabet 2282.75 12.08 2296 1205 - 38.52 686507.57 Intuit♦ 415.82 -1.79 423.74 246.42 0.54 62.60 113868.1
South Korea (KRW) Mrcntl Srvcs 3799000-50000.00 4000000 400000 0.02 -2.83 97.23
PingAnIns 90.10 -3.15 103.60 74.60 2.80 9.33 86361.8 Altria♦ 52.31 0.82 52.59 35.02 6.57 21.56 96888.31 John&John 162.24 0.99 173.65 133.65 2.48 29.12 427130.31
Indonesia (Rp) HyundMobis♦ 306000-11500.00 405000 166000 1.36 17.97 25983.51
PngAnBnk 20.26 -1.30 25.31 12.52 - 14.35 60273.89 Amazon 3399.44 27.24 3552.25 2256.38 - 80.381711838.13 JohnsonCn 62.49 0.73 62.85 26.23 1.68 57.23 44966.23
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 23950 100.00 30050 18700 - 163.00 13772.6 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 3.94 -0.08 4.88 3.40 1.03 8.35 6731.55 AmerAir 22.03 -1.51 26.09 8.25 0.46 -1.19 14129.48 JPMrgnCh♦ 153.30 -2.98 161.69 82.40 2.37 17.08 464822.18
Israel (ILS) SK Hynix 137500-6500.00 150500 71300 0.88 19.04 89667.51 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 20.48 0.15 28.80 16.90 4.40 10.89 36682.68 AmerExpr♦ 149.99 2.21 151.46 76.00 1.16 39.35 120505.09 Kimb-Clark 139.22 2.53 160.16 128.02 3.11 20.04 47057.29
TevaPha 35.69 -2.06 46.23 28.79 - -2.97 11888.3 SmsungEl 83900 -800.00 96800 47200 3.71 21.02 448662.83 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.07 0.00 0.10 0.03 - -0.23 76.64 AmerIntGrp 47.10 0.50 49.00 22.14 2.75 -6.77 40616.43 KinderM 16.54 0.01 17.97 11.45 6.34 327.18 37455.7
Italy (€) Spain (€) AmerTower♦ 248.62 8.23 272.20 197.50 1.84 64.88 110577.88 ♦ ex-dividend
ShgPdgBk 10.54 -0.12 12.69 9.22 5.83 6.32 47428.66 Kraft Heinz 41.00 0.86 41.47 28.12 3.95 139.84 50150.21 ■ ex-capital redistribution
Enel 8.66 0.07 9.05 5.71 3.96 19.70 105459.38 BBVA 4.36 -0.07 4.90 2.13 3.79 10.56 34846.71 Amgen 255.71 6.76 276.69 210.28 2.53 20.55 147238.45
Sinopec Corp 4.27 0.13 4.69 2.95 5.47 11.05 14020.91 Kroger 37.11 -0.67 42.99 30.35 1.90 9.26 27906.49 # price at time of suspension
ENI 10.35 0.15 10.66 5.73 5.56 -3.64 44704.94 BcoSantdr 2.87 -0.03 3.07 1.44 - -5.17 59702.27 Anadarko 72.77 - 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 2.07 0.03 2.37 1.67 - 91.85 4306.11 L Brands 66.84 0.06 67.91 8.80 0.96 -82.28 18641.53
Generali 17.12 0.16 17.36 11.18 3.02 13.70 32323.08 CaixaBnk 2.56 -0.03 2.70 1.50 2.86 14.41 24700.64 Anthem 375.62 14.61 379.13 244.10 1.02 20.66 91993.67
Denmark (kr) Iberdrola 11.59 0.08 12.57 8.40 3.57 29.74 89072.71 LasVegasSd 61.00 -0.94 66.77 40.31 1.31 -27.30 46595.74
IntSPaolo 2.30 0.04 2.35 1.32 - 6.37 53431.64 Aon Cp 239.12 2.12 240.02 167.45 0.75 27.99 54037.38 LibertyGbl 26.47 0.66 27.04 17.60 - -9.70 4800.47
DanskeBk 123.50 1.30 125.60 69.68 - 22.27 17153.83 Inditex 28.42 0.70 30.79 20.86 1.28 53.72 106108.63
Unicred 8.52 -0.04 9.69 6.01 - -7.20 22831.99 Apple 134.16 1.17 145.09 66.36 0.61 35.772252290.96 Lilly (E) 189.25 4.76 218.00 129.21 1.58 27.57 181489.27
MollerMrsk 15300 90.00 15475 6084 0.91 16.81 23249.53 Repsol 10.35 0.22 11.14 5.04 7.78 -4.71 19443.68 ArcherDan 59.45 0.91 59.58 33.01 2.45 18.67 33202.86 Lockheed 391.81 5.58 417.62 319.81 2.53 15.82 109747.33
NovoB 449.25 11.15 467.90 400.20 1.97 24.18 131182.29 Telefonica 3.75 -0.05 5.01 2.71 10.65 15.14 24839.7

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
PPG Inds 167.41 153.97 13.44 8.73 16.94 11.3 15.61 IndstrlBk 20.89 20.85 0.04 0.19 -2.39 -10.3 -13.28 Apr 16 date Coupon S* M* F* price yield yield yield US Apr 16 date Coupon S* M* F* price yield yield yield US
ChristianDior 591.00 577.00 14.00 2.43 54.00 10.1 16.00 Carnival 27.03 27.32 -0.29 -1.06 -2.27 -7.7 -4.25 High Yield US$ US$
Tesla Mtrs 739.78 738.85 0.93 0.13 62.76 9.3 9.26 StateSt 80.43 86.51 -6.08 -7.03 -6.04 -7.0 -3.83 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
WellsFargo 43.84 42.24 1.60 3.79 3.34 8.2 11.33 RollsRoyce 104.56 107.00 -2.44 -2.28 -7.32 -6.5 -99.14 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
CNOOC 8.43 8.18 0.25 3.06 0.61 7.8 -7.24 AmerAir 22.03 22.13 -0.10 -0.45 -1.51 -6.4 -10.09 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
SouthCpr 76.20 74.87 1.33 1.78 5.22 7.4 3.39 ChMrchSecs 18.48 18.23 0.25 1.37 -1.20 -6.1 -4.50 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
LVMH 630.00 616.70 13.30 2.16 41.70 7.1 12.44 Infosys 1353.75 1360.75 -7.00 -0.51 -87.30 -6.1 -1.45 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
RioTinto 6054.00 5984.00 70.00 1.17 391.00 6.9 -98.93 ViacomCBS 39.35 39.25 0.10 0.25 -2.53 -6.0 -59.14 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
BOE Tech 0.82 0.80 0.02 2.50 0.05 6.5 9.33 PngAnBnk 20.26 20.36 -0.10 -0.49 -1.30 -6.0 -6.20 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
Continental 117.58 114.24 3.34 2.92 6.64 6.0 5.99 Delta 46.64 46.82 -0.18 -0.38 -2.63 -5.3 -5.58 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Regen Pharm 502.60 494.64 7.96 1.61 27.43 5.8 4.24 BkNYMeln 46.07 48.01 -1.94 -4.04 -2.55 -5.2 -0.26 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Alexion 163.68 157.54 6.14 3.90 8.67 5.6 6.72 SandsCh 36.30 36.25 0.05 0.14 -2.00 -5.2 -5.58 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
MTN Grp 92.78 92.55 0.23 0.25 4.81 5.5 1.78 Intel 64.75 65.02 -0.27 -0.42 -3.51 -5.1 0.08 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
Pfizer 38.57 37.60 0.97 2.58 1.97 5.4 7.70 Telia Co 36.50 36.29 0.22 0.59 -1.87 -4.9 -0.87
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
ChinaCitic 4.20 4.14 0.06 1.45 0.21 5.3 8.25 GuosenSec 11.09 11.06 0.03 0.27 -0.55 -4.7 -6.18
Russia 06/28 12.75 - Baa3 BBB 168.12 2.48 0.07 0.05 - Mexico 06/26 1.09 - Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27
BectonDick 260.94 257.85 3.09 1.20 13.01 5.2 8.93 NXP 199.38 201.77 -2.39 -1.18 -9.81 -4.7 -1.68
Citic Ltd 7.89 7.88 0.01 0.13 0.38 5.1 17.19 SK Hynix 137500.00 137500.00 0.00 0.00 -6500.00 -4.5 0.73 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Vale 108.17 108.21 -0.04 -0.04 5.17 5.0 12.13 MediaTek 975.00 990.00 -15.00 -1.52 -45.00 -4.4 7.50 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Lowes 208.25 204.57 3.68 1.80 9.74 4.9 18.91 CharlesSch 64.74 65.50 -0.76 -1.16 -2.83 -4.2 -1.12 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
Charter Comms 644.37 636.00 8.37 1.32 30.13 4.9 0.74 Cielo 3.66 3.68 -0.02 -0.54 -0.15 -3.9 5.78 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Apr 16 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Apr 16 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 1.50-1.75 27-09-2018 1.00 1.75-2.00 1.25-1.50 Index change change change 1 month 1 year VIX 16.25 -0.32 16.57 47.77 15.38 Apr 16 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 27-09-2018 3.25 5.00 4.25 Markit IBoxx VXD 14.41 -1.02 15.43 52.95 7.84 - - - - - - - - -
US Discount 2.25 27-09-2018 0.75 2.50 1.75 ABF Pan-Asia unhedged 219.44 0.22 1.31 -3.49 0.87 7.36 VXN 20.51 -1.17 21.68 47.88 20.21 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 395.06 -0.17 1.04 -3.37 0.69 5.86 VDAX 17.01 0.22 16.80 93.30 - - - - - - - - - -
UK Repo 0.10 02-08-2018 0.10 0.50 0.25 Corporates($) 332.00 0.47 1.28 -2.79 1.28 -2.79 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 242.75 -0.06 0.18 -0.58 0.04 6.47 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 8pc '21 101.07 0.05 0.00 150.00 -171.43 -44.44 102.75 100.21 24.59
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 256.32 -0.17 -0.41 -2.73 -0.77 2.37 Tr 4pc '22 103.53 0.01 -50.00 0.00 -125.00 -83.33 107.39 103.53 38.77
Gilts( £) 354.95 -0.51 1.02 -6.40 0.38 -6.53 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 118.58 0.19 5.56 -13.64 -26.92 26.67 124.02 118.50 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 308.06 0.55 1.57 -2.05 0.60 9.48 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 104.78 0.47 4.44 -4.08 -16.07 261.54 109.23 104.30 39.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 382.21 -0.18 0.92 -3.22 0.57 4.14 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 135.50 0.89 3.49 -2.20 -11.88 111.90 147.41 134.33 38.71
Apr 16 (Libor: Apr 15) night Day Week Month month month month year Overall ($) 275.88 0.46 1.14 -3.08 1.14 -3.08 Australia 11/22 2.25 103.45 0.07 0.01 0.00 -0.01 -0.19 Tr 4.25pc '36 143.56 1.07 2.88 -1.83 -10.08 94.55 158.29 141.77 30.41
US$ Libor 0.07325 0.000 -0.003 -0.001 0.11500 0.18975 0.21763 0.28775 Overall( £) 358.52 -0.42 0.99 -5.54 0.44 -3.66 05/32 1.25 94.34 1.82 0.02 0.03 -0.08 0.78 Tr 4.5pc '42 161.61 1.24 3.33 -1.59 -8.82 85.07 184.05 158.98 27.21
Euro Libor -0.58257 0.001 0.003 0.000 -0.57843 -0.54471 -0.52486 -0.49871 Overall(€) 248.59 -0.14 -0.22 -2.12 -0.52 2.87 Austria - - - - - - - Tr 3.75pc '52 163.76 1.27 3.25 -0.78 -7.30 108.20 196.84 160.38 24.10
£ Libor 0.04050 0.000 0.000 0.002 0.04925 0.08325 0.10800 0.15975 Treasuries ($) 253.27 0.48 1.10 -3.46 1.10 -3.46 02/47 1.50 124.71 0.48 -0.03 0.04 0.08 0.10 Tr 4pc '60 186.23 1.21 4.31 0.00 -7.63 128.30 230.92 180.90 24.12
Swiss Fr Libor 0.000 -0.79720 -0.74760 -0.70440 -0.59060 FTSE Belgium 10/23 0.20 102.16 -0.65 -0.01 0.02 0.02 -0.31 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.005 -0.07100 -0.07267 -0.04950 0.05167 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 102.88 0.16 -0.01 0.01 -0.02 -0.37
Euro Euribor
Sterling CDs
-0.011
-
-0.56100
-
-0.53700
-
-0.51200
-
-0.47800 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 98.81 1.39 -0.08 0.01 -0.07 0.74 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 640.24 0.89 - - -7.00 32.68 Denmark 11/22 0.25 101.24 -0.53 -0.01 -0.01 -0.06 -0.09
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 116.41 -1.48 -0.01 0.11 0.09 -0.64 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Apr 16 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 104.37 -0.67 -0.01 0.01 0.00 -0.25
04/31 0.75 108.44 -0.09 -0.02 0.05 0.06 -0.12 1 Up to 5 Years 88.19 -0.04 2475.62 0.08 -0.19 0.16
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 180.37 -0.22 3700.78 0.22 -2.47 0.62
Apr 16 term notice month month month year Markit iTraxx France 05/23 1.75 105.09 -0.65 -0.01 0.03 0.00 -0.22
3 10 - 15 Years 212.08 -0.41 4657.89 0.35 -4.55 1.00
Euro -0.74 -0.44 -0.70 -0.40 -0.69 -0.39 -0.64 -0.34 -0.67 -0.37 -0.67 -0.37 Crossover 5Y 244.07 -0.40 -1.83 - 273.86 241.73 11/26 0.25 103.85 -0.43 -0.02 0.04 0.03 -0.28
4 5 - 15 Years 187.30 -0.29 3935.34 0.26 -3.06 0.79
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 49.39 -0.58 -1.28 - 55.28 49.39 Germany - - - - - - -
5 Over 15 Years 358.42 -0.92 5930.70 0.69 -11.59 1.23
Swiss Franc - - - - - - - - - - - - Japan 5Y 47.05 -0.46 1.99 - 49.50 45.04 08/23 2.00 106.42 -0.73 -0.01 0.02 -0.01 -0.04
7 All stocks 181.47 -0.48 3914.64 0.39 -6.26 1.08
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 57.54 -0.44 -0.27 - 64.29 57.08 02/27 0.25 105.01 -0.59 -0.03 0.04 0.02 0.02
US Dollar 0.18 0.38 0.01 0.21 0.05 0.25 0.12 0.32 0.14 0.34 0.20 0.40 08/50 0.00 92.60 0.26 -0.03 0.04 0.06 0.34 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 4.30 120.80 0.66 -0.05 0.01 -0.07 -1.74
Japanese Yen -0.15 0.05 -0.15 0.05 -0.15 0.05 -0.15 0.05 -0.15 0.15 -0.15 0.15 Index Linked Apr 16 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 164.30 -9.43 -12.67 - 191.34 164.30
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Ireland 10/22 0.00 100.88 -0.58 0.00 0.03 0.00 -0.35 1 Up to 5 Years 302.55 -0.04 -0.14 -0.65 2509.01 -0.14 0.71
Nth Amer High Yld 5Y 286.49 -6.44 -4.71 - 316.77 286.49
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 122.58 -0.08 -0.02 0.05 0.06 -0.30 2 Over 5 years 797.01 -0.54 0.30 -1.19 6032.09 0.30 -0.84
Nth Amer Inv Grade 5Y 50.07 -1.06 -0.96 - 58.09 50.07
05/30 2.40 122.58 -0.08 -0.02 0.05 0.06 -0.30 3 5-15 years 501.70 -0.23 0.06 -1.47 4005.78 0.06 -0.75
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.64 -0.37 0.00 0.03 0.04 -1.47 4 Over 15 years 1044.82 -0.65 0.38 -1.13 7695.25 0.38 -0.92
11/25 2.50 111.32 0.02 -0.03 0.07 0.08 -1.51 5 All stocks 710.68 -0.48 0.23 -1.18 5479.16 0.23 -0.73
05/30 0.40 108.55 -0.52 -0.02 0.09 0.04 -2.09
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 138.22 1.68 -0.04 0.08 0.20 -0.94 Yield Indices Apr 16 Apr 15 Yr ago Apr 16 Apr 15 Yr ago
Japan 04/23 0.05 99.96 0.07 0.00 -0.01 0.01 - 5 Yrs 0.34 0.31 0.01 20 Yrs 1.27 1.23 0.70
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 99.97 0.06 0.00 0.00 -0.02 - 10 Yrs 0.84 0.81 0.32 45 Yrs 1.17 1.12 0.48
Crude Oil† Apr 63.11 -0.25 Corn♦ May 586.75 -3.50 Apr 15 Apr 15 Prev return stock Market stocks
03/34 1.50 116.42 0.21 0.00 -0.01 -0.04 -0.02 15 Yrs 1.14 1.10 0.60
Brent Crude Oil‡ 66.76 -0.08 Wheat♦ May 653.00 0.50 Can 4.25%' 26 130.18 -0.961 -0.961 0.42 5.00 75708.98 7
12/49 0.40 93.72 0.64 0.00 -0.02 -0.03 0.18
RBOB Gasoline† Apr 2.04 -0.01 Soybeans♦ May 1433.25 16.00 Fr 1.10%' 22 104.59 -2.406 -2.406 0.05 19.85 259070.07 16
Netherlands 07/23 1.75 105.55 -0.70 -0.01 0.02 0.00 -0.15 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ May 402.40 1.00 Swe 0.25%' 22 110.58 -1.220 -1.220 0.19 22.50 215434.55 7
07/26 0.50 105.60 -0.55 -0.02 0.04 0.03 -0.15 Real yield Apr 16 Dur yrs Previous Yr ago Apr 16 Dur yrs Previous Yr ago
Natural Gas† Apr 2.69 0.03 Cocoa (ICE Liffe)X May 1598.00 -7.00 UK 1.875%' 22 108.93 -3.505 -3.505 0.03 15.74 780072.99 30
Ethanol♦ - - Cocoa (ICE US)♥ May 2392.00 -18.00 New Zealand 04/25 2.75 108.32 0.63 0.00 -0.04 -0.24 0.05 Up to 5 yrs -2.90 3.01 -2.91 -2.27 -3.16 3.01 -3.18 -2.54
UK 2.50%' 24 355.42 -3.024 -3.024 -0.10 6.82 780072.99 30
Uranium† - - Coffee(Robusta)X May 1355.00 -8.00 05/31 1.50 98.29 1.69 -0.02 -0.07 -0.16 0.51 Over 5 yrs -2.10 23.92 -2.12 -2.11 -2.11 23.95 -2.14 -2.12
UK 2.00%' 35 290.21 -2.424 -2.424 0.54 9.08 780072.99 30
Carbon Emissions‡ - - Coffee (Arabica)♥ May 129.55 -3.35 05/31 1.50 98.29 1.69 -0.02 -0.07 -0.16 0.51 5-15 yrs -2.52 9.56 -2.55 -2.49 -2.60 9.56 -2.63 -2.57
US 0.625%' 23 106.34 -2.451 -2.451 0.21 47.03 1661300.18 44
White SugarX 461.00 5.90 Norway 08/30 1.38 100.32 1.34 -0.05 -0.06 -0.09 0.66 Over 15 yrs -2.05 28.69 -2.07 -2.06 -2.06 28.70 -2.08 -2.06
Diesel† - - US 3.625%' 28 135.86 -1.260 -1.260 1.33 16.78 1661300.18 44
Sugar 11♥ 16.64 0.32 08/30 1.38 100.32 1.34 -0.05 -0.06 -0.09 0.66 All stocks -2.11 21.63 -2.13 -2.11 -2.13 21.69 -2.15 -2.12
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2318.50 -18.50 Cotton♥ May 83.61 -1.28 Portugal 10/22 2.20 104.23 -0.60 0.00 0.02 0.08 -0.77 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 2209.50 -13.00 Orange Juice♥ May 113.90 0.25 04/27 4.13 125.91 -0.18 -0.03 0.03 0.03 -0.90 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 9181.00 -129.00 Palm Oil♣ - - Spain 10/22 0.45 101.50 -0.52 0.00 0.03 0.01 -0.71 Gilt Closing Prices information contained herein is proprietary to
Lead 2035.50 6.00 Live Cattle♣ Apr 120.83 -0.78 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 121.16 -1.08 -0.02 0.05 -0.03 -1.22 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 16120.00 -200.00 Feeder Cattle♣ Apr 134.88 - Sweden 06/22 0.25 110.58 -1.21 -0.08 -0.08 0.16 -0.20 accurate, complete or timely; and does not constitute investment advice.
Tin 26570.00 145.00 Lean Hogs♣ May 102.50 -1.20 Spread Spread Spread Spread 06/26 0.13 118.58 -1.70 -0.03 -0.05 0.01 -0.51 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2852.50 -17.50 Bid vs vs Bid vs vs 06/30 0.13 116.85 -1.51 0.00 -0.05 0.04 -0.21
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 103.12 -0.81 0.00 -0.01 -0.05 -0.16 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1757.20 21.65 Apr 15 Month Year 05/30 0.50 107.50 -0.31 -0.03 0.04 0.03 0.11 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.82 - - Netherlands -0.55 - -
Silver (US cents) 2558.50 25.50 S&P GSCI Spt 488.72 3.73 - United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 1.69 - -
Platinum 1189.00 9.00 DJ UBS Spot 86.53 2.97 - Canada 1.39 - - Norway 1.34 - - 07/23 0.75 101.61 0.04 -0.03 -0.02 -0.06 -0.03 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2738.00 49.00 TR/CC CRB TR 205.33 -0.11 56.44 Denmark -1.48 - - Portugal -0.18 - - 07/26 1.50 106.04 0.34 -0.05 -0.03 -0.05 0.23 use of the listed information. For all queries e-mail [email protected]
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland -0.09 - - Spain -1.08 - - 07/47 1.50 105.48 1.25 -0.09 -0.04 -0.06 0.58
Iron Ore 177.85 0.55 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.51 - - United States 03/23 0.50 100.65 0.16 0.00 0.01 0.00 -0.09 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 90.00 -1.70 LEBA EUA Carbon 44.14 4.52 54.28 Ireland -0.08 - - Switzerland -0.31 - - 03/27 0.63 97.64 1.03 -0.08 -0.07 -0.07 0.53
Baltic Dry Index 2385.00 339.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.52 - - United Kingdom - - - 04/32 3.38 147.71 - - - - -
LEBA UK Power 1885.00 64.06 50.80 Japan 0.21 - - United States - - - 02/50 0.25 106.95 0.01 -0.10 -0.10 -0.15 -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
Monday 19 April 2021 ★ FINANCIAL TIMES 15

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence CloseBrs♦ 1616 -7.00 1702 941.00 2.48 22.26 245.1 Superdry Plc 272.00 12.00 298.68 110.00 0.74 -1.46 206.8 MEDIA LandSecs 721.20 4.60 732.80 474.75 1.61 -3.51 1577.6 Hays 168.00 5.80 168.70 94.65 - -236.62 2422.7
Avon Rubber 3582 110.00 4650 2300.6 0.64 688.85 42.3 DBAG € 34.90 -6.70 39.35 24.67 4.44 61.45 72.2 TaylorWm♦ 190.95 0.90 213.92 98.12 2.01 15.65 13735.7 Reach PLC 219.00 -1.00 246.00 47.95 - -25.47 1101.5 LondonMtrc 221.40 2.40 245.20 177.50 3.79 21.88 1125.5 Homesve 1185 -6.00 1371 1000.00 1.99 41.58 750.8
BAE Sys 522.00 7.00 587.33 395.90 1.80 13.81 8763.7 Hargr Lans 1658.5 -8.50 1923 1323 2.26 24.14 683.1 TedBaker 155.00 27.10 169.30 59.57 4.10 -1.06 1708.7 McKaySec 224.00 0.00 229.00 164.00 3.21 -12.33 106.5 HowdenJny 803.40 43.00 808.80 487.82 - 32.40 1119.6
Chemring♦ 277.50 4.50 319.50 181.80 1.33 23.13 225.9 Indvardn SKr 326.80 12.70 327.00 184.80 - 16.22 353.2 Vistry Group♦ 1230 64.00 1234.5 519.00 1.62 22.74 908.8 Media Palace Cap 230.00 0.00 240.80 167.00 4.24 -6.99 13.2 Intertek 6098 44.00 6492 4393 1.73 37.39 454.9
Meggitt 480.80 0.70 524.75 226.00 1.15 -20.72 1310.1 ICG 2017 49.00 2057 920.50 2.52 37.21 481.5 RELX PLCX 1935.5 25.00 2000 1484.9 2.36 30.63 3063.1 PrimyHth 149.10 -0.60 166.00 114.70 3.96 17.14 5191.2 Kin and Carta 189.00 10.00 190.50 46.00 0.69 -9.78 658.0
Investec 247.50 15.40 250.85 126.10 4.44 27.31 1314.9
Industrial Engineering Rightmove PLC 610.40 -8.00 690.00 452.80 0.46 39.64 1928.6 RDI REIT 121.00 -1.00 125.20 41.55 4.96 -5.28 724.7 MearsGp 202.00 7.00 205.00 74.25 1.81 183.64 22.0
RollsRoyceX 104.56 -7.32 159.43 0.90 1.51 -1.01 53048.1
Jupiter♦■ 271.40 -26.20 310.80 197.20 6.30 13.05 2148.7 Bodycote 829.50 -26.00 874.00 472.60 2.33 4147.50 363.9 STV Grp♦ 345.00 5.00 362.00 207.84 1.81 27.89 2.1 SEGRO♦ 986.00 13.40 998.20 770.20 2.16 7.98 2150.3 MenziesJ 329.00 -12.00 357.50 93.50 1.82 -3.73 380.3
Automobiles & Parts Liontrust 1588 74.00 1588 915.38 2.08 86.49 209.3 Castings 372.00 -3.00 408.92 302.00 4.00 44.98 3.9 ThmReut C$X 115.81 1.76 116.09 89.89 1.66 39.85 224.3 Shaftbry 640.00 12.00 691.53 407.00 1.38 -2.87 877.4 Mitie 64.50 -0.20 67.00 26.60 1.06 16.46 1318.3
FordMtr $X 12.23 -0.28 13.62 4.52 1.24 -37.80 32926.2 LSE Gp 8620 -552.00 9358 5300 0.81 76.69 706.7 Goodwin 3035 30.00 3650 1990 2.69 34.12 0.2 WPPX 978.00 34.40 985.00 525.40 2.32 -5.26 5955.7 Town Ctr 138.50 -0.50 144.00 80.50 3.61 -2.68 27.2 Renewi 52.90 -0.10 55.00 17.66 0.90 -12.15 1214.7
M&G Plc♦ 221.20 3.20 231.70 108.90 5.39 5.25 7778.5 Hill&Sm 1480 -40.00 1538 1041.21 0.72 31.62 128.6 TritaxBBOX 191.00 4.50 191.81 110.50 3.51 18.53 2649.1 Rentokil♦ 520.40 6.20 578.60 418.20 0.29 39.94 4478.1
Banks IMI♦ 1391 1.00 1397 753.50 1.07 24.62 372.5 Mining
Paragon 472.20 -3.40 504.50 287.20 3.01 13.26 314.0 Wkspace 837.50 31.50 851.50 472.40 4.32 -11.02 1308.3 Ricardo 435.00 -19.00 562.00 310.00 1.43 -16.29 164.4
ANZ A$X 28.82 0.08 29.55 15.07 3.61 24.00 5732.6 MelroseInd♦ 178.85 5.25 205.28 78.18 0.95 -22.93 11770.8 AngloAmer 3199.5 116.50 3236 1304.2 1.72 26.19 5973.8
Providnt 243.60 3.80 330.40 140.70 3.69 17.03 532.2 Real Estate Inv & Services RbrtWlts 656.00 44.00 700.00 337.00 0.69 22.86 6.4
BcoSant 248.55 -6.45 264.35 132.06 - -5.16 5572.6 Renold 21.90 1.05 25.88 6.00 - 15.64 735.4 AngloPacif 134.80 -0.20 166.86 97.10 6.77 -19.40 473.6
RathbnBr 1820 -34.00 1874 1344 3.85 31.16 40.0 Cap&Count 180.40 2.20 197.20 97.05 0.83 -3.13 1236.0 RPS 98.10 0.40 100.80 33.20 2.47 -5.13 381.5
BnkGeorgia 1108 2.00 1292 734.00 - 6.81 76.9 RHIM 4482 -78.00 4638 2030 1.00 100.15 37.5 AnGoldA R 320.24 -2.92 637.35 290.35 0.46 13.60 1502.9
Record 79.00 2.00 79.40 30.15 2.91 25.73 366.2 CLS♦ 240.00 10.00 241.50 163.20 3.08 11.06 245.3 SIG 42.84 2.36 44.90 14.38 2.81 -1.03 926.3
BankIre Grp € 4.41 0.26 4.41 1.28 - -5.90 3755.4 Rotork♦ 360.00 -2.40 381.40 225.80 0.64 33.96 1545.0 Antofagasta 1872.5 142.50 1909.05 727.40 0.76 68.25 1595.9
S&U 2420 70.00 2500 1475 4.96 14.67 12.6 Grainger 278.40 -4.40 323.80 238.99 1.90 19.61 1241.5 Vp 878.00 -22.00 910.00 604.00 0.96 -48.16 6.2
BkNvaS C$X♦ 77.59 -0.73 80.16 49.11 4.57 14.81 3955.0 Severfd 78.40 -1.60 80.00 51.20 3.70 12.92 150.2 BHP Group 2239.5 89.50 2408.5 1206 3.92 22.26 5804.6
Schroder♦ 3621 -5.00 3688 2516 3.15 22.30 233.8 Harworth Grp 128.00 0.00 132.18 85.20 0.24 80.00 56.1
BarclaysX 189.18 3.48 210.45 85.16 - 14.03 62082.6
..N/V♦ 2630 10.00 2705 1770 4.33 16.19 32.5 Trifast 160.50 -4.00 165.00 96.60 0.75 -44.21 4.7 EVRAZ 636.40 37.20 650.00 225.50 6.86 15.00 3452.1 Tech - Hardware
CanImp C$X♦ 124.80 0.89 127.13 77.68 4.61 13.87 1222.5 Vitec 1375 225.00 1390 610.00 0.89 -458.33 53.0 Fresnillo 925.80 31.40 1379.5 663.20 1.27 42.37 2136.3 Helical 430.00 3.00 449.50 240.00 2.02 38.39 179.7 SpirentCM♦■ 243.40 -6.60 311.09 223.00 1.75 19.83 1073.0
Shires Income♦ 257.00 3.50 269.60 194.22 5.14 -8.65 20.2 HK Land $♦ 5.00 0.05 5.45 3.46 4.92 -5.11 2159.3
HSBCX♦ 427.45 -9.95 466.54 281.50 - 30.75 26675.4 Weir 1984 130.00 2130 773.40 0.83 -13.35 1051.2 GlencoreX 302.00 13.30 310.55 130.32 - -29.49 70893.1
Strd Life Aber♦ 289.60 -11.90 333.40 201.40 7.46 7.64 4849.2 Lon&Assc 12.00 0.00 16.60 5.60 1.50 -1.69 8.1 Tech - Software & Services
LlydsBkgX♦ 43.46 0.21 59.94 23.59 - 36.22 214002.2 Harmony R♦ 66.30 -3.50 126.76 49.98 - 12.52 2776.8
TP ICAP♦ 242.40 0.70 377.40 184.50 6.20 27.75 696.0 Industrial General MacauPrp 69.50 2.00 75.16 51.00 - -3.78 213.7 Computcnt 2598 28.00 2612 1308 0.39 25.70 139.8
NWGX♦ 199.55 2.90 201.00 90.54 - -32.19 10826.8 KAZ Minerals PLC 849.00 -19.80 870.69 380.00 1.12 9.54 1245.8
WlkrCrip 27.50 0.00 30.00 20.06 2.18 -78.57 1.9 Coats Group 56.60 -1.00 74.70 38.80 - 42.75 1587.3 Mntview 11350 -100.00 12600 9187.5 3.52 17.60 0.9 MicroFoc 534.20 -14.40 596.20 205.80 - -0.78 531.3
PermTSB € 1.13 0.03 1.17 0.40 - -2.88 142.9 Petropvlsk 26.42 1.40 41.60 22.05 - -231.75 12444.6
RylBkC C$X 118.49 1.38 118.79 80.72 3.59 14.89 5376.9 Food & Beverages JardnMt $X♦ 65.00 0.00 68.88 37.37 2.96 -111.76 198.0 PolymtIntl 1557 98.50 2085 1382 3.25 13.02 1981.9 Raven Property Group Ltd 29.50 -0.10 38.16 23.15 - -9.90 342.3 NCC Grp 282.50 -3.00 297.50 144.00 1.65 62.78 248.4
Secure Trust Bank 1220 0.00 1265 524.93 1.64 11.20 3.3 AngloEst 602.00 -14.00 710.00 447.00 0.07 10.52 2.8 Jard Str $X 32.90 -0.11 37.47 18.89 1.20 -37.44 3802.6 Rio TintoX 6054 391.00 6561 3519 4.65 13.80 3886.9 RavenR CNV 85.50 0.00 110.00 63.00 - - 1.6 RM♦ 235.00 5.00 274.00 157.00 0.85 14.16 23.8
StandChX♦ 494.00 -3.50 519.80 334.25 - 65.56 4034.2 AscBrFdX 2428 -56.00 2796.19 1613.5 1.41 42.15 2939.5 Macfrlne 110.00 2.00 112.00 69.00 0.63 18.36 46.9 Troy Res A$ 0.07 0.00 0.20 0.07 - -1.17 467.6 RavenR Prf 116.50 3.50 160.50 100.00 - 130.46 53.6 Sage 644.00 -8.20 774.40 543.20 2.65 22.88 2841.5
..7.375%Pf 130.10 1.60 128.20 109.00 5.67 - 18.7 Barr(AG) 523.00 14.00 541.00 369.00 0.76 28.06 77.0 Smith DS♦ 420.20 5.40 435.90 246.00 - 28.98 3536.7 Safestre 820.00 -1.00 861.50 619.00 2.18 9.76 205.1 TriadGp 147.50 11.50 180.87 22.60 0.68 -73.38 51.2
..8.25%Pf 142.40 1.40 142.10 113.00 5.79 - 13.8 Smiths 1643.5 30.00 1738.57 1125.5 1.93 100.83 1098.9 Oil & Gas Savills♦ 1206 32.00 1282 711.50 0.41 24.07 136.0
Britvic 868.50 3.50 889.00 662.50 2.50 24.53 590.4 Telecommunications
TntoDom C$X♦ 82.88 0.00 83.82 53.19 3.75 12.77 4232.6 SmurfKap♦ 3617 169.00 3784 2076 0.70 22.53 1328.2 BPX 302.95 7.95 376.54 188.52 9.28 -3.66 43216.3 SiriusRE 99.70 5.80 99.72 64.00 3.24 13.69 1028.7
CarrsGroup 140.00 1.00 160.00 92.00 3.39 13.73 41.2 BTX 154.35 0.85 157.73 94.68 2.99 10.15 30385.6
Westpc A$X 25.32 0.16 25.52 14.53 3.13 40.14 5303.2 Vesuvius♦ 540.50 -21.00 574.00 339.80 1.15 29.06 198.9 CairnEng 168.60 4.60 283.64 102.64 - -4.30 809.6 Smart(J) 124.50 0.00 129.00 108.00 2.56 14.72 8.1
Coca-Cola HBC 2510 97.00 2538 1711.6 2.25 24.22 789.8 TalkTalk 96.90 -0.10 103.60 67.20 2.58 7.57 5626.7
ExxonMb $X 56.66 0.79 62.55 31.11 6.21 -10.67 22732.8 StModwen 420.00 3.00 430.50 294.46 0.26 -7.68 206.6
Cranswk 3790 -8.00 4126 34.62 1.59 22.68 245.4 Industrial Transportation TelePlus 1288 0.00 1540 1145 4.43 27.35 46.7
Basic Resource (Ex Mining) Gazprom PJSC ADR $ 6.16 0.46 6.50 2.55 6.78 -78.72 10467.0 U+I 96.60 -1.40 105.50 50.97 2.48 -1.46 71.7
Devro 195.00 -1.00 201.39 116.76 1.38 -7.89 217.1 Braemar 222.50 11.50 258.00 93.55 2.25 8.76 70.0 Vodafone GpX 135.18 0.54 157.52 100.00 6.04 17.43 107480.2
Ferrexpo 387.20 23.00 397.80 125.50 3.45 7.36 1292.7 GeoPark $ 16.45 0.66 18.50 6.32 0.54 -8.13 100.6 Unite Gp♦ 1127.5 44.00 1146 680.12 0.91 -10.72 783.3
DiageoX 3230 47.00 3247.5 2253 2.16 66.60 3483.7 Eurotunnl € 13.19 0.15 14.82 10.56 - 251.46 1041.8
Mondi♦ 1977.5 70.00 2017.43 1249 1.25 15.13 1471.1 Harbour Energy 19.30 -0.20 55.14 10.77 - - 21898.9 Tobacco
Grncore 159.50 1.00 193.70 87.25 2.35 -61.35 889.4 Fisher J 1060 -14.00 1470 735.00 1.07 21.63 430.6 Retailers
HellenPet € 5.93 0.27 6.60 4.07 8.82 -4.50 67.9
Chemicals HiltonFd 1238 4.00 1352 986.00 1.73 27.51 71.3 OceanWil 920.00 60.00 930.00 509.90 2.67 406.00 11.4 AA 34.95 0.00 40.05 13.32 1.72 3.01 556.0 BrAmTobX 2901 115.00 3308.5 2422.5 7.25 10.40 7600.1
Hunting 273.00 3.00 297.00 120.10 1.34 -2.61 155.2
Carclo 35.20 -0.80 39.20 3.05 - -9.03 69.2 Kerry €♦ 109.35 -2.50 124.00 98.55 0.75 34.21 234.6 RoyalMail 512.60 11.60 531.20 136.90 1.46 233.00 2855.7 AO World 313.20 -14.80 444.50 56.60 - 65.25 628.7 Imperial BrX 1582 40.00 1758 1142 11.74 10.01 2206.8
ImpOil C$X 31.95 1.02 32.67 14.86 2.73 -12.73 524.3
Croda 6740 128.00 6884 4565 1.34 41.84 352.4 PremFds 96.90 -1.30 114.31 31.20 - 10.77 3973.8 Signature Aviation 403.50 -3.70 445.14 162.10 1.06 -120.88 5792.5 Caffyns 370.00 0.00 469.00 220.00 2.03 8.83 0.5
REA 58.00 -1.00 104.00 25.00 - -5.23 13.0
Pharos Energy 26.90 1.40 27.91 10.44 - -0.46 1362.0 Travel & Leisure
Elemntis 135.30 15.00 136.50 56.49 1.63 -21.71 839.1 PJSC Lukoil ADR $ 81.25 4.49 87.71 51.03 3.26 37.36 20.0 Dairy Fm $♦ 4.22 -0.10 5.17 3.72 5.57 19.56 1107.1
StckSpirit 282.00 -3.50 306.65 153.80 2.92 31.95 100.7 Insurance 888 Hldg 405.00 -3.00 416.00 129.80 1.20 27.65 1181.9
Johnsn Mtthey 3186 52.00 3340 1812.5 1.75 60.34 525.4 RylDShlAX 1412.8 17.00 1718.36 878.10 4.92 -6.95 7185.8 Dignity 710.00 50.00 759.00 211.00 - -15.50 100.1
Tate&Lyl 761.40 -23.80 792.40 587.20 3.89 14.45 1589.5 Admiral 3200 50.00 3249 2148 3.07 19.06 702.7 Carnival 1656 -80.40 1851.4 759.81 - -1.67 1163.3
Victrex 2342 16.00 2498 1798 1.97 37.47 77.7 ..B 1350.2 14.80 1523 845.10 5.15 -6.64 6120.5 Dunelm 1447 74.00 1601.48 856.00 - 26.90 99.8
Unilever 4164 33.00 4944 3721 3.50 21.94 3204.4 AvivaX♦ 411.40 6.80 420.70 220.80 3.16 8.61 13885.2 CompassX 1588.5 30.00 1721.63 1023.55 1.69 198.56 3759.9
Seplat 84.00 9.00 106.06 47.24 11.66 -36.19 64.2 Halfords 380.20 -0.20 394.00 87.80 1.63 19.01 265.5 Dalata Hotel 384.25 0.25 400.00 200.00 0.83 -44.04 2.7
Construction & Materials ..NV € 53.40 -0.40 55.40 45.30 3.12 23.46 7.9 Beazley 337.00 -7.70 538.50 242.20 2.28 -57.59 1695.2 Inchcape 796.00 9.00 800.50 383.85 - -22.36 713.0
Alumasc 208.50 11.50 211.45 60.00 0.96 15.44 61.0 TrnCan C$X♦ 59.58 0.90 67.89 50.61 5.39 12.67 2395.0 easyJet 995.40 22.60 1063.5 445.70 4.41 -3.76 3315.4
Chesnar 281.50 -13.50 350.50 255.00 7.57 23.54 122.1 JDSportsF 929.60 12.60 997.94 471.60 0.03 47.75 1993.3
Boot(H) 288.00 8.00 290.00 220.00 1.74 15.91 99.5 Health Care Equip & Services Direct Line♦ 302.20 -0.90 345.70 258.00 2.38 10.83 4733.7
Tullow Oil PLC 47.73 0.81 65.82 0.29 3.90 -0.27 7446.2 FirstGrp 89.45 -5.15 100.00 31.00 - -4.26 1109.7
ConvaTec♦ 206.40 7.25 224.80 173.20 2.17 170.44 2587.0 Wood Group (John) PLC 269.50 0.00 367.20 155.00 3.43 52.85 827.8 Kingfisher 355.30 11.40 355.30 134.01 0.94 48.67 9090.1 Flutter Entertainment 15685 390.00 19680.8 8216 - 550.35 705.7
CRH 3515 -13.00 3561 2124 1.90 33.88 1104.6 Eccles prf 159.50 3.00 164.00 138.00 5.41 - 82.8 Marks&Sp 156.50 -0.40 188.66 82.62 2.49 -17.99 2867.3
GalfrdT 126.50 -2.20 167.06 70.00 27.67 -4.30 269.6 GNStre kr 545.20 20.00 560.80 291.70 0.27 54.88 268.3 Hansard♦ 55.50 5.00 57.46 28.00 8.02 16.82 118.9 Fuller A 902.00 -52.00 977.73 486.00 0.86 -15.59 11.0
Pharmaceuticals & Biotech Morrison (Wm) 180.45 -2.25 210.00 161.30 3.75 16.59 6732.7
KierGp 90.10 -1.90 111.13 42.06 - -0.85 615.5 Mediclinic 319.00 13.80 343.00 232.40 1.00 -5.68 641.3 Hiscox 860.20 5.80 1120 305.80 - -12.84 743.1 Go-Ahead 1347 -8.00 1463 533.70 - -12.57 54.9
AstraZenecaX 7380 93.00 10120 6736 2.78 41.34 3481.1 Next 8204 -92.00 8368 4348 0.70 31.98 552.7
Kingsp €♦ 74.30 1.20 107.30 42.30 - 35.20 26.9 Smith & Nephew♦ 1445 45.00 1742.5 1317 1.89 38.58 3562.6 Lancashire 666.00 6.00 852.50 549.73 1.66 455.23 214.7 IntCon Htels Gp 5214 52.00 5568 2989 - -49.88 434.7
Dechra 3850 248.00 3888 2443.8 0.89 93.00 350.3 Ocado 2181 31.00 2914 20.88 - -124.27 1294.4
MorgSdl 1900 8.00 1950 990.01 1.11 16.41 89.1 UDGHlthC 837.50 4.00 852.50 570.00 1.55 29.38 297.1 Leg&Gen♦ 279.00 -17.40 9000000 175.04 6.30 13.62 12469.2 Intl Cons Air 208.25 -1.90 246.34 0.94 - -1.19 23359.6
Genus 5255 105.00 5515 3126 0.55 71.40 60.0 Saga 376.60 -0.40 2400 118.50 4.72 -0.74 620.5
Norcros 299.00 24.00 312.99 135.00 1.04 74.75 37.6 Old Mut 68.10 1.90 73.52 43.35 8.77 -30.15 434.8 MandarO $ 1.85 0.02 1.99 1.30 - -3.40 28.5
House, Leisure & Pers Goods GlaxoSmhX 1346.4 26.80 1748.55 1190.8 5.94 11.80 14907.9 Sainsbury (J) 248.70 3.10 263.40 178.55 1.33 -829.00 6934.5 Marstons 96.50 -3.80 105.50 28.34 4.97 -1.75 1561.7
Tyman 408.50 9.50 409.00 145.00 0.94 35.96 682.5 PhoenixGrp♦ 759.80 11.20 824.40 531.76 6.16 10.35 1592.1 HikmaPhm♦ 2367 -66.00 2768 2086.49 1.42 17.87 695.0 Studio Retail Group 290.00 32.00 304.00 169.00 - 16.76 1.9
BarrttDev♦ 784.00 -10.60 889.55 428.10 - 19.85 2857.1 Natl Exp 316.00 7.60 413.50 104.60 1.63 -108.97 1018.7
Bellway 3710 59.00 3740 2059 2.70 23.77 185.7 PrudntlX 1552.5 -5.00 1586 861.00 1.48 26.01 6098.2 Oxfd Bio 1054 48.00 1090.13 601.00 - -66.04 157.7 TescoX 231.85 -2.55 329.33 217.10 5.00 17.30 34124.7
Electronic & Electrical Equip PPHE Htl 1734 74.00 1800 900.00 - -9.03 7.0
Berkeley 4610 -24.00 5709.54 3840 4.48 15.94 293.2 RSA Ins 683.00 -0.60 684.00 332.30 1.10 22.25 1565.0 RichterG $ 28.80 -0.80 30.40 19.00 0.77 22.67 0.0
Dialight 257.50 -9.50 340.00 170.00 - -5.23 0.3 Support Services Restaurt 123.80 2.00 138.00 33.38 - -5.81 2862.7
Burberry Gp 2074 30.00 2185 1231.5 0.54 384.07 985.4 SagicFin 117.50 0.00 135.00 87.00 1.72 241.77 0.0 VecturGp 114.60 -1.00 131.60 82.38 - -104.18 1148.8
Discoverie PLC 740.00 15.00 790.00 430.00 0.40 56.06 19.9 Aggreko 871.50 -1.50 905.00 346.80 0.57 -20.08 859.0 Ryanair Holdings PLC 303.50 8.50 343.40 230.84 2.08 57.26 282.3
Cairn Homes 94.90 0.50 97.40 0.74 2.39 24.33 1159.6 StJmsPl♦ 1343 0.00 1476.5 698.60 2.87 25.83 912.4
Halma 2563 4.00 2637 2023 0.64 54.96 866.9 Real Estate AshtdGp 4675 102.00 4941.81 1675.5 0.87 34.15 1678.1 TUI 391.50 2.50 628.89 4.91 12.35 -1.08 3414.4
Morgan Ad 317.00 -8.50 334.00 188.00 1.26 113.21 243.6 CtrySide 544.00 22.50 550.50 260.60 1.89 -680.00 1601.5 LEISURE Whitbrd 3529 63.00 3949.01 1997 0.80 -10.32 435.6
OxfordIn 2175 30.00 2355 1116 - 38.22 35.9 Crest Nicholson 425.40 6.60 434.00 160.40 - -101.29 413.2 REITs Bunzl 2508 99.00 2710 1609.5 2.06 19.55 769.9
PhotoMe International Plc 60.00 -0.80 68.00 39.05 14.07 6.76 169.0 Capita 44.69 -0.19 52.72 22.28 - -8.66 5625.0 Willim H 275.80 0.80 313.00 86.50 - 45.21 5648.4
Renishaw 6425 -50.00 7025 3068 - 103.13 56.8 GamesWk♦ 10830 330.00 12159.5 4708 1.15 36.44 91.6 Assura 73.70 0.15 86.27 46.80 3.82 21.06 5955.6
Gleeson 870.00 -14.00 884.00 2.84 - 50.43 8.5 Media BigYellw 1191 25.00 1210 905.00 2.84 36.65 187.7 DCC 6448 154.00 7204 4943 2.25 22.18 227.7 Utilities
Spectris 3371 -7.00 3499 2347 0.65 18.11 329.4 DeLaRue 180.40 -4.60 214.94 36.86 - 4.40 439.6
TT Elect 233.00 3.00 285.00 152.72 0.90 93.20 202.2 Headlam 457.00 -10.00 469.00 235.00 1.65 -41.17 38.0 4imprint 2465 90.00 2900 1691.41 0.82 31.29 37.0 BritLand 515.60 3.20 533.60 310.70 1.55 -3.54 2850.8 Centrica 56.52 -0.90 59.32 29.10 2.65 -4.91 9425.1
McBride 90.20 -1.80 98.80 55.00 1.22 12.70 27.8 Auto Trader Group PLC 577.60 8.20 623.20 425.90 0.42 34.90 2559.3 Cap&Reg 86.00 -3.20 135.00 32.30 24.42 -0.44 67.8 Diploma 2858 118.00 2876 1565 0.72 65.70 338.1 Drax 407.20 -7.60 454.00 185.10 3.90 -27.33 5060.8
XP Power♦ 4995 225.00 5800 2840 0.76 53.48 51.6 DWF Group PLC 85.00 -2.40 90.00 45.00 3.82 -60.71 224.3
Persimn 3201 -9.00 3248 1622 - 15.12 1694.3 DlyMailA 911.00 39.00 997.00 601.00 2.65 39.78 100.8 Civitas SH 112.40 2.40 115.40 95.10 4.74 18.52 2552.7 Natl GridX 902.30 1.80 998.80 805.40 5.38 21.28 7051.2
Financial General Philips € 50.54 -0.29 50.98 37.06 - 37.36 1833.9 Hyve Group 130.30 0.30 171.40 33.58 12.28 -0.76 370.1 DrwntLdn 3360 37.00 3440 2334 2.16 26.49 192.5 Elctrcmp 1099 84.00 1099 534.50 0.54 38.03 1339.5 Pennon 1025.5 10.00 1195.5 854.20 4.27 53.97 1830.9
3i 1257 16.00 1263 714.80 2.78 17.03 2365.5 PZCusns 272.50 4.50 279.50 169.00 2.13 56.19 105.5 Informa 596.00 11.80 659.00 345.80 1.27 -11.16 9304.8 Great Portland 697.00 15.00 727.80 536.30 1.81 -12.04 378.9 Essentra PLC 303.50 8.50 343.40 230.84 2.08 57.26 282.3 Severn Trent 2431 25.00 2593 2148 4.12 51.40 1122.7
BrewDlph 331.50 3.00 331.50 212.00 4.95 20.85 678.4 ReckittBX 6498 64.00 8020 5782 2.69 -16.80 1255.3 ITV 122.70 -0.05 128.55 54.16 2.12 16.36 10318.4 Green Reit € 1.84 -0.09 1.93 1.30 3.12 13.44 1922.5 Experian 2716 63.00 3192 2258 1.33 48.63 2920.8 SSE 1490.5 -51.00 1621.5 1149.01 5.37 14.61 14369.0
CtyLonInv 544.00 17.00 556.00 300.00 5.51 19.78 26.8 Redrow 675.40 6.20 689.00 351.80 - 18.40 1453.1 Pearson♦ 816.80 11.00 909.00 412.08 2.39 23.88 1521.5 Hammersn 39.60 2.22 289.70 14.05 12.80 -0.49 14746.0 Ferguson 9344 34.00 9516 5002 1.61 26.28 1029.6 UtdUtils 957.20 -0.60 980.20 800.40 4.45 59.45 3603.9
Hibernia € 1.16 0.01 1.29 0.97 4.29 1104.97 419.9 G4S 244.70 0.00 270.90 83.14 1.47 222.45 5104.4

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s Price +/-Week High Low Yld P/E 000s
Aerospace & Defence Zytronic 170.00 0.00 185.00 89.80 8.94 -94.44 42.7 Tristel♦ 637.00 -43.00 680.00 328.00 0.97 56.98 28.1 Mining Sareum 1.95 0.03 3.09 0.50 - -65.00 8971.5 Restore 389.00 14.00 430.00 280.00 0.62 259.33 61.9
Cohort 614.00 -6.00 690.93 485.88 1.64 27.30 6.8 AMC 1.71 -0.07 3.50 0.90 - -7.04 8121.4 Smart Metering Systems 825.00 -5.00 869.00 504.37 0.83 4.73 121.1
Financial General House, Leisure & Pers Goods Real Estate
Velocity Composites PLC 21.00 1.00 25.00 12.05 - -2.63 13.7 Arkle Resources 0.90 0.03 2.20 0.43 - -4.13 814.1 Tech - Hardware
Appreciate Grp 41.00 3.75 46.26 24.00 - 50.62 62.7 Airea 30.00 0.00 37.00 23.00 - 30.00 0.1 InlandHms 60.00 1.00 73.50 45.00 - 77.92 701.3
BotswanaD 0.93 0.18 1.05 0.45 - -15.42 9022.1
Banks Arbuthnot 1160 60.00 1190 600.00 1.38 45.49 6.8 Churchll 1490 -15.00 1550 920.00 0.69 31.11 1.4 Lok'nStor 585.00 -10.00 700.00 460.00 2.11 58.04 82.8 AminoTech♦ 164.00 -1.00 170.00 112.00 - 55.02 61.0
CentAsiaM 272.50 -3.00 360.00 117.00 2.37 14.25 1234.4
Caribbean Inv 34.00 -0.50 64.45 27.00 16.08 -21.98 11.4 BP Marsh 281.00 3.00 286.40 173.00 0.79 7.51 44.8 Frontier Developments PLC 3150 245.00 3470 1262 - 70.31 24.5 PnthrSec 245.00 20.00 300.00 145.00 4.90 -3.38 1.5 IQE 59.50 -2.50 91.94 28.56 - -15.70 2494.5
Burford Capital Ltd 741.50 19.50 800.79 322.90 0.45 14.09 307.8 Portmern 585.00 -5.00 650.00 306.00 1.37 18.53 3.6 Oil & Gas SIR 374.00 4.50 387.50 220.50 4.49 -33.10 322.4 Telit Communications PLC 197.00 -11.00 220.00 103.15 - 32.03 234.9
Basic Resource (Ex Mining) Gresham House 805.00 5.00 850.00 530.00 0.56 416.45 34.7 Sanderson Design Grp 128.00 6.00 137.00 34.20 0.41 304.76 116.1 BorSthnPet 1.16 -0.19 2.90 0.10 - -5.54 632.3
CropperJ 1100 0.00 1470 781.00 0.23 32.93 0.8 Leeds 27.50 0.00 30.00 8.00 - -12.50 6.2
Retailers Tech - Software & Services
Industrial Engineering ClontarfEn 0.39 -0.03 0.69 0.28 - -9.63 500.0
MattioliWds 730.00 40.00 800.00 610.00 2.74 19.86 4.3 ASOS 5374 14.00 5994.95 2035 - 42.79 123.0 BoBlue Prism Group PLC 1242 -72.00 1900 1067 - -13.56 568.4
Chemicals Egdon Res 1.70 0.05 3.20 1.13 - -1.11 372.9
Numis 390.00 0.00 396.43 230.00 3.08 14.61 29.0 600 Grp 11.50 2.75 11.89 7.00 2.21 -11.09 416.4 Boohoo Group PLC 357.30 13.10 433.50 197.60 - 54.63 1620.6 Eckoh 79.50 4.50 81.00 46.00 - 66.81 360.8
Directa Plus PLC 120.00 15.00 160.00 59.00 - -16.50 16.1 Hurricane Energy 2.50 -0.20 12.70 2.15 - -0.24 6870.9
PolarCap 743.00 10.00 770.00 361.00 4.44 16.96 171.6 MS Intl 165.00 0.00 180.00 95.00 2.12 -8.59 11.1 CVS Group PLC 2000 176.00 2038 863.00 0.28 246.91 278.7 Ingenta 74.50 1.00 89.00 40.00 - -18.23 0.6
Versarien PLC 42.00 0.00 80.00 26.15 - -10.71 534.0 PetrelRes 2.75 -0.45 7.10 2.36 - -1.95 210.2
Premier Miton Group 171.50 10.50 179.86 88.00 4.61 42.88 647.6 Pres Tech 89.00 -3.50 120.00 50.10 - -0.88 5.6 Iomart 300.00 8.00 380.00 133.00 2.18 29.41 193.9
Phoenix Global 5.60 0.13 12.50 4.50 - -1.38 1.8 Support Services Oxford Metrics 98.50 0.00 109.25 70.00 1.83 78.17 69.6
Construction & Materials STM Group 30.50 0.00 42.00 22.00 4.92 18.82 37.5 IT Rockhop 9.12 -1.29 12.50 4.77 - -0.22 546.9 Begbies♦ 122.60 2.60 123.80 80.00 2.28 -175.14 204.3 WANdisco 479.00 9.00 834.00 395.00 - -10.96 169.7
Abbey 1600 0.00 1700 1150 - 12.32 0.5 Food & Beverages Keywords Studios 2934 134.00 2965.92 1334.45 0.02 166.89 94.1 Sound Energy 2.45 -0.15 4.72 0.92 - -5.00 5999.8 Christie 111.00 -1.00 122.00 54.00 1.13 -17.48 5.7
AccsysTch 147.50 -6.50 168.00 70.20 - 40.66 812.1
Camellia 7050 100.00 8550 6350 0.60 -34.16 0.1 Learning Technologies Group 168.90 4.20 190.00 112.10 0.15 131.54 1089.5 UnJackOil 36.00 -0.10 64.00 18.00 - -9.00 314.4 Empres 62.00 5.50 64.00 32.00 - -10.69 20.3 Travel & Leisure
Aukett 1.50 0.00 2.25 0.75 - 3.26 77.2 United O&G 5.00 0.00 6.34 1.41 - -87.72 5352.8 Gattaca 147.50 -3.00 159.00 41.30 - 81.94 48.1 Celtic 115.00 0.00 125.00 90.00 - -4.36 4.5
Fevertree Drinks♦ 2361 91.00 2587 1298.93 0.64 57.66 179.0 LEISURE
FinsbryFd 83.00 6.00 85.00 50.16 - -59.29 598.8 Impellam 287.00 3.00 320.00 210.00 - -5.10 17.3 ..6%CvPf 123.00 0.00 135.00 116.00 - - 0.5
Electronic & Electrical Equip Codemasters Group Holdings PLC 602.00 -18.00 670.00 204.50 - 43.31 6609.1 Pharmaceuticals & Biotech
Nichols♦ 1410 15.00 1450 964.00 0.88 29.53 9.9 JhnsnSrv 150.40 0.40 171.56 83.47 0.76 188.00 1132.0 ..Cv Pf 228.00 0.00 260.00 210.00 - - 0.8
CeresPow 1259 9.00 1626 325.00 - -273.70 1029.9 Sumo Group PLC 372.50 4.00 387.85 167.75 - 56.35 71.9 Abcam 1442 0.00 1740 1120 0.25 -1030.00 238.0
LonSec 2400 0.00 2400 1960 2.50 20.37 0.3 gamingrealms 40.00 -5.20 49.85 6.13 - -39.60 2056.4
Checkit 50.50 0.00 59.25 26.45 - -4.47 39.5 Health Care Equip & Services AllcePharm 94.20 -0.30 95.80 68.08 0.57 45.07 455.3
Media NWF♦ 218.00 0.00 230.00 155.66 3.17 12.53 15.2 Jet2 1326.5 32.50 1524 620.00 0.23 -7.92 235.4
LPA 71.00 -1.50 99.00 56.00 - 15.27 14.3 Clinigen Group 850.00 17.50 940.00 554.00 0.90 87.63 289.5
AVO 39.00 0.00 50.00 22.13 - -4.76 71.1 Mission Group 86.00 0.00 90.00 48.00 2.52 26.79 131.3 Petards 14.25 -0.75 20.00 5.00 - -11.22 0.4 MinoanGp 1.30 -0.05 1.75 0.75 - -3.25 829.7
ThorpeFW 350.00 -5.00 370.00 271.37 1.62 30.67 3.1 Reneuron 137.50 4.50 168.93 70.00 - -3.08 33.3
CareTech♦ 542.00 4.00 554.00 288.50 2.16 24.60 139.9 YouGov 1020 10.00 1160 560.00 0.39 120.00 86.9 Renew 598.00 26.00 633.00 388.51 1.28 17.73 85.2

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) BMO UK HIT B 93.50 2.00 94.50 68.00 4.19 104.7 -10.7 IPST Mngd 102.00 0.00 103.00 101.00 0.78 106.0 -3.8 PerAsset 46800 400.00 47000 41830 1.20 46195. 1.3 Conventional - Property ICs 52 Week Dis(-)
Price +/-Week High Low Yld NAV or Pm BMO UK HIT UNIT 374.00 11.00 380.88 270.00 - 418.3 -10.6 IPST UK Eq 174.50 0.50 174.50 130.00 3.78 187.2 -6.8 4 Price +/-Week High Low Yld NAV or Pm
3i Infra 296.00 1.00 320.00 245.00 3.11 254.5 16.3 Brunner 930.00 16.00 932.00 712.00 2.15 1095.3 -15.1 IP UKSmall 596.00 39.00 598.00 363.00 3.12 650.6 -8.4 PolarHealth 258.00 8.00 259.00 223.00 0.81 289.5 -10.9 Direct Property For queries about the FT Share Service pages e-mail
AbnAsianIn 234.00 3.00 243.00 160.50 3.95 257.9 -9.3 Caledonia Inv 2950 75.00 3130 2118 2.07 3991.7 -26.1 JPM Amer 643.00 6.00 648.00 412.37 1.01 680.9 -5.6 PolarFins 162.50 1.50 163.90 92.60 2.71 158.4 2.6
AEW UK REIT 94.00 5.60 94.00 56.90 8.51 93.9 0.1 [email protected].
Abrdn Div I&G 96.20 0.40 103.00 83.00 5.63 115.3 -16.6 CanGen C$ 37.80 0.05 39.25 20.60 2.23 56.0 -32.5 JPM Asia 503.00 -6.00 550.00 334.00 3.10 494.1 1.8 PolarTech 2386 36.00 2553 1676.17 - 2550.6 -6.5
BMO ComPrp 77.80 -0.20 86.00 49.20 5.14 116.1 -33.0 All data is as of close of the previous business day. Company classifications
AbnEmgMkts 708.00 1.00 775.00 465.47 3.07 831.3 -14.8 City Merch 198.50 8.50 203.00 156.00 5.04 196.8 0.9 JPM China 653.00 -12.00 875.98 345.00 1.52 642.1 1.7 RIT Cap♦ 2475 45.00 2480 1704 1.41 2298.4 7.7
BMORealE 79.60 0.60 81.50 45.70 5.50 97.3 -18.2 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnJapInv 745.00 7.50 1169 545.00 2.01 830.0 -10.2 City Lon 396.00 4.50 396.50 304.23 4.80 386.4 2.5 JPMElct MC 102.50 0.00 105.00 99.00 0.39 103.2 -0.7 Ruffer Inv Pr 295.00 9.00 295.00 223.00 0.64 277.7 6.2
CustdnREIT 95.50 0.30 98.20 76.00 6.22 95.2 0.3 100 constituent stocks are shown in bold.
AbnLatAmIn 57.75 2.25 64.60 40.60 6.06 63.8 -9.5 CQSNatRs 148.00 4.00 148.58 62.25 3.78 164.4 -10.0 ..MG 1020 22.50 1025.7 695.00 1.64 1065.0 -4.2 Schroder ToRt 508.00 -10.00 551.00 314.00 1.28 501.4 1.3
GCP Student 177.40 17.20 177.60 107.20 2.72 171.1 3.7
AbnNewDn 331.00 2.50 369.00 212.00 1.30 368.2 -10.1 Dun Inc 307.00 6.00 315.00 231.63 4.14 320.2 -4.1 ..MI 101.50 1.00 103.00 76.00 4.63 106.6 -4.8 SchdrAsiaP 641.00 6.00 686.32 394.60 1.51 684.9 -6.4 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Longbow 87.60 0.00 91.00 65.00 6.85 96.8 -9.5
AbnNewIndia 524.00 -26.00 571.72 348.24 0.19 609.0 -14.0 EcofinGlobal 192.50 4.25 209.00 146.00 3.40 189.1 1.8 JPM Emrg 136.00 3.00 152.90 82.80 1.04 - - SchdrEurReE 100.50 0.50 104.60 56.60 4.21 132.1 -23.9 are based on intra-day trading over a rolling 52 week period. Price/earnings
SLIPropInc 66.20 2.40 76.00 43.51 7.19 81.3 -18.6
AbnNewThai 440.00 -8.00 488.00 370.00 4.32 505.6 -13.0 Edin Inv 624.00 6.00 628.00 359.75 4.59 660.9 -5.6 JPM EurGth 343.00 5.00 343.97 220.84 1.53 385.3 -11.0 Schdr Inc 309.00 9.00 309.00 210.00 4.11 303.7 1.7 ratios (PER) are based on latest annual reports and accounts and are updated
TR Prop 423.50 14.00 490.50 287.63 3.31 450.9 -6.1
AbnSmlInCo 348.00 24.00 355.00 232.00 2.43 392.2 -11.3 Edin WWd 362.00 7.00 425.12 198.77 - 352.4 2.7 JPM EurInc 150.50 -2.50 153.00 93.44 4.45 166.0 -9.3 SchdrJap 218.00 3.00 218.00 155.00 2.16 236.0 -7.6 with interim figures. PER is calculated using the company’s diluted earnings
Tritax EuroBEUR € 1.21 0.00 1.27 0.85 3.71 1.3 -6.9
AbnStdAsia 1300 20.00 1325 800.00 1.08 1422.1 -8.6 EP Global 294.00 4.00 300.00 232.04 2.04 315.7 -6.9 JPM EuSm 502.00 15.00 503.00 289.00 1.33 561.9 -10.7 SchdrOrient 294.00 7.00 294.50 186.06 3.50 295.0 -0.3 from continuing operations. Yields are based on closing price and on dividends
Tritax EuroBGBP 106.00 1.00 109.57 74.70 - - -
AStd Eqt Inc 366.00 17.00 382.42 233.00 5.85 381.7 -4.1 EuroAsset 130.00 4.50 130.35 81.60 5.40 143.0 -9.1 JPM Clavr 714.00 4.00 727.71 515.00 4.10 738.9 -3.4 SchdrRealEst 40.85 -0.20 45.15 27.65 4.42 58.2 -29.8 paid in the last financial year and updated with interim figures. Yields are
UKComPrp 76.30 0.90 78.70 49.75 4.22 86.2 -11.5
Abf Sml 1538 -26.00 1570 770.00 2.11 1617.0 -4.9 F&C Inv Trust♦ 846.00 13.00 846.61 606.00 1.37 899.5 -5.9 JPMGblCoreRa 94.60 1.80 112.50 87.83 0.79 88.0 7.5 SchdrUKMd 720.00 16.00 724.67 372.96 2.57 745.2 -3.4 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Abf Spl Inc 80.80 -1.00 81.80 35.83 5.22 91.8 -12.0 FidAsian 494.00 22.00 500.00 285.23 1.78 482.6 2.4 JPM GEI♦ 151.00 2.00 162.00 99.20 3.38 158.1 -4.5 SchdrUKPubPriv 34.80 3.10 39.95 21.00 - 35.0 -0.6 VCTs 52 Week Dis(-) companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Alliance 981.00 15.00 983.75 687.00 1.46 1040.0 -5.7 FidChiSpS 429.00 0.00 503.08 214.63 0.99 425.8 0.8 JPM Gl Gr&Inc 432.00 5.00 434.00 292.59 3.03 418.0 3.3 ScotAmer 487.00 1.00 514.00 360.00 2.46 470.9 3.4 Price +/-Week High Low Yld NAV or Pm capital changes where appropriate.
AllianzTech 3020 10.00 3860 1768 - 3048.5 -0.9 Fid Euro♦ 296.50 4.00 296.50 222.50 2.18 317.6 -6.6 JPM Ind 709.00 -21.00 770.00 458.00 - 808.2 -12.3 Scottish Inv 776.00 13.00 790.85 657.31 3.09 857.2 -9.5 ArtemisVCT 15.00 -0.50 51.79 14.25 26.67 - - Trading volumes are end of day aggregated totals, rounded to the nearest
Art Alpha 442.00 16.50 442.00 234.00 1.18 481.5 -8.2 Fid Jap 234.00 0.00 241.16 139.00 - 248.9 -6.0 JPM JpCapSm G&I 534.00 8.00 616.00 367.00 3.43 565.7 -5.6 ScottMort 1245 52.50 1418.57 613.00 0.26 1256.9 -0.9 Baronsmead 2nd VT 79.00 2.00 97.00 57.00 8.23 82.6 -4.4 1,000 shares.
Asia Dragon 534.00 0.00 604.00 350.00 0.89 587.1 -9.0 Fid Spec 280.50 0.50 282.50 152.00 2.05 279.8 0.3 JPM Jap 672.00 3.00 744.04 406.20 0.74 692.4 -2.9 ScottOrtll 1020 -30.00 1065 700.08 1.13 1160.2 -12.1 BSC VCT 70.00 0.00 71.00 46.00 5.71 73.6 -4.9 Net asset value per share (NAV) and split analytics are provided only as a
Aurora Inv 235.00 10.00 235.00 130.00 1.91 232.3 1.2 FinsG&I♦ 907.00 9.00 913.00 755.00 0.88 898.6 0.9 JPM Mid♦ 1415 55.00 1440 750.00 2.08 1427.4 -0.9 Smithson 1742 16.00 1778 1220.88 - 1711.1 1.8 ..VCT2 50.80 0.00 68.00 40.00 6.89 53.5 -5.0 guide. Discounts and premiums are calculated using the latest cum fair net
AVI Global Trust 1014 20.00 1016 575.63 2.02 1078.2 -6.0 FstPacfic HK HK$ 2.60 -0.15 2.88 1.32 5.79 - - JPM Mlti-As 101.75 1.75 102.00 78.00 3.93 106.3 -4.3 StrategicEq 291.00 9.50 291.00 171.00 0.43 330.2 -11.9 Inc&GthVCT 79.50 1.00 82.75 52.00 17.61 79.2 0.4 asset value estimate and closing price. Discounts, premiums, gross redemption
AVI JapOpp 115.00 3.50 115.00 91.00 - 111.8 2.9 GenEmer 924.00 6.00 950.00 626.00 1.37 989.6 -6.6 JPMRussian 658.00 21.00 688.00 496.36 5.32 762.0 -13.6 Temp Bar 1166 -6.00 1182 631.33 4.41 1192.0 -2.2 Nthn 2 VCT 61.00 0.00 62.50 42.00 5.74 64.1 -4.8 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
Axiom 97.50 5.00 100.65 69.00 6.15 100.5 -3.0 GRIT# 2.75 0.00 5.50 0.65 - 1.4 96.4 JPM Smlr 392.00 -2.00 405.00 190.12 1.40 407.8 -3.9 TempEmerg 1036 22.00 1080 667.00 1.83 1115.1 -7.1 Nthn 3 VCT 91.00 0.00 92.40 54.50 4.40 95.5 -4.7 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BG Euro 150.40 7.40 152.00 77.00 1.43 - - GoldenPros 53.50 4.00 75.00 31.00 - 60.6 -11.7 JPM US Sml 453.00 5.00 453.66 212.00 0.55 435.9 3.9 Tetragon $ 9.90 0.05 10.60 7.90 4.98 26.1 -62.1 NthnVent 66.50 0.00 68.90 46.00 5.26 72.9 -8.8 in pence.
BG Japan 1118 24.00 1136 646.32 0.31 1069.1 4.6 Gulf Invest $ 1.47 0.01 1.95 0.90 - 1.6 -8.1 KeystoneInv 318.00 14.00 358.00 225.10 3.52 319.4 -0.4 TRIG 123.60 2.40 139.87 118.70 5.44 113.6 8.8 ProVenGI 56.50 -0.50 58.00 44.00 5.75 60.0 -5.8
BG Shin 249.50 2.50 274.50 148.20 - 242.1 3.1 HAN 207.00 4.00 222.00 142.00 1.93 320.2 -35.4 Law Deb 754.00 7.00 771.00 442.50 5.16 736.6 2.4 TREurGth♦ 1475 10.00 1505 581.00 1.49 1648.2 -10.5 ProVenVCT 70.00 0.00 71.00 55.00 5.71 73.7 -5.0 X FT Global 500 company
Baillie Gifford UK 247.00 6.50 248.00 149.85 1.26 239.9 3.0 HANA 209.00 7.00 220.00 140.00 1.91 320.2 -34.7 LinTrain £ 1460 -7.50 1718.45 768.35 2.83 1211.3 20.5 TroyInc&G 74.60 0.60 77.00 67.00 3.73 75.7 -1.5 UnicornAIM 198.00 0.00 200.00 104.00 3.28 240.9 -17.8 ♦ trading ex-dividend
Bankers 116.00 1.10 116.40 86.50 1.85 - - Hen Div Inc Tr 90.80 4.80 93.40 74.65 4.85 92.0 -1.3 Lowland 1295 25.00 1310.8 763.00 4.63 1402.5 -7.7 Utilico Emerging Market 203.00 -2.00 208.00 153.28 3.79 232.9 -12.8 ■ trading ex-capital distribution
Zero Dividend Preference Shares 52 Week HR
BB Healthcare Trust♦ 201.00 11.00 202.91 134.00 2.45 191.7 4.9 HenEuroF 1550 50.00 1580 1037.1 2.02 1693.3 -8.5 Majedie 244.00 5.50 246.00 175.00 4.67 296.6 -17.7 UIL Inv 236.00 9.00 262.00 120.00 3.39 344.4 -31.5 # price at time of suspension from trading
HenEuro 1495 25.00 1520 1015.74 2.07 1649.5 -9.4 Man&Lon♦ 600.00 0.00 704.00 525.64 2.33 665.0 -9.8 VEIL 632.00 -2.00 640.00 370.50 - 717.5 -11.9 Price +/-Week High Low SP WO TAV 0%
BH Global 1895 -55.00 2040 1620 - 1963.0 -3.5
HenFarEs 332.00 -1.00 346.00 229.00 6.90 327.2 1.5 Marwyn Val 113.00 0.00 120.00 71.00 - 179.4 -37.0 Witan 237.00 2.50 238.00 155.00 2.47 256.6 -7.6 Abf Spl Inc 111.00 0.00 113.00 99.00 -34.3 -67.6 127.3
..USD $ 20.40 0.15 21.39 17.50 - 20.2 1.0 The prices listed are indicative and believed accurate at the time of publication.
HenHigh 174.00 2.00 179.84 121.00 5.69 174.0 0.0 MercantIT♦ 275.50 3.50 277.50 164.20 2.40 284.1 -3.0 WwideHlth 3770 55.00 3965 3129.25 0.66 3734.3 1.0 UIL ZDP 2026 112.50 -0.50 116.00 80.00 -26.9 -32.2 151.5
BH Macro 3290 -30.00 3730 3139.13 - 3388.0 -2.9 No offer is made by Morningstar or the FT. The FT does not warrant nor
HenInt Inc 166.50 0.50 167.50 132.17 3.60 179.1 -7.0 MrchTst 523.00 4.00 537.00 325.00 5.20 520.6 0.5 UIL Limited 2024 ZDP 116.00 0.50 116.80 95.36 -37.4 -45.6 138.4
..USD $ 35.00 0.40 42.17 32.66 - 35.3 -0.8 Conventional - Private Equity 52 Week Dis(-) guarantee that the information is reliable or complete. The FT does not accept
Hen Opp 1590 120.00 1625 662.09 2.01 1604.8 -0.9 Mid Wynd 756.00 10.00 766.00 535.73 0.81 736.8 2.6 UIL Finance 2022 ZDPs 138.50 0.00 139.88 113.36 -57.8 -75.3 147.0
BiotechGth 1426 -16.00 1750 888.70 - 1407.3 1.3 Price +/-Week High Low Yld NAV or Pm responsibility and will not be liable for any loss arising from the reliance on
HenSmlr 1248 22.00 1252 540.00 1.88 1287.1 -3.0 Miton Global 340.00 12.00 343.00 205.50 - 343.7 -1.1
BlckRCom♦
BlckRFrnt
94.80
128.00
1.50 98.00 46.50
1.50 130.00 82.20
4.22
4.49
98.3
126.2
-3.6
1.4 Herald 2345 35.00 2450 1145.25 - 2548.1 -8.0 Mom M-A Value 184.75 2.50 186.00 177.00 3.64 188.6 -2.0 BGUSGROWTH 339.50 8.50 403.00 155.45 - 318.3 6.7 Investment Companies - AIM or use of the information.

HICL Infra 171.20 2.20 180.60 157.80 4.82 149.9 14.2 Monks 1412 16.00 1490 867.00 0.18 1371.2 3.0 BMO PvtEq 396.00 10.00 415.36 250.50 3.98 478.0 -17.2 The FT Share Service is a paid-for-print listing service and may not be fully
BlckRGtEur 586.00 12.00 590.00 339.00 1.00 576.2 1.7 52 Week Dis(-)
Highbridge Tactical 254.50 1.73 255.00 166.25 - - - MontanSm 1735 75.00 1735 912.00 0.53 1766.4 -1.8 Electra 390.00 21.00 404.95 121.81 - 353.4 10.4 representative of all LSE-listed companies. This service is available to all listed
BlckR I&G 170.00 0.00 194.00 140.00 4.24 201.8 -15.8 Price +/-Week High Low Yld NAV or Pm
Impax Env. 478.00 -2.00 500.28 260.00 0.63 448.2 6.6 Mur Inc 891.00 15.00 896.00 694.00 4.33 919.8 -3.1 HVPE 2020 -45.00 2065 1260 - 2328.0 -13.2 companies, subject to the Editor’s discretion. For new sales enquiries please
BlckRckLat 372.00 -2.00 427.79 256.27 6.74 417.8 -11.0 BB Biotech AG SFr 74.50 1.15 86.90 53.00 4.8 - -
Ind IT 580.00 18.00 580.00 377.00 2.24 639.5 -9.3 Mur Int♦ 1226 0.00 1239.67 904.00 4.36 1189.1 3.1 HgCapital 335.00 -7.00 354.00 206.00 1.49 305.2 9.8 email [email protected] or call +44 (0)20 7873 4571.
BlckRckNrAm 202.00 8.00 203.00 142.50 3.96 196.8 2.6 CrysAmber 105.00 -0.50 110.55 65.00 2.4 132.5 -20.8
IGC 94.20 -2.80 99.00 38.73 - 107.6 -12.5 NewCityHY 54.40 2.20 54.40 44.00 8.20 51.8 5.0 ICG Ent Tr 1058 0.00 1100 618.48 2.17 1233.0 -14.2
BlckRSmlr 1892 38.00 1916 1141.24 1.72 1983.6 -4.6 Gresham House Strategic 1440 10.00 1450 920.00 1.6 1557.1 -7.5
IntBiotech 734.00 14.00 862.00 640.00 3.38 747.8 -1.8 New Star IT 129.00 1.00 131.94 99.00 1.09 173.4 -25.6 Pantheon International Plc ORDs
2735 -40.00 2785 1700 - 3094.7 -11.6
BlckRThrmt 863.00 23.00 870.00 450.00 1.18 856.0 0.8
BlckRWld♦ 634.00 26.00 634.00 297.00 3.47 624.7 1.5 Intl PP 169.60 -0.20 176.80 149.39 4.23 143.4 18.3 NorthAmer 272.00 7.00 280.82 205.00 3.53 297.9 -8.7 PrincssPE € 12.55 0.10 12.55 8.30 3.63 13.5 -7.0 Infra India 1.58 0.15 2.80 0.60 - 15.3 -89.7
Data provided by Morningstar
Inv AsiaTr 378.00 -9.00 425.00 230.00 2.72 420.3 -10.1 NthAtSml 4160 195.00 4225.77 2600 0.72 5611.0 -25.9 StdLfPv♦ 438.00 -12.00 452.00 252.70 2.99 504.2 -13.1
BMO Cp&I 322.00 4.00 324.00 235.64 3.57 327.5 -1.7
BMOGblSmlr 165.60 5.80 165.60 103.00 1.03 175.4 -5.6 Inv IncGro 281.00 3.00 284.00 211.02 4.18 301.0 -6.6 Oryx Int 1490 0.00 1520 725.00 - 1678.0 -11.2 Discretionary Unit Fund Mngrs 52 Week Dis(-)
BMOMgdT 283.00 4.00 286.00 188.00 - 280.9 0.7 IP EnInc♦ 72.80 -0.40 75.20 58.50 6.87 75.5 -3.6 PacAsset 329.00 1.00 357.00 216.56 0.91 354.1 -7.1 (1000)F Guide to FT Share Service
BMOMgdT 142.00 4.00 144.00 109.00 4.30 140.9 0.8 IPST BalR 162.00 0.00 160.00 124.00 - 165.9 -2.4 PacHorzn 807.00 5.00 918.00 316.00 0.03 734.0 9.9 Price +/-Week High Low Yld NAV or Pm
BMO UK HIT A 93.50 2.00 94.40 69.00 5.57 104.6 -10.6 IPST Gbl Eq 227.00 0.00 227.50 158.00 3.11 236.7 -4.1 PerpInc&Gr 244.50 10.50 342.00 157.20 6.11 - - Right &ISS 2390 100.00 2410 1500 1.35 2639.7 -9.5

www.morningstar.co.uk
16 ★ FINANCIAL TIMES Monday 19 April 2021

MANAGED FUNDS SERVICE

SUMMARY FT.COM/FUNDS

Winners - US Fund Large Growth Losers - US Fund Large Growth Morningstar Star Ratings Global Broad Category Group - Miscellaneous

1yr Return 3yr Return 5yr Return 3yr 3yr 1yr Return 3yr Return 5yr Return 3yr 3yr Morningstar Morningstar Morningstar Total Ret 1Yr Total Ret 3Yr Total Ret 5Yr
Fund Name Fund Name Fund Name Base Currency Morningstar Category Base Currency
GBP GBP GBP Sharpe Ratio Std Dev GBP GBP GBP Sharpe Ratio Std Dev Rating 3 Yr Rating 5 Yr Rating 10 Yr GBP GBP GBP

Morgan Stanley Insight Fund 86.18 34.79 28.50 1.41 27.83 American Growth Cannabis Fund 39.32 4.73 -1.21 0.45 32.52 RobecoSAM S.HealthyLiv/N Euro QQQQ QQQQ QQQQ Other Mexican Peso 13.63 6.99 5.16
Zevenbergen Genea Fund 101.97 33.74 30.77 1.18 33.57 Catalyst Insider Buying Fund 28.88 6.53 8.28 0.32 22.08 Systematic Funds - Em. Markets Eq. US Dollar QQQQ QQQ - Guaranteed Funds Equities Mexican Peso -4.87 6.66 -
Baillie Gifford U.S. Equity Growth Fund 92.64 33.08 - 1.26 30.37 Selective Opportunity Fund 27.49 7.27 - 0.46 23.60 Ashmore SICAV Emerging Market Frontier Equity Fund US Dollar QQQ QQQ - Capital Protected Funds Mexican Peso 7.06 6.38 5.96
Virtus Zevenbergen Innovative Growth Stock Fund 74.91 32.34 26.06 1.29 29.08 Catalyst Dynamic Alpha Fund 30.84 7.84 10.25 0.48 18.88 Enhanced Income Fund W-INC-GBP Pound Sterling QQQ QQ QQQ Capital Protected Baht 1.02 0.31 0.88
Zevenbergen Growth Fund 75.33 31.97 25.66 1.26 29.59 PFG JP Morgan Tactical Aggressive Strategy Fund 39.91 7.89 - 0.51 19.03 Global High Yield Fund Y-ACC-GBP Pound Sterling QQ QQQQ - ELF/DLF US Dollar -0.60 -4.38 -

Advertising Feature Performance Weightings - As of 31/12/2020 Top 10 Holdings - As of 31/12/2020

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials 13.62% 7.32%
Apr 2018 - Apr 2021 Samsung Electronics Co Ltd Technology 5.97%
Prusik Asia Fund U Dist. Communication Services 1.70% 7.26%
Consumer Cyclical 14.00% 10.58%
Ping An Insurance (Group) Co. of China Ltd Financial Services 4.58%
Consumer Defensive 4.82% 5.32%
Energy - 3.20%
Taiwan Semiconductor Manufacturing Co Ltd Technology 4.01%
Financial Services 12.23% 20.73%
Healthcare 3.02% 3.63%
Wuxi Lead Intelligent Equipment Co Ltd A Industrials 3.92%
Industrials 17.00% 8.19%
Real Estate 2.86% 5.59%
AIA Group Ltd Financial Services 3.89%
Technology 22.50% 18.21%
Utilities 2.62% 1.93%
POSCO Basic Materials 3.68%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 5.62% 7.41%
Firm Name Corporate - 0.46%
SK Hynix Inc Technology 3.52%
Prusik Investment Management LLP Derivative - 0.07%
Fund Name Government - 0.08%
Housing Development Finance Corp Ltd Financial Services 3.50%
Prusik Asia Fund U Dist. Municipal - 0.00%
Morningstar Category Securitized - 0.01%
Minth Group Ltd Consumer Cyclical 3.01%
Asia-Pacific ex-Japan Equity
Max Annual Charge
Keppel Corp Ltd Industrials 2.92%
10.00 Risk Measures - As of 31/03/2021
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
QQ Alpha 8.50 -0.07 -1.72 -0.88 1.09 -0.82
Morningstar Sustainability Rating Beta 1.03 0.99 1.04 0.99 1.03 0.99
Fund Category Information Ratio 1.18 -0.24 -0.23 -0.44 0.16 -0.43
Bid Price - KIID Ongoing Charge 1.60 R Squared 59.88% 87.56% 83.05% 90.99% 81.11% 90.70%
Offer Price - Day-End One Year Return 55.92 Day 0.34% Month 2.27% Year 48.19% Sharpe Ratio 2.91 1.46 0.36 0.42 0.78 0.57
+/- 0.81 Total Ret 3Yr 7.70 Std Dev 19.95 19.15 20.86 19.70 17.73 18.38
Information reproduced courtesy of Morningstar. While the Financial Times takes every care to ensure that the information is faithfully reproduced, the information is not verified by the Financial Times and therefore it accepts no liability for any loss which may arise relating to the Morningstar information.
© 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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

Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.37 - 0.01 0.00 Artemis Positive Future Fund I Acc £ 1.01 - -0.01 - USD Accumulating Class $ 13.07 - 0.04 0.00 Emerging Markets £ 6.71 - 0.01 0.37

Dodge & Cox Worldwide Funds plc-Global Stock Fund

Strategic Global Bond A GBP Inc 1317.37 - 1.24 2.70 Artemis Strategic Assets I Acc 91.67 - 0.37 0.08 Europe (ex-UK) Fund ACC-GBP £ 7.46 - 0.02 0.54
USD Accumulating Share Class $ 28.66 - 0.19 0.00
Strategic Global Bond B GBP Inc 748.14 - 0.72 3.45 Artemis Strategic Bond I Q Acc 111.81 - 0.11 2.34 Fidelity Pre-Retirement Bond Fund £ 159.90 - 0.40 1.80
GBP Accumulating Share Class £ 34.21 - 0.23 0.00
Artemis Target Return Bond I Acc 107.95 - -0.32 2.07 Global Focus £ 6.75 - 0.03 0.33
GBP Distributing Share class £ 23.49 - 0.16 0.50
Artemis UK Select Fund Class I Acc 778.59 - 2.33 - Index Linked Bond Gross £ 4.51 - 0.03 0.11
EUR Accumulating Share Class € 35.95 - 0.26 0.00
Artemis UK Smaller Cos I Acc 2049.41 - 9.70 0.28 Japan £ 4.08 - 0.01 0.41
GBP Distributing Class (H) £ 13.87 - 0.10 0.36
Aberdeen Standard Capital (JER) Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Euronova Asset Management UK LLP (CYM)
Artemis UK Special Sits I Acc 801.43 - 1.66 - Long Bond Gross £ 1.15 - 0.00 1.57
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 Stuart House, St John's Street, Peterborough, PE1 5DD Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Regulated
FCA Recognised Dealing & Client Services 0345 850 8818
Artemis US Abs Return I Hdg Acc 113.47 - -0.02 0.00 USD Accumulating Share Class $ 36.97 - 0.22 - Smaller Cos Cls One Shares € 59.48 - 1.50 0.00 Pacific (Ex Japan) £ 5.70 - -0.02 2.21
Aberdeen Standard Capital Offshore Strategy Fund Limited Authorised Inv Funds

Bridge Fund £ 2.3250 - 0.0152 1.38 Artemis US Extended Alpha I Acc 309.33 - 2.33 0.10 Consistent UT Inc 68.58 70.62 0.26 0.00 GBP Accumulating Share Class £ 41.72 - 0.24 - Smaller Cos Cls Two Shares € 38.47 - 0.87 0.00 Select Emerging Markets Equities £ 2.51 - 0.00 0.44

Global Equity Fund £ 3.3710 - 0.0230 0.84 Artemis US Select I Acc 300.79 - 2.65 0.01 Consistent UT Acc 182.80 188.30 0.70 0.00 GBP Distributing Share Class £ 25.29 - 0.15 - Smaller Cos Cls Three Shares € 19.38 - 0.43 0.00 Select Global Equities £ 5.04 - 0.07 0.78

Global Fixed Interest Fund £ 0.9641 - 0.0037 4.39 Artemis US Smlr Cos I Acc 357.45 - -1.23 0.00 Practical Investment Inc 255.80 274.20 1.50 3.14 EUR Accumulating Share Class € 40.04 - 0.26 - Smaller Cos Cls Four Shares € 24.96 - 0.55 0.00 South East Asia £ 7.42 - 0.02 1.15

Income Fund £ 0.6682 - 0.0029 2.33 Practical Investment Acc 1512.00 1621.00 9.00 3.14 GBP Distributing Class (H) £ 15.20 - 0.09 0.54 Sterling Core Plus Bond Gr Accum £ 2.99 - 0.01 2.41

Sterling Fixed Interest Fund £ 0.8901 - 0.0025 2.92 UK £ 4.71 - 0.02 2.49

UK Equity Fund £ 2.1535 - 0.0099 2.02 UK Aggreg Bond Gr Accum £ 2.37 - 0.00 1.77
Brown Advisory Funds plc (IRL)
http://www.brownadvisory.com Tel: 020 3301 8130 Sterling Corporate Bond - Gross £ 3.01 - 0.00 2.31
FCA Recognised
UK Gilt Gross £ 2.53 - 0.01 1.23
Global Leaders Sustainable Fund USD C $ 13.68 - 0.11 0.00

Sterling Long Corp Bond - Gross £ 3.62 - 0.01 2.86

US Equity Growth Fund USD B $ 58.55 - 0.98 0.00
Algebris Investments (IRL)
Regulated
American Fund USD B $ 30.22 - -0.64 0.00
Algebris Financial Credit I EUR € 191.89 - 0.15 0.00
US Smaller Companies Fund USD B $ 41.62 - 0.35 0.00
Algebris Financial Credit R EUR € 166.68 - 0.13 0.00
US Small Cap Blend Fund USD B $ 23.91 - 0.17 0.00
Algebris Financial Credit Rd EUR € 109.76 - 0.09 4.73
US Flexible Equity Fund USD B $ 25.27 - 0.25 0.00
Algebris Financial Income I EUR € 171.74 - -1.49 0.00
Global Leaders Fund USD C $ 22.38 - 0.20 -
Algebris Financial Income R EUR € 158.60 - -1.39 0.00
Latin American Fund USD B $ 10.12 - 0.12 0.57
Algebris Financial Income Rd EUR € 103.12 - -0.90 3.17 Findlay Park Funds Plc (IRL)
US Sustainable Growth Fund USD C $ 25.83 - 0.47 0.00 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Algebris Financial Equity B EUR € 132.63 - -0.78 0.00 FCA Recognised
US Mid-Cap Growth Fund USD C $ 22.03 - 0.29 0.00
Ashmore Investment Management Limited (LUX) FIL Investment Services (UK) Limited (1200)F (UK) American EUR Unhedged Class € 145.95 - 2.03 -
Algebris IG Financial Credit B EUR € 110.91 - 0.20 0.00
2 rue Albert Borschette L-1246 Luxembourg Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP
Algebris IG Financial Credit R EUR € 109.87 - 0.20 0.00
FCA Recognised CP Global Asset Management Pte. Ltd. Dragon Capital Callfree: Private Clients 0800 414161 American Fund USD Class $ 174.69 - 2.46 0.00
www.cpglobal.com.sg, Tel: +65 6466 6990 www.dragoncapital.com Broker Dealings: 0800 414 181
Ashmore SICAV Emerging Market Debt Fund $ 90.38 - 0.55 4.25
Algebris Global Credit Opportunities I EUR € 131.75 - -0.18 0.00 International Mutual Funds Fund information:[email protected] OEIC Funds American Fund GBP Hedged £ 87.89 - 1.24 0.00
Ashmore SICAV Emerging Market Frontier Equity Fund $ 179.16 - 1.39 0.49 Other International Funds
CP Multi-Strategy Fund $ 254.68 - 1.42 - Allocator World Fund Y-ACC-GBP £ 2.54 - 0.01 1.30
Aegon Asset Management UK ICVC (UK)
Algebris Global Credit Opportunities R EUR € 129.56 - -0.18 0.00 American Fund GBP Unhedged £ 126.64 - 1.67 0.00
3 Lochside Crescent, Edinburgh, EH12 9SA Vietnam Equity (UCITS) Fund A USD $ 29.80 - -0.12 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 79.43 - 0.44 - American Special Sits W-ACC-GBP £ 18.66 - 0.04 0.57
0800 358 3009 www.aegonam.com Algebris Global Credit Opportunities Rd EUR € 129.56 - -0.18 0.00
Authorised Funds Ashmore SICAV Global Small Cap Equity Fund $ 232.96 - 2.47 0.00 Asia Pacific Ops W-Acc £ 3.08 - 0.01 0.53
Diversified Monthly Inc B Acc 157.19 - 0.59 4.83 Algebris Core Italy I EUR € 143.19 - 0.11 0.00
EM Active Equity Fund Acc USD $ 172.17 - 1.41 0.00 Asian Dividend Fund W-ACC-GBP £ 2.25 - 0.00 2.74
Diversified Monthly Inc B Inc 110.13 - 0.41 4.97 Algebris Core Italy R EUR € 135.44 - 0.12 0.00
CG Asset Management Limited (IRL)
EM Equity Fund Acc USD $ 159.59 - 1.56 0.00 China Consumer Fund W-ACC-GBP £ 4.09 - 0.03 0.05
25 Moorgate, London, EC2R 6AY
Diversified Growth B Acc £ 1.90 - 0.01 2.58 Algebris Allocation I EUR € 110.26 - 0.00 0.00
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
EM Mkts Corp.Debt USD F $ 91.31 - 0.19 - Emerging Asia Fund W-ACC-GBP £ 2.19 - 0.00 0.45
FCA Recognised
Ethical Cautious Managed B Acc £ 1.56 - 0.00 1.59
EM Mkts Loc.Ccy Bd USD F $ 74.73 - 0.38 4.87 CG Portfolio Fund Plc Enhanced Income Fund W-INC-GBP £ 0.82 - 0.01 6.08
Ethical Cautious Managed B Inc £ 1.34 - 0.00 1.60 Absolute Return Cls M Inc £ 134.89 134.89 0.66 1.34
EM Short Duration Fund Acc USD $ 119.80 - -0.04 0.00 CP Capital Asset Management Limited
www.cpgbl.com, email: [email protected]
European Fund W-ACC-GBP £ 21.27 - 0.03 1.00 First State Investments (UK) (1200)F (UK)
Ethical Corporate Bond B Acc £ 2.15 - 0.00 2.69 Capital Gearing Portfolio GBP P £ 37262.24 37262.24 219.57 0.84 23 St Andrew Square, Edinburgh, EH2 1BB
International Mutual Funds
Extra Income Fund Y-ACC-GBP £ 1.45 - 0.01 3.38 [email protected]
Ethical Corporate Bond B Inc £ 1.08 - 0.00 2.69 Capital Gearing Portfolio GBP V £ 181.22 181.22 1.07 0.84 CPS Master Private Fund $ 351.29 - 3.20 - Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
FID INST - Emerging Markets Fund W-ACC-GBP £ 2.22 - 0.00 0.48 Authorised Funds
Ethical Equity B Acc £ 2.75 - 0.01 1.53 Dollar Fund Cls D Inc £ 163.11 163.11 1.35 1.51 CP Global Alpha Fund $ 287.15 - 2.12 -
Fidelity American Fund W-ACC-GBP £ 57.68 - 0.31 0.00 Asia-All Cap Acc GBP £ 1.91 - 0.01 0.86
Global Equity GBP B Acc £ 3.31 - 0.02 0.00 Dollar Hedged GBP Inc £ 105.34 105.34 0.97 1.34
Fidelity Asia Fund W-ACC-GBP £ 19.50 - 0.02 0.43 Asia Focus Acc GBP £ 2.40 - 0.01 0.92
The Antares European Fund Limited
High Yield Bond B Acc £ 3.26 - 0.01 5.06 Other International Real Return Cls A Inc £ 199.91 199.91 1.26 1.70
Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.09 Diversified Growth B Acc £ 1.20 - 0.01 0.90
High Yield Bond B Inc £ 0.99 - 0.00 5.06 AEF Ltd Usd $ 557.60 - -0.67 0.00
FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.76 - 0.05 1.79 Emerging Markets Bond A Accumulation £ 1.40 - 0.01 4.63
Investment Grade Bond B Acc 199.96 - 0.40 1.51 AEF Ltd Eur € 521.41 - 0.56 0.00
Atlantas Sicav (LUX)
Emerging Markets Bond A Income £ 0.93 - 0.00 4.79
Regulated Fidelity European Opportunities W Acc £ 5.45 - 0.02 0.53
Investment Grade Bond B Inc £ 1.31 - 0.00 2.26
American Dynamic $ 7527.80 7527.80 66.97 0.00 EdenTree Investment Management Ltd (UK) Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.15 - 0.00 3.59 Global Listed Infrastructure Acc 293.78 - 1.29 -
Sterling Corporate Bond B Acc £ 0.95 - 0.00 2.74 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
American One $ 7050.58 7050.58 81.80 - Authorised Inv Funds Fidelity Global Focus Fund W-ACC-GBP £ 36.45 - 0.21 0.00 Global Listed Infrastructure Inc 194.80 - 0.86 -
Sterling Corporate Bond B Inc £ 0.35 - 0.00 2.74
Amity UK Cls A Inc 261.20 - 1.50 0.37 Global Property Securities A Accumulation 247.02 - 3.26 2.10
Bond Global € 1520.47 1520.47 -8.77 0.00 Fidelity Global High Yield Fund Y-ACC-GBP £ 15.87 - 0.03 4.96
Strategic Bond B Acc £ 1.55 - 0.00 3.54
Amity UK Cls B Inc 260.60 - 1.50 - Global Property Securities A Income 169.75 - 2.24 2.13
Eurocroissance € 1350.92 1350.92 17.04 0.00 Fidelity Japan Fund W-ACC-GBP £ 5.49 - 0.00 -
Strategic Bond B Inc £ 1.43 - 0.00 3.54
Higher Income Cls A Inc 130.50 - 0.40 3.48 Greater China Growth A Shares 1248.25 - 4.81 0.58
Far East $ 1316.37 - -0.07 - Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.24 - 0.00 0.26
UK Equity B Acc £ 3.56 - 0.00 2.34
Higher Income Cls B Inc 138.10 - 0.40 3.48 Japan Focus Acc GBP £ 2.76 - 0.01 0.00
Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.19 - 0.00 0.88
Arisaig Partners
UK Equity Absolute Return B Acc £ 1.26 - 0.00 0.00 Other International Funds UK Equity Growth Cls A Inc 333.90 - 1.10 -
Fidelity Special Situations Fund W-ACC-GBP £ 39.44 - 0.09 -
UK Equity Income B Acc £ 2.78 - 0.02 4.34 Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 122.84 - 0.24 0.00
UK Equity Growth Cls B Inc 341.10 - 1.10 -
Short Dated Corporate Bond Fund Y ACC GBP £ 11.13 - 0.01 4.04
UK Equity Income B Inc £ 1.71 - 0.01 4.47 Arisaig Asia Consumer Fund Limited $ 121.49 - 0.25 0.00
Amity Balanced For Charities A Inc 113.10 - 0.60 3.56
Fidelity Sustainable Water & Waste W Acc £ 1.19 - 0.00 0.61
UK Opportunities B Acc £ 2.62 - 0.00 1.11 Arisaig Global Emerging Markets Consumer Fund $ 16.36 - 0.12 0.00
Amity European Fund Cls A Inc 302.40 - 1.50 -
DWS (LUX) Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 1.14
UK Smaller Companies B Acc £ 5.00 - 0.02 0.87 Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - Tel: +44 (0) 20 7541 8999 www.dws.com
Amity European Fund Cls B Inc 305.50 - 1.50 -
FCA Recognised Fidelity UK Select Fund W-ACC-GBP £ 3.48 - 0.02 -
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 -
DWS Invest Top Dividend £ 139.07 139.07 0.88 2.97 Amity Global Equity Inc for Charities A Inc 158.60 - 0.50 2.17
Candriam Investors Group (LUX) Global Dividend Fund W-ACC-GBP £ 2.76 - 0.00 2.69
Arisaig Latin America Consumer Fund $ 27.11 - -0.02 0.00 FCA Recognised
DWS Invest Top Euroland £ 166.69 166.69 0.23 0.57 Amity International Cls A Inc 350.10 - 2.30 0.24
Global Property Fund W-ACC-GBP £ 2.01 - 0.01 1.84
Candriam Eqts L Australia Cap A$ 1699.36 - 1.22 0.00
DWS Invest Multi Opportunities £ 110.92 110.92 0.08 0.00 Amity International Cls B Inc 353.30 - 2.30 0.82
Global Special Sits W-ACC-GBP £ 55.22 - 0.26 0.35
Candriam Qt-Eqts Europe Cap € 3053.34 - 17.39 0.00
DWS Invest Global Bonds £ 103.54 103.54 0.09 0.00 Amity Sterling Bond Fund A Inc 105.50 - 0.20 3.67
Index Emerging Markets P-Acc £ 1.94 - 0.00 -
Candriam Qt-Eqts USA Cap $ 4485.79 - 56.65 -
Amity Sterling Bond Fund B Inc 117.90 - 0.20 3.67
Index Europe ex UK P-Acc £ 1.81 - 0.01 1.61

Index Japan P-Acc £ 1.98 - 0.00 1.79

Aegon Asset Management UK Investment Portfolios ICVC (UK)
3 Lochside Crescent, Edinburgh, EH12 9SA
Index Pacific ex Japan P-Acc £ 1.88 - 0.00 2.29
0800 358 3009 www.aegonam.com
Authorised Funds Index UK P-Acc £ 1.44 - 0.01 2.51
Property Income B Acc 111.20 111.20 -0.05 3.58
Brooks Macdonald International Fund Managers Limited (JER)
5 Anley Street, St Helier, Jersey, JE2 3QE Index US P-Acc £ 3.08 - 0.01 1.27
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Foord Asset Management
Property Income B Inc 81.76 81.76 -0.04 3.65 Website: www.foord.com - Email: [email protected]
Brooks Macdonald International Investment Funds Limited Index World P-Acc £ 2.49 - 0.01 1.43
FCA Recognised - Luxembourg UCITS
Euro High Income € 1.5252 - 0.0007 2.50
Candriam Investors Group MoneyBuilder Balanced Y-ACC-GBP £ 0.59 - 0.00 2.72 Foord International Fund | R $ 48.41 - 0.36 -
High Income £ 0.8493 - 0.0016 3.77 Other International Funds Ennismore Smaller Cos Plc (IRL)
5 Kensington Church St, London W8 4LD 020 7368 4220 MoneyBuilder Dividend Y-INC-GBP £ 1.18 - 0.01 3.49 Foord Global Equity Fund (Lux) | R $ 18.88 - 0.14 -
Candriam Eqts L Emerging Mkts Cap € 1156.45 - 8.32 - FCA Recognised
Sterling Bond £ 1.5686 - 0.0033 2.06 Regulated
MoneyBuilder Income Fund Y-ACC-GBP £ 14.62 - 0.03 2.95
Brooks Macdonald International Multi Strategy Fund Limited Candriam Bonds Credit Opportunities € 202.99 - -0.08 0.00 Ennismore European Smlr Cos NAV £ 141.05 - -0.40 0.00
Foord Global Equity Fund (Sing) | B $ 23.20 - 0.17 0.00
Multi Asset Allocator Adventurous Fund Y-ACC-GBP £ 2.10 - 0.01 1.21
Cautious Balanced Strategy £ 1.3797 - 0.0043 0.00 Candriam Bds Euro High Yield Cap € 1269.46 - 0.88 0.00 Ennismore European Smlr Cos NAV € 162.53 - -0.33 0.00
Foord International Trust (Gsy) $ 48.24 - 0.36 0.00
Multi Asset Allocator Defensive Fund Y-ACC-GBP £ 1.44 - 0.01 1.48
Growth Strategy £ 2.0650 - 0.0109 0.00 Candriam Bds Euro Sh.Term Cap € 2077.14 - 0.21 0.00
Artemis Fund Managers Ltd (1200)F (UK) Multi Asset Allocator Growth Fund Y-ACC-GBP £ 1.89 - 0.01 1.29
Aegon Asset Management Investment Company (Ireland) (IRL) 57 St. James's Street, London SW1A 1LD 0800 092 2051 High Growth Strategy £ 2.8934 - 0.0166 0.00
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 Authorised Inv Funds Multi Asset Income Fund W-INC-GBP £ 1.08 - 0.00 4.23
FCA Recognised US$ Growth Strategy $ 2.0496 - 0.0095 0.00
Artemis SmartGARP UK Eq I Acc 2004.73 - 9.30 -
Dealing Daily. Initial charge up to 2% Multi Asset Allocator Strategic Fund Y-ACC-GBP £ 1.68 - 0.01 1.25
Absolute Return Bond B GBP Acc 1165.28 - 0.25 1.61 Dodge & Cox Worldwide Funds (IRL)
Artemis Corporate Bond I Acc 112.25 - 0.08 2.19 48-49 Pall Mall, London SW1Y 5JG.
High Yield Global Bond A GBP Inc 518.96 - 0.68 4.49 www.dodgeandcox.worldwide.com 020 3713 7664 Multi Asset Open Advent W-ACC-GBP £ 1.71 - 0.01 0.97
Artemis SmartGARP Eur Eq I Acc 401.47 - 3.25 2.44 FCA Recognised
High Yield Global Bond B GBP Inc 1113.86 - 1.50 5.23 Multi Asset Open Defen W-ACC-GBP £ 1.40 - 0.00 0.25
Dodge & Cox Worldwide Funds plc - Global Bond Fund
Artemis European Opps I Acc 126.91 - 0.35 1.56
Global Equity Income B GBP Acc 2267.57 - 4.58 0.00 EUR Accumulating Class € 15.13 - 0.05 0.00 Ennismore European Smlr Cos Hedge Fd Multi Asset Open Growth Fund W-ACC-GBP £ 1.63 - 0.01 1.11
Other International Funds Franklin Templeton International Services Sarl (IRL)
Artemis SmartGARP GloEmr Eq I Acc 165.99 - 1.73 -
EUR Accumulating Class (H) € 11.58 - 0.03 0.00 Multi Asset Open Strategic Fund W-ACC-GBP £ 1.53 - 0.00 0.66 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Chartered Asset Management Pte Ltd
NAV € 574.80 - 3.90 0.00 Other International Funds
Artemis SmartGARP Glo Eq I Acc 368.89 - 2.43 1.98 Other International Funds
EUR Distributing Class € 11.70 - 0.04 2.61 Open World Fund W-ACC-GBP £ 2.15 - 0.01 0.99 Franklin Emerging Market Debt Opportunities Fund Plc
lobal Equity Market Neutral Fund - B Acc GBP £ 12.38 - -0.01 0.00
CAM-GTF Limited $ 338698.61 338698.61 1571.21 -
Artemis Global Income I Inc 107.42 - -0.01 2.85 Franklin Emg Mkts Debt Opp CHFSFr 14.85 - 0.03 8.88
Global Sustainable Equity B Acc GBP £ 29.20 - 0.24 - EUR Distributing Class (H) € 8.91 - 0.03 2.67 Strategic Bond Fund Y-ACC-GBP £ 1.38 - 0.00 2.30
CAM GTi VCC $ 780.49 - -32.39 -
Artemis Global Select I Acc 162.70 - 1.24 - Franklin Emg Mkts Debt Opp GBP £ 9.57 - 0.02 6.01
Global Sustainable Equity C Acc GBP £ 29.65 - 0.24 - GBP Distributing Class £ 12.42 - 0.03 2.59 UK Opportunities Fund W-ACC-GBP 298.30 - 0.90 1.26
RAIC VCC $ 1.64 1.64 0.03 2.06
Artemis High Income I Q Inc 81.40 - 0.17 4.44 Franklin Emg Mkts Debt Opp SGD S$ 20.82 - 0.03 4.33
Inv Grd Gbl Bond A Inc GBH 612.36 - 1.03 1.81 GBP Distributing Class (H) £ 9.41 - 0.03 2.67 UK Smaller Companies W-ACC-GBP £ 3.38 - 0.02 0.41
Artemis Income I Inc 253.21 - 0.87 3.37 Institutional OEIC Funds Franklin Emg Mkts Debt Opp USD $ 16.88 - 0.05 6.16
Short Dated High Yld Bd B Acc GBP £ 11.25 - 0.01 0.00
Artemis Monthly Dist I Inc 74.15 - 0.18 3.17 America £ 8.23 - 0.03 0.30
Monday 19 April 2021 ★ FINANCIAL TIMES 17

MANAGED FUNDS SERVICE

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

LF Ruffer Total Return O Acc 528.04 - -0.93 0.62 Data Provided by

LF Ruffer Total Return O Inc 340.47 - -0.61 0.62

www.morningstar.co.uk
Data as shown is for information purposes only. No offer
McInroy & Wood Portfolios Limited (UK) OGM Oasis Crescent Global Investment Funds (UK) ICVC (UK) Private Fund Mgrs (Guernsey) Ltd (GSY) is made by Morningstar or this publication.
Easter Alderston, Haddington, EH41 3SF 01620 825867 Regulated Regulated
Authorised Inv Funds
OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $ 0.99 - 0.00 1.70 Monument Growth 06/04/2021 £ 529.31 535.01 11.28 0.85
Balanced Fund Personal Class Units 5711.30xd - 17.00 1.17
OGM Oasis Crescent Global Equity Fund USD Class A Shares (Dist) $ 38.70 - 0.30 0.24
Income Fund Personal Class Units 2784.20xd - 9.20 2.14

Guide to Data
OGM Oasis Crescent Variable Fund GBP Class A Shares (Dist) £ 10.16 - 0.07 0.01
Emerging Markets Fund Personal Class Units 2326.00xd - 6.60 1.37
OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $ 11.07 - 0.01 2.48
Smaller Companies Fund Personal Class Units 7403.60xd - 28.10 0.82
OGM Oasis Crescent Global Low Equity Fund USD Class D Shares (Dist) $ 13.26 - 0.06 0.66
The fund prices quoted on these pages are
OGM Oasis Crescent Global Medium Equity Fund USD Class A Shares (Dist) $ 14.75 - 0.08 0.18 supplied by the operator of the relevant
OGM Oasis Crescent Global Property Equity Fund USD Class A Shares (Dist) $ 8.92 - 0.10 1.15 fund. Details of funds published on these
Fundsmith LLP (1200)F (UK) Lazard Fund Managers Ltd (1200)F (UK) Toscafund Asset Management LLP (UK)
pages, including prices, are for the
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 P.O. Box 364, Darlington, DL1 9RD Prusik Investment Management LLP (IRL) www.toscafund.com
www.fundsmith.co.uk, [email protected] Dealing: 0870 6066408, Info: 0870 6066459 Enquiries - 0207 493 1331 Authorised Funds purpose of information only and should
Authorised Inv Funds Authorised Inv Funds Regulated
Aptus Global Financials B Acc £ 4.40 - -0.01 3.77 only be used as a guide. The Financial
Lazard Investment Funds (OEIC) B Share Class Prusik Asian Equity Income B Dist $ 192.40 - -0.61 4.15 Rubrics Global UCITS Funds Plc (IRL)
Fundsmith Equity T Acc 586.60 - 5.50 0.32 www.rubricsam.com Times Limited makes no representation as
Developing Markets Acc 151.69 - 0.40 0.00 Aptus Global Financials B Inc £ 3.03 - 0.00 -
Prusik Asia Emerging Opportunities Fund A Acc $ 191.06 - 0.47 0.00 Regulated to their accuracy or completeness and they
Fundsmith Equity T Inc 536.22 - 5.03 0.32
Developing Markets Inc 149.40 - 0.39 0.00 Milltrust International Managed Investments ICAV (IRL) Rubrics Emerging Markets Fixed Income UCITS Fund $ 140.66 - 0.33 - should not be relied upon when making an
Prusik Asia Fund U Dist. £ 241.36 - 1.18 0.00
[email protected], +44(0)20 8123 8316 www.milltrust.com
Emerging Markets Acc 360.56 - 1.39 1.41 Regulated Rubrics Global Credit UCITS Fund $ 17.87 - 0.03 0.00 investment decision.

Emg Mkts Inc 292.48 - 1.13 1.43 British Innovation Fund £ 121.92 - 2.89 0.00 Rubrics Global Fixed Income UCITS Fund $ 180.30 - 0.12 0.00
Omnia Fund Ltd The sale of interests in the funds listed on
MAI - Buy & Lease (Australia) A$ 102.95 - -0.80 0.00
European Alpha Acc 1026.25 - 4.97 0.06 Other International Funds these pages may, in certain jurisdictions,
European Alpha Inc 896.63 - 4.34 0.11 MAI - Buy & Lease (New Zealand)NZ$ 97.26 - -0.02 0.00 Estimated NAV $ 618.36 - -13.59 0.00 be restricted by law and the funds will not
Milltrust Global Emerging Markets Fund - Class A $ 123.84 - 1.18 0.00
necessarily be available to persons in all
European Smaller Cos Acc 797.36 - 6.07 0.00
jurisdictions in which the publication
The Climate Impact Asia Fund (Class A) $ 141.00 - 2.59 0.00 Toscafund Asset Management LLP
GAM
Global Equity Income Acc 215.38 - 0.33 2.77
www.toscafund.com circulates. Persons in any doubt should
[email protected], www.funds.gam.com
Global Equity Income Inc 114.73 - 0.17 2.82 Purisima Investment Fds (UK) (1200)F (UK) Tosca A USD $ 386.51 - 9.28 0.00 take appropriate professional advice. Data
Regulated
65 Gresham Street, London, EC2V 7NQ collated by Morningstar. For other
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 108.13 - 0.57 3.01 Managed Bal Inc 196.75 - 0.91 1.16 Order Desk and Enquiries: 0345 922 0044 Tosca Mid Cap GBP £ 265.66 - 21.29 0.00
Authorised Inv Funds
queries contact
Scottish Friendly Asset Managers Ltd (UK)
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 108.37 - 0.39 0.67 UK Income Acc 1518.74 - 7.22 - Authorised Corporate Director - Link Fund Solutions Tosca Opportunity B USD $ 405.17 - 32.74 0.00 [email protected] +44 (0)207
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Global Total Fd PCG A 381.01 - 4.67 0.01 Authorised Inv Funds 873 4211.
UK Income Inc 589.68 - 2.81 - Pegasus Fund Ltd A-1 GBP £ 62.99 - 5.10 0.00
Managed Growth ♦ 331.60 - 1.30 0.00
UK Omega Acc 266.99 - 0.96 1.13 Global Total Fd PCG B 377.04 - 4.62 0.00
UK Growth ♦ 408.30 - 1.80 0.00 The fund prices published in this edition
Global Total Fd PCG INT 371.60 - 4.55 0.00
UK Omega Inc 227.41 - 0.82 1.14 along with additional information are also
Milltrust International Managed Investments SPC Oryx International Growth Fund Ltd
UK Smaller Cos Inc 2536.09 - 7.11 - [email protected], +44(0)20 8123 8316, www.milltrust.com Other International Funds available on the Financial Times website,
Regulated NAV (Fully Diluted) £ 9.10 - -0.52 0.00 www.ft.com/funds. The funds published
Milltrust Alaska Brazil SP A $ 75.62 - 1.73 0.00 on these pages are grouped together by
Milltrust Laurium Africa SP A $ 114.35 - 1.76 0.00
fund management company.
Genesis Investment Management LLP
Other International Funds Milltrust Marcellus India Fund $ 120.21 - -0.87 -
Prices are in pence unless otherwise
Emerging Mkts NAV £ 7.21 - -0.16 1.35
Milltrust Singular ASEAN SP Founders $ 169.80 - 0.69 0.00
Slater indicated. The change, if shown, is the

Investments
Milltrust SPARX Korea Equity SP A $ 175.03 - -0.28 0.00
change on the previously quoted figure
Purisima Investment Fds (CI) Ltd (JER)
(not all funds update prices daily). Those
Regulated
Milltrust VTB Russia Fund SP $ 127.99 - -1.35 -
Lothbury Property Trust (UK) designated $ with no prefix refer to US
PCG B X 320.26 - -1.81 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Milltrust Xingtai China SP A $ 153.60 - -0.21 0.00 dollars. Yield percentage figures (in
Property & Other UK Unit Trusts PCG C X 312.67 - -1.77 0.00
Tuesday to Saturday papers) allow for
Lothbury Property Trust GBP £ 1849.34 1992.32 -4.17 1.52
buying expenses. Prices of certain older
insurance linked plans might be subject to
capital gains tax on sales.
HPB Assurance Ltd
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
International Insurances Guide to pricing of Authorised
Holiday Property Bond Ser 1 £ 0.49 - 0.01 0.00 Investment Funds: (compiled with the
Slater Investments Ltd (UK)
www.slaterinvestments.com; Tel: 0207 220 9460 Troy Asset Mgt (1200) (UK) assistance of the IMA. The Investment
Holiday Property Bond Ser 2 £ 0.63 - 0.01 0.00
FCA Recognised 65 Gresham Street, London, EC2V 7NQ
Ministry of Justice Common Investment Funds (UK) Order Desk and Enquiries: 0345 608 0950 Association, Camomile Court 23 Camomile
Property & Other UK Unit Trusts Slater Growth 777.55 777.55 5.60 0.00 Authorised Inv Funds Street, London EC3A 7LL. Tel: +44 (0)20
M & G Securities (1200)F (UK) Orbis Investments (U.K.) Limited (GBR)
Authorised Corporate Director - Link Fund Solutions
The Equity Idx Tracker Fd Inc 1907.00 - 7.00 1.67
PO Box 9038, Chelmsford, CM99 2XF 28 Dorset Square, London, NW1 6QG Slater Income A Inc 145.03 145.03 1.48 5.22 7831 0898.)
Trojan Investment Funds
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 Distribution Units www.orbis.com 0800 358 2030
Authorised Inv Funds Regulated Slater Recovery 368.15 368.15 2.89 0.00 Spectrum Fund O Acc 270.62 - 0.04 0.44
OEIC: Open-Ended Investment Company.
Charifund Inc 1520.54 - 7.56 4.23 Orbis OEIC Global Cautious Standard £ 10.70 - 0.04 0.02
Slater Artorius 339.37 339.37 8.79 - Spectrum Fund O Inc 255.86 - 0.04 0.44 Similar to a unit trust but using a company
Orbis OEIC Global Balanced Standard £ 16.59 - 0.04 2.45
Charifund Acc 27213.77 - 135.28 4.02 Trojan Ethical O Acc 122.27 - 0.91 0.07 rather than a trust structure.
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.24 - 0.00 2.27 Orbis OEIC Global Equity Standard £ 21.24 - 0.11 1.97
Trojan Ethical O Inc 122.04 - 0.92 0.06
Hermes Property Unit Trust (UK) Different share classes are issued to
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.60 - -0.05 2.08 Orbis OEIC UK Equity Standard £ 9.59 - 0.00 2.82
Property & Other UK Unit Trusts Trojan Ethical Income O Acc 140.08 - 0.52 2.10 reflect a different currency, charging
Property £ 6.37 6.85 0.02 - M&G Charity Multi Asset Fund Inc £ 0.88 - 0.00 4.07 Trojan Ethical Income O Inc 121.52 - 0.45 2.13 structure or type of holder.
Ram Active Investments SA
M&G Charity Multi Asset Fund Acc £ 98.67 - 0.50 3.59 Trojan Fund O Acc 364.36 - 2.52 0.24
www.ram-ai.com
Other International Funds
Selling price: Also called bid price. The
RAM Systematic Emerg Markets Eq $ 241.10 241.10 1.74 -
Trojan Fund O Inc 294.93 - 2.05 0.24 price at which units in a unit trust are sold
Trojan Global Equity O Acc 474.06 - 4.68 0.14 by investors.
RAM Systematic European Eq € 540.28 540.28 3.12 -
Trojan Global Equity O Inc 391.16 - 3.86 0.14
RAM Systematic Funds Global Sustainable Income Eq $ 150.95 150.95 1.06 0.00 Buying price: Also called offer price. The
Trojan Global Income O Acc 138.94 - 0.75 2.95 price at which units in a unit trust are
RAM Systematic Global Eq Sustainable Alpha $ 108.60 108.60 0.45 -
Trojan Global Income O Inc 122.28 - 0.66 3.01 bought by investors. Includes manager’s
RAM Systematic Long/Short European Eq € 140.94 140.94 0.67 -
Janus Henderson Investors (UK) initial charge.
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Trojan Income O Acc 342.73 - 2.31 2.64
RAM Systematic US Sustainable Eq $ 393.68 393.68 3.77 -
www.janushenderson.com MMIP Investment Management Limited (GSY)
Authorised Inv Funds Regulated Trojan Income O Inc 175.93 - 1.19 2.70 Single price: Based on a mid-market
RAM Tactical Global Bond Total Return € 154.41 154.41 -0.06 -
Multi-Manager Investment Programmes PCC Limited Mirabaud Asset Management (LUX)
Janus Henderson Asia Pacific Capital Growth Fund A Acc 1474.00 - 2.00 0.00 www.mirabaud.com, [email protected] valuation of the underlying investments.
UK Equity Fd Cl A Series 01 £ 3014.81 3047.32 185.54 0.00 RAM Tactical II Asia Bond Total Return $ 155.53 155.53 -0.05 -
Janus Henderson Asian Dividend Income Unit Trust Inc 97.35 - 0.15 8.65
Conviction based investment vehicles details available here www.mirabaud-am.com The buying and selling price for shares of
Regulated
Diversified Absolute Rtn Fd USD Cl AF2 $ 1759.19 - 88.33 0.00 Stewart Investors (UK) an OEIC and units of a single priced unit
Janus Henderson Cautious Managed Fund A Acc 292.40 - 1.00 3.13 Mir. - Glb Strat. Bd I USD $ 123.01 - 0.16 0.00 23 St Andrew Square, Edinburgh, EH2 1BB
Diversified Absolute Return Stlg Cell AF2 £ 1646.89 - 80.30 0.00 [email protected]
trust are the same.
Janus Henderson Cautious Managed Fund A Inc 152.60 - 0.50 3.18 Mir. - DiscEur D Cap GBP £ 206.16 - 0.11 0.00 Client Services: 0800 587 4141
Global Equity Fund A Lead Series £ 1751.72 1757.59 85.88 0.00 Dealing Line: 0800 587 3388
Janus Henderson China Opportunities Fund A Acc 1808.00 - 11.00 0.13 Mirabaud - UK Equity High Alpha £ 166.45 - 1.85 0.00 Authorised Funds
Treatment of manager’s periodic
Platinum Capital Management Ltd
Other International Funds
capital charge: The letter C denotes that
SI Asia Pacific A Acc 1540.34 - 6.88 0.81
Janus Henderson Emerging Markets Opportunities Fund A Acc 250.60 - 0.20 0.02
Platinum All Star Fund - A $ 146.55 - - -
the trust deducts all or part of the
SI Asia Pacific A Inc £ 2.73 - 0.01 0.81 Unicorn Asset Management Ltd (UK)
Janus Henderson European Growth Fund A Acc 279.10 - 1.30 - manager’s/operator’s periodic charge from
Platinum Global Growth UCITS Fund $ 14.12 - -0.17 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Janus Henderson European Selected Opportunities Fund A Acc 2138.00 - 14.00 0.16
SI Asia Pacific Leaders A Acc 875.22 - 2.70 0.16 Authorised Inv Funds capital, contact the manager/operator for
RLUM Ltd (UK)
Platinum Essential Resources UCITS Fund SICAV USD Class E $ 8.70 - 0.26 0.00
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 UK Growth A Inc 749.60 - 1.11 - full details of the effect of this course of
SI Asia Pacific Leaders A Inc £ 2.97 - 0.00 0.09
Janus Henderson Fixed Interest Monthly Income Fund Inc 22.68 - 0.07 4.24
Platinum Global Dividend UCITS Fund $ 57.03 - 0.06 0.00
Authorised Inv Funds action.
SI Asia Sustainability A Acc 700.11 - 3.32 0.00 Mastertrust A Inc X F 645.69 - 3.83 0.45
Janus Henderson Global Equity Fund Acc 4476.00 - 45.00 0.00 Royal London Sustainable Diversified A Inc £ 2.50 - 0.01 0.52

Janus Henderson Global Equity Income Fund A Inc 64.48 - 0.25 3.02 Royal London Sustainable World A Inc 353.70 - 2.30 0.00
SI Global Emerging Mkts A Acc 775.81 - 6.65 - UK Growth B Inc 756.58 - 1.14 0.26 Exit Charges: The letter E denotes that
Marlborough Fd Managers Ltd (1200)F (UK)
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 SI Global Emerging Mkts Leaders A Acc 545.90 - 4.48 0.70 Mastertrust B Inc X F 580.72 - 3.43 1.05 an exit charge may be made when you sell
Janus Henderson Global Sustainable Equity Fund A Inc 487.40 - 4.90 0.00 Royal London Corporate Bond Mth Income 93.43 - 0.25 3.38
www.marlboroughfunds.com units, contact the manager/operator for
Authorised Inv Funds SI Global Emerging Mkts Sus A Acc 392.32 - 1.40 0.15 Outstanding British Cos A Acc X F 319.58 - 2.58 0.14
Janus Henderson Global Technology Fund A Acc 3267.00 - 35.00 0.00 Royal London European Growth Trust 196.50 - 0.90 0.09 full details.
Balanced 233.15 233.15 0.76 0.17 Outstanding British Cos B Acc X F 347.19 - 2.80 -
SI Indian Sub-Cont A Acc 615.21 - 6.29 0.08
Janus Henderson Instl UK Idx Opps A Acc £ 1.05 - 0.01 1.95 Royal London Sustainable Leaders A Inc 747.00 - 3.50 -
Bond Income 51.55 51.55 0.11 3.17
SI Latin America A Acc £ 2.37 - 0.03 0.67 UK Smaller Cos A Inc X F 699.61 - 4.44 0.10 Time: Some funds give information about
Janus Henderson Multi-Asset Absolute Return Fund A Acc 151.50 - 0.10 1.76 Royal London UK Growth Trust 623.70 - 2.00 -
the timing of price quotes. The time shown
Cautious Inc 91.37 91.37 0.27 2.05 UK Smaller Cos B Inc X F 684.75 - 4.35 0.75
SI Worldwide Equity A Acc £ 2.36 - 0.05 -
Janus Henderson Multi-Manager Active Fund A Acc 262.40 - 1.20 0.00 Royal London UK Income With Growth Trust 212.00 - 0.90 3.70 alongside the fund manager’s/operator’s
Emerging Markets 360.57 360.57 2.10 0.86
Janus Henderson Multi-Manager Distribution Fund A Inc 137.60 - 0.40 2.51 Royal London US Growth Trust 332.10 - 3.60 0.01
SI Worldwide Equity A Inc £ 2.39 - 0.05 - UK Income A Acc X F 332.09 - 0.84 - name is the valuation point for their unit
ETF Commodity A 73.07 73.07 0.00 0.00
Additional Funds Available SI Worldwide Leaders A Acc 557.71 - 2.29 0.00 UK Income A Inc X F 239.49 - 0.61 - trusts/OEICs, unless another time is
Janus Henderson Multi-Manager Diversified Fund A Acc 93.72 - 0.21 2.88
Please see www.royallondon.com for details indicated by the symbol alongside the
European Multi-Cap 739.71 739.71 5.93 0.00 UK Income B Acc X F 367.20 - 0.93 -
SI Worldwide Sus A Acc £ 2.75 - 0.02 -
Janus Henderson Multi-Manager Global Select Fund Acc 305.20 - 1.10 0.00 individual unit trust/OEIC name.
Extra Income 92.18 92.18 0.38 2.80 New Capital UCITS Fund PLC (IRL)
SI Worldwide Sus A Inc £ 2.66 - 0.01 - UK Income B Inc X F 264.96 - 0.67 -
Janus Henderson Multi-Manager Income & Growth Fund A Acc 196.30 - 0.60 2.17 Leconfield House, Curzon Street, London, W1J 5JB

The symbols are as follows: ✠ 0001 to

Far East Growth A Inc 275.41 275.41 1.68 0.74 www.newcapitalfunds.com
Janus Henderson Multi-Manager Income & Growth Fund A Inc 159.80 - 0.40 2.20 FCA Recognised
Global 313.30 313.30 1.43 0.11 New Capital UCITS Funds
1100 hours; ♦ 1101 to 1400 hours; ▲
Janus Henderson Multi-Manager Managed Fund A Acc 321.00 - 1.30 0.16
New Capital China Equity Fund $ 289.87 - -1.20 0.00
Global Bond Inc 153.84 153.84 0.21 2.24 1401 to 1700 hours; # 1701 to midnight.
Janus Henderson Multi-Manager Managed Fund A Inc 310.80 - 1.30 0.01
New Capital Dynamic European Equity Fund € 139.74 - 0.65 0.00 Daily dealing prices are set on the basis of
High Yield Fixed Interest 72.99 72.99 0.06 3.91
Janus Henderson Sterling Bond Unit Trust Acc 248.70 - 0.50 1.27 Polar Capital Funds Plc (IRL) the valuation point, a short period of time
New Capital Dynamic UK Equity Fund £ 123.55 - 0.70 0.00 Regulated
Multi Cap Income A Inc 146.89 146.89 0.60 3.45 may elapse before prices become
Janus Henderson Sterling Bond Unit Trust Inc 69.60 - -0.04 1.28 Automation & Artificial Intelligence CL I USD Acc $ 18.91 18.91 0.21 0.00
New Capital Global Alpha Fund £ 119.59 - 0.44 0.00
Nano-Cap Growth A Acc 281.87 281.87 0.09 0.00 available. Historic pricing: The letter H
Janus Henderson Strategic Bond Fund A Inc 129.60 - 0.50 3.50
New Capital Global Equity Conviction Fund $ 223.07 - 1.83 - Asian Financials I USD $ 488.25 488.25 0.08 - denotes that the managers/operators will
Special Situations A Acc 2341.53 2341.53 9.57 0.00
Janus Henderson UK & Irish Smaller Companies Fund A Acc 742.50 - -1.70 -
New Capital Global Value Credit Fund $ 161.78 - 0.23 0.00 Biotechnology I USD $ 40.63 40.63 0.37 0.00 normally deal on the price set at the most
UK Multi-Cap Growth A Inc 424.75 424.75 1.37 0.00 recent valuation. The prices shown are the
Janus Henderson UK Absolute Return Fund A Acc 166.80 - 0.40 0.00 Emerging Market Stars I USD Acc $ 15.70 - 0.13 0.00
New Capital Japan Equity Fund ¥ 1806.38 - 2.76 0.00 WA Fixed Income Fund Plc (IRL)
UK Micro Cap Growth A 1094.79 1094.79 5.39 0.00 latest available before publication and
Regulated
Janus Henderson UK Alpha Fund A Acc 167.40 - 0.20 0.28
New Capital US Growth Fund $ 481.61 - 7.40 0.00 European Ex UK Inc EUR Acc € 12.41 12.41 0.03 0.00 may not be the current dealing levels
US Multi-Cap Income 687.39 687.39 6.52 1.21 European Multi-Sector € 120.29 - 0.48 2.95
Janus Henderson UK Equity Income & Growth Fund A Inc 518.90 - 2.50 2.69
New Capital US Small Cap Growth Fund $ 252.47 - 2.31 0.00 Financial Opps I USD $ 15.67 - 0.03 1.52 because of an intervening portfolio
MFM - Third Party Funds
revaluation or a switch to a forward
Janus Henderson UK Property PAIF A Acc £ 2.33 2.46 0.00 2.71 Junior Oils 35.61 35.61 0.21 0.00 GEM Income I USD $ 14.06 - 0.06 0.00
New Capital Wealthy Nations Bond Fund $ 151.28 - 1.15 0.00
pricing basis. The managers/operators
Janus Henderson UK Property PAIF A Inc £ 0.96 1.01 0.00 2.76 Junior Gold C Acc 52.97 52.97 1.44 0.00 Global Convertible I USD $ 17.28 17.28 0.05 0.00
Ruffer LLP (1000)F (UK) must deal at a forward price on request,
Janus Henderson US Growth Fund A Acc 1798.00 - 24.00 0.00 MFM Bowland 344.87 344.87 13.43 0.48 Global Insurance I GBP £ 7.76 - 0.02 0.00
65 Gresham Street, London, EC2V 7NQ and may move to forward pricing at any
Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds
time. Forward pricing: The letter F denotes
MFM Hathaway Inc 166.94 166.94 3.28 0.58 Global Technology I USD $ 92.55 - 1.43 0.00 Stonehage Fleming Investment Management Ltd (IRL)
Authorised Corporate Director - Link Fund Solutions www.stonehagefleming.com/gbi
that that managers/operators deal at the
MFM Techinvest Special Situations Acc 210.31 210.31 3.98 0.00 Healthcare Blue Chip Fund I USD Acc $ 17.23 17.23 0.29 0.00 [email protected] price to be set at the next valuation.
LF Ruffer European C Acc 927.58 - 1.92 0.04
Regulated
MFM Techinvest Technology Acc 1111.11 1111.11 -5.34 0.00 Healthcare Opps I USD $ 66.51 - 0.77 0.00 LF Ruffer European C Inc 169.27 - 0.35 0.08
SF Global Best Ideas Eq B USD ACC $ 262.49 - 3.38 - Zadig Gestion (Memnon Fund) (LUX)
FCA Recognised Investors can be given no definite price in
MFM UK Primary Opportunities A Inc 488.20 488.20 1.83 0.61 Income Opportunities B2 I GBP Acc £ 2.59 2.59 -0.01 0.00 LF Ruffer European O Acc 903.70 - 1.81 0.00
SF Global Best Ideas Eq D GBP INC £ 288.73 - 3.45 - Memnon European Fund - Class U2 GBP £ 214.39 - 0.37 0.00 advance of the purchase or sale being
Japan Value I JPY ¥ 128.68 128.68 -0.13 - LF Ruffer Equity & General C Acc 541.77 - 1.01 0.16 carried out. The prices appearing in the
North American I USD $ 36.04 36.04 0.38 0.00 newspaper are the most recent provided
LF Ruffer Equity & General C Inc 495.48 - 0.92 0.17
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18 ★ FINANCIAL TIMES Monday 19 April 2021

WORK & CAREERS

Watch this slam

‘
In lockdown, inspiring sports leaders Cath Bishop, an Olympic silver It’s not that Mosley isn’t as hard a “Talented people can be flawed and
have become huge hits on television. medal winning rower, is now a taskmaster. He is full of bluster — difficult. You need to show you

dunk example Series such as last year’s Cheer, about a

Texas college cheerleading team led by
leadership development coach and the
author of The Long Win, a book on how
excuses are, he says, “tools in which
incompetent individuals build
understand them, while balancing that
affinity with discipline.”

of great team Monica Aldama, a nurturing coach

with an MBA, are great viewing.
to help organisations succeed. Her
work shows that collaboration and co-
monuments of nothing” — and makes
the team train relentlessly. What sets
Businesses have long looked to the
likes of former football manager Sir

leadership
More than that, though, these series operation works far more effectively him apart is his ability to instil a sense Alex Ferguson to show them what it
offer something useful we can take into than competition: “Both sport and of purpose. Talented people takes to achieve greatness. But winning
our lives and work. And the best business have traditionally had a This is not the world of The Last on the pitch requires more than the
example yet is a new incarnation of the rather macho narrative, but if you Dance, the Netflix series about Michael can be flawed and angry reprimand — the “hairdryer
Netflix reality show franchise Last want good decision-making and high Jordan’s final season with the Chicago difficult. You need treatment” for which the Manchester
Chance U, created by the same team as performance over the longer term, Bulls team that dominated the NBA in United legend was well known. Mosley
Cheer. The action has moved on from then it’s not sustainable to work on the the mid-nineties. There is no glamour to show you shows it needs humanity off it, too.
the previous five series, which were set basis of fear.” in East LA, just a windowless court understand them, As Bishop says: “The pursuit of gold
among American football teams. This The Last Chance U franchise delves with bright lighting. Yet by medals left a lot of elite athletes
time we follow John Mosley, coach of into the world of junior college understanding what makes each player while balancing without balance. In sport there is now

’
the East Los Angeles College Huskies, a programmes. These are a refuge for tick, Mosley makes them all buy into that with discipline more of an understanding that winning
junior college basketball team, over the those with talent, but perhaps lacking his vision and put together a record- without meaning doesn’t feel like
2019-20 season. the grades, the work ethic, or the breaking winning streak. winning at all,” she says. That shift is
Mosley, the first African American composure to make it as a college star When it looks like Joe Hampton, coming to business: “Some banks and
coach to feature in the series, is a at what are known as “Division One” possibly the best player and certainly law firms are increasingly aware that
former college and professional schools, from which future NBA or NFL the moodiest, will go off the rails, they need to have more of a sense of
basketball player. He is also a man on a stars are plucked. Mosley stands by him, saying too often purpose too and that making people
mission, his Christian faith central to While the aggressive style of the energy is put in the game, and not the work long hours without it is going to
his coaching ethos. Mosley wants to American football coaches of the players. “They need love the most lead to problems in attracting and
secure the California state show’s first few seasons often got when they deserve it the least,” he says. retaining talent.”
championship, and to redeem young results on the field, it came at the As the season ends, Hampton tells us Mosley’s coaching makes his team
lives through sport. expense of the welfare of the players. all he needed “was someone to stay better players — all of them secure
His methods are firm, fair and There was an uneasy sense that the with me”. offers, many from top schools. And,
consistent. It’s great television, and system we saw — often majority white It’s a technique that translates well whether they make it in basketball or
while the parallels between sport and colleges in small towns which offered into management. “You need to mix not, his compassion will stay with them
Claire Jones business are well-trodden, the scholarships and a shot at the big time being a benevolent guardian with a for life.
elevation of positive management — was exploitative, leaving the teams, ruthless streak,” says Rob Goffee, co-
Management examples such as Mosley has taken a
long time to become mainstream.
mostly made up of black players, burnt
out mentally and physically.
author of Clever, which deals with how
best to manage gifted employees.
[email protected]
Andrew Hill returns next week

International employment

When staff decide to work agreement and say you’re working for
this company, not that one, whereas
abroad, businesses have other countries might not,” says Grant
to grapple with tax and Thornton’s Tonge.
In addition, companies can expect
compliance woes. So what to pay an average industry fee of 20 per
might ease the way? cent over its wages and payroll contri-
butions.
By Patrick Mulholland Remote acknowledges that some
countries are trickier to operate in than

S
others and publishes a guide on which
urfing is a life-long passion jurisdictions are accommodating of
for Leonie Eidt. Every year, PEOs. But the company’s services come
the German art therapist sets at a cost. Its roster of clients are mostly
aside three months to catch offering high-skilled technology jobs.
waves in sunnier climes, “If you look at the people we employ,
mostly Portugal. When she lost her job they tend to be well compensated
as a social worker at the beginning of the because our flat fee is anywhere
pandemic, Eidt decided to take the between $299 to $599 per employee
plunge and freelance as a “digital each month,” explains van der Voort.
nomad”, someone of no fixed abode
who works remotely online.
Her first stop is Costa Rica in Central
America, one of a number of idyllic
nations now offering longer-stay remote
work visas for foreign visitors. Similar
programmes have recently been
announced in other countries, such as
Croatia, the UAE, and Mauritius.
About one in 16 people employed in
the UK (1.9m workers) intend to work
from abroad for at least part of this
year, according to a survey by PagoFX,

The cross-border pitfalls of

an international payments platform. Among its users, Remote counts Git-
Almost half of all respondents also said Lab, Loom, Cargo.One and Paystack.
they could do their job just as well from Loom’s remote work policy allows its
another country. employees to work overseas on condi-
However, for many people it remains tion that new hires can commit to 2-3

‘working from anywhere’

complicated to work at a company hours overlap with the US working day.
based in one country and live in At present, 13 per cent of the company’s
another. Payroll taxes, benefits and 120-strong workforce lives abroad.
social security are just a few of the com- “Trying to figure out how to hire
pliance headaches companies face when someone in another country, especially
sending workers overseas or hiring from when you don’t already have any local
abroad. operations there, is a huge burden on
Since the pandemic forced a world- the people team,” says Meghana Reddy,
wide remote working experiment vice-president of people at Loom. The
where workers, unmoored from offices, With The 183-day rule is a commonly used ments, says Richard Tonge, a principal stricken 2020 the fifth lowest year Surf’s up: Leonie partnership with Remote means the
have logged hours from home for weeks, threshold for determining whether at accounting firm Grant Thornton. on record for new arrivals since 1820. Eidt, above, company can easily keep track of their
months — even a year — should govern-
immigration someone ought to be considered a resi- On the employee side, many coun- In 2019, an annual report from took advantage employees’ compliance status through a
ments and companies be rethinking restrictions dent for tax purposes. Provided the tries already have bilateral agreements, recruitment agency Manpower Group of remote-work portal and not rack up expensive legal
how to ease work across borders? tightening, employer is based overseas and the such as double taxation treaties that found that 54 per cent of global employ- visas to become fees consulting local lawyers.
costs are not borne by a permanent prevent overseas workers from being ers struggled to fill job openings. Given a ‘digital nomad’
New countries, new taxes talent establishment in the host country, taxed twice on the same income in dif- the trend towards remote work, “filling in Costa Rica, Competitive edge
For multinational companies, this is shortages workers can typically avoid creating ferent jurisdictions, and social security these roles from abroad seems a viable below. Job van Recently Paystack, a Lagos-based fin-
less of a problem, says Professor Mauro are only taxable status for themselves within totalisation agreements that allow alternative,” says Prof Guillen, who calls der Voort, right, tech platform, hired software engineers
Guillen of the University of Pennsylva- those six months. workers to continue paying into their this the first global market for talent. co-founded in India, while Cargo.One has sought to
nia’s Wharton business school. If a busi- getting worse During the pandemic, governments home system over the host country. And there are companies hoping to HR company expand its online freight business by
ness has an existing office in another temporarily relaxed some of these But such treaties can create their own capitalise on it. Remote, an HR solutions Remote in 2019 hiring teams in countries three hours
country, they can second the employee rules to account for the near-total problems. start-up for distributed teams is looking to support firms either side of Berlin.
and set them up with a local contract. shutdown in international travel and The US, for example, has more than to make life easier in this expanding hiring in foreign “Access to the best talent gives us a
Difficulties arise where companies do the complex situations faced by 50 double taxation treaties and only 30 market. The company was founded in jurisdictions competitive edge,” says Moritz Claus-
not have a permanent presence in that stranded workers. However, this social security totalisation agreements, 2019 by Job van der Voort and Marcelo Arnoldo Robert/Getty
sen, Cargo.One’s founder. “And if the
separate jurisdiction, opening them up guidance is, as yet, untested, and which means in some countries, Ameri- Lebre as an employer of record (EOR) best product manager lives in Tel Aviv,
to liabilities such as increased taxes and some employers are navigating “an can workers will not have to pay tax on for companies wanting to hire overseas we want to have that person work with
issues around labour laws and benefits. unclear environment for tax” as they the same income twice but may be on workers. EORs, or professional us. It doesn’t really matter if they sit in
“Telecommuting from abroad seems seek to formalise remote work arrange- the hook for additional social security employer organisations (PEOs), build Germany or Portugal.”
so easy, but you might be inadvertently charges. While these hurdles in part out networks across the world that “As an employer, I want to be able to
positioning your company to commit a reflect outdated laws, complexities also absorb responsibility for international provide flexibility for employees as I
serious crime,” says Don Dowling, an exist by design: by making it harder to employees’ payroll, benefits and other think it’s a differentiator for us as a com-
attorney at Littler Mendelson, an work remotely abroad, governments compliance matters. In effect, Remote pany,” says Reddy, who wishes there was
employment law firm. avoid offshoring jobs. becomes the de facto employer in that more co-ordination between countries
Overseas employees could create second country. so people could work remotely from
new tax obligations — after all, those Talent shortage Van der Voort developed the idea dur- wherever they are most comfortable.
individuals benefit from water use, But with immigration restrictions tight- ing his five years at the software com- The consensus among industry
waste disposal and myriad other public ening across the developed world, pany GitLab, which operates on a work- experts, however, is that any such agree-
services. including in the US during the Trump from-anywhere policy and routinely ments are far from being realised in law.
According to EY, the professional administration and the UK following its encounters challenges setting up locally One thing is for certain: remote work
services company, corporate tax and exit from the EU, companies’ talent compliant work contracts. is here to stay. And as more people — of
payroll risk — such as increased taxes on shortages are only getting worse. While PEOs can make for effective varying incomes — embrace the free-
salary — were the two most frequently Data analysis from the Cato Institute, staffing solutions, not all countries will dom to live and work however they
cited concerns among companies look- a libertarian think-tank, shows that the recognise the relationship between the please, governments will have to get
ing to hire abroad, at 39 per cent and rate of immigration to the US has fallen contracted parties. “From what I’ve smarter about how they regulate labour
24 per cent, respectively. sharply since 2017, with pandemic- seen, China would look through an markets and tax incomes.
Monday 19 April 2021 ★ FINANCIAL TIMES 19

WORK & CAREERS

Gaming inspires new worlds of virtual work

Curated workspaces display in real life”, says Philippou.
Take the avatars for example: when
evoking tropical islands, exploring the spaces and stopping to
the Alps or local cafés may have a chat, a certain degree of personal
space is still observed and, without
improve our online lives, thinking, you position yourself in a
writes Janina Conboye circle to chat just as you would if you
were talking in the kitchen at work or

I
in a meeting room.
t is an average work day at home in For some, Topia has proved particu-
London. It is raining, but I am busy larly good for networking events.
in a world of tropical islands sus- WeAreTheCity.com, the networking
pended mid-air over a blue ocean, website for working women, which
jotting notes on a whiteboard includes seminars, career advice and
during a brainstorming session. Later I an online jobs board for women in tech,
teleport to the “rooftop” bar to shoot has used bespoke Topia worlds for
hoops and drink a virtual beer with my events that have had to go online.
fellow collaborators. With Topia “there is no hierarchy”,
This is Gemba’s VR world, where, says Vanessa Vallely, WeAreTheCity’s
through an Oculus headset, immersive chief executive and founder. It can make
executive masterclasses and other col- people feel less awkward, so “it makes
laborative meetings are enhanced by 3D networking easier and it’s easier to navi-
presentations, virtual Post-it notes and gate for those who are more intro-
whiteboards (and a relaxing clear sky). verted”.
As we emerge from lockdowns and But how will all this software evolve in
into hybrid working, employees are a world of hybrid work? You can still
unlikely to be in the office all together build strong connections with others
every day — with some companies going and do things together without using VR
fully remote permanently. VR tools for every meeting, says Jeremy Dalton,
such as Gemba’s, and more accessible head of VR at PwC, the professional
2D desktop applications, are designed services firm.
to help avoid Zoom fatigue and encour- Demand for headsets has increased
age more natural exchanges between both within the firm and from clients.
people — what are often called “water Dalton adds that he doesn’t see VR
cooler” moments. VR tools such 2D apps, such as Reslash, Topia and moves themselves across (individuals campfire. Fun, but not too distracting. and 2D apps “cannibalising” each
Gemba was developed by the Leader- as Gemba’s are Around, are providing imaginative col- appear via their camera in little bub- Topia can be used for all sorts of other’s markets. “It’s not easy getting
ship Network, an executive training designed to laborative environments designed to bles) and give a virtual tap on the gatherings but, in a work context, hundreds of headsets to users across the
provider and, given the pandemic, its encourage make exchanges more fluid. shoulder. founder Daniel Liebeskind says it’s world.” And with the apps, “you don’t
decision to develop the VR experience water cooler “We call ourselves the antithesis of Different teams can hang out about community and bringing people even need to download anything, you
was “fortuitous”, says Dominic Deane, moments Zoom,” says Ashwin Gupta, founder and together, have chats and ask questions, together. “It’s getting rid of isolationand just log in like [Microsoft] Teams or
Gemba’s managing director, as he gives CEO of Reslash, which provides differ- rather than having to set up a video call. facilitating those water cooler Google Meet,” he says.
me a virtual guided tour. During the ent rooms — such as a coffee bar and Employees can hang out all day if they moments,” he says. Meanwhile, with 2D apps, there is
pandemic bookings have increased by lobby — where “spatial audio” means want, or they can just drop in to see who He is keen to stress that it is not a pro- lots of scope for workers to experiment
150 per cent. groups can gather in the same virtual is there. ductivity tool and is an add-on to apps as they figure out what works best
As I drift among other avatars (with space but can’t hear each other unless PhishCloud, a cyber security com- such as Slack. “This is not a replacement for them. Kyle Hurst, PhishCloud’s
neutral floating robot torsos), it feels they sidle up to one another. pany, stumbled across Reslash and for real life . . . what it does is give more chief technology officer, believes the
surprisingly natural and easy to use
with the two-hand controls provided.
Gupta and his co-founders thought
about what it would be like if teams
decided to try it out “as Zoom definitely
wasn’t cutting it”, says Terry McCorkle,
people access.”
Over in the Swiss Alps, I meet Paul
‘This is not a platform will reduce the need to travel
around the globe for on-site meetings.
“It needs to be as intuitive as possible,” could have multiple conversations chief executive. Reslash has replicated Hamilton and Andy Philippou of vTo- replacement Post-pandemic, could a merging of
Deane adds. The headset, while still a
little heavy, is portable and cordless.
without going into breakout rooms,
doing daily group work together but
some office interactions, “but that’s
not to say that in person time is not
gether, one of two tech companies
accredited by Topia to build bespoke
for real life worlds be upon us? Gupta of Reslash is
enthusiastic about how the lines
While the technology is at the high in the same space. important,” he adds. worlds on the platform. . . . what it between real and virtual interactions
end of bringing together employees, For example, people from one team Topia is another intriguing platform They say there is a “flippancy” could be blurred.
managers and executives dotted all over might be hanging out in the corner of that provides illustrated greyscale that you do not get with video con- does, is give “It completely boggles the mind,” he
the world — cutting the cost of business one room — your screen — and someone environments. I found it rather like ferencing technology. In a similar more people says. Potentially a virtual office eco-
travel and the time employees need may want to put a question to another being in a book that had come to life, way to VR, when using Topia, “you system could exist within a real one.
to be away from the office — cheaper team on the other side. A user simply especially a forest area with a crackling enter into behaviour that you would access’ “The possibilities are endless.”
20 ★ FINANCIAL TIMES Monday 19 April 2021

ARTS

Media mogul putting Africa in the picture

Mo Abudu’s Nigeria-based
film and TV company has
signed deals with Netflix and
others as the market grows
for non-western content.
She talks to Neil Munshi

W
hen I first meet Mo
Abudu, the most
powerful film and TV
producer in Africa, she
is drinking prosecco
with friends at the new production
office of her company EbonyLife in
Lagos. They’re celebrating the opening
of the EbonyLife Creative Academy,
where hundreds of young Nigerians will global narratives? “It had to happen at having it all — but from an African
be able to learn everything from pro- some point, because there just wasn’t perspective. “I love watching The Oprah
duction to screenwriting to acting and any diversity. There just wasn’t any Show. I mean, who doesn’t? But how rel-
lighting for free — thanks to support equity in the storytelling around the evant is this to people across the conti-
from the local government. world . . . Particularly in the last year, nent? If she’s covering a topic like sexual
Upstairs, the cast of Castle & Castle, the we’ve seen the importance of Black abuse, how does that American helpline
Lagos-set legal procedural that aired Lives Matter. And when we say Black help you here in Nigeria?” she says. “If
its first series on Abudu’s satellite TV Lives Matter, black stories matter, Afri- Oprah is doing a show about weight loss,
channel, is filming series two on a floor can storytelling matters,” she says. “So I for example, now, what on earth is she
that has been mocked up to be the think the world has just kind of now going to tell you to eat that is relevant to
eponymous law firm’s offices. It will air woken up to this reality, that it’s time to an African? Our diets are different. So I
later this year on Netflix under a land- hear more.” had dietitians come on my show that
mark deal Abudu struck with the Abudu was born in Hammersmith in would say, OK, locally, eat this . . . it was
streaming giant. west London but moved to Nigeria as a about just finding the relevance to
She and her friends are discussing the child before heading back to the UK for everything on a local level.”
glass and steel offices of some of Lagos’s boarding school and university. She It’s since aired hundreds of episodes
top law firms, which she compares to based on Lola Shoneyin’s book The Above: producer Mo The Netflix deal was the first of four returned to Nigeria in the early 1990s and Abudu has interviewed most of
photos on the wall that show the grittier Secret Lives of Baba Segi’s Wives and Abudu. Above right: major deals she signed in the past year, and worked as the head of HR for the oil Nigeria’s most powerful politicians, as
lives of everyday Nigerians. “I love these another on Nobel Prize-winning Abudu on her talk show along with an agreement with AMC, the company ExxonMobil. She left that job well as the likes of Hillary Clinton and
pictures, because it’s part of who we are playwright Wole Soyinka’s Death and ‘Moments with Mo’ in 2011 US network behind Mad Men and The to found a recruitment agency, Vic Law- Christine Lagarde. With the success of
— but that is not all we are,” she says. the King’s Horseman. The first film, with Christine Lagarde, Walking Dead, to develop a sci-fi show rence & Associates, when she got the the talk show, Abudu launched a chan-
EbonyLife does gritty and glamorous, Òlòturé, about a journalist who goes then head of the IMF called Nigeria 2099. In February, she itch to launch her own talk show. nel named after her production com-
but Abudu is also interested in changing undercover as a sex worker in Lagos, @tybello
announced a deal with Will Smith and She took a course in London on how to pany, EbonyLife, in 2012, and a film
perceptions of the continent from the aired in October. Jada Pinkett Smith’s Westbrook Studios be a TV presenter, watched an Oprah studio in 2014. Before Òlòturé it had
ones she heard at boarding school in Streamers such as Netflix have seen to develop two more series and a movie, Winfrey DVD box set and then went into mostly produced comedies, and its
England: do you live in a hut? Do you success telling non-western stories, along with a first-look TV deal with Sony the offices of MultiChoice, the satellite seven films are among the top-grossing
have lions and giraffes running in she says. “People are enjoying these Pictures Television. TV provider, and pitched her idea. Nigerian films of all time.
your garden?
“The same questions I was being
stories,” she tells me a few days later
over Zoom, where we’ve decided to con-
‘There just wasn’t It’s an unprecedented run for an Afri-
can production company and speaks,
Moments with Mo debuted in 2006.
Like Oprah, it covered everyday domes-
Before the pandemic, Abudu knew
that traditional TV was dying, even on a
asked in England [40 years ago] are the tinue our chat. “It’s working because any diversity. There she says, to the quality of EbonyLife’s tic issues — love at first sight, dieting, continent where more than half the
same questions my children were being . . . it makes business sense to offer the work and the fact that the world is ready people have no internet access. The
asked when they went to school in world stories that they can relate to, not wasn’t any equity in to hear African stories. future is streaming, everywhere, she
England,” she says.
EbonyLife is developing two series
stories that are just about a particular
part of the world, but stories that
the storytelling “I think what’s happened is that the
world has gotten to a place whereby it
says, and the streamers are now paying
attention to African voices. But there is
and multiple films for Netflix — one encompass everyone.” around the world’ has decided that it needs more stories, it still more work to be done.
needs different backdrops and that “I just want to tell stories that don’t
there needs to be more diversity in have to be classified as an African story
storytelling,” she says. “The story that — I just want to tell really great stories
gets told from our continent in film has that the world is going to appreciate,”
been about the slave trade. Now, I’m not she says.
saying it’s not an important part of our “When an American tells a story, it’s
history, but it’s not the only history we not preceded with the word [‘Ameri-
have — there is so much more. And I can’]. It’s just considered a great story.
think that now, studios around the And I just want to be at a point whereby
world are appreciating the fact that they we are part of that ecosystem that
can commercialise these stories, provides great content for the world
because they’ve never been told.” to enjoy.”
She bristles slightly when I ask her
what the series of deals says about
Nollywood, Nigeria’s film industry, a
cultural behemoth on the continent.
“Nollywood means film, and a lot of
the work we do is film and television. So
I don’t want to say that it’s bigger than
Nollywood because Nollywood is a mas-
sive industry, but I’m just trying to see if
Nollywood truly defines the work that
we do,” she says. She points to the recent
string of deals: “The kind of projects
that we’ve signed, and the deals we’re
doing, they’re global in nature . . . But I
love Nollywood, and . . . I want to con-
tinue to do local stories, because I think
our box office needs to grow in Nigeria.”
Why does she think the entertain- Top: EbonyLife’s legal series ‘Castle & Castle’. Above: Ikechukwu Onunaku in
ment industry has come around to ‘Òlòturé’ (2019), which first aired on Netflix last October — Alamy

Democracy under the microscope

Chace, formerly a producer for This The prologue alone comes in at nearly
PODCASTS American Life, who travels to North 10 minutes, which struck me as too long.
Carolina to meet a community mired in It also features a large cast of characters
Fiona distrust. In the opening episode — there and requires more than a rudimentary
Sturges will be five in total — Chace observes
how we think of election fraud as some-
understanding of the workings of local
US politics. Google is your friend here.
thing that happens on a grand scale, Nonetheless, The Improvement Associ-
involving compromised technology and ation is beautifully produced and

E
intervention from foreign powers. But reported, and comes with elegant yet
lection fraud doesn’t happen the Bladen County case, she says, is unobtrusive sound design. This, of
in the US — or so we have about “individual people, in a tight-knit course, is what we’ve come to expect
been told. But in rural North place, using their relationships to either from the creators of record-breaking
Carolina in 2018, a congres- make money, or take revenge, or both”. podcasts including Serial and S-Town.
sional election was thrown Non-American listeners will have to Serial Productions long ago made the
out and a new one called after the concentrate hard on the opening decision to move away from true crime
Republican campaign was investigated episode, which is dense with scene and its attendant ethical quagmire, and
for fraud using absentee ballots. Repub- setting and background information. into matters social and political. This is
lican politicians weren’t the only ones also its second series made with The
accused of foul play. Suspicion had long New York Times, and the shift from the
been cast over the Bladen County narrative of the questing journalist on a
Improvement Association, a North personal journey to a more distanced
Carolina advocacy group set up to help and rigorous reporting style is clear.
low-income and minority communities Ultimately, The Improvement Associa-
cast their ballots and which, in 2010, tion is more of a piece with its immediate
alighted on the idea of helping people predecessor, Nice White Parents, which
vote using absentee ballots, leading to was about segregation in the American
the election of the county’s first black schools system and is now being
sheriff. While no evidence has been adapted for television by HBO. Like Nice
found to substantiate claims of illegality, White Parents, this series puts a system
rumours and complaints among the and a community under the microscope
residents persist. and, in doing so, makes broader obser-
These complaints, and the wider vations about society and the state of
implications of class and race, are the America. What starts as a slow-burner
subject of The Improvement Association, slightly bogged down in detail morphs
the newest podcast series from Serial into a story brimming with power strug-
Productions and The New York Times. Zoe Chace presents a new podcast, gles, scandal and division. Let the TV
It is reported and presented by Zoe ‘The Improvement Association’ bidding begin.
Monday 19 April 2021 ★ FINANCIAL TIMES 21

FT BIG READ. MIDDLE EAST

What lies behind the family feud that led to Jordan’s king detaining his half-brother? Sibling rivalry?
Foreign intervention? Or a faltering economy struggling with corruption and exposed by Covid?
By Mehul Srivastava and Andrew England

Inside Jordan’s royal crisis

A
bout eight years ago, Prince
Hamzah bin Hussein
brought an idea to his half-
brother, the King of Jordan.
For years, the many tenta-
cled Jordanian security and intelligence
services had been at odds with each
other, caught up in a decades-long battle
for control of the most powerful institu-
tions in the Arab kingdom. Two previ-
ous chiefs of the Dairat al-Mukhabarat,
or General Intelligence Directorate, had
been jailed for corruption.
“It was a dark period,” says a western
diplomat. “Open corruption, inter-serv-
ices turf battles, briefing and counter-
briefing on each other, completely erod-
ing their effectiveness.”
Unseated as crown prince in 2004,
Prince Hamzah had been asked by King
Abdullah to make himself useful to the
Hashemite dynasty. That day, says a
person briefed on the exchange, the
brash prince made a bold suggestion:
unite all the intelligence services into
one wing and place him in charge. King
Abdullah declined. Placing Hamzah —
who the king had passed over in favour
of his own son for succession to the
throne — in such a powerful position
was “unthinkable”, says the person.
Since that rejection, Prince Hamzah,
41, has pursued a different track — mak-
ing deep inroads into the far-flung and
disaffected tribes that a century ago
helped create what grew into the mod-
ern state of Jordan. But now, a minority
in their own country, some tribal lead-
ers complain of being left behind, with
their young people unemployed. In the
prince, they found a sympathetic ear.
“He would ask us how we were,” says
Dahham Methqal al-Fawwaz, a 38-year
old tribal leader from the Serdi clan in
the north of the country, close to the
border with Syria. “And he would listen,
when I would tell him of the sadness in
people’s faces, grim with the hardships
they have to bear.”
That tactic — courting the tribes —
eventually brought the ambitious
King Abdullah,
left, and Prince
mollify — royal visits and grand gather-
ings that lasted hours, and the personal
on foreign aid for most of its existence
from the US, western institutions and
worked for Mohammed bin Salman
who became Saudi Arabia’s crown
‘The base nefarious organisation or foreign-
backed group”. Saudi officials have also
prince and the rest of the ruling family Hamzah bin touch between the king and his subjects. once-generous Gulf states, will struggle prince in 2017. According to Jordanian of the denied that Riyadh was involved.
into open conflict two weeks ago, with Hussein. Below, Instead of addressing the demands of a to revitalise its economy. Jordan's fail- officials, Awadallah and Hamzah have “We’re not buying it [Jordan’s version
Prince Hamzah placed under house Jordanian Queen modern nation, say analysts, the palace ure to create a vibrant industrial base met six times this year. “He was coach- regime — of events],” says one western diplomat
arrest, stripped of all means of elec-
tronic communications and eventually
Rania (left),
Crown Prince
dispensed state jobs, usually in the mili-
tary, and unaffordable pensions.
has become even more apparent with
unskilled jobs for the younger popula-
ing Prince Hamzah . . . helping him
shape his language,” says one.
the social based in Amman. “It’s easy to make this
foreign and scary, to move on from the
subdued into signing a pledge of alle- Hussein bin By 1989, when Jordan had to resort to tion scarce. “If the government has to The intercepts could not be independ- pact that [core] issue that there is a regime that is
giance to the 59-year old King Abdullah.
The extraordinary public feud has
Abdullah,
Prince Hashem
an IMF bailout, 90 per cent of workers
in the tribal-dominated southern gover-
resort to cutting subsidies [and]public
sector wages, then we could easily see
ently verified, and it is not clear if the
Jordanian investigation has yielded any
has kept it not responsive to legitimate criticism.”
Parallel process at the palace
exposed tension inside one of the Arab bin Abdullah norates of Ma’an, Karak and Tafilah unrest again,” says Jason Tuvey, senior additional evidence supporting the alle- afloat —
world’s most stable royal dynasties. Its and Princess worked for the state, estimates Tariq emerging markets economist at Capital gations of seditious activities. The prince’s approach to the tribes and
western-educated ruling elite, compli- Salma bint Tell, a professor of political science at Economics. Most crucially, however, two Jorda- has been his criticism of government failures
ant intelligence agencies and reliability
have made Jordan a staunch ally for its
Abdullah — FT
montage; AFP/Getty, Alamy
the American University of Beirut.
It was expensive and unsustainable. Courting the tribes
nian officials say Prince Hamzah was in
contact with Awadallah on the night the
eroding for undermined a parallel process being
championed by Queen Rania, to posi-
closest friend, the US, which has Jordan has meagre natural resources Prince Hamzah spent years building a prince met Jordan’s army chief of staff, some time. tion her 26-year-old son Hussein for an
rewarded it with billions in aid. and the small nation, squeezed between loyal base of support among the tribes. Major General Yousef Huneiti. The eventual coronation. He was named
At least 18 more people, described by Iraq, Syria, Israel, the occupied West He felt like one of them, they say, driv- army chief, in a conversation recorded Now it crown prince in 2009.
the government as co-conspirators in a
seditious plot, have been arrested and a
Bank and Saudi Arabia was buffeted by
regional wars, with its demographics
ing out to their weddings and funerals,
joining them in hunting and falconry
by Hamzah, urged the prince to curtail
his contacts with unnamed palace crit-
faces The young Hussein, also western edu-
cated like his father and Prince Ham-
sweeping investigation is being carried transformed by the flow of Palestinians during the day and in long-drawn out ics, before the prince strongly suggested serious zah, has 2.7m followers on Instagram, a
out, spearheaded by the Mukhabarat. fleeing conflict in Israel, both in 1948 political discussions at night. the army chief leave his house. military background and has been mak-
Intercepted WhatsApp and other A close physical resemblance to his According to a person familiar with problems’ ing public appearances designed to
messages described to the FT by Jorda- SYRIA 50 km father and his use of classical Arabic the investigation, minutes later, Prince boost his image.
nian officials paint a pattern that goes allowed him to inhabit the mantle of Hamzah forwarded the recording to “The king and queen are trying to
GOLAN HEIGHTS
beyond the cultivation of a rival power IRAQ Hussein’s chosen successor with an ease Awadallah, with a cryptic note: “The groom him, but it’s not catching — he
base — they suggest active collusion that defied King Abdullah, say tribal people should know this has happened”. doesn’t come across [to ordinary Jorda-
with Bassem Awadallah, a Jordanian leaders. Lineage matters a great deal in The release of the recording by Prince nians] yet as a serious contender,” says
adviser to Mohammed bin Salman, WEST Amman JORDAN Jordan, some tribal leaders say they Hamzah’s associates triggered 48 hours Daoud Kuttab, a prominent Jordanian
Saudi Arabia’s crown prince who report- BANK resent that King Abdullah married a of palace turmoil. radio host. “His biggest competition is
edly dislikes the Jordanian king. Palestinian — Queen Rania. Within hours Awadallah was Prince Hamzah.”
GAZA
The officials say Prince Hamzah Karak “Prince Hamzah was one of us, he was detained. A rattled Saudi government Western diplomats point to another
asked members of this message group, ISRAEL someone very close to our heart,” says publicly expressed its support for King source of friction — after Prince Ham-
KARAK
including Awadallah, if he should sup- Tafilah SAUDI ARABIA one of the leaders, asking for anonym- Abdullah and sent four planeloads of zah failed to secure a greater role in the
port a series of independently planned TAFILAH ity. “The king is far away — you have to officials to Amman. A member of the intelligence services, Queen Rania con-
MA’AN
protests calling for political reform, on Ma’an go through so many people to get his delegation asked for Awadallah’s solidated her own hold over the security
March 24. Is it the right time, Hamzah is attention, and you don’t even know if he release. Jordan declined. apparatus. The 2019 appointment of
said to have asked Awadallah, in a text has heard your voice.” The person close to Prince Hamzah Ahmed Husni to head the Mukhabarat
message described to the FT. “I don’t EGYPT Aqaba Jordanian officials say Prince Hamzah says he does not believe the royal had a was championed by the queen, accord-
want to move too quickly,” he said, used his popularity to ferret out allies. In “meaningful relationship” with Awadal- ing to officials from both western intelli-
according to a Jordanian official. a series of text and WhatsApp messages lah. “I’m not privy to all of his conversa- gence and the Israeli military.
and 1967, and more recently an influx of described to the FT, men said to be tions with Bassem, but . . . the sense I “If the leadership of the Mukhabarat
Economic hardship 600,000 refugees from Syria. working for Prince Hamzah would got was that Prince Hamzah didn’t and the army are now under the direct
The prince’s alleged pursuit of the By the time Abdullah took over as approach tribal leaders in private, and really trust Bassem,” he adds. control of the palace, that means the
tribes’ backing — two Jordanian officials king in 1999, the descendants of the ask if they would switch their allegiance The government's narrative of a for- queen is a lot more powerful,” says Tell.
describe it as the first stage of seeking tribes that had helped create Jordan from Abdullah. If the answer was yes, eign-linked seditious plot against the Prince Hamzah’s overtures to the
their formal allegiance — struck at the were a minority and the kingdom’s quiet meetings would be arranged king has been treated with scepticism. tribes and his positioning as a people’s
core of the legitimacy of King Abdullah’s economy was on a path of long-term between them and the prince, according In a video released after he was placed champion pose a challenge to Crown
reign. The tribal leaders who spoke to decline, fraying the social contract that to a person briefed on the intercepts. under house arrest, Prince Hamzah Prince Hussein’s eventual ascent to the
the Financial Times describe the king as
distant, surrounded by a coterie of city-
‘The king is kept the tribes quiescent.
The 1989 IMF bailout, which required
People close to Prince Hamzah say he
was aware of the dangers of his actions
launched a tirade against corruption
and “incompetence,” while insisting he
throne, says a western diplomat. “There
is a very strong tether between the
dwelling advisers and deaf to the suffer- far away — Jordan to cut its public spending, trig- as he visited tribes and spoke out was not part of any “conspiracy or queen and the security services,” adds
ing of his people. gered protests in the tribal heartlands. against corruption and nepotism. “It the diplomat. “This [reaction] abso-
“They expect a lot from the govern- you have to More were to follow, in 1996, 2011 and became a running joke that he would be lutely ties into how parts of the system
ment, stemming from the old social con-
tract that was given at the founding of
go through 2018.
“The base of the regime — the social
thrown in jail,” says one associate. But
he insists that while Prince Hamzah had
would react to [a threat] from Hamzah.”
Despite his public vow of allegiance,
the state,” says Bessma Momani, a Jor- so many pact that has kept it afloat — had been an antagonistic relationship with King Hamzah remains a potent symbol, and
danian professor of political science at
the University of Waterloo in Canada.
people to eroding for some time, and now it faces
serious problems,” says Tell. “[Prince
Abdullah, he harboured no ambitions to
usurp his brother.
the government has few options to
defuse the economic and social pres-
“Over time, they’ve been very critical of get his Hamzah] had been testing the waters Awadallah, an East Jerusalem native, sures that are pushing young Jordanians
the reality of their loss of control — for a decade, he has gone through this rose through Jordan’s political ranks. As to openly criticise the king.
partly due to demographics, and partly attention, long process to be set up as the man who finance minister in the early 2000s, he “This is an opportunity for the regime
because the economic hardship in the
past few years has been unprece-
and don’t has got the people’s support.”
Now, after the pandemic, which deci-
led reforms, including privatisation of
state assets that were tainted by corrup-
to reconsider how dangerous the situa-
tion is, and look for the path to reform,”
dented . . . Covid exacerbated that.” know if he mated the tourism sector, vital for jobs tion allegations, and earned the scorn of says a political activist in Ma’an who
During the reign of King Hussein, and foreign currency earnings, 55 per the tribes for the job losses that resulted. asked not to be identified. “Things can
Abdullah and Hamzah’s father who has heard cent of Jordan’s young people, aged 15 to Yet by 2015, he was King Abdullah’s change slowly, or change suddenly —
ruled a turbulent Jordan for 46 years,
the government used patronage to
your voice’ 24, are unemployed, up from 35 per
cent. And the kingdom, which has relied
chief of staff.
Since about 2018, Awadallah has
like in the Arab spring. Until then, Ham-
zah is like the man in the iron mask.”
22 ★ FINANCIAL TIMES Monday 19 April 2021

Letters
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Include daytime telephone number and full address
Corrections: [email protected]
If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: [email protected]

EU broadcasters must be free of state coercion America’s hasty departure

ignores lessons of the past
After a decade of fierce but ultimately
It was good to see you draw attention European Broadcasting Union. This is are at fault. Finally media freedom and futile military operations, February
to the threat hanging over the highly relevant as public broadcasters human rights representatives at the 1989 saw the final defeat and exit of a
independence of the Czech and other in these “high-risk” countries all OSCE and the Council of Europe must superpower, the once-mighty USSR,
public broadcasters in the EU (“Fears belong to the EBU which has a work closely together with the EU and defeated by the Afghan mujahideen
grow for Czech public broadcaster”, statutory duty to defend the the EBU to put to rights a situation in (“Biden unwavering on US troop
Report, April 14). independence of their members. which too many EU governments are withdrawal”, Report, April 16).
The problem is growing. Last year’s It is clear that the EBU must be more using public media to skew public The “unconditional” exit from
MONDAY 19 APRIL 2021 EU Media Pluralism Monitor notes that robust in seeking to re-establish that debate in their favour and thus Afghanistan just announced by
public broadcasters in 11 member independence. threaten the quality of the democratic President Joe Biden, scheduled for
states are at “high risk” of coming Also the European Commission in its processes and the rule of law. September 2021, represents a similar
under control of ruling politicians. upcoming rule of law report must Krzysztof Bobinski defeat, after two decades of failed effort
You quote a statement in defence of examine the situation in depth at the Society of Journalists and lost lives.

Biden’s risky withdrawal the head of Czech Television by the risk of alienating member states that Warsaw, Poland Despite all the pretence and face-
saving comments and despite their
opposing ideologies, these two so-

from Afghanistan Call centres prove futility

of focus on performance
History might be better if
the dead could be criticised
called superpowers have something in
common — they will both have left
Afghanistan with their tails between
The call centre quality improvement In “Forgiveness should also extend to their legs.
The Taliban gets something for nothing in its war on Kabul and cost minimisation efforts the living” (Opinion, April 15), Jemima Many opposed to either the US or the
described by Sarah O’Connor in “AI Kelly provides some valid reasoning as current Russia may revise their
Twenty years would seem more than rival, rather than its ally, while al- teaching workers to be more human is to why it is easier to forgive dead assessments about the “invincibility”
enough time for America to achieve its Qaeda remains quiescent. Biden is sig- creepy” (Opinion, April 13) are indeed people for the same flaws that earned of these goliaths, one democratic, the
goals in any theatre of war. Yet in nalling that a return to Islamist govern- destined to fail. them castigation when they were alive. other authoritarian. Both were unable
Afghanistan, the US has continually ment in Afghanistan may now be toler- The results of this type of “sweat the The example of a reporter tweeting to see off the much weaker but perhaps
found itself returning to square one. Joe able, while exporting terrorism labour” approach for customers were about an alleged sexual assault after more ideologically determined
Biden’s decision last week to repatriate remains taboo. But how can he know accurately described by your columnist Kobe Bryant’s death and the general mujahideen and Taliban.
America’s remaining 3,500 troops by that one would not morph into the Camilla Cavendish as “press 1 for hell: reaction to it validates the reasoning. September 2021 will also mark the
September 11 — the 20th anniversary other? press 2 for purgatory” (Opinion, FT Yet all this does is to reinforce an second time in three decades that the
of the terror attacks — is thus good The answer is that he cannot. Biden Weekend, March 20) which is a poor imaginary line between life and death US has abandoned the Afghan people.
domestic politics. himself is well aware of the risks. It was outcome. that cannot be crossed by castigation or The USSR defeat and its humiliating
It has long been Biden’s goal to wind he, in 2011, who took charge of Amer- The reason for the futility of this criticism. Therein lies the deeper flaw. exit during 1989 was considered “job
down America’s longest war. As vice- ica’s final pullout from Iraq. Within two approach was identified over 30 years If we are to forgive and show more done” by the Americans, only for
president in 2009, he was the sole voice years US forces were sucked back into ago by John Seddon, the British compassion to those living, which is a Afghanistan to descend into chaos.
opposing Barack Obama’s Afghanistan the region by the rapid spread of Isis occupational psychologist. President Joe Biden honours fallen laudable objective, why can it not be A vacuum of law and order was the
surge, which he believed was the result across Iraq and Syria. Then, as now, the He analysed the reasons why people US veterans of the Afghan conflict OK to criticise someone after death? perfect incubator for al-Qaeda and the
of a Pentagon squeeze on an inexperi- temptation to proclaim an end to phoned public and private sector call Perhaps our history books will be deadly events of 9/11. The current
enced president. The conditions Amer- America’s “forever wars” trumped the centres and found that routinely up to more accurate. An open dialogue that temptation to flee a difficult, seemingly
ica’s generals set for drawdown always benefits of retaining a US footprint to 80 per cent of the calls made were Beijing and Moscow must includes criticism can indeed make us unwinnable situation, is
seemed beyond realistic grasp. How insure against new deterioration. avoidable. They were caused by learn truer lessons from history so it understandable. Some may be
could America “clear and hold” a coun- The choice is understandable. As the failures to do something correctly be on the road to net zero does not repeat itself. justifying it by assuming the threat to
try as unruly and friable as this grave- cliché goes, there are no good options in elsewhere in the organisation. Anjli Raval (Inside Business, April 15) MK Srinivasan US and western interests has
yard of empires? The Pentagon’s long- any of these situations. But America The source of these calls can is right to point up the challenges of East Brunswick, NJ, US diminished. But while the Taliban may
term mission seemed even less defensi- should be aware of what could come therefore be permanently eliminated reducing publicly traded oil companies’ impose their brutal ideology within a
ble following the killing of Osama bin undone. Millions of Afghan girls now once their root cause is identified and climate impact. But she touches too A commitment to combat domestic arena, al-Qaeda has not
Laden in 2011 and the near disappear- going to school who would be sent back fixed. briefly on a vastly more complex — and entirely disbanded itself and Isis has
ance of al-Qaeda’s toehold in Afghani- home under the Taliban. Women in the Call centres are therefore frequently largely unaddressed — challenge: disease is worth defending established a growing presence and
stan. urban work force would also be in jeop- rework centres patching up the results shifting the behaviour of national oil Following your article about alarm capability in Afghanistan.
Yet Biden is nevertheless taking a ardy. It is easy to dismiss America’s his- of faulty internal processes. companies, or NOCs. bells being rung by the World Health This mistake of hasty exit has been
risk. Against the advice of his own tory in Afghanistan as a tragic waste. Call centre contracts usually focus on The International Energy Agency Organization over drug-resistant made before. As a British citizen of
intelligence community, which But these are powerful counterpoints. cost per call, minimising duration and reported last year that NOCs like bacteria (“Antibiotics pipeline is falling Afghan heritage, I recall the comment
believes the Taliban could regain con- Following Biden’s announcement, fast pick up times. But if typically 20 Rosneft, Sinopec and Petrobras own behind in war on superbugs”, Report, that “history teaches us that history
trol of the country in two to three years, America’s Nato allies, which account per cent, and as much as 80 per cent of “well over half of global [oil] April 16), we should also start to turn teaches us nothing”.
Biden is betting that the US can diplo- for another 7,000 troops, said they calls are unnecessary in the first place, production and an even larger share of our attention to a crucial agreement — Mansoor Tirmzi
matically achieve from afar what it has would also pull out. This will leave handling them cheaper or faster makes reserves”, dwarfing BP, Shell and the The Global Health Security Act. Dubai, United Arab Emirates
failed to do on the ground — an Afghan- Kabul even more starkly exposed. marginal sense. They need to be like. The most powerful NOCs needn’t This act bolsters US commitments to
istan that will never again play host to Given the Taliban’s territorial gains in stopped at source. worry about shareholders, civil society help developing countries build Spare a thought for
international terrorist groups. Luck the last two years, Biden’s advisers For example, calls prompted by or even the rule of law. capacity to manage infectious disease
may go Biden’s way. were concerned that the Pentagon delivery problems, incorrect websites, Put another way, Opec makes the threats. It should be protected at all soldiers in a firefight
That would be in spite of Afghani- would press for another surge. confusing packaging, baffling American Petroleum Institute look like costs. In her letter “UK risks its military
stan’s neighbours, which have little When the choice boils down to all or instructions, incomprehensible forms, a “knitting circle”. Because of its existence the US can standing by limiting torture
interest in shoring up Ashraf Ghani’s nothing, the least bad is probably the misunderstood advertising or other Whether environmentalists like it or help impoverished families in foreign prosecutions” (April 14) I Stephanie
ever-weakening grip on Kabul. Paki- latter. But there is a third option — to internal organisational failures are not, the way to net-zero energy goes countries. Due to the pandemic we Boyce suggests that in its current draft
stan has never renounced its goal of retain America’s modest presence on simply rework. Call handler empathy is through Beijing, Moscow and Tehran. should be even more careful regarding the UK’s overseas operations bill may
achieving “strategic depth” in Afghani- the ground and in the air. Last year 10 not the tool for this. Ryan Cunningham these countries, because viruses do not undermine the British military’s
stan, which is a euphemism for the Tal- US troops were killed in combat in Once the pivot is made from focusing Silver Spring, MD, US respect borders and there’s nothing international standing.
iban’s return. Nor is Iran likely to turn Afghanistan. Each loss is tragic. But the on cost per call to root cause analysis of stopping a new virus from emerging. I presume that as president of the
into a stabilising force. result of America’s departure risks the reasons for calls, stunning cost Does shale oil flaring fuel Of course, at first it will be a one Law Society of England and Wales she
The best thing that Biden has going being far more tragic for Afghanistan reductions and quality improvements country problem, but if that country has never been in a firefight or under
for him is that the Taliban sees Isis as a and the world. are possible. All that is required is for rising methane emissions? does not have the tools to fight it we attack from enemy forces nor
the director or chief executive In Leslie Hook’s article “Big growth in should all expect a Covid-19 pandemic witnessed the impact that the legalities
responsible to spend an hour or two methane emissions raises global 2.0. of conflict place upon the officers and
listening to inbound customers in their warming fears” (Report, April 9), no A small number of NGOs, like The non-commissioned officers of the UK’s
call centre. mention was made of the practice of Borgen Project, are already making the armed forces in their decision-making.
I have seen grown men start to cry flaring or venting. case that this act can save lives. Writing as a former British infantry

The limits of China’s when they realise the money wasted

and damage they have inflicted for
years on their customers, employees
The shale oil producers have been
releasing the gas into the atmosphere
for years. A US congresswoman has
For studies have shown that most
Americans believe that around 20 per
cent of the US government’s budget
soldier, our role was to close with,
engage and capture or kill the enemy.
This basic tenet of war helps to

taming of tech and brand by focusing on worker

performance rather than
understanding and mending the root
proposed legislation to reduce or ban
this practice on public lands. I wonder
whether there is any correlation
goes towards international aid. In fact,
not even 5 per cent is directed towards
that department.
preserve the security of the nation. The
first consideration of our combatants
should not be fear of prosecution by
cause of the customer’s call. between the increased levels and the This is a myth that should be the law, but the prosecution of their
Antitrust measures do not extend to state-owned monopolies What is needed is not artificial but practice of flaring or venting. Reducing revealed as soon as possible in order to role in defending the land, sea and air
applied intelligence to stop call centres the levels of methane is key to solving educate people. they have promised their lives to
The record fine handed out this month ant joint paper last week from the being rework centres. the climate crisis. Carolina Zurzica Moura protect.
to Alibaba, the Chinese ecommerce European Council on Foreign Rela- Peter Middleton Andrew Moretti Ambassador, The Borgen Project Keith Carroll
giant, was a welcome step toward com- tions, a think-tank, and the Rhodium Belfast, UK New York, NY, US Baleia-Lisbon, Portugal Hong Kong
bating anti-competitive behaviour. Group, a consultancy, took aim at the
The $2.8bn penalty put Alibaba and increasingly unfair advantages that
other tech companies on notice that this system gives China.
creating siloed fiefdoms designed to While it is true that China has opened
trap customers and merchants within
their ecosystems will not be tolerated.
up sectors such as financial services to
foreign capital in recent years and Matsuyama’s Last Monday, a rumour swirled
among Tokyo bankers that CVC’s
was his, it was also something both
deserved and overdue for Japan.
farmed or urbanised. Construction
was only part of the challenge.

golf triumph is
It was addressing a longstanding allowed foreign brands to win market $20bn private equity buyout proposal Consider how devotedly the world’s Byzantine land laws required
problem. Many of China’s ecommerce share in luxury goods and pharmaceu- to Toshiba had been quietly cooked- third-biggest economy has chipped would-be operators to navigate dark
companies operate “walled gardens” ticals, broad sectors of the economy up on a golf course. and putted towards this outcome. labyrinths of legalese and lobbying to
that prevent interactions with rival
platforms. For example, Alibaba’s
Taobao ecommerce app keeps users
remain fully or partially closed or to
overseas investors.
Often the barriers erected to block or
also Japan’s If true — and, while plausible, there
is no evidence — it would nevertheless
have ranked a distant second among
After a slow start in the early 20th
century, Japan’s golf addiction soared
in tandem with its economic rise from
convince small and often fabulously
ornery landowners to lease the plots
necessary to build the courses. Just as
from paying for goods using the pay- stymie competition are informal. Japan’s most engrossing golf stories of the 1970s, reaching an acme of awesome is their flawless
ment app of rival Tencent. Tencent’s Authorities can deliberately favour the week. Nothing, of course, could participation and expenditure just maintenance, given the way that the
social media app, WeChat, prevents domestic companies in public procure- top the triumph of Hideki Matsuyama after the bubble burst in 1991. The natural world, with belligerent
clips from being shared directly from ment, are more ready to grant approval in becoming the first Japanese player government clocked the notional fertility, seems to do all it can in Japan
ByteDance’s video-sharing app. for licenses, subject foreign firms to to win the US Masters. number of Japanese golfers that year to ruin a pristine fairway.
Last week China’s internet and mar- arbitrary inspections or require them Several moments stood out amid (many will not have actually played a For those who adore the sport, there
ket regulators signalled the seriousness to re-engineer products to meet idio- the great fizz of joy uncorked by the proper round) at about 18m. is also the act of will in pursuing a
of their intent. They gave tech compa- syncratic domestic standards. 29-year-old’s victory and the Participation is well down from the hobby that remains expensive and
nies one month to fix anti-competitive Such drawbacks are not new. But jubilation that, at long last, Japan’s levels of that era, but private equity where courses are often a considerable
practices, telling them to conduct they are taking on an extra urgency as best really was the world’s best. There funds still see huge opportunity in the distance from where most people live,
“comprehensive self-inspections” and Chinese companies become leaders in was the desperation of interviewers as growing ranks of retiree golfers. One requiring brutally early morning
“completely rectify” problems, follow- an increasing number of industries and they attempted to prise words of recent report calculated that the starts to make the tee-time.
ing which they would need to publicly the country’s technological prowess delight from one of the world’s most number who played at least one round Finally, there are the extended acts
promise to abide by the rules. The aim draws level with the US and Europe in a laconic sportsmen. There was the in 2019 was still almost 6m, or 5.5 per of will required of many Japanese —
is create a commercially open and com- list of industries. The key problem now, much-tweeted footage of Matsuyama’s cent of the adult population. both players and their families — of
petitive internet. says the ECFR/Rhodium report, is that caddie returning the flagpole to the Significantly, in an economy where pretending to be OK with a thief of
It is tempting to argue that regulators
in the west could take a leaf out of
Chinese multinationals are using the
advantage of a protected home market Tokyo 18th hole and bowing in respect to the
course.
the revenues from many leisure
activities are in decline, golf has held
time that feels deliberately crafted to
disguise work as leisure. For those
China’s book. But to hold China up as
an example of competitive best prac-
to build up resources that they then
deploy in competition with western Notebook But most telling were the sobs of the
Japanese golf commentators. Veteran
steady for almost a decade, with
players and equipment sales rising in
obliged to devote weekends to clients
and bosses, it is a burden. For those
tice would be to ignore the elephant in counterparts abroad. broadcasters were so choked with 2019 and a reported 170,000 new complicit in such obligations, golf can
the room. Although Beijing is giving its This sets the scene for friction. China by Leo Lewis ecstasy that they blubbered the word players taking up the sport in 2020, look a lot like power abuse.
monopolistically-minded internet should extend its anti-monopolistic sumimasen, or sorry, as the game’s despite the pandemic. Although some The joyous tears of the
companies — which are almost all pri- scrutiny from its own privately owned final scenes played out. 200 courses have closed in the last commentators were undoubtedly
vate enterprises — a rap on the knuck- internet companies to several state- Those tears, in all their spontaneity, decade, Japan still has 3,100 across shared with a great many other
les, it shows no sign of applying the dominated sectors of its economy, tak- genuineness and relief, felt like they 2,227 facilities, placing it second in the Japanese who have waited for a
same standards to vast swaths of the ing care to open to foreign multination- belonged to the entire sport of golf in world after the US. Matsuyama to emerge and knock in
economy that have been dominated by als as much as domestic competitors. If Japan — a pursuit into which the What such statistics fail to capture is that final, championship-winning
state-owned giants for decades. it decides against doing this — as is nation has diverted the sort of money, the formidable force of will behind putt. Having paid such stupendous
The market dominance of these likely — it will be furnishing Europeans ingenuity, time and perseverance Japan’s love affair with golf. There is dues, it was high time Japan received
behemoths of state capitalism is an and Americans with ammunition to normally reserved for wars or the very existence of those 3,000 from golf what it was owed.
issue that affects not only domestic argue against extending access to weddings. The overwhelming sense courses in a country which is about
competitors but also foreign multina- Chinese corporations in their own was that while Matsuyama’s triumph three-quarters mountain and the rest [email protected]
tionals that operate in China. A trench- markets.
Monday 19 April 2021 ★ FINANCIAL TIMES 23

Opinion

We must help poorer countries tackle climate change A boycott hurt

my Olympic
Alok
mate change: “I will have nowhere to
call home.” Such communities are dis-
developed countries pledged collec-
tively to mobilise at least $100bn a year
finance available to protect communi-
ties now. The reality is that even if the
mies beyond the pandemic. But we also
need long-term solutions that ensure a dreams. Don’t
Sharma proportionately affected by a crisis not
of their making; both developed coun-
tries and the international community
in climate finance between 2020 and
2025. The UK has committed £11.6bn of
investment to support climate action
world reaches net zero emissions
tomorrow, we still need to deal with the
effects of climate change today. Just as
continuing flow of public and private
finance to tackle climate change.
Emerging from the pandemic, we have a
do it again
have a moral duty to support them. around the world. Yet globally, we still the UK is investing in flood and coastal historic opportunity to invest in a green

I
Ensuring that finance is available is vital have a lot to do to reach the $100bn goal defences, communities around the and resilient future.
t is a gross injustice that those who to these efforts. — a key priority for the UK’s COP26 and world need similar solutions and early We have begun to address some of the
have done the least to cause the cli- An estimated $3.5tn in investment is G7 presidencies this year. warning systems to prevent or repair barriers that developing countries face Anita
mate crisis often suffer most from needed for developing countries to fulfil Second, it needs to be easier for com- damage if disaster strikes. But this work when it comes to climate action. Devel-
its effects. With average global tem- the commitments they have made on is harder to finance. oped countries now need to get to work, DeFrantz
peratures already 1°C above pre- tackling climate change over the next These are complex problems, but we honour the commitments they have
industrial levels, flooding, droughts, decade. But the pandemic has made Communities around the have set in train some solutions. Last made and dig deep into their pockets to

A
heatwaves, wildfires, melting glaciers investment in climate action more chal- month, we agreed the need to increase ensure these funds are available. If that
and crop failures blight the lives of mil- lenging, with budgets stretched and world need early warning the amount of finance available to fund happens, we will be in a strong position chorus of voices — from UK
lions. Unless we get global emissions
under control within a decade, many
debt piling up. Public climate finance is
by no means the only answer to these
systems to prevent adaptation to extreme weather. And the
UK, alongside Fiji, will launch a task
to unlock the financial flows needed to
live up to the historic 2015 Paris agree-
politicians to Nikki Haley,
the former US ambassador
parts of the world face an apocalyptic problems. But it is a significant part of it damage if disaster strikes force to address access to finance ahead ment. to the UN — have recently
future. This is the most critical point in as it can help mobilise private capital. of the COP26 meeting in Glasgow in We owe it to those communities called for their countries to
our lifetime. That is why last month, as president of munities to access the finance that is November. Forthcoming summits, around the world that are suffering boycott the 2022 Beijing Olympic Win-
Take Nepal, the country fourth most- the next UN Climate conference, I con- available. Some funds come with unre- including the US earth summit hosted from a crisis they did next to nothing to ter Games. They’ve argued that their
at-risk from the effects of climate vened a meeting that brought together alistic due diligence requirements, or by President Joe Biden this week, were cause. Without adequate finance, the nations’ athletes should not participate
change. In February, I met representa- about 50 developed and developing such strict criteria on how they can be also earmarked as opportunities to task ahead is near impossible. But because of the actions of the Chinese
tives of communities forced to leave countries, as well as international insti- spent, that it puts them out of reach for secure further climate finance pledges removing barriers to climate action is government.
their villages around the town of Jom- tutions, to address the public finance many. Countries’ capacity constraints from developed countries. within our gift to solve. We must act In their use of the games as a political
som to avoid flooding and drought. challenges that create barriers to cli- can also stand in the way of money get- It is extremely welcome that the IMF now. tool, I hear disturbing echoes of a simi-
There was also the minister of a small mate action. ting to where it is most needed. secured support for a new allocation of lar effort four decades ago. When the
island nation who told me that because The first challenge is quantity. To sup- Third, as well as reducing future emis- special drawing rights this month. That The writer is president-designate of the Soviet Union invaded Afghanistan in
of rising sea levels, without action on cli- port developing countries, in 2015 sions, we need to make sure there is will help countries navigate their econo- 2021 UN climate change conference 1979, Jimmy Carter as president threat-
ened a US boycott of the 1980 Moscow
Olympics.
I recall the moment vividly. I was
among the 466 American athletes

The US should
whose Olympic hopes hung in the bal-
ance. We had all shaped years of our
lives around the competition. For me,
that meant balancing my training as a
rower with full-time work responsibili-

invest in human
ties. I’d wake up before dawn, practise
and then go to my job as a lawyer. All the
sacrifices were worth it for the opportu-
nity to become an Olympic champion.
But in early 1980, global politics jeop-
ardised that chance. I was shocked and

infrastructure
confused. Shocked because I had never
thought such a thing possible; confused
because I wondered how my sitting out
the games would make any difference to
the Soviets’ decision to move an army
into Afghanistan.
That confusion was well founded. The
Soviets ignored Carter’s threat, the US
painful for some, but it’s not inherently pulled out of the Olympics along with
BUSINESS bad. Over the long term, based on his- many others and my fellow athletes and
toric experience, technology is a net job I missed the contest.
Rana creator. But even in the short term, as
Foroohar economists Charles Goodhart and
Manoj Pradhan argue in their book The
Great Demographic Reversal, rich coun- I wondered how my
tries “will need all the automation that sitting out the games

D
we can get in the rest of the economy in
oes caring for humans order to raise productivity ade- would make any
count as infrastructure? It’s quately . . . [and] to compensate for difference to the Soviets
a big debate in the US right that which will be lost to caring for the
now, in the wake of Presi- ageing population”. infrastructure bill for upgrading child Done properly, investing more in the integrates clinical and hospital care with Having lived through that boycott, I
dent Joe Biden’s $2.3tn Care jobs will be what’s left at the bot- care centres, there is $39bn more for infrastructure of care could fuel innova- research and education. hope no prospective Olympian faces
American Jobs plan, which aims to tom end of the socio-economic spec- child minders in the Covid relief pack- tion. The White House is concerned The subject of a Harvard Business another. History speaks for itself: the
repair the country’s crumbling roads trum. But, done well, they can release age. In an ideal world, this will expand about supply chains partly because School case study, it has become a Soviet army stayed in Afghanistan for
and bridges and bolster its supply more productivity at the top. and improve care jobs, and allow better manufacturing generally fosters more national and international job creator another decade and, in retaliation for
chains, but also to improve the health The McKinsey Global Institute esti- educated women to fill higher produc- innovation and productivity than other but also a hub of cutting edge innovation the boycott, the Soviet Union and 13
and childcare systems — if you can call mates that better health outcomes tivity roles. sectors. But as manufacturing continues in areas like drug and device develop- other countries refused to attend the
the US’s paltry patchwork of coverage a could add $12tn to global GDP in 2040 — As with the $100bn earmarked for to automate, it will never again create as ment, and medical procedures. This is 1984 games in Los Angeles.
“system”. much of that from improving the pro- schools, such investments improve many jobs as it once did, regardless of in large part by leveraging big data, dig- The world gained nothing from either
Under Biden’s plan, $400bn would be ductivity of existing workers who suffer human capital. Increasingly, this is the how supply chains are organised or if ital platforms and robotics, but also by boycott and we athletes lost what could
spent on home healthcare, mostly for from health issues or have care respon- only kind of capital that matters, as dig- they reshore. working in a cross-disciplinary way never be restored. Evelyn Ashford, for
the elderly. Another $25bn would go to sibilities. ital business simply doesn’t require as Could the caring economy fill that inside and outside the clinic. instance, was among the fastest US
support childcare. Nearly all Republi- Women in particular have much to much physical capital as old economy employment void? Experts such as Har- At the very least, investing more in track athletes ever and favourite to win
cans, and some centrist Democrats, are gain from greater investment in the companies. The US should also allow vard economist Gordon Hanson, who health and education would boost the potentially multiple gold medals in
worried about this expanded definition “care economy”. As Jay Powell, the US companies to write off investment in studies the interaction between labour kind of social capital that characterises 1980. The boycott devastated her. “I
of infrastructure. Should “building back Federal Reserve chair, said recently, the worker training and other investments markets and their location, say that in successful communities. We need much guess the best way to describe it was I
better” involve bolstering such services? US “used to lead the world in female in people, as they currently do with some places it could. “The areas that more of that right now, everywhere. felt as if my soul was ripped out of me,”
I’d argue yes, and then some. labour force participation, a quarter- machinery. This is something that bounce back better tend to have good Only 1.5 per cent of the World Bank’s she said at the time.
For starters, healthcare is where the century ago, and we no longer do. It may nearly every business and labour leader universities or healthcare complexes concessional grants are for health, and There are countless such stories. To
jobs of the future are. Over the next dec- just be that [our childcare] policies have I know would support. that can function as job engines,” says only 1.9 per cent are for education. anyone pondering a boycott, remember
ade, home health and personal care is put us behind.” Hanson. In rich and poor countries alike, this: because they occur only once every
predicted to grow faster than other job Women also took an extra hit during It may seem fanciful to imagine that a investment still focuses primarily on four years, the Olympics are unlike any
categories, according to the labour
department.
lockdown. They generally did a dispro-
portionate share of the extra childcare
Women in particular nursing home or child care centre could
ever be an innovation hub in the same
physical capital. It’s time to recognise
that, perhaps more than any other
other sporting event on earth. Athletes
aren’t assured a second chance. Of the
That’s due in part to ageing demo- and household work (don’t get me have much to gain from way as a big factory or R&D complex? form, human capital is the infrastruc- 466 Americans who had trained to com-
graphics, but also because so many
other jobs are being automated.
started on the mental health impact of
that). They were also more likely to be
greater expansion of Yet some already are.
Consider places like the Cleveland
ture of the 21st century. pete in 1980, more than 200 didn’t make
the cut for the next games.
Such tech-led job disruption will be laid off. As well as the $25bn in Biden’s the ‘care economy’ Clinic, a non-profit medical centre that [email protected] When the US Olympic committee cast
a vote affirming Carter’s call for a boy-
cott, some athletes fought back, and I
organised a lawsuit. I received death
threats and hate mail, and was called

Brutality backfires on Myanmar’s secretive junta unpatriotic. We lost our legal case, but
our critics later changed their tune.
Over the years, government officials
confessed their regrets to me; several
even apologised.
cow’s desire for closer relations as he home and abroad to their coup. Some of Myanmar’s partners in the several Chinese-owned factories. An Last year, the committee expressed
Andrew watched MiG-29s fly overhead. Russia The scale and sophistication of resist- Association of Southeast Asian Nations unstable Myanmar also threatens the remorse. “It’s abundantly clear in hind-
Heyn likewise props up the regimes of Nicolás
Maduro in Venezuela, Bashar al-Assad
ance has wrongfooted the generals. Pre-
vious protests were largely in the main
are speaking out. Lee Hsien Loong, Sin-
gapore’s prime minister, has called the
success of President Xi Jinping’s Belt
and Road project in which Myanmar
sight that the decision to not send a
team to Moscow had no impact on the
in Syria and Alexander Lukashenko in population centres, but unrest has repression “disastrous”. Indonesia and could play a key role as a crossroads. global politics of the era and instead
Belarus. With such support, Myanmar’s spread throughout Myanmar. General Malaysia have pressed Brunei, the The final difference is Aung San Suu only harmed you,” wrote committee

W
outcome may prove little different to strikes and go-slows have handicapped Asean chair, to convene a meeting spe- Kyi herself. Hong Kong’s protests were chief Sarah Hirshland. My fellow ath-
ith each passing day, the that in Hong Kong, Belarus or Vene- essential services and supplies. The cifically to discuss Myanmar. famously leaderless. Opposition leaders letes and I would have preferred compe-
number of unarmed zuela, where pro-democracy protests country risks grinding to a halt. China, whose reaction is crucial, does in Venezuela and Belarus have many tition in 1980 over contrition in 2020.
civilian protesters backed by the west have failed to oust or The junta is gradually shutting down not appear ready to accept the coup as a qualities, but none can match Aung San Still, those words are a recognition of
killed by Myanmar’s soften the policies of repressive regimes. the internet, making it hard to commu- fait accompli. Like Moscow, Beijing Suu Kyi’s star power with their elector- what was taken from us — and a
security forces grows. It Yet Myanmar is distinctive in ways that blocked UN Security Council condem- ates. In Myanmar she remains untouch- reminder of what is at risk now.
is now edging towards a thousand. Fears mean this is not inevitable. nation of the coup. But China did agree able. Her second landslide election win The pandemic has already delayed
increase of an even more brutal crack-
down. Talk of an armed uprising and
The first is that the other uprisings
were against established regimes, how-
The generals are ruthless to a UN statement expressing concern
about the state of emergency and the
in November was evidence of that.
Her endurance of years of house
one Olympic Games in Tokyo and still
hovers over Beijing. Athletes have had
possible civil war is becoming more ever unpleasant. In Myanmar the peo- but they are also politically detention of Aung San Suu Kyi and other arrest and her status as the daughter of to reconfigure their lives and training,
common.
Despite the nationwide rejection of
ple are trying to reinstate a democrati-
cally elected, indeed just re-elected,
naive, secretive and ministers. China appears to have
opened a line of communication with
General Aung San, the father of Bur-
mese independence, means she will
and that uncertainty comes at a real cost
to the competitors, their coaches and
the coup, the danger is that the longer government, that has been kicked out inward-looking the Committee Representing Pyi- always be the Myanmar people’s choice. their families. They should not, on top
the elected government is locked up, the by military brute force. daungsu Hluttaw, a body representing By locking her up and trying to drag the of all of that, be turned into political
tighter the junta’s grip on power Then there are Myanmar’s generals. nicate. Still, the protesters have made the elected civilian government. country back to its authoritarian past, pawns. Those training for the 2022 Bei-
becomes. Many foreign embassies boy- They are ruthless in suppressing dissent effective use of social media platforms, China will not be concerned by any the generals have unleashed a resist- jing games have earned the right to rep-
cotted the Armed Forces Day parade in among rank-and-file soldiers, who and real-time footage of atrocities is reputational harm from backing the ance that even their brutal methods resent their countries. We must respect
March, but the junta will have taken are uneasy about being asked to kill being beamed to the world. The gener- generals, but will care about possible may not be able to extinguish. that right, and we must support them
comfort from the presence of represent- their compatriots. But they are politi- als also seem to have gambled that damage to its interests. As the west and the sacrifices they have made.
atives from countries such as India and cally naive, secretive and inward- western disillusionment with Aung turned its back on Aung San Suu Kyi, The writer is a former UK ambassador to
China. looking. Isolated from reality in Naypyi- San Suu Kyi, Myanmar’s deposed leader, China stepped into the breach. Beijing Myanmar and honorary professor at the The writer is a member of the International
Russia also attended and sent a dep- daw, their remote capital, they seem would lead to a muted reaction. That has a large economic stake in Myanmar Senator George J Mitchell Institute at Olympic Committee and won a bronze
uty defence minister, who spoke of Mos- to have miscalculated reactions at view has proved to be mistaken. and was rattled by the recent torching of Queen’s University, Belfast medal at the 1976 Olympics
24 ★ FINANCIAL TIMES Monday 19 April 2021

Avatars ahoy!
Virtual reality offers refreshing
change from the water cooler
Z WORK & CAREERS

Get ready for

a new politics
of resentment
{ House prices:
rockin’ the suburbs }
in the office House price growth greatest in UK rents rose in the suburbs
less crowded areas of big cities Annual percentage change in rents, 2020
For US zipcodes* sorted by
population density** Low Central Outer
107 Birmingham
Mid
105
Manchester
High 103
March 1 2020
101 Leeds

Central 99
business Edinburgh
district 97
Jan Apr Aug Dec Jan Apr Aug Dec
2019 2020 London
* In New York, Los Angeles, San Francisco, Chicago,
Washington DC, Atlanta, Philadelphia, Boston,

Pilita Clark
Miami, Houston, Phoenix and Dallas
** High is top 10th percentile, mid is 50-90th
Cakewalk: the idea of percentile, low is 0-50th percentile -10 -8 -6 -4 -2 0 2 4 6

Business Life being paid to stay home

can sound like a holiday
Getty
Source: Stanford Institute for Economic Policy Research Source: Zoopla

Call it the revenge of the suburbs. The Only Way is Essex, agreed sales

O
Urbanites no longer sneer about the nearly doubled in the past six months,
f all the workers who thousands of workers are being thrown could and couldn’t work at home has Consider Scott Walker, another 39- boredom of life in city outskirts and according to property website Zoopla.
streamed back to back together for the first time in long been large, especially if the year-old Londoner I spoke to recently. commuter towns. The pandemic has In Australia, regional house prices grew
England’s shops and pubs months, often without a clue of what frontline stalwarts were paid less. The 2008 financial crisis snuffed out blunted the appeal of paying big sums by 7 per cent in 2020, more than three
after lockdown rules each has been through. Expect a gap this time around between his first career as a stonemason, so he for cramped accommodation in densely times faster than the largest cities.
eased last week, I wonder Alas, his approach is by no means the vaccinated and unvaccinated. switched tack and spent four years populated areas. Workers who can do Demand for spacious homes is likely
how many are like Ross Hanbury. uniform, which is why HR experts are Yet one of the most serious threats to getting an engineering degree that their jobs from home want more space. to outstrip supply. Professionals now
The 39-year-old has been a fitness braced for a repeat of the frayed office harmony is the deep gulf eventually landed him contract work The office is not dead. Employees prize dedicated workspace. A desk
trainer in London for nearly 20 years, tempers and angry words that erupted separating those who have and have designing mechanical systems for will still need somewhere to meet stuck in a corner of a spare room may
in gyms, schools and rugby clubs. when people returned to work after not been on government furlough theme parks and big rock concert sets. colleagues and clients. Between a fifth no longer suffice.
He sees a lot of people from a variety earlier lockdowns lifted last year. schemes that pay people for unworked The work was rewarding but insecure, and a quarter of the workforces in If all the office workers in Germany’s
of backgrounds, so he knows the “We saw quite a bit of friction in hours in jobs that might otherwise have so he was relieved finally to land a full- advanced economies could work from 126 largest cities — nearly 8m of them
pandemic has affected people in many organisations,” says David D’Souza, been cut. time job at a London-based home at least some of the week, — wanted as much space in their home
different ways. That helps to explain membership director at the Chartered Bosses should be aware the schemes engineering company — just before the McKinsey calculated. A long commute is office as they had at work, it would total
what he did last Monday, when he Institute of Personnel and have created “a new, distinctive in- pandemic broke out. much less daunting if only undertaken 93m square metres. By comparison,
finally got back to the west London Development. “You had a group of group and out-group” of workers, says A father of a two-year-old, with a two days a week. Germany has added just 80m square
gym where he does personal training. people who had hugely different Pearn Kandola, a business psychology new child on the way, he has now spent The resulting rise of the suburbs and metres of additional housing stock in
“My first question to people was, ‘How perceptions about the other’s company. For full-time staff slogging more time on furlough than at work, the slump of the city centre has been the past 11 years, said Deutsche Bank.
was your lockdown?’” he told me the experience, and they were coming into through the crisis, the idea of being Covid having hit both concerts and dubbed the “doughnut effect” by Similar constraints are evident
other day. “And then based on their contact with each other.” paid to stay home can sound like a theme parks. “It has been Stanford University researchers. elsewhere, though it would be easier to
reaction, I either gave them my honest This bred what D’Souza calls holiday. So when furloughed workers exceptionally stressful,” he says, adding House prices and rents in highly build more houses if demand shifted
answer or my watered down answer.” “organisational resentment” between have come back expecting actual time that the fear of permanent job loss has populated city centres dropped last out of conurbations.
His honest answer is that he has had different camps of workers, which off in summer, it has not always gone been constant. year relative to their hinterlands. For Cities will regain some of their lustre
a pretty good pandemic. He has not already seems to be re-emerging this down well, as several people made “I was starting to think I was going to example, average values in the Presidio, with the resumption of nightlife and
lost his business. He hasn’t been year. The divide between those who clear on Twitter last week. have to change professions again. But I located directly adjacent to the San culture. When travel bans are lifted,
derailed by illness, nor has any close One was baffled the furloughed were was like, I’m getting too old to do this Francisco city centre, fell almost a foreign buyers of prime property may
friend or relative. But he doesn’t rush “ HR experts are braced not forced to forfeit their leave. “I’m so again.” Walker is due to go back to tenth. They rose by more than 8 per return. Meanwhile, first-time buyers are
to bang on about this, because he
knows so many people who have been
for a repeat of the angry glad I’ve worked every fucking week of
this pandemic so the furlough scheme
work soon. When he gets there I hope
he finds more understanding than
cent in Marin County, across the bay.
Similarly in Britain, people are moving
taking advantage of flagging prices.
But the pull of the city centre has
poleaxed by Covid. The bereaved. The words that erupted could work that well,” wrote another. resentment. It seems the least that a few stops out along commuting lines. been weakened. Spreading out has big
jobless. The bankrupt. The ill.
Hanbury’s thoughtful behaviour
when people returned For the furloughed though, the
people who kept their jobs on full pay
workers like him deserve. In Brentwood, a satellite of London,
home of popular reality television show
implications for property prices, public
transport and taxes.
strikes me as eminently sensible when to work last year ” can obviously look like the lucky ones. [email protected]

CROSSWORD
No 16,763 Set by GURNEY
• ‘  ‰ …  } y ACROSS
1 Shellfish swindle – sleuth taken on (6)
u 4 Maritime canal – beginning to use it in
storm (8)
•¸ •• 10 Lake and river rose inordinately (9)
11 Series of matches leading to quarrel
(3-2)
12 From pro, a different way (4)
•‘ •
13 Remove all traces of old tribe tale?
Out of order! (10)
•‰
15 Honest all the time after religious
study (7)
16 Some win at Hanover for him (6)
•… • •}
19 Quiet check about Rhode Island shrub
(6)
•y 21 One getting assistance from powerful
guy with time for daughter (7)
•u ‘¸ ‘• 23 Dance cheers girl after tirade (10)
25 Love to interrupt law lord, flashy (4)
‘‘ 27 At start medic is describing
graphically English insect that bites
‘ ‘‰ ‘… (5)
28 Certain to include, after reflection,
‘ label or substitute (9)
29 Regular adviser university left out (8)
‘} ‘y 30 Women’s formal procedure meets
resistance, author revealed (6)
DOWN
1 Unexpected gentleman becomes
‘u ¸ over-curious, we hear (8)
2 Spot, in Aberdeen, half-cut, one
usually of temperate habits? (9)
3 Temporarily leave leisure area (4)
5 After review again securing rights for
JOTTER PAD charge (7)
6 Referring to fall maybe in hill latrine,
messy (10)
7 Dance company not available – over
grievance primarily (5)
8 Bird, large, in trap (6)
9 Understudy’s payment put by
regularly inside (6)
14 Lost, then see van – providential! (6-
4)
17 So a truant morphed into a high-flier?
(9)
18 One evasive about articles separately
depicting milliner’s products? (8)
20 Ultimately worst motive for crime (7)
21 Lass supported by source of metals in
abundance (6)
22 A cat I see, as mentioned, is very small
(6)
24 Bar popular sculptor (5)
26 Secure space that’s come up (4)